The board of directors (the "Board") of Shandong Boan Biotechnology Co., Ltd. (the "Company", together with its subsidiaries, the "Group") announced that on 12 April 2024, the Company entered into a loan facility with China Jingu International Trust Co., Ltd. (the "Lender") whereby the Lender has agreed to extend a term loan of RMB 300,000,000 to the Company (the "Facility"). The Company is a fully integrated biopharmaceutical company dedicated to the development, manufacturing, and commercialization of quality biological drugs in China and around the world, providing innovative and accessible treatment solutions for common major therapeutic areas such as oncology, metabolism, autoimmune, and ophthalmology. During 2023, the Company achieved notable development in its overall business despite the challenges posed by various external factors such as the international business environment, economic cycles and industrial changes.

The Company's revenue reached RMB 618.1 million in 2023, representing a year-on-year increase of 20%. At the same time, the Company's operation efficiency was significantly improved: selling expenses, research and development expenses and administrative expenses in total decreased by 23% year-on-year. The Company's loss for the period was reduced to RMB 119.4 million, narrowing significantly by 64% year- on-year.

In 2023, the Group's two launched products, Boyounuo (bevacizumab, oncology field) and Boyoubei (denosumab, osteoporosis field, BA6101) performed well in the market. Six pipeline projects are approaching commercialization. The Group's three major antibody R&D technology platforms, namely, Human Antibody Transgenic Mouse and Phage Display Technology Platform, Bispecific T-cell Engager Technology Platform and Antibody Drug Conjugate (ADC) Technology Platform, have achieved a number of milestones in the development of innovative antibodies.

In addition to antibody drugs, the Group is focusing on a new generation of enhanced and regulated CAR-T technology to expand its business in the field of cell therapy. The Company intends to use the proceeds of the Facility to, among others, fund the clinical development of its product pipeline, the expansion of its commercial production lines, settlement of payables and repayment of short term loans.