中期報告 2025 INTERIM REPORT 2025 | | | | | | 第一節 重要提示 2 1.1 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任 。 1.2 本公司董事長朱欣光、主管會計工作負責人劉可佳及會計機構負責人(會計主管人員) 林彬聲明：保證本半年度報告中財務報告的真實、準確、完整。 1.3 本報告經二零二五年八月二十七日召開的十屆十五次董事會會議審議並批准。所有董 事均已出席審議本報告的董事會會議。 1.4 本集團按照《中國企業會計準則》和《國際財務報告準則》編製截至二零二五年六月 三十日止六個月業績未經審計。本公司董事會審核（審計）委員會已審閱並確認本公 司二零二五年半年度業績。審核（審計）委員會同意本公司截至二零二五年六月三十 日止六個月的未經審計半年度帳目所采納的財務會計原則、準則及方法。 1.5 本公司計劃不派發現金紅利，不送紅股，不以公積金轉增股本。 1.6 按照國際財務報告準則編製的綜合營業額為人民幣7,729萬元。 1.7 本公司股權持有人應佔虧損為人民幣516萬元。 ...

中證國際有限公司 (於百慕達註冊成立之有限公司) (股份代號: 943) 2024/2025 年 報 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 董事報告書 | 3 | | 董事及高級管理人員之履歷資料 | 5 | | 管理層討論及分析 | 9 | | 企業管治報告 | 22 | | 董事會報告書 | 33 | | 獨立核數師報告書 | 41 | | 綜合損益及其他全面收益表 | 48 | | 綜合財務狀況表 | 50 | | 綜合權益變動表 | 52 | | 綜合現金流量表 | 53 | | 綜合財務報表附註 | 55 | | 五年財務概要 | 130 | 中證國際有限公司 | 二零二四年╱二零二五年年報 1 公司資料 董事 執行董事 譚立維先生 （副主席） 劉力揚先生 非執行董事 Lim Kim Chai先生，太平紳士 獨立非執行董事 侯志傑先生 梁志雄先生 李漢權先生 楊紉桐女士 審核委員會 李漢權先生 （主席） 侯志傑先生 梁志雄先生 楊紉桐女士 中匯安達會計師事務所有限公司 香港 九龍九龍灣 宏照道38號 企業廣場五期2座23樓 恒生銀行有限公司 香港上海滙豐銀 ...

於開曼群島註冊成立之有限公司 股票代號：00953 中期報告 20 25 Incorporated in the Cayman Islands with limited liability Stock Code: 00953 INTERIM REPORT 20 25 | 目錄 | | | --- | --- | | 公司資料 | 2 | | 財務摘要 | 5 | | 管理層討論與分析 | 6 | | 其他資料 | 13 | | 獨立審閱報告 | 17 | | 簡明綜合損益表 | 18 | | 簡明綜合損益及其他全面收入表 | 19 | | 簡明綜合財務狀況表 | 20 | | 簡明綜合權益變動表 | 21 | | 簡明綜合現金流量表 | 22 | | 簡明綜合財務報表附註 | 23 | 公司資料 董事會 主席及非執行董事 黎瑞剛先生 執行董事 樂易玲小姐 顧炯先生 非執行董事 許濤先生， 太平紳士 獨立非執行董事 龐鴻先生 潘國興先生 司徒惠玲小姐 葛俊先生 董事委員會 執行委員會 樂易玲小姐（委員會主席） 許濤先生， 太平紳士 顧炯先生 審核委員會 潘國興先生（委員會主席） 龐鴻先生 司徒惠玲小姐 葛俊先生 ...

2025 Interim Report 中期報告 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Definitions | 釋義 | 6 | | Management Discussion and Analysis | 管理層討論及分析 | 10 | | Corporate Governance and Other Information | 企業管治及其他資料 | 37 | | Report on Review of Interim Condensed Consolidated Financial Statements | 中期簡明綜合財務報表審閱報告 | 48 | | Interim Condensed Consolidated Statement of Profit or Loss | 中期簡明綜合損益表 | 50 | | Interim Condensed Consolidated Statement of Comprehensive Income | 中期簡明綜合全面收入表 | 51 | | Interi ...

北京華昊中天生物醫藥股份有限公司 Beijing Biostar Pharmaceuticals Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2 5 6 3 2025中期報告 Beijing Biostar Pharmaceuticals Co., Ltd. 北京華昊中天生物醫藥股份有限公司 INTERIM REPORT 2025 中期報告 北京華昊中天生物醫藥股份有限公司 Beijing Biostar Pharmaceuticals Co., Ltd. INTERIM REPORT 2025 (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code: 2563 | | | | 公司資料 | 02 | | --- | --- | | 財務摘要 | 04 | | 管理層討論及分析 | 05 | | 企業管治及其他補充資料 | 22 | | 合併資產負債表 | 30 | | 合併利潤表 | 34 | | 合併所有者權益變動表 | ...

中期報告2025 Interim Report 2025 2025 Interim Report 中期報告 C M Y CM MY CY CMY K ai1758808494357_GOGOX IR2025 Cover V07_8.5MM_OP.pdf 1 25/9/2025 下午9:54 目錄 2 公司簡介 3 公司資料 5 財務摘要 6 管理層討論與分析 16 其他資料 29 未經審計簡明合併中期全面收益表 31 未經審計簡明合併中期資產負債表 33 未經審計簡明合併中期權益變動表 35 未經審計簡明合併中期現金流量表 36 未經審計簡明合併中期財務報表附註 62 釋義 2025 中期報告 2 公司簡介 我們是亞洲主要的線上同城物流平台。我們的使命是利用科技讓同城物流更簡單。我們致力為社會公益和可持續發展提供 以技術為動力、以用戶為中心的物流解決方案。我們在亞洲六個國家及地區（即中國內地、香港、新加坡、韓國、印度及越 南）的370多個城市開展業務，並在線上同城物流領域擁有及經營兩個獲高度認可及值得信賴的品牌：中國內地的快狗打車 及亞洲其他國家和地區的GOGOX。 3 快狗打车控股有限公司 公司資料 董事 ...

2025 中報 2025 Interim Report 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 管理層討論及分析 | | 16 | 其他資料 | | 26 | 中期簡明綜合損益及其他全面收益表 | | 27 | 中期簡明綜合財務狀況表 | | 29 | 中期簡明綜合權益變動表 | | 30 | 中期簡明綜合現金流量表 | | 32 | 中期簡明綜合財務資料附註 | | 45 | 釋義 | 1 上海百心安生物技術股份有限公司 二零二四年年報 公司資料 董事會 執行董事 汪立先生 （董事長、首席執行官兼總經理） 王雲磬先生 （首席財務官、董事會秘書兼聯席公司秘書） 王佩麗女士 獨立非執行董事 陳軼青先生 魯旭波先生 蔣一斐先生 審核委員會 陳軼青先生 （主席） 魯旭波先生 蔣一斐先生 薪酬委員會 魯旭波先生 （主席） 陳軼青先生 蔣一斐先生 提名委員會 蔣一斐先生 （主席） 魯旭波先生 王佩麗女士 （於2025年3月28日任命） 汪立先生 （2025年3月28日起不再擔任成員） 監事 蔡濤先生 （主席） 朱磊先生 王君毅先生 聯席公司秘書 王雲磬先生 郭兆 ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Management](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E7%AE%A1%E7%90%86%E5%B1%A4) This section discloses the composition of the company's Board of Directors (including executive, non-executive, and independent non-executive directors), Supervisory Committee, and various committees (Audit, Nomination, Remuneration and Appraisal, Strategy) - The Board of Directors includes executive directors Dr. WANG QINGHUA (Chairman), Ms. JIANG Fan, Ms. XU Wenjie, Mr. HUANG Bing; non-executive directors Mr. HO KYUNG SHIK, Mr. HENG Lei; and independent non-executive directors Mr. TAO Wuping, Dr. SONG Ruilin, Mr. CHEN Xiangrong[4](index=4&type=chunk) - The Supervisory Committee members include Mr. LE Jianjun, Dr. LI Yuanpeng, and Ms. SHAO Anna[4](index=4&type=chunk) - Mr. CHEN Xiangrong chairs the Audit Committee, Dr. WANG QINGHUA chairs the Nomination Committee, Mr. TAO Wuping chairs the Remuneration and Appraisal Committee, and Dr. WANG QINGHUA chairs the Strategy Committee[4](index=4&type=chunk) [Registration and Contact Information](index=3&type=section&id=%E6%B3%A8%E5%86%8C%E5%8A%9E%E4%BA%8B%E5%A4%84) This section provides detailed contact information including the company's registered office, headquarters and principal place of business in China, principal place of business in Hong Kong, compliance adviser, legal advisers, auditor, H Share registrar, principal bankers, stock code, and company website - The registered office and principal place of business in China are both located at Room 409, Block H, Creative Building, Self-numbered No. 2 Tengfei 2nd Street, Sino-Singapore Guangzhou Knowledge City, Huangpu District, Guangzhou, Guangdong Province, China[4](index=4&type=chunk) - The principal place of business in Hong Kong is located at 40/F, Dah Sing Financial Centre, 248 Queen's Road East, Wan Chai, Hong Kong[4](index=4&type=chunk) - The auditor is Ernst & Young, and the H Share registrar is Tricor Investor Services Limited[5](index=5&type=chunk) - The company's stock code is **2591**, and its website is www.innogenpharm.com[5](index=5&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Key Financial Data](index=5&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81%E8%A1%A8%E6%A0%BC) For the six months ended June 30, 2025, the company recorded its first revenue of **RMB 56,446 thousand**, but loss for the period expanded to **RMB 122,470 thousand**, primarily due to increased R&D and selling expenses, with net assets decreasing from the end of 2024 Key Financial Data for the Six Months Ended June 30, 2025 (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 56,446 | – | N/A | | Cost of sales | (5,956) | – | N/A | | Gross profit | 50,490 | – | N/A | | Other income and gains | 5,242 | 12,104 | -56.69% | | R&D expenses | (99,082) | (51,905) | +90.89% | | Administrative expenses | (31,555) | (30,098) | +4.84% | | Selling and distribution expenses | (44,038) | – | N/A | | Loss before tax | (122,470) | (75,275) | +62.69% | | Loss for the period | (122,470) | (75,275) | +62.69% | Balance Sheet Summary as of June 30, 2025 and December 31, 2024 (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 81,805 | 95,585 | -14.32% | | Current assets | 857,088 | 839,215 | +2.13% | | Non-current liabilities | 14,456 | 72 | +19977.78% | | Current liabilities | 241,718 | 138,257 | +74.84% | | Net assets | 682,719 | 796,471 | -14.30% | [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Since its establishment, the company has focused on drug pipelines for diabetes and other metabolic diseases, with its core product, Isepaglutide α, approved and commercialized in China, while actively pursuing global expansion and multi-indication clinical trials - Since its establishment in 2014, the company has built a pipeline of drug candidates for diabetes and other metabolic diseases, with **Isepaglutide α** as its core product[7](index=7&type=chunk) - Isepaglutide α was approved in China in January 2025 for the treatment of Type 2 Diabetes (T2D) and commercialized in February 2025[7](index=7&type=chunk)[11](index=11&type=chunk) - Isepaglutide α received BLA approval in Macau in June 2025, with BLA applications submitted in Southeast Asian countries and planned submissions in Latin America in the second half of the year[8](index=8&type=chunk)[11](index=11&type=chunk) - Phase IIb/III clinical trials for Isepaglutide α in obesity and overweight started in China in March 2025, expected to complete in Q4 2026; Phase II clinical trials commenced in Australia in August 2025 with the first patient enrolled[8](index=8&type=chunk)[12](index=12&type=chunk) - IND for Isepaglutide α in MASH was approved by FDA (March 2023) and NMPA (March 2025), with plans to initiate multi-center Phase IIa clinical trials in the US and China in 2026[8](index=8&type=chunk)[14](index=14&type=chunk) - Early-stage pipeline includes YN014 (AD), YN401 (T1D/T2D), YN209 (MASH), YN203 (T2D), and YN202 (obesity and overweight), all in IND preparation or submission phase, with IND applications expected in 2025-2026[8](index=8&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Financial Review](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the company achieved its first revenue of **RMB 56.4 million**, primarily from Isepaglutide α sales, with a **gross margin of 89.4%**, but increased R&D and selling and distribution expenses led to an expanded loss for the period - For the six months ended June 30, 2025, the company's revenue was **RMB 56.4 million**, primarily from the sales of Isepaglutide α in the Chinese market[21](index=21&type=chunk) - Cost of sales was **RMB 6.0 million**, gross profit was **RMB 50.5 million**, and the **gross margin was 89.4%**, mainly because manufacturing costs prior to commercial launch were recognized as R&D expenses[22](index=22&type=chunk)[23](index=23&type=chunk) Details of Other Income and Gains (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total other income and gains | 5,242 | 12,104 | -56.69% | | Of which: Gain on termination of lease contracts | – | 4,152 | -100% | | Investment income from financial assets | 3,169 | 5,418 | -41.51% | - R&D expenses increased by **90.89%** from **RMB 51.9 million** in the same period of 2024 to **RMB 99.1 million** in 2025, primarily due to increased raw material costs for Isepaglutide α production process improvements and CRO fees for clinical trials[28](index=28&type=chunk) - Administrative expenses remained relatively stable, increasing from **RMB 30.1 million** in the same period of 2024 to **RMB 31.6 million** in 2025[30](index=30&type=chunk) - Selling and distribution expenses increased from zero in the same period of 2024 to **RMB 44.0 million** in 2025, mainly due to marketing and promotion and the expansion of the commercialization team after the launch of Isepaglutide α[31](index=31&type=chunk) - Other expenses decreased from **RMB 4.5 million** in the same period of 2024 to **RMB 3.1 million** in 2025, primarily due to losses from the disposal of pilot production facilities and equipment in 2024, while in 2025 mainly due to impairment losses on prepayments and donations[32](index=32&type=chunk) - Finance costs decreased from **RMB 0.9 million** in the same period of 2024 to **RMB 0.4 million** in 2025, mainly due to reduced interest expenses on lease liabilities after the termination of the Shanghai factory lease[33](index=33&type=chunk) [Liquidity and Capital Resources](index=13&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's net current assets decreased due to increased current liabilities, particularly trade payables, leading to a higher gearing ratio and a significant increase in interest-bearing bank borrowings to support operations - Net current assets decreased from **RMB 701.0 million** as of December 31, 2024, to **RMB 615.4 million** as of June 30, 2025, primarily due to an increase in current liabilities[34](index=34&type=chunk) - Current liabilities increased from **RMB 138.3 million** as of December 31, 2024, to **RMB 241.7 million** as of June 30, 2025, mainly due to increased payables for CDMO production and process improvement services[34](index=34&type=chunk) - As of June 30, 2025, the gearing ratio was approximately **27%**, higher than **15%** as of December 31, 2024[35](index=35&type=chunk) - Interest-bearing bank borrowings increased from **RMB 9.9 million** as of December 31, 2024, to **RMB 40.0 million** as of June 30, 2025, primarily from new commercial bank borrowings[36](index=36&type=chunk) - As of June 30, 2025, the company had no significant investments, no major mergers and acquisitions, no contingent liabilities, and capital commitments of **RMB 28.2 million**[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company faces foreign exchange risk, but currently has no hedging policy, and management will continue to monitor it[43](index=43&type=chunk) [Employee Remuneration and Relationships](index=14&type=section&id=%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC%E5%8F%8A%E9%97%9C%E4%BF%82) As of June 30, 2025, the company had 105 employees, with total remuneration costs significantly increasing due to the expansion of the commercialization team, emphasizing talent recruitment, training, competitive compensation, and equity incentives - As of June 30, 2025, the Group had **105 employees**, with total remuneration costs significantly increasing to **RMB 45.7 million** from **RMB 28.6 million** in the same period, primarily due to the expansion of the commercialization team[44](index=44&type=chunk) - The commercialization team comprises **84 members**, including **39 internal staff** and **45 outsourced team members**[44](index=44&type=chunk) - The company enters into individual employment contracts with employees covering salaries, bonuses, benefits, confidentiality obligations, and intellectual property ownership, also offering equity incentives and promotion opportunities[45](index=45&type=chunk) [Post-Reporting Period Events and Future Developments](index=15&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-reporting period, the company's H shares were listed on the HKEX Main Board on August 15, 2025, with net proceeds of approximately HKD 634.7 million, which will be used to advance Isepaglutide α's global expansion, multi-indication clinical development, and inclusion in the National Medical Insurance Drug List - On August 15, 2025, the company's H shares were listed on the Main Board of the Stock Exchange, with a global offering of **36,556,400 H shares** at an offer price of **HKD 18.68 per share**[46](index=46&type=chunk)[48](index=48&type=chunk) - The net proceeds from the global offering were approximately **HKD 634.7 million**, to be used for the purposes stated in the prospectus, with no changes to the intended use[48](index=48&type=chunk)[49](index=49&type=chunk) - Looking ahead to the second half of 2025, the company plans to actively advance the global expansion of Isepaglutide α for T2D treatment, progress its clinical development for obesity and overweight indications, and continue efforts for its inclusion in the National Medical Insurance Drug List[47](index=47&type=chunk) - The Board does not recommend the payment of an interim dividend for the interim report[50](index=50&type=chunk) [Corporate Governance and Other Information](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Compliance with Corporate Governance Code](index=17&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has adopted and complied with the Corporate Governance Code since its listing date, with the Chairman and CEO roles held by Dr. WANG QINGHUA, an arrangement the Board believes enhances strategic planning and decision-making efficiency - The company has adopted and complied with the principles and code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules since its listing date[51](index=51&type=chunk) - Dr. WANG QINGHUA serves concurrently as the Chairman and General Manager of the company, an arrangement the Board believes ensures internal leadership consistency and efficiency in strategic planning and implementation[51](index=51&type=chunk) [Standard Securities Dealing Code for Directors and Supervisors](index=17&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%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) Since its listing date, the company has adopted a code of conduct no less stringent than the Standard Code, confirming that all directors and supervisors have complied with it - The company has adopted the Standard Code and established a code of conduct no less stringent than the Standard Code to regulate securities dealings by directors, supervisors, and relevant employees since its listing date[53](index=53&type=chunk) - Following inquiry, all directors and supervisors confirmed their continuous compliance with the code of conduct since the listing date[54](index=54&type=chunk) [Disclosure of Interests of Directors, Supervisors and Chief Executive](index=18&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E5%9C%A8%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E4%B9%8B%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, H shares were not yet listed, but disclosed Dr. WANG QINGHUA's beneficial ownership, controlled corporate interests, and joint interests in the company's unlisted shares and H shares, totaling approximately **33.19%** of the total issued share capital - As of June 30, 2025, H shares were not yet listed, thus Part XV of the Securities and Futures Ordinance was not applicable[56](index=56&type=chunk) Dr. WANG QINGHUA's Shareholding (as of the date of this Interim Report) | Nature of Interest | Class of Shares | Number of Shares (L) | Approximate Percentage of Shareholding in Relevant Class | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Beneficial Owner | Unlisted Shares | 9,243,911 | 25.30% | 10.12% | | | H Shares | 36,975,645 | 8.80% | | | Interest in Controlled Corporation | Unlisted Shares | 15,624,993 | 42.77% | 17.10% | | | H Shares | 62,499,977 | 14.87% | | | Jointly Held Interest with Another Person | Unlisted Shares | 5,450,720 | 14.92% | 5.97% | | | H Shares | 21,802,880 | 5.19% | | - Dr. WANG QINGHUA, through beneficial ownership, controlled corporate interests, and acting-in-concert agreements, collectively holds approximately **33.19%** (10.12% + 17.10% + 5.97%) of the company's total issued share capital[56](index=56&type=chunk)[59](index=59&type=chunk) [Disclosure of Interests of Substantial Shareholders](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section discloses substantial shareholders, excluding directors, supervisors, and the chief executive, holding 5% or more of the company's shares or related shares, including various investment entities and individuals - As of June 30, 2025, H shares were not yet listed on the Stock Exchange, therefore the provisions of Part XV of the Securities and Futures Ordinance were not applicable to the company[58](index=58&type=chunk) Substantial Shareholders' Shareholding (as of the date of this Interim Report) | Name / Designation | Nature of Interest | Class of Shares | Number of Shares1 | Approximate Percentage of Shareholding in Relevant Class2 | Approximate Percentage of Total Issued Share Capital3 | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Innogen Pharmaceutical Technology Co., Ltd. | Beneficial Owner | Unlisted Shares | 2,550,044 (L) | 6.98% | 2.79% | | Hong Kong Yiyun Pharmaceutical Technology Co., Ltd. | Beneficial Owner | Unlisted Shares | 5,450,720 (L) | 14.92% | 5.97% | | Shanghai Nuotang Biotechnology Co., Ltd. | Interest in Controlled Corporation | Unlisted Shares | 13,074,949 (L) | 35.79% | 14.31% | | Jingde (Guangzhou) Equity Investment Partnership (Limited Partnership) | Beneficial Owner | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | KIP KIS SEA-CHINA Fund | Interest in Controlled Corporation | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | KOREA INVESTMENT & SECURITIES Co., Ltd | Interest in Controlled Corporation | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | Korea Investment Partners (Shanghai) Venture Capital Management Co., Ltd. | Interest in Controlled Corporation | H Shares | 41,731,556 (L) | 9.93% | 9.14% | | KOREA INVESTMENT PARTNERS Co., Ltd. | Interest in Controlled Corporation | H Shares | 41,731,556 (L) | 9.93% | 9.14% | | KOREA INVESTMENT HOLDINGS Co., Ltd. | Interest in Controlled Corporation | H Shares | 41,731,556 (L) | 9.93% | 9.14% | | Cowin China Growth Fund II, L.P. | Beneficial Owner | H Shares | 26,556,444 (L) | 6.32% | 5.81% | | ZHENG Weihe | Interest in Controlled Corporation | H Shares | 43,971,131 (L) | 10.46% | 9.63% | | HUANG Li | Interest in Controlled Corporation | H Shares | 43,971,131 (L) | 10.46% | 9.63% | | Palace Investments Pte. Ltd. | Beneficial Owner | H Shares | 25,344,931 (L) | 6.03% | 5.55% | | Temasek Holdings (Private) Limited | Interest in Controlled Corporation | H Shares | 25,344,931 (L) | 6.03% | 5.55% | | Guangzhou Industrial Investment Biomedical and Health Special Parent Fund Partnership (Limited Partnership) | Beneficial Owner | H Shares | 22,594,783 (L) | 5.38% | 4.95% | | Guangzhou Industrial Investment Holding Group Co., Ltd. | Interest in Controlled Corporation | H Shares | 22,594,783 (L) | 5.38% | 4.95% | | CICC Qide (Xiamen) Innovative Biomedical Venture Capital Partnership (Limited Partnership) | Beneficial Owner | Unlisted Shares | 2,353,008 (L) | 6.44% | 0.52% | | Henan Provincial Department of Finance | Interest in Controlled Corporation | Unlisted Shares | 2,353,008 (L) | 6.44% | 0.52% | | Jiangsu Taizhou Everbright Industrial Investment Partnership (Limited Partnership) | Beneficial Owner | Unlisted Shares | 2,413,342 (L) | 6.61% | 0.53% | | China Everbright Limited | Interest in Controlled Corporation | Unlisted Shares | 2,413,342 (L) | 6.61% | 0.53% | [Public Float](index=26&type=section&id=%E8%B6%B3%E5%A4%A0%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) As of September 26, 2025, the company maintained a sufficient public float as required by the Listing Rules - As of September 26, 2025, the company maintained a sufficient public float of at least **25%** as required by the Listing Rules[71](index=71&type=chunk) [Audit Committee Review](index=27&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the unaudited interim financial information for the reporting period and deemed it compliant with relevant accounting standards and regulations - The Audit Committee has reviewed the unaudited interim financial information for the reporting period and the accounting principles and practices adopted by the Group as set out in this interim report[72](index=72&type=chunk) - The Audit Committee is of the opinion that the Group's unaudited interim financial information for the reporting period complies with relevant accounting standards, laws, and regulations[72](index=72&type=chunk) [Dealings in Listed Securities](index=27&type=section&id=%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) From the listing date to the date of this interim report, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, nor held any treasury shares - From the listing date to the date of this interim report, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[73](index=73&type=chunk) - From the listing date to the date of this interim report, the company held no treasury shares[74](index=74&type=chunk) [Interests in Competing Business](index=27&type=section&id=%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E7%9A%84%E6%AC%8A%E7%9B%8A) From the company's H share listing date to the date of this interim report, no director or supervisor had any disclosable direct or indirect interest in any business competing or likely to compete with the Group's business - From the company's H share listing date to the date of this interim report, no director or supervisor had any disclosable direct or indirect interest in any business competing or likely to compete with the Group's business[75](index=75&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%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%E5%85%A5%E8%A1%A8) [Profit or Loss Statement Overview](index=28&type=section&id=%E6%8D%9F%E7%9B%8A%E8%A1%A8%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, the company recorded its first revenue of **RMB 56,446 thousand**, but due to significant increases in R&D, selling, and distribution expenses, the loss for the period expanded to **RMB 122,470 thousand** Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 56,446 | – | N/A | | Cost of sales | (5,956) | – | N/A | | Gross profit | 50,490 | – | N/A | | Other income and gains | 5,242 | 12,104 | -56.69% | | R&D expenses | (99,082) | (51,905) | +90.89% | | Administrative expenses | (31,555) | (30,098) | +4.84% | | Selling and distribution expenses | (44,038) | – | N/A | | Loss before tax | (122,470) | (75,275) | +62.69% | | Loss for the period | (122,470) | (75,275) | +62.69% | | Loss per share attributable to ordinary equity holders of the parent (RMB) | (0.29) | (0.18) | +61.11% | [Interim Condensed Consolidated Statement of Financial Position](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Balance Sheet Overview](index=29&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%A6%82%E8%A7%88) As of June 30, 2025, total assets slightly increased, but current and non-current liabilities significantly rose, leading to a decrease in net assets, while cash and cash equivalents remained stable Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 81,805 | 95,585 | -14.32% | | Current assets | 857,088 | 839,215 | +2.13% | | **Total assets** | **938,893** | **934,800** | **+0.44%** | | Non-current liabilities | 14,456 | 72 | +19977.78% | | Current liabilities | 241,718 | 138,257 | +74.84% | | **Total liabilities** | **256,174** | **138,329** | **+85.19%** | | Net assets | 682,719 | 796,471 | -14.30% | | Cash and cash equivalents | 538,292 | 526,511 | +2.24% | [Interim Condensed Consolidated Statement of Changes in Equity](index=30&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Equity Changes Overview](index=30&type=section&id=%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E6%A6%82%E8%A7%88) As of June 30, 2025, the company's total equity decreased to **RMB 682,719 thousand** due to the loss for the period and share-based payments Interim Condensed Consolidated Statement of Changes in Equity (RMB thousand) | Metric | June 30, 2025 | January 1, 2024 | Change | | :--- | :--- | :--- | :--- | | Total equity at beginning of period | 796,471 | 705,125 | +12.95% | | Total comprehensive loss for the period | (122,470) | (75,275) | +62.69% | | Equity-settled share-based payments recognized | 8,718 | 4,764 | +83.00% | | Shares issued | – | 250,000 | -100% | | Total equity at end of period | 682,719 | 884,614 | -22.82% | [Interim Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Cash Flow Overview](index=31&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E6%A6%82%E8%A7%88) For the six months ended June 30, 2025, net cash used in operating activities was **RMB 86,852 thousand**, net cash generated from investing activities was **RMB 72,342 thousand**, net cash generated from financing activities was **RMB 26,478 thousand**, resulting in a net increase in cash and cash equivalents of **RMB 11,968 thousand** at period-end Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (86,852) | (80,052) | +8.50% | | Net cash generated from investing activities | 72,342 | 137,477 | -47.40% | | Net cash generated from financing activities | 26,478 | 247,322 | -89.29% | | Net increase in cash and cash equivalents | 11,968 | 304,747 | -96.07% | | Cash and cash equivalents at end of period | 538,292 | 462,651 | +16.35% | [Notes to the Interim Condensed Consolidated Financial Information](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Company Information and Basis of Preparation](index=33&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) The company, established in China in 2014, primarily engages in pharmaceutical product R&D and commercialization, with its H shares listed on the HKEX Main Board on August 15, 2025. The interim financial information is prepared in accordance with HKAS 34 and newly adopted revised HKFRSs, with no significant impact - The company was established in China on December 5, 2014, primarily engaged in pharmaceutical product research and development and commercialization[81](index=81&type=chunk)[82](index=82&type=chunk) - The company's H shares were listed on the Main Board of the Stock Exchange on August 15, 2025[83](index=83&type=chunk) - The interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 and newly adopted revised Hong Kong Financial Reporting Standards, with no significant impact on the financial information[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Operating Segments and Geographical Information](index=34&type=section&id=3.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The company operates as a single operating segment, focusing solely on pharmaceutical sales, and does not present geographical information as almost all non-current assets and revenue are derived from China - The Group's business is solely the sale of pharmaceutical products, and the chief operating decision-maker reviews overall performance, thus there is only a single operating segment[87](index=87&type=chunk) - Almost all non-current assets and all revenue are derived from China, therefore no geographical information is presented[88](index=88&type=chunk) [Details of Revenue, Other Income and Gains](index=34&type=section&id=4.%20%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the company recorded its first revenue from customer contracts of **RMB 56,446 thousand**, entirely from mainland China pharmaceutical sales, while total other income and gains decreased by **56.69%** year-on-year due to lower gain on lease termination and investment income in 2024 Revenue Details (RMB thousand) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Revenue from contracts with customers | 56,446 | – | | Sales of pharmaceutical products | 56,446 | – | | Mainland China | 56,446 | – | Details of Other Income and Gains (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Investment income from financial assets at fair value through profit or loss | 3,169 | 5,418 | -41.51% | | Bank interest income | 1,892 | 1,848 | +2.38% | | Gain on termination of lease contracts | – | 4,152 | -100% | | Total other income and gains | 5,242 | 12,104 | -56.69% | [Details of Other Expenses](index=35&type=section&id=5.%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) Other expenses decreased from **RMB 4,503 thousand** in the same period of 2024 to **RMB 3,102 thousand** in 2025, primarily due to losses from the disposal of property and equipment in 2024, while 2025 mainly saw impairment losses on prepayments and donations Details of Other Expenses (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Impairment losses, net of reversal | 1,574 | 45 | +3400% | | Loss on disposal of property and equipment | – | 4,451 | -100% | | Donations | 1,341 | – | N/A | | Total | 3,102 | 4,503 | -31.11% | [Components of Loss Before Tax](index=36&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) Loss before tax was primarily influenced by depreciation and amortization, lease-related expenses, listing expenses, exchange losses, and significantly increased employee benefit expenses Components of Loss Before Tax (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,337 | 1,282 | +4.29% | | Amortisation of intangible assets | 2,225 | 6,079 | -63.40% | | Depreciation of right-of-use assets | 560 | 2,248 | -75.00% | | Interest on lease liabilities | 149 | 858 | -82.63% | | Listing expenses | 9,794 | – | N/A | | Total employee benefit expenses | 45,690 | 28,551 | +60.03% | | Of which: Share-based payment expenses | 8,718 | 4,764 | +83.00% | [Details of Finance Costs](index=36&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs decreased by **51.20%** year-on-year, mainly due to a significant reduction in interest on lease liabilities, while interest on bank and other borrowings increased Details of Finance Costs (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 276 | 15 | +1740% | | Interest on lease liabilities | 149 | 858 | -82.63% | | Total | 425 | 873 | -51.20% | [Income Tax and Dividends](index=37&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85) The company's Chinese subsidiaries are subject to a 25% corporate income tax rate, with no income tax expense recognized during the reporting period, and no dividends paid or declared - The corporate income tax rate for Chinese subsidiaries is **25%**[94](index=94&type=chunk) - No income tax expense was recognized during the reporting period[76](index=76&type=chunk) - The company neither paid nor declared any dividends for the six months ended June 30, 2025[95](index=95&type=chunk) [Loss Per Share](index=37&type=section&id=10.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share was **RMB 0.29**, an increase from **RMB 0.18** in the same period of 2024 Loss Per Share Calculation (RMB/share) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Loss attributable to ordinary equity holders of the parent (RMB thousand) | (122,470) | (75,275) | +62.69% | | Weighted average number of ordinary shares in issue during the period (thousand shares) | 420,263 | 419,021 | +0.30% | | Basic and diluted loss per share (RMB/share) | (0.29) | (0.18) | +61.11% | - The Group had no potentially dilutive ordinary shares in issue, thus the basic loss per share amount was not adjusted[97](index=97&type=chunk) [Property, Plant and Equipment](index=37&type=section&id=11.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) During the reporting period, the company incurred **RMB 4,160 thousand** in costs for purchasing property, plant, and equipment, with no impairment losses recognized - For the six months ended June 30, 2025, the Group's cost for purchasing property, plant, and equipment was **RMB 4,160 thousand**[99](index=99&type=chunk) - No impairment losses were recognized during the reporting period[100](index=100&type=chunk) [Leases](index=38&type=section&id=12.%20%E7%A7%9F%E8%B3%83) As a lessee, the company primarily leases office buildings for 5 to 10 years, with new right-of-use assets and lease liabilities recognized during the reporting period, along with related depreciation and interest expenses - The Group has entered into lease contracts for office buildings used in its operations, with lease terms generally ranging from **5 to 10 years**[101](index=101&type=chunk) Changes in Right-of-Use Assets (RMB thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | At beginning of period | – | 36,863 | | Additions | 17,906 | – | | Depreciation expense | (560) | (2,248) | | At end of period | 17,346 | – | Changes in Lease Liabilities (RMB thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Carrying amount at beginning of period | – | 45,586 | | Additions | 17,906 | – | | Interest accretion recognized during the period | 149 | 858 | | Lease payments | (1,174) | (1,663) | | Carrying amount at end of period | 16,881 | – | [Prepayments and Other Receivables](index=39&type=section&id=13.%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) Non-current prepayments and other receivables decreased, while current prepayments and other receivables significantly increased, primarily driven by growth in recoverable VAT, supplier prepayments, and other receivables Prepayments and Other Receivables (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current total | 24,608 | 58,191 | -57.71% | | Current total (net of impairment allowance) | 77,463 | 13,300 | +482.43% | | Of which: Other receivables | 53,256 | 1,215 | +4283.13% | | Impairment allowance | (1,726) | (165) | +946.06% | [Trade Receivables](index=40&type=section&id=14.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, the company recorded its first trade receivables of **RMB 8,599 thousand**, all due within one year Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 8,599 | – | [Financial Assets at Fair Value Through Profit or Loss](index=40&type=section&id=15.%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) The company's wealth management products are mandatorily classified as financial assets at fair value through profit or loss, amounting to **RMB 150,040 thousand** as of June 30, 2025, a decrease from the end of 2024 Financial Assets at Fair Value Through Profit or Loss (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Wealth management products | 150,040 | 225,192 | -33.37% | - These wealth management products, issued by mainland Chinese banks, are mandatorily classified as financial assets at fair value through profit or loss because their contractual cash flows are not solely payments of principal and interest[105](index=105&type=chunk) [Cash and Cash Equivalents](index=40&type=section&id=16.%20%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, the company's cash and cash equivalents totaled **RMB 538,292 thousand**, a slight increase from the end of 2024, all denominated in RMB Cash and Cash Equivalents (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash at bank | 538,322 | 526,541 | +2.24% | | Pledged deposits | 30 | 30 | 0% | | Cash and cash equivalents | 538,292 | 526,511 | +2.24% | [Trade Payables](index=41&type=section&id=17.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade payables significantly increased to **RMB 136,312 thousand**, all due within one year Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Within one year | 136,312 | 91,045 | +49.72% | [Other Payables and Accruals](index=41&type=section&id=18.%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) Current other payables and accruals significantly increased, primarily due to growth in accrued meeting expenses, CSO deposits, and other payables Other Payables and Accruals (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current other payables | 72 | 72 | 0% | | Current total | 62,884 | 37,312 | +68.53% | | Of which: Accrued meeting expenses | 14,319 | – | N/A | | CSO deposits | 16,800 | – | N/A | | Other payables | 8,935 | 6,365 | +40.38% | [Interest-bearing Bank Borrowings](index=42&type=section&id=19.%20%E8%A8%88%E6%81%AF%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) Interest-bearing bank borrowings significantly increased to **RMB 40,025 thousand**, all unsecured bank loans bearing interest at **2.11% to 3.00%** per annum and repayable within one year Interest-bearing Bank Borrowings (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Unsecured bank loans | 40,025 | 9,900 | +304.29% | - The bank loans are unsecured, bear interest at an annual rate of **2.11% to 3.00%**, and are repayable within one year[110](index=110&type=chunk) [Share Capital](index=43&type=section&id=20.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital was **RMB 420,263 thousand**, consistent with the end of 2024, following a **RMB 250,000 thousand** capital injection from B+ round investors in 2024, of which **RMB 22,595 thousand** was credited to share capital Summary of Share Capital Changes (RMB thousand) | Metric | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Number of shares in issue | 420,262,949 | 397,668,166 | | Share capital | 420,263 | 397,668 | - In 2024, B+ round investors injected **RMB 250,000 thousand** into the company, of which **RMB 22,595 thousand** was credited to share capital[111](index=111&type=chunk) [Share-based Payments](index=44&type=section&id=21.%20%E8%82%A1%E4%BB%BD%E7%82%BA%E5%9F%BA%E7%A4%8E%E7%9A%84%E4%BB%98%E6%AC%BE) The company approved an employee incentive scheme in March 2023, granting restricted shares with a 25% annual vesting schedule. As of June 30, 2025, **6,064,206 restricted shares** remained unexercised, and share-based payment expenses totaled **RMB 8,718 thousand** - The employee incentive scheme was approved on March 28, 2023, granting restricted shares to promote the Group's operational success[112](index=112&type=chunk) - Restricted shares vested at a rate of **25%** on December 31, 2023, 2024, 2025, and 2026, respectively, while Dr. Wang's shares vested fully in September 2023[113](index=113&type=chunk) Changes in Restricted Shares (shares) | Metric | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Unexercised at beginning of period | 6,704,206 | 9,028,426 | | Forfeited during the period | (640,000) | (1,897,000) | | Unexercised at end of period | 6,064,206 | 6,704,206 | - For the six months ended June 30, 2025, share-based payment expenses amounted to **RMB 8,718 thousand**[114](index=114&type=chunk) [Commitments and Related Party Transactions](index=45&type=section&id=22.%20%E6%89%BF%E8%AB%BE) As of the reporting period end, the company's capital commitments totaled **RMB 28,189 thousand**, primarily for purchasing property, plant, and equipment. No related party transactions occurred during the period, but key management personnel remuneration is disclosed Contractual Commitments (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but not provided for purchase of property, plant and equipment | 28,189 | 24,893 | - During the reporting period, the Group had no transactions with related parties[116](index=116&type=chunk) Key Management Personnel Remuneration (RMB thousand) | Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Fees | 330 | 50 | +560% | | Salaries and bonuses | 4,675 | 4,031 | +16.00% | | Share-based payment expenses | 2,665 | 6,099 | -56.30% | | Total | 7,850 | 10,396 | -24.50% | [Fair Value of Financial Instruments](index=45&type=section&id=24.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%8F%8A%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E7%AD%89%E7%B4%9A) The company's wealth management products are measured at fair value through profit or loss, categorized as Level 2 in the fair value hierarchy, amounting to **RMB 150,040 thousand** as of June 30, 2025 Financial Assets Measured at Fair Value (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Wealth management products | 150,040 | 225,192 | - The fair value of wealth management products is derived using discounted cash flows based on expected rates of return, classified as Level 2 in the fair value hierarchy[106](index=106&type=chunk)[118](index=118&type=chunk) [Events After Reporting Period and Approval of Financial Statements](index=46&type=section&id=25.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The company's H shares were listed on the HKEX Main Board on August 15, 2025, and the Board approved and authorized the publication of the financial statements on August 29, 2025 - The company's H shares were listed on the Main Board of the Stock Exchange on August 15, 2025[119](index=119&type=chunk) - The Board approved and authorized the publication of the financial statements on August 29, 2025[120](index=120&type=chunk) [Definitions](index=47&type=section&id=%E9%87%8B%E7%BE%A9) [Glossary of Terms](index=47&type=section&id=%E6%9C%AF%E8%AF%AD%E5%AE%9A%E4%B9%89) This section provides definitions for key terms and abbreviations used in the report, covering professional vocabulary related to corporate governance, finance, product development, and market, ensuring clear understanding of the report content - Provides definitions for key terms and abbreviations used in the report, such as 'Audit Committee', 'Board', 'CDMO', 'Corporate Governance Code', 'China', 'Company', 'Corresponding period', 'CRO', 'CSO', 'Directors', 'Dr. Wang', 'Global Offering', 'Group', 'H Shares', 'HKD', 'HKAS', 'HKFRSs', 'Hong Kong', 'Listing', 'Listing Date', 'Listing Rules', 'Standard Code', 'Prospectus', 'Reporting Period', 'RMB', 'R&D', 'Shares', 'Shareholders', 'Stock Exchange', 'Supervisors', 'Treasury Shares', 'Unlisted Shares', and '%'[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)

浙江零跑科技股份有限公司 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 主要摘要 | 4 | | 管理層討論及分析 | 6 | | 其他資料 | 16 | | 中期財務資料的審閱報告 | 38 | | 中期簡明合併損益表 | 39 | | 中期簡明合併全面收益╱（虧損）表 | 40 | | 中期簡明合併資產負債表 | 41 | | 中期簡明合併權益變動表 | 43 | | 中期簡明合併現金流量表 | 44 | | 中期簡明合併財務資料附註 | 45 | | 釋義 | 88 | 浙江零跑科技股份有限公司 | 2025中期報告 2 公司資料 董事 執行董事 朱江明先生 （創始人、董事長兼首席執行官） 曹力先生 （高級副總裁） 周洪濤先生 （高級副總裁） 非執行董事 Grégoire Olivier先生 Douglas Ostermann先生 金宇峰先生 獨立非執行董事 付于武先生 萬家樂女士 沈林華先生 監事 姚甜芝女士 莫承銳先生 吳燁鋒先生 （於2025年6月25日辭任） 趙志定先生 （於20 ...

2025 目 錄 | 企業簡介 | 2 | | --- | --- | | 財務摘要 | 3 | | 企業資料 | 4 | | 管理層討論及分析 | 6 | | 重大收購及出售附屬公司、聯營公司及 | 18 | | 合資企業 | | | 中期股息 | 18 | | 董事之變更 | 18 | | 董事及主要行政人員於本公司或其任 | 18 | | 何相聯法團的股份、相關股份及債權 | | | 證的權益及淡倉 | | | 於本公司股份及相關股份中持有5%或 | 19 | | 以上權益的人士 | | | 購買、出售或贖回本公司上市證券 | 21 | | 遵守證券交易的標準守則 | 21 | | 企業管治 | 21 | | 遵守企業管治守則 | 21 | | 審核委員會 | 21 | | 財務資料 | 22 | 企業簡介 王 朝 是 優 質 葡 萄 酒 生 產 商，在 中 華 人 民 共 和 國（「中 國」）葡 萄 酒 市 場 具 有 歷 史 悠 久 的 地 位。全 球 首屈一指的葡萄酒及烈酒營運商Remy Cointreau，乃 自 王 朝 成 立 以 來 的 第 二 大 股 東，王 朝 秉 承 了Remy Coi ...