Financial Performance - Revenue for 1-9/2025 was RMB 19,891 million, a decrease of 12.3% compared to RMB 22,686 million in 1-9/2024[27] - Gross profit for 1-9/2025 was RMB 13,049 million, down 18.4% from RMB 15,985 million in 1-9/2024[27] - Gross profit margin decreased by 4.9 percentage points, from 70.5% in 1-9/2024 to 65.6% in 1-9/2025[27] - R&D expenses increased by 7.9%, from RMB 3,880 million in 1-9/2024 to RMB 4,185 million in 1-9/2025[27] - Reported profit attributable to shareholders decreased by 7.1%, from RMB 3,778 million in 1-9/2024 to RMB 3,511 million in 1-9/2025[27] - Underlying profit attributable to shareholders decreased by 23.0%, from RMB 3,999 million in 1-9/2024 to RMB 3,079 million in 1-9/2025[27] - Finished drugs revenue decreased by 17.2%, from RMB 18,670 million to RMB 15,450 million[28] - Revenue from oncology decreased significantly by 56.8%, from RMB 3,809 million to RMB 1,645 million[29] - Revenue from nervous system decreased by 21.6%, from RMB 7,234 million to RMB 5,669 million[29] - License fee revenue was RMB 1,540 million in 1-9/2025, compared to no revenue in 1-9/2024[29] R&D and Regulatory Updates - 3 new drugs were approved[5] - 5 breakthrough therapy designations were received[5] - 12 new pivotal clinical trials were initiated[7] - 52 IND approvals were obtained, including 42 in China and 10 in North America[7] BD and Shareholder Returns - License-out agreements were made for SYS6005, Irinotecan Liposome Injection, SYH2086 and strategic collaboration with AstraZeneca[9, 115] - A total of HK$300 million worth of shares have been repurchased this year[8] - The 2025 interim dividend is HK14 cents per share[8] R&D Pipeline Highlights - Anbenitamab injection co docetaxel treatment of 1L HER2+ relapse/metastasis breast cancer was published in Cancer Communications, with ORR of 76.4% and mPFS of 27.7m[37] - SYS6091 for injection has been granted as BTD by NMPA for the treatment of platinum resistant recurrent epithelial ovarian cancer, primary peritoneal cancer, or whole population of patients with fallopian tube cancer and HER2-positive advanced colorectal cancer[45] - JMT101+ Irinotecan has been granted as BTD by NMPA for the treatment of RAS, RAF, EGFR ECD and PIK3CA exon 20 wild-type advanced colorectal cancer after failure of standard treatment in second-line or beyond[51] - The company has approximately 200 innovative drugs and new formulations[4, 96]