Core Viewpoint - The company, CloudTop New Medicine (1952.HK), reported strong mid-year performance for the period ending June 30, 2025, showcasing significant growth in both commercialization and R&D efforts, laying a solid foundation for becoming a leading global Biopharma company [1] Financial Performance - Total revenue for the first half of 2025 reached RMB 446 million, a substantial increase of 48% year-on-year [1] - Operating expenses as a percentage of revenue decreased by 40.1 percentage points, indicating improved operational efficiency [1] - Non-IFRS total loss narrowed significantly by 31%, with a gross margin of 76.4% after excluding non-cash items [1] - The company has a strong cash reserve of RMB 1.6 billion, bolstered by a recent fundraising of HKD 1.553 billion [1] Product Performance - The kidney disease treatment product, Nefukang®, saw impressive sales of RMB 303 million in the first half, an increase of 81% year-on-year [2] - Cumulative sales from January to August reached RMB 825 million, with August alone generating RMB 520 million [2] - The global first fluoroquinolone antibiotic, Yijia®, also showed steady growth with revenue of RMB 143 million, a 6% increase year-on-year [2] Strategic Initiatives - The company is advancing its "dual-wheel drive" strategy, focusing on high-potential products and enhancing its R&D capabilities [3] - The personalized tumor therapeutic vaccine EVM16 has initiated its first human clinical trial in China, with positive preliminary data [3] - The CAR-T project EVM18 is expected to start clinical trials by the end of 2025, with significant progress in its global R&D pipeline [4] Future Outlook - The company aims to achieve annual sales of RMB 1.6 to 1.8 billion and expects to reach operational profitability in the second half of 2025 [1][2] - The strategic focus will remain on the commercialization of Nefukang® and Weishiping®, alongside leveraging AI and mRNA technology platforms for early-stage R&D [5] - The company is targeting a peak sales potential exceeding RMB 25 billion in the future [5]

Core Viewpoint - The company, Cloudtop New Horizon (01952.HK), reported a significant revenue increase of RMB 144.6 million or 48.0% to RMB 446.1 million for the six months ending June 30, 2025, primarily driven by the growth of its commercialized products, NAI Fukan® and Yijia® [1] Revenue Growth - Revenue growth is attributed to the inclusion of NAI Fukan® in the national medical insurance drug list, which has become a major growth driver [1] - Yijia® continues to deepen its market penetration, contributing to sustained revenue growth [1] - NAI Fukan® successfully launched in Taiwan, marking a significant milestone for the company [1] - The introduction of Weishiping® into the Singapore market in the first half of 2025 highlights the company's progress in expanding international markets and improving drug accessibility [1] Research and Development - R&D expenditure decreased from RMB 253.2 million for the six months ending June 30, 2024, to RMB 195.2 million for the same period in 2025, reflecting strategic resource optimization and a focus on core pipeline breakthroughs [1] - The company achieved multiple R&D milestones in the first half of the year while actively optimizing its R&D strategy [1] - The company is accelerating the development of autologous CAR-T and mRNA platforms to prepare for the next phase of research and clinical trials, while continuing to develop the value of EVER001 (Civorebrutinib) [1]

中国境外市场方面，维适平®于2025年上半年成功引入新加坡市场。该等成就彰显本集团在拓展国际市 场及提升药物可及性方面的进展。 公告称，收益增长主要由于耐赋康®及依嘉®在已商业化市场上持续增长所致。 中国市场方面，耐赋康®获纳入国家医保药品目录，并成为主要增长动力，使耐赋康®截至2025年6月 30日止6个月的收益大幅增加。依嘉®的市场渗透率持续深化，为收益持续增长作出贡献。同时，耐赋 康®在台湾成功上市，达成里程碑。 智通财经APP讯，云顶新耀(01952)发布截至2025年6月30日止6个月中期业绩，该集团取得收益4.46亿 元，同比增长47.96%;毛利2.99亿元，同比增加29.56%;公司拥有人应占亏损2.5亿元，同比收窄60.5%。 ...