Established in 1993, we are a Chinese biopharmaceutical company headquartered in Zhejiang Province. We have over 30 years of experience in R&D, production and commercialization of biopharmaceuticals and medical devices. We focus on four rapidly growing treatment areas: orthopedics, metabolic diseases, oncology, and hematology. According to Insight Consultancy data, these four treatment areas together accounted for 51.5% of China's total pharmaceutical sales in 2023, far superior to the overall performance of the Chinese pharmaceutical industry from 2018 to 2023, and the relevant trend is expected to continue in the near future. As of the last practical date, we have established a diversified product portfolio around these treatment fields, including eight marketed products (including China's first recombinant human bone morphogenesis protein-2 (“rhBMP-2”) bone repair material bone guidance) and more than 10 products under development (including China's first simeglutide biosimilar JY29-2, which received IND approval and submitted an NDA application). The first step in our strategy is to identify treatment targets with market potential in the areas we focus on. After confirming the target, we will use China's mature R&D platform, production capacity, and sales and distribution network to develop China's innovative and first imitation products. Our marketed product portfolio includes a pharmaceutical device combination, two biological products, and five chemicals in the orthopedic, oncology and hematology fields. Among them, in 2023, we have several products that maintain competitive positions in their respective product categories in terms of market share measured by revenue. Among our marketed products, three are the first domestically produced products approved for commercialization in China in their respective product categories. Among them, the most notable one is our pharmaceutical combination product bone optimization. According to the Insight Consultation data, it is the first bone repair material containing rhBMP-2 approved for sale in China, ranking first in terms of sales revenue in the 2023 Chinese bone repair materials market. We are aware that bone conduction has excellent prospects for development, so we acquired bone guide from Hangzhou Huadong Pharmaceutical Group Co., Ltd. in 2010, and most of the revenue during the track record period came from this product. For details of this transaction, please refer to “Business — Our Products — Our Listed Products — Orthopedic Products”. According to the same source of information, our two tumor and blood products, gemripene and geperine, are the first domestically produced and commercialized generic biological products or small molecule generic drugs in their various drug classes in China. The revenue generated by all of our listed products accounted for 87.6%, 93.8%, 91.5% and 87.9% of our total revenue for the year ended December 31, 2021, 2022, and 2023, and the six months ended June 30, 2024, respectively.
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