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南京英派藥業股份有限公司
IMPACT Therapeutics, Inc
(A joint stock company established in the People’s Republic of China with limited liability)

Stock Code : 7630

2026

Interim Report

Contents
2

Corporate Information

4

Financial Highlights

5

Business Highlights

8

Management Discussion and Analysis

26

Corporate Governance and Other Information

39

Independent Review Report

40

Interim Condensed Consolidated Statement of Profit or Loss and
Other Comprehensive Income

41

Interim Condensed Consolidated Statement of Financial Position

43

Interim Condensed Consolidated Statement of Changes in Equity

44

Interim Condensed Consolidated Statement of Cash Flows

46

Notes to Interim Condensed Consolidated Financial Information

58

Definitions and Glossary

CORPORATE INFORMATION
BOARD OF DIRECTORS
Executive Directors

JOINT COMPANY SECRETARIES
Ms. Yifan HAN (韓一凡)

Dr. Sui Xiong CAI (蔡遂雄) (chief executive officer)
Dr. Ye Edward TIAN (田野)
Ms. Ning MA (馬寧)

Non-executive Directors
Dr. Cong XU (徐聰) (Chairman of the Board)
Dr. Qiang XU

Yip Chui Mei (葉翠媚) (Associate member of The Hong

Kong Chartered Governance Institute and The Chartered
Governance Institute in the United Kingdom)

PRINCIPAL PLACE OF BUSINESS IN
HONG KONG
40/F, Dah Sing Financial Centre
248 Queen’s Road East

Mr. Tao LIU (劉濤)

Wanchai

Independent Non-executive Directors

Hong Kong

Dr. Edward Ming GUO (郭明)

AUTHORIZED REPRESENTATIVES

Mr. Chi Hung SIU (蕭志雄)
Dr. Liming SHAO (邵黎明)

AUDIT COMMITTEE
Mr. Chi Hung Siu (蕭志雄) (Chairperson)
Mr. Tao LIU (劉濤)
Dr. Edward Ming GUO (郭明)

Dr. Sui Xiong CAI (蔡遂雄)
Yip Chui Mei (葉翠媚)

H SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 1712-1716
17th Floor, Hopewell Centre

REMUNERATION COMMITTEE

183 Queen’s Road East

Dr. Edward Ming GUO (郭明) (Chairperson)

Hong Kong

Wan Chai

Mr. Chi Hung Siu (蕭志雄)
Dr. Qiang XU

PRINCIPAL BANKS

NOMINATION COMMITTEE

China Merchants Bank (Shanghai Branch, Nanjing

Dr. Liming SHAO (邵黎明) (Chairperson)

Room 120, Building 07, Jinshengtian Platinum Palace

Dr. Cong XU (徐聰)

No. 26, Longhua Road

Dr. Edward Ming GUO (郭明)

Jiangpu Subdistrict

Mr. Chi Hung Siu (蕭志雄)

Pukou District

Ms. Ning MA (馬寧)

Nanjing

Jiangbei New District Branch)

Jiangsu Province
PRC

02

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

CORPORATE INFORMATION

REGISTERED OFFICE AND PRINCIPAL
PLACE OF BUSINESS IN THE PRC
27th Floor, New Bund Times Square
399 West Haiyang Road
Pudong New District
Shanghai
PRC

REGISTERED OFFICE
No. 10 Xinghuo Road
Hi-Tech Development Zone
Nanjing
Jiangsu Province
PRC

COMPLIANCE ADVISOR
Rainbow Capital (HK) Limited
Office No. 710, 7/F, Wing On House
71 Des Voeux Road Central
Hong Kong

AUDITOR
Ernst & Young

Certified Public Accountants
Registered Public Interest Entity Auditor under the
Accounting and Financial Reporting Council Ordinance
27/F, One Taikoo Place
979 King’s Road
Quarry Bay
Hong Kong

STOCK CODE
7630

WEBSITE
www.impacttherapeutics.com

LISTING DATE
May 13, 2026

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

03

FINANCIAL HIGHLIGHTS

Six months ended June 30,
Period to
2026

2025

RMB’000

RMB’000

period change

(Unaudited)

(Unaudited)

Revenue

105,190

25,236

316.8%

R&D expenses

(97,637)

(86,337)

13.1%
29.5%

Loss for the period

(90,810)

(128,730)

decrease in loss
62.6%

Adjusted net loss (Non-HKFRS measure) for the period

Net assets/(liabilities)
Cash and financial assets1

2

(20,867)

(55,841)

decrease in loss

As of

As of

June 30,

December 31,

2026

2025

775,771

(957,891)

N/A

1,065,378

258,535

312.1%

Note:

04

1.

Comprises cash and cash equivalents, restricted cash, time deposits and financial assets at fair value through profit or loss.

2.

We define adjusted net loss (Non-HKFRS measure) for the Reporting Period as loss for the period adjusted by adding back (i) equity-settled
share-based payment expense, (ii) listing expense and (iii) interest on redemption liabilities.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

BUSINESS HIGHLIGHTS
The Company was listed on the Stock Exchange on May 13, 2026. During the Reporting Period and up to the date of
this report, we continued rapidly advancing the development of our drug pipeline, including the following milestones and
achievements.

BUSINESS DEVELOPMENT
•

Exclusive license agreement with Pharmanovia for senaparib in Europe, Middle East and North Africa, Australia and
New Zealand
o

In July 2026, we entered into an exclusive partnership with Pharmanovia, a global specialty pharmaceutical
company which partners with innovative biotech and large pharma to bring innovative specialty medicines
to patients, to grant Pharmanovia the exclusive rights to manufacture, develop and commercialise senaparib
in Europe, Middle East and North Africa, Australia and New Zealand for maintenance monotherapy for
advanced epithelial high-grade ovarian, fallopian tube and primary peritoneal cancer.

o

We are eligible to receive an upfront payment plus near-term regulatory milestones and commercial milestone
payments upon achieving certain sales thresholds, with a total amount up to EUR423.5 million, and such
further tiered royalties up to the mid-twenties (%) on product net sales.

o

The exclusive partnership expands senaparib’s global reach to 66 countries.

PROGRESS OF OUR PRODUCTS
Progress of Our Core Product
•

Senaparib (IMP4297) (PARP1/2 Inhibitor)
o

Updated Progression-Free Survival (PFS) data from the Phase 3 FLAMES study of senaparib as first-line
maintenance therapy of advanced OC have been accepted for poster presentation at the 2026 European
Society for Medical Oncology (ESMO) Congress. The annual ESMO Congress is one of the most influential
academic conferences in the field of oncology globally, and this year’s conference will be held in Madrid,
Spain from October 23 to 27, 2026.

o

Market coverage of senaparib rapidly expanded following its NRDL inclusion for 1L maintenance therapy for
OC “all-comers”, effective from January 1, 2026. Revenue from sales of senaparib in China reached RMB70.4
million for the six months ended June 30, 2026, representing an increase of approximately RMB63.2 million,
or 877.8%, compared to RMB7.2 million for the six months ended June 30, 2025. As of June 30, 2026,
senaparib was available in all provinces in mainland China; it had gained access to more than 380 specialty
and community pharmacies and achieved coverage of nearly 1,200 medical institutions. Senaparib has
been included in (i) the Guidelines for the Diagnosis and Treatment of Ovarian Cancer (2025 Edition) issued
by the Chinese Society of Clinical Oncology, (ii) the Chinese Clinical Practice Guidelines for Gynecologic
Oncology (2025 Edition) and the Clinical Application Guidelines for PARP Inhibitors in Ovarian Cancer (2025
Edition) issued by the Chinese Society of Gynecological Oncology, and (iii) the CACA Guidelines for Holistic
Integrative Management of Cancer – Ovarian Cancer Section (2025 Edition) issued by the China Anti-Cancer
Association. All of the forementioned guidelines have recommended senaparib as first-line maintenance
therapy after platinum-based chemotherapy for advanced epithelial ovarian cancer (EOC) regardless of BRCA/
HRD status.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

05

BUSINESS HIGHLIGHTS

Progress of Our Key Products
•

IMP1734 (also known as EIK1003) (PARP1 Selective Inhibitor)
o

Updated data from multiple cohorts of ongoing Phase 1/2 studies, covering monotherapy, combination
therapy with paclitaxel for advanced solid tumors, and combination therapy with abiraterone for metastatic
prostate cancer, have been accepted for poster presentation at the 2026 ESMO Congress.

o

The latest Phase 1/2 clinical data were presented in a poster session at the 2026 American Society of
Clinical Oncology (ASCO) Annual Meeting, held from May 29 to June 2, 2026, in Chicago, USA. IMP1734
monotherapy demonstrated durable antitumor activity and a favorable safety profile in a heavily pre-treated
patient population with homologous recombination repair (HRR)-mutated advanced solid tumors. The clinical
data for IMP1734 in combination with weekly paclitaxel provided the first clinical evidence that a PARP1selective inhibitor can be safely combined with cytotoxic chemotherapy, thereby enabling a combination
approach that was previously not feasible with non-selective PARP inhibitors. Key highlights of the latest
Phase 1/2 clinical data include the following:


Updated Results from IMP1734 Monotherapy (Cohort 1A). Among 49 efficacy-evaluable patients with
advanced solid tumors, the objective response rate (ORR) was 14.3%; all 7 responses were partial
responses (PR). The disease control rate (DCR) was 38.8%. For confirmed responders, the median
duration of response (DOR) was 7.8 months (range: 6.0-15.9+ months). In PARP inhibitor-naïve
patients, the ORR was 26.7%. The safety profile was consistent with prior data and was generally
favorable.



Results from IMP1734 in Combination with weekly Paclitaxel (Cohort 1C). Among 53 efficacyevaluable patients, the ORR was 24.5%, including 1 confirmed complete response (CR) and 12 partial
responses (PR). Of these responders, 92% had prior taxane exposure, indicating that the antitumor
activity was observed despite prior taxane exposure. By tumor type, the ORR was 29.6% in patients
with epithelial ovarian cancer and 19.2% in patients with HER2 – breast cancer. IMP1734 + weekly
paclitaxel showed a manageable safety profile in an advanced line population, with Grade ≥3 TEAEs
occurring in 75.0% of patients. The most common Grade ≥3 TEAEs were neutropenia (50.0%)
and anemia (13.3%). All 8 participants who developed Grade ≥3 anemia had Grade 1-2 anemia
at baseline. No unexpected safety signals were observed, and the hematologic toxicity profile was
manageable in this heavily pre-treated population and in line with the effects of weekly paclitaxel.

•

IMP9064 (ATR Inhibitor)
o

The initial data from the first dose cohort of IMP9064 in combination with senaparib in ovarian cancer
patients who have progressed after previous PARP inhibitors showed good safety and tolerability with early
efficacy signal. Most TEAEs were mild or moderate; no Grade ≥ 3 TEAEs or SAEs were reported in this cohort.
Among the first three patients who have had at least one post-baseline tumor assessment, two demonstrated
tumor shrinkage, including 1 partial response (PR).

06

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

BUSINESS HIGHLIGHTS

PROGRESS OF OUR OTHER PIPELINE ASSETS
Other Pipeline Assets
•

IMP1707 (also known as EIK1004) (CNS-penetrant PARP1 Selective Inhibitor)
o

Initial results from the first-in-human Phase 1/2 study of IMP1707 in patients with HRR-mutated advanced
solid tumors have been accepted for poster presentation at the 2026 ESMO Congress.

•

IMP3201 (CEACAM5-targeted Dual-payload ADC)
o

IMP3201, a novel first-in-class CEACAM5-targeted dual-payload ADC with Exatecan (TOPOi) and our
proprietary ATR inhibitor (ATRi), has been nominated by us as a pre-clinical candidate (PCC). IMP3201 shows
significantly enhanced in vitro and in vivo anti-tumor activity as well as a favorable therapeutic window
through precise targeting, stable circulation, and controlled payload release. The candidate will be developed
for the treatment of gastrointestinal malignancies, including colorectal cancer, pancreatic cancer, gastric
cancer and esophageal squamous cell carcinoma, addressing substantial unmet clinical needs. This nomination
represents the first PCC from our proprietary dual-payload ADC platform, validating the platform’s technical
maturity and productivity.

•

IMP2794 (KAT6A specific PROTAC)
o

IMP2794, a KAT6A specific PROTAC, has been nominated by us as a PCC. IMP2794 is a potent and selective
KAT6A degrader, with over 1,000-fold selectivity against KAT6B. The compound displays potent in vitro
cytotoxic activity against tumor cells and minimal hematopoietic toxicity. It demonstrates significant in vivo
antitumor efficacy in both sensitive and insensitive breast cancer CDX models. Notably, IMP2794 achieves
remarkably high oral bioavailability across multiple rodent and non-rodent species, indicating strong potential
for optimal human systemic exposure. This nomination represents the first PCC from our proprietary targeted
protein degradation platform encompassing Proteolysis Targeting Chimeras (PROTACs), validating the
platform’s technical maturity and productivity.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

07

MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
We are a commercial-stage, innovation-driven biotechnology company focused on advancing synthetic lethality (SL)-based
precision anti-cancer therapies globally, delivering innovative treatments to address the unmet medical needs of cancer
patients. We have commercialized our self-developed Core Product, senaparib, in China as a first-line (1L) maintenance
therapy for ovarian cancer (OC) across all patient populations regardless of mutation status and demonstrating a compelling
clinical profile. Our continued growth is powered by an integrated R&D platform that enables innovation across both small
molecules and emerging modalities, including novel antibody-drug conjugates (ADCs) and degraders. Additionally, we have
forged partnerships with leading global biotech and China pharmaceutical companies to date, as validation of our pipeline
and R&D platform.

PRODUCT PIPELINE
As of the date of this report, our pipeline comprised one commercial-stage, four clinical-stage and seven pre-IND stage
assets, including small-molecule inhibitors covering key SL targets such as PARP1/2, PARP1, ATR, WEE1, PKMYT1/WEE1,
DHX9, ATM, USP1, and CHK1/2, as well as emerging modalities such as CEACAM5-targeted dual-payload ADC and KAT6A
specific PROTAC.

08

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

The following diagram summarizes the development status of our selected drug candidates as of the date of this report:
Product

Route of
Target Modality Administration Indication

IMP4297
PARP1/2
Senaparib

IMP1734

IMP9064

PARP1

ATR

Small
Molecule

Small
Molecule

Small
Molecule

Oral

Oral

Oral

Therapy

OC (1L
maintenance)

Monotherapy

SCLC

Combo with
TMZ

OC (PARPtreated)

Combo with
IMP9064

OC (1L
maintenance)

Monotherapy

Preclinical

IND

Phase I

Phase II Phase III

FLAMES Study
(2)

(3)

FLAMES Study(1)

(4)

BC

Monotherapy

Prostate
Cancer

Combo with
Abiraterone

(4)

OC & BC

Combo with
Paclitaxel

(4)

OC

Combo with
Paclitaxel and
Carboplatin

NDA/
MAA

Last Completed &
Upcoming Milestones

Regulatory
Authority

•

Approval in Jan 2025

NMPA (China)

•

Phase II data read-out in 2H2026

NMPA (China) /
FDA (US)

•

Phase Ib data read-out in 2H2026

NMPA (China) /
FDA (US)

•

Approval in 2H2026

EMA (EU)

•

Phase I data update in 2H2026

NMPA (China)

•

Phase I data read-out in 2H2026

NMPA (China)

•

Phase I data update in 2H2026

NMPA (China)

•

1H 2026 Study iniated

NMPA (China)

•

Phase II completion in 2H2026

NMPA (China) /
FDA (US)

•

Phase Ib data read-out in 2H2026

NMPA (China) /
FDA (US)

•

Phase Ib data read-out in 2H2026 NMPA (China)

•

Phase I completion in May 2024

Commercial Rights

Advanced
Solid Tumors
OC
(PARPtreated)

(4)

(3)

Monotherapy
Combo with
Senaparib

Oral

Advanced
Solid Tumors

Monotherapy

(3)

(5)

(6)

IMP7068

WEE1

Small
Molecule

Oral

Advanced
Solid Tumors

Monotherapy

IMP2794

KAT6A

PROTAC

Oral

Advanced
Solid Tumors

Monotherapy

•

IND in 2H2027

-

IMP3201 CEACAM5

ADC with
TOPOi+ATRi

IV

Advanced
Solid Tumors

Monotherapy

•

IND in 2H2027

-

IMP22

PKMYT1/
WEE1

Small
Molecule

Oral

Advanced
Solid Tumors

Monotherapy

•

IND in 2H2026

-

IMP25

DHX9

Small
Molecule

Oral

Advanced
Solid Tumors

Monotherapy

•

IND in 2H2026

-

ATM

Small
Molecule

Oral

Advanced
Solid Tumors

Monotherapy

•

IND in 2H2026

-

USP1

Small
Molecule

Oral

Advanced
Solid Tumors

Monotherapy

•

IND in 2027

-

CHK1/2

Small
Molecule

Oral

Advanced
Solid Tumors

Monotherapy

•

IND in 2H2027

-

IMP13
IMP10

(7)

(8)

(9)

PARP1
Small
CNSIMP1707
Molecule
penetrant

IMP08

Partners

China Clinical Trials

NMPA (China) /
FDA (US)

Core Product IND = Inves”ga”onal New Drug

Global/overseas Clinical Trials
Development Phases Exempted from Clinical Trials

(9)

NDA = New Drug Applica”on
Key Product

ODD = Orphan Drug Designa”on

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

09

MANAGEMENT DISCUSSION AND ANALYSIS

Notes:

10

*

Senaparib has been approved for marketing by the National Medical Products Administration (NMPA) of China in January 2025.

(1)

In June 2019, we submitted the clinical trial designs for both the SABRINA and FLAMES studies with the preliminary Phase I data to the
CDE, which confirmed no objection to the commencement of both studies in China in September 2019. Given the favorable Phase I results,
the CDE permitted us to proceed directly from Phase I to the Phase III FLAMES study for 1L maintenance therapy in OC without requiring a
Phase II study. We held a rapporteur meeting with the European Medicines Agency (EMA) in May 2025 to discuss the submission strategy for
senaparib. Following this meeting, we submitted the Marketing Authorisation Application (MAA) based on the FLAMES study as the pivotal
trial, supported by two Phase I studies and the Phase II SABRINA study. The MAA was accepted by the EMA in August 2025 and is currently
under review.

(2)

Global trial conducted in the United States, Australia, South Korea and Greater China

(3)

Global trial conducted in the United States, Australia and Greater China

(4)

Global trial conducted in the United States, Australia, Europe, South Korea and China

(5)

Global trial conducted in the United States, Australia and China

(6)

Global trial conducted in the United States and Greater China

(7)

We entered into a contract sales services agreement with Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd. (杭州中美華東製藥有限公
司) (“Zhongmei Huadong”, a wholly owned subsidiary of Huadong Medicine Co., Ltd. (華東醫藥股份有限公司) (“Huadong Medicine”)
(SZ.000963)), for the commercialization of senaparib in China.

(8)

We granted Pharmanovia the exclusive rights to manufacture, develop and commercialise senaparib in 66 countries across Europe, the Middle
East and North Africa (MENA), Australia and New Zealand for maintenance monotherapy for advanced epithelial high-grade ovarian, fallopian
tube and primary peritoneal cancer.

(9)

We granted Eikon Therapeutics an exclusive license to develop, register, manufacture and commercialize IMP1734 and IMP1707 outside
Greater China.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW
Our Pipeline
During the Reporting Period, we made significant progress advancing our pipeline candidates and business operations. Our
key achievements and planned next steps as of the date of this report include:

•

Senaparib (IMP4297) (PARP1/2 Inhibitor) — Core Product
o

Senaparib (IMP4297) is a PARP1/2 inhibitor approved as 1L maintenance therapy for OC “all-comers” in
China in January 2025. We are actively advancing senaparib’s clinical and regulatory progress globally and
across various indications under a thoughtful plan. In Europe, the Marketing Authorisation Application (MAA)
for senaparib as 1L maintenance therapy for OC “all-comers” was accepted by the EMA in August 2025,
with approval expected in the second half of 2026. Given its wide therapeutic window, we are strategically
exploring senaparib’s potential in combination therapies, including (i) with ATR inhibitor IMP9064, our Key
Product, in Phase I/II trial for PARP inhibitor-treated OC and (ii) with TMZ in another global Phase Ib/II trial for
SCLC, which has received ODD from the FDA. To further expand the therapeutic potential of senaparib, we
plan to explore combinations of it with emerging modalities such as ADCs and RDCs.

o

During the Reporting Period and up to the date of this report, we have achieved the following progress and
milestones:


Updated Progression-Free Survival (PFS) data from the Phase 3 FLAMES study of senaparib as firstline maintenance therapy of advanced OC have been accepted for poster presentation at the 2026
European Society for Medical Oncology (ESMO) Congress. The annual ESMO Congress is one of the
most influential academic conferences in the field of oncology globally, and this year’s conference will
be held in Madrid, Spain from October 23 to 27, 2026.



Market coverage of senaparib rapidly expanded following its NRDL inclusion for 1L maintenance
therapy for OC “all-comers”, effective from January 1, 2026. Revenue from sales of senaparib in
China reached RMB70.4 million for the six months ended June 30, 2026, representing an increase of
approximately RMB63.2 million, or 877.8%, compared to RMB7.2 million for the six months ended
June 30, 2025.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

11

MANAGEMENT DISCUSSION AND ANALYSIS

o

Accelerated Market Penetration Following NRDL Listing


Senaparib’s first-line all comer ovarian cancer indication was added to the 2025 National
Reimbursement Drug List (NRDL), effective January 1, 2026. Reimbursement coverage has substantially
reduced patients’ financial burden, boosted prescription uptake and facilitated easier drug access for
eligible patients.



The Company sped up multi-channel market access roll out across hospitals and dual channel
pharmacies during the Reporting Period. Senaparib has achieved full provincial level coverage
across mainland China via formal hospital admission, temporary procurement and retail pharmacy
partnerships. As of June 30, 2026, senaparib was available at more than 380 specialty and community
pharmacies nationwide and achieved coverage of nearly 1,200 medical institutions.

o

Rising Clinical Endorsement and Advancing Real-World Adoption


Backed by solid clinical evidence demonstrating the benefit of senaparib as first-line maintenance
therapy for all comer ovarian cancer patients, the drug has won broad recognition from gynecologic
oncology specialists. Senaparib has been included in (i) the Guidelines for the Diagnosis and
Treatment of Ovarian Cancer (2025 Edition) issued by the Chinese Society of Clinical Oncology, (ii)
the Chinese Clinical Practice Guidelines for Gynecologic Oncology (2025 Edition) and the Clinical
Application Guidelines for PARP Inhibitors in Ovarian Cancer (2025 Edition) issued by the Chinese
Society of Gynecological Oncology, and (iii) the CACA Guidelines for Holistic Integrative Management
of Cancer – Ovarian Cancer Section (2025 Edition) issued by the China Anti-Cancer Association. All
of the forementioned guidelines have recommended senaparib as first-line maintenance therapy after
platinum-based chemotherapy for advanced EOC regardless of BRCA/HRD status.



Targeted medical education and academic programmes have enhanced clinicians’ awareness of
senaparib’s efficacy, safety and broad eligible patient population. Accumulating guideline consensus
has also strengthened physician confidence in using senaparib for front line ovarian cancer
maintenance treatment.

Warning under Rule 18A.08(3) of the Listing Rules: There is no assurance that senaparib will ultimately be successfully
developed and marketed by our Company for additional indications beyond its current approved indication.

12

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

•

IMP1734 (also known as EIK1003) (PARP1 Selective Inhibitor) — Key Product
o

IMP1734 is a highly potent, next-generation PARP1 selective inhibitor, currently being evaluated as
monotherapy and as combination therapies in a global Phase I/II trial for advanced solid tumors. IMP1734 has
shown over 648-fold selectivity for PARP1 over PARP2, which may contribute to lower hematologic toxicity,
improved safety, high exposure, and broad opportunities to combine with other anti-tumor agents. In Phase
I dose escalation portion, IMP1734 monotherapy shows a favorable pharmacokinetic (PK) profile and is
well tolerated with mostly low-grade AEs that are manageable and/or self-limiting. Encouraging anti-tumor
activity was observed in heavily pre-treated patients with homologous recombination repair (HRR) mutations,
which are often associated with more aggressive disease and poorer outcomes. Following completion of
Cohort 1A dose escalation, we initiated the Phase II dose optimization portion (Part 2) evaluating two dose
levels of IMP1734 monotherapy, 20 mg and 60 mg, to determine the optimal Phase 2 dose for IMP1734.
Approximately 30 PARPi-naïve, HER2-negative breast cancer patients are expected to be enrolled at each
dose level. Enrollment for the Part 2 dose optimization portion is ongoing. We are also investigating
IMP1734 in multiple combination regimens, including with abiraterone as well as paclitaxel to maximize
its clinical potential. Safety and preliminary efficacy data from this ongoing Phase I/II study were presented
at 2026 ASCO; updated clinical data will be presented at the 2026 ESMO Congress. An additional Cohort
1D, evaluating IMP1734 in combination with paclitaxel and platinum-based chemotherapeutic regimens in
patients with ovarian cancer has been initiated for enrollment. To advance IMP1734 (also known as EIK1003)
and IMP1707 (also known as EIK1004), we have entered into a global partnership with Eikon Therapeutics
since June 2023. Under the partnership, we and Eikon are jointly advancing the clinical development of
IMP1734 and IMP1707, with us responsible for the clinical trial activities in China.

o

During the Reporting Period and up to the date of this report, we have achieved the following progress and
milestones:


Updated data from multiple cohorts of ongoing Phase 1/2 studies, covering monotherapy,
combination therapy with paclitaxel for advanced solid tumors, and combination therapy with
abiraterone for metastatic prostate cancer, have been accepted for poster presentation at the 2026
ESMO Congress.



The latest Phase 1/2 clinical data were presented in a poster session at the 2026 American Society
of Clinical Oncology (ASCO) Annual Meeting, held from May 29 to June 2, 2026, in Chicago, USA.
IMP1734 monotherapy demonstrated durable antitumor activity and a favorable safety profile in a
heavily pre-treated patient population with homologous recombination repair (HRR)-mutated advanced
solid tumors. The clinical data for IMP1734 in combination with weekly paclitaxel provided the first
clinical evidence that a PARP1-selective inhibitor can be safely combined with cytotoxic chemotherapy,
thereby enabling a combination approach that was previously not feasible with non-selective PARP
inhibitors. Key highlights of the latest Phase 1/2 clinical data include the following:

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

13

MANAGEMENT DISCUSSION AND ANALYSIS

Updated Results from IMP1734 Monotherapy (Cohort 1A) . Among 49 efficacy-evaluable



patients with advanced solid tumors, the objective response rate (ORR) was 14.3%; all
7 responses were partial responses (PR). The disease control rate (DCR) was 38.8%. For
confirmed responders, the median duration of response (DOR) was 7.8 months (range: 6.015.9+ months). In PARP inhibitor-naïve patients, the ORR was 26.7%. The safety profile was
consistent with prior data and was generally favorable.

Results from IMP1734 in Combination with weekly Paclitaxel (Cohort 1C) . Among 53 efficacy-



evaluable patients, the ORR was 24.5%, including 1 confirmed complete response (CR) and
12 partial responses (PR). Of these responders, 92% had prior taxane exposure, indicating that
the antitumor activity was observed despite prior taxane exposure. By tumor type, the ORR was
29.6% in patients with epithelial ovarian cancer and 19.2% in patients with HER2 – breast
cancer. IMP1734 + weekly paclitaxel showed a manageable safety profile in an advanced line
population, with Grade ≥3 TEAEs occurring in 75.0% of patients. The most common Grade ≥3
TEAEs were neutropenia (50.0%) and anemia (13.3%). All 8 participants who developed Grade
≥3 anemia had Grade 1-2 anemia at baseline. No unexpected safety signals were observed,
and the hematologic toxicity profile was manageable in this heavily pre-treated population and
in line with the effects of the weekly paclitaxel.
Warning under Rule 18A.08(3) of the Listing Rules: There is no assurance that IMP1734 will ultimately be successfully
developed and marketed by our Company.

•

IMP9064 (ATR Inhibitor) — Key Product
o

IMP9064 is the first ATR selective inhibitor advanced into clinical stage in China currently being evaluated as
monotherapy and as combination therapies in a global Phase I/II trial for advanced solid tumors. In Phase I
dose escalation portion, IMP9064 monotherapy shows a favorable safety profile and is well-tolerated under
intermittent dosing. Preliminary efficacy signals have been observed, including a durable partial response
(PR) in endometrial carcinoma. PK and pharmacodynamics (PD) analysis indicates exposure-dependent
target engagement. The Phase II portion is ongoing to further explore the efficacy and safety of IMP9064
as monotherapy for advanced endometrial carcinoma, with trial completion expected in the second half of
2026. We are also evaluating IMP9064 in combination with senaparib in PARP inhibitor resistant ovarian
cancer and pancreatic cancer. We plan to further evaluate IMP9064 in combination with other anticancer
therapies, e.g., irinotecan and ADC, in advanced gastrointestinal cancers.

o

During the Reporting Period and up to the date of this report, we have achieved the following progress and
milestones:


The initial data from the first dose cohort of IMP9064 in combination with senaparib in ovarian cancer
patients who have progressed after previous PARP inhibitors showed good safety and tolerability
with early efficacy signal. Most TEAEs were mild or moderate; no Grade ≥ 3 TEAEs or SAEs were
reported in this cohort. Among the first three patients who have had at least one post-baseline tumor
assessment, two demonstrated tumor shrinkage, including 1 partial response (PR).

14

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

Warning under Rule 18A.08(3) of the Listing Rules: There is no assurance that IMP9064 will ultimately be successfully
developed and marketed by our Company.

•

IMP1707 (CNS-Penetrant PARP1 Selective Inhibitor) — Other Pipeline Asset
o

IMP1707 is a central nervous system (CNS)-penetrant, PARP1 selective inhibitor, and notably, one of the
few PARP1 selective inhibitors capable of crossing the blood-brain barrier. It has achieved complete tumor
regression in brain cancer models and is currently being evaluated in a Phase I trial. IMP1707 has shown
over 800-fold selectivity for PARP1 over PARP2, with excellent antiproliferative effect on cell lines with
BRCA mutation (BRCAmut) or deletion in in vitro assays. It also demonstrated robust tumor regression in
cell line-derived xenograft (CDX) models of BRCAmut cancers with a minimally efficacious dose of 0.2 mg/
kg, indicating IMP1707’s potential as a high-impact treatment at low doses. In addition, IMP1707 penetrates
the brain with a Kpuu of 0.5 in both mouse and rat, a level suggesting therapeutic relevance and results
in complete tumor regression in a brain cancer model. These results confirmed that IMP1707 demonstrates
favorable brain penetration and exhibits robust efficacy in brain cancer models. Initial results from the
ongoing first-in-human study in patients with HRR-mutated advanced solid tumors will be presented at the
2026 ESMO Congress.

o

During the Reporting Period and up to the date of this report, we have achieved the following progress and
milestones:


Initial results from the first-in-human Phase 1/2 study in patients with HRR-mutated advanced solid
tumors have been accepted for poster presentation at the 2026 ESMO Congress.

Warning under Rule 18A.08(3) of the Listing Rules: There is no assurance that IMP1707 will ultimately be successfully
developed and marketed by our Company.
•

We also have a broad pipeline of clinical-stage and pre-IND stage assets targeting key SL targets such as WEE1,
PKMYT1/WEE1, DHX9, ATM, USP1, and CHK1/2, as well as emerging modalities such as CEACAM5-targeted dualpayload ADC and KAT6A specific PROTAC
o

IMP3201 is a CEACAM5-targeted, uniquely designed dual-payload ADC with Exatecan (TOPOi) and our
proprietary ATR inhibitor (ATRi) at a defined and optimized molar ratio. IMP3201 shows significantly
enhanced in vitro and in vivo anti-tumor activity as well as a favorable therapeutic window through precise
targeting, stable circulation, and controlled payload release. The candidate will be developed for the
treatment of gastrointestinal malignancies, including colorectal cancer, pancreatic cancer, gastric cancer and
esophageal squamous cell carcinoma, addressing substantial unmet clinical needs.

o

IMP2794 is a potent and selective KAT6A degrader, with over 1,000-fold selectivity against KAT6B. The
compound displays potent in vitro cytotoxic activity against tumor cells and minimal hematopoietic toxicity.
It demonstrates significant in vivo antitumor efficacy in both sensitive and insensitive breast cancer CDX
models. Notably, IMP2794 achieves remarkably high oral bioavailability across multiple rodent and nonrodent species, indicating strong potential for optimal human systemic exposure.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

15

MANAGEMENT DISCUSSION AND ANALYSIS

o

During the Reporting Period and up to the date of this report, we have achieved the following progress and
milestones:


IMP3201, a novel first-in-class CEACAM5-targeted dual-payload ADC, has been nominated by us as
a pre-clinical candidate (PCC). This nomination represents the first PCC from our proprietary dualpayload ADC platform, validating the platform’s technical maturity and productivity. This platform
accelerates the development of dual-payload ADCs based on SL and using a structurally diverse
molecule library, including super-potent SL inhibitors. These payloads are optimized for tumor-specific
delivery and precise intracellular release. Rapid antibody conjugation workflows further enhance costefficiency and adaptability to indication-specific biomarkers, enabling faster and more targeted ADC
development.



IMP2794, a KAT6A specific PROTAC, has been nominated by us as a PCC. This nomination represents
the first PCC from our proprietary targeted protein degradation platform encompassing Proteolysis
Targeting Chimeras (PROTACs), validating the platform’s technical maturity and productivity. Our
degrader platform leverages a comprehensive E3 ligand library and linker library for rapid PROTAC
assembly. These tools enable selective and tunable degradation of previously “undruggable” targets,
expanding therapeutic windows and reducing toxicity. Mechanistic complementarity with the linkerpayload platform supports a multi-dimensional approach to cancer target engagement.

Warning under Rule 18A.08(3) of the Listing Rules: There is no assurance that IMP3201 and IMP2794 will ultimately be
successfully developed and marketed by our Company.

Emerging Technology Platforms
We advance new generation of oncology therapeutics through two complementary platforms: a linker-payload platform
for novel ADC development and a targeted protein degradation platform encompassing PROTACs and molecular glues.
These platforms address the limitations of conventional small molecule inhibitors by enabling precise, potent and selective
engagement of cancer dependency targets and together form a multidimensional strategy that strengthens translation from
bench to bedside.
Guided by resource reuse and precise adaptation as core principles, we consolidate specialized molecular libraries into a
streamlined solution from module screening to rapid assembly. This approach repurposes accumulated assets, including
high-potency SL molecules and previously challenging compounds, into modular toolkits that support dual-payload ADCs
and other tailored modalities. The modular design accelerates target validation and lead optimization across indications
while lowering barriers to druggability.

16

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

•

Robust Linker-Payload Platform for ADC
o

This platform accelerates development of dual-payload ADCs by leveraging SL and a structurally diverse
small molecule library that includes super-potent SL inhibitors. The modular design for linker and payloads
is optimized for fixed molar ratio delivery and controlled intracellular release, and streamlined antibody
conjugation workflows enhance cost efficiency while enabling rapid adaptation to specific indication
development.

o

The ADC linker-payload library is a key internal resource curated from high-potency SL compounds from past
and ongoing projects, including molecules with strong tumoricidal activity but suboptimal pharmacokinetic
properties. Through targeted chemical modification and conjugation to diverse linkers we assemble a
structurally rich Linker-Payload module library that can be rapidly paired with targeting antibodies based
on tumor microenvironment features and biomarker expression. This strategy removes the need to redesign
highly toxic payloads and, by tuning linker attributes, couples antibody-guided delivery with precise payload
release to improve R&D efficiency and support SL-driven dual-payload ADC design.

•

Targeted Protein Degradation Platform
o

Our degrader platform comprises a diversified E3 ligand collection and linker library for rapid PROTAC
assembly and a structurally broad molecular glue portfolio for PPI mediated degradation. The E3 ligand
collection targets areas where conventional small molecule inhibitors struggle to achieve druggability or
family member selectivity. We have built a varied set of E3 ligands through structure — activity relationship
optimization and multidimensional structural modification to enhance intracellular stability and tissue
penetration. Taking into account target protein subcellular localization, expression level and spatial
compatibility with E3 ligases, these ligands can be efficiently paired with target binders to assemble PROTAC
molecules that enable selective degradation within homologous protein families, reduce toxicity associated
with low selectivity and expand the therapeutic windows.

o

Our E3 ligand and linker toolbox continue to expand, featuring more than 50 novel E3 ligands with excellent
physiological stability, and great selectivity over neo-substrates. In parallel, we have established a diversified
linker toolbox comprising over 100 chemotypes, including rigid and flexible linkers with varied lengths,
enabling broad and efficient optimization of degrader design.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

17

MANAGEMENT DISCUSSION AND ANALYSIS

Business Development
•

Exclusive license agreement with Pharmanovia for senaparib in Europe, Middle East and North Africa,
Australia and New Zealand
o

In July 2026, we entered into an exclusive partnership with Pharmanovia, a global specialty pharmaceutical
company which partners with innovative biotech and large pharma to bring innovative specialty medicines
to patients, to grant Pharmanovia the exclusive rights to manufacture, develop and commercialise senaparib
in Europe, Middle East and North Africa, Australia and New Zealand for maintenance monotherapy for
advanced epithelial high-grade ovarian, fallopian tube and primary peritoneal cancer.

o

We are eligible to receive an upfront payment plus near-term regulatory milestones and commercial milestone
payments upon achieving certain sales thresholds, with a total amount up to EUR423.5 million, and such
further tiered royalties up to the mid-twenties (%) on product net sales.

o

The exclusive partnership expands senaparib’s global reach to 66 countries.

Future and Outlook
Looking forward, we will continue to execute our four key strategies: (i) unlock the full-cycle value of senaparib as the
cornerstone of our growth through commercialization, indication expansion and global development; (ii) enhance our
synthetic lethality capabilities by strategically developing our pipeline; (iii) maximize the value of pipeline assets through
global partnerships; and (iv) invest in R&D to expand innovation frontiers and maintain a competitive edge. We expect
continued R&D expenditures as we advance our preclinical and clinical development programs, as well as other operating
costs.
Cautionary Statement under Rule 18A.08(3) of the Listing Rules: Our Company cannot guarantee that it will be able
to successfully develop or ultimately market our Core Product, senaparib.

AWARDS AND RECOGNITION
In June 2026, two projects for senaparib in respect of the commercialization of innovative drugs and the clinical
development of new drugs, respectively, were selected for inclusion in the “2026 Shanghai Biopharmaceutical Innovative
Product Key Research Project List” (“2026年度上海市生物醫藥創新產品攻關項目清單”) by the Science and Technology
Commission of Shanghai Municipality (上海市科學技術委員會).
In May 2026, the Company was named among the “2026 Future Healthcare Top 100 – Top 100 Innovative Pharmaceuticals
and Biologics” (“2026未來醫療100強創新醫藥與生物製品榜TOP100”) and the “Top 50 Most Investment-Worthy Companies
in China’s Healthcare Industry” (“中國醫療健康產業最具投資價值企業50強”) by VCBeat (動脈網).
In February 2026, the Company was named among the “New Quality 100 Innovative Enterprises” (“新質100創新企業榜”)
by The Economic Observer 《經濟觀察報》
(
).

18

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL REVIEW
Revenue
For the six months ended June 30, 2026 and 2025, our revenue was RMB105.2 million and RMB25.2 million, respectively.
Our revenue was derived from out-licensing revenue and the sales of pharmaceutical products. Licensing revenue was
derived from milestone payments under the collaboration agreement with Eikon Therapeutics. The sales of pharmaceutical
products represented revenue generated from the sales of senaparib in China. The following table sets forth a breakdown
of our revenue by type of goods or services in absolute amounts and as percentages of the total revenue for the periods
indicated.

Six Months Ended June 30,
2026
(RMB’000)

2025
%

(RMB’000)

%

Sales of pharmaceutical products

70,351

66.9

7,232

28.7

Licensing revenue

34,839

33.1

18,004

71.3

Total

105,190

100.0

25,236

100.0

The following table sets forth a breakdown of our revenue by geographical markets in absolute amounts and as percentages
of the total revenue for the periods indicated:

Six Months Ended June 30,
2026
(RMB’000)

2025
%

(RMB’000)

%

Chinese Mainland

70,351

66.9

7,232

28.7

United States of America

34,839

33.1

18,004

71.3

Total

105,190

100.0

25,236

100.0

Cost of Sales
For the six months ended June 30, 2026 and 2025, our cost of sales was RMB9.7 million and RMB0.6 million, respectively,
primarily due to the increase from sales of pharmaceutical products. Our cost of sales was primarily attributable to raw
material procurement, manufacturing expenses, and personnel costs associated with the production of senaparib.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

19

MANAGEMENT DISCUSSION AND ANALYSIS

Gross Profit and Gross Profit Margin
For the six months ended June 30, 2026 and 2025, our gross profit was RMB95.5 million and RMB24.6 million, respectively.
For the same periods, our gross profit margin was 90.8% and 97.7%, respectively.

Other Income and Gains, Net
For the six months ended June 30, 2026 and 2025, our other income and gains were RMB29.4 million and RMB4.2 million,
respectively. Our other income mainly consisted of government grants, bank interest income and investment income on
financial assets at fair value through profit or loss. For the six months ended June 30, 2025 and 2026, our government
grants were RMB0.3 million and RMB25.7 million, respectively, with the material increase primarily due to increased
government subsidies. The following table sets forth a breakdown of our other income and gains in absolute amounts and
as percentages of the total other income and gains for the periods indicated:

Six Months Ended June 30,
2026

2025

(RMB’000)

%

(RMB’000)

%

Government grants

25,672

87.2

286

6.8

Bank interest income

2,670

9.1

1,550

36.8

981

3.3

2,350

55.8

89

0.3

–

–

16

0.1

–

–

–

–

24

0.6

29,428

100.0

4,210

100.0

Other income:

Investment income on financial assets
at fair value through profit or loss
Others
Gains:
Gain on disposal of other intangible assets
Unrealized gains from financial assets
at fair value through profit or loss
Total

20

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

R&D Expenses
Our R&D expenses primarily consisted of (i) clinical service fees, (ii) staff costs, (iii) non-clinical service fees, (iv) share-based
payments and (v) others. The following table sets forth a breakdown of our R&D expenses in absolute amounts and as
percentages of the total R&D expenses for the periods indicated:

Six Months Ended June 30,
2026

2025

(RMB’000)

%

(RMB’000)

%

Clinical service fees

27,149

27.8

11,809

13.7

Staff costs

26,608

27.3

26,663

30.9

25,739

26.4

15,926

18.4

Share-based payments

13,764

14.1

29,366

34.0

Others

4,377

4.4

2,573

3.0

Total

97,637

100.0

86,337

100.0

Non-clinical service fees

(1)

Note:
(1)

Non-clinical service fees primarily consist of R&D service fees related to clinical trials indirectly, including the expenses of manufacturing of
investigational drug candidates, process optimization, preclinical pharmacokinetic studies, and toxicology studies.

Our research and development expenses increased by 13.1% from RMB86.3 million for the six months ended June 30,
2025 to RMB97.6 million for the six months ended June 30, 2026, primarily due to (i) increased expenses incurred in
connection with the EMA review of the MAA for senaparib and (ii) increased preclinical R&D activities for our early-stage
drug candidates.

Administrative Expenses
Our administrative expenses increased by approximately 72.3% from RMB29.2 million for the six months ended June
30, 2025 to RMB50.3 million for the six months ended June 30, 2026, which was primarily due to an increase in listing
expenses in connection with our Listing on the Stock Exchange in May 2026.

Selling and Distribution Expenses
Our selling and distribution expenses increased significantly from RMB5.2 million for the six months ended June 30, 2025 to
RMB22.8 million for the six months ended June 30, 2026, primarily due to an increase in service fees for market coverage
expansion and CSO services, in line with the sales growth of senaparib and the expansion of our business scale.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

21

MANAGEMENT DISCUSSION AND ANALYSIS

Finance Costs
Our finance costs decreased from RMB34.1 million for the six months ended June 30, 2025 to RMB24.8 million for the six
months ended June 30, 2026, primarily due to a decrease in interest on redemption liabilities as a result of the Listing on
the Stock Exchange.

Other Expenses
Our other expenses increased from RMB2.7 million for the six months ended June 30, 2025 to RMB20.1 million for the six
months ended June 30, 2026, primarily due to an increase in net foreign exchange losses as a result of the fluctuation in
foreign exchange rates.

Income Tax Expense
Our income tax expense was nil and nil for the six months ended June 30, 2025 and 2026, respectively.

Loss for the Period
As a result of the foregoing, we recorded a loss of RMB128.7 million and RMB90.8 million for the six months ended June
30, 2025 and 2026, respectively.

Material Acquisitions and Disposals
We did not have any material acquisitions or disposals of subsidiaries, associates, and joint ventures during the Reporting
Period.

Capital Structure, Liquidity and Financial Resources
As of June 30, 2026, our cash and cash equivalents, time deposits and financial assets at fair value through profit or loss
were RMB1,065.4 million in aggregate, as compared to RMB258.5 million as of December 31, 2025. The increase was
primarily due to the proceeds from the Global Offering received in May 2026 and the cash generated from the sales of
senaparib.
As of June 30, 2026, our current assets were RMB1,144.8 million, including inventories of RMB24.9 million, trade
receivables of RMB38.0 million, prepayments, other receivables and other assets of RMB16.5 million, financial assets at fair
value through profit or loss of RMB9.9 million, time deposits of RMB234.9 million, restricted cash of RMB1 thousand and
cash and cash equivalents of RMB820.6 million.
As of June 30, 2026, our current liabilities were RMB142.0 million, including trade payables of RMB57.3 million, other
payables and accruals of RMB70.8 million, financial liabilities at fair value through profit or loss of RMB10.4 million and
lease liabilities of RMB3.5 million.
During the period ended June 30, 2026, net cash flows from operating activities of our Group amounted to RMB24.4
million, representing a decrease of RMB5.8 million compared to RMB30.2 million during the period ended June 30, 2025.
The decrease was mainly due to an increase in trade receivables of RMB30.6 million as a result of increased revenue from
sales of senaparib, partially offset by an increase in other payables and accruals of RMB66.2 million, as compared with
RMB0.7 million and RMB94.2 million, respectively, for the corresponding period in 2025.

22

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

During the period ended June 30, 2026, our net cash flows used in investing activities were RMB249.1 million, compared to
RMB68.8 million for the six months ended June 30, 2025. This change was mainly due to the placement of time deposits of
RMB234.1 million for the six months ended June 30, 2026.
During the period ended June 30, 2026, net cash flows from financing activities of our Group increased to RMB796.3
million from RMB19.0 million during the period ended June 30, 2025. The increase was mainly due to the proceeds from
issue of shares as a result of the Listing on the Stock Exchange.
We primarily invest in low-risk financial products, such as principal-protected structured deposits. We have established
a treasury management policy to standardize the types of financial products and their purchase procedures. In practice,
investment transactions are initiated by the finance department. Transactions involving products with a risk rating of R1
or higher are subject to compliance review by the compliance and internal control or legal affairs departments, followed
by review and approval by the head of the finance department. Transactions involving products with a risk rating of R2 or
higher are additionally subject to final approval by our chief executive officer.
Going forward, we believe our liquidity requirements will be satisfied by a combination of net proceeds from the Global
Offering, cash generated from continued commercialization of senaparib, and milestone payments and royalties under our
agreement with Eikon and other business partners.

Gearing Ratio
As at June 30, 2026, we do not have any borrowings. Therefore, there was no net debt, and the gearing ratio calculated as
net debt divided by equities is not applicable.

Indebtedness
We had indebtedness in the form of lease liabilities, financial liabilities at fair value through profit or loss and redemption
liabilities on ordinary shares. The following table sets forth a breakdown of our indebtedness as of the dates indicated:

As of

As of

December 31,

June 30,

2025

2026

(RMB’000)

(RMB’000)

Current
Lease liabilities

3,655

3,479

Financial liabilities at fair value through profit or loss

5,209

10,368

1,780

751

Financial liabilities at fair value through profit or loss

33,921

29,095

Redemption liabilities on ordinary shares

980,224

–

1,024,789

43,693

Non-current
Lease liabilities

Total

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

23

MANAGEMENT DISCUSSION AND ANALYSIS

Except as discussed above, we did not have any other material mortgages, charges, debentures, loan capital, debt
securities, loans, bank overdrafts or other similar indebtedness, finance lease or hire purchase commitments, liabilities
under acceptances (other than normal trade bills), acceptance credits, which are either guaranteed, unguaranteed, secured
or unsecured, or guarantees or other contingent liabilities as of June 30, 2026. We did not experience any difficulty in
obtaining bank loans and other borrowings, default in payment of bank loans and other borrowings or material breach of
covenants during the Reporting Period. As of June 30, 2026, we did not have unutilized banking facilities.

Capital Expenditure
For the six months ended June 30, 2026, our total capital expenditure amounted to RMB0.2 million, consisting of purchases
of items of property, plant and equipment and other intangible assets.

Capital Commitments
As of June 30, 2026, we did not have any capital commitment.

Contingent Liabilities
As of June 30, 2026, we did not have any material contingent liabilities.

Pledge of Assets
There was no pledge of our Group’s assets as of June 30, 2026.

Foreign Exchange Risk Exposure
Certain of our cash and bank balances are denominated in foreign currency of respective group entities which expose us to
foreign currency risk. Foreign exchange risk arises when future commercial transactions or recognized assets and liabilities
are denominated in a currency that is not the respective functional currency of our subsidiaries. Our functional currency
outside Chinese Mainland is USD and AUD whereas the functional currency of the subsidiaries operating in Chinese
Mainland is RMB. Taking into account the potential USD and AUD exchange rate fluctuations, the Group will continue to
monitor its foreign exchange exposure and take prudent measures to reduce its foreign exchange risk. For the six months
ended June 30, 2026, the Group did not use any financial instruments for hedging purposes.

Significant Investments Held
The Group did not hold any significant investments with a value of 5% or more of the Group’s total assets as of June 30,
2026.

24

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

Employees and Remuneration Policies
As of June 30, 2026, our Group had 88 employees in total (December 31, 2025: 89 employees in total). The total
remuneration costs amounted to RMB59.9 million for the six months ended June 30, 2026, as compared to RMB80.3
million for the six months ended June 30, 2025. The decrease in total remuneration was mainly due to the decrease in noncash share-based payments.
We are committed to ensuring that working conditions throughout our business network are safe and that employees
are treated with care and respect. We believe we offer our employees competitive compensation packages, reflecting our
stakeholder-centric ethos which we believe leads to sustainable and durable growth. As required by PRC regulations, we
participate in various government statutory employee benefit plans, including social insurance, namely pension insurance,
medical insurance, unemployment insurance, work-related injury insurance, maternity insurance, and housing funds. We are
required under PRC law to make contributions to employee benefit plans at specified percentages of the salaries, bonuses
and certain allowances of our employees, up to a maximum amount specified by the local government regulations from
time to time.
The Group also provides continuous learning and training programs to its employees to enhance their skills and knowledge,
so as to maintain their competitiveness and improve customer service quality. The Group did not experience any major
difficulties in recruitment, nor did it experience any material loss in manpower or suffer from any material labor dispute
during the Reporting Period.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

25

CORPORATE GOVERNANCE AND OTHER
INFORMATION
DISCLOSURE OF INTERESTS
A.

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 our Directors and chief executive of our Company in our
Shares, underlying Shares or debentures of our Company or any of our associated corporations (within the meaning
of Part XV of the SFO) (i) which will have to be notified to us and the Stock Exchange pursuant to Divisions 7 and
8 of Part XV of the SFO (including interests and short positions in which they are taken or deemed to have under
such provisions of the SFO), or (ii) which will be required, pursuant to section 352 of the SFO, to be entered in the
register referred to therein, or (iii) which will be required to be notified to us and the Stock Exchange pursuant to
the Model Code for Securities Transactions by Directors of Listed Issuers contained in the Listing Rules, were as
follows:

Long positions in the Shares of the Company
Approximate
percentage of
shareholding in
Name of Director/

Number of

the total share

Description

Shares Held

capital of our

or Interested

Company(1)

Chief Executive

Capacity/Nature of interest

of Shares

Dr. Cai

Beneficial owner

H Shares (L)

8,422,233

2.98%

Interest in controlled corporations

H Shares (L)

10,018,651(2)

3.55%

Beneficial owner

H Shares (L)

8,422,233

2.98%

Interest in controlled corporations

H Shares (L)

10,018,651(2)

3.55%

Ms. Ning MA

Interest in controlled corporations

H Shares (L)

7,261,889(3)

2.57%

Mr. Tao LIU

Interest in controlled corporations

H Shares (L)

7,921,202(4)

2.80%

Dr. Tian

Notes:

26

(1)

The calculation is based on the total number of 282,461,530 issued Shares.

(2)

Dr. Tian is the managing member of Boundless, and each of Dr. Tian and Dr. Cai holds over one-third interest in Boundless. As such,
each of Dr. Tian and Dr. Cai is interested in the Shares held by Boundless.

(3)

Ms. Ma is the general partner of Wanquandao and Qianxishan. As such, she is deemed to be interested in the Shares held by
Wanquandao and Qianxishan.

(4)

Mr. Liu is the ultimate beneficiary owner of Shanghai China Summit Zhixin Investment Partnership (LP) (上海華嶺智新投資合夥企業
(有限合夥)) (“China Summit Zhixin”) and Wuhan Biolake China Summit Fund Partnership (Limited Partnership) (武漢光谷生物城華
嶺基金合夥企業(有限合夥)) (“Biolake China Summit”). As such, he is deemed to be interested in the Shares held by China Summit
Zhixin and Biolake China Summit.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

CORPORATE GOVERNANCE AND OTHER INFORMATION

Long positions in the Shares of associated corporation of the Company
Save as disclosed above, as of June 30, 2026, none of the Directors and chief executive of the Company had any
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 under section 352 of the SFO or required to be notified
to the Company and the Stock Exchange pursuant to the Model Code.

B.

Substantial Shareholders’ Interests and Short Positions in Shares and Underlying Shares of
the Company
As of June 30, 2026, to the knowledge of the Company and the Directors after making reasonable inquiries, the
following persons (who were not Directors or chief executive of the Company) had interests or short positions in the
Shares or the underlying Shares which would be required to be disclosed to the Company and the Stock Exchange
under the provisions of Divisions 2 and 3 of Part XV of the SFO and recorded in the register required to be kept by
the Company under Section 336 of the SFO:

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

27

CORPORATE GOVERNANCE AND OTHER INFORMATION

Approximate
percentage of
Capacity/

Description

Number of

interest in our

Name of Shareholder

Nature of interest

of Shares

Shares

Shares(1)

LAV Asset Management (Hong Kong)

Investment manager

H Shares

39,551,460

14.00%

Interest in controlled

H Shares

39,551,460

14.00%

Limited(2)
Dr. Yi SHI(2)

corporations
LAV Enterprise Hong Kong Limited(2)

Beneficial owner

H Shares

14,220,861

5.03%

LAV Biosciences Fund IV, L.P.(2)

Interest in controlled

H Shares

14,220,861

5.03%

LAV GP IV, L.P.(2)

Interest in controlled

H Shares

14,220,861

5.03%

LAV Corporate IV GP, Ltd.(2)

Interest in controlled

H Shares

14,220,861

5.03%

Shanghai Li Yi Investment Management

Interest in controlled

H Shares

16,930,352

5.99%

H Shares

32,563,765

11.53%

H Shares

32,563,765

11.53%

H Shares

14,640,236

5.18%

H Shares

14,640,236

5.18%

H Shares

23,559,685

8.34%

corporations
corporations
corporations
Partnership (Limited Partnership) (上海

corporations

禮頤投資管理合夥企業(有限合夥))(3)
Shanghai Liyao Investment Management
Co., Ltd (上海禮曜投資管理有限公司)(3)
Dr. Fei CHEN(3)

Interest in controlled
corporations
Interest in controlled
corporations

Shanghai Li’an Venture Capital
Investment Center (Limited Partnership)

Interest in controlled
corporations

(上海禮安創業投資中心(有限合夥))(3)
Shanghai Lihan Biotechnology Partnership
Enterprise (Limited Partnership) (上海禮

Interest in controlled
corporations

瀚生物科技合夥企業(有限合夥))(3)
Decheng IMPACT Limited(4)

28

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

Beneficial owner

CORPORATE GOVERNANCE AND OTHER INFORMATION

Approximate
percentage of
Capacity/

Description

Number of

interest in our

Name of Shareholder

Nature of interest

of Shares

Shares

Shares(1)

Decheng Capital China Life Sciences USD

Interest in controlled

H Shares

23,559,685

8.34%

H Shares

23,559,685

8.34%

H Shares

23,559,685

8.34%

Beneficial owner

H Shares

15,593,533

5.52%

Interest in controlled

H Shares

15,593,533

5.52%

H Shares

15,593,533

5.52%

H Shares

15,593,533

5.52%

H Shares

16,369,533

5.80%

H Shares

19,880,533

7.04%

Fund III, L.P.(4)
Decheng Capital Management III
(Cayman), LLC(4)
Dr. Xiangmin CUI(4)

corporations
Interest in controlled
corporations
Interest in controlled
corporations

Guangxi Tencent Venture Capital Co.,
Ltd. (廣西騰訊創業投資有限公司)(5)
Shenzhen Tencent Ruijian Investment
Co., Ltd. (深圳市騰訊睿見投資有限公

corporations

司)(5)
Shenzhen Tencent Ruitou Enterprise
Management Co., Ltd. (深圳市騰訊睿

Interest in controlled
corporations

投企業管理有限公司)(5)
Tencent Technology (Shenzhen) Company Interest in controlled
Limited (騰訊科技(深圳)有限公司)(5)
Oriental Power Holdings Limited(5)

corporations
Interest in controlled
corporations

Tencent Holdings Limited(5)

Interest in controlled
corporations

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

29

CORPORATE GOVERNANCE AND OTHER INFORMATION

Notes:

30

(1)

The calculation is based on the total number of 282,461,530 issued Shares.

(2)

LAV Enterprise Hong Kong Limited (“LAV Enterprise”) is wholly owned by LAV Biosciences Fund IV, L.P. (“LAV IV”). The general
partner of LAV IV is LAV GP IV, L.P., whose general partner is LAV Corporate IV GP, Ltd., a Cayman exempted company wholly
owned by Dr. Yi SHI (“Dr. Shi”). Accordingly, Dr. Shi is deemed to be interested in the Shares held by LAV Enterprise under the SFO.
LAV Asset Management (Hong Kong) Limited is the investment manager of the funds referred to above in respect of the Shares and
is therefore deemed to be interested in the Shares held by such funds under the SFO.

(3)

The general partner of Shanghai Lihan Biotechnology Partnership Enterprise (Limited Partnership) (上海禮瀚生物科技合夥企業(有限合
夥)) (“Shanghai Lihan”) is Shanghai Li Yi Investment Management Partnership (Limited Partnership) (上海禮頤投資管理合夥企業(有
限合夥)) (“Liyi Investment I”) and the sole limited partner is Shanghai Li’an Venture Capital Investment Center (Limited Partnership)
(上海禮安創業投資中心(有限合夥)) (“Shanghai Li’an”). The general partner of Liyi Investment I is Shanghai Liyao Investment
Management Co., Ltd. (上海禮曜投資管理有限公司) (“Shanghai Liyao”), which is in turn wholly owned by Dr. CHEN Fei (陳飛) (“Dr.
Chen”), an Independent Third Party. Accordingly, Shanghai Li’an is interested in, and each of Liyi Investment I, Shanghai Liyao and
Dr. Chen is deemed to be interested in, the Shares held by Shanghai Lihan under the SFO.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

CORPORATE GOVERNANCE AND OTHER INFORMATION

(4)

Decheng IMPACT Limited (“Decheng”) is wholly owned by Decheng Capital China Life Sciences USD Fund III, L.P.(“Decheng USD
Fund”). The general partner of Decheng USD Fund is Decheng Capital Management III (Cayman), LLC (“Decheng Management”),
which is wholly controlled by Dr. Xiangmin Cui. As such, under the SFO, each of Decheng USD Fund, Decheng Management and Dr.
Xiangmin Cui is deemed to be interested in the Shares held by Decheng.

(5)

Guangxi Tencent Venture Capital Co., Ltd. (廣西騰訊創業投資有限公司) (“Guangxi Tencent”) is wholly owned by Shenzhen Tencent
Ruijian Investment Co., Ltd. (深圳市騰訊睿見投資有限公司) (“Tencent Ruijian”). Tencent Ruijian is a wholly-owned subsidiary
of Shenzhen Tencent Ruitou Enterprise Management Co., Ltd. (深圳市騰訊睿投企業管理有限公司) (“Tencent Ruitou”), which is
ultimately controlled by Tencent Technology (Shenzhen) Company Limited (騰訊科技(深圳)有限公司) (“Tencent Technology”).
Tencent Technology is controlled as to 100% by Oriental Power Holdings Limited, which is in turn controlled as to 100% by Tencent
Holdings Limited (騰訊控股有限公司), a company listed on the Main Board of the Stock Exchange (stock codes: HKEX: 00700 (HKD
Counter) and 80700 (RMB Counter)). Accordingly, each of Tencent Ruijian, Tencent Ruitou, Tencent Technology, Oriental Power
Holdings Limited and Tencent Holdings Limited is deemed to be interested in the Shares held by Guangxi Tencent under the SFO.

Save as disclosed in this interim report, as of June 30, 2026, the Directors were not aware of any persons (who were not
Directors or chief executive of the Company) who had an interest or short position in any Shares or underlying Shares of
the Company which would fall to be disclosed to the Company and the Stock Exchange under Divisions 2 and 3 of Part
XV of the SFO, or which would be required, pursuant to Section 336 of the SFO, to be entered in the register referred to
therein.

EMPLOYEE INCENTIVE SCHEME
The Company approved and adopted the Employee Incentive Scheme approved and adopted by the Board on January 26,
2025. The terms of the Employee Incentive Scheme are not subject to the provisions of Chapter 17 of the Listing Rules as
the Employee Incentive Scheme does not involve the grant of share awards by our Company to subscribe for H Shares after
the Listing.
Wanquandao, Qianxishan and Boundless are employee incentive platforms of our Company. Given the underlying Shares
under the Employee Incentive Scheme had already been issued by the Company to the relevant employee incentive
platforms, there will be no dilutive effect to the issued Shares upon the vesting of the awards under the Employee Incentive
Scheme.
As of June 30, 2026, Wanquandao, Qianxishan and Boundless held 4,274,984 Shares, 2,986,905 Shares and 10,875,618
Shares, respectively.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

31

CORPORATE GOVERNANCE AND OTHER INFORMATION

The following is a summary of the principal terms of the Employee Incentive Scheme.

(a)

Objectives
The Employee Incentive Scheme aims to align the interests of core employees with the company’s long-term strategic
goals by granting equity incentives, enhancing motivation, and promoting sustainable growth.

(b)

Eligibility
Participants include employees and former employees of the Group who have made contributions to the
development of the Group.

(c)

Type of Awards
Unless otherwise determined by the Board, the awards granted under this Employee Incentive Scheme are restricted
shares held through the employee incentive platforms.

(d)

Administration
The Employee Incentive Scheme shall be administered by the general manager or the person designated by the
general manager (the “Administrator”). The Administrator is responsible for selecting participants, determining and
amending the terms of the grant, including the amount of restricted shares, subscription price, vesting conditions,
etc.

(e)

Lock-up and Restrictions
Before and after the Company’s listing on domestic and overseas securities markets, the transfer of Shares held by
the employee incentive platforms will be subject to the lock-up period stipulated by the applicable laws. From date
of grant and until the expiration of lock-up period as stipulated by applicable laws (the “Quiet Period”), the grantees
are prohibited from disposing of their awards held through the employee incentive platforms.
Apart from the Quiet Period, the disposal of the awards held by the participants shall also be subject to a lockup period of four years (the “Lock-up Period”), with 25% of granted awards released annually, or subject to
performance condition (where applicable). All awards granted by the Company under the Employee Incentive
Scheme shall be subject to the Lock-up Period.

(f)

Status
Wanquandao is a limited partnership established under the laws of the PRC. The general partner of Wanquandao
is Ms. Ning Ma, our Executive Director, who holds approximately 48.63% of the partnership interests for her own
benefit and will control the exercise of the voting rights held by Wanquandao. The remaining 51.37% partnership
interests are held by 48 limited partners, including (i) two members of the senior management, namely Ms.
Yifan HAN and Ms. Huijun DENG, holding approximately 2.14% and 1.15% partnership interest, respectively; (ii)
three former employees of the Group, holding approximately 3.69% partnership interest; and (iii) the remaining
partnership interests are held by employees of the Group.

32

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

CORPORATE GOVERNANCE AND OTHER INFORMATION

Qianxishan is a limited partnership established under the laws of the PRC. The general partner of Qianxishan is Ms.
Ning Ma, who holds approximately 39.74% of the partnership interests for her own benefit and will control the
exercise of the voting rights held by Qianxishan. The remaining 60.26% partnership interests are held by 28 limited
partners, including (i) two members of the senior management, namely Ms. Yanhua XU and Ms. Huijun DENG,
holding approximately 30.13% and 6.20% partnership interest, respectively; (ii) four former employees of the
Group, holding approximately 1.37% partnership interest; and (iii) the remaining partnership interests are held by
employees of the Group.
Boundless is a limited liability company established in Delaware, the United States. Dr. Tian, our executive Director,
is the managing member of Boundless and holds its only managing unit, which entitles him to control the exercise
of the voting rights held by Boundless. In addition, Dr. Tian, Dr. Cai and a former employee of the Group, hold
4,599,013, 5,419,638 and 856,967 incentive units, respectively. No incentive unit shall carry voting rights.
Details of the awards granted to the relevant grantees under the Employee Incentive Scheme are set out below:

Approximate

Approximate

partnership

number of

interests in

Shares

Relevant

the relevant

corresponding

shareholding

Employee

Employee

to awards

percentage of

Approximate

Incentive

Incentive

granted to

total issued

Positions/Identities

Platforms

Platforms

the grantees(1)

Shares

Dr. Cai

Executive Director

Boundless

49.83%

5,419,638

1.92%

Dr. Tian

Executive Director

Boundless

42.29%

4,599,013

1.63%

Ms. Ning MA

Executive Director

Wanquandao

48.63%

2,079,087

0.74%

Qianxishan

39.74%

1,186,866

0.42%

Name

Directors

Senior Management
3 individuals

Members of senior

Wanquandao

3.29%

140,633

0.05%

management

Qianxishan

36.33%

1,085,223

0.39%

Other employees and

Boundless

7.88%

856,967

0.30%

former employees

Wanquandao

47.04%

2,010,390

0.71%

Qianxishan

23.90%

714,366

0.25%

Other Grantees
63 individuals

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

33

CORPORATE GOVERNANCE AND OTHER INFORMATION

Notes:
(1)

For illustrating the indirect interests of grantees in the Shares, the number of Shares is presented and calculated by multiplying their
respective percentage of partnership interests in the relevant Employee Incentive Platforms by the total number of Shares held by the
relevant Employee Incentive Platforms.

(2)

Given the underlying Shares under the Scheme had already been issued by the Company to the relevant employee incentive
platforms in accordance with terms of the Scheme, there will not be any dilution effect on the issued share capital of our Company.

For further details of the Employee Incentive Scheme, please see the section headed “Appendix IV – Statutory and General
Information” in the Prospectus.
In addition, the Company has adopted the post-IPO Share Award Scheme, as approved by the Shareholders on 27 July
2026. For further details of the post-IPO Share Award Scheme, please refer to the circular of the Company dated 10 July
2026.

34

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

CORPORATE GOVERNANCE AND OTHER INFORMATION

USE OF PROCEEDS
Use of Proceeds from the Global Offering
The Company issued 41,977,000 H Shares at HK$20.10, which were listed on the Main Board of the Stock Exchange
on the Listing Date, and issued 6,296,400 H Shares at HK$20.10 upon the full exercise of the Over-allotment Option,
which were listed on the Main Board of the Stock Exchange on June 10, 2026. We received net proceeds (after deduction
of underwriting commissions and related costs and expenses) from the Global Offering (following full exercise of the
Over-allotment Option) of approximately HK$879 million.
The following table sets forth the planned use of the net proceeds and the actual use as at June 30, 2026:

Net proceeds
from Global
Offering
(including the
proceeds from
full exercise

Expected
Percentage

Utilized net

Balance of

timetable

of net proceeds from

net proceeds

for the full

of the over-

proceeds as

Listing Date

unutilized as

utilization

allotment

stated in the

to June 30,

of June 30,

of unutilized

option)

Prospectus

2026

2026

448.29

51%

38.37

409.92

By end of 2028

263.70

30%

11.15

252.55

By end of 2028

131.85

15%

0.04

131.81

By end of 2029

52.74

6%

27.18

25.56

By end of 2028

IMP1734 & IMP9064

272.49

31%

3.93

268.56

By end of 2028

(i) Clinical trials of IMP1734

184.59

21%

2.80

181.79

By end of 2028

87.90

10%

1.13

86.77

By end of 2028

Proposed use

proceeds

(HK$ million)

(a) To fund Senaparib (Core
Product) – clinical development,
regulatory approval &
commercialization
(i) Clinical development &
regulatory approval in OC
(ii) Combination therapies in
other advanced solid tumors
(iii) Commercialization in China
as 1L maintenance therapy
for OC “all-comers”
(b) To fund our Key Products –

(ii) Phase I/II trial of IMP9064
monotherapy and
combination therapies for
the treatment of advanced
solid tumors

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

35

CORPORATE GOVERNANCE AND OTHER INFORMATION

Net proceeds
from Global
Offering
(including the
proceeds from
full exercise

Expected
Percentage

Utilized net

Balance of

timetable

of net proceeds from

net proceeds

for the full

of the over-

proceeds as

Listing Date

unutilized as

utilization

allotment

stated in the

to June 30,

of June 30,

of unutilized

option)

Prospectus

2026

2026

proceeds

70.32

8%

1.82

68.50

By end of 2028

70.32

8%

11.34

58.98

By end of 2027

52.74

6%

5.55

47.19

By end of 2027

17.58

2%

5.79

11.79

By end of 2027

17.58

2%

1.28

16.30

By end of 2028

879.00

100%

56.74

822.26

Proposed use

(HK$ million)

(c) To fund other pipeline assets
(IMP1707, IMP7068, IMP22,
IMP25, IMP08, IMP13, IMP10)
(d) To fund R&D platforms &
pipeline expansion
(i) Continued development
of self-developed R&D
platforms
(ii) Exploration and
development of small
molecule inhibitors
(e) Working capital & general
corporate purposes
Total

As of the date of this report, there was no change in the intended use of net proceeds as previously disclosed in the section
headed “Future Plans and Use of Proceeds” in the Prospectus. The Company intends to use the net proceeds in the manner
consistent with the above. The completion time for the use of such proceeds will be determined based on the Company’s
actual business needs and future business development.

FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL ASSETS
As of June 30, 2026, save for the “Future Plans and Use of Proceeds” disclosed in the Prospectus, the Group did not have
any existing plan for acquiring other material investments or capital assets.

CHANGES IN INFORMATION OF DIRECTORS AND SENIOR MANAGEMENT
Save as disclosed in this interim report and as at the date of this interim report, the Company is not aware of any changes
in the information of Directors and senior management which are required to be disclosed pursuant to Rule 13.51B(1) of
the Listing Rules during the Reporting Period.

36

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

CORPORATE GOVERNANCE AND OTHER INFORMATION

OTHER CORPORATE CHANGES
Save as disclosed in this interim report and as at the date of this interim report, the Company is not aware of any other
major corporate changes after June 30, 2026 and up to the date of this report which need to be disclosed in the interim
report.

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE
The Company has adopted the code provisions of the Corporate Governance Code (the “Corporate Governance
Code”) contained in Part 2 of Appendix C1 to the Listing Rules as its own code of corporate governance. The Company
is committed to achieving high standards of corporate governance with a view to safeguarding the interests of the
Shareholders and to enhancing corporate value and accountability. The Board is of the view that the Company has complied
with all applicable code provisions of the Corporate Governance Code as its own code of corporate governance practice
since the Listing Date and up to June 30, 2026.
The Company will continue to review and enhance its corporate governance practices to ensure compliance with the
Corporate Governance Code.

MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted a code of conduct regarding the Directors’ and employees’ securities transactions on terms no
less exacting than the required standards set out in the Model Code.
Having made specific enquiries with all Directors, each of them has confirmed that he/she has complied with our Company’s
code of conduct regarding the Directors’ and employees’ securities transactions during the Reporting Period. No incident
of non-compliance of the Model Code by the employees who are likely to be in possession of inside information of the
Company was noted by the Company since the Listing Date and up to June 30, 2026.

AUDIT COMMITTEE
The Company has established the Audit Committee with written terms of reference in compliance with Rule 3.21 of the
Listing Rules and the Corporate Governance Code. The primary duties of the Audit Committee are to review and supervise
the financial reporting process, the risk management and internal controls systems of the Group, to review connected
transactions and to advise the Board accordingly.
The Audit Committee has three members, comprising two independent non-executive Directors and one non-executive
Director, namely Mr. Chi Hung Siu (蕭志雄) (chairperson), Dr. Edward Ming GUO (郭明) and Mr. Tao LIU (劉濤). The
chairperson of the Audit Committee possesses the appropriate professional qualification, and accounting and financial
management expertise as required under Rules 3.10(2) and 3.21 of the Listing Rules.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

37

CORPORATE GOVERNANCE AND OTHER INFORMATION

Review of the Unaudited Consolidated Financial Statements
The Audit Committee, together with the Company’s auditor, Ernst & Young (The “Auditor”), and the management of
the Company, has reviewed the unaudited interim results of the Group for the six months ended June 30, 2026. The
Audit Committee has also reviewed the accounting policies and practices adopted by the Group and discussed the risk
management, internal control, regulatory compliance and financial reporting matters with senior management of the
Company.
The Auditor has performed an independent review of the Group’s unaudited interim financial information 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 Hong Kong Institute of Certified
Public Accountants.

IMPORTANT EVENTS AFTER THE REPORTING PERIOD
Save as disclosed in this report and as of the date of this report, there were no other significant events after the end of the
Reporting Period.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES OR
SALE OF TREASURY SHARES
During the Reporting Period, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the
Company’s listed securities (including sale of treasury shares). As of June 30, 2026, the Company did not hold any treasury
shares.

INTERIM DIVIDEND
The Board has resolved not to recommend an interim dividend for the six months ended June 30, 2026 (six months ended
June 30, 2025: Nil).

By order of the Board
IMPACT Therapeutics, Inc
南京英派藥業股份有限公司
Dr. Sui Xiong CAI

Executive Director and Chief Executive Officer

38

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

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 IMPACT Therapeutics, Inc
(Incorporated in the People’s Republic of China with limited liability)

INTRODUCTION
We have reviewed the interim financial information set out on pages 40 to 57, which comprises the condensed consolidated
statement of financial position of IMPACT Therapeutics, 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
31 August 2026

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

39

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

RMB’000

(Unaudited)

(Unaudited)

105,190

25,236

Cost of sales

(9,714)

(588)

Gross profit

95,476

24,648

Revenue

4

Other income and gains, net

29,428

4,210

Research and development expenses

(97,637)

(86,337)

Administrative expenses

(50,297)

(29,242)

Selling and distribution expenses

(22,845)

(5,226)

Finance costs

(24,831)

(34,055)

Other expenses

(20,104)

(2,728)

LOSS BEFORE TAX

5

(90,810)

(128,730)

Income tax expense

6

–

–

(90,810)

(128,730)

(90,810)

(128,730)

(175)

91

(175)

91

(90,985)

(128,639)

(90,985)

(128,639)

(0.37)

(0.58)

LOSS FOR THE PERIOD
Attributable to:
Owners of the parent
OTHER COMPREHENSIVE (LOSS)/INCOME
Other comprehensive (loss)/income that may be reclassified to profit
or loss in subsequent periods:
Exchange differences on translation of foreign operations
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD, NET OF
TAX
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
Attributable to:
Owners of the parent
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF
THE PARENT
Basic and diluted (RMB)

40

IMPACT Therapeutics, Inc

8

2026 INTERIM REPORT

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
30 June 2026

Notes

As at

As at

30 June 2026

31 December 2025

RMB’000

RMB’000

(Unaudited)

(Audited)

609

614

Right-of-use assets

4,352

5,341

Other intangible assets

3,987

4,674

995

915

9,943

11,544

24,883

26,978

38,027

7,443

Prepayments, other receivables and other assets

16,548

30,022

Financial assets at fair value through profit or loss

9,887

–

NON-CURRENT ASSETS
Property, plant and equipment

9

Prepayments, other receivables and other assets
Total non-current assets
CURRENT ASSETS
Inventories
Trade receivables

10

Time deposits

234,937

–

Restricted cash

1

1

820,553

258,534

Total current assets

1,144,836

322,978

Total assets

1,154,779

334,522

Cash and cash equivalents

CURRENT LIABILITIES
57,296

49,864

Other payables and accruals

70,809

46,062

Financial liabilities at fair value through profit or loss

10,368

5,209

Lease liabilities

3,479

3,655

Total current liabilities

141,952

104,790

NET CURRENT ASSETS

1,002,884

218,188

TOTAL ASSETS LESS CURRENT LIABILITIES

1,012,827

229,732

Trade payables

11

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

41

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 2026

Notes

As at

As at

30 June 2026

31 December 2025

RMB’000

RMB’000

(Unaudited)

(Audited)

207,210

171,698

NON-CURRENT LIABILITIES
Other payables and accruals

751

1,780

29,095

33,921

–

980,224

Total non-current liabilities

237,056

1,187,623

Net assets/(liabilities)

775,771

(957,891)

282,462

234,188

Reserves

493,309

(1,192,079)

Total equity/(deficits)

775,771

(957,891)

Lease liabilities
Financial liabilities at fair value through profit or loss
Redemption liabilities on ordinary shares

EQUITY
Equity attributable to owners of the parent
Share capital

42

12

Director

Finance executive director

Dr. Sui Xiong CAI

Ms. Huijun DENG

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

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

Attributable to owners of the parent
Share-based
Share
Note

At 31 December 2025 (audited)

Capital

Other

payment

Exchange
fluctuation Accumulated

Total

capital

reserve

reserves

reserve

reserve

losses

equity

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

234,188

927,654

(856,450)

21,971

(13,319)

(1,271,935)

(957,891)

–

–

–

–

–

(90,810)

(90,810)

–

–

–

–

(175)

–

(175)

–

–

–

–

(175)

(90,810)

(90,985)

48,274

799,242

–

–

–

–

847,516

–

(47,187)

–

–

–

–

(47,187)

Loss for the period
Other comprehensive loss for the period:
Exchange differences related to foreign operations
Total comprehensive loss for the period
Issue of shares from initial public offering (“IPO”)

12

Share issue expenses
Automatic conversion of redemption liabilities upon

–

148,553

856,450

–

–

–

1,005,003

Recognition of equity-settled share-based payments

–

–

–

19,315

–

–

19,315

Vesting of restricted share units

–

30,877

–

(30,877)

–

–

–

282,462

1,859,139

–

10,409

(13,494)

(1,362,745)

775,771

the global offering

At 30 June 2026 (unaudited)

Six months ended 30 June 2025

Attributable to owners of the parent
Paid-in
capital/share

At 31 December 2024 (audited)
Loss for the period

Share-based
Capital

Other

payment

Exchange
fluctuation Accumulated

capital

reserve

reserves

reserve

reserves

losses

Total equity

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

214,866

1,140,714

(856,450)

16,050

(13,377)

(1,246,093)

(744,290)

–

–

–

–

–

(128,730)

(128,730)

–

–

–

–

91

–

91

–

–

–

–

91

(128,730)

(128,639)
19,457

Other comprehensive income for the period:
Exchange differences related to foreign operations
Total comprehensive loss for the period

19,322

135

–

–

–

–

Conversion into a joint stock company

Capital injection from shareholders

–

(270,082)

–

–

–

270,082

–

Recognition of equity-settled share-based payments

–

–

–

38,912

–

–

38,912

Vesting of restricted share units

–

21,053

–

(21,053)

–

–

–

As at 30 June 2025 (unaudited)

234,188

891,820

(856,450)

33,909

(13,286)

(1,104,741)

(814,560)

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

43

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

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

(90,810)

(128,730)

(2,670)

(1,550)

(981)

(2,350)

Finance costs

24,831

34,055

Equity-settled share-based payment expense

19,315

38,912

9,397

704

6,113

(24)

CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax
Adjustments for:
Bank interest income
Investment income on financial assets at fair value through
profit or loss

Foreign exchange differences, net

5

Unrealised losses/(gains) from financial assets at fair value
through profit or loss
Change in fair value of financial liabilities at fair value through
2,092

2,022

Depreciation of property, plant and equipment

5

160

234

Depreciation of right-of-use assets

5

1,534

1,457

Amortisation of other intangible assets

5

590

546

Gain on disposal of other intangible assets

5

(16)

–

(30,445)

(54,724)

profit or loss

(30,584)

(654)

Decrease in prepayments, other receivables and other assets

7,900

8,528

Decrease/(increase) in inventories

2,095

(8,174)

Increase/(decrease) in trade payables

7,432

(10,596)

Increase in other payables and accruals

66,189

94,239

Cash generated from operations

22,587

28,619

Interest received

1,788

1,550

Net cash flows from operating activities

24,375

30,169

Increase in trade receivables

44

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

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

Six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

(155)

(1,238)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of items of property, plant and equipment and other
intangible assets
Placement of time deposits

(234,055)

–

Purchase of financial assets at fair value through profit or loss

(734,000)

(1,198,033)

Redemption of financial assets at fair value through profit or loss

718,981

1,130,451

113

–

(249,116)

(68,820)

847,516

19,457

Proceeds from disposal of other intangible assets
Net cash flows used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares

(875)

(142)

Payment of listing expense

(48,506)

–

Lease payments

(1,803)

(301)

Net cash flows from financing activities

796,332

19,014

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

571,591

(19,637)

Cash and cash equivalents at beginning of period

258,534

230,122

(9,572)

(613)

820,553

209,872

Acquisition of non-controlling interests

Effect of foreign exchange rate changes, net
CASH AND CASH EQUIVALENTS AT END OF PERIOD

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

45

NOTES TO INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

1.

CORPORATE INFORMATION
The Company was established in the People’s Republic of China (the “PRC”) on 10 June 2009, as a limited liability
company under the Companies Law of the PRC. The registered office of the Company is located at No. 10, Xinghuo
Road, Hi-Tech Development Zone Nanjing, Jiangsu Province, PRC. The Company was converted into a joint stock
limited liability company on 25 June 2025.
During the period, the Company and its subsidiaries were principally involved in the research, development and
commercialisation of pharmaceutical products.
The shares of the Company have been listed on the Main Board of the Stock Exchange of Hong Kong Limited (the
“Stock Exchange”) effective from 13 May 2026.

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 Group’s annual consolidated financial statements for the year ended 31 December 2025.

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 the Classification and Measurement of Financial
Instruments

Amendments to HKFRS 9 and HKFRS 7

Contracts Referencing Nature-dependent Electricity

Annual Improvements to HKFRS

Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7

Accounting Standards – Volume 11

46

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (Continued)
The nature and impact of the amended HKFRS Accounting Standards are described below:
(a)

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. The Group will provide
additional disclosures for its equity investments designated at fair value through other comprehensive income
in the Group’s consolidated financial statements for the year ending 31 December 2026.
(b)

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.

(c)

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.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

47

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

3.

OPERATING SEGMENT INFORMATION
Operating segment information
Management has determined the operating segments based on the reports reviewed by the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of
the operating segment, has been identified as the executive directors of the Company. During the reporting period,
the Group was principally engaged in the research, development and commercialisation of pharmaceutical products.
Management reviews the operating results of the Group’s business as one operating segment for the purpose of
making decisions about resource allocation and performance assessment. Therefore, the chief operating decision
maker of the Company regards that there is only one segment which is used to make strategic decisions.

Geographical information
(a)

Revenue from external customers
For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

Geographical markets

(b)

Chinese mainland

70,351

7,232

United States of America

34,839

18,004

Total revenue

105,190

25,236

Non-current assets
No geographical information related to non-current assets is presented as nearly all of the non-current assets
of the Group are located in the Chinese mainland.

48

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

4.

REVENUE
An analysis of revenue is as follows:

For the six months ended 30 June

Revenue from contracts with customers

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

105,190

25,236

Disaggregated revenue information for revenue from contracts with customers
For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

Sales of pharmaceutical products

70,351

7,232

Licensing revenue

34,839

18,004

Total

105,190

25,236

105,190

25,236

Types of goods and services

Timing of revenue recognition
Transferred at a point in time

The following table shows the amounts of revenue recognised in the current reporting period that were included in
the contract liabilities at the beginning of the reporting period:

For the six months ended 30 June
2026

Sales of pharmaceutical products

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

831

–

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

49

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

5.

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

For the six months ended 30 June

Cost of inventories sold
Depreciation of property, plant and equipment (i)
Depreciation of right-of-use assets (i)
Amortisation of other intangible assets (i)
Gain on disposal of other intangible assets
Foreign exchange differences, net

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

9,714

588

160

234

1,534

1,457

590

546

(16)

–

9,397

704

Government grants

(25,672)

(286)

Interest expense

24,831

34,055

Listing expense

25,850

–

Wages, salaries and other allowances

31,081

29,989

Pension scheme contributions and social welfare

4,712

4,401

Equity-settled share-based payment expense

7,146

2,096

42,939

36,486

Employee benefit expense (excluding directors’ remuneration) (ii)

Total
Notes:

50

(i)

The depreciation of property, plant and equipment, amortisation of other intangible assets, and depreciation of right-of-use assets
are included in “Research and development expenses” and “Administrative expenses” in the consolidated statement of profit or loss
and other comprehensive income.

(ii)

The employee benefit expense is included in “Selling and distribution expenses”, “Research and development expenses” and
“Administrative expenses” in the consolidated statement of profit or loss and other comprehensive income.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

6.

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.

Chinese mainland
Pursuant to the Corporate Income Tax Law of the PRC and the respective regulations (the “CIT Law”), the
subsidiaries which operate in the Chinese mainland are subject to CIT at a rate of 25% on the taxable income
during the period.
The Company has been qualified as a high and new technology enterprise and is subject to income tax at a
preferential tax rate of 15% from 2025 to 2027. This qualification is subject to review by the relevant tax authority
in the PRC every three years.
IMPACT Therapeutics (Shanghai), Inc., a subsidiary of the Group in the Chinese mainland, has been qualified as a
high and new technology enterprise and is subject to income tax at a preferential tax rate of 15% from 2024 to
2026. This qualification is subject to review by the relevant tax authority in the PRC every three years.
Shanghai Impact Therapeutics Co., Ltd., a subsidiary of the Group in the Chinese mainland, has been qualified as
a high and new technology enterprise and is subject to income tax at a preferential tax rate of 15% from 2025 to
2027. This qualification is subject to review by the relevant tax authority in the PRC every three years.

Australia
The subsidiary incorporated in Australia was subject to Australia company tax at the statutory rate of 25% on the
estimated assessable profits arising in Australia during the period. No Australia company tax was provided for as this
subsidiary did not have any assessable profits arising in Australia during the period.

USA
The subsidiary incorporated in Delaware, USA, is subject to statutory United States federal corporate income tax at a
rate of 21%.
The income tax expense of the Group for the period is analysed as follows:

For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

Current – Chinese mainland income tax

–

–

Deferred

–

–

Total tax charge for the period

–

–

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

51

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

7.

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

8.

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 246,015,887 (six months ended 30
June 2025: 222,845,050) outstanding during the period.
The calculation of the diluted loss per share amount is based on the loss for the period attributable to ordinary
equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number
of ordinary shares outstanding during the period, as used in the basic loss per share calculation, and the weighted
average number of ordinary shares assumed to have been issued at no consideration on the deemed conversion of
all dilutive potential ordinary shares into ordinary shares.
The calculations of basic and diluted loss per share are based on:

For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

(90,810)

(128,730)

Loss
Loss attributable to ordinary equity holders of the parent

Number of shares
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

246,015,887

222,845,050

Shares
Weighted average number of ordinary shares outstanding during the
period used in the basic loss per share calculation

9.

PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 June 2026, the Group acquired assets at a cost of RMB155,000 (30 June 2025:
RMB32,000).

52

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

10. TRADE RECEIVABLES
An ageing analysis of the trade receivables as at the end of the reporting period, based on the transaction date and
net of loss allowance, is as follows:

30 June 2026

31 December 2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Within 1 month

19,426

6,318

1 to 3 months

18,601

1,125

Total

38,027

7,443

11. TRADE PAYABLES
An ageing analysis of the trade payables as at the end of the reporting period, based on the invoice date, is as
follows:

Within 3 months
3 months to 1 year
Total

30 June 2026

31 December 2025

RMB’000

RMB’000

(Unaudited)

(Audited)

57,277

49,864

19

–

57,296

49,864

The trade payables are non-interest-bearing and are typically settled within 2 to 3 months from the invoice date.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

53

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

12. SHARE CAPITAL
Shares

Issued and fully paid

30 June 2026

31 December 2025

RMB’000

RMB’000

(Unaudited)

(Audited)

282,462

234,188

A summary of movements in the Company’s share capital is as follows:

Share capital
Number of
Note

ordinary shares

Share capital
RMB’000

At 31 December 2025 (Audited)
Issue of shares from IPO
At 30 June 2026 (Unaudited)

(a)

234,188,130

234,188

48,273,400

48,274

282,461,530

282,462

Note:
(a)

On 13 May 2026, the Company successfully completed the IPO on the Stock Exchange. The Company issued 41,977,000 ordinary
shares at the offering price of HKD20.10 per share. On 10 June 2026, the underwriters of the Global Offering fully exercised the
Over-Allotment Option, and an aggregate of 6,296,400 shares at an offer price of HKD20.10 per share were newly allotted and
issued by the Company.

13. COMMITMENTS
At the end of the reporting period, the Group did not have any significant contractual commitments (30 June 2025:
Nil).

54

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

14. RELATED PARTY TRANSACTIONS
(a)

Compensation of key management personnel of the Group
For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

7,723

5,470

442

399

Equity-settled share-based payment expense

14,375

39,615

Total

22,540

45,484

Salaries, allowances and benefits in kind
Pension scheme contributions

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
Management has assessed that the fair values of cash and bank balances, trade receivables, financial assets included
in prepayments, other receivables and other assets, and financial liabilities included in trade payables and other
payables and accruals approximate to their carrying amounts largely due to the short-term maturities of these
instruments.
The Group’s finance department headed by the finance director is responsible for determining the policies and
procedures for the fair value measurement of financial instruments. At the end of the reporting period, the finance
department analyses the movements in the values of financial instruments and determines the major inputs applied
in the valuation. The directors review the results of the fair value measurement of financial instruments periodically
for financial reporting.
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 following
methods and assumptions were used to estimate the fair values:
The fair values of the non-current portion of financial assets included in prepayments, other receivables and other
assets and the non-current portion of other payables and accruals 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 has estimated the fair value of variable consideration payable arising from the acquisition of equity
interests from the non-controlling interests by using a discounted cash flow valuation model based on the market
interest rates of instruments with similar terms and risks.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

55

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
(Continued)
Set out below is a summary of significant unobservable inputs to the valuation of financial instruments together
with a quantitative sensitivity analysis as at 30 June 2026 and 31 December 2025:

Significant

Sensitivity of

Fair value

Valuation

unobservable

Financial liabilities

hierarchy

technique

input

Range

the input

Variable consideration payable arising

Level 3

Discounted

Discount rate

10.3%-12.2%

note (a)

from the acquisition of equity interests

cash flow

fair value to

(31 December 2025:

from the non-controlling interests

11.0%-12.9%)

Note:
(a)

1% increase/decrease in discount rate, with all other variables held constant, would decrease/increase the fair value of variable
consideration payable arising from the acquisition of equity interests from the non-controlling interests by RMB598,000/RMB608,000
(31 December 2025: RMB728,000/RMB755,000).

Fair value hierarchy
The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:
Assets measured at fair value:
As at 30 June 2026 (Unaudited)

Fair value measurement using

Investment in wealth management products

Quoted prices

Significant

Significant

in active

observable

unobservable

markets

inputs

inputs

(Level 1)

(Level 2)

(Level 3)

Total

RMB’000

RMB’000

RMB’000

RMB’000

–

9,887

–

9,887

The Group did not have any financial assets measured at fair value as at 31 December 2025.

56

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2026

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
(Continued)
Fair value hierarchy (Continued)
Liabilities measured at fair value:
As at 30 June 2026 (Unaudited)

Fair value measurement using
Quoted prices

Significant

Significant

in active

observable

unobservable

markets

inputs

inputs

(Level 1)

(Level 2)

(Level 3)

Total

RMB’000

RMB’000

RMB’000

RMB’000

–

–

39,463

39,463

Variable consideration payable arising from
the acquisition of equity interests from
the non-controlling interests

As at 31 December 2025 (Audited)

Fair value measurement using
Quoted prices

Significant

Significant

in active

observable

unobservable

markets

inputs

inputs

(Level 1)

(Level 2)

(Level 3)

Total

RMB’000

RMB’000

RMB’000

RMB’000

–

–

39,130

39,130

Variable consideration payable arising from
the acquisition of equity interests from
the non-controlling interests

During the period, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers
into or out of Level 3 for both financial assets and financial liabilities.

16. EVENTS AFTER THE PERIOD
There were no significant events subsequent to 30 June 2026.

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

57

DEFINITIONS AND GLOSSARY
In this report, the following expressions shall have the meanings set out below unless the context requires otherwise:

“Audit Committee”

the audit committee of our Board

“Board”

the board of Directors of our Company

“China” or “PRC”

the People’s Republic of China and, for the purpose of this report, excludes Hong Kong,
the Macao Special Administrative Region of the PRC and Taiwan, China

“Company,” “our Company”
or “the Company”

IMPACT Therapeutics, Inc (南京英派藥業股份有限公司), a joint stock limited company
established in the PRC on June 25, 2025, or, where the context requires (as the case may
be), its predecessor, Nanjing Impact Therapeutics Co., Ltd. (南京英派藥業有限公司), a
limited liability company established in the PRC on June 10, 2009, the H Shares of which
are listed on the Stock Exchange (stock code: 7630)

“Core Product”

senaparib (IMP4297), the designated “core product” as defined under Chapter 18A of the
Listing Rules

“Corporate Governance

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

Code”
“Director(s)”

the director(s) of our Company

“Employee Incentive Scheme”

the employee incentive scheme of our Company approved and adopted by our Board on
January 26, 2025

“FDA”

the United States Food and Drug Administration

“Global Offering”

the global offering of the H Shares of the Company on the Stock Exchange

“Group,” “our Group,”

our Company and our subsidiaries

“we” or “us”
“H Share(s)”

overseas listed foreign share(s) in the share capital of our Company with a nominal value
of RMB1.00 each, which is/are subscribed for and traded in Hong Kong dollars and listed
on the Stock Exchange

58

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

DEFINITIONS AND GLOSSARY

“HKFRS”

Hong Kong Financial Reporting Standards, which include all Hong Kong Financial Reporting
Standards, Hong Kong Accounting Standards and Interpretations as issued by the Hong
Kong Institute of Certified Public Accountants

“IPO”

initial public offering of the Shares on the Main Board

“Listing Date”

May 13, 2026, being the date on which the H Shares were listed and from which dealings
therein were permitted to take place on the Stock Exchange

“Listing Rules”

the Rules Governing the Listing of Securities on the Stock Exchange, as amended from time
to time

“Model Code”

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

“Main Board”

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

“Over-allotment Option”

the option granted by our Company to the International Underwriters, exercisable by
the Overall Coordinators (on behalf of the International Underwriters) pursuant to the
International Underwriting Agreement, to require our Company to allot and issue up to an
aggregate of 6,296,400 additional H Shares at the Offer Price, representing approximately
15% of the Offer Shares initially available under the Global Offering, to cover, among
other things, over-allocations in the International Offering, if any

“Prospectus”

the prospectus of the Company dated May 5, 2026

“R&D”

research and development

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

59

DEFINITIONS AND GLOSSARY

“Reporting Period”

the six months ended June 30, 2026

or “period”
“RMB”

Renminbi, the lawful currency of the PRC

“Share Award Scheme”

the 2026 share award (existing Shares) scheme of the Company, in its present form or as
amended from time to time

“Share(s)”

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

“Shareholder(s)”

holder(s) of the Share(s)

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“subsidiary(ies)”

has the meaning ascribed to this term under the Listing Rules

“U.S.” or “United States”

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

60

“USD” or “US$”

United States dollars, the lawful currency of the United States

“%”

per cent

IMPACT Therapeutics, Inc

2026 INTERIM REPORT

南京英派藥業股份有限公司
IMPACT Therapeutics, Inc
（於中華人民共和國成立的股份有限公司）

股份代號 : 7630

2026

中期報告

目錄
2

公司資料

4

財務摘要

5

業務亮點

8

管理層討論及分析

26

企業管治及其他資料

39

獨立審閱報告

40

中期簡明綜合損益及其他全面收益表

41

中期簡明綜合財務狀況表

43

中期簡明綜合權益變動表

44

中期簡明綜合現金流量表

46

中期簡明綜合財務資料附註

58

釋義及詞彙

公司資料

董事會

聯席公司秘書

執行董事

韓一凡女士

蔡遂雄博士（首席執行官）

葉翠媚（香港公司治理公會及英國特許公司治理

田野博士
馬寧女士

公會會員）

香港主要營業地點

非執行董事

香港

徐聰博士（董事長）

灣仔

Qiang XU博士

皇后大道東248號

劉濤先生

大新金融中心40樓

獨立非執行董事

授權代表

郭明博士

蔡遂雄博士

蕭志雄先生

葉翠媚

邵黎明博士

H股證券登記處

審計委員會

香港中央證券登記有限公司

蕭志雄先生（主席）

香港

劉濤先生

灣仔

郭明博士

皇后大道東183號
合和中心17樓

薪酬委員會

1712-1716號舖

郭明博士（主席）

主要往來銀行

蕭志雄先生
Qiang XU博士

招商銀行股份有限公司（上海分行南京江北新區支行）
中國

提名委員會
邵黎明博士（主席）
徐聰博士
郭明博士
蕭志雄先生
馬寧女士

江蘇省
南京市
浦口區
江浦街道
龍華路26號
金盛田鉑宮07幢120室

南京英派藥業股份有限公司

2026年 中期報告

02

公司資料

中國註冊辦事處及主要營業地點
中國
上海市
浦東新區
海陽西路399號
前灘時代廣場27層

註冊辦事處
中國
江蘇省
南京市
高新技術產業開發區
星火路10號

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

核數師
安永會計師事務所

執業會計師
《會計及財務匯報局條例》下的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

股份代號
7630

網站
www.impacttherapeutics.com

上市日期
2026年5月13日

03

南京英派藥業股份有限公司

2026年 中期報告

財務摘要

截至6月30日止六個月
期間變動

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

收入

105,190

25,236

316.8%

研發開支

(97,637)

(86,337)

13.1%

(90,810)

(128,730)

虧損減少29.5%

(20,867)

(55,841)

虧損減少62.6%

截至2026年

截至2025年

6月30日

12月31日

775,771

(957,891)

不適用

1,065,378

258,535

312.1%

期內虧損
期內經調整虧損淨額（非香港財務報告準則計量）
2

資產淨值 ╱（負債淨額）
現金及金融資產

¹

附註：
1.

包括現金及現金等價物、受限制現金、定期存款及以公允價值計量且其變動計入損益的金融資產。

2.

我們將報告期間的經調整虧損淨額（非香港財務報告準則計量）定義為期內虧損，並加回(i)以權益結算以股份為基礎的付款開支；(ii)上
市開支；及(iii)贖回負債的利息後作出調整。

南京英派藥業股份有限公司

2026年 中期報告

04

業務亮點

本公司於2026年5月13日在聯交所上市。於報告期間及直至本報告日期，我們持續快速推進藥物管線開發，包括以下
里程碑及成就。

業務拓展
•

與Pharmanovia就塞納帕利於歐洲、中東及北非、澳洲及新西蘭訂立獨家授權協議

o

於2026年7月，我們與Pharmanovia（一家全球專科製藥公司，其與創新生物科技公司及大型製藥公司合
作，向患者提供創新專科藥物）訂立獨家合作，授予Pharmanovia於歐洲、中東及北非、澳洲及新西蘭製
造、開發及商業化塞納帕利的獨家權利，用於晚期上皮性高級別卵巢癌、輸卵管癌及原發性腹膜癌的維
持單藥治療。

o

我們有資格收取首付款、近期監管里程碑付款及於達成若干銷售門檻後支付的商業里程碑付款，總額最
高達4.235億歐元，另可按產品淨銷售額收取進一步分級特許權使用費，費率最高達百分之二十幾的中段
水平。

o

該獨家合作將塞納帕利的全球覆蓋範圍擴展至66個國家。

我們產品的進展
核心產品的進展
•

塞納帕利(IMP4297)（PARP1/2抑制劑）
o

塞納帕利作為晚期卵巢癌一線維持治療的三期 FLAMES 研究的最新無進展生存期 (PFS) 數據已獲接受於
2026年歐洲腫瘤內科學會(ESMO)大會作壁報展示。年度ESMO大會是全球腫瘤學領域最具影響力的學術
會議之一，本年度的大會將於2026年10月23日至27日在西班牙馬德里舉行。

o

隨著塞納帕利用於卵巢癌「全人群」一線維持治療納入《國家醫保藥品目錄》，並自 2026 年1 月1 日起生
效，其市場覆蓋迅速擴大。截至2026 年6 月30 日止六個月，塞納帕利在中國的銷售收入達人民幣 70.4
百萬元，較截至2025 年6 月30 日止六個月的人民幣7.2 百萬元增加約人民幣63.2 百萬元或877.8%。截
至2026 年6月30日，塞納帕利已覆蓋中國內地所有省份；已准入超過380 家專業及社區藥房，並實現近
1,200家醫療機構的覆蓋。塞納帕利已被納入(i)中國臨床腫瘤學會發佈的《卵巢癌診療指南（2025 版）》；
(ii)中華醫學會婦科腫瘤學分會發佈的《中國婦科腫瘤臨床實踐指南（2025版）》及《卵巢癌PARP抑制劑臨
床應用指南（2025 版）》；及(iii)中國抗癌協會發佈的《中國腫瘤整合診治指南 － 卵巢癌診療指南（2025
版）》。上述所有指南均推薦塞納帕利用作晚期上皮性卵巢癌(EOC)接受鉑類化療後的一線維持治療，無論
BRCA/HRD狀態如何。

05

南京英派藥業股份有限公司

2026年 中期報告

業務亮點

關鍵產品的進展
•

IMP1734（亦稱為EIK1003）
（PARP1選擇性抑制劑）
o

IMP1734正在進行的I/II期研究多個隊列的最新數據，涵蓋單藥治療、與紫杉醇聯合治療晚期實體瘤，以
及與阿比特龍聯合治療轉移性前列腺癌，已獲接受於2026年ESMO大會作壁報展示。

o

於2026年5月29日至6月2日在美國芝加哥舉辦的2026年美國臨床腫瘤學會(ASCO)年會上，以壁報形式
發佈最新I/II期臨床數據。IMP1734單藥在攜帶同源重組修復(HRR)突變且經多線治療的晚期實體瘤患者中
顯示出持久的抗腫瘤活性與良好的安全性。IMP1734與周療紫杉醇聯合治療的臨床數據首次在臨床上證實
PARP1選擇性抑制劑可與細胞毒性化療安全聯用，從而實現過往使用非選擇性PARP抑制劑無法實現的聯
合治療方案。最新I/II期臨床數據的核心要點包括：

•

IMP1734 單藥治療（隊列 1A）更新結果。 在 49 名可評估療效的晚期實體瘤患者中，客觀緩解率
(ORR)為14.3%，7例緩解均為部分緩解(PR)。疾病控制率(DCR)為38.8%。確認緩解者的中位緩解
持續時間(DOR)為7.8個月（範圍：6.0-15.9+個月）。在PARP抑制劑初治患者中，ORR達26.7%。
安全性特徵與此前數據一致，總體較優。

•

IMP1734聯合周療紫杉醇（隊列1C）結果。 在53名可評估患者中，ORR達24.5%，包括1例確認的
完全緩解(CR)和12例部分緩解(PR)。其中，92%的應答者既往曾接受過紫杉烷類藥物治療，表明
儘管既往曾接受過紫杉烷類藥物治療，但仍觀察到抗腫瘤活性。按腫瘤類型劃分，上皮性卵巢癌
患者ORR為29.6%，乳腺癌(HER2-)患者ORR為19.2%。IMP1734聯合周療紫杉醇在晚期經治人群
中表現出可控的安全性，3級及以上TEAEs發生率為75.0%，最常見的3 級及以上TEAEs為中性粒
細胞減少(50.0%)和貧血(13.3%)。所有8名發生3級及以上貧血的受試者在基線時均患有1-2級貧
血。未觀察到非預期的安全性信號，在這一經過多線治療的人群中，血液學毒性特徵可控，且與
周療紫杉醇的影響一致。

•

IMP9064（ATR抑制劑）
o

IMP9064聯合塞納帕利用於既往接受PARP抑制劑治療後疾病進展的卵巢癌患者的首個劑量隊列初步數據
顯示出良好的安全性及耐受性，並呈現早期療效信號。大部分TEAEs為輕度或中度；該隊列並無報告3級
及以上TEAEs或SAEs。在首三名已接受至少一次基線後腫瘤評估的患者中，兩名患者顯示腫瘤縮小，其中
1名患者達到部分緩解(PR)。

南京英派藥業股份有限公司

2026年 中期報告

06

業務亮點

其他管線資產的進展
其他管線資產
•

IMP1707（亦稱為EIK1004）
（可穿透中樞神經系統的PARP1選擇性抑制劑）
o

IMP1707在HRR突變晚期實體瘤患者中的首次人體I/II期研究的初步結果已獲接受於2026年ESMO大會作壁
報展示。

•

IMP3201（靶向CEACAM5的雙載荷ADC）
o

IMP3201是一款全新、同類首創、靶向CEACAM5的雙載荷ADC，搭載Exatecan (TOPOi)及我們專有的
ATR抑制劑(ATRi)，我們已將其提名為臨床前候選化合物(PCC)。通過精準靶向、穩定循環及可控載荷釋
放，IMP3201在體外及體內均展現出顯著增強的抗腫瘤活性，並展現出良好的治療窗口。該候選化合物將
被開發用於治療胃腸道惡性腫瘤，包括結直腸癌、胰腺癌、胃癌及食管鱗狀細胞癌，以填補巨大的未滿
足臨床需求。這項提名標誌著我們從專有的雙載荷ADC平台產出了首個PCC，驗證了該平台的技術成熟度
和產出能力。

•

IMP2794（KAT6A特異性PROTAC）
o

我們已將KAT6A特異性PROTAC IMP2794 提名為PCC。IMP2794 是一種高活性及選擇性的KAT6A降解
劑，對KAT6A的選擇性較KAT6B高出1,000 倍以上。該化合物在體外對腫瘤細胞顯示強效細胞毒活性，
且造血毒性極低。其在敏感及不敏感乳腺癌CDX模型中均顯示顯著的體內抗腫瘤療效。值得注意的是，
IMP2794在多種齧齒類及非齧齒類物種中均實現極高的口服生物利用度，顯示其有望在人體中實現理想的
全身暴露。這項提名標誌著我們從涵蓋蛋白水解靶向嵌合體(PROTAC)的專有靶向蛋白降解平台產出了首
個PCC，驗證了該平台的技術成熟度和產出能力。

07

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析

概覽
我們是一家處於商業化階段的創新驅動型生物技術公司，致力於在全球範圍內推進基於合成致死(synthetic lethality)機
制的精準抗癌療法，打造創新療法，以滿足癌症患者未被滿足的醫療需求。我們自主研發的核心產品塞納帕利已在中國
實現商業化，作為卵巢癌一線維持療法，適用於全人群（無論突變狀態），並展現出令人信服的臨床特徵。通過整合小
分子藥物與新興療法（包括新型抗體偶聯藥物和蛋白降解劑）的整合式研發平台，我們持續推動創新突破。此外，我們
已與多家全球領先的生物科技公司及中國藥企建立合作，這充分體現了業界對我們研發管線及研發平台的認可。

產品管線
截 至 本 報 告 日 期 ， 我 們 的 研 發 管 線 包 含 1 款 商 業化階段藥物、4 款臨床階段藥物及 7 款 I N D 前階段藥物，包括覆蓋
PARP1/2、PARP1、ATR、WEE1、PKMYT1/WEE1、DHX9、ATM、USP1及CHK1/2等關鍵合成致死靶點的小分子抑制
劑，以及靶向CEACAM5的雙載荷ADC及KAT6A特異性PROTAC等新興療法。

南京英派藥業股份有限公司

2026年 中期報告

08

管理層討論及分析

下圖概述截至本報告日期我們選定候選藥物的開發狀況：
䟖ռ

杴溟

IMP4297
PARP1/2
‫׉‬优٧ӯ

IMP1734

IMP9064

PARP1

ATR

䣠ࡄ

‫ش‬ӣ‫׿‬

‫ش‬ӣ‫׿‬

‫ش‬ӣ‫׿‬

惨㚇ࣤ

࠿䣠‫ߥݱ‬

厅‫ټ‬
Ӹ暩ࠝ

Ա㍀䣫▲俠
侳ܴ࡞䣡

⯎坂࡞䣡

FLAMESू९

‫ش‬伶劌剫䣫

刦ՠTMZ࡞䣡

Ա㍀䣫侙
PARP࡞䣡

刦ՠIMP9064
࡞䣡

Ա㍀䣫▲俠
侳ܴ࡞䣡

⯎坂࡞䣡

г匝䣫

⯎坂࡞䣡

佬坂ષ㑥

Ս߆

IIޫ

IIIޫ

(2)
((3)

刦ՠ஋ࡁࣔ潈
࡞䣡

Ա㍀䣫厠
г匝䣫

刦ՠভ㬩懳
࡞䣡

Ա㍀䣫

刦ՠভ㬩懳Ճ
Ԫ抴࡞䣡

ޮߊㅲ檥䣃

⯎坂࡞䣡

FLAMESू९ (1)

(4)

╱
І▁⛻؎‫╱ۉ‬
ㅚ惕‫ࣩۉ‬ଛस䫺

֋㳰Ԗ㺄Ӯ

䥮ॡ㷚㵊

•

2025‫ٶ‬1߃䙃‫܅‬

ⴚ‫؟‬坂䥯‫ق‬Иⴚ

•

2026‫ٶ‬Јԡ‫ٶ‬Ҹ⚄IIߊ㦧㤜

ⴚ‫؟‬坂䥯‫ق‬
ИⴚFDA২ⴚ

•

2026‫ٶ‬Јԡ‫ٶ‬Ҹ⚄Ibߊ㦧㤜

ⴚ‫؟‬坂䥯‫ق‬
ИⴚFDA২ⴚ

•

2026‫ٶ‬Јԡ‫ٶ‬䙃‫܅‬

EMA 㻓न

•

2026‫ٶ‬Јԡ‫ޏ޾ٶ‬Iߊ㦧㤜

ⴚ‫؟‬坂䥯‫ق‬Иⴚ

•

2026‫ٶ‬Јԡ‫ٶ‬Ҹ⚄Iߊ㦧㤜

ⴚ‫؟‬坂䥯‫ق‬Иⴚ

•

2026‫ٶ‬Јԡ‫ޏ޾ٶ‬Iߊ㦧㤜

ⴚ‫؟‬坂䥯‫ق‬Иⴚ

•

2026‫ٶ‬Їԡ‫ू⥺⮆ٶ‬९

ⴚ‫؟‬坂䥯‫ق‬Иⴚ

•

2026‫ٶ‬Јԡ‫ٶ‬IIߊ؏ۨ

ⴚ‫؟‬坂䥯‫ق‬
ИⴚFDA২ⴚ

•

2026‫ٶ‬Јԡ‫ٶ‬Ҹ⚄Ibߊ㦧㤜

ⴚ‫؟‬坂䥯‫ق‬
ИⴚFDA২ⴚ

•

2026‫ٶ‬Јԡ‫ٶ‬Ҹ⚄Iߊ㦧㤜

ⴚ‫؟‬坂䥯‫ق‬Иⴚ

ⴚ‫؟‬坂䥯‫ق‬
ИⴚFDA২ⴚ

(4)

(3)

刦ՠ‫׉‬优٧ӯ
࡞䣡

(3)

‫ش‬ӣ‫׿‬

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

IMP7068

WEE1

‫ش‬ӣ‫׿‬

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2024‫ٶ‬5߃Iߊ؏ۨ

IMP2794

KAT6A

PROTAC

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2027‫ٶ‬Јԡ‫ݕٶ‬сIND

-

ADC ‫ݟ‬忍
TOPOi+ATRi)

杞労ࡨ‫ذ‬

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2027‫ٶ‬Јԡ‫ݕٶ‬сIND

-

(6)

IMP22

PKMYT1/
WEE1

‫ش‬ӣ‫׿‬

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2026‫ٶ‬Јԡ‫ݕٶ‬сIND

-

IMP25

DHX9

‫ش‬ӣ‫׿‬

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2026‫ٶ‬Јԡ‫ݕٶ‬сIND

-

IMP08

ATM

‫ش‬ӣ‫׿‬

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2026‫ٶ‬Јԡ‫ݕٶ‬сIND

-

IMP13

USP1

‫ش‬ӣ‫׿‬

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2027‫ݕٶ‬сIND

-

IMP10

CHK1/2

‫ش‬ӣ‫׿‬

Ս߆

ޮߊㅲ檥䣃

⯎坂࡞䣡

•

2027‫ٶ‬Јԡ‫ݕٶ‬сIND

-

߾‫ڶ‬䟗ս

Ҷࣱ̱ࢁ‫י‬厅‫ٽ‬宒樱

南京英派藥業股份有限公司

IND = ‫ޏ‬坂厅‫ٽ‬宒樱ः寶
NDA = ‫ޏ‬坂Ї١ः寶

Ҳ㧠悹੧厅‫ٽ‬宒樱ङ旇䤚暩࠼

(7)

昘揗䟗ս

2026年 中期報告

(9)
(9

(4)

(5)

Иⴚ厅‫ٽ‬宒樱

՟Ҁ⻍ѳ

(4)

Ս߆
Ա㍀䣫侙
PARP࡞䣡

NDA/
MAA

ॲଥИ㶮
॔侙
IMP1707
঩佷ङ
PARP1

IMP3201 CEACAM5

09

Iޫ

((8)

ӹӧ匝䣫

Ս߆

IND

ODD = ؅⡓坂嶾ࠀ宸ؔ

((9)

管理層討論及分析

附註：
*

塞納帕利已於2025年1月獲中國國家藥品監督管理局(NMPA)批准上市。

(1)

於2019年6月，我們向藥品審評中心(CDE)提交SABRINA研究及FLAMES研究的臨床試驗設計以及初步I期數據，而CDE於2019年9月
確認對在中國啟動該兩項研究並無異議。鑒於I期結果良好，CDE允許我們毋須進行II期研究，直接從I期推進至針對卵巢癌一線維持治
療的III期FLAMES研究。我們於2025 年5 月與歐洲藥品管理局(EMA)舉行報告員會議，討論塞納帕利的提交策略。會後，我們提交基
於FLAMES研究（作為關鍵試驗）的上市許可申請(MAA)，並由兩項I期研究及II期SABRINA研究提供支持。MAA於2025年8月獲EMA接
受，目前正在審查中。

(2)

全球試驗於美國、澳大利亞、韓國及大中華區開展。

(3)

全球試驗於美國、澳大利亞及大中華區開展。

(4)

全球試驗於美國、澳大利亞、歐洲、韓國及中國開展。

(5)

全球試驗於美國、澳大利亞及中國開展。

(6)

全球試驗於美國及大中華區開展。

(7)

我們與杭州中美華東製藥有限公司（「中美華東」，華東醫藥股份有限公司（「華東醫藥」）(SZ.000963)的全資附屬公司）訂立合約銷售服
務協議，以在中國商業化塞納帕利。

(8)

我們授予Pharmanovia於歐洲、中東及北非(MENA)、澳大利亞及新西蘭的66個國家製造、開發及商業化塞納帕利的獨家權利，用於晚
期上皮性高級別卵巢癌、輸卵管癌及原發性腹膜癌的維持單藥治療。

(9)

我們授予Eikon Therapeutics於大中華區以外開發、註冊、生產及商業化IMP1734及IMP1707的獨家許可。

南京英派藥業股份有限公司

2026年 中期報告

10

管理層討論及分析

業務回顧
我們的管線
於報告期間，我們在推進管線候選藥物及業務營運方面取得重大進展。截至本報告日期，我們的主要成就及計劃的後續
步驟包括：

•

塞納帕利(IMP4297)（PARP1/2抑制劑）－ 核心產品
o

塞納帕利(IMP4297)是一種PARP1/2 抑制劑，於2025 年1 月在中國獲批用於卵巢癌「全人群」一線維持治
療。我們正按周詳計劃積極推進塞納帕利在全球及多個適應症的臨床及監管進展。在歐洲，塞納帕利用
於卵巢癌「全人群」一線維持治療的上市許可申請(MAA)已於2025年8月獲EMA受理，預計將於2026年下
半年獲批。鑒於其寬廣的治療窗口，我們正策略性探索塞納帕利的聯合治療潛力，包括(i)在一項I/II期試驗
中與我們的關鍵產品ATR抑制劑IMP9064聯合用於經PARP抑制劑治療的卵巢癌；及(ii)在另一項全球Ib/II期
試驗中與替莫唑胺(TMZ)聯合用於小細胞肺癌(SCLC)，該適應症已獲FDA孤兒藥資格認定(ODD)。為進一
步拓展塞納帕利的治療潛力，我們計劃探索其與ADC及RDC等新興療法的聯合使用。

o

於報告期間及直至本報告日期，我們已取得以下進展及里程碑：



塞納帕利作為晚期卵巢癌一線維持治療的三期FLAMES研究的最新無進展生存期(PFS)數據，已被
2026年歐洲腫瘤內科學會(ESMO)大會接受作為壁報展示。年度ESMO大會是全球腫瘤學領域最具
影響力的學術會議之一，本年度的大會將於2026年10月23日至27日在西班牙馬德里舉行。



塞納帕利用於卵巢癌「全人群」一線維持治療自2026年1月1日起納入《國家醫保藥品目錄》後，其
市場覆蓋迅速擴大。截至2026年6月30日止六個月，塞納帕利在中國的銷售收入達人民幣70.4百
萬元，較截至2025年6月30日止六個月的人民幣7.2百萬元增加約人民幣63.2百萬元或877.8%。

11

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析

o

納入《國家醫保藥品目錄》後市場滲透加速



塞 納 帕 利 用 於 卵 巢 癌「 全 人 群 」一 線 維 持 治 療 的 適 應 症 已 被 納 入 2 0 2 5 年《 國 家 醫 保 藥 品 目 錄 》
(NRDL)，自2026年1月1日起生效。醫保報銷大幅減輕了患者的經濟負擔，推動處方使用增加，並
便利符合條件的患者獲取藥物。



於報告期間，本公司加快推進醫院及雙通道藥房等多渠道市場准入。通過正式醫院准入、臨時採
購及與零售藥房合作，塞納帕利已實現中國內地所有省份的覆蓋。截至2026年6月30日，塞納帕
利已在全國超過380家專業及社區藥房供應，並已覆蓋近1,200家醫療機構。

o

臨床認可度不斷提升及真實世界應用持續推進



憑藉卵巢癌「全人群」患者自塞納帕利一線維持治療中獲益的紮實臨床證據，該藥品已獲婦科腫瘤
專家的廣泛認可。塞納帕利已被納入(i)中國臨床腫瘤學會發佈的《卵巢癌診療指南（2025版）》；(ii)
中華醫學會婦科腫瘤學分會發佈的《中國婦科腫瘤臨床實踐指南（2025版）》及《卵巢癌PARP抑制劑
臨床應用指南（2025版）》；及(iii)中國抗癌協會發佈的《中國腫瘤整合診治指南 － 卵巢癌診療指南
（2025版）》。上述所有指南均推薦塞納帕利用作晚期上皮性卵巢癌(EOC)接受鉑類化療後的一線維
持治療，無論BRCA/HRD狀態如何。



具針對性的醫學教育及學術活動提升了臨床醫生對塞納帕利療效、安全性及廣泛適用患者群體的
認識。逐漸積累的指南共識亦增強了醫生將塞納帕利應用於卵巢癌一線維持治療的信心。

上市規則第18A.08(3)條規定的警示聲明：概不保證本公司最終能夠就塞納帕利目前已獲批適應症以外的新增適應症成
功開發及上市。

南京英派藥業股份有限公司

2026年 中期報告

12

管理層討論及分析

•

IMP1734（亦稱為EIK1003）
（PARP1選擇性抑制劑）－ 關鍵產品
o

IMP1734是一款高活性的新一代PARP1選擇性抑制劑，目前正通過一項全球I/II期試驗評估其單藥治療及
聯合治療晚期實體瘤的效果。IMP1734 對PARP1 的選擇性較PARP2 高出648 倍以上，這可能有助於降低
血液學毒性、提高安全性、實現高暴露量，以及拓展與其他抗腫瘤藥物聯合治療的廣泛機會。在I期劑量
爬坡階段，IMP1734 單藥治療顯示良好藥代動力學(PK)特徵，耐受性佳，不良事件多為低級別且可管理
及 ╱ 或屬自限性。在經多線治療的同源重組修復(HRR)突變患者中（通常與更具侵襲性的疾病及較差的預
後相關），觀察到令人鼓舞的抗腫瘤活性。完成隊列1A劑量爬坡後，我們啟動了II期劑量優化階段（第2部
分），評估IMP1734單藥治療的20mg及60mg兩個劑量水平，以確定IMP1734的最佳II期劑量。預計每個
劑量水平將入組約30名未接受過PARP抑制劑治療的HER2陰性乳腺癌患者。第2部分劑量優化階段的入組
正在進行中。我們亦正在研究IMP1734的多種聯合治療方案，包括與阿比特龍及紫杉醇聯合使用，以最
大限度發揮其臨床潛力。該項正在進行的I/II期研究的安全性及初步療效數據已於2026年ASCO年會上公
佈；最新臨床數據將於2026年ESMO大會上展示。另一隊列1D已啟動入組，以評估IMP1734聯合紫杉醇
及鉑類化療方案用於卵巢癌患者。為推進IMP1734（亦稱為EIK1003）及IMP1707（亦稱為EIK1004）的開
發，自2023年6月起，我們已與Eikon Therapeutics建立全球合作。根據該合作，我們與Eikon共同推進
IMP1734及IMP1707的臨床開發，而我們負責中國的臨床試驗活動。

o

於報告期間及直至本報告日期，我們已取得以下進展及里程碑：



IMP1734正在進行的I/II期研究多個隊列的最新數據，涵蓋單藥治療、與紫杉醇聯合治療晚期實體
瘤，以及與阿比特龍聯合治療轉移性前列腺癌，已獲接受於2026年ESMO大會作壁報展示。



於2026年5月29日至6月2日在美國芝加哥舉辦的2026年美國臨床腫瘤學會(ASCO)年會上，以壁
報形式發佈最新I/II期臨床數據。IMP1734單藥在攜帶同源重組修復(HRR)突變且經多線治療的晚期
實體瘤患者中顯示出持久的抗腫瘤活性與良好的安全性。IMP1734與周療紫杉醇聯合治療的臨床
數據首次在臨床上證實PARP1選擇性抑制劑可與細胞毒性化療安全聯用，從而實現過往使用非選擇
性PARP抑制劑無法實現的聯合治療方案。最新I/II期臨床數據的核心要點包括：

13

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析



IMP1734 單藥治療（隊列 1A）更新結果 。在 49 名可評估療效的晚期實體瘤患者中，客觀緩解率
(ORR)為14.3%，7例均為部分緩解(PR)。疾病控制率(DCR)為38.8%。確認緩解者的中位緩解持續
時間(DOR)為7.8個月（範圍：6.0-15.9+個月）。在PARP抑制劑初治患者中，ORR達26.7%。安全
性特徵與此前數據一致，總體良好。



IMP1734 聯合周療紫杉醇（隊列1C）結果 。在53 名可評估療效的患者中，ORR達24.5%，包括1
例確認的完全緩解(CR)和12例部分緩解(PR)。其中，92%的應答者既往曾接受過紫杉烷類藥物治
療，表明儘管既往曾接受過紫杉烷類藥物治療，但仍觀察到抗腫瘤活性。按腫瘤類型劃分，上皮
性卵巢癌患者ORR為29.6%，乳腺癌(HER2-)患者ORR為19.2%。IMP1734 聯合周療紫杉醇在經
多線治療的人群中表現出可控的安全性，3級及以上TEAEs發生率為75.0%，最常見的3級及以上
TEAEs為中性粒細胞減少(50.0%)和貧血(13.3%)。所有8名發生3級及以上貧血的受試者在基線時
均患有1-2級貧血。未觀察到非預期的安全性信號，在這一經過多線治療的人群中，血液學毒性特
徵可控，且與周療紫杉醇的影響一致。

上市規則第18A.08(3)條規定的警示聲明：概不保證本公司最終能夠成功開發IMP1734及將其上市。

•

IMP9064（ATR抑制劑）－ 關鍵產品
o

IMP9064是在中國首個進入臨床階段的ATR選擇性抑制劑，目前正通過一項全球I/II期試驗評估其單藥治療
及聯合治療晚期實體瘤的效果。在I期劑量爬坡階段，IMP9064單藥治療顯示良好安全性，間歇給藥方案
下耐受性佳。已觀察到初步療效信號，包括子宮內膜癌患者的持久部分緩解(PR)。藥代動力學(PK)及藥效
學(PD)分析顯示靶點結合呈暴露依賴性。II期階段試驗正在進行中，以進一步探索IMP9064單藥治療晚期
子宮內膜癌的療效與安全性，預期2026年下半年完成試驗。我們亦正在評估IMP9064聯合塞納帕利用於
PARP抑制劑耐藥的卵巢癌及胰腺癌。我們計劃進一步評估IMP9064與其他抗癌療法（如伊立替康及ADC）
聯合用於晚期胃腸道癌。

o

於報告期間及直至本報告日期，我們已取得以下進展及里程碑：



IMP9064聯合塞納帕利用於既往接受PARP抑制劑治療後疾病進展的卵巢癌患者的首個劑量隊列初
步數據顯示出良好的安全性及耐受性，並呈現早期療效信號。大部分TEAEs為輕度或中度；該隊列
並無報告3級及以上TEAEs或SAEs。在首三名已接受至少一次基線後腫瘤評估的患者中，兩名患者
顯示腫瘤縮小，其中1名患者達到部分緩解(PR)。

南京英派藥業股份有限公司

2026年 中期報告

14

管理層討論及分析

上市規則第18A.08(3)條規定的警示聲明：概不保證本公司最終能夠成功開發IMP9064及將其上市。

•

IMP1707（可穿透中樞神經系統的PARP1選擇性抑制劑）－ 其他管線資產
o

IMP1707是一種能穿透中樞神經系統(CNS)的PARP1選擇性抑制劑，更是少數能夠穿過血腦屏障的PARP1
選擇性抑制劑之一。IMP1707 已在腦癌模型中實現腫瘤完全消退，目前正在進行I期臨床評估。體外試
驗顯示，IMP1707對PARP1的選擇性是PARP2的800倍以上，且對BRCA突變(BRCAmut)或缺失的細胞系
具有優異的抗增殖效應。在BRCA突變型癌種的細胞系來源異種移植(CDX)模型中，IMP1707顯示強效腫
瘤消退效果，最小有效劑量為0.2mg/kg，表明IMP1707有潛力成為低劑量、高效能的治療藥物。此外，
IMP1707可穿透血腦屏障，在小鼠與大鼠模型中的Kpuu均為0.5（該水平表明其具有治療相關性），並在腦
腫瘤模型中實現腫瘤完全消退。這些結果證實IMP1707表現出良好的腦部滲透性，並在腦腫瘤模型中顯示
顯著療效。正在進行的首次人體研究在HRR突變晚期實體瘤患者中的初步結果將於2026年ESMO大會上展
示。

o

於報告期間及直至本報告日期，我們已取得以下進展及里程碑：



IMP1707在HRR突變晚期實體瘤患者中的首次人體I/II期研究的初步結果已獲接受於2026年ESMO
大會作壁報展示。

上市規則第18A.08(3)條規定的警示聲明：概不保證本公司最終能夠成功開發IMP1707及將其上市。

•

我們亦擁有覆蓋廣泛的臨床階段及IND前階段管線藥物，包括靶向WEE1、PKMYT1/WEE1、DHX9、ATM、USP1
及CHK1/2等關鍵合成致死靶點的藥物，以及靶向CEACAM5的雙載荷ADC及KAT6A特異性PROTAC等新興療法。

o

IMP3201 是一種靶向CEACAM5、設計獨特的雙載荷ADC，以確定且經過優化的摩爾比搭載
Exatecan(TOPOi)及我們專有的ATR抑制劑(ATRi)。通過精準靶向、穩定循環及可控載荷釋放，IMP3201在
體外及體內均展現出顯著增強的抗腫瘤活性，並展現出良好的治療窗口。該候選化合物將被開發用於治
療胃腸道惡性腫瘤，包括結直腸癌、胰腺癌、胃癌及食管鱗狀細胞癌，以填補巨大的未滿足臨床需求。

o

IMP2794是一種高活性及選擇性的KAT6A降解劑，對KAT6A相較KAT6B的選擇性超過1,000倍。該化合物
在體外對腫瘤細胞顯示強效細胞毒活性，且造血毒性極低。其在敏感及不敏感乳腺癌細胞系來源異種移
植(CDX)模型中均顯示顯著的體內抗腫瘤療效。值得注意的是，IMP2794在多種齧齒類及非齧齒類物種中
均實現極高的口服生物利用度，顯示其有望在人體中實現理想的全身暴露。

15

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析

o

於報告期間及直至本報告日期，我們已取得以下進展及里程碑：



我們已將一款全新、同類首創、靶向CEACAM5的雙載荷ADC IMP3201提名為臨床前候選化合物
(PCC)。這項提名標誌著我們從專有的雙載荷ADC平台產出了首個PCC，驗證了該平台的技術成
熟度和產出能力。該平台利用包括超高活性合成致死抑制劑在內、結構多樣化的分子庫，加速開
發基於合成致死機制的雙載荷ADC。該等載荷針對腫瘤特異性遞送及精準細胞內釋放進行優化。
快速抗體偶聯流程進一步提高成本效益及對適應症特異性生物標誌物的適應能力，從而實現更快
速、更具針對性的ADC開發。



我們已將KAT6A特異性PROTAC IMP2794提名為PCC。這項提名標誌著我們從涵蓋蛋白水解靶向
嵌合體(PROTAC)的專有靶向蛋白降解平台產出了首個PCC，驗證了該平台的技術成熟度和產出能
力。我們的降解劑平台利用全面的E3配體庫及接頭庫，以實現快速PROTAC組裝。該等工具可對過
往「不可成藥」的靶點進行選擇性且可調節的降解，從而拓寬治療窗口並降低毒性。其作用機制與
連接子 － 載荷平台相互補充，支持以多維方式實現癌症靶點結合。

上市規則第18A.08(3)條規定的警示聲明：概不保證本公司最終能夠成功開發IMP3201及IMP2794並將其上市。

新興技術平台
我們通過兩個互補的平台推進新一代腫瘤治療藥物的開發：用於開發新型ADC的連接子 － 載荷平台及涵蓋PROTAC及分
子膠的靶向蛋白降解平台。該等平台通過實現對癌症相關靶點的精準、強效及選擇性靶向作用，克服傳統小分子抑制劑
的局限，並共同構成多維度策略，強化從實驗室研究到臨床應用的轉化。

以資源再利用及精準適配為核心原則，我們整合專門的分子庫，形成從模塊篩選到快速組裝的精簡解決方案。該方法將
累積的資產（包括高活性合成致死(SL)分子及過往存在開發挑戰的化合物）重新利用，形成可支持雙載荷ADC及其他定制
療法的模塊化工具庫。該模塊化設計可加快不同適應症的靶點驗證及先導化合物優化，同時降低成藥性障礙。

南京英派藥業股份有限公司

2026年 中期報告

16

管理層討論及分析

•

強大的ADC連接子 － 載荷平台
o

該平台利用合成致死機制及包含超高活性合成致死抑制劑在內的結構多樣化小分子庫，加快雙載荷ADC
的開發。連接子及載荷的模塊化設計經優化，可實現固定摩爾比遞送及可控的細胞內釋放，而精簡的抗
體偶聯流程則可提高成本效益，同時實現對特定適應症開發的快速適配。

o

ADC連接子 － 載荷庫是我們的一項重要內部資源，由過往及正在進行的項目中的高活性合成致死化合物
精選構建而成，包括具有強大腫瘤殺傷活性但藥代動力學特性欠佳的分子。通過靶向化學修飾並與多樣
化的連接子偶聯，我們構建了一個結構豐富的連接子 － 載荷模塊庫，可根據腫瘤微環境特徵及生物標誌
物表達與靶向抗體快速配對。該策略無需重新設計高毒性載荷，並通過調整連接子屬性，將抗體引導的
遞送與精準的載荷釋放相結合，以提高研發效率並支持合成致死驅動的雙載荷ADC設計。

•

靶向蛋白降解平台
o

我們的降解劑平台包括多樣化的E3 配體集合及接頭庫，以實現快速PROTAC組裝，以及結構廣泛的分子
膠組合物，用於PPI介導的降解。E3連接酶配體集合聚焦於傳統小分子抑制劑難以實現成藥性或家族成員
選擇性的領域。通過結構 － 活性關係優化及多維度結構修飾，以增強胞內穩定性及組織滲透性，我們已
構建一系列多樣化的E3連接酶配體。考慮到靶蛋白的亞細胞定位、表達水平以及與E3連接酶的空間兼容
性，該等配體可高效地與靶點結合物配對，組裝成PROTAC分子，從而實現在同源蛋白家族內的選擇性降
解、降低因選擇性不足而產生的毒性，並拓寬治療窗口。

o

我們的E3連接酶配體及連接子工具庫持續擴充，目前擁有超過50種具有優異生理穩定性且相對於新底物
具有高度選擇性的新型E3連接酶配體。與此同時，我們已建立多樣化的連接子工具庫，涵蓋超過100種化
學類型，包括不同長度的剛性及柔性連接子，從而可對降解劑設計進行廣泛而高效的優化。

17

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析

業務拓展
•

與Pharmanovia就塞納帕利於歐洲、中東及北非、澳洲及新西蘭訂立獨家授權協議
o

於2026年7月，我們與Pharmanovia（一家全球專科製藥公司，其與創新生物科技公司及大型製藥公司合
作，向患者提供創新專科藥物）訂立獨家合作，授予Pharmanovia於歐洲、中東及北非、澳洲及新西蘭製
造、開發及商業化塞納帕利的獨家權利，用於晚期上皮性高級別卵巢癌、輸卵管癌及原發性腹膜癌的維
持單藥治療。

o

我們有資格收取首付款、近期監管里程碑付款及於達成若干銷售門檻後支付的商業里程碑付款，總額最
高達4.235億歐元，另可按產品淨銷售額收取進一步分級特許權使用費，費率最高達百分之二十幾的中段
水平。

o

該獨家合作將塞納帕利的全球覆蓋範圍擴展至66個國家。

未來及展望
展望未來，我們將繼續執行四項主要策略：(i)通過商業化、適應症拓展及全球開發，釋放塞納帕利作為我們增長基石的
全生命週期價值；(ii)通過策略性開發管線，增強我們在合成致死領域的能力；(iii)通過全球合作最大化管線資產價值；
及(iv)投資研發以拓展創新前沿並保持競爭優勢。隨著我們推進臨床前及臨床開發項目，我們預期將繼續產生研發開支
以及其他營運成本。

上市規則第18A.08(3)條規定的警示聲明：本公司無法保證能夠成功開發或最終將核心產品塞納帕利推向市場。

獎項及認可
於2026年6月，兩個分別涉及創新藥商業化及新藥臨床開發的塞納帕利項目獲上海市科學技術委員會遴選納入《2026年
度上海市生物醫藥創新產品攻關項目清單》。

於2026年5月，本公司獲動脈網評選入選「2026未來醫療100強創新醫藥與生物製品榜TOP100」及「中國醫療健康產業
最具投資價值企業50強」。

於2026年2月，本公司獲《經濟觀察報》評選入選「新質100創新企業榜」。

南京英派藥業股份有限公司

2026年 中期報告

18

管理層討論及分析

財務回顧
收入
截至2026年及2025年6月30日止六個月，我們的收入分別為人民幣105.2百萬元及人民幣25.2百萬元。我們的收入來
自對外許可收入及藥品銷售。許可收入來自與Eikon Therapeutics訂立的合作協議項下的里程碑付款。藥品銷售指在中
國銷售塞納帕利產生的收入。下表載列於所示期間我們按商品或服務類型劃分的收入明細（以絕對金額及佔總收入百分
比列示）。

截至6月30日止六個月
2026年

2025年

（人民幣千元）

%

（人民幣千元）

%

藥品銷售

70,351

66.9

7,232

28.7

許可收入

34,839

33.1

18,004

71.3

總計

105,190

100.0

25,236

100.0

下表載列於所示期間我們按地區市場劃分的收入明細（以絕對金額及佔總收入百分比列示）：

截至6月30日止六個月
2026年

2025年

（人民幣千元）

%

（人民幣千元）

%

中國內地

70,351

66.9

7,232

28.7

美國

34,839

33.1

18,004

71.3

總計

105,190

100.0

25,236

100.0

銷售成本
截至2026年及2025年6月30日止六個月，我們的銷售成本分別為人民幣9.7百萬元及人民幣0.6百萬元，主要由於藥品
銷售增加。我們的銷售成本主要歸因於與塞納帕利生產相關的原材料採購、生產開支及人員成本。

19

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析

毛利及毛利率
截至2026年及2025年6月30日止六個月，我們的毛利分別為人民幣95.5百萬元及人民幣24.6百萬元。同期，我們的毛
利率分別為90.8%及97.7%。

其他收入及收益淨額
截至2026年及2025年6月30日止六個月，我們的其他收入及收益分別為人民幣29.4百萬元及人民幣4.2百萬元。我們
的其他收入主要包括政府補助、銀行利息收入及以公允價值計量且其變動計入損益的金融資產產生的投資收入。截至
2025年及2026年6月30日止六個月，我們的政府補助分別為人民幣0.3百萬元及人民幣25.7百萬元，有關大幅增加主
要由於政府補貼增加。下表載列於所示期間我們的其他收入及收益明細（以絕對金額及佔其他收入及收益總額百分比列
示）：

截至6月30日止六個月
2026年

2025年

（人民幣千元）

%

（人民幣千元）

%

政府補助

25,672

87.2

286

6.8

銀行利息收入

2,670

9.1

1,550

36.8

981

3.3

2,350

55.8

89

0.3

–

–

16

0.1

–

–

–

–

24

0.6

29,428

100.0

4,210

100.0

其他收入：

以公允價值計量且其變動計入
損益的金融資產的投資收入
其他
收益：
出售其他無形資產的收益
以公允價值計量且其變動計入
損益的金融資產的未實現收益

總計

南京英派藥業股份有限公司

2026年 中期報告

20

管理層討論及分析

研發開支
我們的研發開支主要包括(i)臨床服務費；(ii)員工成本；(iii)非臨床服務費；(iv)以股份為基礎的付款；及(v)其他。下表載
列於所示期間我們的研發開支明細（以絕對金額及佔研發開支總額百分比列示）：

截至6月30日止六個月
2026年

2025年

（人民幣千元）

%

（人民幣千元）

%

27,149

27.8

11,809

13.7

26,608

27.3

26,663

30.9

25,739

26.4

15,926

18.4

以股份為基礎的付款

13,764

14.1

29,366

34.0

其他

4,377

4.4

2,573

3.0

總計

97,637

100.0

86,337

100.0

臨床服務費
員工成本
非臨床服務費

(1)

附註：
(1)

非臨床服務費主要包括與臨床試驗間接相關的研發服務費，包括試驗候選藥物生產、工藝優化、臨床前藥代動力學研究及毒理學研究
的開支。

我們的研發開支由截至2025年6月30日止六個月的人民幣86.3百萬元增加13.1%至截至2026年6月30日止六個月的人
民幣97.6百萬元，主要由於(i)與EMA審查塞納帕利的MAA相關的開支增加；及(ii)我們早期候選藥物的臨床前研發活動
增加。

行政開支
我們的行政開支由截至2025年6月30日止六個月的人民幣29.2百萬元增加約72.3%至截至2026年6月30日止六個月的
人民幣50.3百萬元，主要由於與本公司於2026年5月在聯交所上市有關的上市開支增加。

銷售及分銷開支
我們的銷售及分銷開支由截至2025年6月30日止六個月的人民幣5.2百萬元大幅增加至截至2026年6月30日止六個月的
人民幣22.8百萬元，主要由於市場覆蓋擴展及CSO服務的服務費增加，與塞納帕利的銷售增長及我們業務規模的擴大一
致。

21

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析

融資成本
我們的融資成本由截至2025 年6 月30 日止六個月的人民幣34.1 百萬元減少至截至2026 年6 月30 日止六個月的人民幣
24.8百萬元，主要由於本公司在聯交所上市導致贖回負債的利息減少。

其他開支
我們的其他開支由截至2025年6月30日止六個月的人民幣2.7百萬元增加至截至2026年6月30日止六個月的人民幣20.1
百萬元，主要由於外匯匯率波動導致匯兌虧損淨額增加。

所得稅開支
我們於截至2025年及2026年6月30日止六個月的所得稅開支均為零。

期內虧損
由於上述原因，我們於截至2025年及2026年6月30日止六個月分別錄得虧損人民幣128.7百萬元及人民幣90.8百萬元。

重大收購及出售
於報告期間，我們並無任何附屬公司、聯營公司及合營企業的重大收購或出售。

資本架構、流動資金及財務資源
截至2026年6月30日，我們的現金及現金等價物、定期存款以及以公允價值計量且其變動計入損益的金融資產合共為
人民幣1,065.4百萬元，而截至2025年12月31日則為人民幣258.5百萬元。該增加主要由於2026年5月收取的全球發售
所得款項及銷售塞納帕利所得現金。

截至2026 年6 月30 日，我們的流動資產為人民幣1,144.8 百萬元，包括存貨人民幣24.9 百萬元、貿易應收款項人民幣
38.0百萬元、預付款項、其他應收款項及其他資產人民幣16.5百萬元、以公允價值計量且其變動計入損益的金融資產
人民幣9.9百萬元、定期存款人民幣234.9百萬元、受限制現金人民幣1千元以及現金及現金等價物人民幣820.6百萬元。

截至2026年6月30日，我們的流動負債為人民幣142.0百萬元，包括貿易應付款項人民幣57.3百萬元、其他應付款項及
應計費用人民幣70.8百萬元、以公允價值計量且其變動計入損益的金融負債人民幣10.4百萬元及租賃負債人民幣3.5百
萬元。

截至2026年6月30日止期間，本集團經營活動所得現金流量淨額為人民幣24.4百萬元，較截至2025年6月30日止期間
的人民幣30.2百萬元減少人民幣5.8百萬元。該減少主要由於塞納帕利銷售收入增加導致貿易應收款項增加人民幣30.6
百萬元，部分被其他應付款項及應計費用增加人民幣66.2百萬元所抵銷，而2025年同期則分別增加人民幣0.7百萬元及
人民幣94.2百萬元。

南京英派藥業股份有限公司

2026年 中期報告

22

管理層討論及分析

截至2026年6月30日止期間，我們投資活動所用現金流量淨額為人民幣249.1百萬元，而截至2025年6月30日止六個月
則為人民幣68.8百萬元。該變動主要由於截至2026年6月30日止六個月存放人民幣234.1百萬元的定期存款。

截至2026年6月30日止期間，本集團融資活動所得現金流量淨額由截至2025年6月30日止期間的人民幣19.0百萬元增
加至人民幣796.3百萬元。該增加主要由於本公司在聯交所上市而發行股份所得款項。

我們主要投資低風險金融產品，例如保本結構性存款。我們已制定資金管理政策，以規範金融產品的類型及其購買程
序。在實際操作中，投資交易由財務部門發起。涉及風險評級為R1或以上的產品的交易，須由合規及內控部門或法務
部門進行合規審查，其後由財務部門負責人審閱及批准。涉及風險評級為R2或以上的產品的交易，亦須由我們的首席
執行官作最終批准。

展望未來，我們相信，全球發售所得款項淨額、塞納帕利持續商業化產生的現金，以及我們與Eikon及其他業務合作夥
伴訂立的協議項下的里程碑付款及特許權使用費相結合，將可滿足我們的流動資金需求。

資本負債比率
於2026年6月30日，我們並無任何借款。因此，我們並無債務淨額，而按債務淨額除以權益計算的資本負債比率並不
適用。

債務
我們的債務包括租賃負債、以公允價值計量且其變動計入損益的金融負債及普通股贖回負債。下表載列截至所示日期我
們的債務明細：

截至2025年

截至2026年

12月31日

6月30日

（人民幣千元） （人民幣千元）

流動
租賃負債

3,655

3,479

以公允價值計量且其變動計入損益的金融負債

5,209

10,368

租賃負債

1,780

751

以公允價值計量且其變動計入損益的金融負債

33,921

29,095

普通股贖回負債

980,224

–

1,024,789

43,693

非流動

總計

23

南京英派藥業股份有限公司

2026年 中期報告

管理層討論及分析

除上文所述者外，截至2026年6月30日，我們並無任何其他重大按揭、押記、債權證、借貸資本、債務證券、貸款、
銀行透支或其他類似債務、融資租賃或租購承擔、承兌負債（一般貿易票據除外）、承兌信貸（不論有擔保、無擔保、有
抵押或無抵押）或擔保或其他或然負債。於報告期間，我們在取得銀行貸款及其他借款方面並無遇到任何困難，亦無拖
欠償還銀行貸款及其他借款或嚴重違反契諾。截至2026年6月30日，我們並無未動用銀行融資。

資本開支
截至2026年6月30日止六個月，我們的資本開支總額為人民幣0.2百萬元，包括購置物業、廠房及設備項目以及其他無
形資產。

資本承擔
截至2026年6月30日，我們並無任何資本承擔。

或然負債
截至2026年6月30日，我們並無任何重大或然負債。

資產抵押
截至2026年6月30日，本集團的資產概無抵押。

外匯風險敞口
我們若干現金及銀行結餘以相關集團實體的外幣計值，令我們面臨外幣風險。外匯風險於未來商業交易或已確認資產及
負債以並非我們各附屬公司各自功能貨幣的貨幣計值時產生。我們於中國內地以外地區的功能貨幣為美元及澳元，而於
中國內地營運的附屬公司的功能貨幣為人民幣。考慮到美元及澳元匯率可能出現波動，本集團將繼續監察其外匯風險敞
口，並採取審慎措施以降低其外匯風險。截至2026年6月30日止六個月，本集團並無使用任何金融工具作對沖用途。

所持重大投資
截至2026年6月30日，本集團並無持有任何價值佔本集團總資產5%或以上的重大投資。

南京英派藥業股份有限公司

2026年 中期報告

24

管理層討論及分析

僱員及薪酬政策
截至2026年6月30日，本集團共有88名僱員（2025年12月31日：共89名僱員）。截至2026年6月30日止六個月的薪酬
成本總額為人民幣59.9百萬元，而截至2025年6月30日止六個月則為人民幣80.3百萬元。薪酬總額減少主要由於非現
金以股份為基礎的付款減少。

我們致力確保整個業務網絡的工作環境安全，並確保僱員獲得關懷及尊重。我們相信，我們為僱員提供具競爭力的薪酬
待遇，體現我們以利益相關者為核心的理念，而我們相信此理念可帶來可持續及持久的增長。根據中國法規的規定，我
們參加政府各項法定僱員福利計劃，包括社會保險（即養老保險、醫療保險、失業保險、工傷保險及生育保險）以及住
房公積金。根據中國法律，我們須按僱員薪金、花紅及若干津貼的指定百分比向僱員福利計劃供款，最高不超過當地政
府法規不時規定的金額。

本集團亦為僱員提供持續學習及培訓計劃，以提升彼等的技能及知識，從而保持其競爭力並提高客戶服務質量。於報告
期間，本集團在招聘方面並無遇到任何重大困難，亦無出現任何重大人力流失或發生任何重大勞資糾紛。

25

南京英派藥業股份有限公司

2026年 中期報告

企業管治及其他資料

權益披露
A.

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任何相聯法團（定義見證券及期貨條例第XV部）
的股份、相關股份或債權證中擁有(i)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該等條文被當作或視為擁有的權益及淡倉）；或(ii)根據證券及期貨條例第352條須
記入該條所指登記冊的權益及淡倉；或(iii)根據上市規則所載上市發行人董事進行證券交易的標準守則須知會本
公司及聯交所的權益及淡倉如下：

於本公司股份的好倉
佔本公司
持有或

股本總額的

擁有權益的

概約持股

董事 ╱ 最高行政人員姓名

身份 ╱ 權益性質

股份說明

股份數目

百分比 (1)

蔡博士

實益擁有人

H股(L)

8,422,233

2.98%

於受控法團的權益

H股(L)

10,018,651

(2)

3.55%

實益擁有人

H股(L)

8,422,233

2.98%

於受控法團的權益

H股(L)

10,018,651

(2)

3.55%

馬寧女士

於受控法團的權益

H股(L)

7,261,889

(3)

2.57%

劉濤先生

於受控法團的權益

H股(L)

7,921,202

(4)

2.80%

田博士

附註：
(1)
(2)

該計算乃基於已發行股份總數282,461,530股。
田博士為Boundless的管理成員，而田博士及蔡博士各自持有Boundless三分之一以上的權益。因此，田博士及蔡博士各自於
Boundless持有的股份中擁有權益。

(3)

馬女士為萬泉島及千溪山的普通合夥人。因此，彼被視為於萬泉島及千溪山持有的股份中擁有權益。

(4)

劉先生為上海華嶺智新投資合夥企業（有限合夥）
（「華嶺智新」）及武漢光谷生物城華嶺基金合夥企業（有限合夥）
（「光谷華嶺」）
的最終實益擁有人。因此，彼被視為於華嶺智新及光谷華嶺持有的股份中擁有權益。

南京英派藥業股份有限公司

2026年 中期報告

26

企業管治及其他資料

於本公司相聯法團股份的好倉
除上文所披露者外，截至2026年6月30日，概無本公司董事及最高行政人員於本公司或其相聯法團的股份、相
關股份及債權證中擁有記入根據證券及期貨條例第352條須存置的登記冊或根據標準守則須知會本公司及聯交所
的任何權益或淡倉。

B.

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，據本公司及董事作出合理查詢後所知，下列人士（彼等並非本公司董事或最高行政人員）
於股份或相關股份中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並記入本公司根
據證券及期貨條例第336條須存置的登記冊的權益或淡倉：

27

南京英派藥業股份有限公司

2026年 中期報告

企業管治及其他資料

佔本公司
股份權益的
股東姓名 ╱ 名稱

LAV Asset Management
(Hong Kong) Limited

身份 ╱ 權益性質

股份說明

股份數目

概約百分比 (1)

投資經理

H股

39,551,460

14.00%

於受控法團的權益

H股

39,551,460

14.00%

實益擁有人

H股

14,220,861

5.03%

於受控法團的權益

H股

14,220,861

5.03%

(2)

施毅博士 (2)
LAV Enterprise Hong Kong Limited
LAV Biosciences Fund IV, L.P.

(2)

(2)

於受控法團的權益

H股

14,220,861

5.03%

(2)

於受控法團的權益

H股

14,220,861

5.03%

上海禮頤投資管理合夥企業

於受控法團的權益

H股

16,930,352

5.99%

於受控法團的權益

H股

32,563,765

11.53%

於受控法團的權益

H股

32,563,765

11.53%

於受控法團的權益

H股

14,640,236

5.18%

上海禮瀚生物科技合夥企業（有限合夥）

於受控法團的權益

H股

14,640,236

5.18%

Decheng IMPACT Limited

實益擁有人

H股

23,559,685

8.34%

LAV GP IV, L.P.

(2)

LAV Corporate IV GP, Ltd.
（有限合夥）

(3)

上海禮曜投資管理有限公司 (3)
陳飛博士

(3)

上海禮安創業投資中心（有限合夥）

(3)
(3)

(4)

南京英派藥業股份有限公司

2026年 中期報告

28

企業管治及其他資料

佔本公司
股份權益的
股東姓名 ╱ 名稱

Decheng Capital China Life Sciences
USD Fund III, L.P.

廣西騰訊創業投資有限公司

(5)

深圳市騰訊睿見投資有限公司

(5)

深圳市騰訊睿投企業管理有限公司
騰訊科技（深圳）有限公司

(5)

Oriental Power Holdings Limited
騰訊控股有限公司

南京英派藥業股份有限公司

股份數目

概約百分比 (1)

於受控法團的權益

H股

23,559,685

8.34%

於受控法團的權益

H股

23,559,685

8.34%

於受控法團的權益

H股

23,559,685

8.34%

實益擁有人

H股

15,593,533

5.52%

於受控法團的權益

H股

15,593,533

5.52%

於受控法團的權益

H股

15,593,533

5.52%

於受控法團的權益

H股

15,593,533

5.52%

於受控法團的權益

H股

16,369,533

5.80%

於受控法團的權益

H股

19,880,533

7.04%

(4)

崔相民博士 (4)

29

股份說明

(4)

Decheng Capital Management III
(Cayman), LLC

身份 ╱ 權益性質

(5)

2026年 中期報告

(5)

(5)

企業管治及其他資料

附註：
(1)

該計算乃基於已發行股份總數282,461,530股。

(2)

LAV Enterprise Hong Kong Limited（「LAV Enterprise」）由LAV Biosciences Fund IV, L.P.（「LAV IV」）全資擁有。LAV IV的普
通合夥人為LAV GP IV, L.P.，其普通合夥人為LAV Corporate IV GP, Ltd.（一家由施毅博士（「施博士」）全資擁有的開曼獲豁免
公司）。因此，根據證券及期貨條例，施博士被視為於LAV Enterprise持有的股份中擁有權益。LAV Asset Management (Hong
Kong) Limited為上述基金就該等股份而言的投資經理，因此根據證券及期貨條例被視為於該等基金持有的股份中擁有權益。

(3)

上海禮瀚生物科技合夥企業（有限合夥）
（「上海禮瀚」）的普通合夥人為上海禮頤投資管理合夥企業（有限合夥）
（「禮頤投資I」），
其唯一有限合夥人為上海禮安創業投資中心（有限合夥）
（「上海禮安」）。禮頤投資I的普通合夥人為上海禮曜投資管理有限公司
（「上海禮曜」），而上海禮曜則由獨立第三方陳飛博士（「陳博士」）全資擁有。因此，根據證券及期貨條例，上海禮安於上海禮
瀚持有的股份中擁有權益，而禮頤投資I、上海禮曜及陳博士各自被視為於上海禮瀚持有的股份中擁有權益。

南京英派藥業股份有限公司

2026年 中期報告

30

企業管治及其他資料

(4)

Decheng IMPACT Limited（「Decheng」）由Decheng Capital China Life Sciences USD Fund III, L.P.（「Decheng USD Fund」）全
資擁有。Decheng USD Fund的普通合夥人為Decheng Capital Management III (Cayman), LLC（「Decheng Management」），
而該公司由崔相民博士完全控制。因此，根據證券及期貨條例，Decheng USD Fund、Decheng Management及崔相民博士各
自均被視為於Decheng持有的股份中擁有權益。

(5)

廣西騰訊創業投資有限公司（「廣西騰訊」）由深圳市騰訊睿見投資有限公司（「騰訊睿見」）全資擁有。騰訊睿見為深圳市騰訊睿
投企業管理有限公司（「騰訊睿投」）的全資附屬公司，而後者最終由騰訊科技（深圳）有限公司（「騰訊科技」）控制。騰訊科技由
Oriental Power Holdings Limited控制100%，而Oriental Power Holdings Limited則由騰訊控股有限公司控制100%。騰訊控股
有限公司為於聯交所主板上市的公司（股份代號：香港聯交所：00700（港元櫃台）及80700（人民幣櫃台））。因此，根據證券
及期貨條例，騰訊睿見、騰訊睿投、騰訊科技、Oriental Power Holdings Limited及騰訊控股有限公司均被視為於廣西騰訊持
有的股份中擁有權益。

除本中期報告所披露者外，截至2026年6月30日，董事並不知悉任何人士（並非本公司董事或最高行政人員）於本公司
任何股份或相關股份中擁有根據證券及期貨條例第XV部第2及3分部須向本公司及聯交所披露，或根據證券及期貨條例
第336條須記入該條所指登記冊的權益或淡倉。

僱員激勵計劃
本公司已批准及採納董事會於2025年1月26日批准及採納的僱員激勵計劃。由於僱員激勵計劃並不涉及本公司於上市
後授出股份獎勵以認購H股，故僱員激勵計劃的條款不受上市規則第十七章條文的規限。

萬泉島、千溪山及Boundless為本公司僱員激勵平台。鑒於本公司已向相關僱員激勵平台發行僱員激勵計劃項下的相關
股份，於僱員激勵計劃項下的獎勵歸屬後，將不會對已發行股份產生攤薄效應。

截至2026年6月30日，萬泉島、千溪山及Boundless分別持有4,274,984股、2,986,905股及10,875,618股股份。

31

南京英派藥業股份有限公司

2026年 中期報告

企業管治及其他資料

以下為僱員激勵計劃主要條款的概要。

(a)

目的
僱員激勵計劃旨在通過授出股權激勵、增強激勵及促進可持續增長，使核心員工利益與本公司長期戰略目標一
致。

(b)

資格
參與者包括為本集團發展作出貢獻的本集團僱員及前僱員。

(c)

獎勵類型
除董事會另有決定外，根據僱員激勵計劃授予的獎勵均為透過僱員激勵平台持有的受限制股份。

(d)

管理
僱員激勵計劃須由總經理或總經理指定的人士（「管理人」）管理。管理人負責甄選參與者、釐定及修訂授予條款
（含受限制股份數目、認購價、歸屬條件等）。

(e)

禁售期與限制條款
於本公司在境內外證券市場上市前後，僱員激勵平台所持股份的轉讓須遵守適用法律規定的禁售期。自授予日起
至適用法律規定的禁售期屆滿（「靜默期」）期間，承授人不得處置其透過僱員激勵平台持有的獎勵。

除靜默期外，參與者處置所持獎勵亦須受四年禁售期（「禁售期」）規限，每年解禁已授予獎勵的25%，或須符合
績效條件（如適用）。本公司根據僱員激勵計劃授予的所有獎勵均須遵守禁售期。

(f)

現狀
萬泉島為一家根據中國法律成立的有限合夥企業。萬泉島的普通合夥人為本公司執行董事馬寧女士，馬女士為自
身利益持有約48.63%的合夥權益，控制萬泉島投票權的行使。其餘51.37%合夥權益由48名有限合夥人持有，
包括(i)兩名高級管理層成員，即韓一凡女士及鄧慧君女士，分別持有約2.14%及1.15%的合夥權益；(ii)三名本
集團前僱員，持有約3.69%的合夥權益；及(iii)其餘合夥權益由本集團僱員持有。

南京英派藥業股份有限公司

2026年 中期報告

32

企業管治及其他資料

千溪山為一家根據中國法律成立的有限合夥企業。千溪山的普通合夥人為馬寧女士，馬女士為自身利益持有約
39.74%的合夥權益，控制千溪山投票權的行使。其餘60.26%合夥權益由28名有限合夥人持有，包括(i)兩名高
級管理層成員，即許燕華女士及鄧慧君女士，分別持有約30.13%及6.20%的合夥權益；(ii)四名本集團前僱員，
持有約1.37%的合夥權益；及(iii)其餘合夥權益由本集團僱員持有。

Boundless為一家根據美國特拉華州法律成立的有限責任公司。本公司執行董事田博士為Boundless的管理成員，
持有其唯一管理單位，有權控制Boundless投票權的行使。此外，田博士、蔡博士及一名前本集團僱員分別持有
4,599,013個、5,419,638個及856,967個激勵單位。激勵單位不得附帶投票權。
根據僱員激勵計劃已授予相關承授人的獎勵詳情載列如下：

已授予

姓名

相關僱員激勵

承授人的獎勵

佔已發行

相關僱員

平台中的

相應的概約

股份總數的

職位 ╱ 身份

激勵平台

概約合夥權益

股份數目

(1)

概約持股比例

執行董事

Boundless

49.83%

5,419,638

1.92%

董事
蔡博士
田博士

執行董事

Boundless

42.29%

4,599,013

1.63%

馬寧女士

執行董事

萬泉島

48.63%

2,079,087

0.74%

千溪山

39.74%

1,186,866

0.42%

萬泉島

3.29%

140,633

0.05%

千溪山

36.33%

1,085,223

0.39%

Boundless

7.88%

856,967

0.30%

萬泉島

47.04%

2,010,390

0.71%

千溪山

23.90%

714,366

0.25%

高級管理層
3名個人

高級管理層成員

其他承授人
63名個人

33

南京英派藥業股份有限公司

其他僱員及前僱員

2026年 中期報告

企業管治及其他資料

附註：
(1)

為闡明承授人於股份中的間接權益，呈列的股份數目為相關僱員激勵平台中的合夥權益比例乘以相關僱員激勵平台所持股份總
數計算所得。

(2)

鑒於本公司已根據計劃條款向相關僱員激勵平台發行計劃項下的相關股份，故不會對本公司的已發行股本產生任何攤薄效應。

有關僱員激勵計劃的進一步詳情，請參閱招股章程「附錄四 － 法定及一般資料」一節。

此外，本公司已採納上市後股份獎勵計劃，並已於2026年7月27日獲股東批准。有關上市後股份獎勵計劃的進一步詳
情，請參閱本公司日期為2026年7月10日的通函。

南京英派藥業股份有限公司

2026年 中期報告

34

企業管治及其他資料

所得款項用途
全球發售所得款項用途
本公司以每股20.10港元發行41,977,000股H股，有關H股於上市日期在聯交所主板上市；並於超額配股權獲悉數行使
後以每股20.10港元發行6,296,400股H股，有關H股於2026年6月10日在聯交所主板上市。我們自全球發售（經悉數行
使超額配股權後）收取的所得款項淨額（經扣除包銷佣金及相關成本及開支後）約為879百萬港元。

下表載列截至2026年6月30日所得款項淨額的計劃用途及實際使用情況：

全球發售所得
款項淨額

建議用途

自上市日期

（包括悉數

招股章程

起至2026年

截至2026年

行使超額配

所載所得

6月30日

6月30日未動

悉數動用未動

股權的

款項淨額

已動用所得

用所得款項

用所得款項的

所得款項）

百分比

款項淨額

淨額結餘

預期時間表

（百萬港元）

(a) 為塞納帕利（核心產品）提供資金 － 臨
床開發、監管批准及商業化

448.29

51%

38.37

409.92

於2028年底前

(i) 卵巢癌的臨床開發及監管批准

263.70

30%

11.15

252.55

於2028年底前

(ii) 其他晚期實體瘤的聯合治療

131.85

15%

0.04

131.81

於2029年底前

52.74

6%

27.18

25.56

於2028年底前

IMP9064提供資金

272.49

31%

3.93

268.56

於2028年底前

(i) IMP1734的臨床試驗

184.59

21%

2.80

181.79

於2028年底前

87.90

10%

1.13

86.77

於2028年底前

(iii) 作為卵巢癌「全人群」一線維持治
療在中國商業化
(b) 為我們的關鍵產品 －IMP1734及

(ii) IMP9064單藥治療及聯合治療晚期
實體瘤的I/II期試驗

35

南京英派藥業股份有限公司

2026年 中期報告

企業管治及其他資料

全球發售所得
款項淨額

建議用途

自上市日期

（包括悉數

招股章程

起至2026年

截至2026年

行使超額配

所載所得

6月30日

6月30日未動

悉數動用未動

股權的

款項淨額

已動用所得

用所得款項

用所得款項的

所得款項）

百分比

款項淨額

淨額結餘

預期時間表

（百萬港元）

(c) 為其他管線資產（IMP1707、
IMP7068、IMP22、IMP25、IMP08、
IMP13、IMP10）提供資金

70.32

8%

1.82

68.50

於2028年底前

(d) 為研發平台及管線擴展提供資金

70.32

8%

11.34

58.98

於2027年底前

(i) 持續開發自主研發平台

52.74

6%

5.55

47.19

於2027年底前

(ii) 探索及開發小分子抑制劑

17.58

2%

5.79

11.79

於2027年底前

(e) 營運資金及一般企業用途

17.58

2%

1.28

16.30

於2028年底前

總計

879.00

100%

56.74

822.26

截至本報告日期，招股章程「未來計劃及所得款項用途」一節先前披露的所得款項淨額擬定用途並無變動。本公司擬按
與上文一致的方式使用所得款項淨額。該等所得款項的使用完成時間將根據本公司的實際業務需要及未來業務發展而
釐定。

重大投資及資本資產的未來計劃
截至2026年6月30日，除招股章程所披露的「未來計劃及所得款項用途」外，本集團並無任何收購其他重大投資或資本
資產的現有計劃。

董事及高級管理層資料變動
除本中期報告所披露者外，於本中期報告日期，本公司並不知悉於報告期間董事及高級管理層資料有任何根據上市規則
第13.51B(1)條須予披露的變動。

南京英派藥業股份有限公司

2026年 中期報告

36

企業管治及其他資料

其他公司變動
除本中期報告所披露者外，於本中期報告日期，本公司並不知悉於2026年6月30日後直至本報告日期有任何其他須於
中期報告披露的重大公司變動。

遵守企業管治守則
本公司已採納上市規則附錄C1第二部分所載企業管治守則（「企業管治守則」）的守則條文作為其自身的企業管治守則。
本公司致力達致高水平的企業管治，以保障股東利益並提升企業價值及問責性。董事會認為，本公司自上市日期起直至
2026年6月30日一直遵守企業管治守則的所有適用守則條文。
本公司將繼續檢討及加強其企業管治常規，以確保遵守企業管治守則。

證券交易的標準守則
本公司已就董事及僱員進行證券交易採納條款不遜於標準守則所載規定標準的行為守則。

經向全體董事作出特定查詢後，各董事均確認其於報告期間一直遵守本公司有關董事及僱員進行證券交易的行為守則。
本公司並無發現可能擁有本公司內幕消息的僱員自上市日期起直至2026年6月30日有任何不遵守標準守則的情況。

審計委員會
本公司已成立審計委員會，並根據上市規則第3.21條及企業管治守則制定書面職權範圍。審計委員會的主要職責為審閱
及監督本集團的財務申報程序、風險管理及內部控制制度、審閱關連交易以及據此向董事會提供意見。

審計委員會由三名成員組成，包括兩名獨立非執行董事及一名非執行董事，即蕭志雄先生（主席）、郭明博士及劉濤先
生。審計委員會主席具備上市規則第3.10(2)條及第3.21條所規定的適當專業資格以及會計及財務管理專業知識。

37

南京英派藥業股份有限公司

2026年 中期報告

企業管治及其他資料

審閱未經審核綜合財務報表
審計委員會連同本公司核數師安永會計師事務所（「核數師」）及本公司管理層已審閱本集團截至2026年6月30日止六個
月的未經審核中期業績。審計委員會亦已審閱本集團採納的會計政策及慣例，並與本公司高級管理層討論風險管理、內
部控制、監管合規及財務報告相關事宜。

核數師已根據香港會計師公會（「香港會計師公會」）頒佈的香港審閱工作準則第2410號「由實體的獨立核數師執行中期
財務資料審閱」，對本集團截至2026年6月30日止六個月的未經審核中期財務資料進行獨立審閱。

報告期後重大事項
除本報告所披露者外，截至本報告日期，報告期間結束後概無其他重大事項。

購買、出售或贖回本公司上市證券或出售庫存股份
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（包括出售庫存股份）。截至2026年6
月30日，本公司並無持有任何庫存股份。

中期股息
董事會已議決不建議派付截至2026年6月30日止六個月的中期股息（截至2025年6月30日止六個月：無）。

承董事會命
IMPACT Therapeutics, Inc
南京英派藥業股份有限公司

執行董事兼首席執行官
蔡遂雄博士

南京英派藥業股份有限公司

2026年 中期報告

38

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
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

致南京英派藥業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
吾等已審閱載於第40至57頁的中期財務資料，包括南京英派藥業股份有限公司（「貴公司」）及其附屬公司（統稱「貴集
團」）於2026年6月30日的簡明綜合財務狀況表，以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益表、
權益變動表及現金流量表和解釋附註。香港聯合交易所有限公司證券上市規則規定，中期財務資料報告的編製須符合
其相關條文及香港會計師公會（「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」）。 貴公司董事須負責根據香港會計準則第34號編製及呈列該中期財務資料。吾等的責任是根據吾等的審閱對該中
期財務資料作出結論。吾等的報告僅按照雙方協定的委聘條款向

閣下（作為整體）作出，除此之外別無其他目的。吾

等概不就本報告的內容對任何其他人士負責或承擔責任。

審閱範圍
吾等已根據香港會計師公會頒佈的香港審閱工作準則第2410 號「由實體的獨立核數師執行中期財務資料審閱」進行審
閱。中期財務資料的審閱包括主要向負責財務及會計事務的人員作出查詢，並進行分析及其他審閱程序。審閱的範圍遠
小於根據香港審計準則進行的審計，故不能令吾等保證吾等將知悉在審計中可能發現的所有重大事項。因此，吾等不發
表審計意見。

結論
根據吾等的審閱，吾等並無發現任何事項令吾等相信該中期財務資料在所有重大方面未有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31日

39

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合損益及其他全面收益表
截至2026年6月30日止六個月

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

105,190

25,236

銷售成本

(9,714)

(588)

毛利

95,476

24,648

其他收入及收益淨額

29,428

4,210

附註

收入

4

研發開支

(97,637)

(86,337)

行政開支

(50,297)

(29,242)

銷售及分銷開支

(22,845)

(5,226)

融資成本

(24,831)

(34,055)

其他開支

(20,104)

(2,728)

除稅前虧損

5

(90,810)

(128,730)

所得稅開支

6

–

–

(90,810)

(128,730)

(90,810)

(128,730)

(175)

91

(175)

91

(90,985)

(128,639)

(90,985)

(128,639)

(0.37)

(0.58)

期內虧損

應佔：
母公司擁有人

其他全面（虧損）╱ 收益
其後期間可能重新分類至損益的其他全面（虧損）╱ 收益：
換算海外業務的匯兌差額
期內其他全面（虧損）╱ 收益，扣除稅項

期內全面虧損總額

應佔：
母公司擁有人

母公司普通股權益持有人應佔每股虧損
基本及攤薄（人民幣元）

8

南京英派藥業股份有限公司

2026年 中期報告

40

中期簡明綜合財務狀況表
2026年6月30日

附註

於2026年6月30日 於2025年12月31日
人民幣千元

人民幣千元

（未經審核）

（經審核）

609

614

使用權資產

4,352

5,341

其他無形資產

3,987

4,674

995

915

9,943

11,544

24,883

26,978

38,027

7,443

預付款項、其他應收款項及其他資產

16,548

30,022

以公允價值計量且其變動計入損益的金融資產

9,887

–

234,937

–

1

1

820,553

258,534

流動資產總值

1,144,836

322,978

資產總值

1,154,779

334,522

57,296

49,864

其他應付款項及應計費用

70,809

46,062

以公允價值計量且其變動計入損益的金融負債

10,368

5,209

租賃負債

3,479

3,655

流動負債總額

141,952

104,790

流動資產淨值

1,002,884

218,188

總資產減流動負債

1,012,827

229,732

非流動資產
9

物業、廠房及設備

預付款項、其他應收款項及其他資產

非流動資產總值

流動資產
存貨
10

貿易應收款項

定期存款
受限制現金
現金及現金等價物

流動負債
11

貿易應付款項

41

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合財務狀況表
2026年6月30日

附註

於2026年6月30日 於2025年12月31日
人民幣千元

人民幣千元

（未經審核）

（經審核）

207,210

171,698

751

1,780

29,095

33,921

普通股贖回負債

–

980,224

非流動負債總額

237,056

1,187,623

資產 ╱（負債）淨額

775,771

(957,891)

282,462

234,188

儲備

493,309

(1,192,079)

權益 ╱（虧絀）總額

775,771

(957,891)

南京英派藥業股份有限公司

2026年 中期報告

非流動負債
其他應付款項及應計費用
租賃負債
以公允價值計量且其變動計入損益的金融負債

權益
母公司擁有人應佔權益
12

股本

董事

財務總監

蔡遂雄博士

鄧慧君女士

42

中期簡明綜合權益變動表
截至2026年6月30日止六個月

截至2026年6月30日止六個月
母公司擁有人應佔
以股份
附註

於2025年12月31日（經審核）
期內虧損

為基礎的

匯兌波動

股本

資本儲備

其他儲備

付款儲備

儲備

累計虧損

權益總額

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

234,188

927,654

(856,450)

21,971

(13,319)

(1,271,935)

(957,891)

–

–

–

–

–

(90,810)

(90,810)

–

–

–

–

(175)

–

(175)

–

–

–

–

(175)

(90,810)

(90,985)

48,274

799,242

–

–

–

–

847,516

期內其他全面虧損：
與海外業務有關的匯兌差額
期內全面虧損總額
首次公開發售（「首次公開發售」）發行股份

12

股份發行開支

–

(47,187)

–

–

–

–

(47,187)

全球發售時普通股贖回負債自動轉換

–

148,553

856,450

–

–

–

1,005,003

確認以權益結算以股份為基礎的付款

–

–

–

19,315

–

–

19,315

歸屬受限制股份單位

–

30,877

–

(30,877)

–

–

–

282,462

1,859,139

–

10,409

(13,494)

(1,362,745)

775,771

付款儲備 匯兌波動儲備

累計虧損

權益總額

於2026年6月30日（未經審核）

截至2025年6月30日止六個月

母公司擁有人應佔
以股份
實繳資本 ╱

於2024年12月31日（經審核）
期內虧損

為基礎的

股本

資本儲備

其他儲備

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

214,866

1,140,714

(856,450)

16,050

(13,377)

(1,246,093)

(744,290)

–

–

–

–

–

(128,730)

(128,730)

–

–

–

–

91

–

91

期內其他全面收益：
與海外業務有關的匯兌差額
期內全面虧損總額
股東注資

–

–

–

91

(128,730)

(128,639)

135

–

–

–

–

19,457

改制為股份有限公司

–

(270,082)

–

–

–

270,082

–

確認以權益結算以股份為基礎的付款

–

–

–

38,912

–

–

38,912

歸屬受限制股份單位

–

21,053

–

(21,053)

–

–

–

234,188

891,820

(856,450)

33,909

(13,286)

(1,104,741)

(814,560)

於2025年6月30日（未經審核）

43

–
19,322

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合現金流量表
截至2026年6月30日止六個月

截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

(90,810)

(128,730)

(2,670)

(1,550)

(981)

(2,350)

融資成本

24,831

34,055

以權益結算以股份為基礎的付款開支

19,315

38,912

9,397

704

6,113

(24)

2,092

2,022

附註

經營活動所得現金流量
除稅前虧損
調整：
銀行利息收入
以公允價值計量且其變動計入損益的金融資產的投資收入

匯兌差額淨額

5

以公允價值計量且其變動計入損益的金融資產的
未變現虧損 ╱（收益）
以公允價值計量且其變動計入損益的金融負債的公允價值
變動
物業、廠房及設備折舊

5

160

234

使用權資產折舊

5

1,534

1,457

其他無形資產攤銷

5

590

546

出售其他無形資產的收益

5

(16)

–

(30,445)

(54,724)

(30,584)

(654)

預付款項、其他應收款項及其他資產減少

7,900

8,528

存貨減少 ╱（增加）

2,095

(8,174)

貿易應付款項增加 ╱（減少）

7,432

(10,596)

其他應付款項及應計費用增加

66,189

94,239

經營所得現金

22,587

28,619

已收利息

1,788

1,550

經營活動所得現金流量淨額

24,375

30,169

貿易應收款項增加

南京英派藥業股份有限公司

2026年 中期報告

44

中期簡明綜合現金流量表
截至2026年6月30日止六個月

截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

(155)

(1,238)

存入定期存款

(234,055)

–

購買以公允價值計量且其變動計入損益的金融資產

(734,000)

(1,198,033)

贖回以公允價值計量且其變動計入損益的金融資產

718,981

1,130,451

出售其他無形資產所得款項

113

–

投資活動所用現金流量淨額

(249,116)

(68,820)

847,516

19,457

(875)

(142)

支付上市開支

(48,506)

–

租賃付款

(1,803)

(301)

融資活動所得現金流量淨額

796,332

19,014

現金及現金等價物增加 ╱（減少）淨額

571,591

(19,637)

期初現金及現金等價物

258,534

230,122

(9,572)

(613)

820,553

209,872

投資活動所用現金流量
購買物業、廠房及設備以及其他無形資產

融資活動所得現金流量
發行股份所得款項
收購非控股權益

匯率變動影響淨額

期末現金及現金等價物

45

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合財務資料附註
2026年6月30日

1.

公司資料
本公司於2009年6月10日根據中華人民共和國（「中國」）公司法在中國成立為有限責任公司。本公司的註冊辦事
處位於中國江蘇省南京高新技術開發區星火路10號。本公司於2025年6月25日改制為股份有限公司。

於本期間，本公司及其附屬公司主要從事藥品的研發及商業化。

本公司股份自2026年5月13日起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乃根據香港會計準則第34號「中期財務報告」編製。中期
簡明綜合財務資料並不包括年度財務報表所要求的所有資料及披露，並應與本集團截至2025年12月31日止年度
的年度綜合財務報表一併閱讀。

2.2 會計政策及披露變動
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
採用者一致，惟於本期間財務資料首次採納以下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

金融工具的分類及計量之修訂

準則第7號（修訂本）
香港財務報告準則第9號及香港財務報告

涉及依賴自然條件的電力合約

準則第7號（修訂本）

香港財務報告準則會計準則的年度改進 － 第11卷

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號之修訂

南京英派藥業股份有限公司

2026年 中期報告

46

中期簡明綜合財務資料附註
2026年6月30日

2.2 會計政策及披露變動（續）
經修訂香港財務報告準則會計準則的性質及影響載述如下：

(a)

香港財務報告準則第9 號及香港財務報告準則第7 號的修訂本「金融工具的分類及計量之修訂」澄清，當
實體對合約現金流量的權利屆滿或被轉讓時，金融資產終止確認，而金融負債則於結算日終止確認。修
訂本引入一項會計政策選擇，倘符合特定條件，可於結算日前終止確認透過電子支付系統結算的金融
負債。修訂本澄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，修訂本澄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。修訂本亦加入有關指
定為以公允價值計量且其變動計入其他全面收益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有關金融資產及負債終止確認的會計政策與修訂本一致，且本集團並無修訂本
所涉及的金融資產，故修訂本對中期簡明綜合財務資料並無任何影響。本集團將於截至2026年12月31日
止年度的綜合財務報表中，就指定為以公允價值計量且其變動計入其他全面收益的權益投資提供額外披
露。

(b)

香港財務報告準則第9號及香港財務報告準則第7號的修訂本「涉及依賴自然條件的電力合約」澄清範圍內
合約的「自用」規定的應用，並修訂範圍內合約於現金流量對沖關係中對被對沖項目的指定要求。修訂本
亦包括額外披露，使財務報表使用者能了解該等合約對實體財務表現及未來現金流量的影響。由於本集
團並無修訂本範圍內的任何合約，故修訂本對中期簡明綜合財務資料並無任何影響。

(c)

香港財務報告準則會計準則的年度改進 － 第11 卷 對香港財務報告準則第1 號、香港財務報告準則第7 號
（及隨附的香港財務報告準則第7號實施指引 ）、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號作出範圍狹窄的修訂。修訂本包括澄清、簡化、修正或變更，以改善相應香港財務報告
準則會計準則的一致性。修訂本對中期簡明綜合財務資料並無任何影響。

47

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合財務資料附註
2026年6月30日

3.

經營分部資料
經營分部資料
管理層根據主要經營決策者審閱的報告釐定經營分部。負責分配資源及評估經營分部表現的主要經營決策者已確
定為本公司執行董事。於報告期間，本集團主要從事藥品的研發及商業化。管理層將本集團業務的經營業績作為
一個經營分部進行審閱，以就資源分配及表現評估作出決策。因此，本公司主要經營決策者認為僅有一個用於作
出策略決策的分部。

地區資料
(a)

來自外部客戶的收入
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

中國內地

70,351

7,232

美國

34,839

18,004

總收入

105,190

25,236

地區市場

(b)

非流動資產
由於本集團幾乎所有非流動資產均位於中國內地，故並無呈列與非流動資產有關的地區資料。

南京英派藥業股份有限公司

2026年 中期報告

48

中期簡明綜合財務資料附註
2026年6月30日

4.

收入
收入分析如下：

截至6月30日止六個月

客戶合約收入

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

105,190

25,236

客戶合約收入的分拆收入資料
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

藥品銷售

70,351

7,232

許可收入

34,839

18,004

總計

105,190

25,236

105,190

25,236

貨品及服務種類

收入確認時間
於某一時間點轉讓

下表列示於本報告期間確認並計入報告期初合約負債的收入金額：

截至6月30日止六個月

藥品銷售

49

南京英派藥業股份有限公司

2026年 中期報告

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

831

–

中期簡明綜合財務資料附註
2026年6月30日

5.

除稅前虧損
本集團的除稅前虧損乃經扣除 ╱（計入）以下各項後得出：

截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

9,714

588

160

234

使用權資產折舊(i)

1,534

1,457

其他無形資產攤銷(i)

590

546

出售其他無形資產的收益

(16)

–

9,397

704

政府補助

(25,672)

(286)

利息開支

24,831

34,055

上市開支

25,850

–

工資、薪金及其他津貼

31,081

29,989

退休金計劃供款及社會福利

4,712

4,401

以權益結算以股份為基礎的付款開支

7,146

2,096

42,939

36,486

已售存貨成本
物業、廠房及設備折舊(i)

匯兌差額淨額

僱員福利開支（不包括董事薪酬）(ii)

總計

附註：
(i)

物業、廠房及設備折舊、其他無形資產攤銷及使用權資產折舊計入綜合損益及其他全面收益表的「研發開支」及「行政開支」。

(ii)

僱員福利開支計入綜合損益及其他全面收益表的「銷售及分銷開支」、「研發開支」及「行政開支」。

南京英派藥業股份有限公司

2026年 中期報告

50

中期簡明綜合財務資料附註
2026年6月30日

6.

所得稅
本集團須就本集團成員公司註冊及經營所在司法權區產生或源自該等司法權區的利潤按實體基準繳納所得稅。

中國內地
根據中國企業所得稅法及相關法規（「企業所得稅法」），於中國內地經營的附屬公司於本期間須就應課稅收入按
25%的稅率繳納企業所得稅。
本公司已獲認定為高新技術企業，並於2025年至2027年按15%的優惠稅率繳納所得稅。該資格須由中國相關稅
務機關每三年審核一次。

本集團於中國內地的附屬公司上海瑛派藥業有限公司已獲認定為高新技術企業，並於2024年至2026年按15%的
優惠稅率繳納所得稅。該資格須由中國相關稅務機關每三年審核一次。

本集團於中國內地的附屬公司上海英派藥業有限公司已獲認定為高新技術企業，並於2025年至2027年按15%的
優惠稅率繳納所得稅。該資格須由中國相關稅務機關每三年審核一次。

澳大利亞
於澳大利亞註冊成立的附屬公司於本期間須就於澳大利亞產生的估計應課稅利潤按25%的法定稅率繳納澳大利
亞公司稅。由於該附屬公司於本期間並無於澳大利亞產生任何應課稅利潤，故並無計提澳大利亞公司稅撥備。

美國
於美國特拉華州註冊成立的附屬公司須按21%的稅率繳納美國聯邦法定企業所得稅。

本集團於本期間的所得稅開支分析如下：

截至6月30日止六個月

51

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

即期 － 中國內地所得稅

–

–

遞延

–

–

期內稅項支出總額

–

–

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合財務資料附註
2026年6月30日

7.

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（2025年6月30日：無）。

8.

母公司普通股權益持有人應佔每股虧損
基本每股虧損金額乃根據母公司普通股權益持有人應佔期內虧損以及期內已發行在外普通股加權平均數
246,015,887股（截至2025年6月30日止六個月：222,845,050股）計算。
攤薄每股虧損金額乃根據母公司普通股權益持有人應佔期內虧損計算。計算所用的普通股加權平均數為用於計算
基本每股虧損的期內已發行在外普通股數目，以及假設所有具攤薄潛力普通股被視為轉換為普通股時按零代價發
行的普通股加權平均數。

基本及攤薄每股虧損的計算乃基於：

截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

(90,810)

(128,730)

虧損
母公司普通股權益持有人應佔虧損

股份數目
截至6月30日止六個月
2026年

2025年

（未經審核）

（未經審核）

246,015,887

222,845,050

股份
用於計算基本每股虧損的期內已發行在外普通股加權平均數

9.

物業、廠房及設備
截至2026年6月30日止六個月，本集團購入成本為人民幣155,000元的資產（2025年6月30日：人民幣32,000
元）。

南京英派藥業股份有限公司

2026年 中期報告

52

中期簡明綜合財務資料附註
2026年6月30日

10. 貿易應收款項
於報告期末，按交易日期及扣除虧損撥備計算的貿易應收款項的賬齡分析如下：

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

1個月內

19,426

6,318

1至3個月

18,601

1,125

總計

38,027

7,443

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

57,277

49,864

19

–

57,296

49,864

11. 貿易應付款項
於報告期末，按發票日期計算的貿易應付款項的賬齡分析如下：

3個月內
3個月至1年

總計

貿易應付款項為免息，一般自發票日期起計2至3個月內結算。

53

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合財務資料附註
2026年6月30日

12. 股本
股份

已發行及繳足

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

282,462

234,188

本公司股本變動概要如下：

股本
數目
附註

普通股

股本
人民幣千元

於2025年12月31日（經審核）
首次公開發售發行股份

(a)

於2026年6月30日（未經審核）

234,188,130

234,188

48,273,400

48,274

282,461,530

282,462

附註：
(a)

於2026年5月13日，本公司成功完成在聯交所的首次公開發售。本公司按每股20.10港元的發售價發行41,977,000股普通股。
於2026年6月10日，全球發售的包銷商悉數行使超額配股權，本公司按每股20.10港元的發售價新配發及發行合共6,296,400
股股份。

13. 承擔
於報告期末，本集團並無任何重大合約承擔（2025年6月30日：無）。

南京英派藥業股份有限公司

2026年 中期報告

54

中期簡明綜合財務資料附註
2026年6月30日

14. 關聯方交易
(a)

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

人民幣千元

人民幣千元

（未經審核）

（未經審核）

7,723

5,470

442

399

以權益結算以股份為基礎的付款開支

14,375

39,615

總計

22,540

45,484

薪金、津貼及實物福利
退休金計劃供款

15. 金融工具的公允價值及公允價值層級
管理層已評估，現金及銀行結餘、貿易應收款項、計入預付款項、其他應收款項及其他資產的金融資產，以及計
入貿易應付款項及其他應付款項及應計費用的金融負債的公允價值與其賬面值相若，主要由於該等工具的期限較
短。

本集團由財務總監領導的財務部負責釐定金融工具公允價值計量的政策及程序。於報告期末，財務部會分析金融
工具價值的變動，並釐定估值所應用的主要輸入數據。董事定期審閱金融工具公允價值計量的結果以作財務報
告。

金融資產及負債的公允價值乃按該工具可於自願雙方（而非於強制或清算銷售中）的當前交易中交換的金額入
賬。以下方法及假設乃用以估計公允價值：

計入預付款項、其他應收款項及其他資產的金融資產的非即期部分以及其他應付款項及應計費用的非即期部分的
公允價值，乃採用現時可就具有類似條款、信貸風險及剩餘到期日的工具取得的利率貼現預期未來現金流量計
算。

本集團已採用貼現現金流量估值模型，根據具有類似條款及風險的工具的市場利率，估計因收購非控股權益的股
權而產生的應付可變代價的公允價值。

55

南京英派藥業股份有限公司

2026年 中期報告

中期簡明綜合財務資料附註
2026年6月30日

15. 金融工具的公允價值及公允價值層級（續）
下文概述於2026年6月30日及2025年12月31日金融工具估值的重大不可觀察輸入數據，連同定量敏感度分析：

公允價值
金融負債

層級

因收購非控股權益的 第三級

重大不可觀察

公允價值對輸入

估值技術

輸入數據

範圍

數據的敏感度

貼現現金流量

貼現率

10.3%-12.2%

附註(a)

股權而產生的應付

（2025年12月31日：

可變代價

11.0%-12.9%）

附註：
(a)

貼現率增加 ╱ 減少1%，在所有其他變量維持不變的情況下，將導致因收購非控股權益的股權而產生的應付可變代價的公允價
值減少 ╱ 增加人民幣598,000元 ╱ 人民幣608,000元（2025年12月31日：人民幣728,000元 ╱ 人民幣755,000元）。

公允價值層級
下表說明本集團金融工具的公允價值計量層級：

按公允價值計量的資產：

於2026年6月30日（未經審核）

採用以下各項的公允價值計量

投資於理財產品

活躍市場

重大

重大

報價

可觀察輸入數據

不可觀察輸入數據

（第一級）

（第二級）

（第三級）

總計

人民幣千元

人民幣千元

人民幣千元

人民幣千元

–

9,887

–

9,887

於2025年12月31日，本集團並無按公允價值計量的金融資產。

南京英派藥業股份有限公司

2026年 中期報告

56

中期簡明綜合財務資料附註
2026年6月30日

15. 金融工具的公允價值及公允價值層級（續）
公允價值層級（續）
按公允價值計量的負債：

於2026年6月30日（未經審核）

採用以下各項的公允價值計量
活躍市場
報價

重大

重大

可觀察輸入數據 不可觀察輸入數據

（第一級）

（第二級）

（第三級）

總計

人民幣千元

人民幣千元

人民幣千元

人民幣千元

–

–

39,463

39,463

因收購非控股權益的股權而
產生的應付可變代價

於2025年12月31日（經審核）

採用以下各項的公允價值計量
活躍市場
報價

重大

重大

可觀察輸入數據 不可觀察輸入數據

（第一級）

（第二級）

（第三級）

總計

人民幣千元

人民幣千元

人民幣千元

人民幣千元

–

–

39,130

39,130

因收購非控股權益的股權而
產生的應付可變代價

於本期間，金融資產及金融負債的公允價值計量並無第一級與第二級之間的轉移，亦無轉入或轉出第三級。

16. 期後事項
於2026年6月30日後，概無發生重大事項。

57

南京英派藥業股份有限公司

2026年 中期報告

釋義及詞彙

於本報告中，除文義另有所指外，下列詞彙具有以下涵義：

「審計委員會」

指

董事會審計委員會

「董事會」

指

本公司董事會

「中國」

指

中華人民共和國，就本報告而言，不包括香港、中國澳門特別行政區及中國
台灣

「本公司」

指

南京英派藥業股份有限公司，一家於2025年6月25日在中國成立的股份有限
公司，或如文義所需（視情況而定），其前身南京英派藥業有限公司（一家於
2009年6月10日在中國成立的有限責任公司），其H股於聯交所上市（股份代
號：7630）

「核心產品」

指

塞納帕利(IMP4297)，即上市規則第18A章所界定的指定「核心產品」

「企業管治守則」

指

上市規則附錄C1所載的《企業管治守則》

「董事」

指

本公司董事

「僱員激勵計劃」

指

本公司董事會於2025年1月26日批准及採納的本公司僱員激勵計劃

「FDA」

指

美國食品藥品監督管理局

「全球發售」

指

本公司H股於聯交所進行的全球發售

「本集團」或「我們」

指

本公司及我們的附屬公司

「H股」

指

本公司股本中每股面值人民幣1.00元、以港元認購及買賣並於聯交所上市的
境外上市外資股

南京英派藥業股份有限公司

2026年 中期報告

58

釋義及詞彙

「香港財務報告準則」

指

香港財務報告準則，包括香港會計師公會頒佈的所有香港財務報告準則、香
港會計準則及詮釋

「首次公開發售」

指

股份於主板首次公開發售

「上市日期」

指

2026年5月13日，即H股於聯交所上市及獲准開始買賣的日期

「上市規則」

指

香港聯合交易所有限公司證券上市規則（經不時修訂）

「標準守則」

指

上市規則附錄C3所載的上市發行人董事進行證券交易的標準守則

「主板」

指

由聯交所營運的證券交易所（不包括期權市場），其獨立於聯交所GEM並與其
並行運作

「超額配股權」

指

本公司根據國際包銷協議授予國際包銷商的選擇權，可由整體協調人（代表國
際包銷商）行使，以要求本公司按發售價配發及發行合共最多6,296,400股額
外H股，佔全球發售初步可供認購發售股份的約15%，以補足（其中包括）國
際發售的超額分配（如有）

59

「招股章程」

指

本公司日期為2026年5月5日的招股章程

「研發」

指

研究及開發

南京英派藥業股份有限公司

2026年 中期報告

釋義及詞彙

「報告期間」或「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

「股份獎勵計劃」

指

本公司2026年股份獎勵（現有股份）計劃（以其現行形式或經不時修訂）

「股份」

指

本公司股本中每股面值人民幣1.00元的普通股

「股東」

指

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

具有上市規則賦予該詞的涵義

「美國」

指

美利堅合眾國、其領土、屬地及受其司法管轄的所有地區

「美元」

指

美元，美國法定貨幣

「%」

指

百分比

南京英派藥業股份有限公司

2026年 中期報告

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