Innocare Pharma Ltd

Good morning and good evening to our global investors. Thank you for joining InnoCare Pharma 2026 Entrant Results. This is Li Chenfeng from China Healthcare from Goldman Sachs. We saw today an InnoCare management team including Dr. Jasmine Cui, the chairlady and CEO, Dr. Xiangyang Chen, the CTO, Mr. Xinfu, CFO, Dr. Renbing Zhao, Senior VP of Clinical Development, Dr. Carrie Zhou, VP of Medical Research, Dr. Jason Jiang, VP of Translational Research, and Ms. Bonnie Yuan, Senior Director of IR. Before we kick off the session, I would like to highlight that this call is strictly for clients of Goldman Sachs and anal care only, and this conversation is not intended for the media and is off the record. Participants will be removed from the call if they cannot be properly identified. And this call is not for the purpose of sharing or receiving the public or otherwise confidential information. Attendees are public side market participants who may not receive and should not request non-public otherwise confidential information about issuers or securities or about the market of securities. And okay, I just put out the results a couple of hours ago. And today we're going to have the management team to discuss the business updates and first-half results. After the prepared remarks, you do get a chance to ask questions. So if you have any questions, please feel free to raise your hand, or you can key in your questions into the Q&A box in the Zoom app. Now, without further ado, I'm going to turn the call to the management team to get started.

Okay. Thank you, Siyi. Good morning, good evening. Thank you all for attending Unicare Pharma's 2026 first half year audience call. Unicare is a commercial state drug innovation company. Our vision is to become a global pharmaceutical leader dedicated to developing and delivering innovative therapies for patients worldwide. Our drug innovation efforts focus primarily on two therapeutic areas with significant embedded medical needs oncology and autoimmunity diseases Here are the key business and financial highlights of the first half of 26 In the first half of 26 we delivered strong financial performance while making significant progresses across our diversified innovative portfolio On the financial side Total revenue reached RMB 1.14 billion, representing 55.5% year-over-year growth. Drug sales reached RMB 918 million, up 43.2% year-over-year, reflecting continued strong commercial momentum. Net profit reached RMB 240 million, demonstrating sustained profitability and continued earnings growth. As of the end of June this year, we maintained a solid cash position of approximately RMB 8.4 billion, providing ample resources to support ongoing R&D and globalization. On the R&D front, we made a broad This progresses across our pipeline. We obtained one ADL protocol for aralabronib in RMCL in Australia and submitted two additional NDAs for aralabronib in ITT and zuratractinib in ATR-tel-positive pediatric patients. Two Phase III studies met primary endpoints for sulfasitinib in atopic dermatitis and Fay-Diokra-based kidneys in psoriasis. We also initiated the three new phase III studies, including aronabronid in SLE, mesutoclax plus aronabronid in RMTL, and mesutoclax plus EZE versus vanillotox plus EZE in first-line AML. In addition, we achieved two important proof-of-concept milestones with soft kidneys in vitiligo achieving its primary endpoint and our B7H3 ADC program showing promising preliminary efficacy. Finally, we have filed four INDs this year with the three already advancing into clinical development. Turning to our oncology portfolio, we continue to strengthen both hemato-oncology and solid tumor franchises with multiple commercial products and key clinical milestones. In comatose oncology, arolabranib continues to expand its commercial and global potential. In China, the first-line CLLSL indication was approved and included in the ARDL. In overseas, arolabranib was approved in RRMCL in Australia following its previous approval in Singapore for RRMCL and MZL. Tabacizumab is entering its first full year of commercial sales in China for RRDLDCL further strengthening our commercial portfolio. The digital collapse continues to advance across multiple hormonal logical malignancies. In Phase 3 Registrational Study with Rolacronib for first-line CLL-SL, phase duration treatment is progressing well, with completion expected in the first half of 2017. We have also initiated the Phase 3 Study in RMCL, received Registro Authority destination for RMCL, and are initiating Phase 3 Head-to-Head Study of methadoclax-class AZA versus venetoclax-class AZA in elderly and affixed patients with newly diagnosed AML. The global physical study in MDS is ongoing with promising preliminary results. In solid tumors, suratracnib has established a commercial foundation in ATRK positive tumors with pediatric expansion progressing through priority review of ADC-88. Our next-generation ADC portfolio is also progressing rapidly. Our ICP-B794, our B7-H3 ADC, is in phase 1 dose escalation with promising preliminary results, while ICP-B208, our CDH-70 ADC, has entered the phase 1 dose escalation. We are also pleased to introduce a new bispecific ADC project, ICD-B381, a PSMA Step 1 ADC with potential applications in prostate cancer. The China IND was submitted and accepted in August, with the U.S. IND filing expected in September. Together, these programs are expanding our oncology portfolio from established commercial products into multiple differentiated next-generation assets, supporting our rapid and continued growth across pharmacological and solid tumors. Turning to our autoimmune disease portfolio, we are advancing a broad and increasingly differentiated pipeline toward commercialization while building the next wave of innovative assets with first-in-class potential. On the latest stage size, Arolabronib continues to expand across multiple autoimmune indications. The NDA for ITT was accepted in the first half of this year, while the Phase III registration study in SLE is ongoing following promising phase IIb results. We are also advancing global Phase III PTMS and STMS in collaboration with Zenos Biopharma. So, for this teenage, our TIK2J1 inhibitor continues to advance across a broad five-indication portfolio. In a topic of dermatitis, the Phase III study met its primary endpoints, with any examination planned following the safety follow-up. In vitiligo, the Phase II study met its primary endpoints and advanced into Phase III. Meanwhile, the Phase II studies are progressing in TN, TSU, and cirrhosis, with data readouts expected by later this year for the last two indications. Pseudocoral-based kidneys, our allosteric PIK2 inhibitor, has also reached an important milestone this year. The Phase III registration study in cirrhosis methods primary endpoints with physical study in CLE and Sjogren's syndrome are going. Beyond our latest stage portfolio, we are building a new generation of differentiated autoimmune disease assets. ICD-054 is an oral IO17 inhibitor designed to provide differentiated alternatives to injectable biologics. Greater China and South Asia rights has been partnered with Zenos and the phase 1 completion is expected by end of this year ICD-538 is potentially first-in-class VEV1 molecular glue degrader targeting a novel immune regulatory pathway its phase 1 study is expected to complete by end of this year as well Overall, our autoimmune disease portfolio is progressing in two fronts, advancing multiple later stage projects toward commercialization, while building a differentiated next wave of innovative assets with significant long-term potentials. This slide presents our robust and innovative pipeline, spinning from preclinical through stage one, two, and Registrational State. Currently, we have more than 10 Phase III registration studies ongoing in China and in global. Over the next two to three years, multiple major products and large indications are expected to reach regulatory milestones, further expanding patient access and creating value for our investors. Now, I invite Our CFO, Xianfu, to share more details of our financial and commercial performance.

Okay, thanks, Jasmine. Hello, everyone, and thank you for joining us today. In the first half of 2026, InnoCare delivered very strong financial performance and continued to beat our expectations. The total revenue achieved RMB 1,137 million, representing a 55.5% increase year-over-year. This robust growth demonstrated our commercial execution capabilities, diversified approved product portfolio, and expanding global footprint. The drug sales remain our primary revenue source, reaching RMB 918 million. This accounts for about 80.7% of total revenue, representing a 43.2% year-over-year growth. This growth was fueled by the indication expansion of Aurelia Botany for the first line CLLSL, the new launch of PapacityMap and the Zoolog TrackName, and the strength of our commercial platform, which underscored our transition into a diversified, multi-products pharma company. In the first half of 2026, we maintained our probability trajectory. Net profit turned to RMB 240 million compared to a loss of RMB 36 million in the same period of the last year. The diluted earning per share for the first half of 2026 reached RMB 0.14. This performance reflects our strong top-line growth combined with this clean cost management. And with further growth in drug sales, and the realization of BD-related milestone revenue in the second half of this year. We expect to maintain probability for the full year of 2026, and the EPS will be higher than the first half of 2026. We continue to invest meaningfully in our future. R&D senses reached RMB 497 million with 10.5% year-over-year growth. This investment focuses on advancing late-stage clinical programs and building next-generation platforms such as ADC and molecular growth technologies. Our cash position remains very strong. As of June 30, 2026, cash and related accounts totaled around $1.2 billion. Additionally, we achieved a positive operating cash flow in the first half of 2026. This strong liquidity provides the flexibility to accelerate clinical development and invest in a competitive pipeline. Regarding the commercialization, entering into 2026, we already have three commercialized products. With the new indication approval of Orelabutinib and the launch of the TAPACINAMAB, we have strengthened our leadership in hematology oncology. We now cover four major indications, CL and SL, MCL, MCL and DLBCL. The Orelabutinib and TAPACINAMAB are recommended in the CISCO guideline for eight indications. Zolotragnib, a next-generation Our commercial platform has scaled effectively. A dedicated team of around 500 professionals now cover more than 1,500 hospitals across China. Driven by the continued growth of Orelabunib and the full commercialization of Capacitimab and Azuratracnib, we are confident in 2026 drug sales rose exceeding 35%. In summary, InnoCare delivered a strong financial performance in the first half of this year, with high revenue growth, sustained profitability, and a robust cash relation. So with that, I will hand over to Dr. Zhao for the introduction of programs for the hematology and oncology pipeline.