维昇药业 股份代號 : 2561 （於開曼群島註冊成立的有限公司） 2024 年度報告 维 昇药业 年度報告 2024 目錄 董事會 執行董事 盧安邦先生 （首席執行官） 非執行董事 Michael Wolff JENSEN先生 （主席） Jan Møller MIKKELSEN先生 付山先生 Michael J. CHANG先生 曹弋博先生 獨立非執行董事 YAO Zhengbin (Bing)博士 陳炳鈞先生 倪虹女士 審計委員會 陳炳鈞先生 （主席） 付山先生 YAO Zhengbin (Bing)博士 薪酬委員會 倪虹女士 （主席） 陳炳鈞先生 盧安邦先生 | 公司資料 | 2 | | --- | --- | | 首席執行官報告 | 4 | | 財務摘要 | 5 | | 管理層討論與分析 | 6 | | 董事及高級管理層 | 21 | | 董事會報告 | 28 | | 企業管治報告 | 56 | | 環境、社會及管治報告 | 79 | | 獨立核數師報告 | 120 | | 合併損益及其他綜合收益表 | 125 | | 合併財務狀況表 | 126 | | 合併權益變動表 | 128 | | 合併現金流 ...

Financial Results - Visen Pharmaceuticals reported preliminary financial results for the year ending December 31, 2024[2]. - The unaudited preliminary financial data is available in the prospectus appendix dated March 13, 2025[3]. Company Information - The company is listed under stock code 2561 on the Hong Kong Stock Exchange[2]. - The announcement was made by the Executive Director and CEO, Mr. Lu Anbang, on March 27, 2025[3]. - The board of directors includes both executive and non-executive members, ensuring diverse oversight[3].

Investment Rating - The report assigns a "Neutral" rating with a total score of 69 out of 100 [3][14]. Core Insights - The company has a promising pipeline with products that, if approved, could meet significant demand in the Chinese market, particularly for conditions like Pediatric Growth Hormone Deficiency (PGHD) and Hypoparathyroidism [2][8][10]. - The company is positioned as the first endocrine drug manufacturer in the Hong Kong market, which may provide a competitive edge [14]. Industry Outlook - PGHD is prevalent among children under 18, accounting for 41.5% of short stature cases in China, with only 5.3% treatment rate in 2023, indicating a substantial unmet need [2]. - The market for achondroplasia treatment is currently limited, with only two products in clinical trials, suggesting a strong first-mover advantage for the company's product, Navepegritide [6]. - The demand for drugs treating Hypoparathyroidism is expected to grow, with the patient population projected to increase from 410,100 in 2023 to 495,600 by 2030 [7]. Company Operations - The company has not yet launched any products, resulting in no sales revenue. The net loss for shareholders in 2023 was approximately 250 million RMB, a 13.5% reduction year-on-year [8]. - Research and development costs have decreased significantly, contributing to the reduced net loss, while cash flow from operating activities remains healthy with no bank loans [8]. - The company has a robust pipeline with core products already approved in Europe and the U.S., with expectations for approval in China by 2025 [5][10]. Valuation Level - The company's valuation is considered reasonable, with a market capitalization range of 77.0 to 84.6 billion HKD, slightly lower than comparable companies in the biotech sector [10][12]. - The price-to-book ratio for the company's IPO price is estimated at 18.3 to 20.2 times, which is competitive compared to peers [10]. Market Sentiment - The recent market atmosphere has improved, with a higher percentage of newly listed companies experiencing price increases on their debut [13]. - The presence of notable cornerstone investors, such as WuXi Biologics, indicates confidence in the company's research capabilities [14].

Investment Rating - The report assigns a "Neutral" rating with a total score of 69 out of 100 [3][14]. Core Insights - The company has a promising pipeline with products that, if approved, could meet significant demand in the Chinese market, particularly for conditions like Pediatric Growth Hormone Deficiency (PGHD) and others [2][6][8]. - The company is positioned as the first endocrine drug manufacturer in the Hong Kong market, which may provide a competitive edge [14]. Industry Outlook - PGHD is prevalent among children under 18, with 41.5% of the total short stature cases in this age group in China. The treatment rate for this condition is currently low at 5.3%, indicating a substantial unmet need [2]. - The company’s product, Lonapegsomatropin, is the first long-acting growth hormone approved in the US and Europe, with expectations for approval in China by 2025 [5][8]. - There is a lack of approved drugs for Achondroplasia in China, with only the company’s Navepegritide and Sanofi's SAR442501 in clinical trials, suggesting a strong first-mover advantage if successful [6]. - For Hypoparathyroidism, the market is expected to grow from 410,100 cases in 2023 to 495,600 by 2030, highlighting a significant demand for effective treatments [7]. Company Operations - The company has not yet launched any products, resulting in no sales revenue. The net loss for shareholders in 2023 was approximately 250 million RMB, a 13.5% decrease year-on-year, primarily due to reduced R&D costs [8]. - The company’s cash flow from operating activities has remained stable, with net cash used in operations of 270 million RMB in 2023 and 100 million RMB in the first half of 2024 [8]. - The company has no bank borrowings, indicating a healthy balance sheet despite the absence of product approvals [8]. Valuation Level - The company’s valuation is considered reasonable, with a market capitalization range of 77.0 to 84.6 billion HKD, slightly lower than comparable companies in the biotech sector [10]. - The price-to-book ratio for the company is projected to be between 18.3 and 20.2 times, which is competitive compared to peers [10]. Market Sentiment - Recent market conditions have improved, with 14 out of 19 newly listed companies experiencing price increases on their first trading day, indicating a favorable environment for new listings [13].