同源康医药（2410.HK）发布2026年中期报告：亏损同比收窄76%，但实质催化（齐鲁7亿元合作、TY-9591附条件获批）均为此前已披露事项

浙江同源康醫藥股份有限公司
TYK Medicines, Inc
(A joint stock company incorporated in the People’s Republic of China with limited liability)

Stock Code : 2410

2026

INTERIM REPORT

CONTENTS
2
4
5
8
25

Corporate Information

40
41

Independent Review Report

42

Interim Condensed Consolidated Statement

44

Interim Condensed Consolidated Statement

45

Interim Condensed Consolidated Statement

47

Notes to the Interim Condensed

63

Definitions

Financial Highlights
Business Highlights
Management Discussion and Analysis
Corporate Governance and Other
Information
Interim Condensed Consolidated Statement
of Profit or Loss and Other Comprehensive
Income

of Financial Position
of Changes in Equity
of Cash Flows
Consolidated Financial Information

2

TYK Medicines, Inc

CORPORATE INFORMATION
Directors

Company Secretary

Executive Director:
Dr. WU Yusheng (吳豫生) (Chairman of the Board
and Chief Executive Officer)

Ms. WONG Wing Yee (黃詠儀)
(Associate member of The Hong Kong Chartered
Governance Institute and The Chartered
Governance Institute in the United Kingdom)

Non-executive Directors:

Authorized Representatives

Dr. LI Jun (李鈞)
Dr. GU Eric Hong (顧虹)
Dr. JIANG Mingyu (蔣鳴昱)
(Resigned on August 17, 2026)
Mr. HE Chao (何超)
Dr. ZHU Xiangyang (朱向陽)

Dr. WU Yusheng (吳豫生)
(appointed on August 17, 2026)
Dr. JIANG Mingyu (蔣鳴昱)
(Resigned on August 17,2026)
Ms. WONG Wing Yee (黃詠儀)
(Associate member of The Hong Kong Chartered
Governance Institute and The Chartered
Governance Institute in the United Kingdom)

Independent Non-executive Directors:
Dr. LENG Yuting (冷瑜婷)
Dr. XU Wenqing (許文青)
Dr. SHEN Xiuhua (沈秀華)
Mr. JIANG Xiaolin (江曉林)

Audit Committee
Mr. JIANG Xiaolin (江曉林) (Chairperson)
Dr. GU Eric Hong (顧虹)
Dr. LENG Yuting (冷瑜婷)

Remuneration and Appraisal Committee
Dr. LENG Yuting (冷瑜婷) (Chairperson)
Dr. WU Yusheng (吳豫生)
Mr. JIANG Xiaolin (江曉林)

Nomination Committee
Dr. WU Yusheng (吳豫生) (Chairperson)
Dr. LENG Yuting (冷瑜婷)
Mr. JIANG Xiaolin (江曉林)

Scientific Committee
Dr. WU Yusheng (吳豫生) (Chairperson)
Dr. LI Jun (李鈞)
Dr. XU Wenqing (許文青)

Registered Office and Headquarter
Room 1403-2, Floor 14, Tower A
Changxing World Trade Building
No. 1278 Mingzhu Road
Changxing Economic Development Zone
Huzhou
Zhejiang Province
PRC

Principal Place of Business in the PRC
8th Floor, Building T2
China Eastern Binjiang Center
No. 277 Longlan Road
Xuhui District
Shanghai
PRC

Principal Place of Business in Hong
Kong
Room 1901, 19/F, Lee Garden One
33 Hysan Avenue
Causeway Bay
Hong Kong

Auditor
Ernst & Young
Certified Public Accountants and Registered Public
Interest Entity Auditor
27/F, One Taikoo Place
979 King’s Road
Quarry Bay
Hong Kong

2026 Interim Report

Legal Advisers
As to Hong Kong laws:
O’Melveny & Myers
31/F, AIA Central
1 Connaught Road Central
Hong Kong
As to PRC laws:
JunHe LLP
26/F, HKRI Centre One
HKRI Taikoo Hui 288 Shimen Road (No. 1)
Shanghai
PRC

Compliance Adviser
Rainbow Capital (HK) Limited
Office No. 710, 7/F
Wing on House
71 Des Voeux Road Central
Central
Hong Kong

H Share Registrar
Computershare Hong Kong Investor Services
Limited
Shops 1712-1716
17th Floor, Hopewell Centre
183 Queen’s Road East
Wan Chai
Hong Kong

Principal Bankers
China Construction Bank
Changxing Mingzhu Sub-branch
555 Mingzhu Road
Changxing County
Huzhou
Zhejiang Province
PRC

China CITIC Bank
Shanghai Songjiang Sub-branch
Room 101, 1/F
1455 New Songjiang Road
Songjiang District
Shanghai
PRC

Stock Code
2410

Company Website
www.tykmedicines.com

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TYK Medicines, Inc

FINANCIAL HIGHLIGHTS
Six months ended June 30,

Research and development costs
Administrative expenses
Total comprehensive loss for the period

Total assets
Total liabilities
Net assets

2026

2025

Changes

%

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

RMB ’000

(94,943)
(62,554)
(26,882)

(88,758)
(38,775)
(114,065)

(6,185)
(23,779)
87,183

7.0
61.3
(76.4)

June 30,
2026

December
31, 2025

Changes

%

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

RMB ’000

768,553
507,789
260,764

779,737
493,127
286,610

(11,184)
14,662
(25,846)

(1.4)
3.0
(9.0)

2026 Interim Report

BUSINESS HIGHLIGHTS
During the Reporting Period and up to the date of this report, we have made the following progress with
respect to our product pipeline and business operations:

•

Critical Developments of Our Core Product TY-9591
We commenced the subject enrollment for a pivotal Phase II clinical trial of TY-9591 monotherapy as
first-line treatment for brain metastases in EGFR-mutant lung cancer in August 2023. We completed
the enrollment of 224 patients that are qualified for conditional marketing approval in December 2024
(patient enrollment qualified for full marketing approval is still ongoing). We submitted the relevant
Pre-NDA application in November 2025 and formally submitted a conditional NDA in December
2025 with the consent of the CDE. The conditional NDA was officially designated by the CDE for
priority review in January 2026. In February 2026, the NDA application was officially accepted by
the CDE and in August 2026, conditional approval for marketing granted by the National Medical
Products Administration (“NMPA”) was officially obtained. In addition, we are currently conducting a
registrational Phase III clinical trial of TY-9591 monotherapy as first-line treatment for locally advanced
(stages IIIb to IV) or metastatic lung cancer with EGFR L858R mutation in China, for which we had
completed a patient enrollment of 548 subjects as of the end of April 2026. We expect to complete
the enrollment of all patients for this clinical trial in the fourth quarter (Q4) of 2026 and to submit NDA
in 2028. To fully explore the potential of TY-9591, we also applied for and received IND approval
for conducting Phase II and Phase III clinical trials of TY-9591 in combination with pemetrexed and
cisplatin or carboplatin as first-line treatment for advanced or metastatic lung cancer with EGFR
mutations in March 2024. Up to the date of this report, we have not received any concerns or
objections regarding our clinical development plans from the NMPA. We completed the preliminary
data cleansing and analysis for the Phase II trial in Q4 2025.

•

Critical Developments of Our Key Product TY-302
We are currently conducting a Phase II clinical trial of TY-302 for the treatment of breast cancer.
Approval for a Phase II clinical trial of TY-302 in combination with abiraterone for the first-line
treatment of prostate cancer was granted by the hospital ethics committee on July 10, 2025, and the
trial was registered on the CDE Clinical Trial Registration Platform on July 28, 2025. The first site was
initiated in October 2025.

•

Critical Developments of Our Key Product TY-2136b
We obtained IND clearance from the FDA in November 2021 and are conducting a Phase I clinical
trial in the U.S. Leveraging Phase I clinical data collected, we plan to communicate with the FDA and
carefully design our future clinical development plan for TY-2136b in the U.S.

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TYK Medicines, Inc

•

Critical Developments of Other Drug Candidates
TY-0540
We obtained IND clearance from the FDA for conducting Phase I/II clinical trials of TY-0540 for the
treatment of advanced solid tumors and IND approval from the NMPA for conducting Phase I clinical
trials of TY-0540 in June 2023 and September 2023, respectively. A formal approval was obtained
from the NMPA in February 2025 for TY-0540 to be used in the clinical trials of TY-0540 in combination
with Fulvestrant (氟維司群) for the treatment of patients with locally advanced/recurring metastatic
breast cancer and the clinical trials of TY-0540 in combination with Enzalutamide (恩扎盧胺) for the
treatment of patients with locally advanced/recurring metastatic prostate cancer. As of September
2025, the Phase I dose-escalation clinical trial of TY-0540 monotherapy for advanced solid tumors
has been completed, with dose-escalation studies completed for 5 dose groups (5mg, 10mg, 20mg,
30mg and 40mg, bid). At the Phase I dose-escalation stage, a total of 26 patients were enrolled,
including 17 with HR+/HER2- breast cancer, 5 with triple-negative breast cancer, 2 with platinumresistant ovarian cancer, and 1 each with HR+/HER2+ breast cancer and non-small cell lung cancer.
2 patients with CDK4/6 inhibitor-resistant HR+/HER2- breast cancer and 1 with platinum-resistant
ovarian cancer achieved partial response (PR). The extension cohort study of monotherapy (30mg) for
platinum-resistant ovarian cancer was officially initiated in March 2025, and 10 patients with platinumresistant ovarian cancer had been enrolled in this cohort as of early August 2026, with 2 patients
achieving PR among those evaluable. The Phase Ib/II clinical study of TY-0540 in combination with
Fulvestrant (氟維司群) for the treatment of breast cancer was officially initiated in June 2025, and as of
early August 2026, 22 patients were enrolled, with 16 patients evaluable, among whom 7 achieved PR,
with enrollment expected to be completed by the end of 2026. Approval for the clinical study of TY0540 in combination with Enzalutamide (恩扎盧胺) for the treatment of prostate cancer was granted by
the hospital ethics committee on July 10, 2025, and the study was registered on the CDE Clinical Trial
Registration Platform on July 25, 2025.

TY-2699a
TY-2699a obtained IND clearance from the FDA and IND approval from the NMPA in February 2023
and May 2023, respectively. In January 2025, we obtained approval from the NMPA for a clinical trial
of TY-2699a in combination with various dosing regimens for the treatment of advanced/metastatic
solid tumors (breast cancer, pancreatic cancer, nasopharyngeal carcinoma (NPC) and other head
and neck squamous cell carcinomas (HNSCC)). As of June 2026, the Phase I dose-escalation clinical
trial of TY-2699a monotherapy for locally advanced or metastatic solid tumors (especially HR+/
HER2- breast cancer, triple-negative breast cancer (TNBC), SCLC, pancreatic cancer, head and
neck cancer, and others) has been completed, with monotherapy dose-escalation studies completed
for 7 dose groups (5mg, 10mg, 20mg, 40mg and 30mg, bid, continuous administration; and 25mg,
35mg, bid, on a 5-day-on/2-day-off schedule) enrolling a total of 30 patients. The extension study of
monotherapy for triple-negative breast cancer (TNBC) and ovarian cancer (OC) was initiated in July
2025. Enrollment has been completed for 4 patients and 3 patients at the continuous dosing level
of 20mg, bid, respectively. The dose optimization studies of monotherapy for TNBC were initiated in
April 2026. Enrollment has been completed for 1 patient (LAR subtype) at the 30mg, bid, on a 5-dayon/2-day-off schedule. Subsequently, dose optimization studies will be conducted for more specific
subtypes of TNBC with monotherapy.

2026 Interim Report

TY-1054
We obtained clearance from the FDA for conducting clinical trials of TY-1054 for the treatment of solid
tumors in April 2024. In addition, we submitted an IND application to the NMPA for conducting clinical
trials of TY-1054 for the treatment of solid tumors in April 2024 and obtained IND approval in July
2024. We initiated Phase 1 clinical trials at 4 sites. On December 9, 2025, we obtained ethics approval
from the lead institution, Shanghai Chest Hospital, and the trials were registered on the CDE Clinical
Trial Registration Platform on December 26, 2025. The first site was initiated in February 2026, and the
first patient was enrolled in March 2026.

CDK4 Pipeline
We expect to submit the IND application in H2 2027.

GLP-1 Pipeline
The product is currently in the preclinical IND-enabling development stage, with an IND filing
expected in 2027.

7

TYK Medicines, Inc

MANAGEMENT DISCUSSION AND ANALYSIS
Business Review
Overview
We are a biopharmaceutical company that is about to enter the commercialization stage, and are
committed to the discovery, acquisition, development and commercialization of differentiated targeted
therapies to address unmet clinical needs in cancer treatment. Since our inception in 2017, we have
built a pipeline with 10 drug candidates, including Core Product TY-9591, five clinical stage products,
and four preclinical stage or early clinical development stage products. The NDA application for TY9591 has obtained conditional approval for marketing granted by the NMPA for its first-line treatment
of brain metastases from lung cancer with epidermal growth factor receptor (“EGFR”) mutations.
We are advancing its commercialization process and expect to achieve commercialization in the
second half of 2026. Additionally, we are conducting a registrational Phase III clinical trial of TY-9591
monotherapy as first-line treatment for locally advanced (stages IIIb to IV) or metastatic NSCLC with
EGFR L858R mutation in China.

Products and Pipeline
The following chart shows our drug candidates as of the date of this report:
Product

TY-9591

TY-0540
Clinical Stage

I.

TY-302

TY-2136b

TY-2699a

Preclinical Stage

8

Target

3rd
Generation
EGFR-TKI

CDK2/4

Indication

Regimen

Preclinical

IND-Enabling

Ph I/Ia

Ph Ib/II

Registrational
Commercialization
/Pivotal Ph II/III

Current Status/
Upcoming Milestone

NSCLC with brain metastasis (1L)

Mono

NDA has obtained conditional
approval for marketing
granted by the NMPA

EGFR L858R NSCLC (1L)

Mono

Registrational Ph III ongoing

NSCLC (1L)

Combo

Ph II ongoing

Mono

Ph Ib/II ongoing

Breast cancer, ovarian cancer,
prostate cancer

Combo

Ph Ib ongoing

CDK7

China

Global

Breast cancer (2L+)

Combo

Ph II ongoing

Prostate cancer (1L)

Combo

Ph II ongoing

ROS1/NTRK-mutant NSCLC

Mono

Ph I ongoing

Mono

Ph Ib/II ongoing

Combo

IND approved

CDK4/6

ROS1/NTRK

Commercial
Rights/ Partner

China

Breast cancer, pancreatic cancer,
head and neck cancer

Ex-Greater China

Global

TY-1054

YAP-TEAD

Solid tumor

-

Ph I ongoing

Global

CDK4

CDK4

Solid tumor

-

Preclinical stage

Global

FAK/EGFR
(PROTAC)

FAK/EGFR

Solid tumor

-

Preclinical stage

Global

PI3Kα

PI3Kα

Solid tumor

-

Preclinical stage

Global

GLP-1

GLP-1R

Metabolic disorder

-

IND-enabling

Global

Abbreviations: 1L = first line; 2L+ = second or later-line; EGFR = epidermal growth factor receptor; CDK = cyclindependent kinase; ROS1 = ROS proto-oncogene 1; NTRK = neurotrophic tyrosine receptor kinase; YAP = yes associated
protein; TEAD = transcriptional enhanced associate domain; PROTAC = proteolysis-targeting chimera; NSCLC = nonsmall cell lung cancer; LC = lung cancer; Ph = Phase; NDA = new drug application.
Note:
(1)

The relevant intellectual property rights for TY-9591 and TY-302 were acquired from Changzhou Runnuo
Biotechnology Co., Ltd. (常州潤諾生物科技有限公司) and Boji Medical Technology Co., Ltd. (博濟醫藥科技股份有限
公司), and Tetranov Pharmaceutical, respectively. We have developed these two drug candidates at our own costs
since preclinical stage. Except for these two drug candidates, all other drug candidates were internally discovered
and developed by us.

Source: Company data

2026 Interim Report

Our Products and Product Candidates
As a company focused on the development of small molecule targeted therapies for cancer treatment,
we have built a pipeline with 10 drug candidates. An introduction to these products is listed below:

Core Product TY-9591 – A Third-Generation EGFR-TKI
TY-9591 is a tyrosine kinase inhibitor (“TKI”) developed for patients with brain metastases from EGFRmutated lung cancer and has outstanding efficacy for patients with brain metastases from EGFRmutated lung cancer. TY-9591 can effectively cross the blood-brain barrier and irreversibly bind to
EGFR mutants including exon 19 deletion, exon 21 L858R mutation, exon 19 deletion/T790M mutation,
and L858R/T790M mutation, ultimately inhibiting the proliferation and metastasis of cancer cells. TY9591 was developed through modifications of osimertinib to enhance its safety, allowing for a higher
administered dose and thus, potentially, improved efficacy. Specifically, TY-9591 was modified by
replacing certain hydrogens in osimertinib with deuterium to reduce or slow down the breakdown of
osimertinib. Such modification may retain the advantages of osimertinib, but also affect the way that
osimertinib is metabolized, which may reduce the formation of the metabolite TY-9591-D1 (AZ5104).
Based on preclinical studies, TY-9591-D1 (AZ5104) is shown to have much higher affinity to normal
cells that express EGFR without mutations, and thus is the major cause of adverse events (“AEs”)
of TY-9591 and osimertinib. By reducing the production of TY-9591-D1, TY-9591 is expected to be
safer than osimertinib and can be administered at a higher dose level, leading to improved antitumor
efficacy and a higher level of blood-brain entry. In a Phase I clinical trial in healthy subjects, we
investigated the mean drug metabolite concentration-time profiles after a single oral dose of 80mg
TY-9591 and osimertinib in healthy subjects. Compared to osimertinib, the results showed an
approximately 50% reduction in metabolite TY-9591-D1 exposure levels after TY-9591 administration,
indicating that TY-9591 may have a better safety profile than osimertinib.
We are currently investigating TY-9591 in brain metastases from lung cancer with EGFR mutations and
in locally advanced (stages IIIb to IV) or metastatic lung cancer with EGFR L858R mutation. Results
from our Phase Ib and Phase II clinical studies of TY-9591 monotherapy for advanced NSCLC have
demonstrated a strong clinical efficacy. Among 29 evaluable lung cancer treatment-naïve patients with
brain metastases enrolled in these studies, we observed that 25 patients reached intracranial partial
response (“PR”) and four reached complete response (“CR”), with an intracranial ORR of 100%.
Although not a head-to-head comparison, this outcome outperformed the confirmed 77% intracranial
ORR observed in NSCLC patients with brain metastases treated by osimertinib in the Phase III
FLAURA trial. In the Phase II study, we observed that the overall incidence of serious adverse events
(“SAEs”) was only 8.3% and treatment-related SAEs was as low as 8.3%, demonstrating a favorable
safety profile.

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TYK Medicines, Inc

Furthermore, TY-9591 may deliver improved efficacy as compared to osimertinib in lung cancer
patients with the EGFR L858R mutation. Osimertinib exhibited a median progression-free survival
(“PFS”) of 18.9 months for both EGFR exon 19 deletion and L858R mutation. However, lung cancer
patients with EGFR L858R mutation showed significantly shorter PFS of 14.4 months as compared
to 21.4 months PFS observed in EGFR exon 19 deletion cases, according to the Phase III FLAURA
study. Therefore, there exists an unmet clinical need to enhance the clinical outcomes for lung cancer
patients with EGFR L858R mutation. Clinical data from our Phase Ib study showed that among lung
cancer patients with EGFR L858R mutation, first-line TY-9591 treatment achieved a significantly
prolonged median PFS as compared to osimertinib treatment in the Phase III FLAURA trial (19.3
months in 36 patients vs. 14.4 months in 104 patients) based on a non-head-to-head comparison.
Since the PFS data for lung cancer patients with EGFR L858R mutation from the FLAURA China cohort
is not publicly available, and the efficacy data from the FLAURA global cohort is generally better than
that of the China cohort, we compared our clinical results with the data for lung cancer patients with
EGFR L858R mutation from the FLAURA global cohort.
We commenced the subject enrollment for a pivotal Phase II clinical trial of TY-9591 monotherapy
as first-line treatment in brain metastases from lung cancer with EGFR mutations in August 2023.
We completed the enrollment of 224 patients that are qualified for conditional marketing approval in
December 2024 (patient enrollment qualified for full marketing approval is still ongoing). We submitted
the relevant Pre-NDA application in November 2025 and formally submitted a conditional NDA in
December 2025 with the consent of the CDE. The conditional NDA was officially designated by the
CDE for priority review in January 2026. In February 2026, the NDA application was officially accepted
by the CDE and in August 2026, conditional approval for marketing granted by the NMPA was officially
obtained.
Based on the results from the pivotal Phase II registrational clinical trial, as of June 2026, 383 EGFR
mutation-positive NSCLC patients with brain metastases had been enrolled. As of December 6, 2024,
224 cases had been successfully randomized and enrolled, meeting the number of cases required for
conditional marketing approval. Based on interim analysis of 224 patients, according to the RECIST
v1.1 assessment criteria, BICR-assessed iORR in the asandeutertinib group was 95.5% (95% CI:
89.8%-98.5%) vs. 79.6% (95% CI: 71.0%-86.6%) in the osimertinib group, P = 0.0004; investigatorassessed iORR in the asandeutertinib group was 92.8% (95% CI: 86.3%-96.8%) vs. 77.9% (95% CI:
69.1%-85.1%) in the osimertinib group, P = 0.0019. According to the RANO-BM assessment criteria,
investigator-assessed confirmed iORRs were 91.9% (95% CI: 86.3%-96.8%) and 77.9% (95% CI:
69.1%-85.1%), in the asandeutertinib group and the osimertinib group, respectively, P = 0.0039. A
benefit was also observed in the overall objective response rate (ORR). The rate was 89.2% (95%
CI: 81.9%-94.3%) in the asandeutertinib group and 77.9% (95% CI: 69.1%-85.1%) in the osimertinib
group, P = 0.0301. The iPFS and PFS efficacy data are not yet mature, but preliminary results show
a favorable trend. The iPFS in the asandeutertinib group and the osimertinib group were NA (95% CI:
22.24-NA) months and 17.51 months (95% CI: 15.18-NA), respectively, with an HR of 0.46 (95% CI:
0.28-0.76); the PFS were NA (95% CI: 17.22-NA) months and 17.22 months (95% CI: 15.18-19.55),
respectively, with an HR of 0.64 (95% CI: 0.41-1.00).

2026 Interim Report

The incidence of Grade 3 treatment-related adverse events (TRAEs) was 43.2% in the asandeutertinib
group vs. 15.9% in the osimertinib group. The most common Grade 3 adverse events in the
asandeutertinib group included decreased neutrophil count, decreased white blood cell count,
increased creatine phosphokinase, and decreased lymphocyte count. The incidence of interstitial lung
disease (ILD) was 6.3%, and the incidence of QTcf prolongation was 4.5%, both within a manageable
range.
In addition, we are currently conducting a registrational Phase III clinical trial of TY-9591 monotherapy
as first-line treatment for locally advanced (stages IIIb to IV) or metastatic lung cancer with EGFR
L858R mutation in the PRC, for which we completed a patient enrollment of 548 subjects in April 2026.
We expect to complete the enrollment of all patients for this clinical trial in the fourth quarter (Q4) of
2026 and to submit NDA in 2028. To fully explore the potential of TY-9591, we also applied for and
obtained IND approval for conducting Phase II and Phase III clinical trials of TY-9591 in combination
with pemetrexed and cisplatin or carboplatin as first-line treatment for advanced or metastatic lung
cancer with EGFR mutations in March 2024. Up to the date of this report, we have not received any
concerns or objections regarding our clinical development plans from the NMPA. We completed the
preliminary data cleansing and analysis for the Phase II trial in Q4 2025.

TY-302
TY-302 is a potent, selective oral cyclin-dependent kinase 4/6 (“CDK4/6”) inhibitor developed for the
treatment of advanced solid tumors, including breast cancer and prostate cancer. Targeting CDK4/6,
a key cell cycle regulator, TY-302 suppresses the phosphorylation of retinoblastoma protein (“Rb”),
preventing proliferation of cancer cells. TY-302 was modified by H/D exchange of palbociclib, the
best-selling CDK4/6 inhibitor in the world. Based on the preliminary safety data collected through
our current Phase I/II clinical trial, TY-302 achieved an improved safety profile in respect of AEs in
general, especially AEs related to infectious disease, skin and subcutaneous tissue and GI system,
based on a non-head-to-head comparison.
We are currently conducting a Phase II clinical trial of TY-302 for the treatment of breast cancer.
We observed that TY-302 achieved a DCR of 71.4% in 14 enrolled breast cancer patients who
had previously failed second-line or multiple lines of therapy. We expect to further investigate the
combination therapy of TY-302 with toremifene in third- or later-line estrogen receptor positive (“ER+”)/
human epidermal growth factor receptor 2-negative (“HER2-”) breast cancer that has progressed after
second-line endocrine therapy. Breast cancer is the most common cancer in women, and its incidence
rises with age, increasing year by year as women age. ER+/HER2- breast cancer is the most common
breast cancer subtype, accounting for approximately 70% of the patients.

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TYK Medicines, Inc

Approval for a Phase II clinical trial of TY-302 in combination with abiraterone for the first-line
treatment of prostate cancer was granted by the hospital ethics committee on July 10, 2025, and
the trial was registered on the CDE Clinical Trial Registration Platform on July 28, 2025. The first site
was initiated in October 2025. We explored TY-302 in combination with abiraterone for the treatment
of metastatic castration-resistant prostate cancer ( “ mCRPC ” ), an advanced prostate cancer that
is challenging to treat and does not respond to the standard of care treatment, endocrine therapy.
Prostate cancer is an epithelial malignant tumor of the prostate and the most common malignant tumor
in the male genitourinary system. After receiving hormone therapy, almost all patients with advanced
prostate cancer eventually develop CRPC, and mCRPC is the leading cause of death among them.
The primary goals of treatment for mCRPC are symptom control and delay of progression.

TY-2136b
TY-2136b is an independently developed, oral ROS proto-oncogene 1 (“ROS1”)/neurotrophic tyrosine
receptor kinase (“NTRK”) inhibitor used for the treatment of solid tumors. It was designed to efficiently
bind with the active kinase conformation and avoid steric interference from a variety of clinically drugresistant mutations. The compact structure is believed to allow TY-2136b to precisely and efficiently
bind into the adenosine triphosphate (“ATP”) binding pocket of the kinase, and potentially circumvent
the steric interference that results in resistance to bulkier kinase inhibitors. Our current primary focus
lies on NSCLC with ROS1 or NTRK mutation.
TY-2136b has demonstrated encouraging safety profile in preclinical studies. In addition, according to
our preclinical data, TY-2136b is not only effective against ROS1/NTRK oncogenic gene mutations, but
also exhibits high selectivity of ROS1 and NTRK mutations such as ROS1 G2032R mutation and NTRK
G595R, which commonly contribute to resistance against existing ROS1/NTRK drugs. Specifically,
despite its targeting multiple mutations, TY-2136b does not interfere with JAK/STAT signaling pathway,
inhibit Ba/F3 cells overexpressing ABL1 (H396P) mutant kinase, or disrupt SRC kinase activity. In
addition, its preliminary efficacy against ROS1 and NTRK mutations has been demonstrated across
multiple animal models, showcasing its potential to address drug resistance to existing ROS1/NTRK
drugs. As a result, the FDA has granted Orphan Drug Designation to TY-2136b for the treatment
of ROS1-positive, NTRK fusion-positive, anaplastic lymphoma kinase (“ALK”)-positive or leukocyte
receptor tyrosine kinase (“LTK”)-positive NSCLC. Furthermore, its potential has been recognized and
endorsed by Livzon and we have out-licensed the Greater China rights of TY-2136b to Livzon.
We are conducting a Phase I clinical trial in the U.S. under the FDA’s IND clearance obtained in
November 2021. Leveraging Phase I clinical data, we plan to communicate with the FDA and prudently
design our future clinical development plan of TY-2136b in the U.S.

2026 Interim Report

Other Pipeline Products
Our clinical products include the following:
•

TY-0540 is a selective CDK2/4 inhibitor intended for the treatment of breast cancer, ovarian
cancer, prostate cancer and other solid tumors. We obtained IND clearance from the FDA for
conducting Phase I/II clinical trials of TY-0540 for the treatment of advanced solid tumors and
IND approval from the NMPA for conducting Phase I clinical trials of TY-0540 in June 2023 and
September 2023, respectively. A formal approval from the NMPA was obtained in February 2025
for the product to be used in the clinical trials of TY-0540 in combination with Fulvestrant (氟
維司群) for the treatment of patients with locally advanced/recurrent metastatic breast cancer
and the clinical trials of TY-0540 in combination with Enzalutamide (恩扎盧胺) for the treatment
of patients with locally advanced/recurrent metastatic prostate cancer. As of September 2025,
the Phase I dose-escalation clinical trial of TY-0540 monotherapy for advanced solid tumors
has been completed, with dose-escalation studies completed for 5 dose groups (5mg, 10mg,
20mg, 30mg and 40mg, bid). At the Phase I dose-escalation stage, a total of 26 patients were
enrolled, including 17 with HR+/HER2- breast cancer, 5 with triple-negative breast cancer, 2 with
platinum-resistant ovarian cancer, and 1 each with HR+/HER2+ breast cancer and non-small
cell lung cancer. 2 patients with CDK4/6 inhibitor-resistant HR+/HER2- breast cancer and 1 with
platinum-resistant ovarian cancer achieved partial response (PR). The extension cohort study of
monotherapy (30mg) for platinum-resistant ovarian cancer was officially initiated in March 2025.
As of early August 2026, 10 patients with platinum-resistant ovarian cancer had been enrolled in
this cohort, with 2 patients achieving PR among those evaluable. The Phase Ib/II clinical study
of TY-0540 in combination with Fulvestrant (氟維司群) for the treatment of breast cancer was
officially initiated in June 2025, and as of early August 2026, 22 patients were enrolled, with 16
patients evaluable, among whom 7 achieved PR, with enrollment expected to be completed by
the end of 2026. Approval for the clinical study of TY-0540 in combination with Enzalutamide (恩
扎盧胺) for the treatment of prostate cancer was granted by the hospital ethics committee on July
10, 2025, and the study was registered on the CDE Clinical Trial Registration Platform on July 25,
2025.

•

TY-2699a is a selective CDK7 inhibitor designed for the treatment of advanced/metastatic solid
tumors. Our preclinical studies showed that TY-2699a potentially has an improved safety window
for enhanced blood-brain barrier penetration. TY-2699a obtained IND clearance from the FDA
and IND approval from the NMPA in February 2023 and May 2023, respectively. We received
NMPA approval for conducting clinical trials of TY-2699a under different administration regimens
for the treatment of advanced/metastatic solid tumors (breast cancer, pancreatic cancer, NPC
and other HNSCC) in January 2025. As of June 2026, the Phase I dose-escalation clinical trial of
TY-2699a monotherapy for locally advanced or metastatic solid tumors (especially HR+/HER2breast cancer, triple-negative breast cancer (TNBC), SCLC, pancreatic cancer, head and neck
cancer, and others) has been completed, with monotherapy dose-escalation studies completed
for 7 dose groups (5mg, 10mg, 20mg, 40mg and 30mg, bid, continuous administration; and
25mg, 35mg, bid, on a 5-day-on/2-day-off schedule) enrolling a total of 30 patients. The
extension study of monotherapy for triple-negative breast cancer (TNBC) and ovarian cancer (OC)
was initiated in July 2025. Enrollment has been completed for 4 patients in the TNBC cohort and
3 patients in the OC cohort at the continuous dosing level of 20mg, bid. The dose optimization
studies of monotherapy for TNBC were initiated in April 2026. Enrollment has been completed for
1 patient (LAR subtype) at the 30mg, bid, on a 5-day-on/2-day-off schedule. Subsequently, dose
optimization studies will be conducted for more specific subtypes of TNBC with monotherapy.

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TYK Medicines, Inc

•

TY-1054 is a small molecule, oral YAP-TEAD inhibitor developed for cancer treatment. The Hippo
pathway plays an essential role in cell proliferation, tissue regeneration, and tumorigenesis,
the hyperactivation of which induces metastasis, chemoresistance and the attribute of cancer
stem cells. Its dysregulation contributes to 10% of all cancers, including lung cancer, gastric
cancer, colon cancer, cervical cancer, ovarian cancer, breast cancer, melanoma, hepatocellular
carcinoma and squamous cell carcinoma. The pathway is activated through binding of the
YAP/TAZ complex to palmitoylated TEAD. Despite the urgent need to develop a therapeutic
strategy to curb the dysregulated pathway, YAP/TAZ is difficult to be directly targeted with small
molecule inhibitors, because of the lack of a catalytic niche. Therefore, targeting small molecules
that block the palmitoylation of TEAD is an effective strategy. We obtained clearance from the
FDA for conducting clinical trials of TY-1054 for the treatment of solid tumors in April 2024. In
addition, we submitted an IND application to the NMPA for conducting clinical trials of TY-1054
for the treatment of solid tumors in April 2024 and obtained IND approval in July 2024. Phase
1 clinical trials have been initiated across 4 sites. The ethics approval was obtained from the
lead institution, Shanghai Chest Hospital, on December 9, 2025, and the trial was registered on
the CDE Clinical Trial Registration Platform on December 26, 2025. The first site was initiated in
February 2026, and the first patient was enrolled in March 2026.

•

This preclinical CDK4 pipeline asset is a highly selective oral CDK4 inhibitor for cancer treatment.
Cell cycle regulation plays a crucial role in cell proliferation and tumorigenesis. Its abnormal
activation can induce uncontrolled division, invasion, metastasis, and drug resistance in tumor
cells. Dysregulation of this pathway contributes to approximately 30% of cancers, including breast
cancer, prostate cancer, and Ewing’s sarcoma. The pathway is activated through the formation
of the CDK4/6-Cyclin D complex, which subsequently phosphorylates the Rb protein, driving the
cell cycle transition from the G1 phase to the S phase. Due to their strong inhibition of CDK6,
traditional CDK4/6 inhibitors are prone to causing hematological toxicities such as neutropenia,
thereby significantly limiting the clinical efficacy of related therapies. Therefore, developing highly
selective small molecules targeting CDK4 represents a drug development strategy to achieve
high efficacy with reduced toxicity, as it may significantly reduce the occurrence of hematological
and other toxicities. This candidate is a highly selective, orally available CDK4 kinase inhibitor
with a favorable safety profile. We expect to submit an IND application for this candidate in H2
2027.

2026 Interim Report

•

TY-3002, currently in preclinical development, is a small-molecule, orally administered glucagon
like peptide-1 receptor agonist (GLP-1RA) intended for the treatment of type 2 diabetes mellitus
(T2DM) and obesity. GLP-1 receptor agonists are already approved for the treatment of T2DM
and overweight or obesity. Pharmacologically, they improve glycemic control and reduce
weight by activating the glucagon-like peptide-1 receptor (GLP-1R), promoting insulin secretion,
inhibiting glucagon release, delaying gastric emptying, and promoting satiety. Currently, only
two marketed GLP-1 receptor agonists are available in oral tablet form. TY-3002, independently
developed by us, is a small-molecule, orally administered, biased GLP-1 receptor agonist that
does not recruit β-arrestin, does not cause GLP-1 receptor internalization, and has the potential
for better efficacy. In a preclinical head-to-head (H2H) study in hGLP-1R diet-induced obese
(DIO) mice (1.0 mg/kg, orally, once daily for 21 days), the results showed that after 21 days of
treatment, the mice in the TY-3002 group experienced a weight loss of -31.51% vs. -22.82% in
the Orforglipron group at the equivalent dose. After deducting the -6.93% natural weight loss in
the Vehicle control group, the net weight loss efficacy of TY-3002 (-24.58%) was 54.6% higher
than that of Orforglipron (-15.89%), demonstrating superior weight loss efficacy. Furthermore, TY
3002, while achieving greater weight loss, demonstrated excellent body composition regulation,
not only reducing adipose tissue (fat percentage decreased to 21.4% in the TY-3002 group and
28.7% in the Orforglipron group) but also exhibiting a relatively “muscle-preserving” effect, with
a lean mass percentage of 61.6% vs. 55.6% in the Orforglipron group and 49.3% in the Vehicle
group. TY-3002 was well-tolerated across all dosage groups, with no abnormal liver weight
observed in the animals. A slight decrease in treatment-related AST and ALT liver enzyme levels
was also observed, demonstrating its liver safety profile. Overall, the gastrointestinal tolerability
and ADME toxicology of TY-3002 are comparable to first-generation drugs. TY-3002 is currently
in the preclinical IND-enabling development stage, with an IND filing expected in 2027.

In addition, we are developing a number of drug candidates in preclinical or early clinical development
stage, including FAK/EGFR (PROTAC) and PI3Kα.
Cautionary Statement as required by Rule 18A.08(3) of the Listing Rules: There is no assurance
that the Company will ultimately develop, market and/or commercialize TY-9591, TY-302, TY-2136b,
TY-2699a, TY-0540, TY-1054, CDK4, FAK/EGFR (PROTAC), PI3Kα, TY-3002 and other product
candidates successfully. Shareholders and potential investors of the Company are advised to exercise
due care when dealing in the Shares.

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TYK Medicines, Inc

Our Technology Platforms
We have established four proprietary and fully-integrated technology platforms centered around the
development of new small molecule drugs, which enable us to direct our efforts towards candidates
with the best potential to become clinically active, cost-effective and commercially viable drugs:
•

Drug design and screening platform: Our drug design and screening platform is a small
molecule drug discovery platform, currently focusing on kinase. This platform comprises two
important functions, namely, kinase biology and small molecule drug discovery. Notably, all
our drug candidates (except TY-9591 and TY-302) were conceived and synthesized within this
platform and have gained recognition from domestic pharmaceutical companies. For example, we
out-licensed the Greater China rights of TY-2136b to Livzon when it was in the preclinical stage.

•

Druggability evaluation platform: Equipped with a druggability evaluation platform, we are
capable of conducting a wide range of R&D activities in-house, including drug metabolism and
pharmacokinetics (“DMPK”) studies, in vivo and in vitro bioactivity studies (including animal
modeling), toxicity studies, physicochemical characterization, and chemistry, manufacture, and
controls processes (“CMC”) of drug candidates. We are capable of evaluating the efficacy of our
drug candidates including kinase inhibitors in-house.

•

Translational medicine platform: Our translational medicine platform enables us to conduct
research on the pathogenesis of tumors and neurological disorders and systematically search
for and identify potential biomarkers and new drug targets. Using genomics, transcriptomics and
proteomics methods, we can systematically assess drug effects.

•

AIDD/CADD platform: Our artificial intelligence drug design (AIDD)/computer-aided drug
design (CADD) platform is dedicated to aiding our internal drug discovery team. The AIDD
platform integrates cutting-edge computational methods and tools to enhance and refine the
computing power and the construction of algorithmic systems. Leveraging extensive internal
data and existing business strengths, the Company has expanded into the AIDD sector through
a combination of in-house R&D and external collaborations. The project is progressing smoothly,
with the local deployment of large language model (LLM) to be completed. Subsequent tasks,
including algorithm optimization, training with the latest biomedical data, and application scenario
development, will be carried out in a structured manner. AIDD/CADD platform has yielded
several pipeline products. For example, TY-2136b, designed to target tyrosine kinases ROS1/
NTRK, emerged during lead optimization in CADD. TY-2699a, a CDK7 inhibitor, employed AIDD/
CADD in compound design, highlighting the value of AIDD in identifying overlooked aspects to
improve therapeutic window. At the same time, the Company is vigorously leveraging external
AIDD resources, adopting a combined internal and external approach to strengthen its AIDD
platform capabilities. The Company has now actively cooperated with several renowned AIDD
companies in the industry to expand its layout into other therapeutic areas beyond oncology,
such as autoimmunity, as well as emerging technology platforms including molecular glues and
PROTACs. The Company will continuously enhance its AIDD capabilities to empower and support
its project research and development, thereby improving the efficiency of project translation.

2026 Interim Report

Research and Development (“R&D ”)
We consistently devote resources to R&D to pave the way for long-term growth. Our R&D costs in the
six months ended June 30, 2025 and six months ended June 30, 2026 amounted to RMB88.8 million
and RMB94.9 million respectively. Our in-house R&D capabilities, built on our proprietary technology
platforms, are backed by our R&D centers in Huzhou, Zhejiang and Zhengzhou, Henan. Our R&D
centers are equipped with advanced laboratories and state-of-the-art equipment and instruments
such as liquid chromatography, liquid chromatography mass spectrometer, and nuclear magnetic
resonance. We believe that our integrated capabilities give us the flexibility to formulate our innovation,
registration, commercialization and product optimization strategies that can navigate us through
rapidly changing market needs, enable us to improve pipeline viability and expedite the product
development cycle at a lower cost. As of June 30, 2026, we had 120 members in our R&D team, 69 of
whom held master’s or doctoral degrees in relevant fields. The expertise of our team members spans
the entire spectrum of drug development, encompassing drug discovery, medicinal chemistry design
and virtual screening, preclinical pharmaceutical research, drug testing and purification, formulation
development, clinical research, regulatory submissions and platform construction.

Commercialization
Building upon the existing organizational structure, the Company is progressively expanding
its commercialization team to tap into market potential by continuously exploring product sales
opportunities and diversifying brand promotion efforts. Through participation in academic conferences,
industry partnerships, and platform collaborations, the Company aims to elevate brand recognition
within the industry through diversified brand promotion initiatives.

II.

Financial Review
Revenue
The Group’s revenue is derived primarily from the proceeds generated pursuant to the exclusive
license agreement (the “Livzon Agreement”) with Livzon Pharmaceutical Group Inc. (“Livzon”) to
research, develop, improve, manufacture, use, sell, contract and commercialize ROS1/NTRK/ALK
multi-target small molecule broad-spectrum tyrosine kinase inhibitor (“TY-2136b”) in Greater China.
The next milestone that would trigger payment obligation of Livzon had not been reached as of June
30, 2026.
Our revenue for the six months ended June 30, 2025 and the six months ended June 30, 2026 was
RMB0.

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TYK Medicines, Inc

Cost of Sales
Our cost of sales for the six months ended June 30, 2025 and the six months ended June 30, 2026
was RMB0.

Gross Profit and Gross Profit Margin
As a result of the reasons described above, our overall gross profit for the six months ended June
30, 2025 and the six months ended June 30, 2026 was nil. The gross profit margin for the six months
ended June 30, 2026 was nil.

Other Income and Gains
During the Reporting Period, other income and gains primarily consisted of investment income from
gain on deemed disposal of a subsidiary, government grants and bank interest income.
The Group’s other income and gains for the six months ended June 30, 2026 was RMB142,343,000
representing an increase of RMB121,523,000 compared to RMB20,820,000 for the six months ended
June 30, 2025, primarily attributable to the increase in government grants related to interest-free
financing and gain on deemed disposal of a subsidiary.

Research and Development Costs
During the Reporting Period, our R&D costs consisted of (i) trial and testing expenses for our drug
candidates, primarily in relation to the engagement of CROs, CDMOs, principal investigators, and
other service providers; (ii) staff costs mainly relating to salaries, bonus and other welfare for our
R&D personnel; (iii) depreciation and amortization expenses in relation to our R&D equipment and
instruments, as well as intangible assets which were used for R&D purpose; (iv) cost of materials
consumed in the course of our R&D activities; and (v) other R&D costs, mainly comprising travelling
and transportation expenses of our R&D personnel, intellectual property costs and other miscellaneous
expenses.
The Group’s R&D costs for the six months ended June 30, 2026 was RMB94,943,000, representing an
increase of 7.0% compared to RMB88,758,000 for the six months ended June 30, 2025. The increase
was primarily attributable to the increase in staff costs.
The following table sets forth a breakdown of our R&D costs for the Reporting Period as of the dates
indicated:
Six months ended June 30,
2026

2025

RMB ’ 000

RMB ’000

Trial and testing expenses
Staff costs
Depreciation and amortization expenses
Materials consumed
Others

55,843
23,027
7,884
3,378
4,811

57,056
17,364
8,383
2,495
3,460

Total

94,943

88,758

2026 Interim Report

Administrative Expenses
During the Reporting Period, our administrative expenses primarily consisted of (i) staff costs mainly
relating to salaries, bonus and other welfare for our administrative personnel; (ii) professional service
fees mainly paid to legal advisors, auditors, investment and financing advisors and recruitment
consultants; (iii) general office expenses mainly comprising office expenses, hospitality expenses,
travelling and transportation expenses, and utilities used for administrative purposes; (iv) other
administrative expenses, mainly including taxes and surcharges and other miscellaneous expenses;
and (v) depreciation and amortization expenses for offices, equipment and other assets which were
used for administrative purposes.
The Group’s administrative expenses for the six months ended June 30, 2026 was RMB62,554,000,
representing an increase of 61.3% compared to RMB38,775,000 for the six months ended June 30,
2025. The increase was primarily attributable to the increase in investment and financing advisory
fees.

Finance Costs
During the Reporting Period, our finance costs primarily consisted of (i) interest expenses on
government funding; (ii) interest on bank loans; and (iii) interest on lease liabilities. The Group’s
finance costs for the six months ended June 30, 2026 was RMB7,827,000, representing an increase
of 6.5% compared to RMB7,349,000 for the six months ended June 30, 2025. The increase in finance
costs was primarily attributable to the increase in interest expenses on government funding, partially
offset by the decrease in interest on bank loans.

Share of Profits and Losses of Associates
During the Reporting Period, we recognized an investment loss of RMB3,834,000 based on our share
of the net loss of the investee over which we have significant influence.

Other Expenses and Losses
Our other expenses and losses increased from RMB3,000 for the six months ended June 30, 2025 to
RMB67,000 for the six months ended June 30, 2026.

Income Tax Expenses
The Group did not generate any profits for the six months ended June 30, 2025 and 2026. Therefore,
there was no income tax.

Loss for the Period
Based on the factors described above, our loss for the Reporting Period decreased from
RMB114,065,000 for the six months ended June 30, 2025 to RMB26,882,000 for the six months ended
June 30, 2026.

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TYK Medicines, Inc

Liquidity and Capital Resources
As at June 30, 2026, the Group had cash and bank balances of RMB201,959,000, including, cash and
cash equivalents of RMB193,689,000 and restricted bank deposit of RMB8,270,000. The cash and
bank balances decreased by 45.0% compared to RMB367,285,000 as at December 31, 2025. The
decrease was primarily due to the following:
For the six months ended June 30, 2026, our net cash used in operating activities was
RMB91,252,000, mainly attributable to (i) our loss before tax of RMB26,882,000, as adjusted to
reflect non-cash and/or non-operating items, which principally included gain on deemed disposal of
a subsidiary of RMB129,479,000, interest expenses on government grants of RMB5,856,000, gains
on government grants related to interest-free financing of RMB5,674,000, share of profits and losses
of associates of RMB3,834,000, depreciation of right-of-use assets of RMB4,719,000, net foreign
exchange losses of RMB4,529,000, depreciation of property, plant and equipment of RMB2,839,000,
amortization of intangible assets of RMB2,830,000, other finance costs of RMB1,971,000, and loss on
disposal of items of property, plant and equipment of RMB4,000; (ii) a decrease in trade and other
receivables of RMB26,582,000; and (iii) an increase in trade and other payables of RMB17,619,000.
For the six months ended June 30, 2026, our net cash used in investing activities was RMB22,724,000,
primarily attributable to cash outflows for the purchase of property, plant and equipment of
RMB16,684,000, purchases of time deposits with original maturity of more than three months of
RMB54,194,000 and investment in an associate of RMB2,850,000, partially offset by the proceeds
from withdrawal of time deposits with original maturity of more than three months of RMB51,004,000.
For the six months ended June 30, 2026, our net cash used in financing activities was RMB4,299,000,
primarily as a result of repayment of bank loans of RMB106,000,000, share acquired for the purpose
of the Company ’ s 2025 H Share Incentive Scheme RMB819,000 and restricted for such use of
RMB8,270,000, payment of principal portion of lease payments of RMB3,978,000 and payment of
interest on bank loans and lease payments of RMB1,990,000, partially offset by new bank loans of
RMB103,000,000 and financing from the non-controlling shareholder of RMB13,758,000 (representing
proceeds from the CX Xingkang investment we received during the six months ended June 30, 2026).

Treasury Policy
The Group has adopted a prudent financial management approach towards its treasury policy.
The Board closely monitors the Group’s liquidity position to ensure that the liquidity structure of the
Group’s assets, liabilities, and other commitments can meet its funding requirements at all times.

Capital Expenditure
During the Reporting Period, the Group ’ s total capital expenditure amounted to approximately
RMB16,684,000, which was mainly used in purchases of items of property, plant and equipment.
We regularly incur capital expenditures to purchase and maintain our property, plant and equipment
in order to enhance our research and development capabilities and expand our business operations.
Historically, we have funded our capital expenditures mainly through equity financing and bank
borrowings.

2026 Interim Report

Borrowings
As at June 30, 2026, our borrowings were RMB131,096,000, and as at December 31, 2025, our
borrowings were RMB134,115,000. The borrowings were secured and unsecured short-term and longterm bank loans from various commercial banks, with effective interest rates ranging from 2.30%
to 3.30% per annum. Among them, RMB86,069,000 was fixed-rate loans, and RMB45,027,000 was
floating-rate loans. As at June 30, 2026, the Group had RMB5,000,000 of unutilized bank facilities
available. As at June 30, 2026, the Group’s debt-to-asset ratio (total liabilities as a percentage of total
assets) was approximately 66.1%, compared to approximately 63.2% as at December 31, 2025.

Commitments
The Group had the following contractual commitments at the end of the Reporting Period:
June 30,
2026

December 31,
2025

RMB ’ 000

RMB ’000

Property, plant and equipment
Investment to an associate

7,684
9,339

8,348
12,189

Total

17,023

20,537

Pledge of Assets
As of June 30, 2026, save for the pledge of certain deposits of the Group as security for the Group’s
borrowings, the Group did not have any major assets pledged.

Contingent Liabilities
As of June 30, 2026, save for the contingent liabilities disclosed in Note 17. “Contingent Liabilities”
to the interim condensed consolidated financial information, the Group did not have any material
contingent liabilities.

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TYK Medicines, Inc

Significant Investments, Material Acquisitions and Disposals of Subsidiaries,
Associates and Joint Ventures
On February 27, 2026 (after trading hours), the then existing shareholders of TYK-Bio (including but
not limited to the Company) entered into a capital increase agreement with Shenzhen Innovation
Venture Capital Co., Ltd. (深圳市創新資本投資有限公司), Ningbo Hongtu Gongtou Jingyu Equity
Investment Partnership (Limited Partnership) (寧波紅土工投璟鈺股權投資合夥企業(有限合夥)), Quzhou
Qizhen Equity Investment Fund Partnership (Limited Partnership) (衢州啟真股權投資基金合夥企業(有
限合夥)), Quzhou High-Quality Development Equity Investment Partnership (Limited Partnership) (衢
州高質量發展股權投資合夥企業(有限合夥)), Changxing Tongyuan Enterprise Management Partnership
(Limited Partnership) (長興同源企業管理合夥企業(有限合夥)) and Shenzhen Guohai Zhongheng Medical
and Health Venture Capital Partnership (Limited Partnership) (深圳市國海中恒醫藥健康創業投資合夥企
業(有限合夥)). Following the execution of the agreement, the Company’s direct and indirect interest
in TYK Bio decreased from approximately 71% to 49%, and TYK Bio ceased to be a subsidiary of the
Group. As the capital increase resulted in a reduction of the Company’s shareholding in TYK Bio, it
constituted a deemed disposal. For further details, please refer to the announcement of the Company
dated February 27, 2026.
Save as disclosed in this report and the previous announcement of the Company, during the Reporting
Period, there were no other material acquisitions, disposals or significant investments accounting for
over 5% of the Company’s total asset as of June 30, 2026.

Foreign Currency Risk
The Group was not exposed to significant currency risk and did not experience any material impact on
our operations resulting from fluctuation in exchange rates during the Reporting Period. However, our
management monitors our foreign currency risk exposure and will review and adjust our currency risk
measures in accordance with our needs. During the Reporting Period, we did not hedge against any
foreign exchange fluctuations.

Employees and Remuneration Policies
As of June 30, 2026, we had 184 employees in total (as of June 30, 2025: 163 employees). The
remuneration package of our employees includes basic salaries, bonuses, and employee benefits,
which are generally determined by their qualifications, industry experience, position and performance.
We make contributions to social insurance and housing provident funds as required by the PRC
laws and regulations. We have also adopted the Employee Incentive Scheme and the 2025 H Share
Incentive Scheme in recognition of the contribution of our employees. In addition, we provide relevant
training to our employees in order to improve their skills and knowledge.

Future Plan of Material Investment or Acquisition of Assets
The Group did not have detailed future plans for any material investment or acquisition of capital
assets as of the date of this report.

2026 Interim Report

III. Future and Outlook
Continuous Enhancement of R&D Capabilities to Drive Business Development
Our core competitiveness lies in our understanding of diseases and the mechanisms of drug action.
To date, we have achieved remarkable results, and in the future, we will continue to strengthen these
capabilities. Meanwhile, we recognize that drugs with new targets and mechanisms of action will
enhance our competitiveness in the pharmaceutical industry. Therefore, we have developed several
innovative candidate drugs targeting the following relevant targets: CDK4, FAK/EGFR (PROTAC),
PI3Kα and GLP-1, and plan to continue developing these candidates. Additionally, we plan to actively
invest in in-house R&D to seize market opportunities and identify and develop innovative compounds.
In addition, we intend to leverage Dr. Wu’s experience in the development of innovative drugs for
central nervous system diseases and seek opportunities to expand into other therapeutic areas,
including central nervous system diseases, autoimmune diseases and cardiovascular diseases.

Integration of Artificial Intelligence (AI) Models and Gradual Establishment of
Industrial Production System
The Company will always remain grounded in market demands, focusing on independent R&D and
breakthroughs in core technologies of cutting-edge innovative drugs. Leveraging the technical
advantages of AI model-empowered drug R&D, the Company will continue to deepen the joint
collaborative research between its in-house core domestic R&D team and high-end overseas scientific
research resources, thereby accelerating the full process of discovery, screening and development
of new molecular entities. While consolidating its endogenous R&D capabilities, the Company will
proactively engage in in-depth cooperation with leading AI drug R&D platforms in the industry to
tackle key bottlenecks in drug R&D, striving to deliver landmark, breakthrough R&D outcomes. It
will continuously enhance the conversion efficiency of its R&D pipelines and strengthen its core
technological barriers, so as to lay a solid foundation for the continuous iteration and expansion of its
business and steadily implement a long-term sustainable high-quality development strategy. The “New
Solid Preparation Factory Project” is the Company’s industrialization project, which will add tablet
production lines and capsule production lines. Upon completion, the Company’s annual production
capacity will reach 150 million tablets or capsules, which will simultaneously support the production
of clinical drugs and part of the commercial production of the TY-9591 product. The Phase I project
completed civil engineering acceptance on June 30, 2024. The Phase I production lines are expected
to obtain GMP compliance certification and be ready for production in the first quarter of 2027. We
believe the completion of this project will provide production support for the commercialization of a
broader pipeline of products. In addition, in January 2026, the Company obtained the Drug Production
License issued by the Zhejiang Medical Products Administration. The granting of the Drug Production
License is expected to exert a long-term positive effect on the Company’s capacity expansion and
market development, laying a solid foundation for subsequent commercial production. For further
details, please refer to the Company’s announcement dated January 23, 2026.

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TYK Medicines, Inc

Exploration of Partnership Opportunities and Establishment of Commercialization
Capability to Enhance Drug Candidate Value
In terms of commercialization, the Company will adopt a phased development strategy of “external
collaboration + independent construction ” . At the initial development stage, the Company will
selectively cooperate with high-quality external partners with mature market operation systems, fullcoverage channel networks and sufficient industrial resources. By leveraging their sophisticated
commercial operation systems, established promotion strategies and omni-channel resources, the
Company will rapidly address experience gaps in market expansion, brand promotion and pointof-sale execution, thereby realizing resource complementarity and value synergy, and efficiently
capturing market space for its products. Building on the practical experience accumulated
through external cooperation, the Company will simultaneously accumulate, review and internalize
the commercial operation capabilities and market practical experience, and gradually build an
independently controllable, professional and full-chain integrated marketing and sales system,
continuously consolidating its core capabilities in in-house point-of-sale operation and brand
promotion. In the medium-to-long term, the Company ’ s commercialization model will gradually
transform into a framework dominated by independent operation and supplemented by external
cooperation. Relying on its own marketing system, the Company will independently drive market
expansion and business growth, and fully accelerate its overall commercialization layout, to support
its high-quality and sustainable development. Meanwhile, the Company will coordinate and integrate
multiple key resources such as capital, professional talent and core technologies to advance the
implementation of commercialization strategies through a dual-wheel drive model: continuously
optimize the overall functional layout of its clinical research platform, and simultaneously accelerate
the planning and construction of its industrialization production base, so as to ensure the efficient
implementation of commercialization strategies through coordinated efforts of software and hardware.
On July 21, 2026 (after trading hours), the Company entered into the License and Collaboration
Agreement and the Supplies and Commercialization Agreement with Qilu Pharmaceutical (Hainan) Co.,
Ltd. (“Qilu”) or its designated affiliate to jointly conduct the development and manufacturing of the
collaboration API (being TY-9591 API) and the commercialization of TY-9591 in China, with a view to
advancing the development, manufacturing and commercialization of innovative drugs. The strategic
collaboration contemplated under the License and Collaboration Agreement between the Company
and Qilu will bring long-term benefits and higher R&D capital efficiency to the Company. The License
and Collaboration Agreement and the Supplies and Commercialization Agreement will enable the
Company to develop a long-term and steady relationship with a reputable pharmaceutical company in
the PRC, facilitating the commercialization of the Company’s products within the Designated Region.
This represents a significant step that enables the Company to reach its commercialization milestones
by leveraging on the expertise and network of Qilu. Please refer to the announcement of the Company
dated July 21, 2026 for details.

2026 Interim Report

CORPORATE GOVERNANCE AND OTHER INFORMATION
INTERIM DIVIDEND
The Board does not recommend the payment of an interim dividend for the Reporting Period (six months
ended June 30, 2025: Nil).

CORPORATE GOVERNANCE
We are committed to achieving high standards of corporate governance with a view to safeguarding the
interests of the Shareholders. The Company has adopted the CG Code as its own code of corporate
governance during the six months ended June 30, 2026.
During the Reporting Period, the Company has complied with all the code provisions as set out in Part 2 of
the CG Code, except for the following deviation:
Under paragraph C.2.1 of Part 2 of the CG Code, the roles of chairperson and chief executive officer
should be separate and should not be performed by the same individual. Dr. WU Yusheng (“Dr. Wu”) is
the chairperson of the Board and the chief executive officer of the Company. With abundant experience
in the pharmaceutical industry and having served in the Company since its establishment, Dr. Wu is in
charge of overseeing the overall management, business operation and strategies of the Group. Despite the
fact that the roles of the chairperson of the Board and the chief executive officer of the Company are both
performed by Dr. Wu, which constitutes a deviation from paragraph C.2.1 of Part 2 of the CG Code, the
Board considers that having Dr. Wu serve as the roles of both the chairperson of the Board and the chief
executive officer of the Company has the benefit of ensuring consistent leadership and more effective and
efficient overall strategic planning of the Company.
The balance of power and authority is ensured by the operation of the Board and the senior management,
each of which comprises experienced and diverse individuals. Following the resignation of Dr. JIANG
Mingyu (“Dr. Jiang”) as a non-executive Director, the Board currently comprises one executive Director,
four non-executive Directors and four independent non-executive Directors. Therefore, the Board possesses
a strong independence element in its composition. The Board will continue to review the effectiveness
of the corporate governance structure of the Group in order to assess whether separation of the roles of
chairperson and the chief executive officer is necessary.
The Company will continue to review and monitor our corporate governance practices regularly to ensure
compliance with the CG Code and to maintain high standards of corporate governance practices.

Compliance with the Model Code for Securities Transactions
During the Reporting Period, the Company adopted the Model Code as its own code of conduct regarding
dealings in the securities of the Company by the Directors.

25

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TYK Medicines, Inc

Upon specific enquiries, all Directors confirmed that they have complied with the Model Code during the
Reporting Period.
Relevant employees of the Company who may have access to the Company’ s inside information are
also required to comply with the Model Code for dealings in the securities of the Company. During the
Reporting Period, the Company has not noticed any incidents of non-compliance of relevant employees of
the Company violating the Model Code after making reasonable enquiry.

DIRECTORS’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL
STATEMENTS
The Directors acknowledge their responsibilities in relation to the preparation of financial statements
and accounts of the Group and on ensuring that the financial statements of the Group are prepared in
accordance with the relevant regulations and applicable accounting standards and that the financial
statements of the Company are published in a timely manner.

USE OF LISTING PROCEEDS
Use of Net Proceeds from the Global Offering
Our Company was successfully listed on the Main Board of the Stock Exchange on August 20, 2024. The
net proceeds from the Global Offering, after deduction of the underwriting fees and commissions and
expenses payable by our Company in connection with the Global Offering, amounted to approximately
HK$506.31 million. As of the date of this interim report, as previously disclosed in the Prospectus, to the
extent that the net proceeds from the Listing are not immediately applied to the disclosed purposes and
to the extent permitted by applicable law and regulations, the Group intends to apply the net proceeds
in short-term interest-bearing accounts at licensed commercial banks and/or other authorized financial
institutions (as defined under the Securities and Futures Ordinance or the applicable laws and regulations
in other jurisdictions). The Board has resolved that, to the extent that the net proceeds from the Listing are
not immediately applied to the disclosed purposes, provided that the expected demand for the use of funds
is ensured, the Group may deposit the net proceeds from the Listing as demand deposits or fixed-term
deposits in licensed banks or financial institutions or subscribe for wealth management products with high
security and good liquidity and a period not exceeding twelve months, so as to improve the utilization
efficiency of the Group’s funds and its return. For further details, please refer to the announcement of the
Company dated August 31, 2025. Save as stated above, there has been no change in the intended use of
net proceeds.
Net proceeds from the Global Offering will be utilized in accordance with the proportion of use allocation
as set out in the section headed “Future Plans and Use of Proceeds” in the Prospectus.

2026 Interim Report

The table below sets forth the intended use of the net proceeds:

Item

•

•

Net
proceeds from
the Global
Offering
HK$ million

Unutilized net
proceeds as of
December 31,
2025
HK$ million

Net proceeds
utilized during
the Reporting
Period
HK$ million

Net proceeds
utilized at
the end of
the Reporting
Period
HK$ million

Net proceeds
unutilized at the
end of
the Reporting
Period
HK$ million

70.0%, or approximately HK$354.4 million, will be used for the research, development and commercialization of our Core Product, namely, TY-9591:
131.6
20.55
20.55
131.6
–
– 26.0%, or approximately HK$131.6 million, will
be used to fund the ongoing clinical trial of TY9591 monotherapy as a first-line treatment for
brain metastases in EGFR-mutant lung cancer.
We commenced patient enrollment for a pivotal
Phase II clinical trial in August 2023;
96.2
61.1
22.78
57.88
38.32
– 19.0%, or approximately HK$96.2 million, will
be used to fund the ongoing clinical trial of TY9591 monotherapy as first-line treatment for
locally advanced or metastatic lung cancer with
EGFR exon 21 L858R mutation. We commenced
patient enrollment for a registrational Phase III
clinical trial in June 2022;
116.5
112.32
12.13
16.31
100.19
– 23.0%, or approximately HK$116.5 million, will
be used to fund the planned Phase II and III
clinical trials of TY-9591 in combination with
pemetrexed and cisplatin or carboplatin as firstline treatment for advanced or metastatic lung
cancer with EGFR mutations;
10.1
9.11
2.32
3.31
6.79
– 2.0%, or approximately HK$10.1 million, will be
used to prepare for the anticipated commercial
launch of TY-9591;
20.0%, or approximately HK$101.3 million, will be used for the research and development of our other product candidates, including:
30.4
23.34
2.14
9.20
– 6.0%, or approximately HK$30.4 million, will be
used to fund the clinical development of TY302, of which:
10.1
7.60
1.52
4.02
i. 2.0% , o r a p p r o x i m a t e l y H K $10.1
million, will be used to fund the planned
registrational Phase III clinical trial of TY302 in combination with toremifene citrate
as third- or later-line treatment in breast
cancer in China; and
20.3
15.74
0.62
5.18
ii. 4.0%, or approximately HK$20.3 million,
will be used to fund the planned Phase
II and Phase III trials of TY-302 in
combination with abiraterone as first-line
treatment for prostate cancer in China,
respectively;
15.2
2.32
2.32
15.20
– 3.0%, or approximately HK$15.2 million, will be
used to fund the clinical development of TY2136b in solid tumors in the U.S;

Expected
timeline
for full
utilization of
the remaining
proceeds2

–

By the end of
2027

By the end of
2030

By the end of
2027

21.20

By the end of
2030

6.08

By the end of
2029

15.12

By the end of
2030

–

–

27

28

TYK Medicines, Inc

Net proceeds
unutilized at the
end of
the Reporting
Period
HK$ million

Expected
timeline
for full
utilization of
the remaining
proceeds2

Net
proceeds from
the Global
Offering
HK$ million

Unutilized net
proceeds as of
December 31,
2025
HK$ million

Net proceeds
utilized during
the Reporting
Period
HK$ million

Net proceeds
utilized at
the end of
the Reporting
Period
HK$ million

4.0%, or approximately HK$20.3 million, will be
used to fund the clinical development of TY2699a, including the ongoing Phase I clinical
trial of TY-2699a in monotherapy or combination
therapy in locally advanced or metastatic solid
tumors, a planned Phase Ib clinical trial and a
planned pivotal Phase II clinical trial;
3.0%, or approximately HK$15.2 million, will be
used to fund the clinical development of TY0540, including the ongoing Phase I clinical trial
of TY-0540 monotherapy or combination therapy
in solid tumors, a planned Phase Ib clinical trial
and a planned pivotal Phase II clinical trial;
2.0%, or approximately HK$10.1 million, will be
used to fund the clinical development of TY1091, including the ongoing Phase I clinical trial
of TY-1091 in RET fusion-positive solid tumors;
and
2.0%, or approximately HK$10.1 million, will be
used to fund the clinical development of TY4028, including a planned Phase I clinical trial
in NSCLC with EGFR exon 20 insertion;

20.3

15.47

6.98

11.81

8.49

By the end of
2028

15.2

11.49

11.49

15.2

–

–

10.1

8.56

0.33

1.87

8.23

By the end of
2027

10.1

9.46

3.42

4.06

6.04

By the end of
2028

•

3.0%, or approximately HK$15.2 million, will be
used for potential strategic acquisition, investment,
in-licensing or collaboration opportunities. In the
future, we may selectively acquire or invest in
innovative technologies to enhance our research
and development capabilities or explore potential
combination therapy partners for TY-9591. In
addition, we may collaborate with leading universities
or research institutions to develop new technologies
or product candidates. We may also enter into inlicensing arrangements to expand our product
portfolio. As of the Latest Practicable Date, we have
not identified any specific target for acquisition,
investment, licensing, collaboration, strategic
partnerships or co-development; and

15.2

6.04

6.04

15.2

–

–

•

7.0%, or approximately HK$35.4 million, will be used
for working capital and other general corporate
purposes.

35.4

–

–

35.4

–

–

Item

–

–

–

–

Notes :
1.

Figures presented in the table are rounded to two decimal places.

2.

The expected timeline to use the remaining proceeds is prepared based on the best estimate made by the Group, which
is subject to change according to the current and future development of the market condition.

2026 Interim Report

USE OF NET PROCEEDS FROM THE PLACING
Pursuant to the general mandate granted to the Board by the shareholders of the Company by way of a
special resolution at the annual general meeting held on June 26, 2025, pursuant to which the Board is
authorized to allot, issue and deal with no more than 74,167,163 new H Shares (representing approximately
20% of the issued Shares as at the date of the resolution passed at the annual general meeting), the
Company allotted and issued new Shares. The Company entered into a placing agreement with CLSA
Limited on July 28, 2025. The closing price of H Shares was HK$21.0 per H Share on July 28, 2025. All
conditions set out in the placing agreement have been fulfilled and the completion took place on August
4, 2025. The placing agent has successfully placed an aggregate of 9,230,000 new H Shares to not
fewer than six placees at the placing price of HK$17.01 per placing share. The net proceeds raised from
the placing was approximately HK$154.73 million, representing a net placing proceeds of HK$16.76 per
placing share. The aggregate nominal value of the placing shares was RMB9,230,000. The Company
undertook the placing to strengthen the Group’s liquidity and financial position, broaden its Shareholder
base and optimize the capital structure of the Group. For further details, please refer to the announcements
of the Company dated July 29, 2025 and August 4, 2025.
The table below sets forth the intended use of the net proceeds:

Item

Research, development and commercialization of existing
pipelines
Enhancing its internal research and development technology
capabilities and expanding its product portfolio
Working capital and general corporate purposes

Unutilized net
proceeds of
the placing
Net proceeds as of December
31, 2025
of the placing
HK$ million
HK$ million

Utilized net
proceeds of
the placing
during the
six months
ended June 30,
2026
HK$ million

Unutilized net
proceeds
as of June 30,
2026
HK$ million

92.84

92.84

14.12

78.72

46.42

46.42

43.01

3.41

15.47

–

15.47

–

Expected
timeline for full
utilization of
the remaining
proceeds

By the end of
2028
By the end of
2028
–

The Group has utilized and will continue to apply the net proceeds from the placing for the purposes
previously disclosed. There has been no material change to the use of net proceeds from the placing.

MATERIAL LITIGATION
The Company has recently filed a case with the People’s Court of Changxing County (長興縣人民法院)
commencing legal proceedings against Sichuan Huiyu Pharmaceutical Co., Ltd. (四川匯宇製藥股份有限公
司) (“Sichuan Huiyu”), seeking judicial affirmation that a purported cooperation agreement and distribution
agreement with Sichuan Huiyu pertaining to TY-9591 has not been formed and is invalid. The Company also
received a case filing notice issued by the People’s Court of Neijiang City Shizhong District (內江市市中區
人民法院) filed by Sichuan Huiyu regarding the same cooperation agreement, distribution agreement and
related documents purported to have been entered into between the Company and Sichuan Huiyu. Both
cases have been filed but have not yet been heard in court. The Company will continue to make further
announcement(s) on significant progress of the legal proceedings as and when appropriate. Please refer to
the announcement of the Company dated July 22, 2026 for details.

29

30

TYK Medicines, Inc

Save as disclosed above, our Company was not involved in any litigation, arbitration, administrative
proceedings of material importance which could have a material adverse effect on its financial condition
or results of operations, and, so far as our Company is aware, no litigation, arbitration, administrative
proceedings of material importance is pending or threatened against our Company.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY
The Board of the Company has instructed a trustee to acquire H Shares for its 2025 H Share Incentive
Scheme approved by the Shareholders on October 30, 2025. A total of 1,480,500 Shares were acquired at
a total consideration of HK$20,479,000 (equivalent to approximately RMB18,488,000) as of June 30, 2026.
Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed
any of the Company’s listed securities (including treasury Shares) during the Reporting Period. As of June
30, 2026, our Company did not hold any treasury Shares (as defined under the Listing Rules).

REVIEW OF INTERIM REPORT
The Company has established the Audit Committee with written terms of reference in compliance with Rule
3.21 of the Listing Rules and the CG Code. As of the end of the Reporting Period, the Audit Committee
consists of two independent non-executive Directors, Mr. JIANG Xiaolin (江曉林) and Dr. LENG Yuting (冷
瑜婷), and one non-executive Director, Dr. GU Eric Hong (顧虹). Mr. JIANG Xiaolin serves as the Chairman
of the Audit Committee, and he possesses the appropriate professional qualifications required by Rules
3.10(2) and 3.21 of the Listing Rules. The Audit Committee, together with the management of the Company,
has considered and reviewed the Group’s interim results for the Reporting Period, this interim report and
the accounting principles and policies adopted by the Company and is of the view that the interim results
and the interim report of the Group is prepared in accordance with applicable accounting standards, rules
and regulations and appropriate disclosures have been duly made.
The independent auditor of the Company, Ernst & Young, has also reviewed the interim financial information
of the Group 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” as issued by the HKICPA.

Disclosure of Changes in Directors ’ Information Pursuant to Rule 13.51B(1) of the
Listing Rules
Since the term of office of certain Directors will expire soon, the Board has resolved to propose the reelection of the following persons as Directors for term of three years (or until the expiry of the term of office
of the second session of the Board), with effect from the date on which the proposed candidates are elected
at the extraordinary general meeting (the “EGM”) to be held by the Company, subject to the passing of an
ordinary resolution of the Shareholders at the EGM. The candidates proposed for re-election at the EGM will
be: (i) Dr. Wu as an executive Director; (ii) Dr. LI Jun, Dr. GU Eric Hong and Mr. HE Chao as non-executive
Directors; and (iii) Dr. LENG Yuting, Dr. XU Wenqing and Dr. SHEN Xiuhua as independent non-executive
Directors. Please refer to the announcement of the Company dated August 17, 2026 for details.
Except as disclosed in this interim report, during the Reporting Period and up to the date of this interim
report, there are no other changes in directors’ information that require to be disclosed in accordance with
Rule 13.51B(1) of the Listing Rules.

2026 Interim Report

Continuous Disclosure Obligations in Accordance with the Listing Rules
The Company does not have any disclosure obligations under Rules 13.20, 13.21 and 13.22 of the Listing
Rules. Other parts, reports or notes mentioned in this interim report are all integral parts of this interim
report.

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN
SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ITS
ASSOCIATED CORPORATIONS
As of June 30, 2026, the interests and short positions of the Directors and chief executive of the Company
in the Shares, underlying Shares and debentures of the Company or its associated corporation (within
the meaning of Part XV of the SFO), which have been notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of SFO (including any interest or short positions which they are
taken or deemed to have under such provisions of the SFO) or which were recorded in the register required
to be kept by the Company pursuant to Section 352 of the SFO, or otherwise notified to the Company and
the Stock Exchange pursuant to the Model Code were as follows:

Name of Director/chief executive

Capacity/
Nature
of interest(1)

Number of
Shares

Approximate
percentage of
shareholding in
the total share
capital of the
Company(2)

Dr. Wu(3) (Executive Director, Chairman of the Board and Chief Executive Officer)

Interest in
controlled
corporations

123,466,000

32.48%

Dr. GU Eric Hong(4) (Non-executive Director)

Interest in
controlled
corporations

8,010,000

2.10%

Mr. HE Chao(5) (Non-executive Director)

Interest in
controlled
corporations

19,404,654

5.10%

Notes:
(1)

All interests stated are long position.

(2)

The calculation is based on the total number of 380,065,818 H Shares in issue as of June 30, 2026.

31

32

TYK Medicines, Inc

(3)

Tetranov Pharmaceutical beneficially owns 99,787,500 H Shares. As of June 30, 2026, Tetranov Pharmaceutical was
held as to approximately 30.66% by Dr. Wu, approximately 20.15% by Zhengzhou Hongnuo and approximately 3.02%
by Changxing Derui, respectively. Zhengzhou Hongnuo is managed by its executive partner, Huzhou Derui, which is
controlled by Changxing Derui and Dr. Wu. Changxing Derui is wholly owned by Dr. Wu. As such, under the SFO, Dr. Wu
is deemed to be interested in the 99,787,500 H Shares held by Tetranov Pharmaceutical.
Changxing Liyuan beneficially owns 17,645,000 H Shares. As of June 30, 2026, Changxing Liyuan is managed by its
executive partner, Changxing Derui, which is wholly owned by Dr. Wu.
Each of Changxing Caiyuan and Changxing Gangyuan is our ESOP Platform. Changxing Caiyuan beneficially owns
3,246,500 H Shares. Changxing Gangyuan beneficially owns 2,787,000 H Shares. As of June 30, 2026, each of Changxing
Caiyuan and Changxing Gangyuan is managed by its executive partner, Huzhou Derui, which is controlled by Changxing
Derui and Dr. Wu. Changxing Derui is wholly owned by Dr. Wu.
As such, under the SFO, Dr. Wu is deemed to be interested in (i) the 3,246,500 H Shares held by Changxing Caiyuan; and
(ii) the 2,787,000 H Shares held by Changxing Gangyuan.

(4)

Pivot Pharma Tech (Shanghai) Co., Ltd. (貝沃特醫藥技術(上海)有限公司) (“Pivot Pharma”) beneficially owns 8,010,000 H
Shares. Pivot Pharma is wholly owned by Dr. GU Eric Hong (顧虹). As such, under the SFO, Dr. GU Eric Hong is deemed
to be interested in 8,010,000 H Shares held by Pivot Pharma.

(5)

Ningbo Meishan Bonded Port Area Houji Tongnuo Investment Management Partnership (Limited Partnership) (寧波梅山保
稅港區厚紀通諾投資管理合夥企業(有限合夥)) (“Houji Tongnuo”) beneficially owns 14,146,619 H Shares. Ningbo Meishan
Bonded Port Area Houyang Tongchi Investment Management Partnership (Limited Partnership) (寧波梅山保稅港區厚揚通
馳投資管理合夥企業(有限合夥)) (“Houyang Tongchi”) beneficially owns 5,258,035 H Shares. As of June 30, 2026, each of
Houji Tongnuo and Houyang Tongchi is managed by its executive partner, Beijing Houji Jingqiao Venture Capital Co., Ltd.
(北京厚紀景橋創業投資有限公司), which is in turn wholly owned by Beijing Rongchen Houji Investment Management Co.,
Ltd. (北京融辰厚紀投資管理有限公司) (“Rongchen Houji”). Rongchen Houji is owned as to approximately 83% by Mr. HE
Chao (何超), our non-executive Director. As such, under the SFO, Mr. HE Chao (何超) is deemed to be interested in (i) the
14,146,619 H Shares held by Houji Tongnuo; and (ii) the 5,258,035 H Shares held by Houyang Tongchi.

Save as disclosed above, as of June 30, 2026, so far as it was known to the Directors or chief executive of
the Company, none of the Directors or chief executive of the Company had interests or short positions in
the Shares, underlying Shares and debentures of the Company or its associated corporations as recorded
in the register required to be kept pursuant to Section 352 of the SFO; or as otherwise notified to the
Company and the Stock Exchange pursuant to the Model Code.

2026 Interim Report

Substantial Shareholders ’ Interests and Short Positions in the Shares and Underlying
Shares of the Company
As of June 30, 2026, so far as the Directors are aware, the following persons had or were deemed or taken
to have interests or short positions in the Shares or underlying Shares of the Company which would fall
to be disclosed to the Company and the Stock Exchange under the provision of Divisions 2 and 3 of Part
XV of the SFO or which were required to be recorded in the register required to be kept by the Company
pursuant to Section 336 of the SFO:

Number of
Shares

Approximate
percentage of
shareholding
in the total
share capital
of the
Company(2)

Name of Shareholder

Capacity/Nature of interest

Dr. Wu (3)
Ms. Zhu (3)
Tetranov Pharmaceutical(3)
Mr. HE Chao (4)
Beijing Houji Jingqiao Venture Capital Co., Ltd.
(北京厚紀景橋創業投資有限公司) (“Huge Capital”) (4)
Beijing Rongchen Houji Investment Management Co., Ltd.
(北京融辰厚紀投資管理有限公司)(4)

Interest in controlled corporations
Interest of spouse
Beneficial owner
Interest in controlled corporations
Interest in controlled corporations

123,466,000
123,466,000
99,787,500
19,404,654
19,404,654

32.48%
32.48%
26.26%
5.10%
5.10%

Interest in controlled corporations

19,404,654

5.10%

(1)

Notes:
(1)

All interests stated are long position.

(2)

The calculation is based on the total number of 380,065,818 H Shares in issue as of June 30, 2026.

(3)

Tetranov Pharmaceutical beneficially owns 99,787,500 H Shares. As of June 30, 2026, Tetranov Pharmaceutical was
held as to approximately 30.66% by Dr. Wu, approximately 20.15% by Zhengzhou Hongnuo and approximately 3.02%
by Changxing Derui, respectively. Zhengzhou Hongnuo is managed by its executive partner, Huzhou Derui, which is
controlled by Changxing Derui and Dr. Wu. Changxing Derui is wholly owned by Dr. Wu. As such, under the SFO, Dr. Wu
is deemed to be interested in the 99,787,500 H Shares held by Tetranov Pharmaceutical. Ms. Zhu is spouse of Dr. Wu.
Therefore, under the SFO, Ms. Zhu is deemed to be interested in the same number of Shares in which Dr. Wu is interested
in.
Changxing Liyuan beneficially owns 17,645,000 H Shares. As of June 30, 2026, Changxing Liyuan is managed by its executive
partner, Changxing Derui, which is wholly owned by Dr. Wu. Each of Changxing Caiyuan and Changxing Gangyuan is our ESOP
Platform. Changxing Caiyuan beneficially owns 3,246,500 H Shares. Changxing Gangyuan beneficially owns 2,787,000 H Shares.
As of June 30, 2026, each of Changxing Caiyuan and Changxing Gangyuan is managed by its executive partner, Huzhou Derui,
which is controlled by Changxing Derui and Dr. Wu. Changxing Derui is wholly owned by Dr. Wu. As such, under the SFO, Dr.
Wu is deemed to be interested in (i) the 3,246,500 H Shares held by Changxing Caiyuan; and (ii) the 2,787,000 H Shares held by
Changxing Gangyuan. Ms. Zhu is spouse of Dr. Wu. Therefore, under the SFO, Ms. Zhu is deemed to be interested in the same
number of Shares in which Dr. Wu is interested in.

33

34

TYK Medicines, Inc

(4)

Huge Capital is the executive partner of Houji Tongnuo and Houyang Tongchi, and is 100% owned by Beijing Rongchen
Houji Investment Management Co., Ltd. (北京融辰厚紀投資管理有限公司). It is ultimately controlled by Mr. HE Chao (何超),
our non-executive Director. As such, Beijing Rongchen Houji Investment Management Co., Ltd. (北京融辰厚紀投資管理有
限公司), Huge Capital and Mr. HE Chao (何超) are deemed to be interested in the 14,146,619 H Shares and 5,258,035 H
Shares held by Houji Tongnuo and Houyang Tongchi under the SFO.

Save as disclosed above, as of June 30, 2026, apart from the Directors and the chief executive of the
Company, the Company has not been informed of any other relevant interests or short positions in the
issued share capital of the Company which would fall to be disclosed to the Company under the provisions
of Divisions 2 and 3 of Part XV of the SFO or which are required to be recorded in the register required to
be kept by the Company under Section 336 of the SFO.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES
Save as disclosed in the section headed “Directors’ and chief executive’s Interests and Short Positions in
Shares, Underlying Shares and Debentures of the Company or its Associated Corporations” of this interim
report, no rights to acquire benefits by means of the acquisition of Shares in or debentures of our Company
were granted to any Director or their respective spouse or children under 18 years of age, or were such
rights exercised by them; or was our Company or any of its subsidiaries a party to any arrangement to
enable the Directors, or their respective spouse or children under 18 years of age, to acquire such rights in
any other body corporate during the Reporting Period.

Employee Incentive Scheme
The purpose of the Employee Incentive Scheme is to improve the long-term incentive mechanism of our
Company in order to enhance the enthusiasm and innovation of our employees, enable our Company to
attract and retain high-end talent and promote our Company’s continued growth.
In recognition of the contribution of our employees, we have adopted the Employee Incentive Scheme prior
to the Global Offering. The Employee Incentive Scheme is not subject to the provisions of Chapter 17 of the
Listing Rules as it does not involve the grant of Shares or the grant of options by our Company to subscribe
for the Shares after the Listing. Pursuant to the Articles of Association and the Employee Incentive Scheme
rules, our Board is responsible for reviewing and approving the implementation, alteration and termination
of the Employee Incentive Scheme. Our Board has further established an employee equity incentive
scheme daily management working committee (the “Employee Incentive Scheme Working Committee”),
whose members are appointed at the sole discretion of our Board, to assist in the implementation of the
Employee Incentive Scheme and carry out other matters delegated by our Board. The participants of
the Employee Incentive Scheme include senior managers, key mid-level managers and core technical
personnel of our Company as well as key employees with outstanding contributions who have been
nominated by the chairman and approved by the Employee Incentive Scheme Working Committee (the
“Participants”).
Under the Employee Incentive Scheme rules, where the Participant’s employment relationship with our
Company terminates without misconduct during the lock-up period, or where the Participant applies to
redeem his equity interest in the ESOP Platforms, the relevant Participant shall, with the consent of the
Employee Incentive Scheme Working Committee and at the exit price calculated pursuant to the Employee
Incentive Scheme, (i) transfer all of his equity interest in the ESOP Platforms to the executive partner or any
third party approved by the Employee Incentive Scheme Working Committee or (ii) withdraw the capital
contribution corresponding to the partnership interest held by him in the ESOP Platforms, upon which the
executive partner or any third party approved by the Employee Incentive Scheme Working Committee
shall make the corresponding capital contribution to the ESOP Platforms. For more details of the Employee
Incentive Scheme, please refer to “Further Information about our Directors, Supervisors and Substantial
Shareholders – 5. Employee Incentive Scheme” in Appendix VII of the Prospectus.

2026 Interim Report

2025 H Share Incentive Scheme
The Company adopted the 2025 H Share Incentive Scheme (the “Scheme”) on October 30, 2025. The
Scheme constitutes a share scheme involving existing H Shares under Chapter 17 of the Listing Rules.
A summary of the principal terms of the scheme rules (the “Scheme Rules”), together with details of the
share awards granted during the Reporting Period (as defined below), is set out below.

Principal Terms of the Scheme
•

Purpose of the Scheme
The purpose of the Scheme is to (i) provide the Company with flexible means of remunerating,
incentivizing, retaining, rewarding, compensating and/or providing benefits to Eligible Participants
(“Eligible Participants”); (ii) align the interests of Eligible Participants with those of the Company
and Shareholders by providing such Eligible Participants with the opportunity to acquire proprietary
interests in the Company; and (iii) encourage Eligible Participants to contribute to the long-term growth
and profits of the Company and to enhance the value of the Company and its H Shares for the benefit
of the Company and Shareholders as a whole.

•

Form of awards
Awards granted under the Scheme (the “Awards”) may take the following forms: (i) share awards
(the “Share Awards”), which entitle the grantee to receive or purchase a specified number of H
Shares with the number of H Share and the purchase price determined by the Board or the scheme
administrator (the “Scheme Administrator”) in accordance with the terms of the Scheme Rules; or
(ii) share options (the “Share Options”), which entitle the grantee to purchase a specified number
of H Shares during a specified exercise period with the number of H Share and the exercise price
determined by the Board or the Scheme Administrator in accordance with the terms of the Scheme
Rules.

•

Participants of the Scheme
Eligible Participants who may be granted Awards under the Scheme include (i) any person who is an
employee of any member of the Group, including persons who are granted Awards under the Scheme
as an inducement to enter into employment contracts with any member of the Group, provided that
such person shall not cease to be an employee in the case of (a) any leave of absence approved by
the relevant member of the Group; or (b) any transfer of employment amongst members of the Group
or any successor, and provided further that such person shall, for the avoidance of doubt, cease to
be an employee with effect from (and including) the date of termination of his/her employment, and (ii)
any other person as determined to be eligible in the sole and absolute discretion of the Board or the
Scheme Administrator.

•

Total number of shares available under the Scheme
The total number of H Shares which may be subject to Awards granted under the Scheme shall
not exceed 2% of the total number of issued Shares of the Company as of the adoption date of the
Scheme (the “Adoption Date”). The Scheme will be solely satisfied by existing H Shares.
As of the date of this interim report, the total number of H Shares available for grant under the
Scheme is 7,601,316, representing approximately 2% of the total issued share capital of the Company
(excluding treasury Shares, if any).

35

36

TYK Medicines, Inc

•

Maximum entitlement of each participant
The Scheme does not specify a maximum entitlement for any individual Eligible Participant.

•

Period within which Share Options may be exercised
For Awards granted as Share Options, the period during which a vested Share Option may be
exercised shall be determined by the Board or the Scheme Administrator but shall not extend beyond
10 years from the grant date of the relevant Share Option.

•

Vesting period of Awards
The Board or the Scheme Administrator may, in its absolute discretion, determine the vesting criteria,
conditions, and periods for any Award. These terms will be specified in the award letter issued to each
grantee.

•

Amount payable on application or acceptance
The Board or the Scheme Administrator may, in its absolute discretion, determine the amount (if any)
payable by a grantee and the period within which payments must be made, upon application for or
acceptance of an Award.

•

Basis for determining the exercise price or purchase price
The basis for determining the exercise price or purchase price of each Award is at the absolute
discretion of the Board or the Scheme Administrator.

•

Duration and remaining validity period
The Scheme shall be valid for a period of 10 years commencing on the Adoption Date (the “Scheme
Period”). After the Scheme Period, no further Awards may be granted, but the provisions of the
Scheme will remain in effect to the extent necessary to give effect to any Awards granted during the
Scheme Period that remain outstanding. As of the date of this interim report, the remaining validity
period of the Scheme is approximately nine years and two months.

Since the Adoption Date and up to the date of this interim report, no Awards have been granted.
Save as disclosed above, neither the Company nor its subsidiaries had any other share scheme.

2026 Interim Report

H Share Full Circulation
On January 23, 2026, the China Securities Regulatory Commission ( “ CSRC ” ) issued a filing notice
(“Filing Notice”) to the Company regarding the application submitted by the Company on behalf of one
Shareholder to the CSRC for converting a total of 4,608,000 Unlisted Shares it held into H Shares and
listing on the Stock Exchange (“Conversion and Listing”). According to the Filing Notice, the CSRC Filing
in relation to the H Share Full Circulation, in respect of the conversion of 4,608,000 Unlisted Shares held
by one Shareholder into 4,608,000 H Shares has been completed. Furthermore, the Listing Approval was
granted by the Stock Exchange on February 11, 2026. The conversion of 4,608,000 Unlisted Shares into
4,608,000 H Shares had been completed on March 4, 2026, and the listing of the Converted H Shares on
the Stock Exchange commenced at 9:00 a.m. on March 5, 2026.
Please refer to the announcements of the Company dated June 6, 2025, January 23, 2026, February 12,
2026 and March 4, 2026 for details.

MATERIAL EVENTS AFTER THE REPORTING PERIOD
License and Collaboration with Qilu and Issue of H Shares under the General Mandate
On July 21, 2026 (after trading hours), the Company entered into the License and Collaboration Agreement
and the Supplies and Commercialization Agreement with Qilu or its designated affiliate to jointly conduct
the development and manufacturing of the collaboration API (being TY-9591 API) and the commercialization
of TY-9591 in China, with a view to advancing the development, manufacturing and commercialization
of innovative drugs. Pursuant to the License and Collaboration Agreement, the Company will receive an
aggregate upfront payment of approximately RMB700.00 million, including the proceeds of approximately
RMB400.00 million from the Subscription Agreement as well as potential milestone payments. In addition to
the license and collaboration, the Subscriber has agreed to invest in the Company through subscription for
H Shares, and the Company has agreed to allot and issue H Shares to the Subscriber. A total of 63,222,744
H Shares will be issued to the Subscriber at the subscription price of HK$7.30 per Subscription Share,
for an aggregate cash consideration of approximately RMB400.00 million or its equivalent in U.S. dollars/
Hong Kong dollars (the “Subscription”). As the Subscription Shares will be allotted and issued pursuant
to the General Mandate granted to the Board by the special resolution passed by the Shareholders at the
EGM held on July 15, 2026 (pursuant to which the Board is authorized to allot, issue and deal with up to
76,013,163 new Shares, representing approximately 20% of the issued Shares as at the date of passing
of the resolution at the EGM), the Company is not required to obtain Shareholders’ approval for the
issue of the Subscription Shares. As at the date of this interim report and prior to the entering into of the
Subscription Agreement, the Company had not issued any H Shares pursuant to the General Mandate.
Please refer to the announcement of the Company dated July 21, 2026 for details.

37

38

TYK Medicines, Inc

Extension of the Long Stop Date in relation to the Issue of H Shares under the General
Mandate
The completion of the Subscription is subject to the satisfaction or waiver of the conditions precedent
under the Subscription Agreement. If the conditions of the Subscription are not satisfied or waived by the
Long Stop Date (i.e., August 20, 2026, or such later date as may be agreed between the parties to the
Subscription Agreement), the Subscription Agreement will be terminated. As the parties to the Subscription
Agreement required additional time to satisfy certain conditions for the issue of the Subscription Shares,
on August 20, 2026, the parties to the Subscription Agreement agreed to extend the Long Stop Date from
August 20, 2026 to September 20, 2026. Except for the aforementioned extension of the Long Stop Date, all
other terms and conditions of the Subscription Agreement, the License and Collaboration Agreement and
the Supplies and Commercialization Agreement remained unchanged and in full force and effect. Please
refer to the announcement of the Company dated August 20, 2026 for details.

Legal Proceedings relating to the Company
The Company has recently filed a case with the People’s Court of Changxing County (長興縣人民法院)
commencing legal proceedings against Sichuan Huiyu Pharmaceutical Co., Ltd. (四川匯宇製藥股份有限公
司) (“Sichuan Huiyu”), seeking judicial affirmation that a purported cooperation agreement and distribution
agreement with Sichuan Huiyu pertaining to TY-9591 has not been formed and is invalid. The Company also
received a case filing notice issued by the People’s Court of Neijiang City Shizhong District (內江市市中區
人民法院) filed by Sichuan Huiyu regarding the same cooperation agreement, distribution agreement and
related documents purported to have been entered into between the Company and Sichuan Huiyu. Both
cases have been filed but have not yet been heard in court. The Company will continue to make further
announcement(s) on significant progress of the legal proceedings as and when appropriate.
Please refer to the announcement of the Company dated July 22, 2026 for details.

Resignation of Non-executive Director and Change of Authorized Representative and
Proposed Re-election of Directors
Dr. Jiang has tendered his resignation as a non-executive Director in order to devote more time to other
business commitments, with effect from August 17, 2026. Simultaneously with Dr. Jiang’s resignation as a
non-executive Director, he will also cease to be the authorized representative of the Company.

2026 Interim Report

Following Dr. Jiang’s resignation, Dr. Wu has been appointed as an authorized representative under Rule
3.05 of the Listing Rules, with effect from August 17, 2026.
Since the term of office of certain Directors will expire soon, the Board has resolved to propose the reelection of the following persons as Directors for term of three years (or until the expiry of the term of office
of the second session of the Board), with effect from the date on which the proposed candidates are elected
at the extraordinary general meeting (the “EGM”) to be held by the Company, subject to the passing of an
ordinary resolution of the Shareholders at the EGM. The candidates proposed for re-election at the EGM will
be: (i) Dr. Wu as an executive Director; (ii) Dr. LI Jun, Dr. GU Eric Hong and Mr. HE Chao as non-executive
Directors; and (iii) Dr. LENG Yuting, Dr. XU Wenqing and Dr. SHEN Xiuhua as independent non-executive
Directors.
Please refer to the announcement of the Company dated August 17, 2026 for details.

Marketing Application for Asandeutertinib Mesylate Tablets (TY-9591) Has Obtained
Conditional Approval Granted by NMPA
The Company’s self-developed Asandeutertinib Mesylate Tablets (TY-9591), a next-generation EGFR-TKI,
has obtained conditional approval for marketing granted by the NMPA, with the indication being: first-line
treatment for adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC), central
nervous system (CNS) metastases harboring epidermal growth factor receptor (EGFR) exon 19 deletion
(19DEL) or exon 21 (L858R) substitution mutation.
Please refer to the announcement of the Company dated August 27, 2026 for details.
Save as disclosed above, the Group did not have any other material subsequent events after the Reporting
Period.
By order of the Board
TYK Medicines, Inc
(浙江同源康醫藥股份有限公司)
Dr. WU Yusheng
Chairman, Executive Director and Chief Executive Officer

Hong Kong, August 17, 2026

39

40

TYK Medicines, Inc

INDEPENDENT REVIEW REPORT

Ernst & Young
27/F, One Taikoo Place
979 King’s Road
Quarry Bay, Hong Kong

⭰㰟㛪姯⸒Ṳ⋀㈧
榀㸖毩歁㵳勘䙮怺979噆
⤑⏋✱ᷧ⺎㧺

Tel 曢婘: +852 2846 9888
Fax ₚ䜆: +852 2868 4432
ey.com

To the board of directors of TYK Medicines, Inc
(Incorporated in the People’s Republic of China with limited liability)

INTRODUCTION
We have reviewed the interim financial information set out on pages 41 to 62, which comprises the
condensed consolidated statement of financial position of TYK Medicines, Inc (the “Company”) and its
subsidiaries (the “Group”) as at 30 June 2026 and the related condensed consolidated statements of profit
or loss and other comprehensive income, changes in equity and cash flows for the six-month period then
ended, and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited require the preparation of a report on interim financial information to be in compliance
with the relevant provisions thereof and Hong Kong Accounting Standard 34 Interim Financial Reporting
(“HKAS 34”) as issued by the Hong Kong Institute of Certified Public Accountants ( “HKICPA”). The directors
of the Company are responsible for the preparation and presentation of this interim financial information in
accordance with HKAS 34. Our responsibility is to express a conclusion on this interim financial information
based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of
engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any
other person for the contents of this report.

SCOPE OF REVIEW
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410
Review of Interim Financial Information Performed by the Independent Auditor of the Entity as issued by
the HKICPA. A review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards
on Auditing and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
information is not prepared, in all material respects, in accordance with HKAS 34.

Ernst & Young
Certified Public Accountants
Hong Kong
17 August 2026

2026 Interim Report

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2026

Notes

2026

2025

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

Revenue
Cost of sales

–
–

–
–

GROSS PROFIT

–

–

142,343
(94,943)
(62,554)
(67)
(7,827)

20,820
(88,758)
(38,775)
(3)
(7,349)

(3,834)

–

Other income and gains
Research and development costs
Administrative expenses
Other expenses and losses
Finance costs
Share of profits and losses of:
Associates

4

6

LOSS BEFORE TAX

5

(26,882)

(114,065)

Income tax expense

7

–

–

LOSS FOR THE PERIOD

(26,882)

(114,065)

Attributable to:
Owners of the parent
Non-controlling interests

(24,897)
(1,985)

(112,177)
(1,888)

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

(26,882)

(114,065)

(0.07)

(0.30)

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT
(expressed in RMB)
Basic and diluted

9

41

42

TYK Medicines, Inc

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30 June 2026

30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

199,778
38,730
53,924
133,132
24,360
54,194

192,137
39,822
56,769
5,811
44,157
–

504,118

338,696

62,476
201,959

73,756
367,285

264,435

441,041

155,652
83,596
13,429

158,807
134,115
14,851

Total current liabilities

252,677

307,773

NET CURRENT ASSETS

11,758

133,268

TOTAL ASSETS LESS CURRENT LIABILITIES

515,876

471,964

Notes

NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Intangible assets
Investment in associates
Prepayments and other receivables
Pledged deposits

10

11
14

Total non-current assets
CURRENT ASSETS
Prepayments and other receivables
Cash and bank balances

12

Total current assets
CURRENT LIABILITIES
Trade and other payables
Interest-bearing bank and other borrowings
Lease liabilities

13
14

2026 Interim Report

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION (Continued)
30 June 2026

30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

48,909
153,599
5,104
47,500

44,172
137,335
3,847
–

Total non-current liabilities

255,112

185,354

Net assets

260,764

286,610

EQUITY
Equity attributable to owners of the Company
Share capital
Treasury shares
Reserves

380,066
(18,488)
(100,620)

380,066
(17,669)
(75,727)

Non-controlling interests

260,958
(194)

286,670
(60)

Total equity

260,764

286,610

Notes

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

Wu Yusheng
Director

15
16
14

43

44

TYK Medicines, Inc

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the six months ended 30 June 2026 and 30 June 2025

Subtotal

Noncontrolling
interests

Total
equity

RMB’ 000

RMB’ 000

RMB’ 000

RMB’ 000

(3,170)

(1,695,820)

286,670

(60)

286,610

–

4

–

4

–

4

–
–
–

–
–
–

–
–
–

(24,897)
–
–

(24,897)
–
(819)

(1,985)
1,851
–

(26,882)
1,851
(819)

1,606,909

16,354

(3,166)

(1,720,717)

260,958

(194)

260,764

Total
equity

Share
capital

Treasury
shares

Share
premium

Share-based
payment
reserve

RMB’ 000

RMB’ 000

RMB’ 000

At 1 January 2026 (audited)
Exchange differences on translation
of foreign operations
Total comprehensive loss for
the period
Deemed disposal of subsidiaries
Share repurchases

380,066

(17,669)

–

As at 30 June 2026 (unaudited)

Other Accumulated
reserves
losses

RMB’ 000

RMB’ 000

1,606,909

16,354

–

–

–
–
–

–
–
(819)

380,066

(18,488)

Other
reserves

Accumulated
losses

Subtotal

Noncontrolling
interests

Share
capital

Share
premium

Share-based
payment
reserve

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

At 1 January 2025 (audited)
Total comprehensive loss for the period

370,836
–

1,481,120
–

16,354
–

(3,170)
–

(1,396,052)
(112,177)

469,088
(112,177)

3,474
(1,888)

472,562
(114,065)

As at 30 June 2025 (unaudited)

370,836

1,481,120

16,354

(3,170)

(1,508,229)

356,911

1,586

358,497

2026 Interim Report

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
For the six months ended 30 June 2026

Notes

2026

2025

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

(26,882)

(114,065)

6
4
5
5
5

(129,479)
–
3,834
1,971
4,529
2,839
4,719
2,830

–
(5,082)
–
2,799
1,649
3,408
6,444
2,829

4
6

4
(5,674)
5,856

1
(4,381)
4,550

Decrease in trade and other receivables
Increase/(decrease) in trade and other payables

26,582
17,619

14,357
(6,665)

Net cash flows used in operating activities

(91,252)

(94,156)

(16,684)
(2,850)

24,408
–

–
–
–

(490,482)
301,796
(58)

51,004

60,475

(54,194)

(50,000)

(22,724)

(153,861)

CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax
Adjustments for:
Gain on deemed disposal of a subsidiary
Gain on disposal of a subsidiary
Share of profits and losses of associates
Finance costs
Net foreign exchange losses
Depreciation of property, plant and equipment
Depreciation of right-of-use assets
Amortisation of intangible assets
Loss on disposal of items of property, plant and
equipment
Government grants related to interest-free financing
Interest expenses of government grants

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of items of property, plant and equipment
Investment in an associate
Purchases of financial assets at financial assets at
fair value through profit and loss (“FVTPL”)
Disposal of financial assets at FVTPL
Disposal of a subsidiary
Proceeds from withdrawal of time deposits with original
maturity of more than three months
Purchases of time deposits with original maturity of more
than three months
Net cash flows used in investing activities

4
4

45

46

TYK Medicines, Inc

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS (Continued)
For the six months ended 30 June 2026

Notes

2026

2025

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

(819)
(8,270)
–
13,758
103,000
(106,000)
(1,990)
(3,978)

–
–
(515)
16,013
60,000
(65,280)
(2,834)
(1,682)

(4,299)

5,702

NET DECREASE IN CASH AND CASH EQUIVALENTS

(118,275)

(242,315)

Cash and cash equivalents at beginning of period
Effect of foreign exchange rate changes, net

316,493
(4,529)

375,046
(1,649)

CASH AND CASH EQUIVALENTS AT END OF PERIOD

193,689

131,082

201,959
(8,270)
–

206,082
–
(25,000)

–

(50,000)

193,689

131,082

CASH FLOWS FROM FINANCING ACTIVITIES
Share repurchases
Restricted for share repurchases
Payment of listing expenses
Financing from a non-controlling shareholder of a subsidiary
New bank loans
Repayment of bank loans
Interest paid
Principal portion of lease payments
Net cash flows (used in)/from financing activities

ANALYSIS OF BALANCES OF CASH AND CASH
EQUIVALENTS
Cash and bank balances
Restricted bank deposit
Pledged deposits, current portion
Time deposits with original maturity of more than three
months
CASH AND CASH EQUIVALENTS AS STATED IN THE
INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS

12
12
12

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
For the six months ended 30 June 2026

1. CORPORATE INFORMATION
The Company is a joint stock company with limited liability established in the Chinese mainland on 2
November 2017. The registered office address of the Company is Room 1403-2, Floor 14, Tower A,
Changxing World Trade Building, No.1278 Mingzhu Road, Changxing Economic Development Zone,
Huzhou, Zhejiang Province, the PRC.
During the period, the Company and its subsidiaries are principally engaged in the research,
development and commercialisation of pharmaceutical products.
The Company was listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) on 20 August 2024.

2.1 BASIS OF PREPARATION
The interim condensed consolidated financial information for the six months ended 30 June 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 consolidated financial
statements of the Company for the year ended 31 December 2025.
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.

2.2 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 31 December 2025, except for the adoption of the following
amended HKFRS Accounting Standards for the first time for the current period’s financial information.
Amendments to HKFRS 9 and HKFRS 7
Amendments to HKFRS 9 and HKFRS 7
Annual Improvements to HKFRS
Accounting Standards – Volume 11

Amendments to the Classification and Measurement of
Financial Instruments
Contracts Referencing Nature-dependent Electricity
Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10
and HKAS 7

47

48

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
(CONTINUED)
The nature and the impact of the amended HKFRS Accounting Standards are described below:
Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of
Financial Instruments clarify that a financial asset is derecognised when the entity’s rights to the
contractual cash flows expire or are transferred, while a financial liability is derecognised on the
settlement date. The amendments introduce an accounting policy option to derecognise a financial
liability that is settled through an electronic payment system before the settlement date if specified
criteria are met. The amendments clarify how to assess the contractual cash flow characteristics of
financial assets with environmental, social and governance and other similar contingent features.
Moreover, the amendments clarify the requirements for classifying financial assets with non-recourse
features and contractually linked instruments. The amendments also include additional disclosures
for investments in equity instruments designated at fair value through other comprehensive income
and financial instruments with contingent features. Since the Group’ s accounting policy for the
derecognition of financial assets and liabilities in prior years aligned with the amendments and the
Group did not have the financial assets that were addressed by the amendments, the amendments
did not have any impact on the interim condensed consolidated financial information.
Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity clarify
the application of the “own-use” requirements for in-scope contracts and amend the designation
requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The
amendments also include additional disclosures that enable users of financial statements to
understand the effects these contracts have on an entity’s financial performance and future cash
flows. As the Group did not have any contracts that are in the scope of the amendments, the
amendments did not have any impact on the interim condensed consolidated financial information.

Annual Improvements to HKFRS Accounting Standards – Volume 11 set out narrow scope amendments
to HKFRS 1, HKFRS 7 (and the accompanying Guidance on implementing HKFRS 7), HKFRS 9,
HKFRS 10 and HKAS 7. The amendments include clarifications, simplifications, corrections or changes
to improve consistency in the corresponding HKFRS Accounting Standards. The amendments did not
have any impact on the interim condensed consolidated financial information.

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

3. OPERATING SEGMENT INFORMATION
For management purposes, the Group has only one reportable operating segment, which is
developing and commercialising pharmaceutical products. Since this is the only reportable operating
segment of the Group, no further operating segment analysis thereof is presented.

Geographical information
Since all of the Group’s non-current assets were located in the Chinese mainland, no geographical
information in accordance with HKFRS 8 Operating Segments is presented.

4. OTHER INCOME AND GAINS
An analysis of other income and gains is as follows:
For the six months ended 30 June
2026
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

Other income
Government grants related to income
Government grants related to interest-free financing
Bank interest income

10,993
5,674
726

12,206
4,381
800

Gains
Gain on deemed disposal of a subsidiary
Gain on disposal of a subsidiary
Net foreign exchange losses

129,479
–
(4,529)

–
5,082
(1,649)

Total

142,343

20,820

49

50

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

5. LOSS BEFORE TAX
The Group’s loss before tax is arrived at after charging:
For the six months ended 30 June
2026
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

Depreciation of property, plant and equipment*
Depreciation of right-of-use assets**
Amortisation of intangible assets***
Research and development costs:
Current year expenditure
Loss on disposal of items of property, plant and equipment
Expenses relating to short-term leases
Auditor’s remuneration

2,839
4,719
2,830

3,408
6,444
2,829

64,032
4
690
455

63,011
1
844
–

Staff costs (including directors’ emoluments)****:
Salaries, discretionary bonuses, allowances and benefits in kind
Pension scheme contributions

36,886
2,259

29,007
1,484

Total

39,145

30,491

*

The depreciation of property, plant and equipment is included in “Research and development costs” and
“Administrative expenses” in profit or loss.

**

The depreciation of right-of-use assets is included in “Research and development costs” and “Administrative
expenses” in profit or loss.

***

The amortisation of intellectual property is included in “Research and development costs” in profit or loss.

****

The staff cost is included in “Research and development costs” and “Administrative expenses” in profit or loss.

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

6. FINANCE COSTS
For the six months ended 30 June
2026
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

Interest on lease liabilities
Interest expenses of government fundings
Interest on bank loans

258
5,856
1,713

479
4,550
2,320

Total

7,827

7,349

7. INCOME TAX
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.
No PRC profits tax was provided for as the Group did not generate any assessable profits arising in
the People’s Republic of China (“PRC”) during the six months ended 30 June 2026 and 2025.
No United States income tax or Hong Kong profits tax was provided for as the Group did not generate
any assessable profits arising in the United States or Hong Kong during the six months ended 30 June
2026 and 2025.

8. DIVIDENDS
No dividend was paid or declared by the Company during the six months ended 30 June 2026 (six
months ended 30 June 2025: Nil).

9. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT
The calculation of the basic loss per share amount is based on the loss for the period attributable
to ordinary equity holders of the parent, and the weighted average number of ordinary shares
of 378,596,000 and 370,836,000 outstanding for the six months ended 30 June 2026 and 2025,
respectively.
The Group had no potentially dilutive ordinary shares in issue during the six months ended 30 June
2026 and 2025.

51

52

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

9. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT (CONTINUED)
The calculations of basic and diluted loss per share are based on:
Six months ended 30 June
2026
2025

Loss
Loss attributable to ordinary equity holders of the parent
Shares
Weighted average number of ordinary shares outstanding during
the period used in the basic loss per share calculation

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

(24,897)

(112,177)

378,596,000

370,836,000

(0.07)

(0.30)

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT (Express in RMB)
Basic and diluted

10. PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 June 2026, the Group acquired assets at a cost of RMB11,615,250
(unaudited) (six months ended 30 June 2025: RMB12,827,000 (unaudited)). Assets with a net book
value of RMB284,992 (unaudited) were disposed of by the Group during the six months ended 30
June 2026 (six months ended 30 June 2025: RMB1,000 (unaudited)).
No impairment loss was recognised during the six months ended 30 June 2026.

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

11. INVESTMENTS IN ASSOCIATES
30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

TYK Venture Capital Fund (Huzhou) Limited Partnership
(“TYK VC”)同源康創業投資基金(湖州)合夥企業(有限合夥) (i)
TYK Biotechnology Co., Ltd. (“TYK Bio”)
浙江同源康生物藥業有限公司 (ii)

8,661

5,811

124,471

–

Total

133,132

5,811

(i)

On 24 April 2025, the Company, Tengyuan (Changxing) Investment Management Co., Ltd. (騰遠(長興)投資管理
有限公司), Huzhou Innovation Incubation Investment Co., Ltd. (湖州市創新創業投資有限公司), Huzhou Industrial
Investment Fund Co., Ltd. (湖州市產業基金投資有限公司), Changxing Xingchang Chuangqiang Investment Limited
Partnership (長興興長創強投資合夥企業(有限合夥)) and Shanghai Younan Environmental Protection Technology Co.,
Ltd (上海友南環保科技有限公司) entered into an investment agreement, pursuant to which, the Company agreed
to subscribe 9% limited partnership in TYK VC at total consideration of RMB18,000,000. As at 30 June 2026, the
Company has invested RMB8,661,000 in TYK VC.

(ii)

On 27 February 2026, the Company, TYK Bio, Dr. Wu Yusheng, Changxing Heyuan Enterprise Management
Partnership (Limited Partnership) (長興禾源企業管理合夥企業(有限合夥)) and Changxing Jingyuan Enterprise
Management Partnership (Limited Partnership) (長興璟源企業管理合夥企業(有限合夥)) entered into the capital
increase agreement, pursuant to which the parties agreed to increase the registered capital of TYK Bio by
approximately RMB6.49 million at an aggregate consideration of approximately RMB83.5 million. Upon completion
of the capital increase, the total registered capital of TYK Bio increased from RMB14.0 million to approximately
RMB20.49 million, and the Company’s direct and indirect interest in TYK Bio decreased from approximately 71% to
49%, and TYK Bio ceased to be a subsidiary of the Group.

53

54

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

12. CASH AND BANK BALANCES
30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

Cash and bank balances
Less:
Restricted bank deposit
Pledged deposits

201,959

367,285

(8,270)
–

–
(50,792)

Cash and cash equivalents

193,689

316,493

Denominated in
RMB
HKD
USD

88,792
104,386
511

196,894
119,071
528

The RMB is not freely convertible into other currencies, however, under the Chinese mainland 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 pledged deposits are deposited with creditworthy banks with no recent history of default.

13. TRADE AND OTHER PAYABLES
30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

Trade payables
Payroll payables
Accrued expenses for research and development services
Other taxes payables
Other payables
– Payables for property, plant and equipment
– Others

15,175
4,748
93,639
586

45,164
6,049
55,120
571

37,241
4,263

45,530
6,373

Total

155,652

158,807

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

13. TRADE AND OTHER PAYABLES (CONTINUED)
An ageing analysis of the trade and bills payables as at the end of the Reporting Period, based on the
invoice date, is as follows:
30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

Within 3 months
3 to 6 months
6 months to 1 year
Over 1 year

10,628
1,178
651
2,718

40,597
812
2,687
1,068

Total

15,175

45,164

The trade payables are non-interest-bearing and payable on demand, which are normally settled on
terms of 1 to 3 months.

14. INTEREST-BEARING BANK AND OTHER BORROWINGS
As at 30 June 2026
(Unaudited)

Current
Bank loans – unsecured
Bank loans – secured
Non-current
Bank loans – secured
Total

Effective
interest rate (%)

Maturity

RMB ’ 000

2.70-3.10
2.30-3.30

2027
2027

58,042
25,554

3.30

2028-2029

47,500
131,096

55

56

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

14. INTEREST-BEARING BANK AND OTHER BORROWINGS
(CONTINUED)
30 June 2026

RMB ’ 000
(Unaudited)
Analysed into:
Bank loans:
Within one year
1 to 2 years
2 to 3 years

83,596
500
47,000

Total

131,096
As at 31 December 2025
(Audited)

Current
Bank loans – unsecured
Bank loans – secured
Total

Effective
interest rate (%)

Maturity

RMB ’000

2.70-3.20
2.95-3.30

2026
2026

59,049
75,066
134,115
31 December
2025

RMB ’000
(Audited)
Analysed into:
Bank loans:
Within one year

134,115

(a)

All bank loans are denominated in RMB.

(b)

Certain of the Group’s bank loans are secured by the pledge of certain of the Group’s time deposits amounting to
RMB54,194,000 and RMB50,792,000 as at 30 June 2026 and 31 December 2025.

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

15. DEFERRED INCOME
30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

Government grants related to interest-free financing (note 16)
Government grants related to income*

41,848
7,061

44,172
–

Total

48,909

44,172

30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

–

539

Grants received during the period/year
Amounts released to profit or loss during the period/year

11,660
(4,599)

4,334
(4,873)

At end of the period/year

7,061

–

*

The movements in deferred income during the period/year are as follows:

At beginning of the period/year

The grants were government subsidies received from local government authorities to support the
Group’s research and development activities and will be recognised as income on a systematic basis
over the periods that the costs, for which it is intended to compensate, are expensed.

16. OTHER LONG-TERM PAYABLES

Government funding

30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

153,599

137,335

57

58

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

16. OTHER LONG-TERM PAYABLES (CONTINUED)
In March 2021, the Company entered into an investment agreement (the “Changxing Investment
Agreement ” ) with the Administrative Committee of Changxing Economic and Technological
Development Zone (長興經濟技術開發區管理委員會). Pursuant to the Changxing Investment Agreement,
Changxing Xingkang Equity Investment Partnership (Limited Partnership) (長興興康股權投資合夥企業
(有限合夥)) (“CX Xingkang”) subscribed for 6,000,000 equity shares in Kangyuan Pharmaceuticals
(Changxing) Co., Ltd. (“Changxing KY”), a subsidiary of the Company, with interest-free repayable
financing, which would not exceed RMB220,000,000 in aggregate. In July 2021, June 2022, January
2023, February 2024, December 2024, January 2025, September 2025, November 2025 and February
2026, Changxing KY received financing of RMB26,860,000, RMB40,000,000, RMB65,000,000,
RMB12,000,000, RMB5,000,000, RMB16,013,200, RMB8,120,800, RMB10,000,000 and RMB13,758,000
respectively, from CX Xingkang. The financing is repayable within seven and a half years from June
2021. The equity shares held by CX Xingkang would be cancelled upon repayment of the financing.
The financing received by Changxing KY is recorded as financial liabilities measured at the present
value of the repayment amount. As the financing received in July 2021, June 2022, January 2023,
February 2024, December 2024, January 2025, September 2025, November 2025 and February 2026
was interest-free, the differences between the initial carrying values of the financing and the proceeds
received of RMB9,664,000 and RMB3,350,000 (unaudited) were recognised as government grant in
the year ended 31 December 2025 and the six months ended 30 June 2026, respectively.

17. CONTINGENT LIABILITIES
In June 2026, the Company filed a case with the People’s Court of Changxing County (長興縣人民法
院) commencing legal proceedings against Sichuan Huiyu Pharmaceutical Co., Ltd. (四川匯宇製藥股份
有限公司) (“Sichuan Huiyu”), seeking judicial affirmation that a purported cooperation agreement and
distribution agreement with Sichuan Huiyu pertaining to TY-9591 has not been formed and is invalid.
The Company also received a case filing notice issued by the People ’s Court of Neijiang City Shizhong
District (內江市市中區人民法院) filed by Sichuan Huiyu regarding the same cooperation agreement,
distribution agreement and related documents purported to have been entered into between the
Company and Sichuan Huiyu. Both cases have been filed but have not yet been heard in court. The
Company considers that there are reasonable grounds to contest the formation and validity of the
purported cooperation agreement and distribution agreement and support the Company’s position,
and the Company intends to take all necessary measures to protect its legitimate interest. However,
the current litigation claims of both parties do not involve any compensation, so the amount required
to settle any potential obligation cannot be reliably estimated as at 30 June 2026. Accordingly, the
Group has not accounted for any provision arising from the cases in the condensed consolidated
financial information as at and for the period ended 30 June 2026.

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

18. COMMITMENTS
The Group had the following contractual commitments at the end of the Reporting Period:
30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

Property, plant and equipment
Investment to an associate

7,684
9,339

8,348
12,189

Total

17,023

20,537

19. RELATED PARTY TRANSACTIONS
(a) Name and relationship
Name

Relationship

LeadMed (Zhejiang) Co., Ltd. (“LeadMed ZJ”)
LeadMed (Zhengzhou) Co., Ltd. (“LeadMed ZZ”)
Tetranov Pharmaceutical (Zhengzhou) Co., Ltd.
(“Tetranov Pharmaceutical”)
SynthonTech Co., Ltd. (“Synthon”)
Sichuan Huiyu

Controlled by Dr. Wu Yusheng
Controlled by Dr. Wu Yusheng
Controlled by Dr. Wu Yusheng

Dr. Jiang Mingyu

Controlled by Dr. Wu Yusheng
Enterprise under direct control of a
non-executive director*
Director**

*

The non-executive director resigned on 27 March 2025. Thus, with effect from 27 March 2025, Sichuan Huiyu
is not a related party of the Company.

**

Dr. Jiang Mingyu was re-designated from an executive director to a non-executive director with effect from 13
June 2025.

59

60

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

19. RELATED PARTY TRANSACTIONS (CONTINUED)
(b) The Group had the following transactions with related parties during the
period:
For the six months ended 30 June
2026
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

Purchase of goods
LeadMed ZJ
Synthon

896
143

85
–

Service received
Sichuan Huiyu
LeadMed ZZ

–
2

177
–

538

646

1,579

908

Rental fee
Tetranov Pharmaceutical
Total

The purchases of goods and services from the related parties were made according to the
published prices and conditions agreed by the Group and the related parties.

2026 Interim Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

19. RELATED PARTY TRANSACTIONS (CONTINUED)
(c) Outstanding balances with related parties

Amounts due from the related party:
Other receivables – lease deposit:
Tetranov Pharmaceutical
Amounts due from grantees of restricted share scheme
(non-trade in nature):
Dr. Jiang Mingyu
Amounts due to related parties:
Other payables and accruals (trade in nature):
Synthon
LeadMed ZJ
Lease liabilities
Tetranov Pharmaceutical
Total

30 June
2026

31 December
2025

RMB ’ 000
(Unaudited)

RMB ’000
(Audited)

108

108

–

3,101

40
352

289
692

1,293

1,286

1,685

2,267

The amounts due from/to related parties is unsecured, non-interest-bearing and repayable on
demand.
The outstanding balance represents payables for the purchase of goods and provision of
services.

(d) Compensation of key management personnel of the Group:
For the six months ended 30 June
2026
2025

Salaries, allowances and benefits in kind

RMB ’ 000
(Unaudited)

RMB ’000
(Unaudited)

1,280

1,288

61

62

TYK Medicines, Inc

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION (Continued)
For the six months ended 30 June 2026

20. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL
INSTRUMENTS
Management has assessed that the fair values of cash and cash equivalents, restricted bank deposit
(in the current portion), financial assets included in prepayments and other receivables (in the current
portion), and financial liabilities included in trade and other payables approximate to their carrying
amounts largely due to the short-term maturities of these instruments. The fair values of other noncurrent financial assets and financial liabilities have been calculated by discounting the expected
future cash flows using rates currently available for instruments with similar terms, credit risk and
remaining maturities.
The Group’s finance department headed by the finance manager is responsible for determining the
policies and procedures for the fair value measurement of financial instruments. At the end of the year,
the finance department analyses the movements in the values of financial instruments and determines
the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial
officer.
The fair values of the financial assets and liabilities are included at the amount at which the instrument
could be exchanged in a current transaction between willing parties, other than in a forced or
liquidation sale.
The Group invests in financial assets at fair value through profit or loss, which represent wealth
management products issued by banks. The fair values are based on cash flows discounted using the
expected yield rate.

21. EVENTS AFTER THE REPORTING PERIOD
On 21 July 2026, the Company entered into the license and collaboration agreement and the
supplies and commercialization agreement with Qilu Pharmaceutical (Hainan) Co., Ltd.(“Qilu”) (or its
designated affiliate) to jointly conduct the development and manufacturing of the collaboration Active
Pharmaceutical Ingredient (“API”) (being TY-9591 API) and the commercialization of TY-9591 in China,
with a view to advance the development, manufacturing and commercialization of innovative drugs.
Pursuant to the agreement, the Company will receive an aggregate upfront payment of approximately
RMB700.00 million, including the proceeds of approximately RMB400.00 million from the subscription
agreement as well as potential milestone payments. In connection with the license and collaboration,
an affiliate of Qilu has also agreed to invest in the Company through subscription for H shares, and the
Company has agreed to allot and issue H shares to such subscriber. A total of 63,222,744 H shares
will be issued to the subscriber at the subscription price of HK$7.30 per subscription H share, for an
aggregate cash consideration of approximately RMB400.00 million or its equivalent in U.S. dollars/
Hong Kong dollars.

22. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the board of directors on 17
August 2026.

2026 Interim Report

DEFINITIONS
In this interim report, unless the context otherwise requires, the following expressions shall have the
following meanings.
“2025 H Share Incentive Scheme”

the share incentive scheme adopted by the Company on October
30, 2025 pursuant to the approval of the Shareholders, details of
which are set out in the circular of the Company dated October 14,
2025

“AGM” or “Annual General Meeting”

the annual general meeting of 2025 of the Company convened on
June 23, 2026

“Audit Committee”

the audit committee of the Board

“Board”

the board of Directors

“CG Code” or “Corporate
Governance Code”

the Corporate Governance Code set out in Appendix C1 to the
Listing Rules

“Changxing Caiyuan”

Changxing Caiyuan Enterprise Management Partnership (Limited
P a r t n e r s h i p ) * ( 長興彩源企業管理合夥企業 ( 有限合夥 ) ) , a l i m i t e d
partnership established in the PRC on July 19, 2023, one of our
ESOP Platforms and one of our Controlling Shareholders

“Changxing Derui”

Changxing Derui Venture Capital Co., Ltd.* (長興德瑞創業投資有
限公司) (formerly known as Zhengzhou Derui Medical Technology
Co., Ltd.* (鄭州德瑞醫藥科技有限公司)), a company incorporated in
the PRC with limited liability on December 20, 2017 and one of our
Controlling Shareholders

“Changxing Gangyuan”

Changxing Gangyuan Enterprise Management Partnership (Limited
P a r t n e r s h i p ) * ( 長興罡源企業管理合夥企業 ( 有限合夥 ) ) , a l i m i t e d
partnership established in the PRC on July 18, 2023, one of our
ESOP Platforms and one of our Controlling Shareholders

“Changxing Liyuan”

Changxing Liyuan Enterprise Management Partnership (Limited
P a r t n e r s h i p ) * ( 長興利源企業管理合夥企業 ( 有限合夥 ) ) , a l i m i t e d
partnership established in the PRC on June 29, 2018 and one of the
Controlling Shareholders

“China” or “PRC”

the People’s Republic of China excluding, for the purposes of this
interim report, Hong Kong, the Macau Special Administrative Region
of the People’s Republic of China and Taiwan

“Company”

TYK Medicines, Inc (浙江同源康醫藥股份有限公司), a joint stock
company incorporated in the PRC with limited liability on November
2, 2017

63

64

TYK Medicines, Inc

“Controlling Shareholders”

has the meaning ascribed to it under the Listing Rules and unless
the context otherwise requires, refers to Dr. Wu, Ms. Zhu, Tetranov
Pharmaceutical, Changxing Derui, Huzhou Derui, Zhengzhou
Hongnuo, Tetranov International Inc, Changxing Liyuan, Changxing
Caiyuan and Changxing Gangyuan

“Core Product”

has the meaning ascribed thereto under Chapter 18A of the Listing
Rules and in this context, refers to TY-9591

“Directors”

the director(s) of the Company

“Dr. Wu”

Dr. WU Yusheng (吳豫生), the chairperson of our Board, our
executive Director, chief executive officer and one of our Controlling
Shareholders

“EGFR”

epidermal growth factor receptor

“Employee Incentive Scheme”

the employee equity incentive scheme of our Company which was
adopted on May 19, 2023

“ESOP Platforms”

Changxing Caiyuan and Changxing Gangyuan

“FDA”

the United States Food and Drug Administration

“Global Offering”

the Hong Kong Public Offering and the International Offering as
defined in the Prospectus

“Group”, “our”, “we”, or “us”

the Company and its subsidiaries, or any one of them as the
context may require or, where the context refers to any time prior
to its incorporation, the business which its predecessors or the
predecessors of its present subsidiaries, or any one of them as
the context may require, were or was engaged in and which were
subsequently assumed by it

“H Share(s)”

ordinary share(s) in the share capital of the Company with a nominal
value of RMB1.00 each, which are listed on the Stock Exchange

“HKD” or “HK$”

Hong Kong dollars and cents respectively, the lawful currency of
Hong Kong

“Hong Kong”

the Hong Kong Special Administrative Region of the PRC

“Huzhou Derui”

Huzhou Derui Medical Technology Co., Ltd.* (湖州德瑞醫藥科技有
限公司), a company incorporated in the PRC with limited liability on
March 3, 2020 and one of our Controlling Shareholders

2026 Interim Report

“IND”

investigational new drug or investigational new drug application

“Listing”

the listing of the H Shares on the Main Board of the Stock Exchange

“Listing Rules”

the Rules Governing the Listing of Securities on the Stock Exchange,
as amended, supplemented or otherwise modified from time to time

“Main Board”

the stock market (excluding the option market) operated by the Hong
Kong 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

“Ms. Zhu”

Ms. ZHU Ming Julia, spouse of Dr. Wu and one of our Controlling
Shareholders

“NDA”

new drug application

“NMPA”

National Medical Products Administration of China

“NSCLC”

non-small cell lung cancer

“Prospectus”

the prospectus of the Company dated August 12, 2024

“R&D”

research and development

“Reporting Period”

the six months ended June 30, 2026

“RMB”

Renminbi, the lawful currency of the PRC

“SFC”

the Securities and Futures Commission of Hong Kong

“SFO”

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

65

66

TYK Medicines, Inc

“Share(s)”

H share(s) in the capital of the Company with nominal value of
RMB1.00 per share

“Shareholder(s)”

holder(s) of the Share(s)

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“subsidiary(ies)”

has the meaning ascribed thereto under the Listing Rules

“substantial shareholder(s)”

has the meaning ascribed thereto under the Listing Rules

“Tetranov Pharmaceutical”

Tetranov Pharmaceutical (Zhejiang) Co., Ltd. (浙江泰基鴻諾醫藥股份
有限公司) (formerly known as Tetranov Pharmaceutical (Zhengzhou)
Co., Ltd. (鄭州泰基鴻諾醫藥股份有限公司)), a company incorporated
in the PRC with limited liability on November 26, 2007 and one of the
Controlling Shareholders

“United States” or “U.S.”

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

“U.S. dollars” or “USD”

United States dollars, the lawful currency of the United States

“Zhengzhou Hongnuo”

Zhengzhou Hongnuo Enterprise Management Consulting Center
(Limited Partnership)* (鄭州鴻諾企業管理諮詢中心(有限合夥)), a
limited partnership established in the PRC on April 26, 2016 and one
of our Controlling Shareholders

“%”

per cent

浙江同源康醫藥股份有限公司
TYK Medicines, Inc
股份代號 : 2410

2026
中期報告

目錄
2
4
5
8
25
40
41

公司資料
財務摘要
業務摘要
管理層討論及分析
企業管治及其他資料
獨立審閱報告
中期簡明綜合損益及其他全面收入表

42
44
45
47
63

中期簡明綜合財務狀況表
中期簡明綜合權益變動表
中期簡明綜合現金流量表
中期簡明綜合財務資料附註
定義

2026 年中期報告

公司資料
董事

公司秘書

執行董事：

黃詠儀女士
（香港公司治理公會及英國特許公司治理公會會員）

吳豫生博士（董事長兼總裁）

授權代表
非執行董事：
李鈞博士
顧虹博士
蔣鳴昱博士（於2026年8月17日辭任）
何超先生
朱向陽博士

獨立非執行董事：
冷瑜婷博士
許文青博士
沈秀華博士
江曉林先生

吳豫生博士（於2026年8月17日獲委任）
蔣鳴昱博士（於2026年8月17日辭任）
黃詠儀女士
（香港公司治理公會及英國特許公司治理公會會員）

註冊辦事處及總部
中國
浙江省
湖州市
長興經濟開發區
明珠路1278號
長興世貿大廈
A座14層1403-2室

審計委員會
中國主要營業地點
江曉林先生（主席）
顧虹博士
冷瑜婷博士

薪酬與考核委員會
冷瑜婷博士（主席）
吳豫生博士
江曉林先生

提名委員會
吳豫生博士（主席）
冷瑜婷博士
江曉林先生

中國
上海市
徐匯區
龍蘭路277號
東航濱江中心
T2幢8樓

香港主要營業地點
香港
銅鑼灣
希慎道33號
利園一期19樓1901室

核數師
科學委員會
吳豫生博士（主席）
李鈞博士
許文青博士

安永會計師事務所
執業會計師及註冊公眾利益實體核數師
香港
鰂魚涌
英皇道979號
太古坊一座27樓

2

3

浙江同源康醫藥股份有限公司

法律顧問
關於香港法律：
美邁斯律師事務所
香港
干諾道中1號
友邦金融中心31樓

中信銀行上海松江支行
中國
上海市
松江區
新松江路1455號
1層101室

股份代號
關於中國法律：
君合律師事務所
中國
上海市
石門一路288號興業太古匯
香港興業中心一座26層

合規顧問
浤博資本有限公司
香港
中環
德輔道中71號
永安集團大廈
7樓710室

H股證券登記處
香港中央證券登記有限公司
香港
灣仔
皇后大道東183號
合和中心17樓
1712-1716號舖

主要往來銀行
中國建設銀行（長興明珠支行）
中國
浙江省
湖州市
長興縣
明珠路555號

2410

公司網址
www.tykmedicines.com

2026 年中期報告

財務摘要
截至6月30日止六個月

研發成本
行政開支
期內總全面虧損

資產總額
負債總額
資產淨額

%

2026年

2025年

變動

人民幣千元
（未經審計）

人民幣千元
（未經審計）

人民幣千元

(94,943)
(62,554)
(26,882)

(88,758)
(38,775)
(114,065)

(6,185)
(23,779)
87,183

7.0
61.3
(76.4)

2026年6月30日

2025年12月31日

變動

%

人民幣千元
（未經審計）

人民幣千元
（經審計）

人民幣千元

768,553
507,789
260,764

779,737
493,127
286,610

(11,184)
14,662
(25,846)

(1.4)
3.0
(9.0)

4

5

浙江同源康醫藥股份有限公司

業務摘要
於報告期間至本報告發佈之日，我們的產品管線及業務運營取得以下進展：

•

核心產品TY-9591的關鍵發展
我們於2023 年8 月啟動TY-9591 單藥治療的關鍵II期臨床試驗的受試者入組，將其用於EGFR突變肺癌腦轉
移的一線治療，已於2024年12月完成附條件批准上市資格的224例患者入組（完全批准上市的受試者入組繼
續進行中），並已於2025年11月提交Pre-NDA申請，2025年12月獲得CDE同意提交NDA附條件上市申請，
2026年1月被CDE正式納入優先審評，2026年2月NDA申請正式被CDE受理，並於2026年8月正式獲得國家
藥品監督管理局（「NMPA」）批准附條件上市。此外，我們正在中國進行TY-9591單藥治療的註冊性III期臨床
試驗，將其用於EGFR L858R突變的局部晚期（IIIb至IV期）或轉移性肺癌的一線治療，已於2026年4月完成
548例受試者入組，預計2026年Q4完成該臨床試驗的所有患者入組，並預計於2028年提交NDA。為充分挖
掘TY-9591的潛力，我們亦於2024年3月就進行TY-9591聯合培美曲塞及順鉑或卡鉑一線治療EGFR突變晚期
或轉移性肺癌的II期及III期臨床試驗作出申請並已獲得IND批准，截至本報告日期，我們沒有收到任何來自國
家藥監局有關我們臨床開發計劃的關注或反對事宜。2025年Q4完成II期試驗的初步數據清理和總結。

•

關鍵產品TY-302的關鍵發展
我們目前正在進行TY-302治療乳腺癌的II期臨床試驗。TY-302聯合阿比特龍用於一線治療前列腺癌的II期臨
床試驗已於2025年7月10日獲得醫院倫理委員會批件，並已於2025年7月28日在CDE臨床試驗登記平台公
示，於2025年10月首家中心啟動。

•

關鍵產品TY-2136b的關鍵發展
我們於2021年11月獲得FDA的IND默示許可，我們正在美國進行I期臨床試驗。憑藉收集的I期臨床數據，我
們計劃與FDA溝通並謹慎設計我們未來在美國的TY-2136b臨床開發計劃。

2026 年中期報告

•

其他候選藥物的關鍵發展
TY-0540
我們分別於2023年6月及2023年9月獲得FDA對於TY-0540治療晚期實體瘤的I/II期臨床試驗IND默示許可以
及國家藥監局對於TY-0540 I期的IND批准。TY-0540已於2025年2月正式獲得國家藥監局批准進入TY-0540
聯合氟維司群治療局部晚期 ╱ 復發轉移性乳腺癌、TY-0540聯合恩扎盧胺治療局部晚期 ╱ 復發轉移性前列腺
癌患者的臨床試驗。截至2025年9月，TY-0540單藥治療晚期實體瘤的I期劑量遞增臨床試驗已全部結束，完
成5個劑量組（5mg、10mg、20mg、30mg和40mg，bid）的劑量遞增研究。在I期劑量遞增階段，共計入組
了26例患者，其中HR+╱HER2-乳腺癌患者17例、三陰乳腺癌5例、鉑耐藥卵巢癌2例、HR+╱HER2+乳腺
癌和非小細胞肺癌各1例。2例CDK4/6抑制劑耐藥的HR+╱HER2-乳腺癌和1例鉑耐藥卵巢癌患者療效達部分
緩解(PR)。2025年3月已正式啟動單藥(30mg)治療鉑耐藥卵巢癌的擴展隊列研究，截至2026年8月初該隊列
入組10例鉑耐藥卵巢癌患者，可評估患者中2例PR。2025年6月正式啟動TY-0540聯合氟維司群治療乳腺癌
的Ib/II期臨床研究，截至2026年8月初入組22例患者，可評估患者16例，7例PR，預計2026年底完成入組。
2025年7月10日，TY-0540聯合恩扎盧胺治療前列腺癌臨床研究已獲得醫院倫理批件，並已於2025年7月25
日在CDE臨床試驗登記平台公示。

TY-2699a
TY-2699a分別於2023年2月及2023年5月獲得FDA的IND默示許可及國家藥監局的IND批准。2025年1月獲
得國家藥監局批准同意TY-2699a開展聯合不同給藥方案用於治療晚期 ╱ 轉移性實體瘤（乳腺癌、胰腺癌、
鼻咽癌等頭頸鱗癌）的臨床試驗。截至2026 年6 月，TY-2699a單藥治療局部晚期或轉移性實體瘤（尤其是
HR+╱HER2-乳腺癌、三陰性乳腺癌(TNBC)及SCLC、胰腺癌和頭頸癌等）的I期劑量遞增臨床試驗已經結
束，完成7 個劑量組（5mg、10mg、20mg、40mg和30mg，bid，連續服藥；以及25mg、35mg，bid，
服藥5 天停2 天）共計30 例患者的單藥劑量遞增研究。2025 年7 月進入單藥治療三陰乳腺癌(TNBC)和卵巢
癌(OC)的擴展研究，20mg，bid，連續服藥劑量水平已分別完成4例和3例的入組；2026年4月進入單藥治
療TNBC的劑量優化研究，30mg，bid服藥5 天停2 天，已完成1 例（LAR分型）入組。後續將開展單藥治療
TNBC更多細分亞型的劑量優化研究。

6

7

浙江同源康醫藥股份有限公司

TY-1054
我們就開展TY-1054治療實體瘤的臨床試驗於2024年4月獲FDA默示許可。此外，我們於2024年4月就進行
TY-1054治療實體瘤的臨床試驗向國家藥監局提交了IND申請，並於2024年7月獲得IND批准。已在4家研究
中心啟動I期臨床試驗，2025年12月9日獲得組長單位上海市胸科醫院倫理批件，2025年12月26日在CDE臨
床試驗登記平台公示。2026年2月首家中心啟動，2026年3月首例患者入組。

CDK4管線
預期我們將於2027年H2提交IND申請。

GLP-1管線
這款產品目前處於臨床前IND-enabling開發階段，預計於2027年進行IND申報。

2026 年中期報告

管理層討論及分析
業務回顧
概覽
我們是一家即將進入商業化階段的生物製藥公司，致力於發現、收購、開發差異化靶向治療並對其進行商業
化，以滿足癌症治療中亟待滿足的醫療需求。自2017年成立以來，我們已建立由10款候選藥物組成的管線，
包括核心產品TY-9591、五款臨床階段產品及四款臨床前階段或早期臨床開發階段產品。TY-9591的NDA申
請已獲NMPA批准附條件上市，將其用於表皮生長因數受體（「EGFR」）突變肺癌腦轉移的一線治療，我們正
在推進其商業化進程，預計2026年H2實現商業化。以及我們正在中國進行TY-9591單藥治療的註冊性III期臨
床試驗，將其用於EGFR L858R突變的局部晚期（IIIb至IV期）或轉移性NSCLC的一線治療。

產品及管線
下圖列明我們截至本報告日期的候選藥物：
產品

TY-9591

臨床階段

TY-0540

TY-302

TY-2136b

TY-2699a

臨床前階段

I.

靶點

第三代
EGFR-TKI

CDK2/4

NSCLC腦轉移（一線）

單藥

NDA獲NMPA
批准附條件上市

EGFR L858R NSCLC（一線）

單藥

註冊性III期進行中

NSCLC（一線）

聯合

II期進行中

單藥

Ib/II期進行中

聯合

Ib期進行中

乳腺癌（二線+）

聯合

II期進行中

前列腺癌（一線）

聯合

II期進行中

CDK4/6

ROS1/NTRK

CDK7

ROS1/NTRK突變NSCLC
乳腺癌，胰腺癌，頭頸癌

IND-Enabling

I/Ia期

Ib/II期

商業化

目前狀態╱未來里程碑

治療方案

乳腺癌，卵巢癌，前列腺癌

臨床前

註冊╱關鍵性
II/III期

適應症

商業權利╱合作

中國

全球

單藥

I期進行中

單藥

Ib/II期進行中

聯合

IND獲批

中國
除大中華區以外
全球

TY-1054

YAP-TEAD

實體瘤

-

I期進行中

全球

CDK4

CDK4

實體瘤

-

臨床前階段

全球

FAK/EGFR
(PROTAC)

FAK/EGFR

實體瘤

-

臨床前階段

全球

PI3Kα

PI3Kα

實體瘤

-

臨床前階段

全球

GLP-1

GLP-1R

代謝疾病

-

IND-enabling

全球

縮寫：1L=一線；2L+=二線或後線；EGFR=表皮生長因數受體；CDK=細胞週期蛋白依賴性激酶；ROS1=ROS原癌基因1；
NTRK=神經營養性酪氨酸受體激酶；YAP=yes 相關蛋白；TEAD=轉錄增強相關結構域；PROTAC= 靶向蛋白降解嵌合體；
NSCLC=非小細胞肺癌；LC=肺癌；Ph=期；NDA=新藥申請。

附註：

(1)

TY-9591的有關知識產權乃自常州潤諾生物科技有限公司及博濟醫藥科技股份有限公司取得，而TY-302乃自泰基鴻諾醫
藥取得。自臨床前階段起，我們已自費開發該兩款候選藥物。除該兩款候選藥物外，所有其他候選藥物均由我們內部發現
及開發。

資料來源：公司數據

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我們的產品及候選產品
作為一家專注於開發用於癌症治療的小分子靶向治療的公司，我們已建立由10款候選藥物組成的管線。這些
產品的介紹如下：

核心產品TY-9591－ 第三代EGFR-TKI
TY-9591 是一種針對EGFR突變肺癌腦轉移患者開發的酪氨酸激酶抑制劑（「TKI」），對EGFR突變肺癌腦轉
移患者具有顯著療效。TY-9591 能夠有效通過血腦屏障，不可逆地結合EGFR突變體（包括19 外顯子缺失、
21外顯子L858R突變：19外顯子缺失 ╱T790M突變和L858R/T790M突變等），最終抑制癌細胞的增殖和轉
移。TY-9591是通過對奧希替尼進行改良而開發出來的，目的是提高其安全性，允許更大的給藥劑量，從而
有可能提高療效。具體而言，TY-9591通過用氘取代奧希替尼中的某些氫原子進行改良，來減少或減緩奧希
替尼的分解。有關改良可保留奧希替尼的優勢，但仍能影響奧希替尼代謝的方式，可減少代謝物TY-9591-D1
(AZ5104)的形成。臨床前研究表明，TY-9591-D1 (AZ5104)對表達EGFR但未發生突變的正常細胞具有更高
的親和力，因此是導致TY-9591和奧希替尼出現不良事件（「不良事件」）的主要原因。通過減少TY-9591-D1
的產生，TY-9591預計將比奧希替尼更安全，並可按更高的劑量給藥，從而提高抗腫瘤療效及血腦屏障的通
過率。在健康受試者的I期臨床試驗中，我們研究了健康受試者單次口服80mg TY-9591和奧希替尼後的平均
藥物代謝物濃度 － 時間曲線。結果顯示，與奧希替尼相比，TY-9591給藥後代謝物TY-9591-D1暴露量降低
了約50%，表明TY-9591可能比奧希替尼具有更好的安全性。
我們正在研究TY-9591在EGFR突變肺癌腦轉移以及EGFR L858R突變的局部晚期（IIIb至IV期）或轉移性肺癌
中的作用。我們對TY-9591單藥治療晚期NSCLC的Ib期及II期臨床研究的結果證明了其強大的臨床療效。入
組該等研究的29例初治可評估肺癌腦轉移患者中，我們觀察到25例患者達到顱內部分緩解（「PR」）及4例患
者達到完全緩解（「CR」），顱內ORR為100%。儘管並非頭對頭研究，這一結果優於在III期FLAURA試驗中接
受奧希替尼治療的NSCLC腦轉移患者中所觀察確認到的77%的顱內ORR。在II期研究中，我們觀察到嚴重不
良事件（「嚴重不良事件」）的總體發生率僅為8.3%，治療相關嚴重不良事件的發生率低至8.3%，顯示出良好
的安全性。

2026 年中期報告

此外，TY-9591可在治療EGFR L858R突變的肺癌患者方面與奧希替尼相比具有更好的療效。就EGFR 19外
顯子缺失及L858R突變而言，奧希替尼的中位無進展生存期（「PFS」）為18.9個月。然而，根據III期FLAURA
研究，對於EGFR L858R突變的肺癌患者，其PFS顯著縮短為14.4個月，而在EGFR 19外顯子缺失病例中
觀察到的PFS為21.4 個月。因此，對於增強EGFR L858R突變的肺癌患者的臨床結果，存在亟待滿足的臨
床需求。我們的Ib期研究臨床資料顯示，在EGFR L858R突變的肺癌患者中，基於非頭對頭研究，對比III期
FLAURA試驗中的奧希替尼治療，TY-9591一線治療實現了顯著延長的中位PFS（36例患者19.3個月對比104
例患者14.4個月）。由於FLAURA中國隊列中EGFR L858R突變肺癌患者的PFS數據尚未公開，而FLAURA全
球隊列的療效數據普遍優於中國隊列，因此我們將臨床結果與FLAURA全球隊列中EGFR L858R突變肺癌患
者的數據進行了比較。
我們於2023 年8 月啟動TY-9591 單藥治療的關鍵II期臨床試驗的受試者入組，將其用於EGFR突變肺癌腦轉
移的一線治療，已於2024 年12 月完成附條件批准上市資格的224 例患者入組（完全批准上市的受試者入組
繼續進行中），並已於2025 年11 月提交Pre-NDA申請，2025 年12 月獲得CDE同意提交NDA附條件上市申
請，2026年1月被CDE正式納入優先審評，2026年2月NDA申請正式被CDE受理，並於2026年8月正式獲得
NMPA批准附條件上市。
根據關鍵性II期註冊臨床試驗結果，截至2026年6月，研究共入組383例EGFR突變陽性NSCLC存在腦轉移患
者。截至2024年12月6日，有224例成功隨機並入組，達到附條件批准上市病例數要求。基於224例受試者
的中期分析：根據RECIST v1.1標準評估，盲法獨立影像評估(BICR)顱內客觀緩解率(iORR)在氘申艾替尼組
高達95.5% (95% CI: 89.8%-98.5%)，而奧希替尼組則為79.6% (95% CI:71.0%-86.6%)，P=0.0004。研究
者評估iORR在氘申艾替尼組為92.8% (95% CI: 86.3%-96.8%)，而奧希替尼組則為77.9% (95% CI:69.1%85.1%)，P=0.0019。根據RANO-BM評估標準，研究者評估的氘申艾替尼組與奧希替尼組的確認iORR分別為
91.9% (95% CI: 86.3%-96.8%)和77.9% (95% CI: 69.1%-85.1%)，P=0.0039。全身客觀緩解率(ORR)同樣
獲益，氘申艾替尼組為89.2% (95% CI:81.9%-94.3%)，而奧希替尼組為77.9% (95% CI: 69.1%-85.1%)，
P=0.0301。iPFS、PFS療效數據尚未成熟，初步結果呈有利趨勢。氘申艾替尼組和奧希替尼組的iPFS分別為
NA (95% CI: 22.24-NA)個月和17.51個月(95% CI: 15.18-NA)，HR=0.46 (95% CI: 0.28-0.76)；PFS分別
為NA (95% CI: 17.22-NA)個月和17.22個月(95% CI: 15.18-19.55)，HR=0.64 (95% CI: 0.41-1.00)。

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氘申艾替尼組3級治療相關不良事件發生率為43.2%，奧希替尼組為15.9%。氘申艾替尼組最常見的3級不良
反應包括中性粒細胞計數降低、白細胞計數降低、肌酸磷酸激酶升高、淋巴細胞計數降低等。間質性肺疾病
(ILD)發生率為6.3%，QTcf延長發生率為4.5%，均在可控制範圍內。
此外，我們正在中國進行TY-9591單藥治療的註冊性III期臨床試驗，將其用於EGFR L858R突變的局部晚期
（IIIb至IV期）或轉移性肺癌的一線治療，已於2026年4月完成548例受試者入組，預計2026年Q4完成該臨床
試驗的所有患者入組，並預計於2028年提交NDA。為充分挖掘TY-9591的潛力，我們亦於2024年3月就進行
TY-9591聯合培美曲塞及順鉑或卡鉑一線治療EGFR突變晚期或轉移性肺癌的II期及III期臨床試驗作出申請並
已獲得IND批准，截至本報告日期，我們沒有收到任何來自國家藥監局有關我們臨床開發計劃的關注或反對
事宜。2025年Q4完成II期試驗的初步數據清理和總結。

TY-302
TY-302 是一種為治療乳腺癌及前列腺癌等晚期實體瘤而開發的強效、選擇性口服細胞週期蛋白依賴性激
酶 4/6（「CDK4/6」）抑制劑。TY-302 以關鍵細胞週期調節因數CDK4/6 為靶點，抑制視網膜母細胞瘤蛋白
（「Rb」）的磷酸化，從而防止癌細胞增殖。TY-302 通過氘代對全球最暢銷的CDK4/6抑制劑帕博西尼進行改
良。根據從目前I/II期臨床試驗收集的初步安全性數據，基於非頭對頭研究，就一般不良事件（尤其是有關傳
染病、皮膚及皮下組織以及胃腸道系統的不良事件）而言，TY-302實現了更高的安全性。
我們目前正在進行TY-302治療乳腺癌的II期臨床試驗，我們觀察到TY-302在入組的既往二線或多線治療失敗
的14例乳腺癌患者中，DCR達71.4%。我們預計將進一步研究TY-302與托瑞米芬聯合治療二線內分泌治療
後進展的三線或後線激素受體陽性（「ER+」）╱ 人類表皮生長因數受體2陰性（「HER2-」）乳腺癌。乳腺癌是女
性最常見的癌症，其發病率隨著年齡升高而逐漸增高且逐年上升。ER+╱HER2-乳腺癌為最常見的乳腺癌亞
型，約佔患者的70%。

2026 年中期報告

TY-302聯合阿比特龍用於一線治療前列腺癌的II期臨床試驗已於2025年7月10日獲得醫院倫理委員會批件，
並已於2025年7月28日在CDE臨床試驗登記平台公示，於2025年10月首家中心啟動。探索聯合阿比特龍的
TY-302用於治療轉移性去勢抵抗性前列腺癌（「mCRPC」）
（一種難以治療且對標準護理治療（內分泌治療）無
反應的晚期前列腺癌）。前列腺癌為前列腺的上皮性惡性腫瘤，是男性泌尿生殖系統最常見的惡性腫瘤。經過
激素治療後，幾乎所有的晚期前列腺癌患者最終均會發展為CRPC，而導致患者死亡的主要病因是mCRPC。
mCRPC的主要治療目標是控制症狀和推遲進展。

TY-2136b
TY-2136b為自主研發、口服ROS原癌基因1（「ROS1」）╱ 神經營養性酪氨酸受體激酶（「NTRK」）抑制劑，
用於治療實體瘤。該藥被設計為有效結合活性激酶構象，並避免各種臨床耐藥突變引起的空間干擾。我們
相信，緊湊的結構使TY-2136b能夠精確有效地與激酶的腺嘌呤核苷三磷酸（「ATP」）結合位點結合，並有
可能規避導致對較大激酶抑制劑產生抵抗的空間干擾。我們當前的主要關注點是伴有ROS1 或NTRK突變的
NSCLC。
TY-2136b在臨床前研究中表現出良好的安全性。此外，根據我們的臨床前數據，TY-2136b不僅對ROS1/
NTRK致癌基因突變有效，而且對ROS1及NTRK突變（如ROS1 G2032R突變及NTRK G595R，其通常導致對
現有的ROS1/NTRK藥物耐藥）表現出高選擇性。具體而言，儘管TY-2136b能夠靶向多重突變，但不會干擾
JAK/STAT信號通路、抑制Ba/F3細胞過度表現ABL1(H396P)突變激酶或破壞SRC激酶活性。此外，其針對
ROS1和NTRK突變的初步功效已在多種動物模型中得到證實，展現出其有潛力解決現有ROS1/NTRK藥物的
耐藥性。因此，FDA已授予TY-2136b孤兒藥資格認定，用於治療ROS1陽性、NTRK融合陽性、間變性淋巴
瘤激酶（「ALK」）陽性或白細胞受體酪氨酸激酶（「LTK」）陽性NSCLC。此外，其潛力亦得到了麗珠醫藥的認
可與贊同，我們已授予麗珠醫藥TY-2136b大中華區權利許可。
我們於2021年11月獲得FDA的IND默示許可，我們正在美國進行I期臨床試驗。憑藉收集的I期臨床數據，我
們計劃與FDA溝通並謹慎設計我們未來在美國的TY-2136b臨床開發計劃。

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其他管線產品
我們的臨床產品包括以下各項：
•

TY-0540 是一種選擇性CDK2/4 抑制劑，擬用於治療乳腺癌、卵巢癌及前列腺癌等其他實體瘤。我們
分別於2023 年6 月及2023 年9 月獲得FDA對於TY-0540 治療晚期實體瘤的I/II期臨床試驗IND默示許
可以及國家藥監局對於TY-0540 I期的IND批准。本品已於2025 年2 月正式獲得國家藥監局批准進入
TY-0540 聯合氟維司群治療局部晚期 ╱ 復發轉移性乳腺癌、TY-0540 聯合恩扎盧胺治療局部晚期 ╱
復發轉移性前列腺癌患者的臨床試驗。截至2025 年9 月，TY-0540 單藥治療晚期實體瘤的I期劑量遞
增臨床試驗已全部結束，完成5 個劑量組（5mg、10mg、20mg、30mg和40mg，bid）的劑量遞增
研究。在I期劑量遞增階段，共計入組了26 例患者，其中HR+╱HER2-乳腺癌患者17 例、三陰乳腺
癌 5 例、鉑耐藥卵巢癌 2 例、HR+╱HER2+ 乳腺癌和非小細胞肺癌各 1 例。2 例 CDK4/6 抑制劑耐藥
的HR+╱HER2-乳腺癌和1 例鉑耐藥卵巢癌患者療效達部分緩解(PR)。2025 年3 月已正式啟動單藥
(30mg)治療鉑耐藥卵巢癌的擴展隊列研究，截至2026 年8 月初該隊列入組10 例鉑耐藥卵巢癌患者，
可評估患者中2例PR。2025年6月正式啟動TY-0540聯合氟維司群治療乳腺癌的Ib/II期臨床研究，截
至2026年8月初入組22例患者，可評估患者16例，7例PR，預計2026年底完成入組。2025年7月10
日，TY-0540 聯合恩扎盧胺治療前列腺癌臨床研究已獲得醫院倫理批件，並已於2025 年7 月25 日在
CDE臨床試驗登記平台公示。

•

TY-2699a 是一種選擇性 CDK7 抑制劑，用於治療晚期 ╱ 轉移性實體瘤。我們的臨床前研究表明，
TY-2699a具有改善血腦屏障穿透能力的安全窗口。TY-2699a分別於2023 年2 月及2023 年5 月獲得
FDA的IND默示許可及國家藥監局的IND批准。2025 年1 月獲得國家藥監局批准同意本品開展聯合不
同給藥方案用於治療晚期 ╱ 轉移性實體瘤（乳腺癌、胰腺癌、鼻咽癌等頭頸鱗癌）的臨床試驗。截至
2026年6月，TY-2699a單藥治療局部晚期或轉移性實體瘤（尤其是HR+╱HER2-乳腺癌、三陰性乳腺
癌(TNBC)及SCLC、胰腺癌和頭頸癌等）的I期劑量遞增臨床試驗已經結束，完成7 個劑量組（5mg、
10mg、20mg、40mg和30mg，bid，連續服藥；以及25mg、35mg，bid，服藥5天停2天）共計30
例患者的單藥劑量遞增研究。2025年7月進入單藥治療三陰乳腺癌(TNBC)和卵巢癌(OC)的擴展研究，
20mg，bid，連續服藥劑量水平已分別完成4例和3例的入組；2026年4月進入單藥治療TNBC的劑量
優化研究，30mg，bid服藥5天停2天，已完成1例（LAR分型）入組。後續將開展單藥治療TNBC更多
細分亞型的劑量優化研究。

2026 年中期報告

•

TY-1054是一種小分子口服YAP-TEAD抑制劑，用於癌症治療。Hippo通路在細胞增殖、組織再生和腫
瘤發生中起著重要作用，其過度活化可誘導癌症幹細胞的轉移、耐藥性及特性。其失調導致10%的癌
症，包括肺癌、胃癌、結腸癌、宮頸癌、卵巢癌、乳腺癌、黑色素瘤、肝細胞癌和鱗狀細胞癌。該通
路通過YAP/TAZ複合物與棕櫚醯化TEAD的結合而被啟動。儘管迫切需要開發一種治療策略來抑制這
一失調的通路，但由於缺乏催化生態位，小分子抑制劑難以直接靶向YAP/TAZ。因此，靶向阻斷TEAD
棕櫚醯化的小分子是一種有效的策略。我們就開展TY-1054 治療實體瘤的臨床試驗於2024 年4 月獲
FDA默示許可。此外，我們於2024年4月就進行TY-1054治療實體瘤的臨床試驗向國家藥監局提交了
IND申請，並於2024年7月獲得IND批准。已在4家研究中心啟動I期臨床試驗，2025年12月9日獲得
組長單位上海市胸科醫院倫理批件，2025年12月26日在CDE臨床試驗登記平台公示。2026年2月首
家中心啟動，2026年3月首例患者入組。

•

處於臨床前的一款CDK4 管線，其作為一種高選擇性口服CDK4 抑制劑，用於癌症治療。細胞週期調
控在細胞增殖和腫瘤發生中起重要作用，其異常活化可誘導腫瘤細胞的失控分裂、侵襲轉移及耐藥特
性，其失調導致約30%的癌症，包括乳腺癌、前列腺癌、尤文肉瘤等。該通路通過CDK4/6與Cyclin
D複合物形成，進而磷酸化Rb蛋白，驅動細胞週期從G1 期向S期過渡。傳統CDK4/6 抑制劑由於對
CDK6有較強的抑制，從而易引發中性粒細胞減少等血液學毒性，極大限制了相關藥物的臨床藥效。
因此，開發高選擇性靶向CDK4 的小分子可以極大地減少血液學等毒性的發生，是開發高效低毒的藥
物研發策略。這款產品是一款高選擇性、高安全性可口服的CDK4激酶抑制劑。預期我們將於2027年
H2提交IND申請。

14

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浙江同源康醫藥股份有限公司

•

處於臨床前的TY-3002，其作為一種小分子可口服的胰高血糖素樣肽-1受體激動劑(GLP-1RA)，擬用
於2型糖尿病(T2DM)和肥胖患者的治療。GLP-1 受體激動劑已獲批用於治療2型糖尿病和超重或肥胖
症，藥理學上通過啟動胰高血糖素樣肽-1受體(GLP-1R)，促進胰島素分泌，抑制胰高血糖素釋放，推
遲胃排空並促進飽腹感，從而改善血糖控制並減輕體重。目前僅有兩款已上市的GLP-1受體激動劑可
口服片劑。TY-3002是由我們自主開發的，小分子可口服的偏向型GLP-1受體激動劑，對β-arrestin無
招募作用，不導致GLP-1受體內化，具有潛在更好的療效。在臨床前的hGLP-1R飲食誘導肥胖(DIO)小
鼠頭對頭(H2H)試驗中（1.0 mg/kg，口服，每日一次，持續21天），結果顯示治療21天後，TY-3002
組小鼠的體重降幅為-31.51%，同等劑量的Orforglipron組降幅為-22.82%。在扣除Vehicle對照組自
然減重的-6.93%之後，TY-3002的淨減重療效(-24.58%)比Orforglipron (-15.89%)淨效提升超出了
54.6%，TY-3002 展現出了良好的減重效果。此外，TY-3002 在實現更大幅度減重的同時，展現出優
異的體成分(Body Composition)調控效果，不僅減少了脂肪組織（TY-3002組脂肪佔比降至21.4%，
Orforglipron組為28.7%），還起到了相對「保肌肉」的效果，其瘦體重(Lean mass)佔比達61.6%，
Orforglipron組為55.6%（Vehicle組為49.3%）。TY-3002在不同劑量組均耐受性良好，未觀察到動物
的肝臟重量異常，其與治療相關的AST和ALT肝酶水平還出現輕微下降，證明了其對肝臟的安全性。
整體而言，TY-3002的胃腸道耐受性及ADME毒理特徵均與第一代藥物相當。TY-3002目前處於臨床前
IND-enabling開發階段，預計於2027年進行IND申報。

此外，我們正在開發多個處於臨床前或早期臨床開發階段的候選藥物，包括FAK/EGFR (PROTAC)及PI3Kα。
上市規則第18A.08(3)條規定的警示聲明：本公司無法保證TY-9591、TY-302、TY-2136b、TY-2699a、
TY-0540、TY-1054、CDK4、FAK/EGFR (PROTAC)、PI3Kα及TY-3002及其他在研產品將最終成功開發、
銷售及 ╱ 或商業化。股東及本公司潛在投資者於買賣股份時務請審慎行事。

2026 年中期報告

我們的技術平台
我們已經建立四個自有、綜合全面的以開發新的小分子藥物為中心的技術平台，這使我們能夠全力集中在最
有潛力成為臨床活躍、具有成本效益和商業上可行的候選藥物上：
•

藥品設計及篩選平台：我們的藥物設計及篩選平台為小分子藥物發現平台，目前專注於激酶。該平台
包含兩個重要功能，即激酶生物學及小分子藥物發現。值得注意的是，除TY-9591和TY-302之外的所
有候選藥物都是在此平台上構思並合成的，並得到了國內醫藥公司的認可。例如，我們在臨床前階段
將TY-2136b的大中華區權利授權給麗珠醫藥。

•

成藥性評估平台：配備成藥性評估平台，我們能夠進行廣泛的內部研發活動，包括藥物代謝及藥代動
力學（「DMPK」）研究、體內和體外生物活性研究（包括動物模型）、毒性研究、物理化學表徵以及候選
藥物的化學、生產及控制過程（「CMC」）。我們能夠評估自研激酶抑制劑等候選藥物的療效。

•

轉化醫學平台：我們的轉化醫學平台使我們能夠對各類腫瘤和神經無序的發病機制進行研究，並系統
地尋找和識別潛在的生物標誌物和新的藥物靶標。使用基因組學、轉錄組學和蛋白質組學方法，我們
可以系統地評估藥物的作用。

•

AIDD/CADD平台：我們的人工智能藥物發現與設計(AIDD)╱ 計算機輔助藥物設計(CADD)平台致力
於幫助我們的內部藥物發現團隊。AIDD平台結合前沿計算方法和工具，加強並完善算力和演算法系統
構建，公司將基於豐富的內部數據及現有業務優勢，通過自主研發和對外合作方式佈局AIDD業務。項
目目前進展順利，將完成大語言模型本地部署工作，後續演算法優化、最新生物醫藥數據訓練及應用
場景開發等工作將有序開展。AIDD/CADD平台已經產生了若干管線產品。例如，設計用於靶向酪氨酸
激酶ROS1/NTRK的TY-2136b是在CADD的先導化合物優化過程中出現的。TY-2699a則是一種CDK7
抑制劑，在化合物設計中採用了AIDD/CADD，強調了AIDD在識別忽視內容方面的價值以改善治療視
窗。同時公司還大力藉助外部AIDD資源，採取內外結合的模式，加強AIDD平台佈局。公司現已通過
和業界多家知名AIDD公司積極合作，拓展除腫瘤外自免、分子膠、PROTAC等其他領域和新興技術平
台的佈局。公司將不斷加強AIDD的力量，賦能和助力公司項目研發，提高項目轉化效能。

16

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浙江同源康醫藥股份有限公司

研發
我們持續投入資源於研發，為長期發展鋪路。我們於截至2025年6月30日止六個月及截至2026年6月30日止
六個月的研發成本分別為人民幣88.8百萬元及人民幣94.9百萬元。我們的內部研發能力建立在我們專有的技
術平台上，並以浙江湖州及河南鄭州的研發中心為後盾。我們的研發中心配備先進的實驗室及最先進的設備
及儀器，例如液相色譜儀、液相色譜質譜聯用儀及核磁共振。我們認為，我們的綜合能力使我們能夠靈活地
制定創新、註冊、商業化及產品優化策略，從而有助我們應對瞬息萬變的市場需求，使我們能夠以較低的成
本提高管線可行性並加快產品開發週期。截至2026年6月30日，我們的研發團隊有120名成員，其中69名擁
有相關領域的碩士或博士學位。團隊成員的專業知識涵蓋藥物開發的所有範疇，包括藥物發現、藥物化學設
計及虛擬篩選、臨床前藥物研究、藥物測試及純化、配方開發、臨床研究、監管提呈及平台建設。

商業化
公司在原有組織架構基礎上逐步補充商業化團隊，挖掘市場潛力，不斷深度挖掘產品的銷售潛力並豐富品牌
推廣，通過參加各種學術會議、行業合作、平台合作等形式，豐富企業品牌的推廣形式，提高企業品牌在行
業內的知名度。

II.

財務回顧
收入
本集團的收入基本取決於與麗珠醫藥集團股份有限公司（「麗珠醫藥」）訂立獨佔許可協議（「麗珠醫藥協議」）中
根據協議所獲得的收益，以於大中華區研究、開發、改進、製造、使用、銷售、訂約及商業化ROS1/NTRK/
ALK多靶點小分子廣譜酪氨酸激酶抑制劑（「TY-2136b」）。截至2026年6月30日，將觸發麗珠醫藥付款義務
的下一個里程碑尚未達成。
我們的收入截至2025年6月30日止六個月及截至2026年6月30日止六個月為人民幣0元。

2026 年中期報告

銷售成本
我們的銷售成本截至2025年6月30日止六個月及截至2026年6月30日止六個月為人民幣0元。

毛利及毛利率
由於上述原因，我們的整體毛利截至2025 年6 月30 日止六個月及截至2026 年6 月30 日止六個月為0。截至
2026年6月30日止六個月的毛利率為0。

其他收入及收益
於報告期間，其他收入及收益主要包括視作出售一間附屬公司的收益而取得的投資收益、政府補助及銀行利
息收入。
本集團截至2026年6月30日止六個月的其他收入及收益為人民幣142,343,000元，較截至2025年6月30日止
六個月的人民幣20,820,000元增加人民幣121,523,000元，主要歸因於與無息融資相關的政府補助及視同出
售一間附屬公司的收益增加。

研發成本
於報告期間，我們的研發成本包括：(i)主要與委聘CRO、CDMO、主要研究者及其他服務提供者有關的候選
藥物的試驗及測試開支；(ii)主要與我們研發人員的薪金、花紅及其他福利有關的員工成本；(iii)與我們的研
發設備及儀器以及用於研發目的的無形資產有關的折舊及攤銷開支；(iv)我們研發活動過程中的耗材成本；及
(v)其他研發成本，主要包括研發人員的差旅及交通開支、知識產權費用及其他雜項開支。
本集團截至2026年6月30日止六個月的研發成本為人民幣94,943,000元，較截至2025年6月30日止六個月的
人民幣88,758,000元增加7.0%。該增加主要歸因於員工成本的增加。
下表列出了截至所示日期的報告期間研發成本明細：
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

試驗及測試開支
員工成本
折舊及攤銷開支
耗材
其他

55,843
23,027
7,884
3,378
4,811

57,056
17,364
8,383
2,495
3,460

合計

94,943

88,758

18

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浙江同源康醫藥股份有限公司

行政開支
於報告期間，我們的行政開支主要包括：(i)主要與行政人員的薪金、花紅及其他福利有關的員工成本；(ii)主
要向法律顧問、核數師、投融資顧問及招聘顧問支付的專業服務費；(iii)一般辦公室開支，主要包括辦公開
支、招待費、差旅及交通開支以及用作行政用途的水電費；(iv)其他行政開支，主要包括稅項及附加費及其他
雜項開支；及(v)辦公室、設備及其他用作行政用途的資產的折舊及攤銷開支。
本集團截至2026年6月30日止六個月的行政開支為人民幣62,554,000元，較截至2025年6月30日止六個月的
人民幣38,775,000元增加61.3%。該增加主要歸因於投融資顧問費的增加。

財務成本
於報告期間，我們的財務成本主要包括：(i)政府資金利息開支；(ii)銀行貸款利息；及(iii)租賃負債利息。本
集團截至2026年6月30日止六個月的財務成本為人民幣7,827,000元，較截至2025年6月30日止六個月的人
民幣7,349,000元增加6.5%。財務成本增加主要歸因於政府資金利息開支增加，部分被銀行貸款利息減少所
抵銷。

分佔聯營公司損益
於報告期間，我們就對其對具有重大影響的被投資單位按應分擔被投資單位的淨虧損確認人民幣3,834,000
元投資損失。

其他開支及虧損
我們的其他開支及虧損從截至2025年6月30日止六個月的人民幣3,000元增加至截至2026年6月30日止六個
月的人民幣67,000元。

所得稅開支
本集團於截至2025年及2026年6月30日止六個月並未產生任何利潤，因此並無所得稅。

期內虧損
基於上述因素，我們於報告期間的虧損由截至2025年6月30日止六個月的人民幣114,065,000元減少至截至
2026年6月30日止六個月的人民幣26,882,000元。

2026 年中期報告

流動資金及資本資源
於 2026 年 6 月 30 日，本集團的現金及銀行結餘為人民幣 201,959,000 元，包括現金及現金等價物人民幣
193,689,000 元及受限制銀行存款人民幣 8,270,000 元。現金及銀行結餘較於 2025 年 12 月 31 日的人民幣
367,285,000元減少45.0%。該減少主要由於以下各項所致：
截至2026年6月30 日止六個月，經營活動所用淨現金為人民幣91,252,000元，主要歸因於(i)我們的除稅前
虧損人民幣26,882,000元，經調整以反映非現金及 ╱ 或非經營項目（主要包括視作出售一間附屬公司的收益
人民幣129,479,000 元，政府補助的利息開支人民幣5,856,000 元、與無息融資相關的政府補助收益人民幣
5,674,000元、分佔聯營公司損益人民幣3,834,000元、使用權資產折舊人民幣4,719,000元、外匯匯兌虧損
淨額人民幣4,529,000元、物業、廠房及設備折舊人民幣2,839,000元、無形資產攤銷人民幣2,830,000元、
其他財務成本人民幣1,971,000元及出售物業、廠房及設備項目的虧損人民幣4,000元）；(ii)貿易及其他應收
款項減少人民幣26,582,000元；及(iii)貿易及其他應付款項增加人民幣17,619,000元。
截至2026年6月30日止六個月，投資活動所用淨現金為人民幣22,724,000元，主要由於購買物業、廠房及設
備現金流出人民幣16,684,000元；購買原到期日超過三個月的定期存款人民幣54,194,000元；投資一間聯營
公司人民幣2,850,000元；部分被提取原到期日超過三個月的定期存款所得款項人民幣51,004,000元所抵銷。
截至2026 年6 月30 日止六個月，融資活動所用淨現金為人民幣4,299,000 元，主要是由於償還銀行貸款人
民幣106,000,000 元；為本公司2025 年H股激勵計劃而購買股份人民幣819,000 元及該用途的受限制資金
人民幣8,270,000 元；支付租賃款項的本金部分人民幣3,978,000 元及支付銀行貸款利息及租賃款項人民幣
1,990,000元；部分被新銀行貸款人民幣103,000,000元及來自非控股股東的融資人民幣13,758,000元（即我
們於截至2026年6月30日止六個月內收到的長興興康投資所得款項）所抵銷。

資金政策
本集團對其資金政策採取審慎的財務管理方法。董事會密切監控本集團的流動性狀況，以確保本集團的資
產、負債和其他承諾的流動性結構能夠始終滿足其資金需求。

資本支出
於報告期間，本集團的資本支出總額約為人民幣16,684,000元，主要用於購買物業、廠房及設備項目。

為了提高我們的研發能力及擴展業務營運，我們定期因購買及維護我們的物業、廠房及設備而招致資本支
出。我們過往主要通過股權融資及銀行借款支付我們的資本支出。

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浙江同源康醫藥股份有限公司

借款
於 2026 年 6 月 30 日，我們的借款為人民幣 131,096,000 元，於 2025 年 12 月 31 日，我們的借款為人民幣
134,115,000 元。借款為多間商業銀行的抵押及無抵押短期及長期銀行貸款，實際年利率介乎 2.30% 至
3.30%，當中人民幣86,069,000元為固定利率貸款，人民幣45,027,000元為浮動利率貸款。於2026年6月30
日，本集團存在人民幣5,000,000元未動用的可用銀行融資。於2026年6月30日，我們的資產負債比率（總負
債除以總資產）約為66.1%，而於2025年12月31日約為63.2%。

承諾
截至報告期末，本集團的合同承諾如下：
2026年
6月30日

2025年
12月31日

人民幣千元

人民幣千元

物業、廠房及設備
投資一間聯營公司

7,684
9,339

8,348
12,189

總計

17,023

20,537

資產抵押
截至2026年6月30日，除抵押本集團若干存款作為本集團借款擔保外，本集團並無任何已質押重大資產。

或然負債
截至2026年6月30日，除中期簡明綜合財務資料附註17.「 或然負債」所披露的或然負債外，本集團並無任何
重大或然負債。

2026 年中期報告

對附屬公司、聯營公司和合營企業的重大投資、重大收購及處置
於2026年2月27日（交易時段後），同源康生物當時的現有股東（包括但不限於本公司）與深圳市創新資本投資
有限公司、寧波紅土工投璟鈺股權投資合夥企業（有限合夥）、衢州啟真股權投資基金合夥企業（有限合夥）、
衢州高質量發展股權投資合夥企業（有限合夥）、長興同源企業管理合夥企業（有限合夥）及深圳市國海中恒醫
藥健康創業投資合夥企業（有限合夥）訂立增資合同。合同簽署後，本公司於同源康生物之直接及間接權益由
約71%減少至49%，且同源康生物不再為本集團之附屬公司。由於增資導致削減本公司於同源康生物的持股
量，故構成視作出售事項。如需進一步詳情，請參閱本公司日期為2026年2月27日的公告。
除本報告及本公司此前公告所披露者外，報告期內並無作出任何其他佔本集團截至 2026 年6 月30 日總資產
5%以上的重大收購、出售或重大投資。

外匯風險
於報告期間，本集團並無面對重大貨幣風險，亦無因匯率波動而對我們的營運造成任何重大影響。然而，我
們的管理層監控外匯風險，並將根據我們的需求檢討並調整貨幣風險措施。在報告期間，我們未對任何外匯
波動進行套期保值。

僱員及薪酬政策
截至2026年6月30日，我們合共有184名僱員（截至2025年6月30日：163名僱員）。我們僱員的薪酬待遇包
括基本工資、獎金及僱員福利，一般按彼等的資歷、行業經驗、職位及表現釐定。我們根據中國法律及法規
的規定繳納社會保險及住房公積金。我們亦已採納僱員激勵計劃及2025年H股激勵計劃，以表彰僱員所作貢
獻。此外，我們為僱員提供相關培訓，以提升彼等的技能及知識。

未來重大投資或收購資產計劃
截至本報告日期，本集團並無任何未來重大投資或收購資本資產的詳細計劃。

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浙江同源康醫藥股份有限公司

III. 未來及展望
持續提升研發能力，推動業務發展
我們的核心競爭力在於我們對疾病及藥物作用機制的瞭解。迄今為止，我們已經取得了顯著的成就，未來我
們將繼續加強這些能力。同時，我們認識到具有新靶點和作用機制的藥物將增強我們在製藥行業的競爭力。
因此，我們已開發出若干具創新性候選藥物，如以下幾個相關靶點：CDK4、FAK/EGFR (PROTAC)、PI3Kα
及GLP-1，並計劃繼續開發該等候選藥物。此外，我們計劃積極投資於內部研發以抓住市場機遇並識別及開
發創新化合物。
此外，我們擬利用吳博士在中樞神經系統疾病創新藥物開發方面的經驗，並尋求機會擴展至其他治療領域，
如中樞神經系統疾病、自身免疫性疾病及心血管疾病。

注入人工智能模型，產業化生產體系逐步建成
公司將始終立足市場需求，聚焦前沿創新藥物的自主研發與核心技術突破。依託人工智能模型賦能藥物研發
的技術優勢，公司持續深化境內自有核心研發團隊與海外高端科研資源的聯合協同攻關，提速新分子實體的
發現、篩選與開發全流程。在築牢內生研發硬實力的同時，公司主動對接行業頭部AI藥物研發平台開展深度
合作，聚力攻堅藥物研發關鍵卡點，力爭產出標誌性突破性研發成果，不斷提升研發管線轉化效率與企業核
心技術壁壘，為業務持續迭代擴容築牢核心支撐，穩步落地長期可持續高品質發展戰略。「新建固體製劑工廠
項目」是公司的產業化項目，新增片劑生產線及膠囊劑生產線。項目建成後，本公司年產能可達到1.5億片劑
或膠囊，同時滿足臨床藥品及TY-9591產品部分商業化的生產任務。一期項目已於2024年6月30日完成土建
竣工驗收，預計2027年Q1一期建設生產線完成GMP符合性認證，具備生產條件。我們認為該項目的建成將
為商業化更多管線產品提供生產支援。此外，本公司於2026年1月獲浙江省藥品監督管理局頒發的《藥品生產
許可證》。本次獲得藥品生產許可證，預期將對本公司擴大產能及拓展市場產生長遠的積極作用，為後續開展
商業化生產奠定基礎。如需進一步詳情，請參閱本公司日期為2026年1月23日的公告。

2026 年中期報告

探索合作機遇，打造商業化能力，提高候選藥物價值
商業化落地方面，公司採用「外部協同+自主自建」分階段推進的發展策略。發展初期，公司將擇優聯動擁有
成熟市場運營體系、全覆蓋渠道網路與充足產業資源的優質外部合作夥伴，借鑒其成熟商業化運營體系、成
熟推廣打法及全域渠道資源，快速補足公司在市場拓展、品牌建設、終端銷售執行等環節的經驗短板，實現
資源互補、價值協同，高效打開產品市場空間。依託對外合作積累的實操經驗，公司同步完成商業化運營能
力、市場實操經驗的沉澱、復盤與內部轉化，循序漸進搭建自主可控、專業化、全鏈路一體化的行銷銷售
體系，持續夯實自有終端運營、品牌推廣核心能力。中長期階段，公司商業化模式將逐步轉型為自主運營為
主、外部合作為輔，依託自有行銷體系獨立開展市場開拓與業務增長，全面提速整體商業化佈局，支撐企業
高品質可持續發展。同時，公司統籌整合資本、專業人才、核心技術等多元關鍵資源，以雙輪驅動推進商業
化戰略落地：持續優化臨床研發平台整體功能佈局，同步提速產業化生產基地規劃建設，軟硬件協同發力，
保障商業化戰略高效落地實施。
於2026 年7 月21 日（交易時段後），本公司與齊魯製藥（海南）有限公司（「齊魯」）或其指定關聯方達成許可
及合作協議以及供應及商業化協議，以合作開展在中國的合作原料藥（即TY-9591 原料藥）的開發、生產及
TY-9591的商業化，旨在推進創新藥物的開發、生產與商業化。本公司與齊魯於許可及合作協議項下擬進行
的戰略合作將為本公司帶來長期利益和較高的研發資本效益。許可及合作協議以及供應及商業化協議將助力
本公司與中國一家信譽良好的製藥公司建立長期穩定的關係，促進本公司產品於指定區域內實現商業化。此
舉為本公司透過藉助齊魯的專業知識及網路達成其商業化里程碑的重要舉措。詳情請參閱本公司日期為2026
年7月21日之公告。

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浙江同源康醫藥股份有限公司

企業管治及其他資料
中期股息
董事會並不建議派付報告期間的中期股息（截至2025年6月30日止六個月：無）。

企業管治
我們致力於實現高標準的企業管治，以保障股東的利益。截至2026年6月30日止六個月，本公司已採納企業管治
守則作為其自身的企業管理守則。
報告期間，公司已遵守企業管治守則第二部分所載所有守則條文，惟以下偏離除外：
根據企業管治守則第二部分第C.2.1 段，董事長及總裁的角色應有區分，不應由同一人擔任。吳豫生博士（「吳博
士」）為本公司董事長兼總裁。吳博士在醫藥行業擁有豐富經驗，自本公司成立以來一直任職於本公司，現時負責
監督本集團的整體管理、業務運營及策略。儘管本公司董事長及總裁的角色均由吳博士擔任，這構成對企業管治
守則第二部分第C.2.1段的偏離，但董事會認為，本公司董事長及總裁的角色均由吳博士擔任有利於確保本公司的
領導一致性以及更有效及更高效的整體策略規劃。
董事會及高級管理層均由經驗豐富的多元化人才組成，其運作確保權力及授權分佈均衡。蔣鳴昱博士（「蔣博士」）
辭任非執行董事後，董事會目前由一名執行董事、四名非執行董事及四名獨立非執行董事組成。因此，董事會組
成具有很強的獨立性。董事會將繼續檢討本集團企業管治架構的成效，以評估區分董事長與總裁的角色有否必要。
本公司將繼續定期檢討及監控我們的企業管治常規，以確保遵守企業管治守則及維持高標準的企業管治常規。

遵守證券交易的標準守則
報告期間，本公司已採納標準守則作為其自身有關董事買賣本公司證券的行為守則。

2026 年中期報告

經作出具體查詢後，全體董事均確認其在報告期間已遵守標準守則。
可能擁有本公司內幕消息的本公司相關僱員亦須遵守買賣本公司證券的標準守則。經作出合理查詢後，在報告期
間，本公司並無注意到本公司相關僱員違反標準守則的不合規事件。

董事就財務報表所承擔的責任
董事確認彼等就編製本集團財務報表及賬目承擔有關責任，確保本集團的財務報表的編製合乎有關法規及適用之
會計準則，並確保本公司及時刊登財務報表。

上市所得款項用途
全球發售所得款項淨額用途
本公司於2024年8月20日在聯交所主板成功上市。扣除本公司就全球發售應付的包銷費及佣金以及開支後，全球
發售淨所得款項約為506.31百萬港元。截至本中期報告日期，如招股章程先前所披露，倘上市所得款項淨額未能
實時用作已披露的用途，在適用法律法規允許的情況下，本集團擬將所得款項淨額存於持牌商業銀行及 ╱ 或其他
獲授權金融機構（定義見證券及期貨條例或其他司法權區的適用法律法規）的短期計息賬戶內。經公司董事會決
議，倘上市所得款項淨額未能實時用作已披露的用途，本集團在確保預期資金使用需求的前提下，可將上市所得
款項淨額存於持牌銀行或金融機構作活期存款或定期存款，或認購安全性高、流動性好的理財產品，且期限均不
超過十二個月，以提升本集團資金的使用效率及回報。如需進一步詳情，請參閱本公司日期為2025年8月31日的
公告。除上述內容外，淨所得款項的擬定用途並無變動。
全球發售淨所得款項將按照招股章程「未來計劃及所得款項用途」一節所載的用途分配比例使用。

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浙江同源康醫藥股份有限公司

下表列出了淨所得款項的計劃用途：

項目

•

•

全球發售所得
款項淨額
百萬港元

截至2025年
12月31日
未動用的所得
款項淨額
百萬港元

於報告期間
已動用的所得
款項淨額
百萬港元

於報告期間末
已動用的所得
款項淨額
百萬港元

於報告期間末
未動用的所得
款項淨額
百萬港元

預期悉數動用
剩餘所得款項
的時間 2

20.55

131.6

–

–

22.78

57.88

38.32

2027年底前

12.13

16.31

100.19

2030年底前

2.32

3.31

6.79

2027年底前

23.34

2.14

9.20

21.20

2030年底前

7.60

1.52

4.02

6.08

2029年底前

15.74

0.62

5.18

15.12

2030年底前

2.32

2.32

15.20

–

–

70.0%或約354.4百萬港元將用於我們核心產品（即TY-9591）的研究、開發及商業化：
131.6
20.55
－ 26.0%或約131.6百萬港元將用於為正在進行的TY9591單藥一線治療EGFR突變肺癌腦轉移的臨床試驗
提供資金。我們於2023年8月開始一項關鍵II期臨床
試驗的患者入組；
96.2
61.1
－ 19.0%或約96.2 百萬港元將用於為正在進行的TY9591單藥一線治療EGFR 21外顯子L858R突變局
部晚期或轉移性肺癌的臨床試驗提供資金。我們於
2022年6月開始一項註冊性III期臨床試驗的患者入
組；
116.5
112.32
－ 23.0%或約116.5百萬港元將用於為計劃的TY-9591
聯合培美曲塞及順鉑或卡鉑於EGFR突變晚期或轉移
性肺癌的一線治療的II期及III期臨床試驗提供資金；
－ 2.0%或約10.1百萬港元將用於籌備TY-9591的預期
10.1
9.11
商業化上市；
20.0%或約101.3百萬港元將用於我們其他候選產品的研發，包括：
－ 6.0%或約30.4百萬港元將用於為TY-302的臨床開發
30.4
提供資金，其中：
10.1
i. 2.0%或約10.1百萬港元將用於為計劃在中國開
展的TY-302聯合枸櫞酸托瑞米芬作為乳腺癌三
線或後線治療的註冊性III期臨床試驗提供資金；
及
20.3
ii. 4.0%或約20.3百萬港元將用於為計劃在中國開
展的TY-302聯合阿比特龍用於前列腺癌一線治
療的II期和III期試驗提供資金；
－ 3.0%或約15.2百萬港元將用於為在美國進行的TY15.2
2136b治療實體瘤臨床開發提供資金；

2026 年中期報告

全球發售所得
款項淨額
百萬港元

截至2025年
12月31日
未動用的所得
款項淨額
百萬港元

於報告期間
已動用的所得
款項淨額
百萬港元

於報告期間末
已動用的所得
款項淨額
百萬港元

於報告期間末
未動用的所得
款項淨額
百萬港元

預期悉數動用
剩餘所得款項
的時間 2

－ 4.0%或約20.3百萬港元將用於為TY-2699a的臨床開
發提供資金，包括正在進行的TY-2699a單藥治療或
聯合治療局部晚期或轉移性實體瘤的I期臨床試驗及
一項計劃的Ib期臨床試驗及計劃中的關鍵II期臨床試
驗；
－ 3.0%或約15.2百萬港元將用於為TY-0540的臨床開
發提供資金，包括正在進行的TY-0540單藥治療或聯
合治療實體瘤的I期臨床試驗、計劃中的Ib期臨床試
驗及計劃中的關鍵II期臨床試驗；
－ 2.0%或約10.1百萬港元將用於為TY-1091的臨床開
發提供資金，包括正在進行的TY-1091用於RET融合
陽性實體瘤的I期臨床試驗；及
－ 2.0%或約10.1百萬港元將用於為TY-4028的臨床開
發提供資金，包括計劃中的EGFR 20外顯子插入的
NSCLC的I期臨床試驗；

20.3

15.47

6.98

11.81

8.49

2028年底前

15.2

11.49

11.49

15.2

–

–

10.1

8.56

0.33

1.87

8.23

2027年底前

10.1

9.46

3.42

4.06

6.04

2028年底前

•

3.0%或約15.2百萬港元將用於潛在的戰略收購、投資、
許可或合作機會。未來，我們可能有選擇地收購或投資創
新技術，以增強我們的研發能力或探索TY-9591的潛在聯
合治療合作夥伴。此外，我們可能與領先的大學或研究機
構合作開發新技術或候選產品。我們亦可能訂立許可安排
以擴大我們的產品組合。截至最後實際可行日期，我們尚
未確定任何收購、投資、許可、合作、戰略夥伴關係或共
同開發的具體目標；及

15.2

6.04

6.04

15.2

–

–

•

7.0%或約35.4百萬港元將用於營運資金及其他一般公司
用途。

35.4

–

–

35.4

–

–

項目

附註：
1、表格所列數字約整至兩位小數。
2、預期動用剩餘所得款項的時間乃基於本集團作出的最佳估計而編製，有關時間可能會根據目前及未來市況的發展而作出變更。

28

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浙江同源康醫藥股份有限公司

配售所得款項淨額用途
本公司根據股東於2025 年6月26 日舉行的年度股東會上通過的特別決議案授予董事會的一般授權（據此董事會可
配發、發行及處理不超過74,167,163 股新H股，相當於年度股東會上通過決議案當日已發行股份的約20%）配發
及發行新股份。本公司在2025年7月28日與中信里昂證券有限公司簽訂配售協議。於2025年7月28日，H股的收
市價為每股H股21.0 港元。配售協議所載的所有條件已獲達成並於2025 年8 月4 日完成。配售代理已按每股配售
股份17.01港元的配售價成功配售合共9,230,000股新H股予不少於六名承配人。配售所籌集的所得款項淨額約為
154.73百萬港元，相當於每股配售股份的配售所得款項淨額為16.76港元。配售股份的總面值為人民幣9,230,000
元。公司進行配售旨在加強本集團的流動資金及財務狀況、擴大其股東基礎及優化本集團的資本結構。如需進一
步詳情，請參閱本公司日期為2025年7月29日及2025年8月4日的公告。
下表列出了淨所得款項的計劃用途：

項目

現有管線的研發及商業化
加強其內部研發技術能力及擴展其產品組合
營運資金及一般企業用途

配售所得
款項淨額
百萬港元

截至2025年
12月31日
未動用的
配售所得
款項淨額
百萬港元

截至2026年
6月30日
止六個月
已動用的配售
所得款項淨額
百萬港元

截至2026年
6月30日
未動用的所得
款項淨額
百萬港元

預期悉數動用
剩餘所得款項
的時間

92.84
46.42
15.47

92.84
46.42
–

14.12
43.01
15.47

78.72
3.41
–

2028年底前
2028年底前
–

本集團已動用並將繼續按照此前披露的用途使用配售所得款項淨額。配售所得款項淨額的用途並無出現重大變動。

重大訴訟
公司最近已向長興縣人民法院提交一宗案件，對四川匯宇製藥股份有限公司（「四川匯宇」）提起法律程序，尋求以
下司法確認：一份聲稱與四川匯宇訂立的TY-9591相關合作協議及經銷協議並未成立且屬無效。本公司亦收到內江
市市中區人民法院就四川匯宇就據稱由本公司與四川匯宇訂立的同一合作協議、經銷協議及相關文件所發出的案
件受理通知書。兩宗案件均已立案，惟尚未在法院審理。本公司將於適當時候就法律程序的重大進展另行刊發公
告。詳情請參閱本公司日期為2026年7月22日之公告。

2026 年中期報告

除上文所披露者外，本公司並無牽涉任何會對其財務狀況或經營業績產生重大不利影響的重大訴訟、仲裁、行政
程序，且就本公司所知，本公司目前並無其他尚未了結或面臨任何重大訴訟、仲裁、行政程序。

購買、出售或贖回本公司上市證券
本公司董事會已指示一名受託人為本公司於2025 年10 月30 日獲股東批准的2025 年H股激勵計劃收購H股。截至
2026年6月30日，合共收購1,480,500股股份，總代價為20,479,000港元（約相當於人民幣18,488,000元）。
除上文所披露者外，於報告期間，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券（包括庫存
股份）。截至2026年6月30日，本公司未持有任何庫存股份（定義見上市規則）。

審閱中期報告
本公司已根據上市規則第3.21條及企業管治守則成立審計委員會，並制定書面職權範圍。截至報告期間末，審計
委員會由兩名獨立非執行董事江曉林先生和冷瑜婷博士以及一名非執行董事顧虹博士組成。審計委員會主席為江
曉林先生，他具備上市規則第3.10(2)條和第3.21條要求的適當專業資格。審計委員會已連同本公司管理層審議及
審閱本集團於報告期間的中期業績、本中期報告及本公司所採納的會計原則及政策，並認為本集團中期業績及中
期報告根據適用會計準則、規則及法規編製，並已妥為作出適當披露。
本公司的獨立核數師安永會計師事務所亦已根據香港會計師公會頒佈的香港審閱準則第2410號「由實體的獨立核
數師執行中期財務數據審閱」，審閱本集團截至2026年6月30日止六個月的中期財務資料。

根據上市規則第13.51B(1)條披露董事信息變更
若干董事的任期即將屆滿，董事會已決議建議重選下列人士為董事，任期為三年（或直至第二屆董事會任期屆滿時
止），自建議候選人於本公司即將舉行的臨時股東會（「臨時股東會」）上獲選之日起生效，惟須待股東於臨時股東會
通過普通決議案後方可作實。建議於臨時股東會上重選的候選人將為：(i)吳博士為執行董事；(ii)李鈞博士、顧虹
博士及何超先生為非執行董事；及(iii)冷瑜婷博士、許文青博士及沈秀華博士為獨立非執行董事。詳情請參閱本公
司日期為2026年8月17日之公告。
除本中期報告所披露者外，在報告期間直至本中期報告日期，董事資料概無其他須根據上市規則第13.51B(1)條作
出披露的變更。

30

31

浙江同源康醫藥股份有限公司

根據上市規則的持續披露責任
本公司並無上市規則第13.20、13.21和13.22條規定的任何披露責任。本中期報告中提及的其他部分、報告或註釋
均為本中期報告的一部分。

董事及最高行政人員於本公司或其相聯法團的股份、相關股份及債權證中的權益及淡倉
截至2026年6 月30 日，本公司董事及最高行政人員於本公司或其相聯法團（定義見證券及期貨條例第XV部）的股
份、相關股份及債權證中擁有根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的權益及淡倉（包括
根據證券及期貨條例的有關條文被當作或視為擁有的任何權益或淡倉），或須記錄於本公司根據證券及期貨條例第
352條須存置的登記冊的權益及淡倉，或根據標準守則須以其他方式知會本公司及聯交所的權益及淡倉如下：

董事 ╱ 最高行政人員姓名

身份 ╱ 權益性質 (1)

股份數目

佔本公司股本
總額的持股
概約百分比 (2)

吳博士 (3)
（執行董事、董事長兼總裁）

於受控法團的權益

123,466,000

32.48%

顧虹博士 (4)
（非執行董事）

於受控法團的權益

8,010,000

2.10%

何超先生 (5)
（非執行董事）

於受控法團的權益

19,404,654

5.10%

附註：
(1)

全部所列權益均為好倉。

(2)

該計算乃基於截至2026年6月30日380,065,818股已發行H股的總數。

2026 年中期報告

(3)

泰基鴻諾醫藥實益擁有 99,787,500 股 H 股。截至 2026 年 6 月 30 日，泰基鴻諾醫藥由吳博士、鄭州鴻諾及長興德瑞分別持有約
30.66%、約20.15%及約3.02%。鄭州鴻諾由其執行合夥人湖州德瑞管理，而湖州德瑞由長興德瑞及吳博士控制。長興德瑞由吳博
士全資擁有。因此，根據證券及期貨條例，吳博士被視為於泰基鴻諾醫藥持有的99,787,500股H股中擁有權益。
長興利源實益擁有17,645,000股H股。截至2026年6月30日，長興利源由其執行合夥人長興德瑞（由吳博士全資擁有）管理。
長興彩源及長興罡源均為我們的員工持股平台。長興彩源實益擁有3,246,500股H股。長興罡源實益擁有2,787,000股H股。截至
2026年6月30日，長興彩源及長興罡源各自由其執行合夥人湖州德瑞管理，而湖州德瑞由長興德瑞及吳博士控制。長興德瑞由吳
博士全資擁有。
因此，根據證券及期貨條例，吳博士被視為於(i)長興彩源持有的3,246,500股H股；及(ii)長興罡源持有的2,787,000股H股中擁有
權益。

(4)

貝沃特醫藥技術（上海）有限公司（「貝沃特醫藥」）實益擁有8,010,000股H股。貝沃特醫藥由顧虹博士全資擁有。因此，根據證券
及期貨條例，顧虹博士被視為對貝沃特醫藥持有的8,010,000股H股中擁有權益。

(5)

寧波梅山保稅港區厚紀通諾投資管理合夥企業（有限合夥）
（「厚紀通諾」）實益擁有14,146,619 股H股。寧波梅山保稅港區厚揚通
馳投資管理合夥企業（有限合夥）
（「厚揚通馳」）實益擁有5,258,035股H股。截至2026年6月30日，厚紀通諾及厚揚通馳各自由其
執行合夥人北京厚紀景橋創業投資有限公司管理，而北京厚紀景橋創業投資有限公司由北京融辰厚紀投資管理有限公司（「融辰厚
紀」）全資擁有。融辰厚紀由我們的非執行董事何超先生擁有約83%。因此，根據證券及期貨條例，何超先生被視為於(i)厚紀通諾
持有的14,146,619股H股；及(ii)厚揚通馳持有的5,258,035股H股中擁有權益。

除上文所披露者外，截至2026年6月30日，據董事或本公司最高行政人員所知，概無董事或本公司最高行政人員
於本公司或其相聯法團的股份、相關股份及債權證中擁有須記錄於根據證券及期貨條例第352條須存置的登記冊的
權益或淡倉；或根據標準守則須以其他方式知會本公司及聯交所的權益或淡倉。

32

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浙江同源康醫藥股份有限公司

主要股東於本公司股份及相關股份的權益及淡倉
截至2026年6月30日，據董事所知，下列人士於本公司股份或相關股份中擁有或被視為或當作擁有根據證券及期
貨條例第XV部第2及3分部條文須向本公司及聯交所披露的權益或淡倉，或須記錄於本公司根據證券及期貨條例第
336條須存置的登記冊的權益或淡倉：

股東姓名 ╱ 名稱

身份 ╱ 權益性質 (1)

股份數目

佔本公司股本
總額的持股
概約百分比 (2)

吳博士 (3)
Zhu女士 (3)
泰基鴻諾醫藥 (3)
何超先生 (4)
北京厚紀景橋創業投資有限公司
（「厚紀景橋創業」）(4)
北京融辰厚紀投資管理
有限公司 (4)

於受控法團的權益
配偶權益
實益擁有人
於受控法團的權益
於受控法團的權益

123,466,000
123,466,000
99,787,500
19,404,654
19,404,654

32.48%
32.48%
26.26%
5.10%
5.10%

於受控法團的權益

19,404,654

5.10%

附註：
(1)

全部所列權益均為好倉。

(2)

該計算乃基於截至2026年6月30日380,065,818股已發行H股的總數。

(3)

泰基鴻諾醫藥實益擁有 99,787,500 股 H 股。截至 2026 年 6 月 30 日，泰基鴻諾醫藥由吳博士、鄭州鴻諾及長興德瑞分別持有約
30.66%、約20.15%及約3.02%。鄭州鴻諾由其執行合夥人湖州德瑞管理，而湖州德瑞由長興德瑞及吳博士控制。長興德瑞由吳博
士全資擁有。因此，根據證券及期貨條例，吳博士被視為於泰基鴻諾醫藥持有的99,787,500股H股中擁有權益。Zhu女士為吳博士
的配偶。因此，根據證券及期貨條例，Zhu女士被視為於與吳博士擁有權益的相同數目股份中擁有權益。
長興利源實益擁有 17,645,000 股 H 股。截至 2026 年 6 月 30 日，長興利源由其執行合夥人長興德瑞（由吳博士全資擁有）管理。
長興彩源及長興罡源均為我們的員工持股平台。長興彩源實益擁有 3,246,500 股 H 股。長興罡源實益擁有 2,787,000 股 H 股。截至
2026 年 6 月 30 日，長興彩源及長興罡源各自由其執行合夥人湖州德瑞管理，而湖州德瑞由長興德瑞及吳博士控制。長興德瑞由吳博
士全資擁有。因此，根據證券及期貨條例，吳博士被視為於 (i) 長興彩源持有的 3,246,500 股 H 股；及 (ii) 長興罡源持有的 2,787,000
股 H 股中擁有權益。Zhu 女士為吳博士的配偶。因此，根據證券及期貨條例，Zhu 女士被視為於與吳博士擁有權益的相同數目股份中
擁有權益。

2026 年中期報告

(4)

厚紀景橋創業為厚紀通諾及厚揚通馳的執行合夥人，由北京融辰厚紀投資管理有限公司擁有100%。該公司由我們的非執行董事何
超先生最終控制。因此，根據證券及期貨條例，北京融辰厚紀投資管理有限公司、厚紀景橋創業及何超先生被視為於厚紀通諾及
厚揚通馳持有的14,146,619股H股及5,258,035股H股中擁有權益。

除上文所披露者外，截至2026年6月30日，除董事及本公司最高行政人員外，本公司並無獲知會本公司已發行股
本中有任何其他須根據證券及期貨條例第XV部第2及3分部條文向本公司披露的相關權益或淡倉，或須記錄於本公
司根據證券及期貨條例第336條須存置的登記冊的相關權益或淡倉。

董事購買股份或債權證的權利
除本中期報告「董事及最高行政人員於本公司或其相聯法團的股份、相關股份及債權證中的權益及淡倉」一節所披
露者外，任何董事或彼等各自的配偶或未滿18歲的子女概無獲授予權利，以透過收購股份或本公司債權證而獲取
利益，彼等亦無行使該等權利；或本公司或其任何附屬公司亦無訂立任何安排，以使董事或彼等各自的配偶或未
滿18歲的子女於報告期間在任何其他法人團體中獲得該等權利。

僱員激勵計劃
僱員激勵計劃之目的是完善本公司的長期激勵機制，以提高僱員的熱誠及創新，使本公司能夠吸引和留住高端人
才，促進本公司的持續增長。
為表彰僱員所作貢獻，我們已於全球發售前採納僱員激勵計劃。僱員激勵計劃不受上市規則第十七章條文的規
限，因為其不涉及本公司於上市後授出股份或授出認購股份的購股權。根據組織章程細則及僱員激勵計劃的規
則，董事會負責審查及批准僱員激勵計劃的實施、變更及終止。董事會已進一步成立僱員股權激勵計劃日常管理
工作委員會（「僱員激勵計劃工作委員會」），其成員由董事會全權酌情委任，以協助實施僱員激勵計劃及執行董事
會授權的其他事宜。僱員激勵計劃的參與者包括本公司的高級管理人員、關鍵中層管理人員、核心技術人員以及
由董事長提名並經僱員激勵計劃工作委員會批准的有突出貢獻的骨幹僱員（「參與者」）。
根據僱員激勵計劃的規則，倘參與者與本公司的僱傭關係於禁售期內終止且無不當行為，或者參與者申請贖回其
於員工持股計劃平台的股權，則相關參與者須經僱員激勵計劃工作委員會同意並按根據僱員激勵計劃計算的退出
價格，(i)將其在員工持股計劃平台的全部股權轉讓予執行合夥人或經僱員激勵計劃工作委員會批准的任何第三方
或(ii)撤回其於員工持股計劃平台所持合夥權益的相應出資額，其後執行合夥人或經僱員激勵計劃工作委員會批准
的任何第三方須向員工持股計劃平台作出相應出資。有關僱員激勵計劃的更多詳情，請參閱招股章程附錄七「有關
董事、監事及主要股東的進一步資料 －5.僱員激勵計劃」。

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2025年H股激勵計劃
公司於2025年10月30日採納了2025年H股激勵計劃（「本計劃」）。本計劃構成上市規則第十七章項下涉及現有H
股的股份計劃。以下載列計劃規則（「計劃規則」）主要條款的摘要，以及報告期內授予的股份獎勵（定義見下文）詳
情。

計劃主要條款
•

本計劃之目的
本計劃的目的為：(i)為本公司提供向合資格參與者（「合資格參與者」）支付薪酬、予以激勵、挽留、獎勵、補
償及 ╱ 或提供利益的靈活方式；(ii)透過向合資格參與者提供取得本公司所有權權益的機會，使合資格參與者
的利益與本公司及股東的利益一致；及(iii)鼓勵合資格參與者為本公司的長期增長及利潤作出貢獻，為本公司
及股東的整體利益提升本公司及其H股的價值。

•

獎勵形式
根據本計劃授出的獎勵（「獎勵」）可採取以下形式：(i)股份獎勵（「股份獎勵」），賦予承授人權利收取或購買指
定數目的H股，H股數目及購買價格由董事會或計劃管理人（「計劃管理人」）根據計劃規則條款釐定；或(ii)購
股權（「購股權」），賦予承授人權利於指定行使期內購買指定數目的H股，H股數目及行使價由董事會或計劃
管理人根據計劃規則條款釐定。

•

本計劃的參與者
可根據本計劃獲授獎勵的合資格參與者包括(i)本集團任何成員公司的僱員，包括根據本計劃獲授獎勵以吸引
其與本集團任何成員公司訂立僱傭合約的人士，惟該人士不會因(a)經本集團相關成員公司批准的任何休假；
或(b)本集團成員公司或任何繼承公司之間的任何調職而不再為僱員，且為免生疑問，該人士自其僱傭關係終
止之日（包括當日）起不再為僱員；及(ii)董事會或計劃管理人全權酌情釐定符合資格的任何其他人士。

•

本計劃項下可供授出的股份總數
根據本計劃授出的獎勵可能涉及的H股總數，不得超過採納本計劃日期（「採納日期」）本公司已發行股份總數
的2%。本計劃將僅以現有H股撥付。
截至本中期報告日期，本計劃項下可供授出的H股總數為7,601,316股，約佔本公司已發行股本總額的2%（不
包括庫存股份，如有）。

2026 年中期報告

•

每名參與者的配額上限
本計劃並無規定任何一名合資格參與者的配額上限。

•

購股權可予行使的期限
就以購股權形式授出的獎勵而言，已歸屬購股權可予行使的期限由董事會或計劃管理人釐定，惟不得超過相
關購股權授出日期起計10年。

•

獎勵的歸屬期
董事會或計劃管理人可全權酌情釐定任何獎勵的歸屬標準、條件及期限。該等條款將於向每名承授人發出的
獎勵函內訂明。

•

申請或接納時應付的金額
董事會或計劃管理人可全權酌情釐定承授人在申請或接納獎勵時應付的金額（如有）以及付款期限。

•

行使價或購買價的釐定基準
董事會或計劃管理人全權酌情決定每項獎勵的行使價或購買價的釐定基準。

•

期限及剩餘有效期
本計劃自採納日期起計10年期間（「計劃期間」）內有效。計劃期間後，不得再授出任何獎勵，但本計劃的條文
在使計劃期間內授出而尚未歸屬的任何獎勵生效的必要限度內仍然有效。截至本中期報告日期，本計劃的剩
餘有效期約為九年零兩個月。

自採納日期起及直至本中期報告日期，未授出獎勵。
除上文所披露者外，本公司或其附屬公司概無任何其他股份計劃。

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浙江同源康醫藥股份有限公司

H股全流通
於2026年1月23日，中國證券管理委員會（「中國證監會」）已就本公司代表1名股東就其持有的4,608,000股非上
市股股份轉換為H股並於聯交所上市（「轉換及上市」）向中國證監會提交申請而向本公司發出備案通知書（「備案通
知書」）。根據備案通知書，有關本公司1名股東持有4,608,000股非上市股份轉換為4,608,000股H股的H股全流通
的中國證監會備案已告完成。此外，聯交所已於2026年2月11日授予上市批准。4,608,000股非上市股份轉換為
4,608,000股H股已於2026年3月4日完成，且經轉換H股已於2026年3月5日上午九時正開始於聯交所上市。
詳情請參閱本公司日期為2025年6月6日、2026年1月23日、2026年2月12日及2026年3月4日之公告。

報告期後重大事項
與齊魯的許可及合作事宜及根據一般授權發行H股
於2026 年7 月21 日（交易時段後），本公司與齊魯或其指定關聯方達成許可及合作協議以及供應及商業化協議，
以合作開展在中國的合作原料藥（即TY-9591原料藥）的開發、生產及TY-9591的商業化，旨在推進創新藥物的開
發、生產與商業化。根據許可及合作協議，本公司將收取合共約人民幣700.00百萬元的首付款，包括認購協議項
下所得款項約人民幣400.00百萬元，以及潛在里程碑付款。除許可與合作外，認購方已同意通過認購H股投資本
公司，而本公司同意向認購方配發及發行H股。合共63,222,744股H股將按認購價每股認購股份7.30港元發行予
認購方，現金代價總額為約人民幣400.00百萬元或其等值美元 ╱ 港元（「認購事項」）。由於認購股份將根據股東於
2026年7月15日舉行的臨時股東會上通過的特別決議案授予董事會的一般授權（據此董事會可配發、發行及處理不
超過76,013,163股新股份，相當於臨時股東會上通過決議案當日已發行股份的約20%）配發及發行，故本公司毋須
就發行認購股份取得股東批准。於本中期報告日期及訂立認購協議前，本公司未根據一般授權發行任何H股。
詳情請參閱本公司日期為2026年7月21日之公告。

2026 年中期報告

延長有關根據一般授權發行H股的最後截止日期
認購事項須待認購協議項下的先決條件達成或獲豁免後完成。倘認購事項的條件未能在最後截止日期（即2026年8
月20日或認購協議訂約方可能協議的較後日期）前達成或獲豁免，認購協議將被終止。由於認購協議訂約方需要額
外時間達成發行認購股份的若干條件，於2026年8月20日，認購協議訂約方同意將最後截止日期從2026年8月20
日延長至2026年9月20日。除上述延長最後截止日期外，認購協議、許可及合作協議以及供應及商業化協議的全
部其他條款及條件維持不變且具十足效力及作用。詳情請參閱本公司日期為2026年8月20日之公告。

有關本公司之法律程序
公司最近已向長興縣人民法院提交一宗案件，對四川匯宇製藥股份有限公司（「四川匯宇」）提起法律程序，尋求以
下司法確認：一份聲稱與四川匯宇訂立的TY-9591相關合作協議及經銷協議並未成立且屬無效。本公司亦收到內江
市市中區人民法院就四川匯宇就據稱由本公司與四川匯宇訂立的同一合作協議、經銷協議及相關文件所發出的案
件受理通知書。兩宗案件均已立案，惟尚未在法院審理。本公司將於適當時候就法律程序的重大進展另行刊發公
告。
詳情請參閱本公司日期為2026年7月22日之公告。

非執行董事辭任及更換授權代表以及建議重選董事
蔣博士已提出辭任非執行董事以投放更多時間從事其他商業事務，自2026年8月17日起生效。辭任非執行董事的
同時，彼亦將不再擔任本公司授權代表。

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浙江同源康醫藥股份有限公司

繼蔣博士辭任後，吳博士已獲委任為上市規則第3.05條項下的授權代表，自2026年8月17日起生效。
若干董事的任期即將屆滿，董事會已決議建議重選下列人士為董事，任期為三年（或直至第二屆董事會任期屆滿時
止），自建議候選人於本公司即將舉行的臨時股東會（「臨時股東會」）上獲選之日起生效，惟須待股東於臨時股東會
通過普通決議案後方可作實。建議於臨時股東會上重選的候選人將為：(i)吳博士為執行董事；(ii)李鈞博士、顧虹
博士及何超先生為非執行董事；及(iii)冷瑜婷博士、許文青博士及沈秀華博士為獨立非執行董事。
詳情請參閱本公司日期為2026年8月17日之公告。

NMPA附條件批准甲磺酸氘申艾替尼片（TY-9591片）的上市申請
本公司自主研發的新一代EGFR-TKI創新藥甲磺酸氘申艾替尼片（TY-9591片）已獲得NMPA批准附條件上市，適
應症為具有表皮生長因子受體(EGFR)外顯子19缺失(19DEL)或外顯子21(L858R)置換突變，並伴有中樞神經系統
(CNS)轉移的局部晚期或轉移性非小細胞肺癌(NSCLC)成人患者的一線治療。
詳情請參閱本公司日期為2026年8月27日之公告。
除上文所披露者外，本集團並不知悉報告期後的任何重大後續事項。
承董事會命
浙江同源康醫藥股份有限公司
董事長、執行董事兼總裁
吳豫生博士
香港，2026年8月17日

2026 年中期報告

獨立審閱報告

Ernst & Young
27/F, One Taikoo Place
979 King’s Road
Quarry Bay, Hong Kong

⭰㰟㛪姯⸒Ṳ⋀㈧
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⤑⏋✱ᷧ⺎㧺

Tel 曢婘: +852 2846 9888
Fax ₚ䜆: +852 2868 4432
ey.com

致浙江同源康醫藥股份有限公司董事會
（於中華人民共和國註冊成立的有限公司）

引言
吾等已審閱列載於第41至62頁的中期財務資料，包括浙江同源康醫藥股份有限公司（「貴公司」）及其附屬公司（「貴
集團」）於2026 年6 月30 日的簡明綜合財務狀況表及截至該日止六個月期間的相關簡明綜合損益及其他全面收入
表、權益變動表及現金流量表以及解釋附註。香港聯合交易所有限公司證券上市規則規定，編製中期財務資料的
報告須符合上市規則的相關規定及香港會計師公會（「香港會計師公會」）頒佈的香港會計準則第34號「中期財務報
告」
（「香港會計準則第34號」）。 貴公司董事須負責按照香港會計準則第34號編製及列報本中期財務資料。吾等的
責任是根據吾等的審閱對本中期財務資料作出結論。吾等按照所協定的委聘條款僅對全體股東作出報告，除此以
外，本報告並無其他用途。吾等不會就本報告的內容向任何其他人士負上或承擔任何責任。

審閱範圍
吾等已根據香港會計師公會頒佈的香港審閱準則第2410 號「由實體的獨立核數師執行中期財務數據審閱」進行審
閱。中期財務資料審閱工作包括主要向負責財務和會計事項的人員作出查詢，並實施分析和其他審閱程序。由於
審閱的範圍遠較按照香港審計準則進行審核的範圍為小，因此不能保證吾等會注意到在審核中可能會被發現的所
有重大事項。因此，吾等不會發表任何審核意見。

結論
按照吾等的審閱，吾等並無發現任何事項，令吾等相信中期財務資料未有在各重大方面根據香港會計準則第34號
編製。

安永會計師事務所
執業會計師
香港
2026年8月17日

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浙江同源康醫藥股份有限公司

中期簡明綜合損益及其他全面收入表
截至 2026 年 6 月 30 日止六個月

2026年

2025年

人民幣千元
（未經審計）

人民幣千元
（未經審計）

收入
銷售成本

–
–

–
–

毛利

–

–

142,343
(94,943)
(62,554)
(67)
(7,827)

20,820
(88,758)
(38,775)
(3)
(7,349)

(3,834)

–

附註

其他收入及收益
研發成本
行政開支
其他開支及虧損
財務成本
分佔以下各項的損益：
聯營公司

4

6

除稅前虧損

5

(26,882)

(114,065)

所得稅開支

7

–

–

期內虧損

(26,882)

(114,065)

歸屬於：
母公司擁有人
非控股權益

(24,897)
(1,985)

(112,177)
(1,888)

期內總全面虧損

(26,882)

(114,065)

(0.07)

(0.30)

母公司普通股股東應佔每股虧損
（以人民幣元列示）
基本及攤薄

9

2026 年中期報告

中期簡明綜合財務狀況表
2026 年 6 月 30 日

2026年6月30日

2025年12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

199,778
38,730
53,924
133,132
24,360
54,194

192,137
39,822
56,769
5,811
44,157
–

504,118

338,696

62,476
201,959

73,756
367,285

264,435

441,041

155,652
83,596
13,429

158,807
134,115
14,851

流動總負債

252,677

307,773

流動淨資產

11,758

133,268

總資產減流動負債

515,876

471,964

附註

非流動資產
物業、廠房及設備
使用權資產
無形資產
於聯營公司的投資
預付款項及其他應收款項
已抵押存款

10

11
14

非流動總資產
流動資產
預付款項及其他應收款項
現金及銀行結餘

12

流動總資產
流動負債
貿易及其他應付款項
計息銀行及其他借款
租賃負債

13
14

42

43

浙江同源康醫藥股份有限公司

中期簡明綜合財務狀況表（續）
2026 年 6 月 30 日

2026年6月30日

2025年12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

48,909
153,599
5,104
47,500

44,172
137,335
3,847
–

非流動總負債

255,112

185,354

淨資產

260,764

286,610

權益
本公司擁有人應佔權益
股本
庫存股份
儲備

380,066
(18,488)
(100,620)

380,066
(17,669)
(75,727)

非控股權益

260,958
(194)

286,670
(60)

總權益

260,764

286,610

附註

非流動負債
遞延收入
其他長期應付款項
租賃負債
計息銀行及其他借款

吳豫生
董事

15
16
14

2026 年中期報告

中期簡明綜合權益變動表
截至 2026 年 6 月 30 日及 2025 年 6 月 30 日止六個月

股本

庫存股份

股份溢價

以股份為
基礎的付款
儲備

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

於2026年1月1日（經審計）
換算海外業務產生的匯兌差額
期內全面虧損總額
視作出售一間附屬公司
股份回購

380,066
–
–
–
–

(17,669)
–
–
–
(819)

1,606,909
–
–
–
–

16,354
–
–
–
–

(3,170)
4
–
–
–

(1,695,820)
–
(24,897)
–
–

286,670
4
(24,897)
–
(819)

(60)
–
(1,985)
1,851
–

286,610
4
(26,882)
1,851
(819)

於2026年6月30日（未經審計）

380,066

(18,488)

1,606,909

16,354

(3,166)

(1,720,717)

260,958

(194)

260,764

其他儲備

累計虧損

小計

非控股權益

總權益

股本

股份溢價

以股份為
基礎的付款
儲備

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

於2025年1月1日（經審計）
期內全面虧損總額

370,836
–

1,481,120
–

16,354
–

(3,170)
–

(1,396,052)
(112,177)

469,088
(112,177)

3,474
(1,888)

472,562
(114,065)

於2025年6月30日（未經審計）

370,836

1,481,120

16,354

(3,170)

(1,508,229)

356,911

1,586

358,497

其他儲備

累計虧損

小計

非控股權益

總權益

44

45

浙江同源康醫藥股份有限公司

中期簡明綜合現金流量表
截至 2026 年 6 月 30 日止六個月

2026年

2025年

人民幣千元
（未經審計）

人民幣千元
（未經審計）

(26,882)

(114,065)

(129,479)
–
3,834
1,971
4,529
2,839
4,719
2,830
4
(5,674)
5,856

–
(5,082)
–
2,799
1,649
3,408
6,444
2,829
1
(4,381)
4,550

貿易及其他應收款項減少
貿易及其他應付款項增加 ╱（減少）

26,582
17,619

14,357
(6,665)

經營活動所用淨現金流量

(91,252)

(94,156)

(16,684)
(2,850)

24,408
–

–
–
–
51,004
(54,194)

(490,482)
301,796
(58)
60,475
(50,000)

(22,724)

(153,861)

附註

經營活動所得現金流量
除稅前虧損
就以下項目作出調整：
視作出售一間附屬公司的收益
出售一間附屬公司的收益
分佔聯營公司損益
財務成本
外匯匯兌虧損淨額
物業、廠房及設備折舊
使用權資產折舊
無形資產攤銷
出售物業、廠房及設備項目的虧損
與免息融資相關的政府補助
政府補助利息開支

投資活動所得現金流量
購買物業、廠房及設備項目
於一間聯營公司之投資
購買按公允價值計入損益（「按公允價值計入損益」）
的金融資產
出售按公允價值計入損益的金融資產
出售一間附屬公司
提取原到期日超過三個月的定期存款所得款項
購買原到期日超過三個月的定期存款
投資活動所用淨現金流量

4
4
6
4
5
5
5
4
6

2026 年中期報告

中期簡明綜合現金流量表（續）
截至 2026 年 6 月 30 日止六個月

2026年

2025年

人民幣千元
（未經審計）

人民幣千元
（未經審計）

(819)
(8,270)
–
13,758
103,000
(106,000)
(1,990)
(3,978)

–
–
(515)
16,013
60,000
(65,280)
(2,834)
(1,682)

(4,299)

5,702

現金及現金等價物淨減少

(118,275)

(242,315)

期初的現金及現金等價物
外匯匯率變動的影響，淨額

316,493
(4,529)

375,046
(1,649)

期末的現金及現金等價物

193,689

131,082

201,959
(8,270)
–
–

206,082
–
(25,000)
(50,000)

193,689

131,082

附註

融資活動所得現金流量
股份回購
限用於股份回購
支付上市開支
向附屬公司非控股股東融資
新銀行貸款
償還銀行貸款
已付利息
租賃付款的本金部分
融資活動（所用）╱ 所得淨現金流量

現金及現金等價物結餘分析
現金及銀行結餘
受限制銀行存款
已抵押存款，流動部分
原到期日超過三個月的定期存款
中期簡明綜合現金流量表所述現金及現金等價物

12
12
12

46

47

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註
截至 2026 年 6 月 30 日止六個月

1. 公司資料
本公司於2017年11月2日在中國內地成立為股份有限公司。本公司註冊辦事處地址為中國浙江省湖州市長興
經濟開發區明珠路1278號長興世貿大廈A座14層1403-2室。
於期內，本公司及其附屬公司主要從事醫藥產品的研究、開發及商業化。
本公司於2024年8月20日在香港聯合交易所有限公司（「聯交所」）主板上市。

2.1 編製基準
截至2026年6月30日止六個月的中期簡明綜合財務資料已根據香港會計準則第34號中期財務報告編製。中期
簡明綜合財務資料未包含年度財務報表要求的所有資料和披露，故應當與本公司截至2025年12月31日止年
度的綜合財務報表一併閱讀。
除另有註明外，中期簡明綜合財務資料以人民幣（「人民幣」）呈列，及所有金額均約整至最接近的千位數（「人
民幣千元」）。

2.2 會計政策及披露的變動
編製中期簡明綜合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日止年度的年度綜合財務報
表所應用者一致，惟就本期間財務資料首次採納下列經修訂香港財務報告準則會計準則除外。
香港財務報告準則第9號及香港財務報告準則
第7號的修訂
香港財務報告準則第9號及香港財務報告準則
第7號的修訂
香港財務報告準則會計準則的年度改進 － 第11卷

對金融工具分類和計量的修訂
涉及依賴自然能源生產電力的合約
香港財務報告準則第1號、香港財務報告準則第7號、
香港財務報告準則第9號、香港財務報告準則第10
號及香港會計準則第7號的修訂

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

2.2 會計政策及披露的變動（續）
經修訂香港財務報告準則會計準則的性質及影響說明如下：
香港財務報告準則第9 號及香港財務報告準則第7 號的修訂對金融工具分類和計量的修訂 釐清，當實體收取
合約現金流量的權利屆滿或已轉讓時，金融資產即予以終止確認；而金融負債則於結算日予以終止確認。該
等修訂引入一項會計政策選擇，在符合特定條件的情況下，終止確認於結算日前透過電子付款系統結算的金
融負債。該等修訂釐清如何評估具有環境、社會及管治以及其他類似或然特徵的金融資產的合約現金流量特
徵。此外，該等修訂釐清具有無追索權特徵的金融資產及合約掛鈎工具的分類規定。該等修訂亦包括指定為
以公允價值計量且其變動計入其他全面收入的權益工具投資及具有或然特徵的金融工具的額外披露。由於本
集團過往年度就終止確認金融資產及負債所採用的會計政策與該等修訂一致，且本集團並無該等修訂所涉及
的金融資產，因此該等修訂對中期簡明綜合財務資料並無產生任何影響。
香港財務報告準則第9號及香港財務報告準則第7號的修訂涉及依賴自然能源生產電力的合約 釐清範圍內合約
「自用」規定的應用，並修訂範圍內合約現金流量對沖關係中被對沖項目的指定規定。該等修訂亦包括額外披
露，讓財務報表使用者能夠了解該等合約對實體的財務表現及未來現金流量的影響。由於本集團並無任何合
約屬於該等修訂的適用範圍，因此該等修訂對中期簡明綜合財務資料並無產生任何影響。

香港財務報告準則會計準則的年度改進 － 第11卷載列對香港財務報告準則第1號、香港財務報告準則第7號
（及實施香港財務報告準則第7號的隨附指引）、香港財務報告準則第9號、香港財務報告準則第10號及香港會
計準則第7 號作出的小範圍修訂。該等修訂包括釐清、簡化、更正或變更，以提高相應香港財務報告準則會
計準則的一致性。該等修訂對中期簡明綜合財務資料並無產生任何影響。

48

49

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

3. 經營分部資料
就管理目的而言，本集團僅有一個可呈報經營分部，即開發及商業化醫藥產品。由於此乃本集團唯一可呈報
經營分部，故並無呈列進一步經營分部分析。

地域資料
由於本集團所有非流動資產位於中國內地，故根據香港財務報告準則第8號經營分部 並無呈列地域資料。

4. 其他收入及收益
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
（未經審計）

人民幣千元
（未經審計）

其他收入
與收入相關的政府補助
與免息融資相關的政府補助
銀行利息收入

10,993
5,674
726

12,206
4,381
800

收益
視作出售一間附屬公司的收益
出售一間附屬公司的收益
外匯匯兌虧損淨額

129,479
–
(4,529)

–
5,082
(1,649)

總計

142,343

20,820

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

5. 除稅前虧損
本集團的除稅前虧損經扣除以下各項後計算：
截至6月30日止六個月
2026年
2025年

人民幣千元
（未經審計）

人民幣千元
（未經審計）

物業、廠房及設備折舊*
使用權資產折舊**
無形資產攤銷***
研發成本：
本年度支出
出售物業、廠房及設備項目的虧損
與短期租賃相關的開支
核數師的報酬

2,839
4,719
2,830

3,408
6,444
2,829

64,032
4
690
455

63,011
1
844
–

員工成本（包括董事酬金）****：
薪金、酌情花紅、津貼及實物福利
退休金計劃供款

36,886
2,259

29,007
1,484

總計

39,145

30,491

*

物業、廠房及設備折舊計入損益的「研發成本」及「行政開支」。

**

使用權資產折舊計入損益的「研發成本」及「行政開支」。

***

知識產權攤銷計入損益的「研發成本」。

****

員工成本計入損益的「研發成本」及「行政開支」。

50

51

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

6. 財務成本
截至6月30日止六個月
2026年
2025年

人民幣千元
（未經審計）

人民幣千元
（未經審計）

租賃負債利息
政府資金利息開支
銀行貸款利息

258
5,856
1,713

479
4,550
2,320

總計

7,827

7,349

7. 所得稅
本集團須就於本集團的成員公司註冊及經營所在司法權區產生或取得的利潤按實體基準繳納所得稅。
由於本集團於截至2026 年及2025 年6 月30 日止六個月並無於中華人民共和國（「中國」）產生任何應課稅溢
利，故並無就中國利得稅計提撥備。
由於本集團於截至2026年及2025年6月30日止六個月並無於美國或香港產生任何應課稅溢利，故並無就美國
所得稅或香港利得稅計提撥備。

8. 股息
本公司於截至2026年6月30日止六個月並無派付或宣派任何股息（截至2025年6月30日止六個月：無）。

9. 母公司普通股股東應佔每股虧損
每股基本虧損金額按於截至2026年及2025年6月30日止六個月母公司普通股股東應佔期內虧損及發行在外普
通股加權平均數分別為378,596,000股及370,836,000股計算。
本集團於截至2026年及2025年6月30日止六個月並無發行潛在攤薄普通股。

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

9. 母公司普通股股東應佔每股虧損（續）
每股基本及攤薄虧損基於以下各項計算：
截至6月30日止六個月
2026年
2025年

虧損
母公司普通股股東應佔虧損
股份
用於每股基本虧損計算的期內發行在外普通股加權平均數

人民幣千元
（未經審計）

人民幣千元
（未經審計）

(24,897)

(112,177)

378,596,000

370,836,000

(0.07)

(0.30)

母公司普通股股東應佔每股虧損（以人民幣元列示）
基本及攤薄

10. 物業、廠房及設備
截至2026年6月30日止六個月，本集團以成本人民幣11,615,250元（未經審計）
（截至2025年6月30日止六個
月：人民幣12,827,000元（未經審計））購買資產。截至2026年6月30日止六個月，本集團出售賬面淨值為人
民幣284,992元（未經審計）
（截至2025年6月30日止六個月：人民幣1,000元（未經審計））的資產。
截至2026年6月30日止六個月並無確認減值虧損。

52

53

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

11. 於聯營公司的投資
2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

同源康創業投資基金（湖州）合夥企業（有限合夥）
（「TYK VC」）(i)
浙江同源康生物藥業有限公司（「同源康生物」）(ii)

8,661
124,471

5,811
–

總計

133,132

5,811

(i)

於2025 年4 月24 日，本公司與騰遠（長興）投資管理有限公司、湖州市創新創業投資有限公司、湖州市產業基金投資有限
公司、長興興長創強投資合夥企業（有限合夥）及上海友南環保科技有限公司訂立投資協議，據此，本公司以總代價人民幣
18,000,000元認購TYK VC 9%的有限合夥權益。於2026年6月30日，本公司已向TYK VC投資人民幣8,661,000元。

(ii)

於2026年2月27日，本公司、同源康生物、吳豫生博士、長興禾源企業管理合夥企業（有限合夥）及長興璟源企業管理合夥
企業（有限合夥）訂立增資合同，據此，訂約方同意以總代價約人民幣83.5百萬元增加同源康生物的註冊資本約人民幣6.49
百萬元。增資完成後，同源康生物之總註冊資本由人民幣14.0百萬元增加至約人民幣20.49百萬元，而本公司於同源康生物
之直接及間接權益由約71%減少至49%，且同源康生物不再為本集團之附屬公司。

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

12. 現金及銀行結餘
2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

現金及銀行結餘
減：
受限制銀行存款
已抵押存款

201,959

367,285

(8,270)
–

–
(50,792)

現金及現金等價物

193,689

316,493

以下列貨幣計值
人民幣
港元
美元

88,792
104,386
511

196,894
119,071
528

人民幣不可自由兌換為其他貨幣，然而，根據中國內地的外匯管制條例以及結匯、售匯及付匯管理規定，本
集團獲准透過獲授權開展外匯業務的銀行以人民幣兌換其他貨幣。
銀行現金以基於每日銀行存款利率的浮動利率計息。銀行結餘及已抵押存款均存放於近期並無違約記錄的信
譽良好的銀行。

13. 貿易及其他應付款項
2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

貿易應付款項
應付工資
研發服務的應計費用
其他應付稅項
其他應付款項
－ 物業、廠房及設備應付款項
－ 其他

15,175
4,748
93,639
586

45,164
6,049
55,120
571

37,241
4,263

45,530
6,373

總計

155,652

158,807

54

55

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

13. 貿易及其他應付款項（續）
於報告期末基於發票日期的貿易應付款項及應付票據的賬齡分析如下：
2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

三個月內
三至六個月
六個月至一年
一年以上

10,628
1,178
651
2,718

40,597
812
2,687
1,068

總計

15,175

45,164

貿易應付款項不計息且須按要求支付，通常按一至三個月的期限結算。

14. 計息銀行及其他借款
於2026年6月30日
（未經審計）
實際利率(%)

到期日

人民幣千元

流動
銀行貸款 － 無抵押
銀行貸款 － 有抵押

2.70-3.10
2.30-3.30

2027年
2027年

58,042
25,554

非流動
銀行貸款 － 有抵押

3.30

2028年 －2029年

47,500

總計

131,096

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

14. 計息銀行及其他借款（續）
2026年
6月30日

人民幣千元
（未經審計）
分析為：
銀行貸款：
一年內
一至二年
二至三年

83,596
500
47,000

總計

131,096
於2025年12月31日
（經審計）

流動
銀行貸款 － 無抵押
銀行貸款 － 有抵押

實際利率(%)

到期日

人民幣千元

2.70-3.20
2.95-3.30

2026年
2026年

59,049
75,066
134,115

總計

2025年
12月31日

人民幣千元
（經審計）
分析為：
銀行貸款：
一年內

134,115

(a)

所有銀行貸款均以人民幣計值。

(b)

於2026年6月30日及2025年12月31日，本集團若干銀行貸款由本集團分別為人民幣54,194,000元及人民幣50,792,000元
的定期存款抵押作擔保。

56

57

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

15. 遞延收入
2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

與免息融資相關的政府補助（附註16）
與收入相關的政府補助*

41,848
7,061

44,172
–

總計

48,909

44,172

2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

–

539

期 ╱ 年內收到的補助
期 ╱ 年內撥入損益的金額

11,660
(4,599)

4,334
(4,873)

期 ╱ 年末

7,061

–

*

期 ╱ 年內遞延收入的變動如下：

期 ╱ 年初

該等補助為地方政府部門為支持本集團的研發活動而給予的政府補貼，且將於擬補償的成本支銷期間系統地
確認為收入。

16. 其他長期應付款項

政府資金

2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

153,599

137,335

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

16. 其他長期應付款項（續）
於2021年3月，本公司與長興經濟技術開發區管理委員會訂立投資協議（「長興投資協議」）。根據長興投資協
議，長興興康股權投資合夥企業（有限合夥）
（「長興興康」）以免息且須償還的融資方式認購本公司附屬公司
長興康源製藥有限公司（「長興康源」）的6,000,000股權益股份，融資總額不超過人民幣220,000,000元。於
2021年7月、2022年6月、2023年1月、2024年2月、2024年12月、2025年1月、2025年9月、2025年11
月及2026年2月，長興康源分別從長興興康收到融資款項人民幣26,860,000元、人民幣40,000,000元、人
民幣65,000,000元、人民幣12,000,000元、人民幣5,000,000元、人民幣16,013,200元、人民幣8,120,800
元、人民幣10,000,000元及人民幣13,758,000元。該融資須於2021年6月起計七年半內償還。長興興康持有
的權益股份將於融資償還時註銷。
長興康源收到的融資按償還金額的現值確認為金融負債。由於2021年7月、2022年6月、2023年1月、2024
年2 月、2024 年12 月、2025 年1 月、2025 年9 月、2025 年11 月及2026 年2 月收到的融資為免息，故融資
初始賬面值與已收所得款項之間的差額人民幣9,664,000元及人民幣3,350,000元（未經審計）已分別於截至
2025年12月31日止年度及截至2026年6月30日止六個月確認為政府補助。

17. 或然負債
於2026年6月，本公司已向長興縣人民法院提交一宗案件，對四川匯宇製藥股份有限公司（「四川匯宇」）提起
法律程序，尋求以下司法確認：一份聲稱與四川匯宇訂立的TY-9591相關合作協議及經銷協議並未成立且屬
無效。本公司亦收到內江市市中區人民法院就四川匯宇就據稱由本公司與四川匯宇訂立的同一合作協議、經
銷協議及相關文件所發出的案件受理通知書。兩宗案件均已立案，惟尚未在法院審理。本公司認為有合理理
由對該聲稱合作協議及經銷協議的成立及有效性提出異議，並支持本公司的立場，且本公司擬採取一切必要
措施以保障其合法權益。然而，雙方目前的訴訟索償並未涉及任何賠償，故於2026年6月30日無法可靠估計
清償任何潛在義務所需的金額。因此，本集團並無於2026年6月30日及截至該日止期間的簡明綜合財務資料
中就該等案件計提任何撥備。

58

59

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

18. 承諾
於報告期末，本集團的合同承諾如下：
2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

物業、廠房及設備
投資一間聯營公司

7,684
9,339

8,348
12,189

總計

17,023

20,537

19. 關聯方交易
(a) 姓名 ╱ 名稱及關係
姓名 ╱ 名稱

關係

浙江藥領醫藥科技有限公司（「浙江藥領」）
鄭州藥領醫藥科技有限公司（「鄭州藥領」）
鄭州泰基鴻諾醫藥股份有限公司（「泰基鴻諾醫藥」）
雅辰藥物科技有限公司（「雅辰」）
四川匯宇
蔣鳴昱博士

由吳豫生博士控制
由吳豫生博士控制
由吳豫生博士控制
由吳豫生博士控制
由一名非執行董事直接控制的企業*
董事**

*

該非執行董事已於2025年3月27日辭任。因此，自2025年3月27日起，四川匯宇不再為本公司的關聯方。

**

蔣鳴昱博士由執行董事調任為非執行董事，自2025年6月13日起生效。

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

19. 關聯方交易（續）
(b) 本集團於期內與關聯方進行的交易如下：
截至6月30日止六個月
2026年
2025年

人民幣千元
（未經審計）

人民幣千元
（未經審計）

購買產品
浙江藥領
雅辰

896
143

85
–

接受服務
四川匯宇
鄭州藥領

–
2

177
–

538

646

1,579

908

租賃費
泰基鴻諾醫藥
總計

向關聯方購買產品及服務乃根據本集團與關聯方協定的已公佈價格及條件作出。

60

61

浙江同源康醫藥股份有限公司

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

19. 關聯方交易（續）
(c) 與關聯方的未付結餘

應收關聯方款項：
其他應收款項 － 租賃按金：
泰基鴻諾醫藥
應收受限制股份計劃承授人款項（非貿易性質）：
蔣鳴昱博士
應付關聯方款項：
其他應付款項及應計費用（貿易性質）：
雅辰
浙江藥領
租賃負債
泰基鴻諾醫藥
總計

2026年
6月30日

2025年
12月31日

人民幣千元
（未經審計）

人民幣千元
（經審計）

108

108

–

3,101

40
352

289
692

1,293

1,286

1,685

2,267

應收 ╱ 付關聯方款項為無抵押、免息及須按要求償還。
未付結餘為購買產品及提供服務的應付款項。

(d) 本集團主要管理人員的薪酬：
截至6月30日止六個月
2026年
2025年

薪金、津貼及實物福利

人民幣千元
（未經審計）

人民幣千元
（未經審計）

1,280

1,288

2026 年中期報告

中期簡明綜合財務資料附註（續）
截至 2026 年 6 月 30 日止六個月

20. 金融工具的公允價值及公允價值層級
管理層已評估現金及現金等價物、受限制銀行存款（流動部分）、計入預付款項及其他應收款項（流動部分）的
金融資產、計入貿易及其他應付款項的金融負債的公允價值與其賬面值相若，主要是由於該等工具於短期內
到期。其他非流動金融資產及金融負債的公允價值乃使用具有類似條款、信用風險及剩餘期限的工具的現時
可用利率貼現預期未來現金流量計算。
本集團由財務經理領導的財務部門負責釐定金融工具公允價值計量的政策及程序。於年末，財務部門分析金
融工具的價值變動，並釐定估值中應用的主要輸入數據。估值由首席財務官審閱及批准。
金融資產及負債的公允價值按該工具自願交易方（而非強迫或清盤銷售）在當前交易中的可交易金額入賬。
本集團投資於按公允價值計入損益的金融資產，即銀行發行的理財產品。公允價值乃基於使用預期收益率貼
現的現金流量。

21. 報告期後事項
於2026 年7 月21 日，本公司與齊魯製藥（海南）有限公司（「齊魯」）
（或其指定關聯方）達成許可及合作協議
以及供應及商業化協議，以合作開展在中國的合作原料藥（「原料藥」）
（即TY-9591 原料藥）的開發、生產
及TY-9591 的商業化，旨在推進創新藥物的開發、生產與商業化。根據協議，本公司將收取合共約人民幣
700.00 百萬元的首付款，包括認購協議項下所得款項約人民幣400.00 百萬元，以及潛在里程碑付款。就許
可與合作而言，齊魯的一名關聯方亦已同意通過認購 H股投資本公司，而本公司同意向該認購方配發及發
行H股。合共63,222,744股H股將按認購價每股認購H股7.30港元發行予認購方，現金代價總額為約人民幣
400.00百萬元或其等值美元 ╱ 港元。

22. 批准財務報表
財務報表於2026年8月17日獲董事會批准及授權刊發。

62

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浙江同源康醫藥股份有限公司

定義
於本中期報告內，除文義另有所指外，下列詞彙具有以下涵義。
「2025年H股激勵計劃」

指

本公司於2025 年10 月30 日根據股東批准採納的股份激勵計劃，詳情載於
本公司日期為2025年10月14日的通函

「年度股東會」

指

本公司於2026年6月23日召開的2025年年度股東會

「審計委員會」

指

董事會審計委員會

「董事會」

指

董事會

「企業管治守則」

指

上市規則附錄C1所載的企業管治守則

「長興彩源」

指

長興彩源企業管理合夥企業（有限合夥），一家於2023年7月19日在中國成
立的有限合夥企業，我們的員工持股計劃平台之一，且為我們的控股股東
之一

「長興德瑞」

指

長興德瑞創業投資有限公司（前稱鄭州德瑞醫藥科技有限公司），一家於
2017年12月20日在中國註冊成立的有限公司，且為我們的控股股東之一

「長興罡源」

指

長興罡源企業管理合夥企業（有限合夥），一家於2023年7月18日在中國成
立的有限合夥企業，我們的員工持股計劃平台之一，且為我們的控股股東
之一

「長興利源」

指

長興利源企業管理合夥企業（有限合夥），一家於2018年6月29日在中國成
立的有限合夥企業，且為控股股東之一

「中國」

指

中華人民共和國，就本中期報告而言，不包括香港、中華人民共和國澳門
特別行政區及台灣

「本公司」

指

浙江同源康醫藥股份有限公司，一家於2017年11月2日在中國註冊成立的
股份有限公司

2026 年中期報告

「控股股東」

指

具有上市規則所賦予的涵義，除文義另有所外，指吳博士、Zhu女士、泰
基鴻諾醫藥、長興德瑞、湖州德瑞、鄭州鴻諾、美國泰基鴻諾國際有限公
司、長興利源、長興彩源及長興罡源

「核心產品」

指

具有上市規則第十八A章所賦予的涵義，在此指TY-9591

「董事」

指

本公司董事或其中任何一名董事

「吳博士」

指

吳豫生博士，董事長、執行董事、總裁，且為我們的控股股東之一

「EGFR」

指

表皮生長因子受體

「僱員激勵計劃」

指

本公司於2023年5月19日採納的僱員股權激勵計劃

「員工持股計劃平台」

指

長興彩源及長興罡源

「FDA」

指

美國食品藥品監督管理局

「全球發售」

指

招股章程所界定的香港公開發售及國際發售

「本集團」或「我們」

指

本公司及其附屬公司或其中任何一家公司（如文義可能所指），或（倘文義
所指，其註冊成立前的任何時間）其前身公司或其現有附屬公司的前身公
司，或其中任何一家公司（如文義可能所指）曾經從事或其後由本公司承擔
的業務

「H股」

指

本公司股本中每股面值人民幣1.00元的普通股，該等股份在聯交所上市

「港元」

指

港元及港仙，分別為香港法定貨幣

「香港」

指

中國香港特別行政區

「湖州德瑞」

指

湖州德瑞醫藥科技有限公司，一家於2020 年3 月3 日在中國註冊成立的有
限公司，且為我們的控股股東之一

64

65

浙江同源康醫藥股份有限公司

「IND」

指

臨床研究用新藥或臨床研究用新藥申請

「上市」

指

H股在聯交所主板上市

「上市規則」

指

聯交所證券上市規則，經不時修訂、補充或以其他方式修改

「主板」

指

香港聯交所運作的股票市場（不包括期權市場），獨立於聯交所GEM並與其
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

「Zhu女士」

指

ZHU Ming Julia女士，吳博士的配偶，且為我們的控股股東之一

「NDA」

指

新藥申請

「國家藥監局」

指

中國國家藥品監督管理局

「NSCLC」

指

非小細胞肺癌

「招股章程」

指

本公司日期為2024年8月12日的招股章程

「研發」

指

研究及開發

「報告期間」

指

截至2026年6月30日止六個月

「人民幣」

指

人民幣，中國法定貨幣

「證監會」

指

香港證券及期貨事務監察委員會

「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

2026 年中期報告

「股份」

指

本公司股本中每股面值人民幣1.00元的H股

「股東」

指

股份持有人

「聯交所」

指

香港聯合交易所有限公司

「附屬公司」

指

具有上市規則所賦予的涵義

「主要股東」

指

具有上市規則所賦予的涵義

「泰基鴻諾醫藥」

指

浙江泰基鴻諾醫藥股份有限公司（前稱鄭州泰基鴻諾醫藥股份有限公司），
一家於2007年11月26日在中國註冊成立的有限公司，且為控股股東之一

「美國」

指

美利堅合眾國、其領土、屬地及所有受其管轄的地區

「美元」

指

美元，美國法定貨幣

「鄭州鴻諾」

指

鄭州鴻諾企業管理諮詢中心（有限合夥），一家於2016年4月26日在中國成
立的有限合夥企業，且為我們的控股股東之一

「%」

指

百分比

66