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HONG KONG, Aug 30, 2024 - (ACN Newswire via SeaPRwire.com) - Liuzhou, a key industrial hub in Southwest China, has long been a pioneer in China's industrial history. From manufacturing Guangxi's first automobile and aircraft before the founding of the People's Republic of China to becoming the second-largest industrial city in South China during the reform era, Liuzhou has consistently thrived with the times.Today, as Chinese automotive companies expand globally, Liuzhou's businesses are once again at the forefront, with Wuling Motors (0305.HK) serving as a prominent example.On August 22, Wuling Motors announced its interim results for 2024, demonstrating strong performance across its three main business segments. The company is actively enhancing its high-quality production capabilities and exploring growth opportunities abroad, achieving impressive results in its international ventures.In the first half of 2024, Wuling Motors made significant strides in its overseas expansion: exporting auto parts to Vietnam, golf carts to Egypt, and new energy logistics vehicles to South Korea, as well as establishing a research and development center in Hong Kong...Wuling Motors is sending a clear message to the world: The company's future is bright, with limitless potential.(I) Moderate Growth in Auto Parts and Other Industrial Services RevenueAccording to Wuling Motors' 2024 interim report, the company achieved a revenue of CNY 3.946 billion in the first half of this year, with a gross profit of CNY 426 million. Net profit surged 72.3% to CNY 21.125 million compared to the same period last year.Breaking down the segments, the auto parts and other industrial services business recorded a revenue of CNY 2.698 billion in the first half of the year, up 6.1% year-on-year. During this period, Wuling Motors focused on consolidating its existing market while aggressively expanding into new territories. The company aimed to break into growth markets dominated by giants like Great Wall Motors, Chery, and BYD. Sales to newly acquired customers surged to CNY 1.042 billion, accounting for 38.6% of the divisional revenue.Wuling's Jingmen base in Hubei, dedicated to supplying Great Wall Motors, rapidly scaled up its production, generating CNY 334 million in revenue in the first half of the year. It successfully delivered frame assemblies for two Great Wall models, breaking the record for the highest first-month delivery of a new product. Additionally, Wuling's domestic ultra-high-strength steel tube hydroforming production line - a first in China - successfully commenced mass production, supplying 13 hydroformed products to premium models from brands like Great Wall and BYD.The auto parts and other industrial services segment posted an operating profit of CNY 75.883 million in the first half of the year, up 44.3% year-on-year.In the automotive power systems segment, Wuling Motors achieved CNY 902 million in revenue. While strengthening its traditional power technology upgrades, Wuling Motors accelerated its layout of new energy power integration development, speeding up its new energy business initiatives. In the first half of 2024, Wuling accelerated the establishment of a comprehensive product matrix for hybrid and battery electric powertrains and core components, advancing production capacity and rolling out new products and technologies. By promoting its products, Wuling Motors has focused on building lines and improving processes for motors, motor controllers, rotors, and stators, securing new energy market collaborations with JAC Motors and Changan Kaicene.The commercial vehicle segment posted CNY 331 million in revenue in the first half of the year, primarily seeking breakthroughs in high-value-added sub-sectors.Wuling Motors achieved a gross profit margin of 10.8% in the first half of 2024, a significant increase of 270 basis points from 8.1% in the same period in 2023. This impressive growth was largely driven by declining prices for raw materials, such as steel. Additionally, the ramp-up of higher-margin products further contributed to the substantial improvement in the company's profitability.(II) Striking the Main Chord of Overseas ExpansionIn the 1960s and 1970s, Liuzhou's tractors were exported to Vietnam and Rwanda in Africa, and in 1990, its microcars were shipped to Thailand. Liuzhou-made vehicles have consistently ventured overseas.Today, Liuzhou's automotive industry faces another historic opportunity for overseas expansion.As domestic market demand becomes saturated, expanding abroad has become essential for Chinese companies, and overseas markets are emerging as the new "blue ocean."For example, Guangxi's exports were robust in the first half of the year. According to customs statistics, Guangxi's import and export trade reached CNY 345.28 billion in the first half of 2024, up 12% year-on-year. Exports alone hit CNY 191.8 billion, a record high, rising 28.5%. Exports of major categories like mechanical and electrical products and labor-intensive products were CNY 109.18 billion and CNY 37.3 billion, respectively, growing by 26.8% and 48.5% and accounting for 56.9% and 19.4% of Guangxi's total exports.In the automotive market, "intense competition" and "overseas expansion" are the current hot topics. According to the China Association of Automobile Manufacturers (CAAM), in July 2024, China exported 469,000 vehicles, up 19.6% year-on-year. From January to July 2024, China's auto exports reached 3.262 million units, up 28.8%. Among these, exports of battery electric vehicles totaled 554,000 units, and plug-in hybrid vehicles reached 154,000 units, representing a 180% increase year-on-year.Specifically in Liuzhou, more than 90,000 vehicles were exported through Liuzhou Customs in the first half, up 23.8% year-on-year; of these, over 10,000 were new energy vehicles (NEVs), a surge of more than 30-fold.Wuling Motors has seized this trend, charting a course for global success.Take the Wuling golf cart as an example. With its strong handling, lightweight design, comfortable ride, and powerful performance, the Wuling golf cart has been highly favored by overseas customers. Since its launch, it has been sold in countries across Southeast Asia, Central Asia, Europe, and America.Earlier this year, Wuling Industrial, a subsidiary of Wuling Motors, showcased its new multi-purpose golf/community vehicles at the 71st PGA Merchandise Show in Orlando, USA, drawing significant attention. On April 15, the 135th Canton Fair kicked off in Guangzhou, where Wuling Industrial's golf carts attracted buyers from 205 countries and regions worldwide. On May 22, Wuling Industrial shipped about 200 golf carts to Egypt, expecting to complete delivery in the third quarter.Wuling Motors' joint venture, Wuling New Energy, also broke new ground with its G050 left-hand drive battery electric logistics vehicle. In March 2024, the company secured its first order of 300 units with South Korea's Daechang Corp, marking a breakthrough in the Korean market.Currently, Wuling's sightseeing vehicles, golf carts, and other products are exported to countries such as Vietnam, Singapore, Thailand, the USA, and Australia. Its new energy logistics vehicles have also penetrated traditional automotive powerhouses or regions such as the USA, Japan, and Europe, laying a solid foundation for expanding into the international market.This achievement is due to Wuling Motors' strategic planning.In recent years, Wuling Motors has accelerated its overseas expansion, with subsidiaries in India and Indonesia continuing to strengthen their presence. These efforts, focused on promoting the localization and launch of new models with key clients, have proven highly effective, helping Wuling penetrate new customer bases and meet international standards.On the product side, Wuling Motors has further enriched its product lineup, with more auto parts poised to enter global markets. In a major breakthrough, Wuling's self-developed rear drive axle assembly and drive system assembly for new energy passenger vehicles successfully entered the overseas market in the first half of this year. This achievement marks a departure from the traditional three-section axle housing structure, instead adopting a hydraulic expansion integral axle housing technology, which has been well-received by customers. On the channel side, Wuling is leveraging Hong Kong as an export conduit for its new energy business, boosting overseas sales for the group and its joint ventures.On the research and development front, Wuling Motors has established an innovation center in Hong Kong and signed memoranda of understanding (MOUs) with Hong Kong Polytechnic University (PolyU) and the Chinese University of Hong Kong (CUHK) to focus on NEV technology, jointly promoting the conversion and application of scientific research results.(III) Driving Global Growth Through High-Quality ProductionIn global competition, technology reigns supreme. Wuling Motors has been a pioneer in the NEV sector, steadfastly pursuing the development of NEVs. With a goal of deriving more than 50% of its business from NEV operations, Wuling is laying a solid foundation to become a front-runner in the new energy vehicle era as it ventures into overseas markets.In the auto parts business, Wuling Motors continues to align with the "passenger-focused" and "electrification" upgrades of its customers' products, continuously developing passenger vehicle products while actively supporting new energy vehicle models for major customers.Currently, Wuling Motors has successfully developed and optimized a range of products, including new energy electric rear axles, motors, motor controllers, range extenders, and hybrid systems. This year, the production of core components such as electric axles and hybrid engines has seen steady growth.After surpassing the milestone of producing one million units of micro electric axles, Wuling's coaxial electric drive axle became the first to achieve commercialization in China. It has been adopted by brands such as Changan Kaicene, Ruichi, and JAC Motors. Wuling Motors also secured orders from leading companies like Chery and Geely for electric axles used in mainstream NEV commercial vehicles. At Wuling's Jingmen base, which supplies auto parts to Great Wall Motors, business has flourished, with over 50% of its products sold in the first half of 2024 being NEV parts, generating CNY 333 million in revenue.In automotive power systems, Wuling Motors has made remarkable progress in developing and mass-producing high-efficiency engines and new energy power systems. Their strategy seamlessly integrates traditional power technology upgrades with new energy power innovations, resulting in a robust product lineup. In the first half of 2024, Wuling Motors focused on enhancing production lines and processes for motors, motor controllers, and rotors and stators. The H-platform ultra-high-efficiency engine has been successfully commercialized, securing projects with NEV clients like JAC, Changan, and Skyworth. Additionally, Wuling's casting sales reached 515,000 units, up 26.2% compared to the same period in 2023.In the commercial vehicle segment, Wuling focuses on specialized modification markets such as cold chain vehicles, sanitation vehicles, and medical vehicles. Their specialty products, including refrigerated trucks, sanitation trucks, and fire trucks, have been delivered to regions like Shandong, Zhejiang, Hunan, and Beijing. Leveraging its customization capabilities, Wuling has partnered with PepsiCo to develop a "mobile new retail" model, delivering over 100 Wuling vending trucks to PepsiCo and accelerating the expansion of mobile commerce.Wuling's joint venture, Wuling New Energy, is actively upgrading its brand and market position. They launched the long-range Golden Storage Mid-size Logistics Vehicle to quickly capture market share, achieving monthly sales exceeding 1,000 units in the first three months after launch. Additionally, Wuling New Energy is aggressively expanding into international markets, increasing exports to countries such as the USA, Japan, and South Korea. In the first half of 2024, Wuling New Energy sold approximately 7,900 NEVs, a 68.1% increase compared to the same period in 2023.It is evident that Wuling Motors' strategic direction is becoming increasingly clear.With a comprehensive business layout and a full range of products, Wuling has created synergies across its industrial chain, positioning itself as Guangxi's most comprehensive leading automotive group in the supply chain. With unparalleled control over product quality, cost, scale, and customer relations, Wuling has built a formidable competitive advantage.As the NEV era rapidly approaches, Wuling Motors is fortifying its dominant businesses, focusing on high-tech, competitive, and high-end flagship auto parts, expanding markets for high-value specialized modified vehicles, and advancing its NEV key parts and vehicle business.With these foundations, Wuling is boldly venturing overseas, aiming for growth through globalization and efficiency in management, poised for even higher-quality development in the new era. Copyright 2024 ACN Newswire via SeaPRwire.com.

HONG KONG, Aug 30, 2024 - (ACN Newswire via SeaPRwire.com) - On 28 August 2024, Fosun International (HKEX: 0656) announced its 2024 interim results. During the reporting period, its revenue continued to grow, reaching RMB97.84 billion. Industrial operation profit maintained growth, reaching RMB3.47 billion, and profit attributable to owners of the parent was RMB720 million.Guo Guangchang, Chairman of Fosun International, said at the results presentation on the morning of 29 August, “In the first half of the year, although the macro environment remained challenging, we resolutely executed our strategy of focusing on core businesses, developing industry-leading companies and products in the industries where we have formed advantages. Such strategy has been proven effective in general. Looking ahead, we will remain focus on innovation and globalization, while focusing on asset-light operations, driving long-term development with competitive core strengths.”Since the beginning of 2024, the domestic economic recovery has been rocky and the international market has remained volatile, which has brought challenges to Chinese companies including Fosun. Fosun steadfastly pushed forward its strategic focus, driving development with core strengths, achieving quality and efficiency improvement in core industries, and maintaining a solid asset base.Analysts believe that, based on Fosun’s interim results, Fosun’s focus on the core industries in the household consumption sector and its proactive approach to driving innovation and globalization have further reinforced its business foundation, resulting in predictable stable profits. Additionally, over the past two years, Fosun has actively pursued asset-light operations, optimized asset portfolio, and continued to reduce leverage. These efforts have resulted in abundant cash reserves and a stronger financial cushion, which are expected to prompt the market to reassess Fosun’s value.Staying ahead in globalization and innovation, reinforcing business foundation to develop industry-leading companies and products      In the first half of the year, Fosun’s four core subsidiaries, namely Fosun Pharma, Yuyuan, Fosun Insurance Portugal, and Fosun Tourism Group (“FTG”), achieved total revenue of RMB72.17 billion, accounting for 74% of the Group’s total revenue. Fosun’s strategy of focusing on core businesses has shown increasing benefits, with its advantages in core industries such as pharmaceuticals, tourism, consumption, and insurance continue to be strengthened.With years of effort in the aforementioned sectors, Fosun has developed a number of industry-leading companies and products.For example, in the first half of this year, Fosun Pharma, which ranks second among the top 100 pharmaceutical companies in China, was selected as one of top 20 global pharmaceutical companies in terms of pipeline scale for the third consecutive year. Shanghai Henlius is the first Chinese profitable innovative biopharmaceutical company listed in Hong Kong, with multiple independently developed monoclonal antibody biosimilars that are driving the rapid development of China’s biopharmaceutical industry. Its first blockbuster product, HANLIKANG, is the first domestic biosimilar approved for marketing. Fosun Insurance Portugal holds the largest market share in the Portuguese insurance market and ranks among the leaders in the insurance sector across Portuguese-speaking regions globally. Easun Technology, in the intelligent manufacturing segment, is a global leading automation and digitalization company.In addition, in the Happiness business segment, Club Med, a subsidiary of FTG, is the global leader that offers exquisite “all-inclusive” holidays. Atlantis Sanya is the leading integrated high-end tourism destination in China, helping to usher Hainan tourism into the 3.0 era. Laomiao Gold, a subsidiary of Yuyuan, is a China time-honored brand and a nationally renowned jewelry brand. These industry-leading companies and products have helped Fosun consolidate its leading position in related sectors.For Fosun, steady and profitable growth is driven by two factors: innovation and globalization.Amid the current domestic economic “involution”, “going global” has become a “must-do” for businesses. Fosun, which began its globalization journey as early as 2007, has become one of the benchmark global companies rooted in China. It has also established a profound industrial presence in more than 35 countries and regions worldwide.During its 17-year globalization journey, Fosun has achieved many successful projects and faced various challenges. Most importantly, this experience has allowed Fosun to develop globalization capabilities that rare among domestic companies. In addition, it has allowed Fosun to connect different markets, industries, and resources globally, achieving global presence, operations and development, while continuously enhancing its global operation capabilities.This is further illustrated by the following data, the Group’s overseas revenue for the first half of 2024 reached RMB45.87 billion, representing a year-on-year increase of 4%, and accounting for 47% of total revenue. Nearly half of the revenue came from overseas, which is rare among Chinese companies.More importantly, Fosun has actively driven the empowerment and synergy of its corporate ecosystem in the course of globalization. Its domestic and overseas member companies have made significant progress in global research and development (R&D), business expansion, operations, and investment and financing.For example, HANQUYOU, independently developed by Fosun’s subsidiary Shanghai Henlius, received marketing approval from the United States (U.S.) Food and Drug Administration (FDA), making it a “Chinese” monoclonal antibody biosimilar approved in China, the European Union (EU), and the U.S. HANLIKANG, China’s first biosimilar, received marketing approval from the Peruvian General Directorate of Medicines, Supplies and Drugs (DIGEMID) in Peru, making it the third self-developed drug of Shanghai Henlius to be approved for overseas marketing after HANQUYOU and HANSIZHUANG.Moreover, Club Med, a subsidiary of FTG that operates 67 resorts worldwide, achieved a record-high business volume of RMB8.89 billion in the first half of 2024, representing a year-on-year increase of 10.3%. Club Med’s business in the Europe, Middle East and Africa (EMEA) region and the Americas continued to grow, and its business in Asia-Pacific region recovered significantly. In May 2024, Club Med signed an agreement in Oman for the launch of its first resort in the Middle East.Fosun Insurance Portugal, which began its operations in Portugal, has been actively expanding into overseas markets. In the first half of 2024, it achieved business growth domestically and internationally. The contribution from overseas markets further increased, with international business recording premiums of EUR885 million, accounting for over 30% of the total premiums; the net profit of international business was approximately EUR51 million, accounting for over 40%.Easun Technology, a global leading automation and digitalization company under Fosun, has also been advancing its overseas expansion. In the first half of 2024, it achieved new overseas orders of RMB3.99 billion, with a significant increase in orders from the U.S. market, reaching RMB750 million, more than doubling year-on-year.Innovation is also a core competence that Fosun has accumulated over a long period of time and has always adhered to. During the reporting period, Fosun invested a total of RMB3.5 billion to deepen its technological and innovation capabilities. Its integrated innovation model under a global vision has become more mature, resulting in a number of ground-breaking achievements that are steadily generating profits and driving Fosun’s growth.In terms of innovative drug R&D, Fosun Pharma has 4 products with a total of 9 indications were approved for marketing; 4 products with a total of 9 indications had entered the pre-launch approval stage/key clinical stage; and 9 products (by indication) have been approved to conduct clinical trials. Shanghai Henlius’ independently developed and manufactured innovative biologics continue to make breakthroughs. The world’s first anti-PD-1 monoclonal antibody for the first-line treatment of small cell lung cancer (SCLC), HANSIZHUANG, has been approved for 4 indications, benefiting over 75,000 patients. It has also been out-licensed to over 70 countries and regions, including the U.S., Europe, Southeast Asia, the Middle East, and North Africa. In addition, the new indication for SUKEXIN, a new generation of oral thrombopoietin receptor agonist (TPO-RA), has been approved by the National Medical Products Administration (NMPA).New progress has also been made in the deployment of cutting-edge medical devices and innovative therapies. In June 2024, Intuitive Fosun Headquarters Industrial Base was inaugurated in Shanghai. It is the largest integrated R&D, production and training base of Intuitive Surgical in the Asia-Pacific region, significantly accelerating the localization of the da Vinci surgical robot. Intuitive Fosun’s Ion robotic bronchoscopy was approved by the NMPA in March this year and was launched in July 2024.“Asset-light operations” taking shape, poised for revaluationBenefitting from the strong support in its business operations, Fosun’s financials have also continued to improve. During the reporting period, Fosun continuously optimized its asset portfolio, continuously reduced leverage, and maintained a sound financial position. As of 30 June 2024, the Group’s adjusted total debt-to-capital ratio was 50.2%, maintaining a downward trend since 2020. Adjusted NAV was HK$17.4 per share, indicating that Fosun International’s current share price is significantly undervalued.Meanwhile, Fosun has actively strengthened its financial cushion and maintained ample cash reserves. As of 30 June 2024, Fosun International’s cash and bank balances and term deposits reached RMB109.55 billion, representing an increase of RMB17.1 billion compared to the end of 2023. In the 17 years since its listing, Fosun has accumulatively paid out HK$25.6 billion in dividends, with the dividend payout ratio gradually increasing to over 20% in the past five years.In June 2024, the international rating agency S&P fully recognized the effectiveness of Fosun’s financial strategy and affirmed its rating outlook as “stable”.While achieving stable profits through ongoing innovation and globalization, Fosun has also responded to the new market environment by streamlining its business. It has progressively exited some non-core industries and has actively advanced its asset-light strategy, which is now taking shape.In May 2024, Fosun sold all of its 99.74% stake in the German private bank HAL, which attracted market attention. After the completion of the transaction, Fosun will no longer hold any shares in HAL, but will retain the HAFS asset servicing business, managing approximately EUR100 billion in assets in an asset-light operation model.In the tourism sector, Fosun’s asset-light operation model has achieved remarkable results, with IPs such as Club Med, Atlantis Sanya, and Taicang Alps becoming benchmarks in the domestic tourism industry. In the first half of 2024, 85% of Club Med resorts adopted a leasing and management model, with the proportion of self-owned resorts declining to 15%.In April 2024, the AMAZE Snow Mountain Camp, FTG’s new IP in Lijiang Club Med Resort, quickly became a hit after its opening, driving significant occupancy increases at the nearby Club Med Lijiang Resort and Joy Holiday Hotel Lijiang.In June 2024, FTG joined hands with the Taicang Municipal Government to build the phase II of Taicang Alps Resort, a one-stop ice and snow-themed urban tourist destination. The phase II project, with a total investment of over RMB5 billion, is funded by the Taicang Municipal Government and operated and managed by FTG. The successful operation of the Alps Snow Live has provided confidence and momentum for the phase II project, which is expected to set several world records in ski resorts.Fosun has also joined hands with partners to set up a number of industry funds to drive the future of advantageous industries. In March 2024, leveraging its leading advantages in biomedicine, Fosun Pharma joined hands with Shenzhen Guidance Fund and seven other investors to jointly establish a RMB5.0 billion biomedical industry fund, with all proceeds to be invested in biomedical, cells, genes, etc. Shanghai Fujian Equity Investment Fund Management, a subsidiary of Fosun Pharma, was selected through public selection process in Shenzhen to exclusively manage this fund. In April this year, the Shenzhen Municipal Government and Fosun signed a strategic cooperation framework agreement, both parties will further strengthen cooperation in areas such as biomedicine, cultural and sports tourism, and fashionable consumption.In addition, Fosun Capital, together with Wuhan Innovation Investment and Wuhan Fund, established a RMB3.0 billion industry fund with an initial scale of RMB1.1 billion in April 2024. This is the first batch of market-oriented fund invested by Hubei Province since the establishment of the RMB20.0 billion government guidance fund, mainly focusing on the four major sectors of new generation information technology, dual carbon, intelligent manufacturing, and consumption.Given the current market environment, it is expected that Fosun will continue to focus on asset-light operations, continuously expand its “circle of friends”, strengthen in-depth cooperation with all parties, and achieve win-win results through complementing each other’s advantages.Market analysts believe that Fosun has achieved sustained and stable profits leveraging its core strategies of innovation and globalization. In addition, by exiting non-core assets, pursuing asset-light operations, and continuously reducing debt, Fosun has maintained robust financial health, paving the way for a potential market revaluation.Guo Guangchang believes that in the future, investors will place greater emphasis on the growth of core industries and the stability of cash flow. “One-off asset sales are only short-term solutions. The growth of core businesses is crucial for a company to achieve stable profits.” Fosun aims to build a consumer group centered on core industries, ensuring more predictable business development and profits. At both the group level and within each business unit, Fosun is committed to creating value for its customers and investors that is manageable in terms of risk and promotes steady growth. Copyright 2024 ACN Newswire via SeaPRwire.com.

- Dorzagliatin (trade name: HuaTangNing, world's first dual-acting glucokinase activator (GKA), successfully entered China’s National Reimbursement Drug List for Basic Medical Insurance, Work-related Injury Insurance and Maternity Insurance (the “NRDL”) at the end of 2023. Hua Medicine worked with sales promotion partner Bayer Healthcare Company Limited (“Bayer”) and 80 Tier 1 distributors to begin the pharmaceutical market entry in 31 municipalities and provinces in China.- The new NRDL became effective on January 1, 2024. In the first half of 2024, the sales volume of dorzagliatin increased significantly. As of June 30, 2024, sales of HuaTangNing  reached 846,000 packs with a sales revenue of RMB102.7 million. The sales revenue increased by 46%, compared with the six months ended June 30, 2023.- Dorzagliatin experienced a fast entry into hospitals, especially in Shanghai, Beijing, Tianjin where the government policies support market entry for novel new drugs. By the end of June 30, 2024, dorzagliatin was prescribed in over 2,100 hospitals and over 2,900 pharmacies. Dorzagliatin was sold principally through hospitals (approximately 72% of total sales), with the remainder of sales through pharmacies (20%) and internet drug stores (8%).- Gross profit in the first half of 2024 is RMB47.8 million, representing a gross profit margin of 46.5%. Bank balances and cash position increased by 51.9% to approximately RMB1,338.8 million for the six months ended June 30, 2024, compared with the six months ended June 30, 2023.- Dorzagliatin manufacturing capacity continues to expand, with the expectation to reach 3 million packs in 2024. New processes for larger capacity have been established with our partners and are under regulatory review for production permit.- Post marketing clinical studies proceeded at an accelerated rate, in which HMM0601 enrolled 1,368 patients and HMM0701 enrolled 102 patients. HMM0601 is designed to evaluate the long-term safety of dorzagliatin by collecting 1-year clinical safety data in 2,000 T2D patients and HMM0701 is a prospective real-world study to explore dorzagliatin’s clinical beneficial effects on the improvement of glucose homeostasis, cognitive function and diabetes remission. A good drug safety profile for dorzagliatin has been observed since its commercial launch in October 2022 – a time span of over 20 months and approximately 100,000 patient exposure.- Two Mendelian randomization studies conducted by our collaborating Hong Kong-based clinical investigators, and published in Cardiovascular Diabetology showed that glucokinase activation can lead to long term benefits in reduction of risks in cardiovascular diseases and dyslipidaemia. New clinical indications shall be further explored with our commercialization partner.HONG KONG, Aug 30, 2024 - (ACN Newswire via SeaPRwire.com) -  Hua Medicine (the "Company", HKEx: 2552) today announces the unaudited consolidated results of the Company and its subsidiaries for the six months ended June 30, 2024 (the "Reporting Period"), and the Company’s business progress for the first half of the year and business outlook.Dr. Li Chen, the founder and CEO of Hua Medicine, said, “The first half of 2024 marks a milestone for the commercialization efforts of Hua Medicine. Dorzagliatin's successful inclusion in China’s National Reimbursement Drug List has significantly improved patient accessibility and affordability. Against the backdrop of comprehensive support from the national and local governments for the development of the biopharmaceutical industry, and with the joint efforts of the Company, commercial partners, and production partners, the production capacity of dorzagliatin is rapidly increasing, accelerating its entry into hospitals and pharmacies nationwide to benefit more patients. With the continued growth in the number of users, the safety of dorzagliatin has been well validated, and its economic and social benefits have also greatly increased, instilling confidence in the Company's future development. Through sales expansion and operational optimization, we hope to achieve profitability for the Company by 2025. Currently, Hua Medicine is also conducting basic and clinical research on dorzagliatin globally, aiming to continuously expand its indications and target populations, explore new disease areas, and promote human health and well-being.”Progress of Clinical Research and Company Operations- During the first reporting period under the NRDL, dorzagliatin experienced a fast entry into hospital and pharmacies, especially in Shanghai, Beijing, Tianjin where the government policies support market entry for novel new drugs. The number of hospitals prescribing dorzagliatin exceeded 2,100 in the first half of 2024.- Revenue of dorzagliatin reached RMB102.7 million in the first half of 2024 and is expected to continue to grow in the second half of 2024. As we build off our new foundation under the NRDL, we plan to leverage our well-established partnerships to enhance the dorzagliatin manufacturing process, which is expected to lead to efficiencies, expanded capacity and reduction of cost of goods.- We continued our post marketing clinical studies at approximately 80 hospitals to better understand the benefits dorzagliatin provides to patients with Type 2 diabetes and T2D complications, such as memory loss and diabetes kidney disease. Through our collaboration with our clinical research partners in Hong Kong, we have discovered that glucokinase (GK) activation may bring the benefits of reduction of risks in cardiovascular disease, and dyslipidemia. These results (applying the Mendelian Randomization (MR) methodology) certainly expand our understanding of the benefits of GK activation through dorzagliatin and for uncovering new indications of dorzagliatin in the future. Mendelian Randomization (MR) is a statistical method that uses genetic variants to investigate the causal effects of exposures (e.g., treatments) on outcomes (e.g., diseases). Its unique advantage lies in its reduced susceptibility to confounding and time-related biases compared with observational studies, which is achieved by leveraging the random allocation of genetic variants at conception. In evidence-based medicine, the credibility of evidence from MR is considered to be among the highest, second only to that of randomized controlled trials.- We have advanced our post-marketing real world evidence (RWE) studies HMM0601 and HMM0701 in T2D patients in China, and HMM0123 in Hong Kong, China. In these studies, we are collecting evidence in medical practices for optimization of glucose homeostasis either through dorzagliatin alone or in combination with standard care T2D medications such as metformin, DPP-IV inhibitors, SGLT-2 inhibitors, GLP-1RA and insulin. These results create new evidence for dorzagliatin in the expansion of its indication in diabetes prevention and remission.- We are continuing our drug development pipeline with focus on the fixed dose combination (FDC) of new drug candidates. The new drug Dorzagliatin-Metformin FDC entered manufacturing process validation and our plan is to launch this new medicine for Type 2 diabetes in 2028. Additional new FDC drugs with dorzagliatin will be developed for T2D patients, tailored specifically to address T2D patients with associated complications such as obesity and diabetes kidney disease.- To further leverage the unique advantage of dorzagliatin in restoring GLP-1 secretion in patients with diabetes and obesity, Hua Medicine initiated its Phase I study in the United States with our 2nd generation GKA. The trial has been proceeding smoothly and has already completed dose escalation in three cohorts of T2D patients in the United States. The topline data is expected to be available in the fourth quarter of 2024, supporting future drug development.- At the American Diabetes Association (ADA) Annual Meeting 2024, Hua Medicine reported new scientific data supporting the combination of dorzagliatin with a SGLT-2 inhibitor which led to improvement in glycaemic control. Combination of dorzagliatin with chronic kidney disease (CKD) medicine, such as SGLT-2 inhibitor, empagliflozin, in mid to late stage diabetes kidney disease patients, offers new opportunity to expand dorzagliatin’s indication.- We are exploring more drug repurposing opportunities for dorzagliatin using MR framework, such as renal diseases, neuropathy related diseases, eye related diseases, cognitive disorders, and cancers. Animal studies shall be further performed to validate the promising findings.- We are continuing to optimize our protein allosteric modulation technology (PAMT) and expansion from positive allosteric modulator (PAM), such as GK positive allosteric modulator dorzagliatin, to negative allosteric modulator (NAM) in kinase and G-protein-coupled receptors (GPCR) proteins. The GK NAM program advanced to the pre-clinical candidate (PCC) selection stage and final optimization of the PCC to clinical candidate for congenital hyperinsulinism (CHI), and potentially for dyslipidaemia. We continue to advance mGLUR5 NAM program for its clinical potential in Parkinson’s disease (PDLID), Fragile X syndrome (FXS), and drug addiction.Financial highlightsAs of June 30, 2024,- Bank balances and cash position was approximately RMB1,338.8 million.- Total revenue generated by the Company was approximately RMB102.7 million, reflecting sales of approximately 846,000 packs of HuaTangNing .- Total other income was approximately RMB55.1 million, of which approximately RMB47.8 million was attributable to the amortization of Bayer milestone income.- Total expenditures was approximately RMB245.9 million, of which approximately RMB119.8 million was attributable to research and development expenses.Forward-looking StatementThis article contains the statements regarding the future expectations, plans and prospects for Hua Medicine and the investigational product. The forward-looking statements made in this article relate only to the events or information as of the date on which the statements are made in this article. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this article completely and with the understanding that our actual future results or performance may be materially different from what we expect as a result of various risks, uncertainties, or other legal requirements.About Hua MedicineHua Medicine is an innovative drug development and commercialization company based in Shanghai, China, with companies in the United States and Hong Kong. Hua Medicine focuses on developing novel therapies for patients with unmet medical needs worldwide. Based on global resources, Hua Medicine teams up with global high-calibre people to develop breakthrough technologies and products, which contribute to innovation in diabetes care. Hua Medicine's cornerstone product HuaTangNing (dorzagliatin tablets), targets the glucose sensor glucokinase, restores glucose sensitivity in T2D patients, and stabilizes imbalances in blood glucose levels in patients. HuaTangNing was approved by the National Medical Products Administration (NMPA) of China on September 30th, 2022. It can be used alone or in combination with metformin on hydrochloride-tolerated T2D patients. For patients with chronic kidney disease (CKD), no dose adjustment is required. It is an oral hypoglycemic drug that can be used for patients with Type 2 diabetes with varying degrees of renal function impairment (including end-stage renal impairment without dialysis). Hua Medicine partnered with Bayer, a leading global pharmaceutical company, to commercialize HuaTangNing  in China, benefiting diabetic patients and their families.For more informationHua MedicineWebsite:  www.huamedicine.comInvestorsE-mail: ir@huamedicine.comMediaE-mail: pr@huamedicine.comDisclaimerFor the accuracy and completeness of the context, references to information related to products launched in China, especially label or requirements, should follow the relevant documents approved by the Chinese regulatory authorities.The above information should not be interpreted as a recommendation or promotion of any drug or treatment regimen, nor should it substitute for the medical advice of any healthcare professional. Please consult a healthcare professional for any matters related to medical treatment. Copyright 2024 ACN Newswire via SeaPRwire.com.