Dorzagliatin Overview - Dorzagliatin is a first-in-class drug with global rights, targeting the underlying cause of Type 2 Diabetes (T2D) by addressing impaired glucose homeostasis[13] - As of December 31, 2019, Hua Medicine had RMB 1.1 billion in cash[13] - The global T2D population is 453 million, with 120 million in China alone, representing a massive market opportunity[13] Clinical Trial Results - In a Phase III monotherapy trial, dorzagliatin achieved the primary endpoint, demonstrating a significant and sustainable reduction in HbA1c safely[13] - In the HMM0301 Phase III trial, the dorzagliatin-treated group showed a 1.07% HbA1c reduction from a baseline of 8.35%, compared to a 0.5% reduction from a baseline of 8.37% in the placebo group (p < 0.0001)[62] - 45.4% of patients treated with dorzagliatin achieved a target HbA1c level of 7.0% or less at 24 weeks, compared to 21.5% of patients treated with placebo (p < 0.0001)[62] - Patients treated with dorzagliatin achieved a homeostasis control rate of 45.0% compared with 21.5% in the placebo group (p < 0.0001)[62] Combination Therapy - A Phase I trial (HMM0111) showed that dorzagliatin combined with sitagliptin (DPP-4 inhibitor) resulted in a 33% reduction (p<0.01) in postprandial glucose level AUEC (0-4hr)[74] - A Phase I trial (HMM0112) showed that dorzagliatin combined with empagliflozin (SGLT-2 inhibitor) resulted in a 38% reduction (p<0.0001) in postprandial glucose level AUEC (0-4hr)[79] China Market - China has the largest diabetes population globally, with approximately 125 million T2D patients[232] - The diagnosis rate in China was 50.4% in 2018 and is expected to rise to 82.2% in 2028[235] - The China anti-diabetics market is projected to grow from RMB 57.3 billion in 2018 to RMB 135.6 billion in 2025, with an expected CAGR of 11.7% from 2018 to 2028[246]

Financial Performance & Growth - IMAX reported a 40% growth in global box office market share from 2018 through 1Q25[11] - The company's 1Q25 Total Adjusted EBITDA margin was 43%[11], exceeding the FY25 guidance of 40%+[96] - IMAX projects over $12 billion in IMAX Box Office revenue for 2025[36] - The company has repurchased 19% of shares outstanding since 2020[11, 124] Network Expansion & Backlog - IMAX's global network scale includes 1,738 systems[11] across 89 countries and territories[11, 38] - The company has a contracted IMAX system backlog of 516 systems[11, 42] - International markets (excluding China) have seen over 27% network growth since pre-pandemic (year-end 2019 to March 31, 2025)[14] Content & Strategy - IMAX is increasing its connection with studios and filmmakers, expecting a record 11 Filmed For IMAX (FFI) Hollywood titles in 2025[11] - The company expects over 60 local language titles in 2025, demonstrating a 27% CAGR from 2019-2024[86, 87] - IMAX is partnering with streaming platforms to eventize and launch content[75] Financial Position - As of March 31, 2025, IMAX has $4015 million in total liquidity[117] - The company's net debt to TTM Total Adjusted EBITDA is 128x[119]

Financial Performance - GenScript Life Science revenue increased by 26.4% year-over-year[20] - Biologics CDMO revenue increased by 33.6% year-over-year, achieving historical breakeven financial goal[20] - Cell Therapy revenue increased by 101.5% year-over-year, with backlog up 108.4% year-over-year[21] - In FY21, external revenue reached $424.7 million, a 30.8% year-over-year increase[23] - Adjusted net loss of Cell Therapy was $(354.6) million in 2021 compared to $(213.3) million in 2020[23] - Adjusted net profit of Non-Cell Therapy was $50.2 million in 2021, an 18.1% year-over-year increase[23] Investments - R&D expenses for Non-Cell Therapy were $36.3 million and for Cell Therapy were $49.9 million in 2021[25], representing a 36.1% year-over-year increase in total R&D investment[24] - Capital expenditure for Cell Therapy was $47.1 million, for Biologics CDMO was $34.5 million, and for Life Science & Other was $55.8 million in 2021[28] Business Segments - Legend Biotech, a cell therapy company, received an upfront payment of $350 million and $300 million in milestone payments from Janssen[61]

Company Overview - Antengene is focused on bringing transformative medicines to patients globally, with commercialization in 6 APAC markets and 9 clinical-stage assets[12, 13] - The company raised US$21 million in Series A, US$120 million in Series B, US$97 million in Series C, and US$367 million in its Hong Kong IPO[21] - As of June 30, 2023, Antengene had RMB 1,322 million in cash and bank balances[21, 225] Pipeline Highlights - For CPI-naïve relapsed/metastatic cervical cancer, ATG-008 (Onatasertib) showed an ORR of 53.3% (16/30) and mPFS of 8.41 months[15] - In CPI-treated relapsed/metastatic cervical cancer, ATG-008 (Onatasertib) showed an ORR of 29.4% (5/17)[15] - In treatment-naïve myelofibrosis patients, Selinexor 60 mg + Ruxolitinib achieved SVR35 of 83.3% (10/12) at week 12 and 91.7% (11/12) at week 24 in efficacy evaluable patients[30] - In TP53 Wild-type Endometrial Cancer Patients, Selinexor monotherapy showed mPFS of 27.4 months compared to 5.2 months for placebo, with HR: 0.42[32] Commercial Performance & Partnerships - XPOVIO® achieved RMB 72.0 million in revenue in 2023 1H, a 33.5% increase compared to RMB 54.0 million in 2022 1H[15] - Antengene entered into a commercialization partnership with Hansoh Pharma in the Mainland of China on August 11th[15] - XPOVIO® has covered 130 DTP pharmacies across the Mainland of China and attained 46 urban-customized commercial health insurance listings (Huiminbao) covering over 55 million people[202] - From commercial launch in May 2022 to June 30th, 2023, XPOVIO® accumulated revenue of RMB 222.1 Million[202]

Antengene Pipeline Overview - Antengene is developing a diverse pipeline of oncology and autoimmune programs, including T cell engagers and other novel therapies[9, 10] - The company has partnerships and clinical collaborations to advance its programs[10] - Antengene has USD 125 million in cash and bank balances to advance pipeline development and strategic initiatives over the next 3 years[11] ATG-022 (Claudin 18.2 ADC) - ATG-022 demonstrates efficacy across all CLDN18.2 expression levels in gastric cancer, including low and ultra-low expressors[15, 23, 29] - In CLDN18.2 moderate to high expressing GC (IHC 2+ > 20%), ATG-022 showed an ORR of 40% (12/30) and a DCR of 90% (27/30)[10, 31] - In CLDN18.2 low and ultra-low expressing GC (IHC 2+ ≤ 20%), ATG-022 showed an ORR of 30% (3/10) and a DCR of 50% (5/10)[10, 31] - One patient with complete response (CR) has demonstrated durable CR for over 21 months[32] ATG-037 (CD73 Inhibitor) - The immuno-oncology (IO) market is estimated to be over USD 140 billion in 2028, including IO-resistant tumors[44] - In CPI-resistant melanoma, ATG-037 in combination with pembrolizumab showed an ORR of 36.4% (4/11) and a DCR of 100% (11/11)[10] - In CPI-resistant NSCLC, ATG-037 in combination with pembrolizumab showed an ORR of 22.2% (2/9) and a DCR of 67% (6/9)[10] AnTenGager T Cell Engager (TCE) Platform - AnTenGager is a novel second-generation "2+1" TCE platform with steric hindrance-masking technology[65] - ATG-201 (CD19 x CD3) is a TCE being developed for B cell-related autoimmune diseases, with IND targeting 2025 H2[10, 83]

Financial Performance - The company achieved total revenue of 381 million RMB in Q1 2025, a 129.92% year-over-year increase[9] - Sales revenue from Orelabrutinib reached 311 million RMB, an 89.22% year-over-year increase[9] - The company reported a net profit of 14 million RMB in Q1 2025[9] - Gross profit margin reached 90.5%, a 5.1 percentage point increase compared to the same period last year[9] - The company holds a strong cash reserve of 7800 million RMB[9] Orelabrutinib (BTK Inhibitor) - Orelabrutinib was approved in China for 1L CLL/SLL[9] - NDA submissions for multiple indications of Orelabrutinib are underway overseas[9] - Orelabrutinib is recommended in the 2025 CSCO lymphoma guidelines for CLL/SLL, MZL and MCL[20, 21] Pipeline Progress - Tafasitamab BLA for r/r DLBCL was accepted and granted priority review in mainland China[9] - Zurletrectinib NDA was submitted at the end of March 2025 and granted priority review[9] - A Phase III registrational clinical trial of Mesutoclax in combination with Orelabrutinib for 1L CLL/SLL is ongoing[9] Strategic Collaborations - Prolium Bioscience will gain rights to develop, register, produce, and commercialize ICP-B02 globally in non-oncology fields and in oncology fields outside of Asia[15] Autoimmune Disease - Phase III registrational clinical trials for Orelabrutinib in PPMS and SPMS are expected to enroll the first patient in the second half of 2025[9] - A Phase III registrational clinical trial for Orelabrutinib in ITP is expected to submit an NDA in the first half of 2026[9] - A Phase IIb trial for Orelabrutinib in SLE has completed patient enrollment, with data readout expected in Q4 2025[9]

Company Overview - InnoCare aims to become a global biopharmaceutical leader, focusing on oncology and autoimmune diseases[6, 7, 8] - The company has raised a total of $134 billion USD since its founding in 2015[11] - InnoCare has a fully-integrated drug innovation platform with 13 clinical products in the pipeline and 2 marketed products[13] Orelabrutinib (BTKi) - Orelabrutinib demonstrates ~100% BTK occupation at 50 mg QD and above, with an improved safety profile[23] - Orelabrutinib has shown an 83% overall response rate (ORR) in r/r MCL patients and a 589% ORR in r/r MZL patients[34] - A Phase III registrational trial for Orelabrutinib is ongoing in China for SLE[52] ICP-332 (TYK2 Inhibitor) - ICP-332, at 80mg QD, achieved a 782% reduction from baseline in EASI score in Atopic Dermatitis (AD) patients[75] - 88% of patients achieved EASI 50 and 72% achieved EASI 75 at Week 4 with ICP-332 treatment[75] - Global AD market is expected to reach $222 billion USD by 2028[71] Portfolio Expansion - Tafasitamab BLA submission in China is planned for 2024Q2, targeting 160,000 new DLBCL patients globally per annum[46] - ICP-248 (BCL-2 inhibitor) showed 100% efficacy (6 out of 6 patients) in early clinical results[41] - InnoCare plans to submit an NDA for 1L CLL/SLL in China and r/r MCL in the USA for Orelabrutinib in the second half of 2024[102]

Financial Performance Highlights - Revenue reached RMB 41,067 million, a year-on-year decrease of 080%[5] - R&D expense was RMB 3,644 million, a year-on-year decrease of 1615%[6] - Net profit attributable to shareholders was RMB 2,770 million, a year-on-year increase of 1608%[7] - Net operating cash flow reached RMB 4,470 million, a year-on-year increase of 3113%[6] Key Products and R&D - Serplulimab Injection (PD-1) achieved revenue of RMB 1,313 million in 2024[68, 130] - Pharma R&D expenditure was RMB 4,910 million, accounting for 1698% of Pharma revenue[63, 67] - Axicabtagene Ciloleucel Injection has benefited over 800 patients since approval in 2021[43, 75, 132] Global Operations and Internationalization - Revenue from countries and regions outside Chinese mainland reached RMB 11,297 million, a year-on-year increase of 893%[30] - Sisram's direct sales revenue increased to 87%[36, 100] Medical Devices - Sisram Medical's revenue was USD 3590 million in 2024[99] - 58 Da Vinci Surgical Systems were installed in China in 2024[108] Sinopharm Performance - Pharmaceutical distribution segment revenue recorded RMB 444,365 million, a year-on-year increase of 075%[121] - Medical device distribution segment revenue recorded RMB 117,915 million, a year-on-year decrease of 944%[121] - Retail pharmacy segment revenue recorded RMB 35,981 million, a year-on-year increase of 082%[121]

Financial Performance - Revenue reached RMB 9,420 million, a decrease of 726% year-over-year[6] - R&D expense was RMB 737 million, down 1110% year-over-year[7] - Net profit attributable to shareholders was RMB 765 million, an increase of 2542% year-over-year[8] - Net operating cash flow increased to RMB 1,056 million, up 1508% year-over-year[7] - 2024 Pharma R&D expenditure was RMB 4,910 million, accounting for 1698% of Pharma revenue[61] Key Products & Pipelines Progress - Serplulimab Injection (PD-1) received EMA approval for ES-SCLC treatment[12] - Tenapanor Hydrochloride Tablets approved by NMPA for serum phosphorus control in adult dialysis patients with chronic kidney disease[13] - Fosun Pharma achieved a revenue of RMB 11,297 million (+893% YoY) from countries and regions outside Chinese mainland in 2024[26] Med Tech Segment - Med Tech segment revenue reached RMB 4,390 million[87] - Sisram Medical's revenue was USD 3590 million in 2024[96] Healthcare Services - Healthcare Services segment revenue was RMB 6,672 million[108] Sinopharm Performance - Pharmaceutical distribution segment revenue recorded RMB 444,365 million (+075% YoY)[116] - Medical device distribution segment revenue recorded RMB 117,915 million (-944% YoY)[116] - Revenue of the retail pharmacy segment recorded RMB 35,981 million (+082% YoY)[116]

Financial Performance Highlights - The group's insurance revenue reached RMB 537709 million, a 67% increase compared to 2023[103, 104] - Net profit attributable to equity holders of the company increased by 888% to RMB 42151 million[20, 104] - Total investment income increased significantly by 862% to RMB 822 billion[41, 87] - The group's total assets increased by 135% to RMB 1766321 million[26, 104] - The annual cash dividend per share increased by 154% to RMB 0180[28] Segment Performance - PICC P&C's insurance revenue increased by 61% to RMB 485223 million[103, 104] - PICC Life's insurance revenue increased by 230% to RMB 22384 million[103, 104] - PICC Health's insurance revenue increased by 62% to RMB 27217 million[103, 104] Key Initiatives and Innovation - Green insurance provided risk protection of RMB 184 trillion[33, 53] - Technology insurance provided risk protection of RMB 31 trillion[33] - Premiums from products dedicated to technological activities increased by 180%[65]