（於中華人民共和國註冊成立的股份有限公司） （股份代號：2252） 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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai MicroPort MedBot (Group) Co., Ltd. 上海微創醫療機器人（ 集 團 ）股份有限公司 於本公告日期，執行董事為何超博士、房聰女士及劉雨先生；非執行董事為孫洪斌先生及陳 琛先生；以及獨立非執行董事為李明華博士、姚海嵩先生及鍾偉文先生。 上海微創醫療機器人（集團）股份有限公司（「本公司」與其附屬公司合稱「本集 團」）董事（「董事」）會（「董事會」）茲通告，本公司謹定於2025年8月28日（星期四） 舉行董事會會議，以考慮及通過（其中包括）本集團截至2025年6月30日止六個 月的中期業績及公佈，並考慮派發中期股息（如有），以及處理其他事項。 承董事會命 上海微創醫療機器人（集團）股份有限公司 主席 孫洪斌先生 中國上海，2025年8月18日 董事會會議召開日期 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海微创医疗机器人（集团）股份有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,599,543 | RMB | | 1 | RMB | | 6,599,543 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 6,599,543 | RMB | | 1 | RMB | | 6,599,543 | | ...

Financial Performance - Revenue for 2024 reached RMB 257,249 thousand, a significant increase of 146% compared to RMB 104,592 thousand in 2023[9] - Gross profit for 2024 was RMB 86,220 thousand, up from RMB 14,694 thousand in 2023, reflecting a gross margin improvement[9] - The company reported a pre-tax loss of RMB 647,101 thousand for 2024, an improvement from a loss of RMB 1,023,530 thousand in 2023[9] - The total equity decreased to RMB 257,678 thousand in 2024 from RMB 501,755 thousand in 2023, reflecting a decline in shareholder value[10] - The company reported a 36.8% year-on-year reduction in net losses, laying a solid foundation for future growth and profitability[21] - The adjusted net loss for the year ended December 31, 2024, was RMB 482.6 million, a decrease from RMB 869.1 million in 2023, indicating a significant improvement in financial performance[90] - The free cash flow net outflow decreased by 42%, from RMB 670 million to RMB 388 million, indicating improved cash flow management[21] Assets and Liabilities - Total assets decreased to RMB 1,279,039 thousand in 2024 from RMB 1,427,907 thousand in 2023, indicating a reduction in asset base[10] - Non-current assets fell to RMB 422,493 thousand in 2024, down from RMB 633,859 thousand in 2023, highlighting a significant decline[10] - Total liabilities increased to RMB 1,021,361 thousand in 2024 from RMB 926,152 thousand in 2023, indicating rising financial obligations[10] - The asset-liability ratio increased to 80% as of December 31, 2024, compared to 65% in 2023, reflecting a higher level of debt relative to assets[102] Market Expansion and Product Development - The company is focusing on expanding its global market presence and enhancing commercialization efforts for its surgical robot products[15] - The company aims to innovate and provide comprehensive robotic surgical solutions to meet the growing demands in minimally invasive surgery[11] - The total global orders for the company's multi-track product portfolio exceeded 100 units by the end of 2024, with 39 new signed orders for the TuMai surgical robot and over 60 cumulative commercial orders[16] - TuMai's market share in China increased, with 19 new installations during the reporting period, and over 60% of installations in top-tier hospitals[16] - The company achieved 11 commercial installations and sales in overseas markets in 2024, with the Honghu robot completing nearly 2,000 clinical surgeries across over 70 medical institutions globally[18] - The company plans to continue optimizing operational efficiency and enhancing innovation capabilities to reshape the global medical technology landscape[22] Certifications and Regulatory Approvals - The company received CE certification for the TuMai robot in May 2024, marking a significant milestone in its global expansion efforts, with certifications obtained in nearly 20 countries[17] - TUMAI received EU CE certification (MDR) in May 2024, applicable for various surgical procedures, enhancing its international market competitiveness with nearly 20 certifications across different countries[33] - The single-port laparoscopic robot received NMPA registration approval in February 2025, diversifying the product portfolio and improving market competitiveness[33] - HONGHU has obtained market approvals from nearly ten regulatory authorities, including NMPA, FDA, and EU CE, achieving full coverage in developed and key emerging markets[33] Research and Development - The company has applied for a total of 1,333 patents globally, with 509 granted, including 338 in China and 171 overseas, covering advanced fields such as clinical applications and AI technology[74] - The company has two R&D centers in Shanghai and Shenzhen, focusing on clinical needs and promoting product upgrades through multi-center clinical trials[69] - The product pipeline includes multiple robotic surgery products across five major categories, with several in rapid industrialization stages[36] - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[5] Training and Support - The company has conducted over 1,600 training sessions for its surgical robots, with more than 2,000 participants, including over 160 overseas doctors from over 40 countries[70] - The company has developed a mobile training platform for its surgical robots, addressing the shortage of training resources in China and accelerating the accessibility of robotic surgery[71] - The company plans to establish more surgical robot training centers to enhance communication with doctors and patients, aiming to accelerate the adoption of surgical robots[76] Strategic Initiatives - The company aims to leverage its collaboration with the Micro-Invasive Medical Group to enhance its overseas sales network and expand its product offerings[18] - The company plans to utilize a total of HKD 266.31 million from the fundraising proceeds by December 31, 2024[115] - The company has committed HKD 34.22 million for continuous product enhancement and optimization, with HKD 26.4 million remaining to be used by the end of 2025[111] - The company has launched the "third-generation remote surgery" initiative, integrating satellite technology for comprehensive global coverage of remote surgeries[66] Environmental and Social Responsibility - The company is committed to environmental responsibility, focusing on creating a sustainable business without compromising environmental integrity[146] - The environmental, social, and governance report provides a comprehensive review of the company's environmental policies and performance for the 2024 fiscal year[147] Shareholder and Management Information - The board plans to review and determine the compensation for directors and senior management based on performance and market comparisons, ensuring alignment with company strategy[98] - The company has adopted share incentive and stock option plans as rewards for directors, supervisors, and eligible employees[168] - The management emphasizes the importance of operational efficiency and strategic development in driving future growth[121]

Summary of Conference Call Company and Industry Overview - The conference call discusses the advancements and financial performance of **Mikron Robotics**, a domestic surgical robot manufacturer, focusing on its innovative products and market expansion efforts in both domestic and international markets [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44]. Key Points and Arguments Product Innovations and Market Expansion - **Mikron Robotics** has achieved significant breakthroughs in the domestic orthopedic surgical robot market, establishing a presence in high-end markets in the US and Europe, with nearly 2,000 clinical surgeries performed globally [1]. - The company has received regulatory approvals in major markets including India, Japan, the UK, and Canada, achieving a total of nine global certifications, making it the first and only domestic surgical robot to gain product registration across five continents [2]. - The **Tupai Robot** has pioneered ultra-remote surgical technology, utilizing various communication methods, and has conducted over 300 remote surgeries across multiple departments [2][3]. Financial Performance - In 2024, **Mikron Robotics** reported a revenue of **257 million RMB**, reflecting a strong growth trend driven by both domestic and international market expansion [7]. - The adjusted net loss decreased significantly from **1.02 billion RMB** in 2023 to **640 million RMB** in 2024, a reduction of nearly 45% [8]. - Free cash flow outflow decreased by 42% from **670 million RMB** in 2023 to **380 million RMB** in 2024, indicating improved cash management [8][14]. Future Projections - The company anticipates continued revenue growth in 2025, projecting an increase of over 85%, reaching approximately **480 million RMB** due to strong performance in both domestic and international markets [10][11]. - The operational expenses are expected to decrease by about 10% in 2025, with a target of keeping them below **520 million RMB** [12]. Competitive Landscape - The company is confident in its competitive position against established players like the **Da Vinci Robot**, emphasizing its ability to innovate rapidly and meet local market needs [29][33]. - The domestic market for surgical robots is expected to grow significantly due to supportive government policies and the increasing adoption of domestic products [16][17][18]. Challenges and Considerations - The company acknowledges the challenges posed by the longer sales cycles in the medical equipment sector, particularly in overseas markets, which may affect revenue distribution throughout the year [11]. - The impact of tariffs on business operations is minimal, as the company has a robust supply chain and production capabilities [32]. Conclusion - **Mikron Robotics** is positioned for significant growth in the surgical robot market, with a strong focus on innovation, market expansion, and improving financial metrics. The company is optimistic about its future prospects, driven by increasing demand for surgical robots and supportive government policies [43][44].

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 257.2 million, a year-on-year increase of 146.0% compared to RMB 104.6 million in 2023[5]. - Gross profit for the same period was RMB 86.2 million, representing a significant increase of 486.8% from RMB 14.7 million in the previous year[5]. - The company recorded a pre-tax loss of RMB 647.1 million, a reduction of 36.8% from a loss of RMB 1,023.5 million in 2023[5]. - Adjusted net loss for the year was RMB 482.6 million, down 44.5% from RMB 869.1 million in the prior year[5]. - Basic and diluted loss per share improved to RMB 0.66 from RMB 1.06, reflecting a decrease of 37.7%[5]. - The company reported a net loss attributable to equity shareholders of RMB 642.4 million, down from RMB 1,012.2 million in the previous year, indicating improved financial performance[6]. - The company incurred a pre-tax loss of RMB 3,168,000 for 2024, a decrease from a loss of RMB 13,342,000 in 2023, showing an improvement of 76.3%[23]. - The company recorded a net loss of RMB 647.1 million for the year ending December 31, 2024, compared to a net loss of RMB 1,023.5 million in 2023, resulting in an adjusted net loss of RMB 482.6 million[105]. Revenue Growth - Total revenue for 2024 reached RMB 257,249,000, a significant increase from RMB 104,592,000 in 2023, representing a growth of 146.1%[18]. - Revenue from medical devices and accessories sales amounted to RMB 252,410,000, with service income contributing RMB 2,230,000[18]. - The total expected revenue from existing customer contracts as of December 31, 2024, is RMB 19,128,000, up from RMB 6,144,000 in 2023, indicating a growth of 211.5%[19]. - Revenue from external customers in China was RMB 153,725,000 in 2024, compared to RMB 83,385,000 in 2023, reflecting an increase of 84.1%[22]. - The geographical revenue breakdown shows that revenue from Europe increased to RMB 36,076,000 in 2024 from RMB 7,503,000 in 2023, a growth of 380.5%[22]. Cost Management - The company achieved a 42% reduction in free cash flow outflow, decreasing from RMB 670 million in 2023 to RMB 388 million in 2024[6]. - Sales and marketing expenses decreased by 12.8% to RMB 207.9 million for the year ended December 31, 2024, down from RMB 238.4 million for the year ended December 31, 2023, due to adjustments in sales strategy[96]. - Administrative expenses decreased by 56.3% to RMB 55.3 million for the year ended December 31, 2024, compared to RMB 126.4 million for the year ended December 31, 2023, primarily due to operational efficiency improvements[97]. - R&D expenses decreased by 45.8% from RMB 569.2 million for the year ended December 31, 2023, to RMB 308.7 million for the year ending December 31, 2024, due to a focus on products nearing commercialization and improved R&D efficiency[98]. - Total employee costs for the year ending December 31, 2024, were RMB 178.9 million, down from RMB 350.4 million in 2023, primarily due to a reduction in workforce[99]. Cash Flow and Liquidity - The company’s cash and cash equivalents increased to RMB 612.2 million in 2024 from RMB 507.7 million in 2023, reflecting better liquidity management[10]. - Free cash flow net outflow decreased by 42%, from RMB 670 million to RMB 388 million, indicating improved cash flow management[57]. - Cash and cash equivalents increased from RMB 507.7 million as of December 31, 2023, to RMB 612.2 million as of December 31, 2024, primarily due to H-share placement and effective debt financing[112]. Strategic Initiatives - The company continues to focus on sustainable business growth and operational efficiency, enhancing its competitive advantage in the industry through a multi-track layout and superior product performance[47]. - The company is leveraging advancements in core technologies and integration with new technologies like 5G and artificial intelligence to enhance its product offerings and expand into international markets[44]. - The company has established two R&D centers in Shanghai and Shenzhen, focusing on rapid response to clinical needs and promoting industry upgrades[84]. - The company plans to increase its marketing budget by 15% to enhance brand visibility and customer engagement[146]. - The company aims to continue its global strategy by building an innovative platform for medical robots and collaborating with top hospitals and research institutions[92]. Product Development and Innovation - The company has applied for a total of 1,333 patents globally, with 509 granted, including 338 in China and 171 overseas, enhancing its innovation capabilities[89]. - The R-ONE vascular interventional robot has been approved by NMPA and has successfully entered the Chinese market with two commercial installations[50]. - The company has established the largest remote surgery network globally, completing over 300 remote surgeries with a 100% success rate[53]. - The company is developing a "third-generation remote surgery" concept, integrating satellite technology for comprehensive global coverage[82]. - The company has successfully completed over 300 cases of 5G remote clinical surgeries globally, achieving a 100% success rate and setting 25 world records[66]. Market Expansion - The company is exploring potential acquisitions to strengthen its market position and expand its technological capabilities[145]. - The expansion into the European market is a key focus, with projected sales growth of 40% in that region over the next two years[145]. - The company has successfully navigated regulatory approvals, including certifications from ANVISA and NMPA, facilitating entry into new markets[144]. Corporate Governance - The company has complied with all applicable corporate governance codes and regulations during the reporting period[130]. - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[136]. - The company does not recommend the distribution of a final dividend for the reporting period[140].

Financial Performance - Revenue for the first half of 2024 reached RMB 99,237,000, a significant increase from RMB 47,603,000 in the same period of 2023, representing a growth of 108.5%[13] - Gross profit for the first half of 2024 was RMB 47,013,000, compared to RMB 22,068,000 in the first half of 2023, indicating a growth of 112.6%[13] - The company reported a pre-tax loss of RMB 279,950,000 for the first half of 2024, an improvement from a loss of RMB 544,733,000 in the same period of 2023[13] - The company recorded revenue of RMB 992 million, a significant increase of 108.5% year-on-year, driven by strong sales momentum in both domestic and overseas markets[18] - The net loss narrowed by 48.6% year-on-year, with free cash flow net outflow decreasing by 49.7% to RMB 235.3 million, indicating improved cash flow management[20] - The company achieved a 48.6% reduction in net losses year-on-year, laying a solid foundation for future growth and profitability[31] - The company reported a total comprehensive loss of RMB 280,020,000 for the period, compared to RMB 541,530,000 in 2023, a reduction of 48.3%[126] - The company’s total liabilities increased to RMB 394,510 thousand as of June 30, 2024, compared to RMB 240,876 thousand as of December 31, 2023, indicating a rise of 63.6%[129] Assets and Liabilities - Total assets decreased to RMB 1,122,886,000 as of June 30, 2024, down from RMB 1,427,907,000 at the end of 2023, reflecting a decline of 21.4%[14] - Non-current assets were RMB 579,666,000 as of June 30, 2024, compared to RMB 633,859,000 at the end of 2023, a decrease of 8.5%[14] - Cash and cash equivalents decreased from RMB 507.7 million as of December 31, 2023, to RMB 221.1 million as of June 30, 2024, mainly due to early-stage commercialization and ongoing R&D activities[77] - The company's current asset net value was RMB 72.6 million as of June 30, 2024, down from RMB 108.8 million as of December 31, 2023, primarily due to ongoing expenditures in R&D and commercialization activities[82] - The company's inventory as of June 30, 2024, was RMB 243.4 million, with most inventory deemed suitable for sale[74] - The company's net asset value decreased to RMB 257,734 thousand as of June 30, 2024, down from RMB 501,755 thousand as of December 31, 2023, a decline of 48.7%[129] Product Development and Market Expansion - The company has developed multiple products across five major surgical robot categories, including laparoscopic, orthopedic, vascular, natural orifice, and percutaneous procedures[16] - Three flagship products, namely TUMAI, Dragonfly Eye, and Honghu, have received market approval through expedited pathways[16] - The company aims to establish a global medical robot solution innovation platform, focusing on extending and reshaping life through robotic surgical solutions[16] - The core product, TUMAI, has been commercialized in 20 hospitals across China, maintaining the largest market share in the domestic laparoscopic surgical robot market[18] - The flagship product, Honghu, has expanded its overseas sales footprint to over 20 countries across five continents, contributing to revenue growth in regions like Europe and Australia[19] - The R-ONE vascular intervention robot has quickly accumulated several intent orders since its approval in December 2023, marking a significant step in market expansion[18] - The company is building the largest remote surgery network globally, with over 30 TUMAI systems connected for remote operations, facilitating international collaboration and product promotion[22] - The company aims to enhance product competitiveness and market coverage, focusing on sustainable revenue growth in both domestic and international markets[22] Research and Development - The company has established nearly 40 clinical application and training centers for TUMAI and 20 for Honghu, training over 200 lead surgeons and conducting over 1,000 training sessions[21] - The company has applied for a total of 1,314 patents globally, with 459 patents granted, including 304 in China and 155 overseas, covering advanced fields such as clinical applications and AI technology[53] - The company is focused on developing five core underlying technologies for surgical robots, ensuring continuous innovation and product development capabilities[48] - The company is actively pursuing new product development and technological advancements in the medical robotics field[173] Operational Efficiency and Cost Management - The management emphasized a commitment to cost reduction and efficiency improvement while maintaining strategic focus for sustainable development[17] - Sales and marketing expenses decreased by 27.3% to RMB 922 million for the six months ended June 30, 2024, due to adjustments in commercialization strategy and optimization of marketing team resources[61] - Administrative expenses fell by 61.2% to RMB 301 million for the six months ended June 30, 2024, primarily due to operational efficiency improvements and a streamlined management team[62] - R&D costs decreased by 47.3% to RMB 1,641 million for the six months ended June 30, 2024, as the company focused on optimizing the performance of commercialized products[63] Corporate Governance and Shareholder Information - The company aims to enhance its corporate governance practices to ensure compliance with applicable codes[109] - The share incentive plan allows for a maximum of 95,199,428 H shares to be awarded, representing approximately 9.93% of the company's issued share capital as of the report date[103] - The company did not grant any rights to directors or supervisors to acquire shares or bonds during the six months ending June 30, 2024[95] - The company has confirmed compliance with the standard code for securities trading by all directors and supervisors during the reporting period[98] Future Outlook - The company expects to continue as a going concern for at least the next twelve months, supported by market expansion plans and strict operational cost control[137] - The company has set ambitious performance guidance for the upcoming fiscal year, anticipating significant revenue growth[172] - The company is exploring potential mergers and acquisitions to accelerate growth and market expansion[173]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 99.2 million, a significant increase of 108.7% compared to RMB 47.6 million for the same period in 2023[2]. - Gross profit for the same period was RMB 47.0 million, up 112.6% from RMB 22.1 million year-on-year[2]. - The company recorded a net loss of RMB 280.0 million, a reduction of 48.7% from a net loss of RMB 544.7 million in the previous year[3]. - Basic and diluted loss per share improved to RMB 0.29 from RMB 0.56, reflecting a 48.2% decrease in loss per share[4]. - The company achieved a significant reduction in operating expenses, leading to a decrease in operating loss to RMB 244.6 million from RMB 519.3 million[4]. - Free cash flow outflow was RMB 235.3 million, a 49.7% decrease compared to the previous year, primarily due to increased revenue and cost reduction strategies[3]. - For the six months ended June 30, 2024, the company reported a net loss of RMB 279,950,000, compared to a net loss of RMB 539,012,000 for the same period in 2023[10]. - The company generated operating cash outflow of RMB 206,309,000 for the six months ended June 30, 2024[10]. - The company incurred a total interest expense of RMB 9,834,000 for the six months ended June 30, 2024, compared to RMB 8,623,000 for the same period in 2023[15]. - The company recognized an impairment loss of RMB 15,697,000 on equity-accounted investees for the six months ended June 30, 2024[16]. - The company reported a basic loss per share of RMB 0.29 for the six months ended June 30, 2024[18]. - The company recorded a net loss of RMB 104 million from financial instruments measured at fair value for the six months ended June 30, 2024, compared to a net loss of RMB 19 million in the same period last year[74]. - Adjusted net loss for the six months ended June 30, 2024, was RMB 2,184 million, an improvement from RMB 4,717 million in the same period of 2023[79]. Market Expansion and Sales Growth - The company successfully expanded its overseas commercialization, achieving sales growth in the US, Europe, and Australia, with sales volume doubling compared to the previous year[3]. - The company’s revenue from the Chinese market was RMB 63,763,000 for the six months ended June 30, 2024, up from RMB 38,580,000 in the same period of 2023[13]. - The company has established a strong international presence, with sales in Europe and Australia doubling compared to the previous year, and over 300 TKA surgeries completed in more than ten medical institutions in the US and Europe[34]. - The company has seen a 5.4% year-on-year increase in medical equipment exports in 2023, with a 54.8% increase compared to 2019, indicating growing global recognition of Chinese high-end medical equipment[29]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[107]. Product Development and Innovation - The core product, TUMAI, achieved commercial installation in 20 hospitals across China, maintaining the leading market share in domestic laparoscopic surgical robots, with over 1,300 clinical surgeries completed[33]. - The company has received NMPA approval for the R-ONE vascular interventional robot, which is accelerating its promotion in hospitals and has already secured multiple sales orders[33]. - The product pipeline includes multiple robotic surgical products across five major categories, with several in advanced stages of development[38]. - The company is focusing R&D resources on commercialized products, including Tumai and Honghu, to provide innovative robotic surgical solutions more rapidly[38]. - The company has successfully completed nearly 200 remote clinical surgeries globally using its surgical robots, achieving a 100% success rate and setting over 20 national and global first records[35]. - The company has established nearly 40 clinical application and training centers globally, with over 100 surgeons certified during the reporting period[44]. - The company’s innovative products are now applicable to nearly 200 types of indications, covering multiple departments and diverse surgical procedures[45]. - The company has applied for a total of 1,314 patents globally, with 459 granted, including 304 in China and 155 overseas, covering advanced fields such as clinical applications and AI technology[62]. - The company has added 64 new authorized patents in the first half of 2024, including 23 overseas invention patents, enhancing its core technology's international presence[62]. Cost Management and Operational Efficiency - The company has implemented cost reduction and efficiency enhancement strategies, optimizing production processes and improving market competitiveness[36]. - Sales and marketing expenses decreased by 27.3% to RMB 922 million for the six months ended June 30, 2024, due to adjustments in commercialization strategies and optimized resource allocation[69]. - Administrative expenses fell by 61.2% to RMB 301 million for the six months ended June 30, 2024, primarily due to operational efficiency improvements and a reduction in management team size[70]. - R&D costs decreased by 47.3% to RMB 1,641 million for the six months ended June 30, 2024, as the company focused on optimizing the performance of commercialized products[71]. - The company is focusing on optimizing production processes and improving operational efficiency, which has effectively enhanced cost control and cash flow management[32]. Corporate Governance and Compliance - The company aims to enhance corporate governance practices to protect shareholder interests[95]. - The interim financial report for the six months ending June 30, 2024, was reviewed by KPMG according to the relevant standards[96]. - The audit committee, consisting of three members, reviewed and discussed the interim results for the six months ending June 30, 2024[97]. - The company has adopted a standard code for securities transactions by directors and supervisors, confirming compliance during the reporting period[95]. - The company revised its articles of association to reflect changes in Chinese regulations and the new Company Law effective July 1, 2024[101]. Future Outlook - The company projects a revenue growth of 20% for the next fiscal year, aiming for RMB 1.8 billion in total revenue[107]. - The company anticipates sustainable growth in the surgical robot market due to increasing recognition of robotic advantages, improved healthcare infrastructure, and government support for innovative medical devices[63]. - The company plans to explore potential acquisitions to strengthen its product portfolio and market position[107]. - The company has allocated RMB 200 million for research and development in the upcoming year, focusing on innovative surgical solutions[109].

Financial Performance - Revenue for 2023 reached RMB 104,592 thousand, a significant increase from RMB 21,603 thousand in 2022[8] - Gross profit for 2023 was RMB 14,694 thousand, up from RMB 6,562 thousand in 2022[8] - The company reported a net loss of RMB 1,023,530 thousand in 2023, compared to a net loss of RMB 1,146,284 thousand in 2022[8] - Total assets decreased to RMB 1,427,907 thousand in 2023 from RMB 1,930,125 thousand in 2022[9] - Non-current assets stood at RMB 633,859 thousand in 2023, down from RMB 831,303 thousand in 2022[9] - Current liabilities increased to RMB 685,276 thousand in 2023 from RMB 325,314 thousand in 2022[9] - The company's free cash flow net outflow decreased by 42% from RMB 1,158 million in 2022 to RMB 670 million in 2023[18] - Revenue for the year ended December 31, 2023, was RMB 104.6 million, a 384.2% increase from RMB 21.6 million in 2022, driven by strong market performance of the core product Toumai and successful overseas promotion of orthopedic robots[61] - Gross profit increased by 123.9% to RMB 14.7 million in 2023 from RMB 6.6 million in 2022, but gross margin decreased to 14% from 30% due to inventory impairment of RMB 29.0 million[62] - Sales and marketing expenses rose by 29.6% to RMB 238.4 million in 2023 from RMB 184.0 million in 2022, primarily due to increased commercialization efforts and marketing team costs[63] - Administrative expenses decreased by 25.9% to RMB 126.4 million in 2023 from RMB 170.5 million in 2022, mainly due to optimization of operational efficiency and reduced staffing costs[64] - R&D costs decreased by 24.7% to RMB 569.2 million in 2023 from RMB 755.8 million in 2022, as the company focused on products nearing commercialization and improved R&D efficiency[65] - Other net loss was RMB 13.3 million in 2023, compared to a net income of RMB 42.1 million in 2022, primarily due to RMB 40.5 million in losses from site lease terminations[67] - Net loss on financial instruments at fair value through profit or loss was RMB 42.5 million in 2023, compared to RMB 27.0 million in 2022, mainly due to a further decline in the fair value of NDR investment[68] - Financing costs increased to RMB 18.6 million in 2023 from RMB 11.4 million in 2022, primarily due to higher bank loan interest[69] - Inventory as of December 31, 2023, was RMB 229.5 million, with an inventory impairment of RMB 29.0 million due to product upgrades and optimization[73] - Capital expenditures for the reporting period were RMB 66.5 million, primarily for property, plant, and equipment[75] - Employee costs decreased to RMB 561.2 million in 2023 from RMB 612.9 million in 2022, primarily due to a reduction in the number of employees[76] - Cash and cash equivalents decreased to RMB 507.7 million as of December 31, 2023, from RMB 748.0 million as of December 31, 2022, driven by increased R&D and marketing activities[77] - Total interest-bearing borrowings increased to RMB 475.1 million as of December 31, 2023, compared to RMB 33.1 million as of December 31, 2022, with the debt-to-asset ratio rising to 65% from 27%[80] - Net current assets decreased to RMB 108.8 million as of December 31, 2023, from RMB 773.5 million as of December 31, 2022, due to ongoing R&D, clinical registration, and commercialization expenses[81] Product Development and Commercialization - Core product TuMai completed 10 commercial installations during the reporting period, achieving strong year-on-year growth[14] - TuMai has secured nearly 20 bids nationwide, breaking the long-term market monopoly of imported brands and leading the domestic market share[14] - The company's Mona Lisa prostate biopsy robot achieved 1 commercial installation after receiving NMPA approval in May 2023[14] - R-ONE vascular intervention robot accumulated several intention orders shortly after its approval in December 2023, showing strong commercialization potential[14] - TuMai secured its first overseas order at the end of 2023, marking a significant milestone for domestic surgical robots in international markets[15] - The company's Honghu robot has accumulated 15 overseas sales orders and completed over 100 robot-assisted surgeries[15] - The company obtained 8 domestic and international registrations/approvals in 2023, including NMPA approvals for TuMai, Honghu, R-ONE, and Mona Lisa[16] - TuMai has completed over 120 5G remote clinical surgeries globally with a 100% success rate[17] - The company's revenue in 2023 reached RMB 104.6 million, a strong increase of 384.2% compared to the previous year's RMB 21.6 million, driven by the commercialization of its main products, including Toumai, Honghu, and Qingtingyan[22] - Toumai, the company's core product, completed 10 commercial installations in 2023, a significant increase from the previous year, and has accumulated nearly 20 bids nationwide, including top-tier hospitals[23] - The company's Mona Lisa prostate biopsy robot achieved 1 commercial installation and successfully performed 1 commercial surgery after receiving NMPA approval in May 2023[23] - The R-ONE vascular intervention robot, approved in December 2023, has quickly accumulated several intent orders, showing strong commercialization potential[23] - The company's products, including Toumai, Honghu, and Qingtingyan, have maintained their leading positions in their respective fields despite intense domestic competition[23] - The company's international cooperation in the field of percutaneous surgery has led to the development of the Mona Lisa prostate biopsy robot, which has shown promising results in the market[23] - The company's focus on technological innovation and commercialization has been a key driver of its revenue growth[22] - The company's products have been recognized for their clinical value, technological innovation, and comprehensive training services, earning the trust of doctors and hospitals[23] - The company's strategic focus on sustainable growth and operational efficiency has helped it navigate the challenges of a complex global economic and geopolitical environment[22] - The company's products have been instrumental in advancing the adoption of robotic-assisted surgery in China, contributing to the overall growth of the surgical robot market[19] - Tuo Mai achieved its first overseas sales order, marking the first overseas sale of a domestically produced laparoscopic surgical robot, and successfully assisted in its first overseas radical prostatectomy[24] - Hong Hu, the company's flagship product, has accumulated 15 overseas sales orders and completed over 100 robot-assisted surgeries, including multiple consecutive surgeries[24] - Tuo Mai has completed over 120 5G remote clinical surgeries globally with a 100% success rate, setting nearly 20 national and global remote surgery records[27] - The company's free cash flow outflow decreased by 42% from RMB 1,158 million in 2022 to RMB 670 million in 2023 due to strategic focus and cost reduction measures[28] - Tuo Mai received NMPA approval in October 2023 for multi-department commercialization, including urology, general surgery, gynecology, and thoracic surgery[26] - Hong Hu received approvals from Brazil ANVISA, Australia TGA, and UK UKCA, becoming the first and only domestic surgical robot approved in major markets including China, the US, EU, Brazil, Australia, and the UK[26] - R-ONE vascular intervention robot received NMPA approval in December 2023, becoming the first commercialized coronary vascular intervention robot in China[27] - iSR'obot Mona Lisa prostate biopsy robot received NMPA approval in May 2023, forming a diagnostic and therapeutic integration platform with Tuo Mai[27] - The company has accelerated the transformation of its five major business segments, with 4/5 segments having innovative products approved for market[26] - The company is the only surgical robot company globally covering five "golden tracks": laparoscopic, orthopedic, pan-vascular, natural orifice, and percutaneous surgery[29] - The company's core product, the Toumai laparoscopic surgical robot, has been approved for use in urology, general surgery, gynecology, and thoracic surgery by the NMPA in October 2023, significantly accelerating its commercialization process[33] - As of the report date, Toumai has secured nearly 20 domestic bids and completed 11 commercial installations, with 10 installations completed within 2023 alone[33] - Toumai has assisted in over 2,000 high-difficulty clinical surgeries across more than 90 hospitals in 31 provinces, including over 1,600 Level 4 surgeries and nearly 300 types of procedures[34] - Toumai has achieved over 120 successful 5G remote clinical surgeries globally, with a 100% success rate, including the longest-distance surgery spanning over 5,000 kilometers[37] - In December 2023, Toumai completed its first overseas commercial installation and successfully assisted in its first international clinical surgery for prostate cancer, marking a significant milestone for domestic laparoscopic surgical robots[36] - The company has established over 30 Toumai clinical application and training centers nationwide, enhancing its market presence and surgeon training capabilities[34] - Toumai's EU CE certification application has been accepted, and its remote endoscopic surgery system has initiated NMPA registration clinical work with clinical enrollment underway[37] - The company has made breakthroughs in 5G remote surgery technology, including the first transatlantic and transpacific remote surgery validations, showcasing its advanced capabilities in remote surgery[37] - Toumai has gained international recognition and influence, particularly after its debut at the 2023 SRS Annual Meeting, where it showcased its clinical and technical expertise[36] - The company has completed nearly 50 "first domestic cases" with Toumai, further solidifying its leading position in the domestic laparoscopic surgical robot market[34] - The Toumai single-arm laparoscopic surgical robot has completed enrollment for registration clinical trials and is being applied in multiple departments such as gynecology, urology, and general surgery in hospitals in Beijing, Shanghai, and Nanchang[39] - The Dragonfly three-dimensional electronic laparoscopic endoscope achieved stable sales performance during the reporting period and maintained its leading position among domestic brands[40] - The Dragonfly endoscope obtained the EU certification from the British Standards Institution (BSI) and expanded its market space in the high-end medical equipment field, laying a solid foundation for overseas commercialization[40] - The Honghu orthopedic surgical robot obtained NMPA approval for both total knee and total hip replacement surgeries, making it the first and only domestic robot with a self-developed robotic arm approved for such applications[41] - The Honghu robot has received FDA 510(k) certification, EU CE certification, Brazil ANVISA, Australia TGA, and UK UKCA certification, making it the first and only domestic surgical robot approved in major markets including China, the US, the EU, Brazil, Australia, and the UK[41] - The Honghu robot has accumulated 15 overseas orders and completed over 100 robot-assisted surgeries overseas[42] - The company has established nearly 20 Honghu clinical application and training centers nationwide and completed nearly 900 robot-assisted clinical validation surgeries in over 50 hospitals across 17 provinces and municipalities in China[42] - The Honghu robot has successfully conducted several 5G remote joint replacement surgeries, including the first 5G remote domestic robot-assisted total knee replacement surgery in Tibet[42] - The company expects the combined application of the Honghu robot and MicroPort's joint prostheses to effectively shorten the learning curve for doctors and maximize the clinical value of both products[42] - Honghu robot demonstrated high surgical precision and efficiency in total knee arthroplasty, with no significant difference compared to international top-tier orthopedic surgical robots[43] - Honghu completed its first human surgery for unicompartmental knee arthroplasty, marking its entry into clinical validation for such applications[44] - The bronchoscopic surgical robot successfully completed the first human clinical trial for robot-assisted bronchoscopic lung nodule biopsy in China[45] - R-ONE vascular intervention robot received NMPA approval in December 2023 and accumulated several domestic orders, with successful 5G-assisted remote PCI surgeries over 2,800 km[46][47] - Mona Lisa prostate biopsy robot achieved NMPA approval, completed one commercial installation, and performed one commercial surgery, filling a market gap in China[48] - The company's 5G remote surgery technology has achieved over 120 successful clinical cases globally, with a maximum transmission distance of 5,000 km and control distance of nearly 13,000 km[49] - The company has established over 30 Toumai clinical application and training centers and nearly 20 Honghu clinical application and training centers nationwide[52] - The company has applied for a total of 1,278 patents globally, with 395 patents granted (263 in China and 132 overseas)[56] - The company has two production bases in China, located in Shanghai and Suzhou, supporting large-scale production of surgical robots and consumables[54] - The company has built a mobile training and demonstration platform for surgical robots, promoting the technology nationwide[53] - The company has established two R&D centers in China (Shanghai and Shenzhen) and overseas R&D centers in Singapore and the U.S.[51] - The company has a team of approximately 650 employees, primarily based in China, Singapore, and the U.S.[55] - The company plans to expand its product portfolio and establish a multi-specialty surgical robot platform[58] - The company aims to accelerate commercialization and increase market penetration by establishing more training centers and improving clinical application experiences[59] - The company has partnered with 301 Hospital to build the world's first 5G remote precision minimally invasive surgery training center[50] - The company's Shanghai Minimally Invasive Surgical Robot Engineering Technology Research Center is the first provincial-level surgical robot engineering center[51] Corporate Governance and Leadership - Dr. He Chao, aged 39, was appointed as an Executive Director on October 18, 2017, and transferred to the role on June 10, 2022. He is responsible for overseeing the company's R&D, daily management, and strategic development[85] - Dr. He Chao has over 16 years of experience in surgical robotics R&D and holds multiple leadership roles within the company, including Executive Director of Suzhou MicroPort Changxing Robotics Co., Ltd. since July 2019[85] - Mr. Sun Hongbin, aged 49, was appointed as a Non-Executive Director on April 3, 2020, and transferred to the role on June 10, 2021. He serves as the Chairman of the Board and oversees the company's management and operations[86] - Mr. Sun Hongbin has over 20 years of experience in the medical device industry and currently serves as the CFO of MicroPort Medical Group and holds various executive roles within the group[86] - Mr. Chen Xinxing, aged 38, was appointed as a Non-Executive Director on December 29, 2023, and is responsible for overseeing the company's management and operations[87] - Mr. Chen Xinxing has extensive experience in investment banking and private equity, currently serving as Managing Director at Hillhouse Investment and Non-Executive Director at Ningbo Jenscare Biotechnology Co., Ltd[87] - Mr. Chen Chen, aged 40, was appointed as a Non-Executive Director on September 17, 2020, and transferred to the role on June 10, 2021. He oversees the company's management and operations[88] - Mr. Chen Chen has 12 years of experience in business consulting and investment management, currently serving as Executive General Manager at Beijing Panmao Investment Management Co., Ltd[88] - Dr. Li Minghua, aged 72, was appointed as an Independent Non-Executive Director on December 30, 2020, and transferred to the role on June 10, 2021. He chairs the Remuneration and Assessment Committee and is a member of the Audit and Strategic Development Committees[89] - Dr. Li Minghua has a distinguished career in radiology and medical imaging, having served as Director of the Radiology Department at Shanghai Sixth People's Hospital and Professor at Shanghai Jiao Tong University[89] - Yao Haisong, aged 50, was appointed as an independent director on December 30, 2020, and re-designated as an independent non-executive director on June 10, 2021[90] - Mei Yongkang, aged 52, was appointed as an independent non-executive director on June 21, 2022, and has over 25 years of experience in managing various financing and accounting activities[90] - Zhang Jie, aged 45, was appointed as a shareholder representative supervisor on December 30, 2020, and currently serves as the chairman of the supervisory board[92] - Zhang Lihong, aged 47, was appointed as a shareholder representative supervisor on December 30, 2020, and has extensive experience in intellectual property management[92] - Chen Gong, aged 32, was appointed as an employee representative supervisor on December 29, 2023, and has been responsible for the R&D management of surgical robots since January 2020[94] - Yao Haisong holds a Bachelor's degree in Clinical Medicine from Shanghai Second Medical University and a Master's degree in International Business Law from the National University of Singapore[90] - Mei Yongkang holds a Bachelor's degree in Business Administration from the Chinese University of Hong Kong and completed the CFO program at CEIBS[90] - Zhang Jie holds a Bachelor's degree in Communication Principles from Zhejiang University of Technology and a Master's degree in Testing and Measurement Technology from Shanghai University of Technology[92] - Zhang Lihong holds a Bachelor's degree in Detection Technology and Instruments from Xi'an University of Technology and a Master's degree in Measurement and Control Technology from Xi'an University of Technology[94] - Chen Gong holds a Bachelor's degree in Mechanical Design and Manufacturing from Henan University of Engineering and a Master's degree in Mechanical Engineering from Jiangsu University[94] - The company's board of directors and supervisors were re-elected and appointed on December 29, 2023, with Dr. He Chao re-elected as an executive director and Mr. Sun Hongbin re-elected as the chairman of the board[115] - The company's senior management compensation for the year ended December 31, 2023, includes one individual earning between RMB 1,000,001 and RMB 1,500,000, two individuals earning

Financial Performance - The company reported a revenue of RMB 104.6 million for the year ended December 31, 2023, representing a year-on-year increase of 384.2%[3] - Gross profit for the same period was RMB 14.7 million, compared to RMB 6.6 million in the previous year[2] - The net loss for the year was RMB 1,023.5 million, an improvement from a net loss of RMB 1,146.3 million in 2022, primarily due to increased operating income and reduced R&D expenses[3] - Free cash flow net outflow decreased by 42% to RMB 670 million from RMB 1,158 million in the previous year[3] - The company’s basic and diluted loss per share improved to RMB (1.06) from RMB (1.19) in the previous year[2] - The company reported a pre-tax loss of RMB 1,023,530,000 for 2023, compared to a pre-tax loss of RMB 1,146,284,000 in 2022, indicating a reduction in losses[24] - The adjusted net loss for the year was RMB 869.1 million in 2023, down from RMB 982.4 million in 2022, indicating an improvement of approximately 11.5%[85] Revenue Sources - The total revenue from customer contracts for medical device sales in 2023 was RMB 104,592,000, a significant increase from RMB 21,603,000 in 2022[14] - Revenue from external customers in China for 2023 was RMB 83,385,000, compared to RMB 21,603,000 in 2022[19] - The company recorded a significant increase in revenue driven by the strong market performance of its core product and successful promotion of orthopedic surgical robots in overseas markets[3] Expenses and Costs - The company experienced an increase in sales and marketing expenses due to aggressive business activities for multiple product promotions[3] - Sales and marketing expenses rose by 29.6% from RMB 184.0 million for the year ended December 31, 2022, to RMB 238.4 million for the year ended December 31, 2023, attributed to increased labor costs and promotional investments for core flagship products[77] - Administrative expenses decreased by 25.9% from RMB 170.5 million for the year ended December 31, 2022, to RMB 126.4 million for the year ended December 31, 2023, due to operational efficiency improvements and a streamlined management team[78] - R&D costs decreased by 24.7% from RMB 755.8 million for the year ended December 31, 2022, to RMB 569.2 million for the year ended December 31, 2023, as the company focused on products closer to commercialization and improved R&D efficiency[79] Assets and Liabilities - Total assets decreased to RMB 794.0 million from RMB 1,098.8 million year-on-year[7] - The company's equity attributable to shareholders decreased to RMB 519.5 million from RMB 1,417.7 million in the previous year[8] - The group has short-term interest-bearing borrowings amounting to RMB 375,357,000 as of December 31, 2023[11] - Interest-bearing borrowings increased to RMB 475,057,000 in 2023 from RMB 33,100,000 in 2022, indicating a significant rise in debt levels[29] - The company's cash and cash equivalents decreased from RMB 748 million in 2022 to RMB 507.7 million in 2023, a decline of about 32.2%[90] Product Development and Approvals - The core product, TUMAI, received NMPA approval for multi-department applications in October 2023, marking a significant milestone since its initial approval in January 2022[37] - The Mona Lisa prostate puncture robot received NMPA approval in May 2023, achieving one sale and successfully conducting a commercial surgery during the reporting period[38] - The R-ONE vascular intervention robot quickly accumulated several intended orders after receiving approval in December 2023, indicating strong commercialization potential[38] - The Honghu surgical robot obtained NMPA approval for hip and knee joint replacement surgeries in September 2023, becoming the first domestic surgical robot approved in major markets including China, the US, and the EU[41] Market Expansion and Strategy - The company aims to expand its overseas market presence, particularly in countries along the "Belt and Road" initiative, leveraging its competitive technology and pricing[35] - The company is positioned to benefit from the dual drivers of policy incentives and market demand for high-end medical equipment in China[34] - The implementation of the "14th Five-Year Plan" is expected to significantly boost the demand for high-end medical equipment, including laparoscopic surgical robots[34] Clinical Applications and Innovations - The company completed over 120 5G remote clinical surgeries globally with a success rate of 100%, showcasing its leadership in remote surgical applications[42] - The company has established nearly 20 clinical application and training centers for "Honghu" across China, completing around 900 robot-assisted clinical verification surgeries in over 50 hospitals[56] - The company has successfully registered multiple innovative products across four out of five key surgical fields, accelerating the transformation of its research and development efforts[44] Future Outlook and Plans - The company plans to enhance manufacturing capabilities and supply chain management with an allocation of HKD 84.13 million, with all funds expected to be utilized by the end of 2025[97] - The company aims to accelerate commercialization and increase market penetration by establishing more surgical robot training centers and enhancing communication with doctors and patients[73] - The company is advancing its globalization strategy by building an innovative platform for medical robot solutions and collaborating with top hospitals and research institutions worldwide[74]

Financial Performance - For the first half of 2023, the company recorded revenue of RMB 47.6 million, a significant increase from RMB 1.0 million in the same period last year, representing a growth of approximately 4,660%[14]. - The company reported a gross profit of RMB 22.1 million for the first half of 2023, compared to RMB 691,000 in the same period of 2022[9]. - The pre-tax loss for the first half of 2023 was RMB 544.7 million, compared to a loss of RMB 463.5 million in the same period last year[9]. - The company recorded a revenue of RMB 476 million for the six months ended June 30, 2023, representing a significant increase of 4,442.3% compared to RMB 10.5 million for the same period in 2022[53]. - The net loss attributable to equity shareholders was RMB 539,012,000, compared to RMB 459,052,000 in the previous year, showing a worsening financial position[111]. - Total comprehensive loss for the period was RMB 541,530,000, compared to RMB 468,445,000 in 2022, indicating continued financial strain[112]. - The company reported a basic and diluted loss per share of RMB 0.56 for the period, compared to RMB 0.48 in the previous year, indicating a decline in earnings performance[111]. - The adjusted net loss for the six months ended June 30, 2023, was RMB 473.6 million, compared to RMB 400.7 million for the same period in 2022, reflecting an increase of approximately 18.2%[63]. Product Development and Commercialization - The core product, TUMAI, achieved four commercial installations during the reporting period and secured contracts in several top-tier hospitals in China[14]. - The company successfully generated overseas sales revenue for the first time with its product, HONGHU, through collaboration with MicroPort Medical Group[14]. - The flagship product, QINGTUIYAN, continued to show stable revenue growth, with both revenue and sales volume experiencing significant year-on-year increases[14]. - The new product, Mona Lisa, received NMPA approval in May 2023, becoming the first prostate puncture robot in the domestic market, filling a significant gap in medical options for patients[15]. - The company aims to enhance the surgical performance and product quality stability of its products, with a focus on meeting high-frequency surgical demands in commercialization[16]. - The company is focused on advancing its core strategy and achieving sustainable revenue growth through the commercialization of its existing products[14]. - The company plans to expand its product portfolio and establish a multi-specialty surgical robot platform to meet the growing demand for minimally invasive surgeries[50]. Market Expansion and Global Strategy - The company is actively advancing its global layout and resource integration, leveraging the extensive influence of the MicroPort Medical Group in the global medical device field[19]. - In the first half of 2023, the company's first overseas product, Honghu, generated sales revenue from international markets[19]. - The company has submitted a CE certification application for its flagship product, Tumai, as part of its overseas expansion plan[19]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[156]. - The company has received regulatory approval from ANVISA for its new surgical robot, facilitating entry into the Brazilian market[155]. Research and Development - The company continues to leverage its rapid R&D capabilities in China to meet clinical demands in the US market, facilitating quick iterations of its products[16]. - The company has applied for a total of 1,152 patents globally as of June 30, 2023, with 324 patents granted, including 230 in China and 94 overseas[48]. - Research and development expenses increased by 10% to RMB 200 million, focusing on advanced robotic systems and AI integration[154]. - The company is focused on five core underlying technologies for surgical robots, ensuring continuous product development and innovation[44]. Clinical Applications and Achievements - The company has completed over 1,200 robot-assisted clinical verification surgeries across more than 40 hospitals in 20 provinces, with over 700 surgeries completed this year alone, enhancing the technology and clinical application level[16]. - The 5G remote surgery initiative has successfully conducted nearly 50 surgeries, including the world's first 5G ultra-remote robotic liver resection and total hysterectomy surgeries, showcasing the company's advanced remote surgical capabilities[18]. - The company has established over 40 clinical application and training centers nationwide, providing comprehensive support services to empower grassroots medical institutions[16]. - The company has completed over 50 remote surgeries using 5G technology across various hospitals, setting multiple national and global records[43]. Financial Position and Liabilities - Total assets as of June 30, 2023, were RMB 1,744.0 million, down from RMB 1,930.1 million at the end of 2022[10]. - The company's total equity decreased to RMB 938.3 million as of June 30, 2023, from RMB 1,407.9 million at the end of 2022[10]. - Total interest-bearing borrowings increased significantly to RMB 459.2 million as of June 30, 2023, from RMB 33.1 million as of December 31, 2022[72]. - The net asset liability ratio increased to 48.9% as of June 30, 2023, compared to 2.4% as of December 31, 2022[72]. - Cash and cash equivalents decreased from RMB 748.0 million as of December 31, 2022, to RMB 704.6 million as of June 30, 2023, mainly due to increased marketing activities and ongoing R&D[68]. Corporate Governance and Compliance - The company aims to achieve a high level of corporate governance, which is crucial for development and safeguarding shareholder interests[100]. - The audit committee, consisting of three members, has reviewed and discussed the interim report for the six months ending June 30, 2023[102]. - The independent auditor's review of the interim financial report did not reveal any matters that would lead to a belief that the report was not prepared in accordance with the relevant standards[109]. - All directors and supervisors confirmed compliance with the standard code of conduct regarding securities transactions during the reporting period[91]. Shareholder Information - Major shareholder Shanghai Mo Hua holds 500,731,007 H shares, representing 52.60% of the class shares and 52.24% of the total shares[84]. - The company has a significant concentration of ownership, with major shareholders holding over 52% of the total shares[84]. - The share incentive plan allows for a maximum of 95,199,428 H shares to be awarded, representing approximately 9.93% of the company's issued share capital as of the report date[95].