--- page 1 ---
Shaanxi Micot Pharmaceutical Technology Co., Ltd.
ʮ̡
	ʮ̡
΅˾໮ : 2335
Όଢ೯ਯ
዆᜗՘ሜɛe
ଘ᎘຾፬ɛ


--- page 2 ---
౤ͪ
πϞ΂Оဲਪ d Ꮠፔ༔ዹͭਖ਼ุจԈ f
Shaanxi Micot Pharmaceutical Technology Co., Ltd.
ʮ̡
ʮ̡ 
Όଢ೯ਯ
΅ᅰͦ j 58,054,400ٰHᛆБԴၾ

΅ᅰͦ j 5,805,600ٰHอʱৣ 
΅ᅰͦ j 52,248,800ٰHอʱৣʿൖ˷൴

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ʚৗᒔ 
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΅˾໮ j 2335
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جS਷ྤ̮ίᕎ
ʕ౤я೯ਯ f
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ΙՏ͉ f
ၣ१ (www.hkexnews.hk ) ʿ͉ʮ̡ၣ१ (www.micot.cn )ٙ
ၣѧɨ༱ʿ͂Ι f
2026 ϋ 6 ˜ 15ಂ ɓ


--- page 3 ---
౤ͪ
– i –
j
Όཥɿʷ͡ሗ೻ҏ
ಥʮක೯
ΙՏ͉ f
ၣ१ www.hkexnews.hk׸> อɪ̹ > อɪ̹༟
ၣ१ www.micot.cnΙՏ͉ d
ၣ१ɨ༱ʿ͂Ι f
΅ d ტɨ̙ j
(1) ׵www.hkeipo.hk ீཀڌਕၣɪ͡ሗ i
(2) ீཀಥഐၑ EIPOٙߏאৄ၍ਠމ
ٙFINI ӻ୕೯̈ͪ d˸
΅ f
΅Ⴉᒅ͡ሗ f
๫ʮ̡  ૶ᆵʿᕏධૢ˖  ૢԷୋ 342Cಥ
Ν f
މʕʧʮ̡ eߏא ˾ଣ˴ԫɛ
ၣ१̙Զၣɪቡᚎ f
ආɓӉ༉ઋ d
΅  ɓື f


--- page 4 ---
౤ͪ
– ii –
ტɨீཀڌאಥഐၑ EIPO͡ሗ d ̀඲Ⴉ
ᒅ௰ˇ 200ტɨீཀ࠰
ڌ፯ HᏐ
ᗫ௰৷
ஷཀಥഐၑ EIPOܸ
 ཫ΋˕˹͡ሗಛධ f
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ
(2)
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ
(2)
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ
(2)
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ
(2)
ಥʩ ಥʩ ಥʩ ಥʩ
200 4,242.36 3,000 63,635.35 40,000 848,471.40 500,000 10,605,892.50
400 8,484.71 4,000 84,847.15 50,000 1,060,589.26 600,000 12,727,071.00
600 12,727.07 5,000 106,058.93 60,000 1,272,707.10 700,000 14,848,249.50
800 16,969.43 6,000 127,270.71 70,000 1,484,824.96 800,000 16,969,428.00
1,000 21,211.79 7,000 148,482.50 80,000 1,696,942.80 900,000 19,090,606.50
1,200 25,454.14 8,000 169,694.28 90,000 1,909,060.66 1,000,000 21,211,785.00
1,400 29,696.49 9,000 190,906.06 100,000 2,121,178.50 2,000,000 42,423,570.00
1,600 33,938.86 10,000 212,117.86 200,000 4,242,357.00 2,902,800 (1) 61,573,569.50
1,800 38,181.22 20,000 424,235.70 300,000 6,363,535.50
2,000 42,423.56 30,000 636,353.56 400,000 8,484,714.00
(1) ٙ50%f
(2) ͡
אڌਕ
ீཀڌᅄ൬ e
ʿึৌ҅ f
ל
ഒf


--- page 5 ---
ڌ1)
– iii –
͉ʮ̡ၣ१
http://www.micot.cnၣ१ http://www.hkexnews.hk ̊೯ʮѓ f
֐2026 ϋ 6 ˜ 15ಂ ɓ
͍
ၣ१ www.hkeipo.hk ˸ڌਕ
ග (2)  . . . . . . . . . . . . . . . . . . . . . . . . .2026 ϋ 6 ˜ 18ಂ ̬
ɧɤʱ
፬ଣ͡ሗ೮া (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2026 ϋ 6 ˜ 18ಂ ̬
̬ɤʞʱ
ಥഐၑ೯̈ͪග (4)  . . . . . . . . . . . .2026 ϋ 6 ˜ 18ಂ ̬
͍
ᖮ൬ᜳ˹ಛᔷሪҁϓ˕˹
ڌග   . . . . . . . . . . . . . . . . . .2026 ϋ 6 ˜ 18ಂ ̬
͍
ٙߏאৄ၍ਠٙ
FINI ӻ୕୞၌ዚ೯̈ͪ΅ d ਕሗ ტɨ
ٙߏא ৄ၍ਠග̙ঐϞй
ග f
࿚˟፬ଣ͡ሗ೮া (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2026 ϋ 6 ˜ 18ಂ ̬
͍
(1) ͉ʮ̡ၣ१ www.micot.cn (5)ה
ၣ१ www.hkexnews.hk (5)ٙ
˸ʿ
׵2026 ϋ 6 ˜ 23ಂ ɚ
͍
(2) ௝೻
΅ Ñ B.ࠑה
މ2026 ϋ 6 ˜ 23ಂ ɚ
͍
(3) ༱Ϟɪ˖ (1) ʿ (2)ٙ
ה
ၣ१ www.hkexnews.hk
ʿ͉ʮ̡
ၣ१ www.micot.cn (5) ̊೯ . . . . . . . . . . . . . . . . . . . . . . . . .2026 ϋ 6 ˜ 23ಂ ɚ
͍
ٙ
ග
ࠫwww.hkeipo.hk/IPOResult
אwww.tricor.com.hk/ipo/result  ˸
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͍
௅ʱϓ̌͡ሗ੔೯ Hא
ਗ਼ H˚ಂ
༈˚ (6)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2026 ϋ 6 ˜ 23ಂ ɚ


--- page 6 ---
ڌ1)
– iv –
ٙࣸ
ಥʮක೯ਯධɨ
௅ʱʔᐏટॶ͡ሗ੔೯ڌ
ͪ Ŋ ৗಛ˕ୃ
(7)(8) . . . . . . . . . . . . . 2026 ϋ 6 ˜ 24ۃ
H൯ር . . . . . . . . . . . . . . . . . . . . . . .2026 ϋ 6 ˜ 24ಂ ɧ
͍
ൗj
(1) ಥʮ
࿴  ɓື f
(2) ၣ१ www.hkeipo.hk ჈ʹ͡ሗ f
ၣ१ www.hkeipo.hkၣ१՟੻
Ї࿚˟჈ʹ͡ሗ຅˚
˟f
(3) ׵2026 ϋ 6 ˜ 18˸ɪᆠ੭
࿚˟ f
΅ Ñ E. ెΕ˂ंτર  ɓື f
(4) ٙFINIಥഐၑ೯̈ͪ͡ሗɛ d Ꮠਞቡ
΅ Ñ A.΅  ɓື f
(5) ɓ௅ʱ f
(6) ׵i)ೌૢ΁ʿ (ii) ΂О̍ቖ՘
ɨ d HϞ
ίϗՑ Hί Hٙ
ৣ೯༉ઋ൯ር Hᎈ f
(7) ٰ
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(8) ʊீཀڌਕ͡ሗ 1,000,000׵2026 ϋ6˜24݋
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ࢀ慤 ༸ 16ፄʕː 17 ᅽჯ՟ Hɛ͡
બ
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ٙࡁH˖΁ f ீཀಥഐၑ EIPOಥ೯
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̙˸ڌͪҖό೯৔Ց༈ვБሪ˒ f ீཀڌਕ౤
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΅ Ñ D.੔ ೯Ŋჯ ՟Hಛ  f
࿴  ʿν
ૢ΁  ʿ͡
೻ҏ༉ઋ f


--- page 7 ---
– v –
ͦ ፽
ٝ
΅Ͼ̊೯ d Ԩʔ࿴ϓ
ಥʮක೯ਯԨኯ
௝೻ʔ੻͜Ъί΂ОՉ˼
א
ಥ˸̮΂О̡
ಥ˸̮΂О̡
௝೻ d
ኽϞ
ᒀе d щ
ʔ੻ආБ f
ಥʮක೯ਯ
ϾЪ̈ f ͉ʮ̡Ԩೌબᛆ΂Оɛɻ
༱
ᑥɛ e ዆᜗՘
אࡁ
΂О
Չ˼ɛɻબᛆ f ͉ʮ̡ၣ१ (www.micot.cn )ٙ
ɓ௅ʱ f
ϣ
ڌiii
ͦ፽  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  v
ࠅ1
ᙑ່  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
ڌ21
ࠑ29
ᎈΪ९ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Է  . . . . .  55
ࣘ62
΢˙ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  67
ࣘ73
Бุ฿ᚎ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  75
္၍฿ᚎ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  92
࿴   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  111
ุਕ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  136
ڷ224
͉  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  226
٫229
؇ٰࠅ235
ࡰ237
ࣘ250
੻ಛධ͜௄. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  271
̍ቖ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  275


--- page 8 ---
– vi –
ͦ ፽
ϣ
࿴   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  285
΅ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  292
፽ɓ —జѓ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  I-1
፽ɚ —ࣘII-1
፽ɧ —ࠅIII-1
፽̬ —ࣘIV-1
፽ʞ —˖΁ . . . . . . . . . . . . . . . . . . . . . . . . . . .  V-1


--- page 9 ---
– 1 –
ࠅ
d
ҳ༟೯ਯ
௝೻Ό˖Ҧʮ̡ d
ୋ 18A͊ঐୌΥɪ̹஝
ୋ 8.05(1)e (2)א3)fୋ 18A ௝ʿ
ୋ 2.3ٙۜ
ਠุʷ f Ϥ̮ d
ᎈΪ९  ɓ ືf ტ
ɨਕሗᄲฐ୚ቡ༈ື f
฿ᚎ
ም
श
ۜ
ۜMT1013೯ e
׵IIIཪΣ CaSR ʿ OGPމࠅ
໗̌ঐʟආस  CKD-SHPTЇ
ሯձ৶˾ᑽମ੬  CKD-MBD 
ؓCKD-SHPTᆑɢ f
ٙࡁ
ۜ
ᑗ
j


--- page 10 ---
– 2 –
ࠅ
MT200605
ي
CaSR/OGP
CKD-SHPT
ʕ਷
Όଢ(2)
਷
CKD-MBDМ৶ሯଯᕦ ʕ਷
Όଢ
4)15 ʕ਷
GLP-1R/
GCGR/MasR
၍ଣ
ʕ਷
਷
׌CKD ʕ਷
MASH ʕ਷
MT2004 FXR
(ʃʱɿ)
DILI ʕ਷
MASLD
ʕ਷
਷
CLD ʕ਷
PTH1R/OGP
GIOP ʕ਷
਷
PMO
ʕ਷
਷
ي
ኑАΪɿIIŊ
GP IIb/IIIa
ACS-PCI
ʕ਷
Όଢ
਷
໘՗ʕ ʕ਷
HD
ʕ਷
਷
HD-PF4 ʕ਷
TrKB
(ʃʱɿ) AIS
ʕ਷
਷
MT1011 NOACs
(ʃʱɿ) ஷ͜Ҥኑ৕ᔷኒ ʕ਷
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
MT1013
XTL6001
MT1009
MT1002
ཫ಻Ԣ೻຦IIIಂIIಂIಂINDʿINDي
2026ҁϓIIIಂᑗґ༊᜕
2028䥊ਗIIIಂᑗґ༊᜕(1)
2027͡ሗIND
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2027͡ሗIND
2027ҁϓIIಂᑗґ༊᜕
2027䥊ਗIIಂᑗґ༊᜕(3)
2026ϋ1˜䥊ਗIಂᑗґ༊᜕
2028ϋʕҁϓIIbಂᑗґ༊᜕(4)
2026ϋ7˜䥊ਗIIಂᑗґ༊᜕(5)(7)
2026ϋ6˜䥊ਗIIಂᑗґ༊᜕(5)(6)
2027䥊ਗIIಂᑗґ༊᜕(5)
2026ϋҁϓIIಂᑗґ༊᜕
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2026ϋ1˜䥊ਗIಂᑗґ༊᜕
ྌ
ᐵᄳjCaSRjඑઽชա᜗iOGP㹻iCKD-MBDሯձ৶˾ᑽମ੬iGLP-1Rjঈ৷Аጟ९ᅵ㹻Ñ1ա᜗iGCGRjঈ৷Аጟ९ա᜗iMasR: Masա᜗iMASHiFXR̵ቐXա᜗iDILIӿฦෆi
MASLDӿषiCLDӿषiPTH1R໗ዧ९1ա᜗iGIOP৶ሯଯᕦसiPMO৶ሯଯᕦसiGP IIb/IIIajጟஐͣIIb/IIIaiACSiPCIᐕi
iPF-4ΪɿÑ4໘՗ʕiTrkBj཈ऄაዧ㺛ա᜗BiNOACsҤኑᖹ


--- page 11 ---
– 3 –
ࠅ
ൗj
1׵CKD-SHPTٙII׵CKD-SHPTѩ᙮ CKD-MBDᅰኽ d Σ
׵CKD-MBDٙIII ಂᑗґ༊᜕ f
2ʮ̡  ථ௟อᘴԭ˄ਜਹ  ༈ήਜ   ఱ
MT1013ᐕ CKD-SHPTव (i)೯ʿႡி MT1013i (ii) ί༈ήਜ̮ఱ΂ОቇᏐसਗ਼ MT1013
ਠ ุ ʷiʿ (iii) ί༈ήਜʫఱ CKD-SHPT΂ОቇᏐसਗ਼ MT1013d ሗਞቡ  ุਕ Ñ ਠุʷ  f
(3) MT2004ٙIᐕ MASLD ʿ CLDٙII ಂᑗґ
༊᜕౤Զਿᓾ f
(4) IIb ಂᑗґ༊᜕࿴ϓ MT1002-II-C04ۜ
MT1002Ñ MT1002 ᑗґ༊᜕฿ᚎ Ñ MT1002-II-C04dʕ ਷ IIӺ  f
(5) MT1002ٙIҤኑʿ HD-PF4ટ઼ਗ΢
ٙII ಂᑗґ༊᜕౤Զਿᓾ f
(6) ׵2023 ϋ 6ఱආБ MT1002ٙII׵2026 ϋ 3֛
f
(7) ׵2023 ϋ 7ఱආБ MT1002ٙII׵2026 ϋ 3࿧
f


--- page 12 ---
– 4 –
ࠅ
ۜMT1013
ۜMT1013ཪΣ CaSR ʿ
OGP ա ᜗fMT1013ᐕ CKD-SHPTܼCKD-MBD
ٙؓCKD-SHPTᕘ̮ቇᏐस f MT1013Ӻʊ
˸ɨ΢ධ j
• ίɓධ᎘࿁᎘ IIˢ d MT1013ٙiPTH e Аඑʿ
ߒ2.5f
• ኽɓධ IIᝈ࿀ d MT1013ᚃછ
Փ iPTH ˥ ̻f
• MT1013ତ̈ːА၍ᐏूᆑɢ f MT1013ٙܓFGF23 ɓ၇ၾ
CKD-SHPTછ
Փ iPTHe АඑʿАᐟ f
• MT1013d ί΢ධᑗґ༊᜕ʕѩ
ЭඑАसజѓ f
• MT1013ʿอ௓˾ᑽ f ɓධ IId MT1013 ၾ
CKD-SHPTᗫ f
ሞ f
d ሗਞቡ  ุਕ — MT1013 ᑗґ༊᜕฿ᚎ  f
CKD-SHPT ͟ CKDd
e АඑʿАᐟ˥̻ e ၪ͛९ D ˾ ᑽe
PTHʿΥԻस f CKD-SHPTᐕ d ፭ృ
ط
ᐕ e ၪ͛९ Dၪ͛९ DၾତБ਷ყʿ਷ʫᑗ
ܼKDIGO 2017ሯձ৶˾ᑽ
ମ੬CKD-MBDط
ѩ͊ਗ਼ CKD-SHPT߰
౶तӍл˖ආɓӉᆽႩ d CKD-SHPTᐕᇞ f
׵II͍ጐ
ۜMT1013Ї CKD-MBDؓ
CKD-SHPT ഃჯਹ f
ྼყ̙Б˚ಂ d MT1013ᐕ CKD-SHPTٙII ಂᑗґ༊
᜕ MT1013-II-C01 ʿ MT1013-II-C03ي
ٙIIIϞ 424ʊᐏ
ٙCaSRd ሗਞቡ  Бุ฿ᚎ Ñ CaSR҅ 
ɓື f Ϟᗫ MT1013d ሗਞ
ቡ ุ ਕÑਠ ุ ʷf
ʕ਷ CKD-SHPT׵2030 ϋ༺Ցɛ͏࿆ 50 ᄂ ʩdԨ
׵2035 ϋ༺Ցɛ͏࿆ 131މ21.4%׵2025 ϋdΌ ଢ CKD-SHPT
ɛᅰ༺Ց 1.604Ց 2030 ϋਗ਼ᄣЇ 1.88 ᄂf
ۜ
XTL6001
ۜXTL6001Ԩආɝ
ٙݬGLP-1R/GCGR/MasRཪᓃዧਗኒ f ਗ਼ MasR ˏɝ GLP-1R/


--- page 13 ---
– 5 –
ࠅ
GCGRۃGLP-1ಂ
׌CKD ʿ MASHᆑίᏐ͜ f XTL6001޼ۃ
Ԩ౤Զ
ᚐ f I ಂᑗґ༊᜕ᅰኽᜑͪ d ӊ඄ഗᖹ XTL6001ಂ 4 Ї 5 ඄ d ̙ྼତ͟
ٙ
Э TGeLDL-C eApoBՉίεᅼ
ՈϞᆑɢ f
XTL6001၍ଣᐏ੻อᖹᑗґ
ྼყ̙Б˚ಂ d LPLVɓϣஞൖ  ʊ
ʊҁϓ f
ਪ
׵2030 ϋ༺Ցɛ͏࿆ 235׵2035 ϋ
༺Ցɛ͏࿆ 1,073 ᄂ ʩd2030 ϋЇ 2035 މ35.5%fʕ ਷ GLP1R ε
׵2030 ϋᄣЇɛ͏࿆ 814׵2035 ϋᄣЇɛ͏࿆ 1,769 ᄂ ʩd
2030 ϋЇ 2035މ16.8%f
MT1002
ۜMT1002ɓ၇ኑАΪɿ II ձ GP IIb/IIIaҤኒ d ˴
০࿁ ACS-PCIҤኑձ HD-PF4ᑗґცӋ f
MT1002ӺᜑͪՉঐ༆Ӕ ACS-PCI ʕ ̈ А— ኑА  ᗭ˸̻ፅਪᕚ d ՈϞ
तᓃ f
MT1002ᐕ ACS-PCIٙI ಂᑗґ༊᜕ f ɓධ II
ྼყ̙Б˚ಂ d ऒʿΥ΍ 24ʞ
ٙ26ʊҁϓɝଡ଼ f Ϥ̮ d ίʕ
Ҥኑ II׵2026 ϋ 6 ˜ʿ 2026 ϋ 7ۃ
f
׵2025̹ఙ஝ᅼ༺Ցɛ͏࿆ 345ࣼ
׵2030 ϋᄣЇɛ͏࿆ 472׵2035 ϋᄣЇɛ͏࿆ 618 ᄂ ʩd2025
ϋЇ 2030މ6.4%d2030 ϋЇ 2035މ5.6%f
MT200605
ۜMT200605ࠠ
՘ΝЪ͜ዚՓ —ݺTrkB׌ܢ
໘՗ʕ (AIS)ॴᑌषଣฦෆ f MT200605ߗ
f
ྼყ̙Б˚ಂ d MT200605਷ϓ̌ҁϓ IӺ f
ɓධ II ಂᑗґ༊᜕͍ίʕ਷ආБʕ d 360ʊҁϓɝଡ଼ f
׵2025̹ఙ஝ᅼ༺Ցɛ͏࿆ 117ʕ਷ग़຾
׵2030Їɛ͏࿆ 157׵2035Їɛ͏࿆ 246 ᄂ ʩd
2025 ϋЇ 2030މ6.2%d2030 ϋЇ 2035މ9.3%f
Ҧஔ̨̻
ܼi)ɽʱɿ
Ҧஔ̨̻ e (ii)̨̻ e (iii)㹻჈৔̨̻ʿ (iv)൙ᄆ̨̻ f
ٙ
f ༉ઋ
ሗਞቡ  ุਕ —Ҧஔ̨̻  f


--- page 14 ---
– 6 –
ࠅ
೯
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆
107.0 ϵຬʩʿɛ͏࿆ 130.1ۜMT1013೯
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ఱ MT1013೯ක˕ʱй
ɛ͏࿆ 66.7 ϵຬʩʿɛ͏࿆ 84.4ٙ62.3% ʿ
64.9%ኹϞɓ˕ 117ࡁ
ٙ80.7%f
ᗆପᛆ
ኹϞ (i)10ಥ
ʊબᛆਖ਼л e 23ʊબᛆਖ਼л d ʿ (ii)׵
ਖ਼л͡ሗʿɓධ PCTːପ
ۜMT1013ኹϞ (i)ಥ e ɓ
ධί˚͉ʿɓධίዦɽлԭ d ʿ (ii)e
ɽʿɓධίᒵ਷ f
͛ପ
d Ң
ᖹ (API)͛ପ̮̍ഗୋɧ
˙CDMOٙࡁCMC೯ʕː͟CMC௅ଡ଼ϓ 
ٙࡁCMCᖹ e ႡኒʿᇠᙑႡኒ
ᗫᒟ CMCٙࡁCMCਗ d
ɽ͛ପ f
ਠุʷ
d ͵͊੽
ٙࡁMT1013׵2028ਗ਼ྼБ
ቖਯଡ଼ᔌ (CSO)ீ
f
ऎ̮ѩೌʊਠุ
ኽε၇Ϊ९
͛ପϓ͉ e
ٙ
d ሗਞቡ ุ ਕ — ਠุʷ f
ԶᏐਠʿમᒅ
ʿᐄ༶
ਕ f ࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ʞɽԶᏐ
ɛ͏࿆ 31.3 ϵຬʩʿɛ͏࿆ 26.8΢ಂග
ٙ39.5% ʿ 27.6%મ
ɛ͏࿆ 7.6 ϵຬʩʿɛ͏࿆ 8.6ٙ9.6%
ʿ 8.9%f
ن
Ҧஔ
Ꮄැ d Ш
f Չ
޼


--- page 15 ---
– 7 –
ࠅ
˸ʿ͊Ը̙ঐ̈
௝
೻  Бุ฿ᚎ  ɓື f
ᎈΪ९
ᎈΪ९  ɓ
ٙࡁHࠅ
j (i)Չ˼ε㹻ᖹ
i
(ii)ݬ
א
Ⴌ i (iii)ʔԄਓЪ͜
ਠุ
i (iv)༟
א
ቇᏐस i (v)d
ᐕዚึ i (vi)Ⴁ
ุਕ̙ঐึա
ɽʔлᅂᚤ i (vii)л͜ୋ
ࡁ
ਠุʷ i ʿ (viii)d ʿҢ
፯
௰୞ɰೌл̙ྡ f
Ꮄැ
࿁˓ʕ
୭጑Ͼ̈ j (i)Ԉ i (ii)ːପ
ۜMT1013ཪΣ CaSR ʿ OGP̙ҷഛၝΥ
͛πᐏू i (iii)ମ
၍ᇞ i (iv)Όପุᗡɓ᜗ʷ၌Ց၌̨̻ d пɢ̋
஺Όଢᓒੵ i ʿ (v)၍ଣྠඟ f
ഄଫ
ุਕ j (i)ᑗ
ґක೯ʿਠุʷ i (ii)ε㹻ᗳ
i (iii)ᑗґʿਠุᆑɢ i ʿ (iv)෍
f
ࠅ
జѓ
ኽ਷ყৌਕ
ᇜႡ f


--- page 16 ---
– 8 –
ࠅ
ࠅ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
Չ˼ϗɝ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,002 2,301
Չ˼ϗूʿᑦฦଋᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . 2,670 43,268
ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,812) (23,490)
೯ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (107,022) (130,089)
ɪ̹ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (9,901)
ፄ༟ϓ͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,646) (67,003)
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,808) (184,914)
੻೼ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) –
ϋʫᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,832) (184,914)
Չ˼ϗूʿᑦฦଋᕘ͟ 2024ɛ͏࿆ 2.7 ϵຬʩᄣ̋ 1,503.7% Ї
2025ɛ͏࿆ 43.3ᛙΫ˚
ϗू d ௅ʱ஗ (i)ፄ
ږٙ
 dʿ (ii)ቖ f
೯ක˕͟ 2024ɛ͏࿆ 107.0 ϵຬʩᄣ̋ 21.6% Ї 2025ɛ͏࿆
130.1׵i) ྼ᜕ʿ಻༊ක˕ᄣ̋ d ʿ (ii)ːପ
ۜMT1013ۜMT200605ʈϓ͉ʿ၅лක˕
ᄣ ̋f
ፄ༟ϓ͉͟ 2024ɛ͏࿆ 37.6 ϵຬʩᄣ̋ 78.2% Ї 2025ɛ͏࿆
67.0f
׵ࡁ2024 ϋʿ 2025 ϋʱй፽੻ᑦฦଋᕘɛ͏࿆ 156.8 ϵຬʩʿɛ͏࿆ 184.9
ၾ˸ɨ΢ධϞᗫ j (i)ᚃҳ༟ d (ii)ࠠܝ
ක˕ᄣ̋ d ˸ʿ (iii)ٙ
ቖ f
 f
ࠅ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
࠽61,281 69,260
࠽185,977 262,201
වᐼᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,932 266,407
වᐼᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,533 1,024,939
࠽108,045 (4,206)
ᛆूᑦ ୙ᐼᕘ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,793 (959,885)
࿚Ї 2025 ϋ 12 ˜ 31වଋᕘɛ͏࿆ 4.2 ϵຬʩ d Ͼ࿚Ї
2024 ϋ 12 ˜ 31ɛ͏࿆ 108.0׵i)௅
ਗ d ʿ (ii) ɛ͏࿆ 134.3ਗ
වf


--- page 17 ---
– 9 –
ࠅ
࿚Ї 2025 ϋ 12 ˜ 31වଋᕘɛ͏࿆ 959.9 ϵຬʩ d Ͼ࿚Ї 2024
ϋ 12 ˜ 31༟ପଋᕘɛ͏࿆ 126.8׵i)΅
වɛ͏࿆ 1,137.3 ϵຬʩʿ (ii) ࿚Ї 2025 ϋ 12 ˜ 31ᑦฦɛ͏࿆
184.9༟ɛ͏࿆ 235.5ව
ᛙΫᛆਗ਼஗୞˟ d
ᐏ༆ৰ f
ࣘ— ীሞ  f
ࠅ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . (107,742) (137,130)
ଋᕘ . . . . . . . . . . . . . . . . . 54,803 (57,582)
ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . 21,123 212,235
ଋ ಯ ˇᄣ̋ . . . . . . . . . . . . . . . (31,816) 17,523
ي95,942 64,661
ᅂᚤ   . . . . . . . . . . . . . . . . . . . . . . . . . 535 (1,628)
ي. . . . . . . . . . . . . . . . . . . 64,661 80,556
̈
f
ࣘ— ʿ༟͉༟๕ —ඎ f
؇ٰٰ
Ϟ͉
ʮ̡ 40.56%e 6.60% ʿ 5.48%ৣਅ f ˮૠ௹ɻʿˮ
ʮ̡  ଺๿ዣੰ  99.00% ʿ 1.00%
Ϟ͉ʮ̡ 5.48%
͉ʮ̡ 5.48%ྼू
׵
f
ᛆ͊ᐏБԴ  d ˮΏ௹ɻ e ˮૠ௹ɻ e Г
ߒ43.43%ࡁ
f
٫
Ԩ຾ዝʬ
d ν̏฽Έ௴ҳʿॲဧл
 ୋ 2.3ҳ༟ f ࿚Ї
ܵ
ߒ6.48% ʿ 9.99%ᛆ͊ᐏ
ߒ5.35% ʿ 8.24%࿴ —ϣʮක
ҳ༟ — 3. f


--- page 18 ---
– 10 –
ࠅ
ٙ
ϣʮක೯
f
ᅰኽ
˸ɨ৿ண j (i) Όଢ೯ਯʊҁϓ˲ 58,054,400ٰHٰ
Όଢ೯ਯʕอ೯Б i (ii)ᛆ͊ᐏБԴ i ʿ (iii) ၡᎇΌଢ೯ਯ
ʊ೯Б 331,740,350΅ j
ٰ
΅೯ਯᄆ
18.20ၑ
ٰ
΅೯ਯᄆ
21.00ၑ
࠽1) . . . . . . . . . . . . . . . . . . 6,037.7 ϵຬಥʩ 6,966.5 ϵຬಥʩ
ව
࠽2)  . . . . . . . . . . . . . . . . . . . . . . (0.37) ಥʩ 0.12 ಥʩ
ൗj
(1) ٙ
331,740,350ൗ 2௪
΅ᅰͦԨೌ
΅ዧᎸ
༈
މHၑʕ࿛ৰ f
(2) ׵2025 ϋ 12 ˜ 31፽
ٙ
316,740,350ၑ f
(3) ׵2025 ϋ 12 ˜ 31௪Ͻ຾ሜ዆ၝΥϞҖ༟
׵2025 ϋ 12 ˜ 31Չ
௪Ͻ
୞˟બʚ AቃeB ቃe
B1 ቃeC ቃʿ DᛙΫʿՉ˼Ꮄ΋ᛆ  Ꮄ΋ᛆ୞˟ߧ
׵2025 ϋ 12 ˜ 31ɛ͏࿆ 1,159,018,000ᛆू f
৿ண D׵2025 ϋ 12 ˜ 31 ˚ҁϓ d ͉ʮ̡ኹ
ਗ਼ሜ዆ɛ͏࿆ 1,159,018,000
׵Hٰ18.2ٰ21.0͉ʮ̡ኹϞɛᏐЦ͉ණྠ
ɛ͏࿆ 1,057,188,000 ʩʿɛ͏࿆ 1,192,806,000 ʩf
ʊ೯Б 316,740,350׵Hٰ18.2 ಥ
ٰ21.0׵2025 ϋ 12 ˜ 31௪Ͻ
ɛ͏࿆ 3.34ٰ3.84ɛ͏࿆ 3.77
ٰ4.33 ಥ ʩf
 f
ၑ d ሗ
 f


--- page 19 ---
– 11 –
ࠅ
੻ಛධ͜௄
΅ 19.60׌
΅ 18.20 ಥʩЇ 21.00ఱΌଢ೯
މߒ1,067.2 ϵຬಥʩ f
੻ಛධଋᕘ͜Ъ˸ɨ͜௄ j (i)ߒ39.1%א417.3 ϵຬಥʩ d
ਠุપ̈ i (ii)ߒ
36.3%א387.4ᑗґ༊᜕˸ʿ
ਠุપ̈ i (iii)ߒ14.6%א155.8ʿҦஔ
೯ i ʿ (iv)ߒ10.0%א106.7ʿɓছʮ̡͜௄ f
ࢹٰ
ྼყ̙
͊ԸԨ
໨
ኽʕ
ٙ10%ᅡಛ d
ٙ50%ٙࡁ
אݼ܁
஝ʿଡ଼ᔌ௝
˟ f
ɪ̹ක˕
ɛ͏࿆ 61.4೯ਯ
ٰH ٰ19.60ٰHٰ18.20 ಥʩЇ 21.00 ʕЗ
ٙ6.2%΅  f
ܼi) ɛ͏࿆
39.6 ϵຬʩ d ʿ (ii)ක˕ɛ͏࿆ 21.8ܼa) ᚥਪʿ͡జ
ක˕ɛ͏࿆ 13.0 ϵຬʩ d ʿ (b) Չ˼൬͜ʿක˕ɛ͏࿆ 8.8ٙࡁ
ɛ͏࿆ 19.4ɛ͏࿆ 9.9 ϵ
ɛ͏࿆ 42.0Іᛆूʕϔ
ᕘ̙ঐၾϤ
ʔΝ f
ɪ̹
ٙHኽ
ٙHٙHɪ̹ʿ൯ር f
ٙࡁHಂ͵ʔ
ɪ̹஢̙ f
ኽʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 44B (1)ɪ̹ʿ
̙ঐί༈ɧ
΂
f


--- page 20 ---
– 12 –
ࠅ
࢝
ᑗґක೯
MT1013 ఱ CKD-SHPTٙIII׵2025 ϋ 7ྼყ̙Б
Ϟ 424ѩʊɝଡ଼ f XTL6001ٙI׵
2025 ϋ 6ྼყ̙Б˚ಂ d LPLVʊҁϓ f
2026 ϋཫಂᑦฦଋᕘ
׵2026׵i)೯˸
ක೯ i ʿ (ii)΅˕˹ක˕ᄣ̋ f
࢝
׵2026 ϋ 2 ˜ d ఱϞᗫ MT1013ᐕ CKD-SHPT
d ሗਞቡ ุ ਕÑਠ ุ ʷf
ɽʔлᜊਗ
ତ e ̹ఙήЗ
౻І 2025 ϋ12 ˜31ഐҼ˚ಂ 
ɽʔлᜊਗ d ˲І 2025 ϋ 12 ˜ 31ٰם
ԫ΁ f


--- page 21 ---
– 13 –
ᙑ ່
༱
 ɓືʕ༆ᙑ f
፽ɓ 
ගટછՓ༈
ɛɻΝա
ɛɻ
ʿৌਕිజ҅
א
௝ ೻
׵2025 ϋ 9 ˜ 19ࣖ
˸Չ˼˙ό

଄່
ึ
͉ʮ̡໨ԫึ
΂
ಥʮ଺৿ಂৰ̮ 
ϋ
ଟ
ה
༟͉̹ఙʕʧ
ʕ̯ഐၑʿʹϗӻ୕
௝೻ϾԊʿසЪήਹ
ʕ
तйБ
ਜʿ̨ᝄήਜ
଄່
Էୋ 622א
ҷ 
ʮ ̡ ૶ᆵʿᕏධ
ૢ ˖ ૢ Է
Էୋ 32 ௝ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Է ຾ ʔ
໾̂ 


--- page 22 ---
– 14 –
ᙑ ່
׵2007 ϋ 1
˜ 19׵2025 ϋ
1 ˜ 17ʮ̡
 ʕ਷ʮ

˸Չ
ҷ 
̮ d
ˮΏ௹ɻ e ˮૠ௹ɻ e Гτ଺๿ʿГτ଺๿ዣੰ
 ၾҢ
 ɓື
଄່
଄່
଄່
ୋ 18A௝
ܸۜMT1013
፽ C1
ப΂ʮ̡
ึ
މ2026 ϋ 6 ˜ 10ٙࡁ
͉ʮ̡
ͭ
͉ʮ̡໨ԫ
ɛ͏࿆ 0.02
୚
ɛ͏࿆ 1.00ٙ
d ਗ਼˸ɛ͏࿆Ⴉᒅʿᖮԑ
̨̻ d уГτ଺๿
ܸa)ආБ൯ር i
ʿ (b)א
Τ
ɛɻ


--- page 23 ---
– 15 –
ᙑ ່
ɧ
e
Չ˼

FINIܸFast Interface for New Issuanceٙ
ᛆूʘ
ᛆू೯ਯ  dѩ ඲
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 Бุᚥਪ 
ʮ̡ɪऎʱʮ̡ d
Ӻʿፔ༔ʮ̡
ಥʮක೯ਯʿ਷ყ೯ਯ
 ʕ̯ഐၑӻ୕

 dϾ

d ͉ʮ̡ʿՉ
᙮ʮ̡ 
e
ҷ
Hɛ͏࿆ 0.02
ɪ
࠽ٰࠦ
ɛ͏࿆ 1.00d ਗ਼˸ಥʩႩᒅʿ൯ር d Ԩ
ɪ̹
H΅ཀ˒
೮াஈ 
ʮ̡
ڌၣ१ www.hkeipo.hk
ίၣɪ჈ʹ͡ሗ d ˸
΅
ڌਕ
ԶᏐਠ 
֛ܸٙڌਕԶᏐਠ d ༉ઋሗᓭ
ၣ१ www.hkeipo.hk
ࠢ
᙮ʮ̡


--- page 24 ---
– 16 –
ᙑ ່
ಥഐၑ EIPOಥ೯ਯ
ટπɝʕ̯
٫
ৄ၍ਠ ඲
ٙFINI ӻ୕೯̈
΅
Ό
᙮ʮ̡
 ʕ̯ഐၑӻ୕༶Ъ

d ຅ʕ༱Ϟᗫ˷ഐၑʮ̡
ீཀഐၑʮ̡ணͭ e ༶Ъʿ Ŋ
ʕ̯ഐၑӻ୕ e FINI΂ОՉ
੬஝ e ೻ҏ˸
ࣖ
ৄ၍ਠ
٫
ਜ
஬࿆ಥʩ
Ӊ౤я˸ԶႩᒅ
ٙ5,805,600ٰHٰ
ಥ
 Όଢ೯ਯ

̍ቖਠ
࠰
މ2026 ϋ 6 ˜ 12
 ̍ቖ  ɓື
ۆ
ረʚ଄
ɛɻ
ኽ S೯
࿴ 
ɓື


--- page 25 ---
– 17 –
ᙑ ່
ٙ52,248,800ٰH̙
ᛆᐏБԴϾሜ዆ 
̍ቖਠ
ࢩ
ࠈ
 ̍ቖ  ɓື
Υྫ 
ሪᖤ
၍ଣɛ
Όଢ
՘ሜɛ
ଘ᎘
຾፬ɛ
ᑥɛ e
዆᜗
՘ሜɛ  ʿ
 ዆᜗՘ሜɛ 
ᑥ
዆᜗՘ሜɛ
ܸ2026 ϋ 6 ˜ 7߰
ྼყ̙Б˚ಂ
Υྫ 
ܸHɪ̹
ึ
ܸHމ
2026 ϋ 6 ˜ 24ܝۃא
ࣛ
ҷ 
Υྫ 
הGEM ԨၾՉԨБ༶
ಂᛆ̹ఙ 


--- page 26 ---
– 18 –
ᙑ ່
ਠ՘ึІਗజᄆӻ୕
ึ
ึ
ٰHܼ1.0%e
0.0027%ᅄ൬ e 0.00565%׸
൬ʿ 0.00015%࠰
ಥʮක೯ਯʚ˸Ⴉᒅ d
ኽ਷ყ೯ਯʚ˸೯ਯ d
ࠑה
֛

ᛆ d ̙͟዆᜗
਷ყ̍ቖਠ  Б Դdኽ Ϥd
೯ਯᄆৣ೯ʿ೯Б௰εΥ΍ 8,708,000
ᕘ̮ H΅௰ε
15.0%൴ᕘʱ
ᛆ 
ʕ̯ვБ
˸Չ
ҷ 
ᚥਪ
ᗆପᛆ
ᚥਪ 
ᚥਪ
ۃ
ҳ ༟
ҳ༟ d ༉ઋ
࿴  ɓື
ۃ

٫
މ2026 ϋ 6 ˜ 22׵2026
ϋ 6 ˜ 22ಂ ɓʕʹ 12˚ಂ d ͉ʮ̡ၾ዆
Όଢ೯
೯ਯᄆ
௝೻


--- page 27 ---
– 19 –
ᙑ ່
Ӻʿක೯
SجS ஝Է
ึ
஬࿆ɛ͏࿆
ึ
Էୋ 571e
ҷ 
Υྫ 
ᛆҳ༟ΥྫΆุ
Υྫ 
ɛ͏࿆ 0.02
͉ʕ
ɛ͏࿆ 1.00΅
ʿ Hٰ
ɛ͏࿆ 1.00΅
މ50ɛ͏࿆ 0.02΅ d ၡટɪ
ࣖ
Ϟɛ
 ୋ 2.3ረʚ
଄່
ʮ̡
ʕശɛ͏΍ձ਷਷ਕ৫
א

ʮ̡
଄່
଄່
͉ʮ္̡ԫ
 ຾
ҷ 
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ܓ


--- page 28 ---
– 20 –
ᙑ ່
଄່
ಥ̍ቖਠʿ਷ყ̍ቖਠ
ಥ̍ቖ՘ᙄʿ਷ყ̍ቖ՘ᙄ
ɛ͏࿆ 0.02
ɪ̹ i
ɛ͏
࿆ 1.00׸
ɪ̹
ࡐࡩ
ˢԭतਜ
ʩ
ܸ1933໾̂ 
࢕
׵2019ϋ7˜18ΥྫΆุ d
ʈዧᎸ̨̻
׵2019
ϋ 7 ˜ 10މ
౷ஷΥྫɛ
%ϵʱˢ
Ң
່ d ฿
๟ f
ਜ f
߰׵
ڌ
f


--- page 29 ---
– 21 –
ڌ
ٙ
ᗳЧ൚
ˢ f
ཀ
ཀ೻
ACSਗএၝΥस
ACS-PCIᐕ f
ᐕ (PCI)ٙACS٫
ADMET׌ݭ
AIDDɛʈ౽ঐ
AIS໘՗ʕ
APIཫ
ᅂᚤ
ϓʱ
AMD׌
ANG-(1-7)А၍ၡੵ९ -(1-7)ʱɿ
BMId
౤Զᅺ
ᅺ
CADDࠇ
CaSRٙG ஐͣਅᑌ
ա᜗
CDEᄲ൙ʕː
CDMOႡᖹБุ
ʮ̡
CHD਄ੰᅰኽ
ɓ ၇ ᐏ FDAᐕ CKD-
SHPTٙCaSRي
CKDഥᛔष


--- page 30 ---
– 22 –
ڌ
CKD-MBDሯձ৶Ꭵशष (CKD-MBD) ၾ৶
Э৶ඎ  ৶ඎಯˇ  Իπ
CKD-SHPT݊
ٙؓCKD˖
ܸה
CLDӿष
༊᜕
CMCʷኪϓʱ e
୕၈
ͦᅺ iPTHˢ
ԷdՉ ʕ iPTHٙࠢ2–9࠴130–586
pg/mL)މ2.10–2.50 mmol/Lމ
1.13–1.78 mmol/L
2019ܸ2019խіၝΥस
शष
CROҦஔ
ዚ࿴
DILId
ཀઽ
ӿฦෆ
ఱ DMPKཀ೻
Їᑗґ༊᜕
ટաО
ʍཫ
DKDጟ҇षഥष
DMPK˾ᑽਗɢኪ
EAP൙Пಂග
ERASੰూ
ɓ ၇ ᐏ FDAᐕ CKD-
SHPTٙCaSRي
FDA؂
ᑌԞዚ࿴
FGF23Ϊɿ 23


--- page 31 ---
– 23 –
ڌ
FPIɝଡ଼
FXR̵ቐ X ա᜗
GAൂᐵ
GCPආБᑗґ
ኪሯඎᅺ๟
GFRᅺ d ͜
ගʫཀᓩАᆉʘ᜗ጐ
GLPٙ
ᑗ
ࠠ
׌
GIOP৶ሯଯᕦस
GLP-1ঈ৷Аጟ९ᅵ㹻 Ñ 1ɓ၇ε㹻ᗳዧ९ d Չஷཀ
ଡ଼ᔌ e ӿᛔ e
ٙGLP-1 ա
ʕ d GLP-1 Րዧঈ
d
GLP-1׵GLP-1ج
e ሜືАই˾ᑽʿಯ
Ӑጐ
GLP-1R/GLP1Rঈ৷Аጟ९ᅵ㹻 -1 ա᜗
׵GLP-1d ՉᅼᏝ GLP-1ط׵
ᗫই
ဧধऎᎰस
GLP-1 ա᜗ዧਗ
ኒŊGLP-1 RA
ݺGLP-1٭
e Չ
शष
໮Ը
ዧ९
א
GCGR
ᐕጟ
ཪᓃ
GMPሯඎ᜗ӻ d
ୌΥϞᗫᛠй e ўඎ e ሯඎ
Ӌ d Ԩ͟ʮ΍ዚ࿴ ν FDA ੶Փ
ੂБ
GP Ř b/ ř aጟஐͣ IIb/IIIaي


--- page 32 ---
– 24 –
ڌ
໑༸ਓЪ͜
HD-PF4МϞӿ९ -Ϊɿ 4ؓHD)
ග
HDீཀ᜗
ഥ
ج
Ӊጜ፯ʕᜑ
 ΋ኬ
e һԳᖹ˾ਗɢ

ICH E1൙П
ɛ໊ᅳᚣඎ  E1׵
1994 ϋ 10 ˜ 27ϙί
൙ᄆ
ˏ
INDཀ೻
щʪ஢อᖹ઼ਗᑗ
ґ༊᜕
ɢ
ཀ೻
ගપ୅಻ඎՉӻ
ᅳᚣ e ʱб e ˾ᑽձऊৰ
ߤ
щ̙஗ᗳ
ʱɿሜື
ٙ
ᆑɢ
੽А૰ʕ
ᙲ՟໧ൃጟ d ԨҵՓӿᛔପ͛һε໧ൃጟ
ᐑྤʘ̮࿁
Ӻ


--- page 33 ---
– 25 –
ڌ
ي
 ɪ಻༊
ϥ
࿁๫
iPTH໗ዧ९
KORܸkappa˪ա᜗
ܼ
ጐၳ
LPLVɓϣஞൖ
MACEʔԄːА၍ԫ΁
MAH္၍ዚ࿴՟
ۜ
೯ e ͛ପ e ቖਯʿ
ྼ᜗
MAFLDՈϞ˾ᑽ̌ঐ
ɓӻΐӿᛔशष
MAPK/ERKʷஐͣዧ㺛 Ŋ
̮Րዧෂ჈Ї
ߤ
ూϞᗫ
MASLDӿष
MASHӿ
݊MAFLDҖό
MaSRܸMas ա᜗
MBDሯձ৶ମ੬
Ԓ᜗
І್ཀ೻
ج
MRCTᑗґ
༊᜕
NACE᰸ʔԄᑗґԫ΁
NASHف
NDAΣ FDAอ
͍ό͡ሗ


--- page 34 ---
– 26 –
ڌ
NIHSSڌ
NMPA္ຖ၍ଣ҅
NSTEMIڢܸSTːЄ૚ϥ
ጐၳ
OGPɓ၇͟ 14ε
㹻
ග
ஔႧ
׌CKDഥᛔष
PCI೻
ௐ෦ d ҷഛॹА
А૰ԶᏐ
PCT (PCT)ਖ਼л͡ሗ d PCT
׵1970ίӊ
౤Զ୕ɓ೻
ҏ
PD᜗ d Չၾᖹ˾ਗ
ኒඎ e ूஈʿʔԄˀᏐ
ʿЪ͜
˙ό
PKіϗ e ʱб e ˾
ኒඎ e ू
ஈʿʔԄˀᏐ
Ⴁኒ
PMO੬Ԉशष
ݬ
PCCீཀཪᓃ᜕
Ꮄʷ˸ʿ᜗̮ Ŋ ᜗ʫྼ᜕᜕ᗇ஗
፯ʱɿ


--- page 35 ---
– 27 –
ڌ
PLCᐟই㺛 C-ሯ㺛 d ̙ਗ਼ 4,5- ɚᐟაᐟই
㺸Єቐ (PIP2)މ1,4,5- ɧᐟაЄቐ (IP3) ʿɚ㺸
ذDAG)໮ʿஐͣዧ㺛 C(PKC) ዧ
ˀᏐ
Pre-NDA๖ஷ
PTH໗ዧ९
PTH1R໗ዧ९ 1ա᜗
p-TrkBᐟაʷ TrkB (Tyr705)
P2Y12ࠦڌؐ
ٙP2Y12Җϓ d ੽ϾҵՓ
ၳණ
PI3K/Aktʫ
e ˾ᑽʿА၍
͛ϓ d ίᐖसʿːА၍शषʕ຾੬̰ሜ
QAϞሯඎཫಂϾЪ
рɢ
QCཀ
೻
RASᓙഥ९ Ñ А၍ၡੵ९ Ñ ⺂ո●ӻ୕
(RAS)d ஷཀಯˇА၍ϗᐵʿ૰᜗䉃व d
ᐕ৷АᏀ e ːসʿഥष
SAEɽಞश e ც
ʔԄᔼᐕԫ΁
SARڷ
SGLT2ඒ Ñ ໧ൃጟ՘
Νᔷ༶ஐͣ 2ЭАጟ d ί 2ۨ
ڭ
ᚐЪ͜
STEMIܸSTːЄ૚ϥ d ɓ၇ ACSًڿމ
ːЄॹАʿᕸϥ
SMOΣ CROҦஔ
ᑗґ༊᜕ʕː౤Զᑗґ༊
ଡ଼ᔌ


--- page 36 ---
– 28 –
ڌ
໘ଡ଼ᔌॹАॹः
໘ฦෆ
TEAEʔԄԫ΁
TrkB཈ऄაዧ㺛ա᜗ʘɓ
ʷ
ي


--- page 37 ---
– 29 –
ࠑ
ͦᅺ e
ᎈ
੻ಛධ͜௄  ഃ௝ື f
ܵ
eᏐ ຅e
ᅺeᗴ ౻e
ږ
߰
ᎈ e
ϓఱၾ
ମ f
৿ணʿΪ९Ъ̈ d Ͼ༈ഃ৿ண
הࡁ
Ϊ९ʿՉ˼Ϊ९  Չʕεධ
j
• ౻ i
• ঐɢ i
• ʿ຾ᐄุᐶ i
• ঐɢ i
• ঐɢ i
• ྌ i
• ཫಂ i
• ཫಂ i
• ੻ಛධ͜௄ i
• ҅ i
• ഄʿ஝Է i
• i ʿ
• f
༈ഃʿՉ
ʔ͍ᆽ d ྼ
ମ f ΪϤ d ტɨʔᏐ
f
ʿ஝
d ˸ˀ
אࡁ
௝೻˚ಂЪ̈ f ΂О༈ഃจΣѩ̙ঐ
ה׼
f


--- page 38 ---
– 30 –
ᎈΪ९
ٙࡁHЪ̈΂Оҳ༟Ӕ
ุਕ e ৌ
ٙࡁHᄆɨൻ d
ٙࡁHฦ̰ f
ᎈ
࿁˓̙
f
ৌਕ e Ҧஔ e ͛ପ e ᐄቖʿ
f Էν d Ң
ۜMT1013׵CaSR ձ OGPۃ
͍ίක೯˸ CKD-SHPTྼყ̙Б˚ಂ d ϞՇಛ
CaSRᐏ FDAd ɧಛ CaSRd ˲Όଢ
׵CKD-SHPTٙCaSRЧ༩
f Ϥ̮ d CKD-SHPTГԟ̔෦ e ԱӜ̔෦ʿԱत
׵GLP-1ط
ۜXTL6001ྼყ̙Б˚ಂ d
ΌଢϞ 17ɧཪᓃ GLP1Rd Չʕ
12ཪΣ GLP-1R eGCGR ʿ GIPRཪΣ GLP-1R eGCGR ʿ
FGF21ཪΣ GLP1Re GIPR ʿ AMYRཪΣ GLP1Re
GIPR ʿ NPY2Rf XTL6001ਬɓཪΣ GLP-1R eGCGR ʿ MASRɧཪᓃ GLP-1R 㹻
ۜ
һϘᐏҭ e
֛א׌
ɽʔ
лᅂᚤ f
e һ
һҞ
ᖹ္҅ e FDAߧ
̹ఙήЗ f
ٙݬ
̙
Ⴌ f
ක೯ʿ՟
j
• Ӻ e ɝଡ଼ʿҁϓᑗґ༊᜕ d Ԩ੽ʕᐏ੻ୌΥᑗґ༊
ᅰኽ i
• i
• CROᄵБՉᔖப i


--- page 39 ---
– 31 –
ᎈΪ९
• ᚐʿ္၍ዹЦᛆ d
ᗆପᛆʿ
ਖ਼Ϟᛆл i ʿ
• तᅄ f
ʕ d
εධ f ΪϤ d
ࡁ
౻ f
א
ࠦࠋٙࠠ
f
ʕ˟ᑗґ༊
̙ঐᜑ
ᑗґ༊᜕
፯
ʔԄԫ΁̙ঐᅂᚤա
ப΂॰Ꮅ f Ϥ̮ d
ٙߧ
j
• ᑗґ༊᜕ i
• ᐄቖ i
• ೯͛ଟཀ৷˲ʔ̙
፯
ϞͦᅺቇᏐस i
• i
• Ң
வᅵਂ i
• ࿁ʊ
Փ i
• ᎈ൙П
ᗳЧഄ
ଫi
• Ӻ i
• ிϓ
ዄப΂ i
• ͊
ཫಂ i ʿ
• ཫಂ f
ܝ
ቇᏐस f
ቇ
׵2024 ϋʿ 2025ۜ


--- page 40 ---
– 32 –
ᎈΪ९
MT1013ɛ͏࿆ 66.7 ϵຬʩʿɛ͏࿆ 84.4 ϵຬʩ d ʱйЦҢ
ٙ62.3% ʿ 64.9%፯
һ
f
˕̈͊̀ঐପ͛΂
ͦ
ɨ d Ң
ᘒ൮ᛆू d
d ϾίϤჯਹʕ༺ϓ
ΥЪτર͉ึһϞл f
͊̀
f
Ӻධͦც
ගʑঐҁ
ே̙ঐ೯̰͛઻ f
ٙ
፯
ε၇Ϊ९ d
࿁ഗᖹ
ʔ
ମ f
ɝଡ଼ᅺ๟ e
༈ഃ༊᜕ऒʿһ
̙ঐၾϘಂ༊᜕ʔΝ f ኋ၍ίϘಂ༊᜕
ٙ
̙ঐʔଣซ d வ̙
ɽʔлᅂᚤ f
೐ʿ຾ᐄุ
ப΂ f
ي
f ༈̹ఙ͟ 2020ɛ͏࿆ 589 ᄂʩᄣЇ 2025ɛ͏࿆ 700 ᄂ ʩd
Ց 2030 ϋਗ਼༺Ցɛ͏࿆ 1,742ܼGLP-1 ա᜗ዧਗኒ e
ዧ९ (GnRH)ᐕጟ҇षʿ
ष f
મॶ d ᔼ
٫
d 㹻ᗳ
ၾ္
͜௄ʿᅺᜀʔୌ f
Դ
೯͛
ཫಂ


--- page 41 ---
– 33 –
ᎈΪ९
ίՉᐏҭቇ
ෂ d
f ༈ഃԫ΁
ዄப΂ d
͊
f
ݺ
աՑՉ˼ʔлᅂᚤ f
෍ԑ੄
ɝ
d வ̙ঐ
ᑗґ༊
f
ᐕ
ዚ ึf
ڭج
͵ʊరӋԨ̙ঐᘱᚃరӋၾୋɧ˙
ஷཀ΍Νක೯ʿબᛆτર f
ၾ CRO༈ഃୋɧ˙͊ঐѼഛ
אࡘ
ਗ਼Չਠุʷ f
ྌᘱᚃၾୋɧ˙ CROӺʿᑗґ
޼
ၾ CROΥЪ
΂О CRO͊ঐ፭ς
ʔ̙ቦ d ਷
ᖹ္҅ e FDAᐄቖ͡ሗ
ᑗґ༊᜕̀඲Դ͜ίԄλ͛ପ஝ᇍ
ආБ f
ၾ CROஷ੬రӋ
Ϟ CROၾ༈
ഃ CRO͊̀ঐ੄ၾՉ˼ CROٙ
ٙࡁCROၾ༈ഃ CRO
ᑗґ
ࡊCROတ
ᑗґᅰ
ΪϾաՑᅂᚤ d
ᐏ
ٙࡁCRO፯ᖹ
ٙCRO ึऒʿᕘ̮
೯͛΂О
౻ਗ਼աՑʔлᅂᚤ f
ᑗґ
౻̙ঐึաՑʔлᅂᚤ f
ίҢ
ঐ੄ၪ


--- page 42 ---
– 34 –
ᎈΪ९
d
f ༈ഃБุਞၾ
ن
ᗫ
ɽʔлᅂᚤ f
ۜ
ɽʔлᅂᚤ f
f
͛ପ̮̍ʚ CDMOԨೌɽ஝ᅼ͛ପԶਠุ͜௄ᖹ
ྌᘱᚃ։໌ୋɧ˙ CDMOᐏ
ක೯ʿਠุʷ f
͛
ක೯ʿਠ
ϓ͉൴˕̙ঐც
f
ᚃ
࿁Ԅλ͛ପ஝ᇍ
ࠠ
ٙۜ
ਗ਼ც
͊
ପঐ d
һ౬ f
Ꮄʷ
ྼତ༈ഃཫಂͦᅺ
ࣘ
ਠุʷ d
ᐏ
ঐɢ f
ᖹ္҅ e FDAא
༾Ցਪᕚ f Ң
ண௪ቊա
ج
͉
ਠุቖਯԶᏐ f
ʑঐᘱᚃ͛ପ f
ሯඎછՓ f
ٙࡁCDMO˸ʿҢ
ᗇ
ሯඎʿ̙
ሯඎ


--- page 43 ---
– 35 –
ᎈΪ९
ᗇ೻ҏঐ
ᗇ஝೻
̙ঐኹϞ
f
ɽʔлᅂᚤ f
࢝
f
ཫಂਗ਼ᘱᚃԱ፠ୋ
ٰם
௝೻  ุਕ —ʿ˸ਠุɪΥ
ᎈ f
ԶᏐ d
Զ
፰ d
တԑʊਠุ
ც
f
ࠥ
ٙۜ
ࡁ
лঐɢପ͛ʔлᅂᚤ f
ԑ੄ሯඎ f
ʿண௪
ਠุʷ஝ᅼ͛ପ d ԴҢ
ɽʔлᅂᚤ f
Ϟ஢̙ᗇ e ೐
Չุਕᐄ
ᑗґ༊᜕ʿ္၍௪
ப
͍༈ഃʔΥ஝ԫ΁ d
ɽʔлᅂᚤ f
л͜ୋɧ˙ቖ
͊ঐ
౻̙
ɽʔлᅂᚤ f
f ਠุʷཀ
e ሯඎછՓʿ஝ᅼʷ͛ପ e ʱቖಬ
၍ଣྠඟ
Ⴌ e ϓ͉൴˕ e ̹ఙટ
ཫಂ f ΂
ঐɢ d Ԩ̙ঐ࿁Ң
ɽʔлᅂᚤ f


--- page 44 ---
– 36 –
ᎈΪ९
ᆑίਠุʷЪ๟௪ d Ϥᑘ̙ঐ
ͭቖਯʿᐄቖঐɢ˸ʿၾ CSOሗਞቡ  ุਕ Ñ ਠ
Ң
໌ e ྇͜ e ੃৅
̙ቦ
Ң
ቖਯϗू̙ঐึ༰Э f
ྼყቖ
ɰೌл̙ྡ f
εධΪ९ d ̍
މ
ᆑίʿཫಂᎴැ i
i ္၍
޴
ۜ
ᎈʮ̡ഃ
ᄆ
ᎈʮ̡ഃ
޴
ٙۜ
͊
e
ɽʔлᅂᚤ f
e
͊̀ቇΥટ
Ӻ̙ঐึ
ѩ̙
e
௝೻  Бุ฿ᚎ 
ɓ ືf
ʔл f
΢
e
ࠦࠋ
ᆑ
٫
e
ʿ຾ᐄุᐶ̙ঐա
Ցʔлᅂᚤ f
ྌ d Ң
ɽʔлᅂᚤ f
e ӷɛᔼᐕ
ۜ


--- page 45 ---
– 37 –
ᎈΪ९
࢕
ج
ڭ
ͦ
ਠุቖ
ٙࡁ
˹ಛ d வ̙ঐ
f
Չਗ਼
ዚᗫʿ
މ
༰৷ f
͊̀ঐϓ̌ਠุʷ MT1013א
f
࢕
ᖹ္҅ e FDAf
˕˹൬
ي
ʪ஢˕
፯ᖹ
༟пʿӷɛ˹ಛɛஈᐏ੻ᔧႊʿϞл̙ྡ
ɽʔлᅂᚤ f
CKD-SHPTਠุᆑɢ f
ኽഥʃଢᓩཀଟ (GFR)މ1 Ї 5 ಂfୋ 1 ಂdഥ
̌ঐਿ͉͍੬ i ୋ 5͛ն f CKD-
SHPT੬Ԉ f
͉ʮ̡ϙίఱ MT1013ᐕМϞ CKD-SHPTٙ5 ಂ CKDɪ
ٙؓCKD ˸ʿМϞ৶ሯଯᕦ
ሯձ৶˾ᑽମ੬ (CKD-MBD)d
ΌଢМϞ SHPTٙ5ɛᅰ͟ 2020ٙ500 ຬɛᄣЇ 2025ٙ590 ຬ
Ց 2030 ϋਗ਼༺Ց 690 ຬ ɛdՑ 2035 ϋਗ਼༺Ց 810ٙ
ɛᅰ͟ 2020ٙ60 ຬɛᄣЇ 2025ٙ65Ց 2030 ϋਗ਼༺Ց 69 ຬ ɛd
Ց 2035 ϋਗ਼༺Ց 73 ຬ ɛf
ڭج
໊᜗ʃ
ɽʔлᅂᚤ f
ቖਯʈЪ̙ঐ༾ՑѢᗭ d
ʿ຾ᐄุᐶପ͛
ʔлᅂᚤ f
࢕
d ஈ˙
d


--- page 46 ---
– 38 –
ᎈΪ९
੽༈਷
ϗΫί
ҳ༟ f
ᅺཀ೻ e
ࣸ
࿴ϓɨБᏀɢ f
޴
ۜ
ᄆிϓ
ɽʔлᅂᚤ f
Փ d
͊̀ঐ੄ίʔ
ุ
ɽʔлᅂᚤ f
ᎈ
ᚐ d
ϓ̌ක೯ʿ
ɽʔлᅂᚤ f
ᗆପ
ஷཀ Չ
f
ήϓ̌౤ʹ
ਖ਼л͡ሗ௰୞
ج
ᚐ f
މ
f
՘ᙄԨί౤ʹ
ঐɢ f
ྼ͜อ
༈͡
ήЗ e
ɽʔлᅂᚤ f
બᛆΥЪྫМኹϞ
ϓ̌ਠ
ɽʔлᅂᚤ f
͉ʔึᐏબਖ਼л d уԴᐏબਖ਼л d Չબ
࿁
̙
ᜊਗ̙ঐึ


--- page 47 ---
– 39 –
ᎈΪ९
΂Оਖ਼лѩ̙ঐ஗
͵̙ঐ
ኪஔዚ࿴ 
ਖ਼
͍ί
ᛆਜϓ̌ᐏબ΂Оਖ਼л d
Չ˼ୋ
ɧ ˙f
ࡁ
Ң
ࡉ
މ
f
Ꮠਖ਼
ٙ
ʿʔ̙
ਖ਼л஗࿞ቖ
f
΢၇೻ҏ e ˖
ۂ
՟ऊ f
ߕ
൬ e ᚃ
਷ਖ਼лਠᅺ҅ʿՉ˼΢၇
ʍ೻ҏ e ˖΁ e ൬͜˕˹ʿՉ
ᗆପ
d
ਖ਼л͡ሗ
˙Бਗ e ͊ᖮॶ൬͜
࿁˓̙ঐঐ
ɽʔлᅂᚤ f
˸Չ
ɮ˲ʔϓ̌ f
͕ e
πίɽඎϞᗫ
e ΥЪྫ
͵̙
ਖ਼л͡ሗ f
אۜ
Չ͜௄ f
࿁ʊක
˸Չ˼˙ό
Չ˼˙౤ৎൡத d


--- page 48 ---
– 40 –
ᎈΪ९
ᗆପᛆ f
Չ˼ፅ
ঐɢ f
ൡதක˕ d Ԩਗ਼ɽ
e ̙ੂ
৫̙
˴ੵୋ
ɽʔлᅂᚤ f
̙ঐ
א
א
ึ஗
Ό௅ุ
ᛆ॰
ν
͡॰ආБᚗᚐ̙ঐϓ
f
೐
ุਕ͵̙ঐաՑʔлᅂᚤ f
ʕ਷ኹϞ 32ऎ̮ኹϞʬධ
ၪ
΂
d Ԩ̙ঐೌ
ᛆ
ਠᅺ͡ሗʿరӋ࿞ቖʊൗ̅
ਠᅺ͊̀ঐί
඲һҷҢ
ۜ
˟
੽
ࠠ
ɽʔлᅂᚤ f
ڭ
ᑗ
͡॰ d
͡॰ f
͵Ա፠ਠุ।੗ʿዚ੗༟
ή
ீ
e ΆุΥЪྫМ e աᗎ
੗՘ᙄ f ್Ͼ d


--- page 49 ---
– 41 –
ᎈΪ९
f ္છ͊຾
ਖ਼ϞҦஔϾમ
༈ഃ՘ᙄ d
̙ঐึ̰̘
ࡁ
ࠈ
൮˲
৫̙ঐʔ˄
΂Оਠุ।੗஗ᘩ
ࡁ
f
א
࿁˓ f ௅ʱ༈ഃɛɻ
əਖ਼Ϟᛆл e
e ᚥਪʿፔ༔ɛʔึί
༈ഃ
א
ၾ৷ॴ
΂О༈ഃ͡॰ආБᚗᚐ d ৰ˕
ᗆପ
ॶ
ϓ̌ਠุ
d Ͼ΂ОϤᗳൡத
ঐɢପ͛ʔлᅂᚤ f
ٙ
ɽʔлᅂᚤ f
̍ਠᖦ
ൖ
ᗆପᛆᔷᜫʚ
ᔷᜫ՘ᙄ̙ঐ஗༼ˀ d ӊ၇
౤̈͡॰ d ˸ᆽ
ɛ̙ঐ࿁ୋɧ˙ ν
Ϟ
ᚗᚐ΂О༈ഃ͡॰ d
ᗆପᛆ f
ᐏબᛆ
̙ঐ
މ֛
ɨԴ
ʿҦஔ
ر
ਖ਼лʿਖ਼
ΥЪ˸஢̙ e
ήЗ e
ɽʔлᅂᚤ f


--- page 50 ---
– 42 –
ᎈΪ९
ٙ
ঐɢ f
d ˲
אج
ᚐ
ᇍఖ f
׵2020 ϋ 10׵2021 ϋ 6ࣩࠈࡌ
ਖ਼л
ٙࡁ
ʔ੻
ಂ
ʔՈ
ٝٙࡁ
ᅂᚤ f
ኽ 2011 (AIA)׼
ɛϞᛆᐏ੻ਖ਼
ਖ਼л
ܝ18ج
ࡁ
ɛ f
ᎈ
ତϞุਕ
ତᜊ੻Ѣᗭ f
ุਕ̙৛๑Ї 2007׵2011f
ٙࡁ
೯
ٙࡁ
ཫ಻ d ͊̀
ਠ
Ϙ
ุਕਗ਼ึաՑ
ʔлᅂᚤ f
वʿዧᎸՉ˼
ঐɢ f
ঐ
ٙࡰ
ุਕ
f
f
ɽషᄣ̋
৷ॴ၍ଣ


--- page 51 ---
– 43 –
ᎈΪ९
d
ࡁ
Չ
d Ϥਗ਼
वʿዧᎸ྇
ุਕ d Ϥ̙ঐ࿁
ʿ຾ᐄุᐶிϓʔлᅂᚤ f
༟͉ცӋ e ࿁
ࠬ
ᎈf
൙П΢၇ϗᒅ e ΥᐄΆุʿ኷ଫΥ
ุਕ f ΂Оʊҁ
j ຾ᐄ
͉
Ѣᗭ i
ධͦ
ঐ
ุਕ
ପ
ϗᒅʿ
ၪᚐϓ͉ f
e ຾ᐄุᐶ
ʿᑊᚑிϓʔлᅂᚤ f
ٙߧ
ءٙ
אڭ
e ຾ᐄ
ɽʔлᅂᚤ f
ପ͛ɽඎ
ϓ͉ʿʱ౳༟๕ f
൙ПϾ
ٙࡁ
΂О
ɽඎϓ͉ʿʱ౳༟๕ d
ᅂᚤ f
ᐄ༶ f
ঐɢ d
ʊમ՟ε
ਗ਼
ცӋ f Бุʫ࿁၈
d ̙ঐึ
ٙي
ࡁ
ɽʔлᅂᚤ f
Ϟ 145ஷദ e
̻ѩ௶ʈϓ͉
ʈϓ͉ʿ၅лක˕͟


--- page 52 ---
– 44 –
ᎈΪ९
2024ɛ͏࿆ 11.2 ϵຬʩᄣ̋Ї 2025ɛ͏࿆ 14.7ִ݁
஝࿁
ɽʔлᅂᚤ f ௶ʈϓ͉͊Ըਗ਼ᘱᚃ
ʈ༟ d ੽
௶ʈϓ͉ f
ᎈ d ༈
ঐପ
ɽᅂᚤ f
˴່ʿ
Ꮠ࿁
˥ e ήቤ e
ᛕᏘ
ɽ
ʍ ᓔf
ٙ
f
d Ϥ̙ঐኬ
ᑊᚑிϓʔлᅂ
ʿՉ
ࠠ
ཫԣ e
༈
ุਕ e
ɽʔлᅂᚤ f
ᎈ f
೯͜௄ f
d Ϥ̙
ͭอ
ɽʔлᅂ
ุΣʕ
͍༈ഃ
݁
ዚᗫஈ˸ၮಛ f
ุਕிϓʔл
ᅂ ᚤf
ྼूኹϞɛ e ໨ԫ e
ᑗ͡॰ e
ุਕ e ৌ
e ໨ԫ e ৷ॴ
ج
א
ᑊᚑʿਠุʷ f Ϥ̮ d


--- page 53 ---
– 45 –
ᎈΪ९
ٙ
တจ f
ࡁ
ุਕ e ຾
ɽʔлᅂᚤ f
ᎈ f
ᎈ d ༈
j
၍ଣᄴ࿁
אن
ࣖ
f
ঐɢிϓ
ɽʔлᅂᚤ f
ᎈ
͊̀ঐᐏ੻
f
ᑗ
׵2024 ϋʿ 2025މ
ɛ͏࿆ 107.0 ϵຬʩʿɛ͏࿆ 130.1ਗ਼
੻ಛධ͜௄  ɓ ືf
ึ
ྌਗ਼඲௅ʱԱ፠̮௅ፄ
ঐɢաε၇Ϊ९ᅂᚤ d Չʕε
ඎ e Όଢ
ഄ f
f
̙ཫԈ͊Ը̙ঐᘱᚃପ͛ଋ
лঐɢ f
ࡉ
ಂග d Ң
׵2024 ϋʿ 2025ʱй፽੻ᑦฦɛ͏
࿆ 156.8 ϵຬʩʿɛ͏࿆ 184.9ה
ʿ
ཫಂ༈ഃᑦฦਗ਼ึ
ᄣ ̋f
׵2024 ϋʿ 2025ɛ͏࿆ 107.7 ϵຬʩ
ʿɛ͏࿆ 137.1ࣘ— ʿ༟
͉Ը๕ —ᐏ੻ᕘ̮ፄ༟˸တԑҢ
ਗ਼Ϟ
ਗ d
א
˸Չ˼˙όᐏ
̙ঐึ
ุਕ f


--- page 54 ---
– 46 –
ᎈΪ९
ᎈ f
࿚Ї 2025 ϋ 12 ˜ 31වଋᕘɛ͏࿆ 959.9වଋ
ᕘɛ͏࿆ 4.2ᎈ f Ϥᑘ
ਠ
ᐄ
׮
ً
ɽʔлᅂᚤ f
ίᅂᚤ
՟
੻ϓ̌ f
Ϊ९ɪ՟
j (i)ʿɪ̹
஢ ̙i(ii)ᑗґʿᑗґක೯ i (iii) Ꮠ࿁΂Оᘩ
i (iv)ᗆପᛆʿ
Ҧ ஔi(v)Չ˼τરʕᆻਠϞлૢಛ i (vi) ၪ ᚐe
ਖ਼л e ਠᅺ e ਠุ।੗ʿਖ਼ϞҦஔ i
ʿ (vii)f
՟੻္၍
Ъ̈ɽඎҳ༟ f
ᖹ္
҅eFDAක
˕̙ঐึ൴̈ཫಂ f
ᅂᚤ༈ഃ
ᄆ
༟п
࿁˓ቖਯಁ˾
ڧ
ᜊਗ f
лঐɢி
ϓʔлᅂᚤ f
ɝฦू  FVTPL֛
ᎈ f
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ፄ༟ପʱй
ɛ͏࿆ 54.6 ϵຬʩʿɛ͏࿆ 95.2ፄ༟ପ
ፄ༟ପ
Ϊ९  ν҃ᝈ຾
ൗ 20 ʿ 32f
ତ
ᅂᚤ f
໨ԫ  ʿᚥਪ d ˸ዧᎸʿᆤ
జѓ
ൗ 28ࡰ


--- page 55 ---
– 47 –
ᎈΪ९
΅̙ঐึ
ක˕̙ঐᄣ
ɽʔлᅂᚤ f
ุਕ e ৌਕ
ʿ຾ᐄุᐶପ͛ʔлᅂᚤ f
׵2024 ϋʿ 2025໾пɛ͏࿆ 0.8 ϵຬʩʿɛ͏࿆ 0.3 ϵ
՟
ʍૢ΁ d
ਗ਼တ
رً
ʿ຾ᐄุᐶପ͛ʔлᅂᚤ f
ᎈ
ࠅ
஝̙ঐึᜊਗ f
Ϟ̡
္၍ႡᖹБุ d
ක೯ձᄲҭ e ͛ପ e ᐄቖ e
ྌί༈ഃήਜᐄ༶
ዄ f
ج
ߧ
d Ԩ
ˏɝ
һᗭ
ɽʔл
ᅂ ᚤf
ʥ඲
f
ග e ၚ
࢕
ᖹ္҅ e FDA׵
ج
ҁϓᑗ
τΌ e ॱଋʿ
ᑗґ༊᜕
i ͊ঐ
ᑗґήᓃ e
ৗ̈༊᜕ f


--- page 56 ---
– 48 –
ᎈΪ९
ᖹ္҅ e FDAܼ
ਪᕚ d
̙ঐӔ
౤ʹഗ˴
ٙ
ᖹ္҅ e FDAഄɰ̙
ࡁ
ᇠ
̙ঐ̰
лঐɢ f
္၍ዚ࿴ટա d ˲
f ΢਷
ಂ f
Ⴌ e Ѣᗭʿϓ͉ d Ԩ̙ঐ
ڭ
ᛆ
ቖਯ f
ᖹ္҅ e FDAd ༈ᖹ
ᅵ e া
ࠅ
ʿజѓ e ൗ̅ e ᎇዚሯඎછՓ಻༊ e ፭ς΂
О CMCᚃ፭ςԄλ͛ପ஝ᇍ e ତБԄλ͛ପ஝ᇍ e ᑗґ༊᜕஝ᇍ e ᖹ
຾ᐄሯඎ၍ଣ஝ᇍ  GSPᙆҡሯඎ၍ଣ஝ᇍ  GVPٙ
Ӻ f
ᐏ
ᆑ
Ӌ f
ᖹ္҅ e FDA̙
ࡁ
͛ପաՑ
ᅲ৾ᑗґ༊᜕ i
ᖹ္҅ e FDAʊ
ഒʪ஢
Αԫஈၮ f
ᎈ d Չʕ΂Оɓධѩ̙
ତପ͛ʔлᅂᚤ f
e ͊຾બᛆ
ࡊ
ɽʍᓔ f
ᑗ
ٙ
ਖ਼Ϟ
ַ
፰f


--- page 57 ---
– 49 –
ᎈΪ९
ج
ٙ
ߒ
ʮ଺္ຖ˚ू̋੶ e ੂ
ʔᓙ̋ɽ˸ʿΥ஝ϓ͉ᄣ̋ f
ˀΫϔ e ˀ༡༤ e ൈ৿͡జ e
ج
ձ຾ᐄ
ุᐶପ͛ʔлᅂᚤ f
΂О
e ൈ৿
ٙ
א
f
ੂ
ٙ
ุਕτર፭ςቇ͜
ʔୌΥ
جڢ
ሦᎵ e ᑊᚑաฦ e
຾
ɽᅂᚤ f
ɓছຫ˟ʮ̡ʿՉ΀ʧΣ
՟੻΂ОՉ˼ʔ͍຅лू f Ϥ̮ d Ң
Σ
̙ঐึᓔ඾Ң
္ຫ e Αԫձ͏ԫၮಛ e ఄ̰Ң
జቖ
̋੶
ஈʱ d ΂О༈ഃણ
ɽʔлᅂᚤ f Ң
ʔлᅂᚤ f
ᎈ
஝̙ঐึ೯͛
ʿਠุʷ f
္၍ʿ္
Ϟᐄ༶
ίʕ
d Ԩಯˇлू f
ᎈ f
׵2018 ϋ 3 ˜ 17ኪᅰኽ፬
ኪᅰኽ፬


--- page 58 ---
– 50 –
ᎈΪ९
ኪᅰኽ d ʕ਷ΆุᏐ຅
ᗫ೻ҏజ˴၍௅
ኪ
᙮ዚ࿴ආБ୕
՟੻೯৔
ྤ̮ΥЪྫМආ
d
e ຾ᐄ
߅
ஈၮ f
ٙࡁH່ਕ f
͏Άุ ν ͉
ܲ10%ቇ
ʕ਷
ܲ20%೼
٫
ɓছቇ͜ 10%˸Չ˼˙όஈ
ٙࡁHϗɝԨΪϤ඲ᖮॶ
ቇ
މ10%މ20%೼ϗ՘
ٙࡁHٰٙ
೼ਕᚥਪ f
ٙ
ପ͛ʔлᅂᚤ f
࿁ɛ͏࿆г౬̮࿆ྼБ္
௅ʱϗू̙ঐึг౬ϓՉ
ࡁHࢹٰݼ܁
ਗ਼ঐ੄ஷཀ፭ς
f ್Ͼ d
ٙ׸
ٙࡁHf
̮࿆ිгᑦฦ f
f
̙ঐ
ࡁ
ࠬ
ഄ d
̙ঐึ̰઻ f
ڌ
ତପ͛ʔлᅂᚤ f


--- page 59 ---
– 51 –
ᎈΪ९
೻ҏ˖΁ e ੂБ̮਷кӔ
f
ࡁ
ʕ਷ f ΪϤ d ҳ
೻ҏ˖΁ f
Չ˼஝
f
׵2023 ϋ 2 ˜ 17ˏ
І 2023 ϋ 3 ˜ 31Ϟᗫʕ਷ྤʫʮ̡ᗇՎྤ
஝၍ʕ਷ྤʫʮ̡ᗇՎ
ટʿගટྤ̮೯Бʿɪ̹ f
ʕ
f ೯БɛΣྤ̮˴၍
f
ࠢ
ุਕʿৌ
ɽʔлᅂᚤ f
ุਕʿ຾ᐄุ
ᐶପ͛ʔлᅂᚤ f
˸ʿ̮਷ձήਜ຅
ၾୋɧ˙  νุਕ
ਕ౤
ʔлᜊʷϾ
݁
e ຾ᐄ
ߧ
d
ഄପ͛ʔлᅂᚤ f
ᎈ
މHࡁHԶᏐ d
ࡁHᅂᚤ f
މHd ˲༈ഃʊᔷ౬
d ඲
f ್Ͼ d ʕ਷
΅Іɪ̹ʘ
d
˸ HࡁHί̹
ࡁHᅂᚤ f


--- page 60 ---
– 52 –
ᎈΪ९
ࡁHࡁHd ˈՉϽ
f
ࡁHࡁHϣ೯ਯᄆਗ਼͉͟
d ೯ਯᄆ̙ঐၾ H̹
൯ር f ್Ͼ d
މḦ༈
אHʔึɨൻ f ˈ
ʍ Hd வ̙
೵ಂʫ࿁ Hɽᅂᚤ f
ࡁHɽฦ̰ f
ت
Չ˼ʮ
ʿϓʹඎ f ৰ̹ఙʿБุ
ࡉࡁ
e ᅂᚤᔼᖹБุ e ᔼ
ඎ e
࿁
ٙ
ટᗫ
ᜊਗ f
ٙࡁHd ̙ঐึ
ࡁHɽʔлᅂᚤ f
ٙࡁH͊
ٙࡁHࡁH׵
ٙHʕස
ʮක̹
ٙࡁHࡁHٰٙ
ঐɢ f
f
๐
ʿՉ
ʱ
ٙݼ
ࠇ
ၑ f
ݼ
f Ң
ٙݼ
ಂග f


--- page 61 ---
– 53 –
ᎈΪ९
׳ࡁ
ᛆл f
༟пτર e වਕፄ༟
̹
̙ᔷ౬වਕᗇՎᘪණᕘ
Չ˼Ꮄ΋ᛆ d ึ
ࡁHٰ
ፕ d Էν࿁Ң
ᗆପᛆঐɢ
Փ f Ϥ̮ d
ࡁH̹ᄆɨൻ f
ʿɽషᛅᑛ f
HٰHf ΪϤ d Όଢ೯ਯ
ٙH̙ঐϽᅇ͊Ը೯ਯʿ೯Б
΅ d Hٰ
΅ d வਗ਼ආɓӉ
ᛆू f
ᜊਗ f
׵2018 ϋ 4 ˜ 30ୋ 18Aኽ
ݺ
ɓӻ
л͜ίӚϞୋ 18Aઋ
ɪ̹
ุ
ɽʔлᅂᚤ f
Ը๕ d
ྼ f
ʍԫྼ
Ԩೌ
א
Ъ̈΂
f
Ϊ९ f
၍
ᎈʿʔᆽ
ͦᅺ d ਗ਼՟Ӕ
f


--- page 62 ---
– 54 –
ᎈΪ९
Չ˼ద
f
อ
߰ٙ
f ί༈ഃ͊຾
ʿՉ˼༟
ٙ
࿁
อၲ
࿁Չ฿
f


--- page 63 ---
– 55 –
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖ ૢ Է
ᗫૢ˖ d ˸ʿᒀе
j
ᒀе
ୋ 8.12वታ f Ϥ஝
ୋ 19A.15 ૢආɓӉ஝
ࠢ
ୋ 3.06e 3A.23 ʿ 3A.24ୋ 8.12֛
̙ᐏᒀе f
ۃ
ʕ਷ঐ௰Ϟ
׵֢
˲ϓ͉৷
዆᜗௰Գ
־
ᅂᚤ
f
၍ଣᄴ
ୋ 8.12 ૢʿୋ 19A.15f
፭ςɪ̹
ୋ 8.12 ૢʿୋ 19A.15๖ஷ j
(i) ୋ 3.05 ʿ 3.06(2) ૢ։΂Ԩਗ਼ᘱᚃ։΂ˮΏ௹ɻ
ਗ਼ዄ΂͉ʮ̡ၾ
ගʫ
ீཀཥ༑ e ෂॆʿཥඉᑌഖ f ͉ʮ̡ʊΣᑌ
ᑌഖ˙όϞ
i
(ii) Ϟ
ٙ
ഄ d ኽϤ (i)ʔί፬ʮ
Չ˼ᑌഖ˙ό d ʿ (ii) ΢໨ԫਗ਼Σ
ཥ༑໮ᇁ e ཥඉήѧʿ ν ቇ ͜ෂॆ
i


--- page 64 ---
– 56 –
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖ ૢ Է
(iii) ۃ
ࡰ
i ʿ
(iv) ୋ 3A.19ʮ̡ዄ
ୋ 13.46 ૢϞᗫ
ৌਕุᐶʘ˚˟ f Υ஝ᚥਪਗ਼
ڌ
౤ԶΥ
ͭуஷ
f
d ίʲྼ
f
ᒀе
ୋ 3.28 ʿ 8.17ɛ d Ͼᑌʹ
ᔖঐ f
(i) i
(ii) Էୋ 159i ʿ
(iii) Էୋ 50f
ୋ 3.28ൗ 2ਗ਼Ͻ
Ϊ९ j
(i) ԉЍ i
(ii)  ᗇՎʿಂ஬ૢԷ  e ʮ̡ૢ
i
(iii) ୋ 3.29ᗫ੃৅ i
ʿ
(iv) f
ୋ 3.10 ௝ୋ 13Ͻ
ୋ 3.28 ʿ8.17j
(i) ਗ i
(ii) ່Ԉ  อɪ̹͡
ୋ 3.10 ௝ୋ 11
ୋ 3.10 ௝ୋ 11i ʿ
(iii) Ϊ f


--- page 65 ---
– 57 –
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖ ૢ Է
 ୋ 3.10 ௝ୋ 13ո
d Ԩ඲፭ς˸ɨૢ΁ j
(i) ୋ 3.28ٙ
i ʿ
(ii) d ᒀеਗ਼஗࿞ቖ f
஝ d Ш͵඲Ո௪ၾ͉ʮ
ʈЪᗫ
Бਗ f ։΂ɓ
лू f
ʘɓ f
፭ςɪ̹஝
ୋ 3.28 ʿ 8.17ʊબʚ༈ධᒀе j
(i) ᚥਪ˸ᒗ
ᔊజึ d
ীึ i
(ii) ୋ 3.29ܓ
׵15٫
੃৅ሙ೻ i
(iii) ୋ 3.28޴֛ٙ
ᔖਕʿᔖப i
(iv) ޴
ಂၾཅ್΋͛๖ஷ f ௓ၥᔝɾɻਗ਼ၾཅ್΋͛
ᘪ፬͉ʮ̡໨ԫึึᙄʿ
ɽึ i
(v) d ͉ʮ̡ਗ਼൙ПՉ
ୋ 3.28щ
ᘱᚃୌΥɪ
ୋ 3.28 ʿ 8.17ɧϋʫ৾˟˸
d ᒀе
ਗ਼ͭу஗࿞ቖ i
(vi) ୋ 3A.19Υ஝ᚥਪ d
ᕘ̮ಬ༸  ΂ಂІɪ̹˚ಂৎЇ͉ʮ̡ఱՉ
ୋ 13.46 ૢʘ


--- page 66 ---
– 58 –
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖ ૢ Է
ʮ̡ਗ਼ఱ፭ς
ˏʿจԈ i ʿ
(vii) ௓ၥᔝɾɻ৾˟Σཅ
ᒀеਗ਼ͭ
༟
Ꮠঐ੄Σ
d
ୋ 3.28ൗ 2Դˡ඲Ъ̈ආɓӉ
ᒀ еf
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 342(1)(B)ڌڝ
ୋ I ௅ୋ 27ʿୋ II ௅ୋ 31֛
ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 342(1)(b)௝೻඲༱Ϟ ʮ ̡
ୋ Iԫධ d Ԩΐ༱ ʮ ̡ ૶ᆵʿᕏධૢ˖ 
ୋ IIజѓ f
ୋ I ௅ୋ 27ٰם
ቖ
ݺ׸
༆ᙑ f
ୋ II ௅ୋ 31d ʮ̡඲ί
ࡈ
༟
ව f
ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 342A (1)ر
᙮ೌᗫ
ᗇ္ึ̙ίՉႩ
޴
f
ୋ 18A.03(3)Չତ
ୋ 18A.06 ૢ஝
ୋ 4.04ۆ
ୋ 4.04 Շϋ ൖ
ୋ 8.06ڐ
˜ f


--- page 67 ---
– 59 –
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖ ૢ Է
˸ɨଣ͟ d ఱ ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 342(1)(b) ૢ
ୋ I ௅ୋ 27ʿୋ II ௅ୋ 31௝
d Ͼᗇ္ึ
j
(i) Ҧʮ̡ d
ୋ 18Aᇍఖ f ͉ʮ̡͍ర
ኽୋ 18Aୋ 18Aᕘ̮ɪ̹ૢ΁ i
(ii) ͉ʮ̡࿚Ї 2025 ϋ 12 ˜ 31ኽɪ̹
ୋ 18A.06፽ɓ i
(iii) ፯
j (i)ۜMT1013ཪΣ CaSR ʿ OGP ա᜗
ᐕ CKD-SHPT Ͼක೯ d ԨՈ௪ᆑɢ̙ආɓӉක೯
ؓ
ٙCKD-SHPT ഃᕘ̮ቇᏐस i ʿ (ii)d у XTL6001e MT1002
ʿ MT200605ፄ༟
ʿ
ᚣ i
(iv) ୋ 18A࿚Ї 2025
ϋ 12 ˜ 31ʿ ʮ ̡ ૶
௝
ᚣ i
(v) ୋ 18Aٙ
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ
342(1)(b)ୋɓ௅ୋ 27ʿୋɚ௅ୋ 31d
Ԩ
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31
ᑦฦᐼᕘɛ͏࿆ 156.83 ϵຬʩʿɛ͏࿆
184.91׵
࿚Ї 2023 ϋ 12 ˜ 31Ԩೌ፽੻΂Оϗू d Ͼ 2023Չ˼
d ࿚Ї 2023 ϋ 12 ˜
31Ԉ
e ၍
i ʿ


--- page 68 ---
– 60 –
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖ ૢ Է
(vi) d ଄ႊ࿚Ї 2025 ϋ 12 ˜ 31݁
Չ
ٙ
ઋ൙П d Ԩఱ͉ʮ̡
ٙ
ה
ҳ༟ʮ଺
лू f
ኽ ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 342Ad ૢ΁
j(i)׵2026 ϋ6˜15̊೯ f
Νจ
፽F1 ୋ 1C (2) ˏԫ
ၡ੗ᑌᖩɛ  ʔሞ˸Չ͉
ୋ10.03ૢ΁ᐏ༺ϓ f
ୋ 2.3ي
ୋ 18Aϣʮක೯ਯ d ઓ͡ሗɛ඲፭ς  ɪ̹஝
ୋ 8.08(1) ૢŊୋ 19A.13A ૢʿୋ 8.08A ૢŊୋ 19A.13Cˏୋ 2.3
௝ୋ 18׵10%ৣɛ
Ҧʮ̡ 10%̀඲
΅ f
ୋ 19A.13Aٙ
d H΅
ٙHd ༈ϵʱˢɗਞϽ Hf
ୋ 19A.13CԨೌՉ˼ɪ̹
ٙHࠢ
̀඲ j
(a)ࣛH΅  Їˇ 10%ɪ̹
׵50,000,000אb)׵600,000,000
ಥ ʩf
ಥ
 ؇ٰʘ
ʮ̡  ಥ਷༟։௰୞છՓ d ΪϤ
ၡ੗ᑌᖩɛ  ᙄਿͩҳ༟ٰם
 ɓື f


--- page 69 ---
– 61 –
፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖ ૢ Է
Νจ d ઓ඲ୌΥ˸ɨૢ΁ j
(a)  ୋ 19A.13Aʿୋ 19A.13C
i
(b) ΅ d
඲
֐
ඎʿ
࿴ 
ɓ ືi
(c) ೯ਯᄆ
ਿͩҳ༟՘ᙄૢಛၾՉ˼
ˏୋ2.3௝ʿୋ 4.15d
ୋ 2.3
௝ʿୋ 4.15ᆽႩ i ʿ
(d) ༉ઋ
ᚣ f
 ɓື f


--- page 70 ---
– 62 –
ࣘ
ப΂
௝೻ɗ፭๫ ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էe ᗇՎʿಂ஬  ίᗇՎ̹ఙ
Էୋ 571VϾ̊೯ d ϙίΣʮ଺ɛɻ౤
΂ОᏝ΂໨ԫ  ᗴఱϤ΍
ٝ
ಜൟϓ
ପ͛Ⴌኬ f
֛
׵2026 ϋ 3 ˜ 27 ˚೯̈
߰
މHʿ HසᆽႩ͉ʮ
࠽
௝
ᆽႩ f
̍ቖ
ಥ
ૢಛʿૢ΁ f
ה
ɨ౤я೯ਯ f ฿ೌ΂ОɛɻᐏબᛆఱΌଢ೯ਯ౤Զ΂О
אࣘ
Όଢ՘ሜɛ e ᑌ
΂О
΂ОՉ˼˙બᛆϾ̋˸Ա፠ f
ᑥ d ϾΌଢ೯ਯɗ͟዆᜗՘ሜɛ
Ϟૢ΁ਿ๟̍ቖ d Չʕ
f ਷ყ೯
ۃא
̍ቖਠ  ఱ೯ਯᄆ༺ϓ՘ᙄ
̍ቖਠ  ͊
˚
ٙ
༉ ઋdሗ ਞ ቡ ̍ ቖ ɓ ືf
ʹ˹ d ί΂Оઋ
א
ٰם
΂О˚ಂʥ᙮͍ᆽ f
೯ਯᄆ
̍
׵2026 ϋ6 ˜22׵2026 ϋ6 ˜22݋
ಂ ɓʕʹ 12f


--- page 71 ---
– 63 –
ࣘ
ᄆ
ග
ೌૢ΁Ԩਗ਼
f
Փ
ٰ
௝೻ʔ੻͜Ъ͵ʔ࿴ϓί͊ᐏબᛆЪ̈
ᒗሗ
௝೻˸ʿ౤я೯
ᗫᗇ
ಥ೯ਯ
ٰם
΅ʔಀ͵ʔึίʕ਷
̈ਯ f
׼ࠈה
ɨ౤я˸ԶႩᒅ f ฿ೌ΂ОɛɻᐏબᛆఱΌଢ೯ਯ౤Զ
༟
Όଢ՘ሜɛ e
e
΢˙બᛆ f ϞᗫΌଢ೯
ආɓӉ༉ઋ d ሗਞቡ  Όଢ೯ਯ
΅ f
ɪ̹
ٙHኽ
ٙHٙHɪ̹ʿ൯ር f
ٙࡁHಂ͵ʔ
ɪ̹஢̙ f
ኽʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 44B (1)ɪ̹ʿ
̙ঐί༈ɧ
΂
f
H൯ር
H׵2026 ϋ 6 ˜ 24൯ር f Hਗ਼˸ӊ˓ 200
ٰH൯ርఊЗආБ൯ር f Hމ2335f
ۆ
ٙ
Ъ̈
ஈʱ೻ҏ f


--- page 72 ---
– 64 –
ࣘ
H೼
ٙH͉ʮ̡
HٙࡁHʮ̡πໄ f
Τ̅ f
ٙࡁHٙHٰם
Ñ Hආ
ɓӉ༉ઋరӋਖ਼ุ೼ਕจԈ f
࠰׵ࡁ
ٙH೮
াήѧ f
HႩᒅ e ᒅ൯ʿཀ˒೮া
ٙࡁHٙࡁH΅ཀ˒೮াஈ͵
Ϟɛఱ༈ഃ HٙࡁH΅ཀ˒೮াஈʹ
Τ່೮া΂
О Hཀ˒ j
• d ፭ςʿ፭ృʕ
i
• ࡁ
d
஝
ʿ͡॰
ᑘБʮක୩ৃ
i
• d HϞɛІ͟ᔷᜫ i ʿ
• d ኽϤ d
஝
ᒅ൯ Hɛɻ d
ତϞ
˾ଣɛ f
Ꮠ˹ Hࢹٰٙ
̮ d Ϟᗫ Hಥ H
ٰ
ዄ f
׵2024 ϋ 9 ˜ 20ࠢ
ப΂ʮ̡ଉέʱʮ̡ HdHږ
೯ f Hྌɝʕ
ვБሪ˒ d ͟ʕ਷ഐၑଉέʱʮ̡ஷཀྤʫᗇՎʮ̡
ഐၑ f


--- page 73 ---
– 65 –
ࣘ
Hॶɝʕ̯ഐၑӻ୕
΅ϗॶ
ٙࡁHٙࡁHה
ʕ̯ഐၑӻ୕੔π e ഐၑʿ
ʹϗ˚ίʕ̯
 ʕ̯ഐၑӻ
Ң
ٙࡁHՉ
ᛆлʿᛆू f
ᙄరӋਖ਼ุ೼ਕจԈ
ٙࡁHБԴ Hٰ
ᙄፔ༔Չਖ਼ุᚥਪ f ͉ʮ̡ e ̍ቖਠ e ᑌ
ଘ᎘຾፬ɛ e
d
א
ٙࡁHБԴ Hப΂
ዄ΂Оப΂ f
ࣸ
΂Оɛ
ಂගʫ d ԣ˟
ٙࡁHɛɻԨೌப΂ν
ܝ
֛
ʔ੻൴ཀ೯ਯᄆ f
ᛆ d ̙͟዆᜗՘ሜ
ܝ30ኽ൴ᕘ
೯ਯᄆৣ೯ʿ೯Б௰εΥ΍ 8,708,000ᕘ̮ H ЦΌଢ೯
΅ʔ൴ཀ 15%൴ᕘʱৣ f
࿴  ɓື f
މHࣘ
މHٙܵה؇ٰ222,016,700ٰ
ᛆू
މH࿴ 
ٙHɓϋʫʔ੻൯ር f Ϟᗫ
މH׵2026 ϋ 3 ˜ 27 ˚ҁϓ f
೻ҏ
΅  ɓື f
࿴
࿴  ɓື f


--- page 74 ---
– 66 –
ࣘ
ႧԊ
๟ f ʕ਷
Չʕ˖Τ၈
๟ f
ಫ዆
א
ମ d ɗ
f
̹ఙ΅ᕘᅰኽ
e ̹ఙᅰኽԶ
ྼ f ༈ഃ
݁
ᑥɛ
ʿ̹ఙ΅ᕘ
f
ිଟ౬ၑ
ʍ౬ၑ f
ᕘ̙
̮ j
(i) ɛ͏࿆ 0.87 ʩг 1.00ྼყ̙
ಥʩ i
(ii) ɛ͏࿆ 6.82 ʩг 1.00ྼყ̙
ʩ i ʿ
(iii) ܲ7.83 ಥʩг 1.00ኽɪ˖ (i) ʿ (ii)ၑ 
ʩ f
f


--- page 75 ---
– 67 –
΢˙
໨ԫ
Τ၈ ήѧ ਷ᘬ
ੂБ໨ԫ
ˮΏ ʕ਷
Гτ̹
ඨ෫ਜ
ඨ෫Г༩ 239 ໮
ʹɽᔼኪ
Иσਜ
̏ਜ
5 ໮ᅽ 2 ఊʩ 2504܃
ʕ਷
Yu Weiping 6-7780 Bridge Street
Richmond
British Columbia
Canada
ɽ
ੂБ໨ԫ
ˮૠ ʕ਷
Гτ̹
ඨ෫ਜ
ඨ෫Г༩ 239 ໮
ʹɽᔼኪ
Иσਜ
̏ਜ
5 ໮ᅽ 2 ఊʩ 2504܃
ʕ਷
ʕ਷
ψ̹
ਜ
෤
7 ᄸ 1 ఊʩ 2101܃
ʕ਷
҂৷ᄿ ʕ਷
̏ԯ̹
ɽጳਜ
ᖊऎᕄ͗
ዽ෤ʃਜ
4 ໮ᅽ 1 ఊʩ 401܃
ʕ਷
ࢆ狃 ʕ਷
ɪऎ̹
เऌਜ
อ༩ 20 ғ
਷ʕʮభ
2 ໮ᅽ 24 ᅽ F܃
ʕ਷


--- page 76 ---
– 68 –
΢˙
Τ၈ ήѧ ਷ᘬ
ੂБ໨ԫ
Ԣʬᚃ ʕ਷
Гτ̹
ਜ
ʹɽɧӀ
33 ໮ᅽ 1804܃
ʕ਷
ੵ˖੶ ʕ਷
̏ԯ̹
ಃජਜ
ϋ༩
۬
2 ໮৫
3 ໮ᅽ 1 ఊʩ 1502܃
ʕ਷
ಥ
ਜ
ݲ
༩ 18 ໮
ࢥ
21ࢭ31 ᅽ H܃
ʕ਷
௝೻  ໨ԫʿ৷ॴ၍ଣᄴ  ɓື f
ਞၾ΢˙
ᑥɛ e ዆᜗՘ሜɛ e
዆᜗՘ሜɛ
ሪᖤ၍ଣɛ
ଘ᎘຾፬ɛ
ʮ̡
ಥʕᐑ
ʍፕ༸ʕ 3 ໮
ணვБɽข 12 ᅽ
ʮ̡
ಥʕᐑ
ੰᆀᄿఙ 8 ໮
ᄿఙɓಂ 32 ᅽ
ʮ̡
ಥ
ᝄ˺
୿ɻ౱༸ 181 ໮
ɽϞɽข 24 ᅽ E܃
ʮ̡
ಥ
ᝄ˺
ѓɻ͂༸ 227-228 ໮
͛ձɽข 9 ᅽ
ʮ̡
ಥ
ɪᐑ
Χɽ༸ʕ 183 ໮
ʕჃɽข 35 ᅽ 3501-08܃


--- page 77 ---
– 69 –
΢˙
ʮ̡
ಥ
ʕᐑ
⚃༸ 12 ໮
਷ვБʕː 33 ᅽ 3304܃
ʮ̡
ಥ
Χɽ༸ʕ 29 ໮
ɽข 20 ᅽ
ʮ̡
ಥ
ᅃႾ༸ʕ 189 ໮
ҽᘒ␜ɽข 23 ᅽ
uSMARTʮ̡
ಥ
ᙒ
ᙒ༸ 89 ໮
ɢᘒʕː 1ࢭ26 ᅽ 2602A܃
ʮ̡
ಥ
༸ 9 ໮
ɽข 6ࢭ25 ᅽ 2509-12܃
ʮ̡
ಥ
ᅃႾ༸ʕ 189 ໮
ҽᘒ␜ɽข 19 ᅽ
ʮ̡
ಥ
ᅃႾ༸ʕ 19 ໮
ᐑଢɽข 2502܃
ʮ̡
ಥʕᐑ
ʍፕ༸ʕ 3 ໮
ணვБɽข 12 ᅽ
ʮ̡
ಥʕᐑ
ੰᆀᄿఙ 8 ໮
ᄿఙɓಂ 32 ᅽ
ʮ̡
ಥ
ᝄ˺
୿ɻ౱༸ 181 ໮
ɽϞɽข 24 ᅽ E܃
ʮ̡
ಥ
ᝄ˺
ѓɻ͂༸ 227-228 ໮
͛ձɽข 9 ᅽ


--- page 78 ---
– 70 –
΢˙
ʮ̡
ಥ
ɪᐑ
Χɽ༸ʕ 183 ໮
ʕჃɽข 35 ᅽ 3501-08܃
ʮ̡
ಥ
ʕᐑ
⚃༸ 12 ໮
਷ვБʕː 33 ᅽ 3304܃
ʮ̡
ಥ
Χɽ༸ʕ 29 ໮
ɽข 20 ᅽ
ʮ̡
ಥ
ᅃႾ༸ʕ 189 ໮
ҽᘒ␜ɽข 23 ᅽ
ʮ̡
ಥ
ᙒ
ᙒ༸ 89 ໮
ɢᘒʕː 1ࢭ26 ᅽ 2602A܃
ʮ̡
ಥ
༸ 9 ໮
ɽข 6ࢭ25 ᅽ 2509-12܃
ʮ̡
ಥ
ᅃႾ༸ʕ 189 ໮
ҽᘒ␜ɽข 19 ᅽ
ʮ̡
ಥ
ᅃႾ༸ʕ 19 ໮
ᐑଢɽข 2502܃


--- page 79 ---
– 71 –
΢˙
ᚥਪj
ה
ಥʕᐑ
ੰᆀᄿఙɓ໮
ձɽข 33 ᅽ 3304–3309܃
j
ה
ʕ਷
ɪऎ
ɓ༩ 288 ໮
ࢭ26 ᅽ
j
King and Wood LLP
600 Fifth Avenue
27th Floor
New York NY 10020
j
ה
ʕ਷
̏ԯ
ፄ൑ 35 ໮
਷ყΆุɽข Aࢭ509 ఊʩ
j
ה
ʕ਷
ଉέ
ɽ༸ 6008 ໮
ଉέतਜజุɽข
42 ᅽe41 ᅽe31 ᅽ DEe2403e 2405
j
Concord & Sage PC
1360 Valley Vista Dr., Suite 140
Diamond Bar, CA 91765
USA
ᚥਪ
j
ה
ᑌᐄ
ಥ
ʕᐑ
ቈ͂༸ 18 ໮
ዝʆɽข 3401܃
j
ה
ʕ਷
̏ԯ
ಃජਜ
̮ɽ൑ 1 ໮
਷൱ᄳοᅽ 2ࢭ
12-15 ᄴ


--- page 80 ---
– 72 –
΢˙
ᅃා •Б
ࢪ
ಥ
ᙒ༸ 88 ໮
˄̚ᄿఙɓಂ 35 ᅽ
ʮ̡
ɪऎʱʮ̡
ʕ਷
ɪऎ
ԯГ༩ 1717 ໮
ึᅃᔮ਷ყᄿఙ 2504܃
ʮ̡
ಥ
ʕᐑ
ᅃႾ༸ʕ 45 ໮


--- page 81 ---
– 73 –
ࣘ
ൗ̅፬ԫஈ ʕ਷
޲
Гτ̹
৷อҦஔක೯ਜ
ɩɞ̬༩ 20 ໮
Ҧ෤
5 ໮ᅽ 26 ᅽ B06܃
ᐄุήᓃ ʕ਷
޲
Гτ̹
τਜ
՘Ν௴อಥ 6 ໮ᅽ
ᐄุήᓃಥ
ზ᝟ᝄ
ʶήЅ൑ 1˾ᄿఙ
ࢭ31 ᅽ
ʮ̡ၣ१ www.micot.cn
ɓ
௅ ʱ
ࣣཅ್΋͛
ʕ਷
޲
Гτ̹
৷อҦஔක೯ਜ
ɩɞ̬༩ 20 ໮
Ҧ෤
5 ໮ᅽ 26 ᅽ B06܃
௓ၥᔝɾɻ
ಥ
ზ᝟ᝄ
ʶήЅ൑ 1 ໮
ࢭ31 ᅽ
ڌˮΏ௹ɻ
ʕ਷
Гτ̹
ඨ෫ਜ
ඨ෫Г༩ 239 ໮
ʹɽᔼኪ
Иσਜ
̏ਜ
5 ໮ᅽ 2 ఊʩ 2504܃
௓ၥᔝɾɻ
ಥ
ზ᝟ᝄ
ʶήЅ൑ 1 ໮
ࢭ31 ᅽ
ึ ੵ˖੶΋͛

΋͛
ˮૠ௹ɻ


--- page 82 ---
– 74 –
ࣘ
ึ
ˮૠ௹ɻ
ੵ˖੶΋͛
Ԣʬᚃ௹ɻ
΋͛
ึԢʬᚃ௹ɻ

΋͛
ˮΏ௹ɻ
ʮ̡
ಥ
ᝄ˺
؇183 ໮
Υձʕː
34 ᅽ 3401܃
Hʮ̡
ಥ
⚃༸ 16 ໮
ፄʕː
17 ᅽ
ʮ̡
 Гτϡ௚ɽ൑˕Б 
ʕ਷
Гτ̹
ඨ෫ਜ
ϡ௚ɽ൑ 19 ໮
ࢭ݋
Cࢭ1 ᅽ


--- page 83 ---
– 75 –
Бุ฿ᚎ
౶त
ʊఱΌଢ
౶तӍл˖జѓ  ɓ΅ዹͭБุజѓ  fԸ
Όଢ՘
΂О໨ԫʿᚥ
Ъ̈΂
ᅰኽʿᅰኽ f
ᎈΪ९  f
1. ̹ఙ฿ᚎ
ऄਿაଡ଼ϓ d ʱɿඎஷ੬ʧ˷ 500 Ї 5,000 ༸ဧ཭ f
ཪᓃ
ᐕЪ͜ f
̹ఙ͟ 2020ٙ628ʩᄣЇ 2025ٙ1,393ʩ d ልΥϋ
މ17.3%Ց 2030 ϋਗ਼༺Ց 2,676މ13.9%fᛠ
ሜືഃ
อၾආӉ d ʕ
̹ఙ͟ 2020ɛ͏࿆ 589
ᄂʩᄣЇ 2025ɛ͏࿆ 700މ3.5%Ց 2030 ϋਗ਼༺Ց
ɛ͏࿆ 1,742މ20.0%ष೯षଟ
ࡈ
ࠢ
ᔼᐕක˕ f ᒱ್ᔼᐕϓ͉છՓ
ʮ΍
ي— त
f
̹ఙᚨਗΪ९
ᐕცӋ j༟
ɛɹʊ൴ཀ 10ܼ2ઃ
ᗫ f ˸ GLP-1ϣஷཀᖹଣኪ˓
̹ఙცӋ f
ߧCKD໊᜗ʔᓙ
˖ᘠ d ᎇഹΌଢɛɹϼᙧʷ d CKDܵ
͠
໗̌ঐʟආस CKD-SHPTي
ਿᓾ̹ఙ f
j׵
f Էν d ᓿ
ᑗґʿਠุᄆ
ɧཪᓃ GLP-1౤৷ə 30-
50%f


--- page 84 ---
– 76 –
Бุ฿ᚎ
௴อ jɓ
ഃஷ੬ც
٫
ʕዹͭ͜ᖹ f
2. ̹ఙ฿ᚎ
e ইሯ e ஐͣሯ e ☫ᤲഃ  ̰
ಂ
ࠠCKDशष̍
ܼCKDe MASH ʿՉ˼षस f
ഥᛔष (CKD) ̹ఙ฿ᚎ
CKDഥᛔ
ഥʃଢᓩཀଟ (GFR)ᚃ 3ഥ
e ሜື˥ཥ༆ሯ̻ፅʿʫ
ഥʃଢ
ᚨਗΪ९ f
ኽഥʃଢᓩཀଟ (GFR)މ1 Ї 5 ಂfୋ 1 ಂ d ഥ̌ঐ
ਿ͉͍੬ i ୋ 5ഥᛔ
ഥᛔष
໗̌ঐʟආस CKD-SHPTʿːА၍शष  νːস e ਗএ೷ʷ fՉ ʕd
CKD-SHPTሯඎʿྪն f
Όଢ CKD ɛᅰ͟ 2020ٙ9.363 ᄂɛᄣЇ 2025ٙ11.004Ց 2030 ϋ
ਗ਼༺Ց 12.897 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 15.051 ᄂɛ f ʕ਷ CKD ɛᅰ͟ 2020ٙ1.520 ᄂ
ɛᄣЇ 2025ٙ1.638Ց 2030 ϋਗ਼༺Ց 1.750 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 1.858
ᄂ ɛf
CKD̹ఙᚨਗΪ९
• ׌
ᅂᚤ d CKDᚃɪʺ f
׌
ऊঃ f
•
௴อᎴʷə CKDٙ
̙๟ᆽᗆйϘಂഥฦෆ༦൥ d ౤৷ൢ
ٙ
f
•
f CKDᐕᔷΣΌ඄ಂ
ʱৣ d ᅰοʷʈՈ౤৷ə
؂
ᇠə CKDf


--- page 85 ---
– 77 –
Бุ฿ᚎ
CKDආɝኣᓍ
• Ҧஔኣᓍ f CKD೯ც০࿁ഥᜄၪʷ e ˾ᑽ८඾
Ӻঐɢձཪᓃක೯Ҧ
e
ٝ
ॸ f
•
္၍ዚ࿴࿁ CKDӋ౤
ࣛ3-5 ϋ
຾᏶ኪ൙ᄆ i ᔼ৫મᒅහΣ
݁
ᓟ f
•
ኣᓍ f CKDҳɝ f ͛
ணୌΥ GMPd อᖹ
Άุೌ
ॎϤኣᓍ f
໗̌ঐʟආस CKD-SHPT̹ఙ฿ᚎ
CKD-SHPT ੬Ԉ˲
݊CKDආ
ၪ͛९ D Υϓʔԑ
එઽชա᜗ʿၪ͛९ DᚃՐዧ͠
ᄣ͛ d Җϓ
PTHృᐑ f ί CKD-SHPT͠
໗ዧ९ (PTH)৶Җ
ᚃ๓༆ d
̰ d ̋ɪ CKD-SHPT ͉Ԓˏৎ
ίА၍ኣ e ːᛔ
ᖙᇫʿՉ˼ழଡ଼ᔌʕମЗӐጐ f ΪϤ d CKD-SHPT৶ष e А၍ձழ
৶ұ e А၍ᄅ೷ʿ
ᎈ f
CKD-SHPT೵ಂ
༈
׵CKD-SHPTගஷ੬
d ΪϤ༈ᅰኽණ̙ঐπί਋
০࿁ CKD-SHPT޴
ˢ d ઃषଟᅰኽ࿁ CKD-SHPTf Όଢ
CKD-SHPT ઃषɛᅰ͟ 2020ٙ1.365 ᄂɛᄣЇ 2025ٙ1.604Ց 2030 ϋ
ਗ਼༺Ց 1.88 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 2.194 ᄂ ɛfʕ ਷ CKD-SHPT ઃषɛᅰ͟ 2020ٙ
1,300 ຬɛᄣЇ 2025ٙ1,400Ց 2030 ϋਗ਼༺Ց 1,500 ຬ ɛdՑ 2035 ϋਗ਼༺
Ց 1,590 ຬɛ f ΌଢМϞ SHPTٙ5ɛᅰ͟ 2020ٙ500 ຬɛᄣЇ
2025ٙ590Ց 2030 ϋਗ਼༺Ց 690 ຬ ɛdՑ2035 ϋਗ਼༺Ց 810 ຬ ɛf
ɛᅰ͟ 2020ٙ60 ຬɛᄣЇ 2025ٙ65Ց 2030 ϋਗ਼
༺Ց 69 ຬ ɛdՑ 2035 ϋਗ਼༺Ց 73 ຬ ɛf


--- page 86 ---
– 78 –
Бุ฿ᚎ
CKD-SHPTج
ί CKD-SHPTط֛
d CKD-
SHPTછՓ f Էν d ᐟഐΥኒ e ၪ͛९ De එઽช
໗ዧ९˥̻ f ᐟഐΥ
໗ዧ९˥̻ f ၪ͛
९ Dʿ໑༸එіϗԸሜືඑᐟ˾ᑽ
ପ͛ f
CaSRԨၾա᜗ᜊ࿴Зᓃഐ
ʝЪ͜ʿ৷එАसʿ
ᄣ̋ආɓӉ
ૉಂ CKD-SHPTd ʥც
˓ஔ f
CKD-SHPT̹ఙ஝ᅼ
2020 ϋЇ 2025 ϋdʕ ਷ CKD-SHPTҁϓͷႡᖹಁ˾ d Ԩ
f ࿚Ї 2025Ϟ
ݴCKD-SHPT؂CaSR ዧਗኒГԟ̔෦ e ၪ͛
९ Dͭ৶ʷቐ e ෂ୕ၪ͛९ D৶ʷɧቐ˸ʿᐟഐΥኒ၁ა㓭ձ̡ၪ
f 2020 ϋ
Ї 2025 ϋdCKD-SHPTߒࠥ80%ݴCKD-SHPTѩʊ
຾᏶
d ᎇഹʕ਷ CKDʔᓙ౤৷
˸ʿ CKD-SHPTٙCKD-SHPT
f 2020 ϋЇ 2025 ϋdCKD-SHPTڗ3Ї5f
CKD-SHPTߧ2020 ϋ
Ї 2025 ϋʕ਷ʫή CKD-SHPTڗ0.7%d ͟ɛ͏࿆ 20 ᄂʩᄣЇɛ
͏࿆ 21 ᄂ ʩf
ᎇഹ㹻ᗳ CaSRᐏҭձɪ̹ d ਷ʫ CKD-SHPT̹ఙϞૐྼତҞ
νɨ j
•
ε၇㹻ᗳ CaSRͦ፽ d ౤৷ᖹ
j׵2023 ϋ 5͊஗ॶ
ͦ፽ f Ϥ̮ d ̤̮Շ၇㹻ᗳ CaSR ዧਗኒ MT1013 ʿ
SHR6508׵III׵CKD-SHPT
Ϟɧ
ਗ਼ί͊Ը 2 Ї 3ۜ
ඎ f
•
㹻ᗳ CKD-SHPTʃʱɿ SHPTd ੽Ͼ
પ৷ CKD-SHPTᐕϓ͉ jʃʱɿ CKD-SHPT ᖹ
ɛ͏࿆ 100 ʩ d Ͼ㹻ᗳ CaSRᐕ
ϓ͉൴ཀɛ͏࿆ 2,000d 㹻ᗳ CaSR
ʃʱɿ CaSR ዧਗኒГ
ٙ10˸ɪ d வਗ਼౤৷ CKD-SHPTᐕϓ͉ f


--- page 87 ---
– 79 –
Бุ฿ᚎ
• ʃʱɿ CaSRᐕ
ᓒɽ f Г
ա༈ഃ
˲ਓЪ
ᐕ d
ਪᕚʔ
Փə CKD-SHPTط
ଧ᎕ f
•
㹻ᗳ CaSR ዧਗኒ̙ᒒеʃʱɿ CaSR੬ԈʔԄˀᏐԨᓒɽΥ
໊ j 㹻ᗳ CaSRટආɝА૰ృᐑ d ᒒе
աɹ
ࠬٙ
ٙCKD-SHPTf
•
ၾʃʱɿ CaSRˢ d 㹻ᗳ CaSRഗᖹ d ̙
jಂග͟ᔼᚐɛ
e ІБಯᖹ e
f
ί㹻ᗳ CKD-SHPT౤৷
዆
༰ʃʱɿ CKD-SHPTһ৷
ᚨਗɨ d CKD-SHPTࣛ
੻Ց౤ʺ d ੽Ͼપਗ਷ʫ CKD-SHPTՑ 2030 ϋd̹ ఙ
஝ᅼਗ਼༺Ցɛ͏࿆ 50 ᄂ ʩdՑ 2035 ϋਗ਼༺Ցɛ͏࿆ 131ልΥϋ
މ18.7% ʿ 21.4%f
ʕ਷ CKD-SHPT̹ఙ d 2020 ϋЇ 2035 ϋ
2020ϋ 2021ϋ 2022ϋ 2023ϋ 2024ϋ 2025ϋ 2026ϋ

2027ϋ

2028ϋ

2029ϋ

2030ϋ

2031ϋ

2032ϋ

2033ϋ

2034ϋ

2035ϋ

2.7 2.2 2.2 2.1 2.2 2.4 2.9 3.8 5.0 6.8
9.3 10.3 11.9 13.1
2.0 2.8
ɛ͏࿆ɤᄂʩ
ಂග
2020ϋЇ2025ϋ 0.7%
ଟ
2025ϋЇ2030 18.7%
2030Ї2035 21.4%
౶तӍл˖జѓ


--- page 88 ---
– 80 –
Бุ฿ᚎ
ሯձ৶ମ੬ (CKD-MBD) ̹ఙ฿ᚎ
CKD-MBDሯ˾ᑽ८඾ e ৶
ཀ೻ʕεӻ
ତ f CKD-MBD৶Ꭵӻ୕̙ঐึ̈ତ৶೨ e ຆҖʿ৶ұ
፰ᇠ f ːА၍ӻ୕ΪА၍එʷϾ̈ତਗএ
ᎈʺ
໗̌ঐʟආ̋ᄌ˾ᑽ
ሯඎʿ͛π
fNHANESӺ೯ତ d Аᐟ ≥4.5 mg/dLٙCKD-MBDΌΪϥɳଟᄣ̋
28%d ːА၍ϥɳଟᄣ̋ 57%fCORESӺᜑͪ d Аඑ <9.5 mg/dLא10.5 mg/dL
ΌΪϥɳଟѩʺ৷ f
Όଢ CKD-MBD ઃषɛᅰ͟ 2020ٙ2.917 ᄂɛᄣЇ 2025ٙ3.428ࠇ
Ց 2030 ϋਗ਼༺Ց 4.030 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 4.703 ᄂɛ f ʕ਷ CKD-MBD ઃषɛᅰ
͟ 2020ٙ4,700 ຬɛᄣЇ 2025ٙ5,060Ց 2030 ϋਗ਼༺Ց 5,410 ຬ ɛdՑ
2035 ϋਗ਼༺Ց 5,740 ຬ ɛf
CKD-MBDج
CKD-MBDٙ
ᐕଡ଼ϓ f
CKD-MBDᐕᇍό
৷ᐟАस
• ೌඑᐟഐΥኒj֍e၁ა㓭
•
•
•
•
•
৷එАस Аඑ > 2.75 mmol/L
ၪ͛९Dॹ˶ 25(OH)D < 30 ng/mL
АඑeiPTHʿАᐟ >
f
iPTH > ࠽
Аᐟ > ࠽
•
ᐕ̰઻
CKD-MBD
CKD-SHPT
ً
ўඑᐟഐΥኒj၁აඑ
ၪ͛९Dj৶ʷቐ
CaSRዧਗኒjГԟ̔෦eԱत̔㹻eԱӜ̔෦
໗ʲৰஔj໗ϣΌʲ
໗ΌʲৰஔʿІ᜗୅ಔஔ
ၪ͛९Djᑔඑʷቐၪ͛९D3
ၪ͛९Dj৶ʷɧቐ
•
•
jඑ९
ᕐⰰა᜾j᱐Ըⰰა


--- page 89 ---
– 81 –
Бุ฿ᚎ
CKD-MBD׌
ᐟഐΥኒ
၁ა㓭
ٙ
3-5 ഥᛔष
٫
Όଢj6,000ຬ
ʕ਷j520ຬ
ࠬ
ٙ٫PTH
˥̻
ಂ
׌
ᐟഐΥኒ
၁აඑ
ٙ
3-5 ഥᛔष
٫
Όଢj6,000ຬ
ʕ਷j520ຬ
ЭАᐟ
͍ЭඑАसԨҵ
ؤPTHԘ஺
ಂཀඎԴ͜
ߞ
໑༸ʔԄˀᏐ੬Ԉf
ၪ͛९D
৶ʷɧቐ
МϞCKD-SHPTٙ5ಂ
٫
Όଢj590ຬ
ʕ਷j60ຬ
ၪ͛९Dա᜗d
ҵՓPTHࠥ
ЭА૶PTH˥̻
৷එАसʿ৷ᐟ
ߧPTH ܓ
৶ष
ၪ͛९D ي
ͭ৶ʷቐ
МϞCKD-SHPTٙ5ಂ
٫
Όଢj590 ຬ
ʕ਷j60 ຬ
ၪ͛९Dա᜗ՈϞ৷ཪΣ
ҵՓPTH Υϓձʱ
d࿁АඑʿАᐟ˥̻ᅂᚤ฽ʃf
೯͛ଟᜑ
ʿԄλ
׌
CaSR ዧਗኒ
Гԟ̔෦
МϞCKD-SHPTٙ5ಂ
٫
Όଢj590ຬ
ʕ਷j60ຬ
ݺCaSRf
ҵՓPTHdʔᄣ̋А
ЭАᐟ˥̻
ЭඑА
໑༸ˀᏐ
ᕐⰰა᜾
Կⰰაඒ
МϞ৶ሯଯᕦस
ഥᛔषઃ
٫
Όଢj1.213 ᄂɛ
ʕ਷j1,080 ຬɛ
׌
Ԩಯˇ৶іϗdᜑഹ
ࠬٙ
̰f
࿁1-3 ՈϞԄλ
i࿁4-5 ഥᛔषઃ
dცᔫฐԴ͜Ԩಯˇኒඎd˸ᒒ
࢔
ي
එ९
МϞ৶ሯଯᕦस
ഥᛔषઃ
٫
Όଢj1.213 ᄂɛ
ʕ਷j1,080 ຬɛ
̰
Ԙ஺f್ϾdՉԨೌ
ҷഛ
ࠬٙ
ಂԴ͜
ЭඑАसd˲
ᎈ
ᐕ
٫2025ϋΌଢʿ
׌
౶तӍл˖జѓ
CKD-MBD̹ఙ஝ᅼ
2025 ϋdʕ ਷ CKD-MBD̹ఙ஝ᅼ༺Ցɛ͏࿆ 57Ց 2030 ϋd
̹ఙ஝ᅼਗ਼༺Ցɛ͏࿆ 99 ᄂ ʩdՑ 2035 ϋਗ਼༺Ցɛ͏࿆ 198 ᄂʩ d ಂගልΥϋᄣ
މ11.7% ʿ 14.8%f
ʕ਷ CKD-MBD̹ఙ d 2020 ϋЇ 2035 ϋ
2020ϋ 2021ϋ 2022ϋ 2023ϋ 2024ϋ 2025ϋ 2026ϋ

2027ϋ

2028ϋ

2029ϋ

2030ϋ

2031ϋ

2032ϋ

2033ϋ

2034ϋ

2035ϋ

7.1 6.5 6.3 5.7 6.0 6.5 7.2 8.4 9.9
12.1
15.0 16.3 18.3 19.8
5.4 6.8
ɛ͏࿆ɤᄂʩ
ಂග
2020ϋЇ2025ϋ 1.3%
ଟ
2025ϋЇ2030 11.7%
2030Ї2035 14.8%
౶तӍл˖జѓ


--- page 90 ---
– 82 –
Бุ฿ᚎ
CaSR ʿ OGP̹ఙ฿ᚎ
໗එઽชա᜗ (CaSR)ٙG ஐͣਅ
ًࣙ
໗ዧ९ (PTH)එ˾ᑽᖢ࿒ f CaSR ዧਗኒஷཀၾ CaSR ഐΥ d ᄣ੶Չ
ݺCaSRટҵ
ؤPTHᄣ
ЭА PTH ˥̻ d ᒔঐගટҷഛඑᐟ˾ᑽ
८඾ d ੽Ͼᇠ༆ CKD-SHPT৶೨ e ৶ұʿА၍එʷഃԻ೯स f
ୋɓ˾ CaSRඑઽ
ชա᜗ҵՓ PTHٙCKD-SHPT ഃඑ˾ᑽ८඾ d ШՉ
໗
ԱӜ̔෦ʿԱत̔㹻 d ՉʕԱӜ
ᎈ d ϾԱत̔㹻Ϊ᎑
ٙي
ܢ
ܓࠠ
౤৷ f
㹻 (OGP)ᄣಟ d
ஐͣΥϓʿ৶ਿሯҖϓ d Ԩሜື৶Җϓཀ೻ f OGP ՈϞ
࿁Ҥ CKD-SHPTආ৶
А
ೌཪΣ OGPٙ
ᐏҭ d Ш OGP৶˾ᑽሜືዚՓ࿁ CKD-MBD౻ f
CaSR҅
ྼყ̙Б˚ಂ d ϞՇಛ CaSRᐏ FDAf
Όଢ CaSR҅
˚ಂ
2004-03-08
2017-02-07
CASR
CASR
Гԟ̔෦
Աत̔㹻
Sensipar τආ CKD-SHPTe৷එАस
Parsabiv τආ CKD-SHPT
؂
૰
Ը๕ j FDAؓ


--- page 91 ---
– 83 –
Бุ฿ᚎ
ྼყ̙Б˚ಂ d Ϟɧಛ CaSRf
ʕ਷ CaSR҅
ۨ
2024ϋ
̹ఙ΅ᕘ

˚ಂ
2014-08-21
2023-05-06
2024-07-30
ڭ
ͦ፽
࿒
ɔᗳ
͊ॶɝ
ɔᗳ
CASR
CASR
CASR
Աत̔㹻
ԱӜ̔෦
Гԟ̔෦
Parsabiv
Sensipar
τආ
τආ
CKD-SHPT
Orkedia ՘ձᘅ᜝ CKD-SHPT
CKD-SHPTe
৷එАस
૰
؂
؂99.6%
0.4%
0.0%
ᐕϓ͉
ɛ͏࿆ɷʩ
5.9
43.7
24.1
Ը๕ j FDAؓ
׵CKD-SHPTٙCaSRࡉ
f
Όଢ CaSR҅
௰อһอ˚ಂ
CASR
CASR
CASR
CASR
CASR, OGP
Upacicalcet
ԱͿ̔෦
SHR-6508
ASP7991
MT1013
Pathalys Pharma
՘ձᘅ᜝
㛬๿ᔼᖹ
τ౶इԸႡᖹ
Ҧ
؂
؂
૰
؂
૰
FDA
FDA
ᖹ္҅
FDA
ᖹ္҅
IIIಂ
IIIಂ
IIIಂ
IIಂ
IIIಂ
2025ϋ9˜9˚
2022ϋ4˜25˚
2025ϋ12˜27˚
2024ϋ11˜6˚
2025ϋ10˜9˚
FDA Iಂ 2022ϋ7˜29˚
Ը๕ j ClinicalTrials.govؓ
̹ఙ฿ᚎ
शष f ༈ഃ
ʿ
ઃषɛᅰ͟ 2020ٙ22.757 ᄂɛᄣЇ 2025ٙ26.874Ց 2030
ϋਗ਼༺Ց 30.706 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 34.772ઃषɛᅰ͟
2020ٙ5.707 ᄂɛᄣЇ 2025ٙ6.591Ց 2030 ϋਗ਼༺Ց 7.565 ᄂ ɛd Ց
2035 ϋਗ਼༺Ց 8.605 ᄂ ɛf
ᗫशष
ઃ
࢝
௰
ෳ
׵GLP-1 㹻  fGLP-1 ա᜗
ɓ
f
ٙࠅGLP-1ኁ㹻 ɓ ၇ GLP-1 ఊཪᓃዧਗኒ  ʿಁ
㹻ɓ ၇GIP/GLP-1d


--- page 92 ---
– 84 –
Бุ฿ᚎ
Ν
ߕ
໑༸ਓЪ͜೯͛ଟһ৷ d
ኁ㹻һҞ f
ၾᑗґც
މGLP-1ࣖڗGLP-1ٙي
d Ϟૐ౤ʺ GLP-1သீ˥̻ f வਗ਼
ਿᓾ d ԨආɓӉ౤৷ GLP-1٭
स
ٙGLP-1d
ۨGLP-1̹ఙ
f 2025ɛ͏࿆ 57ࠠ
׵2030 ϋᄣЇɛ͏࿆ 235׵2035 ϋᄣЇɛ͏࿆ 1,073 ᄂ
ʩd2025 ϋЇ 2030މ32.9%d 2030 ϋЇ 2035މ
35.5%f
̹ఙ d 2020 ϋЇ 2035 ϋ
2020ϋ 2021ϋ 2022ϋ 2023ϋ 2024ϋ 2025ϋ 2026ϋ

2027ϋ

2028ϋ

2029ϋ

2030ϋ

2031ϋ

2032ϋ

2033ϋ

2034ϋ

2035ϋ

4.3 4.8 4.2 5.7 7.9 11.0 13.2 17.0 23.5
32.7
45.4
62.6
83.5
107.3
1.9 3.0
ɛ͏࿆ɤᄂʩ
ಂග
2020ϋЇ2025 24.4%
ଟ
2025ϋЇ2030 32.9%
2030Ї2035 35.5%
౶तӍл˖జѓ
GLP1R̹ఙᚨਗΪ९ʿ͊Ըᒈැ
• ᑗґცӋ fਗʔԑഃତ
ʿ൴
ʊϞεಛ GLP-1Rᐏҭ i ್Ͼ d ʥϞ஢ε
ˀᅁʿԒ
΢၇ΥԻस f
•
จᗆ˚ू౤৷ fᎈ
ცӋዧᄣ f
జѓ 2026  d91.7%ʮ଺Ⴉ
ϋჀ
ᐕ f
•
εཪᓃ GLP-1f˾
ᗫա᜗ ν GLP-1Re GIPRe GCGRʿਓЪ͜Ꮄʷ d
εཪᓃ GLP1ᗫε
d εཪᓃ GLP1ي
Ϟૐί̹ఙɪЦኽ˴ኬήЗ f


--- page 93 ---
– 85 –
Бุ฿ᚎ
• fٙGLP-1ᐕ f
͊တԑცӋ d GLP-1ቇ
ٙCKD ʿ MASH ഃ˾ᑽ
ഥᛔषઃषଟ  d൴ ཀ 80%ٙCKD̈ତͣஐ
ӿष (MAFLD)یܸ2025و) dʕ
਷Ϟ൴ཀ 4,000 ຬ MASHࣖ
fGLP-1ᆑɢ d Ԩʊ
ʘɓ f
GLP1R҅
ྼყ̙Б˚ಂ d ΌଢϞ 17ɧཪᓃ GLP1R 㹻
f Չʕ d 12ཪΣ GLP-1R eGCGR ʿ GIPR d
ཪΣ GLP-1R eGCGR ʿ FGF21ཪΣ GLP1Re GIPR ʿ
AMYRཪΣ GLP1Re GIPR ʿ NPY2RٙࡁGLP1Rي
XTL6001ਬɓཪΣ GLP-1R eGCGR ʿ MasRɧཪᓃ GLP-1Rf ዧ
ਗ MasRπЄЂඎ f XTL6001 Ϟૐऊৰ GLP-1R ዧਗኒίಯ
̰ਓЪ͜ f
Όଢɧཪᓃ GLP1R҅
GLP1R, GCGR,
MASR XTL6001Ҧ
सeCKDᖹ္҅ Iಂ 2026ϋ5˜9˚
स FDAӺ 2024ϋ12˜20˚
GLP1R, GCGR,
GIPR
Retatrutide
ᓿԸ
सe2೨eASCVDeCKDe
فFDA IIIಂ 2026ϋ5˜22˚
ᖹ္҅ IIIಂ 2026ϋ5˜8˚
सe2ጟ҇ष FDA Iಂ 2026ϋ5˜12˚
LY4086940ᖹ္҅ Iಂ 2024ϋ7˜8˚
Efocipegtrutide
ۜ
ӿष FDA IIಂ 2025ϋ11˜19˚
स FDA Iಂ 2025ϋ2˜6˚
HM15275स FDA IIಂ 2026ϋ5˜26˚
UBT251
सe2ጟ҇षeMASHeCKDᖹ္҅ IIಂ 2026ϋ4˜24˚
स FDA IIಂ 2026ϋ2˜17˚
ZX2021ᖹ္҅ IIಂ 2025ϋ6˜18˚
DYX116 Ϫᘽᅃ๕ᖹุ 2ᖹ္҅ IIಂ 2026ϋ5˜18˚
MWN101
ᆀ౷ᔼᐕ
2ᖹ္҅ IIಂ 2025ϋ1˜23˚
MWN109
2ᖹ္҅ IIಂ 2026ϋ5˜30˚
स FDA Iಂ 2025ϋ11˜20˚
SAR441255ࠠFDA Iಂ 2025ϋ9˜22˚
HEC-007ජΈᖹ 2ᖹ္҅ Iಂ 2026ϋ4˜12˚
HRS-4729ᖹ္҅ Iಂ 2026ϋ5˜7˚
GLP1R, GCGR,
FGF21
MWN105 ᆀ౷ᔼᐕ
ᖹ္҅ IIಂ 2025ϋ9˜5˚
2ᖹ္҅ Iಂ 2024ϋ12˜27˚
DR10624ᔼᖹ MAFLDᖹ္҅ IIಂ 2026ϋ2˜14˚
GLP1R, GIPR,
AMYR NN9662सe2ጟ҇ष FDA IIಂ 2026ϋ5˜19˚
GLP1R, GIP,
NPY2R BI 3034701स FDA Iಂ 2025ϋ11˜21˚
௰อһอ
˚ಂ
Ը๕ j ClinicalTrials.govؓ


--- page 94 ---
– 86 –
Бุ฿ᚎ
3. ̹ఙ฿ᚎ
ACS-PCIᐕ฿ᚎ
ּACS)ːष (CHD)ܼSTːЄ
૚ϥ (STEMI)ڢSTːЄ૚ϥ (NSTEMI)ɓଡ଼श
षf2020 ϋЇ 2025 ϋdΌ ଢ ACS ೯षᅰ͟ 2,380 ຬԷᄣЇ 2,660Ց 2030 ϋ
ʿ 2035 ϋdΌ ଢ ACS ೯षᅰਗ਼ʱй༺Ց 2,910 ຬԷʿ 3,140 ຬ Էf2020 ϋЇ 2025 ϋd
ʕ਷ ACS ೯षᅰ͟ 460 ຬԷᄣЇ 520Ց 2030 ϋʿ 2035 ϋdʕ ਷ ACS ೯ष
ᅰਗ਼ʱй༺Ց 580 ຬԷʿ 630 ຬ Էf
ᐕ (PCI)ਗ
А૰ԶᏐ f 2020 ϋЇ 2025 ϋdΌ ଢ PCI ˓ஔඎ͟
620 ຬԷᄣЇ 1,070Ց 2030 ϋʿ 2035 ϋdΌ ଢ PCI ˓ஔඎਗ਼ʱй༺Ց 1,560
ຬԷʿ 2,170 ຬ Էf2020 ϋЇ 2025 ϋdʕ ਷ PCI ˓ஔඎ͟ 100 ຬԷᄣЇ 230ࠇ
Ց 2030 ϋʿ 2035 ϋdʕ ਷ PCI ˓ஔඎਗ਼ʱй༺Ց 400 ຬԷʿ 600 ຬ Էf
ACSٙPCIᐕ
ኋ၍ PCIᗫᔼᐕኜ૛̙ঐ࿁ஷ༩
ݖ
ܼPCIᐕ
(DAPT)Դ͜ጟஐͣ IIb/IIIa ҵՓኒ (GPI)f
೯षଟᎇϋ
d ઃϞːА၍शष
ܵ
ᅺ๟ʷ
τΌ
҅ f
ል
ᖢӉᓒ
ੵf
2025̹ఙ஝ᅼ༺Ցɛ͏࿆ 345ᖹ
׵2030 ϋᄣЇɛ͏࿆ 472׵2035 ϋᄣЇɛ͏࿆ 618 ᄂ ʩd2025 ϋ
Ї 2030މ6.4%d 2030 ϋЇ 2035މ5.6%f


--- page 95 ---
– 87 –
Бุ฿ᚎ
̹ఙ d 2020 ϋЇ 2035 ϋ
2020ϋ 2021ϋ 2022ϋ 2023ϋ 2024ϋ 2025ϋ 2026ϋ

2027ϋ

2028ϋ

2029ϋ

2030ϋ

2031ϋ

2032ϋ

2033ϋ

2034ϋ

2035ϋ

31.9 32.5 32.7 34.5 36.9 39.4 41.9 44.5 47.2 50.0 52.8 55.7 58.7 61.8
30.5 33.1
ɛ͏࿆ɤᄂʩ
ಂග
2020ϋЇ2025 2.5%
ଟ
2025ϋЇ2030 6.4%
2030Ї2035 5.6%
౶तӍл˖జѓ
̹ఙᚨਗΪ९ʿ͊Ըᒈැ
• ৷೯षଟ f ːА၍शष (CVD)Ϊʘɓ f
ᚃ
ኽ  ʕ਷ːА၍਄ੰၾशषజѓ 2024 d2023͏ː
໘А၍ष೯षᅰ༺ 870ࠇ2020 ϋЇ 2030ཫ
ცӋ f
• ᎈᄣ̋ fع
Ꮠ͜ d ʊᜑഹҷഛ CVDᐕίஔʕ
ܢPCIਗএฦ
Ի೯सၾஈଣ  dPCIމ7.7%d ΪϤც
ίʧɝ
f
• ཪᓃʿዚՓ fኑА㺛  eА ʃ
ܼGPIIb/IIIa ա᜗ʿ P2Y12ʝ
Ϟषଣཀ೻ d ᕐཪᓃʿεዚՓ
ᕐ
Ҥኒ d ν০࿁ኑАΪɿ II ձ GPIIb/IIIad ˸ʿഐΥ
ᗫᒟ͊Ը˙Σ f
PCI҅
PCIྌટա PCIٙACSྼყ̙Б˚ಂ d Ϟɧ
၇ՈϞ PCId ʿɧ၇ՈϞ PCIᐏ
FDAf


--- page 96 ---
– 88 –
Бุ฿ᚎ
Όଢ PCI҅
˚ಂቇᏐस
GPIIb/IIIa Bevifibatide Betagrin Bio-Thera • PCIج
PCIᐕ
• ྌટաPCIٙACS٫
 •ટաPCI٫
 •ટաPTCAאPCI٫
HITiઃϞHITπίHIT
ᎈԨટաPCI٫
ᖹ္҅ 2024ϋ06˜25˚
P2RY12ݾKengreal ௱Г FDA 2015ϋ06˜22˚
GPIIb/IIIa Աಁˋ㹻*ᖹ္҅ 2012ϋ10˜30˚
̋Ϝफ Plano
Pharmaceuticals FDA 2011ϋ05˜09˚
ᖹ္҅ 2011ϋ01˜01˚
֛*
Angiomax ʆᅃɻ FDA 2000ϋ12˜15˚
೐Τ၈ ʮ̡
* ᐵ ᄳjHIT = ಯˇस i PTCA = ਗএϓҖஔ
*ൗj Աಁˋ㹻 (Integrilin)ԶᏐਪᕚϾ৾ପ f ίʕ਷ d
ʮ̡ e ̏ԯᕐ᜼ᖹุ
ͷႡᖹίʕ਷ᐏҭ d ᐏҭ
ʮ̡ഃ f
ᖹ္҅ e FDAؓ
ྼყ̙Б˚ಂ d ΌଢϞɤಛ PCIf
Όଢ PCI҅
௰อһอ
˚ಂ
GPΪɿIIe
GPIIb/IIIa MT1002ෳत
Ҧ
ᖹ္҅ IIಂ 2024ϋ05˜11˚
FDA Iಂ 2019ϋ08˜08˚
P2RY12
Vicagrel௱ဧᔼᖹ FDA IIIಂ 2024ϋ10˜01˚
DT678ᖹ္҅ IIಂ 2026ϋ01˜04˚
PRT060128Ⴁᖹ FDA IIಂ 2023ϋ08˜08˚
HY-022619ᖹ္҅ Iಂ 2026ϋ01˜28˚
CG-0255ᖹ္҅ Iಂ 2026ϋ3˜04˚
ᖹ္҅ Iಂ 2019ϋ07˜30˚
LIASeLIPT1e
SLC5A6 CMX-2043 Ischemix, LLC FDA IIಂ 2011ϋ06˜20˚
CDH5 FX06 Biopure Corporation FDA IIಂ 2007ϋ12˜04˚
/ SBK009ᖹ္҅ Iಂ 2025ϋ12˜23˚
• ટաPCIٙACSʿҤА
i
• ઃϞHITאHITTԨટաPCIٙACS٫
 •ટաPCIٙACS٫
 •ટաPCIٙACS٫
 •ܢPCI
• ٫PCIج
ACS٫PCIҤАʃ
ج
ACS٫PCIҤАʃ
ج
ACS٫PCIࣼ
ج
 •ટաPCI٫
 •ટաPCIฦෆ
• ACS٫PCIҤАʃ
ج
*ᐵ ᄳj HIT = ಯˇस i HITT = ಯˇस
Ը๕ j ClinicalTrials.govؓ


--- page 97 ---
– 89 –
Бุ฿ᚎ
4. ̹ఙ฿ᚎ
໘՗ʕ̹ఙ฿ᚎ
ٙ70%-80%׌
໘՗ʕઃषɛᅰ͟ 2020ٙ6,570 ຬɛᄣЇ 2025ٙ8,530Ց 2030 ϋਗ਼༺
Ց 1.058 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 1.274໘՗ʕઃषɛᅰ͟ 2020ٙ
1,860 ຬɛᄣЇ 2025ٙ2,350Ց 2030 ϋਗ਼༺Ց 2,890 ຬ ɛdՑ 2035 ϋਗ਼༺
Ց3,510໘ଡ଼ᔌॹА e
ࣛ
ᐕd4.5̙ί 6ʫආБА၍ʫ
ٙ
ᚐ໘ଡ଼ᔌ̌ঐ f
ج
ي
᎕
ᗫᒟ d ҤА
˸ʿછՓАᏀ e АጟձА
ᐕ f
׸࢙
ᅂ
ʫඑ൴༱ʿҷഛᇞ୐᜗̌ঐ d ಯ
໘
f
̹ఙ஝ᅼ
ᚃᓒɽ f ɛɹϼᙧʷ̋஺ e ೯षଟձઃषଟΝӉ
ə਺ྼਿᓾ f Ό਷ᇍ
d ᜑഹ౤৷əਿᄴᔼᐕዚ࿴໘՗
ʊ
ձသ
ٙ٫
ܢٙ
f
2025̹ఙ஝ᅼ༺Ցɛ͏࿆ 117׵
2030 ϋᓒɽЇɛ͏࿆ 157׵2035 ϋᓒɽЇ 246 ᄂ ʩd2025 ϋЇ 2030ል
މ6.2%d2030 ϋЇ 2035މ9.3%f


--- page 98 ---
– 90 –
Бุ฿ᚎ
̹ఙ d 2020 ϋЇ 2035 ϋ
2020ϋ
7.6
2021ϋ 2022ϋ 2023ϋ 2024ϋ 2025ϋ 2026ϋ

2027ϋ

2028ϋ

2029ϋ

2030ϋ

2031ϋ

2032ϋ

2033ϋ

2034ϋ

2035ϋ

11.0 11.0 11.5 11.7 12.2 13.2 13.9 14.9 15.7 16.9 18.4 20.4 22.3 24.6
9.0
ɛ͏࿆ɤᄂʩ
ಂග
2020ϋЇ2025 8.8%
ଟ
2025ϋЇ2030 6.2%
2030Ї2035 9.3%
౶तӍл˖జѓ
̹ఙᚨਗΪ९ʿ͊Ըᒈැ
• ᑗґცӋ fᅂᚤ d ˸໘՗ʕ
ಌष͵
޲
Ӻ (1990-2021) d16 ၇ग़຾ӻ୕शषᅂᚤʕ਷ 4.68 ᄂ ɛf
•
ᑗґᏐ͜ఙ౻ʔᓙᓒɽ fᄱ d ੽
ܢ
ي
ॎ d
Է f
•
fЪ͜ዚՓʊ੽ఊɓཪᓃ
εஷ༩՘Ν d ˲ TrKBࠦ
d TrKB੶
40ᐕ
Ъ ͜f
҅
f
҅
ᖹ္҅
˚ಂ
/ᚐ 2020ϋ07˜29˚
ᇠዧε㹻B2໘՗ʕ 2005ϋ06˜28˚
/ᚐ 2002ϋ09˜30˚
f


--- page 99 ---
– 91 –
Бุ฿ᚎ
ྼყ̙Б˚ಂ d ʕ਷Ϟ 12ग़
f
҅
௰อһอ˚ಂ
૰NRF2, mTOR, AMPK ᄿψఃᘂᔼᖹ IIIಂ 2023ϋ12˜18˚
Y-6Љɨ˪PDE3 ྐྵʗอᖹ IIIಂ 2025ϋ06˜03˚
piragrel sodium९A2Ӻ৫ IIIಂ 2023ϋ08˜31˚
SalfaprodilGRINᔼᖹ IIIಂ 2022ϋ01˜01˚
AndrotriolGRIN ᄿψᒄ౷तᔼᖹ IIಂ 2025ϋ06˜18˚
ZKLJ02FXII, KLKҦ Iಂ 2025ϋ12˜08˚
hNPC-01/يIಂ 2024ϋ1˜08˚
HY0721/ ᘽψလථІ್ၾ਄ੰ Iಂ 2021ϋ12˜11˚
GD-11/ Ϫᘽຬ৷ᖹุ
Ҧ
Iಂ 2025ϋ09˜02˚
XY0507९A2Υ㺛 Iಂ 2025ϋ05˜21˚
MT200605TrKBҦ IIಂ 2025ϋ10˜21˚
Ը๕ j NMPAؓ
Ը๕
ؓ
׵1961ዹ
̹ఙ൙П e ᘩ
౶तӍл˖
̹ఙᐑྤ f
e ዹͭୋɧ˙
߰
৿ண  ѩ᙮ॆྼ e ๟ᆽ˲
౶तӍл˖˕˹൬͜
ɛ͏࿆ 560,000މ࢙
ૢ ΁f
Ԩ͊ఱ͉ϣΌଢ೯ਯ։ৄ΂ОՉ˼Бุజ
౶तӍл˖జѓ˚ಂ˸Ը d
ᅂᚤ f


--- page 100 ---
– 92 –
္၍฿ᚎ
஝ʿ஝௝ f ͉ື฿
ܛج
஝ f
္၍ዚ࿴
ᄲ൙ʕː
္ຖ၍ଣᐼ҅  ᖹ္ᐼ҅   
e ᔼᐕኜ
ආБᅺ
e ᔼᐕኜ
ഃ f
ᄲ൙ʕː  ᄲ൙ʕːۜ
ۜ
ൗ ̅f
ሊ਄։
ึ   ሊ਄։މ
္၍ዚ࿴ f
ਕʿሊ
Փ
֛ي
ੂุ f
҅
ღ҅  ҅׵މ2018 ϋ 5᙮਷ਕ৫ d
ᎈʿᔼᐕહп
ͦ፽˸ʿᖹ
םٙ
ഄ f
္၍ૢ˖
஝
Ӻၾක೯
ึ  Ό਷ɛɽ੬։ึ׵1984 ϋ 9׵
2019 ϋ 8 ˜ 26׵2019 ϋ 12 ˜ 1
 ׵2002 ϋ 8׵2024 ϋ 12 ˜ 6Ԩ
׵2025 ϋ 1 ˜ 20ૢԷ   ૢԷމ
֛
ᚐอᖹ
d
˸ʿ
f


--- page 101 ---
– 93 –
္၍฿ᚎ
׵2017ಂ f ʕ΍ʕ̯፬ʮᝂ
׵2017 ϋ 10ᔼ
ᑗґ༊᜕ዚ࿴Ꮠணͭ
จԈ
εʕːᑗґ༊᜕ d
d ʔ
f
Ӻ
ᖹ္
׵2003 ϋ 8׵2017 ϋ 7d ԨІ 2017 ϋ 9 ˜ 1ڢي
Ӻሯඎ၍ଣ஝ᇍ  ආ Бf2007 ϋ 4Ӻ
׵2023 ϋ1 ˜19׵2023 ϋ7 ˜1d
޼
Ӌ f
༊᜕
׵1988 ϋ 11 ˜ 14׵2017 ϋ 3 ˜ 1
ሯඎҦஔ္ຖ҅
׵1997 ϋ 12 ˜ 11׵ژ
2001 ϋ12 ˜5˚೯бԨІ 2002 ϋ1˜1༊ Б d
ྼ᜕඲
Դ͜஢̙ᗇ f
ᑗґ༊᜕͡ሗ
׵2017 ϋ 3 ˜ 17ᄲҭ
 dІ 2017 ϋ 5 ˜ 1ۜ
׵2020 ϋ 1 ˜ 22׵2020 ϋ 7 ˜ 1ൗ̅၍
ୋ 27މI ಂᑗґ༊᜕ e II ಂᑗґ༊᜕ e III ಂᑗ
ґ༊᜕ e IVኽୋ 27ʿ 2018 ϋ7ᗫ
༊᜕͡ሗᐏա
ଣԨᖮ൬ʘ˚ৎ 60ܲ
׵2025 ϋ 9 ˜
12ʮѓ  d਷
ᖹ္҅Ꮠί 30ᄲ൙ᄲҭ
೻ ҏf
ኽ 2013 ϋ 9ʮѓ  d ͡ሗɛί՟੻
̨̻ҁϓᑗґ༊᜕೮
ϣ೮া˸
ϣ౤
ʹ೮া˸Ъʮͪ f


--- page 102 ---
– 94 –
္၍฿ᚎ
݄
ᑗґ༊᜕ዚ࿴ආБᑗґ༊᜕ f
ኽ 2019 ϋ12 ˜1
ዚ࿴ f
׵2020 ϋ 4 ˜ 23׵2020
ϋ 7 ˜ 1݄
e ͡፬˙
f
ʮѓ  d ίอᖹᑗґ༊᜕͡ሗ
d ίҁϓ I ಂʿ IIʿආБ IIIᄲ
ܼIII ಂ
׵2020 ϋ 12 ˜ 10೯ၾҦ
೯ಂගʿൗ̅͡ሗʕ d ͡ሗ
ɧᗳ f I ᗳึ
ɽ
Ҧஔਪᕚ f IIۃ
ึᙄ e ҁϓ IIʿ IIIึ
ᙄfIIIމIאIIՉ˼ึᙄ f
׵2018 ϋ 5 ˜ 17ۜ
ᄲ൙ʕːਗ਼Ꮄ΋ৣໄ༟๕ d ࿁ʊॶɝҞ஺
f
อᖹൗ̅
ኽୋ 27ሯඎᅺ๟ e ҁϓਠุ஝ᅼ͛ପʈᖵ
࢕
ʕ਷
ኽୋ 27Ϟɛ̙͡ሗ༈
j (1)Κʿ͛նशष d
i (2)ც d ˲
i ʿ (3)ɽʮ΍
d ˲຾൙ПՉᐏ
ᎈ f
׵2016 ϋ 3 ˜ 4ʈЪ˙
ʞᗳ j (i) 1ٙ
i (ii) 2 ᗳ j ྤʫ̮
e ஈ˙ʈ
i (iii) 3 ᗳjྤ ʫ
ٙۜ
ࣖ


--- page 103 ---
– 95 –
္၍฿ᚎ
 i(iv) 4޼ࡡ
i ʿ (v) 5ٙ
͡ሗίྤʫɪ̹ f Չʕ d ୋ 1 ᗳʿୋ 2͡జ೻ҏ d
ୋ3ᗳʿୋ 4͡జ೻ҏ d Ͼୋ 5೻ҏආБ͡జ f
׵2020 ϋ6˜29Ӌ 
ൗ̅ʱᗳІ 2020 ϋ 7 ˜ 1௴อᖹ e
f
ࡘ
׵2015 ϋ 8 ˜ 9ܓ
ᆽə౤৷  Չʕ̍
ᑗґ༊᜕ҭ
ഃ΂ਕ f
׵2015 ϋ 11 ˜ 11ഄ
ط
௴อᖹൗ̅͡ሗ i ɚՅഁ͜
ɽ
e
௴อᖹ
อᖹᑗ
਷ΝӉ͡ሗɪ̹˲ʊ
ۃ3
ۃ1͛ପ͡ሗ f
׵2017 ϋ 10 ˜ 8ଉʷᄲ
จԈ  d ϙίᔊʷᑗґ༊᜕೻ҏʿᐵ೵
ගf
׵2018 ϋ 5 ˜ 17Ꮄ
೻ᏐආɓӉᔊʷʿ̋Ҟ f
׵2020 ϋ7˜7ᄲ൙ʈЪ೻ҏ ༊ Б
׵I ಂʿ II׵
IIIशष
௴
೻ҏ f


--- page 104 ---
– 96 –
္၍฿ᚎ
ϞɛዚՓ
ɪ
Ӻ e
ப f
f
f ್Ͼ d ৰ਷ਕ৫ᖹ
͛ପΆุ͛ପА૰
f
ப
຾ᐄ
ᗇձછՓঐɢ f
Ϟ
ப΂ f
஝
׵1998 ϋ 6 ˜ 10׵2013 ϋ਷
͟ 2018
ə
׵2015 ϋ 7 ˜ 2ɛ ᗳ
׵
2015 ϋ 8 ˜ 24ɛᗳ፲ෂ༟๕મණ e ϗණ e ൯ር e ̈ɹ e ̈ྤБ
͡፬˙ஷཀᑗґ༊᜕મණձϗණɛᗳ፲ෂ༟๕ d ඲
׵2017 ϋ 10 ˜ 26
׵2017 ϋ 12 ˜ 1d
ᄲҭ f
׵ڐ2024 ϋ 3 ˜ 10׵2024 ϋ 5 ˜ 1 ʕശɛ͏
Ӻ e
ღঐɢձᄣආɛ͏਄ੰ
ᔛ
ᔛ e
ࡐ
׵2023 ϋ 5 ˜ 26׵2023 ϋ 7 ˜ 1 ɛᗳ፲ෂ༟๕၍
ᔛ e л͜ձ࿁
Ӌ f
׵2020 ϋ 10 ˜ 17׵2024 ϋ 4 ˜ 26ʕ
ઋછՓ e
τΌ၍ଣ e ɛᗳ፲ෂ༟


--- page 105 ---
– 97 –
္၍฿ᚎ
˴່ձԣጏ͛
ࠬ
ɛଡ଼ᔌ
j ɓ
મණ਷ਕ৫ሊ͛਄ੰ˴၍
ᔛҢ਷ɛᗳ፲ෂ༟๕ i ɧл͜
༶৔ e
ඉ੔ e ᙳ੭̈ྤ f
஝
͛ପ஢̙ᗇ
ᒍ̹ॴ
͛
ʞϋ d ͛ପΆ
˜ʫ͡ሗ౬೯஢̙ᗇ f
։ৄ͛ପ
׵2014 ϋ 8 ։
ପঐʔ
։ৄՉ˼
f
׵2020 ϋ 1 ˜ 22׵2020 ϋ 7 ˜ 1ᖹ

d ඲ၾ
ᗫ՘ᙄஹΝྼყ͛ପ
͛ପ஢̙ᗇ f
຾ᐄ஢̙ᗇ
׵2023 ϋ 9 ˜ 27׵2024
ϋ 1 ˜ 1ਗ
Ϟ
຾ᐄΆุቖਯ༈ഃ
຾ᐄ஢̙ᗇ f
ᘱᚃ຾ᐄᖹ
˜ʫΣ೯ᗇዚᗫ͡
ሗ౬೯஢̙ᗇ f
஝
મᒅ
׵2000 ϋ2˜16ኬจԈ 
׵2000 ϋ 7 ˜ 18 ˚཯бԨІ 2000 ϋ 9 ˜ 1ᕄᔼᐕዚ࿴ʱᗳ၍ଣ


--- page 106 ---
– 98 –
္၍฿ᚎ
׌
༈ዚ࿴ d Ͼᐄ
׌
ᔼᐕዚ࿴ఱ΂О
ೌც
f
׵2000 ϋ 7 ˜ 7ᅺમᒅ༊
׵2001 ϋ 7 ˜ 23ආɓӉਂλᔼᐕ
׵2009 ϋ 1 ˜ 17 ආɓӉ஝
છՓ
ͦ፽ e ᑗґ౷ཁԴ͜ʿ
f
׵2010 ϋ 7 ˜ 7ණʕમᒅʈЪ஝ᇍ  ఱණʕમ
d ආɓӉ஝
ණʕમᒅ
ᔼ
பᇜ
௦ቑᖹ
e ᔼᐕ͜
ᖹ e ʕᖹҿʿʕᖹභ˪̙ʔॶɝ༈ණʕમᒅͦ፽ f
׵2015 ϋ 2 ˜ 9ҁഛʮ
ණ
મ
ྌʿཫၑ d ԨΥଣᇜႡՉБ
ܸא
f
׵2017 ϋ 1 ˜ 24ࠧ
ᔼ৫ᑌΥમᒅ i ίᔼ
ήਜ d ʪ஢ʮͭᔼ৫ί


--- page 107 ---
– 99 –
္၍฿ᚎ
મᒅ f
׵2019 ϋ 1 ˜ 1ණʕમᒅձԴ͜༊
e ᄿψ e ଉέ e ϓேʿ
Гτഃ 11ኽ
׵ژ2019 ϋ 9 ˜ 25ණʕમ
ණʕમᒅձԴ͜༊ᓃධ
੭
ඎમᒅᅼό͍ίΌ਷પᄿ f
׵2021 ϋ 1 ˜ 22ණʕ੭
ܓ
ڭ
Ӌਞ๫ੂБ f
ᕘ
d း̙ঐྼ
Ꮠમးમ f
၍ଣ
׵ژ2015 ϋ 5 ˜ 4จ
Ԉ dІ2015 ϋ 6 ˜ 1ᄆਗ਼
၍ଣ d ྼБ௰৷̈
ᄆ f ༈
ٙۜ
f
ՇୃՓ
ኽ 2016 ϋ 4 ˜ 6 ˚਷ਕ৫੬
׵2016 ϋ 4 ˜ 21ࠧ
2016ኽІ 2016 ϋ 12 ˜ 26 ˚ৎ͛
Ι ೯ <จԈ ༊ Б>ٙ
ஷΆุʘගකՈɓੵ೯ୃ d ᖹ
ቖਯ
ࣩٙ
ོᎸՉ˼ήਜྼ
׵ܓ2018પБ f
ਠุ༡༤
׵2025 ϋ 6 ˜ 27׵2025 ϋ
10 ˜ 15ዚึ
ɛ j (i)i


--- page 108 ---
– 100 –
္၍฿ᚎ
(ii)ɛ i ʿ (iii)ᅂᚤɢᅂᚤ
׵1996 ϋ 11 ˜ 15׵
א
f
ሊ਄։  ཯бԨІ 2014 ϋ 3 ˜ 1 ˚
e ᔼᐕኜ
౤Զ΂О
ΐɝਠุ༡༤ʔԄা፽  ʔԄা፽  f
ᔼᐕሊ͛ዚ࿴
ණ
ʞϋʫՇϣ
ᔼᐕ
f
஝
ᔧႊᇍఖ
׵1998 ϋ 12 ˜ 14ڭ
މ
׵2007 ϋ 7
˜ 10ኬจԈ  d
۬ڢ
׵2016 ϋ 1 ˜ 3 ˚ d ਷ਕ৫೯б
͏ਿ͉ᔼ
ਗ਼ᔧ
͏ f
ᎈͦ፽
׵2020 ϋ 7 ˜ 30 ˚཯бԨІ 2020 ϋ 9 ˜ 1 ਿ͉ᔼ
ٙ
ͦ፽ආБ၍ଣ f
׵2025 ϋ 1 ˜ 6ᎈ e ʈෆ
ͦ፽    ஝
Ꮠ
ᔼ
Ԅ


--- page 109 ---
– 101 –
္၍฿ᚎ
Ԅλ˲ၾ͠
f
ڭ
ᎈ
ኽ
ྌᐏ੻జቖ f
ͦ፽
׵2009 ϋ 8 ˜ 18׵2015 ϋ 2 ˜
13ܓ
ʕ਷ʮ
׵2018 ϋ 9 ˜ 30 ˚཯
ͦ፽ 2018׵2013 ϋ 3 ˜ 13 ˚
ͦ፽ 2012ਿᄴᔼᐕሊ
ۜ
೯
ᎈͦ፽ d
Ό௅ᒅ൯ᄆಛѩ̙జቖ f
஝
 e
f
ਖ਼л
͟Ό਷ɛɽ੬։ึ
׵1984 ϋ 3 ˜ 12׵2020 ϋ 10 ˜ 17ԨІ 2021 ϋ 6 ˜ 1 ˚ৎ͛
׵2001 ϋ 6 ˜
15׵2023 ϋ 12 ˜ 11ԨІ 2024 ϋ 1 ˜ 20f  ʕശɛ
 ɧ၇ᗳ


ʈุ
މࠢ20މࠢ10 ϋd ̮
މࠢ15 d
ՑୌΥʕ
੶Փ஢̙ f
ਠุ।੗
׵1993 ϋ 9׵ܝ2017 ϋ 11 ˜ 4 ˚e2019 ϋ 4 ˜
23 ˚e2025 ϋ 6 ˜ 27׵2025 ϋ 10 ˜ 15 ʕശɛ͏΍ձ਷ˀʔ͍
Ԩ຾ᛆлɛમ՟
ኽ  ʕശɛ͏΍ձ਷ˀʔ͍
͕˼ɛਠุ।੗ j ɓ˸ೳ᛿ e ༡༤ e ಜ


--- page 110 ---
– 102 –
္၍฿ᚎ
ᚣeԴ
א
౛౥
ς
ਠุ।੗ f
ਠᅺ
׵1982 ϋ 8 ˜ 23׵2019 ϋ 4 ˜ 23Ԩ
І 2019 ϋ 11 ˜ 1މ10 ϋd
ۃ
ಂ f
މ10ၑ f ಂတ͊፬
͕ൗ̅ਠᅺਖ਼͜
ஈଣ f
ഹЪᛆ
 ʿ ʕശɛ͏΍ձ਷ഹЪᛆ
׵1990 ϋ 9 ˜ 7
׵2020 ϋ 11 ˜ 11d ԨІ 2021 ϋ 6 ˜ 1f  ʕശɛ͏΍ձ
׵2002 ϋ8˜2׵2013 ϋ1˜30f
f
ਹΤ
׵2017 ϋ 8 ˜ 24׵2017 ϋ 11 ˜ 1 ʝᑌၣਹ
ڦ
ɪᏐ፭ృ ΋
Ӌൗ
f
஝
ۆ
׵1994 ϋ 7׵2018 ϋ 12ʕ
׵2007 ϋ 6׵2012 ϋ 12ʿ
І 2013 ϋ 7׵2008 ϋ 9 ˜཯б
ͭ͜
຅ή௰Эʈ༟ᅺ๟ f ͜ɛఊ


--- page 111 ---
– 103 –
္၍฿ᚎ
ආБ௶ਗτΌ
d Ԩ
f
ږ
׵2010 ϋ10׵2018 ϋ12ʕ
׵1999 ϋ1׵2019 ϋ3ٟ
׵1999 ϋ4׵2019 ϋ3И
ڭ
Զಛ f ΂
ᕘ f
׵2018 ϋ 7 ˜ 20 ˚ d ʕ΍ʕ̯፬ʮᝂձ਷ਕ৫፬ʮᝂᑌΥ೯б  ଉʷ਷೼ e ή
 dኽ ϤdІ 2019 ϋ 1 ˜ 1ึ
׵2018 ϋ 9ᎈ൬ᅄ
׵2018 ϋ 9׵
 dᘌ ຫ
ᎈ൬ f
׵2018 ϋ 11߰࢝
ֻ
׵2019 ϋ 4ᗫ
ᎈᖮ൬
ᅄϗᔖபʔ੻୅ʹ೼ਕ
ᎈ൬ආБІБ૶ᖮ f
׵2025 ϋ 7׵2025 ϋ 9৫ᗫ
א
͜
Ӌ͜ɛఊЗ
ઋҖɨ
ج
༈ሗӋ f
ཫԣձછՓ
׵2001 ϋ 10 ˜ 27׵2018 ϋ 12 ˜ 29ʕ
࣬
ணධͦʈ೻


--- page 112 ---
– 104 –
္၍฿ᚎ
பྼ
൙П f Ϥ̮ d ͜ɛఊЗᏐ
ᔖุष f
஝
׵2010 ϋ 12 ˜ 1 dІ
2011 ϋ 2 ˜ 1ܝࠈ
30ุॡ༣
༈
ӊ΅ॡ༣՘ᙄ̙ஈ˸ɛ͏࿆ 1,000 ʩЇɛ͏࿆ 10,000ၮಛ f
፬ଣॡ༣
ɢ f
஝
ᚐ
׵1989 ϋ
12 ˜ 26׵2014 ϋ 4 ˜ 24d І 2015 ϋ 1 ˜ 1ə΢
ᐑྤሯඎʿર
ˢ਷
ᅺ๟ʿή˙
ᅺ ๟f
ᐑྤᅂᚤ൙ᄆ
׵1998 ϋ 11 ˜ 29׵2017 ϋ 7 ˜ 16ԨІ 2017 ϋ 10 ˜
1d
׵
ਗ਼
f
ܔ
׵2002 ϋ 10 ˜ 28׵2016 ϋ 7
˜ 2 ˚ʿ 2018 ϋ 12 ˜ 29   ᐑྤᅂᚤ൙
d
f
ംʈʿ᜕ϗ
׵2017 ϋ 11 ˜ 20ணධͦ
ᚐ᜕ϗ
೻ҏձᅺ๟ f
ऊԣ
׵1998 ϋ 4 ˜ 29 ˚཯бԨІ 2021 ϋ 4 ˜ 29ࠈࡌܝ
ʈ೻
ኽ


--- page 113 ---
– 105 –
္၍฿ᚎ
͊
ऊ
ᐄุ f
રϮ၍ଣ
ኽʕശɛ͏΍ձ਷͛࿒ᐑྤ௅೯бԨІ 2019 ϋ 12 ˜ 20Ϯ
๕રϮ஢̙ʱᗳ၍ଣΤ፽ 2019ପ͛ඎ e
ᓃ၍ଣ e ᔊʷ၍ଣձ೮া၍ଣ f
͡ሗ՟੻રϮ஢̙ᗇ f
׵2021 ϋ 1 ˜ 24 ˚཯бԨІ 2021 ϋ 3 ˜ 1 રϮ஢̙၍
ഃΪ९ d ࿁રϮఊЗྼ
БરϮ஢̙ʱᗳ၍ଣ j (1)ٙ
ᓃ၍ଣ i ʿ (2)ᅂ
ඎձ࿁
͡ჯરϮ஢̙ᗇ f
஝
ج
׵1993 ϋ 12 ˜
29 ˚཯б d І 1994 ϋ 7 ˜ 1׵1999 ϋ 12 ˜ 25 ˚e2004 ϋ 8 ˜ 28 ˚e
2005 ϋ 10 ˜ 27 ˚e2013 ϋ 12 ˜ 28 ˚e2018 ϋ 10 ˜ 26 ˚ʿ 2023 ϋ 12 ˜ 29d Չ௰
׵ࠈࡌ2024 ϋ 7 ˜ 1̮ਠҳ༟
 f
̮ਠҳ༟
׵2019 ϋ 12 ˜ 30ڦ
 dІ 2020 ϋ 1 ˜ 1 d ̮਷ҳ༟
̮ਠҳ༟ΆุᏐ
d
జѓ f
஝
׵2009 ϋ 3 ˜ 16׵2014 ϋ 9 ˜ 6 ྤ̮ҳ༟၍ଣ
׵2017 ϋ 12 ˜ 26 ˚೯бԨІ 2018 ϋ 3 ˜ 1Ά ุ
๟ e ௪


--- page 114 ---
– 106 –
္၍฿ᚎ
ટҳɝ༟ପ e ᛆू
၍ଣ f
஝
̮ි
׵1996 ϋ 1 ˜ 29 ˚ d ਷ਕ৫཯б  ʕശɛ͏΍ձ਷̮ි၍ଣૢԷ  d ༈ૢԷІ
1996 ϋ 4 ˜ 1׵1997 ϋ 1 ˜ 14 ˚ʿ 2008 ϋ 8 ˜ 5ٙ
ఊ
ፄዚ࿴ᒅි˕˹ f ྤʫዚ࿴ e ྤʫ
๫਷
፬ଣ೮া f
׵2012 ϋ 11 ˜ 19ٜ
  ̮၍҅ஷՌୋ 59 ໮d ༈ஷՌІ 2012 ϋ 12 ˜ 17 ˚
׵2015 ϋ 5 ˜ 4 ˚e2018 ϋ 10 ˜ 10׵2019 ϋ 12 ˜ 30 ˚௅ʱᄻ˟ f
̮၍҅ஷՌୋ 59ኽ̮၍҅ஷՌୋ
59͜௄̮ිሪ
Ύҳ༟ d ˸ʿ̮ਠҳ༟ΆุΣՉ̮
ʔΝ
׵2015 ϋ 2 ˜ 13ආɓӉᔊʷձ
׵2019 ϋ 12 ˜ 30ვБ̙
̮ි೮াʿᄲҭ d ˾ಁ̮၍҅ d Ͼ̮၍҅ʿՉʱ˕
̮ි೮াʿᄲҭ f
׵2013 ϋ5 ˜10 ̮
၍҅ஷՌୋ 21І 2013 ϋ 5 ˜ 13׵2018 ϋ 10 ˜ 10ʿ
׵2019 ϋ 12 ˜ 30 ˚௅ʱᄻ˟ f ̮၍҅ஷՌୋ 21Չή˙ʱ˕ዚ࿴
ኽ̮
̮ිุਕ f
׵2014 ϋ 12 ˜ 26ྤ̮ɪ̹̮ි၍
 d ྤʫʮ̡Ꮠ຅ІՉྤ̮ɪ̹೯БഐҼʘ˚ৎ 15ᐄุ˚ʫ d
̮ි၍ଣ҅ή˙ʱ҅፬ଣྤ̮ɪ̹೮া i ྤʫʮ̡ྤ̮ɪ̹
࢙
f
׵2015 ϋ 3 ˜ 30 ˚཯б e І 2015 ϋ 6 ˜ 1׵
2019 ϋ 12 ˜ 30׵2023 ϋ 3 ˜ 23ҷ
  ̮၍҅ஷՌୋ 19 ໮d̮ ਠ
f
׵2016 ϋ 6 ˜ 9ձ஝ᇍ༟͉ධͦഐ
  ̮၍҅ஷՌୋ 16׵
2023 ϋ 12 ˜ 4ҳ༟


--- page 115 ---
– 107 –
္၍฿ᚎ
f ̮၍҅ஷՌୋ 16ה
Ꮠɛ͏࿆༟͉
ୋɧ˙ྦಛ  f ್Ͼ d ̮၍҅
ஷՌୋ 16f
׵2019 ϋ 10 ˜ 23׸
ୋ 8.2 ૢৰ̮ d ༈ૢ˖І 2020 ϋ 1 ˜ 1 ˚ৎ
׵2023 ϋ 12 ˜ 4ආɓӉଉʷ
f
׵2025 ϋ 9 ˜ 15ଉʷ༨ྤҳፄ༟̮ි
೮া
ટҳ༟ධɨ̮ිлᆗྤʫΎҳ༟ d
Ӌ d Ԩᐵಯ༟͉ධͦ
૶ఊ f
೼ਕ
੻೼
׵2007 ϋ 3
˜ 16 ˚ ཯ бeІ 2008 ϋ 1 ˜ 1׵2017 ϋ 2 ˜ 24 ˚ʿ 2018 ϋ 12 ˜ 29 ˚
׵2007
ϋ 12 ˜ 6 ˚཯б e І 2008 ϋ 1 ˜ 1׵ܝ2024 ϋ 12 ˜ 6dɗ ஝
ૢԷ d Άุʱ
ண
ண
א
א
ʕ਷ྤ
੻ d ѩቇ͜ 25%੻೼೼
Ш՟੻
ܲ
10%੻೼ f
೼
׵2017 ϋ 11׵2011 ϋ 10 ˜
e ౤
ॶ೼ɛ d Ꮠ຅


--- page 116 ---
– 108 –
္၍฿ᚎ
೼೼ଟʊЪ̈εϣሜ዆ d Ͼᄣ
೼ɗ͟ 2026 ϋ 1 ஝ ၍f
஝
ᒯӷᅰኽτΌʿᅰኽ̈ྤ
׵2021 ϋ 6 ˜ 10 dІ 2021 ϋ 9 ˜
1ᚐ f ੽ԫ
d ଡ଼
ღᅰኽτ
Όf
׵2021 ϋ 12 ˜ 28ࡈ
  dІ 2022
ϋ 2 ˜ 15j(i)٫
 CIIO٫
๫
i (ii) ౛౥൴ཀ 100ၣഖ̨̻
i ʿ (iii)ᗫ
̙
f
׵2022 ϋ 7 ˜ 7׵2022 ϋ 9 ˜ 1 ᅰኽ̈ྤτ
ίή
͡జᅰኽ̈ྤτΌ൙П j (i)Σྤ̮౤
ᅰኽ i (ii) CIIOஈଣ൴ཀ 100ɛ
i(iii) Іɪϋ 1 ˜ 1Σྤ̮౤Զ൴ཀ 10൴ཀ 1 ຬɛ
i ʿ (iv)ც
Չ˼ઋҖ f
׵2023 ϋ 2 ˜ 22 ˚೯бԨІ 2023 ϋ 6 ˜ 1ڦ
˙όΣྤ̮ટϗ˙
ୌΥɨΐઋҖ j (i)ڢCIIO i(ii)ʔတ 100 ຬ
ɛi(iii) Іɪϋ 1 ˜ 1ʔတ 10 ຬ ɛiʿ (iv) Іɪϋ 1 ˜ 1
ʔတ 1 ຬ ɛf
׵2024 ϋ 3 ˜ 22ආձ஝ᇍᅰኽ༨
d ᅰኽஈଣ
ᅰኽ͡జᅰኽ̈ྤτΌ൙П f
ᚐ
א
ϗණ e
f
׵2021 ϋ 8 ˜ 20׵2021 ϋ 11 ˜ 1ɛ


--- page 117 ---
– 109 –
္၍฿ᚎ
Ӌ࿁ஈଣ
f
׵2016 ϋ 11 ˜ 7 ˚཯б e 2017 ϋ 6 ˜ 1׵2025 ϋ 10 ˜
28׵2026 ϋ 1 ˜ 1 d
d ʮකϗණ e
Νจ f ၣഖ
ᚣ e ጛҷ e
d
݄
ᚣ e ์ฦ e ̰ͯ f
஝

׵1999 ϋ 7 ˜ 1׵2004
ϋ8˜28˚e2005 ϋ10˜27˚e2013 ϋ6˜29˚e2014 ϋ8˜31˚ʿ 2019 ϋ12˜28f
׵2020 ϋ 3 ˜ 1މ14
௝ 226e ᗇՎʮ
ਗ f
Ϟ
ܼHա਷ਕ৫ʿʕ਷ᗇ္
஝၍ f
ྤ̮ɪ̹
׵2023 ϋ 2 ˜ 17 ˚ d ʕ਷ᗇ္ึ཯б  ྤʫΆุྤ̮೯БᗇՎձɪ̹၍ଣ༊
׵2023 ϋ 3 ˜ 31ҷ
d Ԩ࿁ʕ਷ྤʫʮ
ݺ
f
ʮ̡ d
ટྤ̮೯Б f
ϣʮක೯Б
f
Hஷ
ܸHྤ
˸ʿ
׵2019 ϋ 11 ˜ 14 ˚ d ʕ਷ᗇ္ึ೯б Hʮ̡ྤʫ
ኽʕ਷ᗇ္ึ
׵2023 ϋ 8 ˜ 10ҷ e ᄻ˟௅ʱᗇՎಂ஬
f


--- page 118 ---
– 110 –
္၍฿ᚎ
஝˸ʿ਷Ϟ
ٙ
ٙHஷ͡ሗ f Hɪ̹ʮ
೻ҏΣʕ਷ᗇ္ึ
d Hɪ̹ʮ̡Ꮠ຅ίʕ਷ഐၑҁϓ
ٙܝ15జѓ f
׵2019 ϋ 12 ˜ 31ᑌΥʮбHΌ
  fHุਕ d ν༨ྤᔷᜫ
˿ෂ჈ e ഐၑ e ഐၑਞၾɛ၍ଣ e Τ
 f
׵2025 ϋ 6 ˜ 30 ʕ਷ᗇՎ೮াഐၑϞ
ப΂ʮ̡ଉέʱʮ̡ H΅ᔷ
e ૶
ʮ̡೯б  ʕ਷ᗇ
ʮ̡ H΅ৄ၍ʿπ၍ e ˾
ഃุਕ f
၍ଣ
׵2023 ϋ 2 ˜ 24҅ᑌΥ೯
ٙ
 dІ 2023 ϋ 3 ˜ 31dྤ ʫ
၍ଣ່
࢔
ձʮ΍лू f
ਕዚ࿴ʿྤ္̮၍ዚ࿴  ౤
೻ҏ f ΂О༼ˀ
 ձʕ
ዄΑԫப΂ f


--- page 119 ---
– 111 –
࿴
฿ᚎ
श
׵III
׵ࡁ2007 ϋ 1Ԓʮ
ੂБ
ɓ
Փ d ͉ණྠ
ᔮబ຾᜕ d ˸ʿ͉ණ
׵ࡁ2011೯ d Ԩீ
ɽ༟
fІ 2013ɛ͏࿆ 3.0ࡁ
၍ᇞ
ۜMT1001 (Prifibatide)࿁̮બᛆʚɓ
׵MT1001ᔷᜫʚ༈ୋɧ˙ f ৰ
MT1001೯ତ e ක೯ʿਠุʷ f ͉ණྠ
І 2011˲
ୌfІ2011኷ଫ˙Σ f
ː
ۜMT1013̋Ҟ
ഄଫ f
׵2025 ϋ 1৯Г
މ
ɛ͏࿆ 5,473,719މ273,685,950ɛ͏࿆ 0.02 ʩf
Ԣ೻຦
j
ϋ΅ Ԣ೻຦
2007 ϋ  . . . . . . . . . .׵1 ˜ϓͭ
2013 ϋ  . . . . . . . . . .ࣩ— ஐͣε㹻
೯
2014 ϋ  . . . . . . . . . .ۜMT1001؇
ʮ̡ 
2016 ϋ  . . . . . . . . . .ࣩ— ܢ
এၝΥस 1.1͜ PrifibatideӺ
ᐏաଣ


--- page 120 ---
– 112 –
࿴
ϋ΅ Ԣ೻຦
2019 ϋ  . . . . . . . . . .ఱක೯ MT1002ᐕ ACS+PCI ᐏ FDA બ̈อᖹᑗ
ࡘ
2021 ϋ  . . . . . . . . . .ᐕ CKD-SHPTٙMT1013 ᐏ FDA બ̈อᖹ
ᖹ္҅աଣ
ఱක೯ MT1002ᐕ ACS+PCIᖹ္҅બ̈
ࡘ
ఱක೯ MT200605໘՗ʕᐏ FDA બ̈
ࡘ
2023 ϋ  . . . . . . . . . .ఱක೯ MT200605࢕
ࡘ
ఱක೯ MT1002ᐕ໘՗ʕʿ HD-PF4ᖹ္
ࡘ
ᐕ HDٙMT1002 ᐏ FDA޼
ᖹ္҅աଣ
2024 ϋ  . . . . . . . . . .ఱක೯ XTL6001၍ଣᐏ FDA બ̈
ࡘ
2025 ϋ  . . . . . . . . . .ఱක೯ XTL6001࢕
ࡘ
᙮ʮ̡
ʱʮ
j
᙮ʮ̡
Τ၈
ൗ̅ϓͭ˚ಂʿ
ήᓃ
͉ Ŋ
ൗ̅༟͉
͉ණྠ
ਗ
ෳत ᘽ ψᔼᖹ
ʮ̡ . . . . . . . . . . .
2022 ϋ 9 ˜ 2 ˚d
ʕ਷
ɛ͏࿆ 10,000,000 ʩ 100%೯ e
ਕʿᔷᜫ d ˸
ʿᔼᐕண௪ቖਯ
Ҧ
ʮ̡ . . . . . . . . . . .
2020 ϋ 8 ˜ 20 ˚d
ʕ਷
ɛ͏࿆ 80,000,000 ʩ 100%i
ਕeක ೯eፔ
eᔷ ᜫeપ ᄿ
Ҧ
ʮ̡ . . . . . . . . . . .
2017 ϋ 8 ˜ 11 ˚d
ʕ਷
ɛ͏࿆ 60,000,000 ʩ 100%೯ e Ⴁிʿ
ਠุʱቖ
ෳत ̨ ψᔼᖹ
ʮ̡   . . . . . .
2025 ϋ 5 ˜ 16 ˚d
ʕ਷
ɛ͏࿆ 50,000,000 ʩ 100%͛ପ e ᑗ
ਕʿʱቖ
ᔼᖹ
ʮ̡   . . . . . .
2022 ϋ11˜22˚d
ʕ਷
ɛ͏࿆ 33,683,333 ʩ 89.06%೯ e
ਕʿᔼᐕண௪
ቖਯ


--- page 121 ---
– 113 –
࿴
᙮ʮ̡
Τ၈
ൗ̅ϓͭ˚ಂʿ
ήᓃ
͉ Ŋ
ൗ̅༟͉
͉ණྠ
ਗ
Ҧ
ʮ̡ . . . . . . . . . . .
2021 ϋ10˜29˚d
ಥ
10,000 ಥʩ 100%೯ e
͛ପ e પᄿʿʱቖ
Ҧ
ʮ̡ . . . . . . . . . . .
2021 ϋ11˜29˚d
਷
20,000ʩ 100%೯ʿᐄ༶
਷ᔼᖹ
ʮ̡ . . . . . . . . . . .
2022 ϋ 9 ˜ 21 ˚d
਷
1,000ʩ 100%೯ʿᐄ༶
j
ਗ
ෳतᔼᖹ
ʮ̡
̏ԯʱʮ̡ . . . . . . .
2021 ϋ 3 ˜ 1݁
ܵ
ෳतᔼᖹ
ʮ̡
ɪऎʱʮ̡ . . . . . . .
2024 ϋ 8 ˜ 28݁
ܵ
Ñ MT1001 (Prifibatide)
׵2011ܢ
ۜPrifibatideਗ f
ί࿁ Prifibatideɓ ၇ 1.1ႡኒආБ
ක೯ঐɢ e
મ՟࿁̮બᛆᅼό࿁༈ධͦආБΥЪ
׵ࡁ2013 ϋ 10 ˜ 30ࠢ
ͭҦஔක೯՘ᙄ Ҧ
Ӻ e ᇜႡʿ౤ʹᑗґ༊᜕
ப IeII ʿ III
ዄ༈
ᗫϓ͉ f
ɛ͏࿆ 120 ϵຬʩ d ʱʞಂ˕˹ f ʞಂಛ
Ԣ೻຦નན d ༉ઋνɨ j (i)˕˹ɛ͏
࿆ 12 ϵຬʩ i (ii)˕˹ɛ͏࿆ 58 ϵຬʩ i (iii)ҁϓ I ಂᑗґ
༊᜕ʿ՟੻ II˕˹ɛ͏࿆ 20 ϵຬʩ i (iv)ҁϓ II ಂ༊᜕ʿ՟੻ II ಂ
˕˹ɛ͏࿆ 20 ϵຬʩ i ʿ (v)՟੻ MT1001ܝ
˕˹ɛ͏࿆ 10d ຅ʕʊϽᅇ Չ ʕ
׵ࡁMT1001ᗆପᛆක೯ϓ͉ e ҁ
ᗆ e ਖ਼ϞҦஔ e
ᔷᜫ f


--- page 122 ---
– 114 –
࿴
ኽҦஔක೯՘ᙄ d Ϟᗫ MT1001ɛ͏࿆ 120 ϵຬʩක೯൬ᐏ઄
΂Оอ೯ତਗ਼͟ᕐ˙΍ΝኹϞ d ૢ
ಛ̤Б՘ਠ f
ᘱ MT1001׵ࡁ2016 ϋЇ 2018 ϋಂගఱ Prifibatideٙ
I PrifibatideٙI
༊᜕ੂБϾ։໌
ɛ͏࿆ 13.14f ༈ഃᑗґ՘ᙄ
Ϟ൬͜ʊ઄ᅰഐ૶ f
ૢಛ˕˹՘ᙄධ
ɨ൬͜ɛ͏࿆ 83.15ආɓӉක೯ d ༈ධͦІ
ҁϓ Id ͵͊ᙃ೯Ҧஔක೯՘ᙄධ
ᚃ˹ಛԢ೻຦ f Iܝ
ΪЪ̈΂О༆ᙑ f
༆ᙑՉʫ௅ක೯Ӕഄ d Ϊ
ၾ
༈ධͦʕ
່ਕ f
ኽҦஔක೯՘ᙄ d MT1001d ˲
Purabatideɓ௅ʱ f
࢝
2011ᛆᜊਗ
׵2007 ϋ 1 ˜ 19ܛج
ɛ͏࿆ 3,000,000΋͛ e ெɽᘄ΋
ٙ60.00%e
20.00%e 10.00%e 5.00% ʿ 5.00%f
2011 ϋ 10ᛆᔷᜫ
ҳ༟
׵2011೯ f ί༈ϣ
ᔼᐕ
׵2011 ϋ 10ٙ
־݂
ᛆ˸ʿਗ਼Σெɽᘄ΋͛ e
ዄ f


--- page 123 ---
– 115 –
࿴
׵2011 ϋ 10 ˜ 10΋͛΢Іၾ
މ
ᛆᔷᜫ՘ᙄ f
͉ʮ̡ 10%e
60% ʿ5%ɛ͏࿆ 300,000 ʩeɛ ͏ ࿆1,800,000
ʩʿɛ͏࿆ 150,000ٙ20.00%ᛆᔷᜫʚˮτ
ɛ͏࿆ 600,000ᕘ f
׵2020 ϋ 3 ˜୞˟ f ༉ઋሗਞቡ͉ື  — ༆ৰˮΏ௹ɻ։ৄ
ᛆ f
׵2011 ϋ 10ᒳɾɻ e ˮτ͏΋͛ʿ΂ඩ̻
ɾɻʱйኹϞ 75.00%e 20.00% ʿ 5.00%f
2014 ϋ 9ᛆᔷᜫ
׵2014 ϋ 8 ˜ 18ᛆᔷᜫ
ᛆ Υ ΍ 5.00%ᒳɾɻ d ᐼ˾ᄆ
ɛ͏࿆ 150,000ᕘ f
׵2014 ϋ 9ᒳɾɻʿˮτ͏΋͛ʱйኹϞ
80.00% ʿ 20.00%f
2016 ϋ 3ᛆᔷᜫ
׵2015ٙ
20%ɓ௅ʱ d Չʕ 10%ᒳɾɻʿ 10%ٰ
ᒳɾ
ɻʊΝจਗ਼༈ 20%ᒳɾɻ e
׵2016 ϋ 3 ˜ 16ᒳɾɻʿ
͉ʮ̡ 10%ᛆ f Ϊ༈ഃᔷᜫ d
ʊѓ୞˟ f
׵2016 ϋ 3ᒳɾɻʿˮૠ௹ɻʱйኹϞ
80.00% ʿ 20.00%f
2019 ϋ 8ᛆᔷᜫ
׵2019 ϋ 7 ˜ 22ᒳɾ
ᒳɾɻʿ
ˮૠ௹ɻʱйΣГτ଺๿ᔷᜫ 6% ʿ 4%ɛ͏࿆ 180,000 ʩʿɛ
͏࿆ 120,000ᕘ f
׵2022 ϋ 7ᒳɾɻ e ˮૠ௹ɻʿГτ଺๿
ʱйኹϞ 74.00%e 16.00% ʿ 10.00%f


--- page 124 ---
– 116 –
࿴
A ቃፄ༟
͉ʮ̡ஷཀᄣ༟ආБ A ቃፄ༟ A ቃፄ༟༱ A ቃፄ
׵؇ٰࣛ2019 ϋ 7 ˜ 30̈༟՘ᙄ d ͉ʮ̡ൗ̅༟͉
ᄣЇɛ͏࿆ 3,690,000 ʩ d ˲˸ɨ AΝจ˸ᐼ˾ᄆɛ͏࿆ 115,000,000
ʩႩᒅ͉ʮ̡Υ΍ɛ͏࿆ 690,000ൗ̅༟͉ f AႩᒅ
ᕘʿʊ˹˾ᄆ༱ΐνɨ j
Ⴉᒅɛ
ٙ
ൗ̅༟͉ ˾ᄆ ˾ᄆਿ๟
 ɛ͏࿆ʩ   ɛ͏࿆ʩ 
ʮ̡
 ൳⇱    . . . . . . . . . . . . .
300,000 50,000,000
ᗫ຅ԫ˙
ίʮ̻ᆻਠ
ਿᓾɪ d Ԩ
ၝΥϽᅇ͉
޼
ܼ
ҁϓ MT1002
਷อᖹ
Ӻҭ
ʿ઼ਗՉ I
ಂᑗґ༊᜕ 
֛
ശอᔼᖹ௴ุҳ༟
Υྫ 
 ശอᔼᖹ௴ҳ    . . . .
120,000 20,000,000
࢝
Υྫ 
 ڗ . . . . . . . . .
120,000 20,000,000
৷Ҧஔ௴ุ
Υྫ 
 ږ . . . . . . .
120,000 20,000,000
Гτၚ༐ɽጳΆุ၍ଣ
Υྫ 
 ၚ༐ɽጳ  . . . . . . . . .
30,000 5,000,000
ᛆ
׵2020 ϋ 3 ˜ 30ࠈ
ߒ60.17%ٰ
ɛ͏࿆ 2,220,000ᕘ f
׵Ad ˮΏ௹ɻ e ˮૠ௹ɻ e ൳⇱ e Гτ଺๿ e ശอ
Ϟ༈ʮ̡ 60.17%e 13.01%e
8.13%e 8.13%e 3.25%e 3.25%e 3.25% ʿ 0.81%ᛆू f
2021 ϋ 1ᛆᔷᜫ
׵2020 ϋ 12 ˜ 29Υྫ   ГτΝ
֠Ꮭҳ༟͉ʮ̡ d ˮૠ௹ɻ
ᔷᜫ͉ʮ̡ 3.22%ɛ͏࿆ 4,276,800 ʩ d ˾ᄆɗ຾
d ˮΏ௹ɻ e ˮૠ௹ɻ e ൳⇱ e
ܵ
Ϟ༈ʮ̡ 60.17%e 9.79%e 8.13%e 8.13%e 3.25%e 3.25%e 3.25%e 0.81% ʿ 3.22%ᛆ
ूf


--- page 125 ---
– 117 –
࿴
B ቃʿ B1 ቃፄ༟
ᛆᔷᜫආБ B ቃʿ B1 ቃፄ༟  B ቃፄ༟ኽ͉ʮ
༱ B׵2021 ϋ 2 ˜ 21 ˚ʿ 2021 ϋ
8 ˜ 30̈༟՘ᙄ  B ቃႩᒅ՘ᙄ  d ͉ʮ̡ൗ̅༟͉ʱйᄣЇɛ͏࿆
4,674,000 ʩʿɛ͏࿆ 4,812,095 ʩ d ˲˸ɨ BΝจʱй˸ᐼ˾ᄆɛ͏
࿆ 360,000,000 ʩʿɛ͏࿆ 65,000,000 ʩႩᒅ͉ʮ̡Υ΍ɛ͏࿆ 984,000 ʩʿɛ͏࿆
138,095ൗ̅༟͉ f
׵2021 ϋ 5 ˜ 11ʮ̡  ɪऎॲဧл֐ڋމ
Bኽ B ቃႩᒅ՘ᙄΝจ˸ᐼ˾ᄆɛ͏࿆ 200,000,000 ʩႩᒅ͉
ʮ̡Υ΍ɛ͏࿆ 546,667Υྫ  ᘽ
ψ௥ॲ׵BϞᛆлʿ່ਕᔷᜫ
ʚᘽψ௥ॲ f
՘ᙄ d Bᕘʿʊ˹˾ᄆ༱ΐνɨ j
Ⴉᒅɛ
ٙ
ൗ̅༟͉ ˾ᄆ ˾ᄆਿ๟
 ɛ͏࿆ʩ   ɛ͏࿆ʩ 
൳⇱  . . . . . . . . . . . . . . . . . . . 54,667 20,000,000ܲ
ᆻ
ਠ d ԨϽᅇ͉
޼
ܼ
MT1013ක
೯ᐏ FDA อ
Ӻ
ܝ
਷઼ਗ
Չ I ಂᑗґ༊
᜕eMT2004
ක೯ᐏ
FDA อᖹᑗ
ࡘ
ߕ
਷઼ਗՉ I ಂ
ᑗґ༊᜕ d ˸
ʿ MT1002ٙ
࢕
ᖹ္҅อᖹ
Ӻҭ
f
ശอᔼᖹ௴ҳ   . . . . . . . . . . 35,533 13,000,000
ၚ༐ɽጳ . . . . . . . . . . . . . . . 71,501 29,500,000
ᘽψ௥ॲ . . . . . . . . . . . . . . . 546,667 200,000,000
ᘽψፄ᳅΋Б௴ุҳ༟
Υྫ 
 ᘽψፄ᳅  . . . . . . . . .
136,667 50,000,000
೼ಥਜᔮʇ
̾௹ҳ༟၍ଣΥྫ
Υྫ 
 ᔮʇ̾௹  . . . . . . . . .
102,500 37,500,000
ᛆҳ༟
Υྫ 
 ඙᏶  . . . . . . . . .
78,956 30,000,000
ږ
Υྫ 
 ௴  . . . . . . . . .
95,605 45,000,000


--- page 126 ---
– 118 –
࿴
C ቃፄ༟
͉ʮ̡ஷཀᄣ༟ආБ C ቃፄ༟ C ቃፄ༟༱ C ቃፄ
׵؇ٰࣛ2023 ϋ 1 ˜ 16̈༟՘ᙄ d ͉ʮ̡ൗ̅༟͉
ᄣЇɛ͏࿆ 4,984,604 ʩ d ˲˸ɨ CΝจ˸ᐼ˾ᄆɛ͏࿆ 95,000,000 ʩ
Ⴉᒅ͉ʮ̡Υ΍ɛ͏࿆ 172,509ൗ̅༟͉ f Cږ
ᕘʿʊ˹˾ᄆ༱ΐνɨ j
Ⴉᒅɛ
ٙ
ൗ̅༟͉ ˾ᄆ ˾ᄆਿ๟
 ɛ͏࿆ʩ   ɛ͏࿆ʩ 
ږ
Υྫ 
 Гτිᚑ  . . . . . . . . .
18,159 10,000,000ʮ̻
ᆻਠ d ԨϽ
޼
ί
਷ҁϓ
MT1013 ʿ MT1002
ٙI ಂᑗґ༊᜕ d
MT2004ක೯
ᖹ္҅อ
ࡘ
਷ҁϓՉ
I ಂᑗґ༊᜕ d
˸ʿ MT1009 ʿ
MT200605ක
೯ᐏ FDA อᖹᑗ
ʿ
MT1011ක೯ᐏ
ᖹ္҅อᖹ
ܝ
f
௪
ږ
Υྫ 
 ږ   . . . .
72,635 40,000,000
Άุ
ʮ̡
 ׶ . . . . . . .
18,159 10,000,000
๿͍Άุ၍ଣ
Υྫ 
 ๿͍  . . . . . . . . .
18,159 10,000,000
⎾ψᒯථΥਟΆุ၍ଣ
Υྫ 
 ᒯථΥਟ  . . . . . . . . .
18,159 10,000,000
ҳ༟Υྫ
Υྫ 
 ࠬ . . . . . . . . .
27,238 15,000,000
2024 ϋ 3ᛆᔷᜫ
׵2024 ϋ 3 ˜ 15ΥྫΆุ Ϟ
Υྫ  ԳϓԳ
ߒ0.81%ɛ͏࿆ 20,000,000ᗫ຅
f


--- page 127 ---
– 119 –
࿴
ʮ̡
׵2024 ϋ12 ˜9ʮ̡ d
׵2025 ϋ 1 ˜
17ɛ͏࿆ 4,984,604މ4,984,604ٰ
ɛ͏࿆ 1.00 ʩf
D ቃፄ༟
͉ʮ̡ஷཀᄣ༟ආБ D ቃፄ༟ D ቃፄ༟༱ D ቃፄ
̈༟՘ᙄ d ͉ʮ̡ൗ̅༟͉ᄣЇɛ͏࿆ 5,473,719
ʩ d ˲˸ɨ DΝจ˸ᐼ˾ᄆɛ͏࿆ 235,500,000 ʩႩᒅ͉ʮ̡Υ΍ɛ
͏࿆ 489,115ൗ̅༟͉ f Dᕘʿʊ˹˾ᄆ༱ΐ
ν ɨj
̈༟՘ᙄ˚ಂ Ⴉᒅɛ
ٙ
΅ᅰͦ ˾ᄆ
 ɛ͏࿆ʩ 
2025 ϋ 6 ˜ 27 ˚. . . . . ᑗऎ઼̹ዣ௥त௴ุ
ࠢ
Υ ྫ ᑗऎ઼ዣ  
287,653 138,500,000
2025 ϋ 9 ˜ 19 ˚. . . . . Г τΆุ
ࠢ
Υ ྫ ߏ 
31,154 15,000,000
2025 ϋ 9 ˜ 19 ˚. . . . . ʬ᝘Άุ၍ଣ
Υ
ྫ ʬ᝘  
24,923 12,000,000
2025 ϋ 9 ˜ 24 ˚. . . . . ᔼ
ᛆҳ
ࠢ
Υ ྫ ಥ  
62,308 30,000,000
2025 ϋ 9 ˜ 26 ˚. . . . . ᛆҳ
ࠢ
Υ ྫ ৯Г௴อ
ટɢ  
83,077 40,000,000


--- page 128 ---
– 120 –
࿴
ྌ
Гτ଺๿
ϓͭГτ଺๿
ʮ
̡  ଺๿ዣੰߒ99.00%dՉ
ʕ 99.00%Ϟ d ቱɨ 1.00%׵2019 ϋ 7 ˜
18ߒٙ5.48%f
ྼყ̙Б˚ಂ
ʈዧᎸ̨̻ ϓͭ˚ಂ
Ц͉ʮ̡
Υྫɛ
Гτ଺๿ . . . . . 2019 ϋ 7 ˜ 18 ˚  5.48% Yu Weipingٙࡁ
৷ॴਓᐼ൒ 
ீ ཀ Nexarcana Limited
ޛ
 e
ৌਕ
e˹ ਷ ೞd
ɛɻ d Υ΍͉
ණྠ 43ࡰ
Г
௝೻  ໨ԫʿ৷
׵ޛ2018 ϋ 6ᑗґᖹଣኪਓᐼ
׵2016 ϋ 8௅ᐼ္ʿ͉
ྼყ̙Б˚ಂ d ˮ
္ԫ f
จԈ
ᗫӔഄዚ
 ʿՉ˼
f
ɽϗᒅʿ̈ਯ
א
̈ ਯf
୚
މ2025 ϋ9 ˜19 ˚ʿ 2026 ϋ4 ˜2ʞɤ
ɛ͏࿆ 1.0ɛ͏࿆ 0.02 ʩ  ٰ
୚ɛ͏࿆ 5,473,719މ
273,685,950ɛ͏࿆ 0.02 ʩf


--- page 129 ---
– 121 –
࿴
ҳ༟
1. ฿ᚎ
ҳ༟ d Չ༉ઋ༱ΐνɨ j
A ቃፄ༟ B ቃፄ༟ B1 ቃፄ༟ C ቃፄ༟
2024 ϋ 3ٙ
ᛆᔷᜫ D ቃፄ༟
՘ᙄ˚ಂ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2019 ϋ 7 ˜ 30 ˚ 2021 ϋ 2 ˜ 21 ˚
2021 ϋ 5 ˜ 11 ˚
2021 ϋ 8 ˜ 30 ˚ 2023 ϋ 1 ˜ 16 ˚ 2023 ϋ 12 ˜ 11 ˚ 2025 ϋ 6 ˜ 27 ˚
2025 ϋ 9 ˜ 19 ˚
2025 ϋ 9 ˜ 19 ˚
2025 ϋ 9 ˜ 24 ˚
2025 ϋ 9 ˜ 26 ˚
א
ᕘ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ɛ͏࿆ 690,000 ʩ ɛ͏࿆ 984,000 ʩ 2 ɛ͏࿆ 138,095 ʩ ɛ͏࿆ 172,509 ʩ ɛ͏࿆ 40,353 ʩ ɛ͏࿆ 489,115 ʩ
ᕘ   . . . . . . . . . . ɛ͏࿆ 115,000,000 ʩ ɛ͏࿆ 360,000,000 ʩ 2 ɛ͏࿆ 65,000,000 ʩ ɛ͏࿆ 95,000,000 ʩ ɛ͏࿆ 20,000,000 ʩ ɛ͏࿆ 235,500,000 ʩ
˚ಂ   . . . . . . . . . . . . . . . . . . . . . . . 2019 ϋ 9 ˜ 25 ˚ 2021 ϋ 7 ˜ 15 ˚ 2 2021 ϋ 9 ˜ 6 ˚ 2023 ϋ 2 ˜ 6 ˚ 2023 ϋ 12 ˜ 27 ˚ 2025 ϋ 9 ˜ 26 ˚
ӊɛ͏࿆ 1.0 ʩ
ϓ͉ 1 . . . . . .
ɛ͏࿆ 166.67 ʩ ɛ͏࿆ 365.85 ʩ 2 ɛ͏࿆ 470.69 ʩ ɛ͏࿆ 550.70 ʩ ɛ͏࿆ 495.63 ʩ ɛ͏࿆ 481.48 ʩ
ұᜫ 3. . . . . . . . . . . . . . . . . . . . . . . . . . . 80.45% 57.09% 2 44.79% 35.41% 41.87% 43.53%
4. . . . . . . . . . . . . . . . . . . . . ɛ͏࿆ 615,000,000 ʩ ɛ͏࿆ 1,710,000,000 ʩ 5 ɛ͏࿆ 2,265,000,000 ʩ 6 ɛ͏࿆ 2,745,000,000 ʩ 7 ɛ͏࿆ 2,470,499,839 ʩ 8 ɛ͏࿆ 2,635,500,000 ʩ 9
ਿ๟ . . . . . . . . . . . . . . . . . . . . . f
׵ࠢi)ᎈʿ (ii)͉ණ
 f
ຫਯಂ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ܝ12ຫਯಂ f


--- page 130 ---
– 122 –
࿴
A ቃፄ༟ B ቃፄ༟ B1 ቃፄ༟ C ቃፄ༟
2024 ϋ 3ٙ
ᛆᔷᜫ D ቃፄ༟
੻ಛධ͜௄   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ࡁ
ٙ31.76%f௵ ቱ
ਗʿุਕᐄ༶ f
኷ଫႢू. . . . . . . . . . . . . . . . . . . މi)ᗆʿ຾᜕ d ʿ (ii)׼ڌ
ː f
1ᕘ i
2 B͉ʮ̡ɛ͏࿆ 546,667׵2021 ϋ5 ˜11ᛆᔷᜫ՘ᙄ d
ɝ͉ʮ̡ f ϞᗫආɓӉ༉ઋ d ሗਞቡ͉ື  B ቃʿ B1 ቃፄ༟  ௅ʱ f
3ܲ1.00 ಥʩгɛ͏࿆ 0.87ʕЗᅰ೯ਯᄆ 19.60ၑ f
4ኽ (a)΅ϓ͉ i ʿ (b)ၑ f
5͟ A ቃፄ༟Ї B׵ࠢMT1013ක೯ᐏ FDAԨՉ
਷઼ਗՉ I ಂᑗґ༊᜕ d MT2004ක೯ᐏ FDA਷઼ਗՉ I ಂᑗґ༊᜕ d ˸ʿ MT1002ᖹ္҅อᖹ
f
6͟ B ቃʿ B1 ቃፄ༟Ї C਷ҁϓ MT1013 ʿ MT1002ٙ
I ಂᑗґ༊᜕ d MT2004਷ҁϓՉ I ಂᑗґ༊᜕ d ˸ʿ MT1009 ʿ MT200605ක೯ᐏ FDAӺ
ʿ MT1011f
7͟ C ቃፄ༟Ї D׵2022̙͜༟͉ e ҳ༟
ᚃЇ D٫
ಂ༟ପ f
8 C׵2024 ϋ 3΅ᔷᜫ f
ᄆ f
9͟ DІ Df D ቃፄ༟
ɛ͏࿆ 2,635,500,000i ఱ MT1013 ၾථ௟อᘴ
d ᆑί˾ᄆᐼᕘ৷༺ɛ͏࿆ 12.4ʊΣʕ਷ᗇ္ึ౤ʹɪ̹͡ሗ f


--- page 131 ---
– 123 –
࿴
2. ᛆл
ᛆл d Չʕ̍
ઋᛆ e ᛙΫᛆ e ૶ၑᎴ΋ᛆ e ˀᛅᑛ
ᛆл f
͉ʮ̡ၾ AቃeBቃeB1 ቃʿ C׵٫2024 ϋ4˜29ͭᎴ΋ᛆ୞˟՘ᙄ d
ப΂І
2024 ϋ 4 ˜ 30 ɛ׵2025 ϋ
6˜27ͭ DᛙΫᛆ e
อબʚ A ቃeB ቃeB1 ቃʿ Cd І 2025 ϋ 6 ˜ 27
ూ f D׵2025 ϋ 7 ˜ D
ආɓӉ
ൗ 25ࡈ
j(1)׵2024 ϋ4 ˜30௴፬ɛ΍Νબʚ i (2)
І 2024 ϋ 4 ˜ 30 ˚Ї 2025 ϋ 6 ˜ 27ו
௴፬ɛఊዹબʚ i ʿ (3) І 2025 ϋ 6 ˜ 27ኽ Dᛆ՘ᙄ d ͉ʮ̡
ూ d ᛙΫᛆΎϣ͟ᕐ˙΍Νબʚ f
՘ᙄ  ՘ᙄ  ˸ʿ
ϣΣ
͡
͉ʮ̡࿞
f
ᛙΫᛆϾԊ d ii iiԨೌ
᙮՘ᙄ i ʿiii՘ᙄ d ͟ 2024 ϋ 4 ˜ 30
˚Ї 2025 ϋ 6 ˜ 27ᗫ
፽ ɓÑ
ൗ 25f
3. ࣘ
d ν̏฽Έ௴ҳʿॲဧл༟
 ୋ 2.3ɪ̹
ᛆ͊ᐏБԴ  d ̏฽Έ௴ҳ  ீཀ൳⇱  ʿॲဧл༟͉  ீཀᘽψ
ߒ5.35% ʿ 8.24%ϣʮක೯ਯ
̮ d (i)ϣʮ
ዹͭୋɧ˙ d (ii) ၾ͉ʮ̡΂О
d ʿ (iii)ۃ
Ϥዹͭ f
̏฽Έ௴ҳ
׵2019 ϋ 7׵࢕2017 ϋ 12 ˜ 15 ˚
ҳ༟ʱ˕ f NLVFϞ൳⇱
91.67%ᛆ d Ԩ͉͟ʮ̡ዹͭୋɧ˙቎ቜ΋͛௰୞છՓ f NL PartnersމNLVF
މNorthern Light Venture Capital V, Ltd. d ༈ʮ̡͟
ɛ͏
࿆ 300Ҧ ɪ


--- page 132 ---
– 124 –
࿴
΅˾໮ j 2595e ᘽψዣዽ͛
΅˾໮ j 688266 d
΅˾໮ j 6681 d
΅˾໮ j
688301ҳ༟ዚ࿴ d ̏฽
ਖ਼
Άุ f
ॲဧл༟͉
׵2021 ϋ 5׵މ2021 ϋ 3 ˜ 25
ॲ௥Άุ၍ଣΥྫΆุ Ϟ
Υྫ  ॲ௥ʮ̡  ᘽ
ψॲဧл౶ɾɻ  ɓΤዹͭୋɧ˙  e ɪऎॲဧлʿᘽψॲဧ
Ϟ 71.43%e 14.29% ʿ 14.29%f ᘽψ௥ॲ e ᘽψॲဧлʿɪऎॲဧл΢Іɗ͟
׵2025 ϋ 8ՉՉ
ྼყ
൴ཀɛ͏࿆ 80 ᄂʩ f ॲဧл༟͉ίᔼᐕ਄
ਖ਼
ɛ͏࿆ 3,299 ຬ ʩ eɪ
਄ʮ̡ d ൗ̅༟
ɛ͏࿆ 2,833ਿᄴᔼᐕ౤
ɛ͏࿆ 5,652ᄃኜ
ʮ̡ d ൗ̅
ɛ͏࿆ 5,000΋͛௰
ɓΤ౷ஷΥྫɛ
Ϟ 25.39%e ɪऎॲဧл
Ϟ 24.65%Υྫ 
Ϟ 24.65%Υྫ 
Ϟ 15.23%Ϟ 7.62%ߒ
49.30% ᛆू d ˲฿ೌՉ˼௰୞ྼूኹϞɛኹϞՉ൴ཀ 30%ɓ
f
ྼ᜗
(i) ڗ
׵މڗ2018 ϋ 12 ˜ 17ΥྫΆุ d Չ౷ஷΥྫɛ
ʮ̡  ږܵ
ߒ0.98%ʱй͟৯Г৯ҳ༟͉၍ଣϞ
Υྫ  ኹϞ 70.00% ʿ 30.00%
ߒ


--- page 133 ---
– 125 –
࿴
98.04%ߒ0.98%
Υྫ   ᔮඤڗ
޲
਷Ϟ༟ପ္ຖ၍
ึ  ਷༟։  ௰୞છՓ f
(ii) ږ
׵މږ2022 ϋ 12 ˜ 13ΥྫΆุ d Չ౷ஷΥ
މi)ʮ̡  τිஷϞ 0.50%Υྫᛆू f
਷༟։௰୞છՓ i
ʿ (ii)Ϟ 0.50%Υྫᛆू d ϾՉ௰୞
ࠢ
ܼi)ʮ̡  τිஷ༟ପ௪
ږ49.00%਷༟։௰୞ኹϞ i (ii)ࠢ
ږ30.00%҅௰୞ኹϞ i
ʿ (iii)ߒږ20.00%Υ
ӷ෍
ਗ f
(iii) Գϓ
׵މ2022 ϋ 10 ˜ 28ΥྫΆุ d Չ౷ஷΥྫɛ
Ϟ 10.00%Άุˏኬʮ
਷༟
Υྫ   ͟ዹͭୋɧ˙ҽ
खછՓ  ኹϞ70.00% ʿ 30.00%ԳϓϞɞΤϞ
ܼi)Գϓ
33.00%਷༟։௰୞ኹϞ i (ii)ΥྫΆ
Գϓ25.00%҅௰୞ኹϞ i (iii)
Գϓ 20.00%ΥྫᛆूԨ͟Г
҅௰୞ኹϞ i (iv)Գϓ 5.00%Υ
ྫᛆू i (v)Գϓ 4.75%Υྫ
ᛆ ूi(vi)Գϓ 1.25%Υྫᛆू i (vii)
Գϓ 0.50%Υྫᛆू i ʿ (viii)
Գϓ 0.50%Υྫᛆू f
ਗ f


--- page 134 ---
– 126 –
࿴
(iv) Гτිᚑ
׵މ2021 ϋ 9 ˜ 23މ
Ϟ 2.50%ப΂ʮ̡Ό༟
ྼყ̙Б˚ಂ d ГτිᚑϞ
ΥྫΆุ (Υྫ )ϞՉ 97.5%
ਗ e
ᛆҳ༟ e ҳ༟၍ଣʿ༟ପ၍ଣ f
(v) ৯Г௴อટɢ
׵މ2024 ϋ 12 ˜ 23ΥྫΆุ d Չ౷ஷΥ
ܼi)ʮ̡ʿ (ii)ߒ0.20%
˾༟
Υ
ܼi)ߒ59.76%ٰ
ʮ̡ i ʿ (ii)ߒ39.84%༟ஷፄ
ਗ f
(vi) ಥ
׵މ2024 ϋ 12 ˜ 23ΥྫΆุ d Չ౷ஷΥྫɛ
ܼi)ʮ̡  ༟   ʿ(ii)ʮ̡ d
Ϟ 0.50%௰ɽ௰୞ྼूኹ
਷Ϟ
Υ
ܼi)Ϟ 39.50%ږ
༟Ό༟ኹϞ i (ii)Ϟ 30.00%Υྫ 
҅௰୞ኹϞ i (iii)Ϟ 15.00%ʮ̡ i
ʿ(iv)Ϟ 14.50%Υྫ f
ਗ f
(vii) ږ
׵މږ2014 ϋ 3 ˜ 21ΥྫΆุ d Չ౷ஷΥྫ
ʮ̡  ৯ГᅃΝ၅˙ߒ1.95%Υྫᛆ
ʮ̡  ৯Гପҳৌ
ʮ̡  છ  ௰୞ኹϞ  ʿ৯ГᅃΝҳ༟၍
ʮ̡ኹϞ 40.00% ʿ 60.00%΅ d Ԩ͟ዹͭୋɧ˙অ਄΋͛௰୞છՓ f ࿚
ܼi)ߒږ


--- page 135 ---
– 127 –
࿴
19.92%Υྫ  i(ii)ࣘ
ߒږ19.53%৯Гପҳ i (iii)ߒږ19.53% Υྫᛆू˲͟
છ i (iv)ߒږ19.53% Υྫᛆू˲͟
ʮ̡ i (v)ږ
ߒ11.72%ʮ̡  ᘒᕒ৷อҳ  iʿ (vi)ܵ
ߒږ7.81%ʮ̡  ᘒᕒ৷อ௴   f
ࣘ
ਕ f
ᑗऎ઼ዣ
׵މ2025 ϋ 5 ˜ 20މ
ʮ̡  एਠ௴ҳߒ0.07%Υྫᛆू f एਠ௴ҳɗ͟ए
ߒ38.71% ᛆ ूf
Ϟएਠ௴ҳ 30.00%ྼყ̙Б˚ಂ d ᑗऎ઼
ߒ79.95%҅௰୞ኹϞ
ʮ̡  ᑗऎཨ൳ߒ19.32%ˮ
׵2025 ϋ 8ɛԫਕ 
ߒ0.67%੽ԫ௴ุҳ༟ ස
ᛆҳ༟ f
ശอᔼᖹ௴ҳ
׵މ2018 ϋ 5 ˜ 16ΥྫΆุ d Չ౷ஷΥྫ
ʮ̡  ଉέਫ਼ͩߒ1.48%Υ
ʮ̡  ˂
ɻɢ਄ੰ  ኹϞ 51.00% ʿ 49.00%ྼყ̙Б˚ಂ d ശอᔼᖹ௴ҳ
ʮ̡  ˂ɻɢܵ
ߒ98.52%˂ɻɢ͟₢௱ྤ΋͛௰୞ኹϞ f
ʮක೯Б d
Ԩ͟ዹͭୋɧ˙₢௱ྤ΋͛છՓ f
ᘽψፄ᳅
׵މ2021 ϋ 1 ˜ 25މ
Ϟ 1%ʮ̡  ᘽψፄ᳅   f
ʮ̡  ᘽψ৷อ௴ҳ  ʿᘽψፄ๎௴
Υྫ   ᘽψፄ๎  ኹϞ 35.00% ʿ 65.00%ᛆू f ᘽψፄ᳅


--- page 136 ---
– 128 –
࿴
Ϟ 50.00% ΥྫᛆूԨ͟ᘽψ⛰ྨᗫ຾᏶Ҧஔක೯ਜ
Ϟ 49.00%
ʮ̡ f
˴
މ
ɛ͏࿆ 5 ᄂ ʩf
֠
׵މ֠2020 ϋ 7 ˜ 27މ
׵2025 ϋ 8ՉՉ˼
ߒ72.73%֠
ߒ27.27%Υྫᛆू f
ਗ f
ᔮʇ̾௹
׵މ2017 ϋ 3 ˜ 7މ
Υྫ   ᔮʇԳ̾ߒ3.85%Υྫᛆ
၌ʿ̏ԯᔮʇ
ʮ̡ʱйኹϞ 99.00% ʿ 1.00%ྼყ̙Б˚ಂ d ᔮʇ
ߒ67.31% Υྫᛆू˲͟ዹͭୋɧ˙ੵ๿ઽ
ߒ28.85%Υྫᛆू
ʮ̡ f ᔮʇ̾௹˴
ᛆҳ༟၍ଣ f
ၚ༐ɽጳ
׵މ2019 ϋ 7 ˜ 18މ
ߒ19.90%ྼყ̙Б˚ಂ d
ܼi)๕౷౉ҳ༟Υ
ߒ31.40%Υྫᛆू d Ԩ͟Гτʹஷɽኪ઺
ึ௰୞ኹϞ i (ii)ߒ30.97%Υྫᛆू i (iii) ႊ
ߒ4.60%Υྫᛆू i (iv)Ϟၚ༐ɽ
ߒ4.60%Υྫᛆू i (v)ߒ2.43%Υྫᛆू i (vi)
ߒ2.41%Υྫᛆू i (vii)Ϟၚ༐ɽ
ߒ1.85%Υྫᛆू i ʿ (viii)ߒ1.85%Υྫᛆू f
੽ԫΆุᐄቖഄྌ e
ፔ༔ f
௴
׵މ2019 ϋ 8 ˜ 6މ
ப΂ʮ̡  ጳ˂ɨϞ 1.05%Υྫᛆू f
ʮ̡  ྼ  e ГτΥ௴ΝሾΆ
Υྫ   ͟ዹͭୋɧ˙ඹ௛௰୞ኹϞ  ʿГτΥɢΝሾ
Υྫ   ͟ዹͭୋɧ˙เ͛࿲௰୞ኹϞ  ኹϞ 51.00%e
34.00% ʿ 15.00%ྼ௰୞છ


--- page 137 ---
– 129 –
࿴
ዹͭୋɧ˙  d̍
ܼi)௴ 28.42%Υྫᛆू i (ii)Ҧ௅
௴ 26.32%Υྫᛆू i (iii)ܵ
௴ 16.84%Υྫᛆू i (iv)Υྫ  d
௴ 10.53%Υྫᛆू i (v)ጳ
௴ 9.47%Υྫᛆू i ʿ (vi)௴ 7.37%
ᛆҳ༟ e ҳ༟၍ଣʿҳ༟ፔ༔ f
඙᏶
׵މ2020 ϋ 7 ˜ 28މ
ʮ̡  ږߒ1.02%Υྫᛆू f ɪऎഛ
Υྫ   ͟ᄎẙ
௰୞ኹϞ  ኹϞ 36.00%e 34.00% ʿ 30.00%ዹͭୋɧ
Υྫɛ
ߒ8.47%௰୞ྼूኹϞɛѩ͊ኹ
ϞՉ൴ཀ 10%ྼყ̙Б˚ಂ d ຾
ᛆҳ༟ f
ࠬ
׵މࠬ2022 ϋ 12 ˜ 21ΥྫΆุ d Չ౷ஷΥྫɛ
Ϟ 50.00%׵ء
ᆑɢʿ
Υྫɛ d
ϞՉ 50.00%ІϞ
ዹͭୋɧ˙ f
׶
׵މ׶2022 ϋ 8 ˜ 5੽ԫΆุᐼ௅
қ੶΋͛ ѩ
ዹͭୋɧ˙  ʱйኹϞ 99% ʿ 1%ɛ͏࿆ 10΋͛ኹϞε
d
Ⴉ̙ f
๿͍
׵މ2020 ϋ 6 ˜ 15މ
Ϟ 40.00%ɾɻኹϞεϋҳ༟຾᜕ d
ʿ௴


--- page 138 ---
– 130 –
࿴
Υྫɛ d у૎
ϞՉ60.00%੽ԫՉ˼ʈਠ၍
ʿਠਕᐄቖഄྌ f
ᒯථΥਟ
׵މ2022 ϋ 12 ˜ 7މ
Ϟ 10.00%؂׵ء
ᆀᝈ࿒
ྼყ̙Б˚ಂ d ᒯථΥਟϞʞ
ܼi)ϞᒯථΥਟ 60.00%ࠏ
΋ ͛i(ii)ϞᒯථΥਟ 10.00%௓ᄫɾɻ i (iii)ϞᒯථΥਟ 10.00% Υ
໢ᅆᘆɾɻ i (iv)ϞᒯථΥਟ 5.00%ᕄ΋͛ i ʿ (v)Ϟ
ᒯථΥਟ 5.00%੽ԫΆุ၍ଣ e ၍ଣፔ༔
ਕ f
ߏ
׵މߏ2025 ϋ 9 ˜ 17މ
ߒ3.33%Υྫᛆू f Ⴛ΋͛ኹϞεϋҳ༟຾᜕ d
೯
Υྫɛ ΢
ܼi)ߒ36.67%юऎറɾɻ i (ii)ߒ13.33%
ɾɻ i (iii)ߒ13.33%ᆾ΋͛ i ʿ (iv)ߒ
33.33%ਗ f
ʬ᝘
׵މ2025 ϋ 9 ˜ 16މ
ߒ16.67%Υྫᛆू f ெ΋͛ኹϞεϋᛆूҳ༟
࢝
ی
౽ऎ
ߒ16.67%ʬ᝘
ਕ f
4. ᆽႩ
ۃ
d ˲
஝ f
5. ᑥɛᆽႩ
׵i) ɪ̹˚ಂ у Hϣʮක೯ਯ
ԑ 120 ˚dʿ (ii)ϣʮක೯
ɪ̹
ҳ༟ୌΥᑌʹ
ˏୋ 4.2 ௝f


--- page 139 ---
– 131 –
࿴
6. ஷඎ
ၡᎇ 222,016,700މH৿
ᛆ͊ᐏБԴ  j
(a) ഃ
Υ΍ 144,060,050ஷඎ d
ٙ43.43%i
(b) Υ΍ 222,016,700މHːᗫ
΅ʕΥ΍ 122,356,650ٰ
ٙ36.88%ڢ
ٙH༈ഃ Hɪ
ஷඎ i ʿ
(c) Գ
 ୕ ၈ٰ
؇௰୞છ
j (i)೯ਯᄆ 18.20 ಥ
ಥਗ਼Ⴉᒅ 18,756,200೯ਯ
Ϟ 42,565,150΅ᐼ
ߒ12.83%iʿ (ii)೯ਯᄆ 21.00ٙ
ಥਗ਼Ⴉᒅ 16,255,400΅ d Ͼ༈ഃྼ᜗ਗ਼Υ΍
Ϟ 40,064,350ߒ12.07%΅ਗ਼
ඎ f
(d) 
ɝІ
Υ΍ 58,054,400ٰHɪ̹
ٙ17.50%f
ୋ 19A.13A൴ཀ 6,000,000,000
ಥʩШʔ൴ཀ 30,000,000,000ٙHϵ
j (i)ٙH༺Ց
1,500,000,000ϵʱˢ i ʿ (ii) 15%f
೯ਯᄆ 18.20 e19.60 ܸ
ʕЗᅰ  ʿ 21.00 d Ԩ৿ண൴
ᛆ͊ᐏБԴ d ͉ʮ̡ Hމߒ6,037.7 ϵຬಥʩ e 6,502.1
ϵຬಥʩʿ 6,996.5͉ʮ̡ Hਗ਼൴ཀ 6,000,000,000 ಥʩШ
ਗ਼ʔ൴ཀ 30,000,000,000ЭЗᅰ e ʕЗᅰʿ৷З
ᅰ d ͉ʮ̡Їˇ 24.84%e 23.07% ʿ 21.53%Ϟ f


--- page 140 ---
– 132 –
࿴
೯ਯᄆ
18.20ၑ d Υ΍ 145,115,150ٰH׵ࡁ
ٙ43.74%ᛆ͊ᐏБԴ  ਗ਼͟ʮ଺
ୋ 19A.13Af ཫಂၡᎇΌଢ೯ਯҁ
೯ਯᄆ 21.00೯ਯᄆᇍ
ၑ d Υ΍ 147,615,950ٰH΅
ٙ44.50% ୋ
19A.13A ୋ 19A.13A ૢ
f
ୋ 19A.13C(1)΅
ٙHՓ
௅ʱɓছ඲ (i)ࣛH΅  Їˇ
10%׵50,000,000אii)ʔ
׵600,000,000 ಥ ʩf
೯ਯ
ᄆ 18.20ၑd ৰ (i)ٙ
273,685,950ຫਯಂ  i
ʿ (ii)ٙ24,681,000ʬ
Ϟቱɨ 33,373,400ٙ10.06%ɝІ
೯
ਯᄆ 21.00ၑdৰ (i)ٙ
273,685,950ຫਯಂ  i
ʿ (ii)ٙ21,390,200ࡈ
Ϟቱɨ 36,664,200ٙ11.05%ݴ
ୋ 19A.13C(1)(a)f


--- page 141 ---
– 133 –
࿴
͉
މH
j
ྼყ̙Б˚ಂ
މHܝ
΅ H΅ᐼᅰ
Hɝ
ඎ
΅ᅰͦ
΅
ϵʱˢ Hᅰͦ
Ц Hٰ
ϵʱˢ
ɪ̹
΅ᅰͦ
ɪ̹
΅
΅ᅰͦ
΅
ϵʱˢ
؇ٰٰ
ˮΏ௹ɻ . . . . . . . . . . . . . . 2,220,000 40.56% 66,600,000 23.78% 44,400,000 85.93% 111,000,000 33.46% щ
ˮૠ௹ɻ . . . . . . . . . . . . . . 361,201 6.60% 18,060,050 6.45% – – 18,060,050 5.45% щ
Гτ଺๿ . . . . . . . . . . . . . . 300,000 5.48% 15,000,000 5.36% – – 15,000,000 4.52% щ
ࠇ2,881,201 52.64% 99,660,050 35.58% 44,400,000 85.93% 144,060,050 43.43% щ
ִ݁
ڗ79,647 1.46%
3,982,350 1.42% – – 3,982,350 1.20% щ
ږ72,635 1.33% 3,631,750 1.30% – – 3,631,750 1.09% щ
Գϓ . . . . . . . . . . . . . . 40,353 0.74% 2,017,650 0.72% – – 2,017,650 0.61% щ
Гτිᚑ . . . . . . . . . . . . . . 18,159 0.33% 907,950 0.32% – – 907,950 0.27% щ
৯Г௴อટɢ   . . . . . . . . . 83,077 1.52% – – 4,153,850 8.04% 4,153,850 1.25% щ
ಥ . . . . . . . . . . . . . . 62,308 1.14% – – 3,115,400 6.03% 3,115,400 0.94% щ
ږ120,000 2.19% 6,000,000 2.14% – – 6,000,000 1.81% щ
ࠇ476,179 8.70% 16,539,700 5.9% 7,269,250 14.07% 23,808,950 7.18% щ
؇ٰ
ᘽψ௥ॲ . . . . . . . . . . . . . . 546,667 9.99% 27,333,350 9.76% – – 27,333,350 8.24%
݊
൳⇱  . . . . . . . . . . . . . . . . . . 354,667 6.48% 17,733,350 6.33% – – 17,733,350 5.35%݊
ᑗऎ઼ዣ . . . . . . . . . . . . . . 287,653 5.26% 14,382,650 5.14% – – 14,382,650 4.34%݊
ശอᔼᖹ௴ҳ   . . . . . . . . . 155,533 2.84% 7,776,650 2.78% – – 7,776,650 2.34%݊
ᘽψፄ᳅ . . . . . . . . . . . . . . 136,667 2.50% 6,833,350 2.44% – – 6,833,350 2.06%݊
֠118,799 2.17% 5,939,950 2.12% – – 5,939,950 1.79%݊
ᔮʇ̾௹ . . . . . . . . . . . . . . 102,500 1.87% 5,125,000 1.83% – – 5,125,000 1.54%݊
ၚ༐ɽጳ . . . . . . . . . . . . . . 101,502 1.85% 5,075,100 1.81% – – 5,075,100 1.53%݊
௴ . . . . . . . . . . . . . . 95,604 1.75% 4,780,200 1.71% – – 4,780,200 1.44%݊
඙᏶ . . . . . . . . . . . . . . 78,955 1.44% 3,947,750 1.41% – – 3,947,750 1.19%݊
ࠬ27,238 0.50% 1,361,900 0.49% – – 1,361,900 0.41%݊
ᒯථΥਟ . . . . . . . . . . . . . . 18,159 0.33% 907,950 0.32% – – 907,950 0.27%݊
׶18,159 0.33% 907,950 0.32% – – 907,950 0.27%݊
๿͍ . . . . . . . . . . . . . . 18,159 0.33% 907,950 0.32% – – 907,950 0.27%݊
ߏ31,154 0.57% 1,557,700 0.56% – – 1,557,700 0.47%݊
ʬ᝘ . . . . . . . . . . . . . . 24,923 0.46% 1,246,150 0.44% – – 1,246,150 0.38%݊
ࠇ2,116,339 38.67% 105,816,950 37.78% – – 105,816,950 31.9%݊
ٙ
H؇ٰٰ1). . . . . . . . . . – – 58,054,400 20.73% – – 58,054,400 17.50%
ࠇ . . . . . . . . . . . . . . . . . .  5,473,719 100.00% 280,071,100 100.00% 51,669,250 100.00% 331,740,350 100.00%
j
(1) ඎ f
ٙ99,660,050ٰHʔึ
މHٰٙ51,669,250΅ у 180,411,050ٰH
ඎ f


--- page 142 ---
– 134 –
࿴
࿴
࿴ j
ˮΏ௹ɻ
ˮૠ௹ɻ
Гτ଺๿
ᘽψ௥ॲ
൳⇱
֠
ശอᔼᖹ௴ҳ
ၚ༐ɽጳ
Гτෳͭइᔼᖹ
ʮ̡
͉ʮ̡
ෳत̨ψᔼᖹ
ʮ̡
Ҧ
ʮ̡
Micot (U.S.) Technology
Co., Ltd
ෳतᘽψ
ʮ̡
ෳतᘽψ
ʮ̡
Micot (U.S.)
Biopharmaceutices
Co., Ltd
௴
ڗ
Գϓ
ࠬ
๿͍
ᒯථΥਟ
Гτිᚑ
ږ
৯Г௴อટɢ
ಥ
ߏ
ʬ᝘
40.56%
6.60%
5.48%
9.99%
6.48%
5.26% 2.50% 2.17%
1.87%2.19%2.84%
1.85%
100% 100% 100%
Ҧ
ʮ̡
89.06%
100%
100%100%
100%
1.75%
1.46%
1.44% 0.74%
0.50%
0.33%
0.33%
0.33%
0.33%1.33%
1.52%
1.14%
0.57%
0.46%
10.94%
؇ٰ1)
(1) ߒ89.06%ߒ4.95%e͟ ˮ
ߒ2.47%Υྫ   ௴ҳ༟ߒ2.47%؂
ʮ̡  Гʹɓɞɘʬ௴อߒ1.04%௴ҳ༟ʿГʹ
ʮ̡ f ͉ʮ̡
ഐᗆ f


--- page 143 ---
– 135 –
࿴
࿴
࿴ f
ˮΏ௹ɻ
Гτෳͭइᔼᖹ
ʮ̡
͉ʮ̡
ෳत̨ψᔼᖹ
ʮ̡
Ҧ
ʮ̡
ෳतᘽψ
ʮ̡
ෳतᘽψᔼᖹ
ʮ̡
33.46%
5.44%
4.52%
8.24%
5.35%
4.34% 2.06% 1.79%
1.54%1.81%2.34%
1.53%
100% 100%
Micot (U.S.) Technology
Co., Ltd
100%
Ҧ
ʮ̡
؇ٰ1)
89.06%
10.94%
100%
100%100%
Micot (U.S.)
Biopharmaceutices
Co., Ltd
100%
1.44%
1.20%
1.19% 0.61%
0.41%
0.27%
0.27%
0.27%
0.27%1.09%
1.25%
0.94%
0.47% 17.50%
0.38%
ˮૠ௹ɻ
Гτ଺๿
ᘽψ௥ॲ
൳⇱
ᑗऎ઼ዣ
ശอᔼᖹ௴ҳ
ᘽψፄ᳅
ږ
֠
ᔮʇ̾௹
ၚ༐ɽጳ
௴
ڗ
඙᏶
ږ
Գϓ
ࠬ
Гτිᚑ
׶
๿͍
ᒯථΥਟ
৯Г௴อટɢ
ಥ
ߏ
ʬ᝘
؇ٰ
1) ߒ89.06%ߒ4.95%e͟ ˮ
ߒ2.47%Υྫ   ௴ҳ༟ߒ2.47%؂
ʮ̡  Гʹɓɞɘʬ௴อߒ1.04%ڡڗ
ʾ
ഐᗆ f


--- page 144 ---
– 136 –
ุ ਕ
฿ᚎ
ም
ᐕ˾
׵III ಂᑗґ༊᜕ f
f ኯᔟίε㹻ᗳ
ᕐ Ŋ
ʊක೯̈ᕐ Ŋ ε
j (i)ۜMT1013ཪΣ
CaSR ʿ OGPᐕ CKD-SHPT Ͼක೯ d ԨՈ௪ᆑɢ̙ආ
ν CKD-MBDٙؓCKD-SHPT ഃᕘ̮ቇᏐस i
ʿ (ii)d у XTL6001e MT1002 ʿ MT200605f
ᑗ
j


--- page 145 ---
– 137 –
ุ ਕ
MT200605
ي
CaSR/OGP
CKD-SHPT
ʕ਷
Όଢ(2)
਷
CKD-MBDМ৶ሯଯᕦ ʕ਷
Όଢ
4)15 ʕ਷
GLP-1R/
GCGR/MasR
၍ଣ
ʕ਷
਷
׌CKD ʕ਷
MASH ʕ਷
MT2004 FXR
(ʃʱɿ)
DILI ʕ਷
MASLD
ʕ਷
਷
CLD ʕ਷
PTH1R/OGP
GIOP ʕ਷
਷
PMO
ʕ਷
਷
ي
ኑАΪɿIIŊ
GP IIb/IIIa
ACS-PCI
ʕ਷
Όଢ
਷
໘՗ʕ ʕ਷
HD
ʕ਷
਷
HD-PF4 ʕ਷
TrKB
(ʃʱɿ) AIS
ʕ਷
਷
MT1011 NOACs
(ʃʱɿ) ஷ͜Ҥኑ৕ᔷኒ ʕ਷
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
MT1013
XTL6001
MT1009
MT1002
ཫ಻Ԣ೻຦IIIಂIIಂIಂINDʿINDي
2026ҁϓIIIಂᑗґ༊᜕
2028䥊ਗIIIಂᑗґ༊᜕(1)
2027͡ሗIND
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2027͡ሗIND
2027ҁϓIIಂᑗґ༊᜕
2027䥊ਗIIಂᑗґ༊᜕(3)
2026ϋ1˜䥊ਗIಂᑗґ༊᜕
2028ϋʕҁϓIIbಂᑗґ༊᜕(4)
2026ϋ7˜䥊ਗIIಂᑗґ༊᜕(5)(7)
2026ϋ6˜䥊ਗIIಂᑗґ༊᜕(5)(6)
2027䥊ਗIIಂᑗґ༊᜕(5)
2026ϋҁϓIIಂᑗґ༊᜕
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2026ϋ1˜䥊ਗIಂᑗґ༊᜕
ྌ
ᐵᄳjCaSRjඑઽชա᜗iOGP㹻iCKD-MBDሯձ৶˾ᑽମ੬iGLP-1Rjঈ৷Аጟ९ᅵ㹻Ñ1ա᜗iGCGRjঈ৷Аጟ९ա᜗iMasR: Masա᜗iMASHiFXR̵ቐXա᜗iDILIӿฦෆi
MASLDӿषiCLDӿषiPTH1R໗ዧ९1ա᜗iGIOP৶ሯଯᕦसiPMO৶ሯଯᕦसiGP IIb/IIIajጟஐͣIIb/IIIaiACSiPCIᐕi
iPF-4ΪɿÑ4໘՗ʕiTrkBj཈ऄაዧ㺛ա᜗BiNOACsҤኑᖹ


--- page 146 ---
– 138 –
ุ ਕ
ൗj
(1) ׵CKD-SHPTٙII׵CKD-SHPTѩ᙮ CKD-MBDᅰኽ d Σ
׵CKD-MBDٙIII ಂᑗґ༊᜕ f
(2) ʮ̡  ථ௟อᘴԭ˄ਜਹ  ༈ήਜ   ఱ
MT1013ᐕ CKD-SHPTव (i)೯ʿႡி MT1013i (ii) ί༈ήਜ̮ఱ΂ОቇᏐसਗ਼ MT1013
ਠ ุ ʷiʿ (iii) ί༈ήਜʫఱ CKD-SHPT΂ОቇᏐसਗ਼ MT1013d ሗਞቡ  ุਕ Ñ ਠุʷ  f
(3) MT2004ٙIᐕ MASLD ʿ CLDٙII ಂᑗґ
༊᜕౤Զਿᓾ f
(4) IIb ಂᑗґ༊᜕࿴ϓ MT1002-II-C04ۜ
MT1002Ñ MT1002 ᑗґ༊᜕฿ᚎ Ñ MT1002-II-C04dʕ ਷ IIӺ  f
(5) MT1002ٙIҤኑʿ HD-PF4ટ઼ਗ΢
ٙII ಂᑗґ༊᜕౤Զਿᓾ f
(6) ׵2023 ϋ 6ఱආБ MT1002ٙII׵2026 ϋ 3֛
f
(7) ׵2023 ϋ 7ఱආБ MT1002ٙII׵2026 ϋ 3࿧
f


--- page 147 ---
– 139 –
ุ ਕ
MT1013
ۜMT1013ཪΣ CaSR ʿ OGP
ᐕ CKD-SHPT eCKD-MBDؓCKD-SHPT f MT1013
Չ̙ᜑഹ౤৷ iPTHЭ iPTH
౻ d Ԩ̙ᜑഹ౤ʺ
࿒ f
• ̹ఙၾᑗґცӋ jࠇCKD-SHPT׵2030 ϋ༺Ց
ɛ͏࿆ 50׵2035 ϋ༺Ցɛ͏࿆ 131dCKD-SHPTᑗґ၍
d νί iPTHࠠٙ
໑༸ʔ
ᎈഃτΌਪᕚ f
•
ᑗґᅰኽ j MT1013(i) ίɓධ᎘࿁᎘ IIˢ d Չ
iPTHߒ2.5i(ii)ኽɓධ IIᝈ࿀ d
ᚃછՓ iPTH ˥ ̻i(iii)ତ̈ːА၍ᐏ
ٙܓFGF23 ɓ၇ၾ CKD-SHPTᗫ
છՓ iPTH e АඑʿАᐟ i (iv)ତ̈዆
ЭඑАसజѓ i
ʿ (v)ɓධ IId MT1013 ၾ
CKD-SHPTᗫ f
•
j MT1013 ʊҁϓə০࿁ CKD-SHPTٙIIӺ (MT1013-II-C01
ʿ MT1013-II- C03)ٙIII׵ࠇ
2026׵2026౤ʹ Pre-NDAd 2027౤ʹ NDAf
XTL6001
ۜXTL6001݊GLP-1R/GCGR/MasRཪᓃዧਗኒ f ਗ਼ MasR
ˏɝ GLP-1R/GCGRۃGLP-1٭׵
׌CKD ʿ MASHᆑίᏐ͜ f
XTL6001ዚ
ᚐ f
• ̹ఙၾᑗґცӋ jf
׵2030 ϋ༺Ցɛ͏࿆ 235׵2035 ϋ
༺Ցɛ͏࿆ 1,073 ᄂ ʩd2030 ϋЇ 2035މ35.5%ۃGLP-1
ც
f
•
ʿᑗґᅰኽ j ਗ਼ MasR ˏɝ GLP-1R/GCGR ଡ଼Υ̙౤Զᕘ̮ूஈ f ίЄ
d XTL6001ഥᛔ MasRආஐͣሯΥϓ d Ԩί DIO ʃ
ዧਗኒ
፰
ٙࣖGLP-1ᎈ༰Э f I ಂᑗґ
d XTL6001Э
А૶҇ა˥̻ f


--- page 148 ---
– 140 –
ุ ਕ
• j XTL6001ڗ
ٙINDྼყ̙Б˚ಂ d XTL6001ٙI ಂᑗґ
༊᜕ʊҁϓ LPLVٙ
׌CKDᑗґ II׵ࠇ2027 ϋʕ઼ਗ d ͜
ᐕ MASHٙIND׵ࠇ2027౤ʹ f
MT1002
ۜMT1002ɓ၇ኑАΪɿ II ձ GP IIb/IIIaҤኒ d ˴
০࿁ ACS-PCIҤኑձ HD-PF4ᑗґცӋ f
MT1002ӺᜑͪՉঐ༆Ӕ ACS-PCIࣖ
तᓃ f
• ̹ఙၾᑗґცӋ j ίΌଢᇍఖʫ d ACSd PCI ˓ஔඎɰя
׵2030 ϋ༺Ցɛ͏࿆ 472 ᄂ
׵2035 ϋ༺Ցɛ͏࿆ 618ᐕऒʿᑌΥԴ͜Ҥኑᖹʿ
኷ f
MT1002ܢPCIί
f
• ᑗґᅰኽ j MT1002ٙIIѩί MT1002Ҥ
Ъ͜ɨϓ̌ҁϓ PCIɽ̈А f ͊ᝈ
࿀ՑΪ TEAEϥɳ e SAE೻
d ᜑͪ MT1002f
• jྼყ̙Б˚ಂ d MT1002ᐕ
ACS-PCIٙIಂᑗґ༊᜕ f ɓධ IId
ၾ CDE࢝EOP II׌III͵ʊίʕ਷
ఱՉ˼ቇᏐसᐏ੻ IIҤኑʿ HD-PF4 dԨ
׵2026 ϋ 6 ˜ʿ 2026 ϋ 7Ҥኑ
II׵2027ٙHD-PF4ٙII ಂᑗґ༊᜕ f
MT200605
ۜMT200605ࠠ
ݺTrkB׌
໘՗ʕ (AIS)ॴᑌषଣฦෆ f MT200605Ꮄ
f
• ̹ఙၾᑗґცӋ j׵2030 ϋ༺Ց
ɛ͏࿆ 157׵2035 ϋ༺Ցɛ͏࿆ 246ᑗ
ீଟЭ d வ̙ঐึѳᖟ
ঐɢ f
•
ᑗґᅰኽ j MT200605ݺp-TrkBూ d Ԩீཀᄣ
੶ SOD ձ GSH-Pxϥɳ f
ᜑͪ d MT200605Ϟ
ၾMT200605ʔԄԫ΁ (TEAE)މ1ʔԄԫ΁ (SAE)
ଳᓹ f


--- page 149 ---
– 141 –
ุ ਕ
• j MT200605਷ҁϓ I͍ίપආ
ʕ਷ IIᓃ൙ПՉ࿁ AISࠇ
׵2026 ϋҁϓ f
၍ᇞ
೯
ʊක೯̤
ٴ
ٙMT2004৶ሯଯᕦसʿ
ٙMT1009ٙجMT1011ମ
f Ϟᗫһε
d ሗਞቡ — ɓື f
೯᜗ӻၾҦஔ̨̻
ܼi)
d ၚ๟ᗆйཪ
e
ԨಯˇʔԄˀᏐ i (ii)ج
೻ i (iii)
d ˸ಂ౤৷
i ʿ (iv)ߒ100ۨ
ጜ፯ f
ᑗґක೯ၾ CMC Ҧஔঐɢ
ண
ᆽ
ͭɓ᜗
ʷ CMCʫ௅ঐɢ f
ٙࡁCMCːʈᖵක೯ʿᎴʷ d Ͼ
Ա፠ୋɧ˙ΥЪྫМ f
၍ଣྠඟ
ɽ
ᔼᖹჯਹኹϞགྷ 20ኪஔ
ᔖ
ӺՑᑗґੂ
Ӻዚ࿴
Ո௪ঐɢ f


--- page 150 ---
– 142 –
ุ ਕ
Ꮄැ
1. Ԉ
i ၾஐ
͛ପϓ͉ f ΪϤ d ε㹻ᗳ
ᐕਪᕚ f Όଢᇍఖʫ d ε㹻
ጟ㹻 e
㹻ʿ Pegcetacoplan׵2024މ345ʩ e 43ʩ e
365ʩʿ 10ܼ
शष f
ਗ਼੽ 2024ٙ1,096ʩ
Ї 2030ٙ2,676 މ13.9%̹ఙ͵ί
ਗ਼੽ 2024ɛ͏࿆ 602 ᄂʩᄣЇ 2030ɛ͏࿆ 1,742 ᄂ
މ20.0%ᐕᆑɢ d ε㹻ᗳᖹ
ਿᓾ f
˙Σʘ
אࡈ
ː໘А၍शष e ˾ᑽ८඾ e ʕᅹग़຾
श
f
ᕐ Ŋ ε̌ঐ
ڢGLP-1ʊ࿴ጘҦஔኣᓍԨҖϓዹत
ܼMT1013e XTL6001e MT1002e
MT1009d ሗਞቡ͉ື  —ࡁ
 ɓື f
2. ۜMT1013 ɗཪΣ CaSR ʿ OGP̙ҷ
͛πᐏू
MT1013ٙCaSR ʿ
OGPʫ௅ක೯ʈЪ d MT1013ᐕ CKD-SHPTd ԨϞ
ЇՉ˼ቇᏐस d ν CKD-MBDؓCKD-SHPTf
iPTHၝΥ༺ᅺଟᜑഹҷഛ j MT1013 ί౤৷ iPTHŊА එŊ
᎘࿁᎘ II ಂᑗґ
༊᜕ʕ d ຾ཀ 26d MT1013 ଡ଼ʕྼତ iPTH٫
ٙ2.5Э e
ሯඎ੻Ցҷഛ f
ɮ j MT1013Э iPTHࣖ
ɮ f IIʔɮ iPTHᚃ
᎘࿁᎘ᑗґ༊᜕ʕ d MT1013 ί༺Ցͦᅺ
iPTHɢ f


--- page 151 ---
– 143 –
ุ ਕ
ːА၍ᐏूᆑɢ j FGF23d Չ˥
᎘࿁᎘ II ಂᑗґ༊᜕ʕ d
MT1013 ί FGF23Э൴ཀ 30%d வၾ
Չί iPTHЭːА၍ԫ΁ʿ
ᆑɢ f
ʿ˾ᑽ j MT1013Ϟлᅂᚤ f II ಂᑗґ༊
ᜑͪ d MT1013ҷഛ CKD-SHPTڮ
ܵMT1013ᐕ CKD-
MBDᑗґᆑɢ f
jЭඑ
໑༸ˀᏐ f ί MT1013ЭඑАस f Ϥ̮ d
׵
ܵMT1013f
ᆑɢ j ί MT1013ٙIIሯ੗
̂ʱл͜ MT1013ՉቇᏐस d ॶɝ
CKD-MBDٙؓCKD-SHPT fϞ ᗫ MT1013؈
d ሗਞቡ  — ɓື f
3. ମʷ၍ᇞ
ࠠٙ
ۜMT1013 ̮dҢ
f
၍ଣ jᚃɪ
٭
׵2030 ϋ༺Ցɛ͏࿆ 235׵2035 ϋ༺Ցɛ͏࿆ 1,073 ᄂ
ʩd2030 ϋЇ 2035 މ32.9%fʕ ਷ GLP1Rਗ਼
׵2030 ϋ༺Ցɛ͏࿆ 814׵2035 ϋ༺Ցɛ͏࿆ 1,769 ᄂ ʩd2030 ϋЇ 2035 ϋ
މ16.8%f
͍ίක೯ XTL6001d
׌CKD ʿ MASHd ̍
׵
GLP-1໑
Ъ͜ዚՓ d XTL6001 ϙί౤৷
኷ d ̍
ˀᅁ f Ϥ̮ d XTL6001 ίಯ
ልᕏΥԻस f
ACS-PCI j ACS݊CADࠇ
Ց 2030 ϋʿ 2035 ϋdʕ ਷ ACS ೯षᅰਗ਼ʱй༺Ց 580 ຬԷʿ 630 ຬԷ f ʕ਷ PCI ˓ஔ
ඎਗ਼ʱй༺Ց 400 ຬԷʿ 600׵2030 ϋ༺Ցɛ͏
࿆ 472׵2035 ϋ༺Ցɛ͏࿆ 618 ᄂ ʩd2030 ϋЇ 2035 މ
5.6%f


--- page 152 ---
– 144 –
ุ ਕ
MT1002ኑАΪ
ɿ II ձ GPIIb/IIIa ཪᓃ d ᜗ତҤኑА + Ъ͜ f ၾ PCI੬
஝ҤኑኒʔΝ d MT1002೯͛
ᒒе HITൢ PCIؐ
͊တԑᑗґცӋ f IIʊᗇ
f
AIS j AISՑ
2035 ϋਗ਼༺Ց 1.274ਗ਼༺Ց 3,510̹ఙ
׵2030 ϋ༺Ցɛ͏࿆ 157׵2035 ϋ༺Ցɛ͏࿆ 246 ᄂ ʩf
MT200605މTrkBዧਗ
ኒfMT200605ݺTrkBආग़຾Ύ͛ d ԨஷཀՉҤःʷЪ͜ಯˇІ͟
d MT200605 ՈϞ
ˢ d ίҷഛ໘՗
࢝
f
Չ˼ቇᏐस jᑗґცӋ d
ӿฦෆ e ˾ᑽ
ٙMT2004ٙج
MT1011ٙMT1009d༈
ᗫ  ʿː໘А၍शष˙
d ሗਞቡ  — ɓື f
4. ᗡɓ᜗ʷ၌Ց၌̨̻ d пɢ̋஺Όଢᓒੵ
Ӻ e ᑗґ
ක೯ʿ CMC̏
ӺՑਠ
၌Ց၌ঐɢ f
̨̻ක೯
ͭ
̬ɽҦஔ
d ආɓ
ʿᔷʷঐɢ f
• Չঐ
Ϟ
ཪᓃഐΥ e εཪᓃ
੬ቇΥ
̒সಂ
׵
Ф f
• Չঐ੄ஷཀ՘ΝᏐ͜Ν
೯ତ f Ϥᑘ
Эጜ፯ϓ͉ f


--- page 153 ---
– 145 –
ุ ਕ
• ո᜗
іϗ d ༈
̨̻મ͜သீᄣ੶ኒʿ̍ΥҦஔ d ˸ሜື҅௅ pH༆ʿʱɿၳ
ʿᄣ੶
f
• ۨ
ᅺ๟ʷ൙ᄆ᜗ӻ f Չ
ܼPKePDଣ
൙П f ຾༈̨̻൙П
ତ̈৷ϓ̌ଟ f
d ሗਞቡ͉
ື—Ҧஔ̨̻  f
၍ᇞක೯
ᑗґක೯ၾൗ̅᜗ӻ d Ո௪਷ყεʕːᑗґ
༊᜕ (MRCT)ᕐజ d Όଢਠุʷ  ᅼό d ϙί̋
ᑗґ༊᜕ʕ
ߕ
਷ආɝᑗґ
ᑗґ༶ᐄ
٫PI)ʿൗ
ଟ e ᅰኽሯ
ٙ
ə਺ྼਿᓾ f
CMC Ҧஔঐɢʿਠุʷഄଫ
ʈᖵක೯ d ೌცԱ
ᖹʿႡ
ۜMT1013Эϓ͉ e
ᚃᎴʷ
ஷཀʈᖵᎴʷ
f
ഄ
༉ઋ d ሗਞቡ ุ ਕ — ਠุʷ f
ක೯ e ္၍͡జʿ CMCၝΥঐɢၾ຾᜕ d
ɢ
ᚃᓒੵ f
5. ၍ଣྠඟ
ਖ਼
ٙࠦ
౤
f


--- page 154 ---
– 146 –
ุ ਕ
Ӻჯਹኹ
Ϟགྷ 20ːА၍ e ໘А၍ e
೯ f
ࡒ
৷ॴਓᐼ൒ Yu WeipingኹϞགྷ 40 ϋ຾᜕ d Ԩ˴
ٙCMCɾɻίႡᖹБุኹ
ڐ20ཅ
ኹϞགྷ 17ٙ
f
̏฽Έ௴ҳ e ॲဧл
༟͉ʿ˂ɻɢණྠ f
ഄଫ
1. ᑗґක೯ʿਠุʷ
ᑗґක೯ d ˸̋஺Չ
ᑗґʿዚଣᅰኽ d
͛ն඄ಂʿᓒɽ̹ఙዚ༾ f
ྌ j
• ఱ MT1013ܵ
М CKD-SHPT׵2026౤ʹ pre-NDA׵
2027౤ʹ NDAމMT1013 ක೯อቇᏐस j
(i) CKD-MBDʊҁϓ MT1013׵CKD-SHPTٙII
ᅰኽ d Σ˴၍္၍ዚ࿴ర
d ˸ආБ MT1013׵CKD-MBD М৶ሯଯᕦϤᓒ
ٙIII׵ࠇ2028ٙIII ಂ
༊ ᜕f
(ii) ؓCKD-SHPT׵2027Ӻ͡ሗ f
ࣨٙࡁ
ۜMT1013ྌ  f
• ఱ XTL6001પආ XTL6001ࠠ
׵2027 ϋʕ઼ਗ
׌CKDٙII׵2027ᐕ MASH
Ӻ͡ሗ f
༉ઋ d ሗਞቡ  ุਕ —ي— ٙࡁ
ۜXTL6001 —ྌ  f
• ఱ MT1002 ϾԊ d ίҁϓʕ਷ II ಂ (MT1002-II- C04)ᄲ
൙ʕː઼ਗ EOP II ึᙄ d Ԩપආɓධ˸ NACE ʿ MACE୞ᓃ
׌IIIٙNDA͵ʊίʕ਷ఱՉ˼
ቇᏐसᐏ੻ IIҤኑʿ HD-PF4ྌʱ
׵2026 ϋ 6 ˜ʿ 2026 ϋ 7Ҥኑ II ಂᑗ
׵2027ٙHD-PF4ٙII ಂᑗґ༊᜕ f
• ఱ MT200605׵2026 ϋίʕ਷ҁϓ MT200605ٙII ಂᑗґ༊᜕ f
εʕː༊᜕ d ϙί൙П MT200605
ί AISྼყ̙Б˚ಂ d
360ʊҁϓɝଡ଼ f


--- page 155 ---
– 147 –
ุ ਕ
2. ي
ഄଫ d
शष
f
3. ᑗґʿਠุᆑɢ
ጐ฽రӋΥЪዚึ d
Ӻ d
਷ყ̹ఙ f
Ό
ਗ਼ᘱᚃઞ॰ʿ൙П࿁̮બᛆ e ΍Νක೯ʿϓͭอΥᐄΆ
༉ઋ d ሗਞቡ  ุਕ Ñ ਠุʷ  f
4. ࢝
Бุ຾᜕ d Ԩ
ਗ਼ᘱᚃˏආ
ڗٙ
੃৅ධͦ d ϙίԴ
ᚃආӉ f
ي
޼
ί
j


--- page 156 ---
– 148 –
ุ ਕ
MT200605
ي
CaSR/OGP
CKD-SHPT
ʕ਷
Όଢ(2)
਷
CKD-MBDМ৶ሯଯᕦ ʕ਷
Όଢ
4)15 ʕ਷
GLP-1R/
GCGR/MasR
၍ଣ
ʕ਷
਷
׌CKD ʕ਷
MASH ʕ਷
MT2004 FXR
(ʃʱɿ)
DILI ʕ਷
MASLD
ʕ਷
਷
CLD ʕ਷
PTH1R/OGP
GIOP ʕ਷
਷
PMO
ʕ਷
਷
ي
ኑАΪɿIIŊ
GP IIb/IIIa
ACS-PCI
ʕ਷
Όଢ
਷
໘՗ʕ ʕ਷
HD
ʕ਷
਷
HD-PF4 ʕ਷
TrKB
(ʃʱɿ) AIS
ʕ਷
਷
MT1011 NOACs
(ʃʱɿ) ஷ͜Ҥኑ৕ᔷኒ ʕ਷
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
ఊᖹ
MT1013
XTL6001
MT1009
MT1002
ཫ಻Ԣ೻຦IIIಂIIಂIಂINDʿINDي
2026ҁϓIIIಂᑗґ༊᜕
2028䥊ਗIIIಂᑗґ༊᜕(1)
2027͡ሗIND
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2027͡ሗIND
2027ҁϓIIಂᑗґ༊᜕
2027䥊ਗIIಂᑗґ༊᜕(3)
2026ϋ1˜䥊ਗIಂᑗґ༊᜕
2028ϋʕҁϓIIbಂᑗґ༊᜕(4)
2026ϋ7˜䥊ਗIIಂᑗґ༊᜕(5)(7)
2026ϋ6˜䥊ਗIIಂᑗґ༊᜕(5)(6)
2027䥊ਗIIಂᑗґ༊᜕(5)
2026ϋҁϓIIಂᑗґ༊᜕
2026ϋୋ2ҁϓIಂᑗґ༊᜕
2026ϋ1˜䥊ਗIಂᑗґ༊᜕
ྌ
ᐵᄳjCaSRjඑઽชա᜗iOGP㹻iCKD-MBDሯձ৶˾ᑽମ੬iGLP-1Rjঈ৷Аጟ९ᅵ㹻Ñ1ա᜗iGCGRjঈ৷Аጟ९ա᜗iMasR: Masա᜗iMASHiFXR̵ቐXա᜗iDILIӿฦෆi
MASLDӿषiCLDӿषiPTH1R໗ዧ९1ա᜗iGIOP৶ሯଯᕦसiPMO৶ሯଯᕦसiGP IIb/IIIajጟஐͣIIb/IIIaiACSiPCIᐕi
iPF-4ΪɿÑ4໘՗ʕiTrkBj཈ऄაዧ㺛ա᜗BiNOACsҤኑᖹ


--- page 157 ---
– 149 –
ุ ਕ
ൗj
(1) ׵CKD-SHPTٙII׵CKD-SHPTѩ᙮ CKD-MBDᅰኽ d Σ
׵CKD-MBDٙIII ಂᑗґ༊᜕ f
(2) ʮ̡  ථ௟อᘴԭ˄ਜਹ  ༈ήਜ   ఱ
MT1013ᐕ CKD-SHPTव (i)೯ʿႡி MT1013i (ii) ί༈ήਜ̮ఱ΂ОቇᏐसਗ਼ MT1013
ਠ ุ ʷiʿ (iii) ί༈ήਜʫఱ CKD-SHPT΂ОቇᏐसਗ਼ MT1013d ሗਞቡ  ุਕ Ñ ਠุʷ  f
(3) MT2004ٙIᐕ MASLD ʿ CLDٙII ಂᑗґ
༊᜕౤Զਿᓾ f
(4) IIb ಂᑗґ༊᜕࿴ϓ MT1002-II-C04ۜ
MT1002Ñ MT1002 ᑗґ༊᜕฿ᚎ Ñ MT1002-II-C04dʕ ਷ IIӺ  f
(5) MT1002ٙIҤኑʿ HD-PF4ટ઼ਗ΢
ٙII ಂᑗґ༊᜕౤Զਿᓾ f
(6) ׵2023 ϋ 6ఱආБ MT1002ٙII׵2026 ϋ 3֛
f
(7) ׵2023 ϋ 7ఱආБ MT1002ٙII׵2026 ϋ 3࿧
f


--- page 158 ---
– 150 –
ุ ਕ
Ñ MT1013
ۜMT1013ɓ၇ᕐཪᓃա᜗ዧਗኒε㹻 d Չમ͜ᗳ OGP ഐ ࿴d
ݺCaSR ԨᅼᏝ OGP׵CKD-SHPT/CKD-MBDٙ2ᗫ
ٙCaSR㹻
(OGP)ᅺՈϞሜછᎴැ d
ఊɓཪᓃᏝඑ
ટሜື iPTHආϓ৶Ъ͜ f MT1013׵CKD-SHPTᐕ d
Ї CKD-MBDؓCKD-SHPT ഃቇᏐस f
Ъ͜ዚՓ
MT1013 મ͜ᗳ OGPݺCaSR ԨᅼᏝ OGP ዚՓ d ੽ϾཪΣછՓ
CKD-SHPTd MT1013එઽชա
᜗ (CaSR) d ᅼᏝඑᕎɿЪ͜ d ੽ϾҵՓ iPTHЭ iPTH Ъ ͜d
˸࿁Ҥ৷ iPTHฦෆ i ಯˇഥʃ၍࿁ Caіϗ d ᄣ̋҇ Caf̤
d OGPආ৶
৶ष f ஷཀ༈ CaSR+OGP՘ΝዚՓ d
MT1013 ̙ྼତ࿁ CKD-SHPT٫iPTHሜછ d ၝΥ༺ᅺଟһ৷ d
ू i ҷഛ৶˾ᑽ d ༆Ӕ CKD (G5D) ΥԻ CKD-SHPT৶
Ѣྤ f
㹻
එઽชա᜗
CaSR
j
OGPj
ၪ͛९%
ؤΎіϗ
د
іϗ
Аඑ
ᐟა㺛
ਿሯᘤʷ
ʱʷ
ᄣಟ
Ⴞпਹ
OGPஐͣഐ࿴
ਹ(10-14)
α2M
iPTH
ࣘ
එઽชա᜗ (CaSR)ɓ၇ G໗ e ഥᛔഃଡ଼ᔌ d
໗ዧ९ (iPTH)
එ˾ᑽᖢ࿒ f ί CKD-SHPTღᖟձඑ
ࢮۂCaSRϞ
ҵՓ iPTHЭ CaSR
d Җϓ iPTHృᐑ d ̋ᄌ৶˾ᑽମ੬ձ
f


--- page 159 ---
– 151 –
ุ ਕ
㹻 (OGP)ᄣಟ e
Υϓձ৶ਿሯҖϓ d ሜື৶Җϓཀ೻ f OGP ՈϞ࿁Ҥ
CKD-SHPTආ৶Җϓಯˇ
Րዧ f
Ը๕ j
(1) Bab, I.; Gazit, D.; Chorev, M.; Muhlrad, A.; Shteyer, A.; Greenberg, Z.; Namdar, M.; Kahn,
A. ଡ଼ஐͣ  H4 㹻  (OGP)f EMBO J
1992, 11, 1867-1873
(2) Pigossi SC, Medeiros MC, Saska S, Cirelli JA, Scarel-Caminaga RM.㹻  (OGP) ձ
OGP(10-14)ኪᕏႦ Int J Mol Sci. f2016 ϋ 11 ˜
22 ˚i17(11):1885f
ن
CKD-SHPT
CKD-SHPTɓ၇͟එ e ᐟձၪ͛९ D໗̌ঐʟආ d
໗ዧ९ (iPTH)तᅄ f CKD-SHPT ίʕૉಂ
׵2025 ϋdΌ ଢ
CKD-SHPTɛᅰ༺Ց 1.604Ց 2030 ϋਗ਼ᄣЇ 1.88ྼყ̙
Б˚ಂ d ϞՇಛ CaSRᐏ FDAd ɧಛ CaSRᖹ္
׵CKD-SHPTٙCaSRd
ܼMT1013׵IIId ሗਞቡ  Бุ฿ᚎ Ñ CaSRٙ
҅  ɓື f
CKD-SHPT ͟ CKDd
e АඑʿАᐟ˥̻ e ၪ͛९ D ˾ ᑽe
PTHʿΥԻस f CKD-SHPTᐕ d ፭ృ
ط
ᐕ e ၪ͛९ Dၪ͛९ DၾତБ਷ყʿ਷ʫᑗ
ܼKDIGO 2017ሯձ৶˾ᑽ
ମ੬CKD-MBDط
ѩ͊ਗ਼ CKD-SHPT߰
౶तӍл˖ආɓӉᆽႩ d CKD-SHPTᐕᇞ f
CKD-MBD М৶ሯଯᕦ
Όଢ CKD-MBD ઃषɛᅰ͟ 2020ٙ2.917 ᄂɛᄣЇ 2025ٙ3.428ࠇ
Ց 2030 ϋਗ਼༺Ց 4.030 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 4.703 ᄂɛ f ʕ਷ CKD-MBD ઃषɛᅰ
͟ 2020ٙ4,700 ຬɛᄣЇ 2025ٙ5,060Ց 2030 ϋਗ਼༺Ց 5,410 ຬ ɛdՑ
2035 ϋਗ਼༺Ց 5,740 ຬ ɛf
ؓCKD-SHPT
ؓCKD-SHPT ઃषɛᅰ͟ 2020ٙ1.332 ᄂɛᄣЇ 2025ٙ1.565 ᄂ ɛf
Ց 2030 ϋਗ਼༺Ց 1.853 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 2.162ؓCKD-
SHPTɛᅰ͟ 2020ٙ1,230 ຬɛᄣЇ 2025ٙ1,290Ց 2030 ϋਗ਼༺
Ց 1,310 ຬ ɛf
Ꮄැ
(1) ᜑഹ౤৷ iPTHᅺၝΥ༺ᅺଟ
Ӻ౤ͪ d iPTHːА၍शष
සϞ 2 ධ༺ᅺձසϞ 1 ධ༺ᅺ f


--- page 160 ---
– 152 –
ุ ਕ
MT1013᎘࿁᎘ IIᐕ 26dMT1013 ʔ
Э iPTHԱत̔㹻
MT1013 ଡ଼ 11.2%~11.6% vs Աत̔㹻 5.3%Աत̔㹻 2.1 Ї
2.2d ੽Ͼྼତί iPTH༺ᅺ iPTHࠢ2-9࠴
130~586pg/mL iА එj2.10-2.50 mmol/L iА ᐟ 1.13-1.78 mmol/L׵
ତϞఊཪᏝඑኒԱत̔㹻 MT1013 ଡ଼ 34.48%-39.29% vs Աत̔㹻 15.63% dMT1013
ٙ220%-251%ၝΥ༺
ၪᚐ৶Ꭵ˸ʿ౤
d ሗਞቡ͉ືɨ˖  — MT1013 ᑗґ༊
᜕฿ᚎ f
MT1013-G1 MT1013-G2
15.63%
34.48%
39.29%
Աत̔㹻251%; P=0.0482
Աत̔㹻 220%
0
10
20
30
40
50
Աत̔㹻
iPTH, Ca, PၝΥ༺ᅺଟ(%)
ྡjୋ 20-27 ඄ಂග΢ଡ଼ iPTHeА එ (Ca) ʿАᐟ (P)ر)%(
ၝΥ༺ᅺᅺ๟ j ୋ 20-27 ඄
iPTHࠢ2-9130~586pg/mL i
Аඑ 2.10-2.50 mmol/LiА ᐟ 1.13-1.78 mmol/L
ൗj͜ ᖹ ଡ଼ EAP N=28-32Ŋଡ଼
(2) Э iPTHɮ
MT1013Э iPTHd ΪϤ
׵2II-C01/C02ʕ̙Ԉ j ͜ᖹ3d
1/3٫iPTHЭʊ൴ཀ 30%i͜ ᖹ 9ڐ80%٫
iPTHЭ൴ཀ 30%f ஹᚃ͜ᖹ 26 ඄ʿ 52dMT1013٫iPTH >30%ˢԷ
༺ 80%-90%i iPTHష >50%ˢԷ̙༺ 65%-70%f
Ӻ (MT1013-II-C03)d
ίၾԱत̔㹻᎘࿁᎘࿁ˢʕ̙Ԉ MT1013 ଡ଼ʕϞ 54.8%-56.7%༺Ցə iPTH
ଣซᅺ๟ 150≤iPTH≤ 300 pg/mlٙ43.8%fϾ ˲ MT1013ܓࠠ׵
CKD-SHPTਿ ᇞ iPTH >600pg/mLᎴැ d MT1013 ୋ 2 ଡ଼ਗ਼ iPTH ੽
࠽938.5 pg/mlЭ 69.6%࠽274.2 pg/mlଣซͦᅺ
ᇍఖ 150-300 pg/ml࠽912.5 pg/mlЭ 61.8%
Ї 350.7 pg/mlଣซͦᅺᇍఖ 150-300 pg/ml؈
d ሗਞቡ͉ືɨ˖  — MT1013 ᑗґ༊᜕฿ᚎ  f
(3) ౻
৷ iPTHᗫ d ʊϓ
މCKD-MBDᎈΪ९ʘɓ f MT1013ତ̈ၝΥ


--- page 161 ---
– 153 –
ุ ਕ
છՓ৷ iPTHਗ਼ iPTH e АඑʿАᐟ˥̻છՓί
Э CKD-SHPTːА
ू f FGF23މ2017 KDIGO CKD-MBD൙
ᅺ f EVOLVE׼FGF-23ਿᇞ×
30%Э e ᾄ
Э  fί MT1013Ӻʕ d ᝈ࿀Ցೌሞί FGF-23ࠥ
ί FGF-23× 30%ˢԷɪ d MT1013Աत̔㹻 f ၾԱ
ˢ d வɓᒈැၾՉί iPTHf ᜑ
ͪ MT1013һε
d ሗਞቡ͉ືɨ˖  — MT1013 ᑗґ༊᜕฿ᚎ  f
Ը๕ j
(1) Tentori F, Blayney MJ, Albert JM, Gillespie BW, Kerr PG, Bommer J, Young EW, Akizawa T,
Akiba T, Pisoni RL, Robinson BM, Port FK. ʔΝА૶එ e ᐟձ iPTHࠬ
Ӻ (DOPPS)਷ഥᛔषᕏႦ Am J Kidney Dis. f2008 ϋ9˜i
52(3):519-30
(2) Block GA, Kilpatrick RD, Lowe KA, Wang W, Danese MD.ሯձ৶Ꭵशष
਷ഥᛔषኪᑗґᕏႦ Clin J Am Soc
Nephrol. f2013 ϋ 12 ˜i8(12):2132-40
(4) ໮
໑༸ʔԄˀᏐ j (i) Ϟ
MT1013 ЭඑАस೯͛ i (ii) MT1013-II-C01 ʿ C02Ӻʕ d ટա
MT1013d ᎇഹ iPTH࿒੻Ցҷഛ d Ca d
ஹᚃ͜ᖹ 52 ί͍੬ᇍఖʫ i (iii) ၾԱत̔㹻
Ӻʕ d MT1013 Աत̔㹻 (7.7% vs 12.1%)i (iv)
Ӻʕ d MT1013೯͛ଟЭ
Աत̔㹻ଡ଼ MT1013j 27.7% ࿁Աत̔㹻 j 33.3%iʿ (v) MT1013-II-C01 ʿ C02 ޼
ࠇ133 ͜ᖹЇ 52 ໑༸ʔԄˀᏐ⢑ː (1.5%)eྕ Ο (1.5%)dѩ ˢ
Э f
0
5
10
15
MT1013
C01+C02
MT1013
C03
12.1%
7.7%
6.8%
0%
ЭඑАस೯͛ଟ (%)
τᅌኒ MT1013
C01+C02
MT1013
C03
Աत̔㹻
C03
0%
ྡjMT1013-II-C01/C02 ʿ MT1013-II-C03ЭඑАस೯͛ଟ (%)
MT1013-II-C01+C02j MT1013 N=133
MT1013-II-C03j MT1013 ଡ଼ 1/33 ԷeMT1013 ଡ଼ 2/32 ԷeԱ त ̔ 㹻Ŋ33 Էeτ ᅌ ኒ ଡ଼Ŋ16 Է
ࣘ


--- page 162 ---
– 154 –
ุ ਕ
d ሗਞቡ͉ືɨ˖  — MT1013 ᑗґ༊᜕฿ᚎ  f
(5) ʿ˾ᑽ
ί IIӺ (II- C01)৶᎕৶
ίટա MT1013ᐕ 24 ඄ʿ 52ᐕ 52໐ಖ༰ਿᇞ
ᄣ̋ 1.65%৶᎕ᄣ̋ 4.44%b-ALP eOCePINP e
CTX eTRAP-5bЭ 53ࣛALPࠥ27.06%d TRAP-5bࠥ
45.55%׼ڌ MT1013 ᜑഹҷഛə CKD-SHPT࿒ d ҷഛ৶˾ᑽ d
৶̻ፅ f ᜑͪՉί CKD-MBDۃ
d ሗਞቡ͉ືɨ˖  — MT1013 ᑗґ༊᜕฿ᚎ  f
ᑗґ༊᜕฿ᚎ
༱ΐ MT1013j
Ӻʱಂ ήᓃ

࿒
MT1013-I-A01 . . . . . . . . . . . . . . . . I਷ 40٫
SADj2.5 mge 5 mge
10 mge 15 mge 20 mg
׵2021 ϋ
10 ˜ҁϓ
MT1013-I-C02 (1) . . . . . . . . . . . . . . . I ಂ ʕ਷ 44٫
SADj1.25 mge 2.5 mge
5 mge10 mge 15 mge 20 mg
׵2022 ϋ
9 ˜ҁϓ
MT1013-I-C03 (2) . . . . . . . . . . . . . . . I ಂ ʕ਷ 4-6ୋ 1 ˚ఊ
ϣഗᖹ i
Іୋ 6 ඄
ৎஹᚃഗ
ᖹ 3 ඄f
ٙؓ
CKD-SHPTi મ͜ఊʕ
Ӻண
ࠇ
ආБʕ
MT1013-II-C01
(1)  . . . SAD II ಂ ʕ਷ 40ٙؓCKD-
SHPT٫SADj
5mge10 mge 20 mge
40 mge 60 mg
MAD 24 2w/4wٙؓCKD-
SHPT٫MADj
5mg (2w)e 10 mg (4w)e
20mg (4w)
׵2025 ϋ
5 ˜ҁϓ
ಂඟΐ 33 52wٙؓCKD-
SHPTኒඎ
ഗᖹ
MT1013-II-C02 (2)  . . . . . . . . . . . . . . ׌ܵ
III ಂd
މIIb
ʕ਷ 350 52wٙؓCKD-
SHPTኒඎ
୞ᓃ i
୞ᓃ
ආБʕ


--- page 163 ---
– 155 –
ุ ਕ
Ӻʱಂ ήᓃ

࿒
MT1013-II-C03 (1)(3) . . . . . . . . . . . . . II ಂ ʕ਷ 114 26wٙؓCKD-
SHPTԱ
त̔㹻  ʿτᅌኒ࿁๫ d ဈ
୞
ᓃ
׵2026 ϋ
3 ˜ҁϓ
MT1013-III-C01
(1)  . . . . . . . . . . . . . III ಂ ʕ਷ 424 26wٙؓCKD-
SHPTiε ʕ ːeᎇ ዚe
ᕐᅼᏝ d ˸Гԟ̔෦Ъ
࿁๫
ආБʕ
ൗj
(1) ᑗґ༊᜕ Ŋ ίʕ਷౤ʹอᖹɪ̹
༉ઋ d ሗਞቡ͉ືɨ˖  Ñ MT1013 ᑗґ༊᜕฿ᚎ  f
(2) ٙ
༉ઋ d ሗਞቡ͉ືɨ˖  Ñ MT1013 ᑗґ༊᜕
ɽ ๖ ஷf
(3) (i) ί 2024 ϋ 7ٙEOP2ᙄ͉ʮ̡ආБɓධ
MT1013މߒ14 Ї 16ࠅ
Ӌҁϓ MT1013-II-C03઼ਗ III΋Ӕૢ΁ f (ii) MT1013-II-C03d
މ26൙П f ࿚Ї 2025 ϋ 6ٙEOP2 ๖ஷึᙄ d
ʊᐏ੻ MT1013-II-C03ٙ22ٙ14 Ї 16ᐕಂ d Ԩ̂
ə MT1013ତϞ II ಂᑗґᅰ
ኽdMT1013̙ᘱᚃආБ III ಂᑗґ༊᜕ d ኋ၍
MT1013-II-C03͊ҁϓ f
MT1013 ᑗґ༊᜕฿ᚎ
MT1013-I-A01਷ IӺ
฿ ᚎjٙI޼
ᅄ MT1013ᖹ˾ਗɢ
ኪ f
jܼ5
މ2.5e5e10e15 ʿ 20 mgѩટաఊኒ
ܼ86 Է
d 2ୋ 8 ˚Ô1 ˚
ආБᎇஞ f
෍ 40j (1) ϋᙧʧ˷ 18
Ї 55ᅰ (BMI)׵18.0 kg/m²׵30.0 kg/
m²׵45.0 kgiʿ (2)રৰ
j (1)ྼ
אHIVݭHBV)ݭHCV)ᑮ
i ʿ (2)ːཥ
ମ੬ f
࿒ j I׵٫2021 ϋ6ϣഗᖹ d
׵٫2021 ϋ 10ɓϣஞൖ f


--- page 164 ---
– 156 –
ุ ਕ
jኒඎ˥̻ PKމ࠽AUC0-tމ
205.87e435.43e714.29e1328.67ձ1602.78h*ng/mLdAUC0-infމ211.97e447.68e729.02e
1,340.27ձ1,625.27 h*ng/mLdCmaxމ197.20e425.70e576.72e1,128.90ձ1,218.03 ng/mLd
̻ѩ Tmaxމ0.114–0.181ί 2.5–20 mg ኒඎᇍఖ
ʫᅳᚣඎၾኒඎϓˢԷᄣ̋ f
ᅰኽ jʕ d ˸ 2.5 mg Ї 20 mgኒඎᇍఖఊϣආБ
MT1013 ᎑এ (IV)Ԅλ f ટա΂จኒඎ MT1013ٙ40 Էա༊
ʕ 3Է(7.5%)జѓə 4ৎTEAEf ટա΂จኒඎ MT1013ٙ30ʕ 2Է(6.66%)
జѓə 3ৎTEAEٙ10ʕ 1Է(10%) జѓə 1ৎTEAEf΍ 3Է(7.5%)
జѓ᎘೨ d 1Ϟ TEAEѩ
ܓࠠאܓTEAEf༈ 4 ৎTEAEdՉ ʕ 3ᗫ d 1 ৎ᎘ ೨
ၾ MT1013ʔԄԫ΁ f ฿ೌ೯͛Κʿ͛
Ӻʕ˟ f
ᅰኽ j ί 2.5–20 mg ʔΝኒඎɨ d MT1013ЭА૶ iPTH d ௰ɽҵ
މ32.1%e 19.8%e 66.6%e 63.0% ձ 74%̙৕ d 6ూ f
ᚃ 24–48f ίτᅌኒଡ଼ʕ d iPTHމ11.70–98.50 pg/
ml׵MT1013ගᓃ d iPTHމ5.30–82.90 pg/mlf
MT1013-I-C02 ʕ਷ IӺ
฿ ᚎjٙI ಂఊϣ჈ᄣኒඎᑗ
൙П MT1013ኪ f
jӺ f
ί1.25mg~20mgࠇ6ኒඎଡ଼ d Չʕ A1ଡ଼4Է ༊᜕ᖹ j τᅌኒ= 3:1 d
A2-A6 ӊଡ଼ 8 Է ༊᜕ᖹ j τᅌኒ = 6:2٫
ୋ 3Ӻʕ̈ଡ଼ f
෍ 44j (1) ʕ਷ᘬӲɾ
йˢԷቇ຅ i (2) ϋᙧʧ˷ 18 ๋ўЇ 45 ๋ў iʿ(3)ա༊
׵50.0 kg׵45.0 kgᅰ (BMI) ʧ˷ 19.0
kg/m2 Ї 26.0 kg/m2j (1)кᓙ d ːА
πίᑗ
ၚग़श
i (2) Ϟᑗґᜑഹ ECGڗאQTٙ
i ʿ (3)אݟECGπί
f
࿒ j I׵2022 ϋ 1׵2022 ϋ 9 ˜ҁϓ f
j 1.25mg ଡ଼ ~20mg ଡ଼ MT1013ٙC
maxމ129.28e
284.91e 537.21e 1,038.90e 1,570.64 ձ 2,264.62ng/mL dAUC0-tމ97.75e
194.04e 350.78e 709.75e 1,110.29 ձ 1,723.16ng · h/mL dt1/2މ1.18e
1.30e 1.13e 1.16e 1.29 ձ 1.47hfમ ͜ Power model ০࿁А૰ᖹ˾ਗɢኪਞᅰ Cmax e
AUC0-teAUC0-ᖹ˾ਗɢኪᅺ๟ f


--- page 165 ---
– 157 –
ุ ਕ
ᅰኽ j MT1013Ԅλ d MT1013 1.25mge 2.5mge 5mge
10mge 15mge 20mgމ1 Է (33.3%)e
4 Է (66.7%)e 4 Է (66.7%)e 5 Է (83.3%)e 4 Է (66.7%)e 6 Է (100.00%) ʿ 6 Է (54.5%)fʔ
Ԅԫ΁ (AE)ၾഗᖹኒඎʘගೌᜑഹᗫᑌ f ฿ೌᝈ࿀Ց 3א
ٙTEAEʔԄԫ΁ f ฿ೌ೯͛Κʿ
Ӻʕ˟ f
ᅰኽ j MT1013 1.25mg ଡ଼Ї 20mg໗ዧ९ί MT1013 ᎑এપ
ߒ6hًࣙ
މ36.42(16.80)%e -46.42(19.12)%e -39.99(17.75)%e
-52.65(7.96)%e -68.51(7.07)%e -71.51(5.74)% ʿ -80.35(5.98)%f MT1013ء
ഐҼ 6h༺ 24hdЇ 48hూЇਿᇞ f
MT1013-I-C03 ʕ਷ IӺ
฿ ᚎjٙؓCKD-SHPT᜗
࢛ء[14C]MT1013׳
f
jୋɓ඄ಂග d ί
࢛ء[14C]MT1013ܼ10ᅺা MT1013ߒ50 ǄCi
 fІ ୋ 6࢛ءMT1013d
ୋ 9މ5 ૩ дfՉ
෍ 4-6А૰
ٙؓCKD-SHPTf
j (1)މ18׼
މCKD-SHPTi (2)ᅰʧ˷ 18.0 kg/m² Ї35.0 kg/m² i
ʿ (3)Їˇ 12̬඄ʫʊટա
j (1)໗ʲ
ա
i(2)i ʿ (3)ۃ
ա
f
࿒ j׵2025 ϋ 7٫
ʊ̈ଡ଼ f
MT1013-II-C01ٙII ಂఊϣʿεϣ჈ᄣኒඎʿ 52Ӻ
฿ ᚎjٙؓCKD-SHPTٙII ಂᑗґ
ٙؓCKD-SHPTʕ d MT1013ܵ
ᚃഗᖹ 2–4ᚃഗᖹ 52൙П
މSAD ʿ MADf
j εʕː e IIeSAD ձ MAD ˸ʿఊᑑ൙П MT1013ٙ
ٙؓCKD-SHPT ઃ
fSADӺ̍ў 5e10e20e40e60mg ΍ 5ඟΐ f MADӺ̍ў 5e10e20mg
΍ 3ඟΐ f SAD ձ MADܼ86޼׌ݺ
d 2Ϟ


--- page 166 ---
– 158 –
ุ ਕ
ؓ3ᚃ 52 ඄f
SADୋ 8 ˚Ô1 ˚ආБᎇஞ d MADܝ
ಂΥ΍ 52ᎇஞ f
j (1)މ18׵80d ˸ʿ
i (2)֛
i (3)iPTHމ300 pg/mLi ʿ (4) Аඑఱ
ͣஐͣ <40 g/L׵2.25 mmol/L9.0 mg/dLરৰᅺ
j (1)א
׌QTc ගಂ > 470׌480i (2)ːᛔ
՘ึ IIאVi (3)ਗ
i ʿ (4)ط
f
j SAD ձMAD׵2023 ϋ04˜07d
Ї 2023 ϋ 12 ˜ 17ҁϓ༊᜕ f ྼყɝଡ଼ 6564 Էᎇዚ͜ᖹ  f
׵2024 ϋ 02 ˜ 27d Ї 2025 ϋ 05 ˜ 12
ҁϓ༊᜕ f ྼყɝଡ଼ 33f
j ఊኒඎ჈ᄣ SADӺ᎑এપൗ 5e10e20e40e60mg ଡ଼
MT1013dMT1013ٙCmaxމ434.2e 1,008.8e 1,544.9e 3,311.3 ձ 4,580.5
ng/mL iAUC0-tމ362.710e 856.968e 1,529.749e 3,329.690 ձ 4,281.925
ng · h/mL it1/2މ1.492e 1.567e 1.857e 2.062 ձ 2.164 hf εኒඎ჈ᄣ
MADӺ  ᎑এપൗ 5e10e20mg ଡ଼ MT1013d MT1013ٙCmax
މ441.5e 1,115.8 ձ 1,896.4 ng/mL iAUC0-tމ373.110e
830.400 ձ 1,654.778 ng · h/mL it1/2މ1.131e 1.896 ձ 2.175 hfમ
͜ Powerఊኒඎ 5mg~60mg ଡ଼ձεኒඎ჈ᄣ
5mg~20mgᖹ˾ਗɢኪ
ᜑႅጐ f
ᅰኽ j MT1013М೯ SHPTʕఊϣഗᖹ (5-60mg)
ձεϣഗᖹ 5-20mgd 2-4௰੬Ԉ ೯ ͛
ί× 2މMT1013А
ЭSADމ30.0%d MADމ38.9%d ЭඑАसMAD޼
މ16.7% ʿQTMADމ16.7% fMAD 20 ૩дඟΐ
ٙTEAEᅺ๟ d
ʔԄԫ΁ f
ಂ͜ᖹ 52௰੬Ԉ ≥10%ʔԄԫ΁
މMT1013Э 29 Էd87.9%ձЭඑАस 5 Էd15.2% f
༊᜕͊೯͛ၾ MT1013ܓࠠٙTEAE d ͊೯͛ၾ MT1013ٙSAEd ͊೯͛ၾ
MT1013ʔԄԫ΁ f MT1013А
М೯ CKD-SHPTމ5mgא10mgط
ᐕ 52ᎈ̙છ f
ᅰኽ j ͦᅺɛ໊຾ MT1013d SADӺʕ d 5mg ʿ˸ɪኒඎଡ଼
d ˸ 40mg ኒඎଡ଼  ༰ਿᇞᜊʷϵʱˢ j -
79.114% ձ60mg ኒඎଡ଼  ༰ਿᇞᜊʷϵʱˢ j -75.950%Ꮠ௰ᜑഹ f MADӺʕ d
5mg ଡ଼ ~20mg ଡ଼ e τᅌኒଡ଼А૶ iPTH× 30%Էᅰ ˢ Էʱй
މ3 (50.0%)e 4 (66.7%)e 5 (100%)e 2 (33.3%)f 5mg ʿ˸ɪኒඎଡ଼༰τᅌኒଡ଼А૶͠


--- page 167 ---
– 159 –
ุ ਕ
d ˸ 20mgd ΢ኒඎଡ଼ iPTH eА
ᄣ̋ d iPTHd
f
ٙؓCKD-SHPTಂ 52࿁
ಂ MT1013ಂ͜ᖹඟΐʕ d CKD-SHPTԴ͜ MT1013
ᐕୋ 9֐iPTHଟ༺ 50%× 30%ˢԷ̙༺Ց 80%d
× 50%ˢԷ̙༺Ց 60%d ͜ᖹЇ 52 ඄ d ˸ɪ΢ධˢԷ༺Ցə 57.2%e
93.1% ʿ 75.9%d iPTH <300 pg/mLމ65.6%d iPTH છՓཪͦᅺ 150pg/mL ~300
pg/mLމ53.1%׼CKD-SHPTԴ͜ MT1013ܝ9 ඄ਿ͉
ᚃᐏू f
඄
iPTHЭˢԷ
> 30%/50% (%)
0 4 8 12 16 20 24 28 32 36 40 44 48 52
0
10
20
30
40
50
60
70
80
90
100
iPTHЭ > 30% iPTHЭ > 50%
78.1%
62.5%
81.3%
68.8%
87.1%
71.0%
93.1%
75.9%
32.3%
12.9%
ྡjMT1013-II-C01 ΢ஞൖᓃ iPTH× 30% ʿ× 50%ˢԷ (%)
N=33
d MT1013 ഗᖹୋ 9͍එ (cCa)ᇠ࿔
d ᗇ
ᐏू f
0 4 8 12 16 20 24 28 32 36 40 44 48 52
10.8
10.4
10.0
cCa(mg/dL)
඄
9.6
9.2
8.8
8.4
8.0
7.6
ྡjMT1013-II-C01͍එ (cCa)ᜊʷ mg/dL
N=33


--- page 168 ---
– 160 –
ุ ਕ
d ຾ MT1013Э
d ၾ MT1013ҷഛ iPTHΙᗇ d
ආɓӉ౤ͪə຾ 52৶ᐏू d ၾ
ѕΥ f
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
BMDᄣ̋ (%)
৶᎕
4.44%
0.88%
1.65%
0.16%
ୋ24඄
ୋ52඄
ྡjMT1013-II-C01 ਿᇞ
BMD ᜊ ʷ(%)
N=33
6.6%
-14.5%
-27.1%**
-12.4%* -10.9%
-43.8%**
-31.1%**
-5.4%
-10.6%
-39.9%**
-32.0%**
-44.3%**
-45.6%**
-46.4%**
1.9%
b-ALP OC PINP CTX TRAP-5b
BMDᄣ̋ (%)
ୋ14඄
ୋ24඄
ୋ53඄
-60
-50
-40
-30
-20
-10
0
10
ྡjMT1013-II-C01ਿᇞᜊʷ (%)
N=33ˢ d *P Ö 0.05d **P Ö 0.01
ࣘ
MT1013-II-C02׌ܵIIIӺ 
฿ ᚎj͜ MT1013ٙؓCKD-SHPT
ٙ٫IIb׌ܵIIIࠅ
൙П MT1013ҷഛ f
jА૰
ٙؓCKD-SHPTྌॶɝ 350d ӊ඄ 3Շ඄ 5d ӊ
ટա MT1013d ஹᚃഗᖹ 52ڗַ
ᐕಂᘱᚃટա MT1013͋
ܝ7 ˚Ô3ᎇஞ൙ᄆ f
෍ 350j (1)ʊટաӊ඄
i (2)ʔ


--- page 169 ---
– 161 –
ุ ਕ
׵2.5 mEq/L (1.25 mmol/L)˥̻ d
׵2.5 mEq/L (1.25 mmol/L)i (3)މ
CKD-SHPTࣛiPTH׵300 pg/mL͍ίટաГ
ԟ̔෦ e Աत̔㹻 e MT1013ۃؓ
iPTH׵100 pg/mLj (1)ًࣙ
i (2)Չ˼Ꮭඑኒ
i ʿ (3)Ϊɿǂ BʷΪɿ
ৣ᜗ (RANKL)f
࿒ j II׵2024 ϋ 3Ϟ
350ʊҁϓɝଡ଼ f
ᅰኽ jۃ100٫52؈
މMT1013ᗫ
Э 81 Է΍ 234 Է ϣd81%ձЭඑАस 5 Է΍ 5 Է ϣd5%ࠠ
ЭඑАस f ʔԄˀᏐʕ⢑ː 2 Էd2%eྕ Ο2 Էd2%༊᜕ಂග d
฿ೌ೯͛ၾ MT1013ࠠTEAEeၾ MT1013ʔԄԫ΁ e ၾ MT1013
ʔԄԫ΁ f MT1013 ίၪ
М೯ CKD-SHPTމ5mgא10mg֛
ᐕ 52τΌ
ᎈ f
ᅰኽ jۃ100٫52d ഐ
Դ͜ MT1013ᐕ 52ܝiPTH ༰ਿᇞ
× 30%ˢԷ̙༺Ց 79.8%× 50%ˢԷ̙༺Ց 64.3%f
iPTH છՓཪͦᅺ 150pg/mL~300 pg/mLމ45.6%Э
щ͍ίԴ͜Ꮭ
එ ኒdԴ ͜ MT1013ܝ80%٫iPTH ̙ᐏ੻ආɓӉҷഛ d ৷එ˥̻੻Ցᜑഹҷ
Ї͛ଣ͍੬ᇍఖ f
iPTHЭϜᇞ j
70.1%
80.7% 85.6%
79.8%
64.3%
68.9%
59.1%
48.5%
40.4%
20.2%
඄
iPTHЭ> 30%/50%ˢԷ(%)0
10
0 4 8 12 16 20 24 28 32 36 40 44 48 52
20
30
40
50
60
70
80
90
100
iPTHЭ > 30% iPTHЭ > 50%
ྡjMT1013-II-C02 ΢ஞൖᓃ iPTH× 30% ʿ× 50%ˢԷ (%)
N=100


--- page 170 ---
– 162 –
ุ ਕ
АඑϜᇞ j
0 4 8 12 16 20 24 28 32 36 40 44 48 52
10.8
10.4
10.0
cCa(mg/dL)
9.6
9.2
8.8
8.4
8.0
7.6
඄
ྡjMT1013-II-C02͍එ (cCa)ᜊʷ mg/dL
N=100
ࣘ
MT1013-II-C03
฿ ᚎj͜ MT1013ٙؓCKD-
SHPTٙ٫IIᚃഗᖹ 26 ඄˸൙П MT1013ࡡޥ
f
jટ
ٙؓCKD-SHPTྌॶɝ 112ܲ2:2:1:1 ˢԷʱᄴ
ᎇዚʱৣЇ MT1013 ଡ଼1eMT1013 ଡ଼2ኽጜ፯ಂ iPTHᎇ
ۃ14˥̻ ≤800 pg/ml× 800 pg/ml ʱᄴᎇዚʱ
ഗᖹ d ӊ඄ɧϣ d ஹ
ᚃഗᖹ 26ɓ඄ +3ᎇஞ൙ᄆ f
෍ 114j (1)ࣣࣛ
މ18i (2)ܵ
܃Kt/V
(spKt/V)≥1.2Эଟ (URR)≥65%iʿ (3)މCKD-SHPTʿ
А૶ iPTHШ
j (1)ً
i (2)໑༸
i ʿ (3)ਗএ
f
࿒ j II׵2024 ϋ 11׵2026 ϋ 3 ˜ҁϓ f


--- page 171 ---
– 163 –
ุ ਕ
ᅰኽ jӺʕ MT1013ڢ
ᎈ f SAEӺʕѩ͊ᝈ࿀Ց
ܓࠠٙTEAEٙSAEf ΪʔԄˀᏐኬ
೯͛ଟ d Աत̔㹻ଡ଼ (33.3%)׵MT1013 ଡ଼ (27.7%)ΪʔԄ
೯͛ଟϾԊ d
MT1013೯͛ଟ (7.7%)Աत̔㹻 (12.1%)ЭඑАस
ष ԷfMT1013໑༸ TRAEԱत̔㹻ଡ଼ f Ո᜗ϾԊ d MT1013ٙ
މ1.54%މ6.06%e
3.03%e 0% ʿ 3.03%׼ڌ MT1013f
 ѩίτᅌኒଡ଼ ΪTEAEɓԷ˶ɢʿɓԷᗫື೨ f
ᅰኽ j ͦᅺɛ໊຾ 26d EAP ಂග MT1013 ଡ଼ 1dMT1013 ଡ଼ 2 ʿ
Աत̔㹻ଡ଼А૶ iPTH× 30%މ25 (80.65%)e
28(93.33%) ʿ 29 (90.63%)× 50%މ23 (74.19%)e 24 (80.0%)
ʿ 24 (75%)ٙࠠCKD-SHPTਿ ᇞ iPTH>600pg/mL dMT1013 ༰Աत̔
٫iPTH ੻Ցҷഛ j EAP ಂග MT1013 ଡ଼ 1dMT1013 ଡ଼ 2 ʿԱत̔㹻ଡ଼
А૶ iPTH× 30%މ17 (85.0%)e 19 (100%) ʿ 18
(85.71%)× 50%މ15 (75.0%)e 16 (84.21%) ʿ 15 (71.43%)f
EAP ಂග iPTH ༺ᅺଟ150-300pg/mL MT1013Աत̔㹻 MT1013 ଡ଼ 1eଡ଼ 2 ʿԱ
މ54.8%e 56.7% ʿ 43.8% f
ᐕཀ೻ʕ MT1013Աत̔㹻
MT1013 ଡ଼ 1dଡ଼ 2މ71%d80% ʿ 68.8%d
MT1013ୋ 27ϵʱ
ˢjMT1013 ଡ଼ 1 މ11.2%dଡ଼ 2 މ11.6%މ5.3%ܸ
ၝΥ୞ᓃ iPTHٙࠢ2-9࠴130-586 pg/mL)iА එj2.10-2.50 mmol/
Li А ᐟj1.13-1.78 mmol/L Ͼ ԊdMT1013MT1013މ
34.48%-39.29%މ15.63%ࡈMT1013Ա
ٙ220%-251%f
ЭˢԷ
(%)
Աत̔㹻 τᅌኒ
-30
-20
-25
-15
-10
-5
0
15
-5.3%
-11.6%
MT1013-G1 MT1013-G2
-11.2%
0.081%
Աत̔㹻 211-222%
ྡjୋ 27 ඄΢ଡ଼А૶ PЭଟ %
ୋ 27 ඄͜ᖹଡ଼ N=28-32/ ଡ଼ d τᅌኒଡ଼ N=9


--- page 172 ---
– 164 –
ุ ਕ
1.0
1.4
1.8
2.2
2.6
3.0
2.07
ୋ27඄
MT1013-G1 MT1013-G2
1.79
P (mmol/L)
2.00
1.70
1.86
1.73
2.04
1.92
P=0.014
P=0.013
P=0.252
P=0.512 ਿᇞ
Աत̔㹻 τᅌኒ
΢ଡ଼А૶ Pmmol/L
ൗj͜ ᖹ ଡ଼Ŋ28-32d τᅌኒଡ଼ Ŋ 9٫
ࣘ
ᅰኽᜑͪ d ೌሞί FGF-23ί FGF-23× 30%ա༊
ˢԷɪ d MT1013༺ᅺଟ f ༈ᒈැၾ
ٙiPTHf ᜑͪ MT1013
ᎈ f
P=0.012-60
-50
-40
-30
-20
-10
0
10
-22.8%
-8.8%
-39.9%
MT1013-G1 MT1013-G2
-33.5%
FGF23ЭˢԷ
(%)
Աत̔㹻 τᅌኒ
ྡjୋ 27 ඄΢ଡ଼ FGF23Эଟ %

ൗjୋ 27 ඄͜ᖹଡ଼ N=27-30Ŋଡ଼dτ ᅌ ኒ ଡ଼ N=8
10
20
30
40
50
60
70
80
MT1013-G1 MT1013-G2
Աत̔㹻 117%~133%
58.6%
66.7%
50.0%
25.0%
FGF23Э> 30%ˢԷ
 (%)
Աत̔㹻 τᅌኒ
ྡjୋ 27 ඄΢ଡ଼ FGF-23Э× 30%ˢԷ %
ൗjୋ 27 ඄j͜ ᖹ ଡ଼ N=27-30Ŋଡ଼iτ ᅌ ኒ ଡ଼ N=8
ࣘ


--- page 173 ---
– 165 –
ุ ਕ
Աत̔㹻 τᅌኒ
ਿᇞ
ୋ27඄
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2,667.3
1,675.0
3,722.2
1,840.5
3,318.8
2,235.4 2,236.9
3,318.8
MT1013-G1 MT1013-G2
FGF23 (pg/mL)
P=0.013
P=0.003
P=0.211 P=0.242
*P=0.046
΢ଡ଼ FGF23pg/mL

ୋ 27 ඄͜ᖹଡ଼ N=27~30Ŋଡ଼dτ ᅌ ኒ ଡ଼ N=7f
*P=0.046jί ୋ 27ɪ d MT1013ࣖ
ࣘ
MT1013-III-C01
฿ ᚎj͜ MT1013ٙؓCKD-SHPT
ٙ٫IIIӺ d ϙί൙П MT1013୞ᓃ 1d ၾГԟ
ˢ d ટա MT1013׵٫EAPಂගА૶ iPTHЭ >50%ˢԷ f
୞ᓃ 2ˢ d ટա MT1013׵٫EAP ಂගА૶ iPTH
Э >30%ˢԷ f
jᑗ
ٙؓCKD-SHPTྌॶɝ 424 Էա༊
๫ 1:1 ᎇዚʱৣආɝ MT1013 ଡ଼ձГԟ̔෦ଡ଼ d ʱйટա MT1013+ Гԟ̔෦
Гԟ̔෦ +MT1013ᐕ f MT1013/MT1013ɓ඄ɧ
d MT1013ટ
຾᎑এഗᖹ d ஹᚃഗᖹ 26 ඄ f Гԟ̔෦ Ŋ Гԟ̔෦ᅼᏝኒ j
ৰ D1Гԟ̔෦ d ɓ˂ɓϣ (QD)ܔ
ᗇί iPTHගཞ ≥12hd ஹᚃഗᖹ 26 ඄fա ༊
ಂ 4ᎇஞಂ f
෍ 424j (1) ̂ʱଣ༆ԨІᗴΝ
i (2)މ18 ๋ʿ
d BMI ʧ˷ 18 kg/m 2 Ї 35 kg/m 2ၑ  i
(3)Їˇ 12̬඄ʫ
ᅰ (Kt/V)≥1.2Эଟ (URR)≥65% dӊ ϣ
ᚃ 3 Ї 4.5j (1)˜ʫಀટ
Չ˼
i (2)i
(3)ٙ
f
j III׵2025 ϋ 7ה
Ϟ 424ʊҁϓɝଡ଼ f


--- page 174 ---
– 166 –
ุ ਕ
ྌ
MT1013׵2025 ϋ 5 ˜ҁϓə০࿁ CKD-SHPTʕ਷ II-C01Ӻ d Ԩ
ٙIIIᕐ̌ঐε㹻
ٙIIIᗫ
ྌరӋ MT1013ٙؓCKD-SHPTٙ
׵ࠇ2026 ϋϋ͋౤ʹ Pre-NDA׵2027౤ʹ NDAf
ۜMT1013ቇᏐसЇ CKD-MBD М৶ሯ
ؓCKD-SHPT ഃჯਹ f MT1013 ʔසί iPTHሯ˥
ତԄλ d IId ˈՉ
d ሗਞ
ቡ ุ ਕ— MT1013 ᑗґ༊᜕฿ᚎ  f வɓᑗґᐏूʔස᜕ᗇə MT1013ሯ˾
ՉΣ CKD-MBDක
ྌл͜੽ IIᅰኽ d Σ˴၍္၍ዚ࿴రӋ
d ˸ආБ MT1013׵CKD-MBDٙIII
ಂᑗґ༊᜕ f
ྌ j
ήᓃ Ԣ೻຦ཫѓ
CKD-SHPT  . . . . . . . . . . . MT1013-I-C03 ʕ਷ Iሯ
Ӻ
׵ࠇ2026 ϋʕҁϓ
MT1013-II-C02 ʕ਷ IIb ಂ
׌ܵ
IIIӺ 
׵ࠇ2026ҁϓ
MT1013-III-C01׌III ಂ
Ӻ
׵ࠇ2026ࠇ
׵2026౤ʹ Pre-NDAd
׵2027౤ʹ NDAf
CKD-SHPT  . . . . . . . . . INDอ઼ਗ (1)਷પආ IIٙ
ٙ
ΥЪྫМ
CKD-MBD М৶ሯ
ଯᕦ   . . . . . . . . . . . . . . .
IND׵ࠇ2028࢝III ಂ
ᑗґ༊᜕
ؓCKD-SHPT
(2) . . . . IND׵ࠇ2027͡ሗ IND
ൗj
(1) MT1013-I-A01਷ Iࠦ
ྌ d
ΪϞᗫ MT1013f ΪϤ d MT1013ؓ
CKD-SHPT׵2023 ϋ 10࿒ f ᎇഹ዆᜗ፄ༟
׵2025 ϋϗՑ͉ණྠ Dอ઼ਗə MT1013 ί
ආΣ FDA਷͊
׵2026 ϋ 2 ˜ 13׵
2026 ϋ 3 ˜ 20 ˚ᐏ੻ FDAආБ II׵2026 ϋ 4 ˜ 10 ˚Σ FDA
ΥЪ
ᑗґ༊᜕ f
(2) ؓCKD-SHPTٙ٫MT1013༈ቇ
ؓCKD-SHPTd Ԩ̙ঐ౤৷Ա
ਗ਼Ա፠ତϞ MT1013 ί CKD-SHPTᑗґᅰኽ d ˸
ආɓӉપආ MT1013ؓCKD-SHPTᅳᚣඎၾᐕ
ᅰኽ f


--- page 175 ---
– 167 –
ุ ਕ
ɽ๖ஷ
ˀ࿁จԈ f
ၾ္၍ዚ࿴ఱϞᗫක೯ MT1013ᐕ CKD-SHPT္၍๖ஷ j
࿒
CKD-
SHPT  . .
MT1013-I– A01 I FDA਷ (i) ׵ࡁ2021 ϋ 1 ˜ఱ MT1013ᐕ CKD-SHPT Σ FDAӺ͡ሗ f
FDAཀ೻ʕ͊࿁ᑗ
౤̈΂ОආɓӉจԈ f
׵2022 ϋ
6 ˜ 21 ˚༺ϓᑗґ༊᜕฿
༱΢ධͦᅺ f
(ii) ׵2021 ϋ 3 ˜dFDAආБ IӺ d ˸
൙П MT1013ኪ f
MT1013-I– C02 Iᖹ္҅ ʕ਷ (i) ׵ࡁ2021 ϋ 4 ˜ఱ MT1013ᐕ CKD-SHPTᖹ္҅౤ʹอ
Ӻ͡ሗ f
׵2022 ϋ
9 ˜ 24 ˚༺ϓᑗґ༊᜕฿
༱΢ධͦᅺ f
(ii) ׵2021 ϋ 7ᖹ္҅ఱ MT1013ᐕ CKD-SHPTٙI ಂeII ಂʿ III ಂᑗґ
ࡘ1)ࡁ1)ٙ
IτΌ೿ i (2) ੗
ྌ i (3) ੗ʲ༧ᔳΝᗳཪᓃᖹ
d
ᚐ i ʿ (4) ίҁϓ I ಂʿ IId ί
֐IIIᄲ൙ʕː͡ሗ๖ஷึᙄ f
MT1013-I– C03
(2) Iᖹ္҅ ʕ਷ (i) ׵2025 ϋ 3ఱ MT1013ᄲ൙ʕː౤ʹə๖ஷ
ึᙄ͡ሗ f
(ii) ׵2025ϋ8༺ϓ΍ᗆ f
ྼყ̙
ʊ
׵2026 ϋ
ʕҁϓ f


--- page 176 ---
– 168 –
ุ ਕ
࿒
MT1013-II-C01 IIᖹ္҅ ʕ਷ (i) ׵2022 ϋ 9 ˜dMT1013-I-C02Ӻజѓ (CSR) ʊ̈Ո d ᅺႦഹ I ಂ
׵2022 ϋ10ᄲ൙ʕː౤ʹə I ಂഐҼ (EOP1)
๖ஷึᙄ͡ሗ d ˸రӋϞᗫ઼ਗ MT1013 IIኬ f
ʊ ҁ ϓjఱ SAD ʿ MAD޼
׵2025
ϋ 4 ˜ 8 ˚༺ϓᑗґ༊᜕
༱΢ධͦᅺ i Ͼఱ
׵
2025 ϋ 8 ˜ 25 ˚༺ϓ f
(ii) ׵2023 ϋ 1ٙࡁIӺ MT1013-I– C02ᄲ൙ʕ
Ϋᔧʕʔˀ࿁͉ʮ̡ᘱᚃආБ IIӺ d ˸ආɓӉ൙П
MT1013 ί CKD-SHPT׌III ಂᑗґ
ʿኒඎ౤ԶԱኽ f
MT1013-II-C02 IIb
(3)ᖹ္҅ ʕ਷ ආБʕ (4)ྼყ
Ϟ 350 Τ
ʊҁϓɝଡ଼  d
׵2026ҁϓ f
MT1013-II-C03 IIᖹ္҅ ʕ਷ (i) ׵2024 ϋ 2ٙIIӺ
(MT1013-II-C01 ୋɓ௅ʱ )ᄲ൙ʕː౤ʹəୋɓϣ II ಂഐҼ
(EOP2) ๖ஷึᙄ͡ሗ d ˸రӋϞᗫ઼ਗ MT1013 IIIኬ f
׵2026 ϋ
3ה
༱΢ධͦᅺ f
(ii) ׵2024 ϋ 7ኽତϞ IIᙄආБɓධ
ٙMT1013ኒඎ e
׌IIIܵ
ᅰኽ f
(iii) ׵2024 ϋ 7ක MT1013-II-C03ᘪ௪
ʈ Ъf


--- page 177 ---
– 169 –
ุ ਕ
࿒
MT1013-III-C01 IIIᖹ္҅ ʕ਷ (i) ׵2025 ϋ 5 ˜dί ҁ ϓ IIӺ (MT1013-II-C01) Ԩᐏ੻ MT1013-II-C02 ʿ
MT1013-II-C03ᄲ൙ʕː౤ʹə II
ಂഐҼ (EOP2) ๖ஷึᙄ͡ሗ d ˸రӋϞᗫ઼ਗ MT1013 IIIኬ f
׵2026 ϋ
ҁϓ f
(ii) ׵2025 ϋ 6ٙIIܼa)MT1013-II-C01e
(b)MT1013-II-C02ତϞᅰኽʿ (c) ʊ՟੻ 22Ӻ MT1013-
II-C03ᄲ൙ʕːᆽ
ႩdMT1013̙ᘱᚃආБ III ಂ
ᄲ൙ʕːԨೌఱ IIί III ಂ
ࡊ
MT1013ٙIIIٙܝ
NDAf
ൗj
(1) 2021 ϋ 7ᖹ္҅ఱ MT1013ᐕ CKD-SHPTd ଄ႊ I ಂeII ಂʿ III࢕
ኽ༈อᖹ
ҁϓ I ಂʿ II֐IIIᄲ൙ʕː๖ஷ f
׵2021 ϋ7ᅳᚣඎഃ୞ᓃ f ΪϤ d MT1013-I-C03 ʿMT1013-II-C02 ආ
Бʕ༊᜕ආɓӉක೯ MT1013у
III׵2021 ϋ 7 ˜ఱ MT1013ᐕ CKD-SHPT༈ഃආБʕ༊᜕ೌ
ɓ௅ʱ౤ʹ d ˸໾̂዆᜗ᑗґᅰኽ̍ d ˲
ʔ࿴ϓਗ਼ MT1013ʘɓ f
(2) ٙI ಂᑗґ༊᜕ (MT1013-I-C03)࢛ء[
14C] MT1013ᗅ e ᖹ˾
ίɛ᜗
ϙίீཀ౤Զ࿁ MT1013ଣ༆ d ˸
Ӻ᙮ ADME
Ӻ f Չʔึҷᜊ I/IIѳᖟ III઼ਗ f


--- page 178 ---
– 170 –
ุ ਕ
(3) MT1013-II-C02d IIᅰኽ d
પආЇ IIIf ್Ͼ d MT1013-II-C02޴
ኽ ICH E1ᅰ
f MT1013-II-C02 Ԩʔ࿴ϓપආЇ MT1013-III-C01પආЇ IIIतᅄʊ͟ MT1013-
I-C02e MT1013-II-C01 ʿ MT1013-II-C03 ᆽ ͭf຾ 2025 ϋ 6ٙEOP2ٙII ಂᑗґᅰኽ d MT1013
̙ᘱᚃආБ IIIʔଣซ d Չʔึ
ᅂᚤତϞ IIIf
(4) MT1013-II-C02׵2024 ϋ 3Ϟ 350ኽ EOP2 ๖ஷ
ߒ350ᅳᚣඎ˥̻ f ኋ၍ CKD-SHPT׵
ICH E1͊ఱ CKD-SHPTఱ MT1013-II-C02 Іᗴ
ఱ CKD-SHPTආ MT1013-II-C02ࣖ
ࡈ
׵CKD-SHPTᐕ
d Ң
f


--- page 179 ---
– 171 –
ุ ਕ
ᐕ CKD-SHPTٙI ಂᑗґ༊᜕ (MT1013-I-C02)d˲ ᖹ
ᄲ൙ʕːʔˀ࿁͉ʮ̡ආБ IId ఱ CKD-
SHPT Ͼ ԊdMT1013f
͊̀ঐ੄௰୞ϓ̌ක೯ʿਠุʷ MT1013
Ñ XTL6001
ۜXTL6001ᐏҭ INDٙݬGLP-1R/
GCGR/MasRഥᛔष (CKD) ΥԻஐͣ
҇ʿ MASHᐕ f XTL6001ۃGLP-1ி
शष౤Զ
ᐕ፯኿ f
Ъ͜ዚՓ
XTL6001ଡ଼ɧཪᓃε㹻 FcݺGLP-1R eGCGR ʿ MasR
˸೯౨ᖹଣЪ͜ f
BAT
ӿᛔ
ঈ໗
໘
ᅎ
࠮
ࠠ
АጟછՓ
Аጟ
׌
ᑔոቐ
׌
ঐඎ˕̈
XTL6001:
GLP1R/GC
GR/MasR
ɧཪᓃዧਗኒ
GLP1R/GCGRݺ
ݺ
ႰኬА၍ബੵ
А၍ബੵ
АᏀ
ഥృᐑ
˥ඒႅव
ᜄၪʷ
स
ःʷᏐዧ
ҷഛই˾ᑽ८඾
ಯˇฆА၍ฦෆ
• XTL6001Ъ͜
GLP-1Ri GCGRݺ
ა
Э᜗ই d ዧਗ GCGRঐඎʱ
༆Ъ͜ၾዧਗ GLP-1f
MasRʱ༆ e
࿒ e ҷഛ዆᜗ପᆠʿᄣ̋ЄЂўඎഃ f ഥᛔ MasRd ബੵА၍ d
Эᜄၪʷ d ಯჀ
ःʷᏐዧഃ f


--- page 180 ---
– 172 –
ุ ਕ
Ϊ ϤdGLP-1R eGCGR ձ MasR ɧཪᓃዧਗኒ XTL6001ආই
f
Ը๕ j
(1) Proença ABj Mas ձ
MrgD ͛ଣኪᕏႦ J Cell Physiol. f2024 ϋ 6 ˜i239(6):e31265
(2) Gironacci MM͛ଣኪజ
Acta Physiol (Oxf). f2024 ϋ 5 ˜i240(5):e14134
(3) Passos-Silva DG, Verano-Braga T, Santos RA. А၍ੵɢ९ -(1-7)౱
ኪ Clin Sci (Lond).  f2013 ϋ 4 ˜i124(7):443-56. doi: 10.1042/CS20120461.PMID:
23249272
• XTL6001׌CKDЪ͜
XTL6001ᚐ
ᚐ
ݺMasR ձGLP1RЭഥʃଢଢʫᏀ d
ݺMasR ձ GLP1Re ҤᜄၪʷЪ͜ d ಯˇഥʃଢ
ݺMasRɳձ
ഥषஐͣ (nephrin)ూᓩཀᇫ i ̤̮ d GCGR/GLP1R/MasRࠠ
ʕ੬Ԉ
ᚐഥᛔ̌ঐ i Չ˼ගટ
ᆑίϞूЪ͜ f
Ը๕ j
(1) Kanbay M, Copur S, Bakir CN, Covic A, Ortiz A, Tuttle KR.ഥ
୅ಔ Nephrol Dial Transplant.  f2024 ϋ 7 ˜ 31 ˚i
39(8):1228-1238
(2) Simões E Silva AC, Teixeira MM.ACE ҵ ՓeACE2 ձА၍ੵɢ९ -(1-7)ف
Ӻ Pharmacol Res. f2016 ϋ 5 ˜i107:154-162
• XTL6001׵MASH
XTL 6001 ਗ਼GLP-1ಯჀ 
ʱ༆ձӿ
ʷ Ang1-7/MasRʷஐͣዧ
㺛 (AMPK) dҵ Փ HSCʷ d ̋஺ HSC೯षձ೯
fΪ ϤdGLP-1R eGCGR ձ MasR ɧཪᓃዧਗኒ XTL6001 ஷཀ՘ΝЪ͜ d ཫಂ̙
ҷഛ MASHf
Ը๕ j
(1) Spezani R,  Mandarim-de-Lacerda CA. ա᜗ዧਗኒ  GLP-1/จ່ձ
ኪ Life Sci2022;288:120188
(2) Valdecantos MP, Pardo V, Ruiz L, Castro-Sánchez L, Lanzón B, Fernán-dez-Millán E, García-
Monzón C, Arroba AI, González-Rodríguez Á, Escrivá F, Álvarez C, Rupérez FJ, Barbas
C, Konkar A, Naylor J, Hornigold D, Santos AD, Bednarek M, Grimsby J, Rondinone CM,
Valverde ÁM.ঈ৷Аጟ९ᅵ㹻 1/ٙ
ձӿᛔΎ͛ f ӿᛔኪ Hepatology f2017 ϋ 3 ˜i65(3):950-968


--- page 181 ---
– 173 –
ุ ਕ
ن
ߛ٭
शष f வԬ
ʿ
Ց 2030 ϋਗ਼༺Ց 30.706 ᄂ ɛdՑ2035 ϋਗ਼༺Ց 34.772 ᄂ ɛd
Ց 2030 ϋਗ਼༺Ց 7.565 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 8.605ྼ
ყ̙Б˚ಂ d ΌଢϞ 17ɧཪᓃ GLP-1R׵
f Չʕ d 12ཪΣ GLP-1R eGCGR ʿ GIPRཪΣ
GLP-1R eGCGR ʿ FGF21ཪΣ GLP1Re GIPR ʿ AMYR፯
ཪΣ GLP1Re GIPR ʿ NPY2Rf XTL6001ٙࡁGLP-1RਬɓཪΣ
GLP-1R eGCGR ʿ MasRɧཪᓃ GLP-1Rf ዧਗ MasR ̙ᄣ̋ஐͣሯ
ЄЂඎ f XTL6001 Ϟૐऊৰ GLP-1Rݴ
 ʿБ
ุ฿ᚎ Ñ GLP1R҅  ɓື f
׌CKD
ίʕ਷ dCKD Мஐͣ҇ઃषɛᅰ͟ 2020ٙ7,600 ຬɛᄣЇ 2025ٙ8,190 ຬ ɛd
މ1.5%Ց 2030 ϋਗ਼༺Ց 8,750 ຬ ɛdՑ2035 ϋਗ਼༺Ց 9,290 ຬ ɛf
׌CKDd ሗਞቡ  Бุ฿ᚎ ÑCKD Мஐͣ҇฿ᚎ  ɓ ືf
MASH
ίʕ਷ d MASH ઃषɛᅰ͟ 2020ٙ3,870 ຬɛᄣЇ 2025ٙ4,550 ຬɛ d ልΥ
މ3.3%Ց 2030 ϋਗ਼༺Ց 5,370 ຬ ɛdՑ 2035 ϋਗ਼༺Ց 6,310 ຬ ɛfϞ
ᐕ MASHd ሗਞቡ  Бุ฿ᚎ Ñ MASH ฿ ᚎ ɓ ືf
Ꮄැ
၍ଣ
(1) ዚՓ
XTL6001ࠅ
ٙGLP-1d XTL6001ՈϞᜑഹ
ᆑɢ f
d XTL6001Ⴐኬ
ߛ٭ٙDIO)ආঐඎऊঃ˸ྼ
f


--- page 182 ---
– 174 –
ุ ਕ
0
-20
-40
-60
20
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
5.68%
-14.22%
-25.04%
-32.64%
-39.95%
0
3
2
1
0
3 7 10 14 17 21 24 28
ග ˂
ˢ
༱᜗
㹻0.13μmol/kg
XTL6001 0.07μmol/kg
XTL6001 0.13μmol/kg
XTL6001 0.26μmol/kg
ඎ ( д / ˂ )
ග ˂
༱᜗
㹻0.13μmol/kg
XTL6001 0.07μmol/kg
XTL6001 0.13μmol/kg
XTL6001 0.26μmol/kg
XTL6001 vs㹻ί DIOᅂᚤ (n=12)
ࣘ
2) ̰
d XTL6001Э DIOў
ўඎˢଟ౤৷Ї͍੬˥̻ f
60
50
40
30
20
40
30
20
10
0
100
80
60
40
15
10
5
0
***
###
-24.0%
20.63%
###
###
***
###
### ###
######
###
***
###
#####
***
-33.0% -40.6%
32.63%
ˢԷ(%)
ˢ(%)
࿁๫ଡ଼ ༱᜗ 0.07 0.13
XTL6001
0.26
μmol/kg
࿁๫ଡ଼ ༱᜗ 0.07 0.13
XTL6001
0.26
μmol/kg
࿁๫ଡ଼ ༱᜗ 0.07 0.13
XTL6001
0.26
μmol/kg
࿁๫ଡ଼ ༱᜗ 0.07 0.13
XTL6001
0.26
μmol/kg
24.50%
-44.08%
-55.44% -58.15%
XTL6001ўඎ (MRI)ᅂᚤ (n=10)
***P<0.001 vs. ࿁๫ଡ଼ i ##P<0.01d ###P<0.001 vs. ༱᜗
ࣘ
Id XTL6001̙ಯʃ໐ఖʿ໐ᑒˢ (WHR) d˲
d ሗਞቡ͉ືɨ˖  —
XTL6001 ᑗґ༊᜕฿ᚎ  f


--- page 183 ---
– 175 –
ุ ਕ
(3) ֜
࢔
ˢ d XTL6001ତ̈һɽ
൴ཀ 93.95%ྡ 1ˢ d XTL6001 ਗ਼҇ͣஐͣ
࠽UACR)Э 15% Ї 50%ྡ 2 f
##
***
&P<0.05
-78.74%
0.13
㹻
࿁๫ଡ଼ ༱᜗
XTL6001
0.07 0.13 0.26
-53.54%
-85.36% -93.95%
μmol/kg
## ##
0
1
2
3
4
5
6
ٴ)%(
㹻0.13 μmol/kg
XTL6001 0.07 μmol/kg XTL6001 0.13 μmol/kg XTL6001 0.26 μmol/kg
ྡ 1jXTL6001 ࿁ DIOᅂᚤ vs.㹻 d n=12
400
500
600
300
200
100
0
҇ͣஐͣ (mg/24h)
***
4඄
###
-38.64%
***
###
-64.49% ###
-55.85%
###
-58.34%
###
-81.65%
࿁๫ଡ଼
༱᜗
Fine 1.6mg/kg
XTL6001-0.06mg/kg
XTL6001-0.17mg/kg
XTL6001-0.5mg/kg
XTL6001-4.5mg/kg
༱᜗
Fine 1.6mg/kg
XTL6001-0.06mg/kgXTL6001-0.17mg/kgXTL6001-0.5mg/kgXTL6001-4.5mg/kg
࿁๫ଡ଼
༱᜗࿁๫ଡ଼
40
50
60
30
20
10
0
࠽mg/g)
**
4඄
-28.94%
-44.86%
-48.23%
-55.47%
-80.06%
࿁๫ଡ଼
༱᜗
Fine 1.6mg/kg
XTL6001-0.06mg/kg
XTL6001-0.17mg/kg
XTL6001-0.5mg/kg
XTL6001-4.5mg/kg
Fine 1.6mg/kg
XTL6001-0.06mg/kgXTL6001-0.17mg/kgXTL6001-0.5mg/kgXTL6001-4.5mg/kg
#
*** P<0.001 ၾ࿁๫ଡ଼ˢ༰ i#P<0.05e ##P<0.01e ###P<0.001 ၾ༱᜗ˢ༰ 
ྡ 2ʕ d
XTL6001 ࿁ UACRքл●৷ 15% Ї 50%f
(n=12)
ࣘ
Id XTL6001ЭА૶҇ა
d ሗਞቡ͉ືɨ˖  — XTL6001 ᑗ
ґ༊᜕฿ᚎ f
(4) ഗᖹᆑɢ
Id XTL6001ᅳᚣඎᎇኒඎ჈ᄣϾᄣ̋ d ˲ӊ඄ɓϣഗᖹ
ᅰኽᜑͪ d XTL6001Ԅλ d
ʔԄԫ΁ (SAE) f ৰၾ৷ኒඎ GLP-1ߞ
ڦ
d ሗਞቡ͉ືɨ˖  — XTL6001 ᑗґ༊᜕฿ᚎ  f


--- page 184 ---
– 176 –
ุ ਕ
XTL6001 ᑗґ༊᜕฿ᚎ
XTL6001-I-C01 ʕ਷ IӺ
฿ ᚎj̍ўఊϣኒඎ჈ᄣ (SAD) eε
ϣኒඎ჈ᄣ (MAD)ٙI൙ᄆ
XTL6001׌ࡡޥ
މII၍ଣ
׌CKD Շ၇ቇᏐस f
j
e SAD ʿ MADٙIӺ
SAD MAD
SRC
SRC
D1 D8 D15 D22 D29
ୋ1ଡ଼
ୋ2ଡ଼
N=10
N=15
D: day
37.5 mg
75mg
150mg
300 mg
SRC
N=8
N=8
N=8
N=8
75mg 300mg150 mg 225mg
75mg 75mg 150 mg 150 mg 225 mg
• εኒඎ჈ᄣ(MAD)Ꮠ
•஼Ӊ჈ᄣ
• ᎇዚʱଡ଼jXTL6001:τᅌኒ=4:1dӊ඄ɓϣ
•ePKePD
• ᎇዚʱଡ଼jXTL6001:τᅌኒ=3:1
•e1,e1%
෍ 57j (1)ϋᙧί 18
׵65i (2)BMI׵18.5 kg/m 2׵40.0 kg/m 2i
ʿ (3)׵50.0 kg׵45.0 kgર
j (1) ϞIאۨIIஐͣ (HbA1c)>
6.5%໖Аጟ > 7.0 mmol/Li (2)ߧ
ஈ˙ᖹ (OTC)i (3)٤
ಀટա
i (4)ʞϋ
א2Aאۨ2Bա
f
j I׵2025 ϋ 6ྼყ̙Б˚ಂ d LPLV
ʊҁϓ f
ᅰኽ j XTL6001໑༸ʔԄԫ΁ѩ
މ1-2̙ಯˇ༈ʔԄԫ΁ଟ f


--- page 185 ---
– 177 –
ุ ਕ
ᅰኽ j
PK त ᅄjXTL6001ܝ20~30hd ऊৰ̒
މߒ30hମ j

ܓng/mL)
0 24 48 72 96 120 144 168
0
1000
2000
3000
4000
5000
6000
37.5 mg
75 mg
150 mg
300 mg
37.5 mg
75 mg
150 mg
300 mg
ܓ
ܓ
0 24 48 72 96 120 144 168
1
2
3
4
5
ܓ

XTL6001-I-C01 SAD ගᜊʷʿ̒࿁ᅰྡ N=6/ ଡ଼
× 1 ඄jኒඎ ≥150mgЇ 1687 ˂
˸ ɪdတ ԑ 1 ϣ Ŋ ඄ഗᖹცӋ f
Э j MAD ଡ଼຾ 4-5ᐕ d BMI<28kg/m 2ࠥ
2.06% Ї 2.21%BMI≥28kg/m 2ߒ2cmd ໐ᑒˢ (WHR)ࠥ
Э 0.015Շ඄ d WHRష༺
Ց 0.04ష༺Ց 3.2 ᩶ Ϸf
ᜑͪ XTL6001ၾЄ
ᜊʷ f
-0.05
-0.04
-0.03
-0.02
-0.01
0
D8 D15 D22 D29 D36
˂ᅰ
-0.4
-1.58
-1.98 -1.78
-2.13
-4
-3
-2
-1
0
D8 D15 D22 D29 D36
ᜊʷ
 (cm)
˂ᅰ
໐ᑒˢ(WHR)̻ѩᜊʷ
໐ఖ(WC)̻ѩᜊʷ(cm)
ഗᖹഐҼ
Ꮠ
WCj໐ఖiWHRj໐ᑒˢ
XTL6001: -3.2cm
XTL6001: -0.04
D43 ৗ̈
D43 ৗ̈ਿᇞ
ਿᇞ
໐ᑒˢ
ᜊʷ (%)
Ꮠ
ഗᖹഐҼ
ࣘ


--- page 186 ---
– 178 –
ุ ਕ
ʕ d XTL6001׵
ୋ 5ɧ◐ (TG)Э 41.4%ইஐͣᑔոቐ (LDL-C)Э 30% ʿ༱ই
ஐͣ B (ApoB)Э 26.6%f
-45
-35
-25
-15
-5
D15 D29 D36
࠽)%(
˂ᅰ
TGɧ◐ j TCᐼᑔոቐ
LDL-Cইஐͣᑔոቐ  ApoB༱ইஐͣ# 
-25
-20
-15
-10
-5
0
D15 D29 D36
࠽)%(
˂ᅰ
-35
-25
-15
-5
D15 D29 D36
࠽)%(
˂ᅰ -30
-20
-10
0
D15 D29 D36
࠽)%(
˂ᅰ
XTL6001j5඄ -41.4%
XTL6001j5඄-23.7%
XTL6001j5඄-30.0% XTL6001j5඄-26.6%
ਿᇞ
ਿᇞ ਿᇞ
ਿᇞ
MADୋ2ଡ଼(BMI ≥ 28) | ̻ѩϵʱˢᜊʷ(%)dN=8
ࣘ
А૶҇ა (sUA)Э j XTL6001ᐕස 4А૶҇ა (sUA)
ࠥ18.4%~ 23.2%މܓ3.1%f ҇ა૶ৰଟ༰τᅌኒ
ᄣ̋ 40%f౤ ͪdXTL6001ЭА҇ა˥̻ f
-12.5%
-18.4%
0.8
-5.1
-3.1
-25
-20
-15
-10
-5
0
5
D8 D15 D22
sUA̻ѩᜊʷ(%)
MAD_G1 BMI<28
MAD_G1 BMI≥28
τᅌኒ
ਿᇞ 12.9% 11.4%
-27.9%-30
-25
-20
-15
-10
-5
0
5
10
15
MAD G1_BMI<28 MAD G1_BMI≥28 τᅌኒ
Cua̻ѩᜊʷ(%)
ଡ଼
҇ა૶ৰଟ༰τᅌኒҷഛ40%
XTL6001: 4඄ -23.2%
ࣘ


--- page 187 ---
– 179 –
ุ ਕ
ྌ
༱ΐə XTL6001e CKD ΥԻஐͣ҇ʿ MASH࢝
ྌ j
ቇᏐस ᑗґ༊᜕ ήᓃ Ԣ೻຦ཫѓ
ٙ
၍ଣ . . .
͜
XTL6001ձᖹ˾ਗɢኪ
ٙII ಂᑗґ༊᜕ f ᅵ͉
ߒ240 Էf
׵2026֙
׵ࠇ2027
ҁϓ f
׌CKD  . . . .ʕ
͜ XTL6001ձ
ٙII ಂᑗґ
ߒ150 Էf
׵2027 ϋʕ઼
׵ࠇ2027 ϋୋ
ҁϓ f
MASH  . . . . . . . . . . . IND׵ࠇ2027͡ሗ INDf
ɽ๖ஷ
ᑗґක೯
ၾ္၍ዚ࿴ఱϞᗫක೯ XTL6001٭
e CKD္၍๖ஷ j
ග ္၍ዚ࿴ ༉ઋ
ಂ
၍ଣ . . . . . . . . . . . . . . . 2024.5 FDA IND ౤ʹ
2024.12.20 FDA INDࡘ
2025.2.12 NMPA IND ౤ʹ
2025.4.22 NMPA INDࡘ
׌CKD  . . . . . . . . . . . . 2025.4.21 NMPA IND ౤ʹ
2025.6.30 NMPA INDࡘ
͊̀ঐ੄௰୞ϓ̌ක೯ʿਠุʷ XTL6001
Ñ MT1002
ۜMT1002ɓ၇ኑАΪɿŘၾ GPIIb/IIIaࠅ
০࿁ ACS-PCIe໘ ՗ ʕeHD ձ HD-PF4ᑗґცӋ f


--- page 188 ---
– 180 –
ุ ਕ
Ъ͜ዚՓ
MT1002ҤኑАΪɿ II ʿ GPIIb/IIIaЪ
e ೌც᎖ᐿ္಻ e
ూϾʔᅂᚤ͍੬ኑА̌ঐ
̌ঐഃᑗґᎴැ f
Эʱɿӿ९
ӿ९
֛
ӿ९
ཤ
ఊҤ
؍
MT1002
TxA2
FXa
ଡ଼ᔌΪɿ
ࡡ
ኑА㺛
ࣼ
ኒ
ؐ
ߤ
ၳණ
ʹᑌ
ʷ
༆
TFPI
vWF ADP
ࣘ
ኑАΪɿ II᜗ኑ
 ኑАΪɿ IIɓӻ
ᜄၪ
ߤ
ٙࣼ
ᗫᒟӉ᜷ f
GPIIb/IIIa ዆Υ९ IIb 3ٙࠦڌؐ
஗ ADPኒ  eTXA
2А
Ὦ A2ሯ  ձ vWFАʾषΪɿ d ɓ၇ʧኬА
ᜄ
אvWFҖϓၳණ᜗ Ñ
ːዚՓ f
ن
ACS-PCI
এၝΥस (ACS)ːष (CHD)ܼSTːЄ
૚ϥ (STEMI)ڢSTːЄ૚ϥ (NSTEMI)ɓଡ଼
ष सfACSᐕ (PCI)ɓ
ௐ෦ d ҷഛॹА
А૰ԶᏐ f 2020 ϋЇ 2025 ϋdΌ ଢ PCI ˓ஔඎ͟ 620 ຬԷᄣЇ 1,070 ຬ ԷfП
Ց 2030 ϋʿ 2035 ϋdΌ ଢ PCI ˓ஔඎਗ਼ʱй༺Ց 1,560 ຬԷʿ 2,170 ຬ Էf2020 ϋ
Ї 2025 ϋdʕ ਷ PCI ˓ஔඎ͟ 100 ຬԷᄣЇ 230Ց 2030 ϋʿ 2035 ϋdʕ ਷
PCI ˓ஔඎਗ਼ʱй༺Ց 400 ຬԷʿ 600 ຬ Էf


--- page 189 ---
– 181 –
ุ ਕ
PCIྌટա PCIٙACSྼყ̙Б˚ಂ d Ϟɧ
၇ՈϞ PCId ʿɧ၇ՈϞ PCIᐏ
FDAf Ϥ̮ d ΌଢϞɤಛ PCIܼMT1002׵
II ಂf
໘՗ʕ
͏
໘՗ʕઃषɛᅰ͟ 2020ٙ1,860 ຬɛᄣЇ 2025 ϋ
ٙ2,350Ց 2030 ϋਗ਼༺Ց 2,890 ຬ ɛdՑ 2035 ϋਗ਼༺Ց 3,510 ຬ ɛf
ؓ
ɛᅰ͟ 2020ٙ330 ຬɛᄣЇ 2025ٙ370 ຬ
Ց 2030 ϋਗ਼༺Ց 460 ຬ ɛdՑ 2035 ϋਗ਼༺Ց 550 ຬɛ f ίʕ਷ d ટաА૰
ɛᅰ͟ 2020ٙ70 ຬɛᄣЇ 2025ٙ110މ
10.1%Ց 2030 ϋਗ਼༺Ց 180 ຬ ɛdՑ 2035 ϋਗ਼༺Ց 280 ຬ ɛf
HD-PF4
ʔԄˀᏐʘɓ f
Ϊɿ 4(PF4)d ึ೯͛ IIۨHIT d ੽ϾႰኬ࿴൥ᜊʷ d
А၍
Җϓ (HITT) f
d IIۨHIT೯षଟʧ˷ 3% Ї 5%ٙ
Ի೯स f
Ꮄැ
(1) ટኑА㺛 +GP IIb/IIIaҤኒ d ༆Ӕ ACS-PCI ʕ ̈ АÑॹ А ᗭ ˸ ̻
ፅਪᕚ f
ӿ९Ⴐ
ਪᕚ d
ᎈ i εᖹᑌ͜  νҤኑኒᛌ̋ GP IIb/IIIaͭᑌ
ટኑА㺛 +GP IIb/IIIa ᕐཪ
Ҥኒ dMT1002ًڿ
ᐕ (ACS-PCI)ᗭᕚ f Չʊί ACS-PCIՈ
ᆑɢ f
਷ʿʕ਷ II ಂᑗґ༊᜕ʕ d MT1002ٙ
਷༊᜕ʕ d 0.90 mg/kg + 1.8 mg/kg/h Ò 4ٙ6 Է
ѩනлҁϓ PCI ˓ஔ d ͊೯͛΂О MACEɽ̈Аԫ΁ f ίʕ਷༊᜕ʕ d
ટա PCIٙ15ѩϓ̌ҁϓ PCI ˓ஔ d ͊೯͛΂О MACEɽ̈Аԫ΁ f
ί MT1002Ъ͜ɨ d ѩනлҁϓ
PCIɽ̈Аԫ΁ d ͊ԈΪ TEAEϥɳ e SAEsۃ
f
(2) MT1002ూҞ f
ൢ PCIᐕცӋ d
f
MT1002਷ II ಂᑗґ༊᜕ʕ d 0.90 mg/kg + 1.8 mg/kg/h Ò 4ᐕ
ஔಂᑗґҤኑͦᅺ f ίʕ਷ IIତ̈ၾ
ܝ5ܝ2ʫ PD
͍੬˥̻ d ᜕ᗇə MT1002तᓃ f Ϟᗫᑗґ
d ሗਞቡ͉ືɨ˖  — MT1002 ᑗґ༊᜕฿ᚎ  f


--- page 190 ---
– 182 –
ุ ਕ
(3) ׌
MT1002ਗɢኪतᅄ f
IIӺᜑͪ d MT1002 ί ACSᅳᚣඎ Cmax ၾ AUCᎇኒඎᄣ̋
d Չ PK Ϝᇞၾ IΝኒඎ˥̻ɨ
ᖹ˾तᅄ f PK/PDɛ໊ί
ٙACT ձ APTTʿՉ 95%d ᜕ᗇՉίʔ
f Ϥ̮ d MT1002ۨ
f
MT1002 ᑗґ༊᜕฿ᚎ
MT1002-I-C01਷ IӺ
฿ ᚎjࠅ
ᅄ MT1002ᖹ˾
ኪ f
j 5ඟΐ΢ɝଡ଼ 6΍ 30ء+ ኒ
ٙMT1002މ4ගᓃᏨ಻ᖹ˾ਗɢኪ e
൙П MT1002ʕ
ୋ 8 ˂ f ίᎇஞಂග
Ԩೌ౤Զᕘ̮ഗᖹ f
෍ 30j (1) ϋᙧʧ˷ 18 Ї
60i (2)BMI ʧ˷ 18.0 Ї 34.0 kg/m²i (3)Ӻಂග  ੽ഗᖹ
ۃ72ගᄌ
j (1)ମ
Ӻ i
(2)᎑এஷ༩ʔԄ i (3)ۃ30̒সಂʫ ˸
ਞၾ̤ɓධᑗґ
༊ ᜕i(4)ۃ14शष i ʿ (5)͜ MT1002ཀ
ઽˀᏐ f
j I׵2019 ϋ 4׵2019 ϋ 8 ˜ҁϓ f ΍ 30 Է਄
ҁϓ 5սҖό d ΍ઞ॰ə MT1002 5ኒ
ඎଡ଼ӊ ଡ଼ 6f I ಂᑗґ༊᜕͉͟ණྠІБ
ҁ ϓf
ᅰኽ j͜ MT1002Ԅλ d ͊జѓ΂О SAEd฿ ೌ
Ϟ
TEAEމ1ගҁΌ
ూŊଳ ฏf


--- page 191 ---
– 183 –
ุ ਕ
ᅰኽ j
ء
ඟΐ1 (0.15+0.3)
ඟΐ2 (0.3+0.6)
ඟΐ3 (0.6+1.2)
ඟΐ4 (0.9+1.8)
ඟΐ5 (1.2+2.3)
ACT (S)
100
120
140
160
180
200
220
240
260
280
300

012 345678 9 1 0 1 1 1 2012 345678 9 1 0 1 1 1 2
MT1002ᅺ ACTᅂᚤ
N=6Ŋଡ଼dኒ ඎ ఊ З mg/kg+mg/kg/h
01 23

4 5 6 7 8 9 10 11 12
ඟΐ1 (0.15+0.3)
ඟΐ2 (0.3+0.6)
ඟΐ3 (0.6+1.2)
ඟΐ5 (1.2+2.3)
ඟΐ4 (0.9+1.8)
ء
01 23

4 5 6 7 8 9 10 11 12
ඟΐ1 (0.15 +0.3)
ඟΐ2 (0.3+0.6)
ඟΐ3 (0.6+1.2)
ඟΐ4 (0.9+1.8)
ඟΐ5 (1.2+2.3)
APTTᅰ
0
10
20
30
40
50
60
70
80
90
100APTT (S)
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.0
0.5
MT1002ᅺ APTT ʿ APTTᅂᚤ
N=6Ŋଡ଼dኒ ඎ ఊ З mg/kg+mg/kg/h
ࣘ
j MT1002ڗַAPTT eACTeINRePTeTTd яତ̈ၾഗᖹኒඎ
ూЇ͍੬ᇍఖ d ࿁ɛ᜗ኑА̌ঐೌ΂Оᅂᚤ f
0123456789 1 0 1 1 1 2
30
60
90
120
150
180
210
240
270
300
330 ඟΐ1 (0.15+0.3)
ඟΐ2 (0.3+0.6)
ඟΐ3 (0.6+1.2)
ඟΐ4 (0.9+1.8)
ඟΐ5 (1.2+2.3)
ء
PA (S)

MT1002ၳණ̌ঐ PAᅂᚤ
ൗj ඟΐ 3 PA× 134s؈
ࣘ
j MT1002ٙ
ూЇ͍੬ᇍఖ d ࿁ɛ᜗Аʃ
̌ঐೌᅂᚤ f


--- page 192 ---
– 184 –
ุ ਕ
Id MT1002ኪਞ
d
ͦᅺʊ༺ϓ f
MT1002-I-C02 ʕ਷ IӺ
฿ ᚎjf Չ
͜ MT1002 ίʕ਷਄ੰ
ኪ f
jܼ2Ӻ d ӊଡ଼ 10d
8ટա MT1002d 2ટաτᅌኒ i MT1002ء+ ஹᚃ 4
ୋ 7 ˂ f ίᎇஞಂගԨೌ
౤Զᕘ̮ഗᖹ f
෍ 20j (1)ઋΝ
މ30ྌ i (2)᜗
׵50.0kg׵45.0kgiʿ (3)ᅰ (BMI) ʧ˷ 18.0 Ї 28.0kg/
m²j (1)ՉረҖኒ
ཀઽˀᏐ i (2)i ʿ (3)d Ϟᑗ
໑༸ e А૰ e խі e
f
j I׵2021 ϋ 9׵2022 ϋ 4 ˜ҁϓ f ኒඎଡ଼ 1 ΍
6ҁϓ༊᜕ d ኒඎଡ଼ 2 ΍ 7ҁϓ༊᜕ d τᅌኒଡ଼ 4ѩҁϓ
༊ ᜕fI ಂᑗґ༊᜕͉͟ණྠІБҁϓ f
ᅰኽ jϞ TEAEމ1א2d ˲ೌცમ
ʔԄԫ
Ӻʕ˟ f
ᅰኽ jගяତ̈ၾഗᖹኒඎя͍
ؐ
̌ঐೌ΂Оᅂᚤ f
Id ˸ʿ૶
ኪ (PK/PD)ͦᅺʊ༺ϓ f
MT1002-II-C01਷ II ಂί NSTEMI-PCIӺ
฿ ᚎjɓධί NSTEMI-PCIӺ d ˸൙П
MT1002f
jމPCIڢٙST৷ːЄ૚ϥ (NSTEMI)ྌɝଡ଼
18 Էd΍ 3ኒඎଡ଼ d 6 ԷŊଡ଼dѩ ί PCI ఖ˓ஔಂટա MT1002ء4hഗᖹ f
ܼBARC 3-5 ॴ̈Аԫ΁ʿ MACE ԫ ΁dPDኑА
ୋ 30 ˂ f ίᎇஞಂගԨೌ౤Զ
ᕘ̮ഗᖹ f
෍ 6j (1) ϋᙧ ≥18 ๋ʿ ≤85ٙ
i (2)މNSTEMI iʿ (3) Ϊ͉ϣ NSTEMIྌ
ટա PCIj (1)ూ೤ (CPR) ̦i
(2)ኑА̌ঐღᖟ i (3)໘௅ഐ࿴ମ੬ i ʿ
(4)໘ॹА೯Ъ (TIA)໘՗ʕ̦ f


--- page 193 ---
– 185 –
ุ ਕ
j II׵2020 ϋ 12Ӻ d ΍ɝ
ଡ଼ 6Ԩટաə MT1002ء+ ஹᚃ 4hᗫ
׵2024 ϋ3 ˜d
Σ FDAඟΐʊҁϓഗᖹ d
׵
2023Ꮄ΋ίʕ਷ආБᑗґක೯ d Ԩ઼ਗəɓධ II ಂᑗґ༊᜕ f ͉ʮ̡Ꮭ
਷ආБዹͭ IIӋ d ԨϽᅇί IIIݬ
ආБ MRCTЭ዆᜗ᑗґක೯ϓ
໨ԫᆽႩ d ༈
ਪᕚೌᗫ f
ᅰኽ jᜑͪ 6ѩනлҁϓ PCIԫ΁
̈Аԫ΁ f ΍Ϟ 2జѓə 9 Էϣ AEd ɽ௅ʱ (66.7%)f ฿ೌజ
ʔԄԫ΁ d ͵ೌ΂ОʔԄԫ
Ӻʕ˟ f
ᅰኽ jᜑͪ d MT1002d 5ኪЪ͜ d
ᅺ༺Ցଣซ˥̻ f Ό௅ 6ѩනлҁϓ PCIאࣼ
MACE ԫ ΁fMT1002Υ PCIʲცӋ d
ԣᚐ f
MT1002-II-C04 ʕ਷ II ಂί ACS-PCIӺ
฿ ᚎj׵ACS-PCIӺ f Չ˴
֛MT1002ߗ
f
jආБ PCIٙACSܼSTːЄ૚ϥ
(STEMI)ڢSTːЄ૚ϥ (NSTEMI)ːഏ೨ (UA)෍
53 Ї 65ඟΐ f ѩ
ίPCI ఖ˓ஔಂટա MT1002ء4hܼBARC 3-5
ॴ̈Аԫ΁ʿ MACE ԫ ΁dPDટա
ୋ 30 ˂ f ίᎇஞಂගԨೌ౤Զᕘ̮ഗᖹ f
j (1) ϋᙧʧ˷ 18 Ї 85i (2)މ
ACSྌટա PCIi ʿ (3)ᗫ೻
j (1)ʊટա CPR
i(2)i (3)໘௅ഐ࿴
i (4)˜ʫಀ೯͛ TIAi ʿ (5)א
f
j II׵2024 ϋ 2ྼყ̙Б˚ಂ d ऒʿΥ
΍ 24ٙ26ʊҁ
ϓɝଡ଼ f


--- page 194 ---
– 186 –
ุ ਕ
I ಂၾ IIᎴ΋ʱৣ d
f Ϥ̮ d MT1002d Չ III ಂᑗ
ɽҳ༟ f ΪϤ d II ಂ༊᜕MT1002-II-C04Ϙಂඟ
ඟΐ n=6ৌਕ༟๕ d ϙίቇ຅ήઞ॰
׌
f ΪϤ d ᎇഹ
ٙIIbΝɓ MT1002-
II-C04ਿᓾɪ d ࿁ PDᅳ
ආБᖢ਄൙П d Ԩ࿁ MACEӉઞ
ɽ஝ᅼ IIIf
ᅰኽ j MT1002ྼყ̙Б˚ಂ d జѓ
ԫ΁ d ˲͊೯͛ MACE ԫ ΁eNACEא
BARC 3-5̈Аԫ΁ f ৰ 1ٙAEϞ AE
f
ᅰኽ j MT1002d 5Ϟ 28ѩන
лҁϓ PCIאMACEܸ
ᅺ ACT ί 200s˸ɨʥঐනлҁϓ PCIԫ΁ d ౤ͪ MT1002 Ո
ᎈ̻ፅঐɢ f уί༰Э ACTd
d MT1002ؐ
ᎈ f ஷཀ
IId ਗ਼ί IIIӺʕආБɽᅵ᜕͉ᗇ f
ACT-ࢨ
ACT=180s
ଡ଼й
ග ʱᙒ
ACT࠽S)ࢨ
ܝATT/ਿᇞAPTT=1.5
APTTࢨ
ܝATT/ਿᇞAPTT=2.5
ଡ଼й
APTTࢨ
ග ʱᙒ
ʕ਷ IIӺʕ MT1002
ග (ACT)ᅂᚤ
ʕ਷ IIӺʕ MT1002ʷ
ග (APTT)ᅂᚤ
ࣘ
ྌ
০࿁ ACS-PCIҁϓʕ਷ II ಂ MT1002-II-C04d ආɓӉၾ
CDE࢝EOP II ึᙄ๖ஷ d પආ˸ NACE ʿ MACEɽᅵ͉ᆽ
׌IIIᚃ NDA ͡ జf
ʊᐏ੻ʕ਷ II׵2026 ϋ 6ί
࢝II ಂᑗґ༊᜕ (1)f
ʊᐏ੻ʕ਷ II׵2026 ϋ 7 ˜
࢝II ಂᑗґ༊᜕ (1)f
০࿁ HD-PF4ʊᐏ੻ʕ਷ II׵2027ʕ਷ᑗ
ґ II ಂ༊᜕ (1)f


--- page 195 ---
– 187 –
ุ ਕ
ൗj
(1) MT1002ٙIᐕ໘՗ʕ e ீ
Ҥኑʿ HD-PF4ٙII ಂᑗґ༊᜕౤Զਿᓾ f ᐏ੻္၍
Ꮄ΋રҏ˸ʿৌਕ༟๕ʱ
ৣfII׵2026 ϋ 3f
ɽ๖ஷ
ᑗґක೯
ၾ္၍ዚ࿴ఱϞᗫක೯ MT1002׵ACS-
PCIҤኑձ HD-PF4္၍๖ஷ j
ග ္၍ዚ࿴ ༉ઋ
ACS-PCI  . . . . . . . . . . 2019.1 FDA IND ౤ʹ
2019.3.1 FDA INDࡘ
2021.3.10 NMPA IND ౤ʹ
2021.6.2 NMPA INDࡘ
2022.12.27 NMPA EOP1 ึᙄ
2024.8.15 NMPA EOP2 ึᙄ
໘՗ʕ . . . . . . . . . . . . 2023.4.17 NMPA IND ౤ʹ
2023.6.25 NMPA INDࡘ
HD . . . . . . . . . . . . . . . 2023.10 FDA IND ౤ʹ
2023.11.13 FDA INDࡘ1)
2023.5.18 NMPA IND ౤ʹ
2023.7.27 NMPA INDࡘ
HD-PF4  . . . . . . . . . . . 2023.3.22 NMPA IND ౤ʹ
2023.6.6 NMPA INDࡘ
ൗj
(1) ׵2023 ϋʊᐏ FDAd Ш࿚Ї௰
ࡁ
઼ਗᑗґ
ක ೯f
͊̀ঐ੄௰୞ϓ̌ක೯ʿਠุʷ MT1002
Ñ MT200605
ۜMT200605ࠠ
ݺTrkB׌
໘՗ʕ (AIS)f
Ъ͜ዚՓ
MT200605ݺTrkB ա᜗ d ઼ਗ BDNF໮
ݺERKePI3K/Akt ePLCࡌ
ତᜑഹ
໘՗ʕ
Ո
ዚՓ d ੽Ͼ
Ъ͜ f


--- page 196 ---
– 188 –
ุ ਕ
໘՗ʕ
׌
ϥɳ ग़຾อ͛
MT200605
1-$Z ."1,&3,
ݺ
ღ
㝬୐ᠧ
"51Υϓ
Ҥःʷj
ःІ͟ਿҵՓ
ϥɳ
ʷ㺛e
㺛
1*,",U
ࣘ
TrKB݊Trkग़
຾ᐄቮΪɿձग़຾ᐄቮΪɿ 4/5d TrKBݺ
PI3K/Akte MAPK/ERK ePLCe ᄣಟʱʷ e ൿ
݊
ːʱɿ f
TrKB ա᜗ዧਗኒஷཀၾ TrKBݺ
PI3K/Aktฦෆ i ஷཀ MAPK/ERKආ
ూ i ᄣ੶ PLC໮ሜછ˸ҷഛ
ᙃෂ჈ d
ღᖟ f Չ͵ᄣ੶ PLCॹ௘ i
सฦෆ i ԨՐዧऎ৵ഃਜਹग़຾೯
ᐕዚՓԴ TrKBᐕ໘՗ʕ e ग़຾
ᆑɢ f
ن
ٙ70%-80%f Όଢॹ
໘՗ʕઃषɛᅰ͟ 2020ٙ6,570 ຬɛᄣЇ 2025ٙ8,530Ց 2030 ϋ
ਗ਼༺Ց 1.058 ᄂ ɛdՑ 2035 ϋਗ਼༺Ց 1.274໘՗ʕઃषɛᅰ͟ 2020
ٙ1,860 ຬɛᄣЇ 2025ٙ2,350Ց 2030 ϋਗ਼༺Ց 2,890 ຬ ɛdՑ 2035 ϋ
ਗ਼༺Ց 3,510 ຬ ɛf
f Ϥ̮ d ʕ਷
d Չ
ۜMT200605׵IId ሗਞ
ᘩ
҅  ɓື f


--- page 197 ---
– 189 –
ุ ਕ
Ꮄැ
(1) ر
MT200605਷නлҁϓ Iᜑͪ d
MT200605Ϟၾ MT200605ʔԄԫ
΁ (TEAE)މ1ʔԄԫ΁ (SAE)d
ଳฏ d ආɓӉ᜕ᗇə MT200605ᚐ
ਿᓾ f Ϥ̮ d ᑗґ Id
MT200605ኒඎ Ñ ᅳᚣᗫ
؈
d ሗਞቡ͉ືɨ˖  — MT200605 ᑗґ༊᜕฿ᚎ  f
(2) ᚐЪ͜
MT200605ࠦ
ݺTrkBd
Ӻ ɽ ཽ
MCAO-CIR ᜑ ͪdMT200605ঐɢ i
ᅺ e ᄣ̋໘ SOD ў ඎeGSH-Px ўඎ e ಯˇ໘૚ϥ᜗ጐ
ᚐኒ
ᆑɢ f
৿˓ஔଡ଼
༱᜗
ւ4.9 mg/kg
MT200605 0.45 mg/kg
MT200605 1.35 mg/kg
MT200605 4.05 mg/kg
MT200605 sc 1.35 mg/k
g
ଟ
˂ᅰ
0
0
50
100
150
2468 1 0
৿˓ஔଡ଼ ༱᜗ւ4.9 0.45 1.35 4.05 sc 1.35
0
1
2
3
MT200605
mg/kg
***
##
# ##
#
൙ʱ
MT200605ٙ
ග
MT200605Эɽཽ
ኪ൙ʱ
79.2% vs. Edar 44.8%d n=10~29 n=10~29
৿˓ஔଡ଼ ༱᜗ւ4.9 0.45 1.35 4.05 sc 1.35
0
10
20
30 ***
####
MT200605
mg/kg
###
૚෦᜗ጐϵʱˢ
༱᜗(97”)
MT200605 0.45mg/kg (77”)
MT200605 4.05mg/kg (118”)
MT200605 1.35mg/kg (75”)
MT200605 sc 1.35mg/kg (120”)
৿˓ஔଡ଼(279”)
ւ(81”)
๫˪
n=10-19***P Ö 0.001 vs. ৿˓ஔଡ଼ i #P<0.05d
##P<0.01 vs. ༱᜗


--- page 198 ---
– 190 –
ุ ਕ
৿˓ஔଡ଼ ༱᜗ւ 4.9 0.45 1.35 4.05 sc 1.35
0
20
40
60
80
MT200605
mg/kg
SOD (U/ml)
৿˓ஔଡ଼ ༱᜗ւ4.9 0.45 1.35 4.05 sc 1.35
0
100
200
300
MT200605
mg/kg
**
# ##
### ###
GSH-Px (nmol/min/mL)
MT200605 ᄣ̋ SOD ўඎ MT200605 ᄣ̋ GSH-Px ўඎ
(44.7% vs. Edar 13.7%, n=10~29) (52.6% vs. Edar 31.3%, n=10~29)
ࣘ
MT200605 ᑗґ༊᜕฿ᚎ
MT200605-I-C01 ʕ਷ IӺ
฿ ᚎj͜ MT200605 ఊϣኒඎ჈ᄣ
(SAD) e εϣኒඎ჈ᄣ (MAD)ٙI ಂᑗґ༊᜕ d Չ
ᅄ MT200605 ίʕ਷਄ੰɛɻ
މIIʿኒඎ f
jఊʕː e Iٙ
SAD ձ MADӺfSADӺ΍ 5ඟΐMT200605 0.15mg/Kg e0.3mg/Kg e0.6mg/
Kge0.9mg/Kg ʿ 1.2mg/Kgٙ4ѩટաə
MT200605ඟΐ΢ 86 Է MT200605+2ࡈSADӺ
ʕ΍ॶɝə 36f MADӺ΍ 3ඟΐ0.3mg/Kge 0.6mg/Kg ʿ1.2mg/
Kgdӊ 12ഗᖹɓϣ e ஹᚃ 7ඟΐ΢ 86 Է MT200605+2 Էτ
ᅌ ኒ΍ 24 ԷfSADܝ11 ˚ආБᎇஞ d Ͼ MADա༊
ܝ7݊MT200605ٙ
Չᖹ˾ਗɢኪतᅄ f
෍ 60j (1)ϋ
ᙧʧ˷ 18 Ї 50 ๋dBMI׵18.0 kg/m 2׵28.0 kg/m 2i (2) ೌᑗґ
i (3)ྌ d
ա
iʿ (4)ࠅ
j (1)ମ੬೯ତ i (2)׵
אHBsAg eҤ HCV Ҥ ᜗eHIV
i (3)׵
i (4)i ʿ (5)Ӻ
˥໕ f
࿒ j I׵2023 ϋ 7׵2023 ϋ 12ם
෍ə 60ІБҁϓə I ಂᑗґ༊᜕ f
ᅰኽ j ʕ਷ If ฿ೌᝈ࿀Ց 3˸
ٙTEAEʔԄԫ΁ f ฿ೌ೯͛Κʿ͛
ͦᅺʊ
༺ ϓf
ᖹ˾ਗɢኪᅰኽ j SADӺᜑͪ 0.15mg/kg ~1.2mg/kg ᇍఖʫ d ᐼ MT200605
ձದᕎ MT200605ᖹ˾ਗɢኪ (PK)d ˴
ਗɢኪतᅄ f MADӺᜑͪί 0.3mg/kg~1.2mg/kg ᇍఖʫ d


--- page 199 ---
– 191 –
ุ ਕ
εϣഗᖹ MT200605ᜑႅጐ d ୋ 5༺Ցᖢ࿒ i ದᕎ MT200605ࠅ
ਗɢኪतᅄ d ᐼ MT200605ᅳᚣඎ (AUC0-t, ss)ˢԷჀ
ߒ1.85f
0.15mg/kg
0.3mg/kg
0.6mg/kg
0.9mg/kg
1.2mg/kg
0.15mg/kg
0.3mg/kg
0.6mg/kg
0.9mg/kg
1.2mg/kg
ء
ܓng/ml)
ܓ
1500
1200
900
600
300
0
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0 1 2 3 4 5 6 7 8 0 1 2 3 4 5 6 7 8

MT200605 SADӺ΢ኒඎଡ଼ MT200605ගᜊʷ
ʿ̒࿁ᅰྡ
N=6Ŋଡ଼
0.15+0.15mg/kg/d
0.3+0.3mg/kg/d
0.6+0.6mg/kg/d
ء
0 1 2  3  4 5 72 144 168 170 172
ܓng/ml)

900
800
700
600
500
400
300
200
100
0
MT200605 MADӺ΢ኒඎଡ଼ MT200605ගᜊʷྡ
N=6Ŋଡ଼
ࣘ
Id MT200605d Չᖹ˾ਗɢኪਞᅰၾഗᖹ
ͦᅺʊ༺ϓ f
MT200605-101-US਷ IӺ
฿ ᚎj͜ MT200605 ఊϣ჈ᄣኒඎ (SAD) ί਄ੰ
ࠅ
ᅄ MT200605ʕ
މIIʿኒඎ f
j਷ IӺʕ΍ணໄə 2ඟΐMT200605 0.1mg/Kg ʿ0.3mg/
Kgඟΐ΢ 86 Է MT200605+2٫
ܝ7Ӻ΍ɝଡ଼ə 16f
෍ 16j (1)d
ϋᙧʧ˷ 18 Ї 65ᅰ (BMI) ʧ˷ 18.0 kg/m 2 Ї 32.0 kg/m 2ೌ
i (2)i (3) ೌ͛ԃ
i (4)޼


--- page 200 ---
– 192 –
ุ ਕ
ܝ30i ʿ (5)Ӻ೻ҏԨ
j (1)ࣸ
 ʕ೯ତ΂Оମ੬ i (2)א
ࡡHBsAg)ݭHCV)Ҥ
ᗇኽ i (3)яජ
Ԫಂ i (4)i
ʿ (5)А
˥໕ f
࿒ j I׵2022 ϋ 10׵2023 ϋ 1ם
෍ə 16f
ᅰኽ j਷ If ฿ೌᝈ࿀Ց 3˸
ٙTEAEʔԄԫ΁ f ฿ೌ೯͛Κʿ͛
Ӻʕ˟ f
ᖹ˾ਗɢኪᅰኽ j ದᕎ MT200605d
Ͼᐼ MT200605f MT200605 ੽҇
ˇ d 0.1 mg/kg ձ 0.3 mg/kg ኒඎɨ d ҇૰ʕದᕎ MT200605ϵʱ
މ0.07% ձ 0.10%dᐼ MT200605މ2.46% ձ 5.39%f
Id MT200605ᖹ˾ਗɢኪतᅄ d
ͦᅺʊ༺ϓ f
MT200605-II-C01 ʕ਷ IIӺ
฿ ᚎjεʕː e ᎇዚ e ᕐ
ӺʔΝኒඎ MT200605٫
މIIIࣖ
f
jӺਗ਼፯኿ 360 Է೯ष 24e NIHSS ൙ʱί 6~25 ʱ̍ ў
 d
๫ 1:1:1:1 ˢԷᎇዚආɝ MT200605 Э e ʕ e ৷ኒඎଡ଼ʿτᅌኒଡ଼ d ટա MT200605
10 mg BIDe 20 mg BIDe 40 mg BID ʿτᅌኒஹᚃ 14ᎇஞ
ϣഗᖹৎୋ 90ୋ 90˂ҷԄ Rankin ൙ʱ (mRS)≤1
ܝ14 ˂ʫ NIHSSᜊʷഃ f
෍ 360j (1) ϋᙧί 18 ๋ʿ˸ɪ
˲ʔ൴ཀ 80i (2)2023
i (3)ග
ί 24i ʿ (4) ঐ੄
Шʔ
j(1)i (2)ᜑ
މNIHSS ୋ 1a׵1 ʱi(3) ઃϞ TIAٙ
iʿ(4)e
А၍ϓҖஔ f
࿒ j II׵2025 ϋ 7ྼყ̙Б˚ಂ d 360
ҁϓ Iಂᑗґ༊᜕ၾ઼ਗ IIගගཞ d
ۜMT1013f


--- page 201 ---
– 193 –
ุ ਕ
ྌ
MT200605ٙIIe τᅌኒ࿁๫ e εʕː IIӺ d
ϙίઞ॰ MT200605ձᖹ˾ਗɢኪतᅄ f
׵ࠇ2026 ϋ 8ආБ EOP2 ๖ ஷf
ٙ
΂ОτΌ
̙͜ᅰኽ d MT200605 ʊᜑ̙ͪ̈ટ
໮ f
ɽ๖ஷ
ᑗґක೯
ˀ࿁จԈ f
ၾ္၍ዚ࿴ఱϞᗫක೯ MT200605ࠠٙ
္၍๖ஷ j
ග ္၍ዚ࿴ ༉ઋ
2021.11 . . . . . . . . . . . . . . . . . FDA IND ౤ʹ
2021.12.29  . . . . . . . . . . . . . . FDA INDࡘ
2023.1.5  . . . . . . . . . . . . . . . . NMPA IND ౤ʹ
2023.3.24  . . . . . . . . . . . . . . . NMPA INDࡘ
2025.3.13  . . . . . . . . . . . . . . . NMPA EOP1 ึᙄ
͊̀ঐ੄௰୞ϓ̌ක೯ʿਠุʷ MT200605
MT2004
MT2004ཪΣ჈৔ f
يMT2004ݺFXRيMT2004-met1ۆ
ݺFXRᕰ̘ःᑔა (CDCA)ٙ10ࠇ
f
຾ CYP3A4 ʿ CYP3A5يMT2004-met1ί
ӿᛔ FXR ա᜗ f ஷཀሜືᑔ͒ა˾ᑽ  ҵՓᑔ͒აΥϓ e ಯ
 ˸ʿጟই˾ᑽ d MT2004 ϙίᇠ༆ᑔ͒૳ጐʿ
̙ᒒе FXR ዧਗኒί̮඄
ٙ
FXRਓЪ͜ f ΪϤ d MT2004٫
f
Չί DILIeNASH ʿ CLDᐕᆑɢ f MT2004 ʊఱί
ᐕ NASHᐕ DILI eMASLD ʿ CLDf ఱ
׵ࡁ2023 ϋ 1 ˜ዹͭҁϓə I׵2023
ϋ 7 ˜઼ਗə IIٙMASLD Ͼ ԊdI׵2020 ϋ 1 ˜઼
׵2022 ϋ 4 ˜ҁϓ f MT2004ٙIա
ᗫʔԄԫ΁ f
͊̀ঐ੄௰୞ϓ̌ක೯ʿਠุʷ MT2004
MT1009
MT1009ᗫ㹻 (PTHrP) ʿ OGPۨ
ፄΥ㹻 f MT1009ݺPTH1ତ iPTHɽ௅ʱ̌


--- page 202 ---
– 194 –
ุ ਕ
ʕ  d ੽Ͼ೯౨ PTHrPᏐ f Ϥ̮ d
ݺOGP ஷ ༩dMT1009ڗ
ආ৶Җϓ f
MT1009೯͛ጟͤሯዧ९
৶
ˢd
MT1009ܓBMD)ͤ
ᆑɢ f MT1009਷
f MT1009ٙI׵2026 ϋ 1ٙ٫
৶ሯଯ
ක೯
ମʷ౤Զһ
ਪᕚೌᗫ f
͊̀ঐ੄௰୞ϓ̌ක೯ʿਠุʷ MT1009
MT1011
MT1011 ɗɓಛཪΣኑА㺛Ϊɿ IIa ҵՓኒʿኑАΪɿ XaΥϓ
ʃʱɿᄿᗅҤኑ৕ᔷኒ f MT1011ʱɿഐΥ d Ͼ
ూ
͍੬ኑА̌ঐ f
MT1011ᐕ  νኑАΪɿ Xa䗢Ӎफ 
f MT1011 ஷཀ
Ҥኑᖹ˸ʿӿ९ Ŋ Աፕ
ɽ͊တԑᑗґცӋ f
MT1011ʝЪ͜ d
Ꮠ f MT1011ᐕ೿ɹ d
ҤኑАΪɿ XaኒඎᜑഹһЭ ί ˢ ciraparantagߒ380ኒඎ
 fMT1011ٙI׵2025 ϋ 4 ˜઼ਗ f ࿚Ї௰
ྼყ̙Б˚ಂ d LPLV ʊҁϓ f
͊̀ঐ੄௰୞ϓ̌ක೯ʿਠุʷ MT1011
ۜ
XTL3602
XTL3602ཪΣ GLP-1R eGCGR ʿ GIPRዧਗኒ d ࿁ɧ၇ա᜗Ո
ڭࣛ
ձ̻ፅ f XTL3602ߛ٭ܼ
Ӑጐ d
Ъ͜ d
׵ࠇ2027Ӻ͡ሗ d ˸પਗ
XTL3602f
XTL3710
XTL3710ཪΣ GLP-1R ʿ GCGRዧਗኒ d ˏɝ MasR ˸ྼତ࿁
̒সಂ d ̙ྼତӊ඄ɓϣഗ
ձ̻ፅ f XTL3710ᎈ


--- page 203 ---
– 195 –
ุ ਕ
ጟ҇षʿጟ҇षഥष (DKD)׵2026 ϋ౤ʹอ
Ӻ͡ሗ d ˸પਗ XTL3710f
MT1016
MT1016˪ա᜗ (KOR)࢛ء
׵ࠇ2027 ϋ౤ʹอᖹᑗґ
Ӻ͡ሗ d ˸પਗ MT1016ڦ޴ࡁMT1016ࣖ
ూ f MT1016 ͵̙ঐಯˇၾʕᅹग़
᎖ᐿԴ͜ცӋ f
XTL1018
XTL1018ɓ၇ཪΣ໾᜗ C3 ʿ TrkBيPDC)f
ਗ਼ཪΣ໾᜗ C3ٙ׌ݺTrkBஹટ f ஷ
ሜື BDNF/TrkB໮ஷ༩ d
XTL1018ൂᐵ (GA)ߤ
ూ GA໮ f ΪϤ d XTL1018ᐕМϞ GA
׵ࠇ2028 ϋ౤ʹ XTL1018޼
Ӻ͡ሗ d ˸઼ਗᑗґක೯ f
f
Ҧஔ̨̻
ܼi)ɽ
ʱɿҦஔ̨̻ e (ii)̨̻ e (iii)㹻჈৔̨̻ʿ (iv)൙
ӺՑอᖹ͡
೯
f
Ӻ ౤ʹNDA
㹻ʿ
ɽʱɿ
Ҧஔ̨̻
ၑዚႾп㹻
̨̻
㹻჈৔̨̻
೻
൙ᄆ̨̻
ɽʱɿҦஔ̨̻
ஷ ੬
e
પආЇ PCC㹻
ࠇ
f


--- page 204 ---
– 196 –
ุ ਕ
ၾᎴʷ jf
ࠇ
ࠇCADD)อʱɿ f
΋
મ͜˸ɨɧ၇ഄଫ j (i) ஹટɿፄ
e
i (ii) Эе
̒সಂ i ʿ (iii) Фʱ
ᑗґცӋ f
Ӌ jஷ
ʱɿഐ࿴ f (i) ׵׸
f (ii) ᐑ㹻ίᖹଣኪձ
ʿ፯኿
f (iii) ʝ
ʔ̙
ၚ๟ཪΣ f
ུҦஔ jᓃႰᜊ e ᐑʷ e ၳɔɚቐ
ЭҤ
f
׵ࠢ
ष 
̌
ࡌ
ي
ʔԄˀᏐ f
፯ʱɿ d ༈
Ñ MT1013e
MT1002e XTL6001 ʿ MT1009Ñ XTL3710
ʿ XTL3602يMT1018 ʊ
ҁϓ PCCጜ፯ f
̨̻
̨̻ණϓəൈᏝጜ፯ e ʱɿਗɢኪᅼᏝ e SAR ཫ಻
ʿ ADMET׌
ၑʷኪ e
਷
ٙ
ᑗґϓ̌ଟ f
AIj݊AI ي
อ
᜕ᗇ d
f


--- page 205 ---
– 197 –
ุ ਕ
j༪
ஷཀ
ሯʿഐΥІ͟ঐᜊʷഃᗫᒟतᅄԸཫ
Ӊᖹଣኪ
ɛɢ e
༟๕ऊঃ f
ϓ̌ଟ je ҳɝ
त
ي
ᅂᚤ I ಂʿ IIᗫᒟΪ९ f
㹻ʱɿආБϘಂ ADMET൙
d Ԩ౤ʺ PCCٙ
ଟ f
d ᜑഹ౤ʺ
ܼMT1016e MT1019 ʿ XTL3710ଟʿϘಂක೯
ྼყ̙Б˚ಂ d MT1016 ʿ XTL3710፯ʱɿʊપආЇ PCC ච
൙뭬ኽ f
㹻჈৔̨̻
л͜
ٙ
ίʈᖵɪમ͜ո᜗Ⴁኒ͛ପҦஔ d ଄ႊ
ٙي
d ሜື҅௅ᐑྤ
ٙpHᚐᖹ
჈৔̨̻
သீኒ e ̍Υኒʿ
ΌԒᅳᚣඎ f Љɨў˪̙ίɹഢ
Ꮠ f Շ၇
ცӋ f
XTL3710e XTL3602e
MT1013e MT1009 ʿ MT200605Ⴁኒක೯ d Չʕ XTL3710 ʿ MT1013 ʊྼତϞ
᜗ʫᅳᚣඎ f
൙ᄆ̨̻
อᖹක
ࡉۃ
يPCC)يCC)e န
൙ᄆ e
׌
e
ࠬ
પආ f


--- page 206 ---
– 198 –
ุ ਕ
jᗫ 
ߒ100ʿགྷ 100 ၇А૰ʿ҇૰͛
Ъ͜ዚՓ
f ίϤਿᓾ
e
˾ᑽਗɢኪ DMPK౤
ۃ
f
j൙ᄆ᜗ӻ d
݄SPF)e ᕎ᜗ኜ
ʿषଣൢᓙ̨̻ f
൙П f
൙
൙ᄆ f
೯
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆
107.0 ϵຬʩʿɛ͏࿆ 130.1ۜMT1013೯
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ఱ MT1013೯ක˕ʱй
ɛ͏࿆ 66.7 ϵຬʩʿɛ͏࿆ 84.4ٙ62.3% ʿ
64.9%f
೯ྠඟ
ኹϞɓ˕ 117ࡰࡁ
ٙ80.7%fՉ ʕd൴ ཀ 48.7% ᖹ
Ҧஔ d ˸ʿʷኪʈ೻ e ʮ΍ሊ͛ʿᑗґᔼ
೯ཀ೻ʕ΍
Ӻ e CMCي
ߒ19 ϋ຾᜕ f
୚ j
ᔖঐ ɛᅰ
CMC೯ʕː   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
೯ʕː   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
೯ʕː   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
ࠇ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  117
ۜ
ᐶা፽ಂ
ۜMT1013ʥա྇
f


--- page 207 ---
– 199 –
ุ ਕ
ᗆ
ۜ
ਗ
ʿ্ᘠ
̋ɝ
͉ණྠ˚ಂ
ˮΏ௹ɻ . . . . . . . . . . . ࡒࢩ
ੂБ໨ԫ
ᔼᖹБุኹϞགྷ 20ᗫᒟ
ක೯˙Σ
2019 ϋ 12 ˜
Yu Weiping ௹ɻ . . . . . ੂБ໨ԫ e
৷ॴਓᐼ൒
ኹϞགྷ 40೯຾᜕ʿ
ˋኇୋɤɓɽኪ௹ɻኪЗ
ٙۜCMC 2019 ϋ 8 ˜
ɾɻ (1)  . . . . . . . ڐ20೯຾᜕ʿ
ಱඩᔼኪ৫ʿϭ᎘ɽኪᔼ
౻
ᑗґ༊᜕ 2024 ϋ 10 ˜
ˮ೙ధ௹ɻ . . . . . . . . . ৷ॴᔼኪᐼ္
(2) ኹϞགྷ 15೯຾᜕
ɽኪձ̏ԯɽኪ઺ԃ
౻
ᑗґක೯  2024 ϋ 8 ˜
ᄎጳอ௹ɻ . . . . . . . . . ᖹ௅
৷ॴᐼ္
(2)
ኹϞགྷ 10೯຾᜕ʿ
ኪ৫
ኪ৫
e
дಌɽኪ
౻
ʈᖵ
೯ձପุʷҦஔ
ᔷ୅
2019 ϋ 8 ˜
௹ɻ . . . . . . . . . ᑗґ௅ᐼ္
(2) ኹϞགྷ 20೯຾᜕ʿ
ɽኪ e ɪऎʹஷ
ɽኪձɪऎʕᔼᖹɽኪ઺ԃ
౻
ᖹଣኪ e
ٙࠦ
ᑗґʈЪ
2023 ϋ 9 ˜
Яқ΋͛ . . . . . . . . . . . ᐄ༶ᐼ൒ ኹϞགྷ 15೯຾᜕ʿ
౻
ᑗґ༶ᐄ
၍ଣ
2024 ϋ 1 ˜ 22 ˚
௹ɻ . . . . . . . . . ္၍ԫਕਓᐼ൒ ኹϞགྷ 10೯຾᜕ʿ
౻
ൗ̅ 2025 ϋ 7 ˜
ൗj
(1) d MT1013-II-C02 ͍ίආБʕ d
MT1013-II-C03 ʿ MT1013-III-C01˚ूᄣ̋ d Ң
ٙࠦ
ٙۜ
೯ d
ԨίˮΏ௹ɻʿ YU WEIPING೯Ъ্̈ᘠ d
೯ତʿᑗґ༊᜕၍ଣ f ϞᗫˮΏ௹ɻ e YU WEIPINGɾ
ᄵዝ d ሗਞቡ  ໨ԫʿ৷ॴ၍ଣᄴ  ɓື f
(2) f
݄
ᐼ௅
ي
ਗ f


--- page 208 ---
– 200 –
ุ ਕ
೻
ӺՑอᖹ͡ሗ౤ʹ
j
/g57/g3̌ঐਿΪ
/g57/g3शषዚଣ
/g57/g3ཪᅺ
/g57/g3൙ᄆj
    ൙П
    ൙П
/g57/g3ᑗґ൙ᄆj
    ʿਓЪ͜൙П
   ൙П
/g57/g3j
    ൙ᄆ
    ଣ൙ᄆ
    Ӊᖹ˾൙ᄆ
Ӻ อᖹɪ̹
׼
ኪਿᓾʿཪᓃԱኽ f
ᐕቇᏐस
౻
ʿ
ي
e
̥፯኿௰̙
ᎈ f
ί
ʿᑗґ൙П j
– ᅄ e
d ˸ʿ଄ႊʈᖵක೯ e ሯඎ
൙П f
Ŋ τΌ
ᖹʈᖵ e ҷආኒ
͛ପԨ౤৷ሯඎᅺ๟ f
ʊίᑗґ༊᜕ʕ੻Ցᗇྼ f ɓ͇တԑ͛
̙Σ္၍ዚ࿴͡ሗอᖹɪ̹ f
ΥЪ
ၾ SMO ʿ CROӺ d
༟ሯ e ኪஔʿਖ਼ุ຾᜕ e
ٙࡁSMO ʿ CRO ΥЪྫМ f


--- page 209 ---
– 201 –
ุ ਕ
ࠅSMO ʿ CROਞၾʿ্ᘠϾԊ d SMO ΥЪྫ
༊᜕๟௪ʿ༊᜕ੂ
ۃCROҢ
Ӻ f ᑗ
ґ CRO౤Զልᕏᑗґ
ٙࡁSMO ʿ CROഃ
f
ၾ SMOʿCROd
Ӌ e ʹ˹ϓ
ஷ੬ၾ SMO ʿ CROᗫᒟૢಛ༱ΐ
ν ɨj
ၾ SMO՘ᙄ
• ਕf໌ሗ SMOӺʕ
ࡰ
f
•
fٙࡁSMOਕԨҁϓ
ഐၑ f
• ˹ ಛfא
ഐၑ˹ಛ f
• ᗆପᛆ fၾᄵБ՘
ኹϞ f
• ੗f SMO੗ f
• ᑗґ༊᜕஝ᇍΥ஝ fٙࡁSMOኽᑗґ༊᜕஝ᇍ՘ሜ
ՈϞᑗґ༊᜕஝ᇍ੃৅຾᜕ʿ
ᗫႩᗇ f
ၾ CRO՘ᙄ
• ਕfٙࡁCROe ၍
ଣʿ္છ f
• fٙࡁCROਕԨҁϓ
ᑗґ༊᜕ධͦ f
• ˹ ಛfΣ CRO ΥЪྫМ˹ಛ f
• ᗆପᛆ fኹϞ f
• ੗fٙࡁCROᗫ
f
• ᑗґ༊᜕஝ᇍΥ஝ fٙࡁCROኽᑗґ༊᜕஝ᇍආБ
ٙCROՈϞᑗґ༊᜕஝
ᗫႩᗇ f
౤ԶϞᗫБุᒈැʿอጳ
೯ʈЪ d Ԩ
༉ઋ༱ΐνɨ j


--- page 210 ---
– 202 –
ุ ਕ
•  MT1006 ʿ MT2006ίЖҒ཭
Ӻ i ಻༊৷ኒඎ (10 mg/kg)
ʿЭኒඎ (2.5 mg/kg)يMT200605щᘱᚃ࿁ЖҒ཭ႀᒋसʃཽᜑͪ
ᚐЪ͜ i Ԩ࿁຾ MT200605ʃཽᄣ̋
f
• वၾ MT1006 ʿ MT2006ዹ
Ϟ f
• ༱ཫၑΣ༈ɽኪ˹ಛ f
͛ପ
d
͛ପ̮̍ഗୋɧ˙
CDMOf
CMC
ٙࡁCMC೯ʕː ͟ CMC௅ଡ଼ϓ  ί
ٙࡁCMCᖹ e ႡኒʿᇠᙑႡ
ᗫᒟ CMC੽ᑗ
Ҧஔ
ٙࡁCMCᖹʈ
ࡁ
ٙCMC ྠඟ͟ 37ଡ଼ϓ f
ၾ CDMOΥЪ
ࡁ
ٙCDMOܙ
ྌл̨͜ψႡኒʈᅀආБ
MT1013ʕ༊஝ᅼ͛ପ f
ᘱᚃၾ CDMOପঐ
ҁΌတԑ MT1013ཫಂਠุ͛ପცӋ d Ͼ̮௅ CDMO၍
ٙࡁCDMOୌΥԄ
ᄲ൙ʕː e
FDA ʿ EMAd ։໌ CDMOމ
ঐ੄Ꮄʷ༟๕ৣໄ d
ေ፯ CDMO ΥЪ
j Ҧஔ (T)ਕ
ঐɢ (Q)e ᚤᏐঐɢʿΥЪจᗴ (R)e ʹ˹ঐɢ (D)eϓ ͉(C)eᐑ ྤ(E)ึப΂ (S)d
ٙࡁTQRDCESࡁCDMO ΥЪྫМ
ٙࡁCDMOͭ͛
͛ପ e ሯඎᏨ಻ e
္
Ԩೌఱ CDMOۜ
ሯඎਪᕚ f


--- page 211 ---
– 203 –
ุ ਕ
ၾ CDMOૢಛ༱ΐνɨ j
• ਕᇍఖ f CDMOٙGMP ͛ପʿᑗґ
͛ପ f
• ˹ ಛfഅಛධ f CDMOߒ
d CDMOኽʹ˹ᅰඎකՈ೯
Ꮠಛධ f
• ᗆପᛆ f CDMOʈᖵ
ڢ
ܼCDMOf
• ff
• f CDMOd
f
ᗇʿሯඎછՓ
ᗇ (QA) ௅ʿሯඎછՓ (QC) ௅d
˸္ຖሯඎ၍ଣ f QAப j (i)ሯඎ၍ଣ᜗ӻ d ˸ᆽ
i (ii) ၍ଣᗫ
e CDMO ္ ຖe᜕
 iʿ(iii) ආБ GMP̜Ϋʿҳൡஈଣ d
f QCப j (i)݄
˒஝
i(ii)࿁ୋɧ˙ CDMOۜ
i ʿ (iii)ᚃҷආ d Ԩၪᚐ̙
ሯඎᅰኽ၍ଣ᜗ӻ f
ਠุʷ
ᐄቖഄଫ
d ͵͊੽
ٙࡁMT1013׵2028ਗ਼ྼБ
ቖਯଡ଼ᔌ (CSO)ீ
ͭʫ௅ቖਯྠඟ f
d ˸л͜Չආɝᄿ
f
ቖਯଡ଼ᔌΥЪྫМ j (i)ᐕჯ
ਹ՟੻ϓ̌ i (ii)ਠุʷྠඟ i ʿ (iii)ʿᔧ
Ո௪ϓᆞঐɢ f
׵2026 ϋ 2ʮ̡  ථ௟อᘴථ௟อ
΅˾໮ j 1952ͭɓ΅՘ᙄ  ༈՘ᙄ   d
ʊબʚ


--- page 212 ---
– 204 –
ุ ਕ
ʿ̨ᝄ˸ʿԭ˄ήਜ  ˚͉ৰ̮ 
 ༈ήਜᐕ CKD-SHPTي
MT1013ᐕ
CKD-SHPTٙMT1013व (i)೯ʿႡி MT1013i (ii) ί
༈ήਜ̮ఱ΂ОቇᏐसਗ਼ MT1013 ਠุʷ i ʿ (iii) ί༈ήਜʫఱ CKD-SHPTٙ
΂ОቇᏐसਗ਼ MT1013ૢಛ f
׵MT1013ப
MT1013ආБ CMCӺʿᑗ
Ӻ d ԨᘱᚃආБʿҁϓ MT1013ᐕ
CKD-SHPTᑗґ༊᜕ i
ɪ̹஢̙
Ϟɛ
ܵMT1013
ᑌ᙮ɛɻਗ਼ዄ΂
Ϟɛ i
ኹϞၾ MT1013ʿੂ
ᛆ
॰ሦආБᚗᚐ i
ீཀୋɧ˙͛ପʿԶᏐ MT1013 ʚථ௟อ
ʱቖਠ f
ኽБุ࿕Է d ථ௟อᘴϞᛆஈଣϞ
ᗫ MT1013ᐕ CKD-SHPT੬஝ʿ˚੬ᐄቖ
ɝʿజቖሔкഄଫ d
ᙄ f ථ௟อᘴ͵඲ᇜႡʿ౤
ʹ MT1013ᐕ CKD-SHPTྌ d ઓ඲຾
ಂజѓ f Ϥ̮ d ථ
௰Эቖਯͦᅺ d ༈ͦᅺਗ਼͉͟
f
ึ
ࡰ
ึ
ึ d ˸՘ሜʿ๖ஷ MT1013 ί༈
ᐕ CKD-SHPTึਗ਼
i
Ϟᛆϗ՟ (i) ɛ͏࿆ 200ཫ˹ಛ i (ii)
௰৷ɛ͏࿆ 1,040ᆑί္၍ʿਠุԢ೻຦˹ಛ i ʿ
(iii)ʊϗ
՟ɛ͏࿆ 200Ԣ೻
ܲMT1013
ၑ d ቇ͜൬ଟʧ˷ 35% Ї
40%൬
͜f


--- page 213 ---
– 205 –
ุ ਕ
d MT1013ᄆਗ਼͟
f (1)ͦ
dMT1013˴၍௅
Ҽ f
ථ௟อᘴஹᚃɧϋ͊
Ϟᛆ୞˟
༈՘ᙄ f
ൗj
(1) ʫ௰ɽʷ MT1013׵ءMT1013
व (i)ྌʕ
ɓ௅ʱ i (ii)ቖਯͦᅺ 60%௰Э
i ʿ (iii)ථ௟อ
મᒅЇˇ 80%ᛆл f
א
ٙۜMAHd ீ
ڦ޴ࡁ
ڭ
໨ԫᆽႩ d ΂О༈ഃ୞˟ਗ਼ʔึᅂ
΂Оਠุʷᛆл  f
d MT1013މCaSR ʿ OGPᑗґ
׵CaSRމߒ7.5%d
ᐕ፯኿ f ίɓධၾ
᎘࿁᎘ II ಂˢ༰ʕ d ຾ཀ 26d MT1013 ଡ଼ʕྼତ iPTH e Аඑʿ
ٙ2.5Ҟ e
ሯ
ۜMT1013ྌ
ͦ፽
ቖਯၣഖʿ຾᜕ d Ԩၾ༈ΥЪྫМ
d
੽Ͼ౤৷ MT1013ਿᓾ f
ྌீཀၾ༨਷ʮ̡ (MNC)༟
ٙ
ᐶা፽ e ί຅ή
༨਷ʮ̡ d ˸ྼତသீ
ࠠٙ
ͭ e
˙
ʕ਷ਗ਼ MT1013ʱ
ʔ
Ң
ྌɨᆽ
ᛆਜ f


--- page 214 ---
– 206 –
ุ ਕ
ᄆ
ऎ̮ѩೌʊਠุ
ഄ f ͊Ը຅Ң
ᔼ
e
ମ d ˸ʿɪ̹਷
ሊ͛຾᏶ኪ f
ۜMT1013਷ʿՉ˼ήਜપ
֛MT1013ცӋ e ͛ପ
ዄঐɢ d ˸ʿୋɚ˾ CaSRߕ׵
ࡈ30ᐕ඄ಂ 2,684ʩʿɛ͏࿆ 3,640͵ึ
ϽᅇՑ MT1013ཪΣ CaSR ʿ OGP ա᜗ d ˲ʊᗇ
Ӻᜑͪ iPTHၝΥ༺ᅺଟᜑ
ਗ਼ආɓӉ൙П MT1013ʿᐕ
ዚᗫ՘ਠ d ˸ਗ਼ MT1013
ۜ
f Ϟᗫ
ۜ
ุਕ e ৌ
ɽʔлᅂᚤ f 
ᗆପᛆ
ྼ
ኹϞ (i)ʊબᛆਖ਼л e
23ʊબᛆਖ਼л d ʿ (ii)ਖ਼л͡ሗ e
ਖ਼л͡ሗʿɓධ PCTٙࡁ
ۜMT1013ኹϞ (i)࠰
ಥ e ɓධί˚͉ʿɓධίዦɽлԭ d ʿ (ii)਷ e ɓධ
ː
Ñ Ϟᗫ͉ʮ
ٙ
ɽღᖟ f
˚ಂ
Ϟɛ Ŋ
͡ሗɛ
يCN202180014524.4 ʕ਷ ʊબᛆ 2041 ϋ 4 ˜ 20 ˚ ͉ʮ̡
Bispecific fusion polypeptide
compound . . . . . . . . . . . . . . . . . . . . US18044668਷ ͡ሗʕ ʔቇ͜ ͉ʮ̡
يHK62022059523.0ಥ ʊબᛆ 2041 ϋ 4 ˜ 20 ˚ ͉ʮ̡
ፄΥ
يJP2022-558554 ˚͉ ʊબᛆ 2041 ϋ 4 ˜ 20 ˚ ͉ʮ̡
Bispecific fusion polypeptide
compound . . . . . . . . . . . . . . . . . . . . AU2021338639 ዦɽлԭ ʊબᛆ 2041 ϋ 4 ˜ 20 ˚ ͉ʮ̡


--- page 215 ---
– 207 –
ุ ਕ
˚ಂ
Ϟɛ Ŋ
͡ሗɛ
Bispecific fusion polypeptide
compound . . . . . . . . . . . . . . . . . . . . EP21865532.2͡ሗʕ ʔቇ͜ ͉ʮ̡
Bispecific fusion polypeptide
compound . . . . . . . . . . . . . . . . . . . . CA3194729ɽ ͡ሗʕ ʔቇ͜ ͉ʮ̡
핂훟핂헏픃읺
?핂슪줊 . . . . . . . . . . . . . . . . . KR1020237011659 ᒵ਷ ͡ሗʕ ʔቇ͜ ͉ʮ̡
ʕ਷ኹϞ 32ऎ̮ኹϞʬධ
d
ᎈ  f
͕ୋ
͕ୋɧ˙
ʿᗫᒟ
 FTOؓኽ FTOʿ຾
͕ʕ
ᑥɛ
̈Ո FTO
จ Ԉf
ԶᏐਠʿમᒅ
ܼi)ܼSMOe
CROʿCDMOΥЪྫМ i(ii)ਕԶᏐਠ i ʿ (iii)ਕԶᏐਠ f
׌
ܼi)ʿးᔖ
༟ሯ e Υ஝া፽ʿБุᑊᚑ i (ii)ɽᅰኽॆ
Ԩ৾˟ၾՉආɓӉΥЪ i ʿ (iii) ί
лू f
ᐶা፽ಂග d ࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ʞɽԶᏐਠᏐ
ɛ͏࿆ 31.3 ϵຬʩʿɛ͏࿆ 26.8΢ಂගમᒅ
ٙ39.5% ʿ 27.6%મᒅᕘ
ɛ͏࿆ 7.6 ϵຬʩʿɛ͏࿆ 8.6ٙ9.6% ʿ8.9%f
f
݊ࠅCROeCMOeCDMOஷ੬ၾ CRO eCMOא
CDMOૢಛ d ሗਞቡ͉ື —೯ΥЪ  ʿ —
ၾ CDMOΥЪ f


--- page 216 ---
– 208 –
ุ ਕ
༉ઋ j
࿚Ї 2024 ϋ 12 ˜ 31ܓ
ਕ
ڷ
൲ಂ
ᕘ
 ɛ͏࿆ɷʩ 
ܓ
મᒅᐼ
ᕘϵʱˢ
ԶᏐਠ A  . . . . . . . . . . . . . . . . . . . . . . .׵࢕2000ʮ଺ʮ̡ d
ɛ͏࿆ 29.33 ᄂ ʩd˴
ਕʿ
ҭ೯ f
CROਕ 2019 ϋ 15-30 ˂ 7,587.8 9.6%
ԶᏐਠ B. . . . . . . . . . . . . . . . . . . . . . . .׵࢕2009ӷɛʮ̡ d
ɛ͏࿆ 1.85 ᄂ ʩd˴
f
CDMOਕe
CROਕ
2021 ϋ 10 ˂ 7,242.4 9.1%
ԶᏐਠ C  . . . . . . . . . . . . . . . . . . . . . . .׵࢕2019ӷɛʮ̡ d
މ47੽ԫ
ঐ
ஷ f
CROਕ 2022 ϋ 15-30 ˂ 7,027.8 8.9%
ي
ʮ̡   . . . . . . . . . .
׵࢕2017ӷɛʮ̡ d
ɛ͏࿆ 4,900 ຬ ʩd˴
͛ପ f
CDMOਕ 2022 ϋ 7-15 ˂ 5,333.2 6.7%
෍
ʮ̡   . . . . . . . . . . . .
׵࢕2021ӷɛʮ̡ d
ɛ͏࿆ 1,000ࠅ
f
؂
ਕ
2023 ϋ 10 ˂ 4,144.3 5.2%
ࠇ31,335.5 39.5%


--- page 217 ---
– 209 –
ุ ਕ
࿚Ї 2025 ϋ 12 ˜ 31ܓ
ਕ
ڷ
൲ಂ
ᕘ
 ɛ͏࿆ɷʩ 
ܓ
મᒅᐼ
ᕘϵʱˢ
ԶᏐਠ A  . . . . . . . . . . . . . . . . . . . . . . . ሗਞቡɪ˖ f CROਕ 2019 ϋ 15-30 ˂ 8,636.8 8.9%
ʮ̡ . . . . . . . . . .׵࢕2023ӷɛʮ̡ d
ɛ͏࿆ 500 ຬ ʩd˴
ਕ f
෍
ਕ
2024 ϋ 30 ˂ 5,152.7 5.3%
ԶᏐਠ D  . . . . . . . . . . . . . . . . . . . . . . .ɧ͠ᔼ৫ f ਞၾᑗґ༊᜕ 2021 ϋ 20 ˂ 4,744.8 4.9%
ਕ
ʮ̡ . . . . . . . . . . . . . . .
׵࢕2015ӷɛʮ̡ d
ɛ͏࿆ 500 ຬ ʩd˴
ਕ e Ҧஔʿழ΁
ਕഃ f
ਕ 2024 ϋ 30 ˂ 4,395.0 4.5%
ג
ʮ̡ . . . . . . . . . . . . . . . . .
׵࢕2023ӷɛʮ̡ d
ɛ͏࿆ 500 ຬ ʩd˴
੽ԫཧਯБุ f
ਕ 2024 ϋ 20 ˂ 3,917.6 4.0%ࠇ26,846.9 27.6%
໨
ࡁ
͉ 5%΂Оʞɽ
ԶᏐਠʕኹϞ΂Оᛆू f
ن
ٙࡁ
ᑗഹ
ۨ
Ӻዚ࿴ f Ң
΂Оอ
ᗫ
ܼCKD-SHPT eCKD-MBD М৶ሯଯᕦ e
ؓCKD-SHPT၍ଣ e ACS-PCI໘՗ʕ f Ң
Ⴁᖹʮ
௝೻
 Бุ฿ᚎ f


--- page 218 ---
– 210 –
ุ ਕ
ࡰ
Ϟ 145ߒ
44.8%༉ઋ༱ΐνɨ j
ᔖঐ ɛᅰ
Цᐼᅰ
ϵʱˢ
೯  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 80.7%
ܛج6 4.1%
ᗆପᛆ e મᒅʿʮ΍ԫਕഃ   . . . . . 22 15.2%
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  145 100%
τΌ e
Ϟ
ܸ
Ϟ f Ң
৷ᅺ๟ d
ኽՉ
ᐶা፽
رً
ᇦʈ f
ג
f Ϟᗫһε༉ઋ d ሗਞቡ  ุਕ — ɓື f
ᎈ
൙ПϾ
ኽʕ਷
ࡁ
ٙ
ପ͛
ɽඎϓ͉ʿʱ౳༟๕  f
ุ
ุ
̨ψᝄ຾᏶
މߒ28,397 ̻
ᚥਪ
ᗫɺήԴ
͜ᛆᗇ f
ุ
೯͜௄ d
މߒ3,863.54ุ
༉ઋ f
͜௄ ήᓃ
ጘ
ጐ  ̻˙Ϸ  ॡಂ
೯   . . . . . . . ʕ਷Гτ 2,958.15 2025 ϋ 7 ˜ 1 ˚Ї 2027 ϋ 6 ˜ 30 ˚
܃ . . . . . . . . . . . . . . ʕ਷̏ԯ 221.5 2023 ϋ 11 ˜ 1 ˚Ї 2027 ϋ 10 ˜ 31 ˚


--- page 219 ---
– 211 –
ุ ਕ
͜௄ ήᓃ
ጘ
ጐ  ̻˙Ϸ  ॡಂ
೯   . . . . . . . ʕ਷ɪऎ 563.89 2026 ϋ 5 ˜ 1 ˚Ї 2030 ϋ 4 ˜ 30 ˚
೯   . . . . . . . ʕ਷ᘽψ 120.0Ї 2026 ϋ 9 ˜ 4 ˚
ุॡ༣೮া f
d ሗਞቡ  ุਕ — ɓື f
࿚Ї 2025 ϋ 12 ˜ 31ၝΥᐼ༟ପ 15%א
ୋ 5௝೻፭ςૢ˖  ʮ ѓ
ୋ 6(2)௝೻ᐏᒀе፭ς ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 342(1)(b) ૢϞᗫ
f
ᆤධʿႩ̙
f
બʚϋ΅ ᆤධ Ŋ Ⴉ̙ ཯೯ዚ࿴
2023  . . . . . . . . . 2022ʕʃΆุ ʕശɛ͏΍ձ਷ʈุձ
ʷ௅
2024  . . . . . . . . . ʷᝂ
2025  . . . . . . . . . ୋ 14ي
ᔼᖹΌ਷ᒄɧഃᆤ
৷Ҧஔ
ପุක೯ʕː
జѓ
ਗ਼ ESGፄɝΆุ኷
f
1. ESGط
ٙESGʷኪ e ᖹ
ᗆ d Ո௪ଣ༆Ԩ္ຖ
ESGப୕ᘪ ESGו
ዄ ESG֛ESGഄ e ᄲቡԻ೯б ESG జ
໨ԫึໝྼ ESGᗫʈ
͟ EHSٙESGப՘
ձᏨী ESG೻ ESG ၍ ଣeໝ ྼESG ͦᅺ e ᅰኽϗණ e
՘ሜഃ d ໨ԫึ࿁ ESGᗫʈЪආБ္ຖ f Ϥ̮ d ʮ̡
ᎈᗆй e ൙ПʿᏐ࿁ዚՓ d ਗ਼ ESGፄɝΆ
ุ˚੬༶ᐄʕ f


--- page 220 ---
– 212 –
ุ ਕ
ٙ
εʩ
΂
͟ՇΤɾ໨ԫʿɖΤӲ໨ԫଡ଼ϓ d ϋᙧʧ˷ 36 ๋Ї 67
ᚃҁഛ ESGʊක
ٙESGژESGપආึᙄ d
ᎈᗆйၾ൙ПዚՓ d
ᚣ ESGᗫజѓ d ʔᓙ౤ʺ ESGଣ
f
ESGᎈ၍ଣ
 d ഐΥБุतᅄၾʮ̡ྼყ༶
ٙءESG޴
࢝
j ԶᏐ
ᜊʷ d Ԩਗ਼Չॶɝ ESG ၍ଣഄଫၾ˙০ʕ f
• ԶᏐᗡ၍ଣي
ۜ
̜Ϋ e
ٙ
ʔлᅂᚤ f ʮ̡ਗ਼ԶᏐᗡ၍ଣॶɝ ESGᚃ
ᎈঐɢ f
• ᗆପᛆਠ
ܛج
ɢ
ᙄ̙ঐԴᅰ
ක
ุਕ೯
౤Զ˕ᅟ f
• ᜊʷଟʿঐ๕ϓ
ʍᓔ f ኷
ԨҪ౥Э
൙
ɽᅂᚤ d ࿁ྼყৌਕᅂᚤ༰Э f
͊೯͛΂Оၾ ESGᎈԫ΁ d ͵͊Ϊ
༼ˀ ESGਗ਼ᘱᚃҁഛ ESGᎈ
ᚃᖢ਄຾ᐄ f
2. ᐑྤ
2.1 ᐑྤ၍ଣ
஝ d
׵2024 ϋʿ 2025ڭ


--- page 221 ---
– 213 –
ุ ਕ
ɛ͏࿆ 7.8 ຬʩʿɛ͏࿆ 5.02ྼყ̙Б
̂ʱϽᅇə
ਞϽə ISSB eGRIeSASBӋ
ኪಯર e ༟
d ணͭə˸ɨ
ᐑྤ၍ଣͦᅺ j
• ಯરͦᅺ jಢः
يNO
x)e ɚःʷି (SO2)يVOCs)يݑ100%
ू d ʮ̡˸ 2024ਿ๟ d ɢ
Ց 2030Э 5%f
• ं᜗ಯરͦᅺ j஝ྌ d ӻ୕၍ଣ༶
f ʮ̡˸ 2024֛
Ї 2030ࠥ5%ᓃᗫ
׵2050၁ʕձ f
• ಯᄻͦᅺ j͋၌Υ஝ஈໄʿ༟
๕ʷл͜ഃ˙ό d ʮ̡˸ 2024d ͦᅺՑ
2030ࠥ3%ࠥ5%f
• ूͦᅺ j ʮ̡˸ 2024ਿ๟ d ஷཀଇӖ৷ঃঐ
ືঐจᗆ d
Ї 2030ࠥ5%ͦᅺ f
• ूͦᅺ j ʮ̡˸ 2024Ց 2030 ϋྼତঃ˥ᐼඎ
ࠥ3%ͦᅺ f
2.2 ၍ଣ
ԣ
ྼ
ي
Όཀ೻၍છ f ʮ̡։ৄՈ
Ϟᔷ༶ᑌఊѩ
d ྼତ̙৛๑၍ଣ f
2.3 ༟๕Դ͜၍ଣ
Э၁፬ʮᐑྤ j
• મ͜ LEDӻ୕ f Ϥ̮ d ʮ̡ྼБᘌ
ஃ f


--- page 222 ---
– 214 –
ุ ਕ
• ʈື˥จᗆ઺ԃ d
ई൬ԫ΁ f
• Э
ॷੵऊঃ f
• e Զ˥ண
f
ତ j
ᅺ ఊЗ 2024 ϋ 2025 ϋ
͜ཥඎ . . . . . . . . . . . . . . . . . . . . . . . . .  ࣛ310,174 388,516
ܓ . . . . . . . . . . . . . . . . . . . . . . . Ŋɛ 3,737.04 3,210.88
ঃ˥ඎ . . . . . . . . . . . . . . . . . . . . . . . . .  ͭ˙Ϸ 643 1,910
ܓ . . . . . . . . . . . . . . . . . . . . . . . ͭ ˙ ϷŊɛ 7.75 15.79
2.4 ᜊʷ
஝ᜊਗ
Ϥ d
d ᖢӉપආ 2030 ϋ၁༺
ʿ 2050ᜊʷ࿁௅ʱุਕ
ɽ༶ᐄ
Э f
ᎈ j
Ո᜗ᅂᚤ
ᎈ • ᅰ
ଣฦᕸ
ᎈ • Ꮇཀ
׌֛
 •㛬๝㛬᐀ᐑྤႡиঐঃϓ͉
ᚃɪʺ
ᜊਗ • ࣸ
 •၁ৣᕘᒅ൯ʿ೼ਕ˕̈
ᎈ • ೯ᅼ
ό


--- page 223 ---
– 215 –
ุ ਕ
ඎ j
ᅺ ఊЗ 2024 ϋ 2025 ϋ
ᐼඎ ᇍ ఖ 1+ ᇍఖ 2 ኚɚःʷ၁຅ඎ 174.75 219.24
ᇍ ఖ 1+ ᇍఖ 2 ኚɚःʷ၁຅ඎ Ŋ ɛ 2.11 1.81
ᇍఖ 1ඎ ኚɚःʷ၁຅ඎ 8.31 10.76
ᇍఖ 1ኚɚःʷ၁຅ඎ Ŋ ɛ 0.10 0.09
ᇍఖ 2ඎ ኚɚःʷ၁຅ඎ 166.44 208.48
ᇍఖ 2ኚɚःʷ၁຅ඎ Ŋ ɛ 2.01 1.72
ᇍఖ 3ඎ ኚɚःʷ၁຅ඎ  9,562.51 9,932.83
ᗳй 1 ኚɚःʷ၁຅ඎ 8,433.81 7,612.02
ᗳй 5 ኚɚःʷ၁຅ඎ 7.56 41.3
ᗳй 6 ኚɚःʷ၁຅ඎ 1,068.29 2,215.75
ᗳй 7 ኚɚःʷ၁຅ඎ 52.85 63.76
ᇍఖ 3ኚɚःʷ၁຅ඎ Ŋ ɛ 115.21 82.09
ึ (IPCC) ୋʬϣ൙Пజѓ 
೯б 2022ʮѓ  f
3. ึ
3.1 ྇඿
ج
d
f ࿚Ї
ᐄி
ᆽʔึΪ
ࡰڭ
ൖ f
ᅺ ఊЗ 2024 ϋ 2025 ϋ
ʈᐼᅰ ɛ 83 121
ɛ 36 56
ɛ 47 65
ϋᙧྌʱ 30 ඄๋ʿ˸ɨ ɛ 19 25
31-50 ඄๋ ɛ 59 89
50 ඄๋˸ɪ ɛ 57
3.2 ਄ੰၾτΌ

Ϊ
ሯ ν 䈃 Ṝe᜾ ა
e ɹ໅ձԣ
ᐶা፽ಂග
މ0˂f


--- page 224 ---
– 216 –
ุ ਕ
3.3 ʿ੃৅
੃৅ሙ೻ d ͂
މ
ʈί
ձආӉ f
ᅺ ఊЗ 2024 ϋ 2025 ϋ
׌43 46
׌57 54
ʈ
Цˢ
৷ॴ၍ଣᄴ % 25 26
ʕॴ၍ଣᄴ % 34 26
ʈ % 41 48
ࣛ1,546 1,771
ࣛ1,815 1,992
ʈա৅̻ѩ
ᅰ
ࣛ504 651
ࣛ471 553
ࣛ2,442 2,653
3.4 ᑗґ༊᜕
ଣ
ኽቇ͜
٫
ᅰኽၾᒯӷτΌ f
3.5 ၅л
౤Զɛ༸ᗫᕿ e
ӊ
ၾப΂ f
3.6 ԶᏐᗡ၍ଣ
ྠ
ࠦ
ጜ፯ f 2024 ϋձ 2025 ϋ d ʮ̡΍ၾ 322 ձ 409֐
ၾၵ઻
f
3.7 ਠุ༸ᅃၾˀၵ઻

ς
׵2024 ϋʿ 2025ൡ
࢙


--- page 225 ---
– 217 –
ุ ਕ
กᆎ੽ุਖ਼ධ੃৅ d ˸౤ʺ
΍ᗆ f
2019ᅂᚤ
2019ʍ
ྼყ̙Б˚ಂ d 2019ًڿ
ਗ e ᑗґක೯ e ˚੬ᐄ༶ e ԶᏐᗡʿ္၍ԫਕிϓ΂
І 2022 ϋ 12 ˜ৎʊɽష༆ৰՉ 2019षԣ
މ2019ɽʔ
лᅂᚤ f
஢̙ᗇʿ೐๫
ྼყ̙Б˚ಂ d Ң
ɽ஢̙ᗇ e ೐๫ e
༈ഃੂ๫ e ஢̙ᗇ e
ღᖟ f
༉ઋ j
˚ಂ
Դ͜஢̙ᗇ
ᇜ ໮jSYXK-ḯ2026-009. . . . . . . . . . .
ኪҦஔᝂ ͉ʮ̡ 2026 ϋ 3 ˜ 26 ˚ 2031 ϋ 3 ˜ 18 ˚
ࣣٝ
ᇜ ໮j 2025LP01688  . . . . . . . . . . . . . . . . .
ᔼ
ʮ̡
2025 ϋ 6 ˜ 30 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j 2025LP01148  . . . . . . . . . . . . . . . . .
ᔼ
ʮ̡
2025 ϋ 4 ˜ 21 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2025LP01314  . . . . . . . . . . . . . . . . .
ᖹ္҅ Гτෳͭइᔼᖹ
ʮ̡
2025 ϋ 2 ˜ 20 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2025LP01315  . . . . . . . . . . . . . . . . .
ᖹ္҅ Гτෳͭइᔼᖹ
ʮ̡
2025 ϋ 2 ˜ 20 ˚ ʔቇ͜
XTL6001ࡘFDAᔼ
ʮ̡
2024 ϋ 12 ˜ 20 ˚ ʔቇ͜
MT1002ࡘFDA ͉ʮ̡ 2023 ϋ 12 ˜ 13 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP01508  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 7 ˜ 27 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP01509  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 7 ˜ 27 ˚ ʔቇ͜


--- page 226 ---
– 218 –
ุ ਕ
˚ಂ
ࣣٝ
ᇜ ໮j2023LP01200  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 6 ˜ 25 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP01201  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 6 ˜ 25 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP01038  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 6 ˜ 6 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP01039  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 6 ˜ 6 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP00534  . . . . . . . . . . . . . . . . .
߅
ʮ̡
2023 ϋ 3 ˜ 29 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP00535  . . . . . . . . . . . . . . . . .
߅
ʮ̡
2023 ϋ 3 ˜ 29 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP00489  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 3 ˜ 24 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2023LP00341  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2023 ϋ 3 ˜ 14 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2022LP01267   . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2022 ϋ 8 ˜ 16 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2021LP01920  . . . . . . . . . . . . . . . . .
ᖹ္҅ Гτෳͭइᔼᖹ
ʮ̡
2021 ϋ 11 ˜ 30 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2021LP01921  . . . . . . . . . . . . . . . . .
ᖹ္҅ Гτෳͭइᔼᖹ
ʮ̡
2021 ϋ 11 ˜ 30 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2021LP01020  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2021 ϋ 7 ˜ 6 ˚ ʔቇ͜
ࣣٝ
ᇜ ໮j2021LP00813  . . . . . . . . . . . . . . . . .
ᖹ္҅ ͉ʮ̡ 2021 ϋ 6 ˜ 2 ˚ ʔቇ͜
MT1013 ০࿁ CKD-SHPTࡘFDA ͉ʮ̡ 2021 ϋ 3 ˜ 5 ˚ ʔቇ͜
MT2004 ০࿁ NASHࡘFDA Гτෳͭइᔼᖹ
ʮ̡
2019 ϋ 11 ˜ 12 ˚ ʔቇ͜
MT1002 ০࿁ ACS-PCIࡘFDA ͉ʮ̡ 2019 ϋ 3 ˜ 1 ˚ ʔቇ͜


--- page 227 ---
– 219 –
ุ ਕ
˚ಂ
๕રϩ೮াΫੂ ᇜ ໮j
91320505MA228WRPXE001W . . . . . . . . . .
ෳत ᘽ ψᔼ
ʮ̡
2023 ϋ 9 ˜ 8 ˚ 2028 ϋ 9 ˜ 7 ˚
ൡத
ᎈΪ९ Ñ ၾҢ
ุਕ e
ྼყ̙
ࡁ
΀൒೻ҏ d Ͼ̙ঐ࿁Ң
ɽʔлᅂᚤ f
஝
Ԩೌ
ɽʔл
ᐶা
ܛج
ᚥਪ King and Wood LLPߕ
༼ˀቇ͜
Ї௰
ج
஝ f
֝
ږ
௅ʱ྇
ٙࣛ
ᅰϋԨ͊
ɛɢ༟๕
ᐶা፽ಂග d
׵2024 ϋʿ 2025ɛ͏࿆ 0.6 ϵຬ
ʩʿɛ͏࿆ 0.9ʮ
˸
Э j (i)ᐶা፽ಂග
ӋҢ
ᕘ i (ii)͜
ஈၮ i (iii)ኽၾҢ
ཥ༑ፔ༔ d ༈ഃ˴၍ዚᗫஷ੬ʔึ
ҳൡ i ʿ
(iv)d Ң
ცಛධ f


--- page 228 ---
– 220 –
ุ ਕ
͍ e
ٟٙࡁ
j (i)ࡁ
ഄ i (ii)ࡁ
i
(iii)จԈ d
i (iv)ږ
ഄ i ʿ (v)ܛجږ
੃৅ d ˸౤৷Υ஝จᗆ f
္၍
֛߰ٙ
׵2026 ϋ 7͍
ɓϋʫਿ͉ҁϓ༈ഃሜ዆ f
ਗ਼ʔ
ʿุਕᐄ༶ிϓʔлᅂᚤ f
ุ
ุॡ༣೮া d
j (i)׵2026 ϋ 5Ӌุ
೮া i (ii)ุ͊೮াɗ
ਗ਼ᘱᚃၾุ
ᎈ༉ઋ d ሗਞቡ
ᎈ f 
 d Ϟᗫή˙
ගʫЪ̈
ॡ༣՘ᙄ஗ஈ˸ɛ͏࿆ 1,000 ʩЇɛ͏࿆ 10,000 ʩ
ɛ͏࿆ 20,000ኽҢ
Պ  d ͊፬ଣॡ༣՘ᙄ೮াʔᅂᚤ
ࡁ
ุପ͛
׸
ุ f
ɽ
d ˲
ਗ਼ᘱᚃၾ΢̈ॡɛᑌᖩ d ί̙
ɨҁϓ೮া f


--- page 229 ---
– 221 –
ุ ਕ
ᎈ၍ଣʿʫ௅္છ
ᚃᗆй e
ኽ̙
໨ԫజ
f
ʊમ
j (i)ึ d ˸ᄲቡʿ္
೻ʿʫ௅္છӻ୕ i (ii)d
i (iii)ܓ
ཫԣʿ
ʿஈၮ i (iv)౤
ə༆ʿ፭ς i ʿ (v)
ಥɪ̹ʮ̡໨ԫᔖ
੃৅ሙ೻ f
ʫ௅္છ
ʊ։໌
ɓΤʫ௅္છᚥਪ  ʫ௅္છᚥਪྼ᜗
༟ପ၍ଣ e
೻ҏ  ʫ௅္છᄲ
ቡ  f
ʫ௅္છᚥਪఱ 2024 ϋ 7 ˜Ї 2025 ϋ 6 ˜ಂගආБʫ௅္છᄲቡ d ᗆй̈ʫ
໾હБਗ d ˸౤৷ʫ௅
༈ഃБਗආБə༧ආᄲቡ d ί༧
ྼყ̙Б˚ಂ d ฿ೌၾ͉ʮ̡ʫ௅္
d ఱ
f


--- page 230 ---
– 222 –
ุ ਕ
ᚐ
ኽᑗґ༊᜕ϗණʿஈଣա
j
׼
ࢹڦ . . . . . . . .   йe͏
ɛཥ༑໮
ᇁ e ཥɿඉᇌഃ f
٫
ڦ
ՉୌΥɝ
፯ᅺ๟Ԩί༊᜕ಂග
̙˸஗ᑌᖩ f
1. ᑗґ༊᜕͡፬˙ϗ
ʿ
̘ᅺᗆʷ
א
f ༈ഃਿ
ʿᅰኽ͟ᑗґ༊᜕ዚ
Җό౤
f
2.  νᑗґ
ࡰCRA)ᗇ
(QA)Ӻʕː
d Ш
ٙࢹڦ
f
3. ίᑗґ༊᜕ཀ೻ʕ d ӊධᑗ
ڦ
Ͼ
ӊධ༊᜕ேึ
ɛ
f
4. ઽ
f
ࢹڦ . . . . . . . .   ٫
ڦ
ՉୌΥɝ
፯ᅺ๟Ԩঐ͍੬ਞၾ
༊ ᜕f
ࢹڦ . . . .   া፽ d
e И৫া፽ e ʷ
᜕జѓ e ͜ᖹা፽ e ᖹ
e ͛
ष̦ e ൢ
e ତष̦
ɛԒ᜗਄
d ν
ഃf
ࢹڦ . . . . . . . . . . . . . f
Պ  e ʕശɛ
஝ධɨ
Ӌ f
(1) ج
ڦ
f
(2) ה
ɝ፯ᅺ๟
ɛԒ
ή
f


--- page 231 ---
– 223 –
ุ ਕ
(3) ீཀᑗґ༊᜕ዚ࿴ d ˸
ʿ
ᑌᖩ˙ό d Ԩ՟੻
f
ٙ
ᚥਪ Concord &
Sage PC ᆽ ႩdІ 2023ࡈ
׵ࠢࣸ
ଉ
ίᑗґක೯ e Υ
ѩ፭ςʕ਷ʫή
஝ f
2019ϋ4˜Ї 2022ϋ12ʊ໌ሗCROމMT1002eMT1013eMT200605
ʿ MT2004઄΂ОϞ
ᗫ CROΥଣή̙ঐ࿁
ɽʔлᅂᚤ f


--- page 232 ---
– 224 –
ڷ
؇ٰٰ
Ϟ͉
ʮ̡ 40.56%e 6.60% ʿ 5.48%ৣਅ f ˮૠ௹ɻʿˮ
ʮ̡  ଺๿ዣੰ  99.00% ʿ 1.00%
Ϟ͉ʮ̡ 5.48%
͉ʮ̡ 5.48%ྼूኹ
ɪ
ᛆ͊ᐏБԴ  d
ߒ43.43%ҳୃ
౻ʿᄵዝ༉ઋ d
ࡰ— ໨ԫึ  ɓື f
־
ୋ 8.10
΂ОՉ˼ุਕʕኹϞ΂Оᛆू f
؇ٰٰ
ٰ
ุਕ f
׌
ੂБ໨ԫʿɧ
ࡁ
၍ଣᔖঐ j
(a) 
މ
i
(b) Ъ
БุኹϞᔮబ຾᜕ d Ԩਗ਼ঐ੄Ъ̈ୌΥҢ
Бุ຾᜕༉ઋ d
 ɓື i
(c) ɧʱʘɓ d
Ӕഄཀ೻੭
Ըዹͭкᓙ i
(d) ପ͛ᆑίл
ɛᅰ i ʿ
(e) ؇ٰٰ
ዹͭ၍ଣ f Ϟᗫආɓ
f
္છዚՓ d ˸ᆽ
዆᜗лू f


--- page 233 ---
– 225 –
ڷ
׌
ϞӔഄԨ̋˸ੂБ f
ʊ຾ᐄ༶ d Ԩཫಂਗ਼ᘱᚃዹͭ
ุਕϾԊ
˒ d
ʿՉၡ੗ᑌᖩɛ຾ᐄ
ุਕ f
ʿՉၡ
੗ᑌᖩɛᐄ༶ f
׌
Ъ̈ৌਕӔഄ d ϾҢ
ৌ
ʿৌਕ၍ଣӻ୕ f
؇ٰٰ
ණྠ฿ೌ
f
ዹͭ຾ᐄุਕ d ˲ʔึ
ʿՉၡ੗ᑌᖩɛ f
݄
ʊમॶ
ʘග
j
(a) ɽлू
ҳୃ d
ɛᅰ i
(b) ͉ʮ̡ၾҢ
ٙ
i
(c) ࡰ
ɧʱʘ
БԴዹͭкᓙ d Ԩ
йʿ΍ΝήՈ
ٰ
ღҢ
лू i
(d) Ӌዹͭਖ਼ุɛɻ  νৌਕᚥਪ  ౤ԶจԈ d ։΂༈
ዄ i ʿ
(e) ܛج
f
ࡁ
ٙ؇ٰࡁ
዆᜗лू f


--- page 234 ---
– 226 –
͉
f
ۃ
ɛ͏࿆ 5,473,719މ
273,685,950ɛ͏࿆ 0.02 ʩf
ܝ
މHd ৿ண൴ᕘৣ
͉ਗ਼νɨ j
΅ᅰͦ
ٙ
ϵʱˢ
΅   . . . . . . . . . . . . . . . . . . . . . . 51,669,250 15.58%
ٙHٰ58,054,400 17.50%
ٙHٰ222,016,700 66.92%
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  331,740,350 100%
މHᛆᐏ઄
͉ਗ਼νɨ j
΅ᅰͦ
ٙ
ϵʱˢ *
΅ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,669,250 15.18%
ٙHٰ66,762,400 19.61%
ٙHٰ222,016,700 65.21%
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  340,448,350 100%
* ମ f


--- page 235 ---
– 227 –
͉
ήЗ
΅ f H͉ʮ
ଉಥஷ
Ͼ
Ϟ͉ʮ̡ HՉ˼ɛɻ̮ d H൯
΅ၾ H܁ܝ
ϞϞᗫ Hਗ਼
אH˹ f
މHٰ
͉ʮ̡ʊ͡ሗਗ਼ 222,016,700ɓ౬ɓਿ
މHӋ d ౤ʹ͡ሗజѓ e ͡ሗ Hஷ
ʿՉ˼˖΁ f ਗ਼ତϞ
ٙܵה؇ٰ222,016,700މH׵
2026 ϋ 3 ˜ 27 ˚ҁϓ f
൯ር d ͉
މHމHd ઓ༈ᔷ౬
஝Է˸
ʿ೻ҏ d ԨʊҁϓΣ਷ਕ৫ᗇՎ္ຖ၍ଣዚ
ɪ̹͵඲຾ᑌʹ
f
މH΂О
΅͡ሗ˸ Hɪ̹ d ˸ᆽ
׵H׵
݁
Ъ༈ഃཫ΋ɪ̹͡ሗ f
ϣɪ
ٝ
f
Τ
ٙHΤ̅ d
ͪ H΅ཀ˒೮াஈ೯̈ H͉ʮ̡ Hމa)
͉ʮ̡ Hᗫ H೮ɝ Hٰٰ
Τ̅ʿ H੔೯ i ʿ (b) ટॶ Hɪ
ٰ
͉ʮ̡ H΅ʔึ˸ HҖόɪ̹ f
Όଢ೯ਯ
ٙࡁHࡁHٰ
ɽʔлᅂᚤ f 


--- page 236 ---
– 228 –
͉
ᔷᜫ
΅Іɪ̹˚ಂৎɓϋʫʔ੻
ഃ
ٙ25%΅Іɪ̹˚ಂৎɓ
̒ϋʫᔷᜫ f
ፕ  f
ึ
 f
ྌ
ʿ
ࠇ
ྌf
ɓছબᛆ
d ͉ʮ̡໨ԫʊᐏબɓছೌૢ
ٰ
f 
೮া
Hˏ d
ᗫุਕ஝
΅ᔷᜫ೮া f Ϥ̮ d Hٙ
ܝ15జѓ f


--- page 237 ---
– 229 –
٫
ਿͩҳ༟
٫ͭਿͩҳ
 ਿͩҳ༟՘ᙄٙ
މ449.19ڐ
ٙ200ٰHᅄ൬
൬  ਿͩҳ༟   f
ୋ 18ˏୋ 3.2΅ᐼᅰʕ d
Їˇ 40%࠰׵
ߒٙ10%΅ᐼᅰʕ d
௰ε 50% ࠢՉ
ᑥɛʿ዆᜗՘ሜɛϞᛆΌᛆ৤ઋሜ
ਿ
Չ
ਗ਼Ⴉ
׵2026 ϋ 6 ˜
23೯
΅ᅰͦ f
މ18.20ЭЗᅰ  d
މ24,681,000ߒ׵i) ၡᎇ
ٙ42.51%ٙ7.44% ৿ண൴ᕘৣ
ᛆ͊ᐏБԴ  iʿ (ii)ٙ36.97%͉
ٙ7.25%ᛆᐏ઄ᅰБԴ  f
މ19.60ʕЗᅰ  d
މ22,918,000ߒ׵i) ၡᎇ
ٙ39.48%ٙ6.91% ৿ண൴ᕘৣ
ᛆ͊ᐏБԴ  iʿ (ii)ٙ34.33%͉
ٙ6.73%ᛆᐏ઄ᅰБԴ  f
މ21.00৷၌  dਿ
މ21,390,200ߒ׵i) ၡᎇΌ
ٙ36.85%ٙ6.45%ٰ
ᛆ͊ᐏБԴ  iʿ (ii)ٙ32.04%͉ᐼ
ٙ6.28%ᛆᐏ઄ᅰБԴ  f
d (i)਺
ː i ʿ (ii)Бุᑊᚑʿҳ༟຾᜕ ˈ
ጐ฽ਞၾ d ਿͩҳ༟ਗ਼Ϟп
ː f ͉ʮ̡
f


--- page 238 ---
– 230 –
٫
ٰ
፽ F1 ୋ 1C (2)ධɨ
௝
ʿ ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էɓ ື f
٫
ኽਿͩҳ༟՘
ܝ
ᖮԑ Hٰ
ୋ 8.08೯ਯ
ਿͩҳ༟՘
d (i)ಥৰ̮ 
i (ii)͉ʮ̡ኹ
З i ʿ (iii)ୋ 8.08(3)ྼ
׵50%ʝዹͭ f
௅ʱ
ආ਷ყ೯
˕˹ՉʊႩ
ʹϗ̙ீཀ
፰
઄ᅰ˕
፰ʹ˹ f ΪϤ d
፰ഐၑ f
d (i)ʿՉ
΢Іᛆूৰ̮  i(ii) ฿ೌਿͩ
e ତ
ͪ i ʿ (iii)࿁
e ˴
΅
f
ഃɗІБ
Ⴉᒅਗ਼͟ՉІБ౤
ѩʊ՟੻ d ˲
೯ਯᄆᐏ
ਿͩҳ༟՘ᙄʕ


--- page 239 ---
– 231 –
٫
ၾਿͩҳ༟
΂О
 ୋ 4.15ڭ
ਿͩҳ
Ⴉᒅਗ਼͟ՉІϞʫ௅༟๕ᅡ˹ f
೯ਯ
ᅂᚤ d
ʿ
፽ F1਷ყ̍ቖਠ  БԴ൴ᕘ
ٙ
٫
׵2026 ϋ 6 ˜ 23ٙ
ᚣ f
ٰ
ږ
፰ഐၑ f
٫
༱ΐਿͩҳ༟༉ઋ j
೯ਯᄆ 18.20ЭЗᅰ 
ᛆ
͊ᐏБԴ
ᛆ
ᐏ઄ᅰБԴ
ਿͩ
٫
ҳ༟
ᕘ
(1)
΅
ᅰͦ (2)
Ц೯ਯ
ٙ
ߒ
ϵʱˢ
Цၡᎇ
Όଢ೯ਯ
ʊ
͉
ٙ
ϵʱˢ
Ц೯ਯ
ٙ
ߒ
ϵʱˢ
Цၡᎇ
Όଢ೯ਯ
ʊ
͉
ٙ
ϵʱˢ
 ϵຬಥʩ 
ಥ . . . . 341.36 18,756,200 32.31% 5.65% 28.09% 5.51%
ථ௟อᘴ . . . . 100.00 5,494,400 9.46% 1.66% 8.23% 1.61%
නჼ༟͉ . . . . 7.83 430,400 0.74% 0.13% 0.64% 0.13%
ࠇ449.19 24,681,000 42.51% 7.44% 36.97% 7.25%
ൗj
(1) ኽ͉
ಥʩ i
(2) ٙڐ200௝೻ʿΌଢ೯
ၑ f


--- page 240 ---
– 232 –
٫
೯ਯᄆ 19.60ʕЗᅰ 
ᛆ
͊ᐏБԴ
ᛆ
ᐏ઄ᅰБԴ
ਿͩ
٫
ҳ༟
ᕘ (1)
΅
ᅰͦ (2)
Ц೯ਯ
ٙ
ߒ
ϵʱˢ
Цၡᎇ
Όଢ೯ਯ
ʊ
͉
ٙ
ϵʱˢ
Ц೯ਯ
ٙ
ߒ
ϵʱˢ
Цၡᎇ
Όଢ೯ਯ
ʊ
͉
ٙ
ϵʱˢ
 ϵຬಥʩ 
ಥ . . . . 341.36 17,416,400 30.00% 5.25% 26.09% 5.12%
ථ௟อᘴ . . . . 100.00 5,102,200 8.79% 1.54% 7.64% 1.50%
නჼ༟͉ . . . . 7.83 399,600 0.69% 0.12% 0.60% 0.12%
ࠇ449.19 22,918,000 39.48% 6.91% 34.33% 6.73%
ൗj
(1) ኽ͉
ಥʩ i
(2) ٙڐ200௝೻ʿΌଢ೯
ၑ f
೯ਯᄆ 21.00৷Зᅰ 
ᛆ
͊ᐏБԴ
ᛆ
ᐏ઄ᅰБԴ
ਿͩ
٫
ҳ༟
ᕘ (1)
΅
ᅰͦ (2)
Ц೯ਯ
ٙ
ߒ
ϵʱˢ
Цၡᎇ
Όଢ೯ਯ
ʊ
͉
ٙ
ϵʱˢ
Ц೯ਯ
ٙ
ߒ
ϵʱˢ
Цၡᎇ
Όଢ೯ਯ
ʊ
͉
ٙ
ϵʱˢ
 ϵຬಥʩ 
ಥ . . . . 341.36 16,255,400 28.00% 4.90% 24.35% 4.77%
ථ௟อᘴ . . . . 100.00 4,761,800 8.20% 1.44% 7.13% 1.40%
නჼ༟͉ . . . . 7.83 373,000 0.64% 0.11% 0.56% 0.11%
ࠇ449.19 21,390,200 36.85% 6.45% 32.04% 6.28%
ൗj
(1) ኽ͉
ಥʩ i
(2) ٙڐ200௝೻ʿΌଢ೯
ၑ f
ఱਿͩҳ༟౤Զ f


--- page 241 ---
– 233 –
٫
ಥ
ʮ̡ d ͟৯Г઼๕৷ҳΆุ
Υྫ  ઼๕৷ҳމ
ߒ0.03%਷
༟։௰୞છՓ f
ܼi)Ҧ
ߒ83.31%Υྫᛆू d Ԩ͟৯
ᝂ௰୞છՓ i ʿ (ii)ΥྫΆุ
ߒ16.66%Υྫᛆू d Ԩ͟Гτ৷อҦஔପุක೯
ึ௰୞છՓ f
ၡ੗
፽ F1 ୋ 1C (2)ʊ
ਞၾΌଢ೯ਯ f
ʿ ʮ ̡
 ૶ᆵʿᕏධૢ˖  ૢ Էɓ ື f
ʮ̡
ʮ̡  ථ௟อᘴϞ
΅˾໮ j 1952.HKੰ዗
ܼC-Bridge Healthcare Fund II, L.P. eC-Bridge Investment Everest
Limitede C-Bridge II Investment Eight Limited eC-Bridge Healthcare Fund IV, L.P.e
C- Bridge IV Investment Two Limited eC-Bridge IV Investment Nine Limited eC-
Bridge Capital Investment Management, Ltd. eCBC Group Investment Management,
Ltd. eC-Bridge Joint Value Creation Limited ʿ Everest Management Holding Co.,
Ltd.ྼ᜗͟ Nova Aqua Limited͟ Vistra
Trust (Singapore) Pte. Limitedৌପબʚɛ  ˸௩ਬ
ණ೯ତ e બᛆ e ᑗґ
d ˸
ᔼᐕცӋ f
ʮ̡
ʮ̡  නჼ༟͉ʮ̡ d
ʮ̡  ჾჼҳ༟ϞՉ 40% ᛆू d Ͼቱɨ 24%e18% ʿ
18%ڗ
Ϟჾჼҳ༟ 55%ᛆू f ჾჼҳ༟ʘቱɨ 33%
ʿ 12%ዹͭୋɧ˙ f නჼ༟͉
ᛆूҳ༟ f


--- page 242 ---
– 234 –
٫
΋Ӕૢ΁

d ˙̙Ъྼ j
(a) ׼ࠈ
ܝ
̍ቖ՘ᙄѩ͊஗୞˟ i
(b) i
(c) ࡘH΅˸ʿՉ
 
׵H͊஗
࿞ ቖi
(d) ԨίՉၣ१ɪʮбϞᗫʕ਷ᗇ္ึ
׵؈Hίᑌ
i
(e) ਿͩҳ༟
ຫ
i ʿ
(f) Ⴉʿ
ѩ᙮๟ᆽ e
Ԩೌ༼ˀ΂О
ਿͩҳ༟՘ᙄ f
Փ
ࣣ
˜ಂග  ຫਯಂ  ʫᎇ
΂О
᙮ʮ̡
Ҽ f


--- page 243 ---
– 235 –
؇ٰࠅ
؇ٰࠅ
ᛆ͊ᐏБԴ  d ˸ɨɛɻ
ኽᗇՎʿಂ஬ૢԷୋ XV ௅ୋ 2 ʿ 3 ʱ௅ૢ
͉ʮ
͉ʕኹϞ 10%ᛆू j
ྼყ̙Б˚ಂ
ܝ1)
΅ᗳй
Ц͉ʮ̡
ٙ
΅ᗳй
ᗫ
΅
ϵʱˢ
Ц͉ʮ̡
ٙ
ϵʱˢ
(1)
ˮΏ௹ɻ (2)(3) . . . . . . . . . . . . . . . . . ྼूኹϞɛ i
ৣਅᛆू
2,881,201΅ 52.64% 99,660,050 Hٰ35.58% 43.43%
44,400,000΅ 85.93%
ˮૠ௹ɻ
(2)(3) . . . . . . . . . . . . . . . . . ྼूኹϞɛ i
ৣਅᛆू i
ᛆू
2,881,201΅ 52.64% 99,660,050 Hٰ35.58% 43.43%
44,400,000΅ 85.93%
ִ݁
4) . . . . . . . . . . . .ᛆू 476,179΅ 8.71% 35,295,900
7,269,250
Hٰ
΅
12.60%
14.07%
12.82%
ڗ
4)  . . . . . . . . . . . . . . . . . . ྼूኹϞɛ 79,647΅ 1.46% 3,982,350 Hٰ1.42% 1.20%
ږ4) . . . . . . . . . . . . . . ྼूኹϞɛ 72,635΅ 1.33% 3,631,750 Hٰ1.30% 1.09%
Գϓ (4)  . . . . . . . . . . . . . . . . . . ྼूኹϞɛ 40,353΅ 0.74% 2,017,650 Hٰ0.72% 0.61%
Гτිᚑ (4)  . . . . . . . . . . . . . . . . . . ྼूኹϞɛ 18,159΅ 0.33% 907,950 Hٰ0.32% 0.27%
৯Г௴อટɢ (4) . . . . . . . . . . . . . . ྼूኹϞɛ 83,077΅ 1.52% 4,153,850΅ 8.04% 1.25%
ಥ (4)  . . . . . . . . . . . . . . . . . . ྼूኹϞɛ 62,308΅ 1.14% 3,115,400΅ 6.03% 0.94%
ږ4)  . . . . . . . . . . . . . . . . ྼूኹϞɛ 120,000΅ 2.19% 6,000,000 Hٰ2.14% 1.81%
ಥ (4)(5) . . . . . . . . . . . . . . . . . ྼूኹϞɛ – – – 18,756,200 Hٰ6.69% 5.65%
ᘽψ௥ॲ . . . . . . . . . . . . . . . . . . . . ྼूኹϞɛ 546,667΅ 9.99% 27,333,350 Hٰ9.76% 8.24%
ʮ̡  ൳⇱  (4) . . . . . . ྼूኹϞɛ 354,667΅ 6.48% 17,733,350 Hٰ6.33% 5.35%
Northern Light Venture Fund V,
L.P. (NLVF)(4)   . . . . . . . . . . .
ᛆू 354,667΅ 6.48% 17,733,350 Hٰ6.33% 5.35%
Northern Light Partners V, L.P.
(NL Partners)(4)  . . . . . . . . . .
ᛆू 354,667΅ 6.48% 17,733,350 Hٰ6.33% 5.35%
Northern Light Venture
Capital V, Ltd.(4)   . . . . . . . . . . .
ᛆू 354,667΅ 6.48% 17,733,350 Hٰ6.33% 5.35%
቎ቜ΋͛ (4)  . . . . . . . . . . . . . . . . . .ᛆू 354,667΅ 6.48% 17,733,350 Hٰ6.33% 5.35%


--- page 244 ---
– 236 –
؇ٰࠅ
ൗj
(L) f
(1) ୚ʊҁϓʿ˸ɨ৿ண j (i)ᛆ͊ᐏБԴ i (ii) 222,016,700ڢٰ
މHiʿ (iii)΅ᐼ
މ331,740,350ٰHf
(2) ܵ
Ϟ͉ʮ̡ 4.52%ʮ̡  ଺๿ዣ
ੰ࣬
΅ʕኹϞᛆू f
(3) ኽ  ᗇՎʿಂ஬ૢԷ  d ˮΏ௹ɻʿˮૠ௹ɻ஗ൖ
΅ʕኹϞᛆू f
(4) ਿ
਷༟։
Գϓ e Гτ
΅ʕኹϞᛆू f
(5) ೯
ਯᄆ 18.20ЭЗᅰ  Ⴉᒅ 18,756,200΅ f ආɓӉ༉ઋ
 ɓື f
(6) ʮ̡  ൳⇱   ͟NLVFϞ 91.67%฿ೌՉ˼
Ϟ൳⇱൴ཀ 30%ᛆ f NLVFΥྫΆุ d Չ౷
މNL Partners fNL PartnersΥྫΆุ d Չ౷
މNorthern Light Venture Capital V, Ltd. d ༈ʮ̡͉͟ʮ̡ዹͭୋɧ˙቎ቜ΋
͛છՓ f ΪϤ dNLVF eNL Partners eNorthern Light Venture Capital V, Ltd. ʿ቎ቜ΋͛
΅ʕኹϞᛆू f
ٰ׵
΅ʕኹϞ 10%ʘ༉ઋ d ሗ
ᚣ  ༱
፽̬  f
৿
ኽ  ᗇՎʿಂ஬ૢԷ  ୋ XV
௅ୋ 2 ʿ 3੭ᛆл̙ί
΂Оᗳй
࠽ࠦ10%ᛆू f


--- page 245 ---
– 237 –
ࡰ
໨ԫ
ੂБ
ɧϋ d ̙ᑐ፯ஹ΂ f
j
Τ ϋᙧ ᔖЗ ᔖப
ϣᐏ։΂
໨ԫ˚ಂ
̋ɝ͉ණྠ
˚ಂ
ၾՉ˼໨ԫ
ʿ৷ॴ
ࡰ
ڷ
ˮΏ௹ɻ . . . . . . . . 55݁
ੂБ໨ԫ
዆
᜗኷ଫ஝ྌʿ
ุਕᐄ༶ d ˸
ʿЪ͉̈ණྠ
ุਕʿ
ᐄ༶Ӕഄ
2020 ϋ 12 ˜ 2019 ϋ 12ٙ
ৣਅ
Yu Weiping
௹ɻ . . . . . . . . . .
67 ๋ ੂБ໨ԫ e ৷ॴਓ
ᐼ൒
኷
ଫ஝ྌ d ္ຖ
CMCਗʿ዆
᜗ᐄ༶͉ණྠ
၍ଣ
 2019 ϋ 8 ˜ 2017 ϋ 7 ˜ೌ
ˮૠ௹ɻ . . . . . . . . 52பਞၾ͉ණྠ
ٙ࢝
ɽӔഄ
2019 ϋ 8 ˜ 2019 ϋ 8ٙ
ৣਅ
΋͛ . . . . . . 62பਞၾ͉ණྠ
ٙ࢝
ɽӔഄ
2025 ϋ 8 ˜ 2025 ϋ 8 ˜ೌ
҂৷ᄿ௹ɻ . . . . . . 42பਞၾ͉ණྠ
ٙ࢝
ɽӔഄ
2021 ϋ 7 ˜ 2021 ϋ 7 ˜ೌ
❙௹ɻ . . . . . . 36பਞၾ͉ණྠ
ٙ࢝
ɽӔഄ
2025 ϋ 8 ˜ 2025 ϋ 8 ˜ೌ
Ԣʬᚃ௹ɻ   . . . 62ੂБ໨ԫ i
ੂБ
໨ԫ
ப္ຖ໨ԫึ
ԨΣՉ౤Զዹ
ͭкᓙ
ɪ̹˚ಂ 2025 ϋ 9 ˜d
Іɪ̹˚
ࣖ
ೌ
ੵ˖੶΋͛ . . . . . . 41ப္ຖ໨ԫึ
ԨΣՉ౤Զዹ
ͭкᓙ
ɪ̹˚ಂ 2025 ϋ 9 ˜d
Іɪ̹˚
ࣖ
ೌ
΋͛ . . . . . . 44ப္ຖ໨ԫึ
ԨΣՉ౤Զዹ
ͭкᓙ
ɪ̹˚ಂ 2025 ϋ 9 ˜d
Іɪ̹˚
ࣖ
ೌ
ੂБ໨ԫ
ˮΏ௹ɻ d55 ๋dІ 2020 ϋ 12˴
኷ଫ஝ྌ e ุਕ˙Σ˸ʿ˚੬ᐄ༶ʿ၍ଣ f


--- page 246 ---
– 238 –
ࡰ
ܼi) І 2020
ϋ 8޼
i (ii) І 2022 ϋ 8ʮ̡ዄ΂ੂБ໨ԫ
ᐼ຾ଣ i (iii) І 2022 ϋ 11ʮ̡ዄ΂ੂБ໨
Ӻ e ක೯ʿᏐ͜ i ʿ (iv) І
2025 ϋ 5ࠅ
˴
၍ଣ f
ၪ d
ᔼᐕʿႡᖹБุኹϞགྷ 20 ϋ຾᜕ f
1994 ϋ 7 ˜Ї 2001 ϋ 7ɽኪዄ΂п઺ f 2001 ϋ 8 ˜Ї 2019 ϋ 12 ˜d
Ӻ f
׵1994 ϋ 7׵־1999 ϋ 7 ˜
׵ܝ2007 ϋ 11Гτʹஷɽኪᐏᖹ
ଣኪ௹ɻኪЗ f
2023 ϋ 1ਠɽԴ (2023-
2024)Ҧ௴อɛʑ  ၈໮ f
2021 ϋ 6৷อਜʈ։ึʿ၍։ึબʚ  2021߅
׵־2012 ϋ 8
ᝂબʚ  ɧॢɛʑ  ࿲ᚑ၈໮ f
e
຾ଣʿ္ԫ f
ุਕ
༆ ౳Ŋ
Ϊ
༆ ౳Ŋ
࿞ቖ˚ಂ ᔖЗ
ʈ೻
ப΂ʮ̡ . . . . . . . .
Ӻၾ༊᜕ක೯ Ξቖᐄุੂ๫ 2013 ϋ 12 ˜ 11e
຾ଣ
ᔼᖹ
ப΂ʮ̡   . . .
Ӻၾ༊᜕ක೯ Ξቖᐄุੂ๫ 2021 ϋ 6 ˜ 22 ˚ ္ԫ
ப΂ʮ̡  Гτ౷ʠʈ೻Ҧ
ப΂ʮ̡  ГτႺဧ౶੽
ᗫ
ʮ̡ f


--- page 247 ---
– 239 –
ࡰ
ᐄุੂ๫஗Ξቖ d
ྼ
א
׵
฿ೌଘऒ΂О༼஝ԫ΁ f
Չᐄุੂ๫஗Ξ
஝ f
ሯඎ e ༶ᐄΥ
f
ᆽႩ (i)ʮ
̡༆౳ Ŋ ࿞ቖ i(ii)ਗ਼ึ࿁Չ౤̈
ᆑί͡॰ i (iii)ᓪᔖ
i(iv)Ո௪Ꮅවঐɢ i ʿ (v)ࠑ
່ਕ f
Yu Weiping ௹ɻ d67ப͉ණ
኷ଫ஝ྌ d ္ຖ CMCਗʿ዆᜗ᐄ༶၍ଣ f Yu׵2019 ϋ 8ϣᐏ։΂
৷ॴਓᐼ൒ d ΂ᔖЇʦ f
YuኹϞགྷ 40 ϋ຾᜕ f Yu਷ Celsion
Corporationʿʈᖵ
׵2010 ϋ 9 ˜Ї 2014 ϋ 6 ˜dYu׵ܝ2014
ϋ 6 ˜Ї 2017 ϋ 6׵־ Lipont Pharmaceuticals (Canada)೯ʿ͛
ᐼ൒ f
Yu׵1978 ϋЇ 1982׵־1982 ϋ
Ї 1984׵ܝ1987 ϋЇ 1990 ϋఱ
ˋኇୋɤɓɽኪ d ᐏ௹ɻኪЗ f
ੂБ໨ԫ
ˮૠ௹ɻ d52 ๋dІ 2019 ϋ 8ப
ɽӔഄ f
ᔼᐕʿኪஔჯਹኹϞགྷ 30੽ุ຾᜕ f
1994 ϋ 7 ˜Ї 1996 ϋ 9΂઺ d ੽ԫ͛ଣኪ઺ኪ
Ӻ f І 2002 ϋ 11᙮ᔼ৫
Ӻձ
ኪஔપᄿ f
׵1989 ϋ9˜Ї 1994 ϋ7ɽኪ d ᐏᑗґᔼኪኪɻኪЗ f
׵־1996 ϋ 9 ˜Ї 1999 ϋ 7׵ܝ1999
ϋ 9 ˜Ї 2002 ϋ 11௹ɻኪЗ f


--- page 248 ---
– 240 –
ࡰ
ִ݁
ୋɚҁϓɛ  f
֛ج
ɛ f
ุਕ
༆ ౳Ŋ
Ϊ
༆ ౳Ŋ
࿞ቖ˚ಂ ᔖЗ
Гτ౷ʠ . . . . . . . . . . . . . .Ӻၾ༊᜕ක೯ Ξቖᐄุ
ੂ๫
2013 ϋ 12 ˜ 11 ˚ ္ԫ
ГτႺဧ౶ . . . . . . . . . . . .Ӻၾ༊᜕ක೯ Ξቖᐄุ
ੂ๫
2021 ϋ 6 ˜ 22ɛ
ᆽႩ (i)ʮ
̡༆౳ Ŋ ࿞ቖ i(ii)ਗ਼ึ࿁Չ౤̈
ᆑί͡॰ i (iii)ᓪᔖ
i(iv)Ո௪Ꮅවঐɢ i ʿ (v)ࠑ
່ਕ f
΂Оྼყุ
৷ॴ၍ଣᄴ d සਞၾ৷
ʔΥ஝
பɛ f
΋͛ d62׵2025 ϋ 8ࠅ
ɽӔഄ f
ದ΋͛ίᔼᐕʿҳ༟ჯਹኹϞགྷ 30 ϋ຾᜕ f 1989 ϋ 7 ˜Ї 1990 ϋ 5ዄ΂
பɛ f 1990 ϋ 6 ˜Ї 2015 ϋ 12 ˜d
e ਓ˴΂
ʿ၂ɻ͛
fІ 2016 ϋ 1ٰ
ҳ༟၍ଣʮ̡  ዄ΂ᐼ൒ʿ໨ԫഃᔖЗ f
׵1982 ϋ9˜Ї 1987 ϋ7ɽኪ  ତ၈एϪɽኪᔼኪ৫  d
׵ܝ2006 ϋ 8 ˜Ї 2008 ϋ 8ዦ̿
ሙ೻ d ᐏᔼ৫၍ଣ၂ɻኪЗ f
҂৷ᄿ௹ɻ d42׵2021 ϋ 7ࠅ
ɽӔഄ f


--- page 249 ---
– 241 –
ࡰ
׵2012 ϋ 7 ˜Ї 2016 ϋ 8ʮ̡  ɓග˴
΅˾໮ j 300204.SZ޼
׵
ബइग़ᖹଣ௅ f
׵2016 ϋ 8Ⴁ
ᎈҳ༟ʮ̡  d Ԩ࿁ʕ਷ᔼᖹБุኹϞԈ༆ f
І 2020 ϋ 12 ˜Ї 2025 ϋ 11໨
΅˾໮ j 2595.HKႡ
ኹϞᔮబ຾᜕ d ԨՈ௪ᑗґ༊
ਖ਼
ܼSHIPڦ
ᔼᖹʿ NGGTf
׵2012 ϋ 7 ˜՟੻̏ԯ
׵2008 ϋ 7͛ʷ
ʈ೻၂ɻኪЗ f
ࢆ狃 ௹ɻ d36׵2025 ϋ 8ࠅ
ɽӔഄ f
ˮ௹ɻίᔼᐕҳ༟ʿ኷ଫፔ༔ჯਹኹϞགྷ 7 ϋ຾᜕ f 2018 ϋ 1 ˜Ї 2019 ϋ 10
੽ԫཥं
݄
ਕ f 2019 ϋ 10 ˜Ї 2022 ϋ 5΅˾໮ j
603259.SHi 2359.HKਕ
ਕ f
І 2022 ϋ 6਄Άุ
ᔼᖹΆุ f
׵2012 ϋ 5ᔼኪʈ೻ኪɻኪ
׵ܝ2018 ϋ 5ኁɽኪ d ᐏ၂ɻʿ௹ɻኪЗ f
ੂБ໨ԫ
Ԣʬᚃ௹ɻ d62׵2025 ϋ 9ڢ
ᔖ
ආʿ̋੶ (i)ੂБ໨ԫʘග i (ii)ੂБ໨ԫၾ໨ԫึʘග i
ʿ (iii)๖ஷ f
ኹϞགྷ 38 ϋ຾᜕ f 1987 ϋ 7 ˜Ї 2000 ϋ
4ʿਓ઺
׵ࣛ1987 ϋ 9 ˜Ї 1988 ϋ 8ிᅀዄ΂Ά၍
׵ܝ2000 ϋ 4 ˜Ї 2024 ϋ 12 ˜ίГτʹஷɽኪ၍ଣኪ
f 2018 ϋ 1 ˜Ї 2024 ϋ 1৯Г̏ʩʷʈණ
ʷʈႡிΆุ  ዄ΂ዹͭ໨ԫ d
׵2017 ϋ 12 ˜Ї 2020 ϋ 12౪ ᖛf


--- page 250 ---
– 242 –
ࡰ
І2023 ϋ3΅˾໮ j
001299.SZʮ̡  ዄ΂ዹͭ໨ԫ f
׵1983 ϋ 9 ˜Ї 1987 ϋ 7৯Гৌ຾ኪ৫ d ᐏΆุ၍ଣኪɻ
׵ܝ1996 ϋ 12 ˜Ї 1998 ϋ 10׵ܝ
2003 ϋ 9 ˜Ї 2009 ϋ 7Гτʹஷɽኪ d ᐏʈਠ၍ଣ௹ɻኪЗ f
׵2005 ϋ 1 ˜ᐏГτʹஷɽኪ཯બ  Гτʹஷɽኪ౷ஷሙੀ઺ኪᘩ
͵
ॴ
၈໮ f
ੵ˖੶΋͛ d41׵2025 ϋ 9f
ப္ຖ໨ԫึԨΣՉ౤Զዹͭкᓙ f
ኹϞགྷ 15 ϋ຾᜕ f 2008 ϋ 9 ˜Ї
2009 ϋ 9੽ԫ౤Զᄲ
f 2009 ϋ 10 ˜Ї 2012
ϋ 5ଡ଼௅ዄ΂пଣ຾ଣ d
ਕʮ
׵2012 ϋ 5੽ԫ
ҳ༟၍ଣʮ̡  d ତዄ΂ੂ
Б໨ԫ f
׵2004 ϋ9˜Ї 2008 ϋ6ፄኪ຾᏶ኪኪɻኪЗ f
׵2012 ϋ 4ࢪࠇCPA)f
΋͛ d44׵2025 ϋ 9f
ப္ຖ໨ԫึԨΣՉ౤Զዹͭкᓙ f
ኹϞགྷ 20 ϋ຾᜕ f
2003 ϋ 2 ˜Ї 2009 ϋ 3͛ପʿ
f 2009 ϋ 3 ˜Ї 2012 ϋ 4 ˜dˮ
ΥᐄႡᖹਠ 
ዄ΂ՙ൳༶ᐄ˴၍ e EHS ຾ଣʿ͛ପ຾ଣ f 2012 ϋ7˜Ї 2020 ϋ2ശᆗණ ྠ
ၝΥΆุණྠ  ዄ΂ණ
ྠ኷ଫ၍ଣ௅ุਕᐼ္ f 2020 ϋ 3 ˜Ї 2020 ϋ 10ኪණྠ
ක
ᗫ኷ଫҳ༟ f 2020 ϋ 10 ˜Ї 2022 ϋ 7ʮ̡ዄ΂
ҦБ
ҳ༟ʿ༟ପ၍ଣʮ̡ f І 2022 ϋ 8ࠢ
ᔼᖹҳ༟ f


--- page 251 ---
– 243 –
ࡰ
ˮ΋͛͵І 2025 ϋ 6ੂ
޼
ɪ̹͡ሗ  f Ϥ̮ d ˮ΋͛І 2025 ϋ 6ء
ʮ̡ዄ΂໨ԫ f
׵1999 ϋ 9 ˜Ї 2003 ϋ 7ɽኪ d ᐏᖹኪኪɻኪЗ f Ν
׵2000 ϋ 9 ˜Ї 2002 ϋ 7ଭ
ɽኪ d ᐏ຾᏶ʿʈਠ၍ଣ၂ɻኪЗ f
ࡰ
༱ΐϞ
f
Τ ϋᙧ ᔖЗ ᔖப
ϣᐏ։΂
৷ॴ၍ଣ
˚ಂ
̋ɝ͉ණྠ
˚ಂ
ၾՉ˼໨ԫ
ʿ৷ॴ
ࡰ
ڷ
ˮΏ௹ɻ . . . . . . . . 55݁
ੂБ໨ԫ
዆
᜗኷ଫ஝ྌʿ
ุਕᐄ༶ d ˸
ʿЪ͉̈ණྠ
ุਕʿ
ᐄ༶Ӕഄ
2020 ϋ 12 ˜ 2019 ϋ 12ٙ
ৣਅ
Yu Weiping
௹ɻ . . . . . . . . . .
67 ๋ ੂБ໨ԫ e ৷ॴਓ
ᐼ൒
኷
ଫ஝ྌ d ္ຖ
CMCਗʿ͉
዆᜗ᐄ
༶၍ଣ
2019 ϋ 8 ˜ 2019 ϋ 8 ˜ೌ
ɾɻ . . . . . . 54Ϟᑗ
ᗫ
ᔖঐ
2024 ϋ 10 ˜ 2024 ϋ 10 ˜ೌ
ཅ್΋͛ . . . . . . . . 39ʿ
ৌਕձ೯
ഄଫ d Ԩ္
዆
᜗ৌਕ၍ଣձ
࢝
2024 ϋ 4 ˜ 2024 ϋ 4 ˜ೌ
ϞᗫˮΏ௹ɻʿ Yu Weipingᄵዝ༉ઋ d ሗਞቡ͉ື  — ໨ ԫf
ɾɻ d54 ๋dІ 2024 ϋ 10ࠋ
ᗫᔖঐ f
׵2016 ϋ 4 ˜Ї 2019 ϋ 3ʮ̡  ɓගΌଢ
Ⴁᖹุਕʿᑗґක
Ӻᐼ္ f 2019 ϋ 4 ˜Ї 2022 ϋ 4׵
Ⴁᖹʮ̡ 
І 2020 ϋ 7 ˜Ї 2022 ϋ 2ࠢ
Ⴁᖹʮ̡  ዄ


--- page 252 ---
– 244 –
ࡰ
f І 2022 ϋ 2 ˜Ї 2024 ϋ 10Ҧ
Ҧஔʮ̡  ᑗґක೯ੂБਓ
ᐼ ൒f
׵1993 ϋ 7ɽኪಱඩᔼኪ৫  ՟੻ᑗґᔼ
׵ܝ2007 ϋ 7 ˜Іϭ᎘ɽኪᔼኪ৫՟੻ᑗґᔼኪ၂ɻኪЗ f
ཅ್΋͛ d39 ๋dІ 2024 ϋ 4ப
዆᜗ৌਕ၍ଣձΆุ೯
f
ኹϞགྷ 17 ϋ຾᜕ f 2008 ϋ 9 ˜Ї
2010 ϋ 7Άุፔ༔ ( ʕ਷ )f
2010 ϋ 8 ˜Ї 2017 ϋ 6̾ᆇҳ༟ዄ΂৷ॴҳ༟຾ଣ f 2017 ϋ 7 ˜Ї 2019
ϋ 3΅˾໮ j 03869.HKd ༈ʮ
ίʕ਷੽ԫᔼ৫ҳ༟ e ၍ଣʿ༶ᐄ f 2019 ϋ 4 ˜Ї 2022 ϋ 5̾
׵2022 ϋ 6 ˜Ї 2024 ϋ 3ԫุʕᓙಂ f
׵2008 ϋ 7f
׵ܝ2022 ϋ11ʈਠ၍ଣ၂ɻ (EMBA)
ኪ Зf
ࣘ
઄ʿ
d
(i) ௝೻˚
ʮ଺ʮ̡ዄ
΂΂О໨ԫᔖਕ i
(ii) ၾ΂ОՉ˼໨
Ϟᗫஹ i
(iii) ፽̬—ᐼ຾ଣ
ኽ  ᗇՎʿಂ஬ૢԷ ୋ XV΅ʕኹϞ΂Оᛆू i ʿ
(iv) ྼყ̙Б
ୋ 13.51(2)(h) Ї (v) ૢ
ᚣ f
ᆽႩ
ୋ 8.10 ૢ
ࡁ
ୋ 8.10ᚣ
΂ОุਕʕኹϞ΂Оᛆू f
ӷɛʿʮ
d
ੂБ
Չ˼ʮ̡຾ᐄุਕ f


--- page 253 ---
– 245 –
ࡰ
ୋ 3.09D ૢ
־i)׵2025 ϋ 9 ˜ 23ୋ 3.09D ૢ
จԈ d ʿ (ii)ப΂ f
ୋ 3.13 ૢ
ੂБ໨ԫʊᆽႩ (i)ୋ 3.13(1) Ї (8)ٙࠑה
i (ii)᙮ʮ
ධɨ͉ʮ̡΂
ːᗫஹɛɻ฿ೌ΂Оᗫஹ i ʿ (iii)Ϊ
ੂБ໨ԫਗ਼
f
ࣣ
ཅ್΋͛׵2025 ϋ 9d Ϟᗫ։΂ਗ਼Іɪ̹˚
ٙ
ᄵዝ༉ઋ d ሗਞቡ͉ື  — ৷ॴ၍ଣᄴ 
ɓ ືf
௓ၥᔝɾɻf ௓ɾɻତ΂ TMF Hong Kong Limited
ਕ f ௓ɾɻΝ
׵2020 ϋ 12
׵2025 ϋ 10ಥଣʈɽኪΆุ
၂ɻኪЗ f
ึ
ࡈ
ึ f
ึ
ୋ 3.21ࣣ
΋͛ʿˮૠ௹
ୋ 3.10(2) ʿ 3.21֛
˸ɨ΢ධ j
(i) ዹͭ
ତ i
(ii) i
(iii) d ္ຖՉΥଣ
ᙄ i ʿ
(iv) f


--- page 254 ---
– 246 –
ࡰ
ึ
ୋ 3.27AϞ
ึ͟ʞΤ໨ԫଡ଼ϓ d уˮΏ௹ɻ e ˮૠ௹ɻ e ੵ˖੶΋
ᔖப
˸ɨ΢ධ j
(i) Υ
ᙄ i
(ii) й e ϋ
ৣΥ͉
ᙄ i
(iii) ፯ᑘᅺ๟ʿ
ᙄ i
(iv) i ʿ
(v) f
ึ
ୋ 3.25ࣣ
΋͛ʿˮΏ
˸ɨ΢ධ j
(i) ͉ʮ̡
ᙄ i
(ii) i
(iii) ᙄ i ʿ
(iv) f
ૢಛ
ͭ (i)e (ii)՘ᙄ e (iii)
੗՘ᙄʿ (iv)ૢಛ༱ΐνɨ f
ૢಛ
f
ن
༺Շϋ f
Ч
ج
e Υྫɛ e
e˾ ଣeᚥ ਪ ഃf
੗
ᗫ
܄
੗f


--- page 255 ---
– 247 –
ࡰ
ᚣ΂Оਠุ।੗ d
ਠ
ٙ
О d ྇
ί͉ʮ္̡ຖɨቖ์ f
ᗆପᛆ
ਖ਼л
ࡰ
व໇Τᛆ f
ۆ
Ϥ d ͉ʮ
፽ C1፽ C3ה
 f
ૢ˖ୋ C.2.1ʮ̡ཫಂ඲፭ς
d Ш̙፯኿਋ᕎ༈஝
޴
މ
஝ᅼ e
ᛆɢၾબᛆ
ήЪ̈ʿੂБӔഄ f ໨ԫึਗ਼ᘱᚃ
ၾ͉ʮ̡Б
 ධɨ
ૢ˖ f
ഄ
ٙ
ഄ d ͉ʮ̡రӋீཀϽᅇεධ
౻ e ਖ਼ุ
ࡡމ
Ⴂू˸
໨ԫՈ௪ѩፅ
ٝٙ
ኪ e
f
͟ՇΤɾ໨ԫʿɖΤӲ໨ԫଡ଼ϓ d ϋᙧʧ˷ 36 ๋Ї 67 ๋f
ආ
໨ԫึε
ЍՈ௪
ɧϋ
ʕЦˢ༺Ց 30%йεʩʷ f ఱ໨
ʊમ՟Ԩਗ਼ᘱ
ࡰ


--- page 256 ---
– 248 –
ࡰ
йεʩʷ d ˸੃ቮ
ٙ
९
ࡁ
ٙ
ഄ f
໨ԫึεʩʷ d Ԩ
׵
ྼ
щʊྼତ໨ԫึεʩʷ  f
ᑚཇ
ݵ
ੂБ໨
ᑚཇɗ຾ਞϽ̙༟ˢ༰
f
࿚Ї 2024 ϋʿ 2025 ϋ12˜31e
ɛ͏࿆ 3.4 ϵຬʩʿɛ͏࿆ 3.3 ϵຬʩ f
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ʞЗ௰৷ᑚɛɻʱ
ɚΤʿɚΤ໨ԫ f ࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31d ͉ණྠʞЗ
ߎڀ
ɛ͏࿆ 4.0 ϵຬʩʿɛ͏࿆ 5.9 ϵຬʩ f
࿚Ї 2026 ϋ 12 ˜ 31໨ԫ
ɛ͏࿆ 3.3׵2026 ϋ
ʔΝ f
ʞЗ௰৷ᑚɛɻ
Ϟᗫ͉
ᕎᔖ໾Ꮅ f
ֻ׵
ʞЗ௰৷ᑚɛɻʊ
Ꮠ˹΂ОՉ˼ಛධ f
Υ஝ᚥਪ
ୋ 3A.19Υ஝ᚥਪ f
ˏ
ୋ 3A.23ɨΣ͉ʮ̡౤ԶจԈ d
j
(i) i
(ii) ΅
i


--- page 257 ---
– 249 –
ࡰ
iii) ʔΝ d
༱΂Оཫ಻ e П
i ʿ
(iv) ୋ 13.10f
ୋ 3A.24ɪ̹
ࠈ
Σ
౤ԶจԈ f
ܓ
ୋ 13.46 ૢʘ˚ഐҼ f


--- page 258 ---
– 250 –
ࣘ
Ң
ኽ਷ყ
Չ
జѓ d Ͼʔ
f
࿁͊Ըԫ΁ʿৌਕ
e
ɨ᙮
՟
ٰם
f
ࠑ2024א2025׵ࡁ
༈ϋ 12 ˜ 31ܲ
ᐼᕘၾಛධᐼձ
f
฿ᚎ
श
׵III ಂ
ᑗґ༊᜕ f
яΐਿ๟
ଣԫ
ආ
ൗ 2f
ൗ 4ٙ
ዝ̦ϓ͉
ਿ๟ᇜႡ f
Ϊ९
ঐછ
ٙࡁ
ա˸ɨΪ९ᅂᚤ j
̹ఙዚ༾
शष
शष f Όଢε
̹ఙ͟ 2019ٙ617ʩᄣЇ 2024ٙ1,096މ
12.2%Ց 2030 ϋਗ਼༺Ց 2,338މ13.5%f ίʕ਷ d ε㹻
̹ఙ͟ 2019ɛ͏࿆ 539 ᄂʩᄣЇ 2024ɛ͏࿆ 602ڗ
މ2.3%Ց 2030 ϋਗ਼༺Ցɛ͏࿆ 1,652މ18.3%f ኯᔟί
ϞлЗໄ d ̙တԑɽඎ͊
f


--- page 259 ---
– 251 –
ࣘ
d Ң
ࣨٙࡁ
ۜMT1013׵CKD-SHPTٙCKD-
MBDؓCKD-SHPT ഃቇᏐस f 2024 ϋΌଢ CKD ઃषɛᅰ༺Ց 10.655 ᄂdཫ
Ց 2030 ϋਗ਼༺Ց 12.897 ᄂfί ʕ ਷d2024 ϋ CKD ઃषɛᅰ༺Ց 1.615Ց
2030 ϋਗ਼༺Ց 1.750ם
௝೻  Бุ฿ᚎ  ɓື f
ක೯ʿਠุʷ
ක೯
d Ԩϓ
ᗫश
ʿ
ۜMT1013ۜXTL6001e
MT1002 ʿ MT200605፯ᖹ
௝೻  ุਕ —ʿ၍ᇞ  ɓື f
ۜMT1013 ͍ίආБ III-C01ᐕટա
ٙؓCKDٙ٫CKD-SHPT׵2026ҁϓ༈ධ༊᜕ d
׵2027ܝ
ۜ
׵ࠢ
ପ
ʿ
f
ϓ͉ഐ࿴
೯ක˕ e
ක˕ d ༉ઋ༱ΐνɨ j
೯ක˕ fܼi) ྼ᜕ʿ಻༊ක˕ e (ii)ʈϓ͉ʿ၅
лක˕ e (iii) ұᔚʿᛅቖක˕ e (iv)ϓ͉ e (v) ˥ཥක˕ e (vi)൬ʿ (vii) ̙ʱ
׵2024 ϋʿ 2025 ɛ͏
࿆ 107.0 ϵຬʩʿɛ͏࿆ 130.1 ϵຬʩ f
ፄ༟ϓ͉ fවʿᛙ
׵2024 ϋʿ 2025 ɛ͏࿆ 37.6 ϵຬʩʿɛ͏࿆
67.0 ϵຬʩ f
ක˕ fܼi)ʈϓ͉ʿ၅лක˕ e (ii)ਕ൬ e
(iii) ұᔚʿᛅቖක˕ e (iv)൬ e (v) ˥ཥක˕ʿ (vi)Չ
׵2024 ϋʿ 2025 ɛ͏࿆ 18.8 ϵຬʩʿɛ͏࿆
23.5 ϵຬʩ f
Ը๕
f
ۜMT1013ٙؓCKDٙ٫
CKD-SHPT ՟੻ NDAϓ̌ਠ
f ್Ͼ d
ӷ෍೯Б e වਕፄ༟ e ΥЪ
ਗਗ਼ึᅂ
ඎʿ຾ᐄุᐶ f


--- page 260 ---
– 252 –
ࣘ
кᓙ
d Ͼ
ᇜႡ f ᇜႡཀ
ࡁ
ɗ
ٙ
Ъ
ਿᓾ f
ɽ
ൗ 4 ʿ 5f
ϾԊˈ
ʿкᓙ j (i) ॡ ༣e͉
ॡɛ d (ii)ᕘʿ౬ၑϗ˕ධ
ஈଣ  d(iii)ಛ൬͜ d (iv)೯ක˕ d (v)໾п d (vi)၅л d (vii) ˸
˹ಛ d (viii)ʿண௪ d (ix)d ʿ (x)ፄʈՈ f
ൗ 4 ʿ 5f


--- page 261 ---
– 253 –
ࣘ
׼
Ң
j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
Չ˼ϗɝ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,002 2,301
Չ˼ϗूʿᑦฦଋᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . 2,670 43,268
ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,812) (23,490)
೯ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (107,022) (130,089)
ɪ̹ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (9,901)
ፄ༟ϓ͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,646) (67,003)
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,808) (184,914)
੻೼ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) –
ϋʫᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,832) (184,914)
ϗू
ධͦ j
ᕘ . . . . . . . . . . . . . . . . . 9 2
ක˕ᐼᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,823) (184,912)
ᏐЦϋʫᑦฦ j
Ñ ͉ʮ̡ኹϞɛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . (154,632) (182,507)
ᛆू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,200) (2,407)
(156,832) (184,914)
ක˕ᐼᕘ j
Ñ ͉ʮ̡ኹϞɛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . (154,623) (182,505)
ᛆू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,200) (2,407)
(156,823) (184,912)
ᑦฦɛ ͏ ࿆
ਿ͉ʿᛅᑛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.66) (0.75)


--- page 262 ---
– 254 –
ࣘ
Չ˼ϗɝ
ܼi)ϗɝ i ʿ (ii)݁
໾൨ d
୚ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ϗɝ   . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,235 2,008
໾п . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767 293
4,002 2,301
Չ˼ϗूʿᑦฦଋᕘ
ܼi)ϣʮක
ϗू i (ii) ౤Ϙ୞˟ॡ༣
ϗू i (iii)ࡁ
ϗू i ʿ (iv) ̮ිϗूଋᕘ f
୚ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ϗू . . . . . . . . . . . . . . . . . . . – 42,081
ϗू. . . . . . . . . . . . . . . . . . . . . 414 –
࠽
ᜊਗϗू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,028 865
̮ිϗूଋᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 480
Չ˼ (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (158)
2,670 43,268
ൗj
(1) ஬࿆ሦᎵɛ͏࿆ 157,000 ʩf


--- page 263 ---
– 255 –
ࣘ
ක˕
ܼi)ࠅ
ʿ၅л i (ii)໌ e
ʈ੃৅൬͜ i (iii)ұᔚ
ʿᛅቖක˕ d (iv)൬ i (v) ˥ཥ൬ක˕ i ʿ (vi)Չ˼ක
୚ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʈϓ͉ʿ၅лක˕   . . . . . . . . . . . . . . . . . . . . . . . . . 11,220 14,672
ਕ൬ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,438 5,219
ұᔚʿᛅቖක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,374 1,051
൬ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687 626
˥ཥ൬ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 978
Չ˼  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,343 944
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18,812 23,490
೯ක˕
ܼi)Ϟ
ක˕ i (ii)ࡁ
ʿ၅л i (iii)ʿண௪˸ʿԴ͜ᛆ༟ପ
ұᔚʿᛅቖක˕ i (iv)ҿ
൬͜ i (v) ˥ཥක˕ i (vi)൬iʿ (vii)Չ˼ක˕ d
೯ක
୚ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ྼ᜕ʿ಻༊ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,274 78,813
ʈϓ͉ʿ၅лක˕   . . . . . . . . . . . . . . . . . . . . . . . . . 28,115 35,749
ұᔚʿᛅቖක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,014 5,523
ϓ͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,582 5,174
˥ཥ൬ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 663 874
൬ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,977 3,211
Չ˼  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397 745
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  107,022 130,089
׵2024 ϋʿ 2025ۜMT1013މ
ɛ͏࿆ 66.7 ϵຬʩʿɛ͏࿆ 84.4ٙ62.3% ʿ
64.9%೯ක˕І 2024ɛ͏࿆ 66.7 ϵຬʩᄣ̋Ї 2025ɛ
͏࿆ 84.4ٙۜIII-C01ྼ᜕ʿ
ක˕ f


--- page 264 ---
– 256 –
ࣘ
ፄ༟ϓ͉
ࠋ
୚ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ක˕ j
ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 669 985
ව   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 66
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,775 65,952
37,646 67,003
ಂගˢ༰
࿚Ї 2025 ϋ 12 ˜ 31ၾ࿚Ї 2024 ϋ 12 ˜ 31ˢ༰
Չ˼ϗɝ
Չ˼ϗɝ͟ 2024ɛ͏࿆ 4.0 ϵຬʩಯˇ 42.5% Ї 2025ɛ͏࿆ 2.3
׵i)೯͜
ვБπಛഐቱಯˇ d ʿ (ii)f
Չ˼ϗूʿᑦฦଋᕘ
Չ˼ϗूʿᑦฦଋᕘ͟ 2024 ɛ͏࿆ 2.7 ϵຬʩᄣ̋ 1,503.7% Ї
2025ɛ͏࿆ 43.3 ᛙΫ˚
ϗू d ௅ʱ஗ (i)ፄ
ږٙ
 dʿ (ii)ቖ f
ක˕
ක˕͟ 2024ɛ͏࿆ 18.8 ϵຬʩᄣ̋ 25.0% Ї 2025ɛ͏࿆
23.5׵i)ج
ʈϓ͉ʿ၅лක˕ᄣ̋ɛ͏࿆ 3.5 ϵຬʩ d ʿ (ii) Ϊఱ D ቃፄ༟໌͜
ਕ൬ᄣ̋ɛ͏࿆ 1.8 ϵຬʩ f
೯ක˕
೯ක˕͟ 2024ɛ͏࿆ 107.0 ϵຬʩᄣ̋ 21.6% Ї 2025ɛ͏࿆
130.1׵i) ྼ᜕ʿ಻༊ක˕ᄣ̋ɛ͏࿆ 11.5 ϵຬʩ d ʿ (ii)ࡁ
ۜMT1013ۜMT200605ʈ
ϓ͉ʿ၅лක˕ᄣ̋ɛ͏࿆ 7.6ʕ d (a) MT1013׵2025
ϋɨ̒ϋ઼ਗ III-C01׵ܼ2025 ϋ 9ᐕ d ʿ (b)
MT200605׵2025 ϋ઼ਗ II ಂᑗґ༊᜕ f


--- page 265 ---
– 257 –
ࣘ
ፄ༟ϓ͉
ፄ༟ϓ͉͟ 2024ɛ͏࿆ 37.6 ϵຬʩᄣ̋ 78.2% Ї 2025ɛ͏࿆
67.0ආɓӉ
ൗ 25f
ᑦฦ
ᑦฦ͟ 2024ɛ͏࿆ 156.8 ϵຬʩᄣ̋ 17.9% Ї
2025ɛ͏࿆ 184.9 ϵຬʩ f
ীሞ
j
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ༟ପ
ʿண௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,216 6,622
Դ͜ᛆ༟ପ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,842 18,775
ಂπಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,300 31,020
Չ˼Ꮠϗಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,923 11,283
ՓვБπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,560
61,281 69,260
ਗ༟ପ
ཫ˹ಛධʿՉ˼Ꮠϗಛධ. . . . . . . . . . . . . . . . . . . . . 5,513 24,186
ɝฦू  
ፄ༟ପ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,611 95,209
Ꮠϗᗫᑌ˙ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652 1,087
ՓვБπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 863
ಂπಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,540 60,300
ي64,661 80,556
185,977 262,201
ව
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . 45,580 82,627
ಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760 48,100
ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,333 –
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,259 1,399
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 134,281
77,932 266,407
࠽. . . . . . . . . . . . . . . . . . . . . . . . . . 108,045 (4,206)
ව   . . . . . . . . . . . . . . . . . . . . . . . . . 169,326 65,054


--- page 266 ---
– 258 –
ࣘ
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ව
ಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,253 –
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 202
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,024,737
42,533 1,024,939
࠽. . . . . . . . . . . . . . . . . . . . . . . . . . . .   126,793 (959,885)
༟͉ʿᎷ௪
͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,985 5,474
Ꮇ ௪Ŋ ᑦ ୙  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,826 (977,934)
͉ʮ̡ኹϞɛᏐЦᛆू Ŋ ᑦ ୙  . . . . . . . . . . . . . . . 111,811 (972,460)
ᛆू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,982 12,575
ᛆ ूŊ ᑦ ୙ᐼᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,793 (959,885)
ʿண௪
ܼi) ዚኜʿண௪ i (ii) ӛ ԓi(iii)
ཥ໘ண௪ʿழ΁ i (iv)ண௪ i ʿvʿண௪͟࿚
Ї 2024 ϋ 12 ˜ 31 ɛ͏࿆ 9.2 ϵຬʩಯˇЇ࿚Ї 2025 ϋ 12 ˜ 31 ɛ͏࿆ 6.6
ʿ
୚ j
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ዚኜʿண௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,034 5,919
ӛԓ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 69
ཥ໘ண௪ʿழ΁   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 617 437
ண௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 79
ࡌ338 118
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  9,216 6,622
Դ͜ᛆ༟ପ
ॡ༣Ϟᗫ f
Դ͜ᛆ༟ପ͟࿚Ї 2024 ϋ 12 ˜ 31ɛ͏࿆ 2.8 ϵຬʩᄣ̋Ї࿚Ї 2025 ϋ
12 ˜ 31ɛ͏࿆ 18.8͉ණྠҁϓϗᒅ̨ψɓషॡ༣ɺή f
൙П
ൗ 4݁ࠇ
ᐶা፽
ਗ
ཫ
ٙࡁ
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚d
f


--- page 267 ---
– 259 –
ࣘ
൙П
ٙࡁ
ڝ׵
ᅡ௪ f
ಂπಛ
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ಂπಛ
ਗ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,300 31,020
ਗ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,540 60,300
࿚Ї 2025 ϋ 12 ˜ 31ɛ͏࿆ 31.0 ϵຬʩ d ၾ࿚Ї 2024
ϋ 12 ˜ 31ɛ͏࿆ 30.3f
࿚Ї 2025 ϋ 12 ˜ 31ɛ͏࿆ 60.3 ϵຬʩ d ၾ࿚Ї 2024 ϋ
12 ˜ 31ɛ͏࿆ 60.5f
ཫ˹ಛධʿՉ˼Ꮠϗಛධ
ܼi)೯Бϓ͉ e
(ii) ཫ˹ɪ̹ක˕ e (iii)࠽
೼ e (iv)ਕཫ˹ಛධ e (v)e (vi) Չ˼Ꮠϗಛධ d
i ʿ (vii)ਕཫ˹ಛධ f
ଡ଼ϓ௅ʱ j
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
೯Бϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 2,435
ཫ˹ɪ̹ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 8
Չ˼Ꮠϗಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 374
ږܲ281 281
ਕཫ˹ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,900 9,150
೼  . . . . . . . . . . . . . . . . . . . . . 18,723 22,604
Չ˼ཫ˹ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 617
24,436 35,469
ಛධ  (5,513) (24,186)
ಛධ . . . . . . . . . . . . . . . . . 18,923 11,283
ཫ˹ಛධʿՉ˼Ꮠϗಛධ͟࿚Ї 2024 ϋ 12 ˜ 31ɛ͏࿆ 24.4 ϵຬ
ʩᄣ̋Ї࿚Ї 2025 ϋ 12 ˜ 31ɛ͏࿆ 35.5ਕཫ˹ಛ
೼ᄣ̋ f


--- page 268 ---
– 260 –
ࣘ
࿚Ї 2026 ϋ 4 ˜ 30 ˚ d ɛ͏࿆ 9.5࿚Ї 2025 ϋ 12 ˜ 31ཫ
ٙ26.8%ʊഐၑ f
ፄ༟ପ
Σʕ਷
ፄ༟ପ͟࿚Ї 2024 ϋ 12
˜ 31ɛ͏࿆ 54.6 ϵຬʩᄣ̋Ї࿚Ї 2025 ϋ 12 ˜ 31ɛ͏࿆ 95.2 ϵຬʩ d ɗ
ҁϓ Df
d
Ϟ
ᄲฐ
֛
ഄʿણ
j
• ҃ᝈ຾᏶
ږ
ʿཫಂΫజ i
• i ʿ
• f
ୋ 14f
Ꮠϗᗫᑌ˙ಛධ
׵2024 ϋʿ 2025 ϋ 12 ˜ 31 މ
ɛ͏࿆ 0.7 ϵຬʩʿɛ͏࿆ 1.1 ΅ዧᎸ
Ⴉᒅᄆ f
፽ɓ
ൗ 23f
ي
ٙ
͟࿚Ї 2024 ϋ 12 ˜ 31ɛ͏࿆ 64.7 ϵຬʩᄣ̋
Ї࿚Ї 2025 ϋ 12 ˜ 31ɛ͏࿆ 80.6ҁϓ D ቃፄ༟ d ௅ʱ஗
ቖ f
ʿՉ˼Ꮠ˹ಛධ
ܼi)ݺ
ಛධ d (ii) Ꮠ
˹ᑚ༟ d (iii) Չ˼Ꮠ˹೼ධ d (iv)ኽή


--- page 269 ---
– 261 –
ࣘ
ʈ d (v)ɪ̹ක˕ d (vi)೯Бϓ͉ d (vii) ʊϗ
d ʿ (viii)ʿ
୚ j
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ಛධ . . . . 33,371 53,690
Ꮠ˹ᑚ༟ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,491 8,818
Չ˼Ꮠ˹೼ධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 676
໾п . . . . . . . . . . . . . . . . . . . . . . . 3,157 3,053
ɪ̹ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 4,226
೯Бϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,105
ږ7,268
Չ˼  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,153 3,791
45,580 82,627
ʿՉ˼Ꮠ˹ಛධ͟࿚Ї 2024 ϋ 12 ˜ 31ɛ͏࿆ 45.6 ϵຬʩᄣ
̋Ї࿚Ї 2025 ϋ 12 ˜ 31ɛ͏࿆ 82.6׵i)Ꮠ
൬͜ᄣ̋ d (ii)൬͜ d ʿ (iii)΅Җόબ
f
൲ಂɓছʧ˷ 15 Ї 90༱ΐ
ٙ
j
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
1-90 ˚  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,158 630
91-365 ˚. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,575 319
1 Ї 2 ϋ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,351 20
2 Ї 3 ϋ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 1,925
3 ϋ˸ɪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 644
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  7,731 3,538
͊̈Ո೯ୃ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,640 50,152
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  33,371 53,690
࿚Ї 2026 ϋ 4 ˜ 30࿚Ї 2025 ϋ 12 ˜ 31޼ࠇ
೯ක˕ʕ d ɛ͏࿆ 6.4א11.9% ʊഐ૶ f
ಛධ
׵2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆ 28.3
׵ࡁ2023 ϋ8Ꮠ˹˾ᄆ f
ൗ 23f


--- page 270 ---
– 262 –
ࣘ
ʿ༟͉༟๕
ʿண௪˸ʿɓ
׵2024 ϋʿ 2025ɛ͏࿆ 107.7
ϵຬʩʿɛ͏࿆ 137.1˴
Ԩೌ༾Ց
΂ОѢᗭ f ࿚Ї 2026 ϋ 4 ˜ 30ٙࡁ
ɛ͏࿆ 101.2 ϵຬʩ f
ව
ව j
࿚Ї 12 ˜ 31 ˚
࿚Ї
4 ˜ 30 ˚
2024 ϋ 2025 ϋ 2026 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ

ਗ༟ପ
ཫ˹ಛධʿՉ˼Ꮠϗಛධ. . . . . . . . 5,513 24,186 14,726
ٙ
ፄ༟ପ . . . . . . . . . . . . . . . . . . . . . 54,611 95,209 160,209
Ꮠϗᗫᑌ˙ಛධ   . . . . . . . . . . . . . . . . 652 1,087 387
ՓვБπಛ  . . . . . . . . . . . . . . . . – 863 200
ಂπಛ . . . . . . . . . . . . . . . . . . . . . . . 60,540 60,300 70,300
ي64,661 80,556 101,200
ਗ༟ପᐼᕘ   . . . . . . . . . . . . . . . . . . 185,977 262,201 347,022
ව
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . . . . 45,580 82,627 94,754
ಛ . . . . . . . . . . . . . . . . . . . . . . . 1,760 48,100 –
ಛධ   . . . . . . . . . . . . . . 28,333 – –
ව . . . . . . . . . . . . . . . . . . . . . . . 2,259 1,399 762
ව . . . . . . . . . . . . . . . . . . . . . . . – 134,281 139,648
වᐼᕘ   . . . . . . . . . . . . . . . . . . 77,932 266,407 235,164
࠽ . . . . . . . . . . . . . 108,045 (4,206) 111,858
࿚Ї 2026 ϋ 4 ˜ 30ɛ͏࿆ 111.9 ϵຬʩ d Ͼ࿚Ї
2025 ϋ 12 ˜ 31වଋᕘɛ͏࿆ 4.2׵i)ᒅ൯
ፄ༟ପᄣ̋ e (ii)ಂπಛᄣ̋ʿ (iii) ତ
׵2026 ϋ 2՘ᙄϗ՟ʔ
̙ৗᒔཫ˹ಛධɛ͏࿆ 200׵ࡁ2026˜ุਕᐄ
ቖ f
࿚Ї 2025 ϋ 12 ˜ 31වଋᕘɛ͏࿆ 4.2 ϵຬʩ d Ͼ࿚Ї
2024 ϋ 12 ˜ 31ɛ͏࿆ 108.0މi)௅
ਗ d ʿ (ii)ɛ͏
࿆ 134.3ව f


--- page 271 ---
– 263 –
ࣘ
٫
ᗫ
֛ٙ
Ը๕ f
ඎ
ධͦ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,808) (184,914)
ሜ዆ j
ϗɝ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,235) (2,008)
࠽
ᜊਗϗू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,028) (865)
ʿண௪ұᔚ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,853 3,463
Դ͜ᛆ༟ପұᔚ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,535 3,111
ϗू. . . . . . . . . . . . . . . . . . . . . (414) –
̮ිϗू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (228) (480)
ፄ༟ϓ͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,646 67,003
ϗू . . . . . . . . . . . . . . . . . . . – (42,081)
ඎ   . . . . . . . . . . . . . . (116,679) (156,771)
Ꮠϗᗫᑌ˙ಛධಯˇ Ŋ ᄣ ̋  . . . . . . . . . . . . . . . . . 49 (435)
ཫ˹ಛධʿՉ˼Ꮠϗಛධᄣ̋ . . . . . . . . . . . . . . . . . (1,970) (8,598)
ʿՉ˼Ꮠ˹ಛධᄣ̋. . . . . . . . . . . . . . . . . . . . . 10,890 28,674
ږ107,710) (137,130)
੻೼ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32) –
ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . (107,742) (137,130)
ਗ
ࢹ10,095 1,528
Դ͜ᛆ༟ପ˹ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (16,076)
ʿண௪   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,302) (878)
ፄ༟ପ   . . . . . . . . . . (634,900) (391,500)
ፄ༟ପՑಂᛙΫ . . . . . . 690,910 351,767
ಂπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (90,000) (60,000)
ಂπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 60,000
ՓვБπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . – (2,423)
੻ Ŋଋᕘ 54,803 (57,582)


--- page 272 ---
– 264 –
ࣘ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ
੻ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . – 235,500
೯Бϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . – (1,330)
ᕘ̮ᛆू . . . . . . – (28,333)
੻ಛධ   . . . . . . . . . . . . . . – 7,268
ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,463 5,147
ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (650) (1,060)
ࢹ669) (985)
ව   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,819) (3,906)
ࢹ202) (66)
ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . 21,123 212,235
ଋ ಯ ˇ Ŋᄣ ̋  . . . . . . . . . . . . . (31,816) 17,523
ي95,942 64,661
ᅂᚤ   . . . . . . . . . . . . . . . . . . . . . . . . . 535 (1,628)
ي. . . . . . . . . . . . . . . . . . . 64,661 80,556
ਗ
׵2025ɛ͏࿆ 137.1׵
ᑦฦɛ͏࿆ 184.9ܼi) ፄ
༟ϓ͉ɛ͏࿆ 67.0 ϵຬʩʿ (ii)ʿՉ˼Ꮠ˹ಛධᄣ̋ɛ͏࿆ 28.7 ϵຬʩ ሜ ዆d
ϗूɛ͏࿆ 42.1ቖ f
׵2024ɛ͏࿆ 107.7׵
ᑦฦɛ͏࿆ 156.8ܼi) ፄ
༟ϓ͉ɛ͏࿆ 37.6 ϵຬʩʿ (ii)ʿՉ˼Ꮠ˹ಛධᄣ̋ɛ͏࿆ 10.9 ϵຬʩ ሜ ዆f
ږ
ږ
j
• ଡ଼ΥપΣਠุʷ˸ପ͛ϗू f ఱ͍ίආБ III-C01 ಂ
ۜMT1013׵2026ҁϓ༈ධ༊
׵2027ࡘ
ࡁ
Ӻ f ᎇ
͊Ը d ၍
ɝ i


--- page 273 ---
– 265 –
ࣘ
 •၍
fᚃᑗґ༊᜕˸ಂ՟੻อᖹɪ̹͡ሗ
రӋ΍Νක
ึϗ՟஗஢̙ɛϞᗫ͊Ըᐏҭ
лᆗʱϓ i ʿ
• ϓ͉ʿ຾ᐄක˕ fྌᄲฐ္࿀
ཫಂீཀ
኷ଫΥЪ
ڦ
ᄲฐ
͵
ଟ f
ਗ
׵2025ɛ͏࿆ 57.6׵i)
˕˹Դ͜ᛆ༟ପɛ͏࿆ 16.1 ϵ ຬ ʩdʿ (ii)ፄ༟ପɛ
͏࿆ 391.5ፄ༟ପɛ͏࿆ 351.8
ቖ f
׵2024ɛ͏࿆ 54.8׵i)
ፄ༟ପɛ͏࿆ 690.9 ϵຬʩ e ʿ (ii)ಂπ
ಛɛ͏࿆ 80.0 ϵຬʩ d Ԩ͟ (a)ፄ༟ପɛ͏࿆ 634.9 ϵ
ຬ ʩeʿ (b)ಂπಛɛ͏࿆ 90.0ቖ f
ਗ
׵2025ɛ͏࿆ 212.2׵
੻ಛධɛ͏࿆ 235.5ᕘ
̮ᛆूɛ͏࿆ 28.3ቖ f
׵2024ɛ͏࿆ 21.1˕
ಛɛ͏࿆ 25.5වɛ͏࿆ 2.8ቖ f


--- page 274 ---
– 266 –
ࣘ
ᐄ༶ϓ͉
j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ϓ͉
ʈϓ͉ʿ၅лක˕   . . . . . . . . . . . . . . . . . . . . . . . . . 13,984 18,977
ᑗґ༊᜕ʿ಻༊ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . 27,321 31,952
ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,961 5,394
೯ක˕ . . . . . . . . . . . . . . . . . . . 3,686 4,811
Չ˼  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 134
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  51,201 61,268
ϓ͉
ʈϓ͉ʿ၅лක˕   . . . . . . . . . . . . . . . . . . . . . . . . . 14,131 16,772
ᑗґ༊᜕ʿ಻༊ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . 8,382 12,007
ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,345 6,944
೯ක˕ . . . . . . . . . . . . . . . . . . . 9,288 5,199
Չ˼  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 806 407
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  37,952 41,329
௶ਗɢ྇͜ϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,220 14,672
ࠇ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  100,373 117,269
ږ
˸ʿΌଢ
௝೻
Їˇ͊Ը 12˜Їˇ 125%ක˕ e Չ˼຾ᐄ
༟͉˕̈ f
̻ѩӊ˜ (i)ଋᕘ e (ii) ༟͉˕̈ e ʿ (iii)
΅ 18.2ܸ
΅ 18.2 ಥʩЇ 21.0ᛆ͊ᐏБԴ d
੻ಛධଋᕘ
މߒ989.3ɛ͏࿆ 860.7މ
2025ٙ1.5࿚Ї 2026 ϋ 4 ˜ 30ʿ
ಂπಛɛ͏࿆ 202.5ߒࡁ10ʿ
ٙ10%ۆ
މߒ15މߒۆ54໨
f


--- page 275 ---
– 267 –
ࣘ
වਕ
୚ j
׵12 ˜ 31׵4 ˜ 30 ˚
2024 ϋ 2025 ϋ 2026 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ

ਗ
ව . . . . . . . . . . . . . . . . . . . . . . 2,259 1,399 762
ಛධ   . . . . . . . . . . . . . 28,333 – –
ಛ . . . . . . . . . . . . . . . . . . . . . . 1,760 48,100 –
ව . . . . . . . . . . . . . . . . . . . . . . – 134,281 139,648
ࠇ . . . . . . . . . . . . . . . . . . . . . . . . . . . .  32,352 183,780 140,410
ਗ
ව . . . . . . . . . . . . . . . . . . . . . . – 1,024,737 1,062,132
ව . . . . . . . . . . . . . . . . . . . . . . 280 202 –
ಛ . . . . . . . . . . . . . . . . . . . . . . 42,253 – –
ࠇ42,533 1,024,939 1,062,132
ࠇ . . . . . . . . . . . . . . . . . . . . . . . . . . . .  74,885 1,208,719 1,202,542
׵12 ˜ 31׵4 ˜ 30 ˚
2024 ϋ 2025 ϋ 2026 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ

ව . . . . . . . . . . . . . . . . . . . . . . . . – 1,159,018 1,201,780
ව . . . . . . . . . . . . . . . . . . . . . . . . 2,539 1,601 762
ಛ . . . . . . . . . . . . . . . . . . . . . . . . 44,013 48,100 –
ಛධ   . . . . . . . . . . . . . . . 28,333 – –
ࠇ . . . . . . . . . . . . . . . . . . . . . . . . . . . .  74,885 1,208,719 1,202,542
ව
࿚Ї 2024 ϋ12 ˜31 ˚e2025 ϋ12 ˜31 ˚ʿ 2026 ϋ4 ˜30މ
ཧ e ɛ͏࿆ 1,159 ϵຬʩʿɛ͏࿆ 1,202ᛙ
Ӌᛙ
ʮʪ
ඎd
ࢪࠇ
ൗ 25f


--- page 276 ---
– 268 –
ࣘ
ව
Ϟ຾ᐄ
༟ପॡ༣ৰ̮ f
࿚Ї 2024 ϋ12 ˜31 ˚e2025 ϋ12 ˜31 ˚ʿ 2026 ϋ4˜30j
• ɛ͏࿆ 1.2 ϵຬʩ e ɛ͏࿆ 0.7 ϵຬʩ ʿɛ͏࿆ 0.4ת
iʿ
• ɛ͏࿆ 1.3 ϵຬʩ e ɛ͏࿆ 0.9 ϵຬʩʿɛ͏࿆ 0.4 ϵຬʩ  ͟ॡ༣
 f
̋ᛆ̻
ಛлଟ࿚Ї 2024 ϋ12˜31˚ʧ˷ 2.5% Ї4.7%d࿚ Ї2025 ϋ12˜31˚ʧ˷ 3.5%
Ї 4.5%d Ͼ࿚Ї 2026 ϋ 4 ˜ 30 ˚ʧ˷ 3.5% Ї 4.5%f
ಛ
ಛ͟࿚Ї 2024
ϋ 12 ˜ 31ɛ͏࿆ 44.0 ϵຬʩᄣ̋Ї࿚Ї 2025 ϋ 12 ˜ 31ɛ͏࿆ 48.1 ϵຬʩ d
׵׵2025ಛɛ͏࿆ 5.1 ϵຬʩʿᎵᒔɛ͏࿆ 1.0 ϵຬʩ f ༈
ʕ਷ɓϋಂ൲ಛ̹ఙజ
ᄆлଟಯ 115e
ᛆू f
ͭ
f
࿚Ї 2026 ϋ 4 ˜ 30ה
ኹϞɛ͏࿆ 477.3ፕ͊ਗ͜ვБፄஷ f І 2026 ϋ
4 ˜ 30ɽᜊਗ f
΂Оᗫᒟ
f
ᛆፄ
Ԩೌ༾Ց΂ОѢᗭ f
ව
ྼყ̙Б˚
τર f
׵2026 ϋ 4 ˜ 30ܝ
൲ಛ e ვБீ˕ e ൲ಛʿ
Չ
ව f
ዄʿτર
f


--- page 277 ---
– 269 –
ࣘ
׸
j (i)׵2023 ϋ 8 ˜ၾ
ᛆ i ࿚Ї 2024 ϋʿ 2025 ϋ12 ˜31 ˚d
ɛ͏࿆ 28.3 ϵຬʩʿೌ e (ii)ٰࡁ
ಛධ i ࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚dഐ ቱ
ɛ͏࿆ 0.7 ϵຬʩʿɛ͏࿆ 1.1ྼყ̙Б˚ಂ d Ꮠϗ଺๿
ዣੰಛධʊഐ૶ d ʿ (iii)׵2024 ϋʿ 2025ᑚཇᆽႩ
ɛ͏࿆ 7.0 ϵຬʩʿɛ͏࿆ 10.5d ሗਞቡ
ൗ 23 ʿ 34ᐶা፽ಂ
ࡁ
ତ f
ৌਕˢଟ
ਗˢଟ j
࿚Ї 12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ਗˢଟ (1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 1.0
ൗj
(1) ව f
ਗˢଟ͟࿚Ї 2024 ϋ12˜31ٙ2.4Ї࿚Ї 2025 ϋ12˜31ٙ1.0d
׵i)ව d ʿ
(ii)رً
ীሞ  f
ᚣ
ږ
ৌ
ൗ 32f
ᎈ
ᎈ
ࡁ
ࠅ
ᎈ౰ɹ f
ᎈ
ᎈ f Ң
ᎈ f
၍
ᎈ
f
൙П
ٙ
᙮ʮ̡ಛධ˸ʿვ


--- page 278 ---
– 270 –
ࣘ
d ˸଄ႊၾҢ
ፄ༟ପආБಯ
d
ൗ 32f
ᎈ
ܵ
ਗ਼ԸՑಂ
፭
ፕ f
ഄ
ྼყ̙
͊ԸԨ
໨
ኽʕ
ٙ10%ᅡಛ d
ٙ50%ٙࡁ
אݼ܁
஝ʿଡ଼ᔌ௝
˟ f
Ꮇ௪
࿚Ї 2025 ϋ 12 ˜ 31Ꮇ௪ f
ɪ̹ක˕
ɛ͏࿆ 61.4೯ਯ
ٰHٰ19.60ٰHٰ18.20 ಥʩЇ 21.00ʕЗ
ٙ6.2%΅  f
ܼi)ɛ͏࿆
39.6 ϵຬʩ d ʿ (ii)ක˕ɛ͏࿆ 21.8ܼa)ᚥਪʿ͡జ
ක˕ɛ͏࿆ 13.0 ϵຬʩ d ʿ (b) Չ˼൬͜ʿක˕ɛ͏࿆ 8.8ɪ
ɛ͏࿆ 19.4ɛ͏࿆ 9.9 ϵຬ
ɛ͏࿆ 42.0Іᛆूʕϔৰ f
ʔΝ f
ڌ࠽
 f
ɽʔлᜊਗ
໨ԫᆽႩ d І 2025 ϋ 12 ˜ 31א
ɽʔлᜊਗ d ˲І 2025 ϋ 12 ˜ 31ٰם
ڌ
ԫ΁ f
ᚣ
ኽɪ
ୋ 13.13 ૢЇୋ 13.19f


--- page 279 ---
– 271 –
੻ಛධ͜௄
ྌ
ഄଫ  f
੻ಛධ͜௄
΅ 19.60׌
΅ 18.20 ಥʩЇ 21.00ఱΌଢ೯
މߒ1,067.2 ϵຬಥʩ f
੻ಛධଋᕘ͜Ъ˸ɨ͜௄ j
(i) ߒ39.1%א417.3ᑗґ༊
ਠุપ̈ d Չʕ j
(a) ߒ7.5%א80.0׵MT1013ᐕ CKD-SHPTٙIII-C01 ಂᑗґ
׵ࡁ2025 ϋ 7ٙIIIྌ
ߒ424Ϟ 424٫
׵2026׵2027౤ʹ
อᖹ͡ሗ i
(b) ߒ5.9%א63.0׵MT1013ᐕ CKD-SHPTྌਠุપ̈ d
ᗫ൬͜˸ʿ MT1013ྌί
׵ܝࡘ2028ਗ i
༉ઋ d ሗਞቡ  ุਕ Ñ ਠุʷ  f
(c) ߒ17.0%א181.4׵MT1013d Չʕ j
• ߒ14.5%א154.7׵MT1013ᐕ CKD-
MBDʊҁϓ MT1013׵CKD-SHPT
ٙIIᅰኽ d Σ
d ˸ආБ MT1013׵CKD-
MBDٙIII׵ࠇ2028
ٙIII ಂᑗґ༊᜕ i
• ߒ2.5%א26.7׵MT1013ؓCKD-
SHPT׵2027ఱ MT1013ڢ
ؓCKD-SHPTӺ͡ሗ f
(d) ߒ8.7%א92.8׵MT1013ᑗґ
ᐕ CKD-SHPTᐕႢूʿഗᖹ˙
όdՉ ʕj
• ߒ0.3%א3.2׵MT1013ٙI-C03 ಂᑗґ༊᜕ d
׵2025 ϋ 7٫
ʊ̈ଡ଼ i
• ߒ4.4%א47.0׵MT1013ٙII-C02 ಂᑗґ༊᜕ d
׵2024 ϋ 3ྼყ̙Б˚ಂʊɝଡ଼Ό௅ 350
׵2026ҁϓ i
• ߒ0.5%א5.3׵MT1013ٙII-C03 ಂᑗґ༊᜕ d
׵2024 ϋ 11 ˜઼ਗ i
• ߒ3.5%א37.4׵MT1013ᐕ CKD-SHPTٙII
׵2026 ϋ 2 ˜ 13׵
2026 ϋ 3 ˜ 20 ˚ᐏ੻ FDAආБ II ಂᑗґ༊᜕ f


--- page 280 ---
– 272 –
੻ಛධ͜௄
ࣨٙࡁ
ۜMT1013ྌ  f
(ii) ߒ36.3%א387.4ᑗґ༊
ਠุપ̈ d Չʕ j
(a) ߒ6.8%א72.6׵XTL6001ᑗґ༊᜕ d
Չ ʕj
• ߒ3.5%א37.4׵XTL6001ɛ
ߒܼ1.5%א16.0׵
XTL6001ٙIIߒ2.0%א21.3׵XTL6001
ٙIIIٙII׵2026઼
׵2027ҁϓ i ʿ
• ߒ3.3%א35.2׵XTL6001ᐕஐͣ҇
׌CKD ʿ MASHߒܼ0.9%א9.6׵
XTL6001׌CKDٙII׵2027
ߒ1.5%א16.0׵XTL6001ط׵
׌CKDٙIIIߒ0.9%א9.6 ϵຬಥʩ͜
׵XTL6001ᐕ MASHٙII׵2027ڋ
Ӻ͡ሗ  i
ࡁ
ۜXTL6001ྌ  f
(b) ߒ14.5%א154.7׵MT1002ᑗґ༊᜕ d
Չ ʕj
• ߒ6.5%א69.4׵MT1002ᐕ ACS-PCI
ٙII-C04 ಂʿ IIb ኒඎ
ٙ26ʊҁϓɝଡ଼ f Ң
׵2026 ϋʕҁϓ II-C04׵2028 ϋʕҁϓ IIb
ಂᑗґ༊᜕ i
IIb ಂᑗґ༊᜕࿴ϓ MT1002-II-C04ઃ
፯ኒඎ f ϞᗫආБ IIbଣ͟
ۜMT1002Ñ MT1002 ᑗ
ґ༊᜕฿ᚎ Ñ MT1002-II-C04 ʕ਷ IIÑ ຾
Ӻ  f
• ߒ6.9%א73.6׵MT1002ᐕ ACS-PCI
ٙIII׵2028઼ਗ III ಂᑗґ༊᜕ i ʿ
• ߒ1.1%א11.7׵MT1002ᐕ໘՗ʕʿ
ٙII׵2026 ϋ 6 ˜ʿ 2026 ϋ 7
ٙII ಂᑗґ༊᜕ f
(c) ߒ15.0%א160.1׵MT200605ᑗґ
ਠุપ̈ d Չʕ j
• ߒ1.4%א14.9׵MT200605ᐕ AISٙ
II-C01ྼყ̙Б˚ಂ d 360ɝଡ଼ʊ
׵2026 ϋҁϓ༈ධ༊᜕ i
• ߒ6.8%א72.6׵MT200605ᐕ AISٙIII ಂᑗ
׵2027 ϋʕίʕ਷઼ਗ III ಂᑗґ༊᜕ i ʿ


--- page 281 ---
– 273 –
੻ಛධ͜௄
• ߒ6.8%א72.6׵MT200605ྌਠุપ̈ d ଄ႊ
ᗫ൬͜˸ʿ MT200605͛ପʿቖਯ f
׵ܝࡘ2029ක MT200605ਠุ
ਗ f
(iii) ߒ14.6%א155.8೯ d Չʕ j
(a) ߒ4.1%א43.8ν MT2004e MT1009
ʿ MT1011ᑗґ༊᜕ d Չʕ j
• ߒ0.9%א9.6׵MT1011৕ᔷኒ 
ߒܼ0.4%א4.3ίʕ
ٙI-C02ߒ0.5%א5.3ί
ٙII ಂᑗґ༊᜕ i
• ߒ1.8%א19.2׵MT2004ӿฦෆ (DILI)
ߒܼ0.8%א8.5ίʕ
ٙIIߒ1.0%א10.7ίʕ
ٙIII ಂᑗґ༊᜕ i
• ߒ1.4%א14.9׵MT1009ᐕጟͤሯዧ९Ⴐኬ
ߒܼ
1.0%א10.7׵I׵2026 ϋ 1 ˜ίʕ
ߒ0.4%א4.3ٙII ಂᑗ
ґ༊᜕ i
(b) ߒ3.5%א37.4ܼXTL3602e
XTL3710e MT1016 ʿ XTL1018ᏝආɓӉ
ᗫቇᏐस  ˸ʿː໘А၍
ߒ1.5%א16.0ഥᛔ
ߒ1.0%א10.7Չ
ߒ1.0%א10.7ː໘А၍शषʿՉ˼
׵2026 ϋఱ XTL3710׵2027 ϋఱ XTL3602 ʿ MT1016
׵2028 ϋఱ XTL1018Ӻ͡ሗ d ˸પආЇᑗґක೯ i
ʿ
d
 f


--- page 282 ---
– 274 –
੻ಛධ͜௄
(c) ߒ7.0%א74.7ක೯ e ʺॴ
ᚐ f
f Չʕ j
• ߒ2.5%א26.7㹻ʿ㹻ਿɽʱɿҦ
ஔ̨̻ —Ъ
೯
ʿᔷʷ i
• ߒ2.5%א26.7̨̻ —ཫ
ٝ
ᗆପᛆ i
• ߒ1.0%א10.7㹻჈৔̨̻ —ཫಂਗ਼ீ
Ⴁኒ
i
• ߒ1.0%א10.7൙ᄆ̨̻ —ཫಂਗ਼ᘱ
d
዆᜗ᔷ
ଟ f
(iv) ߒ10.0%א106.7ʿɓছʮ̡͜௄ f
੻
΅ 21.00೯ਯᄆᇍఖ
ߒ77.9ٰٰ
΅ 18.20ߒ
77.9 ϵຬಥʩ f
੻ಛධଋᕘπɝ
ᛆ
੻ಛධ͜௄Ϟ΂Оᜊਗ d Ң
ਗ਼Ъ̈ቇ຅ʮѓ f


--- page 283 ---
– 275 –
̍ ቖ
ಥ̍ቖਠ
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
ʮ̡
̍ቖτરʿක˕
ಥʮක೯ਯ
ಥ̍ቖ՘ᙄ
༱
΅˸ԶႩᒅ f
ܙa)ٙHɪ̹ʿ൯ር d Ͼ༈
׵ܝHᅲᇠ d ʿ (b)ಥ̍ቖ
௝
ಥʮක೯
΅ f
މ
ೌૢ΁˲͊஗୞˟ f
୞˟ଣ͟
ಥ̍ቖਠ  ϞᛆΌᛆ
ɪ̹˚ಂɪʹ
ග j
(1) ɨΐ΢ධ j
(i) ᆑίᜊਗ ʔ
ɓӻΐԫ΁ ̍
ًܢ
Б e शषᖑ೯ e
Փ൒ e ᇦʈ e ৾ʈ e Չ˼ʈุБਗ e
඾ e ʮ
኷  e
༶Ъᜣ့ e ༶
א
א


--- page 284 ---
– 276 –
̍ ቖ
Όଢ೯
ᗫ
ᛆਜא
ii) א
ڦ
ഐ
ୃʿවՎ̹ఙ e ஬࿆ʿ
 ̈ତ΂Оऒʿᆑί
΂Оऒʿᆑί
א
iii) ౱ᗇՎʹ
e ଉέ
б΂О
א
ఙ
א
iv) Չ˼˴၍ዚᗫ
݄
б΂ОΌ
ਠุვБ
̈ତ΂Оʕᓙ i
א
v) א
Ԓ΅ 
א
vi) Չ˼˴၍ዚᗫЪ
א࢝
d ί
א
vii) ່Ԉ
ᛆਜྼ
ಥ
א
viii) ப
א
ix) ̈ਯ΂О೯ਯ
Όଢ೯ਯ
א


--- page 285 ---
– 277 –
̍ ቖ
(x) ҳ༟
̮਷ҳ༟஝Է̈ତ΂О
ɛ͏࿆ e ಥʩ
אܓ
΂О̮ි၍
א
xi) ΂О৷
ࠅ
Б
א
xii) ΂О৷ॴ
ಥ̍ቖ՘ᙄ  ༼ˀ΂Оቇ
א
xiii) ̈ତϞᗫ΂Оණྠʮ
΂Оණྠʮ̡ၾՉවᛆɛ༺
א
ٙ
ఱ
א
xiv) ᆑ
א
xv) Όଢ
ኽʮ̡ૢԷ e ʮ̡  ૶ᆵʿᕏ
e
Ӌ೯Б͉
΂ОՉ˼˖
א
዆
j
(a) ව e ุਕ e ɓছԫਕ e
ૢ΁ ৌ
ٙ
א
b) ͡ሗ˥
א
c) ૢ
΅ɗ᙮ʔ౽ e
א


--- page 286 ---
– 278 –
̍ ቖ
(d) ΂О௅ʱ ̍
א
א
2) ಥ̍ቖਠ
j
(i) Ӊ೯ਯஷՌ e ௰୞೯ਯஷՌ e ʕ਷
ఱΌଢ೯ਯ
ಥ̍
Չ΂О໾
˖΁  ᗫ˖΁ܝ
ಜᗺ
ٙ
א
ii) ̈ତ
ࠈࡌא
א
iii) ᗇί΂О˙
א
iv) ಥ̍ቖ՘ᙄୋ 13 ૢdኬ
ዄ΂О
א
v) ਷ყ
א
vi) א
vii) ৌਕ
א
viii) ක΂
א
ix) ஗છ̙
ఄ̰ਞၾʮ̡၍ଣ
္၍ዚ࿴࿁΂О໨
͉ණྠ΂Оϓ
္၍ዚ࿴
א


--- page 287 ---
– 279 –
̍ ቖ
(x) (1)ۃ
ૢ΁ ৌ ਕeᐄ ༶
ତ d ʿ(2)ಥ̍ቖ՘ᙄʿ਷ყ̍ቖ
௝೻
ऒ
୕ ၈ɽʔлᜊਗ  ʔ
א
xi) ኽ
ٙHᛆϾ̙ঐ
΂Оᕘ̮ Hɪ̹ʿ൯ር  બ̈ઓ඲ୌΥ࿕੬ૢ΁
੭ૢ΁
א
xii) ˖΁ટ
ഐ
א
xiii) Νจ̮ d ͉ʮ̡
ӋϾ೯Б
א
xiv) i
א
xv) ࿞ΫΌ
א
xvi) ௝೻ʫ༱ɝՉజѓ e
Җόʿ˖່౤
א
xvii) ૢಛ೯ਯ e ৣ೯ e ೯Б
א
xviii) ༊ྡ࿞ΫՉΝจ d уʔΎΝจՉΤ၈༱ɝ΂О
ʕ਷ᗇ
א
xix) ΂Оණྠʮ̡ၾՉ
ͭවਕᎵᒔ
ఱ΂Оණ
૶ᆵɛ e ટ၍
א
xx) (A)ʕ
ഒ e ࿞Ϋ e ࿞
אB)ኽʕ
Ӌ
אC) ʕ਷ᗇ္ึ
א


--- page 288 ---
– 280 –
̍ ቖ
(xxi) (A)ɽ௅ʱʊ஗࿞
אB)ᖦ
՟ऊ d
ഐ
˸Չ˼˙όஈଣ f
ፕ
(A) ፕ
ୋ 10.08˜ʫ d
ᗇՎ  ʔሞ༈ᗳ
݊
˜ʫҁϓ  dઓ (a)ᛆ i (b)ኽ
אc)ୋ 10.08΂О
ৰ̮ f
(B) ፕ
ୋ 10.07ʔ੻Ԩ
Ϟɛʔ੻ j
(i) ˜
ٰם
א
ዄ i ʿ
(ii) ɪ˖ (i)ͭ΂О՘ᙄ
˸Չ˼˙όఱɪ˖ (i)ᛆ e ᛆл e
ᛆ e
່Ԉɪ̹஝
͉ʮ̡છ
ৰ̮ f
ୋ 10.07(2)ൗ 3׵
တ 12ٙ
ਗ਼j
(i) ୋ 10.07(2)ൗ 2ྼूኹ
Էୋ 155 ௝ვ Б
ٙ
͉ʮ̡ i ʿ
(ii) אץ
͉ʮ̡ f
ᑌ
f


--- page 289 ---
– 281 –
̍ ቖ
ፕ
(A) ፕ
Όଢ՘ሜ
ፕ d
΅ৰ
ಥ̍ቖਠ  ԫ΋
တ
ග
(i) Ν
̈ e બ̈
ᒅ
˸Չ˼
ணͭପᛆ
ೌૢ΁  d ऒʿ͉ʮ̡΂О Hאٰ
̙ᔷ౬ e ̙
Չ˼ᛆл˸ᒅ൯
΂О HՉ
א
ii) Չ˼τર d ˸ਗ਼ Hࠑ
˾
Ϟᛆϗ՟΂О Hᒅ൯΂О Hא
௅ʱᔷᜫʚ̤ɓ˙ i
(iii) ͭၾɪ˖ (i)אii)א
iv) бϞจආБɪ˖ (i)e(ii)אiii)d
ɨ d ʔሞɪ˖ (i) e(ii)אiii)͉ʮ
Չ˼˙όආБʹϗ ʔ ሞ Hᗇ
˜ಂගҁϓ  f
˜ಂග  ˜ಂග  d͉
ͭɪ˖ (i) e(ii)אiii)бϞจආБ΂О
א
዆᜗՘ሜ
ಥ̍ቖਠʿ༟͉̹
ፕ f
(B) ፕ
዆᜗՘ሜɛ e
ଘ᎘຾፬ɛ e ༟͉̹ఙʕ
Չ͉Ԓʿ
j
(i) Ϟɛ e
աৄɛʔ੻ (a)e


--- page 290 ---
– 282 –
̍ ቖ
া e
א
Νจબ̈΂
א
ٜ݊
ೌ
Չ΂О
΂
͉ᗇ
͉ᗇՎ   ᗫᗇՎאb)ࠈ
௅ʱ
ᔷᜫʚ˼ɛ i (c)ආБၾɪ˖ (a)אb)޴
אd)ආБɪ˖
(a) e(b)אc)d Ͼɪ˖ (a) e(b)אc)ۃ
Չ˼˙όഐ
˜ಂගʫҁϓ  i
(ii) ΂
ପ
ਗ਼ஹ
Չ
ͭɪ˖ୋ (i)(a) e(b)אc)б
i
(iii) ͭɪ˖ୋ (i)(a)e (b)אc)d
d Չ඲મ՟ɓ
ൈ
̹ఙ i ʿ
(iv) Դ
Ϟɛ̈ਯ e ᔷᜫ
f
዆᜗՘ሜɛ e ዆᜗՘
࠰
ග d Չਗ਼ j
(i) ୋ 10.07(2)ൗ 2ᛆ
ஹΝ
ᑥ
ಥ̍ቖਠ  iʿ
(ii) ٙץתאץ
ࣣࠦ
މ
ಥ̍ቖਠ  f
dί ʲ


--- page 291 ---
– 283 –
̍ ቖ
ᚣ༈
f
ᛆू
ப΂̮ d ࿚Ї௰
΂О
ᒅ
ᒅ൯͉ණྠ΂
΂ОᗇՎ f
ಥ̍
΅ f
਷ყ೯ਯ
਷ყ̍ቖ՘ᙄ
ͭ਷ყ̍
d
ڋ
ಥ̍ቖ՘
ͭ d Όଢ
࿴ Ñ ਷ყ೯ਯ  f
ᛆ
਷ყ̍
ܝ30ࣛ
೯ਯᄆ೯Б௰εΥ΍ 8,708,000ٰHd ЦΌଢ೯ਯ
΅ᅰͦʔ൴ཀ 15.0%൴ᕘʱৣ ν Ϟf
ᛆ  f
ʿක˕
Όଢ೯
੻ಛධ   ੻ಛධᐼᕘ  
ٙ2.5% ږϞ༟͉̹ఙʕʧዚ࿴˕˹௰
੻ಛධᐼᕘ 1.5%ᆤᎸ൬  ৤ઋ൬͜΂О͊
ಥ̍ቖਠ  ˕
f
൬͜ʿ৤ઋ൬͜ʱйЦఱΌଢ
ߒ62.5% ʿ 37.5%f
ᅄ
ϞՉ˼ක
މߒ70.6΅ 19.60 ಥʩ у೯ਯᄆ
ᛆ͊ᐏБԴ  d Ԩਗ਼͉͟ʮ̡
˕ ˹f
׌
ୋ 3A.07f


--- page 292 ---
– 284 –
̍ ቖ
ਗ
̍ቖਠ  ୕ ၈ࡰ ʿՉᑌ᙮ʮ̡̙΢І
ਗ  ආɓӉ༉ઋνɨ  f
΢਷ f ༈
၍ଣ e
ʿ
Ϟε၇ҳ༟ d Ԩጐ฽
ፄʈՈ f ༈ഃҳ
༟ପ e
દಂ
ፄʈՈ f
˾ଣ e
൲
ᗫ
׸
࿁˓˙ආБʹ
ݺ
࠰׵
΅
͛ʈ
f
΂Оɪ̹ᗇՎϾԊ d ʔ
Ӌ༈ഃᗇՎ
d Ͼίε
ਗ f
೯͛ f
ٙࣸ
f
˸ɨ΢
ධj
(a) ɛɻৰ̮  ʔ੻ఱʱቖ೯
ͭ΂О
΅
˥̻ i ʿ
(b) ̹ఙ
ʿ዁ᐽ
ૢ˖ f
Σ͉ʮ̡ʿՉ΢ᑌ᙮ʮ̡౤Զ Ԩ
ᑌ᙮ʮ̡
f
ഃႩ
΅ f


--- page 293 ---
– 285 –
࿴
Όଢ೯ਯ
ಥʮක೯ਯϾ̊೯ f
Hה
ٙHᛆϾ̙ঐ
ᕘ̮ Hɪ̹ʿ൯ር f
ٙ58,054,400j
(a) ಥ౤я 5,805,600͉ື Ñ
ಥʮක೯ਯ  ɓື i ʿ
(b) ኽ Sಥྤ
 ౤я 52,248,800ᛆБ
͉ື  Ñ ਷ყ೯ਯ  ɓື f
̙ j
(i) א
ii) ࣛ
͡ ሗf
΅
ߒ17.5%ʊ
ߒ19.6%f
ಥʮක೯ਯϞᗫ f
ಥʮක೯ਯ
΅ᅰͦ
ୋ 18ˏୋ 4.2(b)d ͉ʮ̡ʊ፯኿ዚՓ BӉ
Ӊ౤я 5,805,600ٰH೯ਯᄆႩᒅ d
ߒ10.0%d ˲ʔணΫᅡዚՓ f
Ⴉᒅ f ਖ਼ุҳ༟
ږ
Άุྼ᜗ f
d ˙̙
Ъ ྼf
ʱৣ
ה
΅
΅ᅰͦ
̙ঐ
΅ f
΅ᐼᅰਗ਼ѩഃ  ՟዆Ї
΅ਗ਼ʱৣЇ͠ଡ଼  f
މ5˸ɨ


--- page 294 ---
– 286 –
࿴
ٙ
ʮ̻ਿ๟ʱৣʚ͡ሗႩᒅᐼ
މ5׸
͡ሗɛ f
Չ
΅ਗ਼ᔷ
ಥ
೯ਯᄆ  f ͡ሗɛස
࠰
ል͡ሗ d ˸ʿ΂ОႩᒅ൴ཀ 2,902,800΅у
΅ 50%ഒ f
อʱৣ
ʍઋ
౤ɨ d ዆᜗՘
ಥʮක
ಥʮක೯ਯ͊ᐏ઄ᅰႩᒅ d ዆᜗՘ሜɛਗ਼Ϟ৤ઋᛆ ઓ
อ
΅ਗ਼ʱৣ
ٙ
Ꮠಯˇ f
΅ j (a) ਷
൴ᕘႩᒅ ʔ
אb)൴ᕘႩᒅ
ୋ 4.14 ௝ d ௰ε̙ਗ਼ 2,902,400΅
೯ਯ
΅ᐼᅰਗ਼ᄣЇ 8,708,000΅ᅰ
ߒ15%΅ 18.20 ಥʩу
ኽ อ ɪ
ˏ  ୋ 4.14൴ᕘႩᒅϾ
ಥʮක೯ਯ d
ಥʮක೯ਯ൴ᕘʱৣ Hf
Ӊʱৣ፭ృ  อɪ̹͡ሗ
ୋ 4.14 ௝ୋ 2ዚՓ Bୋ 18ˏୋ 4.2(b)ૢ
೯ਯ
ʍϵʱˢ f
΅ਗ਼̻ѩʱৣЇ͠ଡ଼
˙
Ꮠಯˇ f


--- page 295 ---
– 287 –
࿴
̍
ԴႩᒅɛႩᒅΌଢ೯ਯ
ቇ͜ˢԷ f
͡ሗ
މ־
ટ
ᆽႩቊ
ʱৣ਷
ഒաଣ f
ٰ
΅ 21.0ᅄ൬ e ึৌ
൬ d ɓ˓ 200ٰHމ4,242.36 ಥʩ f ආɓӉ༉ઋ
΅  f
਷ყ೯ਯ
΅ᅰͦ
Ӊ౤я 52,248,800ٰHӉ̙ԶႩᒅ
ߒٙ90.0%ၡᎇΌଢ೯ਯҁ
ߒ15.7%ᛆ͊ᐏБԴ  f
ʱৣ
Աኽ Sዚ࿴ʿਖ਼ุ
ၚ፯
ٙ
Άุྼ᜗ f ਷ყ೯ਯධɨ
ҳᅺ  ೻ҏආБ d
ʊҳ༟༟ପ
Ϟ
΅ d
዆᜗Ϟл f
Ӌ΂Оʊᐏ౤я਷ყ೯ਯධɨ೯
d
༈ഃ͡ሗί਷ყ೯ਯධɨ
ৰ f
อʱৣ
ᛆᐏΌ௅
อʱ
ৣϾᜊਗ f
ᛆ
ᛆ d ̙͟዆᜗
਷ყ̍ቖਠ  Б Դf


--- page 296 ---
– 288 –
࿴
਷
ܝ30ග
೯ਯᄆ೯Б௰εΥ΍ 8,708,000ᕘ̮ HЦ
΅ᐼᅰʔ൴ཀ 15.00%൴ᕘʱ
ৣν Ϟf
΅ਗ਼ЦၡᎇΌଢ೯
ߒ2.6%ᛆᐏБԴ d ਗ਼ึ̊೯ʮѓ f
Бਗ
ᖢ
̙ঐ 
ٙ׸
࠰ܼ
೯ਯᄆ f
̍ቖਠ
d ˸ਗ਼ Hܵ
ɛɻ 
Бਗ ν મ ՟d(a)֛
ୌΥ
˙όආБ d (b)୞˟ d ʿ (c)ಥʮක೯ਯ࿚˟჈ʹ
ܝ30 ˚ʫഐҼ f
ᖢ
ܼa)းඎಯჀ H΂ОɨሜϾ൴ᕘৣ೯ d (b)ԣ
းඎಯჀ HΝจ̈ਯ Hͭ Hd (c)
ኽɪ˖ (a)אb)Νจᒅ൯ H
d(d)းඎಯჀ HΝจᒅ൯΂О Hd(e)
Νจ̈ਯ΂О Hdʿ (f)༊
ྡЪ̈ɪ˖ (b)e(c)e(d)אe)΂Оԫධ f
จ j
(a) ܵHٰ
i
(b) ග
ᆽ i
(c) ʮ
ึ࿁ H̹ᄆிϓʔлᅂᚤ i
(d) ܵHಂග d ༈ಂග
׵2026 ϋ 7 ˜ 18ಥʮක೯
ୋ 30d ຅ʔ̙મ՟ආɓӉ
d ࿁ HცӋʿΪϤ H̙ঐึɨൻ i
(e) ᗇ Hٙ
˥ ̻iʿ


--- page 297 ---
– 289 –
࿴
(f) Э
ٙ
f
ɖ˚ʫ d ፭๫  ᗇՎʿಂ஬ૢԷ 
̊೯ʮѓ f
൴ᕘৣ೯
΂О H΂О˾ՉБԫ
א
ٙHഐΥϤ
d ˸໾ԑ༈ഃ൴ᕘৣ೯ f
ᄆʿʱৣ
ಥʮක೯ਯ࿚˟჈ʹ͡ሗ˚ಂ຅˚ɪʹ̤Б̊೯ʮѓ ν ɨ
΅ 21.0ٰ
΅ 18.20 ಥ ʩf
ם
Ⴉᒅ਷ყ೯
ಥʮක೯
ഐҼ f
׵٫
ಥʮක೯
౤я
ίʲ
ಥʮක೯ਯ࿚˟჈ʹ͡ሗ˚ಂ຅˚ɪʹ d
͉ʮ̡ၣ१ www.micot.cn
ၣ१ www.hkexnews.hk ̊೯Ϟᗫ
௰୞ʿʔ
̍ቖਠ  ၾ͉ʮ̡Νจ  ਗ਼ᔾ
ɨ
א
΅ᅰͦʿ Ŋ
̍ቖ
f Όଢ೯ਯ̀඲΋ʚ՟ऊ d Չ
׵FINI઼f
΅ᅰͦʿ Ŋ
ɓ˚˙ึЪ̈ f Ϟᗫ
ᅰኽ d
f
ʱৣਿ
΅ Ñ B.
˙όீཀε၇ಬ༸౤Զ f


--- page 298 ---
– 290 –
࿴
อʱ
ࣸ
ʿ
ୋ 11.13ם
͉
͉ʮ̡඲՟ऊΌଢ೯
௝೻ί FINIอપ̈ f
̍ቖ
Ϟૢ΁ਿ๟
઄ᅰ̍ቖ f
ͭ਷ყ̍ቖ՘ᙄ f
 ̍ቖ  ɓື f
ૢ΁
d ˙̙Ъྼ j
(a) ٙHٙ
ᕘ̮ Hɪ̹ʿ൯ር d ˲༈ҭ
ϔव i
(b) ᖦͭʿʹ˹ i ʿ
(c) ப΂ʿ਷ყ̍ቖਠί਷ყ̍ቖ՘ᙄ
ኽ΢༈՘ᙄ
ૢಛϾ஗୞˟ d
׵
ܝ
30 ˚f
ೌૢ΁
d ˙̙Ъྼ f
d Ͼ
୤˚ʱйί
͉ʮ̡ၣ१ www.micot.cn
ၣ१ (www.hkexnews.hk )ɨ d
΅ Ñ D. ੔ ೯Ŋჯ ՟ Hୃʿৗᒔ͡
࠰א
Էୋ 155ዹͭვБሪ˒ʫ f
೯ਯ H׵2026 ϋ 6 ˜ 24הٙࣖ
ೌૢ΁ f


--- page 299 ---
– 291 –
࿴
H൯ር
ග 2026 ϋ 6 ˜ 24ϓ
ೌૢ΁ d ཫಂ H׵2026 ϋ 6 ˜ 24൯ር f
Hਗ਼˸ӊ˓ 200ٰHމ2335f


--- page 300 ---
– 292 –
΅
ٝ
Όཥɿʷ͡ሗ೻ҏ
ಥʮක೯ਯમ՟Όཥɿʷ͡ሗ೻ҏ f ͡ሗ೻ҏνɨ f
ၣ१ www.hkexnews.hk׸ >  อɪ̹  > 
ɓືʿ͉ʮ̡ၣ१ www.micot.cn ̊ ೯f
ኽ ʮ ̡ ૶ᆵʿᕏධૢ˖  ૢ Էୋ 342Cಥʮ̡
Ν f
A. ΅
1. ͡ሗɛɻ
ٰ
΅j(i) ϋတ 18 ๋i(ii)׵ڌਕ iʿ (iii)ߕ
່ԈS᙮ S ஝Էୋ 902 ૢୋ (h)(3)ɛɻ f
ტɨ
΅ j
• א
 •Չ΂Оၡ੗ᑌᖩɛ f
2. ͡ሗಬ༸
׵2026 ϋ 6 ˜ 15׵2026 ϋ 6
˜ 18ග ഐ Ҽf
΅ j
ග
ڌ
ਕ  . . . . . . . . .
www.hkeipo.hkيHୃ
͡ሗɛ f ϓ̌͡ሗ
΅ਗ਼
Τ່
ৣ೯ʿ೯Б f
͟2026 ϋ6˜15ಂ ɓ
͍ৎЇ 2026
ϋ 6 ˜ 18ಂ ̬ɪ
ɧɤʱ˟ d
Ͼఱ༈ഃ͡ሗΌᕘ˹
ࣛ
މ2026 ϋ 6 ˜ 18݋
͍ f
ಥഐၑ EIPO
ಬ༸  . . . . . . . . .
ৄ
ಥഐ
࣬
ܸٙ
ಥഐ
ٙFINI ӻ୕
ტɨ౤ʹ
ͪ f
يHୃ
͡ሗɛ f ϓ̌͡ሗ
΅ਗ਼˸
ಥഐၑ˾ଣɛΤ່
ટ
πɝʕ̯ഐၑӻ୕ d
࠰֛ܸٙ
΅
˒ ɹf
௰
ග
ৄ၍ਠʘτ
ʔΝ d ሗ
אߏ
ৄ၍ਠ f


--- page 301 ---
– 293 –
΅
ڌਕʿಥഐၑ EIPO̙
΅ f
ఱீཀڌಥ೯
ტɨлूீཀڌͪҁϓ
މͪաूɛ d ტɨਗ਼஗
ࢁ̤ͪɓɛɻ
лू
ࢁͪͪ f
ኽڌͪ d Ԩ՟੻ʔ
ʔ࿴ϓྼყ͡ሗ f
ტɨீཀڌʊબᛆಥၣɪ
ڌ༱ૢಛʿૢ΁ ຾ڌૢಛʿૢ΁໾
 ౤̈͡ሗ f
ৄ၍ਠீཀಥഐၑ EIPOಥ
ͪ
Ԓ΅Бԫ 
ࠑה
Ό௅ԫධ f
ఱீཀಥഐၑ EIPOಥഐၑ೯
ಥഐၑ˾
Ԩ͊஗࿞Ϋ
ʊ౤̈ྼყ͡ሗ f
ಥഐၑ˾ଣɛ฿ʔఱ
΂
ዄ΂Оப΂ f


--- page 302 ---
– 294 –
΅
3. ࣘ
j
ɛ Ŋ ᑌΤ͡ሗɛ ʮ̡͡ሗɛ
• ͪΌΤ 2
• ̡
ᛆਜ
• d Ꮄ΋ϣ
ҏνɨ j
i. א
ii. א
iii. ᚐ ๫iʿ
• ˖΁໮ᇁ
• ͪΌΤ
2
• ᛆ
ਜ
• d Ꮄ΋ϣҏν
ɨj
i. ɛዚ࿴ᗆйᇜᇁ೮া˖΁ i
א
ii. א
iii. א
iv. Չ˼Νഃ˖΁ i ʿ
• ˖΁໮ᇁ
ൗj
(1) ტɨீཀڌཥඉήѧ e ᑌഖཥ༑໮
ൗ 2f
ಥԒ΅ᗇ f ᑌ
йΥྫɛΤ່౤̈ f
(2) ܲ
˖Τ
ࣸ
ಥ
ٙHಥԒ΅ᗇ໮ᇁ f
ɛዚ࿴ᗆйᇜᇁЪ
͡ ሗf
(3)  ˒Ԓ΅ᗆй༟
ࣘй
f
(4) ኽ̹ఙ࿕Է d FINIމ4 Τf
(5)  ν᙮ᑌΤྼूኹϞɛ  ΢
ᑌΤྼूኹϞɛ౤Զ j (i)ᛆ
i ʿ (ii)d ͡ሗਗ਼
лूϾ౤̈ f
(6) ɪ̹ʮ̡Ԓ΅౤̈͡ሗ d Ͼ (i)੽ԫᗇՎ൯ርุਕ i ʿ (ii) ტ
͡
f
ʮ̡ f
ტɨ j
(i)ଡ଼ϓ i (ii)אiii)Ϟ༈ʮ̡ཀ
͉  f


--- page 303 ---
– 295 –
΅
ɨஷཀಥഐၑ EIPO ಬ༸౤̈͡ሗ d
ૢ΁
 d ৤ઋટॶϞᗫ͡ሗ f
ഒ f
4. ΅ᅰͦ
ӊ˓൯ርఊЗ j   . . . . . . . . . . . . . . . . 200ٰ
΅ᅰͦʿ
ٙ
ಛධ   . . . . . . . . . . . . . . . . . . . . . . . .
ӊ˓൯ር
൯
ᕘ f
ٰHٰ21.0 ಥ ʩf
ஷཀಥഐၑ EIPO ಬ༸౤̈͡ሗ d ტ
ٙߏאৄ၍ਠܲ
ߏאৄ၍ਠԷʿ
ᕘཫ΋˕˹͡ሗಛ
ٙߏ
אৄ၍ਠٰ
f
ৄ၍ਠீཀ࠰
ಥഐၑ EIPOಥ೯
ۆ
ܸ
ಥഐၑ˾ଣ
˾Τ
ვ
ᗫ˾ΤɛვБሪ˒ϔಛ d ˸˕
e ᗇ္ึʹ
׸
ᅄ ൬f
ტɨீཀڌਕ౤̈͡
ಥ
ᕘ f ტɨ̀
઄ᅰ˕˹͡
ᗫ௰৷ಛධ f


--- page 304 ---
– 296 –
΅
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ (2)
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ
(2)
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ
(2)
͡ሗ
ಥ೯ਯ
΅ᅰͦ
͡ ሗŊϓ ̌
ࣛ
Ꮠ˹௰৷
ᕘ
(2)
ಥʩ ಥʩ ಥʩ ಥʩ
200 4,242.36 3,000 63,635.35 40,000 848,471.40 500,000 10,605,892.50
400 8,484.71 4,000 84,847.15 50,000 1,060,589.26 600,000 12,727,071.00
600 12,727.07 5,000 106,058.93 60,000 1,272,707.10 700,000 14,848,249.50
800 16,969.43 6,000 127,270.71 70,000 1,484,824.96 800,000 16,969,428.00
1,000 21,211.79 7,000 148,482.50 80,000 1,696,942.80 900,000 19,090,606.50
1,200 25,454.14 8,000 169,694.28 90,000 1,909,060.66 1,000,000 21,211,785.00
1,400 29,696.49 9,000 190,906.06 100,000 2,121,178.50 2,000,000 42,423,570.00
1,600 33,938.86 10,000 212,117.86 200,000 4,242,357.00 2,902,800 (1) 61,573,569.50
1,800 38,181.22 20,000 424,235.70 300,000 6,363,535.50
2,000 42,423.56 30,000 636,353.56 400,000 8,484,714.00
ൗj
(1) ΅ 50%f
(2) ͡ሗᐏટॶ d
אڌீཀ࠰
ڌᅄ
ʿึৌ҅ f
5. ል͡ሗ
ტɨ͉Ԓлू౤̈൴ཀɓ΅͡ሗ d
͉ື  Ñ A.΅ Ñ 3.஝
Դ౤ʹ൴ཀɓ΅͡ሗ d ტ
Ϟ͡ሗਗ਼ʔᐏաଣ f
ீཀ (i) ڌਕi(ii)ಥഐၑ EIPOאiii)ಬ
ტɨʊீཀڌא
ಥഐၑ EIPOɛɻʔ੻͡ሗ
΅ f
6. ͡ሗૢಛʿૢ΁
ீཀڌאಥഐၑ EIPOڌ
ಥഐၑ˾ଣɛਗ਼˾ ტ ɨЪ̈ɨΐԫධ j
(i) މ
ԫ
ಥഐၑ˾ଣɛ
ტɨீཀಥ
ഐၑ EIPOટπ
΅˒ɹ i


--- page 305 ---
– 297 –
΅
(ii) ᆽႩ ტɨʊቡᛘԨə༆͉˖΁ʿڌൖ
༱ૢಛʿૢ
Ҽ i
(iii) ტɨீཀಥഐၑ EIPOৄ၍
ᗇ d Ԩ፭ς ʕ
ಥ೯
ͪ i
(iv) Փ d Ͼ
ɛɻ i
(v) ر
d Ͼʔึ
i
(vi) ሪᖤ၍
΂О
΂ОՉ
˼΢˙ ᗫɛɻ   eHಥഐၑˡ඲࿁͉˖΁
ዄப΂ i
(vii) ᗫɛɻ e Hಥഐၑ
e
ɛ༟
΂
d ˸Ъ͉ື  Ñ G.Ñ 3.ʿ 4.
i
(viii) ͡ሗ 
ɨ  ტɨਗ਼ʔึΪ
Ͼ࿞ቖ͡ሗ i
(ix) Νจίʮ̡  ૶ᆵʿᕏධૢ˖  ૢԷୋ 44A (6)ಥ
΂О͡ሗɓ຾ટॶ d уʔ̙࿞Ϋ d Ͼ Hٰ
͉ື  Ñ B.ගʿ˙όʮб
i
(x) ઄  Ñ C. ࠑהݬ
i
(xi) ટॶʿ͟
Չ༕ᙑ i
(xii) ಥ
ᗫɛɻ฿ʔึ
ᛆ
i
(xiii) ᆽႩ (a) ͟
ࠅ
ගટ̈༟ i ʿ


--- page 306 ---
– 298 –
΅
(b) ᙮ʮ̡
΂О
ϗ
ͪ i
(xiv) ᙮ॆྼʿ๟ᆽ i
(xv) ࠰
ۆ
̙ঐึ஗Ꮸછ i
(xvi) ಥ೯ਯ
΅i
(xvii) ౤̈ʿᏝ
ਬɓ͡ሗ i
(xviii)ٙ
ಥഐၑ೯̈ͪீཀڌ؂
΂ОՉ˼ɛɻϾ౤̈
Չ˼͡ሗ i ʿ
(xix) ᗇ (1) ˾
ɛɻʔಀ
אڌਕԶᏐਠ೯̈ͪ౤̈
Չ˼͡ሗ i ʿ (2) ೯̈ཥ
ͪ f
B. ؈
؈
΅ j
ග
ீཀڌאಥഐၑ EIPO ಬ༸͡ሗ j
ၣ१  . . . . . . .׵www.hkeipo.hk/IPOResultj
www.tricor.com.hk/ipo/result ৣ
˖΁
໮ᇁฤ॰  ̌ঐ f
Ό˚ 24d͟ 2026 ϋ 6 ˜ 23ಂ ɚ
͍Ї 2026 ϋ 6 ˜ 29ಂ
ග 
(i) Դ͜ڌਕ
ʿಥഐၑ EIPO௅ʱ
ϓ̌͡ሗɛ i ʿ (ii)־
ҁ዆Τఊ d
׵www.hkeipo.hk/IPOResult
j
www.tricor.com.hk/ipo/resultͪf
ၣ१ www.hkexnews.hk ʿ͉ʮ
̡ၣ१ www.micot.cnࠑH
ஹഐ f
׵2026 ϋ 6 ˜ 23ಂ ɚɨʹ
͍
ཥ༑  . . . . . . . +852 3691 8488Ñ͟ H΅ཀ˒೮াஈ
༔ᆠᇞ
׵2026 ϋ 6 ˜ 24ಂ ɧЇ 2026 ϋ
6 ˜ 29ᐄุ˚  ɪʹ
ග 


--- page 307 ---
– 299 –
΅
ტɨீཀಥഐၑ EIPO׵2026 ϋ 6 ˜ 22ಂ ɓ
༔ f
̙І 2026 ϋ 6 ˜ 22 ˚ (ಂɓ )ග  ৎdΌ
˚ 24೮ɝ FINIಥഐၑజѓ΂
ମ f
ʱৣʮѓ
׵2026 ϋ 6 ˜ 23ග  dί ᑌ
ၣ१ www.hkexnews.hk ʿ͉ʮ̡ၣ१ www.micot.cn ʮб௰୞೯ਯᄆ e ਷ყ೯
ʱৣਿ๟ f
C. ر
ɛɻਗ਼
΅ j
1. ͡ሗቊ࿞ቖ j
ኽʮ̡  ૶ᆵʿᕏධૢ˖  ૢԷୋ 44A (6)ಥഐၑ˾ଣ
͡ሗ̙஗࿞ቖ f
2. ͡ሗ j
͉ʮ̡ e ዆᜗՘ሜɛ e H˾ଣʿ˾ΤɛϞഒ࿁
ɓ௅ʱ d Ͼˡ඲ഗʚ΂Оଣ͟ f
3. j
ࡘHj
ί࿚˟፬ଣ͡ሗ೮া
௰εί࿚˟፬ଣ͡ሗ೮া˚ಂ
ಂගʫ f
4. j
• ል͡ሗ f ტɨ̙ਞቡ͉ື ÑA.ಥ
΅ Ñ 5.ል͡ሗ i
• ͪʔҁ዆ i
•  i
• ஗୞˟ i
• ͉ʮ̡༼ˀ
஝ f
5. ಛഐၑ̰઻ j
ۃ
࠰
f
ᎈ fვБ  Չ ˾ ტɨ
ಥഐၑਗ਼ᑌ
ಥ
f


--- page 308 ---
– 300 –
΅
อʱৣ
΅̙ঐึաՑഐၑ̰઻
ಛഐၑ̰઻Ͼʔᐏʱৣ
΅ d ͉ʮ̡ e
ᗫɛɻ e Hப f
D. ੔ ೯Ŋჯ ՟ Hಛ
΅ϗ՟ɓੵ H࣬
ኽீཀಥഐၑ EIPOɨ d Hࠑה
πɝʕ̯ഐၑӻ୕  f
Ϟᛆ˖΁ f ฿ʔึఱʊ˹͡ሗಛධ
೯̈ϗኽ f
H୞˟ᛆл͊ᐏБ
׵2026 ϋ 6 ˜ 24ٙࣖ
ίϗՑ Hί H൯ር Hו
ᎈ f
वᛆлϔव΂О HЇ͡ሗ
˟ f
ග j
ಥഐၑ EIPO ಬ༸
੔ ೯Ŋჯ ՟ Hୃ 1
൴ཀ
1,000,000ಥ
΅ . . . . . . . .
ፋᑗ H΅ཀ˒೮াஈՙ
ʮ̡ჯ
⚃༸ 16
ፄʕː 17 ᅽ
Hಥഐၑ˾ଣ
ɛΤ່೯Б d Ԩπɝʕ̯
ܸ
΅
˒ ɹf
ගj׵2026 ϋ 6 ˜ 24݋
͍Їɨʹ
͉
΂ОՉ˼ήᓃ
˚ಂ
ტɨˡ඲મ՟΂ОБਗ
ɛ d ტɨʔ
މ
ʮ̡͡
બᛆ˾
ٙ
ჯ՟
ჯ
̈ͪ H΅ཀ˒೮
˖΁


--- page 309 ---
– 301 –
΅
ಥഐၑ EIPO ಬ༸
ගʫፋ
ٙHୃ d
Hୃਗ਼˸౷ஷඉ჈˙
֛ܸ
ᎈ฿͟ ტ
ዄ
׵1,000,000ٰ
΅ . . . . . . . .
ٙHୃਗ਼˸౷ஷඉ
ܸ
ᎈ
ዄ
˚ ಂj. . . . . . . . . . . . . 2026 ϋ 6 ˜ 23ಂ ɚ
ৗಛዚՓ
˚ ಂj. . . . . . . . . . . . . 2026 ϋ 6 ˜ 24຾
τર
ப˙ . . . . . . . . . . . . Hৄ၍ਠ
ீཀఊɓ
ٙ
ಛ . . . . . . . .
ვБሪ˒೯̈
ڌཥɿІਗৗ
ͪ
࣬
τર
ვБሪ˒
ৗಛ
ვБ
ٙ
ಛ . . . . . . . .
ৗಛ˕ୃਗ਼˸౷ஷඉ჈˙
ܸ
ᎈ฿
ዄ
(1) ׵2026 ϋ 6 ˜ 23ᗫ Hୃ
Դ Hτર˸
˖΁ʿ Hୃ f ტɨ̙ਞቡ͉ື  Ñ E. ెΕ˂ंτર  f
E. ెΕ˂ंτર
ʿ࿚˟፬ଣ͡ሗ೮া
׵ࡊ2026 ϋ 6 ˜ 18ග j
d
໮   d
׵2026 ϋ 6 ˜ 18࿚˟፬ଣ f
ڦ
፬ଣ͡ሗ೮াʿ Ŋ
͍࿚˟፬ଣ͡ሗ೮া f
ɪ̹˚ಂ
ၣ१
www.hkexnews.hk
ʿ͉ʮ̡ၣ१ www.micot.cnʮѓ f
׵ࡊ2026 ϋ 6 ˜ 23໮ d H΅ཀ˒೮াஈਗ਼Ъ
̈ቇ຅τર d ਗ਼ H׵ک2026
ϋ 6 ˜ 24ಂ ɧ ൯ ርf


--- page 310 ---
– 302 –
΅
׵ࡊ2026 ϋ 6 ˜ 23׵1,000,000࠰ٰ
يHԷ
׵2026 ϋ6˜23׵א2026 ϋ6˜24ಂ ɧ˸౷ஷඉ჈˙ό੔೯ f
׵ࡊ2026 ϋ 6 ˜ 24໮ d ఱ͡ሗ 1,000,000˸ɪ
يH׵2026
ϋ 6 ˜ 24׵א2026 ϋ 6 ˜ 25ಂ ̬ፋᑗ H΅ཀ˒೮াஈ
፬ԫஈჯ՟ f
يHୃ d
ϗ՟ H፰ f
F. Hᐏॶɝʕ̯ഐၑӻ୕
΅ϗ
d HᗇՎ d ̙І H൯ር຅˚
׸
ഐၑ˚ίʕ̯ഐၑӻ୕ආБ f
 ʿʕ
 f
τર d Դ Hॶɝʕ̯ഐၑӻ୕ f
จԈ d Ϊ
ᛆлʿлू f
G. ࣘ
͉ʮ̡ e H޴
ಥ
˒Ԓ
ͪ d ტɨᆽ
Ϟૢಛ f
1. ׼
ϞɛϞᗫ͉
ʮ̡ʿ HԷ
ୋ 486ഄʿ੬஝ f
2. Ϊ
ಥ೯
రӋ Hᆽ
Չ˾ଣʿ H௰อ
f
ಥ
אH፬ଣ
ᔷᜫ ტɨϓ̌͡
ٙHୃ f
΂Оʔ
͉ʮ̡ʿ H΅ཀ˒೮াஈ f


--- page 311 ---
– 303 –
΅
3. ٙ
ᎷπЪ
˸ɨ͜௄ j
(i)͡ሗʿৗಛ˕ୃʿڌͪ ν
΅
i (ii)஝ i (iii) ˸ HϞɛ
΅ i
(iv)Τ̅ i (v)ྼ HԒ΅ d Ԩ
ٙH͡ሗ i (vi)ᜀ೻ҏ i (vii)֛H
ഃ i (viii)᙮
ஷৃ i (ix)ʿ Hi (x)͡
॰ᛆू i ʿ (xi)Դ͉ʮ̡ʿ H
΅ཀ˒೮াஈঐᄵБ࿁ Hப΂ʿ Ŋ
אHf
4. ࣘ
͉ʮ̡ʿ HϞɛ
੗ d Ш͉ʮ̡ʿ Hࠑ
ၾɨΐ΂О
j
(i)΅ཀ˒೮
া ஈi(ii)ࣘ
ᔷʹ Hਕ
ᄵБՉᔖঐ d Ԩ዁Ъ FINI΅͡
΅πɝʕ̯ഐၑӻ୕  i(iii)אH΅ཀ
ਕ
ਕԶᏐਠ i (iv)e ᗇ္ึʿ΂ОՉ˼
ה
ᔖঐϾԊ i ʿ (v)Ϟɛၾ
຾
ഃf
5. ࣘ
͉ʮ̡ʿ Hცಂග
ࣘ
Էୋ 486ஈଣ f
6. ࣘ
אH΅ཀ˒೮া
f
͉ʮ̡ʿ Hݟ
͉ʮ̡ʿ H͉˖
ఱ H΅ཀ˒೮
ӷᒯԫਕ˴΂ f


--- page 312 ---
– I-1 –
జѓ
ୋ I-1Їୋ I-47ࠇ
ᅃා •௝೻Ͼ೯̈ f
ვ
జѓ
ၫԊ
ୋ I-3Їୋ I-47ʮ̡
 ൮ʮ̡᙮ʮ̡  ୕ ၈൮ණྠ׵
2024 ϋʿ 2025 ϋ 12 ˜ 31׵2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚
d ˸ʿ ൮ණྠ࿚Ї 2025 ϋ12˜31΢ϋ  ᐶা፽ಂග  
ɽึ
 ୕ ၈ࣘୋ I-3Їୋ I-47ٙࠫ
ה׸
ʮ̡  הމ2026 ϋ 6 ˜ 15ٙ
௝೻  ௝೻  ϾᇜႡ f
ப΂
ൗ 2ᇜႡਿ๟ᇜႡঐॆྼϾ
ʫ௅္છ d ˸ԴᇜႡ
f
ʘப΂
ಥ
ʮึ  ʮึୋ 200 ໮ ҳ ༟
Ӌшഃ፭ς༸ᅃ
՟੻Υଣ
ᗇf
ٙࣘ
א
Ͻᅇၾྼ
ൗ 2ֻ
࿁ྼ
ࠇ
዆᜗ΐ
జ˙ό f


--- page 313 ---
– I-2 –
జѓ
จԈ౤Զਿᓾ f
จԈ
ൗ 2ה
׵2024 ϋʿ 2025 ϋ 12 ˜ 31ً
e ൮ʮ̡࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ᐶা፽ಂ
ඎ f
జѓ
ሜ዆
d Ԩೌ࿁ୋ I-3Ъ̈΂Оሜ዆ f
ࢹٰ
ൗ 13ֻ׵
f
ᅃා •Б
ࢪࠇ
ಥ
2026 ϋ 6 ˜ 15 ˚


--- page 314 ---
– I-3 –
జѓ
ࣘ
ᇜႡ
ଡ଼ϓ௅ʱ f
ኽ
ଣԫึ  ଣԫึ๟
ࠇ
 ڌ  f
˸ɛ͏࿆  ɛ͏࿆᙮ʮ̡
ɷЗ  ɛ͏࿆ɷʩ  f
ڌ
࿚Ї 12 ˜ 31ܓ
ൗ 2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
Չ˼ϗɝ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4,002 2,301
Չ˼ϗूʿᑦฦଋᕘ   . . . . . . . . . . . . . . . . . 7 2,670 43,268
ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,812) (23,490)
೯ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . (107,022) (130,089)
ɪ̹ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (9,901)
ፄ༟ϓ͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 (37,646) (67,003)
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . 9 (156,808) (184,914)
੻೼ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . 10 (24) –
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,832) (184,914)
ϗू
ධͦ j
ᕘ . . . . . . . . . 9 2
ක˕ᐼᕘ   . . . . . . . . . . . . . . . . . . . (156,823) (184,912)


--- page 315 ---
– I-4 –
జѓ
࿚Ї 12 ˜ 31ܓ
ൗ 2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ᑦฦ j
Ñ ൮ʮ̡ኹϞɛ   . . . . . . . . . . . . . . . . . . . (154,632) (182,507)
ᛆू . . . . . . . . . . . . . . . . . . . . . . (2,200) (2,407)
(156,832) (184,914)
ක˕ᐼᕘ j
Ñ ൮ʮ̡ኹϞɛ   . . . . . . . . . . . . . . . . . . . (154,623) (182,505)
ᛆू . . . . . . . . . . . . . . . . . . . . . . (2,200) (2,407)
(156,823) (184,912)
ᑦฦ ɛ ͏ ࿆
Ñ ਿ͉ʿᛅᑛ . . . . . . . . . . . . . . . . . . . . . . 14 (0.66) (0.75)


--- page 316 ---
– I-5 –
జѓ
ڌرً
׵12 ˜ 31 ˚
ൗ 2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ༟ପ
ʿண௪ . . . . . . . . . . . . . . . . . . . . . . . . . . 15 9,216 6,622
Դ͜ᛆ༟ପ . . . . . . . . . . . . . . . . . . . . . . . . . . 16 2,842 18,775
ಂπಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 30,300 31,020
Չ˼Ꮠϗಛධ   . . . . . . . . . . . . . . . . . . . . . . . 19 18,923 11,283
ՓვБπಛ   . . . . . . . . . . . . . . . . . . . . . – 1,560
61,281 69,260
ਗ༟ପ
ཫ˹ಛධʿՉ˼Ꮠϗಛධ. . . . . . . . . . . . .
19 5,513 24,186
ፄ༟ପ
 ɝฦू    . . . . . . . . . . . 20 54,611 95,209
Ꮠϗᗫᑌ˙ಛධ   . . . . . . . . . . . . . . . . . . . . . 23 (d) 652 1,087
ՓვБπಛ   . . . . . . . . . . . . . . . . . . . . . – 863
ಂπಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 60,540 60,300
ي18 64,661 80,556
185,977 262,201
ව
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . . . . . . . . .
21 45,580 82,627
ಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1,760 48,100
ൗ 1. . . . . . 23 (a) 28,333 –
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 2,259 1,399
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 – 134,281
77,932 266,407
࠽ . . . . . . . . . . . . . . . . . . 108,045 (4,206)
ව   . . . . . . . . . . . . . . . . . 169,326 65,054


--- page 317 ---
– I-6 –
జѓ
׵12 ˜ 31 ˚
ൗ 2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ව
ಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 42,253 –
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 280 202
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 – 1,024,737
42,533 1,024,939
࠽ . . . . . . . . . . . . . . . . . . . . . . 126,793 (959,885)
༟͉ʿᎷ௪
͉ . . . . . . . . . . . . . . . . . . . . . .
29 4,985 5,474
Ꮇ௪ᑦ ୙. . . . . . . . . . . . . . . . . . . . . . . . . . 106,826 (977,934)
൮ʮ̡ኹϞɛᏐЦᛆू ᑦ ୙. . . . . . . . . 111,811 (972,460)
ᛆू . . . . . . . . . . . . . . . . . . . . . . . . . . 14,982 12,575
ᛆूᑦ ୙ᐼᕘ . . . . . . . . . . . . . . . . . . . . . . 126,793 (959,885)


--- page 318 ---
– I-7 –
జѓ
ڌرً
׵12 ˜ 31 ˚
ൗ 2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ༟ପ
ʿண௪ . . . . . . . . . . . . . . . . . . . . . . . . . . 15 3,221 2,736
Դ͜ᛆ༟ପ . . . . . . . . . . . . . . . . . . . . . . . . . . 16 1,295 2,405
ҳ༟   . . . . . . . . . . . . . . . . . . . 17 256,778 311,478
ಂπಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 30,300 31,020
Չ˼Ꮠϗಛධ   . . . . . . . . . . . . . . . . . . . . . . . 19 13,647 5,404
305,241 353,043
ਗ༟ପ
ཫ˹ಛධʿՉ˼Ꮠϗಛධ. . . . . . . . . . . . .
19 2,981 23,609
ፄ༟ପ   . . . . . . 20 20,056 95,209
᙮ʮ̡ಛධ   . . . . . . . . . . . . . . . . . . . 23 (c) 23,756 33,690
ՓვБπಛ   . . . . . . . . . . . . . . . . . . . . . – 863
ಂπಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 60,540 60,300
ي18 57,696 41,733
165,029 255,404
ව
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . . . . . . . . .
21 30,999 61,217
ಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1,760 48,100
ಛධ   . . . . . . . . . . . . . . . . . . . 23 (a) 28,333 –
᙮ʮ̡ಛධ . . . . . . . . . . . . . . . 23 (b) – 26,500
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 1,165 1,119
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 – 134,281
62,257 271,217
࠽ . . . . . . . . . . . . . . . . . . 102,772 (15,813)
ව   . . . . . . . . . . . . . . . . . 408,013 337,230
ව
ಛ . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 42,253 –
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 – 202
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 – 1,024,737
42,253 1,024,939
࠽ . . . . . . . . . . . . . . . . . . . . . . 365,760 (687,709)
༟͉ʿᎷ௪
͉ . . . . . . . . . . . . . . . . . . . . . .
29 4,985 5,474
Ꮇ௪ᑦ ୙. . . . . . . . . . . . . . . . . . . . . . . . . . 360,775 (693,183)
ᛆूᑦ ୙ᐼᕘ . . . . . . . . . . . . . . . . . . . . . . 365,760 (687,709)


--- page 319 ---
– I-8 –
జѓ
ڌ
൮ʮ̡ኹϞɛᏐЦ
ྼᖮ
͉Ŋ
ᑦฦ
΅
ྌ
ٙ
ࠇ
ٰ
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ൗ
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . 4,985 73,268 1,500 (244) (594,905) (300) (515,696) 17,182 (498,514)
ᑦฦ . . . . . . . . . . . . . . . – – – – (154,632) – (154,632) (2,200) (156,832)
ϗू   . . . . . . –––9––9–9
ϗू ක ˕
ᐼᕘ   . . . . . . . . . . . . . . . . . – – – 9 (154,632) – (154,623) (2,200) (156,823)
ʮ̡
ൗ 29 . . . . . . . . . . . . . – (267,399) (1,500) – 268,899 – – – –
ʱᗳ
ൗ 25 . . . . . . . . . . . . . – 782,130–––– 7 82,130 – 782,130
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . 4,985 587,999 – (235) (480,638) (300) 111,811 14,982 126,793
ᑦฦ . . . . . . . . . . . . . . . – – – – (182,507) – (182,507) (2,407) (184,914)
ϗू   . . . . . . –––2––2–2
ϗू ක ˕
ᐼᕘ   . . . . . . . . . . . . . . . . . – – – 2 (182,507) – (182,505) (2,407) (184,912)
ൗ 29. . . . . . . 489 235,011–––– 2 35,500 – 235,500
ൗ 25  . . – (1,137,266) – – – – (1,137,266) – (1,137,266)
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . 5,474 (314,256) – (233) (663,145) (300) (972,460) 12,575 (959,885)
ൗj
ኽʕശɛ͏΍ձ਷  ʕ਷ ͟ණྠྼ᜗
ٙ10%ਿ
ٙ50%̙͜
ᕘ̮༟͉ f


--- page 320 ---
– I-9 –
జѓ
ڌ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,808) (184,914)
ሜ዆ j
ϗɝ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,235) (2,008)
ፄ༟ପ
ᜊਗϗू . . . . . . . . . . . . . . . . . . . . . . . (2,028) (865)
ʿண௪ұᔚ   . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,853 3,463
Դ͜ᛆ༟ପұᔚ   . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,535 3,111
ϗू . . . . . . . . . . . . . . . . . . . (414) –
̮ිϗू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (228) (480)
ፄ༟ϓ͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,646 67,003
ϗू   . . . . . . . . . . . . . . . . – (42,081)
ඎ   . . . . . . . . . . . . . . (116,679) (156,771)
Ꮠϗᗫᑌ˙ಛධಯˇ ᄣ ̋ . . . . . . . . . . . . . . . . . . . 49 (435)
ཫ˹ಛධʿՉ˼Ꮠϗಛධᄣ̋ . . . . . . . . . . . . . . . . . (1,970) (8,598)
ʿՉ˼Ꮠ˹ಛධᄣ̋. . . . . . . . . . . . . . . . . . . . . 10,890 28,674
ږ107,710) (137,130)
੻೼ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32) –
ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . (107,742) (137,130)
ਗ
ࢹ10,095 1,528
˕˹Դ͜ᛆ༟ପ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (16,076)
ʿண௪   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,302) (878)
ፄ༟ପ   . . . . . . . . . . (634,900) (391,500)
ፄ༟ପՑಂᛙΫ . . . . . . 690,910 351,767
ಂπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (90,000) (60,000)
ಂπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 60,000
ՓვБπಛ   . . . . . . . . . . . . . . . . . . . . . . . . . – (2,423)
ଋᕘ . . . . . . . . . . . . . . . . . 54,803 (57,582)


--- page 321 ---
– I-10 –
జѓ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ
ൗ 25 . . . . . . . . . . . . . . . . . . . – 235,500
ൗ 33 . . . . . . . . . . . . . . . . . . . – (1,330)
ᕘ̮ᛆू . . . . . . – (28,333)
੻ಛධ   . . . . . . . . . . . . . . – 7,268
ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,463 5,147
ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (650) (1,060)
ࢹ669) (985)
ව   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,819) (3,906)
ࢹ202) (66)
ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . 21,123 212,235
ಯ ˇᄣ̋ଋᕘ . . . . . . . . . . . . . (31,816) 17,523
ي. . . . . . . . . . . . . . . . . . . 95,942 64,661
ᅂᚤ   . . . . . . . . . . . . . . . . . . . . . . . . . 535 (1,628)
ي. . . . . . . . . . . . . . . . . . . 64,661 80,556


--- page 322 ---
– I-11 –
జѓ
ൗ
1. ࣘ
׵2007 ϋ 1 ˜ 19׵2024 ϋ 12 ˜ 9ኽʕ
ෳतᔼ
ʮ̡ f
 ؇ٰٰɛ f
 ɓື f
शष˸ʿː໘А၍
ൗ 35ᚣf
൮ʮ̡࿚Ї 2024 ϋ 12 ˜ 31ᇜႡ d Ԩʱй຾
f ࿚Ї 2025 ϋ 12 ˜
31͊̊೯ f
˸ɛ͏࿆  ɛ͏࿆̌ঐ஬࿆ f
2. ᇜႡਿ๟
ഄᇜႡ f
ɽ f
 ۆಥʮ̡ૢ
ᚣ f
ൗ 4ፄʈ
ዝ̦ϓ͉ਿ๟ᇜႡ f
׵2025 ϋ 12 ˜ 31ɛ͏࿆ 4,206,000 ʩʿɛ͏࿆
15,813,000ɛ͏࿆ 959,885,000 ʩʿɛ͏࿆ 687,709,000වଋᕘ
වɛ͏࿆ 134,281,000 ʩʿɛ͏࿆
1,024,737,000׵2025 ϋ 12 ˜ 31ൗ 25f
ൗ 25൮ʮ̡
ʿ (1) ൮
׌
ვБπಛ d (2)ൗ37׵2026 ϋ2ཫ˹ಛɛ͏࿆ 200,000,000 ʩd
ʿ (3)׵2025 ϋ 9Ї 2027 ϋ 6 ˜ 30޴
༟๕Ꮠ˹ՉІ 2025 ϋ 12 ˜ 31f
ɗ᙮ቇ຅ f
3. ۆ
ᐶা፽ಂග஫࿏Ꮠ͜ୌΥІ 2025
ϋ 1 ˜ 1ഄ f


--- page 323 ---
– I-12 –
జѓ
ۆ
νɨ j
ୋ 21͉. . . . . . . . ౬ၑЇ৷ஷദяΐ஬࿆ 3
ୋ 9 ໮ʿ਷ყ
ୋ 7͉. . . . . . .
ࠈࡌٙ2
ୋ 9 ໮ʿ਷ყৌਕజ
ୋ 7͉  . . . . . . . . . . . . .
ߒ2
ୋ 10๟
ୋ 28͉. . . . . . . . . . . . . . . . .
ٙ
༟ 1
ࠈࡌٙۆ. . . . . . . . ҷආ Ñ
ୋ 11 ՜ 2
ୋ 18 ໮ . . . . . . . . . . . .ᚣ 3
ୋ 20 ໮ . . . . . . . . . . . .ව 4
1f
2׵2026 ϋ 1 ˜ 1f
3׵2027 ϋ 1 ˜ 1f
4׵2029 ϋ 1 ˜ 1f
ࠈࡌ
ɽᅂᚤ f
ୋ 18ᚣ
ୋ 18d Ԩਗ਼՟˾
ୋ 1ୋ
1i ίৌਕ
ٙࣘ
ୋ 1ୋ 8ഄ e ึ
ୋ 18ᇜႡਿᓾ  ʿ
ୋ 7ୋ 7ୋ
33f
ୋ 18׵2027 ϋ1˜1d
ୋ 18ୋ 18
 dઓ
ୋ 18ࠠ
ɽᅂᚤ f
4. ࣘ
ΥԻਿ๟
d у՟੻
છՓᛆ j
• ̙࿁஗ҳ༟˙БԴᛆɢ i
• ԮϞᛆл i ʿ
• ϞঐɢБԴՉᛆɢᅂᚤՉΫజ f
อ൙ПՉ
щછՓ஗ҳ༟˙ f
᙮ʮ̡છՓᛆ
ϗɝʿක˕ d І ൮ණྠ՟੻છՓᛆʘ
˟ f
ϗू
ᛆू̈ତᑦ୙ഐቱ f
f
ݴږ
઄ᅰ࿁ቖ f
Ϟɛᛆ
Ϟᛆᛆू f
ҳ༟
ᑦฦ ν Ϟ ɝ ሪf


--- page 324 ---
– I-13 –
జѓ
ॡ༣
ୋ 16̍ў
อ൙П f
ॡɛ
ଡ଼ϓ௅ʱ
ኽॡ༣௅ʱ
˾ᄆ
̙ቦήЪ̈ f
೵ಂॡ༣
މ12ॡ༣Ꮠ͜೵ಂॡ༣ᆽႩ
ॡ༣༟ପ຾
ගᅼό f
Դ͜ᛆ༟ପ
ᕘ f
ඎЪ̈ሜ዆ f
ұᔚ f
ዹͭධͦ f
ږܲ
ୋ 9ඎ f
ව
ၑॡ
ಛлଟ f
ව
f
˹ಛ f
ᄣ̋ʿॡ༣˹ಛʚ˸ሜ዆ f
Ꮠሜ዆  j
• ࡌ
ඎ f
• ࠈࡌ
ඎ f
• ഄԈ
ɨ ˖f
ዹͭධͦ f
ࠈࡌ
ɓධఊዹॡ༣ɝሪ j
• Դ͜ᛆᓒɽəॡ༣ᇍఖ i ʿ
• Ъ̈
຅ f
˚
ව f
ඎɝሪ f
̮࿆
ܲ
อ౬ၑ f
ܲ
อ౬ၑ f
ฦूʕᆽႩ f


--- page 325 ---
– I-14 –
జѓ
൮ණ
ਗ d ί
ᛆ
f
ಛ൬͜
ฦूʕᆽႩ f
೯˕̈
ක೯ක˕
ฦूʕᆽႩ f
໾п
d ˙ึʚ˸ᆽႩ f
Ꮠ
 Չ˼ϗɝ  ධɨ f
၅л
ৗ;၅лϓ͉
ϵʱˢ
ࣛ
ක˕ f
၅л
၅лѩ
ৰ̮ f
ව f
˹ಛ
׸
ᛆ
ᛆ
ඎ f
d ɗ
ᛆू ˸
̹ఙᓥ᙮ૢ
ฦूʕᆽႩ d
Ꮠሜ዆ f
ٰ
ٙ
ᑦฦ f
ᕘਗ਼ᔷᅡЇ༟͉Ꮇ௪ f
ࠈࡌٙ
બ̈˚ಂʊબ̈ᛆ
ᓥ᙮ૢ
ᓥ᙮ૢ΁  ̹ఙૢ
ᓥ᙮ૢ΁ f
ѩ
ᕘ f
ᛆूʈՈᓥ᙮
ٙ
ቱɨಂගᆽႩ f


--- page 326 ---
– I-15 –
జѓ
൮ණྠึᘱᚃਗ਼
੽͊೯͛ f
೼ਕ
ᐼձ f
׵މ
у
ၑ f
ٙ
Ϟ
ࣛ
༟ପ
ַ
ව f
΢జѓಂ͋ආБᄲቡ d ԨίʔΎ̙ঐึϞԑ੄Ꮠሙ೼๐л˸ϗΫ
ʚ˸ϔಯ f
ࠋ׵
ඎ f
࠽ࠦ
f
΋
ව f
 ୋ 12 ໮
֛
ܘ
੻
ව f
ቖ d ˲ՉၾΝɓ೼ਕዚᗫΣΝɓᏐሙ
ቖ f
ฦूʕᆽႩ f
ʿண௪
ʈ೻
ᑦฦ ν Ϟ ΐ ሪf
ܼ
ટᏐЦϓ͉ f ༈ഃ༟ପ
f
̙
͊Ըቇ
ɝሪ f
జᄻ
d
ฦूʕᆽႩ f
࠽
d
ᗫ
ν Ϟf
ᕘ d ൮ණ
ᕘ f
ᗫତ
ᕘ
ږ


--- page 327 ---
– I-16 –
జѓ
༰
d ༈൨ତଟ
ݴږ
Ԩ͊ఱϤЪ̈ሜ዆ f
ሪ
א
ʮ
࠽
ପ͛ఊ
࠽
͉ึʱৣЇ༈༟ପ
ฦ
ूʕᆽႩ f
ࡌ
ପ͛
ฦूʕᆽႩ f
ي
j
(a) ಂπಛ i ʿ
(b) މ
f
f
ፄʈՈ
ٙ
̹ఙ࿕
ፄ༟ପ൯ር f
Ӊ
ୋ 15 ໮
ʮ
ፄ༟ପ
ટ
ฦूᆽႩ f
ක
Ϟʊ˹
ν
лଟ f
ፄ༟ପ
ඎ
ඎ j
• ඎ i ʿ
• f
ඎ f
(i) ϗɝ
ϗɝ
ፄ༟ପৰ̮ Ԉ
ፄ༟ପ
ږ
ܲ
ϗɝ f


--- page 328 ---
– I-17 –
జѓ
(ii) ፄ༟ପ
ፄ༟ପ d ɗ
ඎ f
א
ٰ
ɝ  Չ˼ϗूʿᑦฦଋᕘ  ධͦ f
ୋ 9࠽
൲ᑦฦ  ൲ᑦฦୋ 9࠽
ՓვБπಛ e
݈
ᎈᜊਗ f
൲
ˀd12൲ᑦฦ  12൲ᑦฦܝ12˜ʫ̙
൲ᑦฦ
൙П
ආ Бf
൲ᑦฦ f
׵12֐ڋ
щᏐᆽႩπᚃಂཫ
щᜑഹᄣ̋ f
(i) ᎈᜑഹᄣ̋
జѓ˚
d ൮ණྠึϽᅇΥ
຾᜕ʿ
జѓᐏ੻
΢၇
Ͻᅇ f
j
• වਕɛᎵᒔՉවਕப
i
• ཫಂᜑഹెʷ i
• වਕɛᎵᒔՉ
f
˹ಛགྷಂ൴ཀ 30֐ڋ
νϤ f
d ˸ᆽ
ᜑഹᄣ̋ f
(ii) ່
ව

ԫ΁ f
ፄ༟ପགྷಂ൴ཀ 90൮
Υቇ f
(iii) ፄ༟ପ
ፄ༟ପ
̙ᝈ࿀ᅰኽ j
(a) ɽৌਕѢᗭ i ʿ
(b) གྷಂԫ΁ f


--- page 329 ---
– I-18 –
జѓ
(iv) ഄ
ʊ
ፄ༟ପʥ̙ঐա ൮ණྠϗΫ
จԈ f ࿛ቖ࿴ϓ୞˟ᆽႩԫ΁ f ΂О
ฦूʕᆽႩ f
(v) ඎʿᆽႩ
ࠬߒ
f ཫಂ
ࠠ
f
ඎၾ ൮ණྠ
ྼყлଟ൨ତ f
ɨ d
ၑ f
ᑦฦ d ઓՉ˼Ꮠ
Ꮠሜ዆ɗீཀᑦฦᅡ௪ሪᆽႩ f
ፄ༟ପ
ഒɽ௅ʱ
ፄ༟ପ f
׵
ฦूʕᆽႩ f
වʿᛆू
ᛆू
ᛆू f
ᛆूʈՈ
ᛆ
ટ೯Бϓ͉  ᆽ Ⴉf
ව
ඎ f
ව
મ͜ྼ
ඎ f
ව
ව d
ᆽႩ
ࢹ
อʱᗳЇᛆू f
ፄʈՈ
ඎЇՉʮʪᄆ
ฦूʕᆽႩ f
ව
ٙ
ฦूʕᆽႩ f


--- page 330 ---
– I-19 –
జѓ
Ϊ९  d˸ ൙
ၑ
ፄ
Їˇ 10%ମ f ΪϤ d ༈ഃૢ
ɓ௅ʱ f
׵10%f
ତ
ၑ f
ࠋ
˚ಂίฦूʕᆽႩ f
5. кᓙ
࠽ࠦ
Չ˼Ϊ९ f ྼ
f
ࡊ
ಂගʿ͊ԸಂගᆽႩ f
ᗫᒟкᓙ
ৌਕ
ɽ f
೯˕̈
˸ԴՉ
ঐɢ e ༈༟ପਗ਼νОପ͛
d ˙ึʚ˸༟͉ʷ
d
ପ
˕ቖ f
6. Չ˼ϗɝ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ϗɝ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,235 2,008
ൗ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767 293
4,002 2,301
ٙ
f
7. Չ˼ϗूʿᑦฦଋᕘ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ϗू . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  – 42,081
ϗू. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414 –
ፄ༟ପ
ᜊਗϗू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,028 865
̮ිϗूଋᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 480
Չ˼   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (158)
2,670 43,268


--- page 331 ---
– I-20 –
జѓ
8. ፄ༟ϓ͉
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ක˕ j
ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 669 985
ව   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 66
ව   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,775 65,952
37,646 67,003
9. ᑦฦ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ᑦฦʊϔৰɨΐ΢ධ j
ᑚཇ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30
ʿண௪ұᔚ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,853 3,463
Դ͜ᛆ༟ପұᔚ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,535 3,111
ұᔚᐼᕘ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,388 6,574
ʈϓ͉
ᑚཇ
ൗ 11. . . . . . . . . . . . . . . . . . . . . . . 3,390 3,344
ʈϓ͉
ʿՉ˼၅л   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,370 43,743
Ñ ৗ;၅л   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,575 3,334
ʈϓ͉ᐼᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,335 50,421
10. ੻೼ක˕
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
੻೼  ੻೼  
Ñ уಂ೼ධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 –
ᅡ௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) –
ൗ 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – –
24 –
 جᐶা፽
މ25%f
ܲ25%ٙ
ܲ20%Ꮄ౉೼ଟᅄϗ f
Ꮠሙ೼๐л f


--- page 332 ---
– I-21 –
జѓ
ᑦฦ࿁ሪνɨ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,808) (184,914)
ܲ25%е . . . . . . . . . . . . . . . . . . . (39,202) (46,229)
ᅡ௪   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) –
೼ਕᅂᚤ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,199 16,574
೼ਕᅂᚤ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (10,520)
೼ਕᅂᚤ . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,285) (13,556)
੻೼. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32) –
೼ਕᅂᚤ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,346 53,731
੻೼ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 –
11. ږ
ږ
ࡈٙ
༉ઋνɨ j
൨
၅л
ତ
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
࿚Ї 2024 ϋ 12 ˜ 31ܓ
ੂБ໨ԫ j
ൗ i. . . . . . . . . . . . . . . . . . 1,600 442 38 2,080
Yu Weiping ௹ɻ . . . . . . . . . . . . . . . . . . . 1,208 102 – 1,310
ੂБ໨ԫ j
ˮૠ௹ɻ . . . . . . . . . . . . . . . . . . . . . . . . . – – – –
ˮɓ੶΋͛ . . . . . . . . . . . . . . . . . . . . . . . – – – –
͛΋͛ . . . . . . . . . . . . . . . . . . . . . . . ––––
҂৷ᄿ௹ɻ . . . . . . . . . . . . . . . . . . . . . . . – – – –
΋͛ . . . . . . . . . . . . . . . . . . . . . . . – – – –
2,808 544 38 3,390


--- page 333 ---
– I-22 –
జѓ
൨
၅л
ତ
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
࿚Ї 2025 ϋ 12 ˜ 31ܓ
ੂБ໨ԫ j
ൗ i. . . . . . . . . . . . . . . . . . 1,605 401 38 2,044
Yu Weiping ௹ɻ . . . . . . . . . . . . . . . . . . . 1,200 100 – 1,300
ੂБ໨ԫ j
ˮૠ௹ɻ . . . . . . . . . . . . . . . . . . . . . . . . . – – – –
ൗ ii  . . . . . . . . . . . . . . . – – – –
ൗ ii  . . . . . . . . . . . . . . . – – – –
҂৷ᄿ௹ɻ . . . . . . . . . . . . . . . . . . . . . . . – – – –
ൗ ii  . . . . . . . . . . . . . . . – – – –
ൗ iii. . . . . . . . . . . – – – –
ൗ iii. . . . . . . . . . . – – – –
2,805 501 38 3,344
ൗj
i ږ
f
ਕ f
f
ii. ׵2025 ϋ 8 ˜ 28ੂБ໨ԫ f
iii. ׵2025 ϋ 8 ˜ 28ੂБ໨ԫ f
͛΋͛ e ҂৷ᄿ
൮
 ྼ᜗ዄ d ˸౬՟Σ༈ഃྼ᜗
ᑚཇʱৣЇ ൮ණྠԨʔ̙Б f
τર f
12. ࡰ
ɛɻ
ൗ
11ᑚཇ༉ઋνɨ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
൨ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,532 4,792
ߎڀ273 878
ৗ;၅л . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 188
3,995 5,858


--- page 334 ---
– I-23 –
జѓ
ɛᅰνɨ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛᅰ
1,000,001 ಥʩЇ 1,500,000 ಥʩ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1
1,500,001 ಥʩЇ 2,000,000 ಥʩ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1
2,000,001 ಥʩЇ 2,500,000 ಥʩ . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1
33
 ˕˹΂О
ᕎᔖ໾Ꮅ f
13. ࢹٰ
ᐶা፽ಂගഐҼ
f
14. ᑦฦ
ၑ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
൮ʮ̡
ኹϞɛᏐЦϋʫᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (154,632) (182,507)
§000 §000
΅ᅰͦ
̋ᛆ̻ѩᅰ   . . . . . . . . . 234,250 242,950
׵2024 ϋ 12 ˜ 5Τɨ೮
೯Бʿৣ೯ 4,985,000ɛ͏࿆ 1ࠇމ
ൗ 28΅ዧ
ٙ300,000׵2024 ϋ 1 ˜ 1ൗ
37୚ f
ၑ࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ᅂᚤ
ᑦฦಯˇ f


--- page 335 ---
– I-24 –
జѓ
15. ʿண௪
൮ණྠ
ዚኜ
ʿண௪ ӛԓ
ཥ໘ண௪
ʿழ΁
܃
ண௪
ॡ༣
ࠇ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ϓ͉
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . . . . . . . . . . . . 20,796 1,337 2,557 735 5,227 154 30,806
૴ໄ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568 – 624 7 – 103 1,302
ᔷᅡ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257 – – – – (257) –
ිгሜ዆ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 – 1 – – – 13
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . 21,633 1,337 3,182 742 5,227 – 32,121
૴ໄ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 – 232 6 – – 878
ිгሜ዆ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21) – (1) – – – (22)
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . 22,252 1,337 3,413 748 5,227 – 32,977
ұᔚ
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . . . . . . . . . . . . 10,035 1,268 2,021 465 4,257 – 18,046
ϋʫᅡ௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,558 – 544 119 632 – 4,853
ිгሜ዆ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 – – – – – 6
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . 13,599 1,268 2,565 584 4,889 – 22,905
ϋʫᅡ௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,746 – 412 85 220 – 3,463
ිгሜ዆ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12) – (1) – – – (13)
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . 16,333 1,268 2,976 669 5,109 – 26,355
࠽ࠦ
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . 8,034 69 617 158 338 – 9,216
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . 5,919 69 437 79 118 – 6,622
൮ʮ̡
ዚኜ
ʿண௪ ӛԓ
ཥ໘ண௪
ʿழ΁
܃
ண௪
ॡ༣
ࠇ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ɛ͏࿆
ɷʩ
ϓ͉
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . 9,488 1,337 2,038 505 5,227 18,595
૴ໄ  . . . . . . . . . . . . . . . . . . . . . . . . 543 – 624 7 – 1,174
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . 10,031 1,337 2,662 512 5,227 19,769
૴ໄ  . . . . . . . . . . . . . . . . . . . . . . . . 588 – 232 6 – 826
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . 10,619 1,337 2,894 518 5,227 20,595
ұᔚ
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . 6,296 1,268 1,691 356 4,257 13,868
ϋʫᅡ௪ . . . . . . . . . . . . . . . . . . . . 1,538 – 434 76 632 2,680
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . 7,834 1,268 2,125 432 4,889 16,548
ϋʫᅡ௪ . . . . . . . . . . . . . . . . . . . . 672 – 378 41 220 1,311
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . 8,506 1,268 2,503 473 5,109 17,859
࠽ࠦ
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . 2,197 69 537 80 338 3,221
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . 2,113 69 391 45 118 2,736


--- page 336 ---
– I-25 –
జѓ
˸ɨϋಂұᔚ j
ዚኜʿண௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 ϋ
ӛԓ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 ϋ
ཥ໘ண௪ʿழ΁   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 ϋ
ண௪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 ϋ
ࡌ5٫
16. Դ͜ᛆ༟ପ
൮ණྠ
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
࠽ࠦ
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . – 2,842 2,842
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . 15,915 2,860 18,775
ұᔚ൬͜
࿚Ї 2024 ϋ 12 ˜ 31ܓ3,535 3,535
࿚Ї 2025 ϋ 12 ˜ 31ܓ161 2,950 3,111
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 27
̈ᐼᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,202) (20,075)
൮ʮ̡
ุ
ɛ͏࿆ɷʩ
࠽ࠦ
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,295
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,405
ұᔚ൬͜
࿚Ї 2024 ϋ 12 ˜ 31ܓ2,036
࿚Ї 2025 ϋ 12 ˜ 31ܓ1,858
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ක˕ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 27
̈ᐼᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,324) (2,871)
ܲߒ1 ϋЇ 3 ϋ
ॡಂʿ൙
ಂග f


--- page 337 ---
– I-26 –
జѓ
׵2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚ d ೵ಂॡ༣
Ч f
17. ҳ༟
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ҳ༟ϓ͉ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,778 311,478
18. ՓვБπಛ
൮ණྠ
ٙ
ዄ f
׵2024 ϋʿ 2025 ϋ 12 ˜ 31̹ఙϋлଟʧ˷ 0.05% Ї 0.65% ʿ 0.01%
Ї0.65%މࠢ1 ϋЇ 3ϋлଟʧ˷ 1.80% Ї2.40% ʿ1.20% Ї2.40%
׵2025 ϋ12˜31މࠢ1ϋЇ 8ϋлଟʧ˷ 0.70% Ї1.1%f
൮ʮ̡
ٙ
ዄ f
׵2024 ϋʿ 2025 ϋ 12 ˜ 31̹ఙϋлଟʧ˷ 0.05% Ї 0.65% ʿ 0.05%
Ї0.65%މࠢ1 ϋЇ 3ϋлଟʧ˷ 1.80% Ї2.40% ʿ1.20% Ї2.40%
׵2025 ϋ 12 ˜ 31މࠢ1ϋлଟʧ˷ 0.7% Ї 0.8%f
ൗ 32f
19. ཫ˹ಛධʿՉ˼Ꮠϗಛධ
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
೯Бϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 2,435
ཫ˹ɪ̹ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 8
Չ˼Ꮠϗಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 374
ږܲ281 281
ਕཫ˹ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,900 9,150
೼  ೼    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,723 22,604
Չ˼ཫ˹ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 617
24,436 35,469
ಛධ . . . . . . . . . . (5,513) (24,186)
ಛධ . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,923 11,283


--- page 338 ---
– I-27 –
జѓ
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
೯Бϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 2,435
ཫ˹ɪ̹ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 8
Չ˼Ꮠϗಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 284
ږܲ81 81
ਕཫ˹ಛධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,524 8,898
೼   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,647 16,725
Չ˼   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 582
16,628 29,013
ಛධ . . . . . . . . . . (2,981) (23,609)
ಛධ . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,647 5,404
20. ፄ༟ପ
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ൗ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,611 95,209
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ൗ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,056 95,209
ओਗ d
ତન㢈 f


--- page 339 ---
– I-28 –
జѓ
21. ʿՉ˼Ꮠ˹ಛධ
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
൬͜   . . . . . . . . . . . . . . . . . . . . 33,371 53,690
Ꮠ˹ᑚ༟ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,491 8,818
Չ˼Ꮠ˹೼ධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 676
໾п . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,157 3,053
ɪ̹ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 4,226
೯Бϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,105
ൗ  . . . . . . . . . . . . . . . . . . . . – 7,268
Չ˼   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,153 3,791
45,580 82,627
ൗ 28ࠢ
וࡊ
ɨ d ൮ʮ̡
΅ఊЗ f
൲ಂɓছʧ˷ 15 Ї 90 ˚f
j
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
1-90 ˚  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,158 630
91-365 ˚. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,575 319
1-2 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,351 20
2-3 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 1,925
3 ϋ˸ɪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 644
7,731 3,538
͊̈Ո೯ୃ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,640 50,152
33,371 53,690
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
൬͜   . . . . . . . . . . . . . . . . . . . . 25,664 46,132
Ꮠ˹ᑚ༟ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,422 6,280
Չ˼Ꮠ˹೼ධ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 534
ɪ̹ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 4,226
೯Бϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,105
Չ˼   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708 2,940
30,999 61,217
൲ಂɓছʧ˷ 15 Ї 90 ˚f


--- page 340 ---
– I-29 –
జѓ
j
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
1-90 ˚  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418 535
91-365 ˚. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,575 102
1-2 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 467 20
2-3 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 1
3 ϋ˸ɪ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 480
2,944 1,138
͊̈Ո೯ୃ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,720 44,994
25,664 46,132
22. ಛ
൮ණྠʿ ൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ಛ
ڭ44,013 48,100
νɨ j
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ගᎵᒔ j
ɓϋʫ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760 48,100
ಂගʫ . . . . . . . . . . . . . . . . . . . . . . 42,253 –
44,013 48,100
ɓϋʫՑಂಛධ   . . . . . . . . . . . . . . (1,760) (48,100)
ಛධ . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,253 –
ྼყлଟᇍఖνɨ j
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ྼყϋлଟ j
ಛ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.30%–2.50% 1.85%–1.95%
ʕ਷ɓϋಂ൲ಛ̹ఙజᄆлଟಯ 115f лଟӊɤɚ
ணɓϣ f
׵2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆ 44,013,000 ʩʿɛ͏࿆ 48,100,000ვБ
ಛ j
• ೯͛ᜊਗ i
• Ϟᛆᔷᜫ i
• ׵2025 ϋ 12 ˜ 31׵2024 ϋ 12 ˜ 31ٙ
׵ܝ2025Ї 2026 ϋ6˜30˚f
ፕ f


--- page 341 ---
– I-30 –
జѓ
23. ᙮ʮ̡ Ŋ ɓΤᗫᑌ˙ಛධ
(a) ಛධ
൮ණྠʿ ൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ˮΏ௹ɻ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,333 –
׵2024 ϋ 1 ˜ 1ɛ͏࿆ 28,333,000׵2023 ϋ 8 ˜ 22 ˚d ൮ʮ̡
ᛆ d ᐼ˾ᄆ
ɛ͏࿆ 58,300,000׵2024 ϋ 12 ˜ 31ᕘɛ͏࿆ 28,333,000 ʩʊ
࿚Ї 2025 ϋ 12 ˜ 31˕˹ f
׵2024 ϋ 12 ˜ 31f
(b) ᙮ʮ̡ಛධ
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʮ̡  ᘽψᔼᖹ  . . . . . . . . . – 26,500
׵2024 ϋ1 ˜1׵2025 ϋ12 ˜31e
f
(c) ᙮ʮ̡ಛධ
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ሯൗ a
ʮ̡
 ɪऎГइл    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,303 18,103
Гτෳͭइ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,598 9,732
20,901 27,835
ሯൗ b
ʮ̡  Ҧ  . . . . . . . . . – 3,000
Гτෳͭइ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,855 2,855
2,855 5,855
23,756 33,690
ൗj
(a) ׵2024 ϋ 1 ˜ 1ɛ͏࿆ 30,945,000׵2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚
މ30 ˚f


--- page 342 ---
– I-31 –
జѓ
(b) ׵2024 ϋ 1 ˜ 1ɛ͏࿆ 2,855,000׵2024 ϋʿ 2025 ϋ 12 ˜ 31ٙ
ӋᎵᒔ f
࿚Ї 2024 ϋʿ 2025 ϋ12 ˜31ɛ͏࿆ 2,855,000
ʩʿɛ͏࿆ 5,855,000 ʩf
j
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
1-30 ˂  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 974 3,869
30-365 ˂. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,551 3,065
1-2 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,376 4,525
2-3 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 16,376
20,901 27,835
(d) Ꮠϗᗫᑌ˙ಛධ
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʮ̡
 ଺๿ዣੰ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652 1,087
׵2024 ϋ 1 ˜ 1ɛ͏࿆ 701,000່Ԉ
ൗ 28Ⴉᒅ
׵2024 ϋʿ 2025 ϋ12 ˜31e
ӋᎵᒔ f
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆
709,000 ʩʿɛ͏࿆ 1,087,000 ʩf
௝೻˚ಂ d Ꮠϗ଺๿ዣੰಛධʊഐ૶ f
24. ව
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ɓϋʫ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,259 1,399
ಂගʫ   . . . . . . . . . . . . . . . . . . . . . . . . 280 202
2,539 1,601
ɓϋʫՑಂഐၑಛධ . . . . . . . . . . (2,259) (1,399)
ಛධ . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 202
׵2024 ϋ12 ˜31ಛлଟʧ˷ӊϋ 2.50% Ї4.65%d
׵2025 ϋ 12 ˜ 31 ˚ʧ˷ӊϋ 3.50% Ї 4.45%f


--- page 343 ---
– I-32 –
జѓ
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ɓϋʫ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,165 1,119
ಂගʫ   . . . . . . . . . . . . . . . . . . . . . . . . – 202
1,165 1,321
ɓϋʫՑಂഐၑಛධ . . . . . . . . . . (1,165) (1,119)
ಛධ . . . . . . . . . . . . . . . . . . . . . . . . . . . – 202
׵2024 ϋ 12 ˜ 31ಛлଟʧ˷ӊϋ 2.50% Ї 4.45%׵
2025 ϋ 12 ˜ 31 ˚ʧ˷ӊϋ 3.50% Ї 4.45%f
25. ව
൮ණྠʿ ൮ʮ̡
 ٫΅ҁϓᅰቃፄ༟ f
΅༉ઋ༱ΐνɨ f
Ⴉᒅᄆ
ʊ೯Б
ᅰͦ
ᐼ˾ᄆ
א
ɛ͏࿆
A ቃ  . . . . . . . . . . 2019 ϋ 7 ˜ 30 ˚ ɛ͏࿆ 166.6667 ʩŊ23.5833
ʩ
 ʩ  
690,000 115,000,000
B ቃ . . . . . . . . . . . 2021 ϋ 2 ˜ 21 ˚ ɛ͏࿆ 365.8537 ʩŊ56.1582
ʩ
984,000 360,000,000
B1 ቃ . . . . . . . . . . 2021 ϋ 8 ˜ 30 ˚ ɛ͏࿆ 470.6889 ʩ 138,095 65,000,000
C ቃ. . . . . . . . . . . 2023 ϋ 1 ˜ 16 ˚ ɛ͏࿆ 550.6957 ʩ 172,509 95,000,000
D ቃ  . . . . . . . . . . 2025 ϋ 6 ˜ 27 ˚Ŋ
2025 ϋ 9 ˜ 19 ˚Ŋ
2025 ϋ 9 ˜ 24 ˚Ŋ
2025 ϋ 9 ˜ 26 ˚
ɛ͏࿆ 481.4819 ʩ 489,115 235,500,000
2,473,719 870,500,000
ૢಛνɨ j
(a) ᛙΫᛆ
ܼi)
͊ঐί 2027 ϋ 6 ˜ 30׵2025 ϋ 9 ˜Σᑌ
͟ 2026 ϋ 6 ˜ 30אii) ௰୞છՓɛ
אiii)א
iv)ፕ஗೯ତ༱
ɽʔлᅂᚤ i (v)
ن
ɽሦᎵ f
ʍ DɛᛙΫ
ܝ10˜ʫᐏ
ࠋ
ව f
d Dϋлଟ 8%אA ቃe
B ቃeB1 ቃʿ Cϋлଟ 12%ఊл f


--- page 344 ---
– I-33 –
జѓ
(b) ૶ၑᎴ΋ᛆ
൮ʮ̡છՓᛆᜊһ
֛ج
ܲ1)֐ࡡ
d Dϋлଟ 8%אA ቃeB ቃeB1 ቃʿ C٫
ϋлଟ 12%ఊл d ʿ (2)٫
ܲD ቃeC ቃeB1 ቃeB ቃЇ AᎴ΋නҏආБʱৣ f
f
(c) ˀᛅᑛᛆ
Ӌ j (1) ܲ
ɛ͏࿆ 1d (2)௰Э
א3) ᛆ௅ʱ
˥̻ f
ഒ e ৗ
ూ d
වʥᐏᆽႩ f
อબʚ
൮ʮ̡ၾ A ቃeB ቃeB1 ቃʿ C׵٫2024 ϋ 4 ˜ 29ͭᎴ΋ᛆ୞˟՘ᙄ d ኽϤ d ൮ʮ
ப΂඲І 2024 ϋ 4 ˜ 30 ˚ৎ୞˟ d Ͼ
׵2025 ϋ 6 ˜ 27ͭ Dᛆ՘ᙄ  D ቃ
ᛆ՘ᙄอબʚ A ቃeB ቃe
B1 ቃʿ Cd І 2025 ϋ6 ˜27d
D׵2025 ϋ 7 ˜ Df ൮ʮ̡ԨೌఱϞᗫᎴ΋ᛆ౤Զ΂О
׵݂2024 ϋ 4 ˜ 30 ˚Ї 2025 ϋ 6 ˜ 27 ˚ಂගԨೌఱ΂О
ව f
яΐʿʱᗳ
ப΂ f ༈ഃப
ཫಂ௰
ඎ f ൮ʮ̡મ͜ʧ˷ 12.37% Ї 16.12%ᛙΫ൨
ፄʈՈ
ɽ f
ኽ ൮ʮ̡ၾ A ቃeB ቃeB1 ቃʿ C׵٫2024 ϋ 4 ˜ 29Ꮄ΋ᛆ୞˟՘ᙄ d ɛ͏
࿆ 782,130,000༟͉Ꮇ௪ f
׵2025 ϋ 6 ˜ 27ኽ Dࠠ
อબʚ A ቃeB ቃeB1 ቃʿ C޴
ඎ f


--- page 345 ---
– I-34 –
జѓ
ᜊਗ༱ΐνɨ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
׵1 ˜ 1 ˚. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745,048 –
ᆽႩ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,137,266
ɝፄ༟ϓ͉   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,775 65,952
ʱᗳЇᛆू   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (782,130) –
ൗ i  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (42,081)
̮ිᑦฦ ϗ ू. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 (2,119)
׵12 ˜ 31 ˚ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,159,018
ൗ ii. . . – (134,281)
ಛධ . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,024,737
ൗj
i. ኽ D׵2025 ϋ 9d ᛙΫ˚ಂʊ͟ 2026 ϋ 6 ˜ 30
Ї 2027 ϋ 6 ˜ 30ྼყлଟ൨
Չ˼
ϗूʿᑦฦ f
ii. νɪ˖ (a)ʍ Dܝ12˜ʫ೯͛ d ൮
ව f
26. ව
ַ
j
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
೼ධ༟ପ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704 767
ව   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (704) (767)
––
වʿՉᜊਗνɨ j
ව
࠽
ٙ
ٙ
࠽
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . . . (2,010) 1,860 (99) 249 –
ɝϔ ৰ Іฦू . . . . . . . . . . . . . . 1,299 (1,224) 85 (160) –
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . (711) 636 (14) 89 –
ɝฦू . . . . . . . . . . . . . . (5) (235) (38) 278 –
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . (716) 401 (52) 367 –


--- page 346 ---
– I-35 –
జѓ
׵2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚d ൮ණྠʱйϞ͊ਗ͜೼ධᑦฦɛ͏࿆ 888,803,000 ʩʿɛ͏
࿆ 1,103,265,000׵2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚ d ͊ਗ͜೼ධᑦฦɛ͏
࿆ 356,000 ʩʿɛ͏࿆ 1,468,000೼ධ༟ପ d Ͼɛ͏࿆ 888,447,000 ʩʿɛ͏࿆
1,101,797,000೼ධ༟ପ f ఱ༈ഃ͊ᆽႩ೼ධ
Ցಂ j
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
2025 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462 –
2026 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,268 23,691
2027 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,623 39,088
2028 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,231 60,231
2029 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,636 126,636
2030 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,849 81,005
2031 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,408 143,408
2032 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,687 175,687
2033 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,698 107,698
2034 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,896 151,896
2035 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 183,562
ಂ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,689 8,895
888,447 1,101,797
ʕʃΆุ d Ϟ
ٙ
᙮ʮ̡ϾԊ d ͊ᆽ
ʞϋ f
൮ʮ̡
ව
࠽
ٙ
ٙ
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . . . (761) 743 (98) 116 –
ɝϔ ৰ Іฦू . . . . . . . . . . . . . . 437 (452) 84 (69) –
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . (324) 291 (14) 47 –
ɝฦू . . . . . . . . . . . . . . (278) 39 (38) 277 –
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . (602) 330 (52) 324 –
׵2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚d ൮ʮ̡ʱйϞ͊ਗ͜೼ධᑦฦɛ͏࿆ 608,763,000 ʩʿɛ͏࿆
790,488,000׵2024 ϋʿ 2025 ϋ 12 ˜ 31 ˚ d ͊ਗ͜೼ධᑦฦɛ͏࿆ 188,000
ʩʿɛ͏࿆ 1,296,000೼ධ༟ପ d Ͼɛ͏࿆ 608,575,000 ʩʿɛ͏࿆ 789,192,000 ʩ
ኽ
Ցಂ j


--- page 347 ---
– I-36 –
జѓ
Ցಂ j
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
2026 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573 –
2027 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,826 4,291
2028 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,485 2,485
2029 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,291 52,291
2030 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,086 43,086
2031 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,175 131,175
2032 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,759 138,759
2033 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,119 88,119
2034 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,261 147,261
2035 ϋ  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 181,725
608,575 789,192
27. ྌ
ʍϵʱˢ
Զಛ f
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆ 2,613,000 ʩʿɛ͏࿆
3,372,000 ʩf
28. ׸
൮ණྠʿ ൮ʮ̡
ྌ
ྌ  ྌ׵2020 ϋ 6 ˜ 11Ӕ
΢˙  ୕ ၈બɛ  ౤Զዧ
Υྫ   ࡰ
ʈዧᎸ̨̻Σ༈̨̻ᔷᜫ ൮ʮ̡ 300,000΅ f
ᛆू f
΢ධዧᎸᆤᎸ඲༺ϓІબ̈˚ಂৎЇ (1)ʞϋ  ਕಂ   ʿ(2) ൮ʮ̡ϓ
d ᆤᎸ
ٙ60% ʿ 20%וࣸ
ٙ40% ʿ 20%඄ϋ
൮ʮ̡ϓ̌ɪ̹
ࠇ
༰
 ʫᛅቖ f
ࠈࡌٙ
׵2025 ϋ 8 ˜ 28ᛆʿ
΅ఊЗ  ΅ఊЗબɛ e ᅰඎ e Ⴉᒅᄆʿᓥ᙮ಂ
Ԩೌପ͛
ਕ f


--- page 348 ---
– I-37 –
జѓ
΅ఊЗ
࿚Ї 2024 ϋ 12 ˜ 31ᛆᜊਗνɨ j
ᛆ
Ϟɛᗳй બ̈˚ಂ БԴᄆ
׵2024 ϋ
1 ˜ 1 ˚
͊БԴ
ϋʫ
બ̈
ϋʫ
ࣖ
׵2024 ϋ
12 ˜ 31 ˚
͊БԴ
ੂБ໨ԫ j
Yu Weiping
௹ɻ   . . . . . . .
2020 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 0 ʩ 89,982 – – 89,982
89,982 – – 89,982
ᚥਪ  . . . . . . . . . 2020 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 25 ʩ 14,080 – – 14,080
14,080 – – 14,080
j. . . . . . . . 2020 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 20-25 ʩ 20,696 – (2,400) 18,296
2022 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 70.6 ʩ 9,666 – – 9,666
2023 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 82.6 ʩ 4,721 – (2,270) 2,451
35,083 – (4,670) 30,413
139,145 – (4,670) 134,475
׵2025࿚Ї 2025 ϋ 12 ˜ 31ܓ
΅ఊЗᜊਗνɨ j
΅
Ϟɛ
ᗳй બ̈˚ಂ БԴᄆ Ŋ Ⴉᒅᄆ
׵2025 ϋ 1 ˜ 1
ࣖ
׵2025 ϋ 12 ˜
31͊БԴ
ੂБ໨ԫ j
Yu Weiping
௹ɻ   . . . . . . .
2020 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 0 ʩ 89,982 – – 89,982
89,982 – – 89,982
ᚥਪ  . . . . . . . . . 2020 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 25 ʩ 14,080 – – 14,080
2025 ϋ 9 ˜ 18 ˚ ɛ͏࿆ 72.77 ʩ – 623 – 623
14,080 623 – 14,703
j. . . . . . . . 2020 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 20-25 ʩ 18,296 – (2,028) 16,268
2022 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 70.60 ʩ 9,666 – (1,945) 7,721
2023 ϋ 7 ˜ 3 ˚ ɛ͏࿆ 82.60 ʩ 2,451 – (228) 2,223
2025 ϋ 5 ˜ 13 ˚ ɛ͏࿆ 82.60 ʩ – 12,584 – 12,584
2025 ϋ 9 ˜ 18 ˚ ɛ͏࿆ 72.77 ʩ – 62,105 – 62,105
30,413 74,689 (4,201) 100,901
134,475 75,312 (4,201) 205,586


--- page 349 ---
– I-38 –
జѓ
ᛆ
ᜊᅰʿ৿ணɗਿ
፩ɝᅰኽνɨ j
׵7 ˜ 3׵5 ˜ 13 ˚
બ̈˚ಂ 2020 ϋ 2022 ϋ 2023 ϋ 2025 ϋ
࠽
ɛ͏࿆  . . . . . . . . . . . . . . . . . . . . 241 451 457 441
БԴᄆɛ ͏ ࿆. . . . . . . . . . . . . . . . . . . . . 0-25 70.6 82.6 82.6
ᎈлଟ . . . . . . . . . . . . . . . . . . . . . . . . . 2.61% 2.60% 2.33% 1.50%-1.54%
ష . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.75% 59.59% 62.08% 65.28%-66.58%
ଟ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – –
ᅰ . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2-2.8 2.2 2.2 2.2
ᛆϋಂ ϋ. . . . . . . . . . . . . . . . . . . . . 5 4 4 4-5
࠽
ᛆɛ͏࿆  . . . . . . . . . . . . . . 219-241 386 382 366-371
΅ఊЗ
׵2025 ϋ 9 ˜ 18ɛ͏࿆ 371.74 ʩd
f
΅
׵2020 ϋ 7 ˜ 3 ˚d11,998ɛ͏࿆ 25ɛ͏࿆ 0.0002ٙ
ɛ͏࿆
216ʩʿɛ͏࿆ 241f
׵2024 ϋʿ 2025 ϋ 12 ˜ 31ٙ300,000΅ᐏ ൮ʮ
ᛆूʕ
ٙ
Ⴉᒅᄆɛ͏࿆ 7,268,000Չ˼Ꮠ˹ಛධɨᆽႩ f
׌
˹ಛක˕ f
29. ͉
൮ණྠʿ ൮ʮ̡
͉
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʊ೯Бʿᖮԑ j
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . . . . . . . . . . . . 4,985 – –
ൗ a. . . . . . . . . . . . . (4,985) 4,984,604 4,985
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . – 4,984,604 4,985
೯Б Dൗ b. . . . . . . . . . . . . . . . . . . . – 489,115 489
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . . . . . . . . . – 5,473,719 5,474
ൗj
(a) މ2024 ϋ 12 ˜ 5Νจਗ਼൮ʮ̡ҷ
ҷՓਿ๟˚ у 2024 ϋ 4 ˜ 30ྼᖮ
މ4,985,000ɛ͏࿆ 1.00ٙ
׵2024 ϋ
12 ˜ 9ෳत
ʮ̡ f


--- page 350 ---
– I-39 –
జѓ
(b) ׵2025 ϋҁϓ Dൗ 25ᚣᓥ᙮
׵A ቃЇ D௅ʱ f
30. ൮ʮ̡Ꮇ௪
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . . . . 131,334 1,500 (436,067) (303,233)
ක˕ᐼᕘ. . . . . . . . – – (118,122) (118,122)
ൗ 25 . . . . . . 782,130 – – 782,130
ʮ̡   . . . . . . . . . . . . (267,399) (1,500) 268,899 –
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . 646,065 – (285,290) 360,775
ක˕ᐼᕘ. . . . . . . . – – (151,703) (151,703)
ൗ 25  . . . . . . . . . . (1,137,266) – – (1,137,266)
༟ . . . . . . . . . . . . . . . . . . . . . . . 235,011 – – 235,011
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . (256,190) – (436,993) (693,183)
31. ᎈ၍ଣ
ஷཀᎴʷවਕʿᛆूഐቱ
ʔᜊ f

ᛆू  ଡ଼ ϓf
޴
࿴ f
32. ፄʈՈ
(a) ፄʈՈᗳй
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ፄ༟ପ
ፄ༟ପ   . . . . . . . . . . . . . . . 54,611 95,209
ፄ༟ପ . . . . . . . . . . . . . . . . . . . . . . . . 156,638 176,041
211,249 271,250
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ව
ව . . . . . . . . . . . . . . . . . . . . . . . . 85,387 1,222,831


--- page 351 ---
– I-40 –
జѓ
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ፄ༟ପ
ፄ༟ପ   . . . . . . . . . . . . . . . 20,056 95,209
ፄ༟ପ . . . . . . . . . . . . . . . . . . . . . . . . 172,495 167,971
192,551 263,180
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ව
ව . . . . . . . . . . . . . . . . . . . . . . . . 75,998 1,243,027
(b) ഄ
ვБπಛ e
ʿՉ˼Ꮠ˹ಛධ e Ꮠ
᙮ʮ̡ಛධ f ༈ഃ
ᎈ
ή
f
ᎈ
ᎈ
˙όԨೌ
ᜊ ਗf
(i) ᎈ
ᎈ f ൮ණྠ
Ͻᅇ
ᎈ౰ɹ f
νɨ j
൮ණྠ
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
༟ପ
ʩ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,439 28,087
ව
ʩ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 117,539
൮ʮ̡
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
༟ପ
ʩ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,417 28,081
ව
ʩ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 117,539


--- page 352 ---
– I-41 –
జѓ
ؓ
ᎈ౰
࠽2%f 2%Υଣ
ਿ๟ d Ԩఱ̮࿆ි
ଟ 2%ߕ
࠽2%࠽2%ٙܓ
ᅂᚤ f
൮ණྠ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ฦू   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 (1,342)
൮ʮ̡
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ฦू   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456 (1,342)
(ii) ᎈ
ࠬ
ତ
تٙ
ݴږ
f
൙П
൮ණྠʿ൮ʮ̡ႆա
ڝ
ڦ
ᎈ f
൙П f Ϟᗫ൮ණྠʿ൮
νɨ j
Չ˼ᏐϗಛධʿᏐϗᗫᑌ˙ಛධ
׵2024 ϋʿ 2025 ϋ12 ˜31ɛ͏࿆ 1,137,000 ʩʿɛ͏࿆ 1,742,000
ɛ͏࿆ 203,000 ʩʿɛ͏࿆ 365,000Չ˼ᏐϗಛධʿᏐ
ᓼ
d
ኽ 12ڦ
ཫ
ɽ d ΪϤԨೌᆽႩᑦฦᅡ௪ f
᙮ʮ̡ಛධ
׵2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆ 23,756,000 ʩʿɛ͏࿆
33,690,000ኽᏐϗ
˸ʿೌცཀ
᙮ʮ̡ಛ
ɽ d ΪϤԨೌᆽႩᑦฦᅡ௪ f


--- page 353 ---
– I-42 –
జѓ
ՓვБπಛ
׵2024 ϋʿ 2025 ϋ 12 ˜ 31ɛ͏࿆ 155,501,000 ʩʿɛ͏࿆
174,299,000ɛ͏࿆ 148,536,000 ʩʿɛ͏࿆ 133,916,000ٙ
൲൙ॴዚ
f ൮ණྠ຾ਞϽ̮
d ൙П
ٙ12ಂπಛ
ٙ12ԨೌᆽႩᑦฦᅡ௪ f
ᎈ
ܵ
ਗ਼Ը
፭ς൲
ፕ f
׵2024 ϋʿ 2025 ϋ 12 ˜ 31
ɛ͏࿆ 5,147,000 ʩʿɛ͏࿆ 59,200,000 ʩf
ፄ
ව
ඎ f
൮ණྠ
׵2024 ϋ 12 ˜ 31 ˚
лଟ
א
˜ʫ
˜
Їɓϋ
ɓϋ
࠽ࠦ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . – 13,041 – – 13,041 13,041
ಛධ   . . . . . . . . . . . – 28,333 – – 28,333 28,333
ಛ . . . . . . . . . . . . . . . . . . . . 2.30%-2.50% 673 1,087 43,382 45,142 44,013
ව . . . . . . . . . . . . . . . . . . . . 2.50%-4.65% 1,115 1,186 282 2,583 2,539
43,162 2,273 43,664 89,099 87,926
׵2025 ϋ 12 ˜ 31 ˚
лଟ
א
˜ʫ
˜
Їɓϋ
ɓϋ
࠽ࠦ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . – 15,713 – – 15,713 15,713
ಛ . . . . . . . . . . . . . . . . . . . . 1.85%–1.95% 48,396 – – 48,396 48,100
ව . . . . . . . . . . . . . . . . . . . . 3.50%-4.45% 649 775 204 1,628 1,601
ව . . . . . . . . . . . . . . . . . . . . 12.37%-16.12% – 143,919 1,094,666 1,238,585 1,159,018
64,758 144,694 1,094,870 1,304,322 1,224,432


--- page 354 ---
– I-43 –
జѓ
൮ʮ̡
׵2024 ϋ 12 ˜ 31 ˚
лଟ
א
˜ʫ
˜
Їɓϋ
ɓϋ
࠽ࠦ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . – 3,652 – – 3,652 3,652
ಛධ   . . . . . . . . . . . – 28,333 – – 28,333 28,333
ಛ . . . . . . . . . . . . . . . . . . . . 2.30%-2.50% 673 1,087 43,382 45,142 44,013
ව . . . . . . . . . . . . . . . . . . . . 2.50%-4.45% 832 339 – 1,171 1,165
33,490 1,426 43,382 78,298 77,163
׵2025 ϋ 12 ˜ 31 ˚
лଟ
א
˜ʫ
˜
Їɓϋ
ɓϋ
࠽ࠦ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ʿՉ˼Ꮠ˹ಛධ   . . . . . . . . . – 9,409 – – 9,409 9,409
᙮ʮ̡ಛධ . . . . . . . – 26,500 – – 26,500 26,500
ಛ . . . . . . . . . . . . . . . . . . . . 1.85%–1.95% 48,396 – – 48,396 48,100
ව . . . . . . . . . . . . . . . . . . . . 3.50%-4.45% 367 775 204 1,346 1,321
ව . . . . . . . . . . . . . . . . . . . . 12.37%-16.12% – 143,919 1,094,666 1,238,585 1,159,018
84,672 144,694 1,094,870 1,324,236 1,244,348
(c) ඎ
d ൮ණྠ
̹ఙ̙ᝈ࿀ᅰኽ f
(i) ࠽
ඎ f
Ҧஔʿ
f
൮ණྠ
࠽
12 ˜ 31 ˚
ᄴॴ
Ҧஔʿ
፩ɝᅰኽፄ༟ପ 2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ፄ༟ପ   . . . . . . . . 54,611 95,209ږ
ٙ
ࣘ
f


--- page 355 ---
– I-44 –
జѓ
൮ʮ̡
࠽
12 ˜ 31 ˚
፩ɝᅰኽፄ༟ପ 2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ፄ༟ପ   . . . . . . . . 20,056 95,209ږ
ٙ
ࣘ
f
(ii) ፄ༟ପ
࠽
࠽ࠦ
f
33. ࿁ሪ
ࠋ
ݴږ
ව f
ව
΅
ږ
ٰ
ව
ࠇ
ࠇ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
׵2024 ϋ 1 ˜ 1 ˚  . . . . . . . . . . . . . . . . 19,200 7,433 – 28,333 745,048 – 800,014
ඎ   . . . . . . . . . . . . . . . . . . 24,144 (3,021) – – – – 21,123
ͭอॡ༣ . . . . . . . . . . . . . . . . . . . . . – 287 – – – – 287
ʱᗳЇ༟͉Ꮇ௪   . . . . . . . . . . . . . . – – – – (782,130) – (782,130)
౤Ϙ୞˟ɓධॡ༣   . . . . . . . . . . . . . . – (2,362) – – – – (2,362)
̮ිሜ዆ . . . . . . . . . . . . . . . . . . . . . . . – – – – 307 – 307
ʊᆽႩፄ༟ϓ͉   . . . . . . . . . . . . . . . . 669 202 – – 36,775 – 37,646
׵2024 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . 44,013 2,539 – 28,333 – – 74,885
ඎ   . . . . . . . . . . . . . . . . . . 3,102 (3,972) 7,268 (28,333) – (1,330) (23,265)
ͭอॡ༣ . . . . . . . . . . . . . . . . . . . . . – 2,968 – – – – 2,968
ව   . . . . . . . . . . . . . . . . . . – – – – 1,137,266 – 1,137,266
೯Бϓ͉   . . . . . . . . . . . . – – – – – 2,435 2,435
ϗू . . . . . . Ñ – – – (42,081) – (42,081)
̮ිሜ዆ . . . . . . . . . . . . . . . . . . . . . . . – – – – (2,119) – (2,119)
ʊᆽႩፄ༟ϓ͉   . . . . . . . . . . . . . . . . 985 66 – – 65,952 – 67,003
׵2025 ϋ 12 ˜ 31 ˚. . . . . . . . . . . . . . . 48,100 1,601 7,268 – 1,159,018 1,105 1,217,092


--- page 356 ---
– I-45 –
జѓ
34. ׸
ൗ 23׸
ʿഐቱ f
ᑚཇ
ᑚཇνɨ j
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
൨ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,619 8,392
ߎڀ1,186 1,834
ৗ;၅л . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 300
7,011 10,526
f
35. ᙮ʮ̡༉ઋ
ࣘ
ᛆ j
ᛆ
ϓͭήᓃ Ŋ ˚ಂ
ʊ೯Бʿ
͉ Ŋ
ൗ̅༟͉
12 ˜ 31׵
͉జѓ
ุਕ
2024 ϋ 2025 ϋ
%%%
Ϟ j
ɪऎГइл
ൗ a  . . . . . . . . . . . . ʕ਷
2022 ϋ 11 ˜ 22 ˚
ɛ͏࿆ 28,683,333 ʩŊ
ɛ͏࿆ 33,683,333 ʩ
89.06 89.06 89.06೯  ೯   e
ਕʿᔼᐕ
ண௪ቖਯ
ᘽψᔼᖹ
ൗ a. . . . . . . . . . . . . . . ʕ਷
2022 ϋ 9 ˜ 2 ˚
ɛ͏࿆ 10,000,000 ʩ /
ɛ͏࿆ 10,000,000 ʩ
100 100 100೯ e Ҧஔ
ਕʿᔷᜫ d ˸ʿᔼᐕண௪ቖ
ਯ
ʮ̡  ᘽ
Ҧ  
ൗ a  . . . . . . . . . . . .
ʕ਷
2020 ϋ 8 ˜ 20 ˚
ɛ͏࿆ 80,000,000 ʩŊ
ɛ͏࿆ 80,000,000 ʩ
100 100 100i Ҧஔ
e
ᔷ ᜫeપ ᄿf
Гτෳͭइ
ൗ a  . . . . . . . . . . . . ʕ਷
2017 ϋ 8 ˜ 11 ˚
ɛ͏࿆ 48,000,000 ʩŊ
ɛ͏࿆ 60,000,000 ʩ
100 100 100೯ e Ⴁிʿਠุ
ʱቖ
ൗ a  . . . . . . . . . . ʕ਷
2025 ϋ 5 ˜ 16 ˚
ɛ͏࿆ 45,700,000 ʩŊ
ɛ͏࿆ 50,000,000 ʩ
ʔቇ͜ 100 100͛ପ e ᑗґ
ਕʿʱቖ
ʮ̡  ௥
ಥൗ c  . . . . . . . .
ಥ
2021 ϋ 10 ˜ 29 ˚
10,000 ಥ ʩŊ10,000 ಥʩ 100 100 100೯ e ͛ପ e પ
ᄿʿʱቖ
Ϟ j
ʮ̡
ൗ b  . . . . . . . . . . . . . . . . . . . .
਷
2021 ϋ 11 ˜ 29 ˚
20,000ʩŊ20,000ʩ 100 100 100೯ʿᐄ༶


--- page 357 ---
– I-46 –
జѓ
ᛆ
ϓͭήᓃ Ŋ ˚ಂ
ʊ೯Бʿ
͉ Ŋ
ൗ̅༟͉
12 ˜ 31׵
͉జѓ
ุਕ
2024 ϋ 2025 ϋ
%%%
ʮ̡
ൗ b  . . . . . . . . . . . . . . . . . . . .
਷
2022 ϋ 9 ˜ 21 ˚
1,000ʩŊ1,000ʩ 100 100 100೯ʿᐄ༶
ൗj
(a) f
(b) ІՉൗ̅ϓͭ
f
(c) ಥ࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31͊Ցಂ̊೯ f
༉ઋ
༉ઋ j
᙮ʮ̡Τ၈
ൗ̅
ϓͭήᓃʿ
ᐄุήᓃ
ٙ
ᛆू
12 ˜ 31 ˚ ࿚Ї 12 ˜ 31׵ܓ 12 ˜ 31 ˚
2024 ϋ 2025 ϋ 2024 ϋ 2025 ϋ 2024 ϋ 2025 ϋ
%% ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ɪऎГइл . . . . . . . . . . . . . . . . ʕ਷ 10.94 10.94 (2,200) (2,407) 14,982 12,575
(2,200) (2,407) 14,982 12,575
ࠅ
ᕘ f
׵12 ˜ 31 ˚
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
ਗ༟ପ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,209 5,845
ਗ༟ପ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,688 2,060
ව . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,890 47,907
൮ʮ̡ኹϞɛᏐЦᛆू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38,975) (52,577)
ᛆू . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,982 12,575


--- page 358 ---
– I-47 –
జѓ
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
Չ˼ϗɝ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 43
Չ˼ϗूʿᑦฦ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 –
ක˕   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20,177) (22,052)
ᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20,118) (22,009)
൮ʮ̡ኹϞɛᏐЦᑦฦ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,918) (19,602)
ᛆूᏐЦᑦฦ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,200) (2,407)
࿚Ї 12 ˜ 31ܓ
2024 ϋ 2025 ϋ
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ
̈ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,161) (7,106)
̈ଋᕘ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25) (50)
ɝଋᕘ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 6,000
̈ଋᕘ   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,186) (1,156)
36. ׸
൮ණྠʿ൮ʮ̡
࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31ಂ 2อॡ༣՘ᙄ f
׵2024 ϋʿ 2025ව΢ɛ͏࿆ 287,000
ʩʿɛ͏࿆ 2,968,000 ʩf
࿚Ї 2024 ϋ 12 ˜ 31୞˟ᆽႩԴ͜ᛆ༟ପ
ɛ͏࿆ 1,949,000වɛ͏࿆ 2,362,000 ʩ f ϗूɛ͏࿆ 414,000ൗ7 f
37. ԫධ
׵2025 ϋ 12 ˜ 31༉ઋνɨ j
(a) ׵2026 ϋ2˜4ʮ̡  ථ௟อᘴͭ՘ᙄ d ኽϤ d ൮
˚͉  ਗ਼ MT1013࢕
஢ ̙fMT1013 ʊίʕ਷ආɝ IIIዄ f
׵2026 ϋ 2ཫ˹ಛɛ͏࿆ 200,000,000މ
ව f
(b) މ2025 ϋ 9 ˜ 19 ˚ʿ 2026 ϋ 4 ˜ 2ਿ
ɛ͏࿆ 1.0ɛ͏࿆ 0.02 ʩ d Չ༉ઋ༱
୚  ɓື f
38. ڌ
฿ೌఱ 2025 ϋ 12 ˜ 31ৌ
f


--- page 359 ---
– II-1 –
ࣘ
ࢪࠇ
ᅃා •Бķķఱ͉ණྠ࿚Ї 2025 ϋ 12 ˜ 31 ˚
జѓ  జѓɓ௅ʱ d ස
ԶਞϽʘ͜ f
፽
జѓɓԻቡᛘ f
A. ව
ڌ
වଋ
ୋ 4.29֛
׵2025 ϋ 12 ˜ 31ව
༈˚೯͛ f
జ
׵2025
ϋ12 ˜31ව
f
වଋ
׵ٙ2025 ϋ 12 ˜ 31 ˚͉
Ъ̈ሜ዆ j
׵2025 ϋ
12 ˜ 31ٙ
͉ʮ̡
ኹϞɛ
ᏐЦ͉ණྠ
ࣨ
ၝΥϞҖ
࠽
Όଢ೯ਯ
੻ಛධ
ࠇ
׵2025 ϋ
12 ˜ 31ٙ
͉ʮ̡
ኹϞɛ
ᏐЦ͉ණྠ
ࣨ
௪Ͻ຾ሜ዆
ၝΥϞҖ
ව
࠽
׵2025 ϋ 12 ˜ 31ٙ
͉ʮ̡ኹϞɛ
ࣨ
ٰ
࠽
ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ɷʩ ɛ͏࿆ ಥʩ
ൗ 1ൗ 2ൗ 3ൗ 4
ٰH೯ਯᄆ
18.2ၑ   . . . . . . . . . . . . (972,460) 870,630 (101,830) (0.32) (0.37)
ٰH೯ਯᄆ
21.0ၑ   . . . . . . . . . . . . (972,460) 1,006,248 33,788 0.11 0.12


--- page 360 ---
– II-2 –
ࣘ
ൗj
(1) ׵ٙ2025 ϋ 12 ˜ 31 ˚͉
ɛ͏࿆ 972,460,000ၑ f
(2) ኽ 58,054,400೯ਯ
΅೯ਯᄆ 18.2ɛ͏࿆ 15.8 ʩʿ 21.0ɛ͏࿆ 18.3ၑ d Ԩʊ
׵ܼ2025 ϋ 12
˜ 31ʿ (i) ΪБԴ
΅ i (ii)ྌબ̈ᆤᎸϾ̙ঐৣ೯
אiii)ɓ
΅ f
ܲ1 ಥʩгɛ͏࿆ 0.87005ි
׵ٙ2026 ϋ 6 ˜ 7ஷБිଟ f ฿
ɛ͏࿆  ˀʘ͵್  d
౬ၑ f
(3) ׵2025 ϋ 12 ˜ 31වଋ
Υ΍ 316,740,350׵ܼ2025 ϋ 12 ˜ 31΅ 258,685,950ࠇ
ٙHٰ58,054,400ٰ
׵2025 ϋ 12 ˜ 31ʿ (i)ᛆϾ̙ঐ
΅ i (ii)΅ i
אiii)ɓছબᛆϾ̙ঐৣ೯ʿ
אiv)ٙ15,000,000୚ᅂ
΅ f
(4) ׵2025 ϋ 12 ˜ 31ၝΥϞҖ༟ପ
ɛ͏࿆ 0.87005 ʩг 1ಥʩ d Ϥɗਞ
׵ٙ2026 ϋ 6 ˜ 7ᕘʊ຾ e
౬ၑ f
(5) ׵2025 ϋ 12 ˜ 31௪Ͻ຾ሜ዆ၝΥϞҖ༟
׵2025 ϋ 12 ˜ 31Չ
f Ո᜗ϾԊ d ୋ II-1௪Ͻ຾ሜ዆ၝΥ
୞˟બʚ A ቃeB ቃeB1 ቃeC
ቃʿ D׵ߧ2025 ϋ
12 ˜ 31ɛ͏࿆ 1,159,018,000ᛆू f
৿ண D׵2025 ϋ 12 ˜ 31 ˚ҁϓ d ͉ʮ̡ኹ
ਗ਼ሜ዆ɛ͏࿆ 1,159,018,000 ʩd
׵Hٰ18.2ٰ21.0͉ʮ̡ኹϞɛᏐЦ͉ණྠ͊຾
ɛ͏࿆ 1,057,188,000 ʩʿɛ͏࿆ 1,192,806,000 ʩf
ʊ೯Б 316,740,350׵Hٰ18.2 ಥ
ٰ21.0׵2025 ϋ 12 ˜ 31௪Ͻ
ɛ͏࿆ 3.34ٰ3.84ɛ͏࿆ 3.77
ٰ4.33 ಥ ʩf


--- page 361 ---
– II-3 –
ࣘ
ᅃා •Бఱ
ࠇ
ᗇజѓΌ˖ f
B. ᗇజѓ
ʮ̡ΐЗ໨ԫ
ʮ̡  ൮ʮ̡  
໨ԫ ໨ԫ᙮ʮ̡  ˸ɨ୕၈  ൮ණྠ௪Ͻ
ٙ
މ2026 ϋ 6 ˜ 15௝೻  ௝೻፽ɚୋ II-1Ї II-2ٙ
׵2025 ϋ 12 ˜ 31ڝ
፽
ɚୋ II-1Ї II-2f
௝೻ 
׵2025 ϋ 12 ˜ 31׵2025 ϋ 12 ˜
31ɗ͟໨ԫ࿜፽
І ൮ණྠ࿚Ї 2025 ϋ 12 ˜ 31ֻ
፽ɓ f
ப΂
  ۆ  ୋ4.29
ʮึ  ʮึˏୋ 7 ໮  ᇜႡ௪Ͻ
˸Զ༱ɝҳ༟ஷՌ   ˏୋ 7 ໮f
ʿሯඎ၍ଣ
ʿ
੗ʿਖ਼
ਿᓾ f
ୋ 1࿁
ሯඎછՓ  d
Ӌ e ਖ਼ุ
ഄʿ೻ҏ f


--- page 362 ---
– II-4 –
ࣘ
ʘப΂
ୋ 4.29(7)ࣘ
મ͜
ה
ዄ΂Оப΂ f
ୋ 3420ם
ࢪࠇ
ୋ 4.29ಥ
ˏୋ 7f
௪Ͻৌ
ϣ։໌ཀ೻ʕ͵
ᄲቡ f
࿁ ൮ණ
༰Ϙ
׵׸2025 ϋ 12 ˜ 31ྼყഐ
Ν f
ᗇ։
ቇ͜
ɽᅂᚤ౤ԶΥଣԱኽ d ˸ʿఱ˸ɨ
ኯᗇ j
• ๫༈ഃᅺ๟ᇜႡ i ʿ
• ͊຾ሜ዆ৌ
f
࿁ ൮ණྠ
ر
ଣ༆ f
዆᜗яΐ˙ό f
จԈ౤Զਿᓾ f


--- page 363 ---
– II-5 –
ࣘ
จԈ
j
(a) ΐਿ๟ѼഛᇜႡ i
(b) i ʿ
(c) ୋ 4.29(1)ࣘ
຅ f
ᅃා •Б
ࢪࠇ
ಥ
2026 ϋ 6 ˜ 15 ˚


--- page 364 ---
– III-1 –
ࠅ
׵2025 ϋ 9 ˜ 19ʮ̡ H
౤Զ͉ʮ̡ଡ଼
Ϟ
f
1. ໨ԫձ໨ԫึ
(1) ᛆɢ
બᛆ d બᛆ໨ԫึ
΅ 20%೯
f
஝ձ
೻ҏ f
(2) ᛆɢ
ᐼ༟ପ 30%؇ٰ
બᛆ d Ӕ
༟ପஈໄ f
(3) ໾Ꮅ
ᇦе d ༈໨ԫ̙Σ͉ʮ̡॰Ꮅ f
(4) ΅౤Զৌਕ༟п
e
΅౤Զৌਕ༟п d
ৰ̮ f
ٙ
΅౤Զৌਕ
ϵʱʘɤ f ໨ԫ
ɧʱʘɚ˸ɪஷཀ f
(5) лू
ᚣԨᐏ੻ҭ
f
(6) ᑚཇ
f
(7) ։΂ e ᗘ΂ʿᇦе
ੂБ໨ԫ f


--- page 365 ---
– III-2 –
ࠅ
˙όਗ਼΂О΂ಂ
Ӌ d
஝ f
͟ཀ̒ᅰ໨ԫҳୃ፯ᑘձᇦе f
˟ d ΂ಂ
ஹ፯ஹ΂ f
໨ԫึɛᅰ
e Б
ᄵБ໨ԫᔖਕ f
ʘ˚͛
ઋҖ d ໨ԫᏐ຅ᘱᚃᄵБᔖਕ f
ɨΐ΂Оɛɻѩʔ੻ዄ΂͉ʮ̡໨ԫ j
i. i
ii. ึ˴່̹ఙ຾᏶
ᛆл d ੂБಂတ͊གྷ
d ІᇠΑϽ᜕ಂတʘ˚ৎ͊གྷɚϋ i
iii. ຾ଣ d ࿁༈ʮ̡ e
d І༈ʮ̡ e Άุॎପ૶ၑҁഐʘ˚
ৎ͊གྷɧϋ i
iv. ڌ
d І༈ʮ̡ e Άุ஗Ξቖᐄุੂ๫ʘ˚ৎ
͊གྷɧϋ i
v. ஗
ੂБɛ i
vi. i
vii. ৷ॴ၍ଣ
i
viii. ΂ОՉ˼ʔୌ
ɛɻ f


--- page 366 ---
– III-3 –
ࠅ
໌΂ೌ
d ʮ̡Ꮠ຅༆ৰՉᔖਕ f
(8) ಛᛆɢ
f
d Ͼ༈ഃවՎ೯Б
f
2. ҷ
f
d Ꮠ౤ʹՉҭ
፬ଣᜊһ೮া˓ᚃ f
3. ࣩ
౷ஷӔᙄձतйӔᙄ f
ཀ̒ᅰஷཀ f
ɧʱʘɚ
˸ɪஷཀ f
4. ҳୃᛆ
΅
ٰٙ
૝ᛆୃ f
ڌ
΅ᐼᅰ f
Փ̥ঐҳୃ˕
༼
f
5. ۆ
׵
˜ʫᑘБ f


--- page 367 ---
– III-4 –
ࠅ
6. ࠇ
1) ഄ
ৌਕ
ഄ f
ࠇ
ٙܝ2ഐ
ٙܝ4˜ʫʮб f
(2) ໌΂ၾ༆໌
ึ
e ଋ༟ପ᜕ᗇʿ
̙ᚃ໌ f
ί
f
ۃ30ԫ
௓
จԈ f
ʮ̡Ϟೌʔ຅ઋҖ f
։
ٙ
ʥ̙Бԫ f
7. ձᙄ೻
ึ j
i. ɧ
i
ii. i
iii. Ϟʮ̡ 10%ٰٙ
i
iv. i
v. i
vi. ΂ОՉ˼ઋҖ f
Ϟʮ̡ 1%Ӕ
f
ۃ21f ̜ක
ۃ15f


--- page 368 ---
– III-5 –
ࠅ
j
i. i
ii. i
iii. ։ৄ˾
i
iv. ᛆ೮া˚ i
v. Τձཥ༑໮ᇁ i
vi. Ӕ೻ҏ i
vii. Ӌ f
f
ึ˸౷ஷӔᙄஷཀ j
i. ʈЪజѓ i
ii. i
iii. i
iv. Ꮠ˸तйӔᙄஷ
Չ˼ԫධ f
ึ˸तйӔᙄஷཀ j
i. ಯˇൗ̅༟͉ i
ii. e ΥԻ e ༆౳ձ૶ၑ i
iii. i
iv. ᕘ൴ཀʮ
ᐼ༟ପ 30%i
v. ྌ i
vi. ึ˸౷ஷӔ
Չ˼ԫධ f
ϞᛆሗӋ
f
ଡ଼ᔌ
ϞᛆίӔᙄЪ̈ʘ˚ৎ 60 ˚
Ӕ˙όසϞჀ
ฆ๽ଲ d ˲࿁Ӕᙄ͊ପ͛ྼሯᅂᚤ f
8. ΅ᔷᜫ
ʘ
˚ৎɓϋʫʔ੻ᔷᜫ f


--- page 369 ---
– III-6 –
ࠅ
΅ʿՉᜊ
ٙ
25%ࡰ
΅ f
ᗇՎ္၍ዚ࿴ձʕ਷ᗇ္ึ ν ቇ ͜࿁ Hࠢ
f
9. ᛆɢ
ۆ
ৰ̮ j
i. ಯˇʮ̡ൗ̅༟͉ i
ii. Չ˼ʮ̡ΥԻ i
iii. ʈዧᎸ i
iv. Ӌʮ̡ϗᒅՉ
΅i
v. ʮ̡වՎ i
vi. ̀ც f
10. лʿՉ˼ʱৣ˙ό
л f
ʱ
f
11. ˾ଣɛ
Ԩҳୃ f
˸ɨ୚ື j
i. ᗳйձᅰඎ i
ii. Τ၈ i
iii. ӊɓᄲᙄԫධҳΝจ e ˀ
ͪ i
iv. i
v. ɛఊЗΙ௝ f
12. Τ̅
؇ٰ׼
ዄ່
ୃ f Hٰٰ
ܲHʿՉ˼
፬ଣ f
ዄΝ၇່ਕ f


--- page 370 ---
– III-7 –
ࠅ
ٙHಥ f
d
ᗫᛆू
f
13. ᛆл
e Б
d ஹᚃ 180Υ
Ϟʮ̡ 1%৫౤ৎൡத i
d
৫౤ৎൡத f
٫א
ІϗՑሗӋʘ˚ৎ 30e ʔͭу౤ৎൡதਗ਼ึԴʮ
ٙ
৫౤ৎൡத f
̙˸Ա๫
৫౤ৎൡத f
א
ᛆूி
׵1%ஹᚃ 180d
໨ԫึΣ
৫౤ৎൡத f
Ꮠ፭ృɪ
ᗫ೻ҏ f
ٰ࢔
৫౤ৎൡத f
14. ૶ၑ೻ҏ
ɨᏐʚ༆౳ j
(i) Չ˼༆౳
ԫ̈͟ତ i
(ii) ึӔᙄ༆౳ʮ̡ i
(iii) ༆౳ i
(iv) ஗࿞ቖ i ʿ


--- page 371 ---
– III-8 –
ࠅ
v) ɽฦ̰ d
Ӕᛆ 10%ٰٙ
৫༆౳ʮ̡ f
d Ꮠ຅ί 10ڦ
ʮͪӻ୕ʚ˸ʮͪ f
ୋ (1)e(2)e(4)א5)૶ၑ່
ਕɛ d Ꮠ຅ί༆౳ԫ̈͟ତʘ˚ৎ 15؇ٰא
ଡ଼ϓ f
ܝ10׵60 ˚ʫʮѓ f වᛆɛᏐίટՑஷ
ܝٝ30Іʮѓʘ˚ৎ 45 ˚ʫ d Σ૶ၑଡ଼͡జՉවᛆ f
d
৫ᆽႩ f
৫ᆽႩ d
Ԩజ৔ʮ̡೮াዚᗫ d ͡ሗൗቖʮ̡೮া f
15. ֛
1) ۆ
ʮ̡ f
৷ॴ၍ଣɛ
৷ॴ၍ଣɛ
f
(2) ᄣ༟ձಯ༟
d ̙˸મ
͉ j
i. ΅ i
ii. ΅ i
iii. i
iv. ͉ i ʿ
v. ᗫ္၍ዚ࿴
Չ˼˙ό f
 e ɪ̹஝
೻ҏ f
(3) ؇ٰ
Ԯ
ዄΝഃ່ਕ f
ᛆлνɨ j
i. лूʱৣ i


--- page 372 ---
– III-9 –
ࠅ
ii. ึ d
Ӕᛆ i
iii. ሯ༔ i
iv. ʿଡ଼ᔌ௝೻୚
΅ i
v. ቡձልႡଡ଼ᔌ௝
ึึᙄা፽ e ໨ԫึึᙄӔᙄ i ୌΥૢ
ኯᗇ i
vi. ΅΅ᕘਞ̋ʮ̡௵ቱৌପ
ʱৣ i
vii. Ӌʮ
΅ i
viii. ٙ
Չ˼ᛆл f
(4) ໨ԫึ
ப f
໨ԫึБԴɨΐᔖᛆ j
i. ึజѓʈЪ i
ii. Ӕᙄ i
iii. i
iv. i
v. Չ˼ᗇՎʿɪ̹˙
i
vi. ΅Ϋᒅ e ʮ̡ΥԻ e ʱͭ e ༆౳ʿᜊһʮ
i
vii. ʮ̡࿁̮ҳ༟ e
e
ᗍഃԫධ i
viii. ணໄ i
ix. i
பɛഃ
Չజཇԫධձᆤᕾԫධ i
x. i
xi. ʿᑚཇഐ࿴ f
xii. i


--- page 373 ---
– III-10 –
ࠅ
xiii. ᚣԫධ i
xiv. i
xv. ʈЪ i ʿ
xvi. બ
Չ˼ᛆɢ f
̤Ϟ
ཀ̒ᅰஷཀ f
จԈ
f
(5) ੂБ໨ԫ
אࠇ
f
(6) ࣣ
ึձ໨ԫึึᙄ e
جٙ
ɓΤ f
(7) ึ
ึ f
ึ͟ɧΤ໨ԫଡ଼ϓ f
ੂБ໨
ԫ 2ਖ਼ุɛɻዄ΂̜ණɛ f
ࠇ
d ౤
ʹ໨ԫึᄲᙄ j
i. e ʫ௅છՓ൙ᄆజѓ i
ii. i
iii. பɛ i
iv. ࠠ٫א
፹һ͍ i ʿ
v. ΂ОՉ˼ԫධ f


--- page 374 ---
– III-11 –
ࠅ
8) ᐼ຾ଣ
ப d
БԴɨΐᔖᛆ j
i. ໨ԫึӔᙄ d ԨΣ໨ԫ
ึజѓՉʈЪ i
ii. i
iii. i
iv. i
v. i
vi. பɛʿՉ˼৷ॴ
i
vii. ப
i
viii. Չ˼ᔖப f
(9) ږ
ٙ10%f
ٙ50%d ̙˸ʔΎ౤՟ f
Ӌ౤՟
d Ꮠ຅΋͜຅ϋлᆗᏎ໾ᑦฦ f
ܝ
f
΅ˢ
ৰ̮ f
ʱ
໨ԫ e ৷ॴ၍ଣ
ዄሦᎵப΂ f
΅ʔ੻ਞၾлᆗʱৣ f
ᄣ
̋ʮ̡ൗ̅༟͉ f
߰
Ꮞ໾ʮ̡ᑦฦ f
ᔷᄣ
ٙ25%f


--- page 375 ---
– IV-1 –
ࣘ
ࣘ
͉ʮ̡ൗ̅ϓͭ
׵2007 ϋ 1׵2025 ϋ 1 ˜ҷ
Гτ̹৷อҦஔක೯ਜɩɞ̬༩
20Ҧ෤ 5 ໮ᅽ 26 ᅽ B06f
ಥზ᝟ᝄʶήЅ൑ 1ࢭ31 ᅽணͭᐄุήᓃ d Ԩʊ
׵2025 ϋ 9 ˜ 18ኽʮ̡ૢԷୋ 16ಥʮ̡ f ཅ್΋͛ʿ௓ၥᔝɾ
d Չஷৃήѧ
Ν f
ଡ଼ᔌ௝
፽ɧ f
͉ᜊਗ
͉ᜊਗ j
(i) ׵2024 ϋ 3Գϓᔷᜫ͉ʮ̡ 0.81%ᛆу 40,353
΅ f
(ii) ׵2025 ϋ 1ʮ̡ f
(iii) ׵2025 ϋ 9 ˜j
(i) ༟ɛ͏࿆ 138.5 ϵຬʩ d ˸౬՟ 287,653΅ i
(ii) ༟ɛ͏࿆ 15.0 ϵຬʩ d ˸౬՟ 31,154΅ i
(iii) ༟ɛ͏࿆ 12.0 ϵຬʩ d ˸౬՟ 24,923΅ i
(iv) ༟ɛ͏࿆ 30.0 ϵຬʩ d ˸౬՟ 62,308΅ i
ʿ
(v) ༟ɛ͏࿆ 40.0 ϵຬʩ d ˸౬՟ 83,077ٰ
΅f
࿴  ɓື f
͉ᜊਗ
ڌ
Շϋʫ೯͛˸ɨᜊਗ j
(i) ׵2023 ϋ 6 ˜ 14͉͟ɛ͏࿆ 30.0 ϵຬʩᄣ̋Ї
ɛ͏࿆ 33.7 ϵຬʩ f
(ii) ׵2025 ϋ 2 ˜ 14͉͟ɛ͏࿆ 9.6 ϵຬʩᄣ̋Ї
ɛ͏࿆ 60.0 ϵຬʩ f
(iii) ׵2025 ϋ 2 ˜ 24͉͟ɛ͏࿆ 50 ϵຬʩᄣ̋Їɛ
͏࿆ 80.0 ϵຬʩ f
(iv) ׵2026 ϋ 3 ˜ 3͉͟ɛ͏࿆ 238 ϵຬʩಯˇЇɛ
͏࿆ 10 ϵຬʩ f
Շϋʫ
฿ೌՉ˼ᜊਗ f


--- page 376 ---
– IV-2 –
ࣘ
ࣩ
׵2025 ϋ 9 ˜ 19 j
(a) ɛ͏࿆ 1.00ɛ
͏࿆ 0.02ٙHd˲ ༈ ഃ Hɪ̹ i
(b) ٙH͉
ٙ25%΂О H d˸ ʿ
Ӊ̙ԶႩᒅ Hٙ
15%i
(c) d ͟ 24Ϟ
ٙ222,016,700މHi
(d) d
္၍஝
i ʿ
(e)  ၾΌଢ೯ਯ e ೯Б H׵
f
ࣘ
ࠅ
ٙ
 j
(a) ಥ̍ቖ՘ᙄ i
(b) ኽ i
(c) ʮ
މ2026 ϋ 6 ˜ 9೯ਯᄆႩ
މ100.00ٙHi
(d) ʮ̡
މ2026 ϋ6˜9ਿͩҳ༟՘ᙄ d
މ341.36ٙHi
(e) ࠰
׵2026 ϋ 6 ˜ 9೯ਯ
މ7.83ٙHi
(f) މ2025 ϋ 6 ˜ 27̈༟՘ᙄ d ኽϤ d ᑗ
ऎ઼ዣΝจႩᒅ˲͉ʮ̡ΝจΣᑗऎ઼ዣ೯Б 287,653΅ d ᐼ˾ᄆ
ɛ͏࿆ 138.5 ϵຬʩ i
(g) މ2025 ϋ 9 ˜ 19̈༟՘ᙄ d ኽϤ d ௥
೯Б 31,154΅ d ᐼ˾ᄆ
ɛ͏࿆ 15.0 ϵຬʩ i


--- page 377 ---
– IV-3 –
ࣘ
h) މ2025 ϋ 9 ˜ 19̈༟՘ᙄ d ኽϤ d ᏶
ʬ᝘೯Б 24,923΅ d ᐼ˾ᄆ
ɛ͏࿆ 12.0 ϵຬʩ i
(i) މ2025 ϋ 9 ˜ 24̈༟՘ᙄ d ኽϤ d ৯
ಥ೯Б 62,308΅ d ᐼ˾ᄆ
ɛ͏࿆ 30.0 ϵ ຬ ʩiʿ
(j) މ2025 ϋ9˜26̈༟՘ᙄ d ኽϤ d
৯Г௴อટɢΝจႩᒅ˲͉ʮ̡ΝจΣ৯Г௴อટɢ೯Б 83,077ٰٰ
ɛ͏࿆ 40.0 ϵຬʩ f
ᗆପᛆ
ਠᅺ
ɽ
ਠᅺ j
တ˚ಂ
1  . . . . .
 5ಥ 306072822 2032 ϋ 9 ˜ 29 ˚
2  . . . . .
 42 ͉ʮ̡ ʕ਷ 78894863 2034 ϋ 11 ˜ 20 ˚
3  . . . . .
 10 ͉ʮ̡ ʕ਷ 78486854 2034 ϋ 12 ˜ 20 ˚
4  . . . . .
 5 ͉ʮ̡ ʕ਷ 74424768 2034 ϋ 4 ˜ 20 ˚
5  . . . . .
 5 ͉ʮ̡ ʕ਷ 69265343 2033 ϋ 7 ˜ 13 ˚
6  . . . . .
 5 ͉ʮ̡ ʕ਷ 69258685 2033 ϋ 9 ˜ 20 ˚
7  . . . . .
 5 ͉ʮ̡ ʕ਷ 69257898 2033 ϋ 9 ˜ 20 ˚
8  . . . . .
 5 ͉ʮ̡ ʕ਷ 69260760 2033 ϋ 7 ˜ 13 ˚
9  . . . . .
 5 ͉ʮ̡ ʕ਷ 69266533 2033 ϋ 7 ˜ 27 ˚
10  . . . .
 5 ͉ʮ̡ ʕ਷ 67566942 2033 ϋ 4 ˜ 13 ˚
11  . . . .
 5 ͉ʮ̡ ʕ਷ 67549391 2033 ϋ 4 ˜ 13 ˚
12  . . . .
 5 ͉ʮ̡ ʕ਷ 67548564 2033 ϋ 4 ˜ 13 ˚
13  . . . .
 5 ͉ʮ̡ ʕ਷ 56176082 2032 ϋ 2 ˜ 20 ˚
14  . . . .
 42 ͉ʮ̡ ʕ਷ 50739779 2031 ϋ 7 ˜ 20 ˚
15  . . . .
 44 ͉ʮ̡ ʕ਷ 50572621 2031 ϋ 6 ˜ 27 ˚
16  . . . .
 35 ͉ʮ̡ ʕ਷ 50578479 2032 ϋ 4 ˜ 6 ˚
17  . . . .
 10 ͉ʮ̡ ʕ਷ 50582155 2031 ϋ 6 ˜ 20 ˚
18  . . . .
 42 ͉ʮ̡ ʕ਷ 50577241 2031 ϋ 6 ˜ 20 ˚
19  . . . .
 42 ͉ʮ̡ ʕ਷ 50560005 2031 ϋ 7 ˜ 6 ˚
20  . . . .
 5 ͉ʮ̡ ʕ਷ 50576908A 2031 ϋ 9 ˜ 6 ˚


--- page 378 ---
– IV-4 –
ࣘ
တ˚ಂ
21  . . . .
 35 ͉ʮ̡ ʕ਷ 50549904 2032 ϋ 5 ˜ 27 ˚
22  . . . .
 5 ͉ʮ̡ ʕ਷ 50578883A 2031 ϋ 9 ˜ 6 ˚
23  . . . .
 44 ͉ʮ̡ ʕ਷ 50549881 2032 ϋ 4 ˜ 13 ˚
24  . . . .
 44 ͉ʮ̡ ʕ਷ 50562701 2031 ϋ 7 ˜ 6 ˚
25  . . . .
 35 ͉ʮ̡ ʕ਷ 50582167 2032 ϋ 5 ˜ 27 ˚
26  . . . .
 10 ͉ʮ̡ ʕ਷ 50577297 2031 ϋ 6 ˜ 27 ˚
27  . . . .
 5 ͉ʮ̡ ʕ਷ 50556505 2031 ϋ 8 ˜ 6 ˚
28  . . . .
 10 ͉ʮ̡ ʕ਷ 15078968 2035 ϋ 9 ˜ 20 ˚
29  . . . .
 5 ͉ʮ̡ ʕ਷ 15078731 2035 ϋ 11 ˜ 13 ˚
30  . . . .
 5 ͉ʮ̡ ʕ਷ 15078862 2035 ϋ 11 ˜ 13 ˚
31  . . . .
 10 ɪऎГइл ʕ਷ 82995234 2035 ϋ 7 ˜ 6 ˚
32  . . . .
 42 ɪऎГइл ʕ਷ 80060829 2035 ϋ 1 ˜ 27 ˚
33
 5 ɪऎГइл ʕ਷ 78907637 2034 ϋ 11 ˜ 20 ˚


--- page 379 ---
– IV-5 –
ࣘ
ਖ਼л
ɽ
ਖ਼л j
͡ሗ˚ಂ બᛆʮѓ˚ಂ
1  . . . . . . ፄΥε㹻
ي
CN202180014524.4׼2021 ϋ
4 ˜ 20 ˚
2023 ϋ
9 ˜ 26 ˚
2  . . . . . . يCN202080071421.7׼2020 ϋ
6 ˜ 19 ˚
2023 ϋ
8 ˜ 25 ˚
3  . . . . . . ͉ʮ̡ ϞҤኑАձҤАʃ
εཪᓃ
ձ
͜௄
CN202110662995.8׼2015 ϋ
8 ˜ 5 ˚
2022 ϋ
11 ˜ 8 ˚
4  . . . . . . ͉ʮ̡ ϞҤኑАձҤАʃ
εཪᓃ
ձ
͜௄
CN202110662996.2׼2015 ϋ
8 ˜ 5 ˚
2022 ϋ
10 ˜ 4 ˚
5  . . . . . . ͉ʮ̡ ϞҤኑАձҤАʃ
εཪᓃ
ձ
͜௄
CN202110661682.0׼2015 ϋ
8 ˜ 5 ˚
2022 ϋ
10 ˜ 4 ˚
6  . . . . . . ᐕग़຾ӻ୕
ʿ
ՉᏐ͜
CN201910704350.9׼2019 ϋ
7 ˜ 31 ˚
2021 ϋ
10 ˜ 1 ˚
7  . . . . . . ͉ʮ̡ ϞҤኑАձҤАʃ
εཪᓃ
ձ
͜௄
CN201580082185.8׼2015 ϋ
8 ˜ 5 ˚
2021 ϋ
7 ˜ 13 ˚
8  . . . . . . ܢ
এၝΥसʿ
ᐕ
ε㹻ʿՉᏐ͜
CN201110171267.3׼2011 ϋ
6 ˜ 23 ˚
2014 ϋ
1 ˜ 22 ˚


--- page 380 ---
– IV-6 –
ࣘ
͡ሗ˚ಂ બᛆʮѓ˚ಂ
9  . . . . . . Гτෳͭइ
ҦϞ
ʮ̡
᜾ e
ഐ࿴ʿ̴
ձ
Ꮠ͜
CN202180006768.8׼2021 ϋ
4 ˜ 7 ˚
2024 ϋ
8 ˜ 2 ˚
10  . . . . . Гτෳͭइ
ҦϞ
ʮ̡
ط
ʿՉ
ձᏐ͜
CN201810930184.X׼2018 ϋ
8 ˜ 15 ˚
2020 ϋ
10 ˜ 30 ˚
ਹΤ
တ˚ಂ
1  . . . . . micot.cn ͉ʮ̡ 2031 ϋ 3 ˜ 20 ˚
2  . . . . . micot.com ͉ʮ̡ 2031 ϋ 6 ˜ 24 ˚
3  . . . . . micot.com.cn ͉ʮ̡ 2031 ϋ 5 ˜ 21 ˚
4  . . . . . micot.net ͉ʮ̡ 2032 ϋ 1 ˜ 14 ˚
ɽ
ʈุପᛆ f
ࣘ
༉ઋ
 (i)ਕϋಂ e (ii)
୞ ˟e(iii)஝ʿ (iv)ࣛ
ʿ஝Էᚃಂ f
f
ږ
Ñ ໨ԫᑚཇ˸ʿʞ
ᑚ
ཇ ΢ ືf
ᚣ
ᛆू
୚ 
މH฿ೌ
່Ԉ  ᗇՎʿಂ஬ૢԷ  ୋ XV΅
ኽ ᗇ
Վʿಂ஬ૢԷ  ୋ XV ௅ୋ 7 ʿୋ 8־
ኽ  ᗇՎʿಂ஬ૢ
Էୋ 352ܙאHۆ
፽ C3f


--- page 381 ---
– IV-7 –
ࣘ
ሯ
΅
ᅰͦʿᗳй
ᗫᗳй
ٙ
ϵʱˢ (1)
Ц͉ʮ̡
ٙ
ϵʱˢ (1)
ˮΏ௹ɻ . . . . . . .e
ࡒ
ᐼ൒
ྼूኹϞɛ 99,660,050ٰHٰ
44,400,000ٰ
΅
35.58% 43.43%
ৣਅᛆू
(2) 85.93%
ᛆू (3)
ˮૠ௹ɻ . . . . . . .ੂБ໨ԫ ྼूኹϞɛ 99,660,050ٰHٰ
44,400,000ٰ
΅
35.58% 43.43%
ৣਅᛆू (2) 85.93%
ᛆू (3)
1. ୚ʊҁϓʿ˸ɨ৿ண j (i)ᛆ͊ᐏБԴ i (ii)222,016,700ڢٰ
މHiʿ (iii)΅ᐼ
މ331,740,350ٰHf
2. ܵ
Ϟ͉ʮ̡ 4.52%ʮ̡  ଺๿ዣ
ੰ࣬
΅ʕኹϞᛆू f
3. ኽᗇՎʿಂ஬ૢԷ d ˮΏ௹ɻʿˮૠ௹ɻ஗ൖ
΅ʕኹϞᛆू f
ᛆू
઄΂ОՉ˼ɛɻ ͉
ᛆ  ʿ
މHኽ  ᗇՎʿಂ
஬ૢԷ ୋ XV ௅ୋ 2 ʿ 3ટ
ɨѩ
࠽ࠦ10%ᛆू f
ྌ
׵2020 ϋ6˜11ྌ  ྌ  Ԩ
׵2025 ϋ 8˸ʿዧᎸʿᆤᎸ࿁͉ʮ̡ϓ̌Ъ
ྌϙί̂ʱሜਗ͉ʮ̡၍ଣᄴ
ಂ
ྌ˴
f
ૢಛ
࿴ʿ̨̻
׵2019 ϋ 7 ˜ 18ʈ
ΥྫΆุ d ͟ˮૠ
ߒ99.0%ߒ5.63%ᛆ f
ྌ Ñ Гτ଺๿ 
f


--- page 382 ---
– IV-8 –
ࣘ
ʿબ̈ᆤᎸ
d
˸ʿ̮
ᚥਪഃᔖЗ f
ഃϞ
ኽГ
ν Ϟ dШ
͉ණྠʔԮϞҳୃᛆʿછՓᛆ f
ຫਯಂ
ܝ12ࡈ
΅ f
ഃ
˙ό
΅ f
ᓥ᙮
މ20%બ̈˚ಂ΢඄ϋ
˚ഃᕘᓥ᙮ d Ԩ඲ୌΥ˸ɨૢ΁ j
(1) ͉ණྠ i ʿ
(2) ʕ՟੻  C൙ॴ f
ତᅂᚤ f Ո᜗Ͼ
j
Ñ  ABܓ20%ٙ100%i
Ñ  Cܓ20%ٙ80%ܓ20%௵ቱ
20% ਗ਼஗Ӛϗ i
Ñ  Cܓ20%Ԩ஗Ӛϗ f
΅ʿᜊତϗू
౤ʹ೿ɹಂʫΣˮΏ௹ɻ
౤ʹ̈
੻
f
΅
Ϋᒅᄆ
j
΅ i
ϓ͉
̤̋ϋлଟ 7%྇඿ϋಂ൴ཀՇϋШʔԑʞϋ  e ϓ͉̤̋ϋ
лଟ 9%ϓ͉
΅ f
΅ d
ϓ͉̤̋ϋлଟ 9%ɪ
΅ f


--- page 383 ---
– IV-9 –
ࣘ
༉ઋ
Ϟ͉ʮ̡ 300,000΅ f Ϟᗫί࿚Ї
2024 ϋʿ 2025 ϋ 12 ˜ 31ᆤᎸ༉ઋ d ሗ
ൗ 28ྼყ̙Б
Гτ଺๿Υྫᛆू༉ઋ j
ᇜ໮ Τ၈
Υྫᛆू
ۨ
Υྫ
ᛆू (%)
1. ଺๿ዣੰ ౷ஷΥྫɛ 27.46
2. Nexarcana Limited (1)Υྫɛ 29.99
3.Υྫɛ 6.92
4.Υྫɛ 6.92
5.Υྫɛ 4.21
6.Υྫɛ 2.77
7.Υྫɛ 2.11
8.Υྫɛ 2.00
9.Υྫɛ 2.00
10.Υྫɛ 1.99
11.Υྫɛ 1.95
12.Υྫɛ 1.50
13.Υྫɛ 1.31
14.Υྫɛ 1.21
15.Υྫɛ 1.14
16.Υྫɛ 0.81
17.Υྫɛ 0.69
18.Υྫɛ 0.69
19.Υྫɛ 0.42
20.Υྫɛ 0.38
21.Υྫɛ 0.32
22.Υྫɛ 0.30
23.Υྫɛ 0.24
24.Υྫɛ 0.22
25.Υྫɛ 0.21
26.Υྫɛ 0.20
27.Υྫɛ 0.20
28.Υྫɛ 0.19
29.Υྫɛ 0.14
30.Υྫɛ 0.12
31.Υྫɛ 0.11
32.Υྫɛ 0.10
33.Υྫɛ 0.10
34.Υྫɛ 0.10
35.Υྫɛ 0.09
36.Υྫɛ 0.09
37.Υྫɛ 0.07
38.Υྫɛ 0.07
39.Υྫɛ 0.07
40.Υྫɛ 0.07
41.Υྫɛ 0.07
42.Υྫɛ 0.07
43.Υྫɛ 0.06
44.Υྫɛ 0.06
45.Υྫɛ 0.06
46.Υྫɛ 0.06
47.Υྫɛ 0.06
48.Υྫɛ 0.05
49.Υྫɛ 0.03
ࠇ100.00


--- page 384 ---
– IV-10 –
ࣘ
ൗj
(1) Nexarcana Limited׵࢕2024 ϋ 11ʮ̡ f Չ͉͟ʮ̡ੂБ໨ԫ
৷ॴਓᐼ൒ Yu Weiping ௹ɻΌ༟ኹϞ f
ږ
ږ
̮ d ͉ණྠ
ᗇՎϾΣ΂Оɛ
e
Չ˼तйૢಛ f
Νจ
f
׼
a) א
̈
א
ගટ
ᛆ ूf
(b) ࢕i) ί
΂
ɽлू i
אii)΂
੶ՓੂБ  iʿ
(c) ͉ 5%
ԶᏐਠʕኹϞ΂О
ᛆ ूf
ࣘ
ᗇ
፲ପ೼
፲ପ೼
ப ΂f
ᗇ
͉

͉ණྠ
ם
e
ᗇ f
ЇՉ
˟ f
ൡத
ൡ
ᑗ΂О
॰Ꮅ f


--- page 385 ---
– IV-11 –
ࣘ
ᑥɛ
ୋ 3A.07ᅺ๟ f
ᑥɛϾϗ՟Υ΍ 400,000൬͜ f
Υ஝ᚥਪ
ୋ 3A.19Υ஝ᚥ
ਪf
ක፬൬͜
ɽක፬൬͜ f
೯ৎɛ
׵2025 ϋ 1 ˜ 17຅
ٙࣛ21௝೻
e
Չ˼лू f
ࣸ
νɨ j
ࣸ
ʮ̡ . . . . . . . . ֛ٙޢה
ୋ 1eୋ 4 ᗳ ఱᗇՎ౤Զจ
Ԉʿୋ 6 ᗳ ఱዚ࿴ፄ༟౤ԶจԈ  ա஝
ྠ
ʮ̡   . . . . . . ֛ٙޢה
ୋ 1 eୋ 2ʹ
 eୋ4 ᗳ ఱᗇՎ౤ԶจԈ  eୋ 6 ᗳఱ
ዚ࿴ፄ༟౤ԶจԈ  ʿୋ 9 ᗳ ༟ପ၍ଣ 
ྠ
ה . . . . . . . . . . . . . .   ᚥਪ
ה . . . . . . . . . . . . . .   ᚥਪ
ᅃා •Б   . . . . . . ࢪ
౶तӍл˖ ̏ ԯፔ༔
ʮ̡ɪऎʱʮ̡   . . . . . . . .
ዹͭБุᚥਪ
ה . . . . . . . .   ᚥਪ
King and Wood LLP. . . . . . . . . . . . ᚥਪ
Concord & Sage PC  . . . . . . . . . . . . ᚥਪ


--- page 386 ---
– IV-12 –
ࣘ
ࣣ
ٰם
Җόʿ
ՉΤ၈ f
H೼ධ
H೼
ᔷᜫ Hٙ࠽0.1%f
Ҽɢ
ϞϞᗫɛɻίቇ͜
ɨաʮ̡  ૶ᆵʿᕏධૢ˖  ૢԷୋ 44A ʿ 44Bߒ
ɢ f
ᕏධ
̮ j
(a) Շϋʫ d (i)Νจ೯Б΂О
൲ಛ༟͉ i ʿ (ii) ฿
אږ
Չ˼तйૢಛ i
(b) ೌૢ΁
ᛆ i
(c) ΅ i
(d) වᛆᗇ i
(e) i
(f) ཀ̘ 12ɽ
΂Оʕᓙ i
(g) ӻ୕൯ር i
(h) ڝ
ɪ̹ i ʿ
(i) ๟ f
௝೻
Էୋ 32Lם
௝೻፭੽ૢ˖  ʮѓୋ 4ᒀеϾʱක̊೯ f


--- page 387 ---
– V-1 –
˖΁
˖΁
˖΁νɨ j
(a) ฿
ʘਓ͉ i ʿ
(b) ࣣٙࠑ
f
˖΁
ࠇ14ၣ१
www.hkexnews.com ʿ͉ʮ̡ၣ१ www.micot.cnቡ j
(a) i
(b) ͟ᅃා •௝
፽ɓ i
(c) ͉ʮ̡࿚Ї 2024 ϋʿ 2025 ϋ 12 ˜ 31i
(d) ͟ᅃා •జ
፽ɚ i
(e) ɓছΆุ
i
(f) ࣣٙࠑ
i
(g) ฿
i
(h) Ñ
ձ։΂Ռ i
(i) Бุజѓ d Չ
 Бุ฿ᚎ  ɓື i ʿ
(j)  ʿɪ ̹
˖ᙇ͉ i
(k) i
(l) จԈ
i
(m) ุਕᐄ༶̈Ո
i
(n) ᚥਪ Concord & Sage PCi
ʿ
(o) ૢಛ f


--- page 388 ---
Shaanxi Micot Pharmaceutical Technology Co., Ltd.
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