Shanghai Bao Pharmaceuticals Co., Ltd. (Bao Pharma, 02659) released its 2026 interim report covering the six months to 30 June 2026.

Financial performance • Revenue declined 76.5% year-on-year to RMB 9.88 million, reflecting the absence of the RMB 40.00 million one-off licensing fee booked in the prior-year period. • R&D expenses fell 16.6% to RMB 92.57 million, mainly due to lower share-based payment charges despite higher trial costs. • Administrative expenses decreased 12.0% to RMB 40.62 million. • Net loss narrowed 16.1% to RMB 153.69 million; basic and diluted loss per share came in at RMB 0.47 versus RMB 0.64 a year earlier. • Cash and cash equivalents stood at RMB 1.04 billion; total assets were RMB 2.17 billion and total equity RMB 1.45 billion.

Pipeline and regulatory milestones • KJ017 (recombinant human hyaluronidase): 385U/vial strength approved by NMPA in March 2026; commercial launch targeted for 2H 2026. • KJ103 (recombinant IgG-degrading enzyme): NDA for kidney-transplant desensitisation accepted by NMPA in June 2026 under priority review; commercialisation expected in 2027. • SJ02 (Slonva, long-acting recombinant FSH-CTP): commercial rollout progressing; listed on procurement platforms in 29 provinces and stocked in over 70 hospitals. • Additional assets recorded clinical progress, including Phase II completion for KJ101 (recombinant chymotrypsin) and FDA IND clearance for BJ007 (subcutaneous ceftriaxone).

Manufacturing and operations • Ongoing construction of a 37,000 sq m GMP facility in Shanghai; existing 63,000 sq m site supports current and near-term production needs. • Government awarded Bao Pharma the National May 1 Labor Certificate in April 2026 for enterprise contributions.

Capital management • Net proceeds of HK$921.50 million from the December 2025 IPO: HK$183.60 million utilised by 30 June 2026; HK$737.90 million remains allocated mainly for core product R&D, pipeline advancement and manufacturing expansion. • Share buy-back: 95,200 H shares repurchased in June 2026 for HK$1.69 million and held as treasury shares. • Interest-bearing bank borrowings rose to RMB 421.56 million; gearing ratio increased to 33.23% from 28.19% at year-end 2025.

Governance and other matters • Supervisory Committee abolished in May 2026; Audit Committee assumed its oversight functions. • No interim dividend declared. • No significant post-period events were reported beyond normal course of business.