HONG KONG and DALIAN, China, Aug. 26, 2026 /PRNewswire/ — On 26 August 2026, Neutech Group Limited (Stock Code: 9616.HK) released its interim results. For the first half of 2026, the Group firmly implemented its core strategy of “education-healthcare-wellness”, continued to deepen business deployment, and delivered steady improvement in overall performance. During the Reporting Period, the Group recorded revenue of approximately RMB961.1 million, representing a 1.7% increase compared with the same period last year. Net profit attributable to owners of the Company was approximately RMB209.7million, up 2.8% year‑on‑year.

Notable Achievements in Education Business Mark New Development Heights

The education business serves as the core cornerstone of the Group and underpins its fundamental performance base. In the first half of 2026, each segment within the Group’s education business delivered strong results. The three IT application‑oriented undergraduate universities under the Group achieved steady improvement in teaching quality, with admissions exceeding expectations. As at 30 June 2026, the total number of student enrollment in our three universities combined reached approximately 59,000, representing a year‑on‑year increase of 2% compared with the same period in 2025.

During the Reporting Period, the Group’s three universities received multiple honors. In the 2026 Shanghai Ranking’s China Ranking of Private Colleges (Main List) (中國民辦高校排名（主榜）), Dalian College ranked 5th among private universities nationwide and 2nd among national private universities focused on science and technology. Its course General Artificial Intelligence III (《人工智能通識III》) was selected as a Typical Case for General Artificial Intelligence Courses(人工智能通識課程典型案例), an initiative organized by the Information‑based Teaching Steering Committee for Vocational Colleges under the Ministry of Education (教育部職業院校信息化教學指導委員會). In the 2026 Shanghai Ranking’s China Ranking of Private Colleges (中國民辦高校排名), Chengdu University took the 1st spot among science and technology focused private universities in Sichuan Province. The university was also approved as a pilot institution for Systematic Competency Development in Computer‑related Majors(計算機類專業系統能力培養) by the Computer‑related Majors Teaching Steering Committee of Higher Education Institutions under the Ministry of Education (教育部高等學校計算機類專業教學指導委員會). Guangdong University won the Grand Prize for Teaching Cases at the 2026 National University Software Engineering Education Conference (2026全國高校軟件工程教育大會). In addition, the three universities posted impressive admission results for the 2026/2027 school year. In Dalian University, the enrollment plan was fully completed in one go, and the highest admission score of physics stream is 125 scores higher than the university cut-off scores of Liaoning Province; in Chengdu University, the undergraduate enrollment plan completion rate reached 100%, and the highest admission score of physics stream is 83 scores higher than the university cut-off scores of Sichuan Province; in Guangdong University, the first-choice admission rate reached 100%, and the highest admission score of physics stream is 79 scores higher than the university cut-off scores of Guangdong Province.

In terms of education resource, in the first half of 2026, the Group continued to advance the implementation of AI education and technology, actively exploring how AI can empower discipline teaching reform and innovation in talent cultivation models. During the Reporting Period, the smart education platform underwent a comprehensive AI‑driven upgrade, adding practical tools for AI model optimization and evaluation, and launching a new smart teaching APP. Concurrently, the Group developed the “Smart Agriculture Practical Training Lab” and the “MES Flexible Intelligent Manufacturing Practical Training Lab”, while also upgrading the Intelligent and Connected Vehicle-to-Everything (V2X) Practical Training Lab, the Information Technology Innovation Practical Training Lab, the Embodied Intelligent Training Lab, and the Artificial Intelligence Innovation Application Training Lab.

As of 30 June, 2026, the Group’s education resource business cooperated with 49 institutions in joint establishment of academic majors and industrial colleges, covering nearly 15,600 students. Since 2021, the total number of cooperative institutions has reached 662. Notably, during the Reporting Period, the Group was successfully selected as a member of the China-Central Asia Industry-Education Integration Alliance, demonstrating its strong comprehensive strength and brand influence.

During the reporting period, the continuing education business has established a training product and curriculum system covering four major categories: IT, management, education, and examination and certification, providing comprehensive training services to government agencies, enterprises, and educational institutions. To date, it has served a cumulative total of over 300 institutional clients, with long-term clients having cooperation periods exceeding three years accounting for 31% of the total. In addition, the Group has obtained 93 training base qualifications, of which 30 are at the national level.

Accelerating Deployment of Elderly Care Technology and Services, with Business Footprint Continuing to Broaden

As a key growth driver of the Group, elderly care technology and services also represent the Group’s second growth curve. To date, the Group’s citywide smart wellness platforms have been launched and are operational in 10 cities, including Shenyang, Dalian, Guangzhou, and Nanning, covering 30 core elderly care scenarios such as meal assistance, bathing assistance, home-based care, rehabilitation nursing, and residential care. These platforms have cumulatively served over 1 million person‑times, gathered more than 4,000 quality service providers, and offered over 12,000 elderly‑friendly products and services online. In addition, the Group has also established partnerships with cross-sector brands such as FlashEx, DiDi, JD.com, SF Express, CCB, and CMBC, jointly creating new consumption scenarios for elderly care.

The platform model has been expanded to 23 cities, with Shanghai, Liuzhou, and several other cities set to go online soon, and is expected to complete its nationwide deployment in 30 cities by the end of 2026. These moves signify a transition of the Group’s smart wellness service model from “pilot exploration” to a new phase of “scalable replication”.

At Wecare Family Nursing Home (睿康之家頤養院), the occupancy rate remained at 100% throughout the first half of 2026, with elderly residents aged 80 and above accounting for 94% of the total, the majority of whom required semi-disabled or higher-level care. Meanwhile, “Yixin Home” (頤心院) — positioned as a “premium life nursing and elderly care center within a tertiary hospital” with a focus on intensive medical care and hospice medical care — was officially opened and commenced operations in June 2026. During the Reporting Period, Wecare Family Nursing Home launched the “Ruikang Yizhi Experimental Class (睿康頤智實驗班)” for students majoring in “geriatric care and management” from three universities, achieving deep integration within the “education-healthcare-wellness” ecosystem.

In terms of elderly education services, as of the Reporting Period, Neutech Phoenix College has established a network comprising “three university branches and eight wellness tourism campuses”, offering distinctive programmes featuring “AI and artistic creation + health and rehabilitation + mind tour”. During the Reporting Period, the Guangdong Phoenix Academy officially commenced enrolment. Nearly 2,000 elderly participants attended offline paid courses across the three university-based Phoenix Academies. Among them, participants aged below 50 accounted for 26%, those aged between 50 and 70 accounted for 65%, and those who enrolled in three or more elderly education courses accounted for 21%, demonstrating robust growth potential.

Continuously Enhancing Medical Service Quality, with Brand Soft Power Steadily Rising

The medical services business serves as a crucial pillar for the Group’s elderly care technology and services segment, laying a solid foundation for the long-term development of medical and elderly care services. In the first half of 2026, the Group’s Ruikang Cardiovascular Hospital launched a new “Healthy Lifestyle” department, providing lifestyle medicine interventions for sub-health populations, individuals with hypertension, hyperglycemia, and hyperlipidemia, high-risk cardiovascular patients, and post-cardiac surgery patients. During the Reporting Period, Ruikang Cardiovascular Hospital received nearly 30,000 outpatient and emergency visits, and nearly 6,000 inpatient and surgical admissions. Meanwhile, Ruikang Stomatological Hospital became the first in Dalian to introduce the Swedish Nobel X-Guide 3D blue-light dynamic navigation system (瑞典諾貝爾X-Guide3D藍光動態導航). In the first half of 2026, Ruikang Stomatological Hospital received nearly 12,000 outpatient visits. In addition, the Ruixin Rehabilitation Hospital, positioned as a fifth-generation rehabilitation hospital, is expected to be completed in 2027, which will further enhance the Group’s system of medical care, rehabilitation, nursing and elderly care.

In addition, in terms of campus living services, as of the Reporting Period, the three universities housed 150 merchants. The industrial company aims to build an integrated complex of creative, cultural, and service industries, serving as a high-quality campus support services provider within the “education-healthcare-wellness” ecosystem.

In the future, through resource integration and complementary advantages, the Group will deeply promote the synergistic integration of multiple business sectors, creating a new framework for the integrated development of “Education, Healthcare and Wellness”, providing digital and intelligent education, healthcare, and wellness products and services that cover the entire lifecycle. In terms of higher academic education services, we will continue to adhere to “stabilizing scale and consolidating foundations, while enhancing quality and strengthening core competencies” development strategy. Leveraging comprehensive AI-empowered teaching, we will stay committed to a connotative development path of quality enhancement and cultivation improvement, and continuously enhance the education services ability. Meanwhile, we are accelerating the nationwide deployment of citywide smart wellness platforms, systematically building a standardized business system of “one platform, two centers”, striving to cover more cities and becoming a “booster” for the high-quality development of China’s silver economy. Additionally, the Group is advancing from single-disease treatment to full-cycle health management, building a full-chain proactive health management system that includes “early screening and treatment of chronic diseases + personalized lifestyle prescriptions + functional medicine interventions”. Through resource integration and complementary advantages, the Group will deeply promote the synergistic integration of multiple business sectors, creating a new framework for the integrated development of “Education, Healthcare and Wellness”, so as to comprehensively meet the diverse needs of clients.

CONTACT:
WeiLin
weilin@neuedu.com
+852 37953236

SINGAPORE, Aug. 26, 2026 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a global consumer lifestyle company, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

• Total Revenues were $56.8 million, a modest 4% decrease year over year, as the company optimized its product mix through phasing out long-tail products.
• Gross Profit was $37.6 million, compared with $38.8 million in the same quarter last year.
• Gross Margin was 66.1%, compared with 65.9% in the same quarter last year, which remained stable.
• Operating Expenses were $35.5 million, compared with $36.9 million in the same quarter last year.
  • Fulfillment Expenses decreased by 3% year over year to $4.2 million.
  • Selling and Marketing Expenses decreased by 4% year over year to $26.7 million.
  • General and Administrative Expenses decreased by 5% year over year to $4.6 million, of which Research and Development expenses were $2.3 million.
• Net Income reached $1.6 million, compared with $2.0 million in the same quarter last year, marking sustained profitability amidst industry challenges.
• Adjusted EBITDA was $1.9 million, compared with $2.3 million in the same quarter last year.

First Half 2026 Financial Highlights

• Total Revenues were $108.8 million, a 3% increase year over year.
• Gross Profit was $71.4 million, compared with $69.4 million in the same period last year.
• Gross Margin was 65.6% compared with 65.6% in 2025, which remained stable.
• Operating Expenses increased by 1% year over year to $68.2 million.
  • Fulfillment Expenses increased by 1% year over year to $8.3 million.
  • Selling and Marketing Expenses increased by 3% year over year to $51.3 million.
  • General and Administrative Expenses decreased by 10% year over year to $8.8 million, of which Research and Development expenses were $4.6 million.
• Net Income reached $2.7 million, compared with $2.1 million in 2025, showcasing sustainable profitability.
• Adjusted EBITDA was $3.3 million, compared with $3.0 million in the same period last year.

Jian He, Chairman and CEO of LightInTheBox, commented, “In the second quarter, we continued to execute with discipline amid geopolitical disruptions, higher logistics costs and foreign exchange headwinds. Revenue decreased modestly as we deliberately phased out some long-tail products, while gross margin remained stable at 66%. Through disciplined expense management, we remained profitable, generating net income of $1.6 million and Adjusted EBITDA of $1.9 million.”

“Our first-half results provide a clearer indication of the progress we are making. Revenue increased by 3% year over year to $108.8 million, net income grew by approximately 28% to $2.7 million, and Adjusted EBITDA improved by $0.4 million year over year to $3.3 million. This performance demonstrates the increasing resilience and efficiency of our business model.”

“On August 10, 2026, we announced the closing of a private placement financing that raised approximately $5.49 million in gross proceeds. The proceeds will support and accelerate the Company’s strategic transformation to strengthen its competitiveness in the AI era.”

“While the external environment remains uncertain, we are encouraged by the progress achieved during the first half of the year. We are also pleased to have successfully completed our private placement, which supports the execution of our strategic priorities and better positions the Company for the AI era.” Mr. He concluded.

Share Repurchase Program

On March 31, 2025, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to $0.7 million of its ordinary shares in the form of ADSs no later than June 30, 2025. The Company has since extended the share repurchase program through December 31, 2025, then further to June 30, 2026, and then to December 31, 2026, with total repurchase amount up to $3.0 million. As of August 21, 2026, the Company has repurchased 657,305 ADSs with a total aggregate value of approximately $1.5 million.

CFO Transition Update

The Company is pleased to announce the appointment of Ms. Wenyu Liu (Wendy) as Chief Financial Officer, effective on August 21, 2026, succeeding Mr. Suhai Ji, who resigned for personal reasons.

“On behalf of the Company, I would like to extend our special thanks to Suhai for his valuable contribution over his tenure and wish him all the best in his future endeavors.” said Mr. Jian He, Chairman and CEO of LightInTheBox.

Wendy has served as LightInTheBox’s Chief Growth Officer since August 2020. Prior to joining LightInTheBox, Wendy was a co-founder of Ezbuy, a Singapore-based leading cross-border e-commerce platform founded in 2010 and acquired by LightInTheBox in 2018. Ms. Liu concurrently leads its Singapore team as Chief Executive Officer. Ms. Liu has been working in the e-commerce sector since she was in university where she has developed a deep understanding and appreciation for the convenience and savings consumers enjoy from online shopping. Ms. Liu has spearheaded the development of technology to reduce the reliance on heavy upfront investments and improve corporate flexibility to operate anywhere and at any time. Ms. Liu holds a first-class honor degree in Electrical & Electronics Engineering with a minor in Business from the Nanyang Technological University of Singapore and a Master’s Degree in Industrial & Systems Engineering from the National University of Singapore.

Conference Call

The Company will hold an earnings conference call to discuss the results at 8:00 a.m. Eastern Time August 26, 2026 (8:00 p.m. Hong Kong/Singapore Time on the same day).

Preregistration Information 

Participants can register for the conference call by going to https://s1.c-conf.com/diamondpass/10056871-fngk6z.html. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique access PIN, and you will be connected to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through September 2, 2026. The dial-in details are:

US/Canada:                   +1-855-883-1031
Singapore:                     800-101-3223
Hong Kong, China:        800-930-639
Replay PIN:                   10056871

Additionally, a live and archived webcast of the conference call will be available on the Company’s Investor Relations website at https://ir.ador.com.

About LightInTheBox Holding Co., Ltd.

Founded in 2007, LightInTheBox is a global direct-to-consumer (DTC) e-commerce company dedicated to delivering a joyful lifestyle to consumers worldwide. Leveraging AI-driven market insights and agile supply chain systems, it aims to capture consumer preferences and sentiment to offer differentiated products, driving consumer engagement through deep emotional resonance. LightInTheBox also adopts a brand matrix strategy by launching its own apparel brands such as Ador to further strengthen its position as a consumer lifestyle company. Additionally, LightInTheBox offers a comprehensive suite of services to e-commerce companies, including advertising, supply chain management, payment processing, order fulfillment, and shipping and delivery solutions.

For more information, please visit https://ir.ador.com.

Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses a non-GAAP measure, Adjusted EBITDA, as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measure excludes share-based compensation expenses, depreciation and amortization expenses, interest income, interest expenses and income tax benefit / (expense).

The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measure helps identify underlying trends in its business. The Company also believes that the non-GAAP financial measure could provide further information about the Company’s results of operations and enhance the overall understanding of the Company’s past performance and future prospects.

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. The Company’s non-GAAP financial measure does not reflect all items of income and expenses that affect the Company’s operations and does not represent the residual cash flow available for discretionary expenditures. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for the limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements.

LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions; changes in tariffs and trade policies; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Investor Relations
LightInTheBox Holding Co., Ltd.
Email: ir@ador.com    

Serena Huang
Octans Capital Group
Email: litb@octanscap.com

SHANGHAI, Aug. 26, 2026 /PRNewswire/ — Alebund Pharmaceuticals (Jiangsu) Limited (“Alebund” or the “Company”; stock code: 09637.HK), a renal-focused biopharmaceutical company, today announced its unaudited consolidated interim results for the six months ended June 30, 2026 (the “Reporting Period”). During the Reporting Period and up to the date of the interim results announcement, the Company made significant progress on four fronts: clinical development, external collaborations, commercialization in China, and the capital markets.

Highlights of the Reporting Period

Clinical Development

• AP301 — patient enrollment completed in the global Phase III pivotal multi-regional clinical trial; the New Drug Application in China accepted for review by the National Medical Products Administration of China (the “NMPA”). In May 2026, RESPOND-2, the global Phase III pivotal multi-regional clinical trial (the “MRCT”) conducted in the United States and China, completed patient enrollment. On August 7, 2026, subsequent to the Reporting Period, the New Drug Application submitted by the Company for AP301 for the treatment of hyperphosphatemia in chronic kidney disease (“CKD”) patients receiving maintenance dialysis was accepted for review by the NMPA as a Class 1 chemical drug in China.
• AP306 — the global Phase IIb multi-regional clinical trial has been initiated. The trial is co-sponsored by the Company and R1 Therapeutics, Inc. (“R1”), with the Company leading the conduct of the trial in the Chinese Mainland. The trial plans to enroll a total of approximately 168 participants with hyperphosphatemia receiving maintenance hemodialysis, and the first participant was randomized and dosed in July 2026, subsequent to the Reporting Period, as announced by the Company. The trial is expected to be completed in the second quarter of 2027, and the Company will announce topline results in due course.
• AP303 — the data from three completed Phase I/Ib clinical trials have been published in Kidney International Reports in August 2026, demonstrating that AP303 was safe and well tolerated; the expected dose-related hemodynamic effects were observed in healthy participants and patients with diabetic kidney disease (DKD).
• AP308 — preclinical results published in May 2026 in Kidney International. In humanized IgA (immunoglobulin A) nephropathy mouse models, AP308 reduced circulating human IgA1 by approximately 90% after a single dose, and eight weeks of treatment achieved near-complete clearance of glomerular IgA deposits with significant improvement in renal pathology and no treatment-related adverse effects; in a separate paired design, a single dose completely cleared established glomerular IgA and complement C3 deposits.

External Collaborations

• Licensing and equity agreements in respect of AP306 entered into with R1 Therapeutics. In March 2026, the Company announced that it had entered into licensing and equity agreements in respect of its product candidate AP306 with R1. The Company retains all rights to AP306 in Greater China and holds an equity interest in R1 as a principal shareholder, while R1 has obtained an exclusive license to develop, manufacture, and commercialize AP306 outside Greater China. R1’s shareholders include DaVita (NYSE: DVA) and U.S. Renal Care, leading global kidney care providers. During the Reporting Period, the Company recognized licensing revenue of RMB79.3 million from the transaction.

Commercialization in China

• Sales revenue of Mircera® increased by approximately 105.0% year-on-year. During the Reporting Period, Mircera® generated sales revenue of RMB24.8 million (corresponding period of 2025: RMB12.1 million), representing a year-on-year increase of approximately 105.0%.

Capital Markets

• Listing of the H Shares on the Main Board of the Stock Exchange. The H Shares of the Company were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on June 29, 2026 (stock code: 09637). Together with the full exercise of the Over-allotment Option under the Global Offering on July 24, 2026, subsequent to the Reporting Period, the aggregate net proceeds from the Global Offering amounted to approximately HK$1,355.8 million, of which approximately HK$184.7 million in additional net proceeds was attributable to the exercise of the Over-allotment Option.

Financial Overview

• Revenue growth with narrowing losses. Revenue for the first half of 2026 grew to RMB104.2 million from RMB12.1 million for the first half of 2025, representing an increase of RMB92.1 million, or 761.2%, primarily reflecting licensing revenue of RMB79.3 million recognized under the licensing and equity agreements entered into with R1 in respect of AP306, as well as sales revenue of RMB24.8 million from the commercialized product Mircera®; loss for the period was RMB162.6 million, narrowing by 22.5% year-on-year, and adjusted net loss for the period (non-International Financial Reporting Standards (“IFRS”) measure) was RMB130.1 million, narrowing by 12.6% year-on-year. As of June 30, 2026, the aggregate balance of cash and cash equivalents, time deposits, and wealth management products was RMB1,392.8 million, representing an increase of RMB861.6 million.

Financial Summary

Product sales. During the Reporting Period, Mircera®, the Company’s commercialized product, generated sales revenue of RMB24.8 million, representing an increase of approximately 105.0% from RMB12.1 million in the corresponding period of 2025; the gross profit of Mircera® was RMB11.7 million, representing an increase of RMB6.4 million, or 120.8%, from RMB5.3 million in the corresponding period of 2025, and the gross profit margin improved from 43.4% for the first half of 2025 to 47.3% for the first half of 2026.

Licensing value. In March 2026, the Company completed its performance obligations under the licensing and equity agreements entered into with R1 in respect of AP306 and recognized licensing revenue of RMB79.3 million; the consideration was received in the form of unlisted class B common shares of R1 as upfront, non-monetary, and non-refundable consideration. Together with the sales revenue of Mircera®, revenue for the first half of 2026 grew to RMB104.2 million from RMB12.1 million for the first half of 2025, representing an increase of RMB92.1 million, or 761.2%.

Narrowing of losses. Net loss for the first half of 2026 narrowed by RMB47.1 million, or 22.5%, to RMB162.6 million from RMB209.7 million for the first half of 2025. The narrowing was primarily driven by (i) the increase in licensing revenue during the Reporting Period and (ii) the termination, prior to the Listing, of the redemption liabilities in respect of certain shares of the Company (which is one-off in nature), following which no related interest was accrued during the Reporting Period. Adjusted net loss for the first half of 2026 was RMB130.1 million, a decrease of RMB18.8 million, or 12.6%, from RMB148.9 million for the first half of 2025, likewise primarily due to the increase in licensing revenue during the period.

R&D investment. Research and development (R&D) expenses increased by RMB31.3 million, or 28.4%, to RMB141.4 million for the first half of 2026 from RMB110.1 million for the first half of 2025. The increase primarily reflected progress across the R&D pipeline during the Reporting Period, including the completion of patient enrollment in the AP301 MRCT, the initiation of the global Phase IIb multi-regional clinical trial of AP306, and the continued advancement of preclinical and chemistry, manufacturing, and controls (CMC) studies of AP308.

Liquidity. As of June 30, 2026, the aggregate balance of cash and cash equivalents, time deposits, and wealth management products was RMB1,392.8 million, representing an increase of RMB861.6 million, or 162.2%, from December 31, 2025.

Business Progress

AP301: A Best-in-Class Oral Iron-Based Phosphate Binder for the Treatment of Hyperphosphatemia

AP301 is a best-in-class oral iron-based phosphate binder (registered as a Class 1 chemical drug in China), offering a very high phosphate-binding capacity, no need for chewing, minimal volume expansion in gastric fluid, and no systemic absorption. These characteristics help reduce the amount of medication patients need to take each day and lower the incidence of gastrointestinal adverse events such as nausea, vomiting, constipation, and intestinal obstruction, thereby delivering better safety and gastrointestinal tolerability and enhancing patients’ long-term treatment adherence.

Global Phase III pivotal multi-regional clinical trial (RESPOND-2, NCT06933472) underway. The trial is a randomized, double-blind, global multi-regional Phase III clinical trial conducted in the United States and China. It planned to enroll 264 CKD patients aged 12 years and above with hyperphosphatemia receiving maintenance dialysis, and ultimately enrolled a total of 282 patients (138 in the United States and 144 in China). Based on the existing clinical data for AP301, the Company and the FDA have agreed that this global Phase III multi-regional clinical trial will serve as the single pivotal study to support the U.S. registration of AP301. The trial completed patient enrollment in May 2026.

Registration progress, catalysts and future milestones. On August 7, 2026, subsequent to the Reporting Period, the New Drug Application submitted by the Company for AP301 for the treatment of hyperphosphatemia in CKD patients receiving maintenance dialysis was accepted for review by the NMPA as a Class 1 chemical drug in China. The application is supported primarily by the results of RESPOND-1, the China pivotal Phase III clinical trial, together with other accumulated clinical data; the Company will actively cooperate with the NMPA’s review and expects to obtain approval in 2027, subject to the progress of the regulatory review. The global Phase III multi-regional clinical trial is expected to be completed in the second quarter of 2027, following which the Company plans to submit a New Drug Application to the FDA.

AP306: First-in-Class Oral Pan-Phosphate Transporter Inhibitor with the Potential to Reshape the Treatment Landscape of Hyperphosphatemia

AP306 (formerly known as EOS789, originally discovered by Chugai) is an oral pan-phosphate transporter inhibitor that simultaneously inhibits three key sodium-dependent intestinal phosphate transporters: phosphate transporter type IIb (NaPi-IIb), phosphate transporter-1 (PiT-1), and phosphate transporter-2 (PiT-2). As of the Latest Practicable Date (August 20, 2026), AP306 is the world’s first and only pan-phosphate transporter inhibitor to have entered clinical development — the only oral agent that simultaneously targets these three key intestinal phosphate transporters.

The global Phase IIb multi-regional clinical trial underway. The trial (NCT06712654) is a multicenter, randomized, double-blind, placebo-controlled, fixed-dose study conducted at multiple clinical sites in the United States and China and co-sponsored by the Company and R1, designed to evaluate the safety, tolerability, and serum phosphate-lowering effect of AP306. The trial plans to enroll approximately 168 participants with hyperphosphatemia receiving maintenance hemodialysis, randomized across six fixed-dose AP306 regimens and placebo over an eight-week treatment period. The primary endpoint is the change in serum phosphate level from baseline to the end of treatment, and the secondary endpoints include the proportion of participants reaching the target phosphate range and the time to phosphate control. The trial has been approved by the Office of Human Genetic Resources Administration of China. As announced by the Company on July 21, 2026, subsequent to the Reporting Period, the first participant in the trial was randomized and dosed.

Catalysts and future milestones. The global Phase IIb multi-regional clinical trial described above is expected to be completed in the second quarter of 2027, and the Company will announce topline results in due course. The Company also plans to initiate a global Phase III multi-regional clinical trial in the second half of 2027.

Regulatory designation. In June 2024, AP306 was granted Breakthrough Therapy Designation by the NMPA for the treatment of hyperphosphatemia in patients with chronic kidney disease.

AP303: A First-in-Class Oral Dual PPAR Agonist Intended to Delay or Halt the Progression of Chronic Kidney Disease

AP303 is a first-in-class oral small-molecule dual peroxisome proliferator-activated receptor (PPAR) α/γ agonist discovered and developed in-house, and the Company holds the global rights to develop, manufacture, and commercialize it. A differentiated disease-modifying agent, AP303 is intended to delay or halt the progression of chronic kidney disease, with target indications spanning multiple high-value therapeutic areas, including DKD, IgA nephropathy (IgAN), autosomal dominant polycystic kidney disease (ADPKD), and focal segmental glomerulosclerosis (FSGS).

Clinical development progress. AP303 has completed three Phase I clinical trials, which enrolled a total of 80 healthy participants and 18 DKD patients with impaired renal function and showed that AP303 was safe and well tolerated. The expected dose-related hemodynamic effects were observed in both healthy participants and patients with DKD. These Phase I results support the initiation of Phase II studies in patient populations. The Phase I/Ib clinical data were published in Kidney International Reports in August 2026.^[1]

Regulatory progress: Phase II clinical trial approvals obtained. In China, the Company submitted an Investigational New Drug application for the Phase II clinical trial to the NMPA and obtained approval for the pan-CKD indication, which can cover subsequent Phase II clinical trials in patients with DKD, IgAN, ADPKD, and FSGS. In the United States, the Company has communicated with the FDA regarding DKD, IgAN, ADPKD, and FSGS and received positive feedback. Among these, the ADPKD indication has been granted Orphan Drug Designation (ODD), and Phase II clinical trial approvals have been obtained for the DKD and IgAN indications.

Subsequent development plan. The Company expects to begin site selection for the Phase II basket trial in DKD and IgAN in the second half of 2026, while preparing in parallel for the initiation of the Phase II multi-regional clinical trials in ADPKD and FSGS and maintaining ongoing communication with the relevant regulatory authorities.

AP308: A First-in-Class Engineered Recombinant IgA Protease Aiming for Functional Cure of IgA Nephropathy

AP308 is an engineered recombinant IgA protease derived from Thomasclavelia ramosa, a human commensal bacterium, and specifically cleaves human IgA1 at a site upstream of the hinge region. Unlike existing therapies that reduce upstream IgA production by modulating B-cell pathways (such as APRIL/BAFF), AP308 acts by directly cleaving and clearing pathogenic IgA and IgA immune complexes that have already formed, including IgA deposited in the glomeruli.

Preclinical data. In the humanized mouse model of IgA nephropathy, a single dose reduced circulating human IgA1 by approximately 90% relative to controls, and circulating IgA1 remained low throughout the eight-week treatment period of weekly subcutaneous dosing; at the end of treatment, histological examination confirmed that glomerular IgA deposits were almost completely cleared, proteinuria decreased significantly, and kidney pathology improved markedly, while repeated dosing produced no treatment-related adverse reactions and no increase in anti-drug antibody titers. In a separate paired pre- and post-treatment design, a single dose completely cleared pre-existing glomerular IgA and complement C3 deposits. As of the Latest Practicable Date, no IgA protease drug candidate globally has entered the clinical stage. These results were published in May 2026 in Kidney International, the official journal of the International Society of Nephrology (ISN).^[2]

Development stage, catalysts and future milestones. As of the Latest Practicable Date, AP308 is at the preclinical stage. The Company plans to submit Investigational New Drug applications for AP308 to the NMPA and the FDA, respectively, in the second half of 2026, and will initiate the Phase I clinical trial of AP308 upon obtaining the relevant clearances.

External Collaboration

In March 2026, the Company announced that it had entered into licensing and equity agreements in respect of its product candidate AP306 with R1; the agreements were entered into in December 2025. The Company retains full rights and control over AP306 in Chinese Mainland, Hong Kong, Macau and Taiwan (collectively, “Greater China”), while R1 has obtained an exclusive license to develop, manufacture, and commercialize AP306 outside Greater China (the “R1 Territory”). R1 and the Company are co-sponsors of the global Phase IIb clinical trial; each party is responsible for clinical trial execution and regulatory submissions in its respective territory and provides the other party with relevant data and support required for regulatory purposes. During the Reporting Period, the Company recognized licensing revenue of RMB79.3 million from the transaction.

Commercialization in China: Mircera®

Mircera® (generic name: methoxy polyethylene glycol-epoetin beta) is a long-acting erythropoiesis-stimulating agent (ESA) of the continuous erythropoietin receptor activator (CERA) class and the world’s first and only ESA approved for once-monthly administration. As of the Latest Practicable Date, no biosimilar of Mircera® has been approved or is under review anywhere in the world. In October 2023, the Company entered into a supply and marketing agreement with Roche Hong Kong, Ltd. (“Roche”, a subsidiary of Roche Holding AG), obtaining the exclusive rights to sell, distribute, and otherwise commercialize Mircera® in the Chinese Mainland (excluding Hong Kong, Macau, and Taiwan); Roche is responsible for supply and for maintaining the drug registration certificate, while the Company is responsible for obtaining the permits required for promotion. Mircera® was included in the National Reimbursement Drug List (Category B) through the national medical insurance negotiations in 2023 and its listing was renewed in 2025 with no price reduction.

In the first half of 2026, revenue of Mircera® reached RMB24.8 million, an increase of approximately 105.0% from RMB12.1 million in the corresponding period of 2025, at a gross profit margin of approximately 47.3%. The Company has built a dedicated in-house nephrology sales team comprising 43 sales personnel as of the Latest Practicable Date to conduct academic promotion. The commercial availability of Mircera® has given the Company proven access channels to public hospitals, an established distribution network, and dedicated nephrology academic promotion capabilities ahead of the approval of AP301 — ready-made infrastructure for the commercialization of AP301 and subsequent products.

Integrated R&D, Manufacturing, and Commercialization Capabilities

Manufacturing capabilities. Construction of the Company’s in-house manufacturing facility in Yangzhou is complete, and the facility has obtained a Drug Manufacturing License (Category B) issued by the Jiangsu Provincial Drug Administration. It has completed pilot-scale production and is preparing for scale-up, to support future commercial-scale production of product candidates such as AP301 and AP306.

Intellectual property. As of the Latest Practicable Date, the Company held 39 granted patents and 117 pending patent applications worldwide, spanning major jurisdictions including China, the United States, and Europe, and together covering the key inventions that underpin the Company’s product pipeline. During the Reporting Period, the Company was granted 7 new patents and filed 22 new patent applications.

Outlook

The Company is committed to bringing better treatment options, covering the full course of disease, to patients with chronic kidney disease and related diseases worldwide.

In the treatment of complications in patients with end-stage renal disease, the New Drug Application for the Company’s core product AP301 in China was accepted for review by the NMPA on August 7, 2026, subsequent to the Reporting Period. We will give the review process our full cooperation and, following completion of the global Phase III multi-regional clinical trial in the second quarter of 2027, will submit a New Drug Application to the FDA. In parallel, we will press ahead with capacity preparation at the Yangzhou manufacturing facility and continue building out our nephrology commercialization system, so that AP301 can benefit patients as soon as possible. For AP306, we will work with R1 to advance enrollment and execution of the global Phase IIb multi-regional clinical trial and will disclose topline results in due course.

In delaying the progression of CKD, we have now obtained all Phase II clinical trial approvals for AP303. In the second half of 2026, we will begin site selection for the Phase II basket trial in DKD and IgAN, prepare in parallel for initiation of the Phase II multi-regional clinical trials in ADPKD and FSGS, and map out the later-stage registration pathway for IgAN. For AP308, we will advance the submission of its Investigational New Drug applications and, once the relevant clearances are obtained, initiate the Phase I clinical trial. We will disclose these developments in due course.

In addition, we will continue to strengthen our integrated capabilities across R&D, manufacturing, and commercialization, advance capacity preparation at the Yangzhou manufacturing facility as planned, and continue to expand our product pipeline in kidney disease through a two-pronged approach of internal R&D and external collaboration.

References

About Alebund Pharmaceuticals

Alebund Pharmaceuticals (09637.HK) is a biopharmaceutical company focused on kidney disease and related chronic conditions, aiming to bring better therapies to patients worldwide. It has one of the broadest renal-focused pipelines and an integrated platform spanning R&D, manufacturing and commercialization. Its portfolio comprises seven investigational drug candidates and one commercialized product, Mircera®. Three of the candidates are at the clinical stage: AP301 (Phase III; China pivotal Phase III trial completed, New Drug Application accepted for review by the NMPA in China, global MRCT ongoing), AP306 (Phase II) and AP303 (Phase I). Together they address chronic kidney disease (CKD) and its complications, including hyperphosphatemia, renal anemia, IgA nephropathy, diabetic kidney disease, FSGS and ADPKD. Alebund has built a manufacturing site in Yangzhou, Jiangsu to support the future commercial manufacturing of AP301 and other pipeline products, has obtained a Drug Manufacturing License (Category B) issued by the Jiangsu Provincial Drug Administration, and has completed pilot-scale production and is preparing for scale-up. The Company has also established a dedicated nephrology sales team responsible for the commercialization of relevant products in China. For more information, visit www.alebund.com.

Forward-Looking Statements

This press release contains certain forward-looking statements relating to the Company’s future plans, clinical development and registration progress, commercialization prospects and industry trends, among other matters. These statements are based on the Company’s judgments and assumptions as of the date of this press release and are subject to various risks and uncertainties; actual results may differ materially from such forward-looking statements. For further details of the Company’s 2026 interim results, please refer to the interim results announcement published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.alebund.com), and the interim report of the Company to be made available in due course.

HONG KONG, Aug. 26, 2026 /PRNewswire/ — MiniMax Group Inc. (“MiniMax” or the “Company”; HKEX: 00100), a leading global artificial intelligence company, today announced its unaudited financial results for the six months ended June 30, 2026.

1H2026 Key Highlights

• Total revenue increased by 283.1% year over year from US$30.4 million to US$116.6 million, exceeding our total revenue of US$79.0 million for the full year of 2025.
• Revenue from Open Platform and other AI-based enterprise services increased by 703.1% year over year from US$9.2 million to US$73.9 million and represented 63.4% of our total revenue, compared with 30.3% in the corresponding period of 2025.
• Revenue from AI-native products increased by 100.9% year over year from US$21.2 million to US$42.6 million.
• Gross profit improved by 464.8% year over year from US$3.7 million to US$20.8 million. Gross profit margin increased from 12.1% for the six months ended June 30, 2025 to 17.9% for the six months ended June 30, 2026.
• Adjusted net loss⁽¹⁾ was US$293.0 million for the six months ended June 30, 2026, compared with US$138.7 million for the six months ended June 30, 2025.
• As of June 30, 2026, our cash balance⁽²⁾ was US$1,322.8 million, compared to cash balance of US$1,050.3 million as of December 31, 2025.

Dr. Yan Junjie, Co-founder and CEO of MiniMax, commented, “Intelligence can scale almost without limit; energy and compute cannot. By July 2026, Token consumption on MiniMax had grown to 20 times its January level. That reinforces a belief we’ve held since day one: the long-term competition in AI is not just about building more powerful models, but about delivering higher levels of intelligence to more people at lower cost. ‘Minimize the Cost, Maximize the Intelligence’ is how we make ‘Intelligence with Everyone’ possible.”

1H2026 Financial Review

Revenue increased by 283.1% from US$30.4 million for the six months ended June 30, 2025 to US$116.6 million for the six months ended June 30, 2026. This was primarily driven by the continued expansion of our global customer and user base, rapidly increasing demand for model inference, and our ability to convert advances in model capabilities into products and services used by global enterprises, developers and individual users.

Revenue from AI-native products increased by 100.9% from US$21.2 million for the six months ended June 30, 2025 to US$42.6 million for the six months ended June 30, 2026, primarily driven by higher user engagement and increased user willingness to pay for our products, as well as the continued adoption and monetization of products such as Hailuo AI and our other AI-native products.

Revenue generated from Open Platform and other AI-based enterprise services increased by 703.1% from US$9.2 million for the six months ended June 30, 2025 to US$73.9 million for the six months ended June 30, 2026, primarily fueled by the growth in paying individual users and enterprise users, the increase in API call volumes, and the rapid adoption of our Token Plan.

Gross profit improved by 464.8% from US$3.7 million for the six months ended June 30, 2025 to US$20.8 million for the six months ended June 30, 2026. Gross profit margin increased from 12.1% for the six months ended June 30, 2025 to 17.9% for the six months ended June 30, 2026, which was primarily driven by improving infrastructure efficiency.

Selling and distribution expenses decreased by 17.9% from US$32.8 million for the six months ended June 30, 2025 to US$27.0 million for the six months ended June 30, 2026, mainly due to a decrease in promotional expenses as a result of our continued pursuit of an organic user growth strategy.

Administrative expenses increased by 103.7% from US$14.8 million for the six months ended June 30, 2025 to US$30.2 million for the six months ended June 30, 2026, mainly driven by (i) an increase in headcount of management departments in line with the rapid development of our business and higher share-based payment expenses; and (ii) an increase in service fees to external professional service providers. As a result of our continued revenue growth and increased focus on enhancing administrative efficiency, administrative expenses as a percentage of total revenue decreased from 48.8% for the six months ended June 30, 2025 to 25.9% for the six months ended June 30, 2026.

Research and development expenses increased by 138.8% from US$124.3 million for the six months ended June 30, 2025 to US$296.9 million for the six months ended June 30, 2026, mainly attributable to an increase in cloud services expenses related to training activities, driven by the increased model iteration and upgrades as we continued to develop and refine our foundation models and multi-modal capabilities. The year-on-year growth rate of our research and development expenses was significantly lower than our revenue growth rate of 283.1% during the period, demonstrating our improved research and development efficiency.

Adjusted net loss⁽¹⁾ was US$293.0 million for the six months ended June 30, 2026 and US$138.7 million for the six months ended June 30, 2025, by adding back share-based payments, fair value loss on financial liabilities and listing expenses for the respective periods.

Cash balance⁽²⁾ was US$1,322.8 million as of June 30, 2026, compared to US$1,050.3 million as of December 31, 2025.

1H2026 Business Review

We continued to advance our mission of “Intelligence with Everyone” by delivering frontier model performance and making advanced intelligence affordable at scale. We view inference efficiency not only as essential to making advanced intelligence affordable at scale, but also as a critical enabler of further scaling model capabilities through more extensive post-training, experimentation and deployment. We continued to improve the capabilities and full-stack efficiency of our foundation models, translate technological progress into AI-native products and harnesses such as MiniMax Code, and enhance our Open Platform for enterprise customers and developers. Our model capabilities continued to advance across language and multi-modality, while our products and services reached an increasingly broad global user base.

During the Reporting Period, we upgraded our core model offerings through the release of MiniMax M3, further strengthening our capabilities in coding, agentic workflows and professional work. Shortly after the Reporting Period, we also released MiniMax H3 with open weights, advancing video generation for commercial creation and widening the paths for enterprise deployment and developer innovation. As demand for inference and agentic workloads continued to grow, our Open Platform served an expanded base of enterprise customers and developers and became an increasingly important driver of our business. We continued to deepen our global footprint, serving enterprise customers, developers and individual users across more than 230 countries and regions with increasingly capable and cost-efficient intelligence offerings.

For the six months ended June 30, 2026, our total revenue increased by 283.1% year-on-year from US$30.4 million to US$116.6 million, exceeding our total revenue of US$79.0 million for the full year of 2025. This growth reflected the continued expansion of our global customer and user base, rapidly increasing demand for model inference, and our ability to convert edges in model capabilities into products and services used by global enterprises, developers and individual users.

Revenue from our Open Platform and other AI-based enterprise services increased by 703.1% year-on-year from US$9.2 million to US$73.9 million and represented 63.4% of our total revenue, compared with 30.3% in the corresponding period of 2025. The increase was driven by growth in paying users and enterprise customers, the increase in API call volumes, and the rapid adoption of our Token Plan. This performance demonstrated the growing demand for our models in production environments and the increasing contribution of enterprise and developer workloads to our business.

Revenue from our AI-native products increased by 100.9% year-on-year from US$21.2 million to US$42.6 million, driven by higher user engagement, stronger willingness to pay and the continued commercialization of Hailuo AI and our other AI-native products. We continued to upgrade our AI-native product portfolio and harness products, enabling users to apply frontier model capabilities more directly to productivity.

We maintained our commitment to long-term technological innovation while improving the efficiency with which research and development translated into business growth. Our research and development expenses increased by 138.8% year-on-year during the Reporting Period, significantly lower than our revenue growth of 283.1%. Gross profit increased by 464.8% year-on-year from US$3.7 million to US$20.8 million. We believe our continued investment in model capability, infrastructure efficiency and productization provides the foundation for sustainable growth over the long term.

Conference call

The Company’s management will host a conference call on Wednesday, August 26, 2026, at 8:00 PM Beijing Time (8:00 AM U.S. Eastern Time) to discuss the results.

Participants are required to pre-register for the conference call. Please register for the Chinese line to participate in the Q&A session; the English simultaneous interpretation line will be in listen-only mode.

Chinese Line (Mandarin):
https://s.comein.cn/m2dt2u6b

English Simultaneous Interpretation Line (listen-only mode):
https://s.comein.cn/g3uj92rq

Alternatively, participants may dial into the Chinese conference call via the following dial-in details:

About MiniMax

MiniMax is a leading global artificial intelligence company with a mission of “Intelligence with Everyone.” The company is committed to advancing the frontiers of AI and building toward artificial general intelligence (AGI). MiniMax develops its own general-purpose foundation models across text and multimodal intelligence, and brings these capabilities to users worldwide through AI-native products and an Open Platform for enterprises and developers. Today, MiniMax’s models and AI products serve more than 300 million users across over 200 countries and regions, as well as more than one million enterprises and developers across over 100 countries. For more information, please visit https://ir.minimaxi.com/en.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements relating to our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “might”, “can”, “could”, “will”, “would”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “seek”, or “timetable”. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, the Company, the Board, the employees or the Agencies are not obligated, and undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. Furthermore, they assume no obligations to whatsoever for any loss arising from the failure of any forward-looking statements to materialize or from their becoming inaccurate.

For investor and media inquiries, please contact

MiniMax
Investor Relations
Email: ir@minimax.io

Media Relations
Email: pr@minimax.io

Piacente Financial Communications
E-mail: Minimax@thepiacentegroup.com