Core Viewpoint - The company reported a significant decline in revenue and an increase in R&D expenses, indicating challenges in sales and a focus on innovation [1][2] Group 1: Financial Performance - The company achieved revenue of RMB 49.451 million for the six months ending June 30, 2025, representing a year-on-year decrease of 80.54% [1] - R&D expenses amounted to RMB 105 million, reflecting a year-on-year increase of 58.75% [1] - The net loss for the period was RMB 270 million, with a basic loss per share of RMB 0.21 [1] Group 2: Revenue Breakdown - Revenue included sales from drugs (Apatinib and Pralsetinib) totaling RMB 20 million, licensing fee income of RMB 17.9 million, and royalties from Suglitinib of RMB 11.3 million [1] - Sales of Pralsetinib saw a significant decline, primarily due to price adjustments and one-time channel compensation in preparation for negotiations for inclusion in the National Medical Insurance Catalog [1] - The company anticipates that if Pralsetinib is included in the National Medical Insurance Catalog, the sales growth benefits in 2026 and beyond will offset the short-term negative impact on revenue [1] Group 3: Strategic Developments - The company accelerated its global expansion strategy and advanced its differentiated pipeline through strategic partnerships [2] - Significant achievements were made in regulatory approvals, clinical progress, and strategic collaborations, reinforcing the company's position in the field of innovative therapies [2] - A major external licensing agreement was signed with Istituto Gentili in July 2025, with expected licensing fee income in the second half of 2025 [1]