目 錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 財務摘要 | 7 | | 業務摘要 | 8 | | 管理層討論及分析 | 17 | | 董事會報告 | 33 | | 董事會及高級管理層 | 63 | | 企業管治報告 | 70 | | 獨立核數師報告 | 93 | | 綜合損益及其他全面收益表 | 99 | | 綜合財務狀況表 | 101 | | 綜合權益變動表 | 103 | | 綜合現金流量表 | 105 | | 財務報表附註 | 107 | | 五年財務概要 | 204 | | 釋義 | 205 | 公司資料 董事會 執行董事 傅唯先生 （董事會主席） 羅永慶先生 何穎先生 非執行董事 龔聿波先生（自2024年2月9日起辭任） 康嵐女士（自2024年1月12日起辭任） 曹基哲先生（自2024年1月12日起獲委任） 馮洪剛先生（自2024年2月9日起獲委任） 獨立非執行董事 傅唯先生 （主席） 李軼梵先生 徐海音女士 聯席公司秘書 劉栩昕女士 劉綺華女士 法定代表 何穎先生 劉綺華女士 蔣世東先生 李軼梵先生 徐海音女士 審核委員會 李軼梵先生 （主席） 蔣世東 ...

近年来，在国内创新药市场加速改革的机遇下，云顶新耀-B(01952)依托强劲的创新药与AI制药的自主 研发实力，辅以外部授权引进合作，以"双轮驱动"的姿态全面加速创新，取得创新发展上质的飞跃。 2024年财报的亮眼表现，不仅标志着公司首次实现，更预示着其即将迈入"摘B"新阶段。 财报显示，2024年，云顶新耀实现营业收入7.07亿元，同比激增461.16%。根据港交所《上市规则》第 8.05(3)条，若企业满足"市值至少40亿港元且最近财年收益不低于5亿港元"的条件，即可移除"-B"标 记。云顶新耀显然已全面达标，成为港股市场又一家迈向成熟Biopharma的创新药企。 智通财经APP认为，近年来，在"自主研发+授权引进"双轮驱动策略下，云顶新耀瞄准高潜力、低竞争 赛道，快速实现了差异化创新成果的商业化高效转化，这便是云顶新耀能够迅速高效达成18A"摘B"里 程碑的重要原因。 得益于自身独特的商业洞见，云顶新耀以较低代价在较早阶段在IgA肾病治疗领域和抗生素领域分别引 进了核心品种耐赋康®及依嘉®(依拉环素)。 以耐赋康®为例，去年5月，在公司高效推动下，耐赋康®成功在中国大陆获批上市，并在同年进入国 家医保 ...

交银国际研究 公司更新 | 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 27 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 54.20 | 港元 65.00↑ | +19.9% | | | 云顶新耀 (1952 HK) | | | | | | 2024 年实现商业化层面盈利，耐赋康快速渗透目标市场，上调目标价 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 126 | 707 | 1,689 | 2,819 | 3,908 | | 同比增长 (%) | 884.5 | 461.2 | 138.9 | 66.9 | 38.6 | | 净利润 (百万人民币) | (844) | (1,041) | (264) | 311 | 794 | | 每股盈利 (人民币) | (2.80) | (3.24) | (0.81) | 0.96 ...

交银国际研究 公司更新 | 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 27 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 54.20 | 港元 65.00↑ | +19.9% | | | 云顶新耀 (1952 HK) | | | | | | 2024 年实现商业化层面盈利，耐赋康快速渗透目标市场，上调目标价 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 126 | 707 | 1,689 | 2,819 | 3,908 | | 同比增长 (%) | 884.5 | 461.2 | 138.9 | 66.9 | 38.6 | | 净利润 (百万人民币) | (844) | (1,041) | (264) | 311 | 794 | | 每股盈利 (人民币) | (2.80) | (3.24) | (0.81) | 0.96 ...

Everest Medicines (01952) H2 2024 Earnings Call March 26, 2025 10:59 AM ET Company Participants Leah Liu - VP of Corporate AffairsRogers Yongqing Luo - Member of Board of Directors & CEOIan Woo - Executive Director, President and CEOSandra Zeng - Chief Medical OfficerWei Jennifer Yang - Chief Scientific Officer Conference Call Participants Linhai Percy Zhao - Equity Research Analyst Operator Good morning or good evening. Welcome to Everest Medicines Full Year twenty twenty four Financial Results Conference ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1952） Everest Medicines Limited 雲 頂 新 耀 有 限 公 司 截至2024年12月31日止年度全年業績公告 雲 頂 新 耀 有 限 公 司（「 本 公 司 」）董 事 會（「 董 事 會 」）宣 佈 本 公 司 及 其 附 屬 公 司 截 至 2024 年 12 月 31 日 止 年 度 的 經 審 計 全 年 業 績 。 本 公 告 載 有 本 公 司 2024 年 度 報 告 全 文，符合香港聯合交易所有限公司（「聯交所」）證券上市規則中有關年度業績初步 公告附載資料的相關要求。 本全年業績已經由本公司審核委員會及本公司核數師安永會計師事務所審閱。 本 業 績 公 告 的 中 英 文 版 本 可 在 本 公 司 網 站 (www.everestmedicines.com) 及 聯 交 所 網 站(www.hkexnews ...

证券时报网讯，港股通标的中，云顶新耀-B以13.43%的跌幅领跌，紧随其后的是永达汽车，其股价下 跌了10.00%。 此外，融创中国、JS环球生活和绿景中国地产的股价也出现了较大幅度的下跌，跌幅分别为8.15%、 8.14%和7.89%。思摩尔国际和友宝在线的跌幅也较为显著，分别为7.50%和7.51%。 九方智投控股、汽车街、速腾聚创跌近7%，九毛九、再鼎医药、瑞尔集团、中广核矿业、创梦天地等 跌逾6%。 校对：王朝全 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 56.20, indicating a potential upside of 21.1% from the current price of HKD 46.40 [1][11]. Core Insights - The successful inclusion of the drug "耐赋康" (EVER001) in the national medical insurance directory is expected to drive significant sales growth, with projected sales reaching RMB 12.2 billion and RMB 18.3 billion for 2025 and 2026, respectively [2]. - The report highlights the promising clinical results of EVER001, a reversible BTK inhibitor, which has shown high rates of clinical remission in patients with membranous nephropathy, a condition with increasing prevalence [1][2]. - The market potential for EVER001 is substantial, as it is the only drug approved for the IgA nephropathy indication in the national medical insurance directory, providing a significant first-mover advantage [2]. Financial Projections - Revenue projections for the company have been revised upwards, with expected revenues of RMB 744 million for 2024, RMB 1.765 billion for 2025, and RMB 2.951 billion for 2026, reflecting increases of 17.4% and 15.3% for the latter two years compared to previous forecasts [3][13]. - The net profit forecast for 2026 has been adjusted to RMB 409 million, a significant improvement from previous estimates [3][13]. - The gross profit margin is expected to improve to 79.0% by 2026, indicating enhanced operational efficiency [3][13]. Market Context - The report notes that the incidence of membranous nephropathy is rising, with approximately 2 million patients in China and significant numbers in the US, Europe, and Japan, highlighting the growing market opportunity for the company's products [1][2]. - The company is positioned in the biotechnology sector, which is experiencing robust growth, particularly in the development of innovative therapies for unmet medical needs [11].

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 51.46 [6] Core Views - The company is focused on nephrology and anti-infective fields, with differentiated products entering the commercialization phase [2] - Nefecon (Nefucon) is expected to enter the 2024 national medical insurance catalog, with strong potential for volume growth through price reduction [3] - The company has a fully integrated mRNA platform and is expanding its mRNA product pipeline [16] - The company's products address unmet medical needs in IgA nephropathy and multi-drug resistant infections, with significant clinical and commercial potential [3][4] Financial Data and Valuation - The company's revenue is expected to grow significantly, with projected revenues of RMB 7.0 billion, RMB 15.6 billion, and RMB 25.6 billion for 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to be RMB -979 million, RMB -320 million, and RMB 171 million for 2024, 2025, and 2026, respectively [5] - The DCF valuation suggests a fair value of HKD 51.46 per share, with a fair market value of HKD 16.8 billion [5] Product Pipeline and Commercialization - Nefecon (Nefucon) is the first drug globally approved for the treatment of IgA nephropathy, with significant clinical value and potential to become a foundational treatment [3][18] - Eravacycline (Yijia) has shown strong efficacy in treating multi-drug resistant infections, with rapid commercialization and revenue growth [4] - Etrasimod (Yiqu Mod) has the potential to become a first-line treatment for moderate to severe ulcerative colitis in China, with NDA submission expected in 2024 [2][104] Market Potential and Competitive Landscape - The prevalence of IgA nephropathy in China is 1.5-2 times higher than in Europe and 3-6 times higher than in the US, with a large and growing patient base [3][38] - The company has a competitive advantage in the multi-drug resistant infection market, with complementary products addressing unmet clinical needs [4][96] - The company's mRNA platform and pipeline have the potential to drive long-term growth, with a focus on oncology and autoimmune diseases [16][33] Strategic Focus and Future Outlook - The company is transitioning from a licensing model to a dual-driven model of strong R&D and commercialization capabilities [16] - The company is strategically focused on nephrology and anti-infective fields, with a pipeline that could address the needs of approximately 10 million patients with glomerular diseases [77] - The company's products are expected to achieve peak annual sales of RMB 10 billion, driven by the commercialization of four core products [29][30]

Commercialization and Product Development - In the first half of 2024, Everest Medicines achieved a significant milestone with the successful commercialization of NEFECON® as the first disease-modifying treatment for IgA nephropathy in China, which is expected to reduce kidney function decline by 50%[7] - NEFECON® received approval from the National Medical Products Administration in China in November 2023 and was commercialized in May 2024, marking a key achievement for the company[8] - In March 2024, NEFECON® was approved by the Singapore Health Sciences Authority for treating adult patients at risk of disease progression, further expanding patient accessibility in Asia[8] - The FDA granted NEFECON® a seven-year exclusivity period for its new indication, extending until December 2030, enhancing its market position in the U.S.[8] - The company is focused on expanding its clinical applications of IGA® in more hospitals, driving continuous revenue growth[7] - Everest Medicines is actively seeking collaborations in key therapeutic areas such as renal, infectious, and autoimmune diseases to maximize synergies across its clinical and commercialization platforms[7] - The company has established a comprehensive biopharmaceutical platform covering early research, clinical development, registration, production, and commercialization[7] - The product pipeline includes innovative drugs targeting kidney diseases, anti-infectives, and autoimmune diseases, with significant revenue growth expected from these assets[25] - The company plans to submit a new drug application for Iqmod in China in 2024, following the announcement of top-line results from the Phase 3 clinical trial in July[28] - The company aims to launch the first commercially valuable IgA nephropathy testing reagent, providing effective tools for diagnosis and monitoring[21] Financial Performance - Revenue increased from RMB 89 million for the six months ended June 30, 2023, to RMB 301.5 million for the six months ending June 30, 2024, primarily due to the continued sales expansion of Yijia® in mainland China and Hong Kong, and the launch of Naifukang® in mainland China and Singapore[22] - Gross margin rose from 62.7% for the six months ended June 30, 2023, to 76.6% for the six months ending June 30, 2024, driven mainly by the launch of new products[22] - Net loss increased from RMB 423.6 million for the six months ended June 30, 2023, to RMB 632.4 million for the six months ending June 30, 2024, primarily due to a one-time impairment loss related to mRNA COVID-19 vaccine intangible assets[22] - Adjusted net loss decreased from RMB 326.9 million for the six months ended June 30, 2023, to RMB 212.6 million for the six months ending June 30, 2024[23] - The company aims to achieve revenue guidance of RMB 700 million for the current year, reflecting confidence in meeting the clinical needs of patients in Asia[24] - The company reported revenue of RMB 301.5 million for the six months ended June 30, 2024, compared to RMB 8.9 million for the same period in 2023, marking a significant increase[35] - The company recorded an operating loss of RMB 671.8 million for the six months ended June 30, 2024, compared to RMB 478.9 million in the same period of 2023, mainly due to impairment losses related to mRNA COVID-19 vaccine intangible assets[44] Research and Development - R&D expenses decreased from RMB 288.5 million for the six months ended June 30, 2023, to RMB 253.2 million for the six months ending June 30, 2024, mainly due to reduced clinical trial costs[22] - The company is developing four mRNA therapeutic cancer vaccine projects after terminating its collaboration with Providence Therapeutics, focusing on proprietary mRNA technology[19] - A personalized tumor vaccine clinical trial (EVM16CX01) has been initiated to evaluate the safety and preliminary efficacy of EVM16 in advanced or recurrent solid tumors[20] - The global Phase 2b PALIZADE trial for zetomipzomib in treating active lupus nephritis has commenced with the first patient dosed in China[12] - EVER001, a new generation BTK inhibitor, is in clinical development for treating membranous nephropathy, with top-line results expected in the second half of 2024[13] Collaborations and Partnerships - Calliditas announced positive results from the NefigArd Phase III study, showing significant eGFR benefits over a 2-year period with 9 months of treatment[9] - The Chinese National Medical Products Administration has accepted the supplemental application for NefigArd, which could lead to it being the first approved IgA nephropathy treatment in China[11] - Calliditas expects to announce top-line results from the open-label study of NefigArd in China in the second half of 2024[11] - The company has initiated collaborations to establish an integrated ecosystem for kidney disease diagnosis and treatment, aiming to launch a commercially viable IgA nephropathy testing reagent[29] - The company has ongoing collaborations and licensing agreements with Arena Pharmaceuticals and United Therapeutics for the development and commercialization of proprietary products in various regions, with upfront payments totaling RMB 78.4 million[168] Employee and Operational Metrics - As of June 30, 2024, the total employee count is 520, an increase from 395 as of June 30, 2023, with 506 based in China[62] - Total compensation expenses for the six months ended June 30, 2024, amounted to RMB 281.3 million, compared to RMB 248.2 million for the same period in 2023, reflecting an increase of approximately 13.4%[63] - The company has established an internal end-to-end capability to develop and manufacture mRNA therapeutic drugs, with a dedicated team of over 30 scientists in Shanghai[33] Shareholder and Equity Information - The company has a significant shareholder, Mr. Bo Wei, holding 39.75% of the shares[76] - As of June 30, 2024, the total number of issued shares is 325,164,793[83] - Major shareholder Vistra Trust (Singapore) Pte. Limited holds 39.75% of the shares, totaling 129,265,877 shares[80] - C-Bridge Capital GP, Ltd. and its affiliates collectively hold 16.23% of the shares, amounting to 52,777,778 shares each[80] - The company has four existing share plans, including pre-IPO management and employee stock option plans, with a total of 10,572,800 new shares representing approximately 3.26% of the weighted average shares during the reporting period[84] Financial Position and Cash Flow - Cash and cash equivalents and time deposits amounted to RMB 1,925.5 million as of June 30, 2024[23] - Cash and cash equivalents plus bank deposits decreased from RMB 2,349.7 million as of December 31, 2023, to RMB 1,925.5 million as of June 30, 2024, primarily due to cash used in operating activities[52] - Net cash used in operating activities was RMB 414.9 million for the six months ended June 30, 2024, compared to RMB 441.4 million for the same period in 2023[53] - Net cash generated from investing activities was RMB 447.7 million for the six months ended June 30, 2024, compared to RMB 894.4 million for the same period in 2023[54] - Net cash generated from financing activities was RMB 15.6 million for the six months ended June 30, 2024, compared to cash used of RMB 208.3 million for the same period in 2023[55] Impairment and Asset Management - The company recognized a full impairment loss of RMB 356.3 million (equivalent to $50 million) on intangible assets related to the mRNA COVID-19 vaccine due to declining economic and social benefits from continued development[188] - The company incurred a total of RMB 21,404 thousand in administrative and selling expenses in the first half of 2024, compared to RMB 2,386 thousand in the same period of 2023, representing a significant increase[166] - The company has not identified any impairment indicators for intangible assets, except for the mRNA COVID-19 vaccine, as of June 30, 2024[192] Regulatory and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended June 30, 2024[67] - The company’s financial statements have been reviewed in accordance with international standards, ensuring compliance with relevant regulations[102] - The company has complied with the new Chapter 17 of the Listing Rules effective from January 1, 2023[84]