Business Highlights - Akeso's commercial sales revenue in 2025H1 reached RMB 1.402 billion, a 49% year-on-year increase[16, 24] - The company has 13 Phase III/registrational trials of ivonescimab covering lung cancer and expanding to cold tumors[13] - The company has 10 phase III clinical studies of cadonilimab across lung cancer, gastric cancer, liver cancer and cervical cancer[13] - Penpulimab receives FDA approval in the United States[14] Pipeline Development - Three blockbuster new drug candidates entered clinical stage[19] - Six Phase III clinical trials reached the primary endpoint[20] - Ivonescimab's first global Phase III trial received positive results[84] - Manfidokimab (IL-4Rα) Reached Endpoints in the Registrational Phase III Trial for Atopic Dermatitis[116] Financial Performance - 1H 2025 Revenue reached RMB 1.412 billion, a 33.7% growth from 1H in 2024[16] - The company has cash and short-term financial assets of approximately RMB 7.14 billion[16] - Sales and Marketing expense as a percentage of sales decreased from 55% in 2024H1 to 48% in 2025 H1[136, 140]