Akeso, Inc. provided consolidated earnings guidance for the year ended December 31, 2023. for the year, it is expected that the Company will record a profit of not less than RMB 1.85 billion during the Reporting Period, as compared to the loss of approximately RMB 1.42 billion for the corresponding period in 2022. This is the first time for the Company to achieve annual profits.

The turnaround from loss to profit of the Company during the Reporting Period was mainly attributable to: . In respect of bispecific antibody ® (ivonescimab, PD-1/VEGF) independently developed by the Company, the Company has entered into the collaborative and licensing agreement with Summit Therapeutics Inc. The Company has received the total upfront payment equivalent to USD 500 million in full during the first quarter of 2023. Part of such upfront payment was recognized as licensing fee income which significantly contributed to the revenue of the Company for the Reporting Period, and amounted to approximately RMB 2.9 billion.

The revenue recognition of the remaining portion of the upfront payment will be recognized as revenue in batches. In respect of the Company's innovative product ® (cadonilimab, PD-1/CTLA-4), it has recorded a significant increase in the number of patients and steady growth in product sales in 2023, which reflects the excellent clinical value of cadonilimab and contributes to the main growth in the Company's product sales revenue during the Reporting Period. The Company has continued to implement its cost management initiatives in a scientific and efficient way and has achieved better results in cost control while accelerating innovative products development and pipelines advancement.