Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, increased to RMB 18.6 million from 0 in the previous year, primarily due to an upfront payment from an intellectual property license and technology transfer agreement with Joincare Group [21] - Other income decreased by RMB 72.6 million or 51.3% to RMB 68.8 million compared to RMB 141.4 million in 2024, mainly due to lower bank interest income and changes in government grants [21][22] - Research and development expenses declined by 14.8% to RMB 212.9 million from RMB 249.8 million in 2024, reflecting cost control measures [22][23] - Administrative expenses were RMB 199.5 million, a decrease of 28.5% compared to RMB 153.2 million in 2024, attributed to lower employee costs and adjustments in management compensation [23] Business Line Data and Key Metrics Changes - The company remains focused on advancing its HBV functional cure program, which is the top clinical priority, with key data reported and studies progressing towards registrational development [3][4] - The partnership with Joincare Group for soralimixin allows the company to prioritize resources on HBV programs while advancing the non-HBV portfolio [4][6] Market Data and Key Metrics Changes - The company is leveraging the strong research ecosystem in China to enhance its discovery capabilities, with new research infrastructure established in Beijing and Shanghai [9][36] - The company is exploring partnership opportunities for its HIV program and soralimixin rights in China, indicating a strategic approach to market expansion [32][36] Company Strategy and Development Direction - The company is sharpening its portfolio focus and expanding discovery capabilities, including integrating AI-enabled discovery tools into research workflows [4][8] - A disciplined partnering strategy is being employed to advance non-core assets while maintaining focus on areas with the strongest near-term opportunities [10][11] - The company aims to align management incentives with long-term shareholder value by significantly reducing senior management's annual bonuses [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the HBV program's potential, with important data expected to emerge in the coming months to inform future development stages [19][39] - The company is committed to maintaining a strong cash position, with bank deposits and cash equivalents amounting to RMB 1,941 million, expected to support operations beyond 2028 [22] Other Important Information - The company has built a robust internal discovery platform and is expected to nominate key new programs from its discovery efforts this year [4][9] - The company is open to both partnerships and self-development for its discovery programs, depending on expertise and market potential [37] Q&A Session Summary Question: Expectations for data from ENRICH and ENHANCE studies - Management expects data to emerge throughout the year, looking for immunologic priming effects and enhanced response rates in specific patient subgroups [26][27][28] Question: Focus areas for expanded discovery capabilities - The company is exploring candidates beyond infectious diseases, targeting chronic diseases with unmet medical needs, with specific areas to be disclosed later [30][31] Question: Updates on partnering strategy for non-core assets - The company continues to explore partnerships for its HIV program and soralimixin rights in China, with ongoing discussions with potential partners [32]

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, increased to CNY 18.6 million from 0 in the previous year, primarily due to an upfront payment from a licensing agreement with Joincare Group [21] - Other income decreased by CNY 72.6 million or 51.3% to CNY 68.8 million compared to CNY 141.4 million in 2024, mainly due to lower bank interest income and changes in government grants [21][22] - Research and development expenses declined by 14.8% to CNY 212.9 million from CNY 249.8 million in 2024, reflecting cost control measures [22][23] - Administrative expenses were CNY 199.5 million, a decrease of 28.5% compared to CNY 153.2 million in 2024, attributed to lower employee costs and adjustments in management compensation [23] Business Line Data and Key Metrics Changes - The company focused on advancing its HBV clinical programs, which remain the top clinical priority, with key data reported and studies advancing towards registrational pathways [3][4] - The partnership with Joincare Group for soralimixin allows the company to prioritize resources on HBV programs while advancing non-HBV assets [4][6] Market Data and Key Metrics Changes - The company is leveraging China's strong research ecosystem to enhance its discovery capabilities, with new research infrastructure established in Beijing and Shanghai [9][10] - The collaboration with OpenBench integrates AI-enabled drug discovery tools, enhancing the company's ability to analyze biological targets and design therapeutic molecules [10] Company Strategy and Development Direction - The company aims to maintain strong alignment with shareholder interests by reducing senior management's annual bonuses significantly, reinforcing the link between management incentives and long-term shareholder value [5] - The strategy includes a combination-based approach for HBV treatment, focusing on BRII-179 and elebsiran, with ongoing Phase 2b studies to evaluate their effectiveness [12][18] - The company is exploring partnership opportunities for its HIV program and other non-core assets, indicating a disciplined partnering strategy [6][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong cash position, expecting current cash to support operations beyond 2028 while continuing to invest in core programs [22][23] - The company anticipates important milestones for its HBV program in the coming year, with data expected to inform the next stage of development [19][39] Other Important Information - The company has built a robust internal discovery platform and is expanding its capabilities to support future pipeline development [9][24] - The focus on chronic diseases and unmet medical needs indicates a strategic shift beyond infectious diseases [31][36] Q&A Session Summary Question: Expectations for data from ENRICH and ENHANCE studies - Management expects data to emerge throughout the year, looking for immunologic priming effects and enhanced response rates in specific patient subgroups [26][27] Question: Focus areas for expanded discovery capabilities - The company is exploring candidates in chronic diseases and common diseases with unmet medical needs, with specific areas to be disclosed later [30][31] Question: Updates on partnering strategy for non-core assets - The company continues to explore partnerships for its HIV program and other assets, with ongoing discussions with potential partners [32][36]

Financial Data and Key Metrics Changes - In 2025, the company's revenue increased to CNY 18.6 million from 0 in the previous year, primarily due to an upfront payment from a licensing agreement with Joincare Group [20] - Other income decreased by CNY 72.6 million or 51.3% to CNY 68.8 million compared to CNY 141.4 million in 2024, mainly due to lower bank interest income and changes in government grant income [21] - Research and development expenses declined by 14.8% to CNY 212.9 million from CNY 249.8 million in 2024, reflecting cost control measures [22] - Administrative expenses were CNY 199.5 million, a decline of 28.5% compared to CNY 153.2 million in 2024, attributed to lower employee costs and organizational optimization [23] - As of December 31, 2025, cash and cash equivalents were CNY 1,941 million, expected to support operations beyond 2028 [22] Business Line Data and Key Metrics Changes - The company focused on advancing its HBV functional cure program, which remains its top clinical priority, with key data reported and studies progressing towards registrational pathways [3][4] - The partnership with Joincare Group for soralimixin allows the company to prioritize resources on HBV programs while advancing non-HBV assets [4][5] Market Data and Key Metrics Changes - The company is leveraging China's strong research ecosystem to enhance its discovery capabilities, establishing labs in Beijing and Shanghai to support early-stage drug discovery [9][36] - The company is exploring partnership opportunities for its HIV program and other non-core assets, indicating a strategic approach to market engagement [32][38] Company Strategy and Development Direction - The company aims to maintain strong alignment with shareholder interests by reducing senior management's annual bonuses to approximately one quarter of their original level [5] - The strategy includes a disciplined partnering approach for non-HBV assets while focusing on areas with the strongest near-term opportunities [10][11] - The company plans to introduce new programs from its discovery platform and define its development strategy around them [24][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the HBV program's potential, expecting important data to emerge later this year to inform the next stage of development [40] - The company is aware of the competitive landscape and aims to differentiate its offerings while exploring the potential of its expanded discovery capabilities [29][36] Other Important Information - The company has made significant investments in building its internal research capabilities and integrating AI-enabled discovery tools into its workflow [8][9] - The company is open to both internal development and partnerships for its discovery programs, depending on expertise and market potential [38] Q&A Session Summary Question: Expectations for data from ENRICH and ENHANCE studies - Management expects data to emerge throughout the year, looking for immunologic priming effects and enhanced response rates in the ENRICH study, and a 10% or better response in the ENHANCE study compared to previous results [26][27][28] Question: Focus areas for expanded discovery capabilities - The company is expanding beyond infectious diseases to include chronic diseases with unmet medical needs, with specific areas to be disclosed later [30][31] Question: Updates on partnering strategy for non-core assets - The company continues to explore partnerships for its HIV program and other assets, with ongoing discussions with potential partners [32]