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.
Business · 第 141 页
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.
Instead, we primarily rely on collaboration with international partners to reach and serve overseas customers.
Business · 第 107 页
In particular, we are generally responsible for the content rights and authorization status of the content we license to international partners, while such partners are generally responsible for their own distribution activities and customer relationships in the relevant overseas markets, in each case subject to the terms of the relevant agreements.
Business · 第 107 页
Our revenue from overseas remained relatively stable at RMB48.4 million, RMB47.2million and RMB45.0 million in 2023, 2024 and 2025, respectively.
We work with major international digital media platforms, including Google and TikTok for Business, to secure cost-effective and high-quality user traffic.
Financial Information · 第 210 页
We receive rebates from international digital media platforms, which directly impact our cost structure and gross profit margin.
Financial Information · 第 210 页
If we lose our agent status for supplier A or supplier F, our operating results and financial condition would be severely and adversely affected.
During the Track Record Period, our distributorship in China primarily comprised distribution through a centralized procurement platform designated by a large-scale grid group, which is the end customer of our smart power distribution and utilization equipment.
Business · 第 141 页
Our revenue generated from this sales model gradually decreased during the Track Record Period due to the internal arrangements of such large-scale grid group, which subsequently shifted to direct sales with us.
Furthermore, in 2023, 2024 and 2025, revenue derived from products incorporating Schneider Electric’s licensed technology amounted to RMB205.0 million, RMB268.9 million and RMB285.4 million, respectively, accounting for 39.4%, 43.0% and 43.6% of our total revenue for the same periods.
Business · 第 168 页
During the same periods, our total procurement from Schneider Electric amounted to RMB45.8 million, RMB68.4 million and RMB60.4 million, respectively, representing 16.2%, 20.9% and 16.5% of our total procurement.
Business · 第 168 页
Although Schneider Electric and ABB were among our significant suppliers and brand partners during the Track Record Period, our Directors are of the view that (i) the risk that Schneider Electric and ABB will terminate or otherwise materially and adversely change our cooperation relationship is remote, and (ii) the risk of reliance on Schneider Electric and ABB would not impact our suitability for the [REDACTED], after having considered the following factors:
Our historical cooperation with the Zhuang Entities, which lasted from 2003 to 2020, primarily involved early-stage funding and regulatory coordination support, which included works such as submitting regulatory documents and accompanying on-site inspections conducted by the regulatory authorities, for the development of Mufemilast.
Summary · 第 9 页
Throughout this cooperation, we retained sole, independent and effective control over all aspects of the research and development of Mufemilast.
Summary · 第 9 页
We previously received financial support from Truman, Hailing Pharmaceutical, Hailing Chemical, and Hailing Asia to development Mufemilast.
Since June 2017, we have been coordinating with Nankai University on the development of novel immunotoxins and miniaturized antibody-drug conjugate drug candidates.
Summary · 第 9 页
Under the arrangement, Nankai University is responsible for executing the early-stage research plan, including compound identification and optimization while we have full control over patent applications and subsequent development.
Business · 第 151 页
Hemay181 was developed in a research cooperation arrangement with Nankai University.
This online sales channel is crucial to our business growth, helping us nimbly adapt to the fast-changing market landscape while enabling precise and timely responses to consumer needs.
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We have entered into agreements with e-commerce platforms and social media platforms to operate and manage our online stores.
Business · 第 144 页
During the Track Record Period, the e-commerce platforms and social media platforms we cooperate with did not materially breach our contract terms, and we did not have any material disputes with those e-commerce platforms and social media platforms.
Sintilimab will be the exclusively designated PD-1 agent in our future standard-of-care treatment regimens.
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(2) Innovent shall supply Innovent Compound, while Henan Genuine shall supply azvudine for the R&D activities of the azvudine + anti-PD-1 combination therapy.
Business · 第 190 页
Innovent has the right to immediately terminate the R&D plan and all related R&D activities upon written notification to Henan Genuine if any R&D activities conducted in accordance with this plan raise safety concerns.
RMB1,461.8 million, RMB1,411.4 million and RMB1,483.0 million, representing 84.8%, 83.1% and 84.4% of our revenue was related to our five largest e-commerce platforms ranked by revenue in each year during the Track Record Period, respectively.
Business · 第 156 页
During the Track Record Period, a substantial portion of our revenue were related to our largest e-commerce platform ranked by revenue, i.e., Tmall.
Business · 第 157 页
Furthermore, the reliance on Tmall is mitigated by our diversified multi-channel strategy.
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.
On April 30, 2018, we entered into a license agreement with Inhibrx, Inc., a U.S.-based, clinical-stage biopharmaceutical company, under which we were granted an exclusive license to further develop, manufacture and commercialize ES102, or INBRX-106 in Greater China (as amended, the “ES102 License Agreement”).
Summary · 第 5 页
We maintain independent control over ES102’s IP rights, development and commercialization in Greater China that is established through multiple layers of protection under the ES102 License Agreement, as advised by JunHe LLP, our IP counsel:
Summary · 第 5 页
Based on the legal opinions issued by the IP counsel and the due diligence results, the Sole Sponsor concurs with the view on the Company’s independent control over ES102’s IP rights, development and commercialization in Greater China.
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.
Business · 第 239 页
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.
Business · 第 239 页
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 operate the Adidas Future City Concept (“FCC”) business exclusively in Chinese mainland and hold the HEAD apparel license for Chinese mainland, Hong Kong, Macau and Taiwan.
Financial Information · 第 180 页
Revenue from our international sports brands had increased rapidly throughout the Track Record Period, amounting to RMB20.6 million, RMB1,070.2 million and RMB1,617.7 million in 2023, 2024 and 2025, respectively.
Our partnership with aggregation platforms helps us get access to a large amount of user traffic without having to spend excessively on promotions.
Business · 第 128 页
Our selling expenses increased from RMB554.6 million in 2023 to RMB615.5 million in 2024 and further to RMB718.2 million in 2025, primarily due to increases in the amount of commissions charged by aggregation platforms.
Financial Information · 第 223 页
Our users can request rides through our EnjoyGo app, WeChat and Alipay mini-programs and various aggregation platforms, allowing us to access broad channels of user traffic and drive rapid expansion of our user base.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
相当比例销售经由主要电商平台进行
Although a significant portion of our sales is generated through major third-party e-commerce platforms (including Ali Health and JD Health), we derive sales from multiple sales channels and, within each channel, maintain a diversified portfolio of partners and customers, such that we are not reliant on any single sales channel or counterparty for our business performance.
Business · 第 164 页
Our broad collaboration network covers substantially all the major e-commerce platforms in China, including B2C and O2O e-commerce platforms such as JD Health, Ali Health, Meituan Health, Dingdang and Quanyuantang.
We entered into a R&D collaboration agreement with Oralead Pharma in July 2023, pursuant to which Oralead Pharma granted us an exclusive, sublicensable, and worldwide license to utilize its current and future patents related to the polypeptide oral delivery technology (including the Macoral® platform) for BGM0504.
Business · 第 175 页
In partial consideration of the license granted by Oralead Pharma, we agree to pay a one-time license fee of RMB3.0 million.
Business · 第 175 页
This agreement has an initial term of five years until July 2028.
The majority of our contractual arrangements with these platforms were entered into through designated resellers, which are authorized partners of the relevant platforms.
Business · 第 150 页
AlphaDesk is connected to over 120 leading media platforms.
Business · 第 153 页
By engaging through such resellers, we are able to access these pricing advantages, which would otherwise be difficult to obtain on a standalone basis.
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.