Incentive Plans - The company granted rewards under the 2022 A-share incentive plan on July 28, 2022, with the closing price prior to the grant being RMB 82.37[1] - The first phase of the H-share incentive trust plan granted rewards on April 1, 2022, and May 31, 2022, with closing prices of HKD 63.28 and HKD 59.38 respectively prior to the grants[1] Annual Report - The announcement does not affect other information disclosed in the 2022 annual report, which remains unchanged[2]

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而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Pharmaron Beijing Co., Ltd.* 康龍化成（北京）新藥技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3759） 補充公告 有關截至2022年12月31日止年度的年報 的進一步資料 茲提述康龍化成（北京）新藥技術股份有限公司（「本公司」）截至2022年12月31日 止年度的年報（「2022年年報」）。除非另有定義，本公告所用詞彙與2022年年報所 界定者具有相同涵義。 除於2022年年報所載董事會報告「股份激勵計劃」一段及綜合財務報表附註40所披 露的資料外，本公司謹此提供有關根據上市規則第17.07(1)(c)條於報告期內根據 2022年A股激勵計劃及首期H股獎勵信託計劃授予各獎勵的進一步詳情。 於報告期內，本公司股份於緊接根據2022年A股激勵計劃及首期H股獎勵信託計 劃授予獎勵日期前的收市價載列如下： 2022年A股激勵計劃 ...

Financial Performance - The company reported a revenue of CNY 2,723,970,949.97 for Q1 2023, representing a 29.53% increase compared to CNY 2,102,899,933.93 in the same period last year[4] - Net profit attributable to shareholders reached CNY 348,255,328.87, up 39.81% from CNY 249,086,573.60 year-on-year[4] - The adjusted net profit under non-IFRS was CNY 438,339,247.42, reflecting a 20.29% increase from CNY 364,396,375.05 in the previous year[4] - The company achieved a net cash flow from operating activities of CNY 530,139,954.34, which is a 26.89% increase from CNY 417,792,056.81 in the same quarter last year[4] - Total operating revenue for Q1 2023 reached CNY 2,723,970,949.97, a 29.5% increase from CNY 2,102,899,933.93 in Q1 2022[23] - Net profit for Q1 2023 was CNY 350,146,873.58, up 47.7% compared to CNY 236,952,176.60 in the same period last year[24] Earnings and Margins - The gross margin for the main business improved to 35.78%, up 2.61 percentage points from 33.17% in the previous year[8] - The basic earnings per share increased to CNY 0.2952, up 40.37% from CNY 0.2103 in the same period last year[4] - Basic earnings per share increased by 40.37% to 0.2952 compared to the same period last year, primarily due to an increase in net profit attributable to shareholders[12] - Diluted earnings per share rose by 40.59% to 0.2951, driven by the same factors as basic earnings[12] Cash Flow and Assets - Cash and cash equivalents increased by 372.6 million RMB, a growth of 37.26% from the beginning of the year[12] - The total current assets as of March 31, 2023, amounted to RMB 6,558,583,630.24, showing a slight increase from RMB 6,536,006,646.99 at the beginning of the year[20] - Cash and cash equivalents increased to RMB 2,055,504,003.16 from RMB 1,497,483,832.74, representing a growth of approximately 37%[20] - The company's long-term equity investments increased to RMB 638,223,819.28 from RMB 629,971,822.34, a rise of about 1.98%[20] - The total cash and cash equivalents at the end of Q1 2023 were CNY 1,990,475,525.11, a decrease from CNY 2,443,525,549.66 at the end of Q1 2022[27] Expenses and Investments - Research and development expenses surged by 93.81% to 76.84 million RMB, reflecting the company's commitment to enhancing R&D capabilities[12] - Management expenses rose by 42.63% to 414.38 million RMB, primarily due to an increase in personnel costs associated with business expansion[12] - Investment income increased significantly by 588.88% to 16.79 million RMB, attributed to higher investment returns from affiliated enterprises[12] - The company reported an investment income of CNY 16,791,039.74, a significant increase from CNY 2,437,442.71 in the previous year[23] Strategic Initiatives - The company continues to focus on a "full-process, integrated, and international" development strategy, with significant contributions from the top 20 global pharmaceutical companies[8] - The company announced a new equity incentive plan for 2023, aimed at aligning employee interests with company performance[18] - The company is actively participating in private equity investments, including a partnership with Wuxi AstraZeneca Zhongjin Venture Capital[17] - The company plans to expand its market presence through strategic investments and potential acquisitions in the biopharmaceutical sector[17] Liabilities and Equity - The total assets at the end of the reporting period were CNY 21,047,569,183.56, reflecting a 2.71% increase from CNY 20,492,557,228.07 at the end of the previous year[4] - Total liabilities rose to CNY 9,772,959,379.20, an increase from CNY 9,652,689,512.90, marking a 1.2% growth year-over-year[22] - The total equity attributable to shareholders of the parent company increased to CNY 10,979,426,501.16, up from CNY 10,548,615,357.20, reflecting a growth of 4.1%[22]

Financial Performance - The company reported a revenue of CNY 2,723,970,949.97 for Q1 2023, representing a 29.53% increase compared to CNY 2,102,899,933.93 in the same period last year[4] - Net profit attributable to shareholders reached CNY 348,255,328.87, up 39.81% from CNY 249,086,573.60 year-on-year[4] - The adjusted net profit attributable to shareholders under non-IFRS was CNY 438,339,247.42, reflecting a 20.29% increase from CNY 364,396,375.05 in the previous year[4] - Basic earnings per share increased by 40.37% to CNY 0.2952, driven by the overall positive development and expanding revenue scale[9] - The company reported a net profit of RMB 350,148,000 for the period, compared to RMB 236,953,000 in the previous year, marking an increase of about 47.7%[39] - For Q1 2023, the profit attributable to the parent company was RMB 348,255 thousand, an increase from RMB 249,087 thousand in Q1 2022[45] - The adjusted net profit attributable to the parent company under non-IFRS was RMB 438,339 thousand, reflecting a 20.3% increase compared to RMB 364,396 thousand in the same period last year[45] Revenue Breakdown - Revenue from laboratory services was CNY 1,652,771,147.35, with a year-on-year increase of 29.73%[5] - Revenue from North American clients accounted for 66.64% of total revenue, growing 34.74% year-on-year[6] - Revenue from European clients (including the UK) represented 14.81% of total revenue, increasing by 38.12% compared to the previous year[6] Cost and Expenses - Total operating costs amounted to ¥2,352,273,096.85, up 28% from ¥1,838,358,908.07 in the prior period[21] - Research and development expenses surged by 93.81% to CNY 76,838,901.31, reflecting the company's commitment to enhancing R&D capabilities[10] - Research and development expenses increased to ¥76,838,901.31, up 93.9% from ¥39,647,299.50 in the prior period, highlighting a focus on innovation[23] Cash Flow and Liquidity - Cash flow from operating activities for the period was CNY 530,139,954.34, a 26.89% increase from CNY 417,792,056.81 in the previous year[4] - Cash and cash equivalents rose by 37.26% to CNY 2,055,504,003.16, an increase of CNY 558,020,200[9] - Cash and cash equivalents at the end of the period amounted to RMB 1,990,475,525.11, compared to RMB 2,443,525,549.66 at the end of the previous period[35] Assets and Liabilities - The total current assets as of March 31, 2023, amounted to CNY 6,558,583,630.24, showing a slight increase from CNY 6,536,006,646.99 at the beginning of the year[16] - The total non-current assets reached CNY 14,488,985,553.32, compared to CNY 13,956,550,581.08 at the beginning of the year, reflecting a growth of approximately 3.8%[17] - Total liabilities increased to ¥9,772,959,379.20 from ¥9,652,689,512.90 at the beginning of the year, marking a rise of 1.2%[19] - Non-current liabilities totaled RMB 5,838,198 thousand as of March 31, 2023, compared to RMB 5,740,256 thousand at the end of 2022[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 63,326[11] - The largest shareholder, HKSCC NOMINEES LIMITED, held 16.87% of the shares, totaling 201,001,393 shares[12] - The company's major shareholders include HKSCC NOMINEES LIMITED with 201,001,393 shares and Shenzhen Xinchongkangcheng Investment Partnership with 178,735,472 shares[13] Strategic Focus - The company continues to focus on a "full-process, integrated, and international" development strategy, with significant business presence in both China and overseas markets[6] - The company has completed the integration of its capabilities in large molecule and cell and gene therapy services, enhancing its service offerings[5] Other Financial Metrics - The company received government subsidies related to daily activities amounting to CNY 18,969,599.72, which contributed to other income growth of 108.49%[10] - The company reported a total comprehensive income of ¥349,276,609.52 for the current period, significantly higher than ¥181,924,551.84 in the previous period[28] - The total liabilities to equity ratio stands at approximately 86.7%, indicating a stable leverage position for the company[19]

Financial Performance - The company reported a total revenue of RMB 1.5 billion for the year 2022, representing a year-over-year increase of 25%[142]. - The company achieved a revenue of 1,026,628.82 million yuan in 2022, representing a year-on-year growth of 37.92%[30]. - The company reported a significant increase in revenue, reaching approximately 1.5 billion RMB, representing a year-over-year growth of 25%[10]. - The company provided a revenue guidance for 2023, expecting a growth rate of 20% to 25%[143]. - The company provided a positive outlook for 2023, projecting a revenue growth of 20% to 25% based on new product launches and market expansion strategies[10]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 25% year-over-year[132]. - The company reported a revenue increase of 25% year-over-year, reaching CNY 1.5 billion in 2022[135]. - The company achieved a total operating revenue for 2022 of ¥10,266,288,179.53, representing a 37.92% increase from ¥7,443,769,724.38 in 2021[58]. Profitability - The net profit attributable to shareholders for 2022 was ¥1,374,604,224.18, a decrease of 17.24% from ¥1,661,028,567.53 in 2021[14]. - The adjusted net profit attributable to shareholders was 183,427.10 million yuan, an increase of 25.46% compared to the previous year[30]. - The overall gross margin improved to 45%, up from 40% in the previous year, reflecting better operational efficiency and cost management[10]. - The gross margin for the main business reached 36.73%, up by 0.71 percentage points from the previous year[30]. - The gross profit margin for the scientific research and technology services sector improved slightly to 36.73%, up from 36.48% in the previous year[60]. Investment and R&D - Investment in R&D increased by 15%, totaling 300 million RMB, focusing on innovative drug development and advanced technologies[10]. - The R&D budget for 2023 is set at RMB 300 million, a 20% increase from the previous year[143]. - The company invested CNY 200 million in R&D for new technologies, focusing on advanced drug delivery systems[135]. - The company has established a comprehensive drug development service platform, focusing on small molecule research and development, and is expanding capabilities in large molecule and gene therapy services[91]. - The company is investing 150 million RMB in new technology for drug discovery to improve efficiency[132]. Market Expansion - The company plans to expand its market presence in Europe and North America, targeting a 10% market share in these regions by 2025[10]. - The company aims to strengthen its international service platform to provide cross-disciplinary and cross-regional solutions for clients[23]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[143]. - The company is actively pursuing mergers and acquisitions to strengthen its portfolio, with a budget of 500 million RMB allocated for potential acquisitions in 2023[10]. - The company is planning to expand its market presence in Asia, targeting a 20% increase in market share by 2025[122]. Client and Customer Engagement - User data showed that the number of active clients increased by 30%, reaching a total of 1,200 clients in 2022[10]. - User data showed an increase in active users by 30% year-over-year, reaching 2 million active users by the end of 2022[143]. - The company introduced approximately 800 new clients in 2022, diversifying its customer base[30]. - Customer satisfaction ratings improved to 85%, reflecting a 5% increase from the previous year[143]. Strategic Partnerships and Acquisitions - A new strategic partnership was announced with a leading pharmaceutical company to enhance drug development capabilities and accelerate commercialization efforts[10]. - The company completed a strategic acquisition to enhance its research capabilities, which is expected to contribute an additional 4,920,000 in revenue[119]. - The company completed an acquisition of a biotech firm for CNY 500 million, enhancing its product pipeline[135]. - The company is exploring partnerships with international firms to enhance its global reach and innovation[142]. Risk Management - The company emphasizes the importance of risk management and outlines potential risks and countermeasures in its future development outlook[3]. - The company has implemented measures to control market, liquidity, credit, operational, and legal risks associated with its hedging activities[83]. - The company has established a management system for futures and derivatives trading, ensuring compliance with operational norms and risk control measures[83]. Governance and Compliance - The company emphasizes innovation and technology development, focusing on chemical and biological technology platforms to meet evolving R&D demands[54]. - The company has established a sound governance structure, with independent committees providing professional decision-making support to the board[108]. - The company has implemented a financial decision-making process in accordance with its articles of association, allowing for independent financial management[112]. - The company has not reported any significant changes in accounting policies or principles related to hedging activities compared to the previous reporting period[82]. Environmental Responsibility - The company has complied with various environmental protection laws and standards applicable to its operations[192]. - The company has received multiple environmental impact assessment approvals for its new drug research and development projects from 2010 to 2021[192]. - The company has a wastewater treatment project in Xi'an with a capacity of 120 tons/day, which received environmental impact report approval in August 2020[195]. - The company reported a total wastewater discharge of 10.088 tons for CODcr, with no exceedance of discharge standards[199]. Workforce and Talent Management - The company expanded its workforce to 19,481 employees by the end of 2022, with 89.35% in R&D, production technology, and clinical services[30]. - The number of R&D personnel grew by 29.36% to 17,406, with a slight decrease in the proportion of R&D personnel to total staff[66]. - The company has implemented a talent development platform, including internal training and partnerships with renowned institutions, to attract and cultivate top global talent[55]. - The company has established a comprehensive training program to enhance employee skills and align personal development with corporate strategy[160]. Financial Management - The company has established a robust internal control and audit system to monitor financial activities and identify risks[185]. - The company has enhanced its financial reporting and tax management systems, improving efficiency and accuracy in financial forecasting and tax risk assessment[181]. - The company has integrated its subsidiaries into a unified management system, ensuring accurate consolidated financial reporting and operational efficiency[184]. - The total pre-tax remuneration for the company's directors, supervisors, and senior management in 2022 amounted to CNY 1,339.22 million[148].

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份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Pharmaron Beijing Co., Ltd.* 康龍化成（北京）新藥技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3759） 截至2022年12月31日止年度全年業績公告 財務摘要及要點 截至12月31日止年度 2022年 2021年 變動 人民幣千元 人民幣千元 % 收益 10,266,288 7,443,770 37.9 毛利 3,749,276 2,672,044 40.3 母公司擁有人應佔利潤 1,374,604 1,661,029 (17.2) 母公司擁有人應佔非國際財務報告 準則經調整淨利潤 1,834,271 1,461,985 25.5 經營活動所得現金流量淨額 2,142,816 2,058,044 4.1 － 於報告期間，本集團錄得總收益約人民幣10,266.3百萬元，較截至2021年 12月31日止年度增加約人民幣2,822.5百萬元或37.9% ...

Revenue and Profitability - Total revenue for Q3 2022 reached CNY 2,768,208,563.01, an increase of 37.31% compared to the same period last year[4] - Net profit attributable to shareholders decreased by 20.95% to CNY 375,674,760.35 for Q3 2022[4] - Operating revenue increased to ¥7,402,793,998.96, a year-on-year growth of 39.63% compared to ¥5,301,532,904.44[8] - Total revenue for the nine months ended September 30, 2022, was RMB 7,402,794 thousand, an increase from RMB 5,301,533 thousand in the same period of 2021, representing a growth of 32.5%[46] - Net profit for the current period is 944,178,254.54, down from 1,003,928,223.19 in the previous period, indicating a decrease of approximately 5.9%[35] - The company reported a profit attributable to equity holders of RMB 961,107 thousand for the nine months ended September 30, 2022, down from RMB 1,040,063 thousand in 2021, indicating a decline of 7.6%[51] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of CNY 1,395,070,031.14 for the year-to-date period, a decrease of 1.46% compared to the previous year[4] - Cash and cash equivalents decreased by 42.36% to ¥2,042,501,533.84 from ¥3,543,819,700.44, a reduction of ¥1,501,318,200[8] - Cash inflow from operating activities is 7,076,581,251.14, an increase from 5,410,437,911.75 in the previous period, reflecting a growth of approximately 30.8%[37] - Cash outflow from investment activities is 5,208,210,770.23, down from 7,505,559,923.92 in the previous period, indicating a reduction of approximately 30.5%[42] - Cash and cash equivalents decreased to RMB 1,780,290 thousand from RMB 3,526,577 thousand at the beginning of the year, indicating a decline of 49.5%[47] Assets and Liabilities - The total assets as of the end of Q3 2022 were CNY 19,706,904,963.16, reflecting a 7.17% increase from the end of the previous year[4] - Total liabilities increased to CNY 9,165,741,734.83 from CNY 8,093,817,609.58, marking a rise of 13.2%[26] - Total non-current assets increased to RMB 13,054,092 thousand as of September 30, 2022, up from RMB 9,745,622 thousand at the beginning of the year, marking a growth of 33.7%[47] - The company’s total assets less current liabilities amounted to RMB 16,060,504 thousand, an increase from RMB 15,407,128 thousand at the beginning of the year[47] Equity and Shareholder Information - The total equity attributable to shareholders was CNY 10,401,703,789.08, a 2.69% increase from the end of the previous year[4] - The total number of common shareholders at the end of the reporting period was 34,592[18] - The top ten shareholders collectively hold significant stakes, with HKSCC NOMINEES LIMITED owning 16.88% and Shenzhen Xinchongkang Investment Partnership holding 16.79%[19] Expenses and Cost Management - Total operating costs increased by 39.81% to ¥4,701,717,656.76 from ¥3,362,990,019.03, in line with revenue growth[14] - Sales expenses increased by 56.20% to ¥163,039,241.44 compared to ¥104,381,393.02 in the same period last year[15] - Management expenses rose by 73.19% to ¥1,036,265,811.81 from ¥598,348,091.85 year-on-year, primarily due to increased personnel costs and acquisitions[15] - R&D expenses grew by 61.55% to ¥177,468,493.98, up from ¥109,851,832.35, reflecting the company's commitment to enhancing R&D capabilities[15] Profit Margins and Earnings Per Share - The basic earnings per share for Q3 2022 was CNY 0.3171, down 20.71% year-on-year[4] - The net profit excluding non-recurring gains and losses increased by 8.79% to CNY 377,837,497.51 for Q3 2022[4] - Basic earnings per share for the current period is 0.8118, down from 0.8754 in the previous period, representing a decrease of approximately 7.3%[36] Government Support and Subsidies - The company received government subsidies amounting to CNY 11,466,691.04 during the reporting period[6]

Financial Performance - The total revenue for the six months ended June 30, 2022, was approximately RMB 4,634.6 million, an increase of about RMB 1,349.1 million or 41.1% compared to the same period in 2021[8]. - The gross profit for the same period was RMB 1,613.1 million, reflecting a growth of 35.6% from RMB 1,189.7 million in the previous year[8]. - The profit attributable to equity holders of the parent company was approximately RMB 585.4 million, up by 3.6% from RMB 564.8 million in the prior year[9]. - The adjusted net profit for the period was RMB 812.1 million, representing a 24.7% increase from RMB 651.4 million in the previous year[9]. - The net cash flow from operating activities was approximately RMB 858.8 million, a slight increase of 1.6% compared to RMB 845.1 million in the same period last year[9]. - Basic earnings per share were approximately RMB 0.4941, up 4.0% from approximately RMB 0.4751 for the six months ended June 30, 2021[22]. - The company reported a profit of RMB 1,191,068,000 for the six months ending June 30, 2022, compared to RMB 794,177,000 for the same period in 2021, representing a year-over-year increase of approximately 50%[84]. - The total comprehensive income for the period was RMB 547,136,000, compared to RMB 564,837,000 in the previous period, indicating a slight decline[86]. Revenue Breakdown - Revenue from North American clients accounted for 65.6%, while European clients contributed 13.6%, and Chinese clients contributed 17.7%[11]. - The laboratory services segment generated revenue of RMB 2,860.1 million, a 41.1% increase year-on-year, with a gross margin of 43.4%[12]. - CMC (small molecule CDMO) services achieved revenue of RMB 1,084.6 million, a year-on-year increase of 42.3%, with a gross margin of 32.9%, down 3.6 percentage points from the previous year[13]. - Clinical research services generated revenue of RMB 584.5 million, up 38.3% year-on-year, with a gross margin of 5.1%, down 9.0 percentage points from the previous year[14]. - The company’s large molecule and cell and gene therapy services reported revenue of RMB 95.5 million, a 33.2% increase year-on-year, but with a gross margin of -19.8% due to high operational costs[16]. Operational Highlights - The company introduced over 400 new clients in the first half of 2022, expanding its customer base significantly[11]. - The company operates in China, the United States, and the United Kingdom, employing over 17,000 staff[6]. - The company has over 800 ongoing clinical trial projects and collaborates with more than 600 hospitals and clinical trial centers across 140 cities in China[15]. - The company has established a comprehensive chemical technology platform that covers the entire process of small molecule drug research, development, and production, enhancing its competitive advantage in the pharmaceutical R&D service market[31]. - The company has strengthened its integrated service platform through international acquisitions, enhancing service capabilities and R&D efficiency, exemplified by the acquisition of a production base in Cramlington, UK[35]. Strategic Initiatives - The company aims to accelerate drug innovation and become a global leader in multi-therapy drug development services[10]. - The company is focused on enhancing its service platform's synergy through vertical and horizontal integration in drug development[10]. - The company has committed to the Science Based Targets initiative (SBTi) to align its carbon reduction goals with international climate agreements[12]. - The company aims to enhance its integrated drug development service platform, focusing on small molecule research while accelerating the development of large molecule and cell/gene therapy services[40]. - The company plans to expand its laboratory chemistry capabilities and strengthen its CDMO services in small molecules, with a strategic focus on technology investment and service content expansion[41]. Acquisitions and Investments - The company acquired 100% equity of Beijing Ankai Yibo Biotechnology Co., Ltd. to enhance its capabilities in drug safety evaluation and biological sciences[13]. - The acquisition of Aesica Pharmaceuticals Limited was completed in January 2022 for approximately GBP 55 million (about RMB 473.35 million), enhancing the company's CDMO service platform[26]. - Pharmaron Manufacturing Services (US) LLC acquired the Coventry API production facility in Rhode Island for approximately $31.5 million (RMB 210.6 million), completed on July 1, 2022[78]. - The company completed the acquisition of Pharmaron Manufacturing Services (UK) Ltd for a cash consideration of GBP 58,052,000 (approximately RMB 500,837,000) on January 7, 2022[154]. Market Outlook - The global pharmaceutical market's R&D and production investment was approximately $566.1 billion in 2021, projected to reach $726.1 billion by 2026, with a CAGR of 6.5%[37]. - The Chinese pharmaceutical market's R&D and production investment was about RMB 562 billion in 2021, expected to grow to RMB 956.6 billion by 2026, reflecting a CAGR of 11.2%[37]. - The global pharmaceutical R&D and production outsourcing service market was valued at approximately $140.3 billion in 2021, anticipated to reach $247.7 billion by 2026, with a CAGR of 12%[37]. - The company aims to leverage its international operational experience to provide customized services and solutions in gene and cell therapy development[34]. Risk Management - The company faces potential risks, including a decline in demand for drug development services, which could lead to clients postponing project development or cutting research budgets, adversely affecting the company's performance and outlook[43]. - The company operates in a highly regulated environment, with strict legal and industry standards governing drug development and production, and must continuously meet regulatory requirements to avoid penalties or loss of operating qualifications[46]. - The company is committed to complying with increasingly stringent environmental regulations, which may increase compliance costs[47]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect and enhance shareholder interests[49]. - The management team consists of experienced professionals, with over 30 years in the pharmaceutical industry, ensuring effective leadership and strategic direction for the company[35]. - The audit committee has reviewed the interim financial information and confirmed compliance with applicable accounting principles and sufficient disclosure[51].