泰德医药(03880) - 2025 - 中期业绩

Interim Results Summary Medtide Pharmaceuticals (Zhejiang) Co., Ltd. announced its unaudited consolidated results for the six months ended June 30, 2025, showing significant growth in revenue, gross profit, profit before tax, and profit for the period Interim Results Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 253,767 | 197,457 | 28.5% | | Gross Profit | 154,954 | 107,407 | 44.3% | | Gross Margin (%) | 61.1% | 54.4% | - | | Profit Before Tax | 115,677 | 58,512 | 97.7% | | Profit for the Period | 101,999 | 50,567 | 101.7% | | Net Margin (%) | 40.2% | 25.6% | - | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, strategic initiatives, and financial results for the reporting period Business Review The company maintained business growth in H1 2025, successfully completed its global offering and listing, and expanded its global client relationships and service footprint, particularly in peptide and oligonucleotide CRDMO services Key Operating Data During the reporting period, the company maintained growth in the number of ongoing projects, particularly in CRO and CDMO (CMC development phase) projects, reflecting continuous business expansion Key Operating Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Number of ongoing projects at beginning of period | 1,549 | 1,449 | | Number of new projects obtained during period | 4,674 | 4,353 | | Number of projects completed at end of period | 4,760 | 4,424 | | Number of ongoing projects at end of period | 1,463 | 1,378 | Breakdown of Ongoing Projects at Period End | Project Type | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | CRO | 1,125 | 1,046 | | CDMO (CMC Development Phase) | 325 | 319 | | CDMO (Commercial Manufacturing Phase) | 13 | 13 | | Total | 1,463 | 1,378 | - The company successfully completed its global offering, achieving a listing milestone in June 2025[8] - The company has established stable client relationships and a service footprint in over 50 countries, offering full-lifecycle solutions for peptide synthesis, development, and production[8] - As of June 30, 2025, full-time employees totaled 520, a 14.5% year-on-year increase, to meet growing demand[8] Overall Performance of TIDES CRDMO Guided by the 'Molecule-to-Market' strategy, the TIDES CRDMO business continued to grow, with significant increases in revenue, gross profit, and net profit, alongside a steady rise in adjusted net profit TIDES CRDMO Key Financial Indicators | Indicator | Six Months Ended June 30, 2025 (RMB millions) | Six Months Ended June 30, 2024 (RMB millions) | Growth Rate (%) | | :--- | :--- | :--- | :--- | | Revenue | 253.8 | 197.5 | 28.5% | | Gross Profit | 155.0 | 107.4 | 44.3% | | Net Profit | 102.0 | 50.6 | 101.7% | | Adjusted Net Profit (Non-IFRS) | 104.1 | 90.6 | 14.9% | - The number of ongoing CDMO projects increased from 332 as of June 30, 2024, to 338 as of June 30, 2025[13] Service Scope and Market Positioning As a leading global peptide CRDMO, the company offers full-lifecycle services from early discovery to commercial production, primarily focusing on APIs rather than drug products, and strategically expanding into oligonucleotide CDMO services - The company provides CRO services (peptide NCE discovery synthesis) and CDMO services (peptide CMC development and commercial production), primarily offering APIs[14] - Stable client relationships have been established in over 50 countries, including China, the United States, Japan, Europe, South Korea, and Australia[14] - Strategically offering oligonucleotide CDMO services to clients, covering preclinical research, clinical development, and commercial production[17] Technology Platforms The company has 61 R&D employees, with approximately 40% holding master's degrees or higher, focusing on strengthening advanced synthesis methods and proprietary technology platforms to maintain a competitive edge - The R&D department comprises 61 employees, with approximately 40% holding master's degrees or higher[19] - The company masters advanced synthesis methods including solid-phase synthesis, liquid-phase synthesis, hybrid solid-liquid synthesis, and fragment condensation synthesis[19] - Proprietary technology platforms include OmniPeptSynth™ (efficient peptide synthesis), PeptiConjuX™ and PeptiNuclide LinkTech™ (custom synthesis of conjugated peptide APIs and radiopharmaceutical conjugates), GreenSynth Innovations™ (green chemistry), and Impurity Screening™ (impurity analysis)[20][23] Quality Management The company has established a high-standard quality management system with a 100-employee Quality Assurance and Quality Control department, successfully passing multiple domestic and international regulatory and client GMP inspections and audits - The Quality Assurance and Quality Control department has a total of 100 employees[21] - All client quality audits have been passed in the past five years, along with five FDA on-site GMP inspections, three other overseas regulatory inspections, and nine NMPA inspections[21] - ISO9001 and ISO13485 certifications have been obtained, and 17 regulatory and client audits were passed during the reporting period[21][22] Production Capacity The company possesses substantial peptide API production capacity, with cGMP facilities in Hangzhou Qiantang Park exceeding 500 kg annual capacity, and new expansion projects initiated, including establishing a production base in Rocklin Park, USA - The cGMP-compliant production facility in Hangzhou Qiantang Park has a total floor area exceeding 20,000 square meters, with an annual peptide API production capacity exceeding 500 kg and batch capacity exceeding 30 kg[24] - The Qiantang Park facility has the capability to produce 1 to 17 kg of oligonucleotides annually[24] - As of June 30, 2025, new expansion projects have been initiated at Rocklin Park (California) and Qiantang Park, including the installation of a 3,000-liter SPPS reactor[24] Business Development The company operates sales offices globally, strategically expanding its reach into European and Asian markets, increasing resources for oligonucleotide drug market entry, and continuously growing its client base through industry conferences and client engagement - Sales offices operate globally, with dedicated sales and marketing teams in China, the United States, and Europe[25] - Strategically expanding business scope into European and Asian markets, and increasing business development resources to enter the oligonucleotide drug market[25] - Actively participating in industry conferences such as DCAT 2025 and TIDES USA to enhance brand awareness and expand the client base[25] Outlook The company benefits from strong growth in the GLP-1 receptor agonist market, having established an extensive project pipeline with a particular focus on GLP-1, and plans to capitalize on market opportunities through capacity expansion, technology development, and generic drug pipeline construction Market Trends and Opportunities The GLP-1 receptor agonist market has seen significant sales growth, with global peptide and GLP-1 drug markets projected for continued high growth, presenting substantial opportunities for the company - In H1 2025, the GLP-1 receptor agonist market saw significant sales growth, with Novo Nordisk's semaglutide products reaching USD 16.683 billion in sales, becoming the world's top-selling drug[26] - The global peptide drug market is projected to grow from USD 89.5 billion in 2023 to USD 261.2 billion in 2032, at a CAGR of 12.6%[26] - The GLP-1 drug market is expected to grow from USD 38.9 billion in 2023 to USD 129.9 billion in 2032, at a CAGR of 14.3%[26] - As of June 30, 2025, the company's project pipeline includes 338 ongoing CDMO projects, with nine NCE GLP-1 molecule development projects conducted with seven clients[27] Future Strategy and Capacity Expansion The company plans capacity expansion in the US and China, expecting a significant increase in annual API production, while continuing to focus on advanced technology development and building a high-value generic drug product pipeline - Equipment installation at Rocklin Park (USA) is planned to commence in H2 2025, aiming for an annual peptide API production capacity of 300 kg[28] - The new expansion project at Hangzhou Qiantang Park is expected to be completed by the end of 2025, adding 500 kg of capacity, bringing Medtide Group's total annual API capacity to over 1,000 kg[28] - Plans for the next few years include building or acquiring new production facilities to increase annual API production by several additional metric tons, with batch capacity rising to 100 kg, to meet GLP-1 product demand[29] - The "Molecule-to-Market" strategy will be further implemented, with plans for CMC research on novel TIDES-related drugs such as GLP-1, PDC, RDC, and POC[29] - The company plans to continuously enhance automation in production processes and develop high-value generic drug products, actively preparing for DMF submissions[29] Financial Review During the reporting period, the company achieved significant growth in revenue, gross profit, and net profit, primarily driven by strong performance in FFS and CDMO businesses, while maintaining ample liquidity and substantially improving its gearing ratio Revenue For the six months ended June 30, 2025, revenue increased by 28.5% year-over-year, primarily driven by increased demand in FFS and FTE businesses, with particularly significant growth in CDMO service revenue Revenue Breakdown by Charging Model | Charging Model | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | FFS | 232,924 | 192,944 | 20.7% | | FTE | 20,843 | 4,296 | 385.2% | | Others | – | 217 | Not Applicable | | Total | 253,767 | 197,457 | 28.5% | Revenue Breakdown by Service Type | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | CRO Services | 55,570 | 47,632 | 16.7% | | CDMO Services | 198,197 | 149,608 | 32.5% | | Others | – | 217 | Not Applicable | | Total | 253,767 | 197,457 | 28.5% | - CDMO revenue grew by 32.5%, primarily from clients with late-stage clinical or commercial projects[32] Cost of Sales Cost of sales increased by 9.7% year-over-year, primarily due to increased production volume, despite a decrease in staff costs and utility expenses Cost of Sales Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Material Costs | 36,322 | 28,290 | 28.4% | | Staff Costs | 29,987 | 31,672 | -5.3% | | Utilities and Other Expenses | 12,218 | 13,460 | -9.2% | | Depreciation and Amortization | 8,995 | 9,646 | -6.7% | | Share-based Payment Expenses | 951 | 940 | 1.2% | | Others | 10,340 | 6,042 | 71.1% | | Total | 98,813 | 90,050 | 9.7% | Gross Profit and Gross Margin Gross profit increased by 44.3% year-over-year, with gross margin improving by 6.7 percentage points to 61.1%, primarily due to slower growth in cost of sales compared to revenue growth - Gross profit increased from RMB 107.4 million to RMB 155.0 million, a 44.3% increase[35] - Gross margin increased from 54.4% to 61.1%, an increase of 6.7 percentage points[35] Other Income and Gains Other income and gains decreased by 60.4% year-over-year, primarily due to a one-off bond-related subsidy recognized in 2024 - Other income and gains decreased from RMB 42.9 million to RMB 17.0 million[36] - The decrease was primarily due to the one-off nature of bond-related subsidies recognized in 2024[36] Selling and Marketing Expenses Selling and marketing expenses increased by 7.5% year-over-year, consistent with increased client-related activities and sales revenue growth - Selling and marketing expenses increased from RMB 17.3 million to RMB 18.6 million, a 7.5% increase[37] Administrative Expenses Administrative expenses increased by 5.7% year-over-year, primarily due to higher listing expenses - Administrative expenses increased from RMB 38.3 million to RMB 40.5 million, a 5.7% increase[38] Research and Development Expenses Research and development expenses decreased by 2.3% year-over-year, primarily due to reduced material costs - Research and development expenses decreased from RMB 13.0 million to RMB 12.7 million, a 2.3% decrease[39] Income Tax Expense Income tax expense significantly increased year-over-year, comprising both current and deferred tax components - Income tax expense increased from RMB 7.9 million to RMB 13.7 million[40] Fair Value Gain/(Loss) on Financial Liabilities at Fair Value Through Profit or Loss This item shifted from a loss in 2024 to a gain in 2025, primarily due to changes in the company's valuation - Shifted from a loss of RMB 21.7 million in 2024 to a gain of RMB 18.5 million in 2025[41] Profit for the Period Profit for the period increased by 101.7% year-over-year, primarily driven by higher gross profit and fair value gains on financial liabilities at fair value through profit or loss - Profit for the period increased from RMB 50.6 million to RMB 102.0 million, a 101.7% increase[42] Non-IFRS Measures The company uses adjusted net profit as a supplementary financial measure to provide a clearer perspective on operating performance, which showed growth during the reporting period - Adjusted net profit (Non-IFRS measure) is defined as profit for the period adjusted for fair value gain/loss on financial liabilities, share-based payment expenses, and listing expenses[43] Reconciliation of Profit to Adjusted Net Profit | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 101,999 | 50,567 | | Add back: Fair value (gain)/loss on financial liabilities at fair value through profit or loss | (18,463) | 21,683 | | Add back: Share-based payment expenses | 2,311 | 2,132 | | Add back: Listing expenses | 18,211 | 16,183 | | Adjusted Net Profit for the Period (Non-IFRS measure) | 104,058 | 90,565 | Liquidity and Capital Resources The company maintains ample liquidity, with a significant increase in cash and cash equivalents, primarily due to cash generated from operations and proceeds from the global offering - As of June 30, 2025, cash and cash equivalents significantly increased to RMB 998.4 million from RMB 387.2 million as of December 31, 2024[45] - Primary sources of liquidity include cash generated from operations, capital contributions from shareholders, and proceeds from the issuance of equity shares (global offering)[45] Material Investments During the reporting period, the company did not make or hold any material investments - For the six months ended June 30, 2025, the company did not make or hold any material investments[46] Material Acquisitions and/or Disposals of Subsidiaries, Associates and Joint Ventures During the reporting period, the company did not undertake any material acquisitions and/or disposals of subsidiaries and associates - For the six months ended June 30, 2025, the company did not undertake any material acquisitions and/or disposals of subsidiaries and associates[47] Future Plans for Material Investments and Capital Assets Except as disclosed in the prospectus and this announcement, the company has no other future plans for material investments or capital assets - As of June 30, 2025, the Group had no future plans for material investments or capital assets other than those disclosed in the prospectus and this announcement[48] Employees and Remuneration The company's employee headcount increased, leading to a corresponding rise in total employee benefit expenses - As of June 30, 2025, the number of full-time employees was 520, an increase from 454 as of June 30, 2024[49] - Total employee benefit expenses (including share-based payment expenses) increased from RMB 64.4 million to RMB 71.1 million[49] Bank Borrowings and Gearing Ratio The company's outstanding borrowings remained low, and the gearing ratio significantly decreased due to changes in redeemable equity shares liability and proceeds from the global offering - As of June 30, 2025, outstanding borrowings amounted to RMB 50.0 million[50] - The gearing ratio significantly decreased from 72.8% as of December 31, 2024, to 17.1% as of June 30, 2025[50] Contingent Liabilities As of the end of the reporting period, the company had no material contingent liabilities or guarantees - As of June 30, 2025, the company had no material contingent liabilities or guarantees[51] Pledge of Assets As of the end of the reporting period, the company had not pledged or charged any assets, except for restricted cash - As of June 30, 2025, the company had not pledged or charged any other assets, except for restricted cash used as collateral for foreign exchange transactions and other operating activities[52] Foreign Exchange Risk The company faces foreign exchange risk, but no hedging was undertaken during the reporting period due to the expected immateriality of the risk, and it will continue to be monitored - The company faces foreign exchange risk related to the US Dollar, Hong Kong Dollar, and Euro[53] - For the six months ended June 30, 2025, the Group did not use any financial instruments for hedging purposes, as the expected exchange rate risk was not material[53] Interim Condensed Consolidated Statement of Profit or Loss This section presents the unaudited consolidated statement of profit or loss for the six months ended June 30, 2025, detailing the company's financial performance including revenue, costs, expenses, and profit for the period - The statement of profit or loss includes revenue, cost of sales, gross profit, other income and gains, various expenses, finance costs, fair value changes, and income tax expense[55] - Profit for the period was RMB 101,999 thousand (2024: RMB 50,567 thousand)[55] - Basic earnings per share were RMB 0.82 (2024: RMB 0.40), and diluted earnings per share were RMB 0.82 (2024: RMB 0.30)[55] Interim Condensed Consolidated Statement of Comprehensive Income This section presents the unaudited consolidated statement of comprehensive income for the six months ended June 30, 2025, including profit for the period and other comprehensive income items such as exchange differences on translation of foreign operations - Profit for the period was RMB 101,999 thousand (2024: RMB 50,567 thousand)[57] - Exchange differences on translation of foreign operations amounted to RMB (487) thousand (2024: RMB 400 thousand)[57] - Total comprehensive income for the period was RMB 101,512 thousand (2024: RMB 50,967 thousand)[57] Interim Consolidated Statement of Financial Position This section provides the unaudited consolidated statement of financial position as of June 30, 2025, detailing the company's assets, liabilities, and equity composition - Total non-current assets were RMB 487,486 thousand (December 31, 2024: RMB 478,828 thousand)[58] - Total current assets were RMB 1,284,001 thousand (December 31, 2024: RMB 693,800 thousand), including cash and cash equivalents of RMB 998,403 thousand[58] - Total current liabilities were RMB 265,349 thousand (December 31, 2024: RMB 172,043 thousand)[58] - Total non-current liabilities were RMB 37,235 thousand (December 31, 2024: RMB 681,835 thousand), with redeemable equity shares liability reduced to zero[59] - Total equity was RMB 1,468,903 thousand (December 31, 2024: RMB 318,750 thousand)[59] Notes to the Interim Condensed Consolidated Financial Information This section provides detailed explanatory notes to the interim condensed consolidated financial information, covering company details, basis of preparation, accounting policy changes, and segment information Company Information Medtide Pharmaceuticals (Zhejiang) Co., Ltd. was established in 2020, restructured as a joint-stock company in 2023, and primarily provides CRDMO services for peptide production - The company was established in China as a limited liability company on June 11, 2020, and restructured into a joint-stock company on February 10, 2023[60] - Its principal activities involve providing significant Contract Research, Development and Manufacturing Organization (CRDMO) services, focusing on synthetic peptide production[60] Basis of Preparation The interim condensed consolidated financial information is prepared in accordance with IAS 34 and presented in RMB, and should be read in conjunction with the company's prospectus - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 Interim Financial Reporting[61] - The financial information is presented in RMB, with all values rounded to the nearest thousand[61] Changes in Accounting Policies Accounting policies adopted this period are consistent with the prior year, with only IAS 21 (Amendment) 'Lack of Exchangeability' being newly adopted, which had no material impact on the Group's financial information - The financial information for this period saw the first-time adoption of IAS 21 (Amendment) 'Lack of Exchangeability'[62][63] - This amendment had no impact on the interim condensed consolidated financial information, as all the Group's transaction currencies are convertible[63] Segment Information The company operates in a single reportable segment, providing external customer revenue and non-current asset information by geographical location, along with revenue contributions from major clients - The Group has only one reportable segment, with the CEO reviewing consolidated results to allocate resources and assess overall performance[64] External Customer Revenue by Location of Customer Entity | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 38,903 | 56,624 | | United States | 147,675 | 121,990 | | Japan | 10,457 | 2,573 | | Europe | 37,945 | 5,551 | | Others | 18,787 | 10,719 | | Total | 253,767 | 197,457 | Non-current Assets by Location of Assets | Region | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 422,311 | 418,599 | | Overseas | 63,099 | 58,326 | | Total | 485,410 | 476,925 | Major Customer Revenue Contribution | Customer | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Customer A | 99,352 | 66,531 | | Customer B | 30,468 | 1,162 | Revenue Revenue primarily derives from CRDMO services, dominated by the Fee-for-Service (FFS) model, with most revenue recognized at a point in time Revenue by Type of Goods and Services | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | CRDMO Services | 253,767 | 197,240 | | Others | – | 217 | | Total | 253,767 | 197,457 | Revenue by Type of Charging Model | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fee-for-Service (FFS) | 232,924 | 192,944 | | Full-Time Equivalent (FTE) | 20,843 | 4,296 | | Others | – | 217 | | Total | 253,767 | 197,457 | Revenue by Timing of Revenue Recognition | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Services and goods transferred at a point in time | 232,924 | 192,944 | | Services transferred over a period of time | 20,843 | 4,513 | | Total | 253,767 | 197,457 | Other Income and Gains Other income and gains primarily include government grants and bank interest income, with a decrease in total during the reporting period mainly due to a one-off government grant in 2024 Analysis of Other Income and Gains | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants – income | 4,940 | 29,682 | | Government grants – assets | 3,111 | – | | Bank interest income | 8,609 | 6,702 | | Net exchange differences | – | 3,678 | | Fair value gain on financial assets at fair value through profit or loss | 170 | 2,701 | | Others | 159 | 94 | | Total | 16,989 | 42,857 | Income Tax The company and its subsidiaries pay income tax at different rates in Mainland China, Hong Kong, and the US, with Mainland China subsidiaries enjoying preferential tax rates as high-tech enterprises - The corporate income tax rate in Mainland China is 25%, with Medtide Bio-Pharmaceutical Co., Ltd. enjoying a preferential tax rate of 15% as a high-tech enterprise (2024 to 2026)[72] - Hong Kong subsidiaries are subject to profits tax at 8.25% on the first HKD 2,000,000 of assessable profits and 16.5% on the remaining profits, with no Hong Kong profits tax provision for the reporting period[74] - The US subsidiary is subject to a federal corporate income tax rate of 21% and a California state income tax rate of 8.84%[75] Income Tax Expense Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current – Mainland China | 14,679 | 6,867 | | Current – United States | 505 | 500 | | Deferred | (1,506) | 578 | | Total | 13,678 | 7,945 | Dividends For the six months ended June 30, 2025 and 2024, the company neither declared nor paid any dividends - For the six months ended June 30, 2025 and 2024, the company neither declared nor paid any dividends[77] Earnings Per Share Attributable to Owners of the Parent Both basic and diluted earnings per share are calculated based on profit for the period attributable to owners of the parent and the weighted average number of shares outstanding, considering the dilutive effect of convertible bonds - Basic earnings per share are calculated based on the profit for the period attributable to owners of the parent and the weighted average number of ordinary shares outstanding[78] - Diluted earnings per share consider the fair value gain on convertible bonds and the dilutive effect of their assumed conversion into ordinary shares[78] Earnings Per Share Calculation | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit attributable to owners of the parent for basic EPS calculation | 101,999 | 50,567 | | Add: Fair value gain on convertible bonds | – | (10,781) | | Profit attributable to owners of the parent before fair value gain on convertible bonds | 101,999 | 39,786 | | Number of Shares (thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Weighted average number of ordinary shares outstanding for basic EPS calculation | 125,000 | 125,000 | | Dilutive effect – weighted average number of ordinary shares: convertible bonds | – | 6,849 | | Total | 125,000 | 131,849 | Trade and Bills Receivables Total trade receivables decreased at the end of the reporting period, with the vast majority being receivables within one year Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 32,498 | 57,460 | | 1 to 2 years | 350 | 240 | | 2 to 3 years | 3 | 20 | | Total | 32,851 | 57,720 | Trade Payables Total trade payables increased at the end of the reporting period, primarily concentrated within one year and generally settled within one month Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 28,853 | 23,328 | | 1 to 2 years | 30 | 22 | | Over 2 years | 109 | 119 | | Total | 28,992 | 23,469 | - Trade payables are non-interest-bearing and generally settled within one month[81] Share Capital The company's share capital increased due to its initial public offering, with 16,800,000 ordinary shares issued Overview of Share Capital Changes | Item | Number of Shares | Amount (RMB thousands) | | :--- | :--- | :--- | | As at December 31, 2023, January 1, 2024 and December 31, 2024 | 125,000,000 | 125,000 | | Shares issued upon initial public offering | 16,800,000 | 16,800 | | As at June 30, 2025 | 141,800,000 | 141,800 | - As of June 30, 2025, the company issued a total of 16,800,000 ordinary shares through a global offering at a price of HKD 30.60 per share[83] Corporate Governance and Other Information This section outlines the company's adherence to corporate governance standards, securities trading policies, and other relevant information for the reporting period Compliance with Corporate Governance Code The company has complied with the Corporate Governance Code since its listing date, except for the combined roles of Chairman and CEO, which the Board believes ensures consistent leadership without compromising power balance - The company has complied with all applicable code provisions of the Corporate Governance Code since its listing date, except for the combined roles of Chairman and Chief Executive Officer[84][85] - The Board believes that Dr. Xu Qi's dual role as Chairman and CEO ensures consistent leadership within the Group and enhances efficiency in strategic planning[85] Standard Code for Securities Transactions by Directors and Supervisors of Listed Issuers The company has adopted the Standard Code as the code of conduct for directors and supervisors trading company securities, with all directors and supervisors confirming strict compliance - The company has adopted the Standard Code as the code of conduct for directors and supervisors dealing in the company's securities[86] - All directors and supervisors confirmed strict compliance with the Standard Code from the listing date up to the date of this announcement[86] Purchase, Sale or Redemption of the Company's Listed Securities From the listing date 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 - 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[87] - As of June 30, 2025, the company did not hold any treasury shares[87] Audit Committee The company has established an Audit Committee, comprising three members, responsible for reviewing financial reporting procedures, internal control systems, and connected transactions, and has reviewed these interim financial statements - The Audit Committee comprises three members: Mr. Xia Xinsheng (Chairman), Dr. Yu Changhai, and Dr. Zhu Xun[88] - Its primary responsibilities include reviewing and overseeing the Group's financial reporting procedures and internal control systems, and reviewing and approving connected transactions[88] - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[88] Significant Events After Reporting Period From June 30, 2025, to the date of this announcement, there have been no significant events that could affect the company - From June 30, 2025, to the date of this announcement, there have been no significant events that could affect the company[89] Interim Dividend The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[90] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the HKEX and company websites, and the interim report will be published and dispatched to shareholders in due course - This interim results announcement is published on the HKEX website www.hkexnews.hk and the company's website https://medtideinc.com/[91](index=91&type=chunk) - The Group's interim report for the six months ended June 30, 2025, will be published and dispatched to shareholders in due course[91] Acknowledgements The Board extends its sincere gratitude to the Group's shareholders, management team, employees, business partners, and clients for their support and contributions - The Board extends its sincere gratitude to the Group's shareholders, management team, employees, business partners, and clients[92] By Order of the Board This announcement is issued by Dr. Xu Qi, Chairman and CEO, on behalf of the Board, and lists the updated roster of the company's executive, non-executive, and independent non-executive directors - This announcement is issued by Dr. Xu Qi, Chairman and CEO, on behalf of the Board[93] - The company's executive directors include Dr. Xu Qi, Dr. Li Xiang, Ms. Li Xiangli, Ms. Cheng Tao, and Ms. Li Lingmei[94] - The company's non-executive director is Mr. Wu Yihui; independent non-executive directors are Dr. Yu Changhai, Dr. Zhu Xun, and Mr. Xia Xinsheng[94]