​

Six Months Ended June 30, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in US$’000)

Net income

​

16,242

​

455,555

Adjustments to reconcile net income to net cash generated from/(used in) operating activities

​

​

​

​

Depreciation and amortization

​

7,072

​

6,118

Impairment of an intangible asset

​

8,941

​

—

Share-based compensation expense — share options

​

971

​

1,552

Share-based compensation expense — LTIP

​

3,991

​

7,691

Equity in earnings of equity investees, net of tax

​

(3,798)

​

(23,125)

Dilution loss of investment in ImageneBio, Inc.

​

1,107

​

—

Gain from divestment of an equity investee

​

—

​

(477,456)

Dividends received from SHPL

​

13,343

​

6,987

Changes in right-of-use assets

​

(4,187)

​

685

Other adjustments

​

(1,564)

​

1,921

Changes in operating assets and liabilities

​

​

​

​

Accounts receivable

​

9,197

​

8,596

Other receivables, prepayments and deposits

​

323

​

(4,943)

Amounts due from related parties

​

(764)

​

204

Inventories

​

222

​

2,095

Accounts payable

​

(11,887)

​

1,204

Other payables and accruals

​

(5,202)

​

(37,433)

Lease liabilities

​

3,720

​

(904)

Amounts due to related parties

​

(638)

​

142

Deferred revenue

​

(23,917)

​

(22,718)

Others

​

(949)

​

935

Total changes in operating assets and liabilities

​

(29,895)

​

(52,822)

Net cash generated from/(used in) operating activities

​

12,223

​

(72,894)