Investment Rating - The investment rating for the company is "Buy" with a target price of 6.88 HKD [8][9]. Core Views - The company is expected to achieve a revenue of 615 million RMB in 2024, representing a year-on-year growth of 39.5%, with a significant reduction in net loss to 228 million RMB [1]. - The TAVR segment is projected to see a revenue increase of 40% year-on-year in 2024, driven by an increase in market share and product iterations [2]. - The neurointervention segment is also expected to grow by 39% year-on-year in 2024, benefiting from new product launches and import substitution opportunities [3]. - Long-term growth is anticipated from the TAVR pipeline, with new products expected to launch from late 2025 [4]. - The company is projected to achieve revenues of 818 million RMB, 1.066 billion RMB, and 1.540 billion RMB in 2025, 2026, and 2027 respectively, with a net loss of 83 million RMB in 2025 turning to a profit of 10 million RMB in 2026 [5][20]. Summary by Sections TAVR Segment - The TAVR segment is expected to generate 260 million RMB in revenue in 2024, with a 40% year-on-year growth, and a market share increase to 25% [2]. - The company plans to expand its market presence by increasing hospital partnerships and launching new products [2]. Neurointervention Segment - The neurointervention segment is projected to achieve 356 million RMB in revenue in 2024, with a 39% year-on-year growth, driven by new product launches and import substitution [3]. - The segment is expected to benefit from regional procurement policies and the introduction of new products [3]. TMV/TTV Pipeline - The TMV/TTV pipeline is progressing well, with potential sales exceeding 2 billion RMB by 2033, supported by ongoing clinical trials and product registrations [4]. Profit Forecast and Valuation - The company is expected to achieve revenues of 818 million RMB in 2025, with a net loss of 83 million RMB, improving to a profit of 10 million RMB in 2026 [5][20]. - A DCF valuation method estimates the target price at 6.88 HKD, reflecting the long-term growth potential of the company's pipeline [5][13].

浦银国际研究 公司研究 | 医药行业 沛嘉医疗（9996.HK）：公司价值仍被市场低 估，瓣膜行业增速放缓下集采或非坏事 此前我们发布的报告中曾明确指出公司价值被市场低估（链接），近 期公司股价虽有所回暖，但我们认为当前股价仍未反映公司真实价 值，维持"买入"评级及目标价 7.5 港元。 公司 2024 年稳步减亏，神经介入板块首次实现年度盈利。公司 2024 年收入人民币 6.15 亿元（+40% YoY），与此前业绩预告中值基本持平； 毛利率 70.5%（-3.3pcts YoY）；归母净亏损人民币 2.3 亿元，较去年同 期亏损缩窄 42%。收入分板块看：1）心脏瓣膜：2024 板块收入人民 币 2.6 亿元（+40% YoY），植入量 3,400 例（+37% YoY；vs 行业经股及 经心尖商业化植入量+24%），公司经股市占率/整体市占率较 2023 年 +1.4pcts/+1.8pcts 至 25%/20%（根据《经导管主动脉瓣置换年度报告》 统计口径测算）；板块全年亏损缩窄 31%至 3.0 亿元；公司预计 TaurusNXT（干瓣）和 TaurusTrio（返流）两款新产品有望于 2025 ...

Core Viewpoint - The article highlights the significant achievements of Peijia Medical in the context of ongoing medical reform and centralized procurement policies, emphasizing the company's ability to emerge as a leader through strategic positioning and innovation [1][11]. Financial Performance - In 2024, Peijia Medical reported total revenue of 615 million yuan, a year-on-year increase of 39.5%, with a compound annual growth rate (CAGR) exceeding 55% from 2022 to 2024 [3]. - The sales revenue from transcatheter aortic valve replacement (TAVR) products grew by 40.1% to 260 million yuan, contributing 42.2% to total revenue, while the neurointervention segment saw a 39.1% increase to 356 million yuan, accounting for 57.8% of total revenue [3]. - The company achieved a gross profit of 434 million yuan, a 33.3% increase, with an overall gross margin of 70.5% [4]. Cost Management - Peijia Medical successfully reduced its three expense ratios in 2024, with sales expense ratio down by 20.3 percentage points to 53.3%, R&D expense ratio down by 33.4 percentage points to 33.1%, and management expense ratio down by 7.6 percentage points to 24.5% [4]. Market Position and Growth - The company’s TAVR implant volume exceeded 3,400 units in 2024, representing a 37% year-on-year growth, with a market share increase to approximately 25% [6]. - Peijia Medical's neurointervention business achieved its first annual profit, with significant growth in hemorrhagic and ischemic product lines, including a 52.3% increase in vascular access products [8]. Product Development - The company expanded its TAVR product lineup with the approval of the TaurusMax device, bringing the total to three commercialized products [7]. - Peijia Medical is advancing its pipeline with several products expected to receive regulatory approval between late 2025 and mid-2026, including TaurusNXT and TaurusTrio [12]. Industry Outlook - The Chinese TAVR market is projected to reach 11.36 billion yuan by 2030, with a CAGR of 32.4% from 2021 to 2030, indicating significant growth potential [11]. - The ongoing centralized procurement policies are seen as a double-edged sword, providing opportunities for domestic players while also posing challenges for transformation and upgrading [11]. Strategic Initiatives - Peijia Medical is implementing a strategic restructuring of its R&D framework to enhance innovation and efficiency, focusing on unmet clinical needs [13]. - The company is also exploring external technology collaborations to bolster its product offerings and market presence [12]. Valuation Perspective - Current market valuations of Peijia Medical are perceived as undervalued compared to its intrinsic value, with analysts suggesting a target price of 5.57 HKD per share based on future growth potential [14].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Peijia Medical Limited 沛嘉醫療有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9996） 截至2024年12月31日止年度 年度業績公告 本公司董事（「董事」）會（「董事會」）欣然公佈本集團截至2024年12月31日止年度 的經審核綜合業績，連同截至2023年12月31日止年度的經審核比較數字。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至12月31日止年度 | | | | | 2024年 | 2023年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | | | 收入 | 615,483 | 441,126 | 39.5% | | 毛利 | 433,621 | 325,370 | 33.3% | | 銷售及分銷開支 | (328,340) | (324,981) | 1.0% | ...

Core Viewpoint - Peijia Medical-B (09996) has seen a significant stock increase of over 11%, with an expected annual revenue growth of approximately 40% for the upcoming fiscal year [1] Financial Performance - The company anticipates revenue for the fiscal year 2024 to be between 610 million to 630 million, representing a year-on-year growth of approximately 38.3% to 42.8% [1] - The growth is primarily driven by the rapid expansion of the company's entire neuro-interventional product line and an increase in market share in the transcatheter aortic valve replacement (TAVR) sector in China [1] Market Position and Strategy - According to research from CICC, Peijia Medical's diverse product matrix is expected to help the company adapt to future competitive landscape changes, allowing it to maintain its leading position in the valve market [1] - Huatai Securities noted that the company is seizing industry opportunities to solidify its TAVR market share, with new TAVR/TMV products expected to be approved for commercialization by 2025 [1] - The company is also expected to improve operational efficiency, with a potential for profitability by 2026, maintaining a "buy" rating [1]

PEIJIA 沛嘉医疗 PEIJIA MEDICAL 沛 嘉 醫 療 有 限 公 司 Peijia Medical Limited (於開曼群島註冊成立之有限公司) 股份代號: 9996 ● 報 期 ti | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|--------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目錄 | | | | | | | | | | 公司資料 | | | | | | | | 2 | | 財務摘要 | | | | | | | | 4 | | 業務摘要 | | | | | | | | 5 | | | | | | | | | | 8 | | 管理層討論及分析 | | | | | | | | | 31 | 補充資料 | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.50, indicating a potential upside of 156% from the current price of HKD 2.93 [2][3]. Core Insights - The company's value is considered undervalued by the market, primarily due to concerns over the TAVI (Transcatheter Aortic Valve Implantation) business and the impact of being removed from the Hong Kong Stock Connect list. The report suggests that these concerns have already been reflected in the stock price decline [3]. - The report highlights that the market is overly focused on the TAVI business while underestimating the growth potential of the neurointervention segment, which has shown strong performance [3]. - Potential catalysts for a stock price turnaround include the resolution of the "out of connect" issue, the implementation of price-volume exchange in valve procurement, achieving profitability by 2026, and the launch of new products like TaurusTrio [3]. Financial Performance Summary - For 1H24, the company reported revenue of RMB 300 million, a year-on-year increase of 34%. The cardiac valve segment generated RMB 130 million (up 21% YoY), while the neurointervention segment saw revenue of RMB 170 million (up 46% YoY) [3][10]. - The company reduced its net loss to RMB 71.28 million in 1H24, a 66% improvement compared to a loss of RMB 210 million in 1H23 [3][10]. - The report projects revenue growth to RMB 600 million in 2024, with a CAGR of 28% from 2024 to 2026 [4][5]. Market Position and Valuation - The company has a market capitalization of HKD 1.861 billion and a current price-to-sales (P/S) ratio of 2.8 based on 2024 estimates [2][12]. - The report indicates that the company’s cardiac valve and neurointervention businesses are valued at HKD 23 billion and HKD 28 billion, respectively, contributing to the target market value of HKD 51 billion [3]. Product Pipeline and Development - The report outlines the company's product pipeline, including various cardiac valve products and neurointervention devices, with several products expected to receive regulatory approval in the coming years [13].

Stock Options - The company clarified that no stock options or rewards were granted under the stock option plan after the listing date, and during the reporting period, 2,113,900 stock options were not granted[1] - The calculated percentage of shares that could be issued under all stock option plans during the reporting period is 0.3112%[1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Peijia Medical Limited 沛嘉醫療有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9996） 截至2024年6月30日止六個月中期業績公告 本公司董事會欣然公佈，本集團截至2024年6月30日止六個月的未經審核簡明 綜合業績，連同截至2023年6月30日止六個月的未經審核比較數字。 | --- | --- | --- | --- | |-----------------------------------------------------------------------------|---------------------------------------------------------|------------------------------------------------------------------|----- ...

Revenue and Financial Performance - Revenue growth of 75.9% in 2023, with a steady improvement in gross margin[6] - Revenue increased by 75.9% to RMB 441.1 million in 2023 compared to RMB 250.8 million in 2022[10] - Gross profit rose by 84.7% to RMB 325.4 million in 2023 from RMB 176.2 million in 2022[10] - Operating loss decreased by 2.7% to RMB 430.8 million in 2023 from RMB 442.5 million in 2022[10] - R&D expenses decreased by 21.4% to RMB 293.4 million in 2023 from RMB 373.1 million in 2022[10] - Revenue from transcatheter valve therapy products reached RMB 185.6 million, a 72.9% increase compared to RMB 107.3 million in the previous year[19] - Revenue from the neurovascular intervention business increased by 78.1% to RMB 255.6 million, while revenue from the transcatheter valve therapy business increased by 72.9% to RMB 185.6 million[46] - The gross profit increased by 84.7% to RMB 325.4 million in 2023, with a gross margin of 73.8%, up from 70.2% in 2022[50] - Sales and distribution expenses increased by 34.5% to RMB 325.0 million, driven by new product promotion, market education, and expansion of the sales team[51] - Administrative expenses increased by 14.7% from RMB 123.4 million in 2022 to RMB 141.6 million in 2023, primarily due to higher wages and salaries[52] - Other net losses amounted to RMB 15.8 million in 2023, compared to other net income of RMB 106.7 million in 2022, primarily due to a decrease in foreign exchange gains[55] - Financial income decreased from RMB 44.3 million in 2022 to RMB 39.3 million in 2023, mainly due to lower bank interest income[56] - The capital-to-debt ratio decreased from 25.7% in 2022 to 17.5% in 2023, primarily due to milestone payments for certain business development projects[57] - Net current assets decreased from RMB 1,429.4 million in 2022 to RMB 1,083.2 million in 2023, mainly due to milestone payments[58] - Cash, cash equivalents, and term deposits decreased by 47.5% from RMB 1,839.7 million in 2022 to RMB 965.8 million in 2023[61] - Capital expenditures totaled RMB 316.2 million in 2023, primarily used for new headquarters construction, equipment procurement, and technology[62] Market Share and Product Performance - Market share in the transfemoral TAVR market exceeded 20%, covering approximately 500 hospitals, up from nearly 300[7] - TAVR product terminal implant volume reached 2,484 units in 2023, more than double the 2022 volume, capturing over 20% market share in China's transfemoral TAVR market[12] - The company expanded its hospital coverage for TAVR products to nearly 500 hospitals, with approximately 200 new hospitals added in 2023[12] - Revenue in the neurointerventional business increased by 78.1% compared to 2022[8] - Neurointerventional business revenue grew by 78.1% to RMB 255.6 million in 2023, with gross profit increasing by 83.4% to RMB 166.4 million[13] - Revenue from hemorrhagic products grew by 44.9% to RMB 81.9 million, accounting for 32.1% of the neurointerventional business revenue[30] - Revenue from ischemic products surged by 117.3% to RMB 85.9 million, representing 33.6% of the neurointerventional business revenue[31] - Vascular access products generated revenue of RMB 87.1 million in the reporting period, an 84.6% increase from RMB 47.2 million in 2022, accounting for 34.1% of the neurointerventional business revenue[35] R&D and Clinical Trials - Completed patient enrollment for three major clinical trials: TaurusTrioTM, TaurusNXT®, and GeminiOne®[8] - Achieved early clinical data milestones for GeminiOne® and MonarQ™ at the TCT 2023 conference[8] - Expanded product pipeline with 16 commercialized products and multiple R&D projects in neurointervention[3] - The company has 6 registered products and 10 products under development in the transcatheter valve therapy business, and 16 registered products and 9 products under development in the neurointerventional business[16] - TaurusMax® has been submitted for registration approval to the National Medical Products Administration, featuring three additional radiopaque markers and an adjustable delivery system to improve coaxiality[20] - TaurusNXT®, the third-generation TAVR system, has completed patient enrollment for multicenter registration clinical trials, utilizing patented non-aldehyde tissue crosslinking technology to enhance durability and biocompatibility[20] - TaurusApex®, a fourth-generation TAVR system with polymer leaflets, is undergoing animal trials and long-term follow-up evaluations, showing promising results in durability and biocompatibility[21] - TaurusWave®, a shockwave-based calcification remodeling system, has completed its first patient treatment in October 2021 and is currently in clinical trials[21] - Trilogy™ THV system, licensed from JenaValve, has been successfully launched in Hong Kong with two commercial implants completed in May 2023, and a local production base established in Suzhou[21] - HighLife® TSMVR system, licensed from HighLife SAS, is undergoing multicenter registration clinical trials, featuring a unique "Valve-in-Ring" concept to reduce paravalvular leakage risks[22] - GeminiOne®, an edge-to-edge repair system, has completed patient enrollment for multicenter registration clinical trials in China and plans to initiate early feasibility studies in the US[23] - Sutra Hemi Valve, a transcatheter mitral valve treatment device, is currently in the animal trial stage, combining valve replacement and repair techniques[24] - MonarQ™ TTVR system has been used in Europe and the US for treating tricuspid regurgitation patients on a humanitarian basis, with plans to initiate early feasibility studies in the US[25] - The company initiated a registration clinical trial for CereStellar™ intracranial assist stent and completed the first patient enrollment in December 2023[30] - The company holds three patented platform technologies: non-aldehyde crosslinking dry valve, polymer leaflet, and shockwave calcification remodeling[27] Regulatory Approvals and Product Launches - The company obtained regulatory approval for two neurointerventional products, DCwire™ microguidewire and NRcoil™ detachable coil, during the reporting period[16] - Fastunnel® and DCwire™ microguidewire received approval from the NMPA during the reporting period[18] - Jasper® coil separation control box also received NMPA approval[18] - The company's products have been included in the NMPA's "Catalog of Medical Devices Exempt from Clinical Evaluation" and have been accepted under the innovative medical device special approval process[17] - Jasper® SS detachable coil received NMPA approval in June 2021, and NRcoil™ detachable coil was approved in August 2023[30] - Syphonet® thrombectomy stent and Tethys AS® thrombus aspiration catheter received NMPA approval in February and May 2022, respectively[32] - Fluxcap® balloon guide catheter, approved by NMPA in June 2022, offers a 0.087-inch large lumen compatible with 6F intermediate or aspiration catheters[33] - Tethys® intermediate guiding catheter, approved by the NMPA in October 2020, is undergoing development for Tethys® II based on clinical feedback[35] - DCwire™ micro guidewire, approved by the NMPA in June 2023, features a micro-architecture design for precise control and ease of super-selection[35] - Heralder® DA distal access guiding catheter, approved by the NMPA in June 2021, provides more options for device delivery[35] Corporate Development and Expansion - New headquarters in Suzhou Industrial Park established as a hub for R&D, manufacturing, and commercialization[8] - The company's new headquarters in Suzhou covers an area of 68,768.39 square meters and has obtained medical device production licenses[38] - The company has expanded its hospital coverage to nearly 500 hospitals, an increase of approximately 200 hospitals compared to December 31, 2022[41] - The company is renovating and expanding its Suzhou facility to increase production capacity to meet growing market demand[39] - The company collaborates with world-class consultants and has established deep relationships with global leaders in transcatheter valve therapy and neurointervention[37] - The company has a total of 145 authorized patents, 179 pending patents, and 109 registered trademarks as of December 31, 2023[38] - The company's TAVR product line includes six registered products and surgical accessories, all produced at the new headquarters[38] - The company's neurointerventional products are manufactured at two facilities, covering a total area of 20,032.3 square meters[38] - The company's Shanghai facility produces products such as the Presgo® mechanical detachment coil system and Jasper® intracranial electrolytic detachment coil[39] Strategic Initiatives and Market Expansion - Continued focus on innovation and expanding geographic coverage to enhance market presence[6] - Strategic initiatives to leverage policy support and competitive advantages in the domestic market[8] - The company plans to focus on increasing sales of its transcatheter valve therapy products, including TaurusOne® and TaurusElite®, while advancing the clinical trials and registration of TaurusTrio™, TaurusNXT®, and GeminiOne®[45] - The company aims to expand its international presence by advancing global clinical trials for products like MonarQ™ and GeminiOne®[45] - The company's neurovascular intervention products have been included in volume-based procurement programs in multiple provinces, helping to rapidly increase market penetration and sales[44] - The company's sales team for neurovascular intervention products consists of 90 employees, with a distribution network covering approximately 2,200 hospitals across 31 provinces[44] Financial and Operational Risks - The company faces risks related to its financial condition and additional capital needs, including significant operating losses and potential cash flow challenges[113] - The company's future growth depends on the successful development and commercialization of its pipeline products, which involves lengthy and costly clinical trials with uncertain outcomes[114] - The company's revenue is currently derived from the sales of first and second-generation TAVR systems and neurointerventional medical devices[114] - The company is subject to risks related to government regulations, including lengthy and unpredictable approval processes and the need to maintain necessary licenses and certifications[114] - The company's manufacturing is highly complex and subject to strict quality control, with potential risks from non-compliance with quality standards[115] - The company relies heavily on production facilities in Suzhou and Shanghai, and any operational disruptions could significantly impact its business and financial performance[115] - The company faces potential product liability claims and recalls, with insurance coverage possibly insufficient to cover all liabilities[115] - The company may not be able to maintain or obtain broad patent protection for its products and R&D, which could lead to increased competition[116] - Changes in patent laws could reduce the value of patents and affect the company's ability to protect its R&D products[116] Corporate Governance and Leadership - The company's Board of Directors consists of 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors, ensuring a high level of independence[187] - The Chairman and CEO roles are currently held by Dr. Zhang, who has extensive experience in the medical device industry and oversees the group's overall management, business, strategic development, and R&D[185] - The company has adopted a corporate governance code and adheres to its provisions, except for the separation of Chairman and CEO roles, which the Board believes benefits the group's management[181] - The company has implemented an anti-corruption policy to prevent bribery and unethical business practices, with regular reviews and reporting to the Audit Committee[183] - A whistleblowing policy is in place to encourage reporting of suspicious violations or misconduct, with protection for whistleblowers and regular reviews of the policy[184] - The company has adopted a standard code for securities transactions, and all directors confirmed compliance during the year ended December 31, 2023[186] - The company's corporate culture focuses on patient-centricity, innovation, and global respect, aiming to provide safe, effective, and accessible medical solutions[181] - The Board believes that corporate culture is fundamental to the group's long-term business development, economic success, and sustainable growth[181] - New employees are required to undergo training programs to understand the company's culture, structure, policies, and relevant laws and regulations[182] - The company has arranged appropriate liability insurance for directors and senior management, with annual reviews of the coverage[187] - The company held 4 board meetings, 2 audit committee meetings, 1 remuneration committee meeting, and 1 nomination committee meeting in the fiscal year ending December 31, 2023[188] - All directors attended 4 out of 4 board meetings, with specific attendance records for committee meetings as detailed in the governance report[189] - The company held one shareholders' meeting during the fiscal year, attended by all directors[190] - Independent non-executive directors provided annual confirmation of their independence in accordance with listing rules[190] - Executive directors renewed their service contracts for a term of three years starting May 15, 2023[191] - Non-executive directors renewed their appointment letters for a term of three years starting May 15, 2023, except for one director whose term started on September 20, 2021[191] - Independent non-executive directors renewed their appointment letters for a term of three years starting May 15, 2023[191] - The board of directors is responsible for overseeing the company's business, strategic decisions, and performance, with authority delegated to senior management for daily operations[192] - The board has established three committees: audit, remuneration, and nomination, each with defined responsibilities and adequate resources[192] - All directors are required to act in good faith, comply with applicable laws, and always act in the best interests of the company and its shareholders[192] - The Audit Committee held two meetings in 2023, reviewing the company's financial reporting system, compliance procedures, internal controls, and risk management systems, as well as the annual and interim financial reports for 2022 and 2023[193] - The Remuneration Committee held one meeting in 2023, reviewing and approving the remuneration packages for directors and senior management, as well as matters related to equity incentive plans[194][195] - The senior management's remuneration ranged from RMB 1,000,000 to RMB 10,000,000 for 10 individuals in 2023[196] - The Nomination Committee held one meeting in 2023, reviewing the structure, size, and composition of the Board of Directors, and making recommendations for the appointment and re-appointment of directors[197] - The company has adopted a Board Diversity Policy, aiming to achieve and maintain diversity in terms of gender, skills, age, professional experience, knowledge, culture, educational background, and tenure[198] - The Board of Directors consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors, with 2 female directors and 9 male directors[198] - The Board members range in age from 43 to 79 years old, with diverse industry and field experience, including overall management and strategic development, business, science, investment, accounting, and consulting[198] - The Nomination Committee is responsible for reviewing the diversity of the Board and will continue to monitor and evaluate the implementation of the Board Diversity Policy to ensure its ongoing effectiveness[198] - The company emphasizes gender diversity across all levels of the organization[200] - The Board of Directors consists of 18.2% female members (2) and 81.8% male members (9)[200] - Senior management comprises 40% female members (4) and 60% male members (6)[200] - Other employees include 62.6% female members (651) and 37.4% male members (389)[200] Shareholder and Equity Information - Dr. Zhang Yi holds a beneficial interest in 9,890,440 shares, representing 1.46% of the company's issued share capital[125] - Dr. Zhang Yi and Mrs. Zhang Yeping are considered to have interests in 32,916,560 shares held by trusts, representing 4.85% of the company's issued share capital[126] - Dr. Zhang Yi and Ms. Ye Hong are considered to have interests in 90,685,640 shares held by XinYue International Limited, representing 13.35% of the company's issued share capital[126] - Mrs. Zhang Yeping holds a beneficial interest in 1,021,500 shares, representing 0.15% of the company's issued share capital[125] - Ms. Ye Hong holds a beneficial interest in 19,342,299 shares, representing 2.85% of the company's issued share capital[125] - Mr. Chen Fei is considered to have an interest in 19,952,740 shares held by Shanghai Liyi Biotechnology Partnership, representing 2.94% of the company's issued share capital[126] - Dr. Stephen Newman Oesterle holds a beneficial interest in 258,943 shares, representing 0.04% of the company's issued share capital[125] - Mr. Robert Ralph Parks holds a beneficial interest in 261,778 shares, representing 0.04% of the company's issued share capital[125] - The total number of ordinary shares issued by the company as of December 31, 2023, is 679,326,808[126] - Jinnius Drive Trust holds 15,713,560 shares, representing 2.31% of the company's issued share capital[128] - Hanlindale Trust holds 17,094,000 shares, representing 2.52% of the company's issued share capital[128] - XinYue International Limited holds 90,685,640 shares, representing 13.35% of the company's issued share capital[128] - LAV Aero Limited holds 42,428,460 shares, representing 6.25% of the company's issued share capital[128] - Hillhouse Capital Management, Ltd. holds 40,738,980 shares, representing 6.00% of the company's issued share capital[128] - Matrix Partners China IV, L.P. holds 33,519,580 shares, representing