HK Stock Market Move | FUDANZHANGJIANG (01349) fell more than 5% in the morning session. The annual net profit attributable to the parent company was RMB 39.7339 million, a decrease of 63.42% year-on-year.

FUDANZHANGJIANG (01349) fell more than 5% in the morning, down 5.09% to HK$2.61 as of press time, with a turnover of HK$6.0994 million. On the news front, on February 27, FUDANZHANGJIANG released its 2024 annual results report, with operating income of 709 million yuan, a year-on-year decrease of 16.61%; net profit attributable to shareholders of the listed company was 39.7339 million yuan, a year-on-year decrease of 63.42%; and basic earnings per share was 0.04 yuan. During the reporting period, the group's production and operations were normal, and there were no changes in the main listed drug sales. During the transition period after the termination of cooperation with the promotional services provider, sales of one of the main products, Ribavirin, declined, resulting in a certain decrease in the group's annual operating income compared to the same period last year. During the reporting period, the group actively promoted the progress of research and development projects. Among them, the FDA018 antibody drug conjugate (i.e., anti-Trop2 antibody conjugated SN38) project entered phase III clinical trials, with over forty clinical trial centers initiated during the reporting period, and the first subject was enrolled in August 2024. The FZ-AD005 antibody drug conjugate (i.e., anti-DLL3 antibody conjugated BB05) project entered phase I clinical trials, with the first subject enrolled in July 2024. Other ongoing projects of the group are also progressing smoothly. In addition, the group's wholly-owned subsidiary, Taizhou Fudan Zhangjiang Pharmaceutical Co., Ltd., officially launched a new ADC production base during the reporting period, and successfully scaled up production processes for two ADC projects, preparing multiple batches of samples. As a result, research and development expenses during the reporting period (including clinical, research materials, and outsourced research expenses) increased significantly compared to the same period last year.