BIOPHARMACEUTICAL COMPANY AKESO RELEASED ITS ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023, SHOWING DETAILS OF COMPANY PERFORMANCE AND GOVERNANCE. Using its ACE platform and Tetrabody technology, AKESO develops bi-specific antibody drugs with more than 50 innovative projects in oncology, autoimmune and metabolic diseases, 19 of which have entered clinical trials, including 6 potential class-first or best-in-class binomial antibodies. The company has commercialized 3 drugs and 8 registered clinical trials have reached major endpoints, including the world's first dual antibodies Ivonescimab (PD-1/VEGF) and Cadonilimab (PD-1/CTLA-4). Cadonilimab achieved sales of RMB 13.6 million in 2023, with cumulative sales exceeding RMB 19 billion in 18 months. The company's total revenue in 2023 was RMB4526.3 million, an increase of 440% over the previous year. Gross profit for...Show More

BIOPHARMACEUTICAL COMPANY AKESO RELEASED ITS ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023, SHOWING DETAILS OF COMPANY PERFORMANCE AND GOVERNANCE. Using its ACE platform and Tetrabody technology, AKESO develops bi-specific antibody drugs with more than 50 innovative projects in oncology, autoimmune and metabolic diseases, 19 of which have entered clinical trials, including 6 potential class-first or best-in-class binomial antibodies. The company has commercialized 3 drugs and 8 registered clinical trials have reached major endpoints, including the world's first dual antibodies Ivonescimab (PD-1/VEGF) and Cadonilimab (PD-1/CTLA-4). Cadonilimab achieved sales of RMB 13.6 million in 2023, with cumulative sales exceeding RMB 19 billion in 18 months. The company's total revenue in 2023 was RMB4526.3 million, an increase of 440% over the previous year. Gross profit for the year was RMB4393.0 million, an increase of 491% over the previous year, mainly due to a significant increase in technical licensing and collaboration revenues. The company recorded an annual profit of RMB1942.4 million, compared with a loss of RMB1422.2 million in the previous year. The annual financial statements are audited by EY, which proposes to reappoint the firm at the upcoming Annual General Meeting. The Company has mechanisms in place to ensure independent advice to the Board, including regular Board evaluations and interaction with management and other Board members. The Board of Directors is the Group's primary decision-making body responsible for overseeing business, strategic decision-making and performance. All directors contribute a wealth of business experience, knowledge and professional skills to the effective functioning of the Board. The Company has established three committees under the Board of Directors: the Audit Committee, the Remuneration Committee and the Nominating Committee, each of which has a clearly defined written mandate. The Company has not engaged in any major transactions with the Director or the highest five individuals, nor has he been paid any money as a result of the Director joining or leaving the Company. During the reporting period, the Company did not purchase, sell or redeem any listed securities. The company's corporate governance practices are consistent with the Code of Corporate Governance, with the only exception being that the Chairman and CEO are held by the same person, Dr. Xia Yu, who the Board believes is conducive to strong and consistent leadership. The company aims to become the world's leading biopharmaceutical company through efficient innovative research and development.