Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Antengene Corporation Limited ʮ̡ (Incorporated in the Cayman Islands with limited liability) (Stock Code: 6996) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2026 The board (the “Board”) of directors (the “Directors ”) of Antengene Corporation Limited (the “Company ” or “Antengene ”) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (collectively, the “Group”, “we” or “us”) for the six months ended June 30, 2026 (the “Reporting Period ”), together with comparative figures for the six months ended June 30, 2025. The consolidated financial statements of the Group for the Reporting Period have been reviewed by the audit committee of the Company (the “Audit Committee ”) and the Company ’s auditor. FINANCIAL HIGHLIGHTS For the six months ended June 30, 2026 2025 RMB’000 RMB’000 Unaudited Unaudited Revenue 513,076 53,182 Research and development costs (122,915) (79,935) Selling and distribution expenses (35,248) (36,990) Administrative expenses (35,917) (39,304) Profit/(loss) for the period 216,345 (76,378) Adjusted profit/(loss) for the period* 217,201 (72,858) Adjusted profit/(loss) for the period excluding net foreign exchange differences 284,681 (85,093) * Adjusted profit/(loss) for the period is not defined under the IFRS, it represents the profit/(loss) for the period excluding the effect brought by equity-settled share-based payment expense.
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2 IFRS Measures: Our revenue increased by RMB459.9 million from RMB53.2 million for the six months ended June 30, 2025 to RMB513.1 million for the six months ended June 30, 2026. This substantial growth was mainly attributable to the licensing and collaboration revenue of RMB457.8 million recognised during the period, which mainly represented upfront consideration recognised under two out-licensing arrangements for ATG-201 (CD19 x CD3) with UCB and ATG-106 (CDH6 x CD3) with K2 Therapeutics. Our research and development costs increased by RMB43.0 million from RMB79.9 million for the six months ended June 30, 2025 to RMB122.9 million for the six months ended June 30, 2026, primarily attributable to our increased drug development expenses. Our selling and distribution expenses recorded a modest decrease, down by RMB1.7 million from RMB37.0 million for the six months ended June 30, 2025 to RMB35.2 million for the six months ended June 30, 2026. Our administrative expenses decreased by RMB3.4 million from RMB39.3 million for the six months ended June 30, 2025 to RMB35.9 million for the six months ended June 30, 2026, primarily attributable to our improved operational efficiency. As a result of the foregoing, the Group ’s profit for the period improved significantly by RMB292.7 million, turning from a loss of RMB76.4 million for the six months ended June 30, 2025 to a profit of RMB216.3 million for the six months ended June 30, 2026. Non-IFRS Measure: Adjusted profit/(loss) for the period excluding net foreign exchange differences improved significantly by RMB369.8 million from a loss of RMB85.1 million for the six months ended June 30, 2025 to a profit of RMB284.7 million for the six months ended June 30, 2026. Such improvement was primarily driven by licensing and collaboration revenue recognised in the current period, partially offset by the increased research and development costs (excluding the effect brought by equity-settled share-based payment expense).
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3 BUSINESS HIGHLIGHTS During the Reporting Period, and as at the date of this announcement, significant advancements have been made with respect to our product pipeline and business operations: Business Developments: In March 2026, we entered into a license agreement with UCB, a global biopharmaceutical company listed on Euronext Brussels (symbol: UCB), pursuant to which Antengene will provide an exclusive, worldwide license to UCB to further develop, manufacture and commercialize ATG-201 (CD19 x CD3 T-cell engager (TCE)). In return, Antengene received an initial upfront payment of USD60 million, and will receive additional near-term milestone payments of USD20 million upon satisfaction of certain conditions, and will be eligible to receive future success-based development and commercial milestone payments of up to approximately USD1.1 billion, as well as tiered royalties on future net sales. Collaborations on Assets: – T cell engager (TCE) In June 2026, we entered into an exclusive and sublicensable license agreement ( “License Agreement ”) with K2 Therapeutics for ATG-106, a preclinical CDH6 x CD3 bispecific T cell engager ( “TCE”) in development for solid tumors. We also entered into an option agreement (“Option Agreement ”) with K2 Therapeutics to grant K2 Therapeutics an exclusive option to obtain exclusive global rights to develop and commercialize an undisclosed preclinical bispecific TCE candidate. Across both the License Agreement and the Option Agreement, K2 Therapeutics ’ rights extend globally, excluding Greater China. Under the License Agreement, Antengene is entitled to upfront and near-term consideration of approximately USD20 million, consisting of cash and a minority equity stake in a newly established asset company and subsidiary of K2 Therapeutics, subject to the satisfaction of certain near-term conditions. Antengene is also eligible to receive developmental, regulatory and sales milestone payments of up to USD960.5 million. Under the Option Agreement, upon exercise of the option by K2 Therapeutics, Antengene will be entitled to receive upfront and near-term consideration of approximately USD20 million, consisting of an option exercise fee, near-term payment and upfront payment, as well as a minority equity stake in the related new asset company to be established by K2 Therapeutics. Antengene will also be eligible to receive developmental, regulatory and sales milestone payments of up to USD960.5 million related to the undisclosed TCE program, plus tiered royalties on future net sales.
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4 – ATG-037 (CD73 inhibitor) In February 2026, we entered into a clinical collaboration agreement with Shanghai Junshi Biosciences Co., Ltd ( “Junshi Biosciences ”, SEHK: 1877.HK; SSE: 688180). Under the collaboration, the parties will jointly evaluate the synergistic therapeutic potential of Antengene ’s ATG-037 in combination with Junshi Biosciences ’ JS207, a recombinant humanized anti-PD-1/VEGF bispecific antibody, in patients with solid tumors in Mainland China, with the goal of identifying clinical signals across multiple tumor types. Progress on Key Programs in Mid-Late Clinical Stage: – ATG-022 (Claudin 18.2 antibody-drug conjugate) In January 2026, we announced the latest data from our Phase I/II CLINCH study ongoing in Mainland China and Australia evaluating ATG-022 in patients with advanced or metastatic gastric cancer at the 44th Annual J.P. Morgan Healthcare Conference. Latest data from the Phase I/II CLINCH stud show that as of December 25, 2025, among patients with moderate to high CLDN18.2 expression (IHC 2+ > 20%) in the 2.4 mg/kg dose cohort, the objective response rate (ORR) was 40% (12/30) and the disease control rate (DCR) was 90% (27/30), with a median progression-free survival (mPFS) of 5.09 months and a mOS of 14.72 months. In the 1.8 mg/kg dose cohort, the ORR was 46.7% (14/30), the DCR was 86.7% (26/30), the mPFS was 6.97 months, and the median overall survival (mOS) has not yet been reached. Among patients with low/ultra-low CLDN18.2 expression (IHC 2+ ≤ 20%) treated at the efficacious dose range of 1.8-2.4 mg/kg, the ORR was 28.6% (6/21). In addition, one patient in each of the three dose groups achieved a complete response (CR). These results demonstrated the potent anti-tumor activity of ATG-022 across all levels of CLDN18.2 expression. In May 2026, following the review by the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA), we have received CDE endorsement to conduct the pivotal Phase III CLINCH-3 study of ATG-022 for the treatment of CLDN18.2+ advanced gastric or gastroesophageal junction adenocarcinoma. The study is expected to be initiated in China first and is planned as a multi-regional clinical trial (MRCT). – ATG-037 (CD73 inhibitor) The Phase II part of the STAMINA trial of ATG-037 for the treatment of locally advanced or metastatic solid tumors (the “STAMINA trial ”) is ongoing in Mainland China and Australia. – ATG-201 (CD19 x CD3 TCE) In June 2026, China's NMPA has approved the Investigational New Drug (IND) application for the Phase I ATTRACT study of ATG-201 for the treatment of B cell related autoimmune diseases. WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET ATG-022, ATG- 106, ATG-037 OR ATG-201 SUCCESSFULLY.
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5 Progress on Key Programs at Pre-clinical Stage: ATG-125 (B7-H3 x PD-L1 ADC) – ATG-125 is a B7H3 x PD-L1 targeted therapy featuring “IO + ADC” dual-effect molecules for the treatment of solid tumors. We plan to file IND for ATG-125 in 2027. ATG-106 (CDH6 x CD3 TCE) – ATG-106 is a global first-in-class CDH6 x CD3 targeted TCE being developed for the treatment of ovarian cancer and kidney cancer. We plan to file IND for ATG-106 in 2027. ATG-110 (LY6G6D x CD3 TCE) – ATG-110 is a potential global best-in-class LY6G6D x CD3 targeted TCE being developed for the treatment of microsatellite stable colorectal cancer. We plan to file IND for ATG-110 in 2027. ATG-112 (ALPPL2 x CD3 TCE) – ATG-112 is a global first-in-class ALPPL2 x CD3 targeted TCE being developed for the treatment of gynecological tumors, digestive system malignancies, bladder cancers and non-small cell lung cancer (NSCLC). We plan to file IND for ATG-112 in 2027. ATG-102 (LILRB4 x CD3 TCE) – We are conducting pre-clinical studies to support IND/CTA applications of ATG-102. ATG-021 (GPRC5D x CD3 TCE) – We are conducting pre-clinical studies to support IND/CTA applications of ATG-021. ATG-107 (FLT3 x CD3 TCE) – We are conducting pre-clinical studies to support IND/CTA applications of ATG-107. ATG-207 (α CD3-TGF-β bispecific fusion protein) – ATG-207 is a global first-in-class α CD3- TGF-β bispecific fusion protein being developed for the treatment of T-cell driven autoimmune diseases, a therapeutic area representing a huge unmet clinical need. We are conducting pre-clinical studies to support IND/CTA applications of ATG-207. Technology Platform: We made steady progress in our novel “2+1” TCE platform AnTenGager ®, a proprietary T cell engager 2.0 platform featuring “2+1” bivalent binding for low expressing targets, steric hindrance masking, and proprietary CD3 sequences with fast on/off kinetics to minimize cytokine release syndrome (CRS) and enhance efficacy. These characteristics support the platform ’s broad applicability across autoimmune disease, solid tumors and hematological malignancies, with programs targeting CD19 x CD3 (ATG-201 for B cell-related autoimmune diseases), CDH6 x CD3 (ATG-106 for ovarian cancer and kidney cancer), ALPPL2 x CD3 (ATG-112 for gynecological tumors, digestive system malignancies, bladder cancers and NSCLC), LY6G6D x CD3 (ATG-110 for microsatellite-stable colorectal cancer), GPRC5D x CD3 (ATG-021 for multiple myeloma), LILRB4 x CD3 (ATG-102 for acute myeloid leukemia and chronic myelomonocytic leukemia) and FLT3 x CD3 (ATG-107 for acute myeloid leukemia).
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6 Commercialized Asset: – Selinexor (ATG-010, XPOVIO ®, Greater China brand name “Ҏၪෳ®”, first-in-class XPO1 inhibitor) In March 2026, South Korea ’s National Health Insurance Service (NHIS) approved the reimbursement of XPOVIO ® (selinexor) in combination with bortezomib and dexamethasone for the treatment of adult patients with multiple myeloma (MM) after one prior therapy. The reimbursement has taken effect on March 1, 2026. MANAGEMENT DISCUSSION AND ANALYSIS OUR VISION Our vision is to treat patients beyond borders and improve their lives by discovering, developing and commercializing global first-in-class, only-in-class and/or best-in-class therapies. OVERVIEW We are a global, R&D-driven, commercial-stage biotech company focused on developing first-in- class/best-in-class therapeutics for diseases with significant unmet medical needs. Its pipeline spans from preclinical to commercial stages and includes several in-house programs, including ATG- 022 (CLDN18.2 ADC), ATG-037 (oral CD73 inhibitor) and ATG-101 (PD-L1 × 4-1BB bispecific antibody). We have also developed AnTenGager ®, a proprietary T cell engager 2.0 platform featuring “2+1” bivalent binding for low expressing targets, steric hindrance masking, and proprietary CD3 sequences with fast on/off kinetics to minimize CRS and enhance efficacy. These characteristics support the platform ’s broad applicability across autoimmune disease, solid tumors and hematological malignancies, with programs targeting CD19 x CD3 (ATG-201 for B cell- related autoimmune diseases; partnered with UCB), CDH6 x CD3 (ATG-106 for ovarian cancer and kidney cancer), ALPPL2 x CD3 (ATG-112 for gynecological tumors, digestive system malignancies, bladder cancer and NSCLC), LY6G6D x CD3 (ATG-110 for microsatellite-stable colorectal cancer), GPRC5D x CD3 (ATG-021 for multiple myeloma), LILRB4 x CD3 (ATG-102 for acute myeloid leukemia and chronic myelomonocytic leukemia) and FLT3 x CD3 (ATG-107 for acute myeloid leukemia). Product Pipeline We have a pipeline of 1 commercial stage asset, 4 clinical and multiple pre-clinical stage assets that focus on oncology and autoimmune diseases. The following table summarizes our pipeline and the development status. Each candidate in the regions noted in the chart below in the “Antengene Rights ” column:
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7 Antibody-Drug Conjugate( ADC),M onoclonalA ntibody, Bispecific Antibody,S mall Molecule,a nd FusionP rotein In Development RightsPhase III/PivotalPhase IIPhaseIPre-clinicalDiscoveryIndicationTarget (Modality)Assets Global 3L+C LDN18.2+ Gastric/ GEJ Cancer Claudin1 8.2 (ADC)ATG-022 1L CLDN18.2+ Gastric/ GEJ Cancer 2L CLDN18.2+ Gastric/ GEJ Cancer CLDN18.2+G ynecological Tumor Subtype Other CLDN18.2+S olid Tumors CPI-resistantM elanoma CD73 (Small Molecule)ATG-037 Other CPI-resistant Tumors SolidT umors SolidT umors/ Hematological Malignancies PD-L1x 4-1BB (Bispecific Antibody)ATG-1011 SolidT umorsB7-H3 x PD-L1 (ADC)ATG-125 TC ellD rivenA utoimmune DiseasesαCD3-TGF-β (Bifunctional Fusion Protein)ATG-207 AnTenGager® andT riGager e r TC ellE ngagersI nD evelopment RightsINDCMC/ToxDevelopabilityIn vivo EfficacyIn vitro EfficacymAbD iscoveryIndicationTarget (Modality)Assets GlobalR ights Licensedt oBC ellR elated Autoimmune DiseasesCD19 x CD3 (Bispecific Antibody)ATG-201 Global (Excl.C hina) RightsL icensedt oOvarianC ancer& Kidney CancerCDH6 xC D3 (BispecificA ntibody)ATG-106 Global GynecologicalT umors, Digestive System Malignancies,B ladder Cancer andN SCLC ALPPL2xC D3 (BispecificA ntibody)ATG-112 Microsatellite Stable (MSS)C olorectal Cancer LY6G6D x CD3 (Bispecific Antibody)ATG-110 AcuteM yeloid Leukemia &C hronic Myelomonocytic Leukemia LILRB4 x CD3 (BispecificA ntibody)ATG-102 Multiple MyelomaGPRC5Dx CD3 (BispecificA ntibody)ATG-021 AcuteM yeloid LeukemiaFLT3xCD3 (BispecificA ntibody)ATG-107 LiverC ancerUndisclosed (BispecificA ntibody)ATG-115 Metastatic Castration-resistant Prostate Cancer Undisclosed (Trispecific Antibody)Undisclosed Solid TumorUndisclosed (Trispecific Antibody)Undisclosed Regional RightsP rograms RightsCommercializationNDAPhaseI II/PivotalPhaseI IPhaseIPre-clinicalIndicationTarget (Modality)Assets APAC R/RM ultipleM yeloma XPO1 (Small Molecule) ATG-010 (Selinexor)2 R/RD iffuse Large B-cellL ymphoma Myelofibrosis Combow ithd examethasone (MARCH) Combow ithb ortezomiba nd dexamethasone (BENCH) Monotherapy (SEARCH)* Combow ithR -GDP (DLBCL-030) Combow ithr uxolitinib (MF-034) Monotherapy (CLINCH-3) Combinationw ithp embrolizumab (CLINCH-2) Combinationw ithp embrolizumab andC APOX (CLINCH-2) Monotherapy (CLINCH) Monotherapy (CLINCH) Combinationw ithp embrolizumab (STAMINA) Combinationw ithp embrolizumab (STAMINA) Combinationw ithJ S207 [PD-1x VEGF BsAb] Monotherapy (PROBE) 1 Licensed from Origincell and Antengeneh as obtained exclusiveg lobalr ightst od evelop,c ommercialize and manufactureA TG-101; 2 Licensed from Karyopharm and Antengeneh as rights forG reater China( Mainland China, Hong Kong,T aiwan, Macau),A ustralia,N ew Zealand, SouthK orea, andt he ASEANC ountries; *S EARCHS tudy approval is under thea ccelerateda pprovalp athway;* *I nvestigator-initiatedt rials CAPOX: Capecitabine ando xaliplatin;R /R:r elapsed/refractory;R -GDP:R ituximab,G emcitabine,D examethasone &C isplatin; with h Clinical Collaboration with C li n i ca l C o ll a bo r a t i o n h Clinical Collaboration with h Clinical Collaboration with C li n h Clinical Collaboration with Clinical Collaboration : Antengene Trials Registrational TrialPartnerG lobalT rialsi nA ntengene Region :
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8 BUSINESS REVIEW We have made steady progress with regard to our pipeline assets in the first half of 2026. Commercial-stage Product Selinexor (ATG-010, XPOVIO ®, Greater China brand name “ Ҏၪෳ®”, first-in-class XPO1 inhibitor) XPOVIO ® (selinexor) is an orally available selective inhibitor of nuclear export (SINE) for the treatment of hematological malignancies and solid tumors. The Group has obtained exclusive rights from Karyopharm Therapeutics Inc. ( “Karyopharm ”) for the development and commercialization of XPOVIO ® (selinexor) in Mainland China, Hong Kong China, Taiwan China, Macau China, South Korea, Australia, New Zealand and ASEAN countries. In Mainland China, XPOVIO ® (selinexor) received conditional approval in 2021 for rrMM, with subsequent approvals for rrDLBCL and additional combination indications obtained in 2024 and 2025, respectively. The product was included in the National Reimbursement Drug List (the “NRDL”) in 2023, with further expansion of reimbursement scope in 2024. To enhance commercialization of XPOVIO ® (selinexor) in Mainland China, the Group entered into a strategic collaboration agreement with Hansoh Pharmaceutical Group Company Limited ( “Hansoh Pharma ”) in 2023. Pursuant to the agreement, the Company remains responsible for research and development, regulatory affairs, product supply and distribution, while Hansoh Pharma is exclusively responsible for commercialization in Mainland China. In March 2026, South Korea ’s NHIS approved the reimbursement of XPOVIO ® (selinexor) in combination with bortezomib and dexamethasone for the treatment of adult patients with multiple myeloma (MM) after one prior therapy. The reimbursement has taken effect on March 1, 2026. As of June 30, 2026, XPOVIO ® (selinexor) has obtained new drug applications (NDA) approvals in 10 Asia Pacific markets. It is approved in the Mainland of China, Taiwan China, Hong Kong China, Macau China, South Korea, Singapore, Malaysia, Thailand, Indonesia and Australia, and has been included in the national insurance schemes in five of these markets, namely Mainland of China, Taiwan China, Australia, South Korea and Singapore. Clinical Candidates ATG-022 (Claudin 18.2 antibody-drug conjugate) – In May 2023, ATG-022 has been granted two Orphan Drug Designations (ODDs) consecutively by the U.S. Food and Drug Administration (FDA) for the treatment of gastric cancer and pancreatic cancer. The Phase II trial of ATG- 022 is completed in Australia and China. We entered into a global clinical collaboration with MSD to evaluate the combination of ATG-022 and MSD ’s anti-PD-1 therapy, KEYTRUDA ® (pembrolizumab) in patients with advanced solid tumors in May 2025. The Phase Ib/II CLINCH-2 study evaluating ATG-022 in combination with MSD (Merck & Co., Inc., Rahway, NJ, USA) ’s anti-PD-1 therapy, KEYTRUDA ® (pembrolizumab), as well as ATG-022 in combination with pembrolizumab and chemotherapy are both ongoing in Mainland China. In addition, we have received CDE endorsement to conduct the pivotal Phase III CLINCH-3 study of ATG-022 for the treatment of CLDN18.2+ advanced gastric or gastroesophageal junction adenocarcinoma. ATG-037 (CD73 inhibitor) –The Phase Ib/II part of the STAMINA trial is ongoing in Mainland China and Australia.
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9 ATG-101 (PD-L1 x 4-1BB bispecific antibody) – In September 2022, ATG-101 has been granted an ODD by the U.S. FDA for the treatment of pancreatic cancer. We plan to start a Phase I/II trail of ATG-101 for the treatment of advanced/metastatic solid tumors (the “PROBE trial ”) in Mainland China. ATG-201 (CD19 x CD3 TCE) – In June 2026, China's NMPA has approved the Investigational New Drug (IND) application for the Phase I ATTRACT study of ATG-201 for the treatment of B cell related autoimmune diseases. WE MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET ATG-022, ATG- 037, ATG-101 OR ATG-201 SUCCESSFULLY. Technology Platform AnTenGager TM (TCE platform) – AnTenGager ® is a proprietary T cell engager 2.0 platform featuring “2+1” bivalent binding for low expressing targets, steric hindrance masking, and proprietary CD3 sequences with fast on/off kinetics to minimize CRS and enhance efficacy. These characteristics support the platform ’s broad applicability across autoimmune disease, solid tumors and hematological malignancies, with programs targeting CD19 x CD3 (ATG-201 for B cell-related autoimmune diseases; partnered with UCB), CDH6 x CD3 (ATG-106 for ovarian cancer and kidney cancer), ALPPL2 x CD3 (ATG-112 for gynecological tumors, digestive system malignancies and bladder cancers), LY6G6D x CD3 (ATG-110 for microsatellite-stable colorectal cancer), GPRC5D x CD3 (ATG-021 for multiple myeloma), LILRB4 x CD3 (ATG-102 for acute myeloid leukemia and chronic myelomonocytic leukemia) and FLT3 x CD3 (ATG-107 for acute myeloid leukemia). We are conducting pre-clinical studies for multiple AnTenGager-based T cell engagers. Pre-clinical Candidates ATG-125 (B7-H3 x PD-L1 ADC) – ATG-125 is a B7H3 x PD-L1 targeted therapy featuring “IO + ADC” dual-effect molecules for the treatment of solid tumors. We plan to file IND for ATG-125 in 2027. ATG-106 (CDH6 x CD3 TCE) – ATG-106 is a global first-in-class CDH6 x CD3 targeted TCE being developed for the treatment of ovarian cancer and kidney cancer. We plan to file IND for ATG-106 in 2027. ATG-110 (LY6G6D x CD3 TCE) – ATG-110 is a potential global best-in-class LY6G6D x CD3 targeted TCE being developed for the treatment of microsatellite stable colorectal cancer. We plan to file IND for ATG-110 in 2027. ATG-112 (ALPPL2 x CD3 TCE) – ATG-112 is a global first-in-class ALPPL2 x CD3 targeted TCE being developed for the treatment of gynecological tumors, digestive system malignancies, bladder cancers and non-small cell lung cancer (NSCLC). We plan to file IND for ATG-112 in 2027. ATG-102 (LILRB4 x CD3 TCE) – We are conducting pre-clinical studies to support IND/CTA applications of ATG-102.
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10 ATG-021 (GPRC5D x CD3 TCE) – We are conducting pre-clinical studies to support IND/CTA applications of ATG-021. ATG-107 (FLT3 x CD3 TCE) – We are conducting pre-clinical studies to support IND/CTA applications of ATG-107. ATG-207 (α CD3-TGF-β bispecific fusion protein) – ATG-207 is a global first-in-class α CD3- TGF-β bispecific fusion protein being developed for the treatment of T-cell driven autoimmune diseases, a therapeutic area representing a huge unmet clinical need. We are conducting pre-clinical studies to support IND/CTA applications of ATG-207. RESEARCH AND DEVELOPMENT ( “R&D”) We focus on R&D of therapeutic strategies for the treatment of cancer. We seek to optimize the drug development process of each of our assets to fully unlock their therapeutic potential and maximise their clinical and commercial value. We have adopted a differentiated combinatory and complementary R&D approach to build a pipeline of first/best-in-class assets with synergistic profiles. As at June 30, 2026, we have 7 ongoing clinical studies in Mainland China and Australia with 4 pipeline assets, including ATG-022 (Claudin 18.2 antibody-drug conjugate), ATG-037 (CD73 inhibitor), ATG-101 (PD-L1 x 4-1BB bispecific antibody) and ATG-201 (CD19 x CD3 T-cell engager). Our research and development costs (excluding the effect brought by equity-settled share-based payment expense) were approximately RMB122.2 million and RMB77.5 million for the six months ended June 30, 2026 and June 30, 2025 respectively. As at June 30, 2026, we have filed 2 new PCT international applications under the Patent Cooperation Treaty (PCT) for material intellectual properties. Among the pending PCT applications, one of them has entered the national/regional phases in major markets globally. BUSINESS DEVELOPMENT In February 2026, we entered into a clinical collaboration agreement with Junshi Biosciences. Under the collaboration, the parties will jointly evaluate the synergistic therapeutic potential of Antengene ’s ATG-037 in combination with Junshi Biosciences ’ JS207, a recombinant humanized anti-PD-1/VEGF bispecific antibody, in patients with solid tumors in Mainland China, with the goal of identifying clinical signals across multiple tumor types. In March 2026, we entered into a license agreement with UCB, a global biopharmaceutical company listed on Euronext Brussels (symbol: UCB), pursuant to which Antengene granted an exclusive, worldwide license to UCB to further develop, manufacture and commercialize ATG- 201 and access to its associated manufacturing technology in relation to ATG-201. In return, Antengene received an initial upfront payment of USD60 million and will receive additional near- term milestone payments of USD20 million upon satisfaction of certain conditions, and will be eligible to receive future success-based development and commercial milestone payments of up to approximately USD1.1 billion, as well as tiered royalties on future net sales.
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11 In June 2026, we entered into the License Agreement with K2 Therapeutics for ATG-106, a preclinical CDH6 x CD3 bispecific TCE in development for solid tumors. We also entered into an Option Agreement with K2 Therapeutics to grant K2 Therapeutics an exclusive option to obtain exclusive global rights to develop and commercialize an undisclosed preclinical bispecific TCE candidate. Across both the License Agreement and the Option Agreement, K2 Therapeutics ’ rights extend globally, excluding Greater China. Under the License Agreement, Antengene is entitled to upfront and near-term consideration of approximately USD20 million, consisting of cash and a minority equity stake in a newly established asset company and subsidiary of K2 Therapeutics, subject to the satisfaction of certain near-term conditions. Antengene is also eligible to receive developmental, regulatory and sales milestone payments of up to USD960.5 million. Under the Option Agreement, upon exercise of the option by K2 Therapeutics, Antengene will be entitled to receive upfront and near-term consideration of approximately USD20 million, consisting of an option exercise fee, near-term payment and upfront payment, as well as a minority equity stake in the new related asset company to be established by K2 Therapeutics. Antengene will also be eligible to receive developmental, regulatory and sales milestone payments of up to USD960.5 million related to the undisclosed TCE program, plus tiered royalties on future net sales. EVENTS AFTER THE REPORTING PERIOD Pursuant to the general mandate granted to the Board by the shareholders of the Company to conduct on-market share repurchases of the Company ’s shares (the “Shares ”) on June 10, 2026, the Company repurchased an aggregate of 1,826,500 Shares on the Stock Exchange for an aggregate consideration of approximately HK$7.57 million (inclusive of transaction costs). All of the 1,826,500 Shares are held as treasury shares. Save as disclosed above, there were no other material events after the Reporting Period and up to the date of this announcement. FUTURE AND OUTLOOK Leveraging our combinatory and complementary R&D strategy and through our strong R&D capabilities and strategic approach in developing novel therapies, we continue to realize our vision of treating patients beyond borders and improving their lives by discovering, developing and commercializing global first-in-class, only-in-class and/or best-in-class therapies. Moving forward, we are primarily focused on accelerating the development of our high-potential, “first-in-class ” and “best-in-class ” clinical assets, which serve as the cornerstone of our next phase of growth. Leading this effort is ATG-022 (CLDN18.2 ADC), which has demonstrated unprecedented efficacy across all CLDN18.2 expression levels in gastric cancer, and ATG-037, an oral CD73 inhibitor with significant potential for accelerated approval in CPI-resistant advanced melanoma.
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12 Fueling our long-term innovation is our proprietary AnTenGager™ T cell engager 2.0 platform, which is engineered to overcome the safety and efficacy limitations of traditional therapies. By utilizing a “2+1” bivalent binding structure and fast on/off kinetics, this platform minimizes the risk of cytokine release syndrome while maximizing therapeutic impact across a broad range of indications. These characteristics support the platform ’s broad applicability across autoimmune disease, solid tumors and hematological malignancies, with programs targeting CD19 x CD3 (ATG-201 for B cell-related autoimmune diseases), CDH6 x CD3 (ATG-106 for ovarian cancer and kidney cancer), ALPPL2 x CD3 (ATG-112 for gynecological tumors, digestive system malignancies, bladder cancers and NSCLC), LY6G6D x CD3 (ATG-110 for microsatellite- stable colorectal cancer), GPRC5D x CD3 (ATG-021 for multiple myeloma), LILRB4 x CD3 (ATG-102 for acute myeloid leukemia and chronic myelomonocytic leukemia) and FLT3 x CD3 (ATG-107 for acute myeloid leukemia). This platform provides us with a sustainable engine to continuously expand our pipeline and deliver safer, more effective treatments that can potentially be administered in outpatient settings. While we continue to drive these clinical breakthroughs, we remain committed to the ongoing commercial success of XPOVIO ® (selinexor) across the Asia Pacific region. Having secured regulatory approvals in 10 markets and national insurance inclusion in five markets, we will continue to focus on deepening market penetration and expanding reimbursement access to ensure this established therapy reaches as many patients as possible.
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13 FINANCIAL INFORMATION The Board announces the unaudited condensed consolidated results of the Group for the six months ended June 30, 2026, with comparative figures for the corresponding period in the previous year as follows: INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Six months ended June 30, 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Unaudited) REVENUE 4 513,076 53,182 Cost of sales (32,722) (10,274) Gross profit 480,354 42,908 Other income and gains 4 11,502 38,126 Research and development costs (122,915) (79,935) Selling and distribution expenses (35,248) (36,990) Administrative expenses (35,917) (39,304) Other expenses (77,259) (985) Finance costs (4,172) (198) PROFIT/(LOSS) BEFORE TAX 5 216,345 (76,378) Income tax expense 6 – – PROFIT/(LOSS) FOR THE PERIOD 216,345 (76,378) Attributable to: Owners of the parent 216,345 (76,378) EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 8 Basic and diluted – For profit/(loss) for the period (RMB) 0.34 (0.12)
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14 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) PROFIT/(LOSS) FOR THE PERIOD 216,345 (76,378) OTHER COMPREHENSIVE INCOME/(LOSS) Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations 52,438 (11,616) OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD, NET OF TAX 52,438 (11,616) TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD 268,783 (87,994) Attributable to: Owners of the parent 268,783 (87,994)
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15 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION June 30, 2026 December 31, 2025 Notes RMB’000 RMB’000 (Unaudited) (Audited) NON-CURRENT ASSETS Property, plant and equipment 48,021 52,392 Right-of-use assets 7,941 5,322 Other intangible assets 2,199 2,403 Investment properties 371,394 379,982 Equity investments designated at fair value through other comprehensive income 6,141 6,133 Financial assets at fair value through profit or loss 18,653 5,142 Prepayments and other receivables 19,112 22,466 Total non-current assets 473,461 473,840 CURRENT ASSETS Inventories 8,412 7,526 Trade receivables 9 244,374 27,467 Prepayments and other receivables 27,020 14,219 Financial assets at fair value through profit or loss 107 107 Cash and bank balances 764,932 733,869 Total current assets 1,044,845 783,188 CURRENT LIABILITIES Trade payables 10 5,790 7,984 Other payables and accruals 11 194,583 191,104 Interest-bearing bank borrowings 6,750 60,000 Lease liabilities 4,167 4,899 Total current liabilities 211,290 263,987 NET CURRENT ASSETS 833,555 519,201 TOTAL ASSETS LESS CURRENT LIABILITIES 1,307,016 993,041 NON-CURRENT LIABILITIES Lease liabilities 2,761 1,609 Interest-bearing bank borrowings 244,250 191,000 Other non-current liabilities 147,694 158,003 Total non-current liabilities 394,705 350,612 Net assets 912,311 642,429 EQUITY Equity attributable to owners of the parent Share capital 454 454 Treasury shares (3,474) (3,717) Reserves 915,331 645,692 Total equity 912,311 642,429
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16 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 1 CORPORATE AND GROUP INFORMATION The Company is a limited liability company incorporated in the Cayman Islands on August 28, 2018. The registered address of the Company is the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company is an investment holding company. The subsidiaries of the Company were 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 November 20, 2020. 2.1 BASIS OF PREPARATION The interim condensed consolidated financial information for the six months ended June 30, 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting . The interim condensed consolidated financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group ’s annual consolidated financial statements for the year ended December 31, 2025. 2.2 CHANGES IN ACCOUNTING POLICIES The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group ’s annual consolidated financial statements for the year ended December 31, 2025, except for the adoption of the following amended IFRS Accounting Standards for the first time for the current period ’s financial information. Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to IFRS Accounting Standards – Volume 11 Amendments to IFRS 1, IFRS 7, IFRS 9 IFRS 10 and IAS 7 The nature and impact of the amended IFRS Accounting Standards are described below: (a) Amendments to IFRS 9 and IFRS 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.
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17 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 December 31, 2026. (b) Amendments to IFRS 9 and IFRS 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 cashflows. 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 IFRS Accounting Standards – Volume 11 set out narrow scope amendments to IFRS 1, IFRS 7 (and the accompanying Guidance on implementing IFRS 7), IFRS 9, IFRS 10 and IAS 7 The amendments include clarifications, simplifications, corrections or changes to improve consistency in the corresponding IFRS Accounting Standards. The amendments did not have any impact on the interim condensed consolidated financial information.
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18 3 OPERATING SEGMENT INFORMATION Operating segment information For management purposes, the Group has only one reportable operating segment, which is the research, development and commercialisation of pharmaceutical products. Since this is the only reportable operating segment of the Group, no further operating segment analysis thereof is presented. Geographical information (a) Revenue from external customers Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Chinese mainland 146,604 43,621 Other countries/regions 366,472 9,561 Total revenue 513,076 53,182 The revenue information above is based on the locations of the customers. (b) Non-current assets June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) Chinese mainland 444,652 457,243 Other countries/regions 1,699 2,617 Total non-current assets 446,351 459,860 The non-current asset information above is based on the locations of the assets and excludes financial instruments and tax recoverable.
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19 Information about major customers Revenue from each of major customers, which accounted for 10% or more of the Group ’s revenue during the reporting period, is as follows: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Customer A * 43,621 Customer B 409,344 – 4. REVENUE, OTHER INCOME AND GAINS An analysis of revenue is as follows: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue from contracts with customers 513,076 53,182 Revenue from contracts with customers (a) Disaggregated revenue information Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Types of goods Sales of pharmaceutical products 55,215 53,182 Licensing and collaboration revenue 457,861 – Total 513,076 53,182 Geographical markets Chinese mainland 146,604 43,621 Other countries/regions 366,472 9,561 Total revenue from contracts with customers 513,076 53,182 Timing of revenue recognition Goods transferred at a point in time 513,076 53,182
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20 (b) Performance obligations Information about the Group ’s performance obligations is summarised below: Sale of pharmaceutical products The performance obligation is satisfied upon delivery of the pharmaceutical products and payment is generally due within 60 to 150 days from the date of billing. Licensing and Collaboration Revenue During the six months ended 30 June 2026, the Group entered into multiple out-licensing and collaboration arrangements, to develop, manufacture and commercialize ATG-201 and ATG-106 developed by the Group in designated territories. Pursuant to the above arrangements, the Group is entitled to receive upfront payments, milestone payments and royalties for out-licensing. Such considerations are subject to satisfaction of relevant research and development, clinical and commercial milestones. The Group also entered into a regional commercialization arrangement with third-party partners, including sublicense and exclusive distribution and supply agreements, under which such partners undertake local distribution and promotion activities in their respective territories. An analysis of other income and gains is as follows: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Other income Government grants* 1,223 14,614 Bank interest income 4,334 10,270 Rental income 4,331 – Others 1,020 382 Other interest income from financial assets at fair value through profit or loss – 1 Total other income 10,908 25,267 Other gains Gain on disposal of right-of-use assets for early terminated leases 594 624 Foreign exchange gains – 12,235 Total gains 594 12,859 Total other income and gains 11,502 38,126 * Government grants represented the subsidies received from the local government and there were no unfulfilled conditions relating to these grants.
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21 5 PROFIT/(LOSS) BEFORE TAX The Group ’s profit/(loss) before tax is arrived at after charging/(crediting): Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Cost of inventories sold 9,887 10,274 Depreciation of property, plant and equipment 4,787 6,257 Depreciation of right-of-use assets 2,213 3,250 Depreciation of investment property 8,588 – Amortisation of other intangible assets 196 241 Lease payments not included in the measurement of lease liabilities 436 340 Employee benefit expense: Wages and salaries 48,049 53,233 Pension scheme contributions (defined contribution scheme) 6,746 7,746 Staff welfare expenses 1,555 2,061 Equity-settled share-based payment expense 856 3,520 Total 57,206 66,560 Foreign exchange differences, net 67,480 (12,235) Fair value loss on financial assets at fair value through profit and loss* 360 21 Gain on disposal of right-of-use assets for early terminated leases (594) (624) Loss on disposal of items of property, plant and equipment* – 317 Write-down of inventories to net realisable value* 788 – * The amount of fair value loss on financial assets at fair value through profit and loss, loss on disposal of items of property, plant and equipment and write-down of inventories to net realizable value for the six ended June 30, 2026 are included in “other expenses ” in the interim condensed consolidated statement of profit or loss. 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. Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is imposed. British Virgin Islands Under the current laws of the British Virgin Islands ( “BVI”), the subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. In addition, upon payments of dividends by these subsidiaries to their shareholders, no BVI withholding tax is imposed.
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22 Hong Kong The subsidiaries incorporated in Hong Kong are subject to income tax at the rate of 16.5% (2025: 16.5%) on the estimated assessable profits arising in Hong Kong during the period, except for one subsidiary of the Group which is a qualifying entity under the two-tiered profits tax rates regime. The first HKD2,000,000 (2025: HKD2,000,000) of assessable profits of this subsidiary are taxed at 8.25% (2025: 8.25%) and the remaining assessable profits are taxed at 16.5% (2025: 16.5%). Macau The subsidiary incorporated in Macau is subject to income tax at the rate of 12% (2025: 12%) on the estimated assessable profits arising in Macau during the period. Chinese mainland Pursuant to the Corporate Income Tax Law of the People ’s Republic of China and the respective regulations (the “CIT Law ”), the subsidiaries which operate in the Chinese mainland are subject to CIT at a rate of 25% (2025: 25%) on the taxable income. Australia No provision for Australia profits tax has been made as the Group had no assessable profits derived from or earned in Australia during the period (2025: Nil). The subsidiary incorporated in Australia is subject to income tax at the rate of 25% (2025: 25%) on the estimated assessable profits arising in Australia during the period. Singapore No provision for Singapore profits tax has been made as the Group had no assessable profits derived from or earned in Singapore during the period (2025: Nil). The subsidiary incorporated in Singapore is subject to income tax at the rate of 17% (2025: 17%) on the estimated assessable profits arising in Singapore during the period. South Korea No provision for South Korea profits tax has been made as the Group had no assessable profits derived from or earned in South Korea during the period (2025: Nil). The subsidiary incorporated in South Korea is subject to income tax at the rate of 10% (2025: 10%) on the estimated assessable profits arising in South Korea during the period. United States of America The subsidiary incorporated in Delaware, the United States is subject to statutory United States federal corporate income tax at a rate of 21% (2025: 21%). It is also subject to the state income tax in Delaware at a rate of 8.7% (2025: 8.7%) during the period. Taiwan No provision for Taiwan profits tax has been made as the Group had no assessable profits derived from or earned in Taiwan during the period. The subsidiary incorporated in Taiwan is subject to income tax at the rate of 20% on the estimated assessable profits arising in Taiwan during the period. No provision for income taxation has been made for the six months ended June 30, 2026 (June 30, 2025: Nil) as the Group had no assessable profits derived from the operating entities of the Group. 7 DIVIDENDS No dividend was paid or declared by the Company during the six months ended June 30, 2026 (June 30, 2025: Nil).
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23 8 EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (a) Basic earnings/(loss) per share for the six month period ended 30 June 2026 are calculated by dividing the earnings/(loss) attributable to the Company ’s equity holder by the weighted average number of ordinary shares in issue during the year and excluding treasury shares. The calculation of basic earnings/(loss) per share is based on the following: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Earnings/(loss) Profit/(loss) attributable to ordinary equity holders of the parent 216,345 (76,378) Number of shares Weighted average number of ordinary shares* outstanding during the period for basic earnings/(loss) per share 628,664,639 620,441,464 Basic earnings/(loss) per share (RMB) 0.34 (0.12) (b) Diluted earnings/(loss) per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. For the six months ended June 30, 2026, the Group has share options and restricted shares which can be elected in the form of new shares as potential dilutive ordinary shares which was included in the calculation of diluted earnings per share. As the Group incurred losses for the year ended 31 December 2025, the potential ordinary shares were not included in the calculation of dilutive loss per share, as their inclusion would be anti-dilutive. The calculation of diluted earnings/(loss) per share is based on the following: Number of shares Six months ended June 30, 2026 2025 (Unaudited) (Unaudited) Earnings/(loss) Profit/(loss) attributable to ordinary equity holders of the parent 216,345 (76,378) Number of shares Weighted average number of ordinary shares* during the period 628,664,639 620,441,464 Adjustments for: Assumed exercise of share options and restricted shares 13,274,085 N/A Weighted average number of ordinary shares outstanding during the period for diluted earnings/(loss) per share 641,938,724 620,441,464 Diluted earnings/(loss) per share (RMB) 0.34 (0.12) * The weighted average number of shares was after taking into account the effect of treasury shares held.
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24 9 TRADE RECEIVABLES An ageing analysis of the trade receivables as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows: June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 6 months 244,374 27,467 Total 244,374 27,467 10 TRADE PAYABLES An ageing analysis of the trade payables as at the end of the reporting period, based on the invoice date, is as follows: June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 3 months 5,790 7,984 The trade payables are non-interest-bearing and are normally settled on terms of two to three months. 11 OTHER PAYABLES AND ACCRUALS June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) Deferred income* 35,062 36,114 Payroll payables 13,179 14,488 Other tax payables 3,082 5,314 Payables for purchase of property, plant and equipment 47,417 56,740 Other payables** 95,843 78,448 Total 194,583 191,104 * As at June 30, 2026, deferred income of RMB35,062,000 (December 31, 2025: RMB36,114,000) represent the government grants related to an asset that will be recognised in profit or loss over the expected useful life of the relevant asset. ** Other payables and accruals primarily consist of accrued or invoiced but unpaid fees for services from contract research organisations ( “CROs”), contract development manufacture organisations ( “CDMOs”) and clinical site management operators ( “SMOs”). Other payables and accruals are unsecured, non-interest-bearing and repayable on demand. The carrying amounts of financial liabilities included in other payables and accruals as at the end of each reporting period approximate to their fair values due to their short-term maturities.
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25 FINANCIAL REVIEW For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) REVENUE 513,076 53,182 Cost of sales (32,722) (10,274) Gross profit 480,354 42,908 Other income and gains 11,502 38,126 Research and development costs (122,915) (79,935) Selling and distribution expenses (35,248) (36,990) Administrative expenses (35,917) (39,304) Other expenses (77,259) (985) Finance costs (4,172) (198) PROFIT/(LOSS) BEFORE TAX 216,345 (76,378) Income tax expense – – PROFIT/(LOSS) FOR THE PERIOD 216,345 (76,378) Non-IFRS measure: Adjusted profit/(loss) for the period 217,201 (72,858) Revenue. Our revenue increased by RMB459.9 million from RMB53.2 million for the six months ended June 30, 2025 to RMB513.1 million for the six months ended June 30, 2026. This substantial growth was mainly attributable to the licensing and collaboration revenue of RMB457.8 million recognised during the Reporting Period, which mainly represented upfront consideration recognised under two out-licensing arrangements for ATG-201 (CD19 x CD3) with UCB and ATG-106 (CDH6 x CD3) with K2 Therapeutics. Revenue from sales of pharmaceutical products amounted to RMB55.2 million for the six months ended June 30, 2026, delivering steady performance and a slight increase compared to RMB53.2 million for the six months ended June 30, 2025. Cost of sales in this Reporting Period comprised costs relating to pharmaceutical product sales as well as withholding tax generated from licensing and collaboration revenue. Aside from such withholding tax, licensing revenue incurred minimal other costs, driving the improvement in overall gross profit. Other Income and Gains. Our other income and gains decreased by RMB26.6 million from RMB38.1 million for the six months ended June 30, 2025 to RMB11.5 million for the six months ended June 30, 2026, primarily attributable to the absence of foreign exchange gains (with foreign exchange loss recorded in other expenses), together with decreased government grants. Research and Development Costs. Our research and development costs increased by RMB43.0 million from RMB79.9 million for the six months ended June 30, 2025 to RMB122.9 million for the six months ended June 30, 2026. This increase was primarily attributable to the increased drug development expenses, as we ramped up investments to advance our internal pipeline programmes and explore potential business-development opportunities.
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26 For the six months ended June 30, 2026 2025 RMB’000 RMB’000 Employee costs 35,300 36,695 – Equity-settled share-based payment expense 679 2,475 Depreciation and amortization 2,434 2,790 Drug development expenses 82,366 36,830 Professional fees 175 342 Others 2,640 3,278 Total 122,915 79,935 Selling and distribution expenses. Our selling and distribution expenses recorded a modest decrease, down by RMB1.7 million from RMB37.0 million for the six months ended June 30, 2025 to RMB35.2 million for the six months ended June 30, 2026. The table below sets forth the components of our selling and distribution expenses by nature for the periods indicated: For the six months ended June 30, 2026 2025 RMB’000 RMB’000 Employee costs 5,238 9,157 – Equity-settled share-based payment expense 14 80 Market development expenses 29,919 27,520 Depreciation and amortization – 171 Others 91 142 Total 35,248 36,990 Administrative Expenses. Our administrative expenses decreased by RMB3.4 million from RMB39.3 million for the six months ended June 30, 2025 to RMB35.9 million for the six months ended June 30, 2026. This decrease was primarily attributable to the decreased employee costs driven by improved operation efficiency. For the six months ended June 30, 2026 2025 RMB’000 RMB’000 Employee costs 16,667 20,707 – Equity-settled share-based payment expense 163 983 Professional fees 7,054 6,717 Depreciation and amortization 4,765 6,787 Others 7,431 5,093 Total 35,917 39,304
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27 Other Expenses. Our other expenses increased by RMB76.3 million from RMB1.0 million for the six months ended June 30, 2025 to RMB77.3 million for the six months ended June 30, 2026. The increase was predominantly driven by a foreign exchange loss of RMB67.5 million recognised during the Reporting Period due to the depreciation of the USD against RMB, which mainly arose from the revaluation of large USD-denominated intercompany balances against the Group ’s RMB presentation currency, and did not represent an actual loss incurred by the Group. NON-IFRS MEASURE To supplement the Group ’s unaudited condensed consolidated financial statements, which are presented in accordance with the IFRS, the Company also uses adjusted profit/(loss) for the period and other adjusted figures as additional financial measures, which are not required by, or presented in accordance with, the IFRS. The Company believes that these adjusted measures provide useful information to shareholders and potential investors in understanding and evaluating the Group ’s consolidated results of operations in the same manner as they help the Company ’s management. Adjusted profit/(loss) for the period represents the profit/(loss) for the period excluding the effect of equity-settled share-based payment expense, which is a non-cash expense that is not directly related to the Company ’s business operations. The term adjusted profit/(loss) for the period is not defined under the IFRS. The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as substitute for analysis of, the Group ’s results of operations or financial condition as reported under IFRS. The Company ’s presentation of such adjusted figure may not be comparable to a similarly titled measure presented by other companies. However, the Company believes that this and other non-IFRS measures are reflections of the Group’s normal operating results by eliminating potential impacts of items that the management do not consider to be indicative of the Group ’s operating performance, and thus, facilitate comparisons of operating performance from period to period and company to company to the extent applicable. The table below sets forth a reconciliation of the profit/(loss) to adjusted profit/(loss) during the periods indicated: For the six months ended June 30, 2026 2025 RMB’000 RMB’000 Profit/(Loss) for the period 216,345 (76,378) Added: Equity-settled share-based payment expense 856 3,520 Adjusted profit/(loss) for the period 217,201 (72,858)
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28 EMPLOYEES AND REMUNERATION POLICIES The following table sets forth a breakdown of our employees as at June 30, 2026 by function: Function Number of employees % of total number of employees General and Administrative 35 28.7 Research and Development 67 54.9 Commercialization 5 4.1 Manufacturing 15 12.3 Total 122 100.0 As at June 30, 2026, we had 113 employees in China and 9 employees in overseas. Our employees ’ remuneration comprises salaries, bonuses, employee provident fund and social security contributions and other welfare payments. In accordance with applicable Chinese laws, we have made contributions to social security insurance funds (including pension plans, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance) and housing funds for our employees. The Company has adopted equity incentive plans and restricted share unit scheme under which the directors, officers, employees of the Group are eligible to participate, in order to recognize their contributions and to provide them with incentives to retain them for the continual operation and development of the Group. Further, training and development programs are provided to employees to improve their technical skills and ensure their awareness and compliance with various policies and procedures. LIQUIDITY AND FINANCIAL RESOURCES As at June 30, 2026, our cash and bank balances were RMB764.9 million, as compared to RMB733.9 million as at December 31, 2025. The increase was mainly attributable to operating activities for the six months ended June 30, 2026, representing cash receipts from revenue net of operating cash outflows. Notwithstanding the profit of RMB216.3 million recorded for the Reporting Period, trade receivables of RMB194.6 million arising from licensing and collaboration revenue were outstanding at June 30, 2026 and were collected in July 2026. As at June 30, 2026, the Group ’s cash and bank balances were held mainly in RMB and USD. As at June 30, 2026, the current assets of the Group were RMB1,044.8 million, including cash and bank balances of RMB764.9 million, trade receivables of RMB244.4 million (RMB194.6 million of which arose from licensing and collaboration revenue, and were collected in July 2026) and other current assets of RMB35.5 million. As at June 30, 2026, the current liabilities of the Group were RMB211.3 million, including other payables and accruals of RMB194.6 million, interest-bearing bank borrowings of RMB6.8 million and other current liabilities of RMB9.9 million.
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29 Current Ratio Current ratio is calculated using current assets divided by current liabilities and multiplied by 100%. As at June 30, 2026, our current ratio was 494.5% (as at December 31, 2025: 296.7%). Gearing Ratio Gearing ratio is calculated using total liabilities divided by total assets and multiplied by 100%. As at June 30, 2026, our gearing ratio was 39.9% (as at December 31, 2025: 48.9%). OTHER FINANCIAL INFORMATION Significant Investments, Material Acquisitions and Disposals As at June 30, 2026, the Group had investment properties of approximately RMB371.4 million, representing approximately 24.5% of the Group ’s total assets. These assets were transferred from property, plant and equipment and right-of-use assets during the year ended December 31, 2025, with no material changes during the six months ended June 30, 2026. These investment properties comprise one industrial property in Mainland China, which was leased to an independent third party by the Group under operating lease arrangements with a total lease term of thirteen years commencing on February 1, 2026, with total undiscounted lease payments receivable of approximately RMB135,112,000. The Group intends to maintain the existing lease to generate recurring rental income. Save as disclosed above, the Group did not hold any other significant investments during the six months ended June 30, 2026. For the six months ended June 30, 2026, we did not have material acquisitions or disposals of subsidiaries, associates and joint ventures. Future Plans for Material Investments or Capital Assets We did not have any concrete plans for material investments or capital assets as at June 30, 2026. Foreign Exchange Risk We have transactional currency exposures. We are exposed to foreign exchange risk primarily in respect of monetary assets, liabilities and transactions denominated in foreign currencies. We currently do not have a foreign currency hedging policy. However, the management monitors foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise. Contingent Liabilities As at June 30, 2026, we did not have any material contingent liabilities. Pledge or charge of assets As at June 30, 2026, the Group had a total of RMB371.4 million of investment properties pledged to secure its bank facilities.
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30 CORPORATE GOVERNANCE AND OTHER INFORMATION Compliance with the Corporate Governance Code The Company is committed to maintaining high standards of corporate governance to safeguard the interests of the shareholders of the Company (the “Shareholders ”) and to enhance corporate value and accountability. The Company has applied the principles and code provisions as set out in the Corporate Governance Code (the “CG Code ”) contained in Appendix C1 to the Rules Governing the Listing of Securities (the “Listing Rules ”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”). During the Reporting Period, the Board is of the opinion that the Company has complied with all the code provisions except for the deviation from code provision C.2.1 of the CG Code which is explained below. Code provision C.2.1 of the CG Code provides that the roles of the chairman of the Board (the “Chairman ”) and chief executive officer (the “CEO”) should be separate and should not be performed by the same individual. During the Reporting Period and as at the date of this announcement, the roles of the Chairman and CEO of the Company are held by Dr. Jay Mei ( “Dr. Mei”) who is a founder of the Company. The Board believes that, in view of his experience, personal profile and his roles in the Company, Dr. Mei is the Director best suited to identify strategic opportunities and focus of the Board due to his extensive understanding of our business as the CEO. The Board also believes that the combined role of Chairman and CEO can promote the effective execution of strategic initiatives and facilitate the flow of information between the management of the Company and the Board. In addition, the decisions to be made by the Board require approval by at least a majority of the Directors. As at the date of this announcement, the Board comprises two executive Directors and three independent non-executive Directors, which the Company believes that there are sufficient checks and balances in the Board. Dr. Mei and other Directors are aware of and undertake to fulfill their fiduciary duties as Directors, which require, among other things, that they shall act for the benefit and in the best interest of the Company and will make decisions for the Group accordingly. The Board will continue to review and consider splitting the roles of the Chairman and the CEO when it is appropriate by taking into account the circumstances of the Group as a whole. The Company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the CG Code, and maintain a high standard of corporate governance practices of the Company. Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) The Company has adopted the Model Code contained in Appendix C3 to the Listing Rules as the guidelines for Directors ’ dealings in the securities of the Company. Specific enquiries have been made of all the Directors, and they have confirmed that they have complied with the required standards set out in the Model Code throughout the Reporting Period. The Company ’s relevant employees, who are likely to be in possession of unpublished inside information of the Company, are also subject to the Model Code. No incident of non-compliance of the Model Code by the employees was noted by the Company throughout the Reporting Period.
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31 Purchase, Sale or Redemption of Listed Securities Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company ’s listed securities (including sale or transfer of treasury shares (as defined under the Listing Rules)) during the Reporting Period. As at June 30, 2026, the Company held 202,500 treasury shares. Use of Net Proceeds The shares of the Company were listed on the Main Board of the Stock Exchange on November 20, 2020 (the “Listing Date ”). The Group received net proceeds (after deduction of underwriting commissions and related costs and expenses) from the IPO and the exercise of over-allotment option of approximately RMB2,274.70 million (the “Net Proceeds ”). As at June 30, 2026, the total unutilized Net Proceeds amounted to approximately RMB212.99 million. The net proceeds from the listing (adjusted on a pro rata basis based on the actual net proceeds) have been and will be utilized in accordance with the purposes set out in the prospectus of the Company dated November 9, 2020 (the “Prospectus ”) and subsequently the announcement of the Company dated March 22, 2024 regarding the change in use of proceeds. The table below sets out the original and revised planned allocations of the Net Proceeds, the actual usage during the Reporting Period and the unutilized Net Proceeds as at June 30, 2026: Function Original % of use of the Net Proceeds (Approximately) Original allocation of the Net Proceeds Revised % of use of the Net Proceeds (2) (Approximately) Revised allocation of the Net Proceeds (2) Unutilized Net Proceeds as at December 31, 2025 Actual usage of the Net Proceeds during the Reporting Period Unutilized Net Proceeds as at June 30, 2026 Expected timeline for full utilization of the unutilized Net Proceeds RMB million RMB million RMB million RMB million RMB million Fund ongoing and planned clinical trials and milestone payments of our two Core Products and commercial launches of ATG-010 41.00% 932.63 41.00% 932.63 – – – N/A Fund ongoing and planned clinical trials and milestone payments of four other clinical-stage drug candidates in our pipeline 25.00% 568.67 5.16% 117.29 2.14 – 2.14 Expected to be fully utilized by December 31, 2027 Fund ongoing pre-clinical studies and planned clinical trials for other pre-clinical drug candidates in our pipeline 9.00% 204.72 33.35% 758.65 282.50 85.93 196.57 Expected to be fully utilized by December 31, 2027 For expansion of our pipeline, including discovery of new drug candidates and business development activities 14.00% 318.46 9.49% 215.91 24.71 10.43 14.28 Expected to be fully utilized by December 31, 2027 For capital expenditure 1.00% 22.75 1.00% 22.75 – – – N/A For general corporate purposes 10.00% 227.47 10.00% 227.47 – – – N/A Total 100.00% 2,274.70 100.00% 2,274.70 309.35 96.36 212.99 Notes: (1) Net proceeds from the IPO were received in HKD and translated into RMB for the allocation and the utilization calculation, and have been adjusted slightly due to the fluctuation of the foreign exchange rates since the listing.
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32 (2) On March 22, 2024, the Board resolved to reallocate the unutilized Net Proceeds of approximately RMB553.93 million as at December 31, 2023 to “Fund ongoing pre-clinical studies and planned clinical trials for other pre-clinical drug candidates in our pipeline ”. For more details about the reason of adjustment, please refer to the announcement of the Company dated March 22, 2024. (3) The expected timeline was based on the Company ’s estimation of future market conditions and business operations, remains subject to change based on actual R&D progress, market conditions and business needs. The expected timeline of fully utilization of unutilized Net Proceeds of RMB212.99 million as at June 30, 2026 is expected to be December 31, 2027. Audit Committee and Review of Interim Results The Audit Committee has three members (who are all independent non-executive Directors), being Mr. Sheng Tang (chairman), Dr. Rafael Fonseca and Ms. Jing Qian with written terms of reference in compliance with the Listing Rules. The Audit Committee has considered and reviewed the accounting principles and practices adopted by the Group and discussed matters in relation to internal control and financial reporting with the management. The Audit Committee reviewed and considered that the interim financial results for the six months ended June 30, 2026 are in compliance with the relevant accounting standards, rules and regulations and appropriate disclosures have been duly made. Material Litigation The Company was not involved in any material litigation or arbitration during the Reporting Period. The Directors are also not aware of any material litigation or claims that are pending or threatened against the Group as at June 30, 2026. PUBLIC FLOAT According to the information that is publicly available to the Company and within the knowledge of the Board, the Company has complied with the applicable public float requirement at all times during the six months ended June 30, 2026 and up to the date of this announcement as required under the Listing Rules. INTERIM DIVIDEND The Board has resolved not to pay an interim dividend for the six months ended June 30, 2026. PUBLICATION OF INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT This announcement is published on the websites of the Stock Exchange (www.hkexnews.hk ) and the Company (www.antengene.com ). The interim report for the six months ended June 30, 2026, containing all the information required by Appendix D2 to the Listing Rules, will be published on the websites of the Stock Exchange and the Company in September 2026.
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33 APPRECIATION The Board would like to express its sincere gratitude to the Shareholders, management team, employees, business partners and customers of the Group for their support and contribution to the Group. By the order of the Board Antengene Corporation Limited Dr. Jay Mei Chairman Hong Kong, China, August 21, 2026 As at the date of this announcement, the Board comprises Dr. Jay Mei and Dr. Bing Hou as the executive Directors; and Ms. Jing Qian, Mr. Sheng Tang and Dr. Rafael Fonseca as the independent non-executive Directors.