[Company Information](index=3&type=section&id=Company%20Information) Details the company's governance structure, including board and committee members, and essential operational information [Board of Directors and Committee Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) Discloses the composition of the board, authorized representatives, company secretary, and various committees, including changes in leadership - Executive Directors include Mr. Yuan Hongbing (Chairman) and Mr. Ma Qinghai; Independent Non-Executive Directors include Ms. Li Yan (Chairperson of Audit and Remuneration Committees), Professor Lou Zhenye, and Mr. Wang Dongyuan (Chairman of Nomination Committee)[5](index=5&type=chunk) - Mr. Xu Qilin retired as an Independent Non-Executive Director on June 26, 2025, with adjustments to committee roles for Mr. Wang Dongyuan and Professor Lou Zhenye[5](index=5&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) Provides essential operational details including head office, main China operations, auditor, stock code, website, and principal bankers - The auditor changed from Zhongzheng Tianheng Certified Public Accountants Co., Ltd. to Furuimaze Certified Public Accountants Co., Ltd. on December 9, 2024[6](index=6&type=chunk) - The company's stock code is **00574**, and its official website is www.pashun.com.cn[6](index=6&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Presents the company's financial performance, highlighting revenue, cost of sales, gross profit, and profit or loss for the period [Performance Overview for the Period](index=5&type=section&id=Performance%20Overview%20for%20the%20Period) The company shifted from profit to loss for the six months ended June 30, 2025, due to reduced debt restructuring gains, slight revenue decline, and significant gross profit reduction Condensed Consolidated Statement of Profit or Loss Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 48,693 | 48,830 | -0.28% | | Cost of Sales | (42,481) | (39,303) | +8.09% | | Gross Profit | 6,212 | 9,527 | -34.79% | | Gain on Debt Restructuring of the Company | – | 47,356 | -100% | | Other Income | 692 | 734 | -5.72% | | Net Other Losses | (1,623) | (6,362) | -74.49% | | Selling and Distribution Expenses | (2,375) | (3,408) | -30.31% | | General and Administrative Expenses | (5,707) | (7,281) | -21.61% | | Finance Costs | (6,253) | (5,075) | +23.21% | | Profit/(Loss) Before Tax | (9,054) | 35,491 | Shift from profit to loss | | Income Tax Expense | (1) | (64) | -98.44% | | Profit/(Loss) for the Period Attributable to Equity Holders of the Company | (9,055) | 35,427 | Shift from profit to loss | - The company shifted from profit to loss for the period, primarily due to a one-off debt restructuring gain of **RMB 47,356 thousand** in the corresponding period of 2024, which was absent in 2025[8](index=8&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Outlines the company's total comprehensive income or expense, including profit or loss and other comprehensive income items [Comprehensive Income and Earnings/Loss Per Share](index=6&type=section&id=Comprehensive%20Income%20and%20Earnings%2FLoss%20Per%20Share) For the six months ended June 30, 2025, the company recorded a total comprehensive expense, driven by period loss and negative exchange differences, resulting in a basic loss per share of **RMB (0.61)** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | (9,055) | 35,427 | | Exchange Differences Arising from Translation of Financial Statements of Foreign Operations | (3,377) | 3,158 | | Total Comprehensive Income/(Expense) for the Period Attributable to Equity Holders of the Company | (12,432) | 38,585 | Earnings/(Loss) Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic | (0.61) | 2.4 | | Diluted | Not applicable | Not applicable | - Total comprehensive income for the period shifted from a gain of **RMB 38,585 thousand** in 2024 to an expense of **RMB (12,432) thousand** in 2025[10](index=10&type=chunk) [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Presents the company's financial position, detailing assets, liabilities, and equity at the end of the reporting period [Assets and Liabilities Position](index=7&type=section&id=Assets%20and%20Liabilities%20Position) As of June 30, 2025, net current liabilities significantly increased, reducing total assets less current liabilities and expanding net liabilities, reflecting increased liquidity pressure Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 74,507 | 74,787 | -0.37% | | Current Assets | 87,455 | 104,859 | -16.69% | | Current Liabilities | 116,941 | 103,528 | +13.05% | | Net Current Assets/(Liabilities) | (29,486) | 1,331 | Shift from surplus to deficit | | Total Assets Less Current Liabilities | 45,021 | 76,118 | -40.85% | | Non-current Liabilities | 193,489 | 212,154 | -8.79% | | Net Liabilities | (148,468) | (136,036) | +9.14% | | Share Capital | 1,216 | 1,216 | 0% | | Reserves | (149,684) | (137,252) | +8.33% | | Deficiency Attributable to Equity Holders of the Company | (148,468) | (136,036) | +9.14% | - Net current assets shifted from a surplus of **RMB 1,331 thousand** as of December 31, 2024, to net current liabilities of **RMB (29,486) thousand** as of June 30, 2025[13](index=13&type=chunk) - Cash and cash equivalents decreased from **RMB 15,972 thousand** as of December 31, 2024, to **RMB 3,562 thousand** as of June 30, 2025[13](index=13&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Details changes in the company's equity attributable to owners, including profit or loss, other comprehensive income, and transactions with owners [Shareholders' Equity Changes](index=9&type=section&id=Shareholders'%20Equity%20Changes) For the six months ended June 30, 2025, the deficiency attributable to equity holders expanded due to the period's loss and negative exchange reserve impact Condensed Consolidated Statement of Changes in Equity Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 1,216 | 1,216 | | Share Premium | 691,882 | 691,882 | | Statutory Reserve | 33,143 | 33,143 | | China Reserve | 11,456 | 11,456 | | Exchange Reserve | (26,527) | (23,150) | | Other Reserves | (28,150) | (28,150) | | Accumulated Losses | (831,488) | (822,433) | | Total Deficiency Attributable to Equity Holders of the Company | (148,468) | (136,036) | - The deficiency attributable to equity holders of the Company increased from **RMB (136,036) thousand** as of December 31, 2024, to **RMB (148,468) thousand** as of June 30, 2025[15](index=15&type=chunk) - A loss of **RMB 9,055 thousand** for the period and a decrease of **RMB 3,377 thousand** in exchange reserves were key factors contributing to the expanded deficiency[15](index=15&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities for the reporting period [Cash Flow Analysis](index=10&type=section&id=Cash%20Flow%20Analysis) For the six months ended June 30, 2025, net cash used in operating activities decreased, but increased financing outflow led to a larger net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (7,382) | (14,548) | Improved 49.26% | | Net Cash Used in Investing Activities | (528) | (20) | Deteriorated 2540% | | Net Cash (Used in)/From Financing Activities | (4,500) | 2,691 | Shift from inflow to outflow | | Net Decrease in Cash and Cash Equivalents | (12,410) | (11,877) | Deteriorated 4.49% | | Cash and Cash Equivalents at End of Period | 3,562 | 4,634 | -23.13% | - Financing activities shifted from a net cash inflow of **RMB 2,691 thousand** in 2024 to a net cash outflow of **RMB 4,500 thousand** in 2025, primarily due to repayment of other borrowings[16](index=16&type=chunk) - Cash and cash equivalents at the end of the period decreased from **RMB 4,634 thousand** in 2024 to **RMB 3,562 thousand** in 2025[16](index=16&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Provides detailed explanations and disclosures supporting the interim financial statements, covering accounting policies, segment information, and financial instrument details [1. Basis of Preparation of Financial Statements](index=11&type=section&id=1.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The condensed consolidated financial statements are prepared in accordance with HKFRSs and HK GAAP, using the historical cost convention and presented in RMB - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs), including all HKFRSs, Hong Kong Accounting Standards, and Interpretations, and Hong Kong Generally Accepted Accounting Principles[17](index=17&type=chunk) - The condensed consolidated financial statements are prepared on a historical cost basis and presented in RMB, with all values rounded to the nearest thousand[17](index=17&type=chunk) [2. Application of New and Revised Hong Kong Financial Reporting Standards](index=12&type=section&id=2.%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The application of revised HKFRSs effective in this interim period had no significant impact, and no new or revised standards were early adopted - The application of revised HKFRSs during this interim period had no significant impact on the Group's condensed consolidated financial statements[19](index=19&type=chunk) - The Group has not applied any new or revised HKFRSs that have been issued but are not yet effective, and directors anticipate no significant impact in the foreseeable future[20](index=20&type=chunk)[21](index=21&type=chunk) [3. Revenue and Segment Reporting](index=13&type=section&id=3.%20Revenue%20and%20Segment%20Reporting) The Group's primary business is pharmaceutical distribution and manufacturing in China, with distribution revenue growing and manufacturing revenue declining, resulting in a slight overall revenue decrease - The Group's principal activities are pharmaceutical distribution and manufacturing of pharmaceutical products in China[22](index=22&type=chunk) - All of the Group's revenue and operating profit, and substantially all of its assets, are derived from or located in China, thus no geographical segment analysis is presented[25](index=25&type=chunk) [3(a) Revenue](index=13&type=section&id=3(a)%20Revenue) Details the Group's revenue composition, showing significant growth in pharmaceutical distribution revenue and a decline in manufacturing revenue Revenue Composition (Six Months Ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Pharmaceutical Distribution | 43,013 | 33,267 | +29.31% | | Pharmaceutical Manufacturing | 5,680 | 15,563 | -63.51% | | **Total Revenue** | **48,693** | **48,830** | **-0.28%** | - Pharmaceutical distribution revenue significantly increased by **29.31%**, while pharmaceutical manufacturing revenue substantially decreased by **63.51%**[23](index=23&type=chunk) [3(b) Segment Reporting](index=14&type=section&id=3(b)%20Segment%20Reporting) The Group manages its business by operating scope and distribution channels, reporting two reportable segments: pharmaceutical distribution and pharmaceutical manufacturing - The Group manages its business by operating scope and distribution channels, reporting two reportable segments: pharmaceutical distribution and pharmaceutical manufacturing[24](index=24&type=chunk) - Pharmaceutical distribution revenue primarily derives from selling pharmaceutical products to wholesalers, franchised retail chain pharmacies, hospitals, and rural medical institutions[24](index=24&type=chunk) - Pharmaceutical manufacturing revenue primarily derives from selling pharmaceutical products manufactured by the Group[25](index=25&type=chunk) [3(b)(i) Segment Revenue and Results](index=15&type=section&id=3(b)(i)%20Segment%20Revenue%20and%20Results) This section presents the revenue and profit for the pharmaceutical distribution and manufacturing segments, highlighting changes in external customer revenue Segment Revenue and Profit (Six Months Ended June 30) | Segment | 2025 Revenue (RMB thousand) | 2025 Profit (RMB thousand) | 2024 Revenue (RMB thousand) | 2024 Profit (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Pharmaceutical Distribution | 43,013 | 3,532 | 33,267 | 3,684 | | Pharmaceutical Manufacturing | 5,680 | 2,680 | 15,563 | 5,843 | | **Total** | **48,693** | **6,212** | **48,830** | **9,527** | - In the first half of 2025, pharmaceutical distribution external customer revenue grew by **29.31%**, while pharmaceutical manufacturing external customer revenue decreased by **63.51%**[27](index=27&type=chunk) [3(b)(ii) Reconciliation of Reportable Segment Revenue and Profit or Loss](index=16&type=section&id=3(b)(ii)%20Reconciliation%20of%20Reportable%20Segment%20Revenue%20and%20Profit%20or%20Loss) This section reconciles reportable segment revenue and profit to the consolidated figures, highlighting the impact of non-recurring items Reconciliation of Segment Revenue and Profit or Loss (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Reportable Segment Revenue | 48,693 | 48,830 | | Consolidated Revenue | 48,693 | 48,830 | | Reportable Segment Profit | 6,212 | 9,527 | | Gross Profit from External Customers | 6,212 | 9,527 | | Gain on Debt Restructuring of the Company | – | 47,356 | | Consolidated Profit/(Loss) Before Tax | (9,054) | 35,491 | - Consolidated loss before tax for the first half of 2025 was **RMB (9,054) thousand**, compared to a profit of **RMB 35,491 thousand** in 2024, mainly due to a **RMB 47,356 thousand** debt restructuring gain in 2024[29](index=29&type=chunk) [4. Other Income and Net Other Gains/(Losses)](index=17&type=section&id=4.%20Other%20Income%20and%20Net%20Other%20Gains%2F(Losses)) For the six months ended June 30, 2025, other income slightly decreased, while net other losses significantly reduced, mainly due to a reversal of impairment loss on trade receivables - Net other losses improved from **RMB (6,362) thousand** in the corresponding period of 2024 to **RMB (1,623) thousand** in the first half of 2025[31](index=31&type=chunk) - In the first half of 2025, a reversal of impairment loss on trade receivables of **RMB 3,712 thousand** effectively offset some impairment losses[31](index=31&type=chunk) [4(a) Other Income](index=17&type=section&id=4(a)%20Other%20Income) This section details the components of other income, showing a slight decrease in total other income for the period Other Income Composition (Six Months Ended June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank Interest Income | 4 | 7 | | Deferred Income - Government Grants | 256 | 256 | | Short-term Lease Rental Income | 432 | 444 | | Others | – | 27 | | **Total** | **692** | **734** | - Total other income slightly decreased from **RMB 734 thousand** in the corresponding period of 2024 to **RMB 692 thousand** in the first half of 2025[30](index=30&type=chunk) [4(b) Net Other Losses](index=17&type=section&id=4(b)%20Net%20Other%20Losses) This section outlines the components of net other losses, which significantly decreased due to a reversal of impairment loss on trade receivables Net Other Losses Composition (Six Months Ended June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Impairment Loss: Trade Receivables | (2,734) | (2,021) | | Impairment Loss: Other Receivables | (1,430) | – | | Impairment Loss: Prepayments and Deposits Paid | (1,223) | (4,342) | | Reversal of Impairment Loss: Trade Receivables | 3,712 | – | | Reversal of Impairment Loss: Other Receivables | – | 53 | | Others | 52 | (52) | | **Total** | **(1,623)** | **(6,362)** | - Net other losses significantly decreased by **74.49%**, primarily due to a reversal of impairment loss on trade receivables of **RMB 3,712 thousand**[31](index=31&type=chunk) [5. Finance Costs](index=18&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs significantly increased, mainly due to imputed interest on repayment obligations under the debt repayment arrangement scheme Finance Costs Composition (Six Months Ended June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 619 | 2,115 | -70.73% | | Interest on Corporate Bonds Payable | – | 519 | -100% | | Interest on Repayment Obligations under Scheme of Arrangement | 5,634 | 2,441 | +130.89% | | **Total** | **6,253** | **5,075** | **+23.21%** | - Finance costs increased by **23.21%**, primarily driven by a **130.89%** surge in interest on repayment obligations under the debt repayment arrangement scheme[32](index=32&type=chunk) [6. Profit/(Loss) Before Tax](index=19&type=section&id=6.%20Profit%2F(Loss)%20Before%20Tax) For the six months ended June 30, 2025, the company shifted from a profit to a loss before tax, mainly due to increased cost of inventories sold, slightly lower staff costs, and reduced depreciation Profit/(Loss) Before Tax Components (Six Months Ended June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Cost of Inventories Sold | 42,481 | 39,303 | +8.09% | | Total Staff Costs | 3,143 | 3,420 | -8.09% | | Depreciation of Property, Plant and Equipment | 782 | 1,271 | -38.47% | | Depreciation of Right-of-Use Assets | 26 | 29 | -10.34% | | Auditor's Remuneration | – | 111 | -100% | - Total staff costs decreased by **8.09%**, primarily due to lower salaries, wages, other benefits, and contributions to defined contribution retirement plans[33](index=33&type=chunk) - Depreciation of property, plant and equipment decreased by **38.47%**, and depreciation of right-of-use assets decreased by **10.34%**[33](index=33&type=chunk) [7. Income Tax Expense](index=20&type=section&id=7.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was minimal due to no assessable profit for China corporate income tax and no tax payable in Cayman Islands, BVI, or Hong Kong Income Tax Expense (Six Months Ended June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax - China Corporate Income Tax | – | – | | Deferred Tax | – | 64 | | **Total** | **1** | **64** | - The Group's PRC subsidiaries are subject to China Corporate Income Tax at a statutory rate of **25%**, but no provision was made due to no assessable profit for the period[34](index=34&type=chunk) - The Group is not subject to any income tax in the Cayman Islands, British Virgin Islands, and Hong Kong[34](index=34&type=chunk) [8. Dividends](index=21&type=section&id=8.%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[35](index=35&type=chunk) [9. Earnings/(Loss) Per Share](index=21&type=section&id=9.%20Earnings%2F(Loss)%20Per%20Share) For the six months ended June 30, 2025, the company reported a basic loss per share of **RMB (0.61)**, compared to a basic profit per share of **RMB 2.4** in the prior year, with no diluted effect - Basic loss per share for the first half of 2025 was **RMB (0.61)**, compared to a basic profit per share of **RMB 2.4** in the corresponding period of 2024[36](index=36&type=chunk) - Diluted earnings per share were not presented for both periods as the exercise price of share options was higher than the average market price of shares, thus having no dilutive effect[37](index=37&type=chunk) [9(a) Basic Earnings/(Loss) Per Share](index=21&type=section&id=9(a)%20Basic%20Earnings%2F(Loss)%20Per%20Share) This section details the calculation of basic earnings or loss per share, based on the period's profit or loss and weighted average number of shares - Basic loss per share for the six months ended June 30, 2025, was **RMB (0.61)**[36](index=36&type=chunk) - The calculation is based on a loss attributable to equity holders of the Company of **RMB 9,054 thousand** and a weighted average of **1,474,993 thousand** ordinary shares outstanding[36](index=36&type=chunk) [9(b) Diluted Earnings/(Loss) Per Share](index=21&type=section&id=9(b)%20Diluted%20Earnings%2F(Loss)%20Per%20Share) This section explains why diluted earnings or loss per share were not presented, primarily due to the non-dilutive nature of outstanding share options - The calculation of diluted earnings/(loss) per share did not assume the exercise of the Company's outstanding share options because their exercise price was higher than the average market price of the shares during both periods presented[37](index=37&type=chunk) - Diluted earnings per share were not presented for the six months ended June 30, 2025, and 2024, as there were no outstanding potential ordinary shares[37](index=37&type=chunk) [10. Property, Plant and Equipment](index=21&type=section&id=10.%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, depreciation expense for property, plant and equipment was **RMB 782 thousand**, a decrease from the prior year - For the six months ended June 30, 2025, depreciation of property, plant and equipment amounted to **RMB 782 thousand**[38](index=38&type=chunk) - Depreciation expense decreased by **38.47%** from **RMB 1,271 thousand** in the corresponding period of 2024[38](index=38&type=chunk) [11. Right-of-Use Assets](index=21&type=section&id=11.%20Right-of-Use%20Assets) During this interim period, the Group did not enter into any new lease agreements - During this interim period, the Group did not enter into any new lease agreements[39](index=39&type=chunk) [12. Trade and Other Receivables](index=22&type=section&id=12.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables significantly increased, primarily due to a substantial rise in trade receivables aged 4 to 6 months Trade and Other Receivables (As of June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable | 41,380 | 26,136 | | Bills Receivable from Banks | 3,041 | 1,633 | | Other Receivables | 1,326 | 1,860 | | **Total** | **45,747** | **29,629** | - Total trade and other receivables increased by **54.39%** compared to December 31, 2024[40](index=40&type=chunk) [12(a) Trade Receivables and Bills Receivable](index=22&type=section&id=12(a)%20Trade%20Receivables%20and%20Bills%20Receivable) This section provides an aging analysis of trade receivables and bills receivable, showing a significant increase in the 4 to 6 months aging category Aging Analysis of Trade Receivables and Bills Receivable (As of June 30) | Aging | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 4,561 | 9,460 | | 1 to 3 months | 6,225 | 9,222 | | 4 to 6 months | 30,594 | 7,454 | | **Total** | **41,380** | **26,136** | - Trade receivables and bills receivable aged 4 to 6 months significantly increased from **RMB 7,454 thousand** as of December 31, 2024, to **RMB 30,594 thousand** as of June 30, 2025[40](index=40&type=chunk) - The Group grants an average credit period of **30 to 180 days** to its customers[40](index=40&type=chunk) [12(b) Bills Receivable from Banks](index=22&type=section&id=12(b)%20Bills%20Receivable%20from%20Banks) This section details the increase in bills receivable from banks, noting that all bills are aged within 180 days - Bills receivable from banks increased from **RMB 1,633 thousand** as of December 31, 2024, to **RMB 3,041 thousand** as of June 30, 2025[40](index=40&type=chunk) - All bills receivable from banks are aged within **180 days**[41](index=41&type=chunk) [13. Trade and Other Payables](index=23&type=section&id=13.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased, with all amounts reclassified as current liabilities, indicating no non-current portion Trade and Other Payables (As of June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 27,916 | 31,633 | | Contract Liabilities | 14,126 | 14,522 | | Accrued Interest on Other Borrowings | 3,156 | 3,455 | | Other Accrued Expenses | 2,417 | 3,414 | | Staff-related Costs Payable | 9,908 | 9,827 | | Other Payables | 24,979 | 20,189 | | **Total** | **82,502** | **83,040** | - As of June 30, 2025, all trade and other payables are classified as current liabilities, with the non-current portion being zero (compared to **RMB 3,296 thousand** as of December 31, 2024)[42](index=42&type=chunk) - Trade payables aged over **3 months** constitute the largest portion, amounting to **RMB 25,171 thousand**[42](index=42&type=chunk) [14. Scheme of Arrangement Liabilities](index=24&type=section&id=14.%20Scheme%20of%20Arrangement%20Liabilities) The debt repayment arrangement scheme, effective March 12, 2024, aims to restructure company debt through initial and annual cash payments, with potential new share issuance for remaining claims; initial and 2024 annual payments have been made - The Scheme of Arrangement became effective on March 12, 2024, aiming to restructure the Company's overall indebtedness[44](index=44&type=chunk) - The scheme includes an initial cash payment (1% of admitted claims) and annual cash payments from 2024 to 2028 (the higher of **HK$5 million/HK$10 million** or a percentage of audited consolidated net profit for the relevant financial year)[44](index=44&type=chunk) - If cash payments are insufficient to settle all claims, the Company is required to allot and issue new shares to the scheme creditors[45](index=45&type=chunk) [15. Share Capital](index=25&type=section&id=15.%20Share%20Capital) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged Share Capital Composition (As of June 30) | Category | Number of Shares (thousand shares) | Par Value of Shares (HKD thousand) | Carrying Amount (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized Share Capital | 5,000,000 | 5,000 | - | | Issued and Fully Paid | 1,474,993 | 1,475 | 1,216 | - As of June 30, 2025, the total number of issued and fully paid shares was **1,474,993 thousand**, with a carrying amount of **RMB 1,216 thousand**, consistent with December 31, 2024[46](index=46&type=chunk) [16. Contingent Liabilities](index=25&type=section&id=16.%20Contingent%20Liabilities) As of June 30, 2025, the Group faces a local Chinese court lawsuit for a construction design contract balance, but management deems the plaintiff's success highly unlikely - The Group received notice from a local Chinese court regarding a lawsuit filed by a Chinese third party against its subsidiary, Chengdu Yiming Investment Management Co., Ltd., and its controlling shareholder, claiming approximately **RMB 4,656 thousand** for a construction design contract balance[47](index=47&type=chunk) - After considering independent legal advice, the Group's management believes the plaintiff's chances of success are remote[47](index=47&type=chunk) [Management Discussion and Analysis](index=26&type=section&id=Management%20Discussion%20and%20Analysis) Provides management's perspective on the Group's financial performance, operational results, and future outlook for the reporting period [Business Review](index=26&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Group continued to focus on its pharmaceutical distribution and manufacturing businesses in China - The Group remains committed to its pharmaceutical distribution and manufacturing businesses in China[48](index=48&type=chunk) [Revenue](index=26&type=section&id=Revenue) For the six months ended June 30, 2025, the Group recorded total revenue of **RMB 48.7 million**, a slight decrease of approximately **0.28%** from the prior year - The Group's total revenue was **RMB 48.7 million**, a slight decrease of approximately **0.28%** from **RMB 48.8 million** in the corresponding period last year[49](index=49&type=chunk) [Cost of Sales, Gross Profit and Gross Margin](index=26&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%20and%20Gross%20Margin) For the six months ended June 30, 2025, increased cost of sales led to a significant decline in gross profit and gross margin, primarily due to rising costs and intensified competition - Cost of sales increased by approximately **8.09%** to **RMB 42.5 million**[50](index=50&type=chunk) - Gross profit decreased by approximately **34.8%** to **RMB 6.2 million**, with gross margin falling from **19.5%** to **12.8%**[50](index=50&type=chunk) - The decline in gross profit and gross margin was mainly due to rising costs and intense competition in the pharmacy distribution industry[50](index=50&type=chunk) [Other Income and Net Other Losses](index=26&type=section&id=Other%20Income%20and%20Net%20Other%20Losses) For the six months ended June 30, 2025, net other losses significantly decreased, primarily due to improvements in impairment losses on trade receivables and prepayments - Net other losses were **RMB 1.6 million**, a significant reduction from **RMB 6.4 million** in the corresponding period of 2024[51](index=51&type=chunk) - This primarily includes impairment losses on trade and other receivables, and prepayments and deposits paid[51](index=51&type=chunk) [Selling and Distribution Expenses](index=27&type=section&id=Selling%20and%20Distribution%20Expenses) For the six months ended June 30, 2025, selling and distribution expenses decreased by approximately **30.3%**, attributed to strict cost control policies and reduced sales and promotional activities - Selling and distribution expenses decreased by approximately **30.3%** to **RMB 2.4 million**[52](index=52&type=chunk) - The reduction is due to the Group's strict cost control policies and fewer sales and promotional activities during the review period[52](index=52&type=chunk) [General and Administrative Expenses](index=27&type=section&id=General%20and%20Administrative%20Expenses) For the six months ended June 30, 2025, general and administrative expenses decreased by approximately **21.6%**, mainly due to the absence of legal and professional fees from prior period's trading resumption and debt restructuring - General and administrative expenses decreased by approximately **21.6%** to **RMB 5.7 million**[53](index=53&type=chunk) - The decrease is primarily due to the absence of legal and professional fees incurred in the corresponding period of 2024 for handling the application for resumption of trading and debt restructuring[53](index=53&type=chunk) [Finance Costs](index=27&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs increased by approximately **23.2%**, primarily due to imputed interest on repayment obligations under the debt repayment arrangement scheme - Finance costs increased by approximately **23.2%** to **RMB 6.3 million**[54](index=54&type=chunk) - The increase in finance costs is mainly attributable to imputed interest arising from repayment obligations under the Scheme of Arrangement for the six months ended June 30, 2025[54](index=54&type=chunk) [Profit/(Loss) for the Period](index=27&type=section&id=Profit%2F(Loss)%20for%20the%20Period) For the six months ended June 30, 2025, the Group shifted from a profit to a loss, primarily due to the absence of a one-off debt restructuring gain from the prior period - The Group's loss for the six months ended June 30, 2025, was approximately **RMB 9.1 million**[55](index=55&type=chunk) - This compares to a profit of **RMB 35.5 million** in the corresponding period last year, marking a shift from profit to loss[55](index=55&type=chunk) - Primarily due to a one-off gain of **RMB 47.4 million** from debt restructuring in the corresponding period of 2024, which was absent in the current period[55](index=55&type=chunk) [Future Prospects](index=27&type=section&id=Future%20Prospects) As China's economy recovers, the company anticipates increased market demand and competition, focusing on enhancing production and distribution capabilities to capitalize on opportunities - Market demand is expected to rebound, but the number of competitors in the market will also increase[56](index=56&type=chunk) - Management will focus on enhancing its production and distribution capabilities to seize business opportunities arising from market recovery[56](index=56&type=chunk) [Liquidity, Financial and Capital Resources](index=28&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2025, the Group saw a significant decrease in cash and cash equivalents, increased net current liabilities, and a lower current ratio, indicating heightened liquidity pressure; 100,000,000 share options also expired - Total cash and cash equivalents were **RMB 3.6 million**, a significant decrease from **RMB 16.0 million** as of December 31, 2024[57](index=57&type=chunk) - Net current liabilities of **RMB 29.5 million** were recorded, and the current ratio decreased from **1.01** as of December 31, 2024, to **0.75**[57](index=57&type=chunk) - **100,000,000** share options expired and lapsed on May 25, 2025, with no outstanding share options as of June 30, 2025[58](index=58&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no other significant contingent liabilities beyond those disclosed in Note 16 to the condensed consolidated interim financial statements - As of June 30, 2025, the Group had no other material contingent liabilities apart from those disclosed in Note 16 to the condensed consolidated interim financial statements[59](index=59&type=chunk) [Exchange Rate Risk](index=28&type=section&id=Exchange%20Rate%20Risk) The Group faces no significant exchange rate risk as most assets, transactions, and domestic operational expenditures are denominated and paid in RMB - Most of the Group's assets and transactions are denominated in RMB, and its domestic operational expenditures are primarily paid from RMB-denominated operating income[60](index=60&type=chunk) - Consequently, the Group does not face any significant foreign exchange risk[60](index=60&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) Presents additional disclosures including material investments, human resources, dividends, corporate governance, and shareholding information [Material Investments, Acquisitions and Disposals](index=29&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group did not undertake any material investments, acquisitions, or disposals requiring disclosure under the Listing Rules - For the six months ended June 30, 2025, the Group did not undertake any material investments, acquisitions, or disposals requiring disclosure under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[61](index=61&type=chunk) [Human Resources](index=29&type=section&id=Human%20Resources) As of June 30, 2025, the Group's headcount slightly increased, while total staff costs decreased; the company prioritizes attracting, developing, and retaining talent through competitive compensation and training - As of June 30, 2025, the Group employed **106** staff members (December 31, 2024: **97**)[62](index=62&type=chunk) - For the six months ended June 30, 2025, total staff costs were **RMB 3.1 million** (corresponding period of 2024: **RMB 3.4 million**)[62](index=62&type=chunk) - The Group is committed to attracting, developing, and retaining talented employees by offering continuous advancement opportunities, a positive work environment, competitive remuneration, and incentives[62](index=62&type=chunk) [Dividends](index=30&type=section&id=Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[63](index=63&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The company is committed to high corporate governance standards and complies with the Corporate Governance Code, but no new directors' and officers' liability insurance arrangements were made after the prior policy expired - The Company has adopted and complied with the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules[64](index=64&type=chunk) - Following the expiry of the previous directors' and officers' liability insurance on December 6, 2024, the Company has not made any new insurance arrangements for potential legal actions against its directors[64](index=64&type=chunk) - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the Corporate Governance Code[65](index=65&type=chunk) [Audit Committee](index=30&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews financial and accounting policies, oversees internal controls and risk management, and has reviewed the interim financial statements - The Audit Committee comprises three Independent Non-Executive Directors: Ms. Li Yan (Chairperson), Professor Lou Zhenye, and Mr. Wang Dongyuan[66](index=66&type=chunk) - Its primary responsibilities include assisting the Board in independently reviewing and overseeing the Group's financial and accounting policies, and supervising financial controls, internal controls, and risk management systems[66](index=66&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group with the Company's management and has reviewed the condensed consolidated interim financial statements for the six months ended June 30, 2025[66](index=66&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=31&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025 - All Directors have confirmed their compliance with the relevant provisions of the Model Code for the six months ended June 30, 2025[67](index=67&type=chunk) [Share Option Scheme](index=31&type=section&id=Share%20Option%20Scheme) The company's 2015 Share Option Scheme expired on May 25, 2025; no options were granted, exercised, or cancelled during the reporting period, and no options were outstanding at period-end - The Share Option Scheme, effective for ten years from May 26, 2015, expired and lapsed on May 25, 2025[68](index=68&type=chunk) - For the six months ended June 30, 2025, **100,000,000** share options lapsed, and no share options were granted, exercised, or cancelled under the Share Option Scheme[69](index=69&type=chunk)[73](index=73&type=chunk) - As of June 30, 2025, no share options granted under the Share Option Scheme were available for issuing securities[69](index=69&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or Any Associated Corporation](index=34&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20Any%20Associated%20Corporation) As of June 30, 2025, no directors or chief executives held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations - As of June 30, 2025, no Directors or chief executives of the Company had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[77](index=77&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=34&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the review period, no rights were granted or exercised by any director, their spouse, or minor children to acquire shares or debentures of the company - During the review period, no rights were granted to any Director or their respective spouse or minor children to acquire benefits by purchasing shares or debentures of the Company, nor were any such rights exercised[78](index=78&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company](index=35&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Gabo Limited and its controlled entity interest holder, Mr. Chen Yanfei, were substantial shareholders, holding **51.05%** and **51.97%** of the issued share capital, respectively; other parties also held interests in pledged shares Substantial Shareholders' Long Positions in Shares (As of June 30, 2025) | Name of Shareholder | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Gabo Limited | Beneficial Owner | 753,040,000 | 51.05% | | Mr. Chen Yanfei | Interest in Controlled Corporation | 753,040,000 | 51.05% | | | Beneficial Owner | 13,560,000 | 0.92% | | | **Total** | **766,600,000** | **51.97%** | Other Persons' Long Positions in Shares (As of June 30, 2025) | Name of Shareholder | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Win Win Stable No. 3 Fund SP | Person having a security interest in shares | 753,040,000 | 51.05% | | Zhongtai Innovation Capital Management Limited | Investment Manager | 753,040,000 | 51.05% | | Mr. Ma Demin | Agent | 753,040,000 | 51.05% | | Mr. Li Yinglin | Agent | 753,040,000 | 51.05% | - **753,040,000** shares (approximately **51.05%** of the issued share capital) were pledged by Gabo Limited to Win Win Stable No. 3 Fund SP, with Mr. Ma Demin and Mr. Li Yinglin acting as joint and several receivers and managers[80](index=80&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=37&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[81](index=81&type=chunk) [Changes in Directors' Information](index=37&type=section&id=Changes%20in%20Directors'%20Information) Independent Non-Executive Director Mr. Xu Qilin retired on June 26, 2025, and committee roles for Mr. Wang Dongyuan and Professor Lou Zhenye were adjusted - Independent Non-Executive Director Mr. Xu Qilin retired on June 26, 2025[82](index=82&type=chunk) - Mr. Wang Dongyuan was appointed Chairman of the Nomination Committee and a member of the Audit and Remuneration Committees; Professor Lou Zhenye was appointed a member of the Nomination and Corporate Governance Committees[82](index=82&type=chunk) - Independent Non-Executive Director Mr. Wang Dongyuan resigned as an independent non-executive director of Honglong China Real Estate Group Co., Ltd. effective June 27, 2025[82](index=82&type=chunk) [Company's Registered Office](index=37&type=section&id=Company's%20Registered%20Office) The company's registered office service provider in the Cayman Islands terminated services on July 22, 2025, and the Board is seeking a new provider - The Company's registered office service provider in the Cayman Islands terminated its services to the Company on July 22, 2025[83](index=83&type=chunk) - The Board is currently seeking another service provider to provide registered office services to the Company as soon as possible[83](index=83&type=chunk) [Events After the Reporting Period](index=37&type=section&id=Events%20After%20the%20Reporting%20Period) The Board is unaware of any significant events occurring after June 30, 2025, up to the date of this interim report - The Board is not aware of any significant events occurring after June 30, 2025, and up to the date of this interim report[84](index=84&type=chunk)

Group 1 - The article provides an overview of the investment activities of Hong Kong-listed companies on August 11, 2025, including new stock activities, earnings announcements, shareholder meetings, and dividend distributions [1] Group 2 - New stock activities include companies such as ZhiNuo Pharmaceutical-B (currently in the IPO process) and Zhonghui Biotechnology-B (listing date) [1] - Earnings announcements are scheduled for companies like Baosheng International, Yuanyuan Group, and Kang Shifu Holdings among others [1] - Shareholder meetings will be held for companies including Huatai Textile, Shandong Gold, and Sichuan Chengyu Expressway [1] - Dividend distributions are noted for companies like Jianbei Miao Miao and Kangnait Optical, with specific ex-dividend and payment dates mentioned [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 公司名稱: 百信國際控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00574 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.001 HKD | | | 5,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.001 HKD ...

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。 格隆汇7月31日丨百信国际(00574.HK)公告，根据其对集团截至2025年6月30日止6个月("该期间")未经审 核综合管理账目初步评估及董事会现时可得资料，预期集团于该期间将录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。 ...

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]