百信国际(00574)发布公告，预期集团于截至2025年6月30日止6个月将取得净亏损不超过人民币1000万 元，而截至2024年6月30日止6个月的净溢利为人民币3500万元。该期间净溢利转为净亏损主要是由于截 至2024年6月30日止6个月确认了公司债务重组一次性收益约人民币4740万元，而该期间并无该一次性收 益。 ...

智通财经APP讯，百信国际(00574)发布公告，预期集团于截至2025年6月30日止6个月将取得净亏损不超 过人民币1000万元，而截至2024年6月30日止6个月的净溢利为人民币3500万元。该期间净溢利转为净亏 损主要是由于截至2024年6月30日止6个月确认了公司债务重组一次性收益约人民币4740万元，而该期间 并无该一次性收益。 ...

Pa Shun International Holdings Limited 百信國際控股有限公司 於開曼群島註冊成立的有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者， 根據其對本集團截至2025年6月30日止六個月（「該期間」）之未經審核綜合管理賬目之初步 評估及董事會現時可得之資料，預期本集團於該期間將錄得淨虧損不超過人民幣10百萬元，而 截至2024年6月30日止六個月的淨溢利為人民幣35百萬元。該期間淨溢利轉為淨虧損主要是由 於截至2024年6月30日止六個月確認了本公司債務重組一次性收益約人民幣47.4百萬元，而該 期間并無該一次性收益。 本公司仍在落實本集團該期間之中期業績。本公佈所載資料僅基於董事會參照本集團該期間之 未經審核綜合管理賬目及董事會現有之其他資料而作出之初步評估，而該等資料可於適當情況 下作出調整，並經董事會及其審核委員會作最後審 ...

格隆汇7月30日丨百信国际(00574.HK)通告，董事会将于2025年8月11日(星期一)举行董事会会议，以考 虑及批准(其中包括)集团截至2025年6月30日止六个月的未经审核中期业绩及其发布，并审议及批准建 议中期股息(如有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （股份代號：574） 董事會會議日期 – 1 – Pa Shun International Holdings Limited 百信國際控股有限公司 （於開曼群島註冊成立的有限公司） 百信國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」） 謹此通告，董事會將於2025年8月11日（星期一）舉行董事會會議，以考慮及批准（其中包括） 本集團截至2025年6月30日止六個月之未經審核中期業績及其發佈，並審議及批准建議中期股息 （如有）。 承董事會命 百信國際控股有限公司 主席兼執行董事 袁紅兵 香港，2025年7月30日 於本公佈日期，執行董事為馬清海先生及袁紅兵先生；非執行董事為陳中正先生及周金凱先生； 及獨立非執行董事為李燕女士、婁振業博士及王東源先生。 ...

Company Overview - Baixin International Holdings Limited primarily operates in investment holding, with two main business segments in China: (1) pharmaceutical distribution and (2) pharmaceutical manufacturing [2] Financial Performance - As of December 31, 2024, Baixin International reported total revenue of 86.554 million yuan, a year-on-year decrease of 33.13% [1] - The net profit attributable to shareholders was -15.313 million yuan, reflecting a significant year-on-year decline of 751.62% [1] - The gross profit margin stood at 19.71%, while the debt-to-asset ratio was 175.72% [1] Stock Performance - On July 25, the stock price closed at 0.042 HKD per share, marking an increase of 44.83% with a trading volume of 12.208 million shares and a turnover of 483,900 HKD, showing a volatility of 62.07% [1] - Over the past month, the cumulative increase in stock price was 0%, and the year-to-date decline was 38.3%, underperforming the Hang Seng Index by 27.95% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry (TTM) is 3.27 times, with a median of 6.65 times [1] - Baixin International's P/E ratio is -2.59 times, ranking 145th in the industry [1] - Comparatively, other companies in the industry have the following P/E ratios: Qianwei Pharmaceutical (1.22), Kingsray Biotechnology (1.74), Dongrui Pharmaceutical (3.35), Dajiankang International (6.61), and Jilin Changlong Pharmaceutical (6.65) [1]

Financial Performance - The company reported total revenue of approximately RMB 86.6 million for the fiscal year 2024, a decrease of about 33.1% compared to RMB 129.4 million in fiscal year 2023[11]. - The cost of goods sold decreased by approximately 30.6% to about RMB 69.5 million in fiscal year 2024, down from RMB 100.1 million in fiscal year 2023[12]. - Gross profit fell to approximately RMB 17.1 million in fiscal year 2024, a decrease of about 41.6% from RMB 29.3 million in fiscal year 2023, with a gross margin decline from 22.6% to 19.7%[12]. - The company incurred a loss of approximately RMB 15.3 million in fiscal year 2024, compared to a profit of about RMB 2.4 million in fiscal year 2023[20]. - Financing costs increased to approximately RMB 14.8 million in fiscal year 2024, up from RMB 12.9 million in fiscal year 2023[19]. - Selling and distribution expenses rose by approximately 11.1% to about RMB 8.0 million in fiscal year 2024, compared to RMB 7.2 million in fiscal year 2023[14]. - Administrative and other operating expenses decreased significantly by about 38.6% to approximately RMB 14.5 million in fiscal year 2024, down from RMB 23.6 million in fiscal year 2023[15]. - Other income net decreased to approximately RMB 1.5 million in fiscal year 2024, compared to RMB 2.8 million in fiscal year 2023[16]. Corporate Governance - The company continues to review and enhance its corporate governance practices to ensure compliance with the corporate governance code[37]. - The Board is responsible for reviewing and approving significant transactions, investment policies, dividends, and accounting policies[38]. - The company has established four committees (Audit, Nomination, Remuneration, and Corporate Governance) to support the Board, each with a clear written terms of reference[46]. - The board held nine meetings and two annual general meetings during the year ending December 31, 2024[60]. - The nomination committee conducted three meetings to review the board's structure, size, and diversity[55]. - The company has established a code of conduct and compliance manual applicable to employees and directors[57]. - The board's final responsibility for selecting and appointing directors rests with the entire board, despite delegation to the nomination committee[56]. - The company appointed Ms. Lei Meijia as the company secretary on July 15, 2024, who has over 17 years of experience in financial management and corporate financing[68]. Risk Management - The company faces various risks, including compliance risks related to product quality, which could lead to significant financial and reputational damage[123]. - The company has implemented measures to mitigate quality-related risks, such as strict supplier selection and regular quality assessments[124]. - Strategic risks associated with acquisitions include the inability to identify suitable targets and potential undisclosed financial liabilities[126]. - The company emphasizes thorough due diligence and feasibility analysis for acquisition targets to minimize risks[126]. - The board is responsible for establishing and maintaining effective risk management and internal control systems, which are reviewed annually[73]. Debt and Financial Liabilities - The company has faced multiple winding-up petitions since 2020, with a total principal and interest payment of HKD 2,573,424.66 due to bondholders as of 2022[152]. - A debt restructuring plan was approved by the Hong Kong High Court on November 1, 2023, with over 50% of creditors by number and at least 75% by value voting in favor[152]. - The debt repayment arrangement plan is set to take effect on March 12, 2024[152]. - The company submitted a unilateral application to the High Court on July 20, 2023, to convene a meeting for the debt repayment arrangement[152]. Shareholder Engagement - The company held two shareholder meetings during the year ending December 31, 2024, providing opportunities for direct communication between the board and shareholders[87]. - Shareholders have the right to propose special meetings if they hold at least 10% of the paid-up capital, with specific procedures outlined for such requests[91]. - The company aims to provide equal opportunities for all shareholders to exercise their rights and communicate actively[87]. Employee and Management - The group employed 97 staff members as of December 31, 2024, compared to 90 in the previous year, with total employee costs of approximately RMB 8.6 million in fiscal year 2024[30]. - The company has established a remuneration committee to review the remuneration policy considering the group's performance and market practices[173]. - The company has two senior management members with salaries ranging from zero to HKD 1,000,000[51]. Compliance and Regulatory Matters - The company confirmed compliance with the standards for securities trading by all directors during the year ending December 31, 2024[66]. - The independent non-executive directors review compliance with non-competition commitments annually[88]. - The company confirmed compliance with the disclosure requirements under the listing rules regarding related party transactions[188]. Business Strategy - The company continues to focus on the pharmaceutical distribution and manufacturing business in China for fiscal year 2024[10]. - The company has a history of expanding its business through acquisitions and alliances, which remains a key strategic focus[126]. - The management discussion and analysis section of the annual report outlines potential future developments for the business[117]. Dividend Policy - The group did not recommend any final dividend for the fiscal year 2024, consistent with fiscal year 2023[31]. - The company has adopted a dividend policy outlining the procedures for declaring and proposing dividends[101]. - The board will consider factors such as operating performance, cash flow, financial condition, and future prospects when deciding on dividend distribution[105]. - The company emphasizes that past dividend distributions cannot be used as a reference for future dividend levels[103].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 48,830,000, a decrease from RMB 82,832,000 in the same period of 2023, representing a decline of approximately 41%[10] - Gross profit for the same period was RMB 9,527,000, down from RMB 20,112,000 in 2023, indicating a decrease of about 53%[10] - The net profit attributable to equity holders for the six months was RMB 35,427,000, significantly up from RMB 4,517,000 in the prior year, reflecting an increase of approximately 684%[12] - The total comprehensive income for the period was RMB 38,585,000, compared to RMB 10,726,000 in 2023, marking an increase of around 259%[12] - The company reported a basic earnings per share of RMB 9 for the current period, compared to RMB 2.4 in the previous year, which is an increase of 275%[13] - The company recognized a debt restructuring gain of RMB 47,356,000 during the period, contributing to the overall profit[10] - Other income for the period was RMB 734,000, compared to a loss of RMB 6,362,000 in the same period last year, indicating a positive turnaround[10] - The company incurred financing costs of RMB 7,281,000, which is a slight decrease from RMB 7,386,000 in the previous year[10] - The foreign exchange gain from the financial statements of overseas entities amounted to RMB 3,158,000, down from RMB 6,209,000 in 2023[12] Assets and Liabilities - As of June 30, 2024, the company's non-current assets totaled RMB 81,024 thousand, a decrease of 1.55% from RMB 82,295 thousand as of December 31, 2023[14] - The company's current assets increased to RMB 132,985 thousand, up 7.8% from RMB 124,271 thousand as of December 31, 2023[14] - Total liabilities decreased to RMB 173,331 thousand as of June 30, 2024, down from RMB 247,744 thousand as of December 31, 2023[15] - The company's cash and cash equivalents decreased to RMB 4,634 thousand, down 72.0% from RMB 16,511 thousand as of December 31, 2023[18] - The company's equity attributable to owners of the company showed a significant improvement, with a loss of RMB (77,514) thousand as of June 30, 2024, compared to a loss of RMB (116,099) thousand as of December 31, 2023[15] Revenue Breakdown - Revenue from pharmaceutical distribution was RMB 33,267 thousand, down 53% from RMB 71,472 thousand year-on-year[24] - Revenue from pharmaceutical production increased to RMB 15,563 thousand, up 37% from RMB 11,360 thousand in the previous year[24] Cash Flow and Operating Activities - The company reported a net cash outflow from operating activities of RMB (14,548) thousand for the six months ended June 30, 2024, compared to a cash inflow of RMB 5,500 thousand for the same period in 2023[18] Corporate Governance and Compliance - The company has adopted a corporate governance code to enhance shareholder value and accountability, ensuring compliance with listing rules regarding independent non-executive directors and committee compositions[66] - Following the resignation of several directors, the company had only two independent non-executive directors until new appointments were made on May 20, 2024, restoring compliance with listing rules[67] - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing financial policies and internal controls, having reviewed the interim financial statements for the six months ending June 30, 2024[68] Share Option Scheme - The company has implemented a share option scheme since May 26, 2015, aimed at rewarding and retaining key contributors to the group's performance and growth[71] - The maximum number of shares that can be issued under the share option scheme is capped at 10% of the issued shares as of the 2019 annual general meeting, which amounts to 147,499,290 shares[73] - As of June 30, 2024, a total of 100,000,000 share options are available for issuance under the share option scheme, representing approximately 6.78% of the company's issued share capital[73] - The exercise price of the share options granted is set at HKD 0.67, with the exercise period from September 7, 2018, to May 25, 2025[75] - No share options were granted, exercised, lapsed, or cancelled during the review period[74] Market Outlook and Strategy - The company plans to continue exploring market expansion opportunities and new product development to drive future growth[10] - The management anticipates a recovery in market demand as business activities in China normalize post-pandemic, while also acknowledging increased competition[57] Employee and Operational Metrics - As of June 30, 2024, the group employed 90 staff members, with total employee costs amounting to RMB 3.4 million for the six months ending June 30, 2024, a decrease from RMB 4.8 million for the same period in 2023[63] Other Notable Information - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[34] - The company did not enter into any new lease agreements during the reporting period[38] - The company did not engage in any significant investments, acquisitions, or disposals that require disclosure under the Hong Kong Stock Exchange listing rules during the six months ended June 30, 2024[61] - There have been no significant events known to the board of directors from June 30, 2024, to the date of this interim report[84]

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 1.294 billion, an increase of approximately 80.3% compared to RMB 718 million in 2022[12]. - The cost of sales increased by approximately 71.0% to RMB 1.000 billion in 2023, up from RMB 585 million in 2022, aligning with the revenue growth[13]. - Gross profit rose by approximately 121.3% to RMB 294 million in 2023, compared to RMB 133 million in 2022, with the gross margin increasing from 18.5% to 22.7%[13]. - Selling and distribution expenses increased by approximately 19.8% to RMB 72 million in 2023, up from RMB 60 million in 2022, due to increased sales activities following the control of the COVID-19 pandemic[14]. - Administrative expenses rose by approximately 83.9% to RMB 236 million in 2023, compared to RMB 128 million in 2022, driven by increased business volume and legal costs related to debt restructuring[15]. - The net profit for the year was RMB 2.35 million, a significant improvement from a loss of RMB 43.38 million in 2022[10]. - The company reported a basic earnings per share of RMB 0.16 for 2023, compared to a loss per share of RMB 2.94 in 2022[10]. - The group's profit for the year ended December 31, 2023, was approximately RMB 2.4 million, a significant improvement from a loss of RMB 43.4 million for the year ended December 31, 2022[19]. - Other income increased to RMB 28 million in 2023 from RMB 5 million in 2022, primarily due to short-term lease income and the waiver of certain corporate bonds[16]. Cash and Liabilities - As of December 31, 2023, the total cash and cash equivalents amounted to RMB 16.5 million, up from RMB 1.9 million as of December 31, 2022[26]. - The group's current liabilities net amount was RMB 123.5 million as of December 31, 2023, compared to RMB 186.0 million as of December 31, 2022[26]. - The current ratio (current assets divided by current liabilities) improved to 0.50 as of December 31, 2023, from 0.18 as of December 31, 2022[26]. - The total amount of bank borrowings was RMB 7.2 million as of December 31, 2023, compared to RMB 4.5 million as of December 31, 2022[26]. - The company's accumulated losses were approximately RMB 766.9 million as of December 31, 2023[150]. Corporate Governance - The company has adopted the corporate governance code effective during the year, ensuring compliance with high standards of corporate governance[38]. - The company is currently seeking suitable candidates to fill vacancies in its board of independent non-executive directors, as it fell below the minimum required number[40]. - The board of directors is responsible for setting the overall goals and strategies of the group, as well as monitoring and evaluating its operational and financial performance[43]. - The audit committee held two meetings during the year ending December 31, 2023, reviewing the audited consolidated financial statements for the years ending December 31, 2022, and December 31, 2021[53]. - The remuneration committee held one meeting during the year ending December 31, 2023, to review the remuneration policies and structures for directors and senior management[55]. - All independent non-executive directors confirmed their independence in accordance with Listing Rule 3.13, and the company considers them to be independent[47]. - The company provided necessary onboarding materials to newly appointed directors to ensure they understand their responsibilities and the company's operations[45]. - The board members are encouraged to participate in continuous professional development programs to enhance their knowledge and skills[45]. - The company has established clear written terms of reference for its four committees, including the audit committee, nomination committee, remuneration committee, and corporate governance committee[51]. Risk Management - The board is responsible for establishing and maintaining effective risk management and internal control systems[77]. - The company faces various risks, including compliance risks related to product quality, which could lead to significant financial and reputational damage[123]. - Strategic risks associated with acquisitions include the inability to identify suitable targets and potential undisclosed financial liabilities[125]. - The company has implemented measures to mitigate risks, such as thorough due diligence and background checks on acquisition targets[125]. - The audit committee and board will review risk management and internal control systems annually, confirming their effectiveness as of December 31, 2023[81]. Shareholder Communication - The company encourages shareholder participation in annual general meetings to facilitate direct communication with the board[90]. - The independent non-executive directors will review compliance with non-competition commitments annually and disclose findings in the annual report[91]. - The company believes its shareholder communication policy is effective and sufficient for the year ending December 31, 2023[99]. - Voting at the annual general meeting is conducted on a poll basis to ensure each share has one vote[95]. - Shareholders can request a special general meeting if they hold at least 10% of the paid-up capital[94]. Debt Restructuring - The company is undergoing a debt restructuring plan due to multiple winding-up petitions since 2020, with a total principal and interest payment of HKD 2,573,424.66 owed[193]. - The debt repayment arrangement plan was approved by the Hong Kong High Court on November 1, 2023, and is set to take effect on March 12, 2024[194]. Employee and Board Composition - The company has been actively investing in employee training and development to retain talent and enhance its human resources[37]. - The company has experienced changes in its board composition, with several directors resigning and new appointments planned for the upcoming annual general meeting[39]. - The board consists of seven members, with six male and one female, achieving gender balance at approximately 14.3% female representation[69]. - Approximately 50% of the senior management and 63% of the total employees are female, indicating a commitment to gender diversity[69]. Business Strategy - The company aims to become a leading pharmaceutical company in China, guided by its vision and values to avoid unnecessary risks[82]. - The company has a history of expanding its business through acquisitions and alliances, indicating a strategic focus on growth[125]. - The management discussion and analysis section of the annual report outlines potential future developments for the business[116]. Compliance and Legal Matters - The company has confirmed compliance with non-competition commitments made by its major shareholders during the year ended December 31, 2023[184]. - The company has established policies and procedures for investment management, including analysis and approval processes, as well as conflict of interest declarations[81]. - The independent investigation committee was established to conduct a forensic investigation into acquisition matters and internal control reviews, with findings indicating no impact on business operations[84].

Revenue and Profitability - The company's revenue for 2023 reached RMB 129,430 thousand, a significant increase of 80.5% compared to RMB 71,784 thousand in 2022[14]. - The pharmaceutical distribution segment generated revenue of RMB 107,036 thousand in 2023, up from RMB 50,333 thousand in 2022, representing a growth of 112.4%[14]. - The group recorded a profit of approximately RMB 2.4 million for the year ended December 31, 2023, compared to a loss of RMB 43.4 million in 2022[63]. - The net profit attributable to equity holders of the company was RMB 2,350,000, a recovery from a loss of RMB 43,379,000 in 2022[127]. - The gross profit for the year was RMB 29,430,000, compared to RMB 13,301,000 in the previous year, indicating a growth of 121%[127]. - The gross profit margin rose from 18.5% for the year ended December 31, 2022, to 22.7% for the year ended December 31, 2023, primarily due to a shift in focus from wholesale customers to hospital clients[78]. Financial Position and Liabilities - The total liabilities exceeded total assets by RMB 116,099,000 as of December 31, 2023, compared to RMB 115,520,000 in 2022[132]. - Current liabilities increased to RMB 247,744,000 from RMB 227,219,000 in the previous year, indicating a rise of 9%[147]. - The company has proposed a debt restructuring plan, which was approved by the Hong Kong court on November 1, 2023, and is set to take effect on March 12, 2024[162]. - The company plans to classify most liabilities previously categorized as current liabilities to non-current liabilities upon the effectiveness of the debt restructuring plan[153]. Cash Flow and Financing - The company plans to closely monitor its financial situation and generate sufficient cash flow from its ongoing operations to meet future obligations[7]. - Cash and cash equivalents increased significantly to RMB 16,511,000 from RMB 1,901,000 in the previous year, marking a growth of 769%[147]. - Total financing costs for the year amounted to RMB 12,933 thousand, an increase from RMB 10,541 thousand in 2022, primarily due to higher interest expenses on corporate bonds[16]. - The increase in financing costs to RMB 12.9 million in 2023 from RMB 10.6 million in 2022 was primarily due to an increase in other borrowings[62]. Asset Management - The company reported a net impairment loss of RMB 9,000 thousand on property development projects, reduced from RMB 17,000 thousand in the previous year, indicating improved asset management[13]. - The group has engaged an independent professional valuation firm to assess the impairment of property development projects based on market value[81]. - The company recorded an impairment loss of RMB 17.0 million for property development projects for the year ended December 31, 2022, with an additional impairment of RMB 9.0 million expected for the year ended December 31, 2023, due to a sluggish property market[81]. Operational Performance - The cost of sales increased by approximately 71.0% to RMB 100.0 million for the year ended December 31, 2023, up from RMB 58.5 million in 2022, largely consistent with revenue growth[57]. - Sales and distribution expenses increased by approximately 19.8% from RMB 6.0 million for the year ended December 31, 2022, to RMB 7.2 million for the year ended December 31, 2023, attributed to increased sales activities following the control of the pandemic[78]. - Administrative expenses rose by approximately 83.9% from RMB 12.8 million for the year ended December 31, 2022, to RMB 23.6 million for the year ended December 31, 2023, due to increased business volume and legal costs related to debt restructuring[79]. Governance and Compliance - The company has adopted corporate governance codes as per the listing rules to ensure shareholder rights and enhance corporate value[114]. - The auditor's report includes a qualified opinion regarding the financial statements as of December 31, 2023, reflecting concerns about the company's financial position[51]. - The company has not declared or proposed any dividends for the year ending December 31, 2023, consistent with the previous year[30]. Human Resources - The total employee cost for the year ended December 31, 2023, was RMB 8.2 million, down from RMB 8.6 million in 2022[112]. - The group employed 90 staff as of December 31, 2023, a decrease from 92 staff in the previous year[112]. - The company continues to invest in human resources to attract, develop, and retain talented employees, providing competitive compensation and training opportunities[91]. Market Outlook - The group expects market demand to recover compared to the lower figures of 2022, as economic activities in China gradually return to normal[104]. - The company is focusing on enhancing production and distribution capabilities to seize opportunities arising from market recovery[104].