Core Viewpoint - Tengsheng Bo Pharmaceutical Co., Ltd. reported a significant decrease in cash reserves and revenue for the fiscal year ending December 31, 2025, while also showing a reduced net loss compared to the previous year [2]. Financial Performance - The company's cash and cash equivalents amounted to RMB 1.941 billion, a decrease of 19.6% year-on-year, primarily due to operational expenses, R&D activities, and acquisition costs related to BRII-179 [2]. - Revenue for the period was RMB 18.6 million, mainly from a licensing and technology transfer agreement with Health元 Group [2]. - Other income was RMB 68.8 million, reflecting a 51.3% year-on-year decline, attributed to reduced bank interest income and government subsidies [2]. - R&D expenses totaled RMB 213 million, down 14.8% year-on-year, while administrative expenses were RMB 110 million, a decrease of 28.5% [2]. - The net loss for the year was RMB 224 million, a reduction of 56.3% compared to the previous year, mainly due to decreased fair value losses on equity and impairment losses, as well as lower operational expenses [2]. Strategic Developments - The company continues to advance its hepatitis B functional cure project, with three Phase 2b clinical studies (ENSURE, ENRICH, ENHANCE) having completed subject recruitment, with key data expected to be released in 2026 [2]. - The company is enhancing its early-stage R&D capabilities and has partnered with OpenBench to incorporate AI drug discovery technology [2]. - The board of directors has decided not to recommend the distribution of a final dividend [2].