Core Viewpoint - The company reported a mid-year performance with a significant increase in R&D spending and a strategic focus on commercializing its core product, lonapegsomatropin, expected to receive BLA approval by Q4 2025 [1][2] Financial Performance - R&D expenditure for the first half of 2025 was approximately RMB 46.62 million, representing a year-on-year increase of 19.80% [1] - The company incurred a loss of RMB 118 million during the same period [1] - As of June 30, 2025, cash and cash equivalents amounted to RMB 806 million, an increase of RMB 602 million compared to the end of 2024 [1] - The company secured an unsecured bank credit facility of RMB 300 million to enhance financial flexibility [1] Product Development and Commercialization - The company anticipates that its core product, lonapegsomatropin, will receive BLA approval in Q4 2025, followed by commercialization efforts later in the year [1] - To support commercialization, the company is expanding its commercial team, including hiring more medical representatives and enhancing training and customer service [1] Strategic Partnerships - The company has entered into a strategic cooperation agreement with Shanghai Pharmaceuticals to establish a necessary management framework compliant with GSP [2] - A partnership with United Family Healthcare was formed to develop diagnostic and service capabilities for children with growth and development medical needs [2] - Discussions with Anke Bio regarding joint promotion of lonapegsomatropin in specific geographic areas are underway, with a strategic cooperation framework agreement signed on July 14, 2025 [2]