CF Pharmtech (02652) has released its interim results for 2026, posting revenue of RMB 210 million, a 2.1% increase compared to the same period last year. This growth was primarily driven by increased revenue from its CF017 product, attributed to the continuous expansion of its customer base and market coverage in the Middle East.

During the reporting period, the Group continued to advance the commercialization of its marketed products, expand its product portfolio, drive clinical translation of its innovative pipeline, diversify its commercial channels, and pursue overseas registrations in the field of inhalation preparations and respiratory diseases. The continuation of Volume-Based Procurement (VBP), the transition between old and new procurement cycles, medical insurance payment management, and stricter hospital admission requirements have impacted procurement timing, distribution, and prescription growth for certain products. The Group has responded by optimizing channel management, strengthening compliance-based medical education and patient accessibility, and improving efficiency in supply and end-market services.

On the commercialization front, the market performance of the Group's marketed products during the reporting period was jointly affected by policy arrangements, procurement cycle transitions, and channel factors. The continuation of national VBP and the switch between old and new execution cycles caused some markets to adjust their procurement and distribution pace; simultaneously, medical insurance payment management and stricter hospital admission requirements affected the terminal promotion and prescription growth of certain products. As the results of the new round of VBP renewals are gradually implemented, procurement and stocking volumes at relevant terminals have rebounded month by month since May 2026, but the full-year recovery level still depends on execution progress in each province.

In terms of channel development, in March 2026, the Company entered into a strategic cooperation with JD Health, focusing on online launches of multiple respiratory and nasal products, patient services, and internet-based chronic disease management. This cooperation complements the Group's existing out-of-hospital and primary-level channels, expanding patient reach pathways. During the reporting period, the Group achieved regulatory progress on several nasal and respiratory products. The New Drug Application (NDA) for Budesonide Nasal Spray was accepted by the National Medical Products Administration (NMPA) in January 2026; the Clinical Trial Applications (IND) for Olopatadine Hydrochloride and Mometasone Furoate Monohydrate Nasal Spray were approved by the NMPA in March 2026; and the NDA for Tiotropium Bromide Inhalation Powder was accepted by the NMPA in May 2026. These products cover therapeutic areas including allergic rhinitis and chronic obstructive pulmonary disease, further expanding the Group's product portfolio.

Regarding the innovative pipeline, the IND for ICF004, a Class 1 innovative inhalation powder for interstitial lung diseases including idiopathic pulmonary fibrosis and progressive pulmonary fibrosis, was approved by the NMPA in June 2026. The IND for ICF001, a Class 2.1 modified new drug, was accepted by the NMPA in March 2026, with its initial development indications including pulmonary arterial hypertension and pulmonary arterial hypertension associated with interstitial lung disease. The Group also continues to invest in inhaled small nucleic acids, respiratory interventional devices, and other precision pulmonary delivery technology platforms.

On the internationalization front, the Group submitted a marketing authorization application for CF017 to a Southeast Asian market in May 2026. In June 2026, the inhalation preparation manufacturing base located in Suzhou, China, passed the on-site Good Manufacturing Practice (GMP) compliance inspection conducted by the drug regulatory authority of a PIC/S member country. These developments provide a quality and regulatory foundation for future overseas registrations, supply, and commercial collaborations; however, overseas supply and revenue contributions still depend on the progress of relevant registrations and commercialization processes.