瑞科生物-B2025中期报告

江蘇瑞科生物技術股份有限公司 Jiangsu Recbio Technology Co., Ltd. ( a joint stock company incorporated in the People’s Republic of China with limited liability)（於中華人民共和國註冊成立的股份有限公司） Stock Code：2179股份代號 2025INTERIM REPORT中 期 報 告 Contents 2Corporate Information6Financial Highlights7Management Discussion and Analysis37Other Information63Independent Review Report65Interim Condensed Consolidated Statement of Profitor Loss and Other Comprehensive Income67Interim Condensed Consolidated Statement ofFinancial Position69Interim Condensed Consolidated Statement of Changesin Equity71Interim Condensed Consolidated Statement of Cash Flows74Notes to Interim Condensed Consolidated FinancialInformation94Definitions and Glossary of Technical Terms Corporate Information DIRECTORS Executive Directors Dr. LIU Yong(Chairman of the Board and General Manager)Mr. LI BuMs. CHEN QingqingDr. HONG Kunxue Non-executive Directors Dr. WANG RuweiDr. ZHANG JiaxinDr. ZHOU HongbinMr. HU Houwei Independent Non-executive Directors GAO Feng Dr. XIA LijunMr. LIANG GuodongProfessor GAO FengProfessor YUEN Ming Fai SUPERVISORS Ms. QIAO Weiwei(Chairwoman)Mr. WANG FeizhouMs. QIAN RantingMs. LIU Ping Corporate Information JOINT COMPANY SECRETARIES Ms. CHEN QingqingMs. YUNG Mei Yee AUTHORISED REPRESENTATIVES Dr. LIU YongMr. LI Bu AUDIT COMMITTEE Dr. XIA Lijun(Chairman)Professor YUEN Ming FaiDr. ZHOU Hongbin REMUNERATION AND APPRAISAL COMMITTEE GAO Feng Professor YUEN Ming Fai(Chairman)Dr. XIA LijunMr. LIANG GuodongProfessor GAO FengMr. LI Bu 1 NOMINATION COMMITTEE1 GAO Feng Dr. LIU Yong(Chairman)Ms. CHEN QingqingProfessor GAO FengMr. LIANG GuodongDr. XIA Lijun 2025521 11Ms.CHEN Qingqing was appointed as a member of theNomination Committee of the second session of the Board onMay 21, 2025. Corporate Information H H SHARE REGISTRAR 1831717121716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong HEAD OFFICE AND REGISTERED OFFICE IN THE PRC 888 No. 888 Yaocheng AvenueMedical High-tech DistrictTaizhou CityJiangsu Provincethe PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 24840 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWan ChaiHong Kong PRINCIPAL BANK 29310 China Merchants Bank Co., Ltd.Taizhou BranchBuilding 10, No. 293, Gulou South RoadHailing DistrictTaizhou CityJiangsu Province, the PRC Corporate Information HONG KONG LEGAL ADVISOR 27 Clifford Chance27/F, Jardine HouseOne Connaught PlaceHong Kong PRC LEGAL ADVISOR 2022-31 Zhong Lun Law Firm22-31/F, South Tower of CP Center20 Jin He East AvenueChaoyang DistrictBeijing, the PRC AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong www.recbio.cn COMPANY’S WEBSITE www.recbio.cn STOCK CODE 21792179 Financial Highlights CONSOLIDATED STATEMENTS OF PROFIT OR LOSSAND OTHER COMPREHENSIVE INCOME Management Discussion and Analysis BUSINESS REVIEW Overview Founded in 2012, we are a vaccine company dedicated to theresearch,development and commercialization of innovativevaccines,with a high-value innovative vaccine portfolio drivenby in-house developed technologies. We primarily focus on theresearch and development (R&D) of innovative vaccines such asrecombinantshingles vaccine and HPV vaccines.Our vaccineportfolio currently consists of more than 10 vaccines, includingour three strategic products, namely REC610, a novel adjuvantedrecombinantshingles vaccine,which is currently under phaseIIIclinical trial in China;REC603,a recombinant HPV 9-valentvaccine, which is currently under phase III clinical trial; and abivalent recombinant respiratory syncytial virus vaccine, which isabout to enter the clinical research stage. 2012HPV10REC610IIIREC603HPVIII F D AIPDOPTI10 Throughyears of dedication and focus on this area,we havedeveloped a comprehensive vaccine innovation engine consistingofa novel adjuvant platform,protein engineering platform,immunologicalevaluation platform and process developmentplatform. These platforms empower us to continue to discover anddevelop innovative vaccines and to apply advanced technologiesinour vaccine candidates.We are one of the few companiescapableof researching,developing and commercializing noveladjuvants, benchmarking all of the FDA-approved novel adjuvantsto date. Our four technology platforms create synergies amongthedesign and optimization of antigens,the development andproduction of vaccines and adjuvants and the identification of theoptimal combinations of antigens and adjuvants. We have alsoestablished an IPD system, enabling us to advance the R&D ofmultiple vaccine candidates simultaneously. Guided by our OPTIvaccine development philosophy, we have established a vaccineportfolio consisting of more than 10 vaccine candidates. Management Discussion and Analysis (WHOPQ)HPV2,000HPVHPVBLA202111CHO(QP)17,000CHO We have started to build