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倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：01164） 截至2025年6月30日止六個月之中期業績公告 | 摘要 | | | | --- | --- | --- | | | （未經審核） | | | | 截至6月30日止六個月 | | | | 2025年 | 2024年 | | | 千港元 | 千港元 | | 營業額 | 1,708,681 | 4,072,652 | | 本公司擁有人應佔（虧損）╱溢利 | (67,570) | 113,122 | | 每股（虧損）╱盈利 | | | | －基本 | (0.89)港仙 | 1.49港仙 | | －攤薄 | (0.89)港仙 | 1.49港仙 | | 每股中期股息 | 無 | 0.3港仙 | | • 報告期內本集團營業額約1,709百萬港元，較2024年同期下降約58%。 | | | | • 報告期內本公司擁有人應佔虧損約68百萬港元，較2024年同期 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 華滋國際海洋股份有限公司 Watts International Maritime Company Limited （於開曼群島註冊成立的有限公司） （股份代號：2258） 截至二零二五年六月三十日止六個月之 中期業績公告 財務摘要 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 六月三十日 | 十二月三十一日 | | | | 未經審核 | 經審核 | | | | 人民幣千元 | 人民幣千元 | | 資產 | | | | | 非流動資產 | | | | | 物業、廠房及設備 | | 54,420 | 54,939 | | 投資物業 | | 7,532 | 9,982 | | 使用權資產 | | 8,617 | 9,569 | | 無形資產 | | 37 | 43 | | 合同資產 | 3 | 541,029 | 469,072 | | 貿 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITED 中國核能科技集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：611） 截至二零二五年六月三十日止六個月之 中期業績公告 | 財務概要 | | | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | 二零二五年 | 二零二四年 | 變 動 | | | （未經審核） | （未經審核） | | | | 人民幣千元 | 人民幣千元 | % | | | | （經重述） | | | 收 益 | 533,102 | 746,741 | (28.6) | | 除所得稅開支前溢利 | 112,529 | 92,633 | 21.5 | | 期間溢利 | 85,549 | 70,719 | 21.0 | | （每股人民幣分） 每股基本盈利 | 4.65 | ...

Company Information The section provides an overview of the company's governance structure, key personnel, and fundamental operational details [Board of Directors and Committee Composition](index=4&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) This section details the composition of Hanvey Group Holdings Limited's Board of Directors, compliance officer, company secretary, authorized representatives, and members of the audit, remuneration, and nomination committees - The Board of Directors comprises Mr. Cheuk Sin Cheung (Chairman and Chief Executive Officer), Ms. Au Ching Mei (Executive Director), and three independent non-executive directors[7](index=7&type=chunk)[8](index=8&type=chunk) - Mr. Yu Sau Ning is the Chairman of the Audit Committee and Remuneration Committee, while Mr. Cheuk Sin Cheung is the Chairman of the Nomination Committee[9](index=9&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) This section provides essential company details including auditors, legal advisors, headquarters, registered office, share registrar, principal bankers, GEM stock code, and website - The company's stock code is **8219**, and its website is **www.hanveygroup.com.hk**[10](index=10&type=chunk) - The auditor is Tianjian International CPA Limited, and the Hong Kong legal advisor is Tsui & Co[9](index=9&type=chunk) Executive Summary This section presents the key financial highlights for the first half of 2025, demonstrating a significant turnaround in profitability and revenue growth [Key Financial Highlights for H1 2025](index=5&type=section&id=Key%20Financial%20Highlights%20for%20H1%202025) This section outlines Hanvey Group's key financial performance for the six months ended June 30, 2025, including revenue growth, a turnaround to net profit, and significant improvement in basic earnings per share Key Financial Highlights for H1 2025 | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | +4.34% | | Profit/(Loss) Attributable to Owners of the Company | 1,060 | (8,970) | Turned to Profit | | Basic Earnings/(Loss) Per Share | 0.43 HK cents | (5.44) HK cents | Turned to Profit | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This section details the Group's financial performance for the six months ended June 30, 2025, showing a shift from loss to profit driven by revenue growth and cost reductions [Profit or Loss and Comprehensive Income Performance](index=6&type=section&id=Profit%20or%20Loss%20and%20Comprehensive%20Income%20Performance) This section presents Hanvey Group's condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, reflecting a turnaround from loss to profit, driven by revenue growth, increased other income, and significant reductions in administrative expenses and finance costs, though exchange differences led to increased other comprehensive expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | Increase of 2,251 | | Gross Profit | 18,417 | 17,299 | Increase of 1,118 | | Other income, gains and losses | 2,613 | (334) | Increase of 2,947 (Turned to profit) | | Administrative expenses | (18,402) | (20,361) | Decrease of 1,959 | | Finance costs | (2,011) | (3,918) | Decrease of 1,907 | | Profit/(Loss) before tax | 1,153 | (8,824) | Increase of 9,977 (Turned to profit) | | Profit/(Loss) for the period | 1,058 | (8,972) | Increase of 10,030 (Turned to profit) | | Profit/(Loss) attributable to owners of the Company | 1,060 | (8,970) | Increase of 10,030 (Turned to profit) | | Exchange differences arising on translation | (4,995) | 4,740 | Decrease of 9,735 (From income to expense) | | Basic earnings/(loss) per share | 0.43 HK cents | (5.44) HK cents | Turned to profit | Condensed Consolidated Statement of Financial Position This section outlines the Group's financial position as of June 30, 2025, indicating changes in asset and liability structure due to disposals and expanded net current liabilities [Changes in Asset and Liability Structure](index=7&type=section&id=Changes%20in%20Asset%20and%20Liability%20Structure) This section presents Hanvey Group's condensed consolidated statement of financial position as of June 30, 2025, showing a decrease in both total assets and net assets, and an expansion of net current liabilities, reflecting asset disposals and changes in the liability structure Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 21,497 | 22,448 | Decrease of 951 | | Current assets | 81,205 | 95,991 | Decrease of 14,786 | | Assets classified as held for sale | 16,100 | 34,902 | Decrease of 18,802 | | Current liabilities | 108,698 | 118,542 | Decrease of 9,844 | | Liabilities associated with assets classified as held for sale | 2,447 | 23,205 | Decrease of 20,758 | | Net current liabilities | (13,840) | (10,854) | Expanded by 2,986 | | Net assets | 7,657 | 11,594 | Decrease of 3,937 | | Equity attributable to owners of the Company | 8,546 | 12,481 | Decrease of 3,935 | Condensed Consolidated Statement of Changes in Equity This section illustrates the movements in the Group's equity for the six months ended June 30, 2025, primarily influenced by comprehensive expenses and exchange reserve changes [Analysis of Changes in Equity](index=9&type=section&id=Analysis%20of%20Changes%20in%20Equity) This section presents Hanvey Group's condensed consolidated statement of changes in equity for the six months ended June 30, 2025, showing a decrease in equity attributable to owners of the company from HKD 11,594 thousand at the end of 2024 to HKD 7,657 thousand, primarily due to total comprehensive expenses for the period, especially a reduction in exchange reserves Condensed Consolidated Statement of Changes in Equity (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Share Capital | 24,750 | 24,750 | No change | | Share Premium | 52,362 | 52,362 | No change | | Exchange Reserve | (6,888) | (2,001) | Decrease of 4,887 | | Accumulated Losses | (67,651) | (68,711) | Decrease of 1,060 (Loss narrowed) | | Equity attributable to owners of the Company | 8,546 | 12,481 | Decrease of 3,935 | | Total Equity | 7,657 | 11,594 | Decrease of 3,937 | - Profit for the period was **HKD 1,060 thousand**, but total comprehensive expenses, mainly due to exchange differences, amounted to **HKD 3,937 thousand**[15](index=15&type=chunk) Condensed Consolidated Statement of Cash Flows This section presents the Group's cash flow activities for the six months ended June 30, 2025, highlighting a positive shift in operating cash flow despite a net decrease in overall cash and cash equivalents [Cash Flow Performance](index=10&type=section&id=Cash%20Flow%20Performance) This section presents Hanvey Group's condensed consolidated statement of cash flows for the six months ended June 30, 2025, showing a turnaround to positive cash flow from operating activities, but investing and financing activities led to a net decrease in cash and cash equivalents, resulting in a significantly lower period-end cash balance Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 242 | (28,248) | Increase of 28,490 (Turned from negative to positive) | | Net cash (used in)/generated from investing activities | (18) | 7,277 | Decrease of 7,295 (Turned from positive to negative) | | Net cash used in financing activities | (9,245) | (74) | Increase of 9,171 (Expenditure increased) | | Net decrease in cash and cash equivalents | (9,021) | (21,045) | Decrease of 12,024 (Decrease narrowed) | | Cash and cash equivalents at end of period | 1,881 | (5,281) | Increase of 7,162 (Turned from negative to positive) | Notes to the Condensed Consolidated Financial Statements This section provides detailed explanations and breakdowns for various financial statement items, including company background, accounting policies, revenue, disposals, and financial instruments [1. Company Information](index=11&type=section&id=1.%20Company%20Information) This section details the company's registration, establishment date, principal place of business, ultimate holding company, and its primary business activities of designing, developing, manufacturing, and distributing ODM watch products - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on **June 12, 2017**[17](index=17&type=chunk) - The Company is an investment holding company, with its subsidiaries primarily engaged in the design, development, manufacture, and distribution of watch products on an original design manufacturer (ODM) basis for global watch manufacturers, brand owners, and watch importers[17](index=17&type=chunk) - The Company's shares were listed on GEM of The Stock Exchange of Hong Kong Limited on **July 12, 2018**[18](index=18&type=chunk) [2. Basis of Preparation and Accounting Policies](index=11&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This section outlines the basis for preparing the interim financial statements, which adheres to Hong Kong Financial Reporting Standards, confirming consistency with prior year's accounting policies and no material impact from new standards - The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[19](index=19&type=chunk) - The accounting policies adopted are consistent with those applied in the audited financial statements for the year ended December 31, 2024[19](index=19&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards has no significant impact on the Group's results and financial position[19](index=19&type=chunk) [3. Revenue and Segment Information](index=11&type=section&id=3.%20Revenue%20and%20Segment%20Information) This section discloses the Group's revenue primarily from ODM watch manufacturing and trading, categorized by customer geographical location (Asia, Europe, Pacific Region, South America) - The Group currently operates only one operating segment: original design manufacturing (ODM)[20](index=20&type=chunk) Revenue by Customer Geographical Location (Six Months Ended June 30, 2025) | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Asia | 26,076 | 32,536 | | Europe | 8,672 | 5,251 | | Pacific Region | 2,930 | 3,032 | | South America | 16,384 | 10,992 | | **Total** | **54,062** | **51,811** | - The Group's revenue primarily originates from **India, Brazil, and Turkey**[21](index=21&type=chunk) [4. Revenue, Other Income, Gains and Losses](index=12&type=section&id=4.%20Revenue,%20Other%20Income,%20Gains%20and%20Losses) This section details the Group's revenue composition (finished watches, watch kits, watch parts) and other income, gains, and losses, indicating watch kits as the primary revenue source and a significant increase in net exchange gains Revenue Composition (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Finished watches | 12,493 | 16,568 | | Watch kits | 39,669 | 34,018 | | Watch parts | 1,900 | 1,225 | | **Total Revenue** | **54,062** | **51,811** | Other Income, Gains and Losses (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income | 168 | 313 | | Rental income | 413 | 192 | | Net exchange gains | 2,115 | 201 | | Net loss on disposal of financial assets at fair value through profit or loss | (83) | (1,572) | | **Total** | **2,613** | **(334)** | [5. Gain on Disposal of a Subsidiary](index=13&type=section&id=5.%20Gain%20on%20Disposal%20of%20a%20Subsidiary) This section discloses the details of the company's disposal of its subsidiary, Shenzhen Fukui Precision Technology Co., Ltd., including the counterparty, consideration offset method, and the resulting net gain of HKD 1,938 thousand - The Company entered into a sale and purchase agreement with Billion Riches Limited (Purchaser A) for the disposal of the entire equity interest and sales loan in Shenzhen Fukui Precision Technology Co., Ltd[23](index=23&type=chunk) - The disposal (Disposal A) was completed on **June 23, 2025**, generating a net gain of **HKD 1,938 thousand**[25](index=25&type=chunk) Gain on Disposal of a Subsidiary Calculation (HKD thousands) | Item | Amount | | :--- | :--- | | Consideration for Disposal A | (14,250) | | Investment in disposed company | 19,660 | | Carrying amount of assets and liabilities of disposed company as of June 23, 2024 | (3,675) | | Exchange differences arising on translation of foreign operations | 203 | | **Net gain on Disposal A** | **1,938** | [6. Profit Before Tax](index=14&type=section&id=6.%20Profit%20Before%20Tax) This section provides partial information on profit before tax, specifically depreciation expenses for property, plant, and equipment, indicating a slight increase in depreciation Depreciation of Property, Plant and Equipment (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 2,130 | 2,043 | [7. Income Tax](index=14&type=section&id=7.%20Income%20Tax) This section lists the Group's income tax expenses, primarily Hong Kong profits tax and China corporate income tax, showing a decrease in total tax expenses Income Tax Expense (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax | 95 | 115 | | China corporate income tax | – | 33 | | **Total tax expense** | **95** | **148** | [8. Assets and Liabilities Classified as Held for Sale](index=14&type=section&id=8.%20Assets%20and%20Liabilities%20Classified%20as%20Held%20for%20Sale) This section details the Group's assets and liabilities classified as held for sale, including the planned disposal of equity in Shenzhen Fukui Precision Technology Co., Ltd. and a Hong Kong property, along with their respective carrying amounts - The Group entered into an agreement on **December 17, 2024**, to dispose of the entire equity interest and sales loan in its wholly-owned subsidiary, Shenzhen Fukui Precision Technology Co., Ltd., for a consideration of **RMB 18.20 million** (approximately **HKD 19.66 million**)[28](index=28&type=chunk) - On the same day, the Group entered into an agreement to dispose of a property located in Hong Kong for a cash consideration of **HKD 16.40 million**[28](index=28&type=chunk) Assets and Liabilities Classified as Held for Sale (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current assets classified as held for sale (Investment property) | 16,100 | 16,100 | | Total assets of disposal group classified as held for sale | – | 18,802 | | **Total assets classified as held for sale** | **16,100** | **34,902** | | Total liabilities associated with assets classified as held for sale | 2,447 | 23,205 | [9. Earnings/(Loss) Per Share](index=16&type=section&id=9.%20Earnings%2F%28Loss%29%20Per%20Share) This section explains the basis for calculating earnings per share, noting that diluted earnings per share are the same as basic earnings per share due to the absence of potential dilutive ordinary shares during the reporting period - Earnings per share for the six months ended June 30, 2025, are calculated based on the profit attributable to owners of the Company of approximately **HKD 1.06 million**[32](index=32&type=chunk) - Diluted earnings per share are the same as basic earnings per share as there were no potential dilutive ordinary shares during the reporting period[33](index=33&type=chunk) [10. Property, Plant and Equipment](index=16&type=section&id=10.%20Property,%20Plant%20and%20Equipment) This section discloses the Group's expenditure on property, plant, and equipment during the reporting period and the carrying amount of pledged property, plant, and equipment as collateral for bank financing - During the interim period, the Group paid approximately **HKD 0.13 million** for the purchase of property, plant and equipment (2024 corresponding period: **HKD 0.06 million**)[34](index=34&type=chunk) - As of June 30, 2025, approximately **HKD 8.29 million** of the Group's pledged property, plant and equipment was mortgaged as collateral for bank financing[34](index=34&type=chunk) [11. Trade and Other Receivables, Deposits and Prepayments](index=16&type=section&id=11.%20Trade%20and%20Other%20Receivables,%20Deposits%20and%20Prepayments) This section details the composition and aging analysis of trade and other receivables, deposits, and prepayments, showing a decrease in total trade receivables and a relatively high proportion of receivables over 90 days old Trade and Other Receivables, Deposits and Prepayments (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 24,407 | 34,159 | | Other receivables, deposits and prepayments (net of allowance) | 13,443 | 14,113 | Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 15,771 | 10,700 | | 31 to 60 days | 1,147 | 9,043 | | 61 to 90 days | 451 | 4,556 | | Over 90 days | 7,038 | 9,860 | | **Total** | **24,407** | **34,159** | - The Group generally grants credit terms of **30 to 90 days** to trade customers, with longer terms exceeding 90 days for long-term customers[36](index=36&type=chunk) [12. Trade and Bills Payables, Other Payables and Accrued Charges](index=17&type=section&id=12.%20Trade%20and%20Bills%20Payables,%20Other%20Payables%20and%20Accrued%20Charges) This section lists the composition and aging analysis of trade and bills payables, other payables, and accrued charges, showing a slight increase in total trade payables and a decrease in total bills payables Trade and Bills Payables, Other Payables and Accrued Charges (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 24,422 | 22,715 | | Bills payable | 23,164 | 28,700 | | Other payables and accrued charges | 4,525 | 4,990 | - Trade payables typically have credit terms of **30 to 120 days**, and bills payable are all due within **30 to 120 days**[37](index=37&type=chunk)[38](index=38&type=chunk) Management Discussion and Analysis This section offers insights into the Group's business performance, future outlook, financial review, and corporate governance practices during the reporting period [Business Review](index=19&type=section&id=Business%20Review) This section reviews the Group's business performance during the reporting period, noting a 4.34% year-on-year revenue growth and citing a significant increase in the HKTDC export confidence index for the watch industry - The Group primarily derives revenue from the sale of finished watches, watch kits, and watch parts, as well as providing related assembly services[40](index=40&type=chunk) Revenue Growth (Six Months Ended June 30, 2025) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | +4.34% | - The confidence index for the watch industry increased by **10.8 points** from **41.3** in Q2 2024 to **52.1** in Q2 2025[41](index=41&type=chunk) [Prospects](index=19&type=section&id=Prospects) This section discusses uncertainties in the overseas business environment, particularly US-China trade relations and risks of economic slowdowns in Europe and the US, while highlighting strong demand for automatic mechanical and quartz watches in Southeast Asia and the Group's focus on core business and product innovation - The overseas business environment remains uncertain, facing economic slowdown or recession risks, with the US-China tariff trade war as a major uncertainty[43](index=43&type=chunk) - The watch industry faces challenges from technological innovation, diversified consumer demand, and intensified market competition, yet traditional mechanical watches maintain a solid position in the luxury market[43](index=43&type=chunk) - Demand for automatic mechanical and quartz watches in the Southeast Asian market remains substantial, and the Group will closely monitor market trends to provide designs suitable for customers and market needs[43](index=43&type=chunk) - The Group intends to continue focusing on developing its core business, committed to improving product design and strengthening development capabilities[44](index=44&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section reviews the financial performance during the reporting period, noting an increase in gross profit due to higher sales, and significant reductions in administrative expenses and finance costs due to decreased staff costs and bank borrowings Key Financial Metric Changes (Six Months Ended June 30, 2025) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | 18,420 | 17,299 | Increase of 1,121 | +6.47% | | Administrative Expenses | 18,400 | 20,360 | Decrease of 1,960 | -9.63% | | Finance Costs | 2,010 | 3,920 | Decrease of 1,910 | -48.72% | - The decrease in administrative expenses was primarily due to reduced staff costs, and the decrease in finance costs was mainly due to reduced bank borrowings[45](index=45&type=chunk) [Interim Dividend](index=20&type=section&id=Interim%20Dividend) The Board of Directors decided not to declare an interim dividend for the reporting period - The Board did not declare an interim dividend for the reporting period (2024: nil)[46](index=46&type=chunk) [Capital Structure](index=20&type=section&id=Capital%20Structure) The company's capital structure remained unchanged during the reporting period, consisting primarily of issued share capital and reserves, which are regularly reviewed by the Board - The Company's capital structure, comprising issued share capital and reserves, remained unchanged during the reporting period[47](index=47&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) This section analyzes the Group's liquidity position, showing a significant increase in cash and bank balances, but a slight decrease in the current ratio and a substantial increase in the gearing ratio, indicating higher financial leverage Liquidity Indicators (As of June 30, 2025) | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and bank balances (HKD thousands) | 7,150 | 630 | Increase of 6,520 | | Current Ratio (times) | 0.88 | 1.01 | Decrease of 0.13 | | Gearing Ratio (%) | 969.31% | 730.06% | Increase of 239.25% | - The Directors believe that the Group's financial resources are sufficient to support its business and operations[49](index=49&type=chunk) [Commitments](index=20&type=section&id=Commitments) The Group has entered into a non-legally binding memorandum of understanding with Yangshuo Xingyuan Lead-Zinc Mine Co., Ltd. for the proposed acquisition of a non-ferrous metal mining business - The Group entered into a non-legally binding memorandum of understanding with Yangshuo Xingyuan Lead-Zinc Mine Co., Ltd. regarding the acquisition of a non-ferrous metal mining business[50](index=50&type=chunk) [Pledged Assets](index=21&type=section&id=Pledged%20Assets) This section lists the details of the Group's assets pledged to banks as collateral for financing at the end of the reporting period, including property, plant and equipment, financial assets, investment properties, and bank deposits Details of Pledged Assets (As of June 30, 2025) | Asset Type | Amount (HKD thousands) | | :--- | :--- | | Property, plant and equipment | 8,285 | | Financial assets at fair value through profit or loss | 19,274 | | Investment properties | 25,288 | | Bank deposits | 6,148 | | **Total** | **58,995** | [Employees and Remuneration Policy](index=21&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 105 employees, with a remuneration policy based on qualifications, position, and experience, supported by an annual review system for performance evaluation - As of June 30, 2025, the Group had **105 employees** (June 30, 2024: **102 employees**)[52](index=52&type=chunk) - Salaries are determined based on each employee's qualifications, position, and experience, with an annual review system for salary adjustments, bonuses, and promotions[52](index=52&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=Foreign%20Exchange%20Risk) The Group's purchases are denominated in HKD, while sales are primarily in USD, RMB, and HKD, with foreign exchange risk reviewed and monitored periodically, but no derivative instruments or hedging activities were undertaken during the reporting period - The Group's purchases are denominated in **HKD**, while sales are primarily denominated in **USD, RMB, and HKD**[53](index=53&type=chunk) - During the reporting period, the Group did not engage in any derivative activities or hedging activities for foreign exchange risk[54](index=54&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[55](index=55&type=chunk) [Events After Reporting Period](index=21&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Company entered into a sale and purchase agreement with Zhihua Group Holdings Limited and Wanmao Limited for the disposal of Property B - Subsequent to the reporting period, the Company entered into Sale and Purchase Agreement B with Zhihua Group Holdings Limited and Wanmao Limited for the disposal of Property B[56](index=56&type=chunk) [Directors' and Chief Executive's Interests and/or Short Positions in Shares, Underlying Shares, and Debentures of the Company or its Associated Corporations](index=22&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%2For%20Short%20Positions%20in%20Shares,%20Underlying%20Shares,%20and%20Debentures%20of%20the%20Company%20or%20its%20Associated%20Corporations) This section discloses the long positions of directors and the chief executive in the shares of the Company and its associated corporations as of June 30, 2025, noting that Mr. Cheuk Sin Cheung and Ms. Au Ching Mei jointly hold 51.00% of the Company's shares through their controlled corporation, Hanvey Group Limited Directors' Long Positions in Shares of the Company (As of June 30, 2025) | Name of Director | Capacity/Nature of Interest | Number of Ordinary Shares | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Mr. Cheuk Sin Cheung | Interest in controlled corporation | 126,225,000 | 51.00% | | Ms. Au Ching Mei, M.H. | Interest in controlled corporation | 126,225,000 | 51.00% | - Mr. Cheuk Sin Cheung and Ms. Au Ching Mei jointly own **51.00%** of the Company's shares through Hanvey Group Limited[58](index=58&type=chunk) Directors' Long Positions in Ordinary Shares of Associated Corporations (As of June 30, 2025) | Name of Director | Name of Associated Corporation | Capacity/Nature of Interest | Number of Ordinary Shares | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Mr. Cheuk Sin Cheung | Hanvey | Beneficial interest | 1 | 50% | | Ms. Au Ching Mei | Hanvey | Beneficial interest | 1 | 50% | [Substantial Shareholders' Interests and/or Short Positions in Shares and Underlying Shares of the Company](index=23&type=section&id=Substantial%20Shareholders'%20Interests%20and%2For%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) This section discloses that, apart from directors and the chief executive, the substantial shareholder Hanvey Group Limited holds 51.00% of the Company's shares Substantial Shareholders' Long Positions in Shares of the Company (As of June 30, 2025) | Name of Shareholder | Capacity/Nature of Interest | Number of Ordinary Shares | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Hanvey | Beneficial interest | 126,225,000 | 51.00% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[61](index=61&type=chunk) [Material Investments Held, Material Acquisitions or Disposals of Subsidiaries, Associates and Joint Ventures](index=23&type=section&id=Material%20Investments%20Held,%20Material%20Acquisitions%20or%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) During the reporting period, the Company did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Company had no material investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures[62](index=62&type=chunk) [Future Plans for Material Investments or Capital Assets](index=23&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Apart from the memorandum of understanding for the acquisition of a non-ferrous metal mining business disclosed in this interim report, the Group has no other significant investment or capital asset plans for the next year - Except as disclosed in this interim report, the Group has no other material investment or capital asset plans for the next year[63](index=63&type=chunk) [Share Option Scheme](index=23&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme in 2018 to incentivize employees and attract talent, but no options have been granted since its adoption, and no outstanding options existed as of June 30, 2025 - The share option scheme was approved and adopted on **June 20, 2018**, with a **10-year validity**, aiming to provide incentives and attract talent[64](index=64&type=chunk) - No share options have been granted since the adoption of the scheme, and as of June 30, 2025, there were no outstanding share options under the Company's share option scheme[66](index=66&type=chunk) - The total number of shares available for grant under the share option scheme was **100,000,000 shares**, representing **10%** of the issued shares as of June 30, 2025[66](index=66&type=chunk) [Competition and Conflicts of Interest](index=24&type=section&id=Competition%20and%20Conflicts%20of%20Interest) During the reporting period, no directors, management shareholders, substantial shareholders, or their associates engaged in any business competing with or conflicting with the Group's business - During the reporting period, none of the Company's directors, management shareholders, substantial shareholders, or any of their respective associates engaged in any business that competes or may compete with the Group's business, or had any other conflicts of interest with the Group[67](index=67&type=chunk) [Corporate Governance Code](index=24&type=section&id=Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code under the GEM Listing Rules during the reporting period, though the roles of Chairman and Chief Executive Officer are held by the same individual, an arrangement the Board believes is in the Group's best interest - During the reporting period, the Company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[68](index=68&type=chunk) - The roles of Chairman and Chief Executive Officer are held by Mr. Cheuk Sin Cheung, which deviates from code provision C.2.1, but the Board believes this arrangement is in the best interest of the Group[68](index=68&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=25&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions and confirmed that directors complied with this code during the reporting period - The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[69](index=69&type=chunk) - During the reporting period, the directors complied with the required standard of dealings and the code of conduct for securities transactions by directors[69](index=69&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee has reviewed the unaudited consolidated results contained in this interim report and found them to be in compliance with applicable accounting standards and the GEM Listing Rules - The Audit Committee members include Mr. Yu Sau Ning (Chairman), Ms. Yu Wai Fong, and Mr. Yip Yat Lam[70](index=70&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated results for the reporting period and is of the opinion that they were prepared in accordance with applicable accounting standards and the GEM Listing Rules, with adequate disclosures made[70](index=70&type=chunk) [Forward-Looking Statements](index=25&type=section&id=Forward-Looking%20Statements) This section cautions readers that forward-looking statements in the interim report are based on various assumptions, are not guarantees of future performance, and are subject to risks, uncertainties, and assumptions - This interim report contains forward-looking statements regarding the Group's financial position, operating results, and business[71](index=71&type=chunk) - These forward-looking statements reflect the Group's views on future events and are not guarantees of future performance, being subject to certain risks, uncertainties, and assumptions[71](index=71&type=chunk)

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 表 明 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 HANVEY GROUP HOLDINGS LIMITED 恆偉集團控股有限公司 （股份代號：8219） （於開曼群島註冊成立的有限公司） 截 至2025年6月30日止六個月的 中期業績公告 恆 偉 集 團 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈 本 公 司 及 其附屬公司截至2025年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績。本 公 告 載 有 本 公 司2025年 中 期 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司GEM證券上市規則 （「GEM上市規則」）有 關 中 期 業 績 初 步 公 告 所 附 載 資 料 的 相 關 要 求。 承董事會命 恆偉集團控股有限公司 主 席、行 政 總 裁 兼 ...

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 倚賴該等內容而引致的任何損失承擔任何責任。 Cirrus Aircraft Limited 西銳飛機有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2507） 2025年中期業績公告 西銳飛機有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及 其附屬公司截至2025年6月30日止六個月之未經審核簡明合併中期業績。本公 告列載本公司2025年中報（「2025年中報」）全文，符合香港聯合交易所有限公司 （「聯交所」）證券上市規則有關中期業績初步公告所附資料的相關規定。 該等中期業績已由董事會審計、風險控制、合規委員會審閱。 本中期業績公告將刊載於聯交所網站 www.hkexnews.hk 及本公司網 站 https://cirrusaircraft.com 。2025年中報將適時刊載於同一網站。 承董事會命 西銳飛機有限公司 主席兼非執行董事 楊雷先生 香港，2025年8月26日 於本公告日期，董事會包括主席兼非執行董事楊雷 ...

如祺出行科技有限公司 （股份代號：9680） （於開曼群島註冊成立的有限公司） 截至2025年6月30日止六個月的 中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所 產生或因依賴該等內容而引致的任何損失承擔任何責任。 Chenqi Technology Limited 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審核綜合中期業績，連同2024 年同期的比較數字。 | 財務摘要 | | | | | | | --- | --- | --- | --- | --- | --- | | | | | 截至6月30日止六個月 | | 同比變動 | | | | | 2025年 | 2024年 | | | | | | 人民幣千元 | 人民幣千元 | % | | | | | （未經審核） | （未經審核） | | | 收入 | | | 1,676,467 | 1,037,053 | 61.7 | | 毛利╱（毛損） | | | 37,438 | (32,445) | 215.4 | | 經營虧損 ...

Company Overview [Company Profile](index=8&type=section&id=Company%20Profile) IMAB Biopharma (Shanghai) Co., Ltd. is a research-driven biotech company focused on innovative immuno-oncology therapies, systematically leveraging both innate and adaptive immune systems with a rich pipeline of over ten innovative drug candidates and 12 clinical programs - Established in 2015, the company is one of the few biotech firms globally capable of systematically leveraging both innate and adaptive immune systems[14](index=14&type=chunk) - The company has designed over ten innovative drug candidates and has 12 ongoing clinical programs[14](index=14&type=chunk) [Product Pipeline Overview](index=8&type=section&id=Product%20Pipeline%20Overview) The company's product pipeline covers innate, innate and adaptive, and adaptive immune targets, with core products like IMM01, IMM2510, and IMM0306 advancing to late-stage clinical trials, showing significant progress in oncology, autoimmune, metabolic, and cardiovascular diseases Overview of Key Candidate Drug Development Status (As of the Announcement Date) | Project | Target (Structure) | Indication | Current Status / Upcoming Milestones | | :--- | :--- | :--- | :--- | | IMM01 (Tidapicic) | CD47 | MDS | May 2024, CDE Phase III Approval | | IMM01 (Tidapicic) | CD47 | First-line CMML | June 2024, CDE Phase III Approval; November FPI | | IMM01 + Tislelizumab | CD47+PD-1 | cHL | April 2024, CDE Phase III Approval; July FPI | | IMM2510 (Perverafusp alfa) | VEGFxPD-L1 (Bispecific) | First-line NSCLC | November 2023, IND Approval in China; December 2024 FPI | | IMM0306 (Amurefusp alfa) | CD47xCD20 (Bispecific) | R/R FL and MZL | December 2024, FL Cohort LPI | | IMM0306 (Amurefusp alfa) | CD47xCD20 | Systemic Lupus Erythematosus | October 2024 FPI; July 2025, Completion of First and Second Dose Cohort Enrollment | | IMC-003 (IMM72) | ActRIIA | PAH, Undisclosed | June 2025, IND Approval in China; August 2025 FPI | - All clinical and IND-stage drug candidates are classified as Class 1 new drugs[17](index=17&type=chunk) [Business Development](index=6&type=section&id=Business%20Development) The licensing and collaboration agreement with Axion Bio, a subsidiary of Instil Bio, Inc., continues to advance, with cumulative payments of **$30 million** received to date, including a recent **$5 million** second upfront payment and a **$10 million** milestone payment - The company received **$5 million** and **$10 million** payments from Axion Bio on May 7, 2025, and July 30, 2025, respectively[11](index=11&type=chunk)[45](index=45&type=chunk) - As of the announcement date, total payments received under the licensing and collaboration agreement with Axion Bio have reached **$30 million**[11](index=11&type=chunk)[45](index=45&type=chunk) Product R&D Progress [Core Product: IMM01 (Tidapicic) (SIRPα-Fc Fusion Protein)](index=2&type=section&id=Core%20Product%3A%20IMM01%20(Tidapicic)) IMM01, a core product, is China's first SIRPα-Fc fusion protein in clinical development, featuring a dual mechanism of action that avoids red blood cell binding, demonstrating good safety and encouraging anti-tumor activity, with multiple oncology indications in Phase II/III trials and non-oncology indications actively explored - IMM01 is China's first SIRPα-Fc fusion protein in clinical development, dually activating macrophages by interfering with CD47/SIRPα interaction and activating Fcγ receptors[18](index=18&type=chunk) - IMM01's modified CD47 binding domain avoids binding to human red blood cells, demonstrating good safety[18](index=18&type=chunk) [Oncology Indications](index=2&type=section&id=IMM01_Oncology%20Indications) [MDS (Myelodysplastic Syndromes)](index=2&type=section&id=IMM01_MDS) - The Phase II clinical trial of IMM01 combined with azacitidine as first-line treatment for higher-risk MDS patients met its primary endpoint, with an **ORR of 64.7%** and a **CR rate of 33.3%**[5](index=5&type=chunk)[19](index=19&type=chunk) - Efficacy improved with extended treatment, achieving an **ORR of 89.7%** and a **CR rate of 58.6%** in patients treated for ≥6 months[19](index=19&type=chunk) - The Phase III study of IMM01 combined with azacitidine for newly diagnosed higher-risk MDS patients has been approved by the NMPA[6](index=6&type=chunk)[22](index=22&type=chunk) [CMML (Chronic Myelomonocytic Leukemia)](index=2&type=section&id=IMM01_CMML) - The Phase II clinical trial of IMM01 combined with azacitidine as first-line treatment for CMML met its primary endpoint, with an **ORR of 72.7%** and a **CR rate of 27.3%**[5](index=5&type=chunk)[23](index=23&type=chunk) - Median PFS was **17.8 months**, with a **12-month PFS rate of 59.0%**[5](index=5&type=chunk)[23](index=23&type=chunk) - IMM01 combined with azacitidine for CMML has received Orphan Drug Designation from the FDA and NMPA approval for a Phase III study[6](index=6&type=chunk)[28](index=28&type=chunk) [cHL (Classical Hodgkin Lymphoma)](index=3&type=section&id=IMM01_cHL) - The Phase II clinical trial of IMM01 combined with tislelizumab for R/R cHL showed an **ORR of 69.7%** and a **CR rate of 24.2%**[6](index=6&type=chunk)[31](index=31&type=chunk) - Median DoR was **21.2 months**, median PFS was **14.7 months**, and the **18-month OS rate was 91.6%**[6](index=6&type=chunk)[31](index=31&type=chunk) - The Phase III clinical trial protocol for IMM01 combined with tislelizumab in PD-(L)1 antibody-refractory cHL patients has been approved by the NMPA, with the first patient dosed[6](index=6&type=chunk)[33](index=33&type=chunk) [Non-Oncology Indications (Atherosclerosis)](index=6&type=section&id=IMM01_Non-Oncology%20Indications_Atherosclerosis) - IND preparation for IMM01 in atherosclerosis is underway, with potential to block the CD47/SIRPα signaling pathway and induce macrophage-mediated plaque phagocytosis[12](index=12&type=chunk)[33](index=33&type=chunk) [Other Oncology Products](index=4&type=section&id=Other%20Oncology%20Products) The company's other oncology products show clinical development progress, including positive data for bispecific molecule IMM2510 in NSCLC and TNBC, good tolerability for next-generation CTLA-4 antibody IMM27M, and strong efficacy for CD47 and CD20 bispecific molecule IMM0306 in R/R FL and MZL [IMM2510 (Perverafusp alfa) (VEGF×PD-L1)](index=4&type=section&id=IMM2510%20(Perverafusp%20alfa)) - The IMM2510 monotherapy Phase Ib/II clinical trial has enrolled **150 patients**, including **34 NSCLC patients**, with data to be presented at WCLC 2025[7](index=7&type=chunk)[35](index=35&type=chunk) - In the Phase II study of IMM2510 combined with chemotherapy as first-line NSCLC treatment, **ORR was 61.9%** in **21 evaluable patients**, reaching **80.0%** in squamous NSCLC patients[7](index=7&type=chunk)[35](index=35&type=chunk) - The Phase Ib/II study of IMM2510 combined with IMM27M for advanced solid tumors was initiated in July 2024[7](index=7&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [IMM27M (Taizesubai Monoclonal Antibody) (CTLA-4 ADCC Enhanced Monoclonal Antibody)](index=17&type=section&id=IMM27M%20(Taizesubai%20Monoclonal%20Antibody)) - The IMM27M Phase I dose-escalation study has completed patient enrollment, with preliminary data showing good safety and tolerability, and **2 confirmed PRs** observed[37](index=37&type=chunk) - The cohort expansion study for hormone receptor-positive (HR+) and HER2-negative metastatic breast cancer was initiated in September 2024[37](index=37&type=chunk) [IMM0306 (Amurefusp alfa) (CD47×CD20) (Oncology Indications)](index=4&type=section&id=IMM0306%20(Amurefusp%20alfa)_Oncology%20Indications) - The Phase Ib trial of IMM0306 combined with lenalidomide for R/R FL and MZL showed good tolerability and strong preliminary anti-tumor activity[7](index=7&type=chunk)[39](index=39&type=chunk) - In the Phase IIa dose expansion clinical trial for R/R CD20-positive follicular lymphoma patients, **ORR was 88.2%** and **CRR was 52.9%**, with strong efficacy maintained as sample size increased[9](index=9&type=chunk)[39](index=39&type=chunk) [IMM2520 (CD47×PD-L1)](index=5&type=section&id=IMM2520%20(CD47%C3%97PD-L1)) - IMM2520 is a CD47 and PD-L1 dual-targeting bispecific molecule for solid tumors, with **26 patients** enrolled and dosed[9](index=9&type=chunk)[42](index=42&type=chunk) - Its unique structure avoids red blood cell binding and activates macrophages via an ADCC-enhanced IgG1 Fc fragment, inducing enhanced ADCP and ADCC activity[42](index=42&type=chunk) [Non-Oncology Products](index=5&type=section&id=Non-Oncology%20Products) The company has made significant progress in non-oncology therapeutics, including positive clinical data for IMM0306 in autoimmune diseases (SLE, NMOSD, LN), and IND preparation and early research for several metabolic and cardiovascular disease products (IMM72, IMM7220, IMM91) [Autoimmune Disease Products (IMM0306)](index=5&type=section&id=Autoimmune%20Disease%20Products%20(IMM0306)) - In the IMM0306 SLE Phase Ib trial, the proportion of patients with a SLEDAI-2000 score reduction of ≥4 points reached **85.7%** in the 0.8 mg/kg group and **87.5%** in the 1.2 mg/kg group, with good tolerability[9](index=9&type=chunk)[43](index=43&type=chunk) - The NMOSD Phase Ib trial has dosed its first patient, with enrollment for all three dose cohorts expected to be completed by August 2025[9](index=9&type=chunk)[43](index=43&type=chunk) - The Lupus Nephritis (LN) Phase II trial has received IND approval, and an IND application for IMM0306 subcutaneous formulation is planned for submission in the second half of 2025[9](index=9&type=chunk)[43](index=43&type=chunk) [Metabolic and Cardiovascular Disease Products](index=6&type=section&id=Metabolic%20and%20Cardiovascular%20Disease%20Products) - IMM72/IMC-003 received IND approval in June 2025 and initiated healthy volunteer enrollment in August[12](index=12&type=chunk)[43](index=43&type=chunk) - IMM7220/IMC-010 (GLP-1 x ActRIIA bispecific molecule) is undergoing in vivo efficacy studies, showing potential for treating obesity and promoting muscle growth[12](index=12&type=chunk)[43](index=43&type=chunk) - IMM91/IMC-011 (anti-pro/latent growth differentiation factor 8 (GDF8) antibody) is advancing IND preparation, with in vitro and in vivo studies indicating potential for muscle growth promotion[12](index=12&type=chunk)[47](index=47&type=chunk) [Other Non-Oncology Products (IMM67)](index=21&type=section&id=Other%20Non-Oncology%20Products%20(IMM67)) - IMM67 (recombinant human hyaluronidase) has completed registration as a pharmaceutical excipient, aiming to overcome volume limitations for subcutaneous injections[47](index=47&type=chunk) Financial Performance [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue significantly increased to **RMB 38.0 million**, primarily driven by collaboration payments, and despite increased R&D expenses, the loss for the period narrowed to **RMB 152.7 million** due to reduced impairment losses on property and equipment Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | Six Months Ended June 30, 2025 (RMB in thousands) | Six Months Ended June 30, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 38,027 | 77 | | Other income | 9,693 | 4,277 | | Net other gains and losses | (2,699) | (19,487) | | Research and development expenses | (168,044) | (119,138) | | Administrative expenses | (27,257) | (30,063) | | Finance costs | (2,445) | (1,426) | | Loss before tax | (152,725) | (165,760) | | Loss for the period | (152,725) | (165,760) | | Loss per share (RMB yuan) | (0.37) | (0.44) | [Revenue](index=7&type=section&id=Revenue) - For the six months ended June 30, 2025, revenue was **RMB 38.0 million**, a significant increase of **RMB 37.9 million** from **RMB 0.1 million** in the same period of 2024[13](index=13&type=chunk)[48](index=48&type=chunk) - The revenue increase was primarily attributable to upfront payments received under the licensing and collaboration agreement with Axion Bio, Inc[13](index=13&type=chunk)[48](index=48&type=chunk) [Other Income](index=22&type=section&id=Other%20Income) - Other income increased from **RMB 4.3 million** in the same period of 2024 to **RMB 9.7 million** in 2025, mainly due to a **RMB 5.3 million** increase in government grants[49](index=49&type=chunk) [Net Other Gains and Losses](index=23&type=section&id=Net%20Other%20Gains%20and%20Losses) - Net other gains and losses shifted from a **RMB 19.5 million** loss in the same period of 2024 to a **RMB 2.7 million** loss in 2025, primarily due to a **RMB 27.4 million** reduction in impairment losses on property and equipment[51](index=51&type=chunk) - Partially offset by a **RMB 6.9 million** decrease in fair value changes of financial assets measured at fair value through profit or loss, mainly due to the depreciation of HKD against RMB[51](index=51&type=chunk) [Research and Development Expenses](index=7&type=section&id=Research%20and%20Development%20Expenses) - Research and development expenses increased by **41.0%** from **RMB 119.1 million** in the same period of 2024 to **RMB 168.0 million** in 2025[13](index=13&type=chunk)[53](index=53&type=chunk) - Primarily attributable to a **RMB 43.4 million** increase in preclinical and CMC expenses (increased production and CDMO expenses for IMM01, IMM2510, and IMM0306), a **RMB 8.3 million** increase in clinical trial expenses, and a **RMB 4.9 million** increase in salaries and related benefits[13](index=13&type=chunk)[53](index=53&type=chunk) - Partially offset by a **RMB 6.7 million** decrease in share-based payments[53](index=53&type=chunk) [Administrative Expenses](index=25&type=section&id=Administrative%20Expenses) - Administrative expenses decreased by **9.3%** from **RMB 30.1 million** in the same period of 2024 to **RMB 27.3 million** in 2025, primarily due to a reduction in non-cash share-based payments[54](index=54&type=chunk) [Finance Costs](index=25&type=section&id=Finance%20Costs) - Finance costs increased from **RMB 1.4 million** in the same period of 2024 to **RMB 2.4 million** in 2025, primarily due to increased interest on borrowings[55](index=55&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) - The company incurred no income tax expense for the six months ended June 30, 2025, and 2024[56](index=56&type=chunk) [Loss for the Period](index=25&type=section&id=Loss%20for%20the%20Period) - The Group's loss for the period decreased from **RMB 165.8 million** in the same period of 2024 to **RMB 152.7 million** in 2025[57](index=57&type=chunk) [Loss Per Share](index=38&type=section&id=Loss%20Per%20Share) - For the six months ended June 30, 2025, basic and diluted loss per share was **RMB 0.37**, a narrowing from **RMB 0.44** in the same period of 2024[94](index=94&type=chunk) [Condensed Consolidated Statement of Financial Position](index=39&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities were **RMB 553.2 million**, a decrease from December 31, 2024, with net current assets at **RMB 507.7 million** and total equity at **RMB 533.9 million** Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Non-current assets | 45,500 | 54,058 | | Current assets | 725,744 | 867,938 | | Current liabilities | 218,023 | 214,642 | | Net current assets | 507,721 | 653,296 | | Total assets less current liabilities | 553,221 | 707,354 | | Non-current liabilities | 19,340 | 29,049 | | Total equity | 533,881 | 678,305 | [Assets](index=39&type=section&id=Assets) - As of June 30, 2025, cash and cash equivalents were **RMB 405.4 million**, and financial assets measured at fair value through profit or loss were **RMB 298.3 million**[95](index=95&type=chunk) - Total current assets were **RMB 725.7 million**, a decrease from **RMB 867.9 million** as of December 31, 2024, primarily due to a reduction in assets classified as held for sale[95](index=95&type=chunk) [Liabilities](index=39&type=section&id=Liabilities) - As of June 30, 2025, current liabilities were **RMB 218.0 million**, including trade and other payables of **RMB 52.7 million** and borrowings of **RMB 128.0 million**[95](index=95&type=chunk) [Equity](index=39&type=section&id=Equity) - As of June 30, 2025, equity attributable to owners of the company was **RMB 534.6 million**, a decrease from **RMB 678.9 million** as of December 31, 2024[95](index=95&type=chunk) [Non-IFRS Measures](index=25&type=section&id=Non-IFRS%20Measures) The company uses adjusted net loss as a non-IFRS measure to provide a clearer comparison of operating performance, with an adjusted loss of **RMB 144.4 million** for the six months ended June 30, 2025, an increase from **RMB 120.7 million** in the same period of 2024 - Non-IFRS measures exclude the impact of share-based payments and impairment losses on property and equipment[58](index=58&type=chunk) Adjusted Loss for the Period | Metric | Six Months Ended June 30, 2025 (RMB in thousands) | Six Months Ended June 30, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Loss for the period | (152,725) | (165,760) | | Add: Share-based payment expenses | 8,302 | 17,701 | | Add: Impairment losses on property and equipment | — | 27,398 | | Adjusted loss for the period | (144,423) | (120,661) | Capital and Liquidity [Significant Acquisitions and Disposals](index=26&type=section&id=Significant%20Acquisitions%20and%20Disposals) On December 30, 2024, the company signed an agreement to dispose of 100% equity in Shanghai Zhangtou Yaoxin Technology Development Co., Ltd. for a maximum of **RMB 98.2 million**, with the transaction completed on February 21, 2025, ceasing to hold equity in the target company - The company disposed of 100% equity in Shanghai Zhangtou Yaoxin Technology Development Co., Ltd. for a maximum consideration of **RMB 98,188,983.55**[61](index=61&type=chunk) - As of the announcement date, the company has received the first two installments totaling **RMB 66,178,983.55**, and the target company is no longer a subsidiary of the company[61](index=61&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=26&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company's cash and cash equivalents combined with financial assets at fair value through profit or loss totaled **RMB 703.7 million**, a decrease from year-end 2024, primarily due to cash outflows from operations and R&D activities, with increased net cash used in operating activities, increased net cash from investing activities, and decreased net cash from financing activities - As of June 30, 2025, cash and cash equivalents combined with financial assets measured at fair value through profit or loss totaled **RMB 703.7 million**, a decrease from **RMB 752.1 million** as of December 31, 2024[62](index=62&type=chunk) - Net cash used in operating activities amounted to **RMB 131.1 million**, an increase of **RMB 8.1 million** from the same period in 2024[63](index=63&type=chunk) - Net cash from investing activities was **RMB 45.2 million**, and net cash from financing activities was **RMB 16.1 million**, a decrease from the same period in 2024[63](index=63&type=chunk)[64](index=64&type=chunk) - The company has unutilized bank loan facilities of approximately **RMB 90 million** and manages surplus cash through investments in time deposits and wealth management products[65](index=65&type=chunk) [Gearing Ratio](index=27&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was **30.8%**, an increase of **4.4%** from **26.4%** as of December 31, 2024, primarily due to a decrease in total assets - As of June 30, 2025, the gearing ratio was **30.8%**, an increase of **4.4%** from **26.4%** as of December 31, 2024[66](index=66&type=chunk) - The increase in the ratio was primarily due to a decrease in assets classified as held for sale and cash and cash equivalents, leading to a reduction in total assets[66](index=66&type=chunk) [Indebtedness](index=28&type=section&id=Indebtedness) As of June 30, 2025, the company's unsecured bank borrowings increased to **RMB 137.0 million**, all bearing fixed interest rates, while lease liabilities decreased - As of June 30, 2025, unsecured bank borrowings were **RMB 137.0 million**, an increase from **RMB 115.4 million** as of December 31, 2024[67](index=67&type=chunk) - All bank borrowings bear fixed interest rates ranging from **2.8% to 3.6%**[67](index=67&type=chunk) - Lease liabilities decreased from **RMB 21.0 million** as of December 31, 2024, to **RMB 16.7 million** as of June 30, 2025[67](index=67&type=chunk) [Capital Commitments](index=28&type=section&id=Capital%20Commitments) As of June 30, 2025, the company's contracted but unprovided capital commitments amounted to **RMB 0.4 million**, primarily for the purchase of property and equipment - As of June 30, 2025, capital commitments were **RMB 0.4 million**, compared to none as of December 31, 2024[68](index=68&type=chunk) [Contingent Liabilities and Charges on Assets](index=28&type=section&id=Contingent%20Liabilities%20and%20Charges%20on%20Assets) As of June 30, 2025, the Group had no contingent liabilities or charges on assets - As of June 30, 2025, the Group had no contingent liabilities[69](index=69&type=chunk) - As of June 30, 2025, the Group had no charged assets[70](index=70&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=Foreign%20Exchange%20Risk) The company faces foreign exchange risk on certain financial assets and liabilities, but the Board expects currency fluctuations will not materially impact business operations, and currently has no foreign currency hedging policy - Certain financial assets and liabilities of the Group are denominated in foreign currencies of the relevant group entities, exposing them to foreign exchange risk[71](index=71&type=chunk) - The Board expects that fluctuations in RMB exchange rates and other foreign currencies will not have a material impact on the Group's business operations[71](index=71&type=chunk) - The company currently has no foreign currency hedging policy and has not entered into any hedging transactions[71](index=71&type=chunk) [Significant Investments Held and Future Plans](index=28&type=section&id=Significant%20Investments%20Held%20and%20Future%20Plans) The company holds three redeemable structured note wealth management products with a total fair value of approximately **RMB 275 million** as of June 30, 2025, exceeding 5% of total assets, but recorded fair value losses due to HKD depreciation against RMB, and currently has no detailed future plans for significant investments or capital assets - The company holds three redeemable structured note wealth management products, with fair values of **RMB 47.8 million**, **RMB 40.5 million**, and **RMB 187.0 million**, respectively, as of June 30, 2025[72](index=72&type=chunk)[73](index=73&type=chunk) - The wealth management products recorded fair value change losses, primarily due to the depreciation of HKD against RMB[72](index=72&type=chunk) - As of June 30, 2025, the Group had no detailed future plans regarding significant investments or capital assets[74](index=74&type=chunk) Corporate Governance and Equity Matters [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had **195 employees**, with total remuneration costs of **RMB 58.6 million**, a slight decrease from the prior year due to reduced non-cash share-based payments, offering competitive compensation, bonuses, and share-based payments, along with employee incentive plans and continuous training - As of June 30, 2025, the Group had a total of **195 employees**[75](index=75&type=chunk) - For the six months ended June 30, 2025, total remuneration costs were **RMB 58.6 million**, a decrease from **RMB 60.8 million** in the same period of 2024, primarily due to reduced non-cash share-based payments[75](index=75&type=chunk) - The company offers competitive salaries, bonuses, and share-based remuneration, and has adopted employee incentive plans[75](index=75&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The company is committed to maintaining high corporate governance standards and complies with the Corporate Governance Code, though the Chairman and CEO roles are combined, which the Board believes benefits strategic planning and execution efficiency, and the Nomination Committee membership has been changed to enhance efficiency and diversity - During the reporting period, the company complied with all applicable code provisions of the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Dr. Tian Wenzhi[77](index=77&type=chunk) - The Board believes that combining these roles ensures leadership consistency, strategic planning and execution efficiency, and facilitates information exchange between management and the Board[77](index=77&type=chunk) - The Nomination Committee membership has been changed, adding two non-executive directors and independent non-executive directors to enhance efficiency and diversity[78](index=78&type=chunk) [H-share Full Circulation](index=31&type=section&id=H-share%20Full%20Circulation) The company has completed the full circulation of **14,114,006** unlisted shares converted into H-shares, which commenced listing and trading on the Stock Exchange on May 15, 2025 - The company received a filing notice from the China Securities Regulatory Commission regarding the conversion of **14,114,006** unlisted shares into H-shares[81](index=81&type=chunk) - These converted H-shares commenced listing on the Stock Exchange at 9:00 a.m. on May 15, 2025[81](index=81&type=chunk) [Use of Proceeds from Global Offering](index=32&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company's net proceeds from the global offering were approximately **HKD 251.3 million**, with allocation adjusted after shareholder approval; as of June 30, 2025, **HKD 206.4 million** has been utilized, and the remaining **HKD 44.9 million** is planned for use by the end of 2026, primarily for clinical development and commercialization of core product IMM01 and other products - Net proceeds from the global offering were approximately **HKD 251.3 million**[82](index=82&type=chunk) - The use of proceeds was adjusted and approved by shareholders on May 28, 2025[82](index=82&type=chunk) Use of Proceeds from Global Offering (As of June 30, 2025) | Intended Use | Revised Net Proceeds Allocation (HKD in millions) | Amount Utilized for the Period Ended June 30, 2025 (HKD in millions) | Unutilized Net Proceeds Balance as of June 30, 2025 (HKD in millions) | | :--- | :--- | :--- | :--- | | Funding for core product IMM01 | 115.5 | 21.7 | 22.5 | | Funding for IMM0306, IMM2902, and IMM2520 | 81.5 | 0.0 | 16.0 | | For planned clinical trials of IMM47 | 10.1 | 0.0 | 0.0 | | For ongoing clinical trials of IMM2510 and IMM27M | 12.6 | 0.0 | 0.0 | | For construction of new production facilities | 0.0 | 0.0 | 0.0 | | For R&D of multiple preclinical and discovery-stage assets | 12.6 | 0.0 | 0.0 | | For working capital and general corporate purposes | 19.0 | 0.0 | 6.4 | | **Total** | **251.3** | **21.7** | **44.9** | [Use of Proceeds from Placing](index=35&type=section&id=Use%20of%20Proceeds%20from%20Placing) The company's net proceeds from the placing were approximately **HKD 229.7 million**, primarily allocated to clinical research for IMM2510 combined with chemotherapy, IMM2510 combined with IMM27M, and IMM01 combination therapies, as well as supplementing working capital; as of June 30, 2025, **HKD 48.1 million** has been utilized, with the remaining **HKD 179.8 million** planned for use by mid-2027 - Net proceeds from the placing were approximately **HKD 229.7 million**[86](index=86&type=chunk) Use of Proceeds from Placing (As of June 30, 2025) | Intended Use | Allocated Net Proceeds (HKD in millions) | Amount Utilized for the Period Ended June 30, 2025 (HKD in millions) | Unutilized Amount as of June 30, 2025 (HKD in millions) | | :--- | :--- | :--- | :--- | | Funding for clinical research of IMM2510 combined with chemotherapy as first-line treatment for NSCLC, TNBC, and other solid tumors | 68.9 | 15.7 | 52.2 | | Funding for clinical research of IMM2510 combined with IMM27M for advanced solid tumors | 68.9 | 3.9 | 64.2 | | Funding for pivotal clinical research of IMM01 combined with azacitidine and IMM01 combined with tislelizumab | 23.0 | 14.6 | 8.4 | | Supplementing the company's working capital and for general corporate purposes | 68.9 | 13.9 | 55.0 | | **Total** | **229.7** | **48.1** | **179.8** | - The company plans to utilize the unutilized net proceeds balance from the placing by mid-2027[87](index=87&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee, comprising one non-executive director and two independent non-executive directors, reviewed the company's interim financial results for the six months ended June 30, 2025, and discussed financial reporting matters - The Audit Committee comprises Mr. Yang Zhida (Chairman), Dr. Xu Cong, and Dr. Zhu Zhenping[88](index=88&type=chunk) - The Audit Committee has reviewed the company's interim financial results for the six months ended June 30, 2025[88](index=88&type=chunk) [Material Events After Reporting Period](index=37&type=section&id=Material%20Events%20After%20Reporting%20Period) Except for matters disclosed in this announcement, there were no other material events after the end of the reporting period as of the announcement date - Save as disclosed in this announcement, there were no other material events after the end of the reporting period[89](index=89&type=chunk) [Transactions in Listed Securities and Dividends](index=37&type=section&id=Transactions%20in%20Listed%20Securities%20and%20Dividends) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor did they hold any treasury shares; the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[90](index=90&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[90](index=90&type=chunk) - The Board has resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2025[91](index=91&type=chunk) Future Outlook [Future and Outlook](index=21&type=section&id=Future%20and%20Outlook) The company anticipates continued candidate drug development and clinical application expansion in H2 2025, with plans to grow its international presence, rapidly advance clinical research in China, and leverage Chinese data to accelerate global clinical progress, while continuing to screen and evaluate other innate immune checkpoints to enrich its pipeline - The company will continue to advance candidate drug development, expand its clinical applications, and plans to broaden its international footprint[46](index=46&type=chunk) - It is expected to rapidly advance clinical research in China and potentially leverage Chinese data to accelerate clinical progress in other markets, saving time and costs in global clinical development[46](index=46&type=chunk) - The company will continue to screen and evaluate other innate immune checkpoints to enrich its pipeline with innovative therapies[46](index=46&type=chunk) Notes to Financial Statements [General Information and Basis of Preparation](index=40&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) IMAB Biopharma (Shanghai) Co., Ltd. was established in China in 2015, restructured as a joint stock company in 2022, and listed on the HKEX in September 2023; the condensed consolidated financial statements are presented in RMB, prepared in accordance with IAS 34 and the Listing Rules, and adopt the going concern basis of accounting - The company was incorporated in China on June 18, 2015, restructured as a joint stock company on June 14, 2022, and listed on the Main Board of the Stock Exchange of Hong Kong on September 5, 2023[96](index=96&type=chunk) - The condensed consolidated financial statements are presented in RMB, prepared in accordance with IAS 34 and the applicable disclosure requirements of the Listing Rules, and adopt the going concern basis of accounting[98](index=98&type=chunk) [Principal Accounting Policies](index=41&type=section&id=Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis and first applied IAS 21 (Amendments) 'Lack of Exchangeability' issued by the IASB during this interim period, which had no significant impact on the financial position and performance for the current and prior periods - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[99](index=99&type=chunk) - IAS 21 (Amendments) 'Lack of Exchangeability' was first applied during this interim period but had no significant impact on the financial position and performance[100](index=100&type=chunk) [Revenue and Segment Information](index=42&type=section&id=Revenue%20and%20Segment%20Information) The company's revenue primarily derives from collaboration development, cell line sales, and testing services, with collaboration development revenue significantly increasing due to the licensing and collaboration agreement with Axion Bio and recognized over time; the company operates as a single segment, with all non-current assets located in China Disaggregation of Revenue from Contracts with Customers (Six Months Ended June 30) | Type of Goods or Services | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Collaboration development | 37,995 | — | | Sales of cell lines and other products | 32 | 49 | | Testing services | — | 28 | | **Total** | **38,027** | **77** | | Geographical market: United States | 37,995 | — | | Geographical market: China | 32 | 77 | | Timing of revenue recognition: At a point in time | 32 | 77 | | Timing of revenue recognition: Over time | 37,995 | — | - Revenue from collaboration development services is recognized over time, with **RMB 30,920,000** received and recorded as contract liabilities as of June 30, 2025[104](index=104&type=chunk) - The Group has a single operating segment, and all non-current assets are located in China[107](index=107&type=chunk)[108](index=108&type=chunk) [Other Income (Notes Details)](index=44&type=section&id=Other%20Income_Notes) Other income primarily consists of government grants and bank interest income, with a significant increase in government grants mainly as incentives for R&D activities Other Income (Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Government grants | 5,987 | 642 | | Bank interest income | 3,706 | 3,635 | | **Total** | **9,693** | **4,277** | - Government grants are primarily provided as incentives for the Group's R&D activities[110](index=110&type=chunk) [Net Other Gains and Losses (Notes Details)](index=45&type=section&id=Net%20Other%20Gains%20and%20Losses_Notes) Net other gains and losses shifted from a **RMB 19.5 million** loss in the same period of 2024 to a **RMB 2.7 million** loss in 2025, primarily influenced by a reduction in impairment losses on property and equipment, partially offset by fair value losses on financial assets Net Other Gains and Losses (Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net exchange (losses) gains | (2,354) | 1,378 | | (Losses) gains from fair value changes of financial assets measured at fair value through profit or loss | (340) | 6,540 | | Impairment losses on property and equipment | — | (27,398) | | Others | (5) | (7) | | **Total** | **(2,699)** | **(19,487)** | [Loss for the Period (Notes Details)](index=45&type=section&id=Loss%20for%20the%20Period_Notes) Loss before tax is stated after deducting total depreciation, directors' and supervisors' emoluments, and other staff costs, with total staff costs slightly decreasing due to reduced share-based payments Items Deducted in Loss Before Tax (Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Depreciation of property and equipment | 4,254 | 5,777 | | Depreciation of right-of-use assets | 3,095 | 5,147 | | **Total depreciation** | **7,349** | **10,924** | | Directors' and supervisors' emoluments | 11,544 | 13,415 | | Total staff costs | 58,567 | 60,846 | - The decrease in total staff costs was mainly due to a reduction in share-based payments[113](index=113&type=chunk) [Income Tax Expense (Notes Details)](index=45&type=section&id=Income%20Tax%20Expense_Notes) No provision for income tax expense was made as the company and its subsidiaries had no assessable profits during both periods - No provision for income tax expense was made as the company and its subsidiaries had no assessable profits during both periods[114](index=114&type=chunk) [Loss Per Share (Notes Details)](index=46&type=section&id=Loss%20Per%20Share_Notes) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the company was **RMB 0.37**, a narrowing from **RMB 0.44** in the same period of 2024, with no adjustment to basic loss per share as the Group had no potential dilutive ordinary shares - The loss used to calculate basic loss per share attributable to owners of the company for the period was **RMB (152,586) thousand** (2024: **RMB (165,760) thousand**)[115](index=115&type=chunk) - Basic and diluted loss per share was **RMB (0.37)** (2024: **RMB (0.44)**)[115](index=115&type=chunk) - Basic loss per share was not adjusted as the Group had no potential dilutive ordinary shares issued during the interim period[115](index=115&type=chunk) [Dividends (Notes Details)](index=46&type=section&id=Dividends_Notes) No dividends were paid, declared, or proposed during the interim period - No dividends were paid, declared, or proposed during the interim period[116](index=116&type=chunk) [Property and Equipment and Right-of-Use Assets (Notes Details)](index=46&type=section&id=Property%20and%20Equipment%20and%20Right-of-Use%20Assets_Notes) During this interim period, the Group incurred approximately **RMB 420,000** for the purchase of property and equipment and did not enter into any new lease agreements - During this interim period, the Group incurred approximately **RMB 420,000** for the purchase of property and equipment (same period in 2024: **RMB 5,904,000**)[117](index=117&type=chunk) - For the six months ended June 30, 2025, the Group did not enter into any new lease agreements[117](index=117&type=chunk) [Trade Receivables](index=47&type=section&id=Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to **RMB 10 thousand**, primarily consisting of receivables over **180 days**, with the company typically granting customers a credit period of **30 days** or a specific agreed term Ageing Analysis of Trade Receivables (Net of Allowance for Credit Losses) | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within 30 days | — | 6 | | 31 to 60 days | 4 | 7 | | 61 to 120 days | — | — | | 121 to 180 days | — | 3 | | Over 180 days | 6 | — | | **Total** | **10** | **16** | - The Group generally grants customers a credit period of **30 days** or a specific period agreed with the customer[118](index=118&type=chunk) [Prepayments and Other Receivables](index=47&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, total prepayments and other receivables amounted to **RMB 22.0 million**, primarily including receivables from the disposal of a subsidiary and prepayments for goods and R&D services Prepayments and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Receivables from disposal of a subsidiary | 14,017 | — | | Prepayments for purchase of goods and R&D services | 7,883 | 24,543 | | **Total** | **22,036** | **35,604** | [Trade and Other Payables](index=48&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to **RMB 52.7 million**, a decrease from year-end 2024, primarily comprising trade payables for R&D expenses, accrued outsourced R&D expenses, and accrued staff costs and benefits Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade payables for R&D expenses | 14,346 | 43,244 | | Accrued outsourced R&D expenses | 16,989 | 10,985 | | Accrued staff costs and benefits | 13,388 | 15,903 | | **Total** | **52,722** | **74,431** | - The Group's average credit period for purchases of goods/services is **45 days**[120](index=120&type=chunk) Definitions and Glossary

截至二零二五年六月三十日止六個月 — 未 經 審 核（以 人 民 幣（「人 民 幣」） 呈 列） 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佈的內 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 不對因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截至二零二五年六月三十日止六個月之 中期業績公佈 五 菱 汽 車 集 團 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經審核中期業績連同二零二四年同期的比較數據。此中期業績未經審核， 但已由畢馬威會計師事務所按照香港會計師公會頒佈之香港審閱工作 準則第2410號「實 體 之 獨 立 核 數 師 對 中 期 財 務 資 料 之 審 閱」進 行 審 閱，而 其 獨 立 審 閱 報 告 將 刊 載 於 即 將 寄 發 予 本 公 司 股 東，並 將 分 別 刊 載 於 聯 交所網站(w ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Provides an overview of the company's financial performance and position, highlighting key changes in profitability and balance sheet metrics [Operating Results](index=1&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) For the six months ended June 30, 2025, the company significantly narrowed its operating and period losses, with a reduction in loss per share Operating Results | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Loss | (92,135) | (154,330) | | Loss for the Period | (93,672) | (155,490) | | Loss per Share – Basic and Diluted (RMB) | (0.25) | (0.42) | [Financial Position](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, the company's total assets and total equity substantially increased, while current liabilities decreased, indicating an improved financial structure Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 37,268 | 28,063 | | Current Assets | 346,079 | 190,294 | | Total Assets | 383,347 | 218,357 | | Non-current Liabilities | 10,363 | 3,221 | | Current Liabilities | 112,535 | 157,666 | | Total Liabilities | 122,898 | 160,887 | | Total Equity | 260,449 | 57,470 | [Business Highlights](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E6%91%98%E8%A6%81) The company achieved significant progress in technology innovation, product pipeline, and business operations in the US and China, building a pipeline of six drug candidates for chronic diseases, with a core focus on metabolic disorders [Core Strategy and Pipeline](index=2&type=section&id=%E6%A0%B8%E5%BF%83%E6%88%B0%E7%95%A5%E8%88%87%E7%AE%A1%E7%B7%9A) The company has made significant strides in technology innovation, product pipeline, and business operations in the US and China, establishing a pipeline of six drug candidates for chronic diseases, with a core focus on metabolic disorders - The company has successfully built a pipeline matrix covering **6 drug candidates** for chronic diseases[6](index=6&type=chunk) - The core strategy focuses on treating metabolic diseases and their complications, with multiple candidate drugs possessing both "First-in-Class" (FIC) and "Best-in-Class" (BIC) potential[6](index=6&type=chunk) [Core Product PB-119 Progress](index=2&type=section&id=%E6%A0%B8%E5%BF%83%E7%94%A2%E5%93%81PB-119%E9%80%B2%E5%B1%95) Core product PB-119 (Vepanapeptide Injection) entered the NMPA supplementary review stage in May 2025, with market approval expected in Q3 2025, and commercial production preparations and differentiated market strategies are complete - PB-119 officially entered the National Medical Products Administration (NMPA) supplementary review stage on May 22, 2025[6](index=6&type=chunk) - New Drug Application (NDA) approval is expected in **Q3 2025**, with commercial production preparations already completed[7](index=7&type=chunk) - The market strategy will emphasize its differentiated value of "high safety, long-acting glucose control advantages, and potential cardiovascular benefits," while actively implementing market access, building full-channel coverage, exploring innovative payment models, and strengthening academic promotion[8](index=8&type=chunk)[10](index=10&type=chunk) [Other Pipeline Progress](index=3&type=section&id=%E5%85%B6%E4%BB%96%E5%9C%A8%E7%A0%94%E7%AE%A1%E7%B7%9A%E9%80%B2%E5%B1%95) All clinical-stage projects are progressing as planned, and preclinical projects have met their development goals, laying the foundation for subsequent IND applications - Clinical research stage projects are strictly adhering to R&D plans and quality standards, systematically advancing clinical trial enrollment, data collection, and analysis[9](index=9&type=chunk) - Preclinical research stage projects have achieved their R&D milestones as planned, laying the foundation for subsequent Investigational New Drug (IND) applications[9](index=9&type=chunk) [I. Overview](index=4&type=section&id=I.%20%E6%A6%82%E8%A7%88) Provides a high-level introduction to the company's mission, strategic focus, and key product development areas [Company Profile and Strategic Focus](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B%E8%88%87%E6%88%B0%E7%95%A5%E9%87%8D%E9%BB%9E) PegBio, established in 2008, specializes in the independent R&D of innovative therapies (peptides and small molecules) for chronic diseases, focusing on metabolic disorders with one core product and five candidate products - The company was established in **2008**, focusing on independent research and development of innovative therapies for chronic diseases, primarily peptides and small molecules, with a key focus on metabolic disorders[11](index=11&type=chunk) - It has independently developed one core product and five other candidate products to address market opportunities in Type 2 Diabetes Mellitus (T2DM), obesity, Non-alcoholic Steatohepatitis (NASH), Opioid-Induced Constipation (OIC), and Congenital Hyperinsulinism (CHI)[11](index=11&type=chunk) [II. Business Review](index=4&type=section&id=II.%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Reviews the company's product pipeline, R&D efforts, manufacturing capabilities, commercialization strategies, and intellectual property [Products and Pipeline](index=4&type=section&id=%E7%94%A2%E5%93%81%E5%8F%8A%E7%94%A2%E5%93%81%E7%AE%A1%E7%B7%9A) The company focuses on differentiated therapies for chronic and metabolic diseases, having developed a diverse pipeline of six candidate products by June 30, 2025, with three in clinical trials and one with IND approval, utilizing PEG technology - As of June 30, 2025, the company has developed a diverse pipeline consisting of **six candidate products**, with **three** currently in clinical trials and **one** having received IND approval[12](index=12&type=chunk) - The company applies Polyethylene Glycol (PEG) technology to its candidate products to optimize their physicochemical properties, achieving long-acting efficacy and selective targeting[12](index=12&type=chunk) Candidate Drug Development Status (as of June 30, 2025) | Candidate Drug | MoA/Target | Indication | Current Status/Future Milestones | | :--- | :--- | :--- | :--- | | PB-119 | Long-acting GLP-1 Receptor Agonist | T2DM (monotherapy/combination therapy), Overweight or Obesity | Expected to be approved for launch in China as early as Q3 2025; Ib/IIa clinical trial for obesity is being initiated in China; Phase III clinical trial for T2DM cardiovascular benefits to be initiated in China in 2026 | | PB-718 | Long-acting GLP-1/GCG Dual Receptor Agonist | Overweight or Obesity, NASH | Subject follow-up for Ib/IIa clinical trial completed in China; Phase IIb clinical trial expected to start in 2025; Phase I clinical trial in the US completed in May 2022 (NASH) | | PB-1902 | Opioid Receptor Antagonist | OIC | Phase I clinical trial completed in China in January 2022; Phase II clinical trial expected to start in China in 2025 | | PB-722 | GCG Receptor Agonist | Congenital Hyperinsulinism | IND approved by NMPA in May 2023; Phase I clinical trial to be initiated in China in 2026 | | PB-2301 | GLP-1/GIP Dual Receptor Agonist | T2DM/Overweight or Obesity/NASH | IND application expected to be submitted in China in 2026 | | PB-2309 | GLP-1/GIP/GCG Triple Receptor Agonist | T2DM/Overweight or Obesity/NASH | IND application expected to be submitted in China in 2025 | [Core Product PB-119](index=5&type=section&id=%E6%A0%B8%E5%BF%83%E7%94%A2%E5%93%81PB-119) PB-119, an independently developed long-acting GLP-1 receptor agonist for T2DM and obesity, offers once-weekly dosing via PEGylation, good safety, and no titration, with NDA accepted in September 2023 and expected approval in 2025 - PB-119 is an independently developed long-acting GLP-1 receptor agonist, primarily for first-line treatment of T2DM and obesity, enabling once-weekly dosing through PEGylation[14](index=14&type=chunk) - PB-119 features a single dosage form, requires no dose titration, and demonstrates good safety with rapid, significant, and sustained efficacy[14](index=14&type=chunk) - The NMPA accepted the NDA for PB-119 in China for T2DM treatment in **September 2023**, with approval and commercial launch anticipated in **2025**[15](index=15&type=chunk) - The company plans to initiate Phase III clinical trials in **2025** for PB-119 in combination therapy with basal insulin and SGLT-2 inhibitors, as well as a Phase III clinical trial to evaluate cardiovascular outcomes in T2DM patients[16](index=16&type=chunk) - Recruitment for the Ib/IIa clinical trial of PB-119 for obesity treatment was completed in **June 2024**[16](index=16&type=chunk) [PB-718, a Long-Acting GLP-1/GCG Dual Receptor Agonist](index=7&type=section&id=PB-718%EF%BC%8C%E4%B8%80%E6%AC%BE%E9%95%B7%E6%95%88GLP-1%2FGCG%E9%9B%99%E5%8F%97%E9%AB%94%E6%BF%80%E5%8B%95%E5%8A%91) PB-718, a novel long-acting GLP-1/GCG dual receptor agonist for obesity and NASH, provides synergistic effects with significant weight loss and appetite reduction, and once-weekly dosing via PEGylation, having completed US Phase I and China Ib/IIa follow-up - PB-718 is a novel long-acting GLP-1/Glucagon (GCG) dual receptor agonist, primarily for the treatment of obesity and NASH[21](index=21&type=chunk) - This drug produces synergistic effects by dually activating GLP-1 and GCG receptors, characterized by significant weight loss, reduced appetite, and decreased hepatic lipid accumulation[21](index=21&type=chunk) - Utilizing PEGylation technology to extend its half-life, it allows for once-weekly dosing, with Phase I clinical trials completed in the US and subject follow-up for Ib/IIa clinical trials completed in China[22](index=22&type=chunk) [PB-1902, a Potential First-in-Class Oral Selective Opioid Receptor Antagonist for OIC](index=7&type=section&id=PB-1902%EF%BC%8C%E4%B8%80%E6%AC%BE%E6%BD%9B%E5%9C%A8%E7%9A%84%E7%94%A8%E6%96%BC%E6%B2%BB%E7%99%82OIC%E7%9A%84%E5%90%8C%E9%A1%9E%E9%A6%96%E5%89%B5%E5%8F%A3%E6%9C%8D%E5%9E%8B%E9%81%B8%E6%93%87%E6%80%A7%E9%98%BF%E7%89%87%E5%8F%97%E9%AB%94%E6%BF%80%E5%8B%95%E5%8A%91) PB-1902 is a potential first-in-class oral selective opioid receptor antagonist in China for opioid-induced constipation (OIC), designed to relieve constipation without compromising analgesia, having completed two Phase I studies and planning Phase II in China for 2025 - PB-1902 is a potential first-in-class oral selective opioid receptor antagonist in China for the treatment of Opioid-Induced Constipation (OIC)[24](index=24&type=chunk) - The drug aims to effectively alleviate bowel dysfunction without diminishing the central analgesic effects of opioid medications[24](index=24&type=chunk) - Two Phase I clinical studies have been completed, demonstrating good safety, tolerability, pharmacokinetic (PK), and pharmacodynamic (PD) characteristics, with a Phase II clinical trial planned to commence in China in **2025**[24](index=24&type=chunk) [PB-722, a GCG Receptor Agonist in Development for Congenital Hyperinsulinism](index=8&type=section&id=PB-722%EF%BC%8C%E4%B8%80%E6%AC%BE%E6%AD%A3%E5%9C%A8%E9%96%8B%E7%99%BC%E7%9A%84%E7%94%A8%E6%96%BC%E6%B2%BB%E7%99%82%E5%85%88%E5%A4%A9%E6%80%A7%E9%AB%98%E8%83%B0%E5%B3%B6%E7%B4%A0%E8%A1%80%E7%97%87%E7%9A%84GCG%E5%8F%97%E9%AB%94%E6%BF%80%E5%8B%95%E5%8A%91) PB-722, a GCG receptor agonist for congenital hyperinsulinism, received FDA Orphan Drug Designation in May 2021 and NMPA IND approval in May 2023, becoming the first candidate for this indication in China, with Phase I planned for 2026 and Phase II for 2027 - PB-722, a GCG receptor agonist for the treatment of congenital hyperinsulinism, received FDA Orphan Drug Designation in **May 2021**[25](index=25&type=chunk) - In **May 2023**, the NMPA approved its IND application, making it the **first candidate drug** approved in China for the treatment of congenital hyperinsulinism[25](index=25&type=chunk) - Phase I clinical trials are planned to commence in **2026**, with Phase II clinical trials anticipated to start in **2027**[25](index=25&type=chunk) [PB-2301, a GLP-1/GIP Dual Receptor Agonist for T2DM, NASH, and Obesity](index=8&type=section&id=PB-2301%EF%BC%8C%E4%B8%80%E6%AC%BEGLP-1%2FGIP%E9%9B%99%E5%8F%97%E9%AB%94%E6%BF%80%E5%8B%95%E5%8A%91%EF%BC%8C%E7%94%A8%E6%96%BC%E6%B2%BB%E7%99%療T2DM%E3%80%81NASH%E5%92%8C%E8%82%A5%E8%83%96%E7%97%87) PB-2301 is a GLP-1/GIP dual receptor agonist for T2DM, NASH, and obesity, currently undergoing preclinical studies with an IND application to NMPA expected in 2026 - PB-2301 is a GLP-1/Glucose-dependent Insulinotropic Polypeptide (GIP) dual receptor agonist for the treatment of T2DM, NASH, and obesity[26](index=26&type=chunk) - Multiple preclinical studies are currently underway, with an IND application to the NMPA planned for **2026**[26](index=26&type=chunk) [PB-2309, a GLP-1/GIP/GCG Triple Receptor Agonist for T2DM, NASH, and Obesity](index=9&type=section&id=PB-2309%EF%BC%8C%E4%B8%80%E6%AC%BEGLP-1%2FGIP%2FGCG%E4%B8%89%E5%8F%97%E9%AB%94%E6%BF%80%E5%8B%95%E5%8A%91%EF%BC%8C%E7%94%A8%E6%96BC%E6%B2%BB%E7%99%療T2DM%E3%80%81NASH%E5%92%8C%E8%82%A5%E8%83%96%E7%97%87) PB-2309 is a GLP-1/GIP/GCG triple receptor agonist for T2DM, NASH, and obesity, currently undergoing preclinical studies with an IND application to NMPA expected in 2025 - PB-2309 is a GLP-1/GIP/GCG triple receptor agonist for the treatment of T2DM, NASH, and obesity[28](index=28&type=chunk) - Multiple preclinical studies are currently underway, with an IND application to the NMPA planned for **2025**[28](index=28&type=chunk) [Research and Development](index=9&type=section&id=%E7%A0%94%E7%A9%B6%E5%8F%8A%E9%96%8B%E7%99%BC) The company possesses an experienced R&D team focused on chronic and metabolic diseases, with independent drug discovery capabilities and support for drug discovery, clinical R&D, and regulatory affairs, with R&D expenses of RMB 26.3 million for the six months ended June 30, 2025 - The company's R&D team possesses extensive expertise and development experience in chronic and metabolic diseases, with independent drug discovery capabilities including identifying medical needs, compound design optimization, efficacy evaluation, and formulation development[29](index=29&type=chunk) R&D Expenses | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :--- | :--- | :--- | | R&D Expenses | 26.3 | 64.0 | [Chemistry, Manufacturing, and Controls ("CMC")](index=10&type=section&id=%E5%8C%96%E5%AD%B8%E3%80%81%E8%A3%BD%E9%80%A0%E5%8F%8A%E6%8E%A7%E5%88%B6%EF%BC%88%E3%80%8CCMC%E3%80%8D%EF%BC%89) The company's experienced CMC team is responsible for process development, production, and quality management during drug development, relying on CDMO partners for preclinical and clinical production due to the absence of commercial-scale manufacturing facilities - The CMC team is highly experienced in process development, production, and quality management, responsible for developing safe, robust, and economically viable production processes while ensuring quality compliance with regulatory requirements[31](index=31&type=chunk) - The company currently has no commercial-scale manufacturing facilities and no plans to establish its own, instead relying on CDMO partners for preclinical and clinical research production and future commercial supply[31](index=31&type=chunk) [Commercialization](index=10&type=section&id=%E5%95%86%E6%A5%AD%E5%8C%96) The company currently has no commercialized products, has established an internal marketing team for strategy development, but plans to collaborate with external pharmaceutical companies to maximize product commercial value, while actively exploring overseas markets - As of June 30, 2025, the company has no commercialized products[32](index=32&type=chunk) - The company has established an internal marketing team responsible for commercialization strategy and academic marketing, but does not intend to build an internal sales team, planning instead to collaborate with pharmaceutical companies possessing strong commercialization capabilities to leverage their sales networks[32](index=32&type=chunk) - For overseas markets, the company plans to develop more specific strategies after PB-119's commercialization in China, having initiated registration pathway planning for the Middle East market and exploring collaboration opportunities with multinational pharmaceutical companies[33](index=33&type=chunk) [PB-119 Commercialization Preparation](index=11&type=section&id=PB-119%E5%95%86%E6%A5%AD%E5%8C%96%E6%BA%96%E5%82%99) To ensure the successful launch of core product PegDac® (PB-119) in the Chinese market, the company has established a comprehensive commercial preparation system, including pre-launch strategy, pricing, academic promotion, patient support, innovative payment, and long-term medical value - The overall pre-launch strategy for PegDac® has been completed, and a scientific, competitive pricing strategy has been established[34](index=34&type=chunk) - The company is actively conducting multi-level academic conferences, collaborating with authoritative experts, and preparing core promotional materials and launch event resources[36](index=36&type=chunk) - A "Patient Care Program" plan has been developed, the final planning for innovative payment projects is actively progressing, and Investigator-Initiated Trial (IIT) planning has been initiated[35](index=35&type=chunk)[37](index=37&type=chunk) [Collaboration Agreement for Commercialization of PB-119](index=12&type=section&id=%E5%95%86%E6%A5%AD%E5%8C%96PB-119%E7%9A%84%E5%90%88%E4%BD%9C%E5%8D%94%E8%AD%B0) The company's collaboration agreement with a commercialization partner for PB-119 in mainland China terminated in June 2025, with both parties discussing potential new arrangements while the company seeks other partners - The company's collaboration agreement with a commercialization partner for PB-119 in mainland China terminated in **June 2025**[38](index=38&type=chunk) - Both parties are discussing potential new arrangements for PB-119's marketing and commercialization, and the company will also seek other potential partners[38](index=38&type=chunk) [Intellectual Property](index=12&type=section&id=%E7%9F%A5%E8%AD%98%E7%94%A2%E6%AC%8A) Intellectual property is crucial for the company's success, with 83 patents and patent applications as of June 30, 2025, including 13 patents and 15 applications related to core products, all clinical-stage candidates derived from the HECTOR® platform and PEGylation technology - As of June 30, 2025, the company owns **83 patents and patent applications**, of which **13 patents and 15 patent applications** are related to its core products[39](index=39&type=chunk) - All significant patents and patent applications are self-owned, and all clinical-stage candidate drugs are derived from the company's HECTOR® platform and PEGylation technology[39](index=39&type=chunk) [Future and Outlook](index=12&type=section&id=%E6%9C%AA%E4%BE%86%E5%8F%8A%E5%89%8D%E6%99%AF) Outlines the company's strategic priorities for accelerating core product commercialization, deepening pipeline value, and expanding global partnerships for future growth [Accelerating Core Product Commercialization to Benefit Chinese Patients](index=13&type=section&id=%E5%8A%A0%E9%80%9F%E6%A0%B8%E5%BF%83%E7%94%A2%E5%93%81%E5%95%86%E6%A5%AD%E5%8C%96%E9%80%B2%E7%A8%8B%EF%BC%8C%E6%83%A0%E5%8F%8A%E4%B8%AD%E5%9C%8B%E6%82%A3%E8%80%85) The company will continue to invest resources to support PB-119's NMPA review, aiming for a formal launch in mainland China in Q3 2025, with comprehensive market access and commercialization preparations underway - The core investigational product PB-119 is in a critical stage of NMPA review, and the company will fully advance the review process[41](index=41&type=chunk) - The goal is to successfully achieve the formal launch of PB-119 in the mainland China market in **Q3 2025**[41](index=41&type=chunk) - The company has initiated comprehensive market access preparations and commercialization strategies[41](index=41&type=chunk) [Deepening R&D Pipeline Value, Laying Out Future Growth Drivers](index=13&type=section&id=%E6%B7%B1%E5%8C%96%E7%A0%94%E7%99%BC%E7%AE%A1%E7%B7%9A%E5%83%B9%E5%80%BC%EF%BC%8C%E4%BD%88%E5%B1%80%E6%9C%AA%E4%BE%86%E5%A2%9E%E9%95%B7%E5%8B%95%E5%8A%9B) The company will continue to invest in R&D, explore existing pipeline potential, and actively advance two early-stage projects with potential "Best-in-Class" (BIC) prospects, aiming to complete preclinical studies and submit IND applications soon - The company will continue to invest in R&D, deeply explore the potential of its existing pipeline, and actively advance two early-stage R&D projects with potential "Best-in-Class" (BIC) prospects[42](index=42&type=chunk) - The objective is to complete relevant preparatory work and formally submit Investigational New Drug (IND) applications as soon as possible after the reporting period, aiming for an early entry into the clinical research stage[42](index=42&type=chunk) [Expanding Global Collaboration Network, Building an International Development Landscape](index=13&type=section&id=%E6%8B%93%E5%B1%95%E5%85%A8%E7%90%83%E5%90%88%E4%BD%9C%E7%B6%B2%E7%B5%A1%EF%BC%8C%E6%A7%8B%E5%BB%BA%E5%9C%8B%E9%9A%9B%E5%8C%96%E7%99%BC%E5%B1%95%E6%A0%BC%E5%B1%80) Internationalization is a key long-term strategy, with PB-119 registration pathway planning initiated for the Middle East to expand into Belt and Road countries, while continuously exploring diverse collaboration opportunities with multinational pharmaceutical companies - Internationalization is a crucial long-term strategic direction for the company, which has simultaneously initiated registration pathway planning for its core product PB-119 in the Middle East market[43](index=43&type=chunk) - The company will continue to actively explore and evaluate diverse collaboration opportunities with multinational pharmaceutical companies for joint development, in-licensing, or out-licensing of its R&D pipeline[43](index=43&type=chunk) [III. Financial Review](index=14&type=section&id=III.%20%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Provides a detailed analysis of the company's financial performance, including losses, expenses, cash flow, and balance sheet items, for the reporting period [Overview](index=14&type=section&id=%E6%A6%82%E8%A7%88) The company currently has no products approved for commercial sale and incurred operating losses during the reporting period, though total loss decreased year-over-year, with financial performance expected to fluctuate post-PB-119 commercialization - The company currently has no products approved for commercial sale and has not generated any revenue from product sales[44](index=44&type=chunk) Total Loss Comparison | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :--- | :--- | :--- | | Total Loss | 93.7 | 155.5 | - The total loss is primarily attributable to R&D expenses and administrative expenses, and financial performance is expected to fluctuate after PB-119's commercialization[44](index=44&type=chunk) [Loss for the Period](index=14&type=section&id=%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) For the six months ended June 30, 2025, net loss was RMB 93.7 million, a decrease of RMB 61.8 million from the prior year, primarily due to reduced share-based compensation and lower R&D expenses as PB-119 entered the NDA stage - The net loss for the six months ended June 30, 2025, was **RMB 93.7 million**, a decrease of **RMB 61.8 million** compared to the same period last year[45](index=45&type=chunk) - The reduction in loss was primarily due to decreased share-based compensation expenses and lower R&D expenses as PB-119 entered the NDA stage[45](index=45&type=chunk) [Non-HKFRS Measures](index=14&type=section&id=%E9%9D%9E%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F) The company provides adjusted net loss as a supplementary financial measure, excluding non-cash items like share-based compensation, to better reflect core business performance, with adjusted net loss narrowing to RMB 51.1 million for the six months ended June 30, 2025 - Adjusted net loss refers to the net loss excluding the impact of non-cash items, specifically share-based compensation expenses[46](index=46&type=chunk) Adjusted Net Loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (93,672) | (155,490) | | Add: Share-based Compensation Expenses | 42,572 | 87,660 | | Adjusted Net Loss | (51,100) | (67,830) | [Revenue](index=15&type=section&id=%E6%94%B6%E5%85%A5) The company currently has no products approved for commercial sale and therefore generated no revenue from product sales - The company currently has no products approved for commercial sale and has not generated any revenue from product sales[49](index=49&type=chunk) [Research and Development Expenses](index=16&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, R&D expenses were RMB 26.3 million, a decrease of RMB 37.7 million from the prior year, mainly due to reduced share-based compensation and lower R&D costs as PB-119 entered the NDA stage R&D Expenses Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Third-party Contract Expenses | 13,854 | 20,859 | | Staff Costs | 8,318 | 11,112 | | Raw Materials and Consumables Costs | 1,490 | 7,081 | | Share-based Compensation Expenses | 1,143 | 23,417 | | Depreciation and Amortization Expenses | 526 | 832 | | Other | 963 | 737 | | **Total** | **26,294** | **64,038** | - R&D expenses decreased by **RMB 37.7 million**, primarily due to a **RMB 22.3 million** reduction in share-based compensation expenses (resulting from the cancellation and modification of restricted share unit vesting conditions) and lower R&D costs as PB-119 entered the NDA stage[50](index=50&type=chunk) [Administrative Expenses](index=16&type=section&id=%E7%AE%A1%E7%90%86%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, administrative expenses were RMB 61.3 million, a decrease of RMB 30.0 million from the prior year, mainly due to reduced share-based compensation and lower listing expenses Administrative Expenses Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Share-based Compensation Expenses | 41,429 | 64,243 | | Staff Costs | 6,356 | 7,478 | | Professional and Consulting Service Fees | 10,139 | 16,972 | | Depreciation and Amortization Expenses | 993 | 360 | | Other | 2,337 | 2,283 | | **Total** | **61,254** | **91,336** | - Administrative expenses decreased by **RMB 30.0 million**, primarily due to a **RMB 22.8 million** reduction in share-based compensation expenses (due to the cancellation and modification of restricted share units) and lower listing expenses following the completion of the IPO in **May 2025**[51](index=51&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The company primarily relies on equity financing for liquidity, with negative cash flow from operating activities during the reporting period; cash and cash equivalents increased by RMB 237.6 million for the six months ended June 30, 2025, mainly due to IPO proceeds - The company relies on equity financing as its primary source of liquidity, with negative cash flow generated from operating activities during the reporting period[52](index=52&type=chunk) Cash Flow Statement Summary | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (78,035) | (106,194) | | Net Cash From Investing Activities | 86,841 | 72,988 | | Net Cash From Financing Activities | 228,805 | 7,816 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 237,611 | (25,390) | | Cash and Cash Equivalents at End of Period | 264,529 | 51,757 | [Net Cash Used in Operating Activities](index=17&type=section&id=%E7%B6%93%E7%87%9F%E6%B4%BB%E5%8B%95%E6%89%80%E7%94%A8%E6%B7%A8%E7%8F%BE%E9%87%91) For the six months ended June 30, 2025, net cash used in operating activities was RMB 78.0 million, primarily due to R&D and administrative expenditures - For the six months ended June 30, 2025, net cash used in operating activities was **RMB 78.0 million**, primarily due to R&D and administrative expenditures[54](index=54&type=chunk) [Net Cash From Investing Activities](index=18&type=section&id=%E6%8A%95%E8%B3%87%E6%B4%BB%E5%8B%95%E6%89%80%E5%BE%97%E6%B7%A8%E7%8F%BE%E9%87%91) For the six months ended June 30, 2025, net cash from investing activities was RMB 86.8 million, primarily due to the redemption of financial assets - For the six months ended June 30, 2025, net cash from investing activities was **RMB 86.8 million**, mainly due to the redemption of financial assets[55](index=55&type=chunk) [Net Cash From Financing Activities](index=18&type=section&id=%E8%9E%8D%E8%B3%87%E6%B4%BB%E5%8B%95%E6%89%80%E5%BE%97%E6%B7%A8%E7%8F%BE%E9%87%91) For the six months ended June 30, 2025, net cash from financing activities was RMB 228.8 million, primarily due to proceeds from the IPO - For the six months ended June 30, 2025, net cash from financing activities was **RMB 228.8 million**, primarily due to proceeds from the IPO[56](index=56&type=chunk) [Cash and Cash Equivalents](index=18&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) As of June 30, 2025, cash and cash equivalents totaled RMB 264.5 million, an increase of RMB 236.1 million from December 31, 2024, primarily due to net IPO proceeds - As of June 30, 2025, the Group's cash and cash equivalents amounted to **RMB 264.5 million**, an increase of **RMB 236.1 million** from **RMB 28.4 million** as of December 31, 2024[57](index=57&type=chunk) - This increase was primarily due to net proceeds from the IPO[57](index=57&type=chunk) [Borrowings and Gearing Ratio](index=18&type=section&id=%E5%80%9F%E6%AC%BE%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, total borrowings decreased to RMB 75.1 million, and the gearing ratio significantly dropped to 32.3%, indicating a substantial improvement in financial leverage - As of June 30, 2025, the Group's total borrowings (including interest-bearing borrowings) amounted to **RMB 75.1 million**, a decrease of **RMB 24.9 million** from **RMB 100.0 million** as of December 31, 2024[58](index=58&type=chunk) - All interest-bearing borrowings are unsecured, due within one year, and carry interest rates ranging from **2.5% to 2.9%**[59](index=59&type=chunk) - The gearing ratio was **32.3%** as of June 30, 2025, a significant decrease from **176.6%** as of December 31, 2024[59](index=59&type=chunk) [Lease Liabilities](index=18&type=section&id=%E7%A7%9F%E8%B3%83%E8%B2%A0%E5%82%B5) Lease liabilities increased from RMB 1.5 million as of December 31, 2024, to RMB 9.0 million as of June 30, 2025, primarily due to the lease of new office premises in Hangzhou - Lease liabilities increased from **RMB 1.5 million** as of December 31, 2024, to **RMB 9.0 million** as of June 30, 2025[60](index=60&type=chunk) - This increase was primarily due to the company leasing new office premises in Hangzhou during the reporting period[60](index=60&type=chunk) [Material Investments](index=19&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the company held two transferable bank time deposits with a total fair value of approximately RMB 53.23 million, representing 5% or more of total assets, but had no other material investments - The company holds two transferable bank time deposits: one with a principal amount of **RMB 20 million**, maturing on April 4, 2026, with a fair value of approximately **RMB 21.39 million**[66](index=66&type=chunk) - The other has a total principal amount of **RMB 30 million**, maturing on August 1, 2026, with a total fair value of approximately **RMB 31.84 million**[66](index=66&type=chunk) - Except as disclosed above, the company held no other material investments representing **5% or more** of the Group's total assets during the reporting period[61](index=61&type=chunk) [Material Acquisitions and Disposals](index=19&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[62](index=62&type=chunk) [Foreign Exchange Risk](index=19&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The company's entities primarily operate in China, with some bank balances denominated in foreign currencies, exposing them to foreign currency risk; currently, there are no hedging instruments or policies, but management will monitor and consider appropriate measures - The Group's entities operate in the People's Republic of China, and certain bank balances are denominated in foreign currencies, exposing them to foreign currency risk[63](index=63&type=chunk) - As of June 30, 2025, the Group had no foreign exchange hedging instruments or foreign currency hedging policies, but management will continue to monitor and consider appropriate hedging measures if necessary in the future[63](index=63&type=chunk) [Capital Expenditure](index=19&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total capital expenditure was approximately RMB 0.2 million, primarily for renovation design fees and office equipment - For the six months ended June 30, 2025, the Group's total capital expenditure was approximately **RMB 0.2 million**, primarily for renovation design fees and office equipment payments[64](index=64&type=chunk) [Charge on Assets](index=19&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%BC%E8%A8%98) As of June 30, 2025, and December 31, 2024, the company had no charges on any assets - As of June 30, 2025, and December 31, 2024, the Group had no charges on any assets[65](index=65&type=chunk) [Contingent Liabilities](index=20&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, the company had no material contingent liabilities, with no significant changes or arrangements up to the announcement date - As of June 30, 2025, the Group had no material contingent liabilities[67](index=67&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the company had 58 employees, with a remuneration policy including salaries, bonuses, provident funds, social insurance, and other benefits, along with continuous education and training programs to maintain staff quality and motivation - As of June 30, 2025, the company had a total of **58 employees**, a decrease from **64** as of December 31, 2024[68](index=68&type=chunk) - Employee remuneration includes salaries, bonuses, provident funds, social insurance contributions, and other benefits, with social insurance funds and housing provident funds paid in accordance with applicable laws and regulations[68](index=68&type=chunk) - The company provides continuous education and training programs, including internal training, and offers competitive salaries, bonuses, and share-based payments as incentives and benefits to employees[69](index=69&type=chunk) [Future Plans for Material Investments and Capital Assets](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of the announcement date, the company had not authorized any plans for material investments or acquisitions of capital assets - As of the date of this announcement, the company has not authorized any plans for material investments or acquisitions of capital assets[70](index=70&type=chunk) [IV. Key Risks and Uncertainties](index=21&type=section&id=IV.%20%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E7%A2%BA%E5%AE%9A%E6%80%A7) Details the primary operational risks faced by the company, including market competition, intellectual property protection, regulatory uncertainties, and financial sustainability [Key Risk Factors](index=21&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%9B%A0%E7%B4%A0) The company faces multiple operational risks, including intense market competition, insufficient intellectual property protection, uncertainties in PB-119 approval and sales, lengthy and costly drug development, unfulfilled safety/efficacy, adverse events, off-label use risks, third-party partner performance, smaller-than-expected market size, and continued losses - The company may face intense competition and rapid technological changes, with competitors potentially developing more advanced or effective therapies[71](index=71&type=chunk) - It may be unable to successfully obtain or maintain adequate patent protection for its candidate drugs through intellectual property[71](index=71&type=chunk) - The business, financial condition, operating results, and prospects are largely dependent on the successful approval and sale of PB-119[71](index=71&type=chunk) - The clinical drug development cycle is lengthy, capital-intensive, and uncertain, potentially preventing the commercialization of candidate drugs[71](index=71&type=chunk) - Candidate drugs may cause adverse events or fail to demonstrate safety and efficacy satisfactory to regulatory authorities[71](index=71&type=chunk) - There is a performance risk associated with third-party partners, which could affect regulatory approval or commercialization of candidate drugs[71](index=71&type=chunk) - The market size for candidate drugs may be smaller than anticipated, and the company has incurred significant net losses since its inception, which may continue in the future[76](index=76&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) Provides information on the company's corporate governance practices, interim dividends, compliance with trading codes, audit committee review, and IPO proceeds utilization [Interim Dividend](index=22&type=section&id=I.%20%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to recommend an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to recommend an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[73](index=73&type=chunk) [Compliance with the Standard Code for Securities Transactions](index=22&type=section&id=II.%20%E9%81%B5%E5%AE%88%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted a standard code for securities transactions by directors, supervisors, and relevant employees, confirming compliance by all directors and supervisors since the listing date, with no reported employee breaches - The company has adopted a standard code to regulate all dealings in the company's securities by directors, supervisors, and relevant employees since the listing date[74](index=74&type=chunk) - All directors and supervisors have confirmed their compliance with the standard code from the listing date up to the date of this announcement, and to the company's knowledge, no employee breaches of the standard code have occurred[74](index=74&type=chunk) [Compliance with the Corporate Governance Code](index=22&type=section&id=III.%20%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company adopted and applied the Corporate Governance Code, complying with all applicable code provisions since the listing date, except for the non-segregation of Chairman and CEO roles - The company has adopted and applied the principles and code provisions set out in Part 2 of the Corporate Governance Code as its own code of corporate governance practices[75](index=75&type=chunk) - From the listing date up to the date of this announcement, the company has complied with all applicable code provisions of the Corporate Governance Code, except for code provision C.2.1 (which stipulates that the roles of Chairman and Chief Executive Officer should be separate)[75](index=75&type=chunk) [Chairman and Chief Executive Officer Roles](index=23&type=section&id=%E4%B8%BB%E5%B8%AD%E8%88%87%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E8%81%B7%E8%B2%AC) Company Chairman and CEO roles are concurrently held by Dr. Michael Min XU, an arrangement the Board believes ensures consistent internal leadership, efficient strategic planning, and improved communication, which will be continuously reviewed - The roles of Chairman and Chief Executive Officer are concurrently held by Dr. Michael Min XU, which deviates from Corporate Governance Code provision C.2.1[77](index=77&type=chunk) - The Board believes this arrangement facilitates consistent internal leadership for the Group, enhances the efficiency of the Board's overall strategic planning and execution, and promotes information exchange between management and the Board[77](index=77&type=chunk) [Audit Committee and Review of Interim Results](index=23&type=section&id=IV.%20%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%AF%A9%E9%96%B1) The company established an Audit Committee, comprising three directors with Ms. Fan Xinpeng as Chair, which reviewed and concurred with the adopted accounting principles and practices, and the unaudited condensed consolidated interim financial results for the six months ended June 30, 2025 - The Audit Committee comprises three directors, with Ms. Fan Xinpeng serving as Chair, and its primary responsibilities include recommending the appointment or removal of external auditors, monitoring their independence, guiding internal audit work, reviewing financial information, and assessing the effectiveness of internal controls[78](index=78&type=chunk) - The Audit Committee has reviewed and concurred with the accounting principles and practices adopted by the Group, and has reviewed the unaudited condensed consolidated interim financial results for the six months ended June 30, 2025[79](index=79&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=V.%20%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities from the listing date to the announcement date, and no treasury shares were held as of June 30, 2025 - From the listing date up to the date of this announcement, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[80](index=80&type=chunk) - As of June 30, 2025, the company held no treasury shares, and no shares had been repurchased but were awaiting cancellation[80](index=80&type=chunk) [Use of Proceeds from Global Offering](index=24&type=section&id=VI.%20%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company listed on the HKEX on May 19, 2025, raising net proceeds of approximately RMB 212.6 million from the global offering; as of June 30, 2025, all proceeds remained unutilized and will be allocated as per the prospectus for PB-119 commercialization, indication expansion, and PB-718 development - The company was listed on the Stock Exchange of Hong Kong Limited (HKEX) on **May 19, 2025**, with net proceeds from the global offering amounting to approximately **RMB 212.6 million**[81](index=81&type=chunk) Use of Proceeds from Global Offering and Expected Timetable | Use of Proceeds | Approximate Percentage of Total Net Proceeds (%) | Planned Allocation of Net Proceeds (RMB millions) | Net Proceeds Utilized During Reporting Period (RMB millions) | Unutilized Net Proceeds (as of June 30, 2025) (RMB millions) | Expected Timetable for Use of Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Commercialization and Indication Expansion of our Core Product PB-119 | 50.2 | 106.7 | – | 106.7 | Expected to be fully utilized by end of 2027 | | Further Development of our Key Product PB-718 | 34.5 | 73.3 | – | 73.3 | Expected to be fully utilized by end of 2027 | | Ongoing and Planned R&D for our Other Pipeline Candidate Products | 5.3 | 11.3 | – | 11.3 | Expected to be fully utilized by end of 2026 | | Business Development Activities and Strengthening our Overseas Business | 1.0 | 2.1 | – | 2.1 | Expected to be fully utilized by end of 2026 | | Working Capital and Other General Corporate Purposes | 9.0 | 19.2 | – | 19.2 | Expected to be fully utilized by end of 2025 | | **Total** | **100** | **212.6** | **–** | **212.6** | | [Events After Reporting Period](index=25&type=section&id=VII.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) As of the announcement date, no significant events requiring additional disclosure or adjustment occurred after the reporting period - As of the date of this announcement, no significant events requiring additional disclosure or adjustment have occurred after the reporting period[83](index=83&type=chunk) [Continuing Disclosure Obligations under Listing Rules](index=25&type=section&id=VIII.%E6%A0%B9%E6%93%9A%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E7%9A%84%E6%8C%81%E7%BA%8C%E6%8A%AB%E9%9C%B2%E8%B2%AC%E4%BB%BB) The company has no disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 - The company has no disclosure obligations under Listing Rules 13.20, 13.21, and 13.22[84](index=84&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=25&type=section&id=IX.%20%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement is published on the company's and HKEX websites, and the interim report will be dispatched to shareholders and published online as per Listing Rules - This interim results announcement is published on the company's website (www.pegbio.com) and the HKEX website (www.hkexnews.hk)[85](index=85&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched in printed form to shareholders who have requested company communications and published on the company's and HKEX websites, respectively, in accordance with the Listing Rules[85](index=85&type=chunk) [Consolidated Financial Statements](index=26&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) Presents the company's consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company reported a loss for the period of RMB 93.672 million, a significant reduction from RMB 155.490 million in the prior year, primarily due to decreased R&D and administrative expenses Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Other Net Income | 178 | 4,053 | | Selling and Marketing Expenses | (4,765) | (3,009) | | Research and Development Expenses | (26,294) | (64,038) | | Administrative Expenses | (61,254) | (91,336) | | Operating Loss | (92,135) | (154,330) | | Finance Costs | (1,537) | (1,160) | | Loss Before Tax | (93,672) | (155,490) | | Income Tax | – | – | | Loss for the Period | (93,672) | (155,490) | | Total Comprehensive Income for the Period | (93,672) | (155,490) | | Loss per Share – Basic and Diluted (RMB) | (0.25) | (0.42) | [Consolidated Statement of Financial Position](index=27&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets increased to RMB 383.347 million, and total equity significantly grew to RMB 260.449 million, with a notable improvement in net current assets, reflecting enhanced capital strength post-IPO Consolidated Statement of Financial Position Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 37,268 | 28,063 | | Current Assets | 346,079 | 190,294 | | **Total Assets** | **383,347** | **218,357** | | Current Liabilities | 112,535 | 157,666 | | Net Current Assets | 233,544 | 32,628 | | Non-current Liabilities | 10,363 | 3,221 | | **Net Assets** | **260,449** | **57,470** | | Total Equity Attributable to Equity Holders of the Company | 255,223 | 52,190 | | Non-controlling Interests | 5,226 | 5,280 | | **Total Equity** | **260,449** | **57,470** | [Notes](index=29&type=section&id=%E9%99%84%E8%A8%BB) Provides detailed explanations and disclosures for the financial statements, covering accounting policies, specific financial items, and other relevant information [1 Basis of Preparation](index=29&type=section&id=1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This interim financial report is prepared in accordance with HKEX Listing Rules and HKAS 34, reviewed by the Audit Committee, and authorized for publication, though it remains unaudited but reviewed by KPMG - This interim financial report is prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants[89](index=89&type=chunk) - The report has been reviewed by the company's Audit Committee and was authorized for publication on **August 26, 2025**[89](index=89&type=chunk) - This interim financial report is unaudited, but KPMG has performed a review in accordance with Hong Kong Standard on Review Engagements 2410[90](index=90&type=chunk) [2 Changes in Accounting Policies](index=29&type=section&id=2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The group applied HKAS 21 amendment "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," but it had no material impact on this interim report due to the absence of relevant foreign currency transactions - The Group has applied the amendment to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" issued by the Hong Kong Institute of Certified Public Accountants for this accounting period[91](index=91&type=chunk) - As the Group did not engage in any foreign currency transactions where one foreign currency is not exchangeable into another, this amendment had no material impact on this interim report[91](index=91&type=chunk) [3 Other Net Income](index=30&type=section&id=3%20%E5%85%B6%E4%BB%96%E6%B7%A8%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, other net income was RMB 0.178 million, a significant decrease from RMB 4.053 million in the prior year, mainly due to reduced gains from financial instruments and government grants, and increased exchange losses Other Net Income Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Realized and Unrealized Net Gains from Financial Instruments at Fair Value Through Profit or Loss | 1,523 | 3,280 | | Government Grants | 1 | 202 | | Bank Deposit Interest Income | 174 | 638 | | Exchange Losses | (1,532) | (3) | | Other | 12 | (64) | | **Total** | **178** | **4,053** | [4 Loss Before Tax](index=30&type=section&id=4%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) Loss before tax is stated after deducting items such as finance costs, depreciation of property, plant and equipment, depreciation of right-of-use assets, amortization of intangible assets, and equity-settled share-based payment expenses Finance Costs Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on Interest-Bearing Borrowings | 1,391 | 1,093 | | Interest on Lease Liabilities | 146 | 67 | | **Total** | **1,537** | **1,160** | Other Items Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 451 | 388 | | Depreciation of Right-of-Use Assets | 926 | 724 | | Amortization of Intangible Assets | 154 | 140 | | Equity-Settled Share-based Payment Expenses | 42,572 | 87,660 | [5 Income Tax](index=31&type=section&id=5%20%E6%89%80%E5%BE%97%E7%A8%85) The company's Chinese subsidiaries are subject to a 25% corporate income tax rate and benefit from a 100% super deduction for eligible R&D expenses; the group had no taxable profits for the six months ended June 30, 2025, and 2024 - The company's subsidiaries established and operating in China are subject to Chinese corporate income tax at a rate of **25%**[96](index=96&type=chunk) - Under tax incentive policies, eligible R&D expenses are allowed a **100% super deduction** from taxable income[96](index=96&type=chunk) - For the six months ended June 30, 2024, and 2025, the Group had no taxable profits[97](index=97&type=chunk) [6 Loss Per Share](index=31&type=section&id=6%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, both basic and diluted loss per share were RMB 0.25, a reduction from RMB 0.42 in the prior year, primarily due to the decreased loss attributable to equity holders - For the six months ended June 30, 2025, the basic loss per share was **RMB 0.25** (H1 2024: RMB 0.42)[98](index=98&type=chunk) - Diluted loss per share is the same as basic loss per share because the company has no outstanding ordinary shares or potential ordinary shares with a dilutive effect[99](index=99&type=chunk) [7 Right-of-Use Assets](index=31&type=section&id=7%20%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2) For the six months ended June 30, 2025, the company recognized new right-of-use assets of RMB 9.559 million, primarily for office building leases - For the six months ended June 30, 2025, the Group entered into lease agreements for the use of office buildings and recognized new right-of-use assets of **RMB 9.559 million**[100](index=100&type=chunk) [8 Prepayments and Other Receivables](index=31&type=section&id=8%20%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total prepayments and other receivables were RMB 13.297 million, an increase from RMB 8.247 million as of December 31, 2024, mainly due to increased prepayments to suppliers Prepayments and Other Receivables Breakdown | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Prepayments to Suppliers | 9,312 | 2,886 | | Prepayments for Listing Expenses | – | 1,999 | | Other Receivables and Deposits | 3,985 | 3,362 | | **Total** | **13,297** | **8,247** | - All prepayments and other receivables are expected to be recovered or recognized as expenses within one year[101](index=101&type=chunk) [9 Financial Assets at Fair Value Through Profit or Loss](index=32&type=section&id=9%20%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, total financial assets at fair value through profit or loss were RMB 68.185 million, a significant decrease from RMB 153.655 million as of December 31, 2024, primarily due to a reduction in transferable bank time deposits Financial Assets at Fair Value Through Profit or Loss Breakdown | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Transferable Bank Time Deposits | 53,231 | 138,522 | | Wealth Management Products | 14,954 | 15,133 | | **Total** | **68,185** | **153,655** | - Transferable bank time deposits are primarily used for short-term cash management and will be sold in the secondary market within one year based on cash needs[102](index=102&type=chunk) [10 Trade and Other Payables](index=32&type=section&id=10%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables were RMB 35.872 million, a decrease from RMB 56.394 million as of December 31, 2024, mainly due to reduced trade payables and other payables Trade and Other Payables Breakdown | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables (within one year) | 26,640 | 34,933 | | Trade Payables (over one year) | 338 | 190 | | Accrued Staff Costs | 2,416 | 3,958 | | Taxes Payable | 312 | 429 | | Other Payables and Accrued Expenses | 6,166 | 16,884 | | **Total** | **35,872** | **56,394** | - All trade and other payables are expected to be settled or repaid on demand within one year[104](index=104&type=chunk) [11 Interest-Bearing Borrowings](index=33&type=section&id=11%20%E8%A8%88%E6%81%AF%E5%80%9F%E6%AC%BE) As of June 30, 2025, total interest-bearing borrowings were RMB 75.059 million, a decrease from RMB 100.003 million as of December 31, 2024; all borrowings are unsecured and due within one year Interest-Bearing Borrowings Breakdown | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Loans | 75,059 | 91,582 | | Letter of Credit Financing | – | 8,421 | | **Total** | **75,059** | **100,003** | - As of June 30, 2025, all the above interest-bearing borrowings are unsecured, accounted for at amortized cost, and will be settled within one year[105](index=105&type=chunk) [12 Capital, Reserves and Dividends](index=33&type=section&id=12%20%E8%B3%87%E6%9C%AC%E3%80%81%E5%84%B2%E5%82%99%E5%8F%8A%E8%82%A1%E6%81%AF) The company completed its H-share listing in May 2025, issuing 19,284,000 new H-shares for gross proceeds of approximately RMB 275.924 million, with RMB 19.284 million credited to share capital and the premium to capital reserve; no dividends were proposed this period, and the RSU plan continues to incentivize employees [(a) Share Capital and Capital Reserve](index=33&type=section&id=(a)%20%E8%82%A1%E6%9C%AC%E5%8F%8A%E8%B3%87%E6%9C%AC%E5%84%B2%E5%82%99) In May 2025, the company issued 19,284,000 new H-shares at HK$15.60 each through an IPO on HKEX, generating gross proceeds of approximately RMB 275.924 million, with RMB 19.284 million credited to share capital and RMB 234.795 million to capital reserve - In **May 2025**, the company issued **19,284,000 new H-shares** at a price of **HK$15.60** per share through an initial public offering on The Stock Exchange of Hong Kong Limited[106](index=106&type=chunk) - The gross proceeds from the offering amounted to **HK$300,823,000** (equivalent to approximately **RMB 275.924 million**), of which **RMB 19.284 million** was credited to share capital, and the corresponding premium of **RMB 234.795 million** was recognized in capital reserve[106](index=106&type=chunk) [(b) Dividends](index=33&type=section&id=(b)%20%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the company's directors did not recommend the payment of any dividends - For the six months ended June 30, 2025, the company's directors did not recommend the payment of any dividends (for the six months ended June 30, 2024: nil)[107](index=107&type=chunk) [(c) Equity-Settled Share-Based Transactions](index=33&type=section&id=(c)%20%E4%BB%A5%E6%AC%8A%E7%9B%8A%E7%B5%90%E7%AE%97%E4%BB%A5%E8%82%A1%E4%BB%BD%E7%82%BA%E5%9F%BA%E7%A4%8E%E7%9A%84%E4%BA%A4%E6%98%93) The company implements a Restricted Share Unit (RSU) scheme to incentivize employees, incorporating service and non-market performance conditions; for the six months ended June 30, 2025, equity-settled share-based payment expenses of RMB 42.572 million were recognized - The company has adopted a Restricted Share Unit (RSU) scheme to provide incentives to eligible employees of the Group, which includes certain service conditions and non-market performance conditions[108](index=108&type=chunk) - Certain terms and conditions of the scheme were revised in **February 2024**, changing the implicit service period to **12 months** after the completion date of the initial public offering[108](index=108&type=chunk) Restricted Share Unit Movement | Item | 2025 (Number of Company's Shares) | 2024 (Number of Company's Shares) | | :--- | :--- | :--- | | Beginning of Period | 29,175,230 | 25,244,458 | | Granted | – | 11,356,166 | | Forfeited | – | (97,737) | | Cancelled | – | (7,327,657) | | End of Period | 29,175,230 | 29,175,230 | - The Group recognized equity-settled share-based payment expenses of **RMB 42.572 million** for the six months ended June 30, 2025[110](index=110&type=chunk) [Definitions](index=35&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used in the report to ensure a clear understanding of its content [Glossary](index=38&type=section&id=%E8%A9%9E%E5%BD%99%E8%A1%A8) This section provides explanations for medical and biotechnology-related professional terms used in the report, including drug mechanisms of action, disease names, and clinical trial stages