Earnings release
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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. RemeGen Co., Ltd.* Ⴁᖹ ( ̨ )ʮ̡ (A joint stock company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 9995) 2025 FIRST QUARTERLY REPORT This announcement is made pursuant to Rules 13.09(2)(a) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Reference is made to the “RemeGen Co., Ltd. 2025 First Quarterly Report ” published by RemeGen Co., Ltd.* (the “Company ”) on the website of the Shanghai Stock Exchange, for reference purpose only. The following is a translation of the 2025 First Quarterly Report of the Company solely for the purpose of providing information. Should there be any discrepancies, the Chinese version shall prevail. The board of directors of the Company (the “Board ”) reminds shareholders and potential investors of the Company that the information and financial data set out in this announcement are unaudited, have been reviewed by the audit committee but have not been reviewed by the independent auditors of the Company. The unaudited financial data in the 2025 First Quarterly Report set out in this announcement is prepared in accordance with the accounting principles of the People ’s Republic of China instead of the International Financial Reporting Standards, and is prepared pursuant to the requirements of the STAR Market of the Shanghai Stock Exchange only. Shareholders and potential investors are advised to exercise caution when dealing in securities of the Company. By order of the Board RemeGen Co., Ltd.* Mr. Wang Weidong Chairman and executive director Yantai, PRC April 28, 2025 As at the date of this announcement, the Board comprises Mr. Wang Weidong, Dr. Fang Jianmin, Mr. Lin Jian and Mr. Wen Qingkai as the executive directors, Dr. Wang Liqiang and Dr. Su Xiaodi as the non-executive directors, and Mr. Hao Xianjing, Mr. Chen Yunjin and Mr. Huang Guobin as the independent non-executive directors. * For identification purpose only
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 1 / 14 The board of directors and all directors of the Company undertake that there are no false representations or mi sleading statements containe d in, or materi al omissions from, this announcement, and accept responsibilities for the truthfulness, accuracy and completeness of its contents in accordance with the applicable laws. Stock Code: 688331 Ticker Symbol: RemeGen RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT IMPORTANT NOTICE The board of directors, supervisory committee, dire ctors, supervisors and senior management of the Company undertake that the content of the quarterly report is true, accurate, complete and without any false records, misleading statements or material omissions and are severally and jointly liable therefor. The Company’s legal representative, person in charge of accounting function and person in charge of the accounting department (chief accounting officer) warrant the truthfulness, accuracy and completeness of the financial statements contained in the quarterly report. Whether the first quarterly financial statements have been audited: □Yes √No
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 2 / 14 I. KEY FINANCIAL INFORMATION (i) Key accounting data and financial indicators Unit: RMB Currency: Renminbi Item The Reporting Period The same period of the previous year Increase/decrease compared with the same period of the previous year (%) Operating revenue 525,968,624.06 330,434,802.62 59.17 Net profit attributable to shareholders of the listed company -254,144,470.06 -348,921,696.49 N/A Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses -252,059,228.07 -345,576,207.04 N/A Net cash flows from operating activities -188,315,133.08 -426,289,929.83 N/A Basic earnings per share (RMB/share) -0.46 -0.65 N/A Diluted earnings per share (RMB/share) -0.46 -0.65 N/A Weighted average return on equity (%) -13.61 -10.72 A decrease of 2.89 percentage points Total R&D spending 328,884,698.70 331,178,800.01 -0.69 R&D spending as a percentage of operating revenue (%) 62.53 100.23 A decrease of 37.70 percentage points As at the end of the Reporting Period As at the end of the previous year Increase/decrease compared with the end of the previous year (%) Total assets 5,307,345,048.02 5,498,518,168.82 -3.48 Owners' equity attributable to shareholders of the listed company 1,771,425,095.07 1,986,200,620.94 -10.81
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 3 / 14 (ii) Non-recurring items and amounts √ Applicable □ Not Applicable Unit: RMB Currency: Renminbi Non-recurring items Current amount Description Gains or losses on disposal of non-current assets, including the write-off of the asset impairment provisions 20,150.32 Net losses on disposal of non-current assets Government grants recognised as current profits and losses, except those that are closely related to the Company's ordinary course of business operations, comply with national policies, granted based on determined standards, and have a lasting impact on the Company's profits and losses 2,073,967.08 Government grants recognised as other income and non- operating revenue Gains and losses from changes in fair value arising from financial assets and financial liabilities held by non-financial enterprises and profits and losses from disposal of financial assets and financial liabilities other than effective hedging business related to the Company’s ordinary course of business operations 177,625.00 Investment Income from Structured Deposits Other non-operating income and expenses other than the above items -4,356,984.39 Donation expenses in majority Other items qualified as the definition of non- recurring gains or losses - Less: Impact on income tax - Impact on minority interests (after tax) - Total -2,085,241.99 Explanations are required for defining items that are not set out in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Gains and Losses as non-recurring items with significant amounts and for defining the non-recurring items that are set out in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public — Non-recu rring Gains and Losses as recurring items. √ Applicable □ Not Applicable Unit: RMB Currency: Renminbi Item Amount involved Reason Additional value-added tax deductions 1,581,543.54 Tax incentives for business activities Government grants related to long- term assets 2,522,426.04 Lasting impact on the Company's gains and losses
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 4 / 14 (iii) Changes in key accounting data and financial indicators and reasons for changes √ Applicable □ Not Applicable Item Percentage change (%) Primary reason Operating revenue 59.17 Sales volumes of telitacicept and disitamab vedotin of the Company for the Reporting Period increased Net cash flows from operating activities N/A Primarily due to an increase in sales collections R&D spending as a percentage of operating revenue (%) A decrease of 37.70 percentage points Mainly due to the significant increase in operating revenue, and the decrease in the percentage of R&D spending due to a decrease in research and development expense II. SHAREHOLDER INFORMATION (i) Total number of ordinary shareholders, number of preferred shareholders with restored voting rights, and shareholding of the top ten shareholders Unit: share Total number of ordinary shareholders as at the end of the Reporting Period 6,766 Total number of preferred shareholders with restored voting rights as at the end of the Reporting Period (if any) 0 Shareholding of the top ten shareholders (excluding shares re-lent) Name of shareholder Nature of shareholder Number of shares held Shareholding ratio (%) Number of restricted shares held Number of restricted shares including shares re- lent Shares pledged, marked and frozen Share status Quantity HKSCC NOMINEES LIMITED Unknown 189,566,728 34.83 0 0 Unknown -
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 5 / 14 Yantai Rongda Venture Capital Center (Limited Partnership) Domestic non-state- owned legal person 102,381,891 18.81 102,381,891 102,381,891 Nil 0 FANG JIANMIN Overseas natural person 26,218,320 4.82 26,218,320 26,218,320 Nil 0 Yantai Rongqian Enterprise Management Center (Limited Partnership) Domestic non-state- owned legal person 18,507,388 3.40 18,507,388 18,507,388 Nil 0 Yantai Rongyi Enterprise Management Center (Limited Partnership) Domestic non-state- owned legal person 16,630,337 3.06 16,630,337 16,630,337 Nil 0 PAG Growth Prosperity Holding I (HK) Limited Overseas legal person 14,263,276 2.62 0 0 Nil 0 I-Nova Limited Overseas legal person 13,600,000 2.50 13,600,000 13,600,000 Nil 0 Yantai Rongshi Enterprise Management Center (Limited Partnership) Domestic non-state- owned legal person 9,190,203 1.69 9,190,203 9,190,203 Nil 0
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 6 / 14 Beijing Lapam Healthcare Investment Center (Limited Partnership) Domestic non-state- owned legal person 7,538,084 1.38 0 0 Nil 0 Agricultural Bank of China Limited - Penghua Medical Tech Equity Securities Investment Fund Domestic non-state- owned legal person 4,676,823 0.86 0 0 Nil 0 Shareholding of the top ten holders of unrestricted shares (excluding shares re-lent) Name of shareholder Number of unrestricted outstanding shares held Share type and quantity Share type Quantity HKSCC NOMINEES LIMITED 189,566,728 Overseas listed foreign shares 189,566,728 PAG Growth Prosperity Holding I (HK) Limited 14,263,276 RMB- denominated ordinary shares 14,263,276 Beijing Lapam Healthcare Investment Center (Limited Partnership) 7,538,084 RMB- denominated ordinary shares 7,538,084 Agricultural Bank of China Limited - Penghua Medical Tech Equity Securities Investment Fund 4,676,823 RMB- denominated ordinary shares 4,676,823 China Minsheng Banking Corp., Ltd. - BOC Innovative Health Care Balanced Fund 4,502,341 RMB- denominated ordinary shares 4,502,341 China Merchants Bank Co., Ltd. - Huitianfu Medical Services Flexible Allocation Hybrid Securities Investment Fund 4,112,459 RMB- denominated ordinary shares 4,112,459 Lu Thai Textile Co., Ltd. 3,873,465 RMB- denominated ordinary shares 3,873,465
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 7 / 14 YU ZHIHUA 3,435,288 RMB- denominated ordinary shares 3,435,288 Shanghai Liyi Investment Management Partnership (Limited Partnership) - Suzhou Likang Equity Investment Center (Limited Partnership) 3,062,235 RMB- denominated ordinary shares 3,062,235 Bank of China Limited – China Merchants National Securities Biomedical Index Classified Securities Investment Fund 3,029,885 RMB- denominated ordinary shares 3,029,885 Description of the connected relationship or concerted actions among the above shareholders Yantai Rongda Venture Capital Center (Limited Partnership), FANG JIANMIN, I-Nova Limited established a concerted action relationship Description of top ten shareholders and top ten holders of unrestricted shares in margin trading and re-lending business (if any) Note 1: As of the end of the Reporting Period, there were a total number of 6,742 Class A ordinary shareholders and 24 Class H ordinary shareholders, totalling 6,766 ordinary shareholders. Note 2: The shares held by HKSCC NOMINEES LIMITED (香港中央結算(代理人)有限公司) are shares it holds on behalf of several clients, and part of the H shares held by I-Nova Limited are registered under HKSCC NOMINEES LIMITED. Participation of Shareholders with more than 5% shareholding, top ten shareholders and top ten holders of unrestricted outstanding shares in re-lending business □Applicable √ Not Applicable Changes in top ten shareholders and top ten holders of unrestricted outstanding shares arising from re- lending/returning over the previous period □Applicable √ Not Applicable III. OTHER REMINDERS Other important information about the operation of the Company during the Reporting Period that investors should be reminded of
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 8 / 14 □ Applicable √ Not Applicable IV. QUARTERLY FINANCIAL STATEMENTS (i) Types of audit opinions □ Applicable √ Not Applicable
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REPORT 9 / 14 (ii) Financial statements Prepared by: RemeGen Co., Ltd.* Consolidated Balance Sheet 31 March 2025 Unit: RMB Currency: Renminbi Audit type: Unaudited Item 31 March 2025 31 December 2024 Current assets: Cash and bank balances 721,718,278.96 762,492,395.54 Bills receivable 203,611,667.29 204,299,928.35 Accounts receivable 331,962,831.52 383,388,743.02 Receivables financing 10,876,421.81 11,097,822.85 Prepayments 211,678,254.07 241,373,752.00 Other receivables 38,016,784.67 24,283,132.94 Inventories 638,250,683.99 659,368,730.71 Other current assets 4,672,775.16 3,491,867.90 Total current assets 2,160,787,697.47 2,289,796,373.31 Non-current assets: Long-term equity investments 8,724,070.05 8,850,723.90 Investments in other equity instruments 71,451,198.74 59,313,437.97 Other non-current financial assets 5,037,475.88 4,037,475.88 Fixed assets 2,415,481,681.93 2,457,180,322.07 Construction in progress 274,386,452.19 283,231,455.78 Right-of-use assets 77,016,451.12 93,753,714.63 Intangible assets 144,283,335.84 143,131,261.71 Long-term deferred expenses 3,436,262.42 4,324,896.83 Other non-current assets 146,740,422.38 154,898,506.74 Total non-current assets 3,146,557,350.55 3,208,721,795.51 Total assets 5,307,345,048.02 5,498,518,168.82 Current liabilities: Short-term borrowings 1,131,441,051.38 1,083,853,548.13 Accounts payable 183,333,479.65 162,250,106.68 Contract liabilities 3,464,453.46 3,143,688.86 Payroll payable 202,014,930.29 209,986,022.76 Taxes payable 36,662,017.30 37,058,544.84 Other payables 276,552,827.94 314,995,392.79 Non-current liabilities due within one year 500,378,057.66 348,684,938.40 Other current liabilities 11,108,272.72 18,324,410.71 Total current liabilities 2,344,955,090.40 2,178,296,653.17 Non-current liabilities: Long-term borrowings 1,063,318,088.45 1,195,878,046.86 Lease liabilities 33,902,632.34 42,093,510.05 Deferred income 93,744,141.76 96,049,337.80
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REORT 10 / 14 Total non-current liabilities 1,190,964,862.55 1,334,020,894.71 Total liabilities 3,535,919,952.95 3,512,317,547.88 Owners’ equity (or shareholders’ equity): Paid-in capital (or share capital) 544,332,083.00 544,332,083.00 Capital reserve 6,281,946,295.16 6,290,989,900.90 Less: Treasury shares 408,910,121.80 445,329,702.16 Other comprehensive income -69,927,500.66 -81,920,470.23 Retained earnings -4,576,015,660.63 -4,321,871,190.57 Total equity attributable to owners (or shareholders) of the parent company 1,771,425,095.07 1,986,200,620.94 Total owners' equity (or shareholders' equity) 1,771,425,095.07 1,986,200,620.94 Total liabilities and owners' equity (or shareholders' equity) 5,307,345,048.02 5,498,518,168.82 The Company’s legal representative: Wang Weidong Person in charge of accounting function: Tong Shaojing Person in charge of the accounting department: Wei Jianliang
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REORT 11 / 14 Prepared by: RemeGen Co., Ltd.* Consolidated Statement of Income January-March 2025 Unit: RMB Currency: Renminbi Audit type: Unaudited Item First quarter of 2025 First quarter of 2024 I. Total operating revenue 525,968,624.06 330,434,802.62 Including: Operating revenue 525,968,624.06 330,434,802.62 II. Total operating costs 783,824,467.59 682,453,542.19 Including: Operating costs 88,030,755.91 74,359,654.52 Taxes and surcharges 3,664,250.31 4,438,577.93 Selling expenses 250,696,243.94 187,504,942.42 Administrative expenses 90,180,354.01 74,259,896.00 R&D expenses 328,884,698.70 331,178,800.01 Finance costs 22,368,164.72 10,711,671.31 Including: Interest expenses 21,288,381.85 12,859,889.20 Interest income 1,480,937.23 3,373,492.81 Add: Other income 6,177,936.66 11,732,665.41 Gain from investment (loss denoted by “-”) -2,585,186.04 45,340.29 Including: Gain from investments in associates and joint ventures -126,653.85 45,340.29 Gain on derecognition of financial assets measured at amortised cost 177,625.00 - Gain from changes in fair value (loss denoted by “-”) - -49,464.61 Credit impairment loss (loss denoted by “-”) 4,455,456.92 -4,658,663.10 Income from disposal of assets (loss denoted by “-“) 61,138.48 - III. Operating profit (loss denoted by “-”) -249,746,497.51 -344,948,861.58 Add: Non-operating income 170,293.76 68,680.78 Less: Non-operating expenses 4,568,266.31 4,041,515.69 IV. Total profit (total loss denoted by “-”) -254,144,470.06 -348,921,696.49 Less: Income tax expenses - - V. Net profit (net loss denoted by “-”) -254,144,470.06 -348,921,696.49 (i) By continuity of operations 1. Net profit from continuing operations (net loss denoted by “-”) -254,144,470.06 -348,921,696.49 (ii) By attribution of ownership 1. Net profit attributable to shareholders of the parent company (net loss denoted by “-”) -254,144,470.06 -348,921,696.49 VI. Other comprehensive income, net of tax 11,992,969.57 -23,282,589.10 (i) Other comprehensive income attributable to owners of the parent company, net of tax 11,992,969.57 -23,282,589.10 1. Other comprehensive income not to be reclassified to profit or loss 12,137,760.77 -15,408,173.74
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REORT 12 / 14 (1) Changes in fair value of other equity instruments investments 12,137,760.77 -15,408,173.74 2. Other comprehensive income to be reclassified to profit or loss -144,791.20 -7,874,415.36 (1) Translation differences of the financial statements in foreign currency -144,791.20 -7,874,415.36 VII. Total comprehensive income -242,151,500.49 -372,204,285.59 (i) Total comprehensive income attributable to owners of the parent company -242,151,500.49 -372,204,285.59 VIII. Earnings per share: (i) Basic earnings per share (RMB/share) -0.46 -0.65 (ii) Diluted earnings per share (RMB/share) -0.46 -0.65 In case of a business combination under common control during the period, the net profit of the combined party which has been realised prior to the combination was RMB0, and the net profit of the combined party which has been realised in the previous period was RMB0. The Company’s legal representative: Wang Weidong Person in charge of accounting function: Tong Shaojing Person in charge of the accounting department: Wei Jianliang
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REORT 13 / 14 Consolidated Statement of Cash Flows January-March 2025 Prepared by: RemeGen Co., Ltd.* Unit: RMB Currency: Renminbi Audit type: Unaudited Item First quarter of 2025 First quarter of 2024 I. Cash flows from operating activities: Cash receipts from sales of goods and provision of services 475,062,495.73 277,138,726.65 Tax refund received 1,051,545.22 24,522.43 Cash received from other operating activities 3,885,843.42 11,965,476.19 Sub-total of cash inflows from operating activities 479,999,884.37 289,128,725.27 Cash paid for goods and services 13,281,935.21 27,669,837.22 Cash paid to and on behalf of employees 280,175,888.45 296,497,738.42 Cash paid for taxes and levies 41,460,861.06 18,484,590.02 Cash paid for other operating activities 333,396,332.73 372,766,489.44 Sub-total of cash outflows from operating activities 668,315,017.45 715,418,655.10 Net cash flows from operating activities -188,315,133.08 -426,289,929.83 II. Cash flows from investment activities: Cash received from the disposal of investments 150,000,000.00 - Cash received from investment income 177,625.00 - Net cash received from the disposal of fixed assets, intangible assets and other long- term assets 95,000.00 22,808.33 Cash received from other investment activities 9,578,400.00 13,994,347.44 Sub-total of cash inflows from investment activities 159,851,025.00 14,017,155.77 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets 35,638,909.83 89,129,646.48 Cash paid for investments 151,000,000.00 6,250,000.00 Sub-total of cash outflows from investment activities 186,638,909.83 95,379,646.48 Net cash flows from investing activities -26,787,884.83 -81,362,490.71 III. Cash flows from financing activities: Cash received from capital contributions 232,945.36 515,394.93 Cash received from borrowings 530,463,578.44 441,489,344.49
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RemeGen Co., Ltd.* 2025 FIRST QUARTERLY REORT 14 / 14 Sub-total of cash inflows from financing activities 530,696,523.80 442,004,739.42 Cash paid for repayment of debts 316,006,600.73 150,000.00 Cash paid for distribution of dividends or profits or settlement of interest 23,994,702.42 9,004,424.73 Cash paid for other financing activities 13,971,255.62 30,862,653.34 Sub-total of cash outflows from financing activities 353,972,558.77 40,017,078.07 Net cash flows from financing activities 176,723,965.03 401,987,661.35 IV. Effects of changes in exchange rate on cash and cash equivalents -2,367,997.43 -1,154,596.75 V. Net increase in cash and cash equivalents -40,747,050.31 -106,819,355.94 Add: Balance of cash and cash equivalents at the beginning of the period 759,530,043.42 726,551,931.36 VI. Balance of cash and cash equivalents at the end of the period 718,782,993.11 619,732,575.42 The Company’s legal representative: Wang Weidong Person in charge of accounting function: Tong Shaojing Person in charge of the accounting department: Wei Jianliang (iii) Adjustment of the financial statements for the beginning of 2025 when the Company implements the new accounting standards or interpretations for the first time □ Applicable √ Not Applicable This is hereby notified. Board of directors of RemeGen Co., Ltd.* April 29, 2025