The Company and all members of the Board of Directors hereby guarantee that the information presented in this report is authentic, accurate and complete and free of any false records, misleading statements or material omissions.
According to "Stock Listing Rules of the Shenzhen Stock Exchange", if listed companies have both Chinese and other language version of public notice, they should ensure the content of both versions are the same. In the case of discrepancy, the original version in Chinese shall prevail.
Whether the Company needs to perform a retroactive adjustment or restatement of previous accounting data
Current reporting period
Same period last year
Year-on-year change for the reporting period(%)
Operating revenue(RMB)
11,183,450,824.27
10,735,787,899.82
4.17%
Net profits attributable to shareholders of the listed company(RMB)
1,002,189,357.16
914,708,484.70
9.56%
Net profits attributable to shareholders of the listed company after deduction of non-recurring profit and loss(RMB)
989,719,668.99
897,337,982.42
10.30%
Net cash flow from operating activities(RMB)
-852,335,762.63
-832,728,693.88
-2.35%
Basic earnings per share(RMB/share)
0.5715
0.5224
9.40%
Diluted earnings per share(RMB/share)
0.5715
0.5213
9.63%
Weighted average return on equity
3.97%
3.88%
0.09%
End of the current reporting period
End of the last year
Change from prior year-end(%)
Total assets(RMB)
39,908,042,564.94
39,038,036,320.92
2.23%
Owners' equity attributable to shareholders of listed companies(RMB)
25,733,074,032.10
24,811,339,992.99
3.71%
The Company's total share capital as of the trading day prior to disclosure:
The Company's total share capital as of the trading day prior to disclosure(shares)
1,753,736,848.00
Fully diluted earnings per share based on the latest share capital:
Preferred dividends paid(RMB)
0.00
Paid perpetual bond interest(RMB)
0.00
Fully diluted earnings per share based on the latest share capital(RMB/share)
0.5715
Applicable Not applicable
Item
Amount during the current reporting period
Description
Profits/losses on disposal of non-current assets(including the written-off part of the accrued impairment provision of assets)
534,949.84
Government grants included in the
22,334,120.97
current profits and losses(except those that are closely related to the normal business operation of the Company, comply with national policies and regulations, are enjoyed in accordance with the defined criteria,and have a lasting impact on the Company's profits and losses)
Other non-operating revenue and expenses other than those mentioned above
-7,779,473.38
Less:Amount affected by income tax
1,182,827.86
Amount affected by minority interests(after tax)
1,437,081.40
Total
12,469,688.17
--
Details of other profit and loss items conforming to the definition of non-recurring profits and losses
Applicable Not applicable
There are no other profit and loss items that meet the definition of non-recurring profits and losses.
Explanation for recognizing an item listed as a non-recurring profit and loss in the Interpretative Announcement No.1 on
Information Disclosure Criteria for Public Listed Companies - Non-Recurring Profits and Losses as an item of recurring profit and loss
Applicable Not applicable
The Company did not recognize any item of non-recurring profit and loss items listed in the Interpretative Announcement No.1 on Information Disclosure Criteria for Public Listed Companies - Non-Recurring Profits and Losses as an item of recurring profit and loss.
Applicable Not applicable
Unit: RMB 10,000
Items in the balance sheet
Closing balance
Opening balance
Percentage change
Reasons for changes
Notes receivable
-
621.34
-100.00%
Mainly attributable to the decrease in commercial acceptance bills receivable during the current period
Other current assets
13,927.49
22,234.33
-37.36%
Mainly attributable to the decrease in creditable VAT input tax at the end of the period
Other current liabilities
3,494.29
1,044.36
234.59%
Mainly attributable to the increase in VAT output tax pending carryover during the current period
Employee compensation payable
23,713.85
41,159.88
-42.39%
Mainly attributable to remuneration paid during the current period
Other comprehensive income
-7,483.69
577.07
-1396.85%
Mainly attributable to changes in foreign currency translation differences during the current period
Items in the income statement
Amount in the current period
Amount in the previous period
Percentage change
Reasons for changes
R&D expenses
35,036.53
51,537.69
-32.02%
Key programs were progressed smoothly in clinical studies
during the period. Expenditures related to Phase III clinical programs met the capitalization criteria and were capitalized during the current period, resulting in a corresponding decrease in R&D expenses
Financial expenses
-472.53
1,461.80
-132.33%
Mainly attributable to the increase in exchange earning in the current period
Investment income
-2,231.03
-4,262.41
47.66%
Mainly attributable to the increase in investment income recognized from associates in the current period
Other income
3,123.03
7,364.16
-57.59%
Mainly attributable to the decrease in government grants during the current period
Proceeds from disposal of assets
53.49
-1,454.10
103.68%
Mainly attributable to the decrease in net losses from asset disposal during the current period
Non-operating expenses
909.54
2,807.54
-67.60%
Mainly attributable to the decrease in external donations made during the current period
Items in the cash flow statement
Amount in the current period
Amount in the previous period
Percentage change
Reasons for changes
Net cash flows from investing activities
-39,140.04
-64,583.94
39.40%
Mainly attributable to the decrease in investment in the current period
Net cash flow from financing activities
3,521.20
-8,683.86
140.55%
Mainly attributable to the year-on-year decrease in the repayment of interest-bearing liabilities
(I) Total number of common shareholders, number of preferred shareholders with restored voting rights and shareholdings of top 10 shareholders
Unit: Shares
Total number of common shareholders at the end of the reporting period
84,304
Total number of preferred shareholders with restored voting rights at the end of the reporting period(if any)
0
Particulars about the top 10 shareholders(excluding shares lent through refinancing)
Name of shareholder
Nature of shareholder
Shareholding ratio(%)
Number of shares held
Number of shares held with trading restrictions
Pledged,marked or locked-up status
Status of shares
Quantity
China Grand Enterprises,Inc.
Domestic non-state-owned corporation
41.68%
730,938,157
0
Pledged
138,640,000
Hangzhou Huadong Medicine Group Co.,Ltd.
State-owned corporation
16.42%
288,000,000
0
Not applicable
0
Hong Kong Securities
Overseas corporation
2.22%
38,923,330
0
Not applicable
0
Clearing Company Limited
New China Life Insurance Co., Ltd. - Dividend - Individual Dividend - 018L-FH002 Shenzhen
Others
2.05%
35,903,842
0
Not applicable
0
New China Life Insurance Co., Ltd. - Traditional - General Insurance Products - 018L-CT001 Shenzhen
Others
1.32%
23,204,014
0
Not applicable
0
Industrial and Commercial Bank of China Limited - Zhong Ou AMC Medical and Health Hybrid Securities Investment Fund
Others
1.21%
21,182,329
0
Not applicable
0
China Securities Finance Corporation Limited
Domestic non-state-owned corporation
1.09%
19,095,344
0
Not applicable
0
National Social Security Fund - Portfolio 112
Others
1.00%
17,589,744
0
Not applicable
0
Bank of Shanghai Co., Ltd. - Yinhua CSI Innovative Pharmaceutical Industry Traded Open-ended Index Securities Investment Fund
Others
0.74%
13,013,898
0
Not applicable
0
China Construction Bank Corporation - E Fund CSI 300 Medical and Health Trading Open Index
Others
0.70%
12,343,870
0
Not applicable
0
Securities Investment Fund
Information about the top 10 shareholders without trading restrictions (excluding shares lent through conversions and locked-up shares for senior management)
Name of shareholder
Number of shares held without trading restrictions
Type of shares
Type of shares
Quantity
China Grand Enterprises, Inc.
730,938,157
RMB common shares
730,938,157
Hangzhou Huadong Medicine Group Co., Ltd.
288,000,000
RMB common shares
288,000,000
Hong Kong Securities Clearing Company Limited
38,923,330
RMB common shares
38,923,330
New China Life Insurance Co., Ltd. - Dividend - Individual Dividend - 018L-FH002 Shenzhen
35,903,842
RMB common shares
35,903,842
New China Life Insurance Co., Ltd. - Traditional - General Insurance Products - 018L-CT001 Shenzhen
23,204,014
RMB common shares
23,204,014
Industrial and Commercial Bank of China Limited - Zhong Ou AMC Medical and Health Hybrid Securities Investment Fund
21,182,329
RMB common shares
21,182,329
China Securities Finance Corporation Limited
19,095,344
RMB common shares
19,095,344
National Social Security Fund - Portfolio 112
17,589,744
RMB common shares
17,589,744
Bank of Shanghai Co., Ltd. - Yinhua CSI Innovative Pharmaceutical Industry Traded Open-ended Index Securities Investment Fund
13,013,898
RMB common shares
13,013,898
China Construction Bank Corporation - E Fund CSI 300 Medical and Health Trading Open Index Securities Investment Fund
12,343,870
RMB common shares
12,343,870
Explanation on associated relationships or concerted actions among the above-mentioned shareholders
The Company is unaware of whether the above-mentioned shareholders are related parties or whether they are concert parties with one another.
Description of the participation in securities margin trading business of top 10 shareholders (if any)
As of the end of the current reporting period, none of the top 10 common shareholders of the Company held shares of the Company through securities margin trading accounts.
Participation in the lending of shares through refinancing business of shareholders holding more than 5% of shares, top 10 shareholders and top 10 shareholders holding tradable shares without trading restriction
Applicable Not applicable
Change in top 10 shareholders and top 10 shareholders holding tradable shares without trading restriction due to lending/returning of shares through refinancing as compared to the previous period
Applicable Not applicable
Applicable Not applicable
Applicable Not applicable
In 2026, external competition is expected to continue intensifying, and the policy environment has become increasingly complex and volatile. Corporate development faces mounting pressures. Competition driven by market share will enter a new stage. During the reporting period, in the face of these challenges, the Company has remained firmly aligned with its overall strategic roadmap and annual operational objectives. Guided by the business priorities of "exploring new markets, focusing on new products, strengthening organizational capabilities, and building new competencies", the Company has upheld the management philosophy of "problem-solving and value creation", and integrated the principles of "innovation-driven development, resource integration, and enterprise-wide collaboration" throughout all operational processes; staying committed to its innovation, the Company has systematically advanced comprehensive upgrades across its product portfolio, management systems, and talent development. It concentrated resources on tackling key R&D and clinical study programs, deepened collaboration across sectors such as pharmaceuticals, medical aesthetics, and commercial operations, continuously activated growth drivers for innovative business, and realized steady improvements in operational quality and management efficiency, ensuring the orderly execution of various tasks.
During the reporting period, the Company achieved operating revenue of RMB 11.183 billion, representing a YoY increase of 4.17% and a quarter-on-quarter increase of 2.15% compared with Q4 2025. Net profit attributable to shareholders of the listed company reached RMB 1.002 billion, up 9.56% year-on-year. Net profit attributable to shareholders excluding non-recurring profit and loss items was RMB 990 million, marking a YoY increase of 10.30% and reaching a historical high for the same period.
During the reporting period, Zhongmei Huadong, the Company's core subsidiary in the field of pharmaceutical industry, maintained steady growth in overall operations. It achieved operating revenue (including CSO business) of RMB 4.048 billion, representing an 11.82% YoY increase. The consolidated net profit attributable to the parent company reached RMB 931 million, up 10.44% year-on-year. Both operating revenue and net profit attributable to the parent company recorded the growth exceeding 10%.
During the reporting period, the revenue contribution of innovative products continued to increase. Sales and agency service revenue generated from innovative products reached RMB 810
million, representing a year-on-year growth of 61.8% and accounting for 20.05% of the operating revenue of the pharmaceutical industry segment (including the CSO business). The overall business of the Company has entered a strong growth trajectory, further demonstrating the effectiveness of the Company's R&D achievement transformation and the professionalism of its commercialization operations. By the end of the first quarter of 2026, medical institutions that were certified and registered to administer the CAR-T therapy Zevorcabtagene Autoleucel Injection (zevor-cel) had expanded to more than 20 provinces and municipalities across the country. Zevor-cel has also been included in the Commercial Health Insurance Innovative Drug List. As of the date of this Report, more than 100 commercial and Huiminbao (a city-specific supplemental medical insurance program) programs have incorporated zevor-cel into their reimbursement coverage. Since its launch, Sailexin $ ^{\circ} $ , the biosimilar of Ustekinumab Injection, has demonstrated outstanding market performance. To date, it has been prescribed in over 2,000 hospitals, and its sales revenue in the first quarter of 2026 increased by nearly 200% year on year.
In the diabetes field, Huiyoujing $ ^{\textcircled{2}} $ , i.e., Ganagliflozin Proline Tablets, which is the Class 1 new drug, has now been adopted by over 1,900 tiered hospitals. Its sales revenue in the first quarter of 2026 increased by over 800% year on year (noting that the first quarter of 2025 was its first sales period after inclusion in the national reimbursement drug list).
By the end of the first quarter, Mirvetuximab Soravtansine Injection (trade name: ELAHERE $ ^{\textcircled{2}} $ ) had been listed on drug procurement platforms in 29 provinces, prescribed in over 200 hospitals, and made available in more than 400 medical institutions and over 200 DTP pharmacies. Currently, Elahere $ ^{\textcircled{2}} $ has also been successfully incorporated in multiple Huiminbao (a city-specific supplemental medical insurance program) programs and commercial insurance programs, such as Beijing Inclusive Medical Insurance Program, Jiangxi Ganhuibao (inclusive commercial health insurance program), Leshan Huijiabao (city-customized insurance program), and Shaanxi Universal Health Insurance. From 2025 to the end of the reporting period, cumulative sales of Elahere $ ^{\textcircled{2}} $ exceeded RMB 100 million. The novel PARP inhibitor, Senaparib Capsules (trade name: Paishuning $ ^{\textcircled{2}} $ ), exclusively promoted by the Company, has delivered outstanding market performance. Currently, it is available in over 300 DTP pharmacies and more than 900 medical institutions, supported by a multi-tier distribution network; at the same time, the Company actively promoted the inclusion of its product in reimbursement coverage of insurance programs. The product has been incorporated into multiple regional Huiminbao programs (e.g., West Lake Yilianbao, Huhuibao, Chonghuibao, Jiaxing Huiminbao, and CPIC-Huxiangbao), as well as other commercial insurance programs, effectively reducing the financial burden of patients.
MediBeacon $ ^{\textcircled{R}} $ TGFR, the world's first bedside renal function assessment device applicable to
patients with normal or impaired renal function, has officially commenced commercial sales in the Chinese market. To date, consumables of MediBeacon $ ^{\circledR} $ TGFR have been listed in 25 provinces, while Relmapirazin Injection has been listed in 21 provinces.
During the reporting period, the pharmaceutical distribution segment of the Company sustained stable operations, yielding an aggregate operating revenue of RMB 7.181 billion, marking a year-on-year (YoY) uptick of 3.57% , and a net profit of RMB 119 million, representing a 3.16% YoY increase. Overall, it demonstrated a robust developmental trajectory.
Affected by multiple factors such as the cyclical fluctuations in the global economy, intensified industry competition, and slower-than-expected recovery in domestic aesthetic medicine consumption, the Company's aesthetic medicine segment continued to confront growth headwinds. Throughout the reporting period, it achieved a total operating revenue of RMB 361 million (excluding internal offsets), reflecting a YoY decline of 30.38%.
On March 25, 2026, the Company's exclusively distributed product, Recombinant Botulinum Toxin Type A for Injection (R&D code: YY001; trade name: Retoxin $ ^{\textcircled{2}} $ ), received marketing approval from the National Medical Products Administration (NMPA). This product is indicated for the temporary amelioration of moderate-to-severe glabellar lines in adults aged 65 and under, resulting from the activity of the corrugator supercilii and/or procerus muscles. This product is poised to initiate formal commercial sales in the near future.
During the reporting period, the Company's industrial microbiology segment continued to experience relatively rapid revenue growth, with a YoY increase of 21.82%. Given the proactive expansion into overseas markets and a consistent uptick in orders, this segment is anticipated to uphold its favorable developmental momentum.
HDM2005, an antibody-drug conjugate (ADC) targeting ROR1, has maintained its leading position within the global first echelon of clinical development for ROR1 ADCs. Presently, three clinical studies are being conducted in China: a Phase I clinical study evaluating monotherapy for advanced hematologic malignancies, including mantle cell lymphoma (MCL), diffuse large B-cell lymphoma (DLBCL), and classical Hodgkin lymphoma (cHL). This study has completed Phase Ia monotherapy dose escalation and is currently performing dose expansion studies for MCL and cHL. Another Phase I study, assessing monotherapy for advanced solid tumors, has enrolled 17 patients and is conducting dose expansion at a dosage of 2.5 mg/kg. Additionally, a Phase Ib &II clinical
study investigating combination therapy for DLBCL patients is currently undergoing combination therapy dose escalation. In addition, the Company has submitted communication and meeting requests to the CDE, respectively, for combination therapy in MCL and cHL.
The clinical study for dose escalation of monotherapy involving HDM2020, an ADC targeting FGFR2b, has advanced to the fourth dose cohort. Furthermore, a Phase Ia study for lung squamous cell carcinoma has officially commenced, with subject screening currently in progress. In February 2026, HDM2020 was granted orphan drug designation (ODD) by the U.S. FDA for gastric cancer (including gastroesophageal junction cancer).
HDM2012, an ADC targeting MUC17, has reached the fourth dose cohort in its Phase I clinical study aimed at treating advanced solid tumors.
HDM2017, targeting CDH17, has progressed to the fourth dose cohort in its Phase Ia monotherapy trial in China, with concurrent dose expansion at a dosage of 3.2 mg/kg. The first Australian site was activated in February 2026, and subject screening is ongoing. In addition, in March 2026, HDM2017 received ODD from the U.S. FDA for three indications: biliary tract cancer, gastric cancer, and pancreatic cancer.
HDM2024, an EGFR/HER3-targeting bispecific ADC, received IND approvals in the United States and China in March 2026 for the treatment of advanced solid tumors. The first subject administration in a Phase I clinical study in China was completed in April 2026.
HDP-101 (HDM2027), a BCMA-targeting amanitin ADC, enrolled its first patient in China in March 2026 for the treatment of plasma-cell disorders, including multiple myeloma.
The small-molecule antineoplastic agent HPK-1 PROTAC (hematopoietic progenitor kinase 1 proteolysis-targeting chimera), HDM2006 tablets, is currently undergoing a Phase I clinical study in China for the treatment of advanced solid tumors, with enrollment for the third dose cohort underway.
DR30206 for injection, a proprietary PD-L1/VEGF/TGF- $ \beta $ tri-specific antibody fusion protein, developed by Doer Biologics, a controlled subsidiary of the Company, is nearing the completion of dose expansion studies in its Phase Ib trial for the first-line treatment of non-small cell lung cancer, demonstrating promising overall efficacy. The program is advancing its combination therapy study. Phase Ib/IIa clinical studies evaluating combination therapy with standard chemotherapy for advanced or metastatic gastrointestinal tumors, as well as Phase Ib monotherapy expansion studies for head and neck squamous cell carcinoma cohorts, are currently underway. In January 2026, the DR30206 was administered to the first subject in the monotherapy expansion cohort for platinum-resistant ovarian cancer during its Phase Ib trial. In March 2026, DR30206 received IND approval in China for its combination with standard chemotherapy in patients with locally advanced or
metastatic non-small cell lung cancer.
HDM1002 (conveglipron), the oral small-molecule GLP-1 receptor agonist, has completed enrollment of all subjects for its Phase III clinical study in China for the weight management indication. The study is currently in the stage of treatment follow-up and data collection. The NDA application is expected to be submitted in Q4 2026. Both Phase III clinical studies for the type 2 diabetes mellitus indication of this product have completed full enrollment. Pre-NDA communication application is expected to be submitted in Q4 2026.
HDM1005 (poterepatide) Injection, a GLP-1R/GIPR long-acting polypeptide dual-target agonist, enrolled all subjects in the Phase III clinical study for the weight management indication. Top-line results for the Phase II clinical study for diabetes were obtained in February 2026. The first subjects have been enrolled in both Phase III studies for diabetes. Two Phase III studies for the obstructive sleep apnea hypopnea syndrome (OSAS) indication are currently in preparation.
DR10624, a first-in-class therapeutic candidate targeting FGF21R/GCGR/GLP-1R and developed by Doer Biologics, a controlled subsidiary of the Company, is currently progressing with preparations for its Phase III clinical study aimed at treating severe hypertriglyceridemia. In January 2026, DR10624 was included in the Breakthrough Therapy Designation by the CDE for severe hypertriglyceridemia. The Phase II clinical study targeting patients with metabolic dysfunctionassociated steatotic liver disease with high risk of liver fibrosis is currently being conducted concurrently. Top-line results are expected to be obtained in Q3 2026.
HDM1014 injection, which is the GalNAc-siRNA weight-loss drug self-developed by the Company, is undergoing IND development work. It is expected to submit IND application in China in Q4 2026.
The IND application for HDM1010 tablets (a fixed-dose oral combination formulation of HDM1002) intended for the treatment of type 2 diabetes mellitus has received approval from the U.S. FDA. Clinical study preparations are currently in full swing.
The NDA for the diabetes indication of Semaglutide Injection was submitted and accepted in March 2025 and successfully passed clinical inspection; the NDA for the weight management indication was accepted in April 2026.
The NDA for Insulin Degludec Injection was submitted and accepted in February 2025; the on-site inspection has been completed, and the application is currently under technical review.
The top-line results from the Phase III clinical study of Insulin Degludec and Insulin Aspart Injection have been obtained. It is expected to submit NDA in the Q2 of 2026.
The Marketing Authorization Application (MAA) and supplemental application for HDM3001 (QX001S), a ustekinumab biosimilar developed in collaboration with Qyuns Therapeutics for the treatment of Crohn's disease, are expected to receive approval in the Q2 of 2026.
The Phase III clinical studies for the innovative drug Oturkibart (R&D code: HDM3016/QX005N), which was developed by the Company in collaboration with Qyuns Therapeutics for the treatment of prurigo nodularis (PN) and atopic dermatitis (AD) have reached their primary endpoints. The NDAs for the PN and AD indications are expected to be submitted in the first and second halves of 2026, respectively.
The Chinese NDA applications for HDM3014 (Roflumilast Cream), developed in collaboration with Arcutis in the United States for two indications—plaque psoriasis in patients aged 6 and above, and atopic dermatitis in patients aged 6 and above—have successfully passed the clinical on-site inspection conducted by the National Medical Products Administration. In addition, the Chinese NDA application for Roflumilast Cream for atopic dermatitis indication in patients aged 2 to 5 was accepted in February 2026.
The Phase I/II clinical study evaluating Ruxolitinib Gel (HDM3010), a modified new drug developed by the Company, for the treatment of prurigo nodularis has yielded top-line results. The Company has received feedback from the Center for Drug Evaluation (CDE) and are currently making preparations for subsequent studies based on this feedback. In addition, a Phase III clinical study in vitiligo is currently ongoing.
The Phase III clinical study of MC2-01 Cream, developed through a collaboration between the Company and MC2 Therapeutics for the treatment of plaque psoriasis, has enrolled more than 120 subjects in China to date.
HDM4002 Injection, the first-in-class bispecific antibody candidate independently developed by the Company, is currently undergoing IND-enabling development. It is anticipated that IND applications will be submitted in both China and the United States in 2026.
The NDA for Ranibizumab Injection was submitted and accepted in May 2025. Subsequently, the on-site inspection has been completed for the production. Ranibizumab Injection has successfully passed the clinical on-site inspection conducted by the National Medical Products Administration.
Type
Item
Category
China Registration Class
Milestone Event
SAILEXIN®
Biosimilar
Class 3.3
Supplemental application for new strengths
acceptance
(Ustekinumab Injection)
therapeutic biological product
of Crohn's disease was accepted in January 2026
0.05% Roflumilast Cream
Innovative drug
Class 5.1 chemical drug
NDA was accepted in February 2026
Semaglutide Injection
Biosimilar
Class 3.3 therapeutic biological product
NDA for weight management indication was accepted in April 2026
Budesonide and Fomoterol Powder for Inhalation(IV), Capsule type
Modified new drug
Class 2.2 chemical drug
NDA accepted in April 2026
IND approved
DR10624
Innovative drug
Class 1 therapeutic biological product
The IND for metabolic dysfunction-associated steatotic liver disease was approved in the U.S. in January 2026
HDM2005
Innovative drug
Class 1 therapeutic biological product
The IND for the combination therapy with Rituximab and Lenalidomide for the treatment of relapsed/refractory mantle cell lymphoma was approved in China in January 2026
DR10624
Innovative drug
Class 1 therapeutic biological product
IND for hypertriglyceridemia approved in China in February 2026
DR30206
Innovative drug
Class 1 therapeutic biological product
The IND for combination with standard chemotherapy in locally advanced or metastatic non-small cell lung cancer patients was approved in China in February 2026
HDM2024
Innovative drug
Class 1 therapeutic biological product
The IND for advanced malignant solid tumors was approved in China in March 2026
HDM2024
Innovative drug
Class 1 therapeutic biological product
The IND for advanced malignant solid tumors was approved in the U.S. in March 2026
Orphan drug designation
HDM2020
Innovative drug
Class 1 therapeutic biological product
Orphan drug designation was granted in the U.S. in February 2026 for indications of gastric cancer and gastroesophageal junction cancer
HDM2017
Innovative drug
Class 1 therapeutic biological product
Orphan drug designation was granted in the U.S. in March 2026 for biliary tract cancer indication
HDM2017
Innovative drug
Class 1 therapeutic biological product
Orphan drug designation was granted in the U.S. in March 2026 for gastric cancer indication
HDM2017
Innovative drug
Class 1 therapeutic biological product
Orphan drug designation was granted in the U.S. in March 2026 for pancreatic cancer indication
Breakthrough therapy
DR10624
Innovative drug
Class 1 therapeutic biological product
Chinese breakthrough therapy designation was obtained in January 2026 for severe hypertriglyceridemia
Note: Budesonide and Fomoterol Powder for Inhalation (IV)(capsule type) is the product exclusively commercialized by the Company in the Chinese mainland.
No.
Date of release
Item
Conference/journal name
Presentation format
Title
1
March 2026
HDM3014
American Academy of Dermatology
Oral
Efficacy and Safety of Roflumilast Cream 0.3% in Chinese Adult and
(AAD)
Pediatric Patients with Plaque Psoriasis: Results From a Phase 3 Trial
2
March 2026
HDM3014
American Academy of Dermatology(AAD)
Poster presentation
Roflumilast Cream 0.15% for Mild-to-Moderate Atopic Dermatitis:A Multicenter, vehicle-Controlled Phase3 Bridging Study in China
3
March 2026
HD-NP-102
Society of Critical Care Medicine(SCCM)
Oral
Clinical Validation of a Transdermal GFR Measurement System in Chinese Individuals
4
March 2026
HD-NP-102
Society of Critical Care Medicine(SCCM)
Oral
Bioequivalence and Efficacy Study of MB-102 With Transdermal GFR Measurement in Chinese Subjects
5
April 2026
HDM2021
American Association for Cancer Research(AACR)
Poster presentation
HDM2021,a potent and selective CBL-B inhibitor exhibits robust immunomodulatory efficacy for anti-tumor therapy
6
April 2026
HDM2024
American Association for Cancer Research(AACR)
Poster presentation
A novel EGFR and HER3 bispecific antibody-drug conjugate exhibits superior antitumor activity and favorable toxicological profile
7
April 2026
DR319
American Association for Cancer Research(AACR)
Poster presentation
DR319-DP:A Nectin-4/Trop-2 bispecific ADC with an avidity-driven VHH design and dual-MOA payloads
(III) Activities such as research, communication, and interviews conducted during the reporting period
Reception date
Reception address
Reception method
Type of visitor
Visitors
Main content of discussion and information provided
Index of basic information of the research
January 21 and 22,2026
Conference room of the Company
Field visits
Institutions and individuals
Guotai Haitong Securities,TF Securities,Zheshang Securities,etc.
Investor communication
For details,please refer to the Record Sheet of Investor Relations Activities on January 21 and 22,2026 published by the Company at https://irm.cninfo.com.cn/and at www.cninfo.com.cn.
Prepared by: Huadong Medicine Co., Ltd.
Item
Closing balance
Opening balance
Current assets:
Monetary funds
3,734,865,777.19
4,978,052,188.84
Deposit reservation for balance
Lendings to banks and other financial institutions
Trading financial assets
Derivative financial assets
Notes receivable
6,213,394.05
Accounts receivable
11,076,591,135.34
8,985,587,945.31
Receivables financing
332,387,014.92
460,578,206.16
Prepayments
508,155,787.14
445,803,941.09
Premium receivable
Reinsurance accounts receivable
Reinsurance contract reserve receivable
Other receivables
609,897,223.80
517,535,129.39
Incl.: Interest receivable
Dividends receivable
223,608.84
223,608.84
Financial assets purchased for resale
Inventory
5,327,579,147.01
5,535,765,919.86
Incl.: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year
75,464,880.54
75,464,880.54
Other current assets
139,274,907.01
222,343,329.23
Total current assets
21,804,215,872.95
21,227,344,934.47
Non-current assets:
Loans and advances issued
Debt investments
Other debt investments
Long-term receivables
Long-term equity investment
1,629,415,091.83
1,509,122,017.22
Investment in other equity instruments
682,132,315.02
681,006,253.76
Other non-current financial assets
Investment property
10,694,501.05
10,946,776.47
Fixed assets
4,389,958,201.12
4,470,264,264.88
Construction in progress
931,509,517.77
832,431,516.18
Productive biological assets
Oil and gas assets
Right-of-use assets
158,409,996.23
170,395,474.59
Intangible assets
3,922,211,412.97
3,849,691,624.59
Incl.: Data resources
Development expenditure
1,943,582,627.60
1,757,196,902.53
Incl.: Data resources
Goodwill
2,848,210,102.92
2,860,135,566.37
Long-term deferred expenses
18,776,159.14
19,541,767.43
Deferred income tax assets
385,084,524.44
385,084,524.45
Other non-current assets
1,183,842,241.90
1,264,874,697.98
Total non-current assets
18,103,826,691.99
17,810,691,386.45
Total assets
39,908,042,564.94
39,038,036,320.92
Current liabilities:
Short-term borrowings
1,714,508,902.52
1,621,903,523.77
Borrowings from the central bank
Borrowings from other banks and other financial institutions
Trading financial liabilities
Derivative financial liabilities
Notes payable
3,017,614,936.17
2,910,051,094.08
Accounts payable
4,591,952,103.81
5,059,850,765.02
Advance receipts
502,191.65
797,358.84
Contract liabilities
232,364,085.08
188,554,462.61
Expense for financial assets sold for repurchase
Deposits taken and interbank deposits
Receivings from vicariously traded securities
Receivings from vicariously sold securities
Employee compensation payable
237,138,507.68
411,598,841.94
Taxes and dues payable
553,756,331.70
563,317,023.92
Other payables
2,567,376,516.56
2,215,275,211.55
Incl.: Interests payable
Dividends payable
101,810,219.60
102,560,219.60
Handling charges and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year
82,978,800.49
108,871,732.55
Other current liabilities
34,942,891.80
10,443,641.94
Total current liabilities
13,033,135,267.46
13,090,663,656.22
Non-current liabilities:
Provision for insurance contracts
Long-term borrowings
251,619,962.82
252,034,854.55
Bonds payable
Incl.: Preferred share
Perpetual bonds
Lease liabilities
111,057,382.92
88,813,504.20
Long-term payables
Long-term employee compensation payable
Estimated liabilities
19,922,759.61
20,617,015.41
Deferred revenue
187,359,036.43
190,942,291.61
Deferred income tax liabilities
217,236,393.17
223,959,318.75
Other non-current liabilities
Total non-current liabilities
787,195,534.95
776,366,984.52
Total liabilities
13,820,330,802.41
13,867,030,640.74
Owners' equity:
Share capital
1,753,736,848.00
1,753,736,848.00
Other equity instruments
Incl.: Preferred share
Perpetual bonds
Capital reserve
2,416,510,921.20
2,416,358,618.64
Less: Treasury share
Other comprehensive income
-74,836,933.54
5,770,687.07
Special reserves
Surplus reserves
1,616,443,486.39
1,616,443,486.39
General risk reserves
Retained earnings
20,021,219,710.05
19,019,030,352.89
Total owners' equity attributable to the parent company
25,733,074,032.10
24,811,339,992.99
Minority interests
354,637,730.43
359,665,687.19
Total owners' equity
26,087,711,762.53
25,171,005,680.18
Total liabilities and owners' equity
39,908,042,564.94
39,038,036,320.92
Legal representative: Ly Liang Officer in charge of accounting: Ly Liang Head of Accounting Department: Qiu Renbo
Legal representative: Lv Liang Officer in charge of accounting: Lv Liang Head of Accounting Department: Qiu Renbo
Unit: RMB
Item
Amount incurred in the current period
Amount incurred in the previous period
I. Total operating revenue
11,183,450,824.27
10,735,787,899.82
Incl.: Operating revenue
11,183,450,824.27
10,735,787,899.82
Interest income
Premiums earned
Handling charges and commissions revenue
II. Total operating costs
9,992,872,896.34
9,620,007,130.43
Incl.: Operating costs
7,387,443,870.04
7,206,598,136.26
Interest expenditure
Handling charges and commissions expenditure
Surrender value
Net payments for insurance claims
Net provision for insurance liabilities
Expense for insurance policy dividends
Reinsurance expenses
Taxes and surcharges
67,774,008.09
57,265,200.91
Selling expenses
1,820,619,488.78
1,470,753,504.47
Management expenses
371,395,501.48
355,395,350.66
R&D expenses
350,365,327.14
515,376,918.47
Financial expenses
-4,725,299.19
14,618,019.66
Incl.: Interest expense
19,176,576.84
25,924,507.30
Interest income
20,155,981.89
27,812,843.06
Plus: Other incomes
31,230,304.02
73,641,636.88
Investment income (loss expressed with "-")
-22,310,345.97
-42,624,149.61
Incl.: Investment income in associates and joint ventures
-7,510,017.34
-28,249,462.69
Income from derecognition of financial assets measured on the basis of amortized costs
Exchange earnings (loss expressed with "-")
Net income of exposure hedge (loss expressed with "-")
Income from changes in fair value (loss expressed with "-")
Credit impairment loss (loss
expressed with"-
Asset impairment loss(loss expressed with"-)
Proceeds from disposal of assets(loss expressed with"-)
534,949.84
-14,540,990.32
III. Operating profit(loss expressed with"-)
1,200,032,835.82
1,132,257,266.34
Plus:Non-operating revenue
1,256,954.75
769,095.39
Less:Non-operating expenses
9,095,444.64
28,075,417.91
IV. Total profit(total loss expressed with"-)
1,192,194,345.93
1,104,950,943.82
Less:Income tax expense
195,032,945.55
190,966,760.40
V. Net profit(net loss expressed with"-)
997,161,400.38
913,984,183.42
(I)Classification by continuity of operation
997,161,400.38
913,984,183.42
(II)Classification by ownership
1,002,189,357.16
914,708,484.70
-5,027,956.78
-724,301.28
VI. Other comprehensive income(net of tax)
-80,607,620.61
82,044,972.47
Other comprehensive income attributable to the owner of the parent company(net of tax)
-80,607,620.61
82,044,972.47
(I)Other comprehensive income that cannot be reclassified into the profits and losses
(II)Other comprehensive income that will be reclassified into the profits and losses
-80,607,620.61
82,044,972.47
-80,607,620.61
82,044,972.47
Other comprehensive income attributable to minority shareholders(net of tax)
VII. Total comprehensive income
916,553,779.77
996,029,155.89
Total comprehensive income attributable to the owner of the parent company
921,581,736.55
996,753,457.17
Total comprehensive income attributable to minority shareholders
-5,027,956.78
-724,301.28
VIII. Earnings per share:
(I) Basic earnings per share
0.5715
0.5224
(II) Diluted earnings per share
0.5715
0.5213
If there is a business combination under common control in this period, the net profit of the combined party before the combination is RMB 0.00, and the net profit of the combined party in the previous period is RMB 0.00. Legal representative: Lv Liang Officer in charge of accounting: Lv Liang Head of Accounting Department: Qiu Renbo
Item
Amount incurred in the current period
Amount incurred in the previous period
I. Cash flows from operating activities:
Cash received from selling goods and providing services
10,376,323,259.38
9,882,552,619.72
Net increase in deposits from customers as well as banks and other financial institutions
Net increase in borrowings from the central bank
Net increase in borrowings from other financial institutions
Cash received from the original insurance contract premium
Net cash received from reinsurance business
Net increase in deposits and investments from policyholders
Cash received from interests, handling charges and commissions
Net increase in borrowings from banks and other financial institutions
Net increase in funds from repurchase business
Net cash received from securities trading agency
Refund of taxes and fees received
2,570,131.00
2,055,460.55
Receipt of other cash relating to operating activities
124,934,981.83
230,013,343.26
Subtotal of cash inflows from operating activities
10,503,828,372.21
10,114,621,423.53
Cash paid for purchase of goods and receipt of labor services
7,960,726,465.36
7,695,820,108.31
Net increase in customer loans and advance payments
Net increase in deposits with the central bank and interbank
Cash for payment of the original insurance contract
Net increase in lendings to banks and other financial institutions
Cash paid for interests, handling charges and commissions
Cash for payment of dividends on policies
Cash paid to and for employees
1,542,554,152.98
1,441,219,423.87
Various taxes and fees paid
709,327,509.54
671,816,951.08
Payment of other cash relating to operating activities
1,143,556,006.96
1,138,493,634.15
Subtotal of cash outflows from operating activities
11,356,164,134.84
10,947,350,117.41
Net cash flow from operating activities
-852,335,762.63
-832,728,693.88
II. Cash flows from investing activities:
Cash received from investment recovery
Cash received from obtaining investment income
43,350,000.00
Net cash recovered from disposal of fixed assets, intangible assets and other long-term assets
74,063.51
9,751,907.00
Net cash received from disposal of subsidiaries and other business units
Receipt of other cash relating to investing activities
Subtotal of cash inflows from investing activities
74,063.51
53,101,907.00
Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets
261,855,876.92
637,322,382.41
Cash paid for investment
129,618,537.85
61,618,925.00
Net increase in pledged loans
Net cash paid for acquisition of subsidiaries and other business entities
Payments of other cash relating to investing activities
Subtotal of cash outflows from investing activities
391,474,414.77
698,941,307.41
Net cash flows from investing activities
-391,400,351.26
-645,839,400.41
III. Cash flows from financing activities:
Cash received by absorbing investment
Incl.: Cash received by subsidiaries from minority shareholders' investment
Cash received from obtaining borrowings
1,131,688,831.32
1,289,998,848.00
Receipt of other cash relating to financing activities
800,000.00
146,000,000.00
Subtotal of cash inflows from financing activities
1,132,488,831.32
1,435,998,848.00
Cash paid for debt repayment
1,047,678,831.32
1,279,708,605.45
Cash paid to distribute dividends, profits or pay interest
37,291,974.45
17,579,298.66
Incl.: Dividends and profits paid by subsidiaries to minority shareholders
Payment of other cash relating to financing activities
12,306,031.36
225,549,581.73
Subtotal of cash outflows from financing activities
1,097,276,837.13
1,522,837,485.84
Net cash flow from financing activities
35,211,994.19
-86,838,637.84
IV. Effect of exchange rate changes on cash and cash equivalents
-4,179,294.34
-3,115,685.50
V. Net increase in cash and cash equivalents
-1,212,703,414.04
-1,568,522,417.63
Plus: Opening balance of cash and cash equivalents
4,735,921,663.90
4,990,151,186.68
VI. Closing balance of cash and cash equivalents
3,523,218,249.86
3,421,628,769.05
(II) Situation of relevant items of financial statements at the beginning of the current year after the initial implementation of adjustment of the New Accounting Standards in 2026
Applicable Not applicable
Has the First Quarterly Financial Report been audited?
Yes No
The Company's First Quarterly Financial Report has not been audited.
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