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Financial Data and Key Metrics Changes - The company reported a revenue of RMB950 million for the first half of 2025, with over RMB300 million coming from commercialized drugs, marking a significant achievement in its first year of commercialization [50][51] - Gross profit was RMB660 million, comparable to the previous year, while the net loss for the first half was RMB145 million, with an adjusted loss of RMB69 million after one-off budget adjustments [52][53] Business Line Data and Key Metrics Changes - The company has three main products ready for the market, with significant progress in approvals and commercialization efforts [12][21] - The commercialization team has expanded to nearly 400 personnel to support the increasing number of products [12] Market Data and Key Metrics Changes - The company has covered over 30 provinces, 300 cities, and over 1,000 hospitals across China, with partnerships established with over 400 pharmacies [28][32] - The company is actively working towards gaining medical insurance coverage for its products, which is expected to enhance market access [33][34] Company Strategy and Development Direction - The company aims to advance differentiated pipelines targeting significant medical needs, optimizing payload linker strategies, and exploring applications in non-oncology areas [26] - The focus is on expanding global partnerships and strengthening strategic collaborations to maximize the value of its pipelines [26] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future income from sales revenue, anticipating continued cash flow generation from both R&D partnerships and commercialized drugs [51] - The company is preparing for the implementation of new medical insurance policies, which could significantly impact product sales strategies [97][100] Other Important Information - The company completed a follow-on financing of US$250 million and is included in several global equity indexes, enhancing its financial stability [25] - The company is involved in ongoing litigation regarding IP disputes with several founders, which has been accepted for review by the Sichuan Provincial High Court [101] Q&A Session Summary Question: What is the breakdown of sales revenue for breast cancer and lung cancer? - Lung cancer is the biggest contributor to sales revenue, consistent with patient numbers and indications. The sales expenses are expected to decrease once products are included in medical insurance coverage [62][63] Question: What is the focus for R&D going into the next stage? - The focus is on developing differentiated products targeting clinical demands, with an emphasis on bispecific targets and new payload strategies [68][70] Question: Can you provide guidelines on the sales trend for Q3? - The company expects quarter-over-quarter growth, with significant contributions anticipated from lung cancer indications [72] Question: What is the rationale behind the clinical trial design for PD L1 positive and negative patients? - The company is focusing on first-line treatment for wild-type non-small cell lung cancer, with ongoing projects in development [88] Question: How is the company planning to navigate the new medical insurance policy? - The company is prioritizing entry into the medical insurance catalog and is actively preparing to comply with the new policy [97][98]