Alebund Pharmaceuticals (Jiangsu) (9637) investor relations material

Executive summary

• Achieved significant progress in clinical development, external collaborations, commercialization in China, and capital markets during H1 2026.

• Revenue surged 761.2% year-over-year to RMB104.2 million, driven by RMB79.3 million licensing revenue from AP306 and Mircera® sales doubling to RMB24.8 million.

• Completed patient enrollment for AP301 global Phase III trial; NDA accepted for review by NMPA.

• Initiated global Phase IIb trial for AP306; published positive Phase I/II data for AP303 and AP308.

• H Shares listed on the Main Board of the Stock Exchange in June 2026, raising HK$1,355.8 million including over-allotment.

Financial highlights

• Revenue for H1 2026 was RMB104.2 million, up 761.2% year-over-year, mainly from AP306 licensing and Mircera® sales.

• Gross profit rose to RMB91.1 million, up 1,618.9% year-over-year; gross margin improved to 87.5% due to licensing revenue.

• Research and development expenses increased 28.4% to RMB141.4 million, reflecting pipeline progress.

• Net loss narrowed by 22.5% to RMB162.6 million; adjusted net loss (non-IFRS) was RMB130.1 million, down 12.6%.

• Cash and cash equivalents rose to RMB1,344.5 million, up 275.2% from December 2025, mainly from IPO proceeds.

Outlook and guidance

• Expects NMPA approval for AP301 in 2027; global Phase III MRCT for AP301 to complete in Q2 2027, with FDA NDA submission planned.

• Global Phase IIb MRCT for AP306 to complete in Q2 2027; Phase III MRCT to start in H2 2027.

• Phase II basket trial for AP303 in DKD and IgAN to begin site selection in H2 2026; Phase II MRCTs for ADPKD and FSGS in preparation.

• IND application for AP308 to be submitted to NMPA; Phase I trial to start in H2 2026.

• Plans to expand commercialization and manufacturing capacity, and continue pipeline development.