亚虹医药(688176) - 2022 Q2 - 季度财报

Glossary This section provides definitions for key terms used throughout the report Company Profile and Key Financial Indicators This section outlines the company's fundamental information and presents its key financial performance metrics Company Basic Information This chapter provides Jiangsu Yahong Meditech Co., Ltd.'s basic corporate information, including its Chinese and English names, legal representative, and registered and office addresses Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | 江苏亚虹医药科技股份有限公司 | | Chinese Abbreviation | 亚虹医药 | | English Name | Jiangsu Yahong Meditech Co., Ltd. | | Legal Representative | PAN KE | | Registered Address | Room 1009, Building D, Phase II of New Drug Creation Base, No. 1 Yao Cheng Avenue (East of Chuangye Road, North of Yuannan Road), Taizhou | | Office Address | 19F, Building B, Qiantan World Trade Center (Phase III), Lane 221, Dongyu Road, Pudong New Area, Shanghai | Key Accounting Data and Financial Indicators During the reporting period, the company achieved operating revenue of 9,149.76 Yuan, with a net loss attributable to shareholders of 89.61 million Yuan, a narrower loss compared to the prior year, while the non-recurring net loss expanded due to increased R&D and IPO-related consulting fees, and total assets and net assets slightly decreased from the prior year-end Key Accounting Data (Jan-Jun 2022) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,149.76 Yuan | 0 Yuan | N/A | | Net Profit Attributable to Shareholders of Listed Company | -89,606,652.66 Yuan | -125,602,916.21 Yuan | N/A | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -119,719,962.10 Yuan | -73,614,301.82 Yuan | N/A | | Net Cash Flow from Operating Activities | -95,549,371.36 Yuan | -67,201,262.19 Yuan | N/A | | | End of Current Reporting Period | End of Prior Year | Period-end vs. Prior Year-end Change (%) | | Net Assets Attributable to Shareholders of Listed Company | 2,923,275,165.55 Yuan | 3,012,881,818.21 Yuan | -2.97% | | Total Assets | 3,011,389,742.15 Yuan | 3,098,857,157.88 Yuan | -2.82% | Key Financial Indicators (Jan-Jun 2022) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.16 | -0.27 | N/A | | Diluted Earnings Per Share (Yuan/share) | -0.16 | -0.27 | N/A | | Weighted Average Return on Net Assets (%) | -3.02 | -16.23 | N/A | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | -4.03 | -9.51 | N/A | - The company explained the changes in financial indicators: - Operating Revenue: Derived from the sales of Hexvix® (APL-1706) as a clinically urgently needed imported drug in the Hainan Boao Lecheng Pilot Zone[22] - Increased Non-recurring Net Loss and Operating Cash Outflow: Primarily due to high R&D investment in core products and IPO-related consulting fees[22] - Reduced Net Loss Attributable to Shareholders: Mainly due to increased R&D expenses, higher investment income, and a one-time share-based payment expense in the prior period[22] Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 30.11 million Yuan, primarily from government subsidies and fair value changes and investment income from trading financial assets Non-recurring Gains and Losses Items (Jan-Jun 2022) | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 4,391,165.96 | | Fair value changes and investment income from trading financial assets, etc. | 25,722,140.99 | | Other non-operating income and expenses | 2.49 | | Total | 30,113,309.44 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial condition, and future outlook, covering business performance, R&D progress, and risk factors Main Business and Industry Overview The company is a global innovative drug company focused on genitourinary system tumors and major diseases, committed to providing integrated diagnostic and treatment solutions, with a pipeline of 9 products and 12 R&D projects, primarily including APL-1202, APL-1706, and APL-1702, operating under an R&D-driven and strategic partnership model, with a planned MAH production model, while the global and Chinese pharmaceutical markets are expected to maintain stable growth, supported by national policies encouraging innovative drug development, positioning companies with FIC/BIC products for higher growth - The company specializes in genitourinary system tumors and other major diseases, aiming to become a leading international pharmaceutical enterprise integrating R&D, manufacturing, and commercialization[26] Overview of Main Product Pipeline | Therapeutic Area | Product | Indication | Clinical Stage | | :--- | :--- | :--- | :--- | | Urological Diseases | APL-1202 | NMIBC, MIBC | Pivotal/Phase III, Phase Ib | | | APL-1706 | Diagnosis and Surgery NMIBC | NDA | | Reproductive System Diseases | APL-1702 | High-grade Squamous Intraepithelial Lesion (HSIL) | International Multi-center Phase III | - The company's core products, APL-1202 and APL-1702, are both expected to be breakthrough blockbuster products in their respective fields, targeting NMIBC treatment, which currently lacks oral drugs, and HSIL treatment, which lacks non-surgical options[44] Core Technologies and R&D Progress The company has established three core technology platforms: Targeted Immune Modulation Normalization (TIMN), Prodrug and Accurate Drug Delivery (PADD), and Fragment-based Assembly for Targeted Protein Degradation (FASTac), achieving significant R&D progress during the reporting period, including ongoing pivotal clinical trials for APL-1202 in NMIBC, completion of the first dose group for APL-1202 in combination therapy for MIBC, NMPA approval for APL-1706's Phase III clinical trial, and completion of patient enrollment for APL-1702's international multi-center Phase III clinical trial, with R&D expenses totaling 93.05 million Yuan - The company possesses three core technology platforms driving new product development: - Targeted Immune Modulation Normalization (TIMN) Technology Platform: Addresses tumor immunotherapy and autoimmune diseases[47] - Prodrug and Accurate Drug Delivery (PADD) Technology Platform: Innovates existing drugs to enhance efficacy and safety[47] - Fragment-based Assembly for Targeted Protein Degradation (FASTac) Technology Platform: Improves the efficiency of targeted protein degrader discovery[48] - Key product R&D progress: - APL-1202: Pivotal clinical trials for NMIBC treatment continue to collect data; the clinical trial for combination therapy with toripalimab for MIBC has completed the first dose group administration[49] - APL-1706: Approved by NMPA to conduct Phase III clinical trials and included in CDE's clinical real-world data application pilot program[49] - APL-1702: International multi-center Phase III clinical trial completed enrollment of all subjects in July 2022[50] R&D Investment | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 93,048,998.95 | 98,633,145.62 | -5.66% | | Capitalized R&D Investment | 0 | 0 | N/A | | Total R&D Investment | 93,048,998.95 | 98,633,145.62 | -5.66% | R&D Personnel Information | Basic Information | Current Period Number | Prior Period Number | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 126 | 91 | | Percentage of R&D Personnel to Total Employees (%) | 70.00 | 71.65 | | Total R&D Personnel Compensation (CNY 10,000) | 3,481.16 | 2,150.24 | Analysis of Core Competitiveness The company's core competitiveness is demonstrated in five aspects: focusing on unmet clinical needs in the genitourinary field to develop market-filling products; possessing three independently controlled core technology platforms; establishing an efficient and comprehensive R&D system; having an experienced global management team; and building integrated diagnostic and treatment solutions centered on self-developed products - The company's core pipeline products, APL-1202 and APL-1702, target oral targeted therapy for NMIBC and non-surgical treatment for HSIL, respectively, with the potential to fill market gaps in their therapeutic areas[61] - The company strategically focuses on the genitourinary field through independent R&D and collaborations, aiming to provide integrated diagnostic and treatment solutions from disease diagnosis to therapy[66] Discussion and Analysis of Operations During the reporting period, the company steadily advanced its new drug R&D projects, progressively implemented integrated diagnostic and treatment solutions, and strengthened its talent team, with core products APL-1202, APL-1706, and APL-1702 achieving key clinical progress, and in integrated diagnostics and treatment, the company introduced APLD-2101 disposable flexible cystoscope, successfully launched it in Hainan Boao, and established an online physician service platform "Miyi Hui" - The company steadily advanced new drug R&D, with core products such as APL-1202, APL-1706, and APL-1702 making smooth clinical progress[68][69] - The company actively developed integrated diagnostic and treatment solutions, introducing APLD-2101 (disposable flexible cystoscope) and launching it in Hainan Boao, establishing the first integrated bladder cancer diagnosis and treatment center, and building an online physician service platform "Miyi Hui"[70][73] - The company strengthened its talent team, with a total of 180 employees at the end of the reporting period, including 126 R&D personnel, representing a 38% year-on-year increase, and launched a restricted stock incentive plan in July 2022[74] Risk Factors The company faces multiple risks, including financial risks from not yet being profitable and having accumulated unrecovered losses, operational risks from core product R&D failure or commercialization falling short of expectations, technical risks from the loss of core technical personnel, and market risks from industry policy changes and medical insurance cost controls - Risk of Not Yet Being Profitable: The company was not profitable during the reporting period, with accumulated unrecovered losses reaching -488 million Yuan as of June 30, 2022, primarily due to continuous large-scale R&D investment, and the non-profitable status is expected to persist in the future[75] - Core Competitiveness Risks: Include risks such as technological iteration, loss of core technical personnel, clinical trial progress or results of new drugs falling short of expectations, and uncertainties in market approval[78][79][80] - Operational Risks: Include risks such as product commercialization falling short of expectations, failure to pass production inspections, and product quality control issues[83] - Industry Risks: Include policy changes such as centralized drug procurement, adjustments to the medical insurance catalog, and price negotiations, which may lead to future product price reductions or failure to be included in medical insurance, affecting sales revenue[87][89][90] Analysis of Main Business During the reporting period, the company's financial accounts underwent significant changes, with the emergence of operating revenue and costs due to the pilot sales of Hexvix® in Hainan, sales expenses arising from the establishment of a new sales team, a substantial decrease in financial expenses primarily due to increased exchange gains and interest income, and a sharp increase in cash outflow from investment activities due to the purchase of wealth management products with idle funds Analysis of Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 9,149.76 | - | N/A | Revenue from Hexvix® in Hainan Boao Pilot Zone | | Selling Expenses | 5,436,560.06 | - | N/A | Expenses incurred from establishing a new sales team | | Financial Expenses | -14,439,751.96 | -324,125.86 | N/A | Increase in exchange gains and deposit interest income | | Net Cash Flow from Operating Activities | -95,549,371.36 | -67,201,262.19 | N/A | High R&D investment, increased operating cash outflow | | Net Cash Flow from Investing Activities | -1,748,711,584.50 | 120,881,518.76 | -1,546.63% | Purchase of wealth management products with idle funds | | Net Cash Flow from Financing Activities | -24,538,150.78 | -2,220,889.23 | N/A | Payment of IPO issuance fees | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 3.011 billion Yuan, with a significant change in asset structure as monetary funds decreased by 71.11% while trading financial assets surged by 477.87%, primarily due to the company using idle funds to purchase structured deposits and principal-protected wealth management products, with no major changes on the liability side Changes in Assets and Liabilities | Item | Period-end Balance (Yuan) | Percentage of Total Assets (%) | Change from Prior Year-end (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 754,860,681.69 | 25.07 | -71.11% | Due to purchase of wealth management products with idle funds | | Trading Financial Assets | 2,136,786,357.38 | 70.96 | 477.87% | Due to purchase of wealth management products with idle funds | | Prepayments | 26,532,957.37 | 0.88 | 37.93% | Increased prepaid procurement due to increased R&D investment | | Employee Benefits Payable | 7,221,963.24 | 0.24 | -49.22% | Annual bonuses paid at the beginning of the year | - The company's overseas assets amounted to 93.65 million Yuan, accounting for 3.11% of total assets[98] Analysis of Major Holding and Invested Companies The company owns eight wholly-owned subsidiaries, responsible for the Shanghai R&D center, Taizhou production base, Zhejiang R&D center, overseas operations, product import, and distribution, respectively, with Shanghai Yahong incurring a significant loss of 65.86 million Yuan during the reporting period, and Hainan Yahong Meditech Co., Ltd. newly established to handle product import and domestic distribution Major Subsidiary Financial Data (H1 2022) | Company Name | Main Business | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Yahong | Shanghai R&D Center Operations | 31,622.57 | -16,437.19 | -6,586.35 | | Yahong Pharmaceutical | Taizhou Production Base Operations | 4,359.13 | 2,942.26 | -33.03 | | Hong Kong Yahong | Overseas Operations | 7,118.43 | -3,677.57 | -1,867.90 | | US Yahong | Overseas Operations | 5,149.52 | -319.65 | -759.05 | | Hainan Yahong | Product Import and Domestic Distribution | 499.33 | 484.44 | -15.56 | Corporate Governance This section details the company's corporate governance structure, including shareholder meetings, board changes, and incentive plans Overview of Corporate Governance During the reporting period, the company held one annual general meeting where all proposals were approved, experienced a change in its board of directors with the resignation of non-independent director YIJUN DENG and the election of Jiang Xinming as the new non-independent director, and launched the "2022 Restricted Stock Incentive Plan (Draft)" to establish a long-term incentive mechanism - The company held its 2021 Annual General Meeting on May 6, 2022, where all proposals were approved by vote[115] - During the reporting period, non-independent director Mr. YIJUN DENG resigned, and the company elected Mr. Jiang Xinming as the new non-independent director and a member of the Board's Audit Committee[117][118] - The company launched the "2022 Restricted Stock Incentive Plan (Draft)" in July 2022 and completed the initial grant in August[121] Environmental and Social Responsibility This section outlines the company's commitment and actions regarding environmental protection and social responsibility Environmental Information The company is not classified as a key pollutant-discharging entity, with its primary business being new drug R&D, and it strictly adheres to environmental regulations, properly treating waste gas, liquid, and solid waste generated during R&D, while also reducing energy consumption and carbon emissions through energy saving, emission reduction, and resource recycling - The company's main business activity is new drug R&D, and it is not a key pollutant-discharging entity; it implements standardized treatment measures for pollutants such as waste gas, liquid, and solid waste generated in laboratories, including fume hoods, activated carbon adsorption, and entrusting qualified units for disposal[124][125] - To reduce carbon emissions, the company adopts low-carbon and energy-saving measures in daily office work, R&D experiments, and future production base construction, such as using energy-efficient equipment, circulating water, and local procurement[127] Significant Matters This section covers important events and commitments, including the fulfillment of promises and the progress of raised funds utilization Fulfillment of Commitments The company's actual controller, shareholders, directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering within the reporting period, primarily including share lock-up, share price stability, avoidance of horizontal competition, and standardization of related-party transactions, with no violations of commitments observed - The company's controlling shareholder and actual controller, PAN KE, committed not to transfer shares within 36 months from the listing date, with additional lock-up periods and reduction restrictions linked to the company's profitability and share price performance[130] - The company, its controlling shareholder, directors, and senior management jointly committed to a share price stabilization plan for three years post-listing, which would trigger measures such as company buybacks, controlling shareholder增持 (increased holdings), and director/supervisor/senior management增持 (increased holdings) if the share price falls below the latest net asset per share for 20 consecutive trading days[141][142] Explanation of Progress in Use of Raised Funds The company's net proceeds from its initial public offering amounted to 2.381 billion Yuan, with a cumulative investment of 225.57 million Yuan as of the end of the reporting period, representing an investment progress of 9.48%, and the company utilized up to 2 billion Yuan of temporarily idle raised funds for cash management and 93.2 million Yuan of over-raised funds to permanently supplement working capital, while also adding implementation locations and entities for the raised fund investment projects Overall Use of Raised Funds | Item | Amount (Yuan) | | :--- | :--- | | Total Raised Funds | 2,527,800,000 | | Net Raised Funds | 2,380,592,185.92 | | Cumulative Raised Funds Invested as of Period-end | 225,568,486.15 | | Cumulative Investment Progress as of Period-end (%) | 9.48% | - The company utilized a maximum of 2 billion Yuan of temporarily idle raised funds for cash management, investing in highly secure, liquid, principal-protected investment products, with a cash management balance of 1.9 billion Yuan as of the end of the reporting period[167][168] - The company used 93.2 million Yuan of over-raised funds to permanently supplement working capital, a matter approved by the shareholders' meeting[170] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Capital Changes During the reporting period, the company's total share capital remained unchanged at 570 million shares, but the share structure shifted due to the initial public offering and listing, with unrestricted tradable shares increasing from 0 to 101.20 million shares, accounting for 17.75% of the total share capital, and restricted shares consequently decreasing to 468.80 million shares, representing 82.25% of the total Share Change Table | Share Type | Before Change (Shares) | After Change (Shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 570,000,000 | 468,803,678 | 82.25% | | II. Unrestricted Tradable Shares | 0 | 101,196,322 | 17.75% | | III. Total Shares | 570,000,000 | 570,000,000 | 100.00% | Shareholder Information As of the end of the reporting period, the company had a total of 43,044 common shareholders, with the top ten shareholders collectively holding 45.02% of the shares, indicating a relatively concentrated equity structure, and the actual controller, PAN KE, being the largest shareholder with a 22.71% stake - As of the end of the reporting period, the company had a total of 43,044 common shareholders[177] Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-end | Percentage (%) | Share Nature | | :--- | :--- | :--- | :--- | | PAN KE | 129,465,348 | 22.71 | Overseas Natural Person | | Pan-Scientific Holdings Co., Ltd. | 31,858,481 | 5.59 | Overseas Legal Entity | | Beijing Longpan Health Medical Investment Center | 24,735,039 | 4.34 | Other | | Nanjing Ruike Enterprise Management Consulting Partnership | 15,391,333 | 2.70 | Other | | QM139 LIMITED | 13,506,045 | 2.37 | Overseas Legal Entity | Preferred Shares and Bonds Related Information This section confirms that the company had no preferred shares or bonds during the reporting period Overview of Preferred Shares and Bonds According to the report, the company had no preferred shares, corporate bonds, company bonds, or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had no preferred shares, corporate bonds, company bonds, or non-financial enterprise debt financing instruments[185][187] Financial Report This section presents the company's financial statements and notes, providing a detailed view of its financial performance and position Financial Statements This chapter provides the company's consolidated and parent company financial statements for the first half of 2022, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, showing that the company remains in a loss-making state, though the loss has narrowed year-on-year, with significant changes in asset structure due to the purchase of wealth management products, leading to a decrease in monetary funds and a substantial increase in trading financial assets, while operating cash flow remains negative Consolidated Balance Sheet This section presents the company's consolidated balance sheet, detailing its assets, liabilities, and equity as of June 30, 2022 Consolidated Balance Sheet Summary (As of June 30, 2022) | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,011,389,742.15 | 3,098,857,157.88 | | Monetary Funds | 754,860,681.69 | 2,613,187,380.86 | | Trading Financial Assets | 2,136,786,357.38 | 369,771,170.96 | | Total Liabilities | 88,114,576.60 | 85,975,339.67 | | Total Owners' Equity Attributable to Parent Company | 2,923,275,165.55 | 3,012,881,818.21 | Consolidated Income Statement This section presents the company's consolidated income statement, detailing its revenues, expenses, and net profit or loss for the first half of 2022 Consolidated Income Statement Summary (Jan-Jun 2022) | Item | H1 2022 (Yuan) | H1 2021 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 9,149.76 | 0 | | Total Operating Costs | 118,503,958.78 | 134,007,825.33 | | Including: R&D Expenses | 93,048,998.95 | 98,633,145.62 | | Total Profit | -88,272,306.89 | -124,919,876.09 | | Net Profit | -89,606,652.66 | -125,602,916.21 | | Net Profit Attributable to Parent Company Shareholders | -89,606,652.66 | -125,602,916.21 | Consolidated Cash Flow Statement This section presents the company's consolidated cash flow statement, detailing cash inflows and outflows from operating, investing, and financing activities for the first half of 2022 Consolidated Cash Flow Statement Summary (Jan-Jun 2022) | Item | H1 2022 (Yuan) | H1 2021 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -95,549,371.36 | -67,201,262.19 | | Net Cash Flow from Investing Activities | -1,748,711,584.50 | 120,881,518.76 | | Net Cash Flow from Financing Activities | -24,538,150.78 | -2,220,889.23 | | Net Increase in Cash and Cash Equivalents | -1,863,642,127.97 | 50,816,828.33 | Significant Accounting Policies and Estimates This chapter elaborates on the main accounting policies and estimates followed by the company in preparing its financial statements, with key policies including expensing research phase expenditures and capitalizing development phase expenditures when specific conditions are met, recognizing revenue when customers obtain control of goods or services, and classifying government grants as asset-related or income-related for accounting treatment - R&D Expenditures: The company's internal R&D project expenditures are categorized into research and development phases; research phase expenditures are expensed as incurred, while development phase expenditures are recognized as intangible assets when five conditions are met: technical feasibility, intention to complete, ability to generate economic benefits, availability of sufficient resources, and reliable measurement of expenditures[282][283] - Revenue Recognition: The company recognizes revenue when it satisfies a performance obligation in a contract, meaning when the customer obtains control of the related goods or services; for performance obligations satisfied over time, revenue is recognized based on the progress of completion, and for performance obligations satisfied at a point in time, revenue is recognized when the customer obtains control[295][296][297] - Government Grants: Government grants related to assets either reduce the carrying amount of the related asset or are recognized as deferred income; government grants related to income are recognized as deferred income if intended to compensate for future period expenses, or directly included in current profit and loss if intended to compensate for expenses already incurred[298][299] Notes to Consolidated Financial Statement Items This chapter provides detailed notes on key items in the consolidated financial statements, indicating that during the reporting period, the company achieved main business revenue of 9,149.76 Yuan, R&D expenses of 93.05 million Yuan (a 5.66% year-on-year decrease, primarily comprising employee compensation and clinical trial fees), management expenses of 34.27 million Yuan (a 3.96% year-on-year decrease), and financial expenses of -14.44 million Yuan, mainly due to interest income and exchange gains Operating Revenue and Operating Costs (Jan-Jun 2022) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 9,149.76 | 1,373.46 | | Total | 9,149.76 | 1,373.46 | R&D Expense Composition (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 34,811,634.78 | 21,502,353.08 | | Clinical Trial Fees | 32,706,571.52 | 16,302,470.38 | | Pre-clinical Research Fees | 12,834,117.32 | 4,649,270.64 | | Share-based Payment | - | 44,750,806.12 | | Total | 93,048,998.95 | 98,633,145.62 | Management Expense Composition (Jan-Jun 2022) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 16,344,979.96 | 10,598,230.57 | | Consulting Fees | 6,166,571.02 | 3,266,665.38 | | Share-based Payment | - | 15,990,633.73 | | Total | 34,265,912.15 | 35,677,633.84 |