[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This chapter provides an overview of Essence Group Holdings Limited's financial performance and position for the six months ended June 30, 2025, showing growth in revenue and profit, a slight decrease in gross and net margins, and increased total assets, liabilities, and cash with stable liquidity and debt ratios 2025 H1 Key Financial Performance (HKD thousands) | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | **Performance** | | | | | Revenue | 876,535 | 828,541 | 5.8 | | Profit for the period | 163,401 | 157,440 | 3.8 | | **Financial Ratios** | | | | | Gross margin | 88.8% | 89.2% | (0.4)pp | | Net margin | 18.6% | 19.0% | (0.4)pp | | Return on equity | 7.2% | 7.8% | (0.6)pp | | Earnings per share - Basic | 28.82 HK cents | 27.74 HK cents | 3.9 | | Earnings per share - Diluted | 28.82 HK cents | 26.90 HK cents | 7.1 | | Interim dividend per ordinary share | 7.0 HK cents | 6.0 HK cents | 16.7 | 2025 H1 Key Financial Position (HKD thousands) | Metric | As of June 30, 2025 (HKD thousands) | As of December 31, 2024 (HKD thousands) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | **Financial Position** | | | | | Total assets | 3,233,768 | 2,983,045 | 8.4 | | Total liabilities | 959,944 | 859,325 | 11.7 | | Net assets | 2,273,824 | 2,123,720 | 7.1 | | Cash and cash equivalents | 640,533 | 557,167 | 15.0 | | **Financial Ratios** | | | | | Current ratio | 1.90 | 1.81 | 0.09 | | Debt-to-asset ratio | 0.30 | 0.29 | 0.01 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%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) This chapter details the Group's profit or loss and other comprehensive income for the six months ended June 30, 2025, showing year-on-year growth in revenue and profit, a shift from gain to loss in other income, and a significant increase in total comprehensive income due to foreign exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 876,535 | 828,541 | | Cost of sales | (97,932) | (89,742) | | Gross profit | 778,603 | 738,799 | | Other income and other gains and losses | (691) | 17,157 | | Distribution and selling expenses | (471,638) | (450,305) | | Administrative expenses | (99,740) | (102,879) | | Finance costs | (2,800) | (3,442) | | Share of loss of associates | (161) | (1,950) | | Profit before income tax | 203,573 | 197,380 | | Income tax | (40,172) | (39,940) | | **Profit for the period** | **163,401** | **157,440** | | Exchange differences on translation of financial statements of overseas operations | 38,771 | (41,016) | | Fair value changes of equity instruments at fair value through other comprehensive income | (17,723) | 925 | | **Total comprehensive income for the period** | **184,449** | **117,349** | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This chapter presents the Group's assets, liabilities, and equity as of June 30, 2025, indicating growth in both non-current and current assets, particularly other intangible assets and trade and other receivables, with a corresponding increase in total liabilities, while net current assets and total assets less current liabilities show healthy growth Condensed Consolidated Statement of Financial Position (HKD thousands) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 439,832 | 393,980 | | Other intangible assets | 1,186,666 | 1,127,654 | | Total non-current assets | 1,791,926 | 1,699,744 | | **Current assets** | | | | Inventories | 64,939 | 58,938 | | Trade and other receivables | 661,179 | 586,295 | | Cash and cash equivalents | 640,533 | 557,167 | | Total current assets | 1,441,842 | 1,283,301 | | **Total assets** | **3,233,768** | **2,983,045** | | **Current liabilities** | | | | Trade and other payables | 519,490 | 545,397 | | Bank borrowings | 120,164 | 69,798 | | Total current liabilities | 757,806 | 708,978 | | **Non-current liabilities** | | | | Bank borrowings | 150,322 | 95,550 | | Total non-current liabilities | 202,138 | 150,347 | | **Total liabilities** | **959,944** | **859,325** | | **Net assets** | **2,273,824** | **2,123,720** | | **Total equity** | **2,273,824** | **2,123,720** | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This chapter outlines the Group's equity movements for the six months ended June 30, 2025, reflecting the impact of profit for the period, increases in foreign currency translation reserve, dividends paid, and share repurchases, ultimately leading to an increase in total equity attributable to owners of the Company Condensed Consolidated Statement of Changes in Equity (HKD thousands) | Item | Share Capital | Share Premium | Capital Reserve | Statutory Surplus Reserve | Foreign Currency Translation Reserve | Fair Value Through Other Comprehensive Income Reserve | Retained Profits | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | January 1, 2024 | 56,759 | 73,279 | 362 | 90,683 | (100,707) | (74,915) | 1,844,993 | 1,923,777 | | Profit for the period | – | – | – | – | – | – | 157,440 | 157,440 | | Total other comprehensive income | – | – | – | – | (41,016) | 925 | – | (40,091) | | Dividends paid | – | – | – | – | – | – | (25,539) | (25,539) | | Shares repurchased and cancelled | (5) | – | – | – | – | – | (102) | (107) | | **June 30, 2024** | **56,754** | **73,279** | **362** | **90,683** | **(141,723)** | **(75,173)** | **1,977,975** | **2,015,480** | | **January 1, 2025** | **56,713** | **73,278** | **362** | **90,683** | **(156,912)** | **(66,455)** | **2,126,051** | **2,123,720** | | Profit for the period | – | – | – | – | – | – | 163,401 | 163,401 | | Total other comprehensive income | – | – | – | – | 38,771 | (17,723) | – | 21,048 | | Dividends paid | – | – | – | – | – | – | (34,020) | (34,020) | | Shares repurchased and cancelled | (12) | – | – | – | – | – | (313) | (325) | | **June 30, 2025** | **56,701** | **73,278** | **362** | **90,683** | **(118,141)** | **(84,178)** | **2,255,119** | **2,273,824** | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This chapter provides the Group's cash flow information for the six months ended June 30, 2025, showing a decrease in net cash from operating activities, a significant increase in cash outflow from investing activities primarily due to increased acquisitions of property, plant and equipment and other intangible assets, and a substantial increase in cash inflow from financing activities mainly from bank borrowings Condensed Consolidated Statement of Cash Flows (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | 122,487 | 131,664 | | Net cash used in investing activities | (111,104) | (40,824) | | Net cash from financing activities | 58,971 | 5,949 | | Net increase in cash and cash equivalents | 70,354 | 96,789 | | Cash and cash equivalents at beginning of period | 557,167 | 509,845 | | Effect of foreign exchange rate changes on cash and cash equivalents | 13,012 | (8,220) | | Cash and cash equivalents at end of period | 640,533 | 598,414 | - Investing cash outflow significantly increased, primarily due to acquisitions of **property, plant and equipment (HKD 59,359 thousand)** and **other intangible assets (HKD 44,850 thousand)**[12](index=12&type=chunk) - Financing cash inflow significantly increased, primarily due to **proceeds from bank borrowings (HKD 124,345 thousand)**[12](index=12&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E6%B3%A8) This chapter provides detailed explanations and supplementary information to the condensed consolidated interim financial statements, covering accounting policies, segment reporting, specific components and changes in asset and liability accounts, fair value measurements, capital commitments, and related party transactions, offering deeper context for understanding the financial data [1. General Information](index=9&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section introduces the Company's registration details, listing location, and principal activities, which include investment holding, development, manufacturing, and sale of biopharmaceutical products - The Company is incorporated in the Cayman Islands, with shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 1061)[13](index=13&type=chunk) - The Group's principal activities are investment holding, and the development, manufacture, and sale of biopharmaceutical products[14](index=14&type=chunk) [2. Basis of Preparation](index=9&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section states that the interim financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" issued by the HKICPA and applicable disclosure requirements of the Listing Rules, presented in HKD, with interim income tax calculated using applicable rates - Financial statements are prepared in accordance with HKAS 34 issued by HKICPA and Listing Rules, presented in HKD[15](index=15&type=chunk) - Interim income tax is calculated at the applicable tax rates for each Group entity[16](index=16&type=chunk) [3. Accounting Policies](index=9&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section notes that the accounting policies adopted are consistent with those followed in the preparation of the 2024 annual financial statements, and the adoption of new and revised standards had no significant impact on the Group's condensed consolidated interim financial statements - Accounting policies adopted are consistent with 2024 financial statements, with no significant impact from new or revised standards[17](index=17&type=chunk) [4. Segment Reporting](index=10&type=section&id=4.%20%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) This section reports the Group's revenue and profit contributions by business segment (Ophthalmology, Surgery, Services) and geographical region (China, Overseas), and discloses major customer information, facilitating resource allocation and performance assessment [4.1. Reportable Segments](index=10&type=section&id=4.1.%20%E5%8F%AF%E5%A0%B1%E5%91%8A%E5%88%86%E9%83%A8) This section details the revenue and profit for the three main business segments: Ophthalmology, Surgery, and Services, describing key products for each, showing Surgery and Ophthalmology as primary revenue contributors 2025 H1 Reportable Segment Revenue and Profit (HKD thousands) | Segment | Revenue from External Customers | Reportable Segment Profit | | :--- | :--- | :--- | | Ophthalmology | 417,358 | 113,486 | | Surgery | 448,965 | 120,946 | | Services | 10,212 | 7,636 | | **Total** | **876,535** | **242,068** | - Ophthalmic products include Beifushu® series, Tobramycin Eye Drops, Shilisun®, and medical devices for myopia control[20](index=20&type=chunk) - Surgical products include Beifuji® series, Carisolv® Caries Removal Gel, and Yadent Doctor Oral Care products[20](index=20&type=chunk) [4.2. Geographical Information](index=11&type=section&id=4.2.%20%E5%9C%B0%E5%8D%80%E8%B3%87%E6%96%99) This section discloses the Group's revenue from external customers in China and overseas, along with the geographical distribution of non-current assets, indicating China as the primary source of revenue and assets - For the six months ended June 30, 2025, China business revenue was **HKD 871.7 million**, and overseas business revenue was **HKD 4.8 million**[23](index=23&type=chunk) Non-current Assets Geographical Distribution (HKD thousands) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China | 1,440,271 | 1,330,880 | | Hong Kong | 273,381 | 274,229 | | Overseas | 33,479 | 33,276 | | **Total** | **1,747,131** | **1,638,385** | [4.3. Information about Major Customers](index=12&type=section&id=4.3.%20%E6%9C%89%E9%97%9C%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E4%B9%8B%E8%B3%87%E6%96%99) This section reports that two customers accounted for over 10% of the Group's total revenue during the period - For the six months ended June 30, 2025, two major customers contributed **HKD 230.4 million** and **HKD 89.2 million** in revenue respectively, both exceeding **10% of total revenue**[25](index=25&type=chunk) [5. Revenue](index=12&type=section&id=5.%20%E7%87%9F%E6%A5%AD%E9%A1%8D) This section defines revenue as the sales value of products supplied to customers and service income, net of sales taxes, VAT, trade discounts, and sales returns - Revenue is defined as the sales value of products and service income, net of sales tax, VAT, discounts, and returns[26](index=26&type=chunk) [6. Other Income and Other Gains and Losses](index=13&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E4%BB%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D) This section lists the components of other income and gains for the period, including interest income, government grants, miscellaneous income, and net income from litigation claims, with the total amount shifting from a gain in the prior period to a loss in the current period Components of Other Income and Gains (HKD thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Interest income from convertible loan receivable | 947 | 911 | | Government grants | 1,495 | 3,375 | | Interest income from bank deposits | 4,474 | 5,941 | | Miscellaneous income | 2,483 | 2,213 | | Fair value changes of financial assets at fair value through profit or loss | (23) | (6,366) | | Net income from litigation claims | (10,067) | 21,153 | | **Total** | **(691)** | **17,157** | [7. Finance Costs](index=13&type=section&id=7.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) This section discloses the composition of finance costs for the period, primarily bank borrowing interest expenses and lease liability interest expenses, with a portion capitalized, resulting in a year-on-year decrease in total finance costs Components of Finance Costs (HKD thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Interest expense on bank borrowings | 2,965 | 1,667 | | Interest expense on lease liabilities | 497 | 528 | | Less: Amount capitalized | (662) | (1,602) | | **Total** | **2,800** | **3,442** | [8. Profit Before Income Tax](index=14&type=section&id=8.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) This section lists various expenses deducted or included in the calculation of profit before income tax, including amortization, depreciation, staff costs, and R&D costs, with a significant increase in R&D costs recognized as expenses - R&D costs recognized as expenses increased from **HKD 12,479 thousand** in H1 2024 to **HKD 21,664 thousand** in H1 2025[29](index=29&type=chunk) - Staff costs (excluding directors' emoluments) slightly increased from **HKD 147,277 thousand** in H1 2024 to **HKD 147,453 thousand** in H1 2025[29](index=29&type=chunk) [9. Income Tax](index=14&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85) This section explains the Group's income tax policy, including no assessable profits in Hong Kong and a 15% preferential tax rate for its principal operating subsidiary in Zhuhai, China, as a high-tech enterprise - No provision for profits tax in Hong Kong; Zhuhai high-tech enterprise subsidiary enjoys a **15% preferential tax rate**[30](index=30&type=chunk) [10. Dividends](index=15&type=section&id=10.%20%E8%82%A1%E6%81%AF) This section discloses that the Board has resolved to declare an interim dividend of HKD 0.07 per ordinary share for the six months ended June 30, 2025, which is higher than HKD 0.06 per share in the prior year - The Board declared an interim dividend of **HKD 0.07 per share**, an increase from **HKD 0.06 per share** in the prior year[32](index=32&type=chunk) [11. Earnings Per Share](index=15&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This section provides the profit and share count data used to calculate basic and diluted earnings per share, indicating growth in both basic and diluted EPS EPS Calculation Data (HKD thousands/share) | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit attributable to owners of the Company for basic EPS | 163,401 | 157,440 | | Profit attributable to owners of the Company for diluted EPS | 163,401 | 159,525 | | Weighted average number of ordinary shares for basic EPS | 567,035,271 | 567,547,170 | | Weighted average number of ordinary shares for diluted EPS | 567,035,271 | 592,970,898 | [12. Property, Plant and Equipment](index=16&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) This section details the changes in cost, accumulated depreciation, and carrying amount of property, plant and equipment, showing an increase in total carrying amount primarily due to additions and exchange adjustments - Total carrying amount of property, plant and equipment increased from **HKD 393,980 thousand** as of December 31, 2024, to **HKD 439,832 thousand** as of June 30, 2025[35](index=35&type=chunk) [13. Other Intangible Assets](index=17&type=section&id=13.%20%E5%85%B6%E4%BB%96%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) This section discloses the cost, accumulated amortization and impairment losses, and carrying amount of other intangible assets, primarily comprising development costs and acquired intangible assets, with SkQ1 eye drops and anti-VEGF pharmaceutical products being major components, showing continuous growth in carrying amount - Carrying amount of other intangible assets increased from **HKD 1,127,654 thousand** as of December 31, 2024, to **HKD 1,186,666 thousand** as of June 30, 2025[36](index=36&type=chunk) - Acquired intangible assets primarily include SkQ1 eye drop development costs of approximately **HKD 348.4 million** and anti-VEGF pharmaceutical product development costs of approximately **HKD 426.7 million**[36](index=36&type=chunk) [14. Convertible Loan Receivable](index=18&type=section&id=14.%20%E6%87%89%E6%94%B6%E5%8F%AF%E6%8F%9B%E8%82%A1%E8%B2%B8%E6%AC%BE) This section details the terms, principal amounts, maturity dates, and fair value changes of Convertible Loans A and B, and discloses the post-reporting period acquisition of Antikor, which resulted in the offset of Convertible Loan B - As of August 15, 2025, the Group acquired **100% equity interest in Antikor**, and Convertible Loan B has been offset at the consolidated level[37](index=37&type=chunk) - Convertible Loan A has a principal of **USD 1.6 million (approximately HKD 12.5 million)**, convertible into **45% equity** of the investee, with maturity extended to **July 31, 2026**[38](index=38&type=chunk) Total Convertible Loan Receivable (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Convertible Loan A | 15,196 | 14,545 | | Convertible Loan B | 30,725 | 30,725 | | **Total** | **45,921** | **45,270** | | Less: Current portion | (30,725) | (30,725) | | Non-current portion | 15,196 | 14,545 | - The fair value of convertible loan receivable is calculated using a binomial option pricing model, with key assumptions including share price and expected volatility[40](index=40&type=chunk) [15. Financial Assets at Fair Value Through Other Comprehensive Income and Financial Assets at Fair Value Through Profit or Loss](index=20&type=section&id=15.%20%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B3%87%E7%94%A2%E5%8F%8A%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B3%87%E7%94%A2) This section lists listed and unlisted equity investments measured at fair value, explaining their classification and fair value measurement methods, showing a decrease in non-current equity investments designated at fair value through other comprehensive income Financial Assets Measured at Fair Value (HKD thousands) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current - Equity investments designated at fair value through other comprehensive income | 26,501 | 44,224 | | Non-current - Equity investments designated at fair value through profit or loss | 3,098 | 2,590 | | Current - Equity investments designated at fair value through profit or loss | 2,390 | 3,572 | - Equity investments designated at fair value through other comprehensive income are strategic, while those designated at fair value through profit or loss are held for trading[43](index=43&type=chunk) [16. Inventories](index=21&type=section&id=16.%20%E5%AD%98%E8%B2%A8) This section discloses the composition of inventories, including raw materials, work-in-progress, and finished goods, with the total increasing from HKD 58,938 thousand as of December 31, 2024, to HKD 64,939 thousand as of June 30, 2025 Inventory Composition (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw materials | 16,593 | 14,265 | | Work-in-progress | 12,625 | 10,631 | | Finished goods | 35,721 | 34,042 | | **Total** | **64,939** | **58,938** | [17. Trade and Other Receivables](index=22&type=section&id=17.%20%E6%87%89%E6%94%B6%E8%B2%A8%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This section details the composition and aging analysis of trade and other receivables, and states that the Group grants an average credit period of 90 days to trade customers Trade and Other Receivables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables (net of impairment) | 614,458 | 521,059 | | Other receivables | 46,721 | 65,236 | | **Total** | **661,179** | **586,295** | - The Group grants an average credit period of **90 days** to trade customers[45](index=45&type=chunk) Aging Analysis of Trade Receivables (HKD thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 60 days | 383,687 | 349,680 | | 61 to 90 days | 93,509 | 54,167 | | Over 90 days | 137,262 | 117,212 | [18. Deposits and Prepayments](index=23&type=section&id=18.%20%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) This section discloses the composition of deposits and prepayments, including deposits for property, plant and equipment, prepayments for finished goods, and other deposits and prepayments, with the total amount slightly decreasing Composition of Deposits and Prepayments (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Deposits paid for acquisition of property, plant and equipment | 31,786 | 28,712 | | Prepayments for purchase of finished goods | 15,465 | 25,718 | | Other deposits | 2,856 | 1,935 | | Other prepayments | 23,755 | 18,951 | | **Total** | **73,862** | **75,316** | [19. Trade and Other Payables](index=23&type=section&id=19.%20%E6%87%89%E4%BB%98%E8%B2%A8%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) This section lists the composition and aging analysis of trade and other payables, with accrued sales and marketing costs being a major component, and the total amount slightly decreasing Trade and Other Payables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 14,136 | 7,359 | | Other payables and accrued expenses | 505,354 | 538,038 | | **Total** | **519,490** | **545,397** | - Other payables and accrued expenses include approximately **HKD 448.8 million** in accrued sales and marketing costs[49](index=49&type=chunk) Aging Analysis of Trade Payables (HKD thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 60 days | 10,070 | 7,123 | | 61 to 90 days | 2,262 | 46 | | Over 90 days | 1,804 | 190 | [20. Bank Borrowings](index=24&type=section&id=20.%20%E9%8A%80%E8%A1%8C%E5%80%9F%E8%B2%B8) This section discloses the collateral for bank borrowings, approved and utilized credit facilities, and the currency and interest rates of the borrowings, showing a significant increase in utilized credit facilities - Bank borrowings are secured by corporate guarantees from the Company and one of its subsidiaries[51](index=51&type=chunk) - As of June 30, 2025, non-revolving bank facilities of approximately **HKD 737.3 million** were approved, of which approximately **HKD 339.1 million** were utilized (December 31, 2024: HKD 206.3 million)[51](index=51&type=chunk) - All bank borrowings are denominated in RMB and bear floating interest rates ranging from **2.4% to 2.8%**[51](index=51&type=chunk) [21. Share Capital](index=24&type=section&id=21.%20%E8%82%A1%E6%9C%AC) This section lists the changes in authorized and issued share capital, including shares repurchased and cancelled during the period, resulting in a slight decrease in issued share capital Changes in Issued Share Capital (Shares/HKD thousands) | Item | Number of Shares | HKD thousands | | :--- | :--- | :--- | | January 1, 2024 | 567,585,000 | 56,759 | | Shares repurchased and cancelled | (456,000) | (46) | | December 31, 2024 | 567,129,000 | 56,713 | | Shares repurchased and cancelled | (123,000) | (12) | | **June 30, 2025** | **567,006,000** | **56,701** | - During the period, **123,000 shares** were repurchased and cancelled, with a total consideration of approximately **HKD 325,270**, paid from retained profits[53](index=53&type=chunk) [22. Fair Value Measurement of Financial Instruments](index=25&type=section&id=22.%20%E8%B2%A1%E5%8B%99%E5%B7%A5%E5%85%B7%E4%B9%8B%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) This section explains the hierarchy of fair value measurement for financial instruments (Level 1, Level 2, Level 3) and provides an analysis of financial instruments carried at fair value, including listed equity investments, unlisted equity investments, and convertible loan receivable - Fair value measurements are categorized into three levels: **Level 1 (quoted prices in active markets)**, **Level 2 (observable inputs)**, **Level 3 (unobservable inputs)**[56](index=56&type=chunk) - Convertible loan receivable and equity investments are measured and disclosed at fair value[54](index=54&type=chunk) Analysis of Financial Instruments Carried at Fair Value (HKD thousands) | Type | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **June 30, 2025** | | | | | | Listed equity investments | 14,294 | – | – | 14,294 | | Unlisted equity investments | – | 17,695 | – | 17,695 | | Convertible loan receivable | – | – | 45,921 | 45,921 | | **December 31, 2024** | | | | | | Listed equity investments | 33,199 | – | – | 33,199 | | Unlisted equity investments | – | 17,187 | – | 17,187 | | Convertible loan receivable | – | – | 45,270 | 45,270 | [23. Capital Commitments](index=27&type=section&id=23.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) This section discloses the Group's contracted but unprovided capital commitments, primarily for property, plant and equipment, development costs, acquired intangible assets, and new and existing factory construction, with the total amount decreasing year-on-year Capital Commitments (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, plant and equipment | 409 | 591 | | Development costs | 9,612 | 9,339 | | Acquired intangible assets | 62,812 | 117,919 | | Construction of new factory | 159,889 | 170,607 | | Expansion of existing factory | 10,805 | 18,723 | | **Total** | **243,527** | **317,179** | [24. Related Party Transactions](index=27&type=section&id=24.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) This section lists the details of emoluments paid to the Group's key management personnel (all directors), with the total amount remaining largely consistent with the prior period Emoluments Paid to Key Management Personnel (HKD thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Salaries and other benefits | 3,615 | 3,644 | | Pension scheme contributions | 44 | 26 | | **Total** | **3,659** | **3,670** | [25. Events After Reporting Period](index=28&type=section&id=25.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This section discloses the significant post-reporting period event of the Group's acquisition of 100% equity interest in Antikor, aimed at expanding into the oncology treatment field - After the reporting period, the Group acquired **100% equity interest in Antikor** on August 15, 2025, to expand into the cancer treatment field[64](index=64&type=chunk) [26. Comparative Figures](index=28&type=section&id=26.%20%E6%AF%94%E8%BC%83%E6%95%B8%E5%AD%97) This section mentions that certain comparative figures in Notes 4, 6, and 8 to the condensed consolidated interim financial statements have been reclassified to conform to the current period's presentation - Certain comparative figures in Notes 4, 6, and 8 have been reclassified to conform to the current period's presentation[65](index=65&type=chunk) [27. Approval of Condensed Consolidated Interim Financial Statements](index=28&type=section&id=27.%20%E6%89%B9%E5%87%86%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section states that the Board approved and authorized for issue the condensed consolidated interim financial statements on August 26, 2025 - The Board approved and authorized for issue the condensed consolidated interim financial statements on August 26, 2025[66](index=66&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This chapter discusses the Group's business vision, operating strategies, product portfolio, R&D progress, market development, financial performance, liquidity, and risk management, along with future outlook, emphasizing strategies to address China's centralized procurement policies and continuous investment in ophthalmology and oncology [Business Review and Outlook](index=29&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) This section outlines the Group's vision, core business (rb-bFGF gene engineering drugs) and its contributions to ophthalmology and surgery, and plans to expand into oncology, orthopedics, and neurology through strategic investments, with the bFGF series products being the main revenue source and new products continuously approved for market - The Group's vision is to be a socially responsible enterprise, focusing on R&D, production, and sales of rb-bFGF gene engineering drugs[67](index=67&type=chunk) - Core business is contributed by ophthalmology and surgery segments, with strategic investments expanding into oncology, orthopedics, and neurology[67](index=67&type=chunk) - bFGF series products account for approximately **83.5% of total revenue**, with three being National Class I biological agents and four listed in the National Medical Insurance Catalogue[67](index=67&type=chunk) - In July 2025, the Group obtained NMPA approval for the registration and commercialization of multi-dose Diquafosol Sodium Eye Drops in China[68](index=68&type=chunk) [Significant Business Development Activities](index=30&type=section&id=%E9%87%8D%E8%A6%81%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95%E6%B4%BB%E5%8B%95) This section details the Group's significant investments and developments in its product and R&D pipeline, including SkQ1 for dry eye disease, anti-VEGF licensed products co-developed with Fosun Pharma, and collaborations with other companies, aiming to strengthen the product portfolio and expand into new therapeutic areas [SkQ1 Product](index=30&type=section&id=SkQ1%E7%94%A2%E5%93%81) This section introduces the late-stage clinical development progress of the SkQ1 product for dry eye disease, with positive results from the VISTA-2 trial and global exclusive rights secured, currently in the final stages of CMC, know-how, and IP transfer, with plans to divest assets into Singapore DunaVision Pte. Ltd. for continued development - SkQ1 product's Phase III clinical trial (VISTA-2) yielded positive results, demonstrating its potential to address oxidative stress in dry eye disease[71](index=71&type=chunk) - The Group has strategically secured global exclusive rights related to SkQ1 in the ophthalmic field[71](index=71&type=chunk) - The total actual investment cost for SkQ1 product and global rights is approximately **HKD 348.4 million**, representing **10.8% of the Group's total assets**[73](index=73&type=chunk) - SkQ1 product assets are being divested and injected into Singapore DunaVision Pte. Ltd. for continued development and execution of SkQ1 product and global rights[73](index=73&type=chunk) [Anti-VEGF Licensed Product](index=31&type=section&id=%E6%8A%97VEGF%E8%A8%B1%E5%8F%AF%E7%94%A2%E5%93%81) This section describes the clinical trial progress of the anti-VEGF licensed product (HLX04-O) co-developed with Shanghai Fosun Pharmaceutical (Group) Co., Ltd., with Phase III clinical trials ongoing in multiple countries globally and the first patient dosed in China, and the Biologics License Application has been accepted by China NMPA, indicating significant market potential - The anti-VEGF licensed product HLX04-O, co-developed with Fosun Pharma, has been approved for Phase III clinical trials in Australia, USA, Singapore, Russia, Serbia, and EU countries for wet AMD[74](index=74&type=chunk) - The Biologics License Application (BLA) for HLX04-O was accepted by China NMPA in August 2025[74](index=74&type=chunk) - The maximum committed investment for the anti-VEGF licensed product is **USD 67 million (approximately HKD 525.9 million)**, with actual investment costs of approximately **HKD 426.7 million**, representing **13.2% of total assets**[76](index=76&type=chunk) [Other Collaborations](index=32&type=section&id=%E5%85%B6%E4%BB%96%E5%90%88%E4%BD%9C) This section discloses the Group's collaboration with Beijing Airdoc Technology Co., Ltd. to jointly operate an AI-powered fundus imaging business, and an exclusive distribution agreement with Zhejiang Visionary Pharma Co., Ltd. for Emedastine Difumarate and Oxybuprocaine Hydrochloride Eye Drops, aiming to further enrich the ophthalmic product portfolio and strengthen market position - The Group has entered into a collaboration with Beijing Airdoc Technology Development Co., Ltd. to jointly operate an AI-powered fundus imaging business[77](index=77&type=chunk) - The Group has entered into an exclusive distribution agreement with Zhejiang Visionary Pharma Co., Ltd. for Emedastine Difumarate and Oxybuprocaine Hydrochloride Eye Drops to enrich its ophthalmic product portfolio[77](index=77&type=chunk) [Honors and Awards in 2025](index=33&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E7%8D%B2%E5%BE%97%E7%9A%84%E6%A6%AE%E8%AD%BD%E5%8F%8A%E7%8D%8E%E9%A0%85) This section reports that Zhuhai Essense Bio-Pharmaceutical Co., Ltd., a wholly-owned subsidiary, was listed among Zhuhai City's Top 100 Innovative Enterprises for overall innovation strength and economic contribution in 2024 - Zhuhai Essense Bio-Pharmaceutical Co., Ltd. was listed among Zhuhai City's Top 100 Innovative Enterprises for overall innovation strength and economic contribution in 2024[78](index=78&type=chunk) [Market Development](index=33&type=section&id=%E5%B8%82%E5%A0%B4%E9%96%8B%E7%99%BC) This section describes the Group's extensive sales network in China, covering over 14,100 hospitals and medical institutions and approximately 2,100 pharmacies, and its proactive strategic initiatives to drive product growth and market expansion, including expanding clinical indications, increasing patient accessibility, developing auxiliary sales channels, and fostering medical technology e-platforms - As of June 30, 2025, the Group has **46 regional sales offices** in China, covering over **14,100 hospitals and medical institutions** and approximately **2,100 pharmacies**[79](index=79&type=chunk) - The Group enhances its competitiveness through strategic initiatives such as expanding clinical indications for commercialized products, increasing patient accessibility in lower-tier Chinese cities, developing auxiliary sales channels, and fostering medical technology e-platforms[81](index=81&type=chunk) [Research and Development](index=33&type=section&id=%E7%A0%94%E7%99%BC) This section emphasizes the Group's commitment to science and innovation, focusing on ophthalmology, with recombinant protein technology and blow-fill-seal platforms, and lists 18 R&D programs, including 4 ophthalmic programs in clinical stages, with R&D bases globally and numerous patents - The R&D department focuses on ophthalmology, possessing growth factor, antibody, drug formulation technologies, and a blow-fill-seal platform[80](index=80&type=chunk) - The blow-fill-seal platform is used to produce preservative-free single-dose drugs, with **6 commercialized** and several in-development products targeted for commercialization within the next two to five years[82](index=82&type=chunk) - The Group has **18 R&D programs** from pre-clinical to clinical stages, with **4 ophthalmic programs** considered mid-term growth drivers, including SkQ1 eye drops and intravitreal bevacizumab for wet AMD[82](index=82&type=chunk)[84](index=84&type=chunk) - The Group holds a total of **111 patent certificates or authorizations**, including **81 invention patents**[82](index=82&type=chunk) - The Group has established multiple R&D bases in Zhuhai (China), Boston (USA), London (UK), and Singapore[83](index=83&type=chunk) [Construction of Second Plant in China](index=35&type=section&id=%E6%96%BC%E4%B8%AD%E5%9C%8B%E5%BB%BA%E9%80%A0%E7%AC%AC%E4%BA%8C%E9%96%93%E5%BB%A0%E6%88%BF) This section describes the progress of the second plant construction in Zhuhai High-tech Zone, which will serve as an R&D center, additional manufacturing facility, administrative offices, and staff dormitories, with construction largely completed but halted due to a legal dispute, and a new general contractor appointed with completion expected in 2026 or 2027 - The second plant is located in Zhuhai High-tech Innovation Coast, covering approximately **15,000 square meters** with a construction area of about **58,000 square meters**[86](index=86&type=chunk) - Plant construction was halted due to a legal dispute with the general contractor, with the court ruling the general contractor to pay approximately **HKD 24.6 million** in breach of contract compensation to the Group[86](index=86&type=chunk) - The Group has appointed a new general contractor, and the project is expected to be completed in **2026 or 2027**[86](index=86&type=chunk) [Litigation with Guangxi Wanshoutang Pharmaceutical Co., Ltd.](index=36&type=section&id=%E8%88%87%E5%BB%A3%E8%A5%BF%E8%90%AC%E5%A3%BD%E5%A0%82%E8%97%A5%E6%A5%AD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E7%9A%84%E8%A8%B4%E8%A8%9F) This section discloses the progress of two lawsuits between the Group and Guangxi Wanshoutang Pharmaceutical Co., Ltd., where the Group won a counterclaim, with the counterparty required to repay approximately HKD 48.9 million, but in another lawsuit, the Group was ordered to pay approximately HKD 14.3 million in compensation and has filed an appeal - In the Group's counterclaim against Guangxi Wanshoutang, the court ruled that the counterparty must repay approximately **HKD 48.9 million** to the Group[87](index=87&type=chunk) - In the lawsuit initiated by Guangxi Wanshoutang, the court ruled that the Group must pay approximately **HKD 14.3 million** in compensation to the counterparty, and the Group has filed an appeal[87](index=87&type=chunk) [Financial Review](index=36&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the challenges faced by China's pharmaceutical industry due to centralized procurement, which the Group addresses by expanding indication coverage and patient accessibility, and provides a detailed analysis of H1 2025 revenue, profit, segment contributions, expenses, cash, and bank borrowings, showing growth in revenue and profit, but increased distribution and selling expenses and decreased administrative expenses - China's pharmaceutical industry faces challenges from centralized procurement policies, leading to significant drug price reductions, which the Group addresses by expanding indication coverage and patient accessibility[89](index=89&type=chunk)[90](index=90&type=chunk) - 2025 H1 revenue was approximately **HKD 876.5 million**, a **5.8% year-on-year increase**; profit for the period was approximately **HKD 163.4 million**, a **3.8% year-on-year increase**[90](index=90&type=chunk)[91](index=91&type=chunk) - Ophthalmology and surgery segments accounted for approximately **47.6%** and **51.2%** of the Group's revenue, respectively, with bFGF series products contributing approximately **83.5% of total revenue**[92](index=92&type=chunk) - Distribution and selling expenses increased **4.7% to HKD 471.6 million**, while administrative expenses decreased **3% to HKD 99.7 million**[93](index=93&type=chunk)[94](index=94&type=chunk) - Total R&D expenses were approximately **HKD 66.5 million**, representing **7.6% of revenue**, of which approximately **HKD 44.8 million** was capitalized[95](index=95&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents were approximately **HKD 640.5 million**, and bank borrowings were approximately **HKD 270.5 million**[95](index=95&type=chunk) [Future Plans for Material Investments or Capital Assets](index=39&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) This section states that, other than what is disclosed in this announcement, the Group had no immediate plans for material investments or acquisitions of material capital assets as of June 30, 2025 - Other than disclosed, the Group had no immediate plans for material investments or capital asset acquisitions as of June 30, 2025[97](index=97&type=chunk) [Liquidity and Financial Resources](index=39&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) This section discloses the Group's bank credit facilities, cash and cash equivalents, and debt-to-asset ratio, indicating a healthy liquidity position and sufficient working capital to meet capital commitments and daily operational needs - As of June 30, 2025, the Group had approved bank credit facilities of approximately **HKD 737.3 million**, of which approximately **HKD 339.1 million** were utilized[98](index=98&type=chunk) - As of June 30, 2025, cash and cash equivalents were approximately **HKD 640.5 million**, and the debt-to-asset ratio was **29.7%**[98](index=98&type=chunk) - Healthy liquidity and working capital, coupled with unutilized bank facilities, are sufficient to meet the Group's capital commitments and support daily operations[99](index=99&type=chunk) [Pledge of Group Assets](index=40&type=section&id=%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) This section states that as of June 30, 2025, no assets of the Group were pledged as collateral for bank financing - As of June 30, 2025, no assets of the Group were pledged as collateral for bank financing[100](index=100&type=chunk) [Capital Commitments](index=40&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) This section discloses that as of June 30, 2025, the Group's capital commitments amounted to approximately HKD 243.5 million - As of June 30, 2025, the Group's capital commitments amounted to approximately **HKD 243.5 million**[101](index=101&type=chunk) [Contingent Liabilities](index=40&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) This section states that as of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[102](index=102&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=40&type=section&id=%E6%9C%89%E9%97%9C%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) This section reports that there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period ended June 30, 2025 - During the period ended June 30, 2025, there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures[103](index=103&type=chunk) [Material Investments Held](index=40&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) This section states that, other than what is disclosed in this announcement, the Group held no material investments as of June 30, 2025 - Other than disclosed, the Group held no material investments as of June 30, 2025[104](index=104&type=chunk) [Foreign Exchange Risk](index=40&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group's policy is to borrow and hold cash in local currencies to mitigate currency risk, and the directors believe the Group's operating cash flows and liquidity are not exposed to significant foreign exchange risk, thus no hedging arrangements are in place - The Group's policy is to borrow and hold cash in local currencies to mitigate currency risk[105](index=105&type=chunk) - The Group's assets, liabilities, and transactions are primarily denominated in HKD, RMB, or USD, and directors believe there is no significant foreign exchange risk, thus no hedging arrangements are in place[105](index=105&type=chunk) [Treasury Policy](index=41&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group primarily funds its operations through internally generated cash flows, bank, and other borrowings, and holds these resources in interest-bearing bank accounts, mainly denominated in RMB, HKD, and USD - The Group primarily funds its operations through internally generated cash flows, bank, and other borrowings[106](index=106&type=chunk) - The Group holds resources in interest-bearing bank accounts, mainly denominated in RMB, HKD, and USD[106](index=106&type=chunk) [Employees](index=41&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the Group had 1,426 full-time employees, with total employee remuneration increasing, determined based on performance, experience, and current industry practices - As of June 30, 2025, the Group had **1,426 full-time employees** (December 31, 2024: 1,450 employees)[107](index=107&type=chunk) - Total employee remuneration (including directors' emoluments) for the review period was approximately **HKD 162.1 million**, an increase from **HKD 159.4 million** in the prior period[107](index=107&type=chunk) [Share Capital and Share Options](index=41&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%8A%E8%B3%BC%E8%82%A1%E6%AC%8A) This chapter states that the Company's authorized share capital remained unchanged during the review period and details the objectives, eligibility, maximum number of shares, quota limits, exercise period, and exercise price determination basis of the share option scheme, with no share options granted, exercised, lapsed, or cancelled during the reporting period [Scheme Summary](index=41&type=section&id=%E8%A8%88%E5%8A%83%E6%A6%82%E8%A6%81) This section details the objectives of the share option scheme (recognizing contributions, attracting and retaining talent, incentivizing performance, strengthening relationships, maintaining flexibility), eligible participant categories and eligibility criteria, as well as share number limits, exercise period, and exercise price determination basis under the scheme, with the remaining term of the scheme being approximately 7.8 years - The share option scheme aims to recognize eligible participants' contributions, attract and retain talent, incentivize performance, strengthen business and employee relationships, and maintain flexibility in awards[109](index=109&type=chunk)[111](index=111&type=chunk) - Eligible participants include directors/employees of the Company or its subsidiaries, directors/employees of holding companies/fellow subsidiaries/associates, and any person providing long-term development services to the Group[111](index=111&type=chunk) - The scheme's authorized limit is **10.0% of issued shares** on the approval date (i.e., **57,064,900 shares**), with a Class C participant limit of **1.0% (i.e., 5,706,490 shares)**[113](index=113&type=chunk) - The option exercise price cannot be less than the highest of the closing price on the grant date, the average closing price for the five trading days immediately preceding the grant date, and the nominal value of the share[115](index=115&type=chunk)[116](index=116&type=chunk) - The remaining term of the scheme is approximately **7.8 years**, expiring on **June 8, 2033**[116](index=116&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=46&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This chapter discloses the long positions of directors and the chief executive in the Company's shares as of June 30, 2025, including the number of shares and approximate percentage held by Yan Ming Chih, Fong Hoi Chau, Yan Yin Lung, and Yau Lai Man, with Yan Ming Chih being the largest shareholder among the directors Directors' and Chief Executive's Long Positions in the Company's Shares | Name | Capacity | Number of Ordinary Shares/Underlying Shares | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Yan Ming Chih | Beneficial owner and interest in controlled corporation | 153,945,667 | 27.15% | | Fong Hoi Chau | Beneficial owner | 5,244,300 | 0.92% | | Yan Yin Lung | Beneficial owner | 2,039,000 | 0.36% | | Yau Lai Man | Beneficial owner | 46,000 | 0.01% | - Yan Ming Chih's interests include his personal holdings and shares held through Dynatech Ventures Pte Ltd, and he is deemed to have an interest in these shares[119](index=119&type=chunk) [Substantial Shareholders' and Other Persons' Interests Required to be Disclosed Under Part XV of the Securities and Futures Ordinance](index=48&type=section&id=%E9%A0%88%E6%A0%B9%E6%93%9A%E8%AD%89%E5%88%B8%E5%8F%8A%E6%9C%9F%E8%B2%A8%E6%A2%9D%E4%BE%8B%E7%AC%ACXV%E9%83%A8%E6%8A%AB%E9%9C%B2%E6%AC%8A%E7%9B%8A%E7%9A%84%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB) This chapter discloses the long positions of substantial shareholders and other persons (excluding directors and the chief executive) in the Company's shares as of June 30, 2025, including the number of shares and approximate percentage held by Yan Ming Kit and Lau Wai Kuen, with Yan Ming Kit being a substantial shareholder, and Lau Wai Kuen deemed to have an interest due to her spousal relationship Substantial Shareholders' and Other Persons' Long Positions in the Company's Shares | Name | Capacity | Number of Ordinary Shares/Underlying Shares | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Yan Ming Kit | Beneficial owner and interest in controlled corporation | 152,020,667 | 26.81% | | Lau Wai Kuen | Family interest | 153,945,667 | 27.15% | - Yan Ming Kit's interests include his personal holdings and shares held through Dynatech Ventures Pte Ltd, and he is deemed to have an interest in these shares[122](index=122&type=chunk) - Lau Wai Kuen is the spouse of Executive Director Yan Ming Chih and is deemed to have an interest in the shares in which Yan Ming Chih has an interest under the SFO[122](index=122&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=49&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) This chapter reports that the Company repurchased and cancelled 123,000 shares on the Stock Exchange during the review period, for a total consideration of HKD 325,270, with this action aiming to enhance the Group's net asset value per share and earnings per share for the benefit of all shareholders 2025 H1 Share Repurchase Details | Month | Number of Shares Repurchased | Total Price Paid (HKD) | | :--- | :--- | :--- | | 2025 January | 53,000 | 145,970 | | 2025 February | 70,000 | 179,300 | | **Total** | **123,000** | **325,270** | - Share repurchases aim to enhance the Group's net asset value per share and earnings per share, funded entirely by the Company's retained profits[123](index=123&type=chunk) [Corporate Governance](index=49&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) This chapter states that the Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the review period - The Company has complied with the code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules throughout the review period[124](index=124&type=chunk) [Audit Committee](index=49&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) This chapter explains that the Company's Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal control systems and financial reporting matters, including the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025 - The Audit Committee reviewed the Group's accounting principles and practices, discussed internal control systems and financial reporting, including the condensed consolidated interim financial statements[125](index=125&type=chunk) [Interim Dividend](index=50&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) This chapter announces that the Board resolved on August 26, 2025, to declare an interim dividend of HKD 0.07 per ordinary share for the six months ended June 30, 2025 (higher than HKD 0.06 per share in the prior year), to be paid in cash on September 23, 2025 - The Board resolved to declare an interim dividend of **HKD 0.07 per ordinary share** for the six months ended June 30, 2025 (prior year: HKD 0.06 per share)[126](index=126&type=chunk) - The interim dividend will be paid in cash on **Tuesday, September 23, 2025**[126](index=126&type=chunk) [Closure of Register of Members](index=50&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E6%9D%B1%E7%99%BB%E8%A8%98%E6%89%8B%E7%BA%8C) This chapter notifies that to qualify for the interim dividend, the Company will close its register of members from Wednesday, September 10, 2025, to Friday, September 12, 2025, and all share transfer documents must be lodged by 4:30 p.m. on September 9, 2025 - The Company will close its register of members from **September 10 to September 12, 2025**, to determine eligibility for the interim dividend[127](index=127&type=chunk) - All share transfer documents must be lodged with the Company's Hong Kong Share Registrar by **4:30 p.m. on September 9, 2025**[127](index=127&type=chunk) [Directors' Securities Transactions](index=50&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) This chapter states that after specific enquiries with all directors, all directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers set out in the Listing Rules during the six months ended June 30, 2025 - All directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in the Listing Rules during the review period[128](index=128&type=chunk)

Core Viewpoint - The company, 亿胜生物科技 (Eisai BioTech), has announced a board meeting scheduled for August 26, 2025, to discuss its interim results for the six months ending June 30, 2025, and to consider the declaration of an interim dividend if applicable [1] Group 1 - The board meeting will take place at the company's office located at 3206, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong [1] - The agenda includes discussing and approving the interim performance of the company and its subsidiaries [1] - The meeting is set for 4 PM on a Tuesday [1]

董事會會議通告 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之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：1061） 香港，二零二五年八月十四日 於本公佈日期，本公司執行董事為嚴名熾先生、方海洲先生、嚴賢龍先生及邱麗文女士。於本 公佈日期，本公司獨立非執行董事為馮志英先生、邱梅美女士及甄文星先生。 億勝生物科技有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，董事會將於二零二五年八 月二十六日（星期二）下午四時正假座香港干諾道中168-200號信德中心西座3206室舉行董事會 會議，議程包括但不限於商討及通過本公司及其附屬公司截至二零二五年六月三十日止六個 月的中期業績，並考慮派付中期股息（如有）。 承董事會命 億勝生物科技有限公司 董事 方海洲 ...

Summary of Key Points Core Viewpoint - As of August 14, 200 stocks reached their 52-week highs, with notable performances from China Shun Ke Long (00974), Weijun Biotechnology (00660), and Century Group International (02113) leading the list with high rates of increase [1][2]. 52-Week High Rankings - China Shun Ke Long (00974) achieved a closing price of 1.380 and a peak price of 1.890, marking a 50.00% increase [2]. - Weijun Biotechnology (00660) closed at 0.239 with a peak of 0.280, reflecting a 40.70% increase [2]. - Century Group International (02113) had a closing price of 0.172 and a peak of 0.235, resulting in a 39.88% increase [2]. - Other notable stocks include: - China International (01064) with a 35.71% increase [2]. - Harmony Auto (03836) with a 22.91% increase [2]. - Guolian Communication (08060) with a 22.73% increase [2]. Additional Stocks with Significant Increases - Several other companies also showed notable increases, including: - Paig BioPharma-B (02565) with a 20.22% increase [2]. - Dinos Environmental (01452) with a 19.13% increase [2]. - Via Biotechnology (01873) with a 15.89% increase [2]. - The list continues with various companies achieving increases ranging from 10% to 15% [2][3]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, such as: - Xi Ye Rong Technology (08107) with a decrease of 10.53% [6]. - Kun Group (00924) with a decrease of 9.84% [6]. - Lu Jin (01098) with a decrease of 9.21% [7].

Core Viewpoint - Yisheng Biotechnology (01061) experienced a stock price increase of over 10%, currently trading at 5.94 HKD with a transaction volume of 9.3261 million HKD, following the announcement of a joint development licensing agreement with Shanghai Junshi Biosciences Co., Ltd. [1] Group 1: Company Developments - Yisheng Biotechnology announced a joint development licensing agreement with its wholly-owned subsidiaries and Shanghai Junshi Biosciences, granting exclusive rights for the licensed product [1] - The licensed product is a recombinant anti-VEGF humanized monoclonal antibody, intended for the treatment of exudative (wet) age-related macular degeneration (wet AMD) [1] - The biological product license application for the anti-VEGF ophthalmic injection (HLX04-O) has recently been accepted by the National Medical Products Administration (NMPA) of China [1] Group 2: Product Details - HLX04-O is developed based on Junshi's independently developed Hanbeitai (Bevacizumab injection), optimized for ophthalmic use while maintaining the active ingredient [1] - The new ophthalmic formulation is designed to meet the specific needs for treating wet AMD [1]

亿胜生物科技(01061)涨超10%，截至发稿，涨9.39%，报5.94港元，成交额932.61万港元。 消息面上，亿胜生物科技发布公告，有关受许人(均为公司的全资附属公司)与上海复宏汉霖生物技术股 份有限公司(复宏汉霖)订立共同开发许可协议，以根据共同开发许可协议的条款共同开发许可产品及向 受许人授出有关许可产品的独家权利。许可产品为内含重组抗血管内皮生长因子人源化单克隆抗体 (anti-VEGF)作为原料药的生物药品，拟用于治疗渗出性(湿性)老年性黄斑部病变(湿性AMD)。 用以治疗湿性AMD的anti-VEGF眼用注射生物药品(HLX04-O)的生物制品许可申请已于近期获得中国国 家药品监督管理局(NMPA)药品审评中心(CDE)受理。 HLX04-O是在复宏汉霖自主研发的汉贝泰(贝伐珠单抗注射液)的基础上，根据眼科用药的需求对汉贝泰 (贝伐珠单抗注射液)的处方、规格和生产工艺进行优化，在活性成份不变的基础上，开发的新的眼科制 剂产品，拟用于湿性AMD的治疗。 ...

Core Viewpoint - Elysium Biotech (01061) shares rose over 10%, currently up 9.39% at HKD 5.94, with a trading volume of HKD 9.3261 million following the announcement of a joint development licensing agreement with Shanghai Junshi Biosciences Co., Ltd. [1] Group 1 - The joint development licensing agreement involves Elysium's wholly-owned subsidiaries and Junshi Biosciences for the co-development of licensed products [1] - The licensed product is a recombinant anti-VEGF humanized monoclonal antibody intended for the treatment of wet age-related macular degeneration (wet AMD) [1] - The biological product application for HLX04-O, an anti-VEGF ocular injection, has recently been accepted by the National Medical Products Administration (NMPA) of China [1] Group 2 - HLX04-O is developed based on Junshi's independently developed Hanbeitai (Bevacizumab injection), optimized for ophthalmic use while maintaining the active ingredient [1] - The new ophthalmic formulation is aimed at treating wet AMD, with adjustments made to the prescription, specifications, and production process [1]

Core Viewpoint - The announcement highlights a collaboration between the company and Shanghai Junshi Biosciences Co., Ltd. to jointly develop a biological drug for the treatment of wet age-related macular degeneration (wet AMD) [1] Group 1: Licensing Agreement - The company has entered into a joint development licensing agreement with Shanghai Junshi Biosciences, granting exclusive rights to the licensed product [1] - The licensed product is a recombinant anti-VEGF humanized monoclonal antibody intended for use as a raw material drug [1] Group 2: Product Development - The anti-VEGF eye injection biological drug (HLX04-O) has recently been accepted for review by the National Medical Products Administration (NMPA) in China [1] - HLX04-O is developed based on Junshi's independently developed Hanbeitai (Bevacizumab injection), optimized for ophthalmic use while maintaining the active ingredient [1] Group 3: Clinical Trials - A Phase III clinical trial (AURA-1) for HLX04-O in Chinese patients with wet AMD is set to reach its primary endpoint by April 2025 [2] - An international multicenter Phase III clinical trial (AURA-2) is ongoing in multiple European countries, Australia, the United States, and China, with the last patient visit scheduled for January 2025 [2]

Core Viewpoint - The announcement highlights a collaboration between the company and Shanghai Junshi Biosciences Co., Ltd. to jointly develop a biopharmaceutical product for the treatment of wet age-related macular degeneration (wet AMD) [1] Group 1: Licensing Agreement - The company has entered into a joint development licensing agreement with Shanghai Junshi Biosciences, granting exclusive rights to develop and market a product containing a recombinant anti-VEGF monoclonal antibody [1] - The licensed product is intended for use as a biopharmaceutical for treating wet AMD [1] Group 2: Product Development - The anti-VEGF eye injection biopharmaceutical (HLX04-O) has recently been accepted for review by the National Medical Products Administration (NMPA) in China [1] - HLX04-O is developed based on Junshi's independently researched and developed Hanbeitai (Bevacizumab injection), optimized for ophthalmic use while maintaining the active ingredient [1] Group 3: Clinical Trials - In addition to the Phase III clinical study (AURA-1) for HLX04-O in wet AMD patients in China, an international multicenter Phase III clinical study (AURA-2) is being conducted across multiple European countries, Australia, the United States, and China [2] - The final patient visit for the AURA-2 study is expected to be completed by January 2025 [2]

Group 1 - The core point of the article is that Edding Biotechnology (01061.HK) has received acceptance for its biopharmaceutical license application for the anti-VEGF eye injection product HLX04-O, intended for the treatment of wet AMD, from the National Medical Products Administration (NMPA) in China [1] - HLX04-O is developed based on the independently researched Hanbeitai (Bevacizumab injection) by the company, optimized for ophthalmic use in terms of formulation, specifications, and production processes while maintaining the same active ingredient [1] - As of the announcement date, there are no approved Bevacizumab products for the treatment of wet AMD in China, with projected sales for drugs targeting wet AMD in China estimated at approximately RMB 4.9 billion for 2024 according to the latest data from IQVIA CHPA [1]