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This announcement contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, that may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

邁博藥業

Mabpharm Limited

迈博药业有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2181)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2024

The Board of Directors of Mabpharm Limited is pleased to announce the consolidated financial results of the Company and its subsidiaries for the year ended December 31, 2024, together with the comparative figures for the year ended December 31, 2023.

FINANCIAL HIGHLIGHTS

	For the year ended December 31,
	2024	2023	Change
	RMB'000	RMB'000	(%)
Revenue	258,228	87,161	196.3
Cost of sales	(38,834)	(11,923)	225.7
Gross profit	219,394	75,238	191.6
Other income	7,991	3,572	123.7
Other gains and losses	(5,714)	(1,366)	318.3
Selling and distribution expenses	(151,566)	(48,925)	209.8
Research and development expenses	(75,212)	(123,211)	(39.0)
Administrative expenses	(110,409)	(104,659)	5.5
Impairment losses on financial assets	(1,879)	(427)	340.0
Finance costs	(10,552)	(9,578)	10.2
Loss before tax	(127,947)	(209,356)	(38.9)
Income tax expense	-	-	-
Loss and total comprehensive expense
for the year	(127,947)	(209,356)	(38.9)
Attributable to:
Owners of the Company	(127,947)	(209,356)	(38.9)
	RMB	RMB
Loss per share attributable to ordinary equity
holders of the Company
- Basic and diluted	(0.03)	(0.05)	-
	At December 31,	At December 31,
	2024	2023	Change
	RMB'000	RMB'000	(%)
Non-current assets	650,444	692,767	(6.1)
Current assets	365,774	342,206	6.9
Current liabilities	312,125	316,191	(1.3)
Net current assets	53,649	26,015	106.2
Non-current liabilities	615,159	513,725	19.7
Net assets	88,934	205,057	(56.6)

CORPORATE PROFILE

We are a leading biopharmaceutical company in China, focusing on the research, development and commercialization of new drugs and biosimilar for cancers and autoimmune diseases. We strive to bring to the market high quality and affordable innovative biologics through our efficient research and development (“R&D”) system and low-cost pharmaceutical production capabilities, and develop differentiated therapeutic products by fully utilizing our extensive R&D experience. Our drug pipeline currently consists of 9 monoclonal antibody drugs and 1 strong antibody drug, 3 of which approved for marketing are our core products:

✓ CMAB009恩立妥 (cetuximab β injection): CMAB009恩立妥 is a recombinant anti-EGFR chimeric monoclonal antibody which has been approved by the NMPA for marketing in June 2024 (Guo Yao Zhun Zi S20240025) for first-line therapy for RAS/BRAF wild-type mCRC in combination with the FOLFIRI regimen. CMAB009 was developed and prepared using a specific CHO expression process of the Company with an international PCT patent (PCT patent number: PCT/CN2016/070024), which has achieved significant therapeutic efficacy and clear safety advantage, and has been fully substantiated by the results of two completed clinical trials.

In August 2023, Taizhou Pharmaceutical has entered into a business cooperation agreement with Jiangsu Simcere Zaiming Pharmaceutical Co., Ltd. (江蘇先聲再明醫藥有限公司) (“Jiangsu Simcere Zaiming”), a company with remarkable tumor drug sales capability and proven track record, pursuant to which Taizhou Pharmaceutical granted exclusive commercial rights in respect of CMAB009恩立妥 (including but not limited to sales management, marketing and promotion, formulation and adjustment of related strategies and the rights to obtain relevant benefits) in the Chinese Mainland. CMAB009恩立妥 is the third product of the Company approved for marketing, and is the first domestically produced anti-EGFR monoclonal antibody innovative drug with independent intellectual property for the first-line treatment of mCRC approved by the NMPA. CMAB009恩立妥 is also expected to expand its indications to pancreatic cancer, head and neck squamous cell carcinomas, cervical squamous cell carcinoma and other cancers, as its administration together with a variety of small molecule drugs has tremendous potential for research and development and application in various other indications such as non-small cell lung cancer. The Group is propelling the clinical and registration work of CMAB009恩立妥* targeting the aforesaid indications. For more details of the NMPA approval, please refer to the announcement of the Company dated June 25, 2024.

According to “2022 Cancer Incidence and Mortality in China” published by the National Cancer Center, colorectal cancer, also known as colon cancer, has significant incidence in China with approximately 500,000 new diagnosed cases per annum, ranking 2nd in terms of prevalence among malignant tumors. In relatively developed regions, the morbidity of colorectal cancer even exceeds that of hepatitis B. So far, patients with colorectal cancer in China are overly dependent on imported anti-EGFR antibodies, of which major products are often highly priced and may lead to severe hypersensitivity reactions among over 2% patient population as evidenced in clinical studies. Accordingly, the first page of drug instructions approved by China and the U.S. always bears a black box warning against severe adverse reactions. As the first independently developed anti-EGFR new antibody marketed in China in nearly two decades, CMAB009恩立妥 has remarkable clinical efficacy and has a better safety profile without black box warnings as compared with imported drugs carrying black box warnings indicating severe adverse reactions, and it has therefore received wide acclaim among doctors and patients. We delivered the first order of CMAB009恩立妥 and the products were administrated to its first batch of patients within the same month during which it was approved for marketing. Besides, we have established an efficient and extensive marketing network, and launched nearly 100 academic promotions with the support from nearly 1,000 top experts, involving hundreds of leading hospitals in 28 provinces. Meanwhile, to extend care to impoverished patients suffering from tumor, we joined hands with professional institutions to roll out charitable drug give-away activities across the nation. In November 2024, we conducted negotiations with the National Healthcare Security Administration of the PRC (the “NHSA”) over the pricing of CMAB009恩立妥*, an exclusive innovative drug, allowing it to be successfully covered by the pharmaceuticals catalogue for reimbursement under China’s national medical insurance program (the “Medical Insurance”), which has started to benefit a wide population of patients suffering from colorectal cancer in China.

✓ CMAB007奥遏舒 (Omalizumab α for Injection): It was approved for marketing by the NMPA in May 2023 (Guo Yao Zhun Zi S20230030 for specification of 75mg/vial and Guo Yao Zhun Zi S20230031 for specification of 150mg/vial) for the treatment of patients diagnosed with IgE mediated asthma, which is the first domestic allergic asthma therapeutic antibody new drug in China approved by the NMPA. In August 2023, CMAB007奥遏舒 was also approved by the NMPA to launch clinical trials for indications relating to chronic spontaneous urticaria in adults and adolescents (aged 12 and above) who still show symptoms after treatment with H1 antihistamines. We have successfully initiated the phase III clinical trial of CMAB007奥遏舒 for treatment of urticaria. As an anti-IgE monoclonal antibody, CMAB007奥遏舒 is also expected to expand its indications to allergic diseases such as allergic rhinitis and food allergies. In the future, we will actively carry out various studies to rapidly expand the R&D and therapeutic applications of CMAB007奥遏舒* in multiple allergic disease areas.

In 2023, Taizhou Pharmaceutical entered into an exclusive commercialization cooperation agreement in relation to CMAB007奥遇舒 in China with Jiangxi Jemincare Pharmaceutical Co., Ltd. (江西清民可信醫藥有限公司) (“Jemincare”), a pharmaceutical company with remarkable market promotion capability and proven track record. CMAB007奥遇舒 was included as an exclusive product in the negotiation list under the Medical Insurance, and in the fourth quarter of 2023, it was successfully included in the pharmaceuticals catalogue under the Medical Insurance after negotiation. As of the date of this announcement, we have put up our CMAB007奥遇舒 for sale on all provincial pharmaceutical product procurement and GPO platforms across the Chinese Mainland, covering thousands of hospitals, primary medical institutions and pharmacies. We have implemented various academic activities involving nearly 1,000 leading medical experts for CMAB007奥遇舒, an exclusive product included in the pharmaceuticals catalogue under the Medical Insurance. In the beginning of 2024, we launched data analysis and studies on the efficacy and safety of CMAB007奥遇舒 in the real world. A total of 18 projects have been successively established by the asthma scientific research fund for CMAB007奥遇舒 to study and broaden its evidence-based medicine information. CMAB007奥遇舒 shows a drastic growth in sales volume in 2024 by 2,125% year-on-year compared to 2023.

✓ CMAB008類停 (infliximab for injection): It was approved for marketing by the NMPA in July 2021 (Guo Yao Zhun Zi S20210025) for the treatment of 1) ulcerative colitis in adults; 2) ankylosing spondylitis; 3) rheumatoid arthritis; 4) Crohn’s disease in adults and pediatric patients aged above 6 years old; 5) fistula Crohn’s disease; and 6) psoriasis. According to the regulations of the Medical Insurance, CMAB008類停 has also been automatically included in the Medical Insurance.

CMAB008類停 was approved for the treatment of six indications which have huge long-term unmet market demand (with more than 10 million patients in the PRC which is still growing). In March 2022, Taizhou Pharmaceutical entered into an exclusive promotion service agreement with Kexing Biopharm Co., Ltd. (科興生物製藥股份有限公司) (“Kexing Biopharm”), a company listed on the Science and Technology Innovation Board of Shanghai Stock Exchange (stock code: 688136), pursuant to which Taizhou Pharmaceutical granted an exclusive licence to promote CMAB008類停 in the Chinese Mainland (excluding Hong Kong, Macau and Taiwan regions) to Kexing Biopharm. CMAB008類停 has been marketed on the procurement platform across all the provinces within China and extended its footprints to thousands of hospitals of different levels, primary medical institutions and pharmacies, posting an exponential growth in sales volume by 108% year-on-year compared to 2023. We also launched multifaceted brand building activities for CMAB008類停, including nearly 100 market promotion activities and almost 1,000 special academic discussions on CMAB008類停 under the four major themes including “Care for Rheumatoid Arthritis”. In addition to general indications, infliximab has been included in the tenth diagnosis and treatment plan of COVID-19 as a remedy, as well as the Expert Consensus on Diagnosis, Treatment and Prevention of COVID-19 among Children (Fifth Edition) for the treatment of multisystem inflammatory syndrome in children (“MIS-C”). We are also working with medical experts to explore the application of CMAB008類停* in systemic inflammatory response and cardiac injury after cardiac arrest.

Besides, for the benefit of low-income patients, we continued to conduct relief donation of CMAB008 類停 to give back to society. With the progress in both academic fields and contributions to society, CMAB008 類停 has secured remarkable market recognition, which set the solid foundation for its continued rapid growth in sales volume. The Company has also initiated cooperation with partners who have accumulated abundant overseas market resources over a long period of time to rapidly expand to overseas markets. At present, the Company has launched registration and market exploration in more than 30 countries and/or regions, completed GMP inspections in three countries, and has passed the GMP inspection certification in Brazil, a PIC/S member country. The new drug application of CMAB008 類停* was also approved by the medical products regulatory authorities of Peru, Indonesia, Pakistan and Bangladesh. For further details, please refer to the announcements of the Company dated July 2, 2024, December 27, 2024 and January 2, 2025 respectively.

(All the above products are collectively referred to as "Core Products").

Among our other drug candidates, CMAB015 (secukinumab) possesses remarkable efficacy advantages in the treatment of autoimmune diseases such as psoriasis, and has become one of the most rapidly growing biological agents in the treatment of psoriasis in China. We have completed the phase I clinical trials for CMAB015 and launched the phase III clinical trials. CMAB807/CMAB807X (denosumab) has completed phase III clinical trials for osteoporosis, and has been under application and registration for full indication with reference to international precedents. The "strong antibody" new drug CMAB017 has obtained approval from the NMPA for clinical trial for the treatment of advanced solid tumors, including but not limited to colorectal cancer, head and neck squamous cell carcinomas and esophageal squamous cell carcinoma. Compared with marketed EGFR anti-body drugs, CMAB017 has better efficacy and is safer. We have also developed CMAB022 (ustekinumab), a biosimilar, which promises sound market prospect for the treatment of psoriasis, psoriatic arthritis and Crohn's disease, ulcerative colitis, etc.

We have strong in-house capabilities in pharmaceutical research, manufacturing, pre-clinical and clinical development. We promote the commercialization of drugs developed by us through business cooperation with leading domestic enterprises engaged in sales of pharmaceutical products. This approach enables us to capitalize on the economies of scale arising from the substantial sales channels and expert resources and experience of our business partners accumulated throughout the years in disease-specific fields, and to build up and enhance our own distinctive and efficient sales system with a focus on specific indications. We focus on the R&D of monoclonal antibodies. Our core R&D team members have more than 20 years of experience in this area, and have led three major projects under the "863" Program, also called the State High-Tech Development Plan, among other national-level scientific research projects.

We have five antibody drug production lines in operation in Taizhou. The construction of plants in our new R&D and industrial base in Taizhou has also been completed, and the Company's 7,500L new GMP production line has been under commissioning and trial production, process validation and GMP registration, bringing the aggregate scale of our cell reactor to reach 40,000 liters. The solid equipment, technology and quality foundation we have in the field of antibody drug preparation will enable us to possess an excellent competitive advantage in future Medical Insurance and centralized procurement negotiations. Leveraging the competitive advantages in the R&D and mass production capacity in anti-body drugs in the PRC, we also proactively engage in CDMO business without compromising our independent product R&D.

We believe that we are well positioned to seize China's substantial market opportunities, in particular those resulting from China's recent healthcare regulatory reforms, including new Medical Insurance measures. The primary focus of our R&D – monoclonal antibody drugs targeting cancers and autoimmune diseases – has substantial untapped clinical demand in China.

Further, during the rapid growth of the pharmaceutical market in China, the central procurement under the Medical Insurance that may be extended to cover biological drugs in the future and the increased effort in national negotiations of exclusive products on Medical Insurance will restructure the pharmaceutical market in China to a large extent. We will actively participate in the national medical reform with our advantages in terms of advanced technology, quality and cost, as well as aggressive and flexible product cooperation model, and capture the opportunities presented during the policy reform so as to capture the huge unmet market demand in China. We have also initiated our global market expansion, successfully passed the GMP inspection certification in PIC/S member countries, been approved for marketing in multiple overseas countries, and will further accelerate the registration and launching of our drugs in the international market.

– 7 –

MANAGEMENT DISCUSSION AND ANALYSIS

Business Review

Research and development of our drug candidates

Set out below is an overview of our drug candidates and their R&D statuses as of December 31, 2024:

Field	Target	Indication	Drug candidate code	Classification	Expected time to reach the next regulatory milestone	Anticipated completion of regulatory review	Commercial rights	Competitive marketed drugs
Cancer	EGFR	Colorectal Cancer	CMAB009 (INN name: Cetuximab β)	New Drug/Core Product		Approved for marketing in June 2024	PRC and overseas (excluding Japan, North America and Europe)	Erbitux®

Respiratory Disease	IgE	Asthma	CMAB007 (INN name: Omalizumab α)	New Drug/Core Product		Approved for marketing in May 2023	PRC and overseas (excluding Japan, North America and Europe)	Xolair®
		Urticaria	CMAB007 (INN name: Omalizumab α)	New Drug/Core Product	Pending new drug marketing application submission (Quarter 3, 2026)	Quarter 4, 2027	PRC and overseas (excluding Japan, North America and Europe)	Xolair®

Field	Target	Indication	Drug candidate code	Classification	Expected time to reach the next regulatory milestone	Anticipated completion of regulatory review	Commercial rights	Competitive marketed drugs
Autoimmune Disease	TNF-α	Rheumatoid Arthritis Ulcerative colitis in adults Ankylosing spondylitis Crohn's disease in adults and pediatric patients aged above 6 years old Fistula Crohn's disease Psoriasis	CMAB008 (INN name: Infliximab)	Biosimilar/ Core Product		Approved for marketing in July 2021	PRC and overseas (excluding Japan, North America and Europe)	Remicade®, Humira®, Enbrel®, Simponi®, Yisaipu®, Anhainuo®

Bone-related diseases	RANKL	Osteoporosis, tumor bone metastasis and giant-cell tumor of bone	CMAB807/ CMAB807X (INN name: Denosumab)	Biosimilar	Submitted new drug marketing application in January 2025	Quarter 2, 2026	Global	Prolia®, Boyoubei® (博覺倍®), Lukexin™ (鲁可欣®), Mailisbu (邁利舒®) XGEVA®

Cancer	PD1	Non-small cell lung cancer, hepatocellular carcinoma and squamous cell carcinoma of the head and neck	CMAB819 (INN name: Nivolumab)	Biosimilar	Phase III (Quarter 1, 2026)	Quarter 3, 2029	Global	Opdivo®, Keytruda®, Tyvyt®, JS001
Cancer	EGFR	Colorectal cancer, head and neck squamous cell carcinomas and esophageal squamous cell carcinoma	CMAB017	Innovative drug	Phase I (Quarter 1, 2025)	Quarter 2, 2030	Global	Vectibix®

Field	Target	Indication	Drug candidate code	Classification	Expected time to reach the next regulatory milestone	Anticipated completion of regulatory review	Commercial rights	Competitive marketed drugs
Autoimmune Disease	IL-17A	Plaque psoriasis, psoriatic arthritis and ankylosing spondylitis	CMAB015 (INN name: Secukinumab)	Biosimilar	Pending new drug marketing application submission (Quarter 3, 2026)	Quarter 4, 2027	Global	Cosentyx®
Inflammatory Diseases	IL-12 & IL-23	Psoriasis, psoriatic arthritis, Crohn's disease, ulcerative colitis	CMAB022 (INN name: Ustekinumab)	Biosimilar	Pending submission of clinical trial application (Quarter 2, 2026)	Quarter 4, 2030	Global	Stelara®
Allergic diseases such as asthma	TSLP	Severe asthma in adults and children aged above 12	CMAB023 (INN name: Terepeelumab)	Biosimilar	Pending submission of clinical trial application (Quarter 4, 2026)	Quarter 2, 2030	Global	TEZSPIRE®
Autoimmune Disease	IL-4R α	Atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyps, eosinophilic esophagitis, chronic obstructive pulmonary disease and prurigo nodularis	CMAB016 (INN name: Dupilumab)	Biosimilar	Pending submission of clinical trial application (Quarter 2, 2026)	Quarter 2, 2029	Global	Dupixent®

Cautionary Statement required by Rule 18A.08(3) of the Listing Rules: We may not be able to ultimately develop and market our drug candidates (including Core Products) successfully.

Core Products

恩立爱* – CMAB009 (cetuximab β injection)

CMAB009 恩立爱* is a recombinant anti-EGFR chimeric monoclonal antibody for first-line therapy for mCRC in combination with the FOLFIRI regimen. CMAB009 was developed and prepared using a specific CHO expression process of the Company with an international PCT patent (PCT patent number: PCT/CN2016/070024), which has achieved significant therapeutic efficacy and clear safety advantage, and has been fully substantiated by the results of two completed clinical trials.

In August 2023, Taizhou Pharmaceutical has entered into a business cooperation agreement with Jiangsu Simcere Zaiming, a company with remarkable tumor drug sales capability and proven track record, pursuant to which Taizhou Pharmaceutical granted exclusive commercial rights in respect of CMAB009 恩立爱* (including but not limited to sales management, marketing and promotion, formulation and adjustment of related strategies and the rights to obtain relevant benefits) in the Chinese Mainland.

In June 2024, CMAB009 恩立爱 was approved by the NMPA for NDA as first-line therapy for mCRC in combination with the FOLFIRI regimen. CMAB009 恩立爱 is the first domestically produced anti-EGFR monoclonal antibody innovative drug with independent intellectual property for the first-line treatment of mCRC approved by the NMPA. CMAB009 恩立爱 is also expected to expand its indications to pancreatic cancer, head and neck squamous cell carcinomas, cervical squamous cell carcinoma and other cancers, as its administration together with a variety of small molecule drugs has tremendous potential for research and development and application in various other indications such as non-small cell lung cancer. The Group is propelling the clinical and registration work of CMAB009 恩立爱 targeting the aforesaid indications. For more details of the NMPA approval, please refer to the announcement of the Company dated June 25, 2024.

According to “2022 Cancer Incidence and Mortality in China” published by the National Cancer Center, colorectal cancer, also known as colon cancer, has significant incidence in China with approximately 500,000 new diagnosed cases per annum, ranking 2nd in terms of prevalence among malignant tumors. In relatively developed regions, the morbidity of colorectal cancer even exceeds that of hepatitis B. So far, patients with colorectal cancer in China are overly dependent on imported anti-EGFR antibodies, of which major products are often highly priced and may lead to severe hypersensitivity reactions among over 2% patient population as evidenced in clinical studies. Accordingly, the first page of drug instructions approved by China and the U.S. always bears a black box warning against severe adverse reactions. As the first independently developed anti-EGFR new antibody marketed in China in nearly two decades, CMAB009 恩立爱 has remarkable clinical efficacy and has a better safety profile without black box warnings as compared with imported drugs carrying black box warnings indicating severe adverse reactions, and it is therefore expected to receive wide acclaim among doctors and patients. We have completed the delivery for the first order of CMAB009 恩立爱, which has been administered to its first batch of patients. Besides, we have also kicked off establishment of marketing network and an array of academic promotions. In November 2024, we conducted negotiations with the NHSA over the pricing of CMAB009 恩立爱, an exclusive innovative drug, allowing it to be successfully covered by the pharmaceuticals catalogue for reimbursement under the Medical Insurance, which has started to benefit a wide population of patients suffering from colorectal cancer in China. Given that treatment of colorectal cancer requires significant consumption of CMAB009 恩立爱, to reduce the burden of patients, we partnered up with China Zhongguancun Precision Medicine Science and Technology Foundation to launch the “Grateful Donation” charitable give-away activity targeting patients with financial difficulties, thus providing them with strong support.

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奥癌舒* - CMAB007 (Omalizumab α for Injection)

CMAB007奥癌舒, a recombinant humanized anti-IgE monoclonal antibody, is our new monoclonal antibody drug for treatment of patients diagnosed with IgE-mediated asthma. CMAB007奥癌舒 combines with free IgE to form an anti-IgE complex that inhibits the high affinity IgE receptor and thereby prevents the allergic response. The safety and efficacy of CMAB007奥癌舒 have been confirmed by the results of four clinical trials on a total of 824 subjects who have been administered CMAB007奥癌舒, which were the largest clinical trials of mAb treating asthma in China. Based on our clinical trial results, CMAB007奥癌舒 can improve asthma patients' conditions with lower-dose inhaled corticosteroids and reduce the incidence of acute asthma attacks. CMAB007奥癌舒 is expected to expand its indications to chronic idiopathic urticarial, seasonal allergic rhinitis and food allergies in the future.

CMAB007奥癌舒 has been approved for marketing by the NMPA in May 2023 (Guo Yao Zhun Zi S20230030 for specification of 75mg/vial and Guo Yao Zhun Zi S20230031 for specification of 150mg/vial) for the treatment of patients diagnosed with IgE-mediated asthma, which is the first domestic allergic asthma therapeutic antibody new drug in China approved by the NMPA. For details regarding the approval of the NDA, please refer to the announcement of the Company dated May 23, 2023. CMAB007奥癌舒 was also approved by the NMPA in August 2023 to launch clinical trials for indications relating to chronic spontaneous urticaria in adults and adolescents (aged 12 and above) who still show symptoms after treatment with H1 antihistamines (acceptance number: CXSL2300377 for specification of 75mg/vial and acceptance number: CXSL2300378 for specification of 150mg/vial). We expect to file the NDA of CMAB007奥癌舒* for the treatment of chronic spontaneous urticaria with the NMPA in the third quarter of 2026, and expect to obtain NMPA approval for marketing in the fourth quarter of 2027.

In 2023, Taizhou Pharmaceutical entered into an exclusive commercialization cooperation agreement in relation to CMAB007奥癌舒 in China with Jemincare, pursuant to which Taizhou Pharmaceutical granted an exclusive promotion right in respect of CMAB007奥癌舒 in China (including the Chinese Mainland, Hong Kong, Macau and Taiwan) to Jemincare. Taizhou Pharmaceutical will continue to possess all the rights and interests in respect of CMAB007奥癌舒 in China (including the Chinese Mainland, Hong Kong, Macau and Taiwan) other than promotion rights. For details regarding the aforesaid transaction, please refer to the announcement of the Company dated April 13, 2023. In 2023, CMAB007奥癌舒 was included as an exclusive product in the negotiation list under the Medical Insurance, and in the fourth quarter of 2023, it was successfully included in the pharmaceuticals catalogue under the Medical Insurance after negotiation. We have put up our CMAB007奥癌舒 for sale on all provincial pharmaceutical product procurement and GPO platforms across the Chinese Mainland, covering thousands of hospitals, primary medical institutions and pharmacies. We have implemented various academic activities for CMAB007奥癌舒, an exclusive product included in the pharmaceuticals catalogue under the Medical Insurance, since its marketing, including the high-end expert AB meetings and city lecture tours involving nearly 1,000 leading medical experts, and rolled out the 100-day action plan to establish 50 benchmark outlets, aspiring to expedite market development through rippling effect. In addition, we launched data analysis and studies on the efficacy and safety of CMAB007奥癌舒 in the real world in the beginning of 2024. Our dedicated scientific research fund set for the indication of asthma has undergone two phases, and a total of 18 projects won the bids for the study of indications including allergic asthma and treatment in combination with allergen specificity to study and broaden the evidence-based medicine information of CMAB007奥癌舒. During the Reporting Period, CMAB007奥癌舒* shows a drastic growth in sales volume by 2,125% year-on-year.

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類停* - CMAB008 (infliximab for injection)

CMAB008類停*, is a recombinant anti-TNF α chimeric monoclonal antibody that was approved by the NMPA (Guo Yao Zhun Zi S20210025) on July 12, 2021 for the treatment of:

(i) ulcerative colitis in adults;
(ii) ankylosing spondylitis;
(iii) rheumatoid arthritis;
(iv) Crohn's disease in adults and pediatric patients aged above 6 years old;
(v) fistula Crohn's disease; and
(vi) psoriasis.

CMAB008類停 is the first China-made infliximab approved for marketing, which is a monoclonal antibody biosimilar independently developed by the Company and one of the core products of the Company. CMAB008類停 uses the CHO expression system, and is a monoclonal antibody targeting TNF α that specifically merges with TNF α and blocks the inflammatory cascade response caused by TNF α. The researches we have completed have shown that, compared to other anti-TNF α drugs on the market, CMAB008類停 has a stronger affinity for TNF α and a stronger glycosylation character, with rapid onset of effect, long-lasting efficacy, long dosing intervals and no hypersensitivity reactions. The results of our completed researches including, clinical trials, non-clinical comparative studies and pharmacological comparisons of CMAB008類停 have also shown that CMAB008類停* is identical to the original infliximab in terms of efficacy, safety, pharmacological profile and quality.

CMAB008類停 is the first infliximab launched in the domestic market following “Remicade”, the original drug imported and sold by Xi’an Janssen Pharmaceutical Limited (西安楊森製藥有限公司). CMAB008類停 is approved for the treatment of six indications which have huge long-term unmet market demand with more than 10 million patients in the PRC which is still growing. During the past decade, following the inclusion in the Medical Insurance system and shift in habit towards adopting biological agents, the overall market share of infliximab witnessed a rapid increase, especially in the field of inflammatory bowel disease (IBD), for which infliximab has become the key biological agent for treatment due to its rapid onset of effect and obvious curative effect.

In March 2022, Taizhou Pharmaceutical entered into an exclusive promotion service agreement with Kexing Biopharm, pursuant to which Taizhou Pharmaceutical granted an exclusive licence to promote CMAB008類停* in the Chinese Mainland (excluding Hong Kong, Macau and Taiwan regions) to Kexing Biopharm.

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During the Reporting Period, CMAB008類停 posted an exponential growth in sales volume by 108% year-on-year. We also launched thousands of specialized academic discussions on CMAB008類停, including the “Care for Rheumatoid Arthritis”, “Unremitting Efforts against Ankylosing Spondylitis” and “Love with 類停” activities. In addition to general indications, infliximab has been included in the tenth diagnosis and treatment plan of COVID-19 as a remedy, as well as the Expert Consensus on Diagnosis, Treatment and Prevention of COVID-19 among Children (Fifth Edition) for the treatment of MIS-C. We are also working with medical experts to explore the application of CMAB008類停 in systemic inflammatory response and cardiac injury after cardiac arrest. The Company has launched registration and market exploration in more than 30 countries and/or regions, completed GMP inspections in three countries, and has passed the GMP inspection certification in Brazil, a PIC/S member country. The new drug application of CMAB008類停* was also approved by the medical products regulatory authorities of Peru, Indonesia, Pakistan and Bangladesh.

Other Product Candidates

CMAB807/CMAB807X (denosumab) is a human immunoglobulin G2 (IgG2) monoclonal antibody with affinity and specificity for human RANKL (receptor activator of nuclear factor kappa-B ligand), which is a transmembrane or soluble protein essential for the formation, function, and survival of osteoclasts, the cells responsible for bone resorption. CMAB807/CMAB807X prevents RANKL from activating its receptor, RANK, on the surface of osteoclasts and their precursors. Prevention of the RANKL/RANK interaction inhibits osteoclast formation, function, and survival, thereby decreasing bone resorption and increasing bone mass and strength in both cortical and trabecular bones.

The increased osteoclast activity stimulated by RANKL is the medium of bone pathology in solid tumor with bone metastasis. Similarly, giant cell tumor of bone is composed of stromal cells expressing RANKL and osteoclast-like giant cells expressing RANK receptor. RANK receptor signaling promotes osteolysis and tumor growth. CMAB807/CMAB807X prevents RANKL from activating osteoclasts, their precursors and receptor RANK on the surface of osteoclast-like giant cells.

CMAB807/CMAB807X has completed phase III clinical trials for osteoporosis and applied to the NMPA for NDA regarding full indication application. The NDA of CMAB807/CMAB807X had been accepted by NMPA in January 2025. We expect that CMAB807/CMAB807X will be approved by NMPA for marketing in the second quarter of 2026 for the indications of osteoporosis, tumor bone metastasis and giant cell tumor of bone.

14 -

CMAB017 (anti-EGFR probody) is an innovative probody drug. Regarding CMAB017, the design of blocking peptide is expected to significantly reduce adverse skin reactions, gastrointestinal mucosa, etc. The selection of human immunoglobulin G1 (IgG1) constant region can enhance the effect mediated by Fc fragment of antibody and thus improve the curative effect. CMAB017 is a biological class I new drug with better efficacy and safety than similar products available on the market, and it is expected that more new probody drugs will be developed by leveraging the research and development platform of CMAB017. CMAB017 is indicated for the treatment of advanced solid tumors, including but not limited to colorectal cancer, head and neck squamous cell carcinomas and esophageal squamous cell carcinoma. CMAB017 has been approved by the NMPA for clinical trials for the treatment of advanced solid tumors, including but not limited to colorectal cancer, head and neck squamous cell carcinomas and esophageal squamous cell carcinoma. Results of the completed experimental study on tissue distribution of tumor-bearing mice show that CMAB017 concentrates locally in tumor 24-72 hours after administration. We expect that CMAB017 may launch phase I clinical trials in the first quarter of 2025 and is expected to be approved by the NMPA for marketing in the second quarter of 2030.

CMAB015 (secukinumab) is a biosimilar candidate for secukinumab. Secukinumab is a fully humanized monoclonal IgG1 antibody. It mainly functions by selectively binding interleukin 17A (IL-17A), a key factor in the inflammatory pathway, and inhibiting it from binding with interleukin 17 (IL-17) receptor, so as to alleviate the inflammatory reaction. Its indications include moderate and severe plaque psoriasis, psoriatic arthritis and ankylosing spondylitis. Secukinumab demonstrated significant therapeutic effect. Overall, as an IL-17A inhibitor, secukinumab demonstrated efficacy and safety in moderate and severe psoriasis and other related indications, providing patients with new treatment options. CMAB015 targets IL-17A for treating plaque psoriasis, psoriatic arthritis and ankylosing spondylitis. Secukinumab is the most effective curer for psoriasis at present, which offers significant efficacy and guarantees much more stable condition after drug withdrawal compared with peers. CMAB015 has been approved by the NMPA for clinical trials of the treatment of plaque psoriasis, psoriatic arthritis and ankylosing spondylitis. We have completed the phase I clinical trial for CMAB015 and have initiated the phase III clinical trial. We expect to file NDA for CMAB015 in the third quarter of 2026 and expect that CMAB015 may be approved by the NMPA for marketing in the fourth quarter of 2027.

CMAB819 (nivolumab) is our biosimilar drug candidate. CMAB819 has been approved by the NMPA for clinical trial. The phase I clinical trials have been completed. We expect that CMAB819 may be approved by the NMPA for marketing in the third quarter of 2029. CMAB819 is indicated for the treatment of metastatic non-small cell lung cancer, hepatocellular carcinoma and head and neck squamous cell carcinomas.

CMAB022 is a candidate biosimilar product of stelara® (ustekinumab), targeting and binding interleukin-12 (IL-12) and interleukin-23 (IL-23). It inhibits these two proinflammatory cytokines by binding to the P40 subunit shared by IL-12 and IL-23 and preventing them from binding to the cell surface IL-12 receptor β 1. IL-12 and IL-23 play a key role in immune-mediated inflammatory diseases. FDA approved its use for treatment of psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis. According to the results of several large-scale randomized controlled trials conducted abroad (UNITI-1, UNITI-2 and IM-UNITI), ustekinumab has significant clinical remission and clinical response rate for patients with moderately to severely active Crohn's disease, as well as a high healing rate of intestinal mucosa. Not only can ustekinumab be used as an induction therapy, it can also be continued as a subcutaneous injection for maintenance therapy after a single intravenous injection, with good efficacy and safety during maintenance therapy. In addition, ustekinumab can also be used as a salvage therapy, and in the case of failure or intolerance of other biologics (e.g., anti-TNFα drugs), the use of ustekinumab can still achieve favourable results. CMAB022 has completed engineering cell construction, screening and laboratory scale process studies, and is undergoing pilot process scale-up. We expect to complete all preclinical studies and submit a clinical trial application in the second quarter of 2026; and obtain NMPA approval for marketing (for the psoriasis indication, and to apply for expansion to other approved indications) in the fourth quarter of 2030.

CMAB023 is an anti-TSLP IgG2-lambda monoclonal antibody, and a biosimilar drug candidate for TEZSPIRE (Tezepelumab). TSLP is a key epithelial cytokine in response to pro-inflammatory stimuli (such as lung allergens, viruses and other pathogens), which can be found at the top of multiple inflammatory cascades and will trigger excessive and sustained immune response to airway inflammation relating to severe asthma such as eosinophilia. Therefore, the early upstream activity of TSLP in the inflammatory cascade has been identified as a potential target in a wide range of asthma patients. Blocking TSLP can prevent immune cells from releasing pro-inflammatory cytokines, thus preventing asthma from deterioration and enhancing control over asthma. We have successfully developed CMAB023, which has completed cell line construction and is under process development. It is expected that CMAB023 will obtain marketing approval from the NMPA in the second quarter of 2030. As a broad-spectrum anti-allergic antibody drug, it covers broader scope of allergic patients, offers a better curative effect, and contributes significantly to mitigating the condition aggravation among patients with severe asthma.

– 16 –

CMAB016 is a candidate biosimilar product of Dupixent® (dupilumab) and a monoclonal antibody of the human immunoglobulin G4 (IgG4) subtype. CMAB016 targets and binds to the alpha subunit of the interleukin 4 (IL-4) receptor, blocking the signaling pathway of IL-4 and interleukin 13 (IL-13), and is approved by FDA for the treatment of atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyps, eosinophilic esophagitis, chronic obstructive pulmonary disease (COPD) and prurigo nodularis. In the BOREAS and NOTUS trials: the incidence of acute exacerbations of moderate-to-severe COPD at week 52 was significantly reduced by 30% and 34%, respectively, in the dupilumab-treated group compared to the placebo group. Both trials demonstrated rapid and significant improvement in lung function with dupilumab compared to placebo, and the benefit was sustained through week 52. CMAB016 has completed engineering cell construction, screening and laboratory scale process studies, and we expect to complete all preclinical studies and file a clinical trial application in the second quarter of 2026; and obtain NMPA approval for marketing in the second quarter of 2029.

Research and development of new drug candidates

We have launched a series of follow-up R&D on new antibody drugs for the treatment of autoimmune diseases and/or tumor diseases. We expect to successfully complete the screening of several new antibody drugs, cell banking and even start pre-clinical animal experiments, thus further expand our product line and provide sufficient drug candidate pipeline expansion for our long-term development.

Research and development system

We have developed efficient R&D capabilities, broad and advanced preparation technologies, and low-cost drug production capabilities that will allow us to offer high quality and affordable innovative biopharmaceutical products to patients in China and other emerging markets. Within our product pipeline, CMAB008, CMAB007 and CMAB009 have been marketed and commercialized, while NDA has been filed for CMAB807/CMAB807X. We also own a number of patents for our core technologies, including antibody engineering and humanization technologies, efficient expression vector construction technologies, efficient clone screening technologies, as well as a proprietary R&D animal model. Our R&D activities are carried out by three core teams: basic R&D, clinical trials, and product preparation in compliance with GMP. The operations, design, and construction needs of these three core teams are supported by an assisting engineering team. Our R&D teams consist of professionals who have extensive industry experience in biologics R&D and have gained valuable work experience at global pharmaceutical companies. Employees in our R&D teams possess strong academic backgrounds from leading institutions in immunology, molecular biology, oncology or monoclonal antibody development.

– 17 –

DRUG CANDIDATES COMMERCIALIZATION AND PRODUCTION FACILITIES CONSTRUCTION

Existing production facilities

We have two production bases in Taizhou, one of which, i.e., the G79 production base, has a floor area of 30,000 square meters, and is equipped with (i) four 3×1,500L antibody bioreactor systems and related purification lines, (ii) an injection vial filling line capable of manufacturing four million units per annum and (iii) a pre-filled syringes production line capable of manufacturing one million units per annum. Our production facilities have successfully passed the GMP compliance inspection for CMAB008, CMAB007 and CMAB009 by the Jiangsu Provincial Drug Administration and have commenced commercial production, and one of our production lines has passed the GMP compliance inspection by Brazil, a PIC/S member and other overseas countries.

Our Xiangtai Road production base located on a parcel of industrial land of approximately 100,746 square meters in the Taizhou Hi-tech Zone accommodates (i) large-scale monoclonal antibody drug substance production lines with scale of each cell reactor reaching 7,500L and 18,000L, respectively, (ii) an injection vial production line capable of manufacturing 10 million units per annum and (iii) two drug product filling lines. The construction of the key process equipment in the original solution area of the first phase project of this production base has been completed, and such equipment has undergone trial production. The preparation area has also been officially put into use. It is expected that upon full operation, our cell reactor will reach a total capacity of 40,000 liters.

Marketing and distribution

Further, during the rapid growth of the pharmaceutical market in China, the central procurement under the Medical Insurance that may be extended to cover biological drugs in the future and the increased effort in national negotiations of exclusive products on Medical Insurance will restructure the pharmaceutical market in China to a large extent. We will actively participate in the national medical reform with our advantages in advanced technology, quality and cost, as well as the strong sales teams of our partners who possess profound experience in fields of specific diseases, and capture the opportunities presented during the policy reform so as to capture the huge unmet market demand in China. Besides, we have also started cooperating with partners with long-standing and profound resources in the overseas market to initiate the marketing registration process of CMAB008順停* in more than 30 countries and/or regions, completed GMP inspections in three countries, passed the GMP inspection certification of CMAB008 in Brazil, a PIC/S member country and obtained the marketing approval for CMAB008 from the drugs regulatory authorities in Peru, Indonesia, Pakistan and Bangladesh.

We sell our products to (i) distributors that sell our products to hospitals and (ii) direct-to-patient pharmacies and others. We have established our network of distributors in accordance with the national drug sales regulations. Our distribution model is consistent with industry practice and serves to ensure efficient coverage of our sales network while controlling our cost of distribution and account receivables. We intend to select sales providers and distributors according to their qualification, reputation, market coverage and sale experience. Sales service providers are expected to have long-term experience in prescription drug sales and a proven track record, while a distributor must maintain its business license and other requisite licenses and permits. A distributor must also maintain extensive hospital coverage in the designated region. A distributor must be capable of delivering our products to covered hospitals in a safe and timely manner. We plan to actively monitor the inventory levels of our distributors to increase the efficiency of our distribution network.

18 -

Quality assurance

We believe that an effective quality management system for our raw materials, equipment and finished products is critical to ensure the quality of our services and maintain our reputation and success. To ensure that our products and services consistently meet high industry standards and requirements, we have also established a company-level quality assurance department to inspect the quality of our products and services. It is also responsible for the approval, organization and coordination of quality control and quality assurance procedures within each subsidiary. Facilities and equipment are subject to inspection measures such as united registrar systems, factory acceptance testing, site acceptance testing, installation qualification, operator qualification, performance qualification, and regular maintenance throughout their entire life cycles. Our manufacturing business lines are inspected in accordance with the PRC national laboratory quality control standard and the GMP management requirements; our research and development business lines are also inspected in accordance with the GMP management requirements.

FUTURE AND OUTLOOK

We leverage our efficient sales system with a focus on niche markets to capture the opportunities presented in the pharmaceutical reform in China.

Under the implementation of the new Medical Insurance policy in recent years, the pharmaceutical market in China is undergoing significant market restructuring. Companies with more competitive advantages in quality and pricing have benefited greatly from the negotiations on Medical Insurance price between the National Healthcare Security Administration and regional healthcare security administrative bodies at all levels and negotiations in relation to central procurement for drugs covered under the Medical Insurance. As a result, the overall market penetration has increased significantly during the reformation. This trend will drive the development of the pharmaceutical market in China for a long time into the future. Riding on the trend of the overall pharmaceutical policy reform, we will join forces with our partners to build a sales team in China with high efficiency and academic promotion as its core strategy, focusing on niche markets, such as gastroenterology, respiratory, rheumatology and oncology, with an aim to promote our products and cultivate the practice of antibody drugs application. We will actively monitor, and participate in, the negotiations of Medical Insurance, especially focusing on capturing the huge potentials brought by the negotiations of central procurement for biological products under the Medical Insurance. Relying on the significant advantages of our drugs in terms of quality and cost, we will capture opportunities presented in the significant increase in market penetration caused by the policy reform, effectively satisfying the unmet market demand in China in respect of biological agents with high quality products and ultimately benefiting patients.

The antibody drugs development in overseas markets has shown a rapid increase resulting in a huge unmet global market demand for antibody drugs, especially for those with PIC/S members as the core. In light of the policy reform in China, the economies of scale of antibody drugs will greatly enhance the global competitiveness of Chinese antibody drugs. In view of this, we are collaborating closely with our overseas market expansion partners to initiate new drug registration and launching new drugs in different countries and regions in a comprehensive and flexible manner with multiple products, with an aim to promote our products' global presence and accelerate their growth in the global market.

19 -

20 -

Continue to advance the clinical research and commercialization of our drug candidates

Over the short-term, we intend to focus on market exploration and sales of CMAB008, CMAB007 and CMAB009, and completing clinical trials and the eventual commercialization of our current pipeline of other drug candidates, including, in particular, CMAB807/CMAB807X and CMAB015. To bring our products to market, we aim to reinforce our R&D teams, particularly the clinical medicine team, through the provision of regular professional training and pushing ahead with the clinical trials for product candidates. We are working with partners to build a sales team composed of professionals with extensive academic promotion experience and strong competence. Our goal is to generate stable revenue stream and profitability through cooperation with leading enterprises in China and cultivating our in-house sales team to enhance our commercialization capacity

Continue to maintain investments in advanced technologies and product development

We believe R&D is the key element to support our future growth and our ability to maintain our competitiveness in a global biopharmaceutical market. We plan to upgrade the development of our integrated technological platforms from molecular design to commercialized production, and focus on the R&D of biologics with huge clinical demand and the potential for sustained and rapid growth in China. In order to capture new opportunities in the biopharmaceutical market, we plan to continue increasing our investment in innovative technologies for the development of drugs with improved curative effects and less toxic side effects in order to maintain our industry leading position. We also expect to invest in talent to expand and enhance our R&D team.

Continue to attract and nurture high quality talent to support our rapid growth

Recruiting and retaining high quality scientific and technological talent as well as other leaders in R&D technology will be key to our success. We plan to leverage our close cooperation with elite universities in China and internationally to recruit and develop outstanding R&D personnel. We also plan to provide systematic and sophisticated training and development programs to our research teams in order to enhance and optimize their scientific and technical abilities to benefit our Company. Part of this strategy involves the creation of an incentive scheme to retain and motivate high-performing team members.

Establish global brand awareness and foster deeper and more extensive cooperative relationship with domestic and overseas renowned pharmaceutical companies

To build our brand internationally and to support our sustainable growth, we plan to in-license products from global pharmaceutical companies for sales in China and/or to transfer or out-license overseas product rights of certain of our drug candidates to other pharmaceutical companies. We have established collaborative partnerships with domestic and foreign pharmaceutical companies with overseas channel resources, and constantly seek more opportunities to cooperate with potential partners with sales resources, in order to enter and expand our market share in markets outside of China and to further broaden the geographic coverage of our business. As part of this strategy, we may take advantage of strategic opportunities for cooperation and mergers and acquisitions internationally to expand our pipeline of products for R&D development and sales in overseas markets.

FINANCIAL INFORMATION

The financial information set out below in this announcement represents an extract from the consolidated financial information for the year ended December 31, 2024 with comparative figures for the corresponding period in the previous year, which has been reviewed by the Audit Committee.

FINANCIAL REVIEW

The following table summarizes our results of operations for the year ended December 31, 2024 and 2023:

	For the year ended December 31,
	2024 RMB'000	2023 RMB'000	Change RMB'000	Change (%)
Revenue	258,228	87,161	171,067	196.3
Cost of sales	(38,834)	(11,923)	(26,911)	225.7
Gross profit	219,394	75,238	144,156	191.6
Other income	7,991	3,572	4,419	123.7
Other gains and losses	(5,714)	(1,366)	(4,348)	318.3
Selling and distribution expenses	(151,566)	(48,925)	(102,641)	209.8
Research and development expenses	(75,212)	(123,211)	47,999	39.0
Administrative expenses	(110,409)	(104,659)	(5,750)	5.5
Impairment losses on financial assets	(1,879)	(427)	(1,452)	340.0
Finance costs	(10,552)	(9,578)	(974)	10.2
Loss before tax	(127,947)	(209,356)	81,409	38.9
Income tax expense	-	-	-	-
Loss and total comprehensive expense for the year	(127,947)	(209,356)	81,409	38.9
Attributable to:
Owners of the Company	(127,947)	(209,356)	81,409	38.9
	RMB	RMB	RMB	(%)
Loss per share attributable to ordinary equity holders of the Company
- Basic and diluted	(0.03)	(0.05)	0.02	(40.0)

22 -

REVENUE

The Group’s revenue increased by 196.3% from RMB87.2 million for the year ended December 31, 2023 to RMB258.2 million for the year ended December 31, 2024, primarily because of the launch of CMAB009 on the market, the solid sales increase of CMAB007 and CMAB008 and increase in revenue generated from the exclusive right for commercialisation and revenue from the contract development and manufacturing agreement of CMAB806 during the Reporting Period.

Set out below are the components of revenue for the periods indicated:

	For the year ended December 31,
	2024	2023
	RMB’000	RMB’000
Revenue from the sale of pharmaceutical products	215,195	69,923
Revenue from the exclusive right for the commercialisation in Mainland China	30,525	16,601
Revenue from the contract development and manufacturing agreements	12,437	–
Revenue from the rendering of contract services	71	637
Total	258,228	87,161

COST OF SALES

The Group’s cost of sales increased by 225.7% from RMB11.9 million for the year ended December 31, 2023 to RMB38.8 million for the year ended December 31, 2024, primarily due to the increase in sales volume of pharmaceutical products during the Reporting Period.

GROSS PROFIT AND GROSS PROFIT MARGIN

Our gross profit increased by 191.6% from RMB75.2 million for the year ended December 31, 2023 to RMB219.4 million for the year ended December 31, 2024, primarily due to the exponential growth of our revenue. Our gross profit margin remained stable at 85.0% for the year ended December 31, 2024, primarily due to the proportional increase of revenue and cost of sales.

23 -

OTHER INCOME

Other income of the Group increased by 123.7% from RMB3.6 million for the year ended December 31, 2023 to RMB8.0 million for the year ended December 31, 2024, which was primarily due to an increase in government grants and subsidies related to income during the Reporting Period as compared with last year. Set out below are the components of other income for the periods indicated:

	For the year ended December 31,
	2024	2023
	RMB'000	RMB'000
Bank interest income	513	151
Government grants and subsidies related to income	7,478	3,272
Others	-	149
Total	7,991	3,572

OTHER GAINS AND LOSSES

Other gains and losses of the Group increased by 318.3% from RMB1.4 million losses for the year ended December 31, 2023 to RMB5.7 million losses for the year ended December 31, 2024, which was primarily due to recognition of loss on land deposits which the Group expected unlikely to be recovered due to failure to complete construction and commence operation within the agreed timeframe during the Reporting Period. Set out below are the components of other gains and losses for the periods indicated:

	For the year ended December 31,
	2024	2023
	RMB'000	RMB'000
Loss on deposit for construction	(3,000)	-
Donations	(1,664)	-
Gains on termination of a lease contract	155	-
Net foreign exchange losses	(1,195)	(1,367)
Fair value gains on financial assets at FVTPL	115	342
Others	(125)	(341)
Total	(5,714)	(1,366)

RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of pipelines of the Group decreased by 39.0% from RMB123.2 million for the year ended December 31, 2023 to RMB75.2 million for the year ended December 31, 2024, mainly due to capitalisation of three of our research and development products during the Reporting Period.

The Group’s research and development expenses mainly include contracting costs, raw materials and consumables, staff costs, depreciation and others. Set out below are the components of research and development expenses for the periods indicated:

	For the year ended December 31,
	2024
RMB’000	2023
RMB’000
Contracting costs	18,013	45,098
Raw materials and consumables	15,136	15,682
Staff costs	29,165	40,201
Depreciation	8,734	12,924
Others	4,164	9,306
Total	75,212	123,211

ADMINISTRATIVE EXPENSES

Administrative expenses of the Group increased by 5.5% from RMB104.7 million for the year ended December 31, 2023 to RMB110.4 million for the year ended December 31, 2024, mainly due to an increase in utilities expense incurred in the Group’s plants which commenced trial operation during the Reporting Period.

Administrative expenses of the Group primarily comprise of staff salary and benefit costs of our administrative personnel, depreciation and others.

Set out below are the components of administrative expenses for the periods indicated:

	For the year ended December 31,
	2024
RMB’000	2023
RMB’000
Staff costs	42,759	44,816
Depreciation	38,721	38,825
Others	28,929	21,018
Total	110,409	104,659

FINANCE COSTS

Finance costs of the Group increased by 10.2% from RMB9.6 million for the year ended December 31, 2023 to RMB10.6 million for the year ended December 31, 2024, which was primarily due to bank and other borrowings newly incurred of the Group during the Reporting Period.

The Group’s finance costs mainly include interests on loans from a related party, interest on bank and other borrowings and lease liabilities.

Set out below are the components of finance costs for the periods indicated:

	For the year ended December 31,
	2024	2023
	RMB’000	RMB’000
Interest on loans from a related party	912	1,384
Interest on bank and other borrowings	7,090	5,642
Interest on lease liabilities	2,550	2,552
Total	10,552	9,578

LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY

Our loss and total comprehensive expenses for the year attributable to owners of the Company decreased by 38.9% from RMB209.4 million for the year ended December 31, 2023 to RMB127.9 million for the year ended December 31, 2024, primarily due to the increase in gross profit and decrease in research and development expenses.

25 -

LIQUIDITY AND CAPITAL RESOURCES

Our trade receivables increased by 386.7% from RMB19.4 million as at December 31, 2023 to RMB94.6 million as at December 31, 2024, which was primarily due to marketing of new pharmaceutical products and significant increase in sales volume of existing pharmaceutical products of the Group during the Reporting Period.

Our cash and bank balances decreased by 48.5% from RMB173.3 million as at December 31, 2023 to RMB89.3 million as at December 31, 2024, due to cash outflows used in investment activities to pay for purchase of fixed assets of the Group during the Reporting Period.

Set out below is an analysis of the liquidity and capital resources at the dates indicated:

	As at December 31,
	2024 RMB'000	2023 RMB'000	Change (%)
Trade receivables	94,526	19,423	386.7
Prepayments and other receivables	31,554	39,084	(19.3)
Amounts due from a related party	-	398	(100.0)
Inventories	111,009	102,037	8.8
Contract costs	-	7,508	(100.0)
Rental deposit to a related party	-	411	(100.0)
Cash and bank balances	89,344	173,345	(48.5)
Restricted bank deposits	39,341	-	100.0
Total	365,774	342,206	6.9

26 -

27 -

INDEBTEDNESS

As at December 31, 2024, we had lease liabilities of RMB47.5 million, interest-bearing bank and other borrowings of RMB245.6 million and loans from a related party of RMB18.5 million. As at the same date, none of our existing indebtedness included any material covenants or covenants that could potentially limit our ability to incur new indebtedness.

Set out below is a breakdown of our outstanding lease liabilities, interest-bearing bank and other borrowings and loans from a related party at the dates indicated:

	As at December 31,
	2024	2023
	RMB'000	RMB'000
Lease liabilities	47,501	50,344
Interest-bearing bank and other borrowings	245,591	209,729
Loans from Biomabs	18,500	22,500
Total	311,592	282,573

As at December 31, 2024, we, as a lessee, had outstanding lease liabilities for the remaining terms of relevant lease agreements (excluding our contingent rental agreements) in an aggregate amount of RMB59.3 million.

CONTINGENT LIABILITIES, CHARGE OF ASSETS AND GUARANTEES

As at December 31, 2024, the 100,746-square-meter land located at No. 288 Xiangtai Road of the Taizhou Hi-tech Zone with a carrying amount of RMB33.5 million and several production and office buildings with a total floor area of 50,835 square meters located in the same address above and with a carrying amount of RMB168.9 million were pledged to Bank of Communications Co., Ltd. Taizhou Branch as security for the bank loans of the Group amounting to RMB180.0 million as at December 31, 2024. The manufacturing facilities with a carrying amount of approximately RMB195.2 million were pledged to an independent third-party customer to secure the entrusted bank borrowings of the Group.

Save as disclosed, we did not have any other outstanding debt securities, charges, mortgages, or other similar indebtedness, hire purchase commitments, liabilities under acceptances (other than normal trade bills), acceptance credits, which are guaranteed, unguaranteed, secured or unsecured, any guarantees or other material contingent liabilities.

CAPITAL STRUCTURE

There were no changes in the capital structure of the Group during the Reporting Period. The share capital of the Group only comprises ordinary Shares. As at December 31, 2024, the total issued share capital of the Company was US$412,408 divided into 4,124,080,000 shares.

The capital structure of the Group was 91.2% debt and 8.8% equity as at December 31, 2024, compared with 80.2% debt and 19.8% equity as at December 31, 2023.

28 -

FOREIGN EXCHANGE

Foreign currency risk refers to the risk of loss resulting from changes in foreign currency exchange rates. Fluctuations in exchange rates between RMB and other currencies in which our Group conducts business may affect our financial condition and results of operation. The Group mainly operates in the PRC and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to Hong Kong dollars and the U.S. dollars. The conversion of foreign currencies into RMB, including Hong Kong dollars and the U.S. dollars, has been based on rates set by the People's Bank of China. The Group primarily limits our exposure to foreign currency risk by closely monitoring the foreign exchange market. During the Reporting Period, the Group did not enter into any currency hedging transactions.

GEARING RATIO

Gearing ratio is calculated using total liabilities divided by total assets and multiplied by 100%. As at December 31, 2024, the gearing ratio of the Group was 91.2% (as at December 31, 2023: 80.2%).

The following table sets forth our other key financial ratios as of the dates indicated.

	At December 31,
	2024	2023
Current ratio(1)	1.2	1.1
Quick ratio(2)	0.8	0.8

Notes:

(1) Current ratio represents current assets divided by current liabilities as of the same date.

(2) Quick ratio represents current assets less inventories and divided by current liabilities as of the same date.

Our current ratio increased from 1.1 as at December 31, 2023 to 1.2 as at December 31, 2024, mainly due to increase in accounts receivable as a result of increase in sales. Our quick ratio was 0.8 as at December 31, 2023 and remained the same as at December 31, 2024.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

| | Notes | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- | --- |
| REVENUE | 4 | 258,228 | 87,161 |
| Cost of sales | | (38,834) | (11,923) |
| Gross profit | | 219,394 | 75,238 |
| Other income | 5 | 7,991 | 3,572 |
| Other gains and losses | 6 | (5,714) | (1,366) |
| Selling and distribution expenses | | (151,566) | (48,925) |
| Research and development expenses | | (75,212) | (123,211) |
| Administrative expenses | | (110,409) | (104,659) |
| Impairment losses on financial assets | | (1,879) | (427) |
| Finance costs | 8 | (10,552) | (9,578) |
| Loss before tax | 7 | (127,947) | (209,356) |
| Income tax expense | 9 | - | - |
| Loss and total comprehensive expense for the year | | (127,947) | (209,356) |
| Attributable to: | | | |
| Owners of the Company | | (127,947) | (209,356) |
| Loss per share attributable to ordinary equity holders of the Company | 11 | | |
| - Basic | | RMB(0.03) | RMB(0.05) |
| - Diluted | | RMB(0.03) | RMB(0.05) |

– 29 –

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

| | Notes | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- | --- |
| Non-current assets | | | |
| Property, plant and equipment | | 551,753 | 615,232 |
| Right-of-use assets | 12 | 62,492 | 71,304 |
| Intangible assets | | 33,345 | – |
| Other non-current assets | | 2,854 | 6,231 |
| Total non-current assets | | 650,444 | 692,767 |
| Current assets | | | |
| Trade receivables | 13 | 94,526 | 19,423 |
| Prepayments and other receivables | 14 | 31,554 | 39,084 |
| Amounts due from a related party | | – | 398 |
| Inventories | | 111,009 | 102,037 |
| Contract costs | | – | 7,508 |
| Rental deposit to a related party | | – | 411 |
| Restricted bank deposits | | 39,341 | – |
| Cash and bank balances | | 89,344 | 173,345 |
| Total current assets | | 365,774 | 342,206 |
| Current liabilities | | | |
| Trade and other payables | 15 | 169,367 | 150,640 |
| Amounts due to a related party | | – | 14 |
| Lease liabilities to third parties | 12 | 17,207 | 12,612 |
| Lease liability to a related party | 12 | – | 4,386 |
| Contract liabilities | | 43,625 | 32,724 |
| Interest-bearing bank and other borrowings | | 80,054 | 108,260 |
| Deferred income | | 1,872 | 7,555 |
| Total current liabilities | | 312,125 | 316,191 |
| Net current assets | | 53,649 | 26,015 |
| Total assets less current liabilities | | 704,093 | 718,782 |

– 30 –

| | Notes | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- | --- |
| Non-current liabilities | | | |
| Deferred income | | - | 11,696 |
| Amounts due to a related party | | 67,376 | 70,876 |
| Contract liabilities | | 351,952 | 296,338 |
| Interest-bearing bank and other borrowings | | 165,537 | 101,469 |
| Lease liabilities to third parties | 12 | 30,294 | 33,346 |
| Total non-current liabilities | | 615,159 | 513,725 |
| Net assets | | 88,934 | 205,057 |
| Capital and reserves | | | |
| Share capital | 16 | 2,804 | 2,804 |
| Reserves | | 86,130 | 202,253 |
| Total equity | | 88,934 | 205,057 |

NOTES TO FINANCIAL STATEMENTS

1. CORPORATE AND GROUP INFORMATION

Mabpharm Limited (the “Company”) was incorporated in the Cayman Islands as an exempted company with limited liability on 1 June 2018, and its shares were listed on The Stock Exchange of Hong Kong Limited on 31 May 2019. The address of the registered office is 190 Elgin Avenue, George Town, Grand Cayman KY1-90008, Cayman Islands and the principal place of business is located at Block G79, Lujia Road East, Koutai Road West, China Medical City, Taizhou, the People’s Republic of China (the “PRC”).

The Company is an investment holding company. The Company and its subsidiaries (the “Group”) are principally engaged in the research, development and production of monoclonal antibody drugs for cancers and autoimmune diseases and the transfer of intellectual property.

The immediate holding company of the Company is Asia Mabtech Limited, a limited liability company incorporated in the British Virgin Islands, which is ultimately controlled by Mr. Guo Jianjun.

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

Name	Place of incorporation/ registration and business	Issued ordinary/ registered share capital	Percentage of equity attributable to the Company		Principal activities
			Direct	Indirect
Taizhou Mabtech Pharmaceutical Limited (“Taizhou Pharmaceutical”) (泰州通博文科藥業有限公司)*	PRC/Mainland China	US$210,000,000	-	100%	Research and development, manufacturing, technical consulting, technology transfer and provision of technical services of biological products, diagnostic reagents, chemical biological reagents and drugs
Shanghai Shengheng Biotechnology Limited (“Shengheng Biotech”) (上海晟珩生物技术有限公司)	PRC/Mainland China	RMB30,000,000	-	100%	Research and development, technical consulting, technology transfer and provision of technical services of biological products, diagnostic reagents, chemical biological reagents and drugs

Taizhou Pharmaceutical is registered as a wholly-foreign-owned enterprise under PRC law.

The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length.

33 -

2.1 BASIS OF PREPARATION

These financial statements have been prepared in accordance with IFRS Accounting Standards (which include all International Financial Reporting Standards, International Accounting Standards (“IASs”) and Interpretations) as issued by the International Accounting Standards Board (the “IASB”), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for certain financial instruments which have been measured at fair value. These financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand except when otherwise indicated.

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended 31 December 2024. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

Generally, there is a presumption that a majority of voting rights results in control. When the Company has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

(a) the contractual arrangement with the other vote holders of the investee;

(b) rights arising from other contractual arrangements; and

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, any non-controlling interest and the exchange fluctuation reserve; and recognises the fair value of any investment retained and any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities.

34 -

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Group has adopted the following revised IFRS Accounting Standards for the first time for the current year’s financial statements.

Amendments to IFRS 16	Lease Liability in a Sale and Leaseback
Amendments to IAS 1	Classification of Liabilities as Current or Non-current
(the “2020 Amendments”)
Amendments to IAS 1	Non-current Liabilities with Covenants (the “2022 Amendments”)
Amendments to IAS 7 and IFRS 7	Supplier Finance Arrangements

The nature and the impact of the revised IFRS Accounting Standards are described below:

(a) Amendments to IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. Since the Group has no sale and leaseback transactions with variable lease payments that do not depend on an index or a rate occurring from the date of initial application of IFRS 16, the amendments did not have any impact on the financial position or performance of the Group.

(b) The 2020 Amendments clarify the requirements for classifying liabilities as current or non-current, including what is meant by a right to defer settlement and that a right to defer must exist at the end of the reporting period. Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement. The amendments also clarify that a liability can be settled in its own equity instruments, and that only if a conversion option in a convertible liability is itself accounted for as an equity instrument would the terms of a liability not impact its classification. The 2022 Amendments further clarify that, among covenants of a liability arising from a loan arrangement, only those with which an entity must comply on or before the reporting date affect the classification of that liability as current or non-current. Additional disclosures are required for non-current liabilities that are subject to the entity complying with future covenants within 12 months after the reporting period.

The Group has reassessed the terms and conditions of its liabilities as at 1 January 2023 and 2024 and concluded that the classification of its liabilities as current or non-current remained unchanged upon initial application of the amendments. Accordingly, the amendments did not have any impact on the financial position or performance of the Group.

(c) Amendments to IAS 7 and IFRS 7 clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. As the Group does not have supplier finance arrangements, the amendments did not have any impact on the Group’s financial statements.

35 -

2.3 ISSUED BUT NOT YET EFFECTIVE IFRS ACCOUNTING STANDARDS

The Group has not applied the following new and revised IFRS Accounting Standards, that have been issued but are not yet effective, in these financial statements. The Group intends to apply these new and revised IFRS Accounting Standards, if applicable, when they become effective.

IFRS 18	Presentation and Disclosure in Financial Statements^{3}
IFRS 19	Subsidiaries without Public Accountability: Disclosures^{3}
Amendments to IFRS 9 and IFRS 7	Amendments to the Classification and Measurement of Financial Instruments^{2}
Amendments to IFRS 9 and IFRS 7	Contracts Referencing Nature-dependent Electricity^{2}
Amendments to IFRS 10 and IAS 28	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture^{4}
Amendments to IAS 21	Lack of Exchangeability^{1}
Annual Improvements to IFRS Accounting Standards – Volume 11	Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7^{2}

Effective for annual periods beginning on or after 1 January 2025
Effective for annual periods beginning on or after 1 January 2026
Effective for annual/reporting periods beginning on or after 1 January 2027
No mandatory effective date yet determined but available for adoption

The application of IFRS 18 will have no impact on the consolidated statements of financial position of the Group, but will have impact on the presentation of the consolidated statements of profit or loss and other comprehensive income. Except for IFRS 18, the directors of the Company anticipate that these new and revised IFRS Accounting Standards are not expected to have a material impact on the Group’s financial performance and financial position in the foreseeable future.

3. OPERATING SEGMENT INFORMATION

Segment information

For the purpose of resource allocation and performance assessment, the key management of the entities and business comprising the Group, being the chief operating decision maker, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment and no further analysis of this single segment is presented.

Geographical information

During the reporting period, all of the Group’s revenue was derived from customers located in the PRC and the Group’s non-current assets are substantially located in the PRC, accordingly, no geographical information in accordance with IFRS 8 Operating Segments is presented.

Information about a major customer

There was no revenue derived from the transaction with a single customer amounting to 10% or more of the Group’s revenues in 2024. Revenue of approximately RMB14,151,000 was derived from the exclusive right for the commercialisation in Mainland China with a single customer in 2023.

REVENUE

An analysis of revenue is as follows:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Revenue from contracts with customers | | |
| Revenue from the sale of pharmaceutical products | 215,195 | 69,923 |
| Revenue from the exclusive right for the commercialisation in Mainland China | 30,525 | 16,601 |
| Revenue from the rendering of contract services | 71 | 637 |
| Revenue from the contract development and manufacturing agreements | 12,437 | - |
| Total | 258,228 | 87,161 |
| Revenue from contracts with customers | | |

(a) Disaggregated revenue information

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Geographical market | | |
| Mainland China | 258,228 | 87,161 |
| Timing of revenue recognition | | |
| Over time | 30,525 | 16,601 |
| At a point in time | 227,703 | 70,560 |
| Total | 258,228 | 87,161 |

The following table shows the amounts of revenue recognised in the current reporting period that were included in the contract liabilities at the beginning of the reporting period:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Revenue from the sale of pharmaceutical products | 151 | 23 |
| Revenue from the rendering of contract services | - | 566 |
| Revenue from the contract development and manufacturing agreement | 6,598 | - |
| Revenue from the exclusive right for the commercialisation in Mainland China | 25,975 | 14,151 |
| Total | 32,724 | 14,740 |

36 -

(b) Performance obligations

Information about the Group’s performance obligations is summarised below:

Sale of pharmaceutical products

The performance obligation is satisfied upon delivery of the products and acceptance by the customer, and payment is generally due within 30 to 90 days from delivery. Some contracts provide customers with rights of return and sales rebates which give rise to variable consideration subject to constraint.

Exclusive right for the commercialisation

The performance obligation is satisfied overtime during the expected commercialisation period after the commercialisation authorisation from the local authorities is obtained, with reference to the budgeted manufacture order from the customer (i.e. when the customer receives and consumes the benefits during the commercialisation stage) or the expected product life cycle (10 years).

Contract development and manufacturing agreement with customers

The performance obligation is satisfied upon delivery of the control of rights of the deliverables and acceptance by the customer.

Revenue from the rendering of contract services

The performance obligation is satisfied upon delivery of the control of rights of the deliverables and acceptance by the customer.

The amounts of transaction prices allocated to the unsatisfied performance obligations as at 31 December are as follows:

| | 2024
RMB’000 | 2023
RMB’000 |
| --- | --- | --- |
| Amounts expected to be recognised as revenue: | | |
| Within one year | 45,544 | 42,030 |
| Over one year | 351,952 | 304,771 |
| Total | 397,496 | 346,801 |

The remaining performance obligations expected to be recognised after one year mainly relate to the transaction prices allocated to the exclusive right for the commercialization. The revenue from the exclusive right for the commercialization is expected to be recognised during the future estimated commercialisation period. The amounts disclosed above do not include variable consideration.

OTHER INCOME

| | 2024
RMB’000 | 2023
RMB’000 |
| --- | --- | --- |
| Bank interest income | 513 | 151 |
| Government grants and subsidies related to income | 7,478 | 3,272 |
| Others | - | 149 |
| Total | 7,991 | 3,572 |

38 -

6. OTHER GAINS AND LOSSES

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Loss on deposit for construction | (3,000) | – |
| Donations | (1,664) | – |
| Net foreign exchange losses | (1,195) | (1,367) |
| Gains on termination of a lease contract | 155 | – |
| Fair value gains on financial assets at FVTPL | 115 | 342 |
| Others | (125) | (341) |
| Total | (5,714) | (1,366) |

7. LOSS BEFORE TAX

The Group’s loss before tax is arrived at after charging/(crediting):

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Depreciation for property, plant and equipment | 53,729 | 51,858 |
| Depreciation for right-of-use assets | 7,600 | 8,837 |
| Gain on termination of a lease contract | (155) | – |
| Impairment losses on financial assets | | |
| – Impairment of trade receivables | 1,879 | 427 |
| Loss on deposit for construction | 3,000 | – |
| Fair value gains on financial assets at FVTPL | (115) | (342) |
| Foreign exchange differences, net | 1,195 | 1,367 |
| Staff cost (including directors’ emoluments): | | |
| – Independent non-executive directors’ fee | 351 | 324 |
| – Salaries and other benefits | 72,077 | 69,314 |
| – Pension scheme contributions | 7,696 | 8,769 |
| – Share-based payment expenses | 11,824 | 13,469 |
| – Consultation fee | – | 501 |
| | 91,948 | 92,377 |
| Auditors’ remuneration | 3,323 | 3,342 |
| Short-term lease payment | 79 | 107 |
| Government grants and subsidies related to income | (7,478) | (3,272) |
| Cost of inventories sold and services provided | 38,834 | 11,923 |
| Cost of inventories recognised as expense
(included in research and development expenses) | 15,136 | 15,682 |

8. FINANCE COSTS

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Interest on loans from a related party | 912 | 1,384 |
| Interest on bank and other borrowings | 7,090 | 5,642 |
| Interest on lease liabilities | 2,550 | 2,552 |
| Total | 10,552 | 9,578 |

INCOME TAX

The Company was incorporated in the Cayman Islands and is exempted from income tax.

Hong Kong profits tax is provided at the rate of 16.5% (2023: 16.5%) on the estimated assessable profits arising in Hong Kong during the year. No Hong Kong profits tax was provided for as there was no estimated assessable profit of the Group’s Hong Kong subsidiary that was subject to Hong Kong profits tax during the year.

Under the Law of the PRC of Enterprise Income Tax (the “EIT Law”) and the Implementation Regulation of the EIT Law, the tax rate of the Group’s PRC subsidiaries is 25% throughout the reporting period.

In November 2024, Taizhou Pharmaceutical was reaccredited as a “High and New Technology Enterprise”, therefore is entitled to a preferential tax rate of 15% for a three-year period since 2024. The qualification as a High and New Technology Enterprise will be subject to review by the relevant tax authority in the PRC for every three years and Taizhou Pharmaceutical should self-evaluate whether it meets the criteria of High and New Technology Enterprise each year.

Pursuant to Caishui [2018] circular No. 76, Taizhou Pharmaceutical can carry forward its unutilised tax losses for up to ten years. This extension of expiration period applies to all the unutilised tax losses that were carried forward by Taizhou Pharmaceutical at the effective date of the tax circular.

Pursuant to the relevant EIT Laws, Taizhou Pharmaceutical enjoyed a super deduction of 200% on qualifying research and development expenditures during the period from 1 January 2023 to 31 December 2024.

A reconciliation of the tax expense applicable to loss before tax at the statutory tax rate for the jurisdiction in which the Company and its subsidiaries are domiciled to the tax expense at the effective tax rate is as follows:

| | 2024
RMB’000 | 2023
RMB’000 |
| --- | --- | --- |
| Loss before tax | (127,947) | (209,356) |
| Income tax expense calculated at 25% | (31,987) | (52,339) |
| Effect of different tax rates of subsidiaries operating in other jurisdictions
and enacted by local authority | 13,585 | 20,989 |
| Tax effect of expenses not deductible for tax purposes | 2,755 | 2,110 |
| Effect of research and development expenses that are additionally deducted | (14,786) | (7,221) |
| Tax effect of tax losses and deductible temporary differences not recognised | 30,433 | 36,461 |
| Income tax expense recognised in profit or loss | - | - |

The Group has unused tax losses of RMB1,423,370,000 available for offset against future profits as of 31 December 2024 (2023: RMB1,264,261,000). The tax losses of the entity will expire in one to ten years for offsetting against taxable profits of the companies in which the losses arose. The Group had deductible temporary differences of RMB255,429,000 at 31 December 2024 (2023: RMB207,972,000), which are mainly related to deferred income and accrued expenses.

Deferred taxation had not been recognised on the unused tax losses and deductible temporary differences since it is not probable that the taxable profits will be available against which the tax losses and deductible temporary differences can be utilised in the foreseeable future.

DIVIDENDS

No dividend was paid or proposed for holders of ordinary shares of the Company for the year ended 31 December 2024, nor has any dividend been proposed since the end of the reporting period (2023: Nil).

39 -

40 -

11. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY

The calculation of the basic loss per share is based on the following data:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Loss attributable to ordinary equity holders of the Company for the purpose of calculating basic loss per share | (127,947) | (209,356) |
| | 2024
'000 | 2023
'000 |
| Weighted average number of ordinary shares for the purpose of calculating basic loss per share | 4,124,080 | 4,124,080 |

The calculation of diluted loss per share amounts for the years ended 31 December 2024 and 2023 did not assume the exercise of the pre-IPO share options since its inclusion would be anti-dilutive.

12. LEASES

The Group as a lessee

The Group has lease contracts for various items of leasehold land and buildings used in its operations. Lump sum payments were made upfront to acquire the leased land from the owner with lease periods of 50 years, and no ongoing payments will be made under the terms of the land lease. Leases of buildings generally have lease terms between 3 and 18 years. Generally, the Group is restricted from assigning and subleasing the leased assets outside the Group.

(a) Right-of-use assets

The carrying amounts of the Group's right-of-use assets and the movements during the year are as follows:

| | Leasehold land
RMB'000 | Buildings
RMB'000 | Total
RMB'000 |
| --- | --- | --- | --- |
| As at 1 January 2023 | 35,089 | 32,618 | 67,707 |
| Lease modification | - | 12,434 | 12,434 |
| Depreciation charge | (771) | (8,066) | (8,837) |
| As at 31 December 2023 and 1 January 2024 | 34,318 | 36,986 | 71,304 |
| Additions | - | 497 | 497 |
| Depreciation charge | (771) | (6,829) | (7,600) |
| Termination of a lease contract | - | (1,709) | (1,709) |
| As at 31 December 2024 | 33,547 | 28,945 | 62,492 |

(b) Lease liabilities to third parties

The carrying amount of lease liabilities to third parties and the movements during the year are as follows:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Carrying amount at 1 January | 45,958 | 32,394 |
| New lease | 497 | – |
| Lease modification | – | 12,434 |
| Accretion of interest recognised during the year | 2,432 | 2,121 |
| Payments | (1,386) | (983) |
| Exchange gain | – | (8) |
| Carrying amount at 31 December | 47,501 | 45,958 |
| Analysed into: | | |
| Current portion | 17,207 | 12,612 |
| Non-current portion | 30,294 | 33,346 |

The carrying amount of the lease liability to a related party and the movements during the year are as follows:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Lease liability to Biomabs (note): | | |
| Carrying amount at 1 January | 4,386 | 9,235 |
| Accretion of interest recognised during the year | 118 | 431 |
| Termination of a lease contract | (1,864) | – |
| Payments | (2,640) | (5,280) |
| Carrying amount at 31 December | – | 4,386 |
| Analysed into: | | |
| Current portion | – | 4,386 |
| Non-current portion | – | – |

Note: Biomabs is ultimately controlled by a close family member of the controlling shareholder.

(d) The amounts recognised in profit or loss in relation to leases are as follows:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Interest on lease liabilities to third parties | 2,432 | 2,121 |
| Interest on lease liability to a related party | 118 | 431 |
| Depreciation for right-of-use assets | 7,600 | 8,837 |
| Expense relating to short-term leases | 79 | 107 |
| Total amount recognised in profit or loss | 10,229 | 11,496 |

(e) The total cash outflows for leases and future cash outflows relating to leases that have not yet commenced are disclosed in note 31(c) to the financial statements.

TRADE RECEIVABLES

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Trade receivables | 96,950 | 19,968 |
| Impairment | (2,424) | (545) |
| Total | 94,526 | 19,423 |

The Group's trading terms with its customers are mainly on credit. The credit period is generally 30 to 90 days for major customers. Each customer has a maximum credit limit. The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management. In view of the aforementioned and the fact that the Group's trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade receivables are non-interest-bearing.

An ageing analysis of the trade receivables as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Within 3 months | 75,807 | 16,454 |
| 4 to 6 months | 11,482 | 2,182 |
| 7 to 9 months | 6,283 | 109 |
| 10 to 12 months | 954 | 678 |
| Total | 94,526 | 19,423 |

The movements in the loss allowance for impairment of trade receivables are as follows:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| At beginning of year | 545 | 118 |
| Impairment losses | 1,879 | 427 |
| At end of year | 2,424 | 545 |

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on aging. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity.

Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision matrix:

As at 31 December 2024

	With 3 months	4 to 6 months	7 to 9 months	10 to 12 months	Over 12 months	Total
Expected credit loss rate	0.89%	3.37%	12.02%	31.02%	100.00%	2.50%
Gross carrying amount (RMB'000)	76,484	11,883	7,141	1,383	59	96,950
Expected credit losses (RMB'000)	(677)	(401)	(858)	(429)	(59)	(2,424)
Net amount (RMB'000)	75,807	11,482	6,283	954	-	94,526
As at 31 December 2023
	With 3 months	4 to 6 months	7 to 9 months	10 to 12 months	Over 12 months	Total
Expected credit loss rate	0.56%	2.71%	9.06%	31.16%	100.00%	2.73%
Gross carrying amount (RMB'000)	16,547	2,243	120	985	73	19,968
Expected credit losses (RMB'000)	(93)	(61)	(11)	(307)	(73)	(545)
Net amount (RMB'000)	16,454	2,182	109	678	-	19,423

14. PREPAYMENTS AND OTHER RECEIVABLES

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Other receivables | 1,560 | 979 |
| Prepayments for research and development services | 18,628 | 11,280 |
| Other deposits and prepayments | 3,722 | 3,834 |
| VAT recoverable (note) | 7,644 | 22,991 |
| Total | 31,554 | 39,084 |

Note: VAT recoverable is presented in prepayments and other receivables and other non-current assets based on management's estimation of the amount of VAT recoverable to be utilised within one year.

The financial assets included in the above balances relate to receivables for which there was no recent history of default and past due amounts. As at 31 December 2024 and 2023, the loss allowance was assessed to be minimal.

44 -

15. TRADE AND OTHER PAYABLES

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Trade payables | 11,709 | 10,012 |
| Accrued expenses for research and development services | 22,807 | 32,091 |
| Other payables for purchases of property, plant and equipment | 33,671 | 57,831 |
| Salary and bonus payables | 13,289 | 15,160 |
| Other taxes payable | 634 | 658 |
| Accrued listing expenses and issue costs | 11,189 | 11,189 |
| Other payables | 76,068 | 23,699 |
| Total | 169,367 | 150,640 |

Payment terms with suppliers are mainly on credit with 60 days from the time when the goods and/or services are received/ rendered from the suppliers. The ageing analysis of the trade payables presented based on the receipt of goods/services by the Group at the end of the reporting period is as follows:

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Within 60 days | 8,712 | 4,467 |
| Over 60 days but within 1 year | 1,728 | 5,545 |
| Over 1 year | 1,269 | - |
| Total | 11,709 | 10,012 |

Trade and other payables are unsecured, non-interest-bearing and repayable on demand.

16. SHARE CAPITAL

| | 2024
RMB'000 | 2023
RMB'000 |
| --- | --- | --- |
| Issued and fully paid:
4,124,080,000 (2023: 4,124,080,000) ordinary shares | 2,804 | 2,804 |

OTHER INFORMATION

Final Dividend

The Board does not recommend the payment of a final dividend for the year ended December 31, 2024.

Use of Net Proceeds from Listing

With the Shares of the Company listed on the Stock Exchange on the Listing Date, the net proceeds from the Global Offering were approximately HK$1,144.5 million. As at the date of this announcement, the Company has used all the net proceeds in accordance with the purposes as set out in the prospectus of the Company dated May 20, 2019.

Significant Investments, Material Acquisitions and Disposals

As at December 31, 2024, there were no significant investments held by the Group or future plans regarding significant investment or capital assets, and we did not have any material acquisitions or disposals of subsidiaries, associates and joint ventures during the Reporting Period.

Employee and Remuneration Policy

As of December 31, 2024, we had a total of 315 employees, of which 43 are located in Shanghai and 272 are located in Taizhou. The table below sets forth a breakdown of our employees by function:

Function	Number of Employees
Business units	50
R&D personnel(1)	199
Administration	22
Management	44
Total	315

Note:

(1) The number of R&D personnel here excludes 27 R&D team members who have been included in our management.

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Our success depends on our ability to attract, recruit and retain qualified employees. We provide our employees with opportunities to work on cutting-edge biologics projects with world-class scientists. We aim to attract qualified employees with overseas educational backgrounds and relevant experience gained from global pharmaceutical or biotechnology companies. As of the date of this announcement, Dr. Wang Hao, Dr. Hou Sheng and Dr. Qian Weizhu of our scientists held a Ph.D. degree or equivalent in fields that are highly relevant to our business. In addition, as of the same date, 162 out of our 226 R&D personnel (including those who are our management) held a bachelor's degree or above.

Our employment agreements typically cover matters such as wages, benefits and grounds for termination. The remuneration package of our employees generally includes salary and bonus elements. In general, we determine the remuneration package based on the qualifications, position and performance of our employees. We also make contributions to the social insurance fund, including basic pension insurance, medical insurance, unemployment insurance, childbirth insurance, work-related injury insurance funds, and housing reserve fund.

We have established a labor union at Taizhou that represents employees with respect to the promulgation of bylaws and internal protocols. As of December 31, 2024, all of our employees at Taizhou were members of the labor union. We believe that we maintain a good working relationship with our employees. We had not experienced any material difficulty in recruiting employees for our operations during the Reporting Period and up to the date of this announcement.

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

The Group is committed to maintaining high standard of corporate governance to safeguard the interests of the Shareholders, enhance corporate value, formulate its business strategies and policies, and enhance its transparency and accountability.

The Company's corporate governance practices are based on the principles and code provisions as set out in the CG Code and the Company has adopted the CG code as its own code of corporate governance. The Board is of the view that the Company has complied with the applicable code provisions as set out in the CG Code during the Reporting Period. The Board will periodically review and enhance its corporate governance practices to ensure that the Company continues to meet the requirements of the CG Code.

Further information concerning the corporate governance practices of the Company will be set out in the corporate governance report in the annual report of the Company for the year ended December 31, 2024.

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COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code as the guidelines for the directors' dealings in the securities of the Company.

Specific enquiry has been made to each Director and all Directors have confirmed that they have complied with the applicable standards set out in the Model Code during the Reporting Period.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's securities listed on the Stock Exchange (including the sale of treasury shares) during the Reporting Period.

As at December 31, 2024, the Company did not hold any treasury shares (as defined under the Listing Rules).

MATERIAL LITIGATION

The Company was not involved in any material litigation or arbitration during the Reporting Period. The Directors are also not aware of any material litigation or claims that are pending or threatened against the Group during the Reporting Period.

SCOPE OF WORK OF ERNST & YOUNG

The figures in respect of the Group's consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income and the related notes thereto for the year ended December 31, 2024 as set out in the preliminary announcement have been agreed by the Group's auditor, Ernst & Young, to the amounts set out in the Group's consolidated financial statements for the year. The work performed by Ernst & Young in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by Ernst & Young on the preliminary announcement.

AUDIT COMMITTEE

The Company has established an audit committee with written terms of reference in accordance with the Listing Rules. The Audit Committee consists of two independent non-executive Directors, namely Mr. Leung, Louis Ho Ming and Mr. Guo Liangzhong and one non-executive Director namely Mr. Jiao Shuge. Mr. Leung, Louis Ho Ming is the chairman of the Audit Committee.

The Audit Committee has reviewed the consolidated financial statements of the Group for the year ended December 31, 2024 and has met with the independent auditor, Ernst & Young. The Audit Committee has also discussed matters with respect to the accounting principles and policies adopted by the Company and internal control with members of senior management of the Company.

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IMPORTANT EVENTS AFTER THE REPORTING DATE

The NDA of CMAB807/CMAB807X had been accepted by NMPA in January 2025.

Save as disclosed above, there are no important events undertaken by the Group after December 31, 2024 and up to the date of this announcement.

ANNUAL GENERAL MEETING

The annual general meeting is scheduled to be held on June 18, 2025 (the “AGM”). A notice convening the AGM will be published on the respective websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.mabpharm.cn) and will be dispatched to the Shareholders upon request within the prescribed time and in such manner as required under the Listing Rules.

CLOSURE OF THE REGISTER OF MEMBERS

The register of members of the Company will be closed from June 13, 2025 to June 18, 2025, both days inclusive, in order to determine the identity of the Shareholders who are entitled to attend and vote at the AGM, during which period no share transfers will be registered. To be eligible to attend and vote at the AGM, unregistered holders of shares must lodge all properly completed transfer forms accompanied by the relevant share certificates with the Company’s branch share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong for registration not later than 4:30 p.m. on June 12, 2025.

PUBLICATION OF ANNUAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT

This announcement is published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.mabpharm.cn).

The annual report for the year ended December 31, 2024 containing all the information as required under Appendix D2 to the Listing Rules will be published on the websites of the Stock Exchange and the Company in due course.

DEFINITIONS

In this announcement, the following expressions have the meanings set out below unless the context requires otherwise:

“Audit Committee” the audit committee of the Board

“Biomabs” Shanghai Biomabs Pharmaceuticals Co., Ltd. (上海百適博製藥有限公司), a limited liability company incorporated in the PRC on October 16, 2009 and a direct wholly-owned subsidiary of Sinomab as of the date of this announcement

“Board” or “Board of Directors” the board of Directors of the Company

“CDMO” Contract Development and Manufacturing Organization

“CG Code” the Corporate Governance Code as set out in Appendix C1 to the Listing Rules

“CHO” the ovary of the Chinese hamster

“Company” Mabpharm Limited (迈博药业有限公司), an exempted company incorporated in the Cayman Islands with limited liability on June 1, 2018 and whose Shares are listed on the Stock Exchange on the Listing Date

“Core Product(s)” has the meaning ascribed to it in Chapter 18A of the Listing Rules; for the purpose of this announcement, our Core Products include CMAB007, CMAB009 and CMAB008

“Director(s)” the director(s) of our Company

“EGFR” epidermal growth factor receptor

“FDA” Food and Drug Administration of the United States

“Global Offering” has the meaning ascribed to it under the Prospectus

“GMP” good manufacturing practices

“GPO” group purchasing organizations

“Group”, “our Group”, “the Group”, “we”, “us”, or “our”

the Company and its subsidiaries from time to time

“HK dollar” or “HK$” Hong Kong dollars, the lawful currency of Hong Kong

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“Hong Kong” the Hong Kong Special Administrative Region of the PRC

“IBD” inflammatory bowel disease

“IgE” immunoglobulin E

“Independent Third Party(ies)” an individual(s) or a company(ies) who or which is/are not connected (within the meaning of the Listing Rules) with any Directors, chief executives or substantial shareholders (within the meaning of the Listing Rules) of our Company, its subsidiaries or any of their respective associates

“Listing” the listing of Shares on the Main Board of the Stock Exchange on May 31, 2019

“Listing Date” May 31, 2019, being the date on which the Shares were listed on the Main Board of the Stock Exchange

“Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange

“Main Board” the Main Board of the Stock Exchange

“mCRC” metastatic colorectal cancer

“Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix C3 to the Listing Rules

“NDA” new drug application

“NMPA” National Medical Products Administration (國家藥品監督管理局) of China, formerly known as China’s Food and Drug Administration (“CFDA”) (國家食品藥品監督管理局) or China’s Drug Administration (“CDA”) (國家藥品監督管理局); references to NMPA include CFDA and CDA

“PIC/S” Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme

“PRC” or “China” the People’s Republic of China, excluding, for the purposes of this announcement, Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan

“Prospectus” the prospectus issued by the Company on May 20, 2019 in connection with the Hong Kong public offering of the Shares

“Reporting Period” twelve months from January 1, 2024 to December 31, 2024

“RMB” Renminbi, the lawful currency of the PRC

“Shareholder(s)” holder(s) of Share(s)

“Shares” ordinary share(s) in the capital of the Company with nominal value of US$0.0001 each

“Sinomab” Sinomab Limited (formerly known as Mabtech Limited), a limited liability company incorporated in the Cayman Islands on September 4, 2014, and a company which the controlling shareholder of the Company and its associate in aggregate indirectly control 66.67% voting rights as of the date of this announcement

“Stock Exchange” The Stock Exchange of Hong Kong Limited

“Taizhou Pharmaceutical” Taizhou Mabtech Pharmaceutical Limited* (泰州邁博太科藥業有限公司), a limited liability company incorporated in the PRC on February 4, 2015 and an indirect wholly-owned subsidiary of the Company

“TNF α” tumor necrosis factor

APPRECIATION

On behalf of the Board, I wish to express my sincere gratitude to our Shareholders and business partners for their continued support, and to our employees for their dedication and hard work.

By Order of the Board

Mabpharm Limited

Jiao Shuge

Chairman

Hong Kong, March 26, 2025

As at the date of this announcement, the Board of Directors of the Company comprises Dr. Wang Hao, Mr. Li Yunfeng, Mr. Tao Jing, Dr. Hou Sheng and Dr. Qian Weizhu as executive Directors; Mr. Jiao Shuge and Mr. Cen Jialin as non-executive Directors; and Mr. Guo Liangzhong, Dr. Zhang Yanyun, Mr. Leung, Louis Ho Ming and Dr. Tao Qian as independent non-executive Directors.

For identification purpose only
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AI assistant

Mabpharm Limited — Earnings Release 2024

50428_rns_2025-03-26_c1a8c44e-ee13-4fe5-8b2a-b50f099f3196.pdf

邁博藥業

Mabpharm Limited

迈博药业有限公司

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED DECEMBER 31, 2024

FINANCIAL HIGHLIGHTS

CORPORATE PROFILE

MANAGEMENT DISCUSSION AND ANALYSIS

Business Review

Research and development of our drug candidates

Other Product Candidates

Research and development of new drug candidates

Research and development system

DRUG CANDIDATES COMMERCIALIZATION AND PRODUCTION FACILITIES CONSTRUCTION

Existing production facilities

Marketing and distribution

Continue to advance the clinical research and commercialization of our drug candidates

Continue to maintain investments in advanced technologies and product development

Continue to attract and nurture high quality talent to support our rapid growth

Establish global brand awareness and foster deeper and more extensive cooperative relationship with domestic and overseas renowned pharmaceutical companies

FINANCIAL INFORMATION

FINANCIAL REVIEW

REVENUE

COST OF SALES

GROSS PROFIT AND GROSS PROFIT MARGIN

OTHER INCOME

OTHER GAINS AND LOSSES

RESEARCH AND DEVELOPMENT EXPENSES

ADMINISTRATIVE EXPENSES

LIQUIDITY AND CAPITAL RESOURCES

INDEBTEDNESS

CONTINGENT LIABILITIES, CHARGE OF ASSETS AND GUARANTEES

CAPITAL STRUCTURE

FOREIGN EXCHANGE

GEARING RATIO

1. CORPORATE AND GROUP INFORMATION

Information about subsidiaries

2.1 BASIS OF PREPARATION

Basis of consolidation

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

2.3 ISSUED BUT NOT YET EFFECTIVE IFRS ACCOUNTING STANDARDS

3. OPERATING SEGMENT INFORMATION

Segment information

Geographical information

Information about a major customer

6. OTHER GAINS AND LOSSES

7. LOSS BEFORE TAX

8. FINANCE COSTS

11. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY

12. LEASES

The Group as a lessee

(a) Right-of-use assets

14. PREPAYMENTS AND OTHER RECEIVABLES

15. TRADE AND OTHER PAYABLES

16. SHARE CAPITAL

Final Dividend

Use of Net Proceeds from Listing

Significant Investments, Material Acquisitions and Disposals

Employee and Remuneration Policy

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

MATERIAL LITIGATION

SCOPE OF WORK OF ERNST & YOUNG

AUDIT COMMITTEE

IMPORTANT EVENTS AFTER THE REPORTING DATE

ANNUAL GENERAL MEETING

CLOSURE OF THE REGISTER OF MEMBERS

PUBLICATION OF ANNUAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT

DEFINITIONS

APPRECIATION

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Mabpharm Limited Earnings Release 2024