These factors all resulted in our accumulated losses of RMB1,405.9 million as of January 1, 2023.
Summary · 第 14 页
Although we continued to incur significant research and development expenses for our other pipeline products, as well as growing selling and distribution expenses as our sales activities expanded, we were able to gradually decrease our losses during the Track Record Period due to the launch and sales of ZEGFROVY^®^ and golidocitinib.
Summary · 第 14 页
Going forward, we expect to sustain our revenue growth and achieve profitability taking into account the following factors: (i) revenue growth from sales of golidocitinib; (ii) potential license fee income pursuant to the AstraZeneca Agreement; (iii) diversification of our revenue sources through new drug candidates and the expansion of indications of golidocitinib; (iv) continued improvement in selling and marketing efficiency and output and the expected significant decrease in selling and marketing expenses regarding ZEGFROVY^®^; and (v) enhanced economies of scale to control administrative and other operating expenses.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
往绩期间净亏损且预计2026年亏损扩大
During the Track Record Period, we made net losses primarily because we were still in the process of continuous research and development expenditures, which was within the expectation of our Directors.
Financial Information · 第 234 页
We expect our loss to increase in 2026 compared to 2025, primarily because we expect to record an increase in (i) research and development expenses, mainly driven by the initiation of the combined phase 3 clinical trials for indication expansion to post-exposure prophylaxis with both sebaloxavir marboxil tablets and sebaloxavir marboxil for suspension; and (ii) our selling and distribution expenses as a result of anticipated expansion of our sales and marketing team and enhanced marketing efforts following the commercialization of our Core Product in 2025.
Summary · 第 19 页
In 2024, 2025 and the six months ended June 30, 2025 and 2026, our research and development costs were RMB100.0 million, RMB112.1 million, RMB64.3 million and RMB42.8 million, respectively, accounting for 82.9%, 75.8%, 86.2% and 61.8% in terms of our total operating expenses (including our research and development costs, selling expenses and administrative and other operating expenses) for the same period respectively.
We recorded loss for the year of RMB158.5 million for the year ended December 31, 2023, profit for the year of RMB12.4 million for the year ended December 31, 2024, loss for the year of RMB16.0 million for the year ended December 31, 2025 and loss for the period of RMB39.0 million for the six months ended June 30, 2026.
Business · 第 185 页
Notwithstanding the expected loss in 2026, we believe our path to profitability should be assessed based on the combined effect of the foregoing initiatives, rather than by reference to short-term fluctuations in ASP or margin in any single year/period.
Business · 第 188 页
We therefore believe that the combination of gradual product mix upgrade, continued cost optimization and scale expansion, selective overseas expansion, higher-margin licensing and services opportunities, and disciplined expense management provides the key commercial basis for us to improve profitability over time.
In 2023, 2024 and 2025 and the three months ended March 31, 2025 and 2026, we incurred net loss for the period of RMB401.0 million, RMB283.3 million, RMB360.2 million, RMB70.6 million and RMB56.8 million, and adjusted net loss (non-IFRS measure) of RMB334.4 million, RMB214.3 million, RMB109.0 million, RMB39.2 million and RMB33.5 million respectively.
Summary · 第 11 页
Specifically, our historical net loss was primarily due to early stage of commercialization, significant research and development investment and upfront investments in the expansion and enhancement of our sales network.
Summary · 第 11 页
To achieve breakeven and our sustained profitable growth in the long term, we aim to continuously (i) expand our revenue scale by, among others, capturing substantial market opportunities, extending industry coverage and application scenarios of our products, boosting customer repurchase and sales efficiency and scaling up international operations with localized operations; (ii) improve our gross profit margin by continuous R&D innovation, strengthening supply chain management and expanding overseas markets with favorable gross margin profile; and
Our accumulated losses then increased to RMB2,789.4 million as of December 31, 2025, primarily due to our net loss of RMB278.6 million in 2025.
Summary · 第 5 页
In 2025, we recorded net loss of RMB278.6 million, primarily due to share-based payment expenses for modification of CRPS of RMB954.6 million in 2025, arising from the new Ordinary Shares we issued to our Shareholders, including our Pre-[REDACTED] investors, pursuant to the supplemented shareholders’ agreement dated on September 8, 2025, partially offset by an increase in gross profit.
We expect to record a significant increase in net loss for the year ending December 31, 2026, primarily due to (i) an increase in research and development expenses, especially as we plan to advance TSN1611 into next-phase clinical trial, and expand our combination therapy clinical trials; and (ii) increase in expenses in connection with the [REDACTED] incurred in 2026.
Summary · 第 19 页
We have incurred net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future.
Summary · 第 19 页
However, developing drug candidates requires substantial financial investments over an extended period.
We had loss for the year/period of RMB62.6 million, RMB122.2 million, RMB345.6 million, RMB116.8 million and RMB109.1 million in 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively.
Business · 第 167 页
During the Track Record Period, although we achieved revenue growth, we continued to record net losses, primarily as (i) we continued to make significant investments in research and development and sales and marketing to support business expansion, and (ii) the recognition of redemption liabilities arising from our financing activities and the changes in the carrying amount of such liabilities negatively affected our profit before tax.
Summary · 第 11 页
As of January 1, 2023, we carried accumulated losses of RMB958.9 million, primarily comprising (i) accumulated changes in the carrying amount of redemption liabilities of RMB749.5 million, and (ii) an accumulated loss from operations of RMB209.4 million prior to 2023.
As we have no product approved for commercial sale and therefore have not generated any revenue, we expect to incur increased net loss in the year ending December 31, 2026.
Summary · 第 14 页
For the years ended December 31, 2024 and 2025 and the six months ended June 30, 2025 and 2026, our research and development costs amounted to RMB54.4 million, RMB77.9 million, RMB25.6 million and RMB82.2 million, respectively, and our administrative expenses amounted to RMB18.8 million, RMB39.8 million, RMB10.6 million and RMB33.1 million, respectively.
Financial Information · 第 244 页
As we further our pre-clinical studies and continue to support the clinical trials of our product candidates, we expect our research and development costs and administrative expenses to continue to increase for the year ending December 31, 2026.
We recorded net losses of RMB39.3 million and RMB47.1 million, respectively, in 2023 and 2024, but in 2025, we turned profitable and recorded a net profit of RMB0.7 million, maintaining a strong growth momentum, which marked a milestone on our path to sustainable profitability.
Business · 第 195 页
We recorded net loss of RMB28.8 million in the six months ended June 30, 2026, primarily attributable to our [REDACTED] and increased R&D expenses.
Summary · 第 15 页
We believe that our path to sustainable profitability is clearly defined and will be continuously driven by (i) the rapid growth of our revenue; (ii) our ongoing cost optimization; and (iii) our continuous improvements in operational efficiency.
We had accumulated losses as of January 1, 2023, which were primarily attributable to a combination of our strategic expansion initiatives and financing-related expenses.
Financial Information · 第 241 页
During the years from 2020 to 2022 which are the early stage of our development, we incurred initial operating losses in connection with our strategic expansion into overseas markets.
Financial Information · 第 241 页
As a result, we recorded net profit in 2023 and successfully reversed our prior loss-making position.
We recorded net losses of RMB295.1 million, RMB150.3 million and RMB165.1 million in 2023, 2024 and 2025, respectively, and a net loss of RMB68.1 million for the six months ended June 30, 2025, compared to a net profit of RMB640.0 million for the same period in 2026.
Summary · 第 5 页
Our net losses recorded during the Track Record Period were primarily attributable to: (i) sustained high R&D investment; and (ii) early stages of commercialization; while the net profit was primarily attributable to the significant licensing revenue arising from upfront fee paid by AbbVie under the AbbVie Agreement during the six months ended June 30, 2026.
Summary · 第 5 页
We are committed to building a sustainable profitability trajectory through measures including (i) continuing to advance commercialization and build a multi-product marketing framework; (ii) strategically focusing on product R&D and continuously strengthening our competitiveness; and
We also incurred operating losses for the years ended 31 December 2024 and 2025, and the five months ended 31 May 2025.
Financial Information · 第 257 页
Our R&D expenses were RMB103.1 million, RMB79.2 million, RMB27.9 million and RMB37.8 million for the years ended 31 December 2024 and 2025, and the five months ended 31 May 2025 and 2026, respectively.
Financial Information · 第 252 页
While we currently have no drugs approved for commercial sales and have not generated any revenue from drug sales, we expect to commercialise one or more of our drug candidates over the coming years as they move towards the final stages of development and if they receive the requisite regulatory approvals.
Despite our rapid revenue growth, we remained loss-making during the Track Record Period. In 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, we incurred net losses of RMB200.8 million, RMB169.5 million, RMB189.5 million, RMB40.0 million and RMB54.9 million, respectively.
Summary · 第 14 页
Our R&D expenses were RMB96.5 million, RMB87.6 million, RMB83.0 million, RMB17.4 million and RMB23.6 million in 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, respectively, accounting for 68.2%, 69.8%, 52.0%, 68.4% and 57.0% of our operating expenses in the corresponding period.
Business · 第 164 页
In the foreseeable future, we plan to enhance our profitability by expanding our revenue scale, reducing our operating costs and improving gross profit margin.
We recorded a loss of RMB82.7 million in 2023, primarily due to (i) the loss arising from our discontinued operation of COSMO Moulds and (ii) increased research and development expenses incurred during a period of accelerated product commercialization and business expansion, which were not fully covered by our gross profit and other income and gains.
Summary · 第 8 页
In 2024, we returned to profitability, recording a profit of RMB65.1 million, mainly as a result of (i) the optimization of our operating expenses, including (a) enhancing sales digitalization and establishing standardized sales enablement tools to optimize sales resource allocation, (b) adopting automated reports and business intelligence dashboards to streamline management processes and reduce manual administrative work, and (c) applying AI-assisted development tools, reusable modules and low-code components to reduce repetitive development and testing work and improve research and development resource allocation; and (ii) an increase in gross profit.
Our income tax credit decreased by 77.6% from RMB39.2 million in 2023 to RMB8.8 million in 2024, primarily because we turned from loss before tax in 2023 to profit before tax in 2024.
Financial Information · 第 202 页
In view of our loss-making results in 2023, we have performed an impairment assessment of intangible assets together with property, plant, and equipment based on a value-in-use calculation.
During the Track Record Period, we recorded net losses, net liabilities and net operating cash outflows.
Summary · 第 11 页
We recorded net losses of RMB28.3 million, RMB219.0 million, RMB1,764.2 million and RMB317.4 million in 2023, 2024 and 2025 and for the four months ended April 30, 2025, respectively.
Business · 第 182 页
We recorded accumulated losses at the beginning of the Track Record Period, and such accumulated losses remained as of the end of the Track Record Period.
Our recurring net losses and adjusted net losses (non-HKFRS measure) during the Track Record Period were primarily due to: (i) relatively high cost of sales as we were still in the early stage of development and our business scale has not yet reached a volume high enough to fully enjoy cost advantages from economies of scale; (ii) we incurred substantial R&D expenses to develop proprietary core technologies, product development and upgrades, as well as acquire and retain R&D talents, given the highly R&D-intensive nature of the robotics industry; and (iii) we incurred substantial sales and marketing expenses to educate potential customers about the value and functionality of our products, establish a robust sale network and acquire customers.
Summary · 第 17 页
Despite temporary losses, following years of substantial upfront investments in R&D, market education, and sales and marketing during our early commercialization stage, we believe we will be able to achieve economies of scale that position us to break even in the near term.
We expect that we will continue to record an increase in net losses for the year ending December 31, 2026 compared to the year of 2025, primarily because (i) we expect to incur significant research and development expenses as we continue to advance and expand our pipeline and enhance our technology platforms; and (ii) we expect to incur [REDACTED] expenses in connection with our proposed [REDACTED].
Summary · 第 13 页
During the Track Record Period, we did not pay any income tax as we did not record any taxable profit.
Financial Information · 第 244 页
We expect that our cash needs in the near future will primarily relate to progressing the development of our drug candidates towards initiating various stages of clinical trials, receiving regulatory approval and commencing commercialization, as well as expanding our drug candidate portfolio.
In 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, we recorded net losses of RMB237.2 million, RMB335.0 million, RMB331.0 million, RMB160.1 million and RMB127.5 million, respectively.
Summary · 第 13 页
Given the high entry barriers in this industry, we made substantial early-stage R&D investments that enabled us to build a solid foundation of core technologies.
Business · 第 158 页
Benefiting from the ramp-up to stable production, increased sales volume and economies of scale achieved through automated production, bulk procurement with more favorable terms and process optimization, we improved from a gross loss margin of 8.3% in 2023 to a gross profit margin of 1.3% in 2024, which also increased to 5.6% in 2025.