Cathay Haitong Securities Co., Ltd.’s 2025 semi-annual tracking report of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd.

Cathay Haitong Securities Co., Ltd.

About Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd.

2025 Semi-annual Tracking Report

Name of the sponsoring institution: Cathay Haitong Securities Co., Ltd. Abbreviation of the sponsored company: Zhixiang Jintai

Names of sponsor representatives: Wang Yongjie, Liu Dan Sponsored company code: 688443

Important reminder

The company is an innovation-driven biopharmaceutical company whose products include monoclonal antibody drugs and bispecific antibody drugs in the treatment of autoimmune diseases, infectious diseases, and tumors. In August 2024, the company's independently developed innovative drug celikamab injection (trade name: Jinlixi®) was approved for marketing by the State Food and Drug Administration. It is the first domestically produced fully human anti-IL-17A monoclonal antibody drug approved for marketing. In January 2025, Selizumab Injection was approved for marketing for the indication of ankylosing spondylitis (radiologically positive axial spondyloarthritis) in adults with poor efficacy in conventional treatments, further expanding the market application potential of this product. In the first half of 2025, the company achieved product sales revenue of 45.3758 million yuan.

As of June 30, 2025, the company has not yet made a profit and has accumulated unrecovered losses. This is mainly because the research and development, production, and commercialization of new drugs are processes with large investments, long cycles, and high risks. The company continues to invest in early drug discovery, preclinical research, clinical research, process development, production, commercial promotion, etc., and operating income cannot yet cover research and development expenses and other expenses.

In the first half of 2025, the company maintained high R&D investment, with R&D expenses of 219.3524 million yuan, and the cumulative R&D expenses in the past three full fiscal years reached 1.6846829 million yuan. As many of the company's products enter the clinical research stage and core products enter the critical registration clinical stage, the company will continue to maintain a high level of R&D investment in ongoing projects.

In the first half of 2025, the company's research and development of various projects has been rapidly advanced and the first overseas authorized cooperation has been successfully reached. The construction of talent echelon has been continuously improved, commercial expansion has been steadily implemented, cash reserves are in good condition, and the core management and R&D teams are stable. As of the disclosure date of this report, the company has 14 products, of which 2 indications of celikamab injection have been approved for marketing, the NDA of slevumab injection and GR2001 injection has been accepted, and 5 indications of GR1802 injection are in phase III clinical trials. As more products under development are gradually commercialized and products already on the market expand into more indications, the company's financial condition and ability to continue operating will further improve. In the first half of 2025, there were no major adverse changes in the company's main business and core competitiveness.

With the approval of the China Securities Regulatory Commission’s “Reply on Approving the Registration of the Initial Public Offering of Stocks of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd.” (CSRC License [2023] No. 725), Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. (hereinafter referred to as the “listed company”, “Company” or “Issuer”) initially issued shares of 9,168.00 million shares, with a par value of RMB 1 per share, an issuance price of RMB 37.88 per share, and a total amount of funds raised of RMB 3,472,838,400. After deducting issuance expenses, the actual net amount of funds raised was RMB 3,291,401,400. The securities issued this time were listed on the Shanghai Stock Exchange on June 20, 2023. Cathay Haitong Securities Co., Ltd. (hereinafter referred to as the "Sponsor" or "Cathay Haitong") serves as its continuous supervision sponsor, and the continuous supervision period is from June 20, 2023 to December 31, 2026.

From January 1, 2025 to June 30, 2025 During the continuous supervision period (hereinafter referred to as the "continuous supervision period"), the sponsor institution and the sponsor representative conducted continuous supervision through daily communication, regular return visits, on-site inspections, due diligence and other methods in accordance with the "Measures for the Administration of Sponsorship Business for Securities Issuance and Listing" (hereinafter referred to as the "Sponsoring Measures"), the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" (hereinafter referred to as the "Listing Rules") and other relevant regulations. The report on the continuous supervision situation in the first half of 2025 is as follows:

1. The continuous supervision work of sponsors in the first half of 2025

Project work content

1. Establish, improve and effectively implement the continuous supervision work system. The sponsor has established, improve and effectively implement the continuous supervision work system, determine the content and operation system of continuous supervision based on the specific situation of the company, determine the focus of continuous supervision based on the specific situation of the company, supervise the company to perform the standardized operations, content and key points of listed companies, supervise the company to fulfill obligations such as listed companies' compliance with commitments and information disclosure, and review information disclosure documents operations, keeping commitments and information disclosure, review information documents and disclosure documents submitted to the China Securities Regulatory Commission, stock exchanges or other institutions, and undertake other documents submitted by relevant holding institutions as required by the Sponsoring Measures, and undertake continuing supervision work as required by the Sponsoring Measures. Relevant ongoing supervision work.

2. According to the listing rules, the sponsor has signed a sponsorship agreement with the listed company for the continuous supervision period, and signed a continuous supervision agreement with the company regarding the rights and obligations between the agreements. The rights and obligations of both parties during the ongoing supervision period are clarified.

3. Assist and urge listed companies to establish corresponding internal systems. The sponsor has assisted and urged listed companies to establish corresponding decision-making procedures and internal control mechanisms to comply with laws and regulations and listing internal systems, decision-making procedures and internal control mechanisms to comply with laws.

Project work content

requirements of the rules, and ensure that the listed company and its controlling shareholders, directors, supervisors and senior management and technical personnel are aware of their various obligations under the listing rules. Managers and core technical personnel are aware of their obligations under the listing rules

various obligations.

4. Continue to urge listed companies to fully disclose the prices made by investors. Sponsors have continued to urge listed companies to fully disclose the information necessary for investment value judgments and investment decisions, and ensure that informants make the information necessary for value judgments and investment decisions, and disclose true, accurate, complete, timely and fair information. Ensure that information disclosure is true, accurate, complete, timely and fair.

5. Provide necessary guidance and assistance to listed companies in preparing information disclosure announcement documents. The sponsor has provided necessary guidance and assistance to listed companies in preparing information disclosure announcement documents, ensuring that their information disclosure content is concise and easy to document, and ensuring that their information disclosure content is understandable, the language is plain, plain, and understandable. The content is concise and easy to understand, the language is plain and understandable.

6. Supervise the controlling shareholders and actual controllers of listed companies to fulfill their information disclosure obligations. The sponsor has urged the controlling shareholders and actual controllers of listed companies to fulfill their information disclosure obligations, informing and urging them not to require or assist others to perform information disclosure obligations, and informing and urging them not to request or assist listed companies in concealing important information. Or assist listed companies to conceal important information.

7. Listed companies or their controlling shareholders and actual controllers make

If they make a commitment, the sponsor institution and sponsor representative shall urge them to

The specific content of the commitment, the method and time of performance, and the performance of the contract

Capacity analysis, performance risks and countermeasures, rescue when failure to perform

During this period of continuous supervision, listed companies, controlling shareholders, actual economic measures, etc. will fully disclose information.

There is no failure by the controller to fulfill its commitments.

Sponsor institutions and sponsor representatives shall

Listed companies or their controlling shareholders and actual controllers have disclosed matters committed to them and will continue to follow up on the progress of relevant entities in fulfilling their commitments.

The specific content of the matter, the method and time of performance, and the development of performance capabilities are urged to urge relevant entities to fulfill their commitments in a timely and full manner.

Analysis, performance risks and countermeasures, and relief measures when the contract cannot be performed Disclosure and performance by listed companies or their controlling shareholders and actual controllers

Make full disclosure of information on implementation and other aspects.

Implementing or changing commitments does not comply with laws, regulations, listing

Rules and other provisions of the Shanghai Stock Exchange, the sponsor

The agency and sponsor representatives shall promptly provide supervision opinions and supervise

Prompt relevant entities to make corrections.

8. Supervise listed companies to actively return investors and establish and improve a cash dividend and share repurchase system that is in line with the company's development stage. Dividend and share buyback system.

9. Continue to pay attention to the operations of listed companies, and have a full understanding of the listed companies and their sponsors; through daily communication, regular return visits, the company and its business; through daily communication, regular review of information, attendance at shareholder meetings, etc., pay attention to the daily operations and stock transactions of listed companies, and effectively identify and supervise the daily operations and stock transactions of listed companies. This committee continues to supervise the disclosure of major risks or major negative events by listed companies. During the verification period, there are no major listed companies that should be disclosed but have not been disclosed. Whether the disclosure of major risks of listed companies is true, accurate and complete. risks or major negative events.

10. Focus on whether listed companies have the following matters:

(1) There is suspicion of major financial fraud;

(2) Controlling shareholder, actual controller, director, supervisor or

A senior executive of the company was suspected of misappropriating the interests of the listed company; during this period of continuous supervision, no such matters occurred in the listed company.

(3) There may be major violations of guarantee;

(4) There are major abnormalities in capital transactions or cash flows;

(5) The Shanghai Stock Exchange or the sponsoring institution believes that on-site

Project work content

Other matters to be verified.

If the above situation occurs, the sponsor institution and its sponsor representative shall conduct a special on-site inspection as required within 15 days from the date they know or should know it, and disclose the on-site inspection report within 15 trading days after the on-site inspection is completed.

11. Pay attention to serious and abnormal fluctuations in stock trading of listed companies,

During this period of continuous supervision, the listed company and relevant entities did not urge the listed company to promptly perform information disclosure in accordance with the listing rules.

such matters. Obligation to reveal.

12. If the following circumstances occur in the daily operations of a listed company, the sponsor institution and sponsor representative shall express opinions and disclose the impact of relevant matters on the company's operations and whether there are other undisclosed major risks:

(1) The main business stagnates or a major risk event occurs that may cause the main business to stagnate;

(2) Assets are seized, detained or frozen;

During this period of continuous supervision, listed companies and related entities did not appear

(3) Failure to pay off due debts;

such matters.

(4) The controlling shareholders, actual controllers, directors, senior managers, and core technical personnel are suspected of committing crimes and are subject to compulsory measures by judicial authorities;

(5) Involving related transactions, providing guarantees for others and other major matters;

(6) Other circumstances when the exchange or sponsor deems it appropriate to express an opinion.

13. If the listed company’s business and technology encounter the following circumstances, the sponsor institution and sponsor representative shall express opinions and disclose the impact of relevant matters on the company’s core competitiveness and daily operations, as well as whether there are other undisclosed major risks:

(1) There are major adverse changes in the supply of main raw materials or product sales;

(2) Core technical personnel resigned; During this period of continuous supervision, listed companies and related entities did not appear

(3) Core intellectual property rights, franchise rights or core technologies and other matters. The technical license is lost, cannot be renewed or major disputes arise;

(4) Failure in research and development of major products;

(5) The core competitiveness loses its competitive advantage or a competitor with obvious advantages appears in the market;

(6) Other circumstances when the exchange or sponsor deems it appropriate to express an opinion.

14. If the controlling shareholder, actual controller and persons acting in concert encounter the following circumstances, the sponsor institution and sponsor representative shall

During this period of continuous supervision, the listed company and relevant entities did not have any relevant issues that would affect the stability of the listed company’s control and daily operations.

such matters. express opinions and disclose:

Project work content

(1) The shares of listed companies held by the company are judicially frozen;

(2) The proportion of pledged shares of listed companies exceeds the shares held

80% or forced liquidation;

(3) The Shanghai Stock Exchange or the sponsoring institution deems it necessary to issue an opinion

other situations.

15. Supervise the controlling shareholders, actual controllers, directors, supervisors, and sponsors to fulfill their commitments to reduce their shareholdings, pay attention to whether the aforementioned entities are reducing their shareholdings in the company, and continue to pay attention to whether the aforementioned entities' shareholding reductions are fair and compliant, and the impact on listed companies. Whether the company's shares are in compliance with regulations, the impact on listed companies, etc.

16. Continue to pay attention to listed companies’ establishment of special account storage of raised funds. Sponsors have continued to pay attention to listed companies’ special account storage of raised funds, fundraising systems and implementation, use of raised funds, use of investment project funds, and implementation of investment projects. They have continued to pay attention to the storage and use of raised funds, and have supervised the company’s implementation of special accounts for raised funds and conducted on-site inspections. Account deposit system and raised funds supervision agreement.

In the first half of 2025, the specific details of the verification opinions issued by the sponsor are as follows:

On April 26, 2025, the sponsor issued the "Verification Opinions of Cathay Haitong Securities Co., Ltd. on the new sub-projects of some of the investment projects of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd.";

On April 26, 2025, the sponsor issued the "Verification Opinions of Cathay Haitong Securities Co., Ltd. on Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd.'s use of part of idle raised funds to temporarily supplement working capital";

On April 26, 2025, the sponsor issued the "Verification Opinions of Cathay Haitong Securities Co., Ltd. on the Estimated Daily Related Transactions of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. in 2025";

17. Verification opinions issued by the sponsor. On April 26, 2025, the sponsor published the "Annual Tracking Report on the Continuous Supervision of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. in 2024 by Cathay Haitong Securities Co., Ltd.";

On April 26, 2025, the sponsor issued the "Verification Opinions of Cathay Haitong Securities Co., Ltd. on Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd.'s deposit of temporarily idle raised funds in time deposits and other forms";

On April 26, 2025, the sponsor issued the "Special Verification Opinions of Cathay Haitong Securities Co., Ltd. on the Storage and Use of Funds Raised by Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. in 2024";

On June 13, 2025, the sponsor issued "Cathay Haitong Securities Co., Ltd.'s strategic placement restrictions on the initial public offering of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd."

Project work content

Verification Opinions on the Listing and Circulation of Stocks".

18. Problems discovered by the sponsor and their rectification status (if any) None

2. Problems discovered by sponsor institutions and sponsor representatives and their rectification status

Based on the continuous supervision work carried out by the aforementioned sponsor, during this continuous supervision period, the sponsor and the sponsor representative found no major problems in the company.

3. Major risk matters

(1) Risks of not yet making profits

As a typical technology-intensive industry, the biopharmaceutical industry has the distinctive characteristics of "three highs and one long": high capital investment, high technological barriers, high R&D risks, and long return cycles. From early drug discovery to clinical development to industrial implementation and commercialization, biopharmaceutical companies usually need years of continuous investment to achieve profitability.

Currently, the company is in a critical R&D investment period. In order to maintain the leading edge of the company's products under development and the richness of its product pipeline, the company's R&D expenses are expected to remain at a high level. In addition, the company's commercial promotion is still in the pioneering stage. If the commercialization results are not as good as expected, it will further bring uncertainty to profitability. Therefore, there is a risk that the company's losses will continue and its accumulated unrecovered losses will expand.

(2) Risk of significant decline in performance or loss

During this period of continuous supervision, the company has not yet made a profit and has accumulated losses. This is mainly because most of the company's products are still in the new drug research and development stage and the research and development expenditures are relatively large. At the same time, two indications of the company's first commercialized variety, celikazumab, have been approved for marketing, and sales revenue cannot yet cover costs and expenses. During this period of continuous supervision, the company's main business and core competitiveness have not undergone major adverse changes, and the company has no major risks in its ability to continue operating.

(3) Core competitiveness risks

1. The risk that the company’s products under development cannot be approved for registration and listing.

Since drug research and development has a long cycle, during the research and development process, with the continuous changes in drug approval and registration policies, the continuous improvement of review standards, and the continuous emergence of new products of the same type, the company's drugs under development may not pass review and approval as expected or even fail to pass review and approval during the marketing application stage due to various reasons, thus affecting the progress and expectations of the commercialization of the company's drugs under development, and causing adverse consequences to the company's business.

2. The risk that the clinical trial progress and results of the company’s products under development are not as good as expected

The completion of clinical trials depends on the progress of relevant matters at each stage such as the selection of research centers, ethical review, review of genetic resources, launch of research centers, recruitment of subjects, implementation of clinical plans, statistical analysis, communication with regulatory agencies, etc. Any policy changes, adjustments to clinical plans, adjustments to clinical cooperation institutions, etc. may have an adverse impact on the scheduled completion of clinical trials of the company's products under development.

The company's multiple products under development are in different stages of clinical trials. If the clinical trial results are not as good as expected and the progress of clinical trials is not as good as expected, it may lead to the risk of slowdown in the progress of the company's drug research and development projects or even failure of research and development.

3. Risk of loss of core technical personnel

Innovation capability is the core competitiveness of a company's survival and development. The company currently relies heavily on the R&D capabilities and technical level of core technical personnel, and competes with other pharmaceutical companies for scientific research and technical talents. In order to attract and stabilize the talent team, the company may need to provide higher salaries and other benefits, which may have a certain adverse impact on the company's short-term financial status and operating results. In addition, the loss of core technical personnel may have an adverse impact on the company's R&D and commercialization goals, which may have an adverse impact on the company's production operations and business strategies.

(4) Business risks

1. Market competition risks

In recent years, new products have continued to emerge in the field of life sciences. Product iteration has promoted the advancement of the pharmaceutical industry and has also brought competitive pressure to pharmaceutical companies. The company focuses on the treatment of autoimmune diseases, infectious diseases and tumors. If innovative drugs with more competitive advantages are produced in the company's drug treatment field, the company's products may face the risk of being eliminated by the market and losing commercial value, thus adversely affecting the company's continued profitability.

2. Risks of drug price policy adjustment

In recent years, affected by policies or measures such as the national medical insurance price negotiation and the volume-based procurement system, the terminal bidding and procurement prices of some drugs have gradually declined, and competition among companies has become increasingly fierce. The company's future marketed drugs may face the risk of drug price reductions, thus posing a certain potential impact on the company's future product revenue.

3. Raw material supply and R&D technical service risks

The company's business operations require certain R&D technical services and raw material supply. If the prices of R&D technical services or raw materials increase significantly, the company's profitability may be adversely affected. At the same time, the company's suppliers may reduce or terminate their supply of R&D services and raw materials to the company due to business or other factors, and the company may be adversely affected as a result. In addition, some of the company's production raw materials and equipment consumables are directly or indirectly imported. If there are major changes in the pattern of international trade, it may have a certain impact on production and operations.

(5) Financial risks

In the early days of the company, in order to carry out research and development activities and industrial construction, a land use right and the buildings and equipment on the land were used as mortgage guarantee for the company's bank loans. If the company is unable to repay the loan and other risk events occur, the mortgagee may exercise its mortgage rights, which will have an adverse impact on the company's normal production, operation and construction.

(6) Industry risks

The research and development of innovative drugs is driven by both the capital cycle and the policy cycle. In recent years, overheating of capital has given rise to homogeneous competition, resulting in repeated investment in R&D resources and pressure on the price system in the commercialization stage. Medical insurance fee control policies continue to compress payment space, and the pricing power of innovative drugs has been weakened. The industry may face the risk of stalling growth.

(7) Macro-environmental risks

The pharmaceutical industry is a highly regulated industry. Its regulatory authorities include national and local drug regulatory authorities and health departments at all levels. They formulate relevant policies and regulations within their respective jurisdictions to supervise the entire industry. With the continuous deepening of China's medical and health system reform and the gradual improvement of the social medical security system, the policy environment of China's medical and health market may face major changes. If the company cannot adjust its business strategy in a timely manner to adapt to changes in market rules and regulatory policies brought about by the reform of the medical and health care system, it may face systemic risks such as restricted market access, unexpected product price reductions, and channel restructuring, which will have an adverse impact on the company's operations.

4. Major violations

In the first half of 2025, the company had no major violations.

5. Reasons and rationality of changes in major financial indicators

In the first half of 2025, the company's main financial data are as follows:

Unit: Yuan Currency: RMB This Continuous Supervision Period This Continuous Supervision Period

Main accounting data The same period last year Increased compared with the same period last year (January-June)

Less (%) operating income 45,391,789.33 12,660.54 Not applicable Total profit -289,288,443.59 -361,933,163.38 Not applicable Net profit attributable to shareholders of listed companies -289,288,443.59 -361,933,163.38 Not applicable to extraordinary deductions attributable to shareholders of listed companies

-316,648,624.11 -363,591,430.92 Net profit from non-applicability gains and losses

Net cash flow generated from operating activities -116,061,366.85 -264,351,596.91 Not applicable The end of this continuous supervision period The end of this continuous supervision period The end of the previous year Compared with the end of the previous year

Increase/decrease (%) Net assets attributable to shareholders of listed companies 1,831,131,253.63 2,126,042,787.54 -13.87 Total assets 3,117,246,789.28 3,145,716,912.53 -0.91

In the first half of 2025, the company's main financial indicators are as follows:

This ongoing supervision period is longer than this ongoing supervision period

Main financial indicators for the same period last year Increase or decrease for the same period last year (January to June)

(%)

Basic earnings per share (yuan/share) -0.79 -0.99 Not applicable Diluted earnings per share (yuan/share) -0.79 -0.99 Not applicable Basic earnings per share after deducting non-recurring gains and losses

-0.87 -0.99 N/A benefit (yuan/share)

Weighted average return on equity (%) decreased by 1.11 percentage points -14.62 -13.51

The weighted average net decrease after deducting non-recurring gains and losses was 2.44 percentage points.

-16.01 -13.57

Return on assets (%) Proportion of point R&D investment in operating income (%) 483.24 Not applicable Not applicable

1. During this period of continuous supervision, the company’s operating income increased by 45.3791 million yuan compared with the same period last year.

growth of 358,429.65%, mainly due to the company’s first commercial product celikamab injection (Jinlixi®) in

It will be approved for listing in August 2024 and achieve commercial product sales revenue. In the same period last year, it only provided leasing products to external parties.

A small amount of operating income was generated from leasing. Affected by this, operating income changed significantly year-on-year, and the change ratio did not have any influence.

Examination;

2. The net profit attributable to shareholders of listed companies during this period of continuous supervision narrowed compared with the loss in the same period last year, mainly due to the growth of the company's operating income during this period of continuous supervision, the expiration of the service period of the company's equity incentive plan in 2022, and the absence of share-based payment expenses during this period of continuous supervision;

3. The net cash outflow generated from operating activities during this period of continuous supervision decreased compared with the same period of the previous year. This was mainly due to the company's receipt of payment from the commercial sales of Selizumab Injection (Genlixi®) after its approval for listing, and the receipt of the contract down payment for the GR1803 Injection Licensing and Commercialization Agreement;

4. During this continuous supervision period, basic earnings per share and diluted earnings per share increased compared with the same period last year, mainly due to the narrowing of the company's net profit loss.

6. Changes in core competitiveness

In the first half of 2025, there were no major adverse changes in the company's core competitiveness.

1. Mature technology platform and professional R&D system

Since its establishment, the company has always focused on the research and development of antibody drugs and the construction of antibody drug technology platforms. It has established a monoclonal antibody drug discovery technology platform and a bispecific antibody drug discovery technology platform based on a new phage presentation system. The technology is advanced and very mature. A number of innovative monoclonal antibody drugs and bispecific antibody drugs developed by the company based on the aforementioned technology platform have entered the clinical research stage. The company continues to track various data feedback in the clinical development stage of drugs, and uses this as a basis to strengthen its own research and development capabilities in a targeted manner. The company uses new phage presentation technology as the underlying technology for antibody discovery. It has developed single-domain antibody drug discovery technology and new structure recombinant protein drug discovery technology in terms of antibody drug structure expansion. It has developed intracellular antigen antibody drug discovery technology in terms of antibody drug target expansion. The company keeps up with the latest trends in global drug targets, combines unmet clinical needs, gives full play to its technical advantages, dynamically adjusts drug research and development strategies, ensures that the research and development pipeline matches market demand, and promotes the efficient operation of the corporate innovation engine.

2. Continue high-level R&D investment

The pharmaceutical industry is characterized by long R&D cycles, high investment, and high risks. The company knows that continued high R&D investment is the key to promoting technological progress and achieving clinical breakthroughs. In terms of capital investment, the company has continued to maintain a high level of R&D investment. The R&D expenses in the last three complete fiscal years were RMB 454.4943 million, RMB 620.3967 million and RMB 609.7919 million respectively, with the cumulative investment in the three years reaching RMB 1.6846829 million. During this continuous supervision period, the company’s R&D expenses were RMB 219.3524 million. In terms of human resource investment, the company has built a diversified R&D team, bringing together outstanding talents from the fields of molecular biology, pharmacy, clinical medicine and other fields. They have a profound research background in antibody drug molecular discovery, process development and quality research, and clinical trial design. At the same time, the company continues to absorb and optimize the R&D team, and continuously improves the scientific research capabilities and innovative thinking of the R&D team through internal training, external exchanges and other methods. As of the end of this continuous supervision period, the company had 182 R&D personnel, accounting for 22.95%. In terms of management investment, the company has established antibody drug R&D centers in Beijing, Shanghai and Chongqing based on its geographical advantages, established a full-process R&D system for antibody drugs, and improved the full-chain platform from molecular discovery, process development, clinical research to industrial implementation, accelerated the transformation of new drugs from the laboratory to the hospital bed, and ensured the efficient use of R&D investment.

3. Core product research and development progress is ahead of the curve

The company's seliximab (GR1501) was approved for marketing for moderate to severe plaque psoriasis and ankylosing spondylitis indications in August 2024 and January 2025 respectively. It is the first domestically produced recombinant fully human anti-IL-17A monoclonal antibody drug approved for marketing. Slevumab injection (GR1801) is the first domestic company to apply for an NDA for anti-rabies virus G. Protein bispecific antibody drug, GR1802 is the second-tier anti-IL-4Rα monoclonal antibody drug in Phase III clinical trials by domestic companies, and GR2001 is the second domestic company to apply for NDA for a monoclonal antibody drug targeting tetanus toxin. The above products all have huge clinical demand and have broad market space.

In addition to the above products, the company's product under development, GR1603, is the first anti-IFNAR1 monoclonal antibody drug to enter the clinical trial stage by a domestic company, GR1901 is the first clinically approved CD123×CD3 bispecific antibody drug by a domestic company, and GR2002 is the world's first clinically approved TSLP bi-epitope bispecific antibody drug.

4. Project development is fast and efficient

In the early discovery stage, the company's new phage-presented antibody library technology can shorten the discovery cycle of new antibody drug candidate molecules to 6-9 months. It can complete the discovery research of 2-3 innovative products every year and enter the pre-clinical development stage, continuously enriching the company's product development pipeline and providing innovative power for the company's sustainable development. In the process development and quality research stages, a set of rapid and robust process development processes have been formed. Antibody drug research and development is fast and efficient, ensuring the company's continued and efficient output of R&D projects.

5. Forward-looking preparations for industrialization

The company's antibody industrialization base is located in Chongqing International Biocity. The first phase of the antibody industrialization base project was completed in 2019. In August of the same year, it obtained the "Drug Production License" issued by the Chongqing Municipal Food and Drug Administration and initially has commercial production capabilities. The company will start the first phase of the antibody industrialization base project reconstruction and expansion construction in 2022, completing the addition of 20,000L of biological fermentation capacity. As of the disclosure date of this report, the company has a biological fermentation production capacity of 24,400L. In addition, the second phase of the company's antibody industrialization base project is under construction. After the project is completed, it will add 40,000L of biological fermentation production capacity, which can meet the commercialization needs of the company's multiple products under development and further enhance its antibody industrialization capabilities.

The construction of the first phase of the antibody industrialization base project, the first phase of reconstruction and expansion, and the second phase of the project are all carried out in accordance with the standards of Chinese GMP, American cGMP and EU GMP. It not only meets the requirements of Chinese GMP, but can also carry out clinical sample preparation in developed countries in Europe and the United States.

6. The core team has a profound industry background

The actual controller of the company has a profound background in the medical and health industry, and keenly grasps the trends of the development of the times and technological progress. As early as 2014, he began to lay out the antibody drug industry. The company's core team all have good industry backgrounds and rich R&D and management experience. They are always guided by clinical needs and insist on innovation from the source. The company has established a full-chain platform from molecular discovery, technology research and development, clinical research to industrial implementation, actively promotes the construction of industrial bases, and is committed to continuing to provide patients with reliable and affordable biotech drugs to meet the unmet clinical needs of the people.

The company has established a self-operated autoimmune disease product line commercialization team with more than 200 team members. The core management personnel have rich experience in the promotion and commercialization of innovative drugs and drugs in the autoimmune field, and have a deep understanding of the academic promotion of biologics in the autoimmune field in China. The company's commercialization team building will continue to advance steadily to meet the commercial promotion of the company's listed products.

7. Changes in R&D expenditures and R&D progress

(1) Changes in R&D expenditures

From January to June 2025, the company’s R&D expenditures are as follows:

Unit: Yuan

During this continuous supervision period, the same period last year. Change range (%) Expensed R&D investment 219,352,417.47 283,552,567.60 -22.64Capitalized R&D investment - - -Total R&D investment 219,352,417.47 283,552,567.60 -22.64Total R&D investment accounts for operating income

483.24 Not applicable Not applicable proportion (%)

Proportion of capitalized R&D investment

• • • (%)

(2) Research and development results obtained during this continuous supervision period

1. In January 2025, the new drug marketing application for slevemimab injection (GR1801) was accepted by the National Medical Products Administration;

2. In January 2025, Selizumab Injection (GR1501) was approved for marketing for ankylosing spondylitis indications;

3. In February 2025, the phase III clinical trial of GR1802 injection for chronic spontaneous urticaria indications was launched;

4. In May 2025, the new drug marketing application for GR2001 injection was accepted by the State Food and Drug Administration;

5. In June 2025, the application for clinical trials of GR1803 injection combined with anti-CD38 monoclonal antibody in adult patients with relapsed/refractory multiple myeloma was approved by the National Medical Products Administration;

6. In July 2025, the clinical trial application of slevemimab injection for passive immunity in children and adolescents aged 2 to 18 years old after suspected rabies virus exposure was approved by the National Medical Products Administration, and phase III clinical trials have been launched;

7. In August 2025, the clinical trial applications for GR1802 injection for adult seasonal allergic rhinitis indications and adolescent seasonal allergic rhinitis indications were approved by the National Medical Products Administration, and phase III clinical trials were launched.

List of intellectual property rights obtained during this ongoing supervision period

The cumulative number of new additions during this ongoing supervision period

Number of applications (number) Number of patents obtained Number of applications (number) Number of invention patents obtained 4 5 128 48 Utility model patents 0 0 6 6 Design patents 1 1 2 1 Software copyright - - - - Others - - - -Total 5 6 136 55

8. Is the progress of new business consistent with previous information disclosure (if any)

Not applicable.

9. Is the use of raised funds in compliance with regulations?

As of June 30, 2025, the cumulative use and balance of funds raised by the issuer are as follows:

Unit: RMB

Item Amount

Total raised funds 3,472,838,400.00 Less: Issuance expenses (excluding tax) 181,436,974.46 Net raised funds 3,291,401,425.54 Less: Cumulative amount used 1,330,497,357.07 Among them: Replacement amount of raised funds invested in investment projects with self-raised funds in advance 243,314,716.52

Expenditure amount of raised investment projects 1,087,182,640.55 Less: Use part of the idle raised funds to temporarily supplement working capital 500,000,000.00 Add: Net interest income (deducting handling fees) 91,161,969.71 The balance of unused raised funds as of June 30, 2025 1,552,066,038.18 Actual balance of raised funds as of June 30, 2025 1,552,889,566.00 Among them: balance of raised funds special account as of June 30, 2025 282,889,566.00

As of June 30, 2025, the balance of idle raised funds for cash management is 1,270,000,000.00 Note 1: As of June 30, 2025, the difference between the balance of raised funds and the actual balance of raised funds is RMB 823,527.82, which is the issuance expenses paid by the company with its own funds and has not been replaced with raised funds.

The company's deposit and use of funds raised in the first half of 2025 is in compliance with the "Measures for the Administration of Sponsorship Business for Securities Issuance and Listing", "Supervisory Rules for Funds Raised by Listed Companies" and "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" In accordance with the provisions of laws, regulations and institutional documents such as the "Self-Regulatory Guidelines for Companies Listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operations", the raised funds have been stored in special accounts and used specifically, and relevant information disclosure obligations have been fulfilled in a timely manner. The specific use of raised funds is consistent with the company's disclosed situation. There is no disguised change in the use of raised funds and damage to the interests of shareholders. There is no illegal use of raised funds. The management and use of raised funds does not violate relevant national anti-money laundering laws and regulations.

10. Shareholding, pledge, freeze and reduction of controlling shareholders, actual controllers, directors, supervisors and senior managers

From January to June 2025, there was no increase or decrease in the number of shares held by the company's controlling shareholders, actual controllers, directors, supervisors and senior managers.

As of June 30, 2025, the company's shares held by the company's controlling shareholders, actual controllers, directors, supervisors and senior managers are not pledged or frozen.

11. Whether the listed company has any other matters that should be reported to the China Securities Regulatory Commission and the Shanghai Stock Exchange or should express opinions according to the "Sponsorship Measures" and the relevant rules of the Shanghai Stock Exchange.

After verification, as of the date of issuance of this continuous supervision and follow-up report, the listed company has no other matters that should be reported to the China Securities Regulatory Commission and the Shanghai Stock Exchange or should express opinions in accordance with the "Sponsorship Measures" and the relevant rules of the Shanghai Stock Exchange.

12. Other instructions

This report does not constitute any investment advice for listed companies. The sponsor reminds investors to carefully read the audit reports, annual reports and other information disclosure documents of listed companies.

(No text below)

(This page has no text, but is the signature and seal page of "Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd.'s 2025 Semi-annual Tracking Report of Cathay Haitong Securities Co., Ltd.")

Signature of sponsor representative:

Wang Yongjie Liu Dan

Cathay Haitong Securities Co., Ltd.

year month day