In December 2022, we entered into an Exclusive Commercial Cooperation Agreement with Chia Tai Tianqing for the sales of our PL-5, granting it exclusive commercialization rights for PL-5 in Chinese Mainland, with service fees.
Summary · 第 6 页
Following such strategy, we entered into the exclusive commercial cooperation with Chia Tai Tianqing, in anticipation of the upcoming commercialization of PL-5 in China, which could enable us to rapidly penetrate the domestic market by leveraging Chia Tai Tianqing established commercial infrastructure and extensive industry network.
On July 14, 2026, we entered into the AstraZeneca Agreement with AstraZeneca, pursuant to which we granted AstraZeneca an exclusive license to develop and commercialize ZEGFROVY^®^ globally.
Summary · 第 17 页
Pursuant to the AstraZeneca Agreement, AstraZeneca is expected to pay us a one-time, non-refundable and non-creditable upfront payment of US$600.0 million, and we are eligible for development milestone payments potentially up to an aggregate of US$400.0 million and sales milestone payments potentially up to an aggregate of US$500.0 million, subject to the achievement of specified development, regulatory and sales milestone events.
Financial Information · 第 240 页
AstraZeneca shall have the sole right to commercialize Licensed Products in the Territory at its sole cost and expense.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
依赖济川药业独家推广核心产品
Pursuant to the China Sales and Promotion Agreement, we have granted Jumpcan Pharmaceutical and its affiliates the exclusive right to sales and promote sebaloxavir marboxil oral formulations (including but not limited to tablets and suspension formulations) (the “Licensed Field”) in Chinese mainland (the “Territory”) across all online and offline hospitals, clinics, and pharmacies.
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During the term, we may not, without Jumpcan Pharmaceutical’s prior written consent, directly or indirectly promote the product or supply it to any third party (other than tier-one distributors) within the Territory, save that we retain the right to engage with medical professionals for research and development, medical information dissemination, and product publicity purposes, and to supply the product for clinical trials, patient assistance programs, and charitable donations.
Business · 第 174 页
As advised by CIC, the arrangement of the China Sales and Promotion Agreement is in line with the industry norm.
For pipeline products that we out license certain rights, including commercialization rights, in certain jurisdictions to collaborators, our results of operations will depend on the collaborators' promotional and marketing efforts once those products are approved in the relevant jurisdictions.
Financial Information · 第 236 页
Leveraging the extensive development, market expansion, and sales experience of Betta and CTTQ, we aim to maximize the commercial value of our products.
As of the Latest Practicable Date, we had entered into an exclusive cooperation agreement with Jumpcan Pharmaceutical Group Limited regarding the marketing and distribution of Pumecitinib nasal spray and an exclusive cooperation agreement with Jiangsu Simcere Pharmaceutical Co., Ltd. regarding the marketing and distribution of Pumecitinib gel, each with respect to all approved indications for the relevant product.
Summary · 第 6 页
To date, we did not have an in-house marketing team.
Business · 第 183 页
The rate of such promotion fees was determined through arm’s-length negotiations based on the estimated market size and competitive landscape for Pumecitinib nasal spray, the relevant patent protection period and expected inclusion of Pumecitinib nasal spray into national healthcare reimbursement program, and the published standard fee rate of Jumpcan Pharmaceutical.
We have entered into an exclusive license agreement with Qilu Pharmaceutical Co., Ltd ("Qilu Collaboration Agreement") on March 31, 2025 to develop and commercialize MHB088C in Greater China.
Business · 第 197 页
Under the Qilu Collaboration Agreement, Qilu agreed to make various payments to us, including (i) a one-off, non-refundable, non-creditable upfront and near-term payment of RMB250.0 million and RMB30.0 million, respectively, (ii) remaining milestone payments in aggregate amount of up to RMB1,065.0 million for R&D, registration and sales activities, and (iii) tiered royalties at percentage rates between high single digits and mid-teen digits on the net annual sales in Greater China.
Business · 第 198 页
Notwithstanding the foregoing licenses, we reserve all rights to develop, improve, clinically evaluate, use and commercialise combination therapies of the licensed compounds and/or licensed products with our own PD-1/VEGF bsAb, MHB039A, in the licensed territory and the whole rights of the licensed compounds and/or licensed products outside the licensed territory.
In July 2025, we entered into an exclusive commercialization agreement with Hainan Kangzhe Vision Technology Co., Ltd. (“Kangzhe Vision Technology”), a subsidiary of CMS, for JZB05 in Chinese Mainland.
Business · 第 198 页
While CMS leads the execution of marketing strategies to leverage its network, we retain full rights and control over the commercialization of JZB05.
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In July 2025, we entered into license and supply agreements with Rxilient Medical Pte. Ltd. (“Rxilient”), a subsidiary of CMS, to register and commercialize JZB30/JZB33 and JZB05 in certain territories.
In August 2024, we have agreed to license out our product JZB33 to enhance its international prospects to a publicly listed company, Nanjing King-Friend (603707.SH).
Business · 第 202 页
As of the Latest Practicable Date, we had received the RMB5.0 million signing payment from Nanjing King-Friend.
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In the United States, Nanjing King-Friend has discretion over promotion, marketing, sales and pricing in accordance with the agreement, while we retain all intellectual property rights and PRC development, registration and commercialization rights.
As a result, certain core functions of our business rely on the continued cooperation of these Counterparties.
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CATL is our principal partner for the supply of power batteries and related system components integrated across our vehicle platforms.
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We collaborate with Huawei, primarily through Yinwang in which we acquired a ten percent equity interest, in the development and integration of assisted driving systems, in-cabin technologies and related software solutions.
Notwithstanding that AP306 has demonstrated a higher serum phosphorus control rate than AP301, we believe that the out-licensing arrangement with R1 is in our commercial interests, because (i) the out-licensing arrangement is limited to regions outside of Greater China only; (ii) AP306 development remains at a relatively earlier stage and subject to more uncertainties; (iii) substantial capital commitment and resources are required for research and development and commercialization of outside Greater China and (iv) AP301 is more clinically advanced and certain with clearer path to maximize its value through self-led commercialization in China and a CSO-supported commercialization model in the U.S.
Summary · 第 6 页
As a result, R1 is accounted for as an associate rather than a subsidiary because we do not control R1 and do not have unilateral power to direct its relevant activities or its financial and operating policies, especially given other major shareholders have comparable amount of equity interests in R1.
Notably, in January 2026, we entered into a strategic collaboration and license agreement with AstraZeneca, pursuant to which we received an upfront payment of US$420 million in May 2026, and the Licensor Group as a whole will be eligible to receive milestone payments of up to US$17.3 billion, plus up to double-digit royalties.
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By granting development and commercialization rights to a third party, pharmaceutical companies like us can monetize pipeline candidates in a timely fashion, generating upfront payments, milestone fees, and royalties without incurring the substantial costs and risks of late-stage clinical trials and marketing.
Given that the market for AS and RA disease is relatively dispersed, and that Simcere has established commercialization capabilities, an extensive distribution network and proven experience especially in the autoimmune field, including the rheumatology-focused sales and service team, which would otherwise require significant time and resources for us to build comparable capabilities to sell our products in the target markets, we believe this Collaboration with Simcere can be a more cost-effective and efficient way to achieve relative certainty in commercial prospects as well as expeditious market penetration, and is commercially reasonable and in the interest of our Company and its Shareholder as a whole.
Business · 第 190 页
Under the Collaboration Agreement, Simcere paid an upfront consideration of RMB133 million and we will pay Simcere a tiered promotion-service-fee of 63%, 65% or 67% of the product sales depending on LNK01001’s actual market share.
Business · 第 192 页
As of the Latest Practicable Date, Simcere had paid RMB133.0 million to us and we paid RMB97.9 million to Simcere.
We granted Bleecker an exclusive, royalty-bearing license to develop, manufacture and commercialize LNK01006 worldwide except Chinese Mainland, Hong Kong, Macau and Taiwan. In return, Bleecker will pay us an upfront fee of US$5 million, issue a warrant for 1,000,000 shares of Bleecker, which represent 10% of the equity of Bleecker, and make milestone payments.
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We are also eligible to receive payments upon the achievement of specified development, regulatory and commercial milestones, with total payments to us potentially up to an aggregate of US$605.0 million.
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We retain the full rights to develop, manufacture, commercialize and otherwise exploit the Licensed Products in Chinese Mainland, Hong Kong, Macau and Taiwan (collectively, the “Lynk Territory”). Such license arrangements does not affect our rights in any patents or know-how relating to our other product pipelines apart from LNK01006.
In February 2026, in respect of the commercialization of MT1013 for the treatment of CKD-SHPT in Asia-Pacific (excluding Japan), we entered into an agreement with Everest.
Pursuant to the LP-168 License Agreement, we have granted Hansoh Pharma the exclusive right to research, develop, register, manufacture and commercialize LP-168 for non-oncology indications (the “Licensed Field”) in Chinese mainland, Hong Kong, Macau and Taiwan (the “Territory”).
Summary · 第 6 页
Under the LP-168 License Agreement, Hansoh Pharma agreed to pay us a total consideration consisting of a non-refundable upfront payment of RMB28.84 million (inclusive of VAT) and potential payments upon reaching certain R&D, regulatory and sales based commercial milestones of up to RMB701 million, plus tiered royalties up to double-digit on future product sales.
Summary · 第 6 页
We will retain all research, development and manufacturing rights, as well as commercialization rights outside of the Greater China region.
A cornerstone of our go-to-market strategy is our collaboration with Shanghai Youhe, a comprehensive high-end medical device service provider specializing in respiratory, thoracic surgery, and early digestive cancer diagnostics.
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Such indicative targets for Shanghai Youhe account for a significant portion of the total target purchase amount we set forth with all of our distributors.
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Track Record Period, we have received deposits and prepayments from Shanghai Youhe as agreed in the distribution agreement, and such prepayments will be offset by revenue to be realized.
We will be the sole marketing authorization holder (the "MAH") for rifasutenizol and the function of Grand Life Science is similar to a CSO.
Summary · 第 12 页
We have entered into an exclusive commercial collaboration agreement with Grand Life Science for the commercialization of rifasutenizol in the Greater China (excluding Taiwan) to leverage their sales and marketing expertise and well-established networks and resources.
Business · 第 234 页
Grand Life Science shall make milestone payments with the aggregate amount of RMB65.0 million to us in installments, subject to fulfillment of certain payment condition precedents.
We shall not, and shall not cause our affiliates to, directly or indirectly engage in, authorize, or permit any third party to engage in, the promotion of senaparib within China, nor shall we engage in, or in any way restrict, Zhongmei Huadong’s contract sales services for senaparib in China as authorized under the Huadong Agreement.
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We have a veto right over certain material matters, including the determination of (i) matters relating to pricing, tendering and price negotiation, (ii) commercial channels and (iii) the adjustment of nationwide annual sales forecast, which ensures our effective control over the commercialization and sales of senaparib, our Core Product.
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The Huadong Agreement shall remain in force and effective for 15 years from the date of the first commercial sales of senaparib in China, unless earlier terminated by the parties.
Pursuant to the agreement, we received a US$185 million upfront payment in November 2023, and are eligible for up to US$1.825 billion in development, regulatory, and commercial milestone payments (of which US$60 million were paid to us in October 2024 for successfully achieving milestones related to the development of ECC5004 including the first patient dosed in the Phase IIb program), as well as tiered royalties of high-single to mid-teen percentage of annual net sales outside of Greater China.
Summary · 第 7 页
We believe this collaboration enables us to leverage AstraZeneca's global resources, expertise and infrastructure to accelerate the development and commercialization of ECC5004, while effectively managing associated costs and risks.
Business · 第 198 页
AstraZeneca may terminate the AstraZeneca Agreement in its entirety or on a Licensed Product-by-Licensed Product or country-by-country basis, for any or no reason, upon 90 days' prior written notice to us, or 180 days' prior written notice if such termination occurs after the first commercial sale of any Licensed Product in the AstraZeneca Territory or Licensor Territory.
In May 2024, in anticipation of the launch of ZT001 for T2D, we entered into a collaboration agreement with Tonghua Dongbao Pharmaceutical Co., Ltd. (“Tonghua Dongbao”) (as amended from time to time, the “Dongbao Collaboration Agreement”) for the development and commercialization of ZT001 for T2D in China.
Business · 第 165 页
In November 2022, in anticipation of the launch of ZT001 for obesity, we entered into a collaboration agreement with Beijing Nobot Biotechnology Co., Ltd., a wholly owned subsidiary of IMEIK Technology Development Co., Ltd. (“IMEIK”) (as amended from time to time, the “IMEIK Collaboration Agreement”) for the development and commercialization of ZT001 for obesity in China.
Business · 第 166 页
Under the IMEIK Collaboration Agreement, IMEIK obtains the exclusive commercialization rights for ZT001 for obesity in Greater China (including Chinese Mainland, Hong Kong, Macau and Taiwan), including responsibility for market development, pricing, and sales and marketing.