Financial Performance - The Group's revenue for the first half of 2025 was HK$694,821,000, reflecting a year-on-year growth of 5.5% from HK$658,345,000 in the same period of 2024[4] - Gross profit for the first half of 2025 was HK$360,053,000, an increase of 2.7% compared to HK$350,595,000 in the first half of 2024, despite a decrease in gross profit margin to 51.8%[6] - Net profit attributable to the owners of the Company for the first half of 2025 was HK$67,185,000, a 7.5% increase from HK$62,478,000 in the same period of 2024[14] - Profit for the period decreased to HK$50,546,000 from HK$54,869,000, reflecting a decline of 7.9% year-over-year[144] - Basic and diluted earnings per share increased to HK$11.41 from HK$10.61, marking a growth of 7.5%[144] - Total comprehensive income for the period was HK$288,956,000, compared to a loss of HK$327,563,000 in the previous year, showing a significant recovery[147] Expenses and Costs - R&D expenses increased by 88.6% to HK$159,756,000 in the first half of 2025, representing 23.0% of the corresponding revenue, up from 12.9% in the previous year[9] - Selling and distribution expenses decreased by 11.4% to HK$152,579,000, with the selling expenses to revenue ratio declining to 22.0%[10] - Administrative expenses totaled HK$101,600,000, representing a 4.7% increase compared to HK$97,054,000 in the same period of the previous year[13] - Other losses (net) amounted to HK$12,594,000 in the first half of 2025, compared to other gains (net) of HK$2,217,000 in the first half of 2024, primarily due to foreign exchange differences and asset write-offs[45] Product and Market Development - Licensed-in products contributed approximately 39.0% of the Group's revenue, while proprietary and generic products accounted for 61.0%[5] - The Group's strategic transition towards a more diversified product portfolio is reflected in the growth of lower margin generic products under national reimbursement schemes[6] - The Group's oncology pipeline includes 6 innovative assets and 4 generics, developed through internal R&D and licensing agreements, with a focus on immuno-oncology[23] - In July 2025, Socazolimab Injection received NMPA approval for a new indication in combination with chemotherapy for extensive-stage small-cell lung cancer, marking its second approved indication[28] - A total of 10 products are currently listed in the updated National Reimbursement Drug List (NRDL), reflecting the Group's commitment to expanding market access and improving patient affordability[38] Production and Capacity - The Hefei site introduced a new pre-filled production line, enhancing capacity for VBP products, including Fondaparinux Sodium Injection and Nadroparin Calcium Injection[16] - The Nansha site focused on scaling up production of Azilsartan Tablets and advanced validation batch production for Fentanyl aerosol inhalation[17] - The Group has significantly enhanced production capacity and efficiency at its manufacturing facilities, particularly at the Hefei base with a new automated pre-filling production line, improving the output of key products like Sulfadiazine Sodium Injection and Nadroparin Calcium Injection[19] Financial Position and Liquidity - The total balance of other payables and accruals as of June 30, 2025, was HK$547,210,000, an increase of HK$76,273,000 from HK$470,937,000 at the end of 2024[55] - The Group's current ratio improved to 1.07 as of June 30, 2025, compared to 1.02 at the end of 2024, indicating better liquidity[56] - The net cash position increased significantly to HK$73,338,000 as of June 30, 2025, from HK$2,980,000 at the end of 2024[58] - Cash and cash equivalents at June 30, 2025, totaled HK$303,576,000, up from HK$190,794,000 in 2024, indicating a growth of about 59%[158] Share Options and Compensation - The Company adopted the 2022 Share Option Scheme on May 19, 2022, following the expiration of the 2012 Share Option Scheme[71] - The exercise price for options granted to directors ranges from HK$5.754 to HK$11.216[74] - A total of 1,476,000 options were granted during the reporting period[75] - The company has a structured approach to stock option grants, ensuring alignment with performance[77] - The total number of options available for exercise as of June 30, 2025, is 1,476,000[75] Governance and Compliance - The company has complied with the Corporate Governance Code throughout the six months ended June 30, 2025[125] - No purchases, sales, or redemptions of listed securities occurred during the six months ended June 30, 2025[122] - The company has confirmed that all directors complied with the Model Code regarding securities transactions throughout the accounting period[119] Risk Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[173] - There have been no significant changes in the Group's risk management policies since the year-end[177] - Actual results may differ from estimates made in the preparation of the unaudited condensed consolidated financial statements[172]

Core Viewpoint - Lee's Pharmaceutical (00950) has shown significant stock price increase following the release of its interim results, indicating strong sales performance and growth in profit [1] Financial Performance - The company reported revenue of HKD 695 million, representing a year-on-year increase of 5.5% [1] - The profit attributable to shareholders for the first half of 2025 was HKD 67.185 million, reflecting a year-on-year growth of 7.5% [1] Product Development and Approvals - Lee's Pharmaceutical announced that its subsidiary, Zhaoke Pharmaceutical, received approval for the new indication of the anti-PD-L1 monoclonal antibody, Socazolimab [1] - The company is developing an aerosol inhalation fentanyl product, AZ003, which is aimed at effectively managing breakthrough cancer pain, with Phase II clinical results expected to be presented at ASCO 2024 [1] Industry Insights - According to Zhongtai Securities, recent advancements in dual antibodies, ADCs, small molecule targeted therapies (TKIs), and cell therapies are extending overall survival (OS) for cancer patients [1] - The focus on improving the quality of life (QoL) for cancer patients has become increasingly important, with fewer companies developing targeted medications for palliative care [1] - The report suggests that the market for palliative treatments addressing cancer cachexia and breakthrough pain is expected to see the emergence of several major products, highlighting investment opportunities [1]

此外，中泰证券发布研报称，近年来双抗、ADC、小分子靶向药（TKI）、细胞治疗等创新疗法推进肿 瘤患者OS逐步延长，荷瘤患者的生存质量（QoL）是临床实践中关注的重要问题，过去较少药企做针 对性的药物开发。肿瘤恶病质和爆发性癌痛的"姑息治疗学科"关注的重要问题。该行指出，李氏大药厂 研发的芬太尼气溶胶吸入剂AZ003，可有效控制癌痛爆发痛，其2期临床结果于2024年ASCO发表。该行 认为该赛道未来将出现多个大单品，值得投资者重视。 消息面上，李氏大药厂此前发布中期业绩，该集团取得收益6.95亿港元，同比增加5.5%；主要由集团产 品组合稳健的销售表现所带动。2025年上半年的公司拥有人应占纯利为6718.5万港元，同比增加7.5%。 值得注意的是，李氏大药厂7月底公告称，旗下子公司兆科肿瘤申报的抗PD-L1单克隆抗体索卡佐利单 抗新适应症上市申请已获得批准。 智通财经APP获悉，李氏大药厂(00950)午后涨超27%，截至发稿，涨20.9%，报2.43港元，成交额 4490.21万港元。 ...

Core Insights - GL Capital Management GP Limited reduced its stake in Lee's Pharmaceutical Holdings Limited (00950) by 2.942 million shares at a price of HKD 1.8776 per share, totaling approximately HKD 5.5239 million [1] - After the reduction, GL Capital Management holds approximately 39.0995 million shares, representing a 6.64% ownership stake in the company [1] Related Parties - The transaction involves other related parties including Assicurazioni Generali SpA, Li Zhenfu, and Lion River I N.V. [1]

Group 1 - GL Capital Management GP Limited reduced its stake in Lee's Pharmaceutical Holdings Limited (00950) by 2.942 million shares at a price of HKD 1.8776 per share, totaling approximately HKD 5.5239 million [1] - After the reduction, GL Capital Management's remaining shareholding is approximately 39.0995 million shares, representing a holding percentage of 6.64% [1] - The transaction involves other related parties, including Assicurazioni Generali SpA, Li Zhenfu, and Lion River I N.V. [1]

致：香港交易及結算所有限公司 公司名稱: 李氏大藥廠控股有限公司 本月底法定/註冊股本總額： HKD 50,000,000 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 呈交日期: 2025年9月1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) | 00950 | 說明 | 李氏大藥廠控股有限公司 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 HKD | | | 0.05 HKD | | | 50,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 1,000,000,000 HKD | ...

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Lee's Pharmaceutical Holdings Limited, which rose over 21% and is currently trading at 21 HKD, with a trading volume of 31.96 million HKD [1] - The company reported a mid-term revenue of 695 million HKD, reflecting a year-on-year increase of 5.5%, driven by strong sales performance of its product portfolio [1] - The net profit attributable to shareholders for the first half of 2025 was 67.185 million HKD, representing a year-on-year increase of 7.5%, indicating a sustainable growth trajectory and improved operational strength [1] Group 2 - The company announced that its subsidiary, Zhaoke Pharmaceutical, received approval for a new indication for its anti-PD-L1 monoclonal antibody, Socazolimab, for use in combination chemotherapy as a first-line treatment for extensive-stage small cell lung cancer [1] - This approval marks the second indication for Socazolimab, following its initial conditional approval for the treatment of recurrent or metastatic cervical cancer [1]

李氏大药厂(00950)尾盘涨超21%，截至发稿，涨16.02%，报21港元，成交额3195.61万港元。 消息面上，李氏大药厂此前发布中期业绩，该集团取得收益6.95亿港元，同比增加5.5%；主要由集团产 品组合稳健的销售表现所带动。2025年上半年的公司拥有人应占纯利为6718.5万港元，同比增加7.5%。 此表现加强去年确立的可持续增长轨迹，并反映集团进一步巩固营运实力及财务纪律。每股盈利11.41 港仙。 值得注意的是，李氏大药厂7月底公告称，旗下子公司兆科肿瘤申报的抗PD-L1单克隆抗体索卡佐利单 抗新适应症上市申请已获得批准。根据李氏大药厂公开资料可知，该药本次获批的适应症为联合化疗一 线治疗广泛期小细胞肺癌。此举标志着索卡佐利单抗注射液继最初有条件获批用于治疗复发或转移性子 宫颈癌后第二个获批准的适应症。 ...

Lee's Pharmaceutical Holdings Limited 李氏大藥廠控股有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：950） 提名委員會之職權範圍 2. 組 成 * 僅供識別 – 1 – 4.1 提 名 委 員 會 主 席 或（如 其 未 克 出 席）提 名 委 員 會 其 他 成 員（須 為 獨 立 非 執 行 董 事）須 出 席 本 公 司 之 股 東 週 年 大 會，就 股 東 對 提 名 委 員 會 事 務 及 責 任 之 提 問 作 出 回 應。 – 2 – 3.1 提 名 委 員 會 須 每 年 至 少 會 面 一 次。提 名 委 員 會 成 員 可 隨 時 於 認 為 必 要 之 情 況 下 召 開 會 議。 3.2 除 非 獲 提 名 委 員 會 全 體 成 員 豁 免，否 則 須 為 所 有 會 議 發 出 正 式 通 告。 不 論 通 告 期 之 長 短，提 名 委 員 會 成 員 出 席 會 議 將 被 視 作 豁 免 所 需 通 告 規 定 處 理。 3.3 提 名 委 員 會 議 事 所 需 之 法 定 人 數 須 為 兩 名 提 名 委 員 會 成 ...

Group 1 - The company reported a revenue of HKD 695 million for the first half of 2025, representing a year-on-year increase of 5.5% [1] - The net profit for the same period was HKD 67.185 million, showing a year-on-year growth of 7.5% [1] - The company proposed an interim dividend of HKD 0.022 per share [1]