Core Viewpoint - Frontline Bio has reported a net loss for seven consecutive years since its IPO in 2020, with a peak fundraising of 1.8 billion yuan through UBS Securities [1][4]. Financial Performance - In 2024, the company achieved total revenue of 129.47 million yuan, representing a year-on-year increase of 13.32% compared to 114.25 million yuan in the previous year [1][3]. - The net profit attributable to the parent company was -202.02 million yuan, and the net profit after deducting non-recurring gains and losses was -336.19 million yuan [1][3]. - For 2023, the company reported total revenue of 114 million yuan, a year-on-year increase of 34.82%, with a net profit of -329 million yuan, slightly improved from -357 million yuan in the previous year [3][4]. Historical Financial Data - From 2018 to 2022, the company's revenue figures were 1.91 million yuan, 20.86 million yuan, 46.62 million yuan, 40.50 million yuan, and 84.74 million yuan, respectively [4]. - The net profits for the same period were -247 million yuan, -192 million yuan, -231 million yuan, -260 million yuan, and -357 million yuan, indicating a consistent trend of losses [4]. IPO and Fundraising - Frontline Bio was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2020, with an initial share price of 20.50 yuan, raising a total of 1.84 billion yuan [4][5]. - The funds raised were intended for various projects, including clinical research for HIV treatments and pain relief patches, as well as for marketing network development and working capital [5].

Core Viewpoint - Frontier Biotech (688221) reported a strong performance in 2024 with total revenue of 129.47 million yuan, a 13.32% increase year-on-year, primarily driven by the growth of its innovative HIV drug, Aikening®, and diversified sales channels [1] Group 1: Financial Performance - The company significantly reduced its losses by 127.45 million yuan compared to the previous year, indicating robust development momentum [1] Group 2: Product Development and Market Strategy - Aikening® is the core product of Frontier Biotech, with comprehensive post-marketing research and academic promotion activities aimed at maximizing its clinical advantages and expanding its application range [1] - The company focuses on three key patient groups in outpatient settings: those with high viral loads, those not achieving antiviral treatment goals, and those with incomplete immune reconstitution, offering personalized treatment plans [1] - In inpatient settings, Aikening® has shown excellent treatment effects, leading to increased patient adherence and longer medication duration post-discharge [1] - The company is implementing a sales channel penetration strategy, enhancing accessibility of Aikening® in grassroots markets, with coverage in over 300 HIV treatment hospitals and 200 DTP pharmacies across 30 provinces and municipalities [1] Group 3: Research and Development - In 2024, the company invested 137 million yuan in post-marketing research for Aikening® and advancing pipeline products [2] - A first-in-class small nucleic acid drug candidate has entered the supportive research phase for new drug clinical trial applications, while a Phase II clinical trial for a new indication of Aikening® has been approved by the National Medical Products Administration [2] - The company’s FB4001 (teriparatide injection generic) is under review and is expected to be approved for commercialization in the U.S. by 2025 [2] - Academic research results for Aikening® have been published in international journals, demonstrating its effectiveness in specific patient populations and enhancing its influence in the academic community [2] Group 4: Future Outlook - The company is expected to continue its strong development trajectory in 2025, with increased R&D investment and market expansion efforts for Aikening® [3] - As R&D results materialize and market opportunities are explored, the company is poised for even more impressive performance in 2025 [3]

Financial Performance - Total revenue for 2024 reached RMB 129.47 million, an increase of 13.32% compared to RMB 114.25 million in the previous year[4] - The net loss attributable to the parent company was RMB 201.52 million, a reduction in loss of RMB 12.74 million from RMB 328.96 million in the previous year[6] - Total assets at the end of the reporting period were RMB 1.81 billion, a decrease of 15.33% from RMB 2.14 billion at the beginning of the period[4] - The equity attributable to the parent company decreased by 15.01% to RMB 1.14 billion from RMB 1.34 billion at the beginning of the period[4] Research and Development - Research and development expenses for 2024 amounted to RMB 137.21 million, primarily focused on post-marketing studies of the innovative HIV drug Aikening®[6] - The company is advancing its pipeline projects, with a first-in-class small nucleic acid candidate drug entering the IND enabling stage[11] - The company aims to obtain approval for the FB4001 (teriparatide injection generic) by 2025 and is actively promoting its progress[11] Product Development and Market Expansion - Aikening® has been included in the medical insurance "dual channel" and outpatient special directory in 29 provinces and municipalities[8] - The company is actively expanding Aikening®'s market presence in outpatient and inpatient settings, focusing on high-burden patients[7] - Aikening® has shown significant clinical benefits in treating HIV-infected patients, with a successful case study published in the international journal BMC Pregnancy and Childbirth[9]

Financial Projections - The company expects to achieve an operating revenue of approximately CNY 125 million to CNY 130 million in 2024, representing a year-on-year increase of 9.41% to 13.79%[4] - The net loss attributable to shareholders is projected to be between CNY 182 million and CNY 220 million, a reduction in loss of approximately CNY 108.96 million to CNY 146.96 million compared to the previous year[4] - The company anticipates a net loss excluding non-recurring gains and losses of approximately CNY 315 million to CNY 354 million, a decrease in loss of about CNY 0.596 million to CNY 3.96 million[4] Research and Development - Research and development expenses are expected to be around CNY 134 million to CNY 139 million, a year-on-year decrease of 35.12% to 37.45%[8] - The company has received approval for a Phase II clinical trial for the new indication of its product Aikening® for "immune reconstitution in HIV-1 infected patients" from the National Medical Products Administration[12] - The company has submitted a generic drug marketing application for the FB3002 project (pain relief adhesive) to the National Medical Products Administration[13] Market Expansion and Partnerships - The company has expanded its coverage to over 300 HIV treatment hospitals and more than 200 DTP pharmacies across 30 provinces and municipalities in China[10] - The company has established a commercial partnership for the FB4001 project (teriparatide injection generic drug) in the U.S. market, aiming for commercialization by 2025[13] - The company continues to strengthen its market penetration and commercialization efforts for Aikening®, which has been included in the National Medical Insurance Directory for 2024[9] Financial Reporting - The financial data presented is preliminary and has not been audited by a registered accountant, with the final figures to be disclosed in the audited 2024 annual report[14]

Summary of Conference Call Records Company Overview - The company focuses on the development of innovative drugs in the field of chronic diseases, particularly in small nucleic acid therapies and high-end generic drugs, aiming to balance high investment and long R&D cycles associated with innovative drugs [1][2][3] Key Points Business Strategy and Development - The company has outlined a three-year development strategy focusing on: 1. Long-acting HIV therapies 2. Small nucleic acid drug development targeting chronic diseases 3. High-end generic drugs [1][2][3] - The company aims to maintain steady growth, with sales of its long-acting HIV product, Aikenin, projected to reach 1.09 billion in 2023 and approximately 780 million in the third quarter of 2024 [1][2][3] Product Pipeline - Aikenin is the first domestic long-acting HIV product, with sales expected to reach 3 to 4 billion GBP globally [3][4] - The company plans to submit Investigational New Drug (IND) applications for new products in 2025 and 2026, with additional submissions in 2027 [2][4] - The company is also developing a high-end generic drug, expected to launch in mid-2025, and another in 2026 [2][4] Market Dynamics - The global HIV market exceeds 40 billion, with over 39 million infections and 1.3 million new infections annually [8][9] - The domestic HIV patient base is over 1.32 million, with new infections ranging from 100,000 to 150,000 annually, primarily through sexual transmission [8][9] - The company anticipates growth in the domestic HIV market, paralleling trends observed in the U.S. market [8][9] Competitive Landscape - The company positions itself against established players like Gilead, which has a significant market presence with products exceeding 10 billion USD in sales [8][9] - The company aims to leverage its first-mover advantage in long-acting therapies to capture market share [3][4] Financial Health - The company has a strong cash flow, with total assets around 2.2 billion and net assets of approximately 1.15 billion as of the end of 2023 [3][4] - The company raised 1.8 billion through its IPO in 2020 and an additional 200 million in a follow-on offering in 2022 [3][4] Research and Development - The company has a robust R&D framework, focusing on long-acting therapies and small nucleic acid platforms, with ongoing projects targeting various chronic diseases [6][7][22][23] - The company has established partnerships for joint research, particularly in hepatitis B and HIV, to explore functional cures and new drug development [22][23] Regulatory and Market Access - The company has successfully navigated regulatory pathways, with Aikenin included in China's HIV treatment guidelines and covered by insurance since 2020 [14][18] - The company is expanding its market access through partnerships with hospitals and pharmacies, aiming to cover 80-90% of target patients [18][19] Future Outlook - The company is optimistic about the growth potential in the HIV market, with plans to expand its product offerings and enhance patient convenience through long-acting formulations [12][13][22] - The company is also exploring opportunities in the small nucleic acid space, with several projects in preclinical stages [22][23] Additional Insights - The company is addressing the growing need for convenient treatment options for HIV patients, focusing on long-acting injectable therapies that reduce the frequency of dosing [12][13] - The company is aware of the changing demographics of HIV patients, with increasing infections among older and younger populations, particularly among men who have sex with men [9][10]

证券代码：688221 证券简称：前沿生物 公告编号：2024-049 监事会 2024年12月28日 1 前沿生物药业（南京）股份有限公司 关于选举第四届监事会职工代表监事的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 前沿生物药业（南京）股份有限公司（以下简称"公司"）第三届监事会任 期已届满，根据《中华人民共和国公司法》《上海证券交易所科创板股票上市规 则》和《公司章程》等有关规定，公司于 2024 年 12 月 27 日召开职工代表大会， 经出席会议的全体职工代表讨论、表决，同意选举姜志忠先生为公司第四届监事 会职工代表监事。姜志忠先生的简历详见附件。 公司第四届监事会由三名监事组成，包括两位非职工代表监事及一位职工代 表监事。姜志忠先生将与公司 2024 年第四次临时股东大会选举产生的两位非职 工代表监事共同组成第四届监事会，任期与第四届监事会任期一致。 特此公告。 前沿生物药业（南京）股份有限公司 附件： 姜志忠：男，1982 年出生，中国国籍，硕士研究生学历。曾任红太阳集团有限公 司研发中心研究员、采 ...

证券代码：688221 证券简称：前沿生物 公告编号：2024-048 前沿生物药业（南京）股份有限公司 关于第四届监事会第一次会议决议的公告 经与会监事审议表决，形成的会议决议如下： 1、 审议通过《关于选举公司第四届监事会主席的议案》 经审议，全体监事一致同意选举姜志忠先生为公司第四届监事会主席，任期 与第四届监事会任期一致。 具 体 内 容 详 见 公 司 同 日 披 露 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）的《关于完成董事会、监事会换届选举及聘任高级 管理人员、证券事务代表的公告》。 表决结果：3 票同意；0 票反对；0 票弃权。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 前沿生物药业（南京）股份有限公司（以下简称"公司"）第四届监事会第 一次会议通知于 2024 年 12 月 27 日以通讯方式送达全体监事。会议于 2024 年 12 月 27 日以现场结合通讯表决的方式召开。召集人已在监事会会议上就豁免监 事会会议通知的相关情况作 ...

关于前沿生物药业（南京）股份有限公司 2024 年第四次临时股东大会的 法律意见书 南京市鼓楼区集庆门大街 270 号苏宁环球国际中心 43 层 电话：025-85803866 传真：025-85803680 邮编：210003 北京国枫（南京）律师事务所 国枫律股字[2024]H0009 号 致：前沿生物药业（南京）股份有限公司（贵公司） 北京国枫（南京）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2024 年第四次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《前沿生物药业 （南京）股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与 召开程序、召集人资格、出席会议人员资格、会议表决 ...

证券代码：688221 证券简称：前沿生物 公告编号：2024-050 前沿生物药业（南京）股份有限公司 关于完成董事会、监事会换届选举及聘任高级管理人 员、证券事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 前沿生物药业（南京）股份有限公司（以下简称"公司"）于 2024 年 12 月 27 日召开 2024 年第四次临时股东大会，选举产生公司第四届董事会董事、第四届监事 会非职工代表监事，与公司同日召开的职工代表大会选举产生的 1 名职工代表监事， 共同组成公司第四届董事会及监事会，任期自股东大会审议通过之日起三年。 2024 年 12 月 27 日，公司召开第四届董事会第一次会议，审议通过了《关于选 举公司第四届董事会董事长的议案》《关于选举第四届董事会各专门委员会委员及主 任委员的议案》《关于聘任高级管理人员的议案》《关于聘任证券事务代表的议案》 等议案。同日，公司召开第四届监事会第一次会议，审议通过了《关于选举公司第 四届监事会主席的议案》。现将相关情况公告如下： 一、 董事会换届选举情况 （一） ...

证券代码：688221 证券简称：前沿生物 公告编号：2024-051 前沿生物药业（南京）股份有限公司 2024 年第四次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 12 月 27 日 （二） 股东大会召开的地点：南京嘉悦·印湖酒店（南京市江宁开发区丽泽路 5 号门） （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 53 | | --- | --- | | 普通股股东人数 | 53 | | 2、出席会议的股东所持有的表决权数量 | 171,377,492 | | 普通股股东所持有表决权数量 | 171,377,492 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 45.7520 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 45.7520 ...