Company Overview - Changjiang Life Science Technology Group Limited is listed on the Hong Kong Stock Exchange and is a member of the CK Hutchison Group, focusing on the research, manufacturing, commercialization, promotion, sales, and investment in health, pharmaceuticals, diagnostics, and agriculture-related projects and assets [2]. Stock Performance - As of April 14, the Hang Seng Index rose by 2.4%, closing at 21,417.4 points. Changjiang Life Science Technology's stock closed at HKD 0.71 per share, up 16.39%, with a trading volume of 50.66 million shares and a turnover of HKD 33.68 million, showing a volatility of 16.39% [1]. - Over the past month, Changjiang Life Science Technology has seen a cumulative increase of 10.91%, and a year-to-date increase of 48.78%, outperforming the Hang Seng Index's increase of 4.26% [1]. Financial Performance - For the fiscal year ending December 31, 2024, Changjiang Life Science Technology reported total revenue of CNY 5.114 billion, a year-on-year increase of 3.76%. However, the net profit attributable to shareholders was a loss of CNY 117 million, a significant decrease of 833.65% compared to the previous year [1]. - The company's gross profit margin stands at 30.65%, with a debt-to-asset ratio of 67.45% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 11.13 times, with a median of 4.85 times. In comparison, Changjiang Life Science Technology has a P/E ratio of -46.33 times, ranking 85th in the industry [1]. - Other companies in the industry have the following P/E ratios: Qianjing Pharmaceutical (0.64), Kingsray Biotechnology (0.98), Baixin International (1.49), Dongrui Pharmaceutical (2.78), and Charoen Pokphand International (4.28) [1].

Group 1 - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index rising by 0.56% to close at 20,798.63 points, and the Tech Index increasing by 1.68% to 4,894.48 points [1] - Chip stocks experienced significant gains, with notable increases in individual stocks such as Longi Green Energy rising nearly 23% and Huahong Semiconductor up 19% [1] - Other sectors showed mixed performance, with gold and precious metals rising, automotive stocks recovering, while agricultural stocks continued to decline and duty-free concept stocks lost momentum [1] Group 2 - Individual stock performances included notable gains for companies like Zhongjin Life Science (up nearly 23%), Huahong Semiconductor (up 19%), and Chifeng Jilong Gold (up 13.9%), while companies like Zhaoyan New Drug fell nearly 17% and China Duty Free Group dropped 4.4% [1] - The overall market sentiment reflected a positive trend in the semiconductor sector, indicating potential investment opportunities in this industry [1]

Group 1 - The stock of Changjiang Life Science Technology (00775.HK), owned by Li Ka-shing and Li Zeju, resumed trading today and initially surged over 40% [1] - The stock's gains have since narrowed to below 30% [1]

Group 1 - The company, Changjiang Life Science Technology, has announced promising early results from preclinical laboratory tests of a novel cancer vaccine targeting TROP2, a cell surface glycoprotein overexpressed in various cancers such as breast, lung, pancreatic, and colorectal cancers [1] - TROP2 plays a critical role in cell proliferation, metastasis, and invasion, making it a potential therapeutic target in oncology due to its high expression in cancer cells and minimal presence in normal tissues [1] - The TROP2 cancer vaccine candidate utilizes innovative circular RNA (circRNA) and fusion protein constructs, demonstrating significant tumor growth inhibition in preclinical studies involving over 170 mice, with complete tumor growth suppression observed in all breast cancer studies [1] Group 2 - The incidence of breast cancer, particularly triple-negative breast cancer (TNBC), is rising sharply in Asia, affecting many young women, with higher rates and severity compared to Western countries [2] - The company believes that the TROP2 cancer vaccine shows unprecedented anti-cancer efficacy based on mouse studies and aims to advance it to clinical research stages to provide new treatment options for patients [2] - The company has filed patent applications for the circRNA and fusion protein TROP2 cancer vaccine with the Hong Kong Intellectual Property Department and a provisional patent application with the U.S. Patent and Trademark Office [2] Group 3 - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from 9:00 AM on April 11, 2025 [3]

4月10日，安踏体育（HK02020，股价81.55港元）公告称，附属公司安踏与Topgolf订立了一份有关买卖Callaway Germany Holdco GmbH股本权 益的买卖协议。安踏有条件地同意购入目标公司100%股本权益，基础对价为现金2.9亿美元，加上净营运资金及其他惯常调整项进行调整。预 计本次收购将于2025年第二季末或第三季初完成。目标公司于德国注册成立并在全球经营户外服饰、鞋履及装备专业品牌之一的"Jack Wolfskin"(狼爪)业务。 点评：安踏体育拟以2.9亿美元收购德国户外品牌狼爪，增强其国际市场布局和产品线多样性。投资者应关注此次收购对安踏长期增长的推动 作用，同时评估整合风险，适时调整投资策略。 NO.3 舜宇光学手机镜头3月出货量同比下降16.3% 4月10日，舜宇光学（HK02382，股价62.20港元）公告，2025年3月手机镜头出货量为9431.6万件，同比下降16.3%。车载镜头出货量同比上升 16.5%，环比上升11.5%。此外，显微仪器出货量为2.68万件，同比上涨78.8%，环比上涨46.4%；手机摄像模组出货量为3731.4万件，同比下降 10.9%。 ...

李嘉诚、李泽钜旗下长江生命科技公布，周四（10日）上午9时正起短暂停止买卖，暂未悉因。 ...

智通财经APP获悉，长江生命科技(00775)绩后跌超6%，截至发稿，跌6.67%，报0.56港元，成交546.21 万港元。 港股异动 | 长江生命科技(00775)绩后跌超6% 年度 股东应占亏损1.27亿港元 同比盈转亏 公告称，业绩于2023年至2024年期间由盈转亏，主要归因于两大因素：公司决意加速科研，投资于科研 的支出由2023年1.46亿港元，上升至2024年2.54亿港元，按年增加1.08亿港元；以及葡萄园投资组合(除 具出售协议之物业外)的公平值取得税后贬值，按年减少4040万港元。 消息面上，3月18日，长江生命科技发布截至2024年12月31日止年度业绩，该集团期内取得收入55.23亿 港元，同比增加3.76%；公司股东应占亏损1.27亿港元，去年同期则公司股东应占溢利1725万港元；每 股基本亏损1.32港仙。 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a loss attributable to shareholders of HKD 126.6 million, a decrease of HKD 143.9 million compared to a profit of HKD 17.3 million in 2023[3] - The group reported revenue of HKD 5,522.7 million for 2024, an increase of 3.8% compared to HKD 5,322.7 million in 2023[26] - The group incurred a net loss of HKD 126.6 million in 2024, compared to a profit of HKD 17.3 million in 2023, representing a significant decline[26] - The company reported a total comprehensive income of HKD 109,154,000 for the year, compared to a loss of HKD 677,705,000 in the previous year[34] - The annual loss for the year was HKD 126,554,000, reflecting a significant improvement from the previous year's losses[34] - The company reported a net loss of HKD 126,554,000 for 2024, compared to a profit of HKD 17,250,000 in 2023[56] Research and Development - Research and development expenditure increased from HKD 145.9 million in 2023 to HKD 254.1 million in 2024, representing an annual increase of HKD 18.2 million[5] - The company's therapeutic cancer vaccine, seviprotimut-L, is currently in the final research phase, undergoing trials as an adjuvant therapy for melanoma patients post-surgery[7] - The company plans to accelerate the development of Halneuron® for pain relief, with a Phase II B clinical trial expected to commence in Q1 2025[6] - The company is strategically investing in liquid biopsy testing projects to provide non-invasive and cost-effective cancer detection solutions[8] - Clinical trial and laboratory expenses rose significantly to HKD 160,811,000, up 59.43% from HKD 100,878,000 in 2023[53] Revenue and Profitability by Segment - The agricultural segment's basic profit contribution was HKD 329.3 million, up 4% from 2023, while including fair value changes, profit decreased by 13% year-on-year[12] - The health products business recorded a profit growth of 3% to HKD 292.5 million compared to 2023, despite inflation and economic instability[10] - The health products business generated revenue of HKD 3,451,588,000, up 6.43% from HKD 3,242,902,000 in 2023[49] Assets and Liabilities - Total assets as of December 31, 2024, were approximately HKD 10,788.6 million, with net assets amounting to HKD 3,511.5 million, equivalent to HKD 0.37 per share[18][32] - The group’s bank borrowings totaled HKD 5,474.9 million as of December 31, 2024, with interest expenses amounting to HKD 310.3 million for the year[18] - The net debt to total equity ratio was approximately 58.36% as of December 31, 2024, indicating a significant leverage position[18] - The company’s total assets were reported at HKD 3,511,548,000 as of December 31, 2024, indicating a strategic focus on asset management[34] Employee and Operational Metrics - The total number of full-time employees increased to 2,033 in 2024, up from 1,932 in 2023, with total employee costs rising by 9.5% to HKD 1,237.6 million[23] - Employee costs totaled HKD 1,237.6 million, an increase of 9.46% from HKD 1,130.4 million in 2023[52] Corporate Governance and Compliance - The company adheres to high standards of corporate governance and has implemented various policies to ensure accountability and transparency[68] - The audit committee reviewed the annual performance for the fiscal year ending December 31, 2024, which was audited by Deloitte[69] - The company has adopted new accounting standards with no significant impact on the financial statements for the current and previous periods[38][41] - The company is currently evaluating the impact of upcoming accounting standards on its financial reporting[47] Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.008 per share, totaling HKD 76,889,000[34] - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with 2023[57] Market and Regional Performance - Revenue for the Asia-Pacific region in 2024 was HKD 2,813,144, a decrease of 0.8% from HKD 2,836,964 in 2023[64] - North America revenue increased by 9.0% to HKD 2,708,189 in 2024 from HKD 2,484,602 in 2023[64] - Non-current assets in the Asia-Pacific region decreased to HKD 4,359,585 in 2024 from HKD 4,968,452 in 2023, a decline of 12.3%[64] - Non-current assets in North America increased slightly to HKD 3,217,387 in 2024 from HKD 3,185,542 in 2023, an increase of 1.0%[64] Strategic Initiatives - The Australian Agribusiness implemented cost-cutting measures and product adjustments to mitigate the impact of material price fluctuations and high market inventory[14] - Vitaquest achieved progress in acquiring new customers and expanding production capacity, enhancing production efficiency through better supplier selection[10] - The group has not engaged in any major acquisitions or disposals during the year[20] - The group’s capital commitments totaled HKD 64.4 million as of December 31, 2024, primarily for machinery and vineyard maintenance[22] - The group conducted scenario analysis to assess risks and opportunities related to climate change, enhancing transparency and risk mitigation strategies[15] Upcoming Events - The annual general meeting for the fiscal year 2025 is scheduled for May 22, 2025[74]

Financial Performance - For the six months ended June 30, 2024, CK Life Sciences reported a profit attributable to shareholders of approximately HKD 1 million, a decrease of 97% compared to HKD 35.9 million in the same period last year[8]. - The company's pre-tax profit, before deducting financial costs, was HKD 174.5 million, largely offset by financial costs of HKD 169.5 million[8]. - The company announced no interim dividend for the year 2024, consistent with 2023[8]. - The health products segment reported a profit of HKD 156.4 million, slightly up from HKD 155 million last year, despite ongoing cost pressures from inflation[15]. - Agricultural-related business profits decreased to HKD 134 million from HKD 159 million last year, impacted by high inventory and a one-time gain from water rights sale last year[16]. - The company reported a significant increase in revenue, achieving a total of $X million for the quarter, representing a Y% growth year-over-year[26]. - The company reported a decrease in operational costs by J%, improving overall profitability[26]. - The profit before tax for the six months ended June 30, 2024, was HKD 4.99 million, a significant decrease of 91.2% from HKD 56.9 million in the prior year[37]. - The net profit for the period was HKD 1.0 million, down 97.3% from HKD 36.9 million in the same period of 2023[40]. - Revenue for the six months ended June 30, 2024, was HKD 2,635.9 million, a slight increase of 2.2% from HKD 2,579.1 million in the same period of 2023[37]. Research and Development - CK Life Sciences is focused on research and development of breakthrough cancer therapies and early cancer detection solutions[10]. - The therapeutic cancer vaccine, seviprotimut-L, is in the final research phase and aims to serve as an effective adjuvant therapy for melanoma patients post-surgery[11]. - The company is expanding its therapeutic cancer vaccine research projects, with promising preclinical results presented at the AACR annual meeting in April, focusing on KRAS and PD-L1[12]. - Halneuron® has received FDA and Health Canada approval for Phase III clinical trials targeting chemotherapy-induced neuropathic pain (CINP), with ongoing Phase IIB trials in South Korea, Canada, and the US[13]. - The company is strategically investing in Pharus, Inc. to develop innovative, non-invasive liquid biopsy tests for early detection of pancreatic and lung cancers[14]. - The company plans to increase investment in research and development, particularly for the third phase of the Polynoma clinical trial, despite rising financial costs[18]. - Research and development expenditures for the period amounted to approximately HKD 72.9 million[34]. Assets and Liabilities - As of June 30, 2024, the group's total assets amounted to approximately HKD 10,888.5 million, including bank deposits and fixed deposits of about HKD 549.2 million[31]. - The group's total liabilities were HKD 6,874.5 million, with bank borrowings of HKD 5,470.0 million primarily used for acquiring overseas businesses and providing general working capital[31]. - The net debt to total equity ratio was approximately 55.07% as of June 30, 2024[31]. - The group's total capital commitments as of June 30, 2024, were HKD 85.4 million, mainly for the purchase of machinery and equipment, and vineyard maintenance[34]. - The total interest expense on bank borrowings for the six months ended June 30, 2024, was HKD 158.7 million[31]. - Current liabilities increased to HKD 2,877.2 million from HKD 2,100.6 million, reflecting a 37% rise[41]. - The total equity as of June 30, 2024, was HKD 4,014.0 million, down from HKD 4,189.3 million at the end of 2023[42]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adhered to all relevant codes and best practices[73]. - The company has implemented various governance policies, including anti-fraud and anti-bribery policies, to ensure accountability and transparency[73]. - The company emphasizes the importance of a high-quality board and robust internal controls as part of its governance framework[73]. - The board consists of ten members, including five executive directors, ensuring over one-third are independent non-executive directors as of June 30, 2024[74]. - The audit committee, composed entirely of independent non-executive directors, reviewed the interim report for the six months ending June 30, 2024[78]. - The company has established an internal audit mechanism to continuously assess risk management and internal control systems, focusing on high-risk business activities[77]. - The remuneration committee, primarily composed of independent non-executive directors, is responsible for recommending compensation policies for all directors and senior management[79]. - The nomination committee evaluates the board's structure and diversity, ensuring independent non-executive directors' independence and proposing appointments[80]. Market and Economic Conditions - The global economy is experiencing a slowdown, with trade protectionism, currency fluctuations, and high inflation contributing to uncertainty[83]. - Labor market changes are causing high employee turnover rates, complicating recruitment and training efforts[84]. - Supply chain disruptions are affecting raw material supply and transportation, leading to increased costs and delivery unpredictability[85]. - The company faces intense competition and rapid technological advancements in its operational markets, which may negatively impact its business and financial performance[86]. - The group faces significant risks from industry trends, including high inflation and interest rates, which may adversely affect its business and financial condition[90]. - Financial costs are expected to increase due to high interest rates, impacting the group's financial situation[90]. - The ongoing effects of the COVID-19 pandemic may still impact the group's business and operational performance, depending on various factors including the severity and duration of any future outbreaks[106]. Risks and Challenges - The company must comply with extensive government regulations regarding product development and safety, which can be lengthy and costly[88]. - The success of the company is partly dependent on obtaining and enforcing patent rights, which may face challenges from third parties[89]. - Currency fluctuations may affect the group's financial condition and potential income, as subsidiaries may operate in different currencies[93]. - The group may face challenges in renewing or refinancing bank loans, which could impact liquidity[91]. - Climate change poses risks to the group's assets and operations, affecting product demand, supply, quality, and prices, particularly in agriculture-related sectors[103]. - The group operates in regions prone to natural disasters, which could significantly disrupt operations and adversely affect financial performance[105].

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文件的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全 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。 (於開曼群島註冊成立之有限公司) (股份代號：0775) 二零二四年中期業績 二零二四年中期業績 截至二零二四年六月三十日止六個月，長江生命科技集團有限公司（「長江生命 科技」或「公司」）錄得未經審核股東應佔溢利約港幣一百萬元，較去年同期下 跌百分之九十七（港幣三千五百九十萬元）。然而，未扣除財務成本之稅前溢利 實為港幣一億七千四百五十萬元，惟當中大部分被港幣一億六千九百五十萬元之 財務成本所抵銷。 董事會宣佈不派發二零二四年度中期股息（二零二三年：無）。 結算日後事項 長江生命科技於結算日後公佈，出售位於澳洲新南威爾士省瑞福利納（Riverina） 地區的 Balranald 葡萄園土地及用水許可證。瑞福利納地區屬內陸葡萄酒產區， 由於葡萄出口下降，當中尤以出口至中國為甚，導致葡萄供應過剩，業務因而受 影響。交易完成後，本公司預期將錄得約八百二十萬澳元（相等於約 港幣四千二百三十萬元）之出售收益。 醫 ...