Group 1 - The core point of the news is that Link Health Biotechnology Group has signed a strategic cooperation agreement with Sinovac Biotech, granting Sinovac exclusive commercialization rights for the osteoporosis treatment drug, Bogu Tai, in six countries [1] - Bogu Tai is a new generation osteoporosis treatment drug that promotes bone formation and increases bone density, specifically designed for postmenopausal women at high risk of fractures [1] - The cooperation area has over 10 million osteoporosis patients, with a market size of nearly $1.5 billion, providing significant opportunities for Bogu Tai to enter these unmet market needs [1] Group 2 - Since its launch in China in March 2024, Bogu Tai has achieved remarkable success, with revenue growth of 248.9% year-on-year in the first half of 2025 [1] - The partnership is seen as a key milestone in Sinovac's global expansion strategy, reinforcing its position in the osteoporosis treatment market and delivering long-term value to shareholders [2] - The competitive pricing strategy is expected to yield higher profit margins for Bogu Tai, with revenue realization anticipated by the end of 2026 [1]

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 布 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 UNI-BIO SCIENCE GROUP LIMITED 聯 康 生 物 科 技 集 團 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：0690） 自願性公佈 科 興 製 藥（ 股 票 代 碼 ： 688136.SH ）是 一 家 領 先 的 創 新 型 跨 國 生 物 製 藥 企 業 ， 其 設 立 並 運 營 6 家 海 外 子 公 司和 辦 事 處 ， 已 通 過 歐盟 、 巴 西 、 菲 律 賓 、 印度 尼 西 亞 等 全球幾十個國家和地區的市場准入並實現銷售。 聯康生物科技集團通過戰略合作拓展博固泰®全球市場 香港，二零二五年九月十二日 — 聯康生物科技集團有限公司（「本公司」），連同其 附屬公司統稱（「本集團」）董事會（「董事會」）欣然宣佈，其全資子公司北京博康健基 因科技有限公司（「北京博康健」）與科興生 ...

格隆汇9月10日丨海尔智家(00690.HK)公告，9月10日耗资532万元回购A股股份20万股，每股回购价 26.58-26.64元。 ...

致：香港交易及結算所有限公司 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8月31日 狀態: 新提交 | 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) | 00690 | 說明 | 聯康生物科技集團 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 HKD | | 0.01 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 500,000,000,000 HKD | | 0.01 | HKD | | 5,000,000,000 | 本月底法定/註冊股本總額： HKD 5,000,000,000 第 1 頁 共 11 頁 v 1. ...

Core Viewpoint - The company reported a 13.4% year-on-year increase in revenue, reaching approximately HKD 310 million for the period ending June 30, 2025, alongside a record half-year profit of about HKD 76 million, reflecting a 12.7% year-on-year growth [1] Financial Performance - Revenue increased by 13.4% year-on-year to approximately HKD 310 million [1] - Half-year profit reached approximately HKD 76 million, marking a 12.7% year-on-year growth [1] - Earnings per share rose to approximately HKD 0.0127, reflecting a year-on-year increase of 16.5% [1] Strategic Focus - The company is refocusing its R&D strategy on the field of regenerative medicine [1] - It is exploring partnerships with leading regenerative medicine research institutions in China to develop innovative therapies utilizing growth factors and regenerative medicine technologies [1] - The aim is to leverage complementary strengths to accelerate research progress and further solidify the company's leadership position in biopharmaceutical innovation [1]

Core Viewpoint - 联康生物科技集团 reported a revenue of HKD 310 million for the first half of 2025, representing a year-on-year growth of 13.4% [1] - The net profit reached HKD 75.955 million, marking a year-on-year increase of 12.7% [1] - The basic earnings per share stood at HKD 0.0127 [1] Revenue Growth Drivers - The increase in profit is attributed to the expansion of the company's sales channels and the growing demand for 博固泰 [1] - There is sustained market interest in the company's existing pharmaceutical products [1] Strategic Focus - The results reflect the company's focus on operational efficiency, strict cost control, and precise commercial execution [1] - This strategic approach has further solidified the company's trajectory of sustained profit growth and long-term value creation [1]

Core Viewpoint - The company reported a revenue of HKD 310 million for the first half of 2025, reflecting a year-on-year growth of 13.4% and a net profit of HKD 75.955 million, which is a 12.7% increase compared to the previous year, indicating strong operational performance and market demand for its products [1] Group 1 - The revenue growth is attributed to the expansion of the company's sales channels and the increasing demand for its product, Bogu Tai [1] - The sustained interest in the company's marketed drugs also contributed to the profit increase [1] - The company's focus on operational efficiency, strict cost control, and precise business execution strategies has proven effective in reinforcing its trajectory of continuous profit growth and long-term value creation [1]

```markdown Interim Results Announcement Summary [Financial Highlights](index=1&type=section&id=1.1%20%E8%B4%A2%E5%8A%A1%E4%BA%AE%E7%82%B9) In the first half of 2025, the Group achieved double-digit growth in both revenue and profit, setting a new half-year profit record, reflecting successful product commercialization and operational efficiency H1 2025 Financial Highlights | Metric | H1 2025 (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | Revenue | 310.2 | 13.4% | | Half-Year Profit | 76.0 | 12.7% | [Product Performance Highlights](index=2&type=section&id=1.2%20%E4%BA%A7%E5%93%81%E8%A1%A8%E7%8E%B0%E4%BA%AE%E7%82%B9) Core products **Bogutai®** and **Geneptin®** performed strongly, with **Bogutai®** revenue significantly increasing and **Geneptin®** benefiting from retail channel expansion H1 2025 Key Product Revenue Growth | Product | H1 2025 Revenue (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | Bogutai® | 65.6 | 248.9% | | Geneptin® | 107.8 | 18.1% | - **Geneptin®** growth primarily attributed to breakthroughs in retail channels in H1 **2025**, especially rapid expansion in e-commerce and chain pharmacies[2](index=2&type=chunk) [Improved Financial Position](index=3&type=section&id=1.3%20%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%94%B9%E5%96%84) The Group's financial position significantly improved, with enhanced liquidity, increased operational efficiency, and a healthier capital structure H1 2025 Key Financial Indicators Improvement | Metric | End of 2024 | June 30, 2025 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 2.58 times | 3.40 times | Improved | | Cash Conversion Cycle | 124 days | 79 days | Improved | | Debt-to-Equity Ratio | 58.9% | 45.2% | Decreased | [New Product Approvals and Strategic Milestones](index=3&type=section&id=1.4%20%E6%96%B0%E4%BA%A7%E5%93%81%E6%89%B9%E5%87%86%E4%B8%8E%E6%88%98%E7%95%A5%E9%87%8C%E7%A8%8B%E7%A2%91) The Group achieved significant product launch approvals in ophthalmology and antifungal therapy, strategically entering the integrated 'pharmaceuticals, medical devices, and medical aesthetics' sector - Second ophthalmic product **Genecon®** (Diquafosol Sodium Ophthalmic Solution) received **NMPA** marketing approval, expected to be among the first **BFS** Diquafosol Sodium formulations in China[3](index=3&type=chunk) - Marketing application for Isavuconazonium Sulfate Capsules accepted by **NMPA**, with approval expected in H2 **2026**, marking significant progress in the antifungal therapy field[3](index=3&type=chunk) - Officially launched **Jiyantai®** high-end series **GeneQueens™** and medical device brand **Jinyinfu®**, entering the integrated "pharmaceuticals, medical devices, and medical aesthetics" sector[3](index=3&type=chunk) [R&D Strategy Reshaping](index=3&type=section&id=1.5%20%E7%A0%94%E5%8F%91%E7%AD%96%E7%95%A5%E9%87%8D%E5%A1%91) The Group is refocusing its R&D strategy on regenerative medicine and seeking industry-academia-research collaborations to solidify its leadership in biopharmaceutical innovation - R&D strategy refocused on regenerative medicine, exploring industry-academia-research collaborations with leading Chinese research institutions[3](index=3&type=chunk) Key Financial Summary [Key Financial Indicators](index=3&type=section&id=2.1%20%E5%85%B3%E9%94%AE%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the Group achieved revenue and pre-tax profit growth, despite a slight decrease in gross margin, while cash, current, and debt-to-equity ratios improved, indicating enhanced financial health H1 2025 Key Financial Indicators | Metric (thousand HKD) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 310,225 | 273,615 | +13.4% | | Gross Profit | 254,084 | 230,588 | +10.2% | | R&D Expenses (incl. capitalized) | 13,634 | 23,312 | -41.5% | | Profit Before Tax | 78,649 | 71,543 | +9.9% | | EBITDA | 92,120 | 82,734 | +11.3% | | Gross Margin (%) | 81.9% | 84.3% | -2.4pp | | R&D Expenses as % of Revenue (%) | 4.4% | 8.5% | -4.1pp | | Cash Ratio (times) | 1.69 | 0.53 | +1.16 | | Current Ratio (times) | 3.40 | 2.58 | +0.82 | | Trade Payables Turnover Days (days) | 51 | 49 | +2 | | Trade Receivables Turnover Days (days) | 46 | 34 | +12 | | Inventory Turnover Days (days) | 84 | 139 | -55 | | Debt-to-Equity Ratio (%) | 45.2% | 58.9% | -13.7pp | | Total Asset Turnover Ratio (%) | 55.8% | 106.8% | -51.0pp | [Segment Financial Data](index=4&type=section&id=2.2%20%E5%88%86%E9%83%A8%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) In the first half of 2025, biopharmaceutical sales revenue significantly increased, while chemical drug sales revenue decreased H1 2025 Financial Data by Reportable Segment | Metric (thousand HKD) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue from Sales of Listed Biopharmaceuticals and Chemical Drugs | 310,225 | 273,615 | 13.4% | | Cost of Sales | (56,141) | (43,027) | 30.5% | | Gross Profit | 254,084 | 230,588 | 10.2% | | Selling and Distribution Expenses | (131,679) | (117,046) | 12.5% | | R&D Costs | (13,634) | (20,890) | -34.7% | | Profit Before Tax | 78,649 | 71,543 | 10.0% | Management Discussion and Analysis [Market Review](index=5&type=section&id=3.1%20%E5%B8%82%E5%9C%BA%E5%9B%9E%E9%A1%B5) China's pharmaceutical market continues to grow with policy support, accelerating innovative drug approvals and world-class R&D, while the medical aesthetics market rapidly expands, providing a solid foundation for the company's development - China's pharmaceutical market size is projected to grow from **RMB 1,733.9 billion** in **2024** to **RMB 3,318.5 billion** by **2035**[7](index=7&type=chunk) - In H1 **2025**, China had **43** innovative drugs approved for launch, a **59%** year-on-year increase, almost matching the **2024** full-year total[7](index=7&type=chunk) - In H1 **2025**, **50%** of new drug molecules entering human clinical trials globally originated from China; China's innovative drug pipeline accounts for approximately one-third of the global total[8](index=8&type=chunk) - In H1 **2025**, the total value of outbound licensing deals by Chinese pharmaceutical companies reached **USD 48 billion**, representing **32%** of global drug licensing transactions[8](index=8&type=chunk) - China's medical aesthetics market reached **RMB 309.2 billion** in **2024**, growing by **16%** year-on-year, with rapid expansion in the minimally invasive sector driving demand for pre- and post-procedure care products[9](index=9&type=chunk) [Company Overview](index=6&type=section&id=3.2%20%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88) **Uni-Bioscience Group** is a fully integrated biopharmaceutical company focused on developing regenerative therapies in orthopedics, ophthalmology, dermatology, and medical aesthetics using novel synthetic biotechnology, with a full value chain platform covering R&D, production, and sales - Company focuses on utilizing novel synthetic biotechnology to develop next-generation regenerative therapies for orthopedics, ophthalmology, dermatology, and medical aesthetics[10](index=10&type=chunk) - Established a fully integrated business platform covering R&D, production, manufacturing, sales and distribution, and medical-grade skincare raw materials[10](index=10&type=chunk) - As of June **30**, **2025**, six products were on the market: **Geneptin®**, **Geneshu®**, **Pinapu®**, **Boshutai®**, **Bogutai®**, and **Jiyantai®**[10](index=10&type=chunk) [Major Achievements in H1](index=6&type=section&id=3.3%20%E4%B8%8A%E5%8D%8A%E5%B9%B4%E9%87%8D%E5%A4%A7%E6%88%90%E5%B0%B1) In H1 2025, the Group made significant product pipeline progress, strengthening its profitability and R&D-driven biopharmaceutical position, fulfilling its commitment to product diversification [Bogutai® Market Growth](index=6&type=section&id=3.3.1%20%E5%8D%9A%E5%9B%BA%E6%B3%B0%C2%AE%E5%B8%82%E5%9C%BA%E5%A2%9E%E9%95%BF) **Bogutai®** has gained increasing market recognition since its launch, achieving a significant **248.9%** revenue growth through academic promotion and channel development, substantially expanding patient coverage - **Bogutai®** revenue significantly increased by **248.9%** year-on-year, with market coverage expanded to over **120** cities nationwide[12](index=12&type=chunk)[13](index=13&type=chunk) - Accumulated over **8,000** new patients and over **6,000** returning patients, reflecting high clinical penetration and strong patient adherence[13](index=13&type=chunk) [Genecon® Approved for Launch](index=7&type=section&id=3.3.2%20%E9%87%91%E5%9B%A0%E5%BA%B7%C2%AE%E8%8E%B7%E6%89%B9%E4%B8%8A%E5%B8%82) **Genecon®** (Diquafosol Sodium Ophthalmic Solution) received **NMPA** approval, marking a key milestone for the Group's ophthalmic portfolio, expected to be among the first **BFS** Diquafosol Sodium products, ensuring market penetration through strategic partnerships and sales team expansion - **Genecon®** (Diquafosol Sodium Ophthalmic Solution) received **NMPA** marketing approval on May **21**, **2025**, as the Group's second ophthalmic drug, used to improve tear film stability and repair corneal epithelial damage in dry eye patients[14](index=14&type=chunk) - **Genecon®** is expected to be among the first **BFS** Diquafosol Sodium products approved for launch, featuring a preservative-free, single-dose packaging design[15](index=15&type=chunk) - Strategic partnerships established with **API** suppliers, and sales team expanded to integrate online and offline channel resources, covering hospitals, pharmacies, and major e-commerce platforms[15](index=15&type=chunk) [GeneQueens™ and Jinyinfu® Enter Medical Aesthetics](index=7&type=section&id=3.3.3%20GeneQueens%E2%84%A2%E5%8F%8A%E9%87%91%E5%9B%A0%E6%95%B7%C2%AE%E8%BF%9B%E5%86%9B%E5%8C%BB%E7%BE%8E) The Group officially launched **Jiyantai®** high-end series **GeneQueens™** and medical device brand **Jinyinfu®**, marking a strategic expansion into the integrated 'pharmaceuticals, medical devices, and medical aesthetics' sector, aiming to provide full-cycle skin health solutions - On June **27**, **2025**, officially launched **Jiyantai®** high-end series **GeneQueens™** and medical device brand **Jinyinfu®**, strategically entering the integrated "pharmaceuticals, medical devices, and medical aesthetics" sector[16](index=16&type=chunk) - **GeneQueens™** focuses on skin repair and anti-aging, while **Jinyinfu®** product line focuses on post-procedure recovery, utilizing high-purity, non-sensitizing formulations and advanced cooling technology[16](index=16&type=chunk) - **Jiyantai®** showcased research findings on "Efficacy of Fibronectin in Repairing Skin Barrier Damage After Medical Aesthetic Procedures" in collaboration with Southern Medical University Dermatology Hospital at **CSD2025**[17](index=17&type=chunk) [R&D and Pipeline Progress](index=8&type=section&id=3.4%20%E7%A0%94%E5%8F%91%E5%8F%8A%E7%AE%A1%E7%BA%BF%E8%BF%9B%E5%B1%95) The Group strategically upgraded its R&D focus, leveraging synthetic biotechnology as a driver for regenerative medicine innovation, concentrating on key therapeutic areas like bone, ocular, and skin regeneration, and actively advancing multiple patented biopharmaceutical developments [R&D Strategy Upgrade](index=8&type=section&id=3.4.1%20%E7%A0%94%E5%8F%91%E7%AD%96%E7%95%A5%E5%8D%87%E7%BA%A7) The Group positions synthetic biotechnology as the core driver for developing innovative regenerative medicine products, focusing on key therapeutic areas such as bone, ocular, and skin regeneration, and actively collaborating with industry and academic partners - R&D positioning upgraded, explicitly defining synthetic biotechnology as the driving force for developing innovative and patented regenerative medicine products[18](index=18&type=chunk) - Key focus on bone regeneration (e.g., **PTH**-mediated bone formation, **BMP–2**-induced osteogenesis), ocular regeneration (e.g., **EGF**-promoted corneal repair), and skin regeneration (e.g., growth factor-activated tissue repair)[18](index=18&type=chunk) - Actively collaborating with industry and academic partners to advance innovative drugs and therapies within the regenerative medicine framework[18](index=18&type=chunk) [Patented Biopharmaceutical Pipeline](index=9&type=section&id=3.4.2%20%E4%B8%93%E5%88%A9%E7%94%9F%E7%89%A9%E8%8D%AF%E5%93%81%E7%AE%A1%E7%BA%BF) The Group possesses multiple patented biopharmaceutical products at various development stages, covering bone, ocular, skin, and muscle regeneration fields Patented Biopharmaceutical Pipeline Overview | Product/Ingredient | Indication | Discovery | Pre-clinical | Phase I | Phase II | Phase III | NDA | Marketed | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Bone Regeneration** | | | | | | | | | | **Uni-PTH** (Microneedle) | Osteoporosis | ✔ | ✔ | | | | | | | **UB107** (Class III Medical Device) | Bone Repair | ✔ | ✔ | | | | | | | **Ocular Regeneration** | | | | | | | | | | **UB102** | Macular Degeneration | ✔ | | | | | | | | **EGF** (Single-dose Ophthalmic Solution) | Corneal Repair | ✔ | ✔ | CTE | CTE | CTE | | | | **Skin Regeneration** | | | | | | | | | | **EGF** (Hydrogel) | Wound Healing | ✔ | ✔ | | | | | | | **Muscle Regeneration** | | | | | | | | | | **UB106** (Long-acting) | Obesity | ✔ | ✔ | | | | | | [Uni-PTH (Bogutai®) Innovative Formulation](index=9&type=section&id=3.4.3%20Uni-PTH%20(%E5%8D%9A%E5%9B%BA%E6%B3%B0%C2%AE)%20%E5%88%9B%E6%96%B0%E9%85%8D%E6%96%B9) **Uni-PTH** (Teriparatide) is an innovative biopharmaceutical for osteoporosis, with the second-generation **Bogutai®** successfully launched in China, and the third-generation microneedle form under development, with active preparations for US market entry - **Uni-PTH** (Recombinant Human Parathyroid Hormone **1–34**) is an effective anabolic agent for osteoporosis and bone pain, rapidly improving bone quality and restoring bone mineral density[21](index=21&type=chunk) - Second-generation **Uni-PTH** (**Bogutai®** pre-filled injection pen) approved by **NMPA** in January **2024**, China's first disposable injection pen, featuring high dosage accuracy and minimal injection pain[22](index=22&type=chunk) - Actively preparing **Uni-PTH** for **US FDA** submission, with approval expected before **2027**, becoming the Group's first biopharmaceutical product to enter international markets[22](index=22&type=chunk) - Third-generation microneedle form of **Uni-PTH** is under development, offering non-invasive, painless, and high patient compliance advantages, collaborating with a leading domestic microneedle technology company to develop biodegradable soluble Teriparatide microneedles[23](index=23&type=chunk) [UB107 Bone Repair Biomaterial](index=10&type=section&id=3.4.4%20UB107%20%E9%AA%A8%E4%BF%AE%E5%A4%8D%E7%94%9F%E7%89%A9%E6%9D%90%E6%96%99) **UB107** (**BMP–2** biomedical material) is a key growth factor in bone repair; the Group has established **API** production and is developing an innovative sustained-release hydrogel, its first Class III medical device candidate, expected to be approved within four years - **UB107** (**BMP–2** biomedical material) is a key growth factor in regenerative medicine, used for bone defect reconstruction and spinal fusion surgery[24](index=24&type=chunk) - The Group successfully established **BMP–2** active pharmaceutical ingredient (**API**) production process using the **ECO-KSFA®** technology platform and is developing an innovative sustained-release hydrogel formulation[24](index=24&type=chunk) - As the first Class III medical device candidate, targeting various orthopedic applications, market authorization is expected within **four** years[24](index=24&type=chunk) - Actively exploring the combination of **BMP–2** with stem cell technology for innovative osteoarthritis treatment, potentially offering new regenerative medical solutions[25](index=25&type=chunk) [UB102 wAMD Multispecific™ Molecule](index=11&type=section&id=3.4.5%20UB102%20wAMD%E5%A4%9A%E7%89%B9%E4%BD%93%E2%84%A2%E5%88%86%E5%AD%90) **UB102** is a bispecific nanobody for wet age-related macular degeneration (**wAMD**), demonstrating superior inhibition and higher affinity via a dual-targeting approach, potentially extending treatment intervals and addressing significant market demand - **UB102** (bispecific nanobody) is a promising candidate for treating wet age-related macular degeneration (**wAMD**), capable of simultaneously blocking two pro-angiogenic receptors[26](index=26&type=chunk) - Preliminary in vitro studies show **UB102** has significantly higher affinity for **VEGF-A** and **Ang–2**, which is expected to translate into significant efficacy and extended treatment intervals[26](index=26&type=chunk) - The number of **wAMD** cases in China is projected to reach **4.8 million** by **2030**, indicating huge market demand[27](index=27&type=chunk) [EGF (Geneshu®) Innovative Specifications](index=11&type=section&id=3.4.6%20EGF%20(%E9%87%91%E5%9B%A0%E8%88%92%C2%AE)%20%E5%88%9B%E6%96%B0%E8%A7%84%E6%A0%BC) **Geneshu®** is a prescription biopharmaceutical for corneal repair; the Group has approved **API** capacity expansion and is accelerating development of next-generation **Geneshu®** products, including **0.5mL** single-dose and **3mL** multi-dose preservative-free **BFS** formulations, with **NMPA** submission expected in **2026** - **Geneshu®** is a prescription biopharmaceutical for corneal repair, widely used in post-operative corneal wound healing and dry eye syndrome treatment[28](index=28&type=chunk) - **API** capacity expansion approved by **NMPA** in July **2025**, enabling development of more **EGF** products with new packaging specifications and expanded clinical indications[28](index=28&type=chunk) - Utilizing the newly commissioned **BFS** production line in Dongguan to accelerate development of next-generation **Geneshu®** products, including **0.5mL BFS** single-dose and **3mL BFS** multi-dose preservative-free formulations, with supplementary **NMPA** approval submission expected in **2026**[29](index=29&type=chunk) [Epidermal Growth Factor (Geneptin®) Hydrogel](index=12&type=section&id=3.4.7%20%E8%A1%A8%E7%9A%AE%E7%94%9F%E9%95%BF%E5%9B%A0%E5%AD%90%20(%E9%87%91%E5%9B%A0%E8%82%BD%C2%AE)%20%E6%B0%B4%E5%87%9D%E8%83%B6) The Group is developing a novel topical thermosensitive hydrogel formulation for **Geneptin®** to address the wide spray coverage of traditional solutions; this gel effectively fills wounds, forms a barrier, accelerates healing, and explores **bFGF** combination for superior clinical outcomes - The Group is developing a novel topical thermosensitive hydrogel for **Geneptin®**, addressing the issue of excessive spray coverage with traditional solution formulations[30](index=30&type=chunk) - The thermosensitive hydrogel remains liquid at low temperatures and solidifies at room temperature, offering excellent fluidity to effectively fill wounds, form a barrier, and reduce infection risk[30](index=30&type=chunk) - Preliminary efficacy trials demonstrate that the thermosensitive hydrogel provides sustained action, effectively achieves moist healing, accelerates wound closure, and reduces scar formation[31](index=31&type=chunk) - Collaborating with leading regenerative medicine research institutions to explore thermosensitive hydrogel formulations combining **EGF** and **bFGF** for superior clinical outcomes[31](index=31&type=chunk) [UB106 Novel Target Antibody for Obesity](index=13&type=section&id=3.4.8%20UB106%20%E8%82%A5%E8%83%96%E7%97%87%E6%96%B0%E9%9D%B6%E7%82%B9%E6%8A%97%E4%BD%93) The Group collaborates with **Greater Bay Bio** and **Tigermed** to develop innovative weight-loss drug **UB106**, aiming to address side effects and limitations of existing obesity treatments with novel targeted antibodies, leveraging **AI** to accelerate R&D and commercialization - In May **2024**, partnered with **Greater Bay Bio** (**GBB**) and **TigerMed Pebble Accelerator** (under **Tigermed**) to jointly develop innovative weight-loss drug **UB106**[33](index=33&type=chunk) - Aims to address gastrointestinal side effects, pancreatitis, increased suicide risk, weight regain after discontinuation, muscle loss, and frequent dosing requirements of existing obesity treatments through novel targeted antibodies[34](index=34&type=chunk) - Utilizes **AI** technology for molecular screening and affinity maturation to accelerate the R&D process[33](index=33&type=chunk) [Advanced Skincare Ingredients](index=13&type=section&id=3.4.9%20%E5%85%88%E8%BF%9B%E6%8A%A4%E8%82%A4%E5%8E%9F%E6%96%99) The Group is leveraging synthetic biology to develop various advanced new skincare ingredients, including cosmetic peptides, collagen, microbiome skincare, and stem cell exosome products, aiming for rapid commercialization to meet functional skincare market demands Advanced Skincare Ingredients Pipeline Overview | Product/Ingredient | Discovery | Product Development | Formulation Development | Marketed | | :--- | :--- | :--- | :--- | :--- | | Collagen | ✔ | ✔ | ✔ | | | Cosmetic Peptides | ✔ | ✔ | ✔ | | | Microbiome Skincare Products | ✔ | ✔ | | | | Stem Cell Exosome Products | ✔ | ✔ | ✔ | | [Collagen](index=14&type=section&id=3.4.9.1%20%E8%83%B6%E5%8E%9F%E8%9B%8B%E7%99%BD) The Group is actively developing collagen skincare products, having successfully obtained Class II medical device approval for recombinant collagen dressings, and collaborating with multiple companies on innovative formulations and applications - Collagen is the most abundant protein in the human body, widely used for moisturizing, maintaining skin barrier, and anti-aging[37](index=37&type=chunk) - In **2024**, recombinant collagen dressing, a strategic collaboration with Chongqing Minji Medical Device Co, Ltd, successfully obtained Class II medical device approval[37](index=37&type=chunk) [Cosmetic Peptides](index=14&type=section&id=3.4.9.2%20%E7%BE%8E%E5%AE%B9%E8%82%BD) The Group leverages clinical-grade peptide manufacturing experience and recombinant **DNA** technology to develop cosmetic peptide products, with the first product, Conopeptide, expected in **2026**, focusing on anti-wrinkle, anti-aging, whitening, and anti-allergic effects - Product line focuses on anti-wrinkle, anti-aging, whitening, and anti-allergic cosmetic benefits[38](index=38&type=chunk) - Recombinant **DNA** methods are superior to chemical manufacturing techniques in terms of cost, environmental impact, and development time[38](index=38&type=chunk) - Preliminary development of the first cosmetic peptide product, Conopeptide, has been completed, with launch expected in **2026**[38](index=38&type=chunk) [Microbiome Skincare Products](index=14&type=section&id=3.4.9.3%20%E5%BE%AE%E7%94%9F%E6%80%81%E6%8A%A4%E8%82%A4%E5%93%81) The Group applies synthetic biology to develop probiotic-fermented microbiome skincare products, aiming to balance skin flora, repair barriers, and promote wound healing, with the first product expected in **2026** - Microbiome skincare products, derived from probiotic fermentation, balance beneficial skin flora, repair the skin barrier, promote wound healing, and reduce **UV** damage[39](index=39&type=chunk) - The first microbiome skincare product, developed in collaboration with the Hong Kong Nano and Advanced Materials Institute, is expected to launch in **2026**[39](index=39&type=chunk) [Stem Cell Exosome Products](index=15&type=section&id=3.4.9.4%20%E5%B9%B2%E7%BB%86%E8%83%9E%E5%A4%96%E6%B3%8C%E4%BD%93%E4%BA%A7%E5%93%81) The Group is developing medical device products combining fibronectin and exosome technologies for wound healing and medical aesthetics, with support from the Hong Kong Science Park research fund - Exosomes are nanoscale bioactive substances involved in various skin biological and cellular activities; stem cell-derived exosomes promote skin regeneration, collagen synthesis, and help reduce scar formation[40](index=40&type=chunk) - This project, supported by the Hong Kong Science Park research fund, will combine fibronectin and exosome technologies to develop medical device products for wound healing and medical aesthetics[40](index=40&type=chunk) [High-Value Generics and Bioequivalence Studies](index=15&type=section&id=3.4.10%20%E9%AB%98%E4%BB%B7%E5%80%BC%E4%BB%BF%E5%88%B6%E8%8D%AF%E5%8F%8A%E7%94%9F%E7%89%A9%E7%AD%89%E6%95%88%E6%80%A7%E7%A0%94%E7%A9%B6) The Group continues to invest in high-value generics, particularly the antifungal drug Isavuconazonium Sulfate Capsules, whose marketing application has been accepted and is expected to be approved in H2 **2026** to meet growing market demand [Isavuconazonium Sulfate Capsules](index=15&type=section&id=3.4.10.1%20%E7%A1%AB%E9%85%B8%E8%89%BE%E6%B2%99%E5%BA%B7%E5%94%91%E8%83%B6%E5%9B%8A) The marketing application for Isavuconazonium Sulfate Capsules has been accepted by the **NMPA**, with approval expected in H2 **2026**, offering safer, more effective, and high-quality treatment for invasive fungal infections, benefiting from medical insurance coverage - The global antifungal drug market is projected for significant growth, with China's market size expected to reach **RMB 30 billion** by **2030**, at a **CAGR** exceeding **10%**[42](index=42&type=chunk) - Isavuconazonium Sulfate Capsules are a novel triazole antifungal drug, the only one indicated for invasive aspergillosis and invasive mucormycosis[42](index=42&type=chunk) - China sales exceeded **RMB 3.6 billion** in **2024**, a year-on-year increase of over **50%**, and it has been included in national medical insurance coverage[42](index=42&type=chunk) - In July **2025**, the **NMPA** officially accepted the marketing application for Isavuconazonium Sulfate Capsules, with approval expected in H2 **2026**[43](index=43&type=chunk) Performance Review [Overall Performance](index=16&type=section&id=4.1%20%E6%95%B4%E4%BD%93%E4%B8%9A%E7%BB%A9) Group revenue increased by **13.4%** to **HKD 310.2 million**, profit for the period grew by **12.7%** to **HKD 76.0 million**, and **EPS** rose by **16.5%** to **1.27 HK cents**, reflecting successful product commercialization, cost-effectiveness, and efficient management execution H1 2025 Overall Performance Overview | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | Revenue | 310.2 | 273.6 | 13.4% | | Cost of Sales | 56.1 | 43.0 | 30.5% | | Gross Profit | 254.1 | 230.6 | 10.2% | | Gross Margin | 81.9% | 84.3% | -2.4pp | | R&D Expenses | 7.3 | 20.9 | -34.7% | | Profit for the Period | 76.0 | 67.4 | 12.7% | | EPS | 1.27 HK cents | 1.09 HK cents | 16.5% | - Gross margin decline primarily due to **Bogutai®** being in early commercialization, with relatively lower production and sales volumes leading to higher costs[45](index=45&type=chunk) [Sales of Listed Products](index=16&type=section&id=4.2%20%E4%B8%8A%E5%B8%82%E4%BA%A7%E5%93%81%E9%94%80%E5%94%AE) The Group's six listed products contributed to total revenue during the period, with **Geneptin®**, **Pinapu®**, and **Bogutai®** being the main income sources, and **Bogutai®** and **Boshutai®** achieving strong growth H1 2025 Revenue Contribution by Listed Products | Product | Share of Total Revenue | | :--- | :--- | | Geneptin® | 35.1% | | Geneshu® | 6.0% | | Pinapu® | 36.3% | | Boshutai® | 2.3% | | Bogutai® | 19.9% | | Jiyantai® | 0.4% | [Geneptin®](index=16&type=section&id=4.2.1%20%E9%87%91%E5%9B%A0%E8%82%BD%C2%AE) As a flagship product, **Geneptin®** revenue grew by **18.1%** year-on-year, primarily due to rapid expansion in retail channels (e-commerce and chain pharmacies), now covering over **6,000** chain pharmacies nationwide Geneptin® Sales Performance | Metric | H1 2025 (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | Revenue | 107.8 | 18.1% | - Growth attributed to breakthroughs and rapid expansion in retail channels (especially e-commerce and chain pharmacies), now distributed to over **6,000** chain pharmacies nationwide[48](index=48&type=chunk) [Geneshu®](index=17&type=section&id=4.2.2%20%E9%87%91%E5%9B%A0%E8%88%92%C2%AE) **Geneshu®** revenue slightly decreased by **2.1%**; the Group is actively expanding its market share in chain pharmacies and preparing for medical insurance coverage to drive future growth Geneshu® Sales Performance | Metric | H1 2025 (million HKD) | Y-o-Y Change | | :--- | :--- | :--- | | Revenue | 18.5 | -2.1% | - The Group is actively introducing **Geneshu®** into chain pharmacies and preparing for its inclusion in medical insurance coverage by the end of **2025**[49](index=49&type=chunk) [Pinapu®](index=17&type=section&id=4.2.3%20%E5%8C%B9%E7%BA%B3%E6%99%AE%C2%AE) **Pinapu®** revenue decreased by **22.7%**, mainly due to local policy changes; the Group is adopting a more selective hospital supply strategy and actively expanding its pharmacy network and optimizing the supply chain to maintain profitability Pinapu® Sales Performance | Metric | H1 2025 (million HKD) | Y-o-Y Change | | :--- | :--- | :--- | | Revenue | 108.9 | -22.7% | - Revenue decline primarily due to adapting to local policy changes, with the Group adopting a more selective approach to hospital supply[50](index=50&type=chunk) - The Group is actively expanding its pharmacy network beyond traditional hospital channels and optimizing the supply chain to enhance profitability[50](index=50&type=chunk) [Boshutai®](index=17&type=section&id=4.2.4%20%E5%8D%9A%E8%88%92%E6%B3%B0%C2%AE) **Boshutai®** revenue surged by **84.8%**, driven by successful inclusion in the Henan **17**-province alliance centralized procurement, inventory reduction, and a lower base in the prior year, with more centralized procurement product deliveries expected in H2 Boshutai® Sales Performance | Metric | H1 2025 (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | Revenue | 6.1 | 84.8% | - Successfully included in the Henan **17**-province alliance centralized procurement, with many provincial hospitals beginning procurement[51](index=51&type=chunk) [Bogutai®](index=18&type=section&id=4.2.5%20%E5%8D%9A%E5%9B%BA%E6%B3%B0%C2%AE) **Bogutai®** revenue surged by **248.9%**, primarily due to a lower base last year and continuous market building and promotion efforts, successfully establishing a broad and deep market network through a professional direct sales team and academic activities Bogutai® Sales Performance | Metric | H1 2025 (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | Revenue | 65.6 | 248.9% | - Growth primarily attributed to a lower base last year (launched in March **2024**) and continuous market building and promotion effectiveness[52](index=52&type=chunk) - Positioned for top-tier tertiary hospital channels, strengthening brand awareness through a professional direct sales team and academic activities, and expanding the national market distribution network[53](index=53&type=chunk) [Jiyantai®](index=18&type=section&id=4.2.6%20%E8%82%8C%E9%A2%9C%E6%80%81%C2%AE) **Jiyantai®**, a newly launched medical aesthetics product utilizing proprietary **Skbrella™ FN** technology, achieved a robust market response of **HKD 1.3 million** in its initial phase; the Group is accelerating the launch of diversified medical aesthetics products to expand its business footprint Jiyantai® Sales Performance | Metric | H1 2025 (million HKD) | | :--- | :--- | | Revenue | 1.3 | - Developed using proprietary **Skbrella™ FN** (recombinant human fibronectin) technology to improve skin quality and accelerate repair[54](index=54&type=chunk) - Achieved a robust market response through promotional activities since its launch in December **2024**[54](index=54&type=chunk) Financial Performance Review [Revenue](index=19&type=section&id=5.1%20%E8%90%A5%E4%B8%9A%E9%A2%9D) The Group's revenue reached **HKD 310.2 million** in H1 **2025**, a **13.4%** year-on-year increase, primarily driven by growing product demand H1 2025 Revenue | Metric | H1 2025 (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | Revenue | 310.2 | 13.4% | [Biopharmaceutical and Chemical Drug Sales](index=19&type=section&id=5.2%20%E7%94%9F%E7%89%A9%E8%8D%AF%E5%93%81%E4%B8%8E%E5%8C%96%E5%AD%A6%E8%8D%AF%E5%93%81%E9%94%80%E5%94%AE) Biopharmaceutical sales significantly increased by **51.3%**, accounting for **62.9%** of total sales and becoming the main growth driver, while chemical drug sales decreased H1 2025 Biopharmaceutical and Chemical Drug Sales | Product Category | H1 2025 (million HKD) | Y-o-Y Growth/Change | % of Total Sales | | :--- | :--- | :--- | :--- | | Biopharmaceuticals | 195.2 | 51.3% | 62.9% | | Chemical Drugs | 115.0 | -20.5% | 37.1% | [Gross Profit and Gross Margin](index=19&type=section&id=5.3%20%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit increased by **10.2%** to **HKD 254.1 million**, but gross margin decreased by **2.4** percentage points to **81.9%**, mainly due to product mix changes and higher initial commercialization costs for new product **Bogutai®** H1 2025 Gross Profit and Gross Margin | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Y-o-Y Growth/Change | | :--- | :--- | :--- | :--- | | Gross Profit | 254.1 | 230.6 | 10.2% | | Gross Margin | 81.9% | 84.3% | -2.4pp | - Gross margin decline primarily stemmed from product mix changes (reduced contribution from high-margin products) and higher costs due to small production scale during the early commercialization of new product **Bogutai®**[58](index=58&type=chunk) [Selling and Distribution Expenses](index=20&type=section&id=5.4%20%E9%94%80%E5%94%AE%E5%8F%8A%E5%88%86%E9%94%80%E5%BC%80%E6%94%AF) Selling and distribution expenses increased by **12.5%** to **HKD 131.7 million**, primarily for **Bogutai®** brand building and market promotion, though its proportion of revenue slightly decreased H1 2025 Selling and Distribution Expenses | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Y-o-Y Growth | % of Revenue | | :--- | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 131.7 | 117.0 | 12.5% | 42.4% | - Growth primarily due to increased investment in academic and market promotion activities for **Bogutai®** brand building[59](index=59&type=chunk) [R&D Expenses](index=20&type=section&id=5.5%20%E7%A0%94%E5%8F%91%E8%B4%B9%E7%94%A8) R&D expenses decreased by **34.7%** to **HKD 13.6 million**, mainly due to the completion of several development project milestones. H2 R&D expenses are expected to increase with continued investment in regenerative medicine innovation H1 2025 R&D Expenses | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | R&D Expenses | 13.6 | 20.9 | -34.7% | - Decrease primarily due to the completion of several development project milestones, including the submission of the Isavuconazonium Sulfate Capsules project application[60](index=60&type=chunk) - R&D expenses are expected to increase in H2, driven by the **Uni-PTH** development project for the **US** market, with continued increased investment in innovative R&D in regenerative medicine[60](index=60&type=chunk) [General and Administrative Expenses](index=20&type=section&id=5.6%20%E4%B8%80%E8%88%AC%E5%8F%8A%E8%A1%8C%E6%94%BF%E5%BC%80%E6%94%AF) General and administrative expenses increased by **27.4%** to **HKD 30.2 million**, primarily due to the hiring of staff for technology transfer following the completion of the new Dongguan plant H1 2025 General and Administrative Expenses | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Y-o-Y Growth | % of Revenue | | :--- | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 30.2 | 23.7 | 27.4% | 9.7% | - Growth primarily due to the hiring of staff for technology transfer following the completion of the new Dongguan plant[61](index=61&type=chunk) [Other Income](index=20&type=section&id=5.7%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A) Other income decreased by **19.3%** to **HKD 4.4 million**, primarily attributed to a reduction in **CMO** business H1 2025 Other Income | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Other Income | 4.4 | 5.5 | -19.3% | - Decrease primarily attributed to a reduction in **CMO** business[62](index=62&type=chunk) [Profit for the Period](index=21&type=section&id=5.8%20%E6%9C%9F%E5%86%85%E6%BA%A2%E5%88%A9) Profit for the period increased by **12.7%** to **HKD 76.0 million**, driven by sales channel expansion, increased **Bogutai®** demand, and continued focus on listed drugs, reflecting the company's strategic effectiveness in operational efficiency, cost control, and commercial execution H1 2025 Profit for the Period | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | | Profit for the Period | 76.0 | 67.4 | 12.7% | - Growth primarily due to sales channel expansion, increased **Bogutai®** demand, and continued focus on listed drugs[63](index=63&type=chunk) [Financial Position](index=21&type=section&id=5.9%20%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The Group's financial position continues to strengthen, with significant improvements in cash, current, and debt-to-equity ratios, and a shortened cash conversion cycle, indicating enhanced liquidity, operational efficiency, and a healthier capital structure H1 2025 Financial Position Improvement | Metric | End of 2024 | June 30, 2025 | Change | | :--- | :--- | :--- | :--- | | Cash Ratio | 0.53 times | 1.69 times | Improved | | Current Ratio | 2.58 times | 3.40 times | Improved | | Cash Conversion Cycle | 124 days | 79 days | Shortened | | Debt-to-Equity Ratio | 58.9% | 45.2% | Decreased | Outlook [Industry Policies and Market Opportunities](index=21&type=section&id=6.1%20%E8%A1%8C%E4%B8%9A%E6%94%BF%E7%AD%96%E4%B8%8E%E5%B8%82%E5%9C%BA%E6%9C%BA%E9%81%87) China's medical device industry is projected for strong growth, with government policies like "China Manufacturing **2025**" and measures supporting high-quality innovative drug development driving sector expansion, commercial health insurance, streamlined approvals, and a focus on innovation-driven enterprises, offering vast market opportunities for the Group - China's medical device industry is expected to grow at a **CAGR** of **8.9%** from **2023** to **2030**[65](index=65&type=chunk) - The Chinese government, through policies like "China Manufacturing **2025**" and "Several Measures to Support High-Quality Development of Innovative Drugs," promotes industry growth, expands commercial health insurance, strengthens drug approval regulations, and prioritizes R&D for pediatric drugs, major chronic diseases, and infectious disease treatments[65](index=65&type=chunk) - The government's national procurement program has been structurally adjusted to emphasize innovation-driven enterprises rather than solely focusing on drug price competition[65](index=65&type=chunk) [Diversification Strategy for Sustainable Development](index=22&type=section&id=6.2%20%E5%A4%9A%E6%A0%B7%E5%8C%96%E6%88%98%E7%95%A5%E7%A1%AE%E4%BF%9D%E5%8F%AF%E6%8C%81%E7%BB%AD%E5%8F%91%E5%B1%95) The Group implements a diversification strategy by strengthening its product pipeline, expanding global markets, pursuing continuous technological innovation, and deepening industry-academia-research collaborations to ensure its leading position and sustainable development in the dynamic pharmaceutical industry - The Group is committed to implementing innovative and diversified strategies across product, channel, and geographical markets to fully support sustainable development[66](index=66&type=chunk) [Robust Product Pipeline and Solid Promotion Plan](index=22&type=section&id=6.2.1%20%E5%BC%BA%E5%8A%B2%E4%BA%A7%E5%93%81%E7%AE%A1%E7%BA%BF%E4%B8%8E%E7%A8%B3%E5%81%A5%E6%8E%A8%E5%B9%BF%E8%AE%A1%E5%88%92) The Group continuously enriches its product portfolio with the launch of **Genecon®**, **GeneQueens™**, **Jinyinfu®**, and the marketing application for Isavuconazonium Sulfate Capsules, while expanding market reach and brand awareness through an omnichannel strategy including direct sales, distributor networks, and online platforms - New ophthalmic drug **Genecon®** has received marketing approval, which will strengthen the ophthalmic product portfolio and become one of the first Diquafosol Sodium products in the market utilizing **BFS** technology[67](index=67&type=chunk) - The launch of **Jiyantai®** high-end series **GeneQueens™** and medical aesthetics repair professional brand **Jinyinfu®** marks a key breakthrough in the medical aesthetics and medical device fields[68](index=68&type=chunk) - The marketing application for Isavuconazonium Sulfate Capsules has been accepted by the **NMPA**, with approval expected in H2 **2026**, which will solidify the Group's leading position in the antifungal market[68](index=68&type=chunk) - Implementing an omnichannel strategy, including a direct sales team, over **175** distributor networks (covering tier-three and tier-four cities), partnerships with **28** large chain pharmacies (covering over **6,000** stores), and flagship stores across all major online sales channels[69](index=69&type=chunk) - **Geneptin®** online sales already account for a major portion of e-commerce revenue, and active preparations are underway for its inclusion in the Guangdong **21**-province alliance centralized procurement[70](index=70&type=chunk) - Medical aesthetics products (**GeneQueens™** and **Jinyinfu®**) have established deep cooperative relationships with renowned medical aesthetics chain institutions and agents, and have received clinical recognition from top-tier tertiary hospitals[71](index=71&type=chunk) [Global Expansion](index=24&type=section&id=6.2.2%20%E5%85%A8%E7%90%83%E6%89%A9%E5%BC%A0) The Group is actively exploring international market opportunities, particularly in the **US**, Middle East, and Southeast Asia, and advancing **Uni-PTH**'s **US FDA** application, with approval expected as early as **2027**, making it the first overseas commercialized product - Actively exploring international market opportunities in regions such as the **US**, Middle East, and Southeast Asia[72](index=72&type=chunk) - Advancing **Uni-PTH**'s **US FDA** application, having obtained bioequivalence trial exemption, with approval expected as early as **2027**, which will be the first overseas commercialized biopharmaceutical product for the Group[72](index=72&type=chunk) [Continuous Technological Innovation and Product Expansion](index=24&type=section&id=6.2.3%20%E6%8C%81%E7%BB%AD%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0%E4%B8%8E%E4%BA%A7%E5%93%81%E6%8B%93%E5%B1%95) The Group has upgraded its R&D strategy, clearly positioning novel synthetic biology as the core driver for next-generation regenerative therapies, focusing on tissue repair and regeneration needs in orthopedics, ophthalmology, dermatology, and medical aesthetics products - R&D strategy upgraded, positioning novel synthetic biology as the core driver for developing next-generation regenerative therapies[73](index=73&type=chunk) - Focusing on areas with urgent tissue repair and regeneration needs, such as orthopedics, ophthalmology, dermatology, and medical aesthetics products[73](index=73&type=chunk) [Industry-Academia-Research Collaborative Innovation](index=24&type=section&id=6.2.4%20%E4%BA%A7%E5%AD%A6%E7%A0%94%E5%8D%8F%E5%90%8C%E5%88%9B%E6%96%B0) The Group is deeply collaborating with leading Chinese regenerative medicine research institutions through industry-academia cooperation programs to advance innovative drug and therapy development, solidifying its leadership in biopharmaceutical innovation - Engaging in deep collaboration with leading Chinese regenerative medicine research institutions to advance the development of innovative drugs and therapeutic solutions[74](index=74&type=chunk) - Driving continuous breakthroughs in regenerative medicine technology through resource sharing and collaborative innovation mechanisms[74](index=74&type=chunk) [Product Innovation Platform Progress](index=25&type=section&id=6.2.5%20%E4%BA%A7%E5%93%81%E5%88%9B%E6%96%B0%E5%B9%B3%E5%8F%B0%E8%BF%9B%E5%B1%95) The Group has established the advanced synthetic biology platform "**ECO-KSFA®** Microprotein Superfactory" and a bio-hydrogel technology platform, providing efficient R&D support for pharmaceuticals, medical devices, and medical aesthetics, and advancing tissue engineering and regenerative therapy technologies [Advanced Synthetic Biology Platform](index=25&type=section&id=6.2.5.1%20%E5%85%88%E8%BF%9B%E5%90%88%E6%88%90%E7%94%9F%E7%89%A9%E5%AD%A6%E5%B9%B3%E5%8F%B0) The Group has established the "**ECO-KSFA®** Microprotein Superfactory," integrating gene editing, **AI**-driven strain screening, vesicle nucleopeptide secretion technology, and continuous fermentation processes to achieve kilogram-scale, high-yield production of high-quality microproteins, filling strategic product portfolio gaps - Established the revolutionary "**ECO-KSFA®** Microprotein Superfactory," capable of efficient large-scale production of microproteins with complex structures[75](index=75&type=chunk) - This platform integrates advanced gene editing, **AI**-driven strain screening, vesicle nucleopeptide secretion technology, and continuous fermentation processes to achieve kilogram-scale, high-yield production[75](index=75&type=chunk) [Bio-Hydrogel Technology Platform](index=25&type=section&id=6.2.5.2%20%E7%94%9F%E7%89%A9%E6%B0%B4%E5%87%9D%E8%83%B6%E6%8A%80%E6%9C%AF%E5%B9%B3%E5%8F%B0) This platform utilizes polymer materials and responsive gel matrices to precisely control biocompatibility, mechanical properties, and dynamic functions, offering innovative regenerative medicine solutions for bone, cartilage, skin, and other tissue defects, already applied in wound healing and bone regeneration - Utilizes polymer materials and advanced responsive gel matrices to precisely control biocompatibility, mechanical properties, and dynamic functions[76](index=76&type=chunk) - Provides innovative regenerative medicine solutions for the repair of bone, cartilage, skin, and other tissue defects[76](index=76&type=chunk) - Currently applied in wound healing and bone regeneration, with future focus on cartilage repair and organ damage recovery[76](index=76&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=6.3%20%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E5%8F%8A%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) As of June **30**, **2025**, the Group's bank deposits, balances, and cash significantly increased, total and current assets grew, current liabilities decreased, and the total liabilities-to-total assets ratio declined, indicating a robust financial position Liquidity and Financial Resources as of June 30, 2025 | Metric (thousand HKD) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank Deposits, Balances & Cash | 170,514 | 65,009 | +105,505 | | Total Assets | 556,047 | 517,552 | +38,495 | | Current Assets | 342,036 | 318,779 | +23,257 | | Current Liabilities | 100,611 | 123,494 | -22,883 | | Total Liabilities to Total Assets Ratio | 31.1% | 37.1% | -6.0pp | [Significant Investments and Future Plans](index=26&type=section&id=6.4%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E5%8F%8A%E6%9C%AA%E6%9D%A5%E8%AE%A1%E5%88%92) For the six months ended June **30**, **2025**, the Group made no significant investments or had future plans regarding significant investments or capital assets - For the six months ended June **30**, **2025**, the Group made no significant investments or had future plans regarding significant investments or capital assets[78](index=78&type=chunk) [Significant Acquisitions and Disposals](index=26&type=section&id=6.5%20%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE) For the six months ended June **30**, **2025**, the Group made no significant acquisitions or disposals of assets, subsidiaries, associates, or joint ventures - For the six months ended June **30**, **2025**, the Group made no significant acquisitions or disposals of assets, subsidiaries, associates, or joint ventures[79](index=79&type=chunk) [Pledge of Assets](index=26&type=section&id=6.6%20%E8%B5%84%E4%BA%A7%E8%B4%A8%E6%8A%BC) As of June **30**, **2025**, the Group's land use rights, buildings, trademarks, and certifications with a combined carrying amount of approximately **HKD 16.1 million** were pledged to banks as collateral for borrowings Pledge of Assets as of June 30, 2025 | Pledged Asset Category | June 30, 2025 Carrying Amount (million HKD) | December 31, 2024 Carrying Amount (million HKD) | | :--- | :--- | :--- | | Land Use Rights, Buildings, Trademarks & Certifications | 16.1 | 15.6 | - Pledged assets serve as collateral for borrowings granted to the Group[80](index=80&type=chunk) [Employment and Remuneration Policies](index=26&type=section&id=6.7%20%E9%9B%87%E4%BD%A3%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June **30**, **2025**, the Group employed **504** staff, offering competitive remuneration, with promotions and salary increases based on performance, and eligible for share options Employee Composition as of June 30, 2025 | Department | Number of Employees | | :--- | :--- | | Total | 504 | | China R&D | 32 | | China Production | 229 | | China Commercial Office | 168 | | HK HQ Managers | 9 | | HK HQ R&D | 4 | - Offers competitive remuneration to attract and retain top talent, with promotions and salary increases determined by performance, and share options may be granted based on individual performance[81](index=81&type=chunk) Corporate Governance and Other Information [Corporate Governance](index=27&type=section&id=7.1%20%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) During the reporting period, the Company consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the **HKEX** Listing Rules - The Company consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the **HKEX** Listing Rules during H1 **2025**[82](index=82&type=chunk) [Standard Code for Securities Transactions](index=27&type=section&id=7.2%20%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E6%A0%87%E5%87%86%E5%AE%88%E5%88%99) The Company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and directors confirmed compliance throughout the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[83](index=83&type=chunk) - Directors have confirmed compliance with the Standard Code throughout H1 **2025**[83](index=83&type=chunk) [Share Buybacks, Sales or Redemptions](index=27&type=section&id=7.3%20%E8%82%A1%E4%BB%BD%E8%B4%AD%E5%9B%9E%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E) 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 shares - 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 shares[84](index=84&type=chunk) [Events After Reporting Period](index=27&type=section&id=7.4%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E4%BA%8B%E9%A1%B9) After the reporting period, the Group extended a **RMB 12.64 million** connected loan to December **31**, **2025**, with an adjusted annual interest rate of **3.1%**; this connected transaction was approved by the Board [Connected Transaction - Extension of Connected Loan](index=27&type=section&id=7.4.1%20%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93%20-%20%E5%85%B3%E8%81%94%E8%B4%B7%E6%AC%BE%E5%BB%B6%E6%9C%9F) On July **28**, **2025**, the Group extended a **RMB 12.64 million** connected loan to December **31**, **2025**, with an adjusted annual interest rate of **3.1%**, secured by pledged patents - On July **28**, **2025**, the Group extended a connected loan of **RMB 12.64 million** to December **31**, **2025**[85](index=85&type=chunk) - The annual interest rate was adjusted to **3.1%**, and these loans remain secured by pledged patents, supporting the borrower's R&D activities[85](index=85&type=chunk) - This connected transaction is disclosable under Chapter **14A** of the Listing Rules but was exempted from shareholder approval and approved by the Board[86](index=86&type=chunk) [Interim Dividend](index=28&type=section&id=7.5%20%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June **30**, **2025** - The Board does not recommend the payment of any interim dividend for the six months ended June **30**, **2025**[89](index=89&type=chunk) [Audit Committee](index=28&type=section&id=7.6%20%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A) The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June **30**, **2025** - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June **30**, **2025**[90](index=90&type=chunk) [Publication of Results](index=28&type=section&id=7.7%20%E4%B8%9A%E7%BB%A9%E5%88%8A%E5%8F%91) This interim results announcement has been published on the **HKEX** and company websites; the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the **HKEX** website (www.hkexnews.hk) and the Company's website (www.uni-bioscience.com)[91](index=91&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=29&type=section&id=8.1%20%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June **30**, **2025**, the Group's revenue was **HKD 310,225 thousand**, profit for the period was **HKD 75,955 thousand**, and basic and diluted earnings per share were **1.27 HK cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric (thousand HKD) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 310,225 | 273,615 | | Gross Profit | 254,084 | 230,588 | | Operating Profit | 79,407 | 71,808 | | Profit Before Tax | 78,649 | 71,543 | | Profit for the Period | 75,955 | 67,382 | | Total Comprehensive Income for the Period | 73,741 | 65,312 | | EPS (HK cents) | 1.27 | 1.09 | [Condensed Consolidated Statement of Financial Position](index=30&type=section&id=8.2%20%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June **30**, **2025**, the Group's total assets were **HKD 556,047 thousand**, net current assets were **HKD 241,425 thousand**, and total equity was **HKD 382,846 thousand** Condensed Consolidated Statement of Financial Position Summary | Metric (thousand HKD) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 214,011 | 198,773 | | Current Assets | 342,036 | 318,779 | | Current Liabilities | 100,611 | 123,496 | | Net Current Assets | 241,425 | 195,283 | | Total Assets Less Current Liabilities | 455,436 | 394,056 | | Non-current Liabilities | 72,590 | 68,411 | | Net Assets | 382,846 | 325,645 | | Total Equity and Reserves | 382,846 | 325,645 | [Condensed Consolidated Statement of Cash Flows](index=32&type=section&id=8.3%20%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June **30**, **2025**, the Group's net cash from operating activities was **HKD 58,282 thousand**, net cash from investing activities was **HKD 86,649 thousand**, and cash and cash equivalents at period-end were **HKD 170,514 thousand** Condensed Consolidated Statement of Cash Flows Summary | Metric (thousand HKD) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 58,282 | 54,062 | | Net Cash Used in Investing Activities | 86,649 | (35,800) | | Net Cash (Used in)/Generated from Financing Activities | (29,064) | 25,329 | | Net Increase in Cash and Cash Equivalents | 115,867 | 43

格隆汇8月18日丨联康生物科技集团(00690.HK)宣布，公司将于2025年8月28日（星期四）于本公司注册 办事处举行董事会会议，以（其中包括）批准本公司及其附属公司截至2025年6月30日止六个月的中期 财务业绩及其发布。 ...

聯 康 生 物 科 技 集 團 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 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就本公佈全部或任 何部分內容或因倚賴該等內容而引致之任何損失承擔任何責任。 UNI-BIO SCIENCE GROUP LIMITED * 僅供識別 （於開曼群島註冊成立之有限公司） 聯康生物科技集團有限公司* 主席 梁國龍 香港，二零二五年八月十八日 於 本公 佈日 期 ，董 事 會包 括四 名 執行 董 事梁 國龍 先 生（ 主 席 ）、陳 大偉 先 生（ 副 主 席 ）、趙 志剛先 生（ 行政 總裁 ）及 聞亞磊 博士（ 首 席營 運官 ）；兩 名非執 行董事 邱國 榮先生及張清女士；及三名獨立非執行董事周啓明先生、任啓民先生及馬青山先 生。 （股份代號：0690） 董事會會議的召開日期 茲通 告聯康 生物 科技集 團有限 公司（「本公 司」）將 於二 零二五 年八月 二十八 日（ 星 期四 ）於本公司註冊辦事處舉行董事會（「董事會」）會議，以（ 其中包括 ）批准本公 ...