ck Code : 1093) 2025 Interim Results Presentation Aug. 2025 ININI China's Leading Innovative Pharmaceutical Enterprise R&D Capabilities 00 5 capacity of 250,000L R&D centers located in R&D platforms China & the U.S. 201010 + - 2401 Innovative drugs and R&D professionals new formulations Manufacturing Capabilities Commercialization Capabilities 2 10+ Production bases for pharmaceutical products Nano formulation production capacity of 20M doses/year; Biologics fermentation Chemical drugs production capacity o ...

Core Viewpoint - The company is undergoing a full transformation towards innovative drug research and development, with a focus on obesity treatment through GLP-1 related drugs, while facing financial losses in the short term [1][2] Financial Performance - In the first half of 2025, the company reported an operating revenue of 0.01 billion RMB and a net loss attributable to shareholders of 0.88 billion RMB [1] - The company's cash and cash equivalents, along with other financial instruments, amount to approximately 18.28 billion RMB, which is expected to support R&D activities and operations until 2029 [1] Product Development - ASC30, a potential leading GLP-1 small molecule weight loss drug, showed a 6.5% average weight reduction in obese patients after 28 days of once-daily oral administration in the U.S. Phase Ib clinical trial [1] - ASC30 has a half-life of 36 days in obese patients with a single subcutaneous injection, indicating the potential for monthly or less frequent dosing [1] - ASC47, a fat-targeting drug, demonstrated a peak weight loss of 1.7% in obese patients after a single 90mg injection, with no muscle loss observed [2] - The company is conducting U.S. clinical trials for ASC47 in combination with semaglutide, with top-line data expected this year [2] Market Context - The recent data from Eli Lilly's oral GLP-1 small molecule weight loss drug, Orforglipron, showed a 12.4% weight reduction in patients, which was below market expectations, potentially increasing the overseas business development prospects and value of ASC30 [1]

Core Viewpoint - The company reported a slight decrease in revenue but a significant increase in profit for the first half of 2025, indicating a stable operational performance despite market challenges [7][8]. Financial Performance - The company achieved a revenue of RMB 6,271.91 million, a decrease of 0.17% compared to RMB 6,282.35 million in the same period last year [7]. - The total profit reached RMB 1,828.11 million, reflecting a year-on-year increase of 13.66% from RMB 1,608.39 million [7]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was RMB 1,258.46 million, up 8.91% from RMB 1,155.47 million in the previous year [7]. Business Segments - The company’s various business segments showed mixed results, with growth in digestive, psychiatric, reproductive, and traditional Chinese medicine sectors, while the raw materials and diagnostic segments faced slight declines [8]. - The company’s focus on improving operational efficiency contributed to the increase in total profit and net profit [8]. R&D and Pipeline Development - The company invested approximately RMB 491 million in R&D, accounting for 7.82% of total revenue, supporting its strategic initiatives [8]. - As of July 31, 2025, the company had 39 products in the pipeline, with 13 in the registration phase and 4 in Phase III clinical trials [8][9]. - Key projects include innovative drugs targeting various conditions, with significant progress reported in clinical trials for several products [10][11][12]. Market Expansion and Sales Strategy - The company reported overseas revenue of approximately RMB 1.004 billion, an increase of 18.40%, accounting for 16.01% of total revenue [22]. - The company is actively expanding its presence in international markets, with a focus on local operations and tailored marketing strategies [22][23]. - The company aims to enhance its sales channels and market penetration through a comprehensive approach involving hospitals, grassroots medical institutions, and retail [19][20]. ESG and Sustainability Initiatives - The company has been recognized for its commitment to ESG principles, achieving high ratings in sustainability assessments [29]. - Efforts include enhancing employee welfare, promoting green manufacturing practices, and engaging in community support initiatives [32][31].

Core Points - Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. has received approval from the National Medical Products Administration for the clinical trial application of its product GR1802 injection for the indication of seasonal allergic rhinitis in adolescents [1][2] Group 1: Drug Information - The drug GR1802 injection is a recombinant fully human anti-IL-4Rα monoclonal antibody targeting IL-4Rα, which specifically binds to the cell surface human IL-4Rα, blocking the binding of IL-4 and IL-13, thereby inhibiting downstream STAT6 phosphorylation and CD23 upregulation, thus suppressing Th2-type inflammatory responses mediated by IL-4 or IL-13 [2] - GR1802 injection has previously received clinical trial approval for multiple indications, including moderate to severe atopic dermatitis in adults, chronic rhinosinusitis with nasal polyps, chronic spontaneous urticaria, allergic rhinitis, currently in phase III clinical trials, and asthma in phase II clinical trials, with atopic dermatitis in children/adolescents in phase Ib/II clinical trials [2] Group 2: Market Context - As of the date of this announcement, only two other drugs targeting the same receptor have been approved for marketing in China [3]

Core Viewpoint - Beida Pharmaceutical reported a decline in net profit for the first half of the year, attributing the drop to increased depreciation and amortization expenses, alongside rising sales, management, and financial costs, while R&D investment decreased by over 20% [1][3][5]. Financial Performance - The company achieved a revenue of 1.731 billion yuan, a year-on-year increase of 15.37%, but net profit fell to 140 million yuan, a decrease of 37.53% [3][4]. - This marks the first instance of a year-on-year decline in net profit since 2022 [3]. - EBITDA reached 497.81 million yuan, reflecting a growth of 13.1% [4]. R&D Investment - R&D expenditure for the first half of the year was 299 million yuan, down 21.8% year-on-year [6]. - The decline in R&D investment raises concerns about the company's future product pipeline and technological advantages [7]. Cost Structure - Sales expenses increased to approximately 594 million yuan, a rise of 13.34% [6]. - Management expenses were reported at 261 million yuan, up 23.47%, while financial expenses surged by 118.06% to 39.53 million yuan [6]. Debt Obligations - Beida Pharmaceutical has an overdue milestone payment of 180 million yuan to Yifang Biotechnology, which has not been settled [8][9]. - The payment is related to the approval of specific cancer treatment indications and has been delayed due to the company's financial arrangements [8][9].

Core Viewpoint - Jimin Health reported a significant decline in its financial performance for the first half of 2025, with a revenue drop of 21.30% and a net loss of 52.7 million yuan, contrasting sharply with a profit of 25.4 million yuan in the same period last year [1][3][4]. Financial Performance - The company achieved a revenue of 366 million yuan in the first half of 2025, down from 465 million yuan year-on-year, marking a decrease of 21.30% [3][4]. - The net profit turned into a loss of 52.7 million yuan, a drastic decline of 307.10% compared to a profit of 25.4 million yuan in the previous year [3][4]. - The total profit for the period was reported at -57.6 million yuan, indicating a significant downturn in profitability [4]. Reasons for Performance Decline - The decline in performance is attributed to three main factors: 1. A 40% drop in external sales revenue of safety syringes due to U.S. tariffs, leading to an 82% decrease in gross profit from these products [4]. 2. A 92% decline in sales revenue of pre-filled catheter flushing devices and safety syringes in the domestic market, influenced by the "He Qinghong seal forgery incident" [4]. 3. The company made an additional inventory write-down provision of approximately 20 million yuan for pre-filled catheter flushing devices and safety syringes based on current market conditions [4]. Stock Market Performance - Despite the poor financial results, Jimin Health's stock price has surged, closing at a limit-up on August 20, 2025, and achieving five consecutive limit-up days since August 14, with a total increase of 61.14% [2][5]. - The stock price saw a cumulative increase of 53.78% from August 13 to August 19, 2025, with a trading volume turnover rate of 31.31% on August 20 [7]. Corporate Governance Issues - The company faced governance challenges due to the "He Qinghong seal forgery incident," where the vice president and team members forged company seals for unauthorized sales agreements, resulting in approximately 117 million yuan in sales [10][11]. - Jimin Health has taken steps to address these governance issues, including terminating the vice president's employment and conducting a thorough review of related business operations [14]. Strategic Responses - In response to the challenges, the company is exploring new markets outside the U.S. for safety syringes, including Brazil, Panama, Australia, and Canada [14]. - The company is also actively engaging with distributors to resolve inventory issues and is prepared to take legal action if necessary [14]. - Additionally, Jimin Health is advancing its research and development efforts, including a recent agreement for the transfer of technology related to a new oncolytic virus drug [14].

Summary of Hansoh Pharmaceutical Conference Call Company Overview - **Company**: Hansoh Pharmaceutical - **Industry**: Pharmaceutical Key Points Financial Performance - Hansoh Pharmaceutical reported a **13.2% growth** in internal revenue for the first half of 2025, with **23% growth** in innovative drug sales year-on-year [2][3] - The company achieved **1.6 billion RMB** in BD (business development) revenue, including **112 million RMB** from Merck's small molecule GLP-1 upfront payment [2][3] - Excluding BD upfront payments, innovative drug revenue still accounted for nearly **80%** of total revenue, with internal profit increasing by **15% to 20%** year-on-year [2][3] Product Pipeline and Innovation - The quality of the product pipeline is continuously improving, with a focus on areas such as **EGFR**, **CMET ADC**, and **P2X3 chronic cough** [2][3] - The company has a comprehensive layout in the lung cancer sector, covering both **EGFR mutations** and **wild-type lung cancer** [2][3] - Hansoh has successfully completed its transformation into an innovative company, with innovative revenue exceeding **80%** [2][6] Market Outlook and Valuation - Revenue is projected to reach **14.8 billion RMB** in 2025, with net profit expected to exceed **5 billion RMB** [5] - Future PE ratios are forecasted at **37x**, **34x**, and **29x** over the next three years, with a target PE of **45x** in 2026, corresponding to a market value of approximately **260 billion RMB** [5] - The company anticipates continued growth driven by high-quality product pipelines and overseas market expansion [2][15] Management and Operational Efficiency - The management team is experienced, with a concentrated ownership structure led by founder **Zhong Huijuan** [7] - Sales expense ratio is decreasing, with an absolute increase of about **100 million RMB** year-on-year, while R&D investment is increasing [8] - Internal management and operational efficiency have significantly improved, with internal profit growth exceeding **15%** in the first half of 2025 [8] Drug Approvals and Market Potential - Hansoh has **8 approved innovative drugs**, with the third-generation EGFR TKI **Amivantamab** being a key product [10] - Amivantamab is expected to achieve sales of **6 billion RMB** in 2025, with peak sales potential exceeding **8 billion RMB** [11] - The company is actively expanding into overseas markets, with significant collaborations leading to substantial upfront payments and future sales sharing [12] Future Growth Expectations - The company is expected to maintain high double-digit growth, supported by cost control and operational efficiency improvements [14] - The outlook for Hansoh Pharmaceutical is optimistic, with expectations for value realization on a global scale and consistent profit growth through BD contributions [15]

Core Viewpoint - Heng Rui Medicine reported strong financial performance for the first half of 2025, with significant growth in revenue, net profit, and operating cash flow, alongside plans for a share buyback to support employee stock ownership [2][3][5]. Financial Performance - In the first half of 2025, Heng Rui Medicine achieved operating revenue of 15.761 billion yuan, a year-on-year increase of 15.88% [2] - The net profit attributable to shareholders was 4.450 billion yuan, reflecting a year-on-year growth of 29.67% [2] - Operating cash flow net amount reached 4.3 billion yuan, up 41.80% year-on-year, marking record highs for the company [2] Innovation Drug Sales - The sales and licensing revenue from innovative drugs amounted to 9.561 billion yuan, accounting for 60.66% of total operating revenue [3] - Sales revenue from innovative drugs specifically was 7.570 billion yuan, driven by strong clinical data and recognition from doctors and patients [3] - The company received significant licensing fees, including 200 million USD from Merck and 75 million USD from IDEAYA, contributing to revenue growth [3] Strategic Partnerships - In July, Heng Rui Medicine entered a collaboration with GSK to co-develop up to 12 innovative drugs, with an initial payment of 500 million USD and potential total payments of around 12 billion USD [4] - The company successfully listed on the Hong Kong Stock Exchange in May, raising a total of 11.4 billion HKD, marking a significant milestone in its internationalization efforts [4] Research and Development - Heng Rui Medicine invested 3.871 billion yuan in R&D during the first half of 2025, with 3.228 billion yuan classified as expense R&D [5] - The company has over 100 innovative products in clinical development and 400 clinical trials ongoing domestically and internationally [5] - Five innovative drug products have received orphan drug designation from the FDA, enhancing the company's international clinical trial capabilities [5] Future Outlook - Heng Rui Medicine aims to accelerate innovative drug development and expand its global footprint through a combination of self-research and open collaboration [6] - The company is committed to maintaining its innovation and internationalization strategy to drive high-quality growth [6]

Core Insights - Heng Rui Medicine reported a revenue of 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with net profit attributable to shareholders reaching 4.45 billion yuan, up 29.67% [1] - The company plans to repurchase A-shares with a total amount between 1 billion and 2 billion yuan, with a maximum repurchase price of 90.85 yuan per share [1] Group 1: Financial Performance - The operating cash flow net amount for the first half of 2025 was 4.3 billion yuan, reflecting a growth of 41.80% [1] - The sales revenue from innovative drugs exceeded 7.57 billion yuan, contributing 60.66% to the total revenue [2] - The company received 200 million USD from Merck and 75 million USD from IDEAYA as upfront payments for licensing, further boosting revenue [2] Group 2: Innovation and R&D - Heng Rui Medicine invested 3.87 billion yuan in R&D during the first half of 2025, with 3.23 billion yuan classified as expense R&D [4] - The company has over 100 self-innovated products in clinical development and more than 400 clinical trials ongoing domestically and internationally [4] - Five innovative drug products have received orphan drug designation from the FDA, enhancing the company's international clinical trial capabilities [4] Group 3: Strategic Partnerships and Future Outlook - In July 2025, Heng Rui Medicine entered a collaboration with GSK to co-develop up to 12 innovative drugs, with an upfront payment of 500 million USD from GSK [2] - The company aims to accelerate the development of innovative drugs and enhance its global presence through self-research and open collaboration [5] - Heng Rui Medicine's listing on the Hong Kong Stock Exchange marks a significant milestone in its internationalization process [3]

Core Viewpoint - Heng Rui Medicine reported strong financial performance for the first half of 2025, with significant growth in revenue, net profit, and operating cash flow, indicating a robust upward trend in its business operations [2]. Financial Performance - The company achieved operating revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [2]. - Net profit attributable to shareholders reached 4.45 billion yuan, up 29.67% year-on-year [2]. - Operating cash flow net amount was 4.30 billion yuan, reflecting a growth of 41.80% [2]. - Research and development expenditure totaled 3.87 billion yuan, with 3.23 billion yuan classified as expensed R&D [2]. Innovation and Product Development - Sales and licensing income from innovative drugs amounted to 9.56 billion yuan, accounting for 60.66% of total revenue, with innovative drug sales contributing 7.57 billion yuan [2]. - The company received upfront payments of 200 million USD from Merck and 75 million USD from IDEAYA, which were recognized as revenue [2]. - Heng Rui has over 100 self-innovated products in clinical development and is conducting over 400 clinical trials domestically and internationally [3]. Collaborations and Partnerships - The company has entered into significant collaborations, including a global exclusive licensing agreement with Merck for the oral small molecule drug HRS-5346, receiving an upfront payment of 200 million USD [3][4]. - A partnership with GSK was established to co-develop up to 12 innovative drugs, with GSK paying an upfront fee of 500 million USD and potential total payments reaching approximately 12 billion USD [4]. Market Position and Expansion - Heng Rui's IPO on the Hong Kong Stock Exchange raised approximately 15 billion USD, marking the largest IPO in the Hong Kong pharmaceutical sector in five years [5]. - The company has initiated over 20 overseas clinical trials in countries including the USA, Europe, Australia, Japan, and South Korea [4].