苏州瑞博生物中期业绩扭亏，收入同比增304%但主要来自已披露授权与里程碑确认

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

Suzhou Ribo Life Science Co., Ltd.
蘇州瑞博生物技術股份有限公司
(a joint stock company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 6938)

INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2026
The Board is pleased to announce the unaudited condensed consolidated results of the Group for
the six months ended June 30, 2026, together with comparative figures for the corresponding
period in 2025. The interim results have been reviewed by the Audit Committee together with the
management of the Company.
In this announcement, “we”, “us”, and “our” refer to the Company and where the context otherwise
requires, the Group. Certain amounts and percentage figures included in this announcement have
been subject to rounding adjustments, or have been rounded to one or two decimal places. Any
discrepancies in any tables, charts or elsewhere between totals and sums of amounts listed therein
are due to rounding.
FINANCIAL SUMMARY
For the six months ended June 30,
2026
2025
RMB ’000
RMB ’000
(unaudited)
(audited)
Revenue
Gross profit
R&D expenses
Administrative expenses
Profit/(loss) before tax
Profit/(loss) for the period
Profit/(loss) attributable to owners of the parent
Earnings/(loss) per Share – Basic and diluted (in RMB)

1

419,737
400,705
(197,601)
(62,955)
78,553
23,448
20,301
0.12

103,813
97,222
(129,142)
(52,058)
(93,867)
(97,765)
(88,118)
(0.68)

For the six months ended June 30, 2026, the Group recorded a revenue of RMB419.7 million,
representing an increase of 304.3% compared to RMB103.8 million for the six months ended
June 30, 2025, primarily attributable to the partial recognition of licensing revenue under the
Group ’ s global exclusive licensing collaboration with Madrigal, together with the revenue
recognized upon the achievement of milestones under the Group’s collaboration with Boehringer
Ingelheim, in relation to the development and commercialization of small interfering RNA
(“siRNA”) therapeutics for metabolic dysfunction-associated steatohepatitis (“MASH”), which
constituted the primary driver of the Group’s revenue growth during the Reporting Period.
Our gross profit increased by 312.2% from RMB97.2 million for the six months ended June 30,
2025 to RMB400.7 million for the six months ended June 30, 2026, and the gross profit margin
increased by 1.8 percentage points from 93.7% for the six months ended June 30, 2025 to 95.5%
for the six months ended June 30, 2026, primarily attributable to the increased contribution
from high-margin licensing revenue recognized under the Group’s licensing collaboration with
Madrigal and Boehringer Ingelheim, which involved relatively low cost of revenue.
Our R&D expenses increased by 53.0% from RMB129.1 million for the six months ended June
30, 2025 to RMB197.6 million for the six months ended June 30, 2026, primarily attributable to
the advancement of the Group’s core R&D pipeline into later-stage clinical development, as well
as the increase in the number of other investigational new drug (“IND”)-stage pipeline candidates
and the continued progress of such candidates through their respective stages of development,
which collectively resulted in higher R&D-related expenses during the Reporting Period.
Our administrative expenses increased by 20.9% from RMB52.1 million for the six months ended
June 30, 2025 to RMB63.0 million for the six months ended June 30, 2026, primarily attributable
to the increase in professional and consulting service fees in connection with the Company’s
listing-related activities during the Reporting Period.
The Group recorded a net profit of RMB23.4 million for the six months ended June 30, 2026 as
compared to a net loss of RMB97.8 million for the six months ended June 30, 2025, primarily
attributable to the substantial increase in revenue and gross profit driven by licensing and
milestone revenue recognized under the Group’ s strategic collaborations, partially offset by
higher R&D expenses and administrative expenses during the Reporting Period.
BUSINESS REVIEW
Overview
Founded in 2007, we are a clinical-stage biopharmaceutical company specializing in the
R&D of oligonucleotide therapeutics, with a primary focus on siRNA drugs. Leveraging our
proprietary delivery technologies and integrated R&D capabilities, we aim to address significant
unmet medical needs in cardiovascular, metabolic, renal and liver diseases. The discovery and
advancement of oligonucleotide therapeutics have transformed the way we treat diseases, offering
a precise and potent approach, including by targeting inaccessible proteins inside cells and disease
pathways that were previously considered undruggable. In particular, by harnessing the power of
RNA interference (“RNAi”), siRNA therapeutics have demonstrated differentiated advantages,
with enhanced specificity, potency and duration of effect, favorable safety profile, as well as
increased development speed and success rate due to its enhanced technological modularity.

2

Through nearly two decades of dedicated research, we have built integrated proprietary technology
platforms tailored to oligonucleotide therapeutics, supported by a robust intellectual property
portfolio in RNAi technology worldwide. These platforms encompass the entire drug development
cycle, from drug design, delivery, modification to chemistry, manufacturing, and controls
(“CMC”) and manufacturing, serving as a solid foundation for our potential first- and best-in-class
oligonucleotide therapeutics. We are one of the few players worldwide with proprietary and
clinically validated N-acetyl galactosamine ( “GalNAc”) delivery technology. This technology,
based on the specific delivery of siRNA drugs, has enhanced therapeutic efficacy and improved
safety, and is revolutionizing the therapeutic paradigm of innovative drugs. Our liver-targeted
RiboGalSTARTM delivery technology, the cornerstone of numerous pipeline assets, addresses a
critical challenge in siRNA therapeutics: efficient and specific delivery. GalNAc-siRNA conjugates
derived from the RiboGalSTAR TM platform selectively bind to asialoglycoprotein receptors
( “ ASGPRs ” ), which are abundantly expressed on the surfaces of liver cells, providing high
liver-targeting specificity.
RiboGalSTARTM is the first China-developed RNAi technology platform out-licensed to a global
Multinational Corporation (“MNC”). In addition to hepatic delivery technologies, we are actively
developing extra-hepatic delivery platforms, including RiboOncoSTAR TM, RiboPepSTAR TM,
RiboColorSTAR TM, RiboCygnus TM and other platforms, to expand the application of siRNA
therapeutics to solid tumors, kidney diseases, central nervous system (“CNS”) disorders, as well as
cardiac, adipose and muscle diseases.
We are at the forefront of oligonucleotide drug innovation focused on cardiovascular, metabolic,
renal and liver diseases, as well as other therapeutic areas. These key therapeutic areas represent
areas of significant global medical burden with limited treatment options and involve underlying
pathogenic mechanisms that are aligned with the targeting capabilities of our technology platforms.
Leveraging our RiboGalSTAR TM platform equipped with proprietary and clinically validated
GalNAc delivery technology, we have consistently advanced siRNA programs in-house from
discovery through clinical development across cardiovascular, metabolic, renal and liver diseases.
We are committed to bringing our oligonucleotide therapeutics to patients worldwide. As such,
we have established globally integrated drug development capabilities to do so with quality and
efficiency. Led by a core scientific team with over 20 years of experience and insights in the
development of oligonucleotide drugs and other therapeutics, we have obtained IND/clinical
trial application ( “ CTA ” ) approvals from regulatory authorities in key global markets, while
delivering efficient timelines in advancing candidates from target selection to trial initiation. We
are advancing multiple clinical trials across the globe, including Europe, China and Australia,
leveraging the regulatory pathways of different jurisdictions to accelerate drug development.
We have strategically assembled overseas development teams and established a dedicated
clinical trial center in Europe, enabling us to efficiently and rapidly advance our drugs through
clinical trials while adhering to the highest international standards. By leveraging our global
network, cutting-edge facilities, and unparalleled expertise, we are poised to revolutionize the
oligonucleotide therapeutics landscape and bring life-changing treatments to patients worldwide.

3

Global MNCs have established a strategic footprint in siRNA drugs through partnerships and
collaboration with leading biotech companies. The dynamic investment landscape signifies market
confidence in an increasingly mature and validated therapeutic modality, as well as accelerated
industry growth going forward. In addition to the two collaborations with Boehringer Ingelheim
and Qilu Pharmaceutical in December 2023, we reached another strategic collaboration with
Madrigal in February 2026 with potential total deal value of US$4.4 billion. These partnerships are
recognition of our technology platforms and pipeline and successful representations of our strategy
to extend our clinical and commercial reach globally and in China. These collaborations are also
in full alignment with our corporate strategy in terms of focusing on late-stage development of our
Core Product, and extra-hepatic delivery technology platforms while maximizing values of our
well-validated RiboGalSTARTM platform.
Our Pipeline
The pipeline chart below summarizes the development status of our clinical-stage drug candidates
and selected preclinical assets. All drug candidates listed in this pipeline chart were discovered
internally, demonstrating our strong innovation capabilities and platform-driven research model.
Leveraging our RiboGalSTAR TM platform equipped with proprietary and clinically validated
GalNAc delivery technology, we have consistently advanced siRNA programs in-house from
discovery through clinical development across cardiovascular, metabolic, renal and liver diseases.
Our pipeline focuses primarily on cardiovascular, metabolic, renal and liver diseases, where RNAi
technologies can provide differentiated therapeutic advantages.
Therapeutic Area

Cardiovascular Disease

Metabolic Disease

Renal Disease

Liver Disease

Compound

Target

Indication

Vortosiran1

Technology
Platform

FXI

Thrombotic Diseases

RiboGalSTARTM

Global

RBD1119

Thrombosis-related Factor

Thrombotic Diseases

RiboGalSTARTM

Global

RBD6096

Other Therapeutic Areas

IND-Enabling

Phase I

Phase Ⅱ

Phase Ⅲ

Commercial Rights

Thrombosis-related Factor

Thrombotic Diseases

RiboGalSTARTM

Global

RBD7022

PCSK9

Hypercholesterolemia

RiboGalSTARTM

Global (ex-China)2

RBD5044

APOC3

Hypertriglyceridemia

RiboGalSTARTM

Global

SR122

PCSK9+APOC3

Dyslipidemia

RiboGalSTARTM

Global

SR126

PCSK9+Lp(a)

Dyslipidemia

RiboGalPLEXTM

Global

SR094

Lp(a)

Dyslipidemia

RiboGalSTARTM

SR106

Undisclosed

Dyslipidemia

RiboGalSTARTM

Global

SR079

AGT

Hypertension

RiboGalSTARTM

Global

RBD3133

INHBE

Obesity

RiboGalSTARTM

Global

SR149

ALK7
Undisclosed

Obesity

RiboColorSTARTM

Global

SR151

Obesity

RiboColorSTARTM

Global

SR135

Undisclosed

Obesity

RiboColorSTARTM

Global

SR118

Undisclosed

Metabolic Diseases

RiboColorSTARTM

Global

RBD7007

C5

3

Renal Diseases

RiboGalSTARTM

Global

RBD2080

C3

Renal Diseases3

RiboGalSTARTM

Global

RBD3103

Undisclosed

Renal Diseases

RiboPepSTARTM

SR100

MASP2

Renal Diseases

RiboGalSTARTM

Global

SR086

CFB

Renal Diseases

RiboGalSTARTM

Global

Chronic Renal Diseases

RiboPepSTARTM

Global

Global

SR150

Undisclosed

Ozisiran4

HBV-X

SR109

Undisclosed

CHB

RiboGalSTARTM

Global

SR145

Undisclosed

CHB

RiboGalSTARTM

Global

RiboGalSTARTM

Global Partnership with Boehringer Ingelheim

CHB

Global
Global

RiboGalSTARTM

CHD

5

Global

SR111

Undisclosed

MASH

SR112/SR113

Undisclosed

MASH5

RiboGalSTARTM

Global Partnership with Boehringer Ingelheim

Undisclosed

Undisclosed

MASH5

RiboGalSTARTM

Global Partnership with Madrigal

Undisclosed

5

MASH

RiboGalSTARTM

Global Partnership with Madrigal

Undisclosed

Undisclosed

5

MASH

RiboGalSTARTM

Global Partnership with Madrigal

SR090

PNPLA3

MASH5

RiboGalSTARTM

Global

SR091

Undisclosed

MASH5

RiboGalSTARTM

Global

SR128

Undisclosed

AD6

RiboCygnusTM

Global

SR131

Undisclosed

Pain

RiboCygnusTM

Undisclosed

CNS Disease

Discovery

Global

SR144

Undisclosed

ALS7

RiboCygnusTM

Global

RBD8088

Undisclosed

Glioma

RiboOncoSTARTM

Global

PKK

HAE8

RiboGalSTARTM

Global

SR076

Notes:
1.

Vortosiran is also referred to as RBD4059.

2.

In December 2023, we granted Qilu Pharmaceutical exclusive rights to develop, manufacture, and commercialize
RBD7022 in mainland China, Hong Kong, and Macau.

4

3.

RBD7007 and RBD2080 are also under investigation as a potential treatment for autoimmune diseases.

4.

Ozisiran is also referred to as RBD1016.

5.

MASH: Metabolic Dysfunction-associated Steatohepatitis.

6.

AD: Alzheimer’s Disease.

7.

ALS: Amyotrophic Lateral Sclerosis.

8.

HAE: Hereditary Angioedema.

As of the date of this announcement, we have advanced seven in-house discovered siRNA
drug candidates into the clinical stage, positioning us among global leaders in oligonucleotide
development. Beyond our clinical pipeline, we have over 20 preclinical programs that we aim to
advance into clinical development.

Our Core Product, vortosiran (RBD4059), First Clinical-stage siRNA Drug Globally that
Targets Thrombotic Diseases
Vortosiran is the world’s first clinical-stage siRNA drug that targets thrombotic diseases. As of
the date of this announcement, no FXI-targeting siRNA drug had been approved globally for
the treatment of thrombotic diseases; vortosiran represents a novel approach to managing such
indications, utilizing our proprietary RiboGalSTAR TM liver-targeting platform. Thrombotic diseases
have emerged as one of the leading causes of death worldwide, claiming over ten million lives
each year. Current standard-of-care anticoagulants, including warfarin, heparin, and direct oral
anticoagulants (“DOACs”), face significant limitation as they expose patients to potentially serious
bleeding risks. Vortosiran addresses this challenge by combining the advantages of coagulation
factor XI (“FXI”) targeting with siRNA drug technology, offering significant safety benefits while
maintaining strong efficacy.
Based on clinical and preclinical evidence, vortosiran has demonstrated FXI inhibition levels that
could meet efficacy thresholds across a broad range of indications, while substantially reducing
bleeding risks associated with conventional anticoagulants. Furthermore, the long-acting nature of
siRNA therapeutics offers the potential for significantly improved patient compliance, positioning
vortosiran as an optimal treatment option for a broad range of thrombotic disease patients.
We completed vortosiran’s phase 1 trial in Australia in healthy subjects in October 2024. We
obtained the EMA’s CTA approval in May 2024, pursuant to which we initiated vortosiran’s phase
2a clinical trial in Sweden in August 2024. The phase 2a trial in Sweden has been completed,
and the phase 2b CTA has been submitted to EMA for stroke prevention in atrial fibrillation
(“SPAF”) in April 2026, and the approval has been received in July 2026. We also submitted the
phase 2b CTA for prevention of venous thromboembolism (“VTE”) to EMA in May 2026. Both
aforementioned trials for SPAF and VTE are part of our program coded Optimizing RNA-Based
Inhibition of Thrombosis XI (ORBIT-XI), which includes several phase 2/2b trials across multiple
indications.

5

We presented phase 2a clinical data of vortosiran in patients with chronic coronary artery disease
(“CAD”) at the 2026 China Pharmaceutical Innovation Conference (CPIC) on July 22, 2026.
The randomized, double-blind, placebo-controlled study demonstrated that vortosiran in patients
receiving standard-of-care aspirin treatment was generally well tolerated and achieved profound,
dose-dependent, and long-lasting suppression of FXI activity (NCT06717074, clinicaltrials.gov).
Patients with chronic CAD with previous myocardial infarction on aspirin were investigated in
the current trial. Vortosiran was generally well tolerated with a favorable safety profile in patients
with chronic CAD receiving concomitant therapy with aspirin. Treatment-related adverse events
were predominantly mild injection-site reactions, and no treatment-related serious adverse events
occurred. Transient laboratory abnormalities, including elevations in liver enzymes, were selflimiting and resolved without intervention and no treatment-related serious adverse events, no
major or clinically relevant non-major bleeding events were observed. Patients completing the
high-dose group vortosiran dosing regimen, at a maintenance dose of 400mg, achieved a mean
maximum reduction in FXI activity of 92%, which sustained for several months following
dosing. This data supports every three to six months dosing in various indications. The findings
corroborate the phase 1 data to further demonstrate the sustained efficacy supporting improved
treatment adherence in clinical disease target populations.

We have published our full phase 1 data set from the first-in-human study of vortosiran on Blood
Advances in February 2026. The results show a robust, dose-dependent, and durable suppression
of FXI activity exceeding 90%. Moreover, vortosiran maintains sustained clinically meaningful
FXI inhibition for up to six months or longer, underscoring its potential to meaningfully improve
treatment adherence in chronic anticoagulation.
VORTOSIRAN MAY NOT ULTIMATELY BE SUCCESSFULLY DEVELOPED AND
COMMERCIALIZED.

RBD1119 — An siRNA Based Therapeutic for Treatment of Thromboembolic Diseases
RBD1119 is a novel siRNA based antithrombotic asset that could meet efficacy thresholds across a
broad range of indications, while substantially reducing bleeding risks associated with conventional
anticoagulants. Furthermore, the long-acting nature of siRNA therapeutics offers the potential for
significantly improved patient compliance, positioning RBD1119 as an optimal treatment option
for a broad range of thrombotic disease patients and a complementary asset to vortosiran.
In August 2025, we initiated the phase 1 clinical trial of RBD1119, with the first patient enrolled
in Australia. In May 2026, we submitted the CTA of phase 2 clinical trial for CAD to the EMA for
RBD1119, which is also a part of ORBIT-XI program.
R B D1119 M A Y N O T U L T I M A T E L Y B E S U C C E S S F U L L Y D E V E L O P E D A N D
COMMERCIALIZED.
6

RBD5044 — A Potential Best-in-class APOC3-targeting siRNA for HTG
RBD5044 is the second siRNA globally to enter clinical development that targets apolipoprotein
C-III (“APOC3”), a protein that plays a critical role in lipid metabolism. Current treatments
for hypertriglyceridemia (“ HTG ” ) are limited by modest efficacy, daily dosing requirements,
and significant side effects such as hepatotoxicity, myopathy, gastrointestinal disturbances and
pancreatitis risk. To date, no APOC3-targeting therapeutic has been approved for the treatment of
HTG globally.
RBD5044 is uniquely designed to combine APOC3 inhibition with siRNA’s long-lasting effects,
potentially transforming treatment in this significant disease area. In preclinical studies, RBD5044
has demonstrated competitive triglyceride-lowering efficacy while achieving superior APOC3
protein suppression, the latter suggesting enhanced and more sustained triglyceride control.
RBD5044’s mechanistic advantage has translated into clinical benefits. We presented results from
RBD5044’s phase 1 clinical trial in healthy subjects in Australia at the 2025 ESC Congress, which
demonstrated its potential and long-acting efficacy. RBD5044’s safety data from its phase 1 trial
showed a favorable safety profile. A single injection of RBD5044 led to a substantial reduction of
APOC3 of up to ca 84% and accompanied by a triglycerides (“TG”) reduction of up to ca 70%,
which remained below 50% of baseline at six-month follow-up. Additionally, participants showed
an overall improved lipid profile, including markedly reduced remnant cholesterol (up to 70%)
and ApoB (up to 20%), alongside a significant increase in high-density lipoprotein (“HDL”) (up to
40%). RBD5044 allows for low-frequency dosing at least every three months, which significantly
enhances patient adherence to the treatment regimen.
Strategically, RBD5044 complements our broader dyslipidemia portfolio, enabling potential
combination approaches that could deliver enhanced lipid control. This supports the potential of
RBD5044 as both a monotherapy and a backbone for combination strategies.
We completed RBD5044’s phase 1 trial in Australia in October 2024. In the same month, we
obtained the phase 2 clinical trial approval from EMA, supported by interim blinded safety and
pharmacokinetics (“PK”) data in the phase 1 clinical trial in Australia as of June 30, 2024. This
phase 2 trial is currently ongoing in Sweden in patients with mixed dyslipidemia. In January 2026,
we received IND approval from the NMPA to initiate a phase 2 clinical trial for RBD5044. The
site initiation occurred in February 2026, and the trial is fully recruited and progressing as planned.
R B D5044 M A Y N O T U L T I M A T E L Y B E S U C C E S S F U L L Y D E V E L O P E D A N D
COMMERCIALIZED.

7

RBD7022 — A PCSK9 Targeting siRNA for Hypercholesterolemia
RBD7022 is the second PCSK9-targeting siRNA to enter clinical development globally, employing
advanced RNAi technology to precisely regulate cholesterol metabolism. Through specific
inhibition of Proprotein Convertase Subtilisin/Kexin Type 9 (“PCSK9”) expression in the liver,
RBD7022 increases low-density lipoprotein (“LDL”) receptor (“LDL-R”) density on liver cells,
enhancing the body ’ s natural ability to clear LDL cholesterol from circulation. Compared to
PCSK9-targeting monoclonal antibody inhibitors that need to be injected every two to four weeks,
the siRNA approach offers extended dosing intervals and improved compliance.
In preclinical studies, RBD7022 achieved similar low-density lipoprotein cholesterol (“LDL-C”)
reductions compared to inclisiran, the only PCSK9-targeting siRNA drug approved to date. We
presented results from RBD7022’s phase 1 clinical trial in China at the 2025 ESC Congress, which
further demonstrated RBD7022 ’ s robust and long-lasting effects, including LDL-C reduction
comparable to inclisiran, with the potential for a dosing frequency of once every six months. Using
PCSK9 levels as a marker of target engagement, RBD7022 demonstrated a maximal reduction of
up to ca 75% in patients with and without statin background therapy, maintaining this level of
suppression at six-month follow-up.
In December 2023, we granted Qilu Pharmaceutical exclusive rights to develop, manufacture, and
commercialize RBD7022 in mainland China, Hong Kong, and Macau. Our strategic partnership
with Qilu Pharmaceutical accelerates RBD7022’s path to market both in China and globally. By
combining our innovative siRNA technology with Qilu Pharmaceutical’s clinical development and
commercial capabilities, this collaboration enhances our ability to deliver this therapeutic option to
patients worldwide.
The phase 1 trial of RBD7022 was commenced in May 2023 and completed in March 2025.
According to RBD7022 License and Collaboration Agreement, Qilu Pharmaceutical is responsible
for conducting the subsequent clinical trials in the PRC. The PRC phase 2 clinical trial has
completed last patient last dose ( “ LPLD ” ), and the phase 3 clinical trial (Registration ID:
NCT07441317) has been initiated and is ongoing in China by Qilu Pharmaceutical as of June 30,
2026.
R B D7022 M A Y N O T U L T I M A T E L Y B E S U C C E S S F U L L Y D E V E L O P E D A N D
COMMERCIALIZED.

RBD7007 and RBD2080 — Targeting Key Proteins in the Complement Pathway to Treat
Renal and Autoimmune Diseases
We are developing siRNA drugs targeting key proteins in the complement pathway to treat renal
and autoimmune diseases. The complement system plays a critical role in mediating inflammation
and fibrosis through three distinct activation pathways: the Classical, Lectin, and Alternative
pathways. These pathways converge through shared enzymatic amplification mechanisms,
ultimately driving downstream signaling. A key regulatory node involves the formation of C3/C5
convertases, which are multiprotein complexes that activate central complement components.
Our GalNAc-conjugated siRNA candidates RBD7007 and RBD2080 are engineered to specifically
target complement proteins in liver cells — the primary site of their production. This approach
effectively reduces the levels of these complement proteins at their source and in circulation.

8

For RBD2080, we received the Therapeutic Goods Administration of Australia ( “ TGA ” ) ’ s
acknowledgment of our clinical trial notification in February 2025, and the trial is ongoing.
RBD7007 AND RBD2080 MAY NOT ULTIMATELY BE SUCCESSFULLY DEVELOPED
AND COMMERCIALIZED.

RBD1016 — An siRNA Candidate for CHB and CHD in Global Clinical Development
RBD1016 is one of the most advanced siRNA drugs in terms of global clinical development
progress for patients with chronic hepatitis B virus ( “ HBV ” ) infection, including those with
hepatitis D virus (“HDV”) co-infection. RBD1016, with its potent and durable effect on hepatitis B
surface antigen (“HBsAg”), is positioned as a backbone therapy in future combination approaches
to achieve functional cure of CHB, and a differentiated siRNA candidate for CHD. As of the date
of this announcement, there were no siRNA drugs approved for treating CHB or CHD globally.
RBD1016’s phase 1 results showed sustained HBsAg reduction following single administration,
with dose-dependent response and favorable safety and tolerability profile. With CTA approval
from the EMA and IND approval from the NMPA received in May 2023 and October 2024,
respectively, we are actively exploring RBD1016’s potential as a next-generation CHB treatment
to achieve functional cure in the disease. In October 2025, the EMA granted Orphan Drug
Designation to RBD1016 for the treatment of HDV infection.
Furthermore, RBD1016’s design and mechanism position it as a potential treatment for CHD with
superior safety and efficacy compared to existing treatments.
Standard treatments as monotherapy cannot achieve functional cure of CHB and/or CHD in most
patients, largely due to their inability to reduce HBsAg. Notably, clinical trial data demonstrate
RBD1016’s consistent ability to reduce HBsAg levels below 100 IU/mL — a clinically significant
threshold required for immune system activation. This potent monotherapy activity, combined with
RBD1016’s unique mechanism of action to reduce the level of HBsAg by targeting its mRNA,
positions it as an ideal foundation for combination strategies with other agents that leverage
different antiviral mechanisms of actions, such as interferons, potentially creating synergistic
effects that could lead to functional cure and hence capturing a significant market opportunity in
the treatment of CHB and CHD.
We have completed RBD1016’s phase 2 global MRCT for treating CHB in Sweden and Hong
Kong. We are also exploring the therapeutic potential of RBD1016 for treating CHD and
commenced a phase 2a trial in Sweden in August 2024, with trial completion expected by the end
of 2026.
R B D1016 M A Y N O T U L T I M A T E L Y B E S U C C E S S F U L L Y D E V E L O P E D A N D
COMMERCIALIZED.

9

Other Therapeutic Areas
We are developing drug candidates for more cardiovascular, metabolic, renal and liver diseases, as
well as other therapeutic areas based on our RiboGalSTARTM delivery technology. We currently
have over 20 other preclinical assets in our pipeline, including multiple siRNA candidates derived
from RiboPepSTARTM and RiboColorSTARTM, our proprietary platforms being developed to target
extra-hepatic organs and tissues like the kidney, CNS, and metabolic tissues such as adipocytes
and muscles. Meanwhile, we have one drug candidate in IND-enabling studies for the treatment of
glioma, leveraging RiboOncoSTARTM, our proprietary oncology-focused technology platform.
Our Technology Platforms
We have established proprietary technology platforms that encompass all key aspects of
oligonucleotide drug development, from drug delivery, chemical modification, multi-target drug
design, to model-informed drug development and manufacturing. This integrated and scalable
approach is validated by our pipeline of oligonucleotide drug candidates, and continues to drive
innovation and efficiency in our drug development process.

Drug Delivery Technology Platforms
We are among a select group of oligonucleotide drug developers worldwide with proprietary,
clinically validated liver-targeted GalNAc delivery technology. Building on this foundation, we are
developing a comprehensive suite of delivery technologies targeting additional critical organs and
tissues beyond the liver, including solid tumors, kidney, CNS, cardiac and metabolic tissues such
as adipocytes and muscles. This balanced approach broadens our therapeutic reach and solidifies
our position in advanced siRNA delivery systems, setting us apart in the rapidly evolving field of
siRNA therapeutics.

1.

Hepatic Targeting Platform – RiboGalSTAR TM
Our pioneering, liver-targeting RiboGalSTAR TM platform offers competitive targeting,
specificity and efficiency. To date, RiboGalSTAR TM has advanced seven programs into
clinical development across cardiovascular, metabolic, renal and liver diseases, marking
it as one of the most productive GalNAc platforms globally. It continues to be applied in
the development of new targets and indications, including in our strategic partnership with
Boehringer Ingelheim and Madrigal respectively to explore multiple novel targets in MASH.

10

RiboGalSTARTM is equipped with a unique delivery technology for delivering siRNA drugs
for various targets and indications with origin in the liver. This technology addresses a
critical challenge in siRNA therapeutics: efficient and specific delivery. Through over a
decade of independent research, we have secured patent rights in key jurisdictions including
China, Europe and the U.S. By carrying siRNA drugs directly to liver cells, RiboGalSTARTM
can specifically modulate target genes while minimizing unwanted side effects. As a versatile
platform, RiboGalSTARTM can be paired with different siRNA sequences that address distinct
disease pathways and has been instrumental to the development of several siRNA drugs
targeting various liver-related conditions, including seven clinical-stage candidates (namely,
RBD4059, RBD5044, RBD1016, RBD7022, RBD7007, RBD2080, and RBD1119). We have
also assembled a strong pipeline of preclinical assets utilizing the RiboGalSTARTM platform,
with three to four candidates expected to enter clinical stage by the end of 2027.

2.

Extra-hepatic Targeting Platform
RiboPepSTAR TM
Extra-hepatic delivery represents the next frontier in oligonucleotide therapeutics. We
are delivering our siRNA drug candidates to multiple critical organs and tissues with our
RiboPepSTARTM platform. The platform has generated superior efficacy in kidney, muscle
and other tissue delivery compared to existing therapies across multiple disease models,
placing us at the forefront of global oligonucleotide research among leading drug developers.
In ASN Kidney Week December 2025, we presented a poster showcasing the kidney-targeted
delivery of siRNA using RiboPepSTAR™ peptide conjugate, the preclinical data
demonstrated proximal tubular specific uptake cross-species from rodents to non-human
primates (“NHP”) with a knock-down efficiency of up to 80%. Also, physiological Proof of
Concept has been shown in a rodent model of type 2 diabetes, demonstrating profound kidney
specific knock-down of the target gene involved. As of the date of this announcement, our
first kidney-targeted drug has entered IND-enabling phase.
We also showcased the latest data of our cardiac, and other tissue targeting delivery of
siRNA using RiboPepSTAR TM in RNA Leaders Conference in March 2026: a cardiac
targeting conjugate resulted in sustained knockdown in heart using a mouse model, minimal
effects were observed in muscle and negligible activity in liver and kidney, confirming strong
cardiac specificity; RiboPepSTARTM platform is also able to support siRNA in muscle tissue,
where we observed significant knockdown effect even at very low dose level.

RiboColorSTAR TM
RiboColorSTAR TM is our proprietary siRNA delivery platform designed for extrahepatic
tissues. By optimized lipophilic ligand structures and delivery-related properties, the platform
modulates siRNA biodistribution, cellular uptake, and tissue selectivity, enabling efficient
enrichment and functional delivery in selected extrahepatic tissues.
RiboColorSTAR TM supports siRNA development for diseases involving adipose, cardiac
tissue, the CNS, and other extrahepatic organs, expanding RNA therapeutics beyond
conventional liver-targeted delivery.

11

In NHPs, current delivery enabled potent and selective adipose targeting with over 90%
knockdown and lasting at least for three months. This technology is also supporting specific
delivery in cardiac tissues, where an over 90% knockdown was also seen in NHP. Together,
these results underscore RiboColorSTARTM’s potential to unlock siRNA-based therapies for
cardiac and metabolic diseases.

RiboOncoSTAR TM
We are developing RiboOncoSTAR TM , a leading tumor-targeted platform utilizing
oligonucleotide conjugate delivery technology, to support our development of multiple
potentially first-in-class cancer treatments. This platform enables specific targeted delivery to
solid tumors. In preclinical studies, RiboOncoSTARTM has shown superior anti-tumor effects
and safety profiles in selected cancer types, for example in glioma, compared to standard-ofcare treatments. These attributes position RiboOncoSTARTM as a globally leading technology
in tumor-targeted oligonucleotide delivery.
Leveraging the RiboOncoSTARTM platform, we plan to extend our tumor-targeted research
beyond glioma to explore therapeutic potential of our drug candidates in other cancer types,
such as pancreatic cancer and other solid tumors. This expansion will potentially encompass
a variety of treatment and diagnostic modalities, including targeted chemotherapies, targeted
radiopharmaceuticals, and other next-generation targeted therapies, demonstrating the
adaptability and significant potential of the RiboOncoSTARTM platform.

Multi-target Drug Design Platform
While most siRNA drugs are designed with only one target, our multi-target siRNA drug platform
enables a single drug molecule to interfere with two or more targets simultaneously, achieving a
synergistic therapeutic effect by allowing combinations of two or more targets in varying ratios,
offering a technological advantage.

RiboGalPLEX TM
RiboGalPLEXTM is our liver-targeted, multi-target siRNA platform designed to modulate two or
more liver disease-related targets with a single therapeutic molecule. Based on GalNAc-mediated
liver delivery and modular molecular design, the platform enables flexible assembly of different
siRNA functional units and tunable silencing ratios among targets. RiboGalPLEXTM is well suited
for liver diseases driven by multiple pathogenic pathways, offering a streamlined and efficient
strategy for multi-target intervention.

RiboCygnus TM
RiboCygnus TM is our proprietary next-generation siRNA platform for extrahepatic dual-target
intervention, which enables simultaneous silencing of two disease targets while remaining
compatible with extrahepatic delivery technologies. RiboCygnusTM provides a differentiated siRNA
development strategy for CNS and other extrahepatic diseases with complex pathogenesis.

12

Chemical Modification Platform for Enhanced Stability
Our expertise in chemical modification complements our delivery technologies as a core
competitive advantage. Chemical modifications are essential for developing effective
oligonucleotide therapeutics, protecting nucleic acids from degradation while minimizing off-target
effects and immunogenicity. Our proprietary RSC (Ribo Stabilization Chemistry) platform
systematically optimizes siRNA molecules through iterative design. This platform-based approach
can be universally applied to enhance siRNA candidates in four key ways: resisting breakdown
in the body, working more efficiently, providing longer-lasting action, and improving safety for
patients.

siRNA Sequence Design and Screening Platform
We have developed software dedicated to designing oligonucleotide drug sequences, capable of
analyzing predefined parameters such as off-target gene identification, cross-species comparison
and homology assessment to quickly select high-quality siRNA sequences with optimal specificity
and activity. Additionally, our high-throughput screening platform for oligonucleotide compounds
rapidly generates lead candidates.

Model-informed Drug Development ( “MIDD ”) Platform
By leveraging modeling and simulation techniques, we quantitatively analyze drug characteristics
and disease-related data, gaining a deeper understanding of siRNA mechanisms and improving
predictability at each stage of drug development.

Oligonucleotide-tailored CMC Platform
We have developed a scalable CMC system, leveraging over a decade of experience in the
synthesis and analysis of various complex oligonucleotide compounds, including siRNA, antisense
oligonucleotide (“ASO”), long-chain aptamers, and aptamer-conjugates. This platform, focused
on drug substance processes and impurity control, is equipped with pilot-scale capabilities
that sufficiently support our preclinical research, including good laboratory practice (“GLP”)
toxicology studies, and early-stage clinical development. We have also built a robust good
manufacturing practice (“GMP”) quality management system, becoming the first siRNA drug
developer in China to pass the qualified person ( “ QP ” ) audits of the EU, striving to ensure
compliance with global clinical development standards. Our CMC and quality management system
allows us to meet the speed, quality, and cost-effectiveness demands while advancing a deep and
expanding pipeline, laying a solid foundation for the development of innovative, affordable drugs
for a broad patient population.

AI-powered Drug Discovery Platforms
We have been building an automated intelligent drug screening platform to accelerate candidate
molecule screening and optimization, continuously enhancing R&D efficiency and platform
capabilities to support innovation. Additionally, we have established and continuously optimized
our in-house AI-Driven Development (“AIDD”) platform on the foundation of our proprietary
R&D expertise and data, and established an AI for Science (“AI4S”) collaboration ecosystem with
outstanding partners. This dual-track model of in-house development and external partnerships
drives AI-powered innovation across the R&D workflow and accelerates innovative drug discovery
and development.

13

R&D
We believe R&D is critical to our future growth and our ability to remain competitive in the
global biopharmaceutical market. Our in-house R&D capabilities, built on our clinically validated
proprietary technology platforms, give us control and visibility over our R&D process, and enable
us to ensure the quality and efficiency of our drug development programs.
We have established a robust drug R&D engine that drives deliveries at all stages of our innovation
processes, from drug discovery, preclinical, translational science, CMC to clinical development.
Our clinical development strategy reflects established industry practices of conducting trials in
jurisdictions that offer efficient regulatory pathways while generating data that is accepted by
major health authorities including the EMA, FDA and China’s Center for Drug Evaluation (“CDE”)
of NMPA.
Our R&D activities were primarily conducted in China and Sweden. In China, we have established
two R&D centers in Beijing and Suzhou, the former is home to our proprietary technology
platforms and research laboratories equipped with advanced equipment to support our drug
discovery, preclinical and clinical research needs, the latter center mainly houses our medical
chemistry, CMC development and manufacturing team, and is the first siRNA drug facility in
China to pass the QP audits of the EU.
We also conduct R&D activities in Sweden through Ribocure AB, where an international Clinical
Trial Unit (“CTU”), Ribocure Clinic, was set up in Mölndal, Sweden to specialize in the execution
of phase 2 clinical trials across cardiovascular, liver, lung, renal and other disease areas. Ribocure
Clinic has obtained the approval from the Swedish Medicines Agency to conduct clinical studies.
Notably, our R&D leadership has extensive prior experience in oligonucleotide therapeutics
research and a demonstrated track record contributing to the advancement of this emerging
therapeutic modality. As of June 30, 2026, our in-house R&D team consisted of 299 members,
primarily located in PRC and Sweden. Approximately 35.8% and 13.7% of these R&D team
members held master and doctoral degrees, respectively, mainly in pharmaceutical science,
biology, chemistry, and medicine.
We have established strong relationships with renowned experts in our focus R&D areas
worldwide. Our scientific advisory board comprises of seven world-class experts in the fields
of cardiovascular, liver and renal diseases with presence spanning China, the U.S., Sweden,
France and the Netherlands. The scientific advisory board plays an instrumental role in both our
early pipeline development and the advancement of clinical projects and global collaborations.
Leveraging our strong R&D capabilities and robust R&D team, we were awarded the High-tech
Enterprise Certificate in November 2025.
License and Collaboration Arrangements
We have established, and will continue to pursue, strategic partnerships to accelerate the
development of our pipeline across key global markets, expand our global clinical development
capabilities, and fuel our future innovation and long-term growth.

14

In February 2026, we entered into a new worldwide licensing agreement with Madrigal for six
pre-clinical siRNA programs for the treatment of MASH. Under such agreement, we have granted
Madrigal an exclusive global license to develop, manufacture, and commercialize several siRNA
assets. We have received an upfront payment of US$60 million and cumulative payments could
reach US$4.4 billion if certain development, regulatory and commercial milestones are achieved,
as well as potential royalties on net sales. As of the date of this announcement, the first candidate
drug nomination milestone has been achieved in the siRNA partnership with Madrigal. Beyond
the partnership with Madrigal outlined above, since our inception, we have entered into several
licensing and collaboration deals with Boehringer Ingelheim and Qilu Pharmaceutical, respectively,
with over US$6.5 billion in total deal value. As of the date of this announcement, we have
achieved one development milestone in Madrigal deal, three development milestones in Boehringer
Ingelheim deal, and two development milestones in Qilu Pharmaceutical deal.
Intellectual Properties
We are committed to the development and protection of our intellectual properties. Our future
success depends significantly on our ability to obtain and maintain strong patent coverage, as
well as our ability to secure other forms of intellectual property and proprietary rights protection,
including protection of key technologies, inventions, and trade secrets that are important to our
drug pipeline and technology platform. Equally important is our capacity to defend and enforce
these patents, preserve the confidentiality of our trade secrets, and ensure our freedom to operate
without infringing upon, misappropriating, or otherwise violating the valid and enforceable
intellectual property rights held by third parties.
We have a global portfolio of patents to protect our drug candidates and technologies. As of the
end of the Reporting Period, we owned 260 patents, including 66 issued patents in China, 59 issued
patents in Europe, 22 issued patents in the U.S., 113 issued patents in other jurisdictions, as well
as 233 patent applications, including 81 in China, 22 in Europe, 14 in the U.S., 23 under the Patent
Cooperation Treaty (PCT), and 93 in other jurisdictions.
Manufacturing
To date, our manufacturing activities are primarily limited to supporting our drug development
process. We have established one cGMP-compliant manufacturing facility in Kunshan, Jiangsu
province, China, and adhere to the requirements under the cGMP standards and other applicable
regulations and guidelines in China, Europe, the U.S. and other relevant jurisdictions in our drug
manufacturing process. We currently have GMP-compliant manufacturing line with an annual
capacity of around 5kg of drug substance, which can fully support our current clinical development
plan, and is one of the few oligonucleotide drug substance manufacturing facilities in China that
have passed the QP audits of the EU.
In addition, our manufacturing facility in Tianjin, China, operated through our subsidiary
Azemidite, is responsible for the production of phosphoramidite and nucleoside products, the key
components in the synthesis of nucleotide strands. This facility, commenced bulk manufacturing
in March 2025, is designed to support our clinical development programs and future marketed
products while also generating revenue through external commercial sales.

15

We currently outsource certain manufacturing activities, primarily the large-scale manufacturing of
oligonucleotide drug substance for phase 3 clinical trial and the formulation production, to industry
recognized contract development and manufacturing organizations (“CDMO”) in China, as we
believe it is cost-effective and efficient to engage CDMOs for certain manufacturing activities and
enables us to focus on, and allocate our resources to, the discovery and clinical development of our
candidates. When selecting CDMOs we consider several factors, including manufacturing capacity,
qualifications, geographic location, track record, adherence to applicable regulations and standards,
as well as compatibility with our R&D priorities. We conduct quality assurance audit programs to
monitor and evaluate the services of our CDMOs.
Supply Chain
Our suppliers primarily consisted of (i) contract research organizations (“CRO”) and CDMOs, and
(ii) suppliers of raw materials and consumables for our drug development.
The services provided by our CROs under our supervision generally include site management,
patient recruitment and data management for our clinical trials, as well as preclinical and clinical
laboratory testing and other specialized tasks aligned with our needs. We have established standard
operating procedures for CRO management, setting out stringent protocols for CRO selection,
audits, laboratory management, and process supervision. We select CROs based on various factors,
such as professional qualifications, research experience in relevant fields, service quality and
efficiency, regulatory inspection history, industry reputation, and pricing. We have continually
strengthened our ability to exercise oversight and maintain quality control over the work performed
by our CROs. We also engaged industry-recognized CDMOs to supplement our in-house capacity
so as to enhance efficiency and reduce operational costs.
We have established stable relationships with qualified raw material suppliers which we believe
have sufficient capacity to meet our demands. To monitor the quality of raw materials supplies,
we implemented a standardized operating system, setting out the procedures and guidelines for the
procurement of raw materials, quality control inspection, warehousing, testing, and storage.
Commercialization
As of the date of this announcement, we had not obtained marketing approval for any drug
candidates, nor had we generated any revenue from product sales.
Although our drug candidates have yet to be commercialized, we are actively contemplating the
establishment of our commercial infrastructure and capabilities. Anticipating commercialization of
our clinical-stage assets in the next few years, we plan to adopt a two-pronged approach:
In-house Capabilities. We will incrementally build our own commercialization capabilities to
provide flexibility, optimize resource allocation, and better adapt to evolving market dynamics.
We plan to gradually establish our in-house sales and marketing teams composed of experienced
professionals covering key therapeutic areas. Our in-house sale force will focus on our sales and
marketing activities in China.

16

External Partnerships. We will continue to pursue a flexible collaborative strategy, which we
believe will allow us to rapidly deliver our innovative drugs to the patients in need by leveraging
the expertise and capabilities of external partners. This approach also enables us to concentrate
on our core capabilities to develop next-generation therapies, while efficiently bringing our drug
candidates to the global market as they approach commercialization, utilizing our collaborators’
extensive networks and expertise worldwide.
Looking forward, we will continue to refine our commercialization strategy in line with the
progress of our clinical programs, regulatory developments and market conditions, with a view to
establishing an efficient and sustainable commercialization model.
Employees and Remuneration
As of June 30, 2026, the Group had a total of 453 full-time employees (as of June 30, 2025: 404
full-time employees), of which 66.0% were R&D staff, 10.8% were manufacturing staff, and
23.2% were general and administrative staff. The total remuneration cost incurred by the Group
was RMB109.0 million for the six months ended June 30, 2026, and RMB102.4 million for the six
months ended June 30, 2025. The increase in remuneration cost was primarily attributable to the
annual salary adjustments for employees during the Reporting Period.
We enter into employment agreements with our employees that cover matters such as wages,
benefits, intellectual property assignment clause and grounds for termination. The remuneration
package of our employees primarily includes salary, bonus and share-based compensation, which
are generally determined by their qualifications, performance review, and seniority. We also enter
into standard confidentiality and non-competition agreements with our employees. We recruit our
employees primarily through online recruitment, campus recruitment and headhunter referral. We
conduct new employee training, as well as tailored training programs for employees in different
positions in accordance with internal policy and procedures.
The Company has adopted the Employee Incentive Scheme, the Pre-IPO Share Option Scheme
and Ribocure AB Share Incentive Scheme to provide incentives for the eligible participants. For
further details, please refer to the section headed “Share Incentive Schemes” in Appendix VII to
the Prospectus.
During the Reporting Period, the Company has adopted the H Share Option Scheme and the H
Share Incentive Scheme to provide incentives for the eligible participants. For further details,
please refer to the circular of the 2025 annual general meeting of the Company dated May 12,
2026.

17

Significant Investments, Material Acquisitions and Disposals
On June 30, 2026, the Company, as the purchaser, and Tianjin Haihe Asymchem Biomedical
Industry Innovation Investment Fund (L.P.) (天津海河凱萊英生物醫藥產業創新投資基金(有限
合夥)) (“Haihe Asymchem Fund”), as the vendor, entered into the equity transfer agreement,
pursuant to which the Company has conditionally agreed to acquire, and Haihe Asymchem
Fund has conditionally agreed to sell, 25.93% equity interest in Azemidite at a consideration of
RMB70,000,000 (the “Acquisition”). Pursuant to Rule 14A.101 of the Listing Rules, as (i) Haihe
Asymchem Fund is a connected person of the Company at the subsidiary level; (ii) the Board has
approved the Acquisition; and (iii) all the independent non-executive Directors have also confirmed
that the terms of the Acquisition are fair and reasonable, the Acquisition is on normal commercial
terms and is in the interests of the Company and the Shareholders as a whole, the Acquisition is
subject to the reporting and announcements but is exempt from the circular, independent financial
adviser’s opinion and independent Shareholders’ approval requirements under Rule 14A.101 of the
Listing Rules. Please refer to the announcement of the Company dated June 30, 2026 for further
details.
Save as disclosed above, the Group did not make or hold any significant investments on a
standalone basis as of June 30, 2026 (including any investment in an investee company with a
value of 5% or more of the Group’s total assets as of June 30, 2026). The Group did not have any
material acquisitions or disposals of subsidiaries, associates and joint ventures during the period
from the Listing Date to June 30, 2026.
Future Plans for Material Investments or Capital Assets
As of June 30, 2026, save as disclosed in the section headed “Future Plans and Use of Proceeds” in
the Prospectus and further explained in section headed “Use of Proceeds from the Global Offering”
below, the Group had no future plans for material investments or capital assets.
Important Events after the Reporting Period
In July 2026, the first candidate drug nomination milestone has been achieved in the siRNA
partnership with Madrigal to advance cutting-edge RNA therapeutics for liver diseases, with
a primary focus on MASH. This milestone is the result of efficient collaboration and will be
followed by immediate initiation of IND-enabling studies to support planned clinical studies.
In July 2026, we presented phase 2a clinical data of Core Product vortosiran in patients with
chronic CAD. The randomized, double-blind, placebo-controlled study demonstrated that
vortosiran in patients receiving standard-of-care aspirin treatment was generally well tolerated and
achieved profound, dose-dependent, and long-lasting suppression of FXI activity (NCT06717074,
clinicaltrials.gov). Patients with chronic CAD with previous myocardial infarction on aspirin
were investigated in the current trial. Patients completing the high-dose group vortosiran dosing
regimen, at a maintenance dose of 400mg, achieved a mean maximum reduction in FXI activity of
92%, which sustained for several months following dosing. This data supports every three to six
months dosing in various indications. Additionally, no treatment-related serious adverse events,
major bleeding events, or clinically relevant non-major bleeding events were observed.
In July 2026, the Acquisition of the 25.93% equity interest in Azemidite was completed and
Azemidite remained a direct non-wholly owned subsidiary of the Company upon the completion.
In July 2026, the Company repurchased a total of 569,400 H Shares on the Stock Exchange held as
treasury shares (as defined under the Listing Rules).
Save as disclosed in this announcement, there were no important events affecting the Group
occurred since the end of the Reporting Period and up to the date of this announcement.
18

Future Development
As a transformative therapy in modern pharmaceuticals, the oligonucleotide drug is sweeping
across the global biopharmaceutical industry at an unprecedented pace of development. As a
global leading pioneer in oligonucleotide therapeutics, we will seize the historic developmental
opportunity to accelerate the development of our Core Product and other pipeline drug candidates,
actively expand our targeted oligonucleotide extra-hepatic delivery technology platform, meanwhile
pursue sustainable growth through global business development and strategic partnerships to
maximize the commercial value of our drug candidates. Specifically, we intend to maintain and
expand our leading strength through the following development strategies:

1)

Accelerating the global development and commercialization of our leading drug
candidates
Leveraging our global clinical development and regulatory capabilities, we will rapidly
advance a portfolio of drug candidates with global leading advantages into clinical
development at the earliest opportunity. Among them, the phase 2a clinical trial of our
Core Product vortosiran in Sweden has been completed, with trial results been disclosed at
the CPIC 2026, and the next phase of its clinical trials will be promptly initiated to further
explore additional indications including SPAF and VTE. RBD7022 (QLC7401) is our first
proprietary product to enter phase 3 clinical trials, and relevant clinical trials have been
initiated in China by our partner Qilu Pharmaceutical. We will also expedite the initiation of
the phase 2 multicenter clinical trials of RBD5044 in China and Sweden, which are currently
in well progress. In addition, we will strategically advance the further development of several
other proprietary pipeline candidates, continuously enriching and expanding our differentiated
pipeline portfolio;

2)

Actively expanding our extra-hepatic delivery platform and accelerating the translation
of platform achievements
Leveraging our liver-targeted RiboGalSTARTM delivery platform, we have developed seven
clinical-stage drug candidates and plan to advance two to four programs into clinical stages
each year. Meanwhile, we have made significant progress in targeting other organs and
tissues, including the RiboPepSTARTM platform for targeting kidney and RiboCygnusTM for
targeting CNS, and the RiboOncoSTARTM platform for targeted tumors. We will rapidly
advance our differentiated extra-hepatic oligonucleotide drug candidates into clinical
development, to address previously undruggable disease targets, and further unlock the vast
potential of oligonucleotide drug in extra-hepatic treatment areas;

3)

Implementing a comprehensive global commercialization strategy to advance the
sustainable development of the Company
We have established strategic collaborations in the field of MASH with several international
pharmaceutical companies for our liver-targeted RiboGalSTAR TM platform. Going
forward, we will strengthen our international business development team, enhance our
commercialization capabilities, further unlock the value of our delivery platforms, maximize
the utilization of our resources and leverage synergies with our partners to capture market
opportunities and improve returns. Concurrently, for our pipeline products, we will continue
to pursue a dual-pronged strategy by actively seeking partnerships with global MNCs or
leading domestic biopharmaceutical companies, accelerating product development while fully
realizing product value and achieving commercialization at the earliest opportunity; and
19

4)

Continuing to advance our global expansion and build a world-leading
biopharmaceutical company
With strong foundations established in China and Europe, we have built an efficient
global R&D system. Led by our senior management team with extensive multinational
pharmaceutical experience, we will continue to refine and enhance our globalization strategy.
We will also continue to recruit both domestically and internationally talents with extensive
experience in oligonucleotide drug discovery, clinical development, CMC, commercialization
and management at multinational company. Meanwhile, our scientific innovation capabilities
will be further strengthened through collaboration with world-renowned experts on our
scientific advisory board. We expect to become a global leading biopharmaceutical company
at the earliest opportunity and accelerate the delivery of innovative oligonucleotide therapies
to patients worldwide.

FINANCIAL REVIEW
Overview
The following discussion is based on, and should be read in conjunction with, the financial
information and the notes included elsewhere in this announcement.
Revenue
During the Reporting Period, our revenue was mainly generated from licensing and collaboration
arrangements with our strategic partners. Our revenue increased by 304.3% from RMB103.8
million for the six months ended June 30, 2025 to RMB419.7 million for the six months ended
June 30, 2026, primarily attributable to the partial recognition of licensing revenue under the
Group ’ s global exclusive licensing collaboration with Madrigal, together with the revenue
recognized upon the achievement of milestones under the Group’s collaboration with Boehringer
Ingelheim, in relation to the development and commercialization of siRNA therapeutics for MASH.
Cost of Sales
During the Reporting Period, our cost of sales was mainly related to costs associated with licensing
and collaboration revenue, as well as costs of nucleoside monomers and other materials sold to
external customers. Our cost of sales increased by 188.8% from RMB6.6 million for the six months
ended June 30, 2025 to RMB19.0 million for the six months ended June 30, 2026, primarily
attributable to the increase in costs associated with the higher licensing and collaboration revenue
recognized during the Reporting Period, together with higher costs of nucleoside monomers and
other materials resulting from the increase in sales of such products.
Gross Profit and Gross Profit Margin
Our gross profit increased by 312.2% from RMB97.2 million for the six months ended June 30,
2025 to RMB400.7 million for the six months ended June 30, 2026, and the gross profit margin
increased by 1.8 percentage points from 93.7% for the six months ended June 30, 2025 to 95.5%
for the six months ended June 30, 2026, primarily attributable to the increased contribution from
high-margin licensing revenue recognized under the Group’s licensing collaboration with Madrigal
and Boehringer Ingelheim, which involved relatively low cost of revenue.

20

Other Income and Gains
For the six months ended June 30, 2026, we recorded RMB19.1 million in other income and gains,
representing an increase as compared to RMB7.2 million for the six months ended June 30, 2025,
primarily attributable to the increase in bank interest income during the Reporting Period.
R&D Expenses
Our R&D expenses increased by 53.0% from RMB129.1 million for the six months ended June 30,
2025 to RMB197.6 million for the six months ended June 30, 2026, primarily attributable to the
advancement of the Group ’s core R&D pipeline into later-stage clinical development, as well as the
increase in the number of other IND-stage pipeline candidates and the continued progress of such
candidates through their respective stages of development, which collectively resulted in higher
R&D-related expenses during the Reporting Period. The following table provides information
regarding the breakdown of the R&D expenses of the Company for the periods indicated:
For the six months ended June 30,
2025
2026
’
RMB 000
RMB ’000
(unaudited)
(audited)
Staff costs
Clinical trial and technical service expenses
Depreciation and amortization
Reagents and consumables
Share-based compensation
Others

78,448
70,963
16,243
19,679
5,150
7,118

65,701
26,942
16,672
8,837
5,690
5,300

Total

197,601

129,142

Selling and Distribution Expenses
Our selling and distribution expenses decreased by 14.5% from RMB0.6 million for the six
months ended June 30, 2025 to RMB0.5 million for the six months ended June 30, 2026, primarily
attributable to the decrease in marketing and promotional expenses during the Reporting Period.
Administrative Expenses
Our administrative expenses increased by 20.9% from RMB52.1 million for the six months ended
June 30, 2025 to RMB63.0 million for the six months ended June 30, 2026, primarily attributable
to the increase in professional and consulting service fees in connection with the Company’s
listing-related activities during the Reporting Period.
Other Expenses
Other expenses primarily included (i) foreign exchange losses, net; (ii) fair value losses on
financial assets at fair value through profit or loss, mainly comprising investments in listed
securities; and (iii) impairment losses on inventories. Our other expenses increased from RMB6.4
million for the six months ended June 30, 2025 to RMB67.7 million for the six months ended
June 30, 2026, primarily attributable to the foreign exchange losses arising from the depreciation

21

of the U.S. dollar and the HK dollar against the Renminbi during the Reporting Period since the
Company retained portions of the proceeds from the Listing (denominated in HK dollars) and the
upfront payment received from Madrigal (denominated in U.S. dollars).
Finance Costs
Our finance costs increased by 12.2% from RMB10.2 million for the six months ended June
30, 2025 to RMB11.5 million for the six months ended June 30, 2026, primarily attributable to
the increase in interest expenses on bank borrowings and the amortized cost associated with the
minority shareholders’ repurchase rights in Azemidite during the Reporting Period.
Income Tax Expense
Our income tax expense increased from RMB3.9 million for the six months ended June 30, 2025 to
RMB55.1 million for the six months ended June 30, 2026, primarily attributable to the withholding
tax arising from the licensing revenue recognized under the Group’s collaboration with Madrigal
and the milestone revenue recognized under the Group’s collaboration with Boehringer Ingelheim
during the Reporting Period.
Profit/(Loss) for the Period
As a result of the foregoing, we recorded profits of RMB23.4 million and losses of RMB97.8
million for the periods ended June 30, 2026 and 2025, respectively.
Property, Plant and Equipment
Our property, plant and equipment primarily consisted of buildings for offices and manufacturing
facility, R&D equipment, leasehold improvements as well as office equipment. Our property, plant
and equipment decreased by 4.5% from RMB177.9 million as of December 31, 2025 to RMB169.9
million as of June 30, 2026, primarily attributable to the depreciation charges recognized during
the Reporting Period.
Financial Assets at Fair Value through Profit or Loss
Our financial assets at fair value through profit or loss were mainly related to the investments in
listed securities. We recorded the financial assets at fair value through profit or loss of RMB31.9
million as of June 30, 2026, primarily attributable to the Group’s investments in listed securities.
Inventories
Our inventories primarily consisted of raw materials, work-in-progress, and finished goods related
to our drug candidates. Our inventories increased by 12.2% from RMB54.9 million as of December
31, 2025 to RMB61.6 million as of June 30, 2026, primarily attributable to the reversal of
inventory impairment provisions upon the sales of goods by Azemidite, together with an increase
in goods delivered for which revenue had not yet been recognized during the Reporting Period.

22

Trade and Bills Receivables
Our trade and bills receivables primarily consisted of milestone payment receivable and receivables
from sales of products. Our trade and bills receivables increased from RMB5.5 million as of
December 31, 2025 to RMB60.4 million as of June 30, 2026, primarily attributable to the milestone
payment receivable from Qilu Pharmaceutical and the increase in receivables arising from the sales
of goods by Azemidite during the Reporting Period.
Prepayments, Other Receivables and Other Assets
Our prepayments, other receivables and other assets primarily consisted of (i) value-added tax
recoverable in relation to our domestic input value-added tax credit refund, (ii) recoverable
withholding tax representing the portion of income tax withheld in excess of the applicable treaty
rate that can be refunded later, (iii) prepayments to suppliers in our R&D activities, (iv) funds
held for Share repurchase, and (v) other receivables. Our prepayments, other receivables and other
assets increased by 130.3% from RMB49.9 million as of December 31, 2025 to RMB114.9 million
as of June 30, 2026, primarily attributable to the increase in funds set aside for the repurchase of H
Shares and higher prepayments for clinical research activities during the Reporting Period.
Trade Payables
Our trade payables primarily consisted of payables in relation to our R&D activities. Our trade
payables increased by 99.5% from RMB11.6 million as of December 31, 2025 to RMB23.2 million
as of June 30, 2026, primarily attributable to the increase in R&D activities, which resulted in
higher payables for R&D services and materials during the Reporting Period.
Other Payables and Accruals
Our other payables and accruals primarily consisted of (i) redemption liabilities, which is the
financial obligation arising from the non-controlling shareholders of Azemidite having the right, as
stipulated in the shareholders’ agreement, to demand us to redeem its share capital at the original
investment cost plus an agreed-upon interest rate, (ii) staff salaries, bonuses and welfare payables,
(iii) government grants payable, primarily representing government grants received that are
recognized as liabilities until the conditions are fulfilled, (iv) payables for purchase of property,
plant and equipment, and (v) other tax payable, representing tax payable other than corporate
income tax. Our other payables and accruals decreased by 13.0% from RMB152.7 million as
of December 31, 2025 to RMB132.9 million as of June 30, 2026, primarily attributable to the
payment during the Reporting Period of listing expenses and staff bonuses accrued for 2025.
Contract Liabilities
Our contract liabilities primarily represented the obligations to provide services to customers for
which the Group has received consideration. Our contract liabilities increased from RMB64.3
million as of December 31, 2025 to RMB244.1 million as of June 30, 2026, primarily attributable
to the long-term advances received from Madrigal in relation to the provision of the right to access
intellectual property.

23

Interest-bearing Bank and Other Borrowings
Our interest-bearing bank and other borrowings were RMB522.4 million and RMB523.2 million as
of December 31, 2025 and June 30, 2026, respectively.
Capital Expenditures
Our capital expenditures amounted to RMB3.3 million for the six months ended June 30, 2026,
compared to RMB0.5 million for the six months ended June 30, 2025, which were used for the
purchase of R&D equipment.
Capital Commitments
As of June 30, 2026, our capital commitments amounted to RMB9.9 million (as of December 31,
2025: RMB8.5 million), which were mainly related to the purchase of R&D equipment.
Contingent Liabilities
As of June 30, 2026, we did not have any material contingent liabilities.
Foreign Exchange Exposure
During the Reporting Period, our major businesses are carried out in the Chinese mainland and
Sweden, and most of the transactions are conducted in Renminbi and U.S. dollars. Most of
our assets and liabilities are denominated in Renminbi. The Group has cash at bank in foreign
currencies, which exposes the Group to foreign exchange risk. The Group does not use any
derivative contracts to hedge against foreign exchange risk. The Group manages its foreign
exchange risk by closely monitoring the movement of foreign exchange rates and will take prudent
measures to minimize the currency translation risk.
Capital Management
The primary objectives of the Group’s capital management are to safeguard the Group’s ability to
continue as a going concern and to maintain healthy capital ratios in order to support its business
and maximize Shareholders’ value. The Group manages its capital structure and makes adjustments
to it in light of changes in economic conditions and the risk characteristics of the underlying
assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment
to Shareholders, return capital to Shareholders or issue new Shares. The Group is not subject to
any externally imposed capital requirements. No changes were made in the objectives, policies or
processes for managing capital during the six months ended June 30, 2026 and 2025.
Liquidity and Financial Resources
Our cash and cash equivalents increased from RMB406.7 million as of December 31, 2025 to
RMB2,242.3 million as of June 30, 2026, primarily attributable to the receipt of net proceeds
from the Listing and licensing income from the Group’s collaboration arrangements during the
Reporting Period.

24

During the Reporting Period, we primarily financed our operations through equity and debt
financing, as well as revenue from our licensing and collaboration arrangements. We expect
to continue to incur significant expenses for the foreseeable future as we advance our drug
candidates, which will be funded by a combination of our cash on hand, cash flow from our license
and collaboration arrangements, bank borrowings, and proceeds from the Global Offering. We
follow a set of funding and treasury policies to manage our capital resources and mitigate potential
risks. We will closely monitor our liquidity position and maintain an adequate level of cash and
bank balances to finance our operations and mitigate the impact of cash flow fluctuations. We will
continue to concentrate our resources on the development of the Core Product while exercising
disciplined control over other expenses to manage operating cash outflows. The Board would
also consider various funding sources depending on our funding needs to ensure that the financial
resources have been used in the most cost-effective and efficient way to meet our financial
obligations. The Board reviews and evaluates our funding and treasury policy from time to time to
ensure its adequacy and effectiveness.
During the Reporting Period, we did not have any financial instruments for hedging purposes.
Borrowings and Gearing Ratio
Our Group’s total borrowings as of June 30, 2026 were RMB523.2 million (as of December
31, 2025: RMB522.4 million) which were denominated in RMB and of which approximately
RMB251.0 million was at fixed interest rates ranging from 2.3% to 4.5% per annum, which was
primarily attributable to the borrowings for R&D, working capital purposes and construction
projects. As of June 30, 2026, the gearing ratio of our Group (gearing ratio equals total
interest-bearing borrowings and lease liabilities divided by total interest-bearing borrowings, lease
liabilities and total equity attributable to owners of the parent as of June 30, 2026, multiplied by
100%) decreased to 23.9%, compared to 120.6% as of December 31, 2025, which was primarily
attributable to the significant increase in total equity attributable to owners of the parent following
the receipt of net proceeds from the Listing.
Net Current Assets/(Liabilities)
Our Group’s net current assets as of June 30, 2026 were RMB2,036.0 million, as compared to
the net current liabilities of RMB84.4 million as of December 31, 2025, primarily attributable to
the increase in cash and cash equivalents from the proceeds from the Listing and the decrease in
short-term borrowings during the Reporting Period.
Pledged Asset
As of June 30, 2026, the Group ’ s secured bank borrowings of RMB107.9 million (as of
December 31, 2025: RMB110.9 million) were secured by certain property, plant and equipment
and right-of-use assets with carrying amounts of RMB101.7 million (as of December 31, 2025:
RMB104.6 million) and RMB41.2 million (as of December 31, 2025: RMB41.6 million),
respectively.

25

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the six months ended June 30, 2026

Notes

4

REVENUE
Cost of sales
Gross profit

2026
(Unaudited)
RMB ’000

2025
(Audited)
RMB ’000

419,737
(19,032)

103,813
(6,591)

400,705

97,222
7,209
(129,142)
(565)
(52,058)
141
(6,431)
(10,243)

Other income and gains
Research and development expenses
Selling and distribution expenses
Administrative expenses
Impairment losses on financial assets, net
Other expenses
Finance costs

4

6

19,071
(197,601)
(483)
(62,955)
(1,031)
(67,656)
(11,497)

PROFIT/(LOSS) BEFORE TAX

5

78,553

(93,867)

Income tax expense

7

(55,105)

(3,898)

PROFIT/(LOSS) FOR THE PERIOD

23,448

(97,765)

Attributable to:
Owners of the parent
Non-controlling interests

20,301
3,147

(88,118)
(9,647)

23,448

(97,765)

EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE PARENT
Basic
–For profit/(loss) for the period (RMB)

9

0.12

(0.68)

Diluted
–For profit/(loss) for the period (RMB)

9

0.12

(0.68)

26

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months ended June 30, 2026
2026
(Unaudited)
RMB ’000

2025
(Audited)
RMB ’000

PROFIT/(LOSS) FOR THE PERIOD

23,448

(97,765)

OTHER COMPREHENSIVE INCOME
Other comprehensive (loss)/income that may be reclassified to
profit or loss in subsequent periods:
Exchange differences:
Exchange differences arising on translation of foreign operations

(21,588)

2,259

OTHER COMPREHENSIVE (LOSS)/INCOME FOR
THE PERIOD, NET OF TAX

(21,588)

2,259

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR
THE PERIOD

1,860

(95,506)

Attributable to:
Owners of the parent
Non-controlling interests

9,582
(7,722)

(86,741)
(8,765)

1,860

(95,506)

27

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June 30, 2026
June 30,
2026
(Unaudited)
RMB ’000

December 31,
2025
(Audited)
RMB ’000

169,939
60,605
69,053
7,130
849

177,862
67,173
76,834
–
890

307,576

322,759

31,893
61,634
60,408
114,937
2,242,287

–
54,929
5,458
49,917
406,746

2,511,159

517,050

23,195
118,623
104,728
218,195
9,006
1,432

11,625
138,966
64,294
373,033
12,055
1,435

475,179

601,408

NET CURRENT ASSETS/(LIABILITIES)

2,035,980

(84,358)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,343,556

238,401

Notes

NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Intangible assets
Other non-current assets
Cash and bank balances

10

Total non-current assets
CURRENT ASSETS
Financial assets at fair value through profit or loss
Inventories
Trade and bills receivables
Prepayments, other receivables and other assets
Cash and bank balances

11
12

Total current assets
CURRENT LIABILITIES
Trade payables
Other payables and accruals
Contract liabilities
Interest-bearing bank and other borrowings
Lease liabilities
Tax payable

13
14

Total current liabilities

28

Notes

NON-CURRENT LIABILITIES
Contract liabilities
Interest-bearing bank and other borrowings
Lease liabilities
Deferred income
Other payables and accruals

14

Total non-current liabilities
Net assets
EQUITY
Share capital
Reserves

15

Equity/(deficits) attributable to owners of the parent
Non-controlling interests
Total equity

29

June 30,
2026
(Unaudited)
RMB ’000

December 31,
2025
(Audited)
RMB ’000

139,356
304,982
10,577
31,891
14,231

–
149,381
15,601
32,881
13,764

501,037

211,627

1,842,519

26,774

170,555
1,558,974

134,203
(228,141)

1,729,529

(93,938)

112,990

120,712

1,842,519

26,774

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
1.

BASIS OF PREPARATION
The interim condensed consolidated financial information for the six months ended June 30, 2026 has been
prepared in accordance with HKAS 34 Interim Financial Reporting. The interim condensed consolidated
financial information does not include all the information and disclosures required in the annual financial
statements, and should be read in conjunction with the Group’s annual consolidated financial statements for the
year ended December 31, 2025.
The interim condensed consolidated financial information has been prepared under the historical cost
convention, except for financial assets at fair value through profit or loss which have been measured at fair
value. The interim condensed consolidated financial information is presented in Renminbi (“RMB”) and all
values are rounded to the nearest thousand (RMB’000) except when otherwise indicated.

2.

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies adopted in the preparation of the interim condensed consolidated financial information
are consistent with those applied in the preparation of the Group’s annual consolidated financial statements
for the year ended December 31, 2025, except for the adoption of the following amended IFRS Accounting
Standards for the first time for the current period’s financial information.
Amendments to IFRS 9 and IFRS 7

Amendments to the Classification and Measurement
of Financial Instruments

Amendments to IFRS 9 and IFRS 7

Contracts Referencing Nature-dependent Electricity

Annual Improvements to IFRS Accounting Standards –
Volume 11

Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10
and IAS 7

The application of the amended IFRS Accounting Standard in the period has had no material impact on the
Group’s financial performance and positions for the current and prior periods and/or on the disclosures set out
in these interim condensed consolidated financial statements.
3.

OPERATING SEGMENT INFORMATION
Operating segment information
For management purposes, the Group is not organised into business units based on their products and only has
one reportable operating segment. Management monitors the operating results of the Group’s operating segment
as a whole for the purpose of making decisions about resource allocation and performance assessment.
Geographical information
Since nearly all of the Group’s non-current assets were located in the Chinese mainland during the reporting
period, no geographical segment information in accordance with IFRS 8 Operating Segments is presented.
Information about major customers
External customers that contributed over 10% of total revenue of the Group for the reporting periods are as
follows:
For the six months ended June 30,
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Audited)
206,131
154,238
47,284

Customer A
Customer B
Customer C

30

–
72,933
28,826

4.

REVENUE, OTHER INCOME AND GAINS
An analysis of revenue is as follows:
For the six months ended
June 30,
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Audited)
419,737

Revenue from contracts with customers
(a)

103,813

Disaggregated revenue information
For the six months ended
June 30,
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Audited)

(b)

Types of revenue
Collaboration revenue
Others

407,248
12,489

101,326
2,487

Total

419,737

103,813

Geographical markets
Overseas
Chinese mainland

360,615
59,122

73,198
30,615

Total

419,737

103,813

Timing of revenue recognition
Products transferred at a point in time
Services transferred at a point in time
Services transferred over time

12,489
168,970
238,278

2,487
69,179
32,147

Total

419,737

103,813

Performance obligations

Rights to access intellectual property during the research term
The performance obligation is satisfied over time as the rights to use the intellectual property services are
rendered.

Research and development services
The performance obligation of research and development services is satisfied at the point when the
control of the research and development services is transferred to the customer and the customer is able
to consume and benefit from the services. The payment is generally settled within 30 days after the issue
of invoice to the customer.

31

Technology transfer
The performance obligation is satisfied upon completion of delivery and acceptance by the customer.

Licensing-out of intellectual property
The performance obligation is satisfied upon the know-how is transferred to the licensee and the licensee
is able to use and benefit from the licences.

Product revenue
The performance obligation is satisfied upon delivery of the products and payment is generally due within
15 to 30 days from delivery, except for new customers, where payment in advance is normally required.
An analysis of other income and gains is as follows:
For the six months ended
June 30,
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Audited)
Other income
Government grants*
– income
– assets
Bank interest income
Others

7,695
990
10,364
22

6,056
816
337
–

Total other income

19,071

7,209

*

The government grants mainly represent subsidies received from the local governments for
the purpose of compensation for expenses spent on research and development activities and
construction of assets of the Group.

There was no unfulfilled condition or contingency relating to the government grants.

32

5.

PROFIT/(LOSS) BEFORE TAX
The Group’s profit/(loss) before tax is arrived at after charging/(crediting):

Note

For the six months ended
June 30,
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Audited)
11,973
7,059

1,766
4,825

10,751
5,358
7,808
197,601
–

11,536
4,772
7,825
129,142
8,879

1

10

1,177
300

1,410
–

83,661
12,694
3,191
9,490

78,595
12,407
2,278
9,160

Total

109,036

102,440

Foreign exchange differences, net
Write-down of inventories to net
realisable value****
Impairment of trade and bills receivables
Impairment of financial assets included in
prepayments, other receivables and other assets
Interest on other payables
Unrealised fair value changes on financial assets at
fair value through profit or loss

62,648

1,267

2,336
1,074

5,153
(24)

(43)
2,783

(117)
2,165

2,671

–

Cost of inventories sold*
Cost of services provided*
Depreciation of items of property, plant and
equipment
Depreciation of right-of-use assets
Amortisation of other intangible assets
Research and development expenses**
Listing expenses
Loss on disposal of items of property, plant and
equipment****
Lease payments not included in the measurement
of lease liabilities
Auditor’s remuneration
Employee benefit expense*** (including directors’,
supervisors’ and chief executive’s remuneration:
Wages and salaries
Pension scheme contributions
Staff welfare expenses
Share-based payments

6

*

Cost of sales in the consolidated statement of profit or loss includes expenses relating to depreciation of
property, plant and equipment, depreciation of right-of-use assets, amortisation of intangible assets and
employee benefit expense, which are also included in the respective total amounts disclosed separately
above for each of these types of expenses.

**

Research and development expenses include expenses relating to depreciation of property, plant and
equipment, depreciation of right-of-use assets, amortisation of intangible assets and employee benefit
expense, which are also included in the respective total amounts disclosed separately above for each of
these types of expenses.

***

There are no forfeited contributions that may be used by the Group as the employer to reduce the existing
level of contributions.

**** Loss on disposal of items of property, plant and equipment and impairment of inventories are included in
other expenses.

33

6.

FINANCE COSTS
An analysis of finance costs is as follows:
For the six months ended
June 30,
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Audited)

7.

Interest on bank and other borrowings
Interest on lease liabilities
Interest on other payables (note 14 )

8,167
547
2,783

7,369
709
2,165

Total

11,497

10,243

INCOME TAX
For the six months ended
June 30,
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Audited)
Current
Charge for the period
Deferred

55,105
–

3,898
–

Tax charge at the Group’s effective rate

55,105

3,898

The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in
which members of the Group are domiciled and operate.
PRC corporate income tax
Under the Law of the PRC on Enterprise Income Tax (the “EIT Law”) and Implementation Regulation of
the EIT Law, the EIT rate of the Group’s PRC subsidiaries is 25%. The Company obtained the High-Tech
Enterprise Certificate on December 26, 2025. The Company is eligible to pay corporate income tax at a rate of
15% from 2025 to 2028.
Hong Kong profits tax
Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profits arising in
Hong Kong during the reporting period, except for one subsidiary of the Group which is a qualifying entity
under the two-tiered profits tax rates regime. The first HK$2,000,000 of assessable profits of this subsidiary are
taxed at 8.25% and the remaining assessable profits are taxed at 16.5%.
Australia income tax
The statutory rate of income tax for the subsidiary in Australia was 25% during the period.
Sweden income tax
The statutory rate of income tax for the subsidiary in Sweden was 20.6% during the period.

34

Withholding tax
In accordance with the Germany-China double taxation treaty, royalties and similar remunerations payable by
German companies to PRC resident enterprises are subject to a withholding tax of 10%.
In accordance with the US-China double taxation treaty, royalties and similar remunerations payable by US
companies to PRC resident enterprises are subject to a withholding tax of 10%.
8.

DIVIDENDS
No dividend was paid or declared by the Company during the reporting period.

9.

EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE
PARENT
The calculation of the basic earnings/(loss) per share amount is based on the profit/(loss) for the period
attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares of
167,909,103 (2025: 129,973,628) outstanding during the period.
2026
RMB ’000
(Unaudited)

2025
RMB ’000
(Audited)

20,301

(88,118)

Profit/(loss):
Profit/(loss) attributable to ordinary equity holders
of the parent

Number of shares
2026
Shares:
Weighted average number of ordinary shares used in the
basic earnings/(loss) per share calculation
Effect of dilution – weighted average number
of ordinary shares:
Share options
Total
Basic and diluted earnings/(loss) per share (RMB)

2025

167,909,103

129,973,628

874,228

–

168,783,331

129,973,628

0.12

(0.68)

The adjustment for the period is as follows: these options are assumed to have been exercised at the beginning
of the period (or at the date of grant, if later), and the hypothetical proceeds are applied to buy back shares of
the Company at the weighted average market price during the period. As the exercise price of these options
was lower than the weighted average market price of the Company’s shares during the reporting period, these
options were dilutive and have been included in the calculation of diluted earnings per share. However, as
the number of these options is relatively small compared to the weighted average number of ordinary shares
outstanding, the dilutive effect did not give rise to a difference at the level of precision presented. Accordingly,
diluted earnings per share for the period is the same as basic earnings per share.

35

10.

PROPERTY, PLANT AND EQUIPMENT
During the six months ended June 30, 2026, the Group acquired assets at a cost of RMB3,308,000 (June 30,
2025: RMB511,000).
Assets (other than those classified as held for sale) with a net book value of RMB1,000 were disposed of by
the Group during the six months ended June 30, 2026 (June 30, 2025: RMB877,000), resulting in a net loss on
disposal of RMB1,000 (June 30, 2025: RMB10,000).

11.

TRADE AND BILLS RECEIVABLES
June 30,
2026
RMB ’000
(Unaudited)

December 31,
2025
RMB ’000
(Audited)

Trade and bills receivables
Impairment

61,593
(1,185)

5,569
(111)

Net carrying amount

60,408

5,458

The Group’s trading terms with its customers are mainly on credit, and the credit period is generally 15 to
30 days for major customers. Each customer has a maximum credit limit. The Group seeks to maintain strict
control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue
balances are reviewed regularly by senior management. The Group does not hold any collateral or other credit
enhancements over its trade receivables balances. Trade and bills receivables are non-interest-bearing.
An ageing analysis of the trade and bills receivables as at the end of the reporting period, based on the invoice
date and net of loss allowance, is as follows:
June 30,
2026
RMB ’000
(Unaudited)

December 31,
2025
RMB ’000
(Audited)

Within 1 month
1 to 3 months
Over 3 months

52,126
5,861
2,421

4,775
485
198

Total

60,408

5,458

The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9,
which permits the use of the lifetime expected credit loss provision for all trade receivables. The Group
overall considers the characteristics of the shared credit risk and the days past due of the trade receivables to
measure the expected credit losses. Majority of the receivables were neither past due nor impaired and relate
to diversified customers for whom there was no recent history of default and in general, trade receivables are
written off if past due for more than one year and are not subject to enforcement activity.

36

12.

CASH AND BANK BALANCES

Current
Cash and cash equivalents

June 30,
2026
RMB ’000
(Unaudited)

December 31,
2025
RMB ’000
(Audited)

2,242,287

406,746

849

890

2,243,136

407,636

792,984
729,032
472,362
106,359
5,453
136,946

164,741
34,546
–
1,926
2,923
203,500

2,243,136

407,636

Non-current
Restricted cash
Total
Denominated in:
RMB
USD
HKD
EUR
AUD
SEK
Total

The RMB is not freely convertible into other currencies, however, under the Chinese mainland ’s Foreign
Exchange Control Regulations and Administration of Settlement, and Sale and Payment of Foreign Exchange
Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct
foreign exchange business.
Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances and restricted
cash are deposited with creditworthy banks with no recent history of default.
As at June 30, 2026, the Group placed an amount of RMB849,000 (December 31, 2025: RMB890,000) as rental
deposits.
13.

TRADE PAYABLES
An ageing analysis of the trade payables as at the end of the reporting period, based on the invoice date, is as
follows:
June 30,
2026
RMB ’000
(Unaudited)

December 31,
2025
RMB ’000
(Audited)

Within 1 month
1 to 2 months
2 to 3 months
Over 3 months

14,495
3,588
1,196
3,916

8,317
1,967
430
911

Total

23,195

11,625

The trade payables are non-interest-bearing and are normally settled within 60 days.

37

14.

OTHER PAYABLES AND ACCRUALS
June 30,
2026
RMB ’000
(Unaudited)

December 31,
2025
RMB ’000
(Audited)

Current
Payables for purchase of property, plant and equipment
Staff salaries, bonuses and welfare payables
Government grants payable*
Other tax payable
Other payables
Accrued expenses
Redemption liabilities**

5,789
19,334
12,692
6,781
2,834
1,193
70,000

5,074
29,806
14,692
6,485
14,024
1,201
67,684

Total

118,623

138,966

Non-current
Redemption liabilities**

14,231

13,764

*

Government grants payable will not be recognised in profit or loss until the criteria attached to the grants
have been met.

**

The non-controlling shareholder of Azemidite Biopharm Co., Ltd. ( “ Azemidite ” ), Tianjin Haihe
Asymchem Biopharmaceutical Industry Innovation Investment L.P. has possessed since July 2026 the
right to demand that the Group effectuates a redemption of its share capital.

The non-controlling shareholders of Azemidite, Bohai Chuangfu Securities Investment Co., Ltd. ( “ Bohai
Chuangfu”) and Tianjin Zhongfu Runying Enterprise Management Consulting Partnership (Limited Partnership)
(“Tianjin Zhongfu Runying”) have possessed since December 31, 2030 the right to demand that the Group
effectuates a redemption of its share capital under specific circumstances.
These redemption are to be calculated based on the original cost of the investment, inclusive of an agreed-upon
interest rate. The implementation of these options is subject to the stipulations detailed in the shareholders’
agreement.
Other payables classified as current are unsecured, non-interest-bearing and repayable on demand. The carrying
amounts of financial liabilities included in other payables and accruals as at the end of the reporting period
approximated to their fair values due to their short-term maturities.

38

15.

SHARE CAPITAL
Shares

Issued and fully paid:
170,555,000 (2025: 134,203,000) ordinary shares

June 30,
2026
RMB ’000
(Unaudited)

December 31,
2025
RMB ’000
(Audited)

170,555

134,203

A summary of movements in the Company’s issued share capital during the year/period is as follows:
Number of
shares in issue
As at January 1, 2025

129,610,105

129,610

4,593,005

4,593

As at December 31, 2025 and January 1, 2026 (Audited)

134,203,110

134,203

Issuance of new shares upon listing on the Hong Kong Stock Exchange

36,351,800

36,352

As at June 30, 2026 (Unaudited)

170,554,910

170,555

Issuance of ordinary shares

16.

Share capital
RMB ’000

EVENTS AFTER THE REPORTING PERIOD
Subsequent to the period ended June 30, 2026 and up to date of this announcement, the Company purchased
569,400 of its shares on the Stock Exchange of Hong Kong Limited and 1,057,000 of its shares via a
professional trustee appointed by the Company at a total consideration of HKD28,686,000 and HKD65,422,000,
respectively.
In June 2026, the Company, as the purchaser, and Tianjin Haihe Asymchem Biomedical Industry Innovation
Investment Fund (L.P.) (“Haihe Asymchem Fund”), as the vendor, entered into the equity transfer agreement,
pursuant to which the Company has conditionally agreed to acquire, and Haihe Asymchem Fund has
conditionally agreed to sell, 25.93% equity interest in Azemidite at a consideration of RMB70,000,000 and the
Acquisition was completed in July 2026.

39

OTHER INFORMATION
Corporate Governance Practices
We recognize the importance of incorporating elements of good corporate governance in our
management structure and internal control procedures so as to achieve effective accountability. Our
Company had adopted and applied the principles and code provisions as set out in the CG Code as
its own code of corporate governance.
As the Company’s H Shares were listed on the Stock Exchange on January 9, 2026, the CG
Code is only applicable to the Company since the Listing Date. The Board is of the view that
the Company has complied with all code provisions as set out in Part 2 of the CG Code from the
Listing Date and up to June 30, 2026, except for deviation from the code provision C.2.1 of Part
2 of the CG Code concerning the separation of the roles of chairman and chief executive officer.
Code provision C.2.1 of the CG Code states that the roles of chairman and chief executive should
be separate and should not be performed by the same individual. The division of responsibilities
between the chairman and chief executive should be clearly established and set out in writing.
The roles of chairman and chief executive officer of our Company are currently performed by Dr.
LIANG. In view of Dr. LIANG’s substantial contribution to our Group since our establishment
and his extensive experience, we consider that having Dr. LIANG acting as both our chairman and
chief executive officer will provide strong and consistent leadership to our Group and facilitate
the efficient execution of our business strategies. We consider it appropriate and beneficial to our
business development and prospects that Dr. LIANG continues to act as both our chairman and
chief executive officer, and therefore currently do not propose to separate the functions of chairman
and chief executive officer. While this would constitute a deviation from the code provision C.2.1
of Part 2 of the CG Code, the Board believes that this structure will not impair the balance of
power and authority between the Board and the management of our Company, given that: (i) there
are sufficient checks and balances in the Board, as a decision to be made by our Board requires
approval by at least a majority of our Directors, and our Board comprises three independent
non-executive Directors, which is in compliance with the requirement under the Listing Rules; (ii)
Dr. LIANG and the other Directors are aware of and undertake to fulfill their fiduciary duties as
Directors, which require, among other things, that he acts for the benefit and in the best interests
of our Company and will make decisions for our Group accordingly; and (iii) the balance of power
and authority is ensured by the operations of the Board which comprises experienced and high
caliber individuals who meet regularly to discuss issues affecting the operations of our Company.
Moreover, the overall strategic and other key business, financial, and operational policies of our
Group are made collectively after thorough discussion at both Board and senior management
levels. The Board will continue to review the effectiveness of the corporate governance structure
of our Group in order to assess whether the separation of the roles of chairman and chief executive
officer is necessary.
The Company will continue to regularly review and monitor its corporate governance practices
to ensure compliance with the CG Code and maintain a high standard of corporate governance
practices of the Company to safeguard the interests of our Shareholders and to enhance corporate
value and accountability.

40

Compliance with the Model Code
The Company has adopted the Model Code as its own code of conduct regarding the transactions
of securities of the Company by its Directors and the relevant employees who would likely possess
inside information of the Company since the Listing Date.
Specific enquiry has been made to all Directors and all of them have confirmed that they have
complied with the Model Code from the Listing Date and up to June 30, 2026. In addition,
the Company is not aware of any non-compliance of the Model Code by the employees of the
Company who are likely to be in possession of inside information of the Company from the Listing
Date and up to June 30, 2026.
Company’s Compliance with Relevant Laws and Regulations
During the Reporting Period and up to the date of this announcement, the Group had complied
with the applicable laws, regulations and regulatory requirements of the places where the Group
operates in all material respects, including the requirements under the Companies Ordinance, the
Listing Rules, the SFO and the CG Code for, among other things, the disclosure of information and
corporate governance.
Material Litigation
The Company was not involved in any material litigation or arbitration during the Reporting Period
which could have a material and adverse effect on our financial condition or results of operations.
The Directors are also not aware of any material litigation or claims that are pending or threatened
against the Group during the Reporting Period and up to the date of this announcement which
could have a material and adverse effect on our financial condition or results of operations.
Use of Proceeds from the Global Offering
The Company’s H Shares were listed on the Main Board of the Stock Exchange on January
9, 2026 with a total of 31,610,400 H Shares issued at a price of HK$57.97 per H Share. On
February 10, 2026, the Company issued 4,741,400 H Shares at a price of HK$57.97 per H Share
following the full exercise of the over-allotment option. The Company received net proceeds
(after deducting underwriting commissions, fees and estimated expenses payable by the Company
in connection with the Global Offering) from the Global Offering (including the full exercise of
the over-allotment option) of approximately HK$1,964.3 million. There has been no change in
the intended use of the net proceeds as set out in the Prospectus under the section headed “Future
Plans and Use of Proceeds”.
As of June 30, 2026, the net proceeds utilized were approximately HK$250.8 million and the
remaining net proceeds were approximately HK$1,713.5 million. The Company intends to continue
to utilize the remaining net proceeds in the future for the purposes as set out in the Prospectus.
The table below sets out the planned usage of the net proceeds from the Global Offering and actual
usage up to June 30, 2026:

41

Use of proceeds

Allocation
(%)

Net proceeds
from the
Global
Offering

Utilized
amount from
the Listing
Unutilized
Date to amount as of
June 30, 2026 June 30, 2026
(HK$ million)

Expected
timeline for
fully utilizing
the unutilized
amount(1)

R&D of our Core Product, RBD4059
(a) Ongoing and planned clinical
trials of RBD4059, including
its ongoing phase 2a trial in
Sweden for patients with highrisk coronary artery disease,
planned phase 2b trials and
global phase 3 trial, among
others
(b) Funding the CMC and process
development activities of
RBD4059

37.4

734.6

61.7

672.9 By 2029

35.0

687.5

61.1

626.4 By 2029

2.4

47.1

0.6

46.5 By 2029

R&D of RBD5044
(a) Ongoing and planned clinical
trials of RBD5044, including
its ongoing phase 2 trial in
Sweden for patients with mixed
dyslipidemia and global phase 3
trial, among others
(b) Funding the CMC and process
development activities of
RBD5044

19.6

385.0

16.9

368.1 By 2029

16.8

330.0

16.4

313.6 By 2029

2.8

55.0

0.5

54.5 By 2029

R&D of RBD1016
(a) Ongoing and planned clinical
trials of RBD1016 for the
treatment of CHB, including
its phase 2 global MRCT in
Sweden and Hong Kong and
global phase 3 trial, among
others

15.9

312.3

12.8

299.5 By 2029

11.7

229.8

8.3

221.5 By 2029

42

Use of proceeds
(b)

Ongoing and planned clinical
trials of RBD1016 for the
treatment of CHD, including
the ongoing phase 2a trial in
Sweden and global phase 3 trial,
among others
Funding the CMC and process
development activities of
RBD1016

Allocation
(%)

Net proceeds
from the
Global
Offering

Utilized
amount from
the Listing
Unutilized
Date to amount as of
June 30, 2026 June 30, 2026
(HK$ million)

Expected
timeline for
fully utilizing
the unutilized
amount(1)

2.4

47.1

4.4

42.7 By 2029

1.8

35.4

0.1

35.3 By 2029

Funding the R&D of our INDenabling pipeline assets, including (i)
SR122, a dual-target, lipid-lowering
siRNA candidate for dyslipidemia;
and (ii) RBD8088, a conjugated antitumor agent for glioma

10.1

198.4

55.1

143.3 By 2028

Advancing our preclinical assets
which have not yet entered the INDenabling stage and enhancing our
technology platforms

8.9

174.8

43.5

131.3 By 2028

Working capital and other general
corporate purposes

8.1

159.2

60.8

98.4 By 2028

100.0

1,964.3

250.8

(c)

Total

1,713.5

Notes:
(1)

The expected timeline for utilization of the unutilized proceeds disclosed above is based on the best estimation
from the Board in accordance with latest information as of the date of this announcement.

(2)

Any discrepancies in this table between the total and sums of amounts are due to rounding.

Interim Dividends
The Directors did not recommend the payment of an interim dividend to the Shareholders for the
six months ended June 30, 2026 (for the six months ended June 30, 2025: nil).

43

Purchase, Sale or Redemption of the Listed Securities of the Company
Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company ’s
listed securities (including any sale of treasury shares (as defined under the Listing Rules)) from
the Listing Date and up to June 30, 2026.
As of June 30, 2026, the Company did not hold any treasury shares (as defined under the Listing
Rules).
Scope of Work of Ernst & Young
The Company ’ s auditor, Ernst & Young, has reviewed the unaudited consolidated financial
statements for the six months ended June 30, 2026 in accordance with Hong Kong Standard
on Review Engagements 2410 “ Review of Interim Financial Information Performed by the
Independent Auditor of the Entity ” issued by the Hong Kong Institute of Certified Public
Accountants.
Audit Committee
The Audit Committee comprises three independent non-executive Directors, namely Mr. MA
Chaosong (馬朝松), Dr. YU Xuefeng (宇學峰) and Mr. WANG Ruiping (王瑞平). Mr. MA
Chaosong (馬朝松) currently serves as the chairperson of the Audit Committee. He holds the
appropriate professional qualifications as required under Rules 3.10(2) and 3.21 of the Listing
Rules.
The Audit Committee has reviewed the unaudited consolidated financial statements for the
six months ended June 30, 2026 with the management of the Company. The Audit Committee
considers the interim results to be in compliance with the applicable accounting standards, laws
and regulations, and the Company has made appropriate disclosures thereof. The Audit Committee
has also discussed the interim results with senior management of the Company and the Company’s
auditor.
Publication of Interim Results Announcement and Interim Report
This announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the
Company’s website (www.ribolia.com). The interim report of the Group for the six months ended
June 30, 2026 containing all the information required by the Listing Rules will be despatched to
the Shareholders (if applicable) who has requested for printed copies and will be published on the
respective websites of the Stock Exchange and the Company, in accordance with the Listing Rules
and the Company’s corporate communications arrangements in due course.
APPRECIATION
The Board would like to express its sincere gratitude to the Shareholders, management team,
employees, business partners and customers of the Group for their support and contribution to the
Group.

44

DEFINITIONS AND GLOSSARY OF TECHNICAL TERMS
“Audit Committee”

the audit committee of the Board

“Azemidite”

Azemidite Biopharm Co., Ltd. (天津興博潤生物製藥有限公司),
a limited liability company established under the laws of the PRC
on August 23, 2017 and a non-wholly owned subsidiary of our
Company

“Board”

the board of Directors of our Company

“Boehringer Ingelheim”

Boehringer Ingelheim International GMBH, a global researchdriven pharmaceutical company founded in 1885 and
headquartered in Germany; Boehringer Ingelheim ’ s human
pharma research focuses on therapeutic areas of cardiovascular
and metabolic health, cancer, mental health, eye health and
inflammatory diseases

“CG Code”

the Corporate Governance Code contained in Appendix C1 to the
Listing Rules, as amended from time to time

“China” or “PRC”

the People ’ s Republic of China, but for the purpose of this
announcement and for geographical reference only and except
where the context requires otherwise, references in this
announcement do not include Hong Kong, the Macau Special
Administrative Region of the PRC and Taiwan

“Companies Ordinance”

the Companies Ordinance (Chapter 622 of the Laws of Hong
Kong), as amended, supplemented or otherwise modified from
time to time

“Company” or “our Company”

Suzhou Ribo Life Science Co., Ltd. (蘇州瑞博生物技術股份有
限公司), a limited liability company established in the PRC on
January 18, 2007 and converted into a joint stock company with
limited liability on August 14, 2020, formerly known as Suzhou
Ribo Life Science Limited (蘇州瑞博生物技術有限公司)

“connected person(s)”

has the meaning ascribed thereto under the Listing Rules

“Core Product”

has the meaning ascribed thereto in Chapter 18A of the Listing
Rules; for the purpose of this announcement, our Core Product
refers to RBD4059 (vortosiran)

“Director(s)” or “our
Director(s)”

the director(s) of our Company

45

“Dr. LIANG”

Dr. LIANG Zicai (梁子才), the spouse of Dr. ZHANG, the
chairman of the Board, an executive Director and our chief
executive officer

“Dr. ZHANG”

Dr. ZHANG Hongyan (張鴻雁), the spouse of Dr. LIANG, an
executive Director and our president

“EMA”

the European Medicines Agency, responsible for the scientific
evaluation, supervision, and safety monitoring of medicines
within the EU and the European Economic Area

“Employee Incentive Scheme”

the share incentive scheme adopted by our Company on May 20,
2020, as amended from time to time

“EU”

European Union

“FDA”

the United States Food and Drug Administration

“Global Offering”

the offer of H Shares for subscription as described in the
Prospectus

“Group”, “our Group”, “our”,
“we” or “us”

our Company and all of our subsidiaries or, where the context
so requires, in respect of the period before our Company became
the holding company of its present subsidiaries, the businesses
operated by such subsidiaries or their predecessors (as the case
may be)

“H Share(s)”

listed ordinary share(s) in our share capital, with nominal value
of RMB1.00 each in the share capital of our Company, which are
subscribed for and traded in HK dollars, and listed on the Stock
Exchange

“H Share Incentive Scheme”

the H share incentive scheme adopted by our Company on June 5,
2026, as amended from time to time

“H Share Option Scheme”

the H share option scheme adopted by our Company on June 5,
2026, as amended from time to time

“HK dollars” or “HK$”

Hong Kong dollars, the lawful currency of Hong Kong

“Hong Kong” or “HK”

the Hong Kong Special Administrative Region of the PRC

“Listing”

the listing of our H Shares on the Stock Exchange

“Listing Date”

January 9, 2026, being the date on which dealings in our H Shares
first commence on the Stock Exchange

“Listing Rules”

the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited, as amended, supplemented or
otherwise modified from time to time
46

“Madrigal”

Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL), a
biopharmaceutical company focused on delivering novel
therapeutics for MASH, a liver disease with high unmet medical
need

“Main Board”

the stock exchange (excluding the option market) operated by
the Stock Exchange which is independent from and operated in
parallel with the GEM of the Stock Exchange

“Model Code”

the Model Code for Securities Transactions by Directors of Listed
Issuers set out in Appendix C3 to the Listing Rules

“NMPA”

the National Medical Products Administration of the PRC (國家
藥品監督管理局) and its predecessor, the China Food and Drug
Administration (國家食品藥品監督管理總局)

“Pre-IPO Share Option
Scheme”

the 2024 pre-IPO share option scheme adopted by our Company
on December 10, 2024, as amended from time to time

“Prospectus”

the prospectus issued by the Company on December 31, 2025

“Qilu Pharmaceutical”

Qilu Pharmaceutical Co., Ltd. (齊魯製藥有限公司), a
pharmaceutical company in China specializing in the research,
production and sales of preparations and original pharmaceutical
ingredients for the treatment of cardiovascular diseases,
cerebrovascular diseases, respiratory system diseases, nervous
system diseases, ophthalmic diseases and other conditions

“R&D”

research and development

“Reporting Period”

the six months ended June 30, 2026

“Ribocure AB”

Ribocure Pharmaceuticals AB, a limited liability company
incorporated in Sweden on February 18, 2022 and a non-wholly
owned subsidiary of our Company

“Ribocure AB Share Incentive
Scheme”

the share incentive scheme adopted by our subsidiary Ribocure
AB on January 5, 2023, as amended from time to time

“RMB” or “Renminbi”

Renminbi, the lawful currency of the PRC

“SFO”

the Securities and Futures Ordinance (Chapter 571 of the Laws
of Hong Kong), as amended, supplemented or otherwise modified
from time to time

“Share(s)”

ordinary share(s) in the capital of our Company with a nominal
value of RMB1.00 each

“Shareholder(s)”

holder(s) of our Share(s)

47

“Stock Exchange”

The Stock Exchange of Hong Kong Limited, a wholly-owned
subsidiary of Hong Kong Exchanges and Clearing Limited

“subsidiary(ies)”

has the meaning ascribed thereto under the Listing Rules

“treasury share(s)”

has the meaning ascribed thereto under the Listing Rules

“U.S. dollars” or “US$”

United States dollars, the lawful currency of the United States

“United States” or “U.S.”

the United States of America, its territories, its possessions and
all areas subject to its jurisdiction

“%”

per cent
By Order of the Board
Suzhou Ribo Life Science Co., Ltd.
LIANG Zicai
Chairman

Hong Kong, August 27, 2026

As of the date of this announcement, the executive Directors are Dr. LIANG Zicai, Dr. GAN
Liming and Dr. ZHANG Hongyan, the non-executive Directors are Dr. QI Fei, Mr. LI Dongfang
and Mr. LI Yuhui, and the independent non-executive Directors are Dr. YU Xuefeng, Mr. MA
Chaosong and Mr. WANG Ruiping.

48

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性
或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚
賴該等內容而引致的任何損失承擔任何責任。

Suzhou Ribo Life Science Co., Ltd.
蘇州瑞博生物技術股份有限公司

（於中華人民共和國註冊成立的股份有限公司）

（股份代號：6938）

截至2026年6月30日止六個月的中期業績公告
董事會欣然公佈本集團截至2026年6月30日止六個月的未經審計簡明合併業績，
連同2025 年同期的比較數字。本中期業績已由審計委員會連同本公司管理層審
閱。
於本公告內，「我們」指本公司及（如文義另有所指）本集團。本公告所載若干金額
及百分比數字已經約整，或約整至小數點後一位或兩位數。本公告任何表格、圖
表或其他地方所列總數與金額總和之間的任何差異乃因約整所致。

財務概要
截至6月30日止六個月
2026年
2025年
人民幣千元 人民幣千元
（未經審計） （經審計）
收入
毛利
研發開支
行政開支
除稅前利潤 ╱（虧損）
期內利潤 ╱（虧損）
歸屬予母公司擁有人的利潤 ╱（虧損）
每股盈利 ╱（虧損）－ 基本及攤薄（人民幣元）

1

419,737
400,705
(197,601)
(62,955)
78,553
23,448
20,301
0.12

103,813
97,222
(129,142)
(52,058)
(93,867)
(97,765)
(88,118)
(0.68)

截至2026 年6 月30 日止六個月，本集團錄得收入人民幣419.7 百萬元，較截至
2025年6月30日止六個月的人民幣103.8百萬元增加304.3%，主要歸因於就代謝
功能障礙相關脂肪性肝炎（「MASH」）小干擾RNA（「siRNA」）療法的研發及商業
化，本集團與Madrigal的全球獨家授權合作項下授權收入的部分確認，以及本
集團與勃林格殷格翰的合作達成里程碑所確認的收入，為本集團報告期內收入
增長的核心驅動因素。
我們的毛利由截至2025年6月30日止六個月的人民幣97.2百萬元增加312.2%至
截至2026 年6 月30 日止六個月的人民幣400.7 百萬元，而毛利率由截至2025 年
6 月30 日止六個月的93.7%提高1.8 個百分點至截至2026 年6 月30 日止六個月的
95.5%，主要歸因於本集團與Madrigal及勃林格殷格翰授權合作項下確認的高利
潤授權收入貢獻有所增加，該收入涉及的營業成本相對較低。
我們的研發開支由截至 2025 年 6 月 30 日止六個月的人民幣 129.1 百萬元增加
53.0% 至截至 2026 年 6 月 30 日止六個月的人民幣 197.6 百萬元，主要歸因於本
集團核心研發管線推進至後期臨床開發階段，以及其他處於試驗用新藥申請
（「IND」）階段的候選產品數量有所增加，且該等候選產品持續推進各自研發進
程，以上因素共同導致報告期內研發相關開支上升。
我們的行政開支由截至2025年6月30日止六個月的人民幣52.1百萬元增加20.9%
至截至2026年6月30日止六個月的人民幣63.0百萬元，主要歸因於報告期內與本
公司上市相關活動有關的專業及諮詢服務費有所增加。
截至2026 年6 月30 日止六個月，本集團錄得淨利潤人民幣23.4 百萬元，而截至
2025年6月30日止六個月為淨虧損人民幣97.8百萬元，主要歸因於本集團戰略合
作項下確認的授權及里程碑收入帶動收入及毛利大幅增長，部分被報告期內上
升的研發開支及行政開支所抵銷。

業務回顧
概覽
創辦於2007年，我們是一家處於臨床階段的生物製藥公司，專門從事小核酸療法
研發，主要聚焦於siRNA藥物。憑藉我們自主研發的遞送技術及綜合研發能力，
我們旨在解決心血管、代謝類、腎臟和肝臟疾病存在的重大未滿足醫療需求。小
核酸療法的發現和進步改變了我們治療疾病的方式，提供了一種精確而有效的方
法，包括通過靶向抗體藥物無法觸及的位於細胞內致病蛋白及以前被認為不可成
藥的致病通路。具體而言，通過利用RNA干擾（「RNAi」）的機制，siRNA藥物以
其特異性靶向、強效及長效、良好安全性特徵，基於不斷迭代的平台化技術可實
現開發速度加快及成功率提高，表現出與眾不同的優勢。

2

經過近二十年的專門研究，以全球RNAi技術領域強大的知識產權組合為支撐，我
們構建了專為小核酸療法量身定制的一體化自主研發的技術平台。這些平台涵蓋
從藥物設計、遞送、修飾至化學、生產和控制（「CMC」）及生產的整個藥物開發
週期，為我們開發潛在同類首創和同類最佳小核酸藥物奠定了堅實的基礎。我們
是全球為數不多擁有自主研發且經過臨床驗證的N－ 乙酰半乳糖胺（「GalNAc」）
遞送技術的企業之一，該技術基於對siRNA藥物特異性遞送，增強了療效和改善
了安全性，正在顛覆創新藥物的治療理念。我們的肝靶向RiboGalSTAR TM 遞送技
術是眾多管線資產的基石，解決了siRNA療法的一個關鍵挑戰：高效且特異性的
遞送。源自RiboGalSTAR TM 平台的GalNAc-siRNA偶聯物，選擇性地與肝實質細
胞表面高表達的去唾液酸糖蛋白受體（「ASGPR」）結合，具有高度的肝靶向特異
性。
R i b o G a l S T A R T M 是 首 個 中 國 開 發 並 向 全 球 跨 國 公 司 (「 M N C 」) 對 外 許 可 的
RNAi技術平台。除肝臟遞送技術外，我們正積極開發肝外遞送平台，包括
RiboOncoSTAR TM、RiboPepSTAR TM、RiboColorSTAR TM、RiboCygnus TM 及其他
平台，旨在將 siRNA 療法的應用範圍拓展至實體瘤、腎臟疾病、中樞神經系統
（「CNS」）疾病，以及心臟、脂肪與肌肉疾病領域。
我們處於小核酸藥物創新的前沿，專注於心血管、代謝類、腎臟和肝臟疾病以及
其他治療領域。這些關鍵治療領域涵蓋全球巨大醫療負擔但又缺乏有效治療選擇
的領域，其相關致病機制與我們技術平台的靶向能力相一致。藉助我們配備擁有
自主知識產權且已通過臨床驗證的GalNAc遞送技術的RiboGalSTAR TM 平台，我們
已在心血管、代謝、腎臟及肝臟疾病領域，從藥物發現到臨床開發全程持續自主
推進了多個siRNA項目。
我們致力於將小核酸療法帶給全球患者。因此，我們建立了全球一體化的藥物開
發體系，以高質量和高效率實現這一目標。在多位擁有20年以上小核酸藥物及其
他藥物開發經驗和產業洞察力的核心人員組成的科學團隊領導下，我們已從全球
主要市場監管機構獲得IND╱ 臨床試驗申請（「CTA」）批准，縮短了候選藥物從靶
點選擇到臨床試驗啟動的週期。我們正在歐洲、中國和澳大利亞等全球多個國家
推進多項臨床試驗，充分利用不同區域的監管途徑來加速藥物開發。我們戰略性
地組建了海外開發團隊，並在歐洲建立了專門的臨床試驗中心，使我們能夠在遵
守最高國際標準的同時，高效快速地推進我們的藥物通過臨床試驗。通過利用我
們的全球化網絡佈局、尖端設施和豐富的專業知識，我們已準備好徹底改變小核
酸療法格局，為全球患者帶來生活改變的治療方法。

3

全球跨國公司通過與領先的生物技術公司建立夥伴關係及合作，在siRNA藥物領
域構建了戰略佈局。隨著治療方式日益成熟且不斷得到驗證，以及未來行業加速
增長，活躍的投資環境表明市場充滿信心。除於2023年12月與勃林格殷格翰及齊
魯製藥達成的兩項合作外，我們於2026年2月與Madrigal達成另一項戰略合作，潛
在總金額為44億美元。這些合作夥伴關係是對我們技術平台和產品管線的認可，
亦是我們在全球和中國擴展臨床和商業影響力戰略的成功體現。這些合作亦與公
司戰略高度契合：聚焦核心產品後期開發、推進肝外遞送技術平台建設，並實現
經充分驗證的RiboGalSTAR™ 平台價值最大化。
我們的產品管線
以下產品管線圖表概述我們的臨床階段候選藥物及部分臨床前資產的開發狀態。
本產品管線圖表所列的所有候選藥物均由我們自主研發，展現出我們的強大的創
新能力及平台驅動型研發模式。藉助我們配備專有且已通過臨床驗證的GalNAc遞
送技術的RiboGalSTAR TM 平台，我們已在心血管、代謝、腎臟及肝臟疾病領域，
從藥物發現到臨床開發全程持續自主推進了多個siRNA項目。我們的研發管線主
要聚焦於心血管、代謝、腎臟及肝臟疾病，而RNAi技術展現出差異化的治療優
勢。
治療領域

心血管疾病

代謝疾病

腎臟疾病

肝病

中樞神經系統疾病

其他治療領域

臨床前申報試驗
階段

化合物

靶點

適應症

技術平台

Vortosiran1

FXI

血栓性疾病

RiboGalSTARTM

RBD1119

血栓相關因子

血栓性疾病

RiboGalSTARTM

RBD6096

血栓相關因子

血栓性疾病

RiboGalSTARTM

全球

RBD7022

PCSK9

高膽固醇血症

RiboGalSTARTM

全球（除中國地區外）2

RBD5044

APOC3

高甘油三酯血症

RiboGalSTARTM

全球

SR122

PCSK9+APOC3

血脂異常

RiboGalSTARTM

全球

SR126

PCSK9+Lp(a)

血脂異常

RiboGalPLEXTM

全球

SR094

Lp(a)

血脂異常

RiboGalSTARTM

全球

SR106

未披露

血脂異常

RiboGalSTARTM

全球

發現

I期

II期

III期

商業權利
全球
全球

SR079

AGT

高血壓

RiboGalSTARTM

RBD3133

INHBE

肥胖症

RiboGalSTARTM

全球

SR149

ALK7

肥胖症

RiboColorSTARTM

全球

SR151

未披露

肥胖症

RiboColorSTARTM

全球

SR135

未披露

肥胖症

RiboColorSTARTM

全球

SR118

未披露

代謝疾病

RiboColorSTARTM

全球

RBD7007

C5

腎臟疾病3

RiboGalSTARTM

全球

3

全球

全球

RBD2080

C3

腎臟疾病

RiboGalSTARTM

RBD3103

未披露

腎臟疾病

RiboPepSTARTM

全球

SR100

MASP2

腎臟疾病

RiboGalSTARTM

全球

SR086

CFB

腎臟疾病

RiboGalSTARTM

全球

SR150

未披露

慢性腎病

RiboPepSTARTM

Ozisiran4

HBV-X

SR109

未披露

CHB

全球
全球

RiboGalSTARTM

CHD

全球
全球

CHB

RiboGalSTARTM

SR145

未披露

CHB

RiboGalSTARTM

全球

SR111

未披露

MASH5

RiboGalSTARTM

與勃林格殷格翰的全球合作

SR112/SR113

未披露

MASH5

RiboGalSTARTM

與勃林格殷格翰的全球合作

未披露

未披露

MASH5

RiboGalSTARTM

未披露

未披露

MASH5

RiboGalSTARTM

與Madrigal的全球合作

未披露

未披露

MASH5

RiboGalSTARTM

與Madrigal的全球合作

SR090

PNPLA3

5

MASH

RiboGalSTARTM

全球

SR091

未披露

MASH5

RiboGalSTARTM

全球

SR128

未披露

AD6

RiboCygnusTM

全球

SR131

未披露

RiboCygnusTM

全球

RiboCygnusTM

全球

與Madrigal的全球合作

SR144

未披露

疼痛
ALS7

RBD8088

未披露

神經膠質瘤

RiboOncoSTARTM

全球

SR076

PKK

HAE8

RiboGalSTARTM

全球

附註：
1.

Vortosiran亦指RBD4059。

2.

2023年12月，我們授予齊魯製藥在中國內地、香港和澳門開發、生產和商業化RBD7022
的獨家權利。
4

3.

RBD7007及RBD2080亦在進行自身免疫性疾病的潛在治療方法的研究。

4.

Ozisiran亦指RBD1016。

5.

MASH：代謝功能障礙相關脂肪性肝炎。

6.

AD：阿爾茨海默病。

7.

ALS：肌萎縮側索硬化。

8.

HAE：遺傳性血管性水腫。

截至本公告日期，我們已經將七款自研的siRNA候選藥物推進到臨床階段，使我
們成為小核酸藥物開發領域的全球領軍者。除臨床產品管線之外，我們有超過20
個我們計劃推進到臨床開發階段的臨床前項目。

我們的核心產品vortosiran (RBD4059)，全球首款靶向血栓性疾病的臨床階段
siRNA藥物
Vortosiran為全球首款靶向血栓性疾病的臨床階段siRNA藥物。截至本公告日期，
全球尚無靶向FXI的siRNA藥物獲批用於血栓性疾病治療；vortosiran依託我們自
主研發的RiboGalSTAR™肝靶向平台，為該適應症的治療提供了全新解決方案。
血栓性疾病已成為全球主要死因之一，每年奪走超過1,000萬人的生命。目前的標
準護理抗凝劑，包括華法林、肝素和直接口服抗凝劑（「DOAC」），由於令患者面
臨潛在的嚴重出血風險，因而存在很大局限。Vortosiran將凝血XI因子（「FXI」）
靶向的優勢與siRNA藥物技術相結合，在保持強大療效的同時展現出顯著的安全
優勢，從而克服這一局限性。
根據臨床和臨床前證據，vortosiran已經證明FXI抑制水平可在多種適應症中達到
療效閾值，同時極大地降低與傳統抗凝劑相關的出血風險。此外，siRNA療法的
長效性可能顯著提高患者依從性，使vortosiran有潛力成為廣大的血栓性疾病患者
的最佳治療選擇。
我們於2024年10月在澳大利亞完成了vortosiran在健康受試者中的1期試驗。我們
於2024年5月獲得EMA的CTA批准，據此於2024年8月在瑞典啟動vortosiran的2a
期臨床試驗。瑞典的2a期試驗已完成，且針對心房顫動患者卒中預防（「SPAF」）
的2b期臨床試驗申請(CTA)已於2026年4月向歐洲藥品管理局(EMA)提交，並已
於2026年7月獲得批准。我們亦已於2026年5月向EMA遞交針對靜脈血栓栓塞症
（「VTE」）防治的2b期臨床試驗申請。上述SPAF及VTE的試驗均屬於我們代號為
ORBIT-XI (Optimizing RNA-Based Inhibition of Thrombosis)的開發計劃，其中涵
蓋多項針對不同適應症的2/2b期試驗。
5

我們於2026年7月22日在2026年大國新藥全球會議上公佈了vortosiran針對慢性冠
狀動脈疾病（「CAD」）患者的2a期臨床研究數據。該項隨機、雙盲、安慰劑對照
研究顯示，在接受阿司匹林標準治療的患者中，vortosiran總體耐受性良好，可顯
著、劑量依賴且持久地抑制FXI活性(NCT06717074, clinicaltrials.gov )。本試驗的
研究受試者為具有心肌梗死病史且接受阿司匹林治療的慢性CAD患者。對於合併
接受阿司匹林治療的慢性CAD患者，vortosiran總體耐受性良好，具有良好的安
全性特徵。治療相關不良事件以輕度注射部位反應為主，未發生治療相關嚴重不
良事件。一過性實驗室檢查異常（包括肝酶升高）均為自限性，無需干預即可自
行恢復；試驗未發現治療相關嚴重不良事件，亦未發現大出血或具有臨床意義的
非大出血事件。在完成高劑量vortosiran給藥療程、維持劑量為400mg的患者中，
FXI活性平均最大降幅達到92%，且在給藥後持續數月。該數據為在不同適應症中
採用每3至6個月一次的給藥間隔提供了支持。該研究結果與1期臨床數據相互印
證，進一步證實具備持久療效，有利於提高目標臨床患者群體的治療依從性。
安慰劑

100mg

安慰劑

400mg

-25%
-50%
-75%

400mg

0%

FXI抗原相對於基線的變化
（平均值± SE）

FXI活性相對於基線的變化
（平均值± SE）

0%

100mg

-25%
-50%
-75%
-100%

-100%
1 15 29

57

84

112

168

252

1 15 29

336

57

84

112

168

252

研究日

研究日

兩個劑量組在所有時點，自基線變化相較於安慰劑組

兩個劑量組在所有時點，自基線變化相較於安慰劑組
均具有高度統計學顯著性（p＜0.001）。

均具有高度統計學顯著性（p＜0.001）。

336

我們已於2026年2月在《Blood Advances》發表vortosiran首次人體研究的1期臨床
試驗完整數據集。結果顯示，vortosiran可強效、呈劑量依賴性且持久地抑制FXI
活性，抑制率超過90%。此外，vortosiran可維持長達六個月及以上具有臨床意義
的持續FXI抑制作用，凸顯其有望顯著改善長期抗凝治療的患者依從性。

VORTOSIRAN最終可能無法成功開發並商業化。
RBD1119－ 治療血栓栓塞性疾病的siRNA療法
RBD1119為一款新型基於siRNA的抗血栓候選藥物，可在多種適應症達到療效門
檻，同時大幅降低傳統抗凝藥物相關的出血風險。此外，siRNA療法具備長效特
性，有望顯著提升患者用藥依從性，令RBD1119成為眾多血栓疾病患者的理想治
療方案，亦可作為vortosiran的互補候選藥物。
於2025 年8 月，我們啟動了RBD1119 的1 期臨床研究，在澳大利亞完成首例患者
入組。於2026年5月，我們已向EMA提交RBD1119用於CAD的2期臨床試驗申請
(CTA)，該試驗亦屬ORBIT-XI計劃。

RBD1119最終可能無法成功開發並商業化。
6

RBD5044－ 一款靶向APOC3治療HTG的潛在同類最佳siRNA
RBD5044是全球第二個進入臨床開發的靶向載脂蛋白C3（「APOC3」）的siRNA。
APOC3 是一種在脂質代謝中起關鍵作用的蛋白質。目前高甘油三酯血症
（「HTG」）的治療存在局限，體現在療效有限、需要每日用藥和顯著副作用，如肝
毒性、肌病、胃腸功能紊亂及胰腺炎風險。迄今，全球尚未批准治療HTG的任何
APOC3靶向療法。
RBD5044經過獨特設計，將APOC3抑制與siRNA的長效作用相結合，有可能改變
這一重要疾病領域的治療方式。在臨床前研究中，已證明RBD5044可以有效抑制
APOC3 蛋白，同時也顯示了甘油三酯更顯著的降低作用，表明RBD5044 對甘油
三酯的控制得到增強且更持久。RBD5044的機制優勢已轉化為臨床獲益。我們在
2025年ESC年會上展示了在澳大利亞進行的RBD5044在健康受試者中的1期臨床
試驗結果，證明了其潛力及長效性。RBD5044的1期試驗安全性數據顯示出良好
的安全性。單次注射RBD5044可使APOC3大幅降低最高約84%，同時將甘油三酯
（「TG」）降低最高約70%，且在六個月的隨訪中仍保持在基線水平的50%以下。此
外，參與者的整體血脂狀況也得到改善，包括顯著降低殘餘膽固醇（最高70%）和
ApoB（最高20%），同時顯著增加高密度脂蛋白（「HDL」）
（最高40%）。RBD5044
可以至少以每三個月一次的低頻率給藥，這顯著提高了患者對治療方案的依從性。
從戰略角度而言，RBD5044補充了我們產品組合管線在血脂異常疾病領域的廣泛
佈局，並可實現用於增強血脂控制的潛在聯用方案。這支持了RBD5044既可作為
單藥治療，也可作為潛在聯合治療骨幹藥物的潛力。
我們於2024年10月在澳大利亞完成RBD5044的1期試驗。同月，我們從EMA取得
2期臨床試驗的批准，獲得截至2024年6月30日澳大利亞1期臨床試驗的中期盲法
安全性及藥代動力學（「PK」）的數據支持。該2期試驗目前正在瑞典於混合型血脂
異常患者中進行。於2026年1月，我們獲得國家藥監局IND批准啟動RBD5044的
2期臨床試驗。中心啟動工作於2026年2月完成，且臨床試驗已完成全部受試者入
組，並按計劃推進。

RBD5044最終可能無法成功開發並商業化。

7

RBD7022－ 靶向PCSK9治療高膽固醇血症的siRNA
RBD7022是全球第二個進入臨床開發的靶向PCSK9的siRNA，採用先進的RNAi
技術來精確調節膽固醇代謝。R B D7022 通過特異性抑制肝臟中前蛋白轉化酶
枯草溶菌素 9（「PCSK9」）的表達，增加肝細胞的低密度脂蛋白（「LDL」）受體
（「LDL-R」）密度，增強人體從循環中清除LDL膽固醇的效能。相比需要每2至4週
注射一次的靶向PCSK9的單克隆抗體抑制劑，siRNA方法延長了給藥間隔，提高
了依從性。
在臨床前研究中，RBD7022 實現了與inclisiran相當的低密度脂蛋白膽固醇
（「LDL-C」）降低，inclisiran是迄今唯一獲批的靶向PCSK9的siRNA藥物。我們在
2025年ESC年會上展示了在中國進行的RBD7022的1期臨床試驗結果，進一步證
明了RBD7022的強效和長效作用，包括與inclisiran相當的LDL-C降低效果，具備
每六個月一次的給藥頻率潛力。以PCSK9水平作為靶點結合的標誌，RBD7022在
使用或未使用他汀類藥物的患者中，其PCSK9水平的最大降幅可達約75%，且在
六個月的隨訪中仍維持在這一抑制水平。
2023 年12 月，我們授予齊魯製藥在中國內地、香港和澳門開發、生產和商業化
RBD7022的獨家權利。我們與齊魯製藥的戰略合作夥伴關係加快了RBD7022在中
國和全球市場的上市步伐。通過將我們的創新siRNA技術與齊魯製藥的臨床開發
和商業能力相結合，增強了我們為全球患者提供治療選擇的能力。
RBD7022的1期試驗已於2023年5月開始，並已於2025年3月完成。根據RBD7022
許可及合作協議，齊魯製藥負責在中國開展後續臨床試驗。截至 2026 年 6 月 30
日，中國2期臨床試驗已完成末例患者末次給藥（「LPLD」），3期臨床試驗（註冊
ID：NCT07441317）已啟動且正由齊魯製藥在中國進行。

RBD7022最終可能無法成功開發並商業化。
RBD7007和RBD2080－ 靶向補體通路的關鍵蛋白以治療腎臟和自身免疫性疾病
我們正在開發靶向補體通路關鍵蛋白的siRNA藥物，以治療腎臟和自身免疫性疾
病。補體系統通過三種不同的激活通路：經典、凝集素和替代通路，在介導炎症
和纖維化中發揮關鍵作用。這些通路通過共享的酶促放大機制匯聚，最終驅動下
游信號傳導。一個關鍵的調控節點涉及C3/C5轉化酶的形成，這類多蛋白複合物
能夠激活補體系統的核心成分。
我們的GalNAc偶聯siRNA候選藥物RBD7007和RBD2080，設計用於專門靶向肝
細胞中的補體蛋白 － 它們產生的主要位點。這種方法能有效地降低這些補體蛋白
在源頭和循環中的水平。

8

對於RBD2080，我們於2025年2月收到了澳大利亞藥品管理局（「TGA」）對我們臨
床試驗通知的確認，試驗正在進行中。

RBD7007及RBD2080最終可能無法成功開發並商業化。
RBD1016－ 一款處於全球臨床開發階段的用於治療CHB及CHD的siRNA候選藥
物
RBD1016是全球臨床開發中進展最快的siRNA藥物之一，用於治療慢性乙型肝炎
病毒（「HBV」）感染患者，包括丁型肝炎病毒（「HDV」）合併感染患者。憑藉其對
乙型肝炎表面抗原（「HBsAg」）的強效和持久作用，RBD1016定位為實現CHB功
能性治癒的未來聯合療法的骨幹藥物，及治療CHD的差異化siRNA候選藥物。截
至本公告日期，全球範圍內尚無獲批用於治療CHB或CHD的siRNA藥物。
RBD1016的1期結果顯示出，單次給藥後HBsAg持續降低，具有劑量依賴性反應
和良好的安全性和耐受性。於2023年5月及2024年10月分別獲得EMA的CTA批准
和中國國家藥監局的IND批准後，我們正在積極探索RBD1016作為下一代CHB治
療藥物具有達到疾病的功能性治癒的潛力。於2025年10月，EMA授予RBD1016
用於治療HDV感染的孤兒藥資格認定。
此外，RBD1016的設計及機理讓其擁有治療CHD的潛力，將比現有治療方法具有
更卓越的安全性和療效。
作為單一療法，標準療法無法使大多數患者達到 CHB 及 ╱ 或 CHD 的功能性治
癒，這主要是由於它們無法降低HBsAg。值得注意的是，臨床試驗數據顯示，
RBD1016能夠持續地將HBsAg水平降低至100 IU/mL（為免疫系統激活所需的具有
臨床意義的閾值）以下。這種強大的單藥治療活性，結合RBD1016獨特的作用機
制，通過靶向其mRNA降低HBsAg水平，使其成為與干擾素等採用不同抗病毒作
用機制的其他藥物用作聯合治療的理想基礎，有望產生協同效應，從而實現CHB
和CHD的功能性治癒，並因此抓住CHB和CHD治療領域的重大市場機遇。
我們已在瑞典和香港完成 RBD1016 治療CHB的 2 期全球MRCT。我們亦在探索
RBD1016治療CHD的潛力，於2024年8月在瑞典啟動2a期試驗，預計於2026年底
前完成該試驗。

RBD1016最終可能無法成功開發並商業化。

9

其他治療領域
我們基於RiboGalSTAR TM 遞送技術，正在開發用於治療更多心血管、代謝、腎
臟及肝臟疾病等治療領域的候選藥物。我們的產品管線中目前有20 多項其他臨
床前資產，包括我們所開發靶向肝外器官及組織（如腎臟、中樞神經系統和脂肪
細胞及肌肉等代謝組織）的自主研發的平台RiboPepSTAR TM 及RiboColorSTAR TM
所產生的多款siRNA候選藥物。同時，藉助自主研發的腫瘤技術平台
RiboOncoSTAR TM，我們有一款用於治療神經膠質瘤的處於臨床前申報試驗階段
的候選藥物。
我們的技術平台
我們已建立自主研發的技術平台，涵蓋小核酸藥物開發的所有關鍵方面，從藥物
遞送、化學修飾、多靶點藥物設計到模型引導的藥物開發和生產。這種整合和可
擴展的方法已通過我們的小核酸候選藥物管線進行驗證，並繼續推動我們藥物開
發過程的創新和效率。

藥物遞送技術平台
我們是全球少數卓越的小核酸藥物開發企業之一，擁有自主研發的、經過臨床驗
證的肝靶向GalNAc遞送技術。在此基礎上，我們正在開發針對肝以外的其他關鍵
器官及組織的遞送技術，包括實體瘤、腎臟、中樞神經系統、心臟和脂肪細胞及
肌肉等代謝組織。這拓寬了我們的治療領域，鞏固了我們在先進siRNA遞送系統
中的地位，使我們在快速發展的siRNA治療領域中脫穎而出。

1.

肝靶向平台- RiboGalSTAR TM
我們首創的肝靶向RiboGalSTAR TM 平台提供有競爭力的靶向性、特異性和療
效。迄今為止，RiboGalSTAR TM 已將七個項目推進至臨床開發階段，涵蓋心
血管、代謝、腎臟和肝臟疾病領域，使其成為全球最有效率的GalNAc平台之
一，將持續運用於新靶點及適應症的開發，包括通過我們分別與勃林格殷格
翰及Madrigal的戰略合作夥伴關係以探索MASH中的多個新靶點。

10

R i b o G a l S T A R T M 配備獨特的遞送技術，對源自肝臟的多種靶點和適應症
遞送 siRNA 藥物。此技術解決了 siRNA 治療中的一個關鍵挑戰：高效和特
異性遞送。通過十多年的獨立研究，我們在包括中國、歐洲和美國在內
的主要司法管轄區獲得了專利權。通過將 siRNA 藥物直接遞送至肝細胞，
RiboGalSTAR TM 能夠特異性調節靶基因，同時最大程度減少不良副作用。
作為一個多功能平台，RiboGalSTAR TM 能與針對不同疾病通路的siRNA序
列進行匹配，有助於開發多種針對各種肝臟相關疾病的 siRNA 藥物，包括
七款臨床階段候選藥物（即RBD4059、RBD5044、RBD1016、RBD7022、
RBD7007、RBD2080及RBD1119）。我們還利用RiboGalSTAR TM 平台構建了
強大的臨床前資產管線，預計3 至4 款候選藥物將在2027 年底前進入臨床階
段。

2.

肝外靶向平台
RiboPepSTAR TM
肝外遞送是小核酸療法的下一個前沿領域。我們正通過RiboPepSTAR TM 平台
將小核酸候選藥物遞送到多種關鍵器官及組織。該平台在腎臟、肌肉及其他
組織遞送應用上在多種疾病模型觀察到優於現有療法的藥效，使我們處於全
球領先小核酸藥物開發企業的前沿。
於2025年12月的美國腎臟病學會(ASN Kidney Week)上，我們以海報形式展
示了基於RiboPepSTAR™多肽偶聯技術的siRNA腎臟靶向遞送研究成果。臨
床前數據顯示，該遞送系統可在嚙齒動物至非人靈長類動物（「NHP」）跨物種
中實現近端小管特異性攝取，敲低效率最高可達80%。同時，在2型糖尿病嚙
齒動物模型中已完成生理學概念驗證，結果表明可對相關靶點基因實現顯著
的腎臟特異性敲低。截至本公告日期，我們的首款腎臟靶向藥物已進入臨床
前申報試驗階段。
我們亦於2026年3月的RNA Leaders Conference上展示了基於RiboPepSTARTM
技術的siRNA心臟與其他組織靶向遞送最新數據：在小鼠模型中，該心臟靶
向偶聯物可實現心臟內基因的持久敲低，在肌肉中觀察到微弱影響，在肝臟
及腎臟中幾乎無活性，證實了其高度的心臟特異性；RiboPepSTAR™平台同
樣可實現siRNA在肌肉組織中的遞送；即便是在極低給藥劑量下，我們也觀
察到顯著的敲降效果。

RiboColorSTAR TM
RiboColorSTAR™是我們專為肝外組織開發的專有siRNA遞送平台。通過優
化親脂性配體結構及遞送相關特性，該平台可調控siRNA的生物分佈、細胞
攝取及組織選擇性，實現siRNA在特定肝外組織中的有效富集與功能性遞送。
RiboColorSTAR™可支持針對脂肪組織、心臟組織、CNS及其他肝外器官相
關疾病的siRNA藥物開發，將RNA療法的應用範圍拓展至傳統肝臟靶向遞送
之外。
11

在NHP中，現有遞送實現了高效且選擇性的脂肪組織靶向，敲低率超過
90%，並持續至少三個月。該技術同樣可實現向心臟組織的特異性遞送；在
NHP試驗中，敲低率亦超過90%。綜上，該等結果凸顯了RiboColorSTAR TM
在開發針對心臟及代謝疾病的siRNA療法方面的潛力。

RiboOncoSTAR TM
我們正在開發RiboOncoSTAR TM，是一個利用小核酸綴合物遞送技術的領先
腫瘤靶向平台，支持我們開發多種潛在的首創癌症治療方法。該平台能夠針
對實體瘤進行特異性靶向遞送。在臨床前研究中，RiboOncoSTAR TM 在特定
癌症類型（如神經膠質瘤）中顯示出比標準治療方法更優異的抗腫瘤效果和安
全性。該等特性使RiboOncoSTAR TM 成為全球領先的腫瘤靶向小核酸遞送技
術。
利用RiboOncoSTAR TM 平台，我們計劃將我們的腫瘤靶向研究擴展到神經膠
質瘤之外，以探索我們的候選藥物在其他癌症類型（如胰腺癌及其他實體瘤）
中的治療潛力。這種擴展將可能涵蓋多種治療和診斷方式，包括靶向化療、
靶向放射性藥物和其他新一代靶向治療，展示了RiboOncoSTAR TM 平台的適
應性和巨大潛力。

多靶點藥物設計平台
雖然大多數siRNA藥物僅設計針對一個靶點，但我們的多靶點siRNA藥物平台使
單個藥物分子能夠同時干擾兩個或多個靶點，允許兩個或多個靶點以不同比例組
合從而達到協同治療效果，具有技術優勢。

RiboGalPLEX TM
RiboGalPLEX TM 是我們肝臟靶向多靶點siRNA平台，可利用單個治療分子調控兩
個及以上肝臟疾病相關靶點。該平台依託GalNAc介導的肝臟遞送及模塊化分子設
計，可靈活組裝不同siRNA功能單元，並可對各靶點的基因沉默比例進行調控。
RiboGalPLEX™高度適用於由多種發病途徑導致的肝臟疾病，為多靶點干預提供
簡潔高效的技術策略。

RiboCygnus TM
RiboCygnus TM 為我們自主研發的新一代siRNA平台，用於肝外組織雙靶點干預；
該平台可同時沉默兩個疾病靶點，且能夠與各類肝外遞送技術兼容。針對CNS及
其他發病機制複雜的肝外疾病，RiboCygnus™提供差異化的siRNA藥物開發策略。
12

增強小核酸藥物穩定性的化學修飾平台
作為核心競爭優勢，我們在化學修飾領域的專業知識與我們的遞送技術相輔相
成。化學修飾對於開發有效的小核酸藥物至關重要，可保護核酸不被降解，同時
最大限度地減少脫靶效應和免疫原性。我們自主研發的RSC（瑞博穩定化修飾）平
台通過迭代設計系統性地優化siRNA分子。這一平台化策略可廣泛應用於從以下
四個關鍵維度增強siRNA候選藥物：抵抗體內降解、提升作用效率、延長作用時
間，以及優化患者用藥安全性。

siRNA序列設計和篩選平台
我們開發了專門用於設計小核酸藥物序列的軟件，能夠分析預定義參數，例如非
靶向基因識別、跨物種比較和同源性評估，以快速選擇具有最佳特異性和活性的
高質量siRNA序列。此外，我們的小核酸化合物高通量篩選平台可快速產生候選
先導藥物。

模型引導藥物研發(「MIDD」)平台
通過利用建模和模擬技術，我們對藥物特性和疾病相關數據進行定量分析，從而
加深對siRNA機制的理解，提高藥物開發各階段的可預測性。

小核酸定制CMC平台
我們利用在各種複雜小核酸化合物（包括siRNA、反義小核酸（「ASO」）、長鏈核
酸適配體及核酸適配體綴合物）的合成和分析方面十多年的經驗，開發了可擴展
的CMC系統。該平台專注於原料藥工藝和雜質控制，具備中試規模能力，充分支
持我們的臨床前研究，包括藥物非臨床研究質量管理規範（「GLP」）毒理學研究和
早期臨床開發。我們還建立了強大的藥品生產質量管理規範（「GMP」）質量管理
體系，成為中國首家通過歐盟合資格人員（「QP」）認證的siRNA藥物開發企業，
努力確保符合全球臨床開發標準。我們的CMC和質量管理體系使我們能夠滿足速
度、質量和成本效益要求，同時推進深入且不斷擴大的管線，為開發面向廣大患
者群的創新實惠型藥物奠定堅實的基礎。

AI賦能藥物發現平台
我們一直在搭建自動化智能藥物篩選平台，以加快候選分子的篩選與優化，持續
提升研發效率與平台能力，以支持藥物創新。此外，我們依託自身專有研發技術
與數據，搭建並持續優化內部AI驅動藥物研發（「AIDD」）平台，並與優質合作夥
伴構建AI for Science（「AI4S」）協作生態。該內部自主開發與外部合作並舉的雙軌
模式，推動AI賦能全研發流程創新，加快創新藥物的發現與開發進程。
13

研發
我們認為研發對我們未來的增長以及我們在全球生物製藥市場保持競爭力的能力
至關重要。我們基於經過臨床驗證的自主研發的技術平台建立起的內部研發能
力，令我們可控制及監督研發流程，並使我們可保證我們藥物開發項目的質量及
療效。
我們已建立一個強大的藥物研發引擎，推動我們創新過程的各個階段，從藥物發
現、臨床前、轉化科學、CMC到臨床開發。我們的臨床開發策略體現了成熟的行
業實踐，即在具備高效監管路徑的司法管轄區開展試驗，同時確保所產生的數據
能夠獲得包括EMA、FDA及國家藥品監督管理局藥品審評中心（「CDE」）在內的
主要衛生監管機構認可。
我們的研發活動主要在中國和瑞典進行。在中國，我們已在北京及蘇州建立兩個
研發中心。前者擁有我們的自主研發的技術平台和研究實驗室，配備了先進的設
備，以支持我們的藥物發現、臨床前和臨床研究需求。後者主要設有藥物化學、
CMC開發及生產團隊，且為中國首個通過歐盟QP認證的siRNA藥物設施。
我們還通過Ribocure AB在瑞典開展研發活動，在瑞典默恩達爾設立了一個國際臨
床試驗基地（「CTU」）(Ribocure Clinic)，專門執行心血管、肝臟、肺、腎臟和其
他疾病領域的2期臨床試驗。Ribocure Clinic已獲得瑞典藥品管理局批准進行臨床
研究。
值得一提的是，我們的研發領導層在小核酸療法研究方面擁有豐富的經驗，並在
推動該新興治療方式發展方面做出了良好的貢獻。截至2026年6月30日，我們的
內部研發團隊由299名成員組成，主要位於中國和瑞典，其中約35.8%及13.7%分
別擁有碩士及博士學位，主要是藥物科學、生物學、化學和醫學領域。
我們與自身重點研發領域內的全球知名專家建立了牢固的關係。我們的科學顧問
委員會由來自中國、美國、瑞典、法國、荷蘭的七位心血管、肝臟和腎臟疾病領
域的世界級專家組成。科學顧問委員會在我們的早期管線開發、臨床項目推進及
全球合作方面均發揮著重要作用。憑藉深厚的研發實力和強大的研發團隊，我們
於2025年11月獲得高新技術企業證書。
許可及合作安排
我們已經建立並將繼續尋求戰略合作夥伴關係，以加速我們在全球主要市場的管
線開發，擴大我們的全球臨床開發能力，並推動我們未來的創新和長期增長。

14

於2026年2月，我們與Madrigal就治療MASH的六個臨床前siRNA項目訂立新的
全球許可協議。根據有關協議，我們已授予 Madrigal開發、生產及商業化若干
siRNA資產的獨家全球許可。我們已收到首付款60百萬美元，若達成若干開發、
監管及商業化里程碑，累計付款金額可達44億美元，外加淨銷售額的潛在特許權
使用費。截至本公告日期，本公司與Madrigal在siRNA合作項目中，首個候選藥
物選定里程碑已經達成。除上文所述與 Madrigal的合作關係外，自成立以來，我
們已分別與勃林格殷格翰及齊魯製藥訂立多項許可及合作協議，總交易價值超65
億美元。截至本公告日期，我們已於Madrigal交易中達成一項研發里程碑、於勃
林格殷格翰交易中達成三項研發里程碑及於齊魯製藥交易中達成兩項研發里程碑。
知識產權
我們致力於開發及保護知識產權。我們未來的成功在很大程度上取決於我們獲得
並保持強大的專利覆蓋範圍，以及其他形式的知識產權及專有權保護的能力，包
括對我們藥物管線及技術平台重要的關鍵技術、發明及技術秘密的保護。同樣重
要的是我們是否有能力捍衛及執行該等專利，保護商業秘密的機密性，以及確保
我們在不侵犯、盜用或以其他方式違反第三方持有的有效且可執行知識產權情況
下進行經營的自由。
我們擁有全球性的專利組合以保護候選藥物及技術。截至報告期末，我們擁有260
件專利，包括66件在中國的已授權專利、59件在歐洲的已授權專利、22件在美國
的已授權專利、113件在其他司法管轄區的已授權專利，以及233件專利申請，包
括中國的81件、歐洲的22件、美國的14件、專利合作條約(PCT)下的23件及其他
司法管轄區的93件。
生產
截至目前，我們的生產活動主要限於為我們的藥物開發流程提供支持。我們在中
國江蘇省昆山市建立了一個符合cGMP要求的生產設施，並在我們的藥品生產過
程中遵守中國、歐洲、美國及其他相關司法管轄區的cGMP標準以及其他適用法
規和指南的要求。我們目前有符合歐盟GMP標準的生產線，原料藥年產能在5公
斤左右，可以完全支持我們目前的臨床開發計劃，是中國為數不多已獲得歐盟QP
認證的小核酸原料藥生產設施之一。
此外，我們在中國天津市的生產設施通過我們的子公司興博潤開展運營，負責生
產亞磷酰胺及核苷產品（合成核苷酸鏈的關鍵原料）。該設施在2025年3月開始批
量生產，旨在對我們的臨床開發項目及未來上市產品提供支持，同時通過外部商
業化銷售創造收入。

15

目前，我們將部分生產活動（主要是用於3 期臨床試驗的小核酸原料藥的大規模
生產及製劑生產）外包予國內業界認可的合同開發及生產組織（「CDMO」），因為
我們相信讓CDMO參與某些生產活動具成本效益和高效，並且使我們能夠專注於
並將資源分配到候選藥物的發現和臨床開發上。在選擇CDMO時，我們會考慮
多項因素，包括生產能力、資質、地理位置、業績記錄、遵守適用法規和標準，
以及與我們研發優先事項的兼容性。我們執行質量保證審查計劃，以監控和評價
CDMO的服務。
供應鏈
我們的供應商主要包括(i)合約研究機構（「CRO」）及CDMO；及(ii)我們藥物開發
的原材料和消耗品供應商。
CRO在我們的監督下提供的服務一般包括為我們的臨床試驗提供試驗中心管理、
患者招募和數據管理，以及根據我們的需要開展臨床前及臨床實驗室測試及其他
專門任務。我們已就CRO管理建立標準操作程序，對CRO的選擇、審計、實驗
室管理及流程監督制定嚴格的規範。我們基於多項因素選擇CRO，如相關領域的
專業資格、研究經驗、服務質量及效率、監管檢查歷史、行業聲譽及定價。我們
持續強化對CRO所執行工作的監督與質量控制能力。我們亦已聘請行業認可的
CDMO，補足我們的內部產能，從而提升效率並降低運營成本。
我們已與合資格原材料供應商建立穩定的關係，我們相信這些供應商有足夠的能
力滿足我們的需求。為監控原材料供應質量，我們實施標準化的運營系統，當中
規定原材料採購、質量控制檢驗、倉儲、測試及儲存的程序及指南。
商業化
截至本公告日期，我們尚未獲得任何候選藥物的上市批准，亦未從產品銷售中獲
得任何收入。
儘管我們的候選藥物尚未商業化，但我們正在積極考慮建立我們的商業基礎設施
和能力。預計我們的臨床階段資產在未來幾年實現商業化，我們計劃採用雙管齊
下的方法：
內部能力。我們將逐步構建自身的商業化能力，以提高靈活性，優化資源分配，
並更好地適應不斷變化的市場動態。我們計劃逐步建立由經驗豐富的專業人士組
成的內部銷售及營銷團隊，涵蓋主要治療領域。我們的內部銷售團隊將專注於我
們在中國的銷售及營銷活動。

16

外部合作夥伴關係。我們將繼續追求靈活的合作策略，我們相信這將使我們能夠
利用外部合作夥伴的專業知識和能力，將我們的創新藥物快速交付至有需要的患
者。此方法還使我們能夠專注於我們的核心能力來開發下一代療法，同時利用我
們合作者在全球範圍內的廣泛網絡和專業知識，在候選藥物接近商業化時有效地
將其推向全球市場。
展望未來，我們將根據臨床項目進度、監管發展及市況，持續優化商業化策略，
以期建立高效及可持續的商業化模式。
僱員及薪酬
截至2026 年6 月30 日，本集團共有453 名全職僱員（截至2025 年6 月30 日：404 名
全職僱員），其中66.0%為研發員工、10.8%為生產員工及23.2%為一般及行政員
工。截至2026 年6 月30 日止六個月，本集團的薪酬成本總額為人民幣109.0 百萬
元，而截至2025年6月30日止六個月為人民幣102.4百萬元。薪酬成本增加乃主要
由於報告期內對僱員作出年度薪資調整。
我們與僱員訂立僱傭協議，內容涵蓋工資、福利、知識產權轉讓條款及解僱理由
等事宜。我們僱員的薪酬待遇主要包括薪資、獎金及股份薪酬，一般由其資格、
績效審核及資歷決定。我們亦與僱員訂立標準保密及競業禁止協議。我們主要通
過線上招聘、校園招聘及獵頭推薦招聘僱員。我們根據內部政策及程序為不同職
位的僱員進行新僱員培訓以及量身定制的培訓計劃。
本公司已採納員工激勵計劃、首次公開發售前購股權計劃及Ribocure AB股份激
勵計劃，以為合資格參與者提供激勵。有關進一步詳情，請參閱招股章程附錄七
「股份激勵計劃」一節。
於報告期內，本公司已採納H股購股權計劃及H股股份激勵計劃，以為合資格參與
者提供激勵。有關進一步詳情，請參閱本公司日期為2026年5月12日的2025年股
東週年大會通函。

17

重大投資、重大收購及出售
於2026年6月30日，本公司（作為買方）與天津海河凱萊英生物醫藥產業創新投資
基金（有限合夥）
（「海河凱萊英基金」）
（作為賣方）訂立股權轉讓協議，據此，本
公司已有條件同意收購，而海河凱萊英基金已有條件同意出售興博潤之25.93%
股權，代價為人民幣70,000,000 元（「收購事項」）。根據上市規則第14A.101 條，
由於(i)海河凱萊英基金為本公司子公司層面之關連人士；(ii)董事會已批准收購
事項；及(iii)全體獨立非執行董事亦已確認收購事項之條款屬公平合理，收購事
項乃按正常商業條款訂立，且符合本公司及股東之整體利益，故根據上市規則第
14A.101條，收購事項須遵守申報及公告規定，但豁免遵守通函、獨立財務顧問
意見及獨立股東批准規定。有關進一步詳情，請參閱本公司日期為2026年6月30
日的公告。
除上文所披露者外，截至2026年6月30日，本集團並無按單一基準作出或持有任
何重大投資（包括任何對被投企業投資價值等於或大於本集團截至2026年6月30日
總資產5%的投資）。自上市日期起至2026年6月30日止期間，本集團並無任何子
公司、聯營公司及合營企業的重大收購或出售。
重大投資或資本資產的未來計劃
截至2026年6月30日，除招股章程中「未來計劃及所得款項用途」一節所披露者及
下文「全球發售所得款項用途」一節所進一步闡述者外，本集團並無重大投資或資
本資產的未來計劃。
報告期後重要事項
於 2026 年 7 月，本公司與 Madrigal 在 siRNA 合作項目中，首個候選藥物選定里
程碑已經達成，本次合作旨在推動針對肝臟疾病的尖端 RNA療法，主要專注於
MASH。此里程碑為雙方高效協作之成果，其後將隨即啟動新藥臨床試驗申請
(IND)支持性研究，以支持後續的臨床研究。
我們於 2026 年 7 月公佈了 vortosiran 針對慢性 CAD 患者的 2a 期臨床研究數據。
該項隨機、雙盲、安慰劑對照研究顯示，在接受阿司匹林標準治療的患者
中，vortosiran總體耐受性良好，可顯著、劑量依賴且持久地抑制FXI活性
(NCT06717074, clinicaltrials.gov )。本試驗的研究受試者為具有心肌梗死病史且接
受阿司匹林治療的慢性CAD患者。在完成高劑量vortosiran給藥療程、維持劑量為
400mg的患者中，FXI活性平均最大降幅達到92%，且在給藥後持續數月。該數據
為在不同適應症中採用每3至6個月一次的給藥間隔提供了支持。此外，試驗未發
現治療相關嚴重不良事件，亦未發現大出血或具有臨床意義的非大出血事件。
於2026年7月，收購興博潤25.93%股權已完成，且於完成後興博潤仍為本公司直
接非全資子公司。
於2026年7月，本公司於聯交所購回合共569,400股H股（持作庫存股份（定義見上
市規則））。
除本公告所披露者外，自報告期末起及直至本公告日期並無發生任何影響本集團
的重要事項。
18

未來發展
小核酸藥物作為一項現代製藥的變革性療法，正在以前所未有的高速發展態勢席
捲全球生物醫藥行業。身為小核酸療法的全球領先開拓者，我們將把握歷史性發
展契機，加速推進核心產品和其他管線候選藥物的開發，積極拓展小核酸肝外靶
向遞送技術平台，同時通過全球業務發展和戰略合作夥伴關係尋求可持續增長，
最大限度地實現候選藥物的商業價值。具體而言，我們擬通過以下發展策略，以
保持和擴大我們的領先優勢：

1)

加速推進領先候選藥物的全球開發和商業化
基於我們全球化的臨床開發和監管溝通能力，我們將迅速推進具有全球領
先優勢的一系列候選藥物盡早進入臨床開發階段，其中核心產品vortosiran
在瑞典進行的臨床2a 期試驗已完成，試驗結果已於CPIC 2026 上披露，並
將盡快啟動下一期臨床試驗，進一步探索更多適應症（包括SPAF及VTE）；
RBD7022(QLC7401)是我們第一個進入臨床3期試驗的自研產品，相關臨床試
驗已由合作方齊魯製藥在中國啟動；同時我們也將盡快推進RBD5044在中國
和瑞典的2 期多中心臨床試驗（目前進展順利）。除此之外，我們還將戰略性
地推進若干其他自研管線的進一步開發，不斷充實和擴大我們差異化的管線
佈局；

2)

積極拓展肝外遞送平台，加速推進平台成果轉化
基於肝靶向RiboGalSTARTM 遞送平台，我們已開發7款臨床階段候選藥物，並
計劃每年推進2至4個項目至臨床階段。同時，我們在靶向其他器官和組織，
如靶向腎臟的RiboPepSTAR™技術平台、靶向CNS的RiboCygnus™及靶向腫
瘤的RiboOncoSTAR TM 技術平台上已取得重大進展，將快速推進差異化的肝
外小核酸候選藥物進入臨床開發階段，解決以前無法成藥的疾病靶點，進一
步拓展小核酸藥物在肝外治療領域的巨大潛力；

3)

實施全面的全球商業化策略，推進本公司可持續發展
我們已與多個國際製藥公司就肝靶向RiboGalSTAR TM 平台達成MASH領域的
戰略合作。未來我們將加強國際業務開發團隊，提高商業化能力，進一步拓
展遞送平台的價值，最大限度地利用我們的資源及利用合作夥伴的協同效
應，以把握市場機遇並提高回報率；同時針對管線產品，我們也將繼續實施
雙管齊下的策略，積極尋求與全球跨國公司或國內領先的生物製藥公司建立
合作夥伴關係，在充分挖掘產品價值的同時，加速產品的開發，早日實現商
業化；及
19

4)

繼續擴大國際化進程，打造全球領先的生物製藥公司
憑藉在中國和歐洲已建立的雄厚基礎，我們打造了高效的全球研發體系，在
擁有豐富的跨國製藥經驗的高管團隊領導下，我們將繼續完善和提升國際化
戰略。我們還將繼續在國內外吸納具有小核酸藥物發現、臨床開發、CMC、
商業化和跨國公司管理等方面具有豐富經驗的人才。同時，通過與科學顧問
委員會的全球知名專家合作，我們的科學創新能力將得到進一步加強。我們
期待盡早成為全球領先的生物製藥公司，加速為全球患者帶來創新的小核酸
療法。

財務回顧
概覽
以下討論乃基於本公告另行所載財務資料及附註並應與之一併閱讀。
收入
於報告期內，我們的收入主要來自與戰略合作夥伴的許可及合作安排。我們的收
入由截至2025年6 月30 日止六個月的人民幣103.8 百萬元增加304.3%至截至2026
年6月30日止六個月的人民幣419.7百萬元，主要歸因於就MASH領域siRNA療法
的研發及商業化，本集團與Madrigal的全球獨家授權合作項下授權收入的部分確
認，以及本集團與勃林格殷格翰的合作達成里程碑所確認的收入。
銷售成本
於報告期內，我們的銷售成本主要與授權及合作收入相關成本，以及向外部客戶
銷售核苷單體及其他材料產生的成本有關。我們的銷售成本由截至2025年6月30
日止六個月的人民幣6.6百萬元增加188.8%至截至2026年6月30日止六個月的人民
幣19.0百萬元，主要歸因於報告期內確認的授權及合作收入增加帶動相關成本上
升，同時核苷單體及其他材料銷量增長導致該等產品成本有所增加。
毛利及毛利率
我們的毛利由截至2025年6月30日止六個月的人民幣97.2百萬元增加312.2%至截
至2026年6月30日止六個月的人民幣400.7百萬元，而毛利率由截至2025年6月30
日止六個月的93.7%提高1.8個百分點至截至2026年6月30日止六個月的95.5%，主
要歸因於本集團與Madrigal及勃林格殷格翰授權合作項下確認的高利潤授權收入
貢獻有所增加，該收入涉及的營業成本相對較低。
20

其他收入及收益
截至2026年6月30日止六個月，我們錄得其他收入及收益人民幣19.1百萬元，較
截至2025年6月30日止六個月的人民幣7.2百萬元有所增加，主要是由於報告期內
銀行利息收入增加所致。
研發開支
我們的研發開支由截至2025年6月30日止六個月的人民幣129.1百萬元增加53.0%
至截至2026年6月30日止六個月的人民幣197.6百萬元，主要歸因於本集團核心研
發管線推進至後期臨床開發階段，以及其他處於IND階段的候選產品數量有所增
加，且該等候選產品持續推進各自研發進程，以上因素共同導致報告期內研發相
關開支上升。下表載列於所示期間有關本公司研發開支明細的資料：
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）
員工成本
臨床試驗及技術服務費
折舊及攤銷
試劑及耗材
股份薪酬
其他

78,448
70,963
16,243
19,679
5,150
7,118

65,701
26,942
16,672
8,837
5,690
5,300

總計

197,601

129,142

銷售及分銷開支
我們的銷售及分銷開支由截至2025 年6 月30 日止六個月的人民幣0.6 百萬元減少
14.5%至截至2026年6月30日止六個月的人民幣0.5百萬元，主要是由於報告期內
營銷及推廣開支減少所致。
行政開支
我們的行政開支由截至2025年6月30日止六個月的人民幣52.1百萬元增加20.9%至
截至2026年6月30日止六個月的人民幣63.0百萬元，主要歸因於報告期內與本公
司上市相關活動有關的專業及諮詢服務費有所增加所致。
其他開支
其他開支主要包括(i)匯兌虧損淨額；(ii)以公允價值計量且其變動計入當期損益的
金融資產的公允價值虧損，主要包括上市證券投資；及(iii)存貨減值虧損。我們
的其他開支由截至2025年6月30日止六個月的人民幣6.4百萬元增加至截至2026年
6 月30 日止六個月的人民幣67.7 百萬元，主要歸因於報告期內美元及港元兌人民

21

幣貶值產生的匯兌虧損（因本公司留存部分上市所得款項（以港元計值）以及收到
Madrigal的預付款項（以美元計值））。
財務成本
我們的財務成本由截至2025年6月30日止六個月的人民幣10.2百萬元增加12.2%至
截至2026年6月30日止六個月的人民幣11.5百萬元，主要歸因於報告期內銀行借
款利息開支以及與興博潤少數股東回購權相關的攤銷成本上升。
所得稅開支
我們的所得稅開支由截至2025 年6 月30 日止六個月的人民幣3.9 百萬元增加至截
至2026年6月30日止六個月的人民幣55.1百萬元，主要歸因於報告期內本集團與
Madrigal合作項下確認的授權收入以及本集團與勃林格殷格翰合作項下確認的里
程碑收入所產生的預扣稅。
期內利潤 ╱（虧損）
因以上所述，截至 2026 年及2025 年6 月30 日止期間，我們分別錄得利潤人民幣
23.4百萬元及虧損人民幣97.8百萬元。
物業、廠房及設備
我們的物業、廠房及設備主要包括辦公室及生產設施、研發設備、租賃資產改良
以及辦公設備。我們的物業、廠房及設備由截至2025年12月31日的人民幣177.9
百萬元減少4.5%至截至2026年6月30日的人民幣169.9百萬元，主要是由於報告期
內確認的折舊費用所致。
以公允價值計量且其變動計入當期損益的金融資產
我們以公允價值計量且其變動計入當期損益的金融資產主要與上市證券投資有
關。截至2026年6月30日，我們錄得以公允價值計量且其變動計入當期損益的金
融資產人民幣31.9百萬元，主要是由於本集團投資上市證券所致。
存貨
我們的存貨主要包括與我們的候選藥物相關的原材料、在製品及製成品。我們的
存貨由截至2025年12月31日的人民幣54.9百萬元增加12.2%至截至2026年6月30
日的人民幣61.6百萬元，主要歸因於興博潤銷售貨物時撥回存貨減值撥備，同時
報告期內已交付但尚未確認收入的貨品有所增加。

22

貿易應收款項及應收票據
我們的貿易應收款項及應收票據主要包括應收里程碑付款及銷售產品的應收款
項。我們的貿易應收款項及應收票據由截至2025年12月31日的人民幣5.5百萬元
增加至截至2026年6月30日的人民幣60.4百萬元，主要歸因於應收齊魯製藥的里
程碑付款，以及報告期內興博潤銷售貨物帶來的應收款項增加。
預付款項、其他應收款項及其他資產
我們的預付款項、其他應收款項及其他資產主要包括(i)與我們的國內增值稅留抵
退稅相關的可收回增值稅，(ii)可收回預扣稅，即後續可退還的超出適用協定稅率
的預扣所得稅部分，(iii)在我們的研發活動中支付予供應商的預付款項，(iv)持作
股份回購的資金，及(v)其他應收款項。我們的預付款項、其他應收款項及其他資
產由截至2025年12月31日的人民幣49.9百萬元增加130.3%至截至2026年6月30日
的人民幣114.9百萬元，主要歸因於報告期內預留作H股回購的資金增加以及臨床
研究活動預付款項上升。
貿易應付款項
我們的貿易應付款項主要包括與我們的研發活動有關的應付款項。我們的貿易應
付款項由截至2025年12月31日的人民幣11.6百萬元增加99.5%至截至2026年6月
30日的人民幣23.2百萬元，主要歸因於研發活動增加，致使報告期內應付研發服
務及材料款項上升。
其他應付款項及應計費用
我們的其他應付款項及應計費用主要包括(i)贖回負債，這是由興博潤的非控股股
東產生的財務責任，根據股東協定規定，其有權要求我們以原始投資成本加上商
定的利率贖回其股本，(ii)應付員工薪金、獎金及福利，(iii)應付政府補助，主要
指在條件滿足之前收到的確認為負債的政府補助，(iv)購買物業、廠房及設備的應
付款項，及(v)其他應付稅項，指企業所得稅以外的應付稅項。我們的其他應付款
項及應計費用由截至2025年12月31日的人民幣152.7百萬元減少13.0%至截至2026
年6月30日的人民幣132.9百萬元，主要由於報告期內支付2025年應計的上市開支
及員工花紅所致。
合同負債
我們的合同負債主要指向本集團已收取代價的客戶提供服務的義務。我們的合同
負債由截至2025年12月31日的人民幣64.3百萬元增加至截至2026年6月30日的人
民幣244.1百萬元，主要是由於收到Madrigal就提供知識產權使用權而支付的長期
預付款。

23

計息銀行及其他借款
截至2025年12月31日及2026年6月30日，我們的計息銀行借款及其他借款分別為
人民幣522.4百萬元及人民幣523.2百萬元。
資本支出
截至2026年6月30日止六個月，我們的資本支出為人民幣3.3百萬元（截至2025年6
月30日止六個月為人民幣0.5百萬元），用於購買研發設備。
資本承擔
截至2026年6月30日，本集團的資本承擔為人民幣9.9百萬元（截至2025年12月31
日：人民幣8.5百萬元），主要與購買研發設備有關。
或然負債
截至2026年6月30日，我們並無任何重大或然負債。
外匯風險
於報告期內，我們在中國內地及瑞典開展主要業務且大部分交易以人民幣及美元
進行。我們的大部分資產及負債以人民幣計值。本集團在銀行存有外幣現金，使
本集團面臨外匯風險。本集團並無使用任何衍生合約以對沖外匯風險。本集團透
過密切監控外幣匯率的變動來管理其外匯風險，並將採取謹慎措施將貨幣換算風
險降至最低。
資本管理
本集團資本管理的首要目的是保障本集團持續經營的能力，並維持穩健的資本比
率，從而支持其業務及實現股東價值最大化。本集團根據經濟狀況變化及相關資
產的風險特點管理及調整資本結構。為維持或調整資本結構，本集團或會調整派
付予股東的股息、向股東歸還資本或發行新股。本集團概不受任何外部強加的資
本規定規限。截至2026年及2025年6月30日止六個月，資本管理目標、政策或程
序未發生變化。
流動資金及財務資源
我們的現金及現金等價物由截至2025年12月31日的人民幣406.7百萬元增加至截
至2026年6月30日的人民幣2,242.3百萬元，主要歸因於報告期內收取上市所得款
項淨額以及本集團合作安排項下的授權收入。

24

於報告期內，我們主要通過股權及債務融資以及我們許可及合作安排的收入為我
們的運營提供資金。我們預計，於可預見未來，隨著我們推進候選藥物，我們將
繼續產生大量開支，而該等開支將由我們的手頭現金、來自我們許可及合作安排
的現金流量、銀行借款及全球發售所得款項共同提供資金支持。我們遵循一套融
資及庫務政策來管理我們資本資源並降低潛在風險。我們將密切監控流動資金狀
況並維持足夠的現金及銀行結餘水平，以為我們的營運提供資金，並減輕現金流
量波動的影響。我們將繼續集中資源開發核心產品，同時嚴格控制其他開支以管
理經營現金流出。董事會亦會根據我們的融資需要以考慮多個融資來源，確保財
務資源以最具成本效益及效率的方法運用，從而履行我們的財務責任。董事會不
時檢視及評估我們的融資及庫務政策，以確保其充分有效。
於報告期內，我們並無任何用於對沖目的的金融工具。
借款及資本負債比率
截至2026年6月30日，本集團的借款總額為人民幣523.2百萬元（截至2025年12月
31日：人民幣522.4百萬元），這些借款以人民幣計值，且其中約人民幣251.0百萬
元按照介乎2.3%至4.5%的固定年利率計息，主要歸因於作研發、營運資金用途及
建設項目的借款。截至2026年6月30日，本集團的資本負債比率（資本負債比率等
於計息借款總額以及租賃負債除以計息借款總額、租賃負債及截至2026年6月30
日母公司擁有人應佔的權益總額，再乘以100%計算）降至23.9%，而截至2025年
12月31日為120.6%，主要歸因於收取上市所得款項淨額後母公司擁有人應佔的權
益總額大幅增加。
流動資產 ╱（負債）淨額
截至2026 年6 月30 日，本集團的流動資產淨額為人民幣2,036.0 百萬元，而截至
2025年12月31日為流動負債淨額人民幣84.4百萬元，主要歸因於報告期內來自上
市所得款項的現金及現金等價物增加以及短期借款減少。
已質押資產
截至2026年6月30日，本集團人民幣107.9百萬元（截至2025年12月31日：人民幣
110.9百萬元）的有抵押銀行借款以賬面值分別為人民幣101.7百萬元（截至2025年
12月31日：人民幣104.6百萬元）及人民幣41.2百萬元（截至2025年12月31日：人
民幣41.6百萬元）的若干物業、廠房及設備以及使用權資產作抵押。

25

中期簡明合併損益表
截至2026年6月30日止六個月
附註

收入
銷售成本

4

毛利

2026年
（未經審計）
人民幣千元

2025年
（經審計）
人民幣千元

419,737
(19,032)

103,813
(6,591)

400,705

97,222
7,209
(129,142)
(565)
(52,058)
141
(6,431)
(10,243)

其他收入及收益
研發開支
銷售及分銷開支
行政開支
金融資產減值損失淨額
其他開支
財務成本

4

6

19,071
(197,601)
(483)
(62,955)
(1,031)
(67,656)
(11,497)

除稅前利潤 ╱（虧損）

5

78,553

(93,867)

所得稅開支

7

(55,105)

(3,898)

期內利潤 ╱（虧損）

23,448

(97,765)

歸屬於：
母公司擁有人
非控股權益

20,301
3,147

(88,118)
(9,647)

23,448

(97,765)

母公司普通股權益持有人應佔每股
盈利 ╱（虧損）
基本
－ 期內利潤 ╱（虧損）
（人民幣元）

9

0.12

(0.68)

攤薄
－ 期內利潤 ╱（虧損）
（人民幣元）

9

0.12

(0.68)

26

中期簡明合併綜合收益表
截至2026年6月30日止六個月
2026年
（未經審計）
人民幣千元

2025年
（經審計）
人民幣千元

期內利潤 ╱（虧損）

23,448

(97,765)

其他綜合收益
於後續期間可能重新分類至損益的其他綜合
（虧損）╱ 收益：
匯兌差額：
換算海外業務產生的匯兌差額

(21,588)

2,259

期內其他綜合（虧損）╱ 收益（扣除稅項）

(21,588)

2,259

期內綜合收益 ╱（虧損）總額

1,860

(95,506)

歸屬於：
母公司擁有人
非控股權益

9,582
(7,722)

(86,741)
(8,765)

1,860

(95,506)

27

中期簡明合併財務狀況表
截至2026年6月30日
2026年
6月30日
（未經審計）
人民幣千元

2025年
12月31日
（經審計）
人民幣千元

169,939
60,605
69,053
7,130
849

177,862
67,173
76,834
–
890

307,576

322,759

31,893
61,634
60,408
114,937
2,242,287

–
54,929
5,458
49,917
406,746

2,511,159

517,050

23,195
118,623
104,728
218,195
9,006
1,432

11,625
138,966
64,294
373,033
12,055
1,435

475,179

601,408

流動資產 ╱（負債）淨額

2,035,980

(84,358)

總資產減流動負債

2,343,556

238,401

附註

非流動資產
物業、廠房及設備
使用權資產
無形資產
其他非流動資產
現金及銀行結餘

10

非流動資產總額
流動資產
以公允價值計量且其變動計入當期損益的金
融資產
存貨
貿易應收款項及應收票據
預付款項、其他應收款項及其他資產
現金及銀行結餘

11
12

流動資產總額
流動負債
貿易應付款項
其他應付款項及應計費用
合同負債
計息銀行及其他借款
租賃負債
應付稅項

13
14

流動負債總額

28

2026年
6月30日
（未經審計）
人民幣千元

2025年
12月31日
（經審計）
人民幣千元

139,356
304,982
10,577
31,891
14,231

–
149,381
15,601
32,881
13,764

501,037

211,627

1,842,519

26,774

170,555
1,558,974

134,203
(228,141)

1,729,529

(93,938)

非控股權益

112,990

120,712

權益總額

1,842,519

26,774

附註

非流動負債
合同負債
計息銀行及其他借款
租賃負債
遞延收入
其他應付款項及應計費用

14

非流動負債總額
資產淨值
權益
股本
儲備

15

母公司擁有人應佔權益 ╱（虧絀）

29

中期簡明合併財務資料附註
1

編製基準
截至2026年6月30日止六個月的中期簡明合併財務資料乃根據香港會計準則第34號中期財
務報告 編製。中期簡明合併財務資料並不包括年度財務報表規定的所有資料及披露，並應
與本集團截至2025年12月31日止年度的年度合併財務報表一併閱讀。
中期簡明合併財務資料已按歷史成本法編製，惟按以公允價值計量且其變動計入當期損益
的金融資產乃按公允價值計量。中期簡明合併財務資料以人民幣（「人民幣」）列報，除另
有說明外，所有數值約整至最近的千位數（人民幣千元）。

2

會計政策及披露變動
除於本期間財務資料首次採納以下經修訂國際財務報告會計準則外，編製中期簡明合併財
務資料所採納的會計政策與編製本集團截至2025年12月31日止年度的年度合併財務報表
所應用者一致。
國際財務報告準則第9號及
國際財務報告準則第7號修訂本

金融工具的分類及計量修訂

國際財務報告準則第9號及
國際財務報告準則第7號修訂本

涉及自然依賴型電力的合約

國際財務報告會計準則的年度
改進 － 第11冊

國際財務報告準則第1 號、國際財務報告準則第7
號、國際財務報告準則第9號、國際財務報告準則
第10號及國際會計準則第7號修訂本

期內應用經修訂國際財務報告會計準則對本集團於本期間及過往期間的財務表現及狀況
及 ╱ 或該等中期簡明合併財務報表所載的披露概無重大影響。

3.

經營分部資料
經營分部資料
出於管理目的，本集團並未根據其產品劃分為業務單位，且僅擁有一個可報告經營分部。
管理層監控本集團整體經營分部的經營業績，以作出資源分配及績效評估的決策。
地理區域資料
由於於報告期間，本集團近乎所有非流動資產均位於中國內地，故並無根據國際財務報告
準則第8號經營分部 呈列地理區域分部資料。
有關主要客戶的資料
於報告期內貢獻超過本集團10%總收入的外部客戶如下：
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）
客戶A
客戶B
客戶C

206,131
154,238
47,284
30

–
72,933
28,826

4.

收入、其他收入及收益
收入分析如下：
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）
客戶合同收入
(a)

419,737

103,813

分類收入資料
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）

(b)

收入類別
合作收入
其他

407,248
12,489

101,326
2,487

總計

419,737

103,813

地理區域市場
海外
中國內地

360,615
59,122

73,198
30,615

總計

419,737

103,813

收入確認時間
於某一時間點轉讓的產品
於某一時間點轉讓的服務
隨時間轉讓的服務

12,489
168,970
238,278

2,487
69,179
32,147

總計

419,737

103,813

履約義務

在研究期內使用知識產權的權利
履約義務在提供使用知識產權服務的權利過程中隨時間履行。

研發服務
研發服務的履約義務在研發服務的控制權轉移給客戶且客戶能夠消耗並從服務中受
益的時點履行。付款通常在向客戶開具發票後的30天內結清。

31

技術轉讓
在完成交付且客戶接受後，履約義務即獲履行。

知識產權對外許可
在將專有技術轉讓予被許可方且被許可方能夠使用並從許可中獲益時，履約即獲履
行。

產品收入
履約義務於產品交付時履行，付款一般於交付起15天至30天內到期應付，一般須提
前付款的新客戶除外。
其他收入及收益分析如下：
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）
其他收入
政府補助*
－ 收入
－ 資產
銀行利息收入
其他

7,695
990
10,364
22

6,056
816
337
–

其他收入總額

19,071

7,209

*

政府補助主要指自當地政府領取的補貼，用於對本集團研發活動及資產建造所
產生開支的補償。

政府補助不存在相關的未達成條件或者或然事項。

32

5.

除稅前利潤 ╱（虧損）
本集團的除稅前利潤 ╱ 虧損乃經扣除 ╱（計入）以下各項後得出：

附註

截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）

已售存貨成本*
已提供服務成本*
物業、廠房及設備項目折舊
使用權資產折舊
其他無形資產攤銷
研發開支**
上市開支
出售物業、廠房及設備項目的虧損****
未計入租賃負債計量的租賃付款
核數師薪酬
僱員福利開支***（包括董事、監事及最高行
政人員薪酬）：
工資及薪金
退休金計劃供款
員工福利開支
股份支付

11,973
7,059
10,751
5,358
7,808
197,601
–
1
1,177
300

1,766
4,825
11,536
4,772
7,825
129,142
8,879
10
1,410
–

83,661
12,694
3,191
9,490

78,595
12,407
2,278
9,160

總計

109,036

102,440

匯兌差異淨額
撇減存貨至可變現淨值****
貿易應收款項及應收票據減值
計入預付款項、其他應收款項及其他資產的金
融資產減值
其他應付款項利息
以公允價值計量且其變動計入當期損益的金融
資產的未變現公允價值變動

62,648
2,336
1,074

1,267
5,153
(24)

(43)
2,783

(117)
2,165

2,671

–

6

*

合併損益表中銷售成本包括與物業、廠房及設備折舊、使用權資產折舊、無形資產
攤銷及僱員福利開支有關的開支，亦分別計入上文就該等各類型開支獨立披露的總
金額。

**

研發開支包括與物業、廠房及設備折舊、使用權資產折舊、無形資產攤銷及僱員福
利開支有關的開支，亦分別計入上文就該等各類型開支獨立披露的總金額。

*** 不存在本集團作為僱主可以使用以減少現有的供款水平的已沒收供款。
**** 出售物業、廠房及設備項目的虧損以及存貨減值計入其他開支。

33

6.

財務成本
財務成本分析如下：
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）

7.

銀行及其他借款利息
租賃負債利息
其他應付款項利息（附註14）

8,167
547
2,783

7,369
709
2,165

總計

11,497

10,243

所得稅
截至6月30日止六個月
2026年
2025年
人民幣千元
人民幣千元
（未經審計）
（經審計）
當期
期內支出
遞延

55,105
–

3,898
–

按本集團實際稅率計算的稅項支出

55,105

3,898

本集團須就產生或源自本集團成員公司註冊及經營所在司法管轄區的利潤按實體基準繳納
所得稅。
中國企業所得稅
根據《中華人民共和國企業所得稅法》
（「企業所得稅法」）及企業所得稅法實施條例，本集
團的中國子公司的企業所得稅稅率為25%。本公司於2025年12月26日獲得高新技術企業
證書。本公司合資格於2025年至2028年按15%的稅率繳納企業所得稅。
香港利得稅
除本集團其中一間子公司為利得稅兩級制下之合資格公司外，香港利得稅乃按照報告期
間於香港產生的估計應課稅利潤以稅率16.5%計提撥備。該間子公司之應課稅利潤中首
2,000,000港元按8.25%的稅率課稅，其餘應課稅利潤則按16.5%課稅。
澳大利亞所得稅
於期內，澳大利亞子公司的所得稅法定稅率為25%。
瑞典所得稅
於期內，瑞典子公司的所得稅法定稅率為20.6%。
34

預扣稅
根據德國與中國的雙邊稅收協定，德國公司支付予中國居民企業的特許權使用費及類似報
酬須繳納10%的預扣稅。
根據中美雙邊稅收協定，美國公司支付予中國居民企業的特許權使用費及類似報酬須繳納
10%的預扣稅。

8.

股息
本公司於報告期間並無派付或宣派任何股息。

9.

母公司普通股權益持有人應佔每股盈利 ╱（虧損）
每股基本盈利 ╱（虧損）金額乃基於母公司普通股權益持有人應佔期內利潤 ╱（虧損），以
及期內已發行普通股加權平均數為167,909,103股（2025年：129,973,628股）計算。
2026年
人民幣千元
（未經審計）

2025年
人民幣千元
（經審計）

20,301

(88,118)

股份數目
2026年

2025年

利潤 ╱（虧損）：
母公司普通股權益持有人應佔利潤 ╱（虧損）

股份：
計算每股基本盈利 ╱（虧損）使用的普通股加權平均數
攤薄影響 － 普通股加權平均數：
購股權
總計
每股基本及攤薄盈利 ╱（虧損）
（人民幣元）

167,909,103

129,973,628

874,228

–

168,783,331

129,973,628

0.12

(0.68)

期內調整如下：該等購股權假設於期初（如較遲，則於授出日期）獲行使，假設所得款項
用於期內按加權平均市價回購本公司股份。由於該等購股權的行使價低於報告期內本公司
股份的加權平均市價，該等購股權具有攤薄效應，並已納入每股攤薄盈利的計算。然而，
相對於發行在外普通股加權平均數，該等購股權數量相對較少，其攤薄效應在所呈列精確
度層面未產生差異。因此，期內每股攤薄盈利與每股基本盈利相同。
35

10. 物業、廠房及設備
截至2026 年6 月30 日止六個月，本集團以人民幣3,308,000 元（2025 年6 月30 日：人民幣
511,000元）的成本收購資產。
截至2026年6月30日止六個月，本集團出售賬面淨值人民幣1,000元的資產（分類為持作待
售的資產除外）
（2025年6月30日：人民幣877,000元），產生出售虧損淨額人民幣1,000元
（2025年6月30日：人民幣10,000元）。

11. 貿易應收款項及應收票據
2026年
6月30日
人民幣千元
（未經審計）

2025年
12月31日
人民幣千元
（經審計）

貿易應收款項及應收票據
減值

61,593
(1,185)

5,569
(111)

賬面淨值

60,408

5,458

本集團與客戶的交易條款以信貸為主，主要客戶的信貸期一般為15至30天。每名客戶均有
最高信貸限額。本集團設法維持對其未償還應收款項的嚴格控制，並設有信貸控制部門，
以將信貸風險降至最低。高級管理層定期審查逾期結餘。本集團並無就其貿易應收款項結
餘持有任何抵押品或採取其他信用增級。貿易應收款項及應收票據不計息。
於報告期末的貿易應收款項及應收票據（扣除虧損撥備）按發票日期計算的賬齡分析如下：
2026年
6月30日
人民幣千元
（未經審計）

2025年
12月31日
人民幣千元
（經審計）

1個月內
1至3個月
3個月以上

52,126
5,861
2,421

4,775
485
198

總計

60,408

5,458

本集團採用簡化方法就國際財務報告準則第9號規定的預期信用損失計提撥備，該方法允
許就所有貿易應收款項使用全期預期信用損失撥備。本集團整體考慮共同信用風險特徵及
貿易應收款項的逾期天數以計量預期信貸虧損。由於大部分應收款項既未逾期亦未減值，
且與近期並無違約記錄的多元化客戶有關，而一般而言，倘逾期超過一年及不受強制執行
活動所規限，則貿易應收款項予以撇銷。
36

12. 現金及銀行結餘
2026年
6月30日
人民幣千元
（未經審計）

2025年
12月31日
人民幣千元
（經審計）

2,242,287

406,746

849

890

2,243,136

407,636

792,984
729,032
472,362
106,359
5,453
136,946

164,741
34,546
–
1,926
2,923
203,500

2,243,136

407,636

流動
現金及現金等價物
非流動
受限制現金
總計
以下列貨幣單位計值：
人民幣
美元
港元
歐元
澳元
瑞典克朗
總計

人民幣不能自由兌換成其他貨幣。然而，根據中國內地《外匯管理條例》及《結匯、售匯及
付匯管理規定》，本集團可通過獲授經營外匯業務的銀行將人民幣兌換成其他貨幣。
銀行現金根據銀行存款日利率賺取浮動利息。銀行結餘及受限制現金存放於近期無違約記
錄且信譽良好的銀行。
於2026 年6 月30 日，本集團存入租賃按金人民幣 849,000 元（2025 年12 月31 日：人民幣
890,000元）。

13. 貿易應付款項
於報告期末的貿易應付款項按發票日期計算的賬齡分析如下：
2026年
6月30日
人民幣千元
（未經審計）

2025年
12月31日
人民幣千元
（經審計）

1個月內
1至2個月
2至3個月
3個月以上

14,495
3,588
1,196
3,916

8,317
1,967
430
911

總計

23,195

11,625

貿易應付款項不計息，通常在60天內結清。
37

14. 其他應付款項及應計費用
2026年
6月30日
人民幣千元
（未經審計）

2025年
12月31日
人民幣千元
（經審計）

流動
購買物業、廠房及設備的應付款項
應付員工薪金、獎金及福利
應付政府補助*
其他應付稅項
其他應付款項
應計費用
贖回負債**

5,789
19,334
12,692
6,781
2,834
1,193
70,000

5,074
29,806
14,692
6,485
14,024
1,201
67,684

總計

118,623

138,966

非流動
贖回負債**

14,231

13,764

*

應付政府補助待補助附帶的條件滿足後於損益內確認。

**

天津興博潤生物製藥有限公司（「興博潤」）的非控股股東天津海河凱萊英生物醫藥產
業創新投資基金（有限合夥）自2026年7月起擁有要求本集團贖回股本的特權。

興博潤的非控股股東渤海創富證券投資有限公司（「渤海創富」）及天津眾富潤盈企業管理
諮詢合夥企業（有限合夥）
（「天津眾富潤盈」）自2030年12月31日起擁有在特定情形下要求
本集團贖回股本的特權。
該等贖回將根據投資的原始成本計算，包括約定的利率。該等選擇權的實施受股東協議中
的規定約束。
分類為流動的其他應付款項為無抵押、不計息及按要求償還。由於短期性質，於各報告期
末計入其他應付款項及應計費用的金融負債的賬面值與其公允價值相若。

38

15. 股本
股份

已發行及悉數支付：
170,555,000股（2025年：134,203,000股）普通股

2026年
6月30日
人民幣千元
（未經審計）

2025年
12月31日
人民幣千元
（經審計）

170,555

134,203

本公司已發行股本於本年度 ╱ 本期間的變動概要如下：
已發行
股份數目

於2025年1月1日

股本
人民幣千元

129,610,105

129,610

4,593,005

4,593

於2025年12月31日及2026年1月1日（經審計）

134,203,110

134,203

於香港聯交所上市後發行新股份

36,351,800

36,352

於2026年6月30日（未經審計）

170,554,910

170,555

發行普通股

16. 報告期後事項
截至2026年6月30日止期間後及直至本公告日期，本公司於香港聯合交易所有限公司購回
其569,400股股份，並通過本公司委任的專業受託人購回其1,057,000股股份，總代價分別
為28,686,000港元及65,422,000港元。
於2026年6月，本公司（作為買方）與天津海河凱萊英生物醫藥產業創新投資基金（有限合
夥）
（「海河凱萊英基金」）
（作為賣方）訂立股權轉讓協議，據此，本公司已有條件同意收
購，而海河凱萊英基金已有條件同意出售興博潤之25.93%股權，代價為人民幣70,000,000
元，且收購事項已於2026年7月完成。

39

其他資料
企業管治常規
我們認為，在我們的管理架構和內部控制程序納入良好企業管治的要素以實現有
效問責，實屬重要。本公司已採納並應用《企業管治守則》所載的原則及守則條文
作為其本身的企業管治守則。
由於本公司H股已於2026 年1 月9 日在聯交所上市，《企業管治守則》僅自上市日
期起適用於本公司。董事會認為，本公司自上市日期起及直至2026年6月30日已
遵守《企業管治守則》第2 部的所有守則條文，但《企業管治守則》第2部守則條文
第C.2.1 條有關區分主席及首席執行官的角色除外。《企業管治守則》守則條文第
C.2.1條規定董事會主席與首席執行官的角色應分開，不應由同一人擔任。主席與
首席執行官之間職責之分工應清楚界定並以書面列載。
主席與本公司首席執行官的角色目前由梁博士兼任。由於梁博士自本集團成立以
來貢獻良多，且經驗豐富，我們認為由梁博士兼任主席與首席執行官，將使本集
團的領導紮實有力及貫徹一致，並促進業務戰略落實到位。我們認為，梁博士繼
續兼任主席與首席執行官屬恰當且有利我們的業務發展及前景，故目前無意將主
席與首席執行官的職能區分開來。儘管此舉偏離《企業管治守則》第2部守則條文
第C.2.1 條，但董事會認為，此架構不會損害董事會與本公司管理層之間的權力
與權限的平衡，理由為：(i)董事會有足夠制衡，原因為董事會作出的決定須經至
少大多數董事批准，且董事會包括三名獨立非執行董事，符合上市規則的規定；
(ii)梁博士及其他董事知悉及承諾履行董事的受信責任，有關責任規定（其中包括）
其須以符合本公司最佳利益的方式為本公司的利益行事，並據此為本集團作出決
策；及(iii)董事會由經驗豐富及才能出眾的人士（定期會面討論影響本公司營運的
事宜）組成，確保權力與權限之間的平衡。此外，本集團的整體策略性及其他主
要業務、財務及營運政策乃經董事會及高級管理層的詳細討論後共同制定。董事
會將持續檢討本集團企業管治架構之成效，以評估是否有必要區分董事長及首席
執行官的角色。
本公司將繼續定期檢討及監察其企業管治常規，以確保遵守《企業管治守則》及維
持本公司高水平的企業管治常規，從而保障股東利益並提升企業價值及責任感。

40

遵守標準守則
本公司自上市日期起已採納標準守則作為其自身就其董事及相關僱員（可能掌握
本公司內幕消息的人士）進行本公司證券交易的行為守則。
本公司已向全體董事進行具體查詢，而彼等均確認自上市日期起及直至2026 年6
月30日已遵守標準守則。此外，本公司並未發現任何可能掌握本公司內幕消息的
僱員在自上市日期起及直至2026年6月30日期間存在違反標準守則的情況。
本公司遵守相關法律及法規
於報告期內及直至本公告日期，本集團已於所有重大方面遵守本集團營運所在地
的適用法律、法規及監管規定，包括公司條例、上市規則、證券及期貨條例及
《企業管治守則》的信息披露及企業管治的有關規定等。
重大訴訟
於報告期內，本公司未涉及任何可能對我們的財務狀況或經營業績產生重大不利
影響的重大訴訟或仲裁。於報告期內及直至本公告日期，董事亦不知悉本集團任
何未決或面臨威脅的重大訴訟或索賠，這些訴訟或索賠可能對我們的財務狀況或
經營業績產生重大不利影響。
全球發售所得款項用途
本公司H股於2026年1月9日在聯交所主板上市，其中已按每股H股57.97港元的價
格發行合共31,610,400股H股。於2026年2月10日，繼超額配股權獲悉數行使後，
本公司按每股H股57.97港元的價格發行4,741,400股H股。本公司自全球發售（包
括悉數行使超額配股權）收取所得款項淨額（經扣除本公司就全球發售應付的包銷
佣金、費用及估計開支後）約為1,964.3百萬港元。招股章程「未來計劃及所得款項
用途」一節所載的所得款項淨額的擬定用途並無任何變動。
截至2026年6月30日，已動用所得款項淨額約為250.8百萬港元，而餘下所得款項
淨額約為1,713.5百萬港元。本公司有意日後繼續動用餘下所得款項淨額，以用於
招股章程所載的用途。下表載列全球發售所得款項淨額的計劃用途及直至2026年
6月30日的實際使用情況：

41

所得款項用途

自上市日期起至
全球發售 2026年6月30日
分配 所得款項淨額
已動用金額
(%)
（百萬港元）

截至2026年 悉數動用
6月30日 未動用金額
未動用金額 的預期時間表 (1)

核心產品RBD4059的研發
(a) RBD4059正在進行及計劃進行的臨床試驗，包
括其正在瑞典進行的針對高危冠狀動脈疾病患者
的2a期試驗、計劃的2b期試驗及全球3期試驗等
(b) 為RBD4059的CMC及工藝開發活動提供資金

37.4

734.6

61.7

672.9 於2029年前

35.0
2.4

687.5
47.1

61.1
0.6

626.4 於2029年前
46.5 於2029年前

RBD5044的研發
(a) RBD5044正在進行及計劃進行的臨床試驗，包
括其正在瑞典進行的針對混合型血脂異常患者的
2期試驗及全球3期試驗等
(b) 為RBD5044的CMC及工藝開發活動提供資金

19.6

385.0

16.9

368.1 於2029年前

16.8
2.8

330.0
55.0

16.4
0.5

313.6 於2029年前
54.5 於2029年前

RBD1016的研發
(a) RBD1016治療CHB的正在進行及計劃進行的臨
床試驗，包括其正在瑞典及香港進行的2期全球
MRCT試驗及全球3期試驗等

15.9

312.3

12.8

299.5 於2029年前

11.7

229.8

8.3

221.5 於2029年前

42

所得款項用途

(b)

自上市日期起至
全球發售 2026年6月30日
分配 所得款項淨額
已動用金額
(%)
（百萬港元）

截至2026年 悉數動用
6月30日 未動用金額
未動用金額 的預期時間表 (1)

RBD1016治療CHD的正在進行及計劃進行的臨
床試驗，包括正在瑞典進行的2a期試驗及全球3
期試驗等
為RBD1016的CMC及工藝開發活動提供資金

2.4
1.8

47.1
35.4

4.4
0.1

42.7 於2029年前
35.3 於2029年前

為研發處於臨床前申報試驗階段的管線資產（包括(i)
SR122，一款用於血脂異常的雙靶點降脂siRNA候選藥
物；及(ii)RBD8088，一款用於神經膠質瘤的偶聯抗腫
瘤藥物）提供資金

10.1

198.4

55.1

143.3 於2028年前

推進我們尚未進入臨床前申報試驗階段的臨床前資產的
開發及加強我們的技術平台

8.9

174.8

43.5

131.3 於2028年前

營運資金及其他一般公司用途

8.1

159.2

60.8

98.4 於2028年前

總計

100.0

1,964.3

250.8

(c)

1,713.5

附註：
(1)

上文所披露動用未動用所得款項的預期時間表乃董事會根據於本公告日期的最新資料而作
出的最佳估計。

(2)

上表中的總計與各數額的總和之間的差異乃由於四捨五入所致。

中期股息
董事不建議就截至2026年6月30日止六個月向股東派付中期股息（截至2025年6月
30日止六個月：無）。

43

購買、出售或贖回本公司上市證券
本公司及其任何子公司自上市日期起及直至2026年6月30日均未購買、出售或贖
回本公司任何上市證券（包括出售庫存股份（定義見上市規則））。
截至2026年6月30日，本公司並無持有任何庫存股份（定義見上市規則）。
安永會計師事務所的工作範圍
本公司核數師安永會計師事務所已根據香港會計師公會頒佈的香港審閱工作準則
第2410號「實體的獨立核數師對中期財務資料的審閱」審閱截至2026年6月30日止
六個月的未經審計合併財務報表。
審計委員會
審計委員會包括三名獨立非執行董事，即馬朝松先生、宇學峰博士及王瑞平先
生。馬朝松先生現時擔任審計委員會主席。彼具備上市規則第3.10(2)及3.21條規
定的適當專業資格。
審計委員會已與本公司管理層審閱截至2026年6月30日止六個月的未經審計合併
財務報表。審計委員會認為，中期業績符合適用會計準則、法律及法規，且本公
司已就此作出適當披露。審計委員會亦與本公司管理層及本公司核數師討論中期
業績。
刊發中期業績公告及中期報告
本公告將於聯交所網站( www.hkexnews.hk )及本公司網站( www.ribolia.com )刊
發。本集團截至2026年6月30日止六個月之中期報告載有上市規則所規定的所有
資料，並將根據上市規則及本公司之公司通訊安排於適當時候寄發予要求印刷本
的股東（如適用）及將分別刊載於聯交所及本公司網站。

致謝
董事會謹此就本集團股東、管理團隊、僱員、業務夥伴及客戶向本集團作出的支
持及貢獻表示衷心感謝。

44

釋義及技術詞彙表
「審計委員會」

指

董事會審計委員會

「興博潤」

指

天津興博潤生物製藥有限公司，一家於2017 年8 月23
日根據中國法律成立的有限公司，為本公司的非全資
子公司

「董事會」

指

本公司董事會

「勃林格殷格翰」

指

勃林格殷格翰國際公司，一家成立於1885 年總部位於
德國的全球研發驅動型製藥公司；勃林格殷格翰的人
用藥物研究專注於心血管和代謝健康、癌症、心理健
康、眼睛健康及炎症性疾病等治療領域

「《企業管治守則》」

指

上市規則附錄C1所載的《企業管治守則》
（經不時修訂）

「中國」

指

中華人民共和國，但就本公告而言及僅供地理參考之
用，除文義另有所指外，本公告的提述不包括香港、
中國澳門特別行政區及中國台灣

「《公司條例》」

指

香港法例第622章《公司條例》
（經不時修訂、補充或以
其他方式修改）

「本公司」

指

蘇州瑞博生物技術股份有限公司，一家於 2007 年1 月
18 日在中國成立的有限公司，並於2020 年8 月14 日改
制為股份有限公司，前稱蘇州瑞博生物技術有限公司

「關連人士」

指

具有上市規則所賦予的涵義

「核心產品」

指

具有上市規則第十八A章所賦予的涵義；就本公告而
言，我們的核心產品指RBD4059 (vortosiran)

「董事」

指

本公司董事

45

「梁博士」

指

梁子才博士，張博士的配偶，為董事長、執行董事兼
首席執行官

「張博士」

指

張鴻雁博士，梁博士的配偶，為執行董事兼總裁

「EMA」

指

歐洲藥品管理局，負責監管歐盟和歐洲經濟體的藥品
科學評估，監管和安全監測

「員工激勵計劃」

指

本公司於2020年5月20日採納的股份激勵計劃（經不時
修訂）

「歐盟」

指

歐洲聯盟

「FDA」

指

美國食品藥品監督管理局

「全球發售」

指

如招股章程所述，發售H股以供認購

「本集團」或「我們」

指

本公司及我們的所有子公司，或倘文義所指，就本公
司成為其現時子公司的控股公司前的期間，該等子公
司或其前身公司（視情況而定）經營的業務

「H股」

指

本公司股本中每股面值人民幣1.00 元的上市普通股，
將以港元認購及買賣，並在聯交所上市

「H股股份激勵計劃」 指

本公司於2026年6月5日採納的H股股份激勵計劃（經不
時修訂）

「H股購股權計劃」

指

本公司於2026年6月5日採納的H股購股權計劃（經不時
修訂）

「港元」

指

香港法定貨幣港元

「香港」

指

中國香港特別行政區

「上市」

指

我們的H股於聯交所上市

「上市日期」

指

2026 年1 月9 日，我們的H股在聯交所首次開始買賣的
日期

「上市規則」

指

香港聯合交易所有限公司證券上市規則（經不時修訂、
補充或以其他方式修改）
46

「Madrigal」

指

Madrigal Pharmaceuticals, Inc.（ 納斯達克股份代號：
MDGL），一家專注於為MASH（一種具有高度未滿足
醫療需求的肝病）開發新型療法的生物製藥公司

「主板」

指

聯交所運營的證券交易所（不包括期權市場），獨立於
聯交所GEM並與之並行運作

「標準守則」

指

上市規則附錄C3所載上市發行人董事進行證券交易的
標準守則

「國家藥監局」

指

中國國家藥品監督管理局及其前身國家食品藥品監督
管理總局

「首次公開發售前
購股權計劃」

指

本公司於2024年12月10日採納的2024年首次公開發售
前購股權計劃（經不時修訂）

「招股章程」

指

本公司於2025年12月31日刊發的招股章程

「齊魯製藥」

指

齊魯製藥有限公司，中國一家專業從事治療心腦血管
疾病、呼吸系統疾病、神經系統疾病、眼科疾病等病
症的製劑和原料藥的研製、生產與銷售的製藥公司

「研發」

指

研究與開發

「報告期」

指

截至2026年6月30日止六個月

「Ribocure AB」

指

Ribocure Pharmaceuticals AB，一家於2022年2月18日
在瑞典註冊成立的有限公司，為本公司的非全資子公
司

「Ribocure AB股份
激勵計劃」

指

我們的子公司Ribocure AB於2023年1月5日採納的股
份激勵計劃（經不時修訂）

「人民幣」

指

中國的法定貨幣人民幣

「《證券及期貨條
例》」

指

香港法例第571章《證券及期貨條例》
（經不時修訂、補
充或以其他方式修改）

「股份」

指

本公司股本中每股面值人民幣1.00元的普通股

「股東」

指

我們股份的持有人
47

「聯交所」

指

香港聯合交易所有限公司，為香港交易及結算所有限
公司的全資子公司

「子公司」

指

具有上市規則所賦予的涵義

「庫存股」

指

具有上市規則所賦予的涵義

「美元」

指

美國的法定貨幣美元

「美國」

指

美利堅合眾國、其領土、屬地及所有受其管轄的地區

「%」

指

百分比
承董事會命
蘇州瑞博生物技術股份有限公司
董事長
梁子才

香港，2026年8月27日

截至本公告日期，執行董事為梁子才博士、甘黎明博士及張鴻雁博士，非執行董
事為戚飛博士、李東方先生及李宇輝先生，及獨立非執行董事為宇學峰博士、馬
朝松先生及王瑞平先生。

48