Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[2]. - The net profit for the period was RMB 300 million, which is a 20% increase compared to the same period last year[2]. - The company's operating revenue for the first half of 2021 was 399,037,102 RMB, representing a year-on-year increase of 69.36% compared to 235,614,896 RMB in the same period last year[25]. - The net profit attributable to shareholders of the listed company reached 65,485,448 RMB, a significant increase of 125.20% from 29,078,874 RMB in the previous year[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 54,543,664 RMB, showing a remarkable growth of 417.95% compared to 10,530,619 RMB in the same period last year[25]. - The company's cash flow from operating activities was 56,033,635 RMB, a decrease of 7.87% from 60,819,045 RMB in the previous year[25]. - The total comprehensive income for the period was RMB 69,016,856, up from RMB 29,416,219 in the previous year, indicating a growth of 134%[193]. - Basic and diluted earnings per share increased to RMB 0.06, compared to RMB 0.03 in the same period last year[193]. Research and Development - Research and development expenses increased by 18%, totaling RMB 150 million, reflecting the company's commitment to innovation[2]. - The R&D investment accounted for 26.94% of the operating revenue, an increase of 2.79 percentage points from 24.15% in the previous year[25]. - The company reported a significant increase in R&D expenditures, with total R&D investment reaching approximately ¥107.5 million, an 88.92% increase compared to the previous period[61]. - The company has received 13 new patents during the reporting period, bringing the total number of patents obtained to 103[61]. - The company’s research and development strategy focuses on addressing clinical gaps and achieving differentiated competition through innovative drug development[47]. - The company is focusing on drug development based on gene engineering, photodynamic technology, nanotechnology, and oral solid preparation technology platforms[78]. Market Expansion and Product Development - The company has outlined a future outlook projecting a revenue growth of 10-15% for the second half of 2021[2]. - New product development includes the launch of a novel photodynamic therapy product, expected to enter the market by Q4 2021[2]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2022[2]. - The company aims to expand its market presence through the development of new drugs and technologies, focusing on unmet medical needs in dermatology and oncology[36]. - The company’s flagship product, Ai La®, is the first photodynamic drug for treating genital warts, significantly reducing recurrence rates compared to traditional therapies[38]. - The company has introduced Huimeida® for the treatment of port-wine stains, which is recognized for its high cure rate and low recurrence compared to traditional laser treatments[39]. Financial Position and Investments - The total assets amounted to 2,479,272,106 RMB, which is a decrease of 0.86% compared to 2,500,701,037 RMB at the end of the previous year[25]. - The net assets attributable to shareholders at the end of the reporting period were 2,028,213,577 RMB, reflecting a slight increase of 0.86% from 2,010,930,752 RMB at the end of the previous year[25]. - The company has made a significant investment of RMB 266 million in Shanghai Handu, resulting in a 428.13% increase in its equity investment to RMB 325 million[99]. - The company has completed the construction of two production lines for the production of raw materials and injections, enhancing its industrialization capabilities[92]. - The company plans to register multiple generic drugs to utilize the production capacity of its newly built lines before obtaining production licenses for its innovative drugs[92]. Risks and Challenges - The company has identified key risks including regulatory changes and market competition, which are detailed in the risk factors section of the report[2]. - The company is facing risks related to new drug development, including high costs and long timelines, which can take over ten years[78]. - The product portfolio is relatively concentrated, with the three main products being vulnerable to competition and regulatory changes[80]. - The company is at risk of losing core technical personnel, which is crucial for maintaining its competitive edge in the industry[79]. Corporate Governance and Compliance - The company is committed to maintaining a robust management structure to ensure transparency and accountability, with no significant changes to its operational model during the reporting period[46]. - The company will continue to strictly adhere to legal requirements regarding related party transactions and ensure fair pricing and timely information disclosure[132]. - The company has established a framework for monitoring and enforcing compliance with share transfer commitments among its executives[138]. - The company emphasizes compliance with relevant laws and regulations regarding share transfers and disclosures, ensuring transparency in their operations[137]. Environmental Responsibility - The company has implemented measures to improve resource utilization and reduce pollution during production, including the use of clean energy and advanced technology[119]. - The company strictly adheres to national and local environmental standards for wastewater and emissions, with no violations reported during the reporting period[122]. - The company has established an environmental emergency response mechanism and conducts regular monitoring of wastewater and emissions by qualified testing units[119]. - The company has developed a supplier management policy to ensure compliance with environmental and social responsibilities[123].

2021 年第一季度报告 公司代码：688505 公司简称：复旦张江 上海复旦张江生物医药股份有限公司 2021 年第一季度报告 1 / 22 2021 年第一季度报告 í 二、 11Í 四、 目录 | --- | |--------------| | | | 重要提示 | | 公司基本情况 | | 重要事项 | | 附录 | 2 / 22 2021 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王海波、主管会计工作负责人薛燕及会计机构负责人（会计主管人员）章雯保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-----------------------------------------------|----------------|------- ...

Financial Performance - The company's operating revenue for 2020 was ¥833,802,693, a decrease of 18.99% compared to ¥1,029,294,769 in 2019[28]. - The net profit attributable to shareholders for 2020 was ¥164,662,782, down 27.58% from ¥227,357,983 in 2019[28]. - The net profit after deducting non-recurring gains and losses was ¥127,366,610, a decrease of 35.96% compared to ¥198,897,143 in 2019[28]. - The net cash flow from operating activities was ¥113,003,294, down 58.03% from ¥269,232,612 in 2019[28]. - The company's revenue for 2020 was RMB 833,802,693, a decrease of 18.99% compared to RMB 1,029,294,769 in the previous year[118]. - The sales revenue for the reporting period decreased by 19% compared to the previous year, with the three main products contributing 99% of total medical product sales revenue[109]. - Sales revenue from the product Aila® decreased by 35% in 2020 due to the impact of the COVID-19 pandemic[110]. - The revenue from medical products was RMB 820,810,438, accounting for 98.60% of the main business income, a decrease of 17.68% from the previous year[124]. Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 0.5 per 10 shares, totaling RMB 52.15 million, which accounts for 31.67% of the net profit attributable to shareholders for 2020[7]. - The company does not plan to increase capital reserves or issue bonus shares for the year[7]. - The company's capital reserve increased by 404.68% to RMB 1.20 billion, reflecting the successful fundraising efforts[142]. R&D and Innovation - The R&D investment as a percentage of operating revenue increased to 18.59% in 2020, up 5.91 percentage points from 12.68% in 2019[28]. - The company has invested a total of CNY 154,973,280 in R&D for the year, representing an 18.75% increase compared to the previous year, with R&D expenses accounting for 18.59% of total revenue[80]. - The company is focusing on the development of Antibody-Drug Conjugates (ADC) as a key direction within its gene engineering technology platform, which has become a hotspot in targeted cancer therapy[70]. - The company has established a photodynamic technology platform that is at the forefront of the world, with ongoing projects aimed at expanding indications for existing photodynamic drugs[71]. - The company is developing a second ADC drug targeting triple-negative breast cancer, bladder cancer, and gastric cancer, with clinical research registration classified as Class 1 therapeutic biological products[160]. - The company is exploring the development of Her3-Dxd drugs and Dxd class ADCs targeting small cell lung cancer, as well as Trop2-Dxd projects for treating solid tumors like gastric and triple-negative breast cancer[162]. Market and Industry Trends - The Chinese pharmaceutical industry is experiencing continuous growth, with an increasing importance in the national economy[48]. - The demand for pharmaceuticals in China is increasing due to population growth and aging, with the population aged 65 and above rising from 144 million in 2015 to 176 million in 2019, accounting for 12.6% of the total population[61]. - The global pharmaceutical market is expected to exceed $1.5 trillion in spending by 2023, with China's annual drug expenditure growth projected to remain between 3%-6%[198]. - The pharmaceutical industry in China is undergoing significant transformation, with accelerated drug approval processes and a focus on innovation[199]. Corporate Governance and Risk Management - The company has identified significant risks in its operations, which are detailed in the report[5]. - The audit report issued by PwC confirms that the financial statements are free from material misstatements[6]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company has not faced any violations in decision-making procedures regarding external guarantees[9]. - The company operates without a controlling shareholder, which may lead to governance instability and decision-making inefficiencies[104]. - The company is exposed to drug price reduction risks due to increasing competition and regulatory changes in the pharmaceutical industry[106]. Product Development and Sales Strategy - The company’s main products include innovative drugs such as Aira® and Reumida®, which address unmet medical needs in dermatology and oncology[38][41]. - The company primarily employs a distribution model for product sales, with its photodynamic therapy drugs, Aira® and Fumida®, marketed by its own team, while the anti-tumor drug Liboduo® is marketed through a contracted CSO[45]. - The company is committed to establishing a standardized and robust corporate management structure to enhance transparency and accountability, thereby protecting shareholder interests[46]. - The company is exploring new sales models leveraging its academic promotion platform to address common issues in the current marketing environment[94]. - The company is exploring new sales models utilizing its WeChat platform for academic promotion and doctor-patient interactions[114]. Impact of COVID-19 - The COVID-19 pandemic impacted the company's main business, leading to a decrease in revenue due to disruptions in drug distribution and patient visits to hospitals[30]. - The impact of COVID-19 has led to delays in resuming production and a decrease in non-epidemic related prescriptions, affecting the industry negatively in the short term[199]. Financial Health and Assets - The total assets at the end of 2020 were ¥2,500,701,037, an increase of 59.81% from ¥1,564,824,553 at the end of 2019[28]. - The net assets attributable to shareholders at the end of 2020 were ¥2,010,930,752, up 115.88% from ¥931,525,379 at the end of 2019[28]. - Cash and cash equivalents increased by 142.18% to RMB 1.40 billion, primarily due to funds raised from the initial public offering[142]. - The company’s total liabilities decreased significantly, with short-term borrowings reduced to zero from RMB 148.94 million[142]. Clinical Trials and Regulatory Approvals - The company has received clinical approval for its small molecule targeted drug JAK1 selective inhibitor and has commenced Phase I clinical trials[77]. - The company has completed Phase I clinical research for Aira in treating moderate to severe acne and is moving into Phase II trials, while also exploring painless treatment options[166]. - The company is preparing to submit clinical applications for Aira in treating photodamaged skin conditions and gliomas, with preclinical studies already completed[166]. - The company is conducting a consistency evaluation study for Liposomal Doxorubicin and is in the process of registration in the U.S.[178].

Financial Performance - Operating income decreased by 20.59% to CNY 496,213,149 for the period from January to September compared to the same period last year[18]. - Net profit attributable to shareholders decreased by 30.15% to CNY 84,847,892 for the period from January to September compared to the same period last year[18]. - Basic and diluted earnings per share decreased by 30.77% to CNY 0.09[18]. - The company reported a net profit of ¥650,545,247, compared to ¥632,910,658 in the previous period, showing a slight increase[56]. - Net profit for Q3 2020 reached ¥55,494,547, compared to ¥30,917,760 in Q3 2019, marking an increase of 79.5%[60]. - The total profit for Q3 2020 was ¥60,582,841, significantly higher than ¥31,707,875 in Q3 2019, indicating a growth of 91.1%[60]. - The total comprehensive income for Q3 2020 was ¥55,360,574, compared to ¥31,016,300 in Q3 2019, reflecting a growth of 78.6%[62]. - The total profit for the third quarter was CNY 62,546,035, compared to CNY 30,437,223 in the previous quarter, representing an increase of approximately 105.5%[66]. Assets and Liabilities - Total assets increased by 54.41% to CNY 2,416,168,482 compared to the end of the previous year[18]. - Current liabilities decreased to ¥413,364,109 from ¥551,266,597, a reduction of about 25%[53]. - Total liabilities decreased to ¥467,678,820 from ¥600,234,806, a decline of about 22%[53]. - Non-current liabilities totaled ¥54,314,711, up from ¥48,968,209, indicating an increase of about 7%[53]. - Long-term equity investments increased by 116.34% to ¥60,745,118, attributed to additional investments in a health care investment center[31]. Cash Flow - The net cash flow from operating activities decreased by 85.93% to CNY 19,286,594 for the period from January to September compared to the same period last year[18]. - The company reported a net cash flow from operating activities of ¥19,286,594, down 85.93% compared to the previous year due to reduced sales revenue[34]. - Cash inflow from investment activities totaled CNY 1,889,963,114, an increase from CNY 1,378,304,833 year-over-year[78]. - Net cash flow from investment activities was negative CNY 25,885,812, improving from negative CNY 182,196,622 in the previous year[78]. - Cash inflow from financing activities reached CNY 1,047,247,427, compared to CNY 100,000,000 in the same period last year[78]. - Net cash flow from financing activities was CNY 859,824,372, a turnaround from negative CNY 82,138,103 in the previous year[78]. Shareholder Information - The total number of shareholders reached 25,461, with 25,310 holding A shares and 151 holding H shares[28]. - Shareholders' equity increased to ¥2,079,305,632 from ¥1,087,347,148, reflecting a growth of approximately 91%[56]. Research and Development - R&D investment as a percentage of operating income increased by 5.98 percentage points to 21.58%[18]. - Research and development expenses rose by 7.41% to ¥102,365,503, reflecting increased investment in ongoing projects[34]. - Research and development expenses in Q3 2020 amounted to ¥47,992,497, representing a 8.6% increase from ¥44,109,468 in Q3 2019[57]. - Research and development expenses amounted to CNY 45,888,924, slightly up from CNY 44,222,357 in the previous quarter, reflecting a year-over-year increase of about 3.8%[66]. Market Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[59].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[1]. - The net profit for the same period was RMB 300 million, showing a growth of 20% compared to the previous year[1]. - The company's operating revenue for the first half of 2020 was ¥235,614,896, a decrease of 39.69% compared to ¥390,693,485 in the same period last year[23]. - The net profit attributable to shareholders for the first half of 2020 was ¥29,078,874, down 68.30% from ¥91,719,590 in the previous year[23]. - The net cash flow from operating activities decreased by 39.58% to ¥60,819,045, primarily due to a decline in operating revenue and slower accounts receivable collection during the pandemic[25]. - The company's net profit after deducting non-recurring gains and losses was ¥10,530,619, reflecting an 86.25% decrease from ¥76,608,030 in the same period last year[23]. - Revenue for the reporting period was CNY 235,614,896, a decrease of 39.69% compared to the previous year[92]. - The cost of sales decreased by 51.53% to CNY 17,970,463, resulting in a slight increase in overall gross margin[92]. Research and Development - The company is investing RMB 200 million in R&D for new technologies related to photodynamic therapy[1]. - The R&D expenditure as a percentage of operating revenue increased to 24.15%, up by 10.69 percentage points from 13.46% in the previous year[24]. - The company has invested a total of ¥56,903,236 in R&D during the reporting period, which accounts for 24.15% of its operating revenue[58]. - The company is focusing on drug development based on gene engineering, photodynamic technology, nanotechnology, and oral solid preparation technology, particularly in the fields of tumors, skin diseases, and autoimmune diseases[77]. - The company is advancing its research on antibody-drug conjugates (ADCs) as a key direction, with a proprietary platform based on topoisomerase DXd showing promising results in tumor treatment[80]. - The company has established a solid foundation for the industrialization of gene engineering technology drugs, with plans to enhance research on projects that have entered clinical stages[49]. Market Strategy and Expansion - The company plans to launch two new products in the second half of 2020, aiming to capture a larger market share in the biopharmaceutical sector[1]. - Future outlook includes a projected revenue growth of 10% for the full year 2020, with a focus on expanding into international markets[1]. - Market expansion strategies include partnerships with three new distributors in Southeast Asia[1]. - The company aims to conduct international registrations for its existing products to support its global expansion strategy[53]. Product Development - The flagship product, Aira®, is the world's first photodynamic drug for the treatment of genital warts, significantly reducing recurrence rates compared to traditional therapies[31]. - The long-circulating liposomal doxorubicin, Liboduo®, was launched in August 2009, offering improved efficacy and reduced side effects for cancer treatment[32]. - The company has developed a gene engineering technology platform, focusing on monoclonal antibodies and antibody-drug conjugates, with ongoing Phase I clinical trials for CD30-DM1 targeting triple-negative breast cancer and other tumors[49]. - The photodynamic therapy platform is at a world-leading level, with key products including Aira® for treating genital warts and Revmed® for treating capillary malformations, both of which have received regulatory approvals and are in commercialization[50][51]. Financial Position and Investments - The company has maintained a strong cash position with RMB 500 million in cash reserves as of June 30, 2020[1]. - The company received a substantial inflow of RMB 996 million from its initial public offering and overallotment in the first half of the year[96]. - As of June 30, 2020, cash and cash equivalents amounted to RMB 1,529,302,256, representing a 212.49% increase compared to the same period last year[99]. - Long-term equity investments increased by 78.31% to RMB 61,438,432, mainly due to additional investments in Baifu Changzhou[99]. Risks and Challenges - The management highlighted potential risks related to regulatory changes in the pharmaceutical industry[1]. - The company faces risks related to the single product variety and potential price reductions due to increased competition and regulatory changes[84][85]. - The company has faced challenges with long industrialization cycles and gaps in project timelines, prompting the establishment of the oral solid dosage technology platform[55]. Corporate Governance and Compliance - The company has established a commitment that no share transfers will occur within six months after the departure of any director or senior management[145]. - The company will ensure that the price of any share transfer will not be lower than the initial public offering price, with adjustments made for any corporate actions such as dividends or stock splits[139]. - The company has maintained a consistent environmental policy, adhering to national laws and regulations regarding emissions[165]. - The company conducted multiple inspections by government agencies regarding wastewater discharge, with no violations reported[165].