Clover Biopharmaceuticals, Ltd. provided preliminary unaudited consolidated group earnings guidance for the six months ended June 30, 2023. For the period, the group expects deferred revenue of USD 384 million or equivalent RMB 2.5 billion is recorded on the balance sheet, which is related to the funding agreement entered into by the Company and the Coalition for Epidemic Preparedness Innovations (CEPI) on May 31, 2020 for vaccine development, scale-up of manufacturing and supply of vaccine in response to the project Outbreak Response To Novel Coronavirus (COVID-19). Given that the conditions attached to the funding agreement with CEPI in relation to the USD 384 million or equivalent RMB 2.5 billion have been fulfilled by the Company by June 30, 2023, this Deferred Revenue is converted to Other Income in accordance with International Accounting Standard 20.

As such, the net profit for the six-month ended June 30, 2023 is expected to be not less than RMB 500 million as compared to a net loss of RMB 1,135.6 million for the corresponding period last year.