承董事會命 上海先鋒控股有限公司 主 席 李新洲 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告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依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 的 有 限 公 司） （股 份 代 號：01345） 董事會會議通告 上海先 鋒控股有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 將於二零二五年八月二十九日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）審 批 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及其發 佈，及 考 慮 派 付 中 期 股 息（如 有）。 香 港，二 零 二 五 年 八 月 十 五 日 於 本 公 告 日 期，董 事 李 新 洲 先 生、楊 悅 文 先 生 及 張 權 先 生 為 執 行 董 事，胡 明 非 女 士 為 非 執 行 董 事，以 及 張 虹 先 生、賴 展 樞 先 生 及 張 長 海 先 生 為 獨 ...

Group 1 - The company, Shanghai Pioneer Holdings (01345.HK), expects a significant decline in net profit for the six months ending June 30, 2025, projecting a decrease of approximately 45% to 48% compared to the same period last year, which recorded a net profit of RMB 879 million [1] - The primary reason for this decline is a substantial reduction in government subsidies received during the reporting period, which decreased by over RMB 300 million compared to the same period last year [1]

智通财经APP讯，上海先锋控股(01345)发布公告，预期本集团于截至2025年6月30日止6个月将取得纯利 较去年同期人民币8790万元下降约45%至48%。该下降主要由于报告期内本集团所获得的政府补助相较 于去年同期显著减少(减少超过人民币3000万元)。 ...

上海先锋控股(01345)发布公告，预期本集团于截至2025年6月30日止6个月将取得纯利较去年同期人民 币8790万元下降约45%至48%。该下降主要由于报告期内本集团所获得的政府补助相较于去年同期显著 减少(减少超过人民币3000万元)。 ...

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告的內容概不 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 就 因 本 公 告 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 的 有 限 公 司） （股 份 代 號：01345） 內幕消息 盈利警告 本公告乃上 海 先 鋒控股有限公司（「本公司」，連 同 其 附 屬 公 司 稱 為「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章證券及期貨條例第XIVA部項下內幕消息條文（定 義 見 上 市 規 則）而 作 出。 本公司董事（「董 事」）會（「董事會」）謹 此 知 會 本 公 司 股 東 及 有 意 投 資 者，根 據 對 本集團截至二零二五年六月三十日止六個月（「報告期」）未經審核綜合管理賬 目 的 初 步 評 估，預 期 本 集 團 於 報 告 期 將 錄 得 純 利 較 去 年 同 期 人 民 幣87.9百萬元 下降約45%至48%。該 下 降 主 要 由 於 報 告 期 內 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海先鋒控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01345 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.01 USD | | 30,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 3,000,000,000 | USD | | 0.01 USD | | 30,000,000 | 本月底法定/註冊股本總額： USD 30,000 ...

Core Viewpoint - The strategic partnership between Taotao Automotive and Yushu Technology aims to leverage both companies' strengths in technology and distribution channels to enhance market penetration and product development in the robotics sector, particularly in North America [1][2][3]. Group 1: Strategic Cooperation Details - The collaboration will focus on three main pathways: expanding sales in North America using Taotao's distribution network, co-developing consumer applications based on market insights, and enhancing commercialization efficiency by integrating resources [2]. - Taotao Automotive plans to utilize its nearly 20 years of experience in North America to support Yushu Technology's market entry, while Yushu Technology will provide advanced robotics technology to facilitate Taotao's smart technology ecosystem [2][3]. Group 2: Financial Performance - Taotao Automotive's stock price has increased by 206.80% from April 8 to July 30, reflecting strong market performance [4]. - The company's revenue for 2024 is projected to be 2.977 billion yuan, representing a year-on-year growth of 38.82%, with a net profit of 431 million yuan, up 53.76% [4]. - For the first half of 2025, Taotao expects a profit between 310 million to 360 million yuan, indicating a growth of 70.34% to 97.81% year-on-year [4]. Group 3: Robotics Sector Investment - Taotao Automotive has already made investments in the humanoid robotics sector, with plans to enter the market while maintaining its core business [5]. - The company has established a local manufacturing capability for robotic bodies in the U.S. and aims to integrate technology with market needs [5]. - A prototype humanoid robot has been successfully developed, marking a significant step in Taotao's entry into the robotics field [5].

Financial Performance - The group's revenue decreased by 2.3% from RMB 1,566.7 million in 2023 to RMB 1,531.1 million in 2024[12]. - The group's gross profit increased by 2.2% from RMB 668.2 million in 2023 to RMB 683.2 million in 2024[12]. - The group's net profit increased by 19.4% from RMB 121.8 million in 2023 to RMB 145.4 million in 2024[12]. - Basic earnings per share rose by 8.3% from RMB 0.12 in 2023 to RMB 0.13 in 2024[12]. - The total assets amounted to RMB 1,458.1 million in 2024, a decrease from RMB 1,530.9 million in 2023[10]. - The total equity increased to RMB 1,115.6 million in 2024 from RMB 1,017.8 million in 2023[10]. - The total liabilities decreased significantly from RMB 513.1 million in 2023 to RMB 342.5 million in 2024[10]. - The revenue from the Alcon products sold through joint promotion and pipeline management services was RMB 290.6 million, a decrease of 3.5%, accounting for 19.0% of the group's total revenue[31]. - The revenue from pharmaceutical products increased by 2.0% to RMB 445.0 million, representing 29.1% of the group's total revenue, with a gross profit of RMB 297.5 million, up 3.4%[35]. - The revenue from medical devices was RMB 795.4 million, a decrease of 4.1%, accounting for 52.0% of the group's total revenue, with a gross profit of RMB 367.6 million, an increase of 2.4%[38]. - Annual profit rose by 19.4% from RMB 121.8 million in 2023 to RMB 145.4 million in 2024, with net profit margin increasing from 7.8% to 9.5%[65]. - Other income decreased by 14.6% from RMB 52.3 million in 2023 to RMB 44.7 million in 2024, primarily due to a reduction in government subsidies[59]. - Distribution and selling expenses decreased by 14.1% from RMB 422.6 million in 2023 to RMB 363.2 million in 2024, with the percentage of revenue dropping from 27.0% to 23.7%[60]. - Administrative expenses increased by 19.4% from RMB 112.1 million in 2023 to RMB 133.8 million in 2024, with the percentage of revenue rising from 7.2% to 8.7%[61]. - Cash and cash equivalents decreased from RMB 114.4 million at the end of 2023 to RMB 103.6 million at the end of 2024[66]. - Inventory decreased by 23.2% from RMB 417.9 million in 2023 to RMB 321.2 million in 2024, due to optimized inventory management[73]. - Trade and other receivables decreased by 6.7% from RMB 538.6 million in 2023 to RMB 502.3 million in 2024, with average turnover days improving from 100.9 days to 94.1 days[74]. - Total bank borrowings increased from RMB 60.0 million in 2023 to RMB 62.4 million in 2024, with a debt-to-asset ratio of 4.3%[71]. - Capital expenditures totaled RMB 55.2 million in 2024, up from RMB 44.6 million in 2023[76]. - The company's distributable reserves as of December 31, 2024, were approximately RMB 423.1 million, a decrease from RMB 464.4 million as of December 31, 2023[112]. Business Strategy and Market Positioning - The company plans to continue expanding its sales network and enhancing supply chain management to improve profitability[15]. - The company aims to optimize its product market positioning and strengthen marketing efforts for its promoted products[16]. - The company is focusing on integrating innovative medical devices and enhancing its marketing system to capitalize on structural growth opportunities in the healthcare sector[20]. - The company aims to transform from a pure "pharmaceutical distribution" model to a comprehensive enterprise integrating research, development, production, and sales, creating long-term value for shareholders[19]. - The company aims to enhance its market competitiveness through mergers and acquisitions as part of its long-term strategic development[54]. - The company plans to strengthen product development and marketing capabilities to expand market coverage in response to evolving industry trends[53]. - The company is committed to providing high-quality medical solutions by leveraging its global partner network and optimizing sales strategies to ensure efficient market access for quality products[29]. - The company has secured exclusive global distribution rights for the Earth Master series products and exclusive distribution rights for NIANCE skincare products in China, aiming to leverage green technology and skincare trends for market expansion[19]. - The ongoing regulatory tightening and structural upgrades in the pharmaceutical industry are expected to create stronger internal differentiation and competition, prompting the company to enhance operational efficiency and market positioning[20]. - The continuous deepening of pharmaceutical procurement policies is reshaping the market landscape, pushing companies towards refined service models and operational efficiency[27]. - The regulatory changes are accelerating the internationalization of China's pharmaceutical distribution industry, lowering market entry barriers for imported products and enhancing local companies' participation in global supply chains[27]. Product Development and Innovation - The company's medical device business has shown steady growth, benefiting from industry consolidation and channel flattening, with notable performance in products like Zenostar® systems and wound cleaning solutions[18]. - The acquisition of Q3 Medical has granted the company full ownership of its products in mainland China, with the Archimedes biodegradable biliary pancreatic stent entering the special review process, enhancing the product portfolio's competitiveness[18]. - The group plans to strengthen its patent matrix for the Earth Master series products, which focus on energy-saving and environmentally friendly cooking solutions, with the first product expected to be mass-produced in Q1 2025[30]. - The cardiovascular product, Reninping, achieved significant sales growth and market share expansion during the reporting period, supported by effective promotional strategies and clinical expert networks[37]. - The DRL®night orthokeratology lens has been approved by the National Medical Products Administration for use in mainland China, targeting myopia degrees of -1.00D to -4.00D and astigmatism up to 1.50D[40]. - The Archimedes biodegradable biliary pancreatic stent has entered the special review process for innovative medical devices, marking the first innovative product registered in mainland China since the acquisition of Q3 Medical[41]. - The group is committed to enhancing its product offerings and market strategies through continuous innovation and strategic partnerships[95][96]. Governance and Management - The company has appointed several independent non-executive directors with extensive experience in law, public safety, and the pharmaceutical industry, enhancing governance and oversight[90][91][92]. - The management team includes professionals with over 30 years of experience in investment, government relations, and sales, indicating a strong leadership foundation[93][94][95][96]. - The company has established a compliance program to ensure adherence to applicable laws and regulations, particularly those significantly impacting its operations[117]. - The company has established mechanisms to ensure independent opinions are obtained for significant matters, such as related party transactions, with annual reviews of the effectiveness of these mechanisms[171]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value and accountability[165]. - The board of directors is composed of three executive directors, one non-executive director, and three independent non-executive directors, complying with the listing rules regarding independent director representation[169]. - The audit committee consists of three members, including Mr. Zhang Changhai (independent non-executive director), Ms. Hu Mingfei (non-executive director), and Mr. Zhang Hong (independent non-executive director)[199]. - The audit committee reviewed the financial reporting system, compliance procedures, risk management, and internal control systems, ensuring adequate resources and training for accounting and financial reporting functions[200]. - The company has established appropriate arrangements for employees to confidentially raise concerns regarding financial reporting, risk management, and internal control systems[200]. Employee and Stakeholder Relations - The company has a total of 335 employees as of December 31, 2024, and conducts annual performance evaluations for salary reviews and promotions[82]. - The employee costs for the year ending December 31, 2024, are RMB 798 million, an increase from RMB 766 million for the year ending December 31, 2023, representing a growth of approximately 4.2%[82]. - The company has not encountered significant difficulties in recruitment or experienced major employee turnover during the reporting period[82]. - The company maintains good relationships with stakeholders, including employees, customers, and suppliers, which is crucial for achieving its short and long-term goals[118]. - The company is committed to promoting gender diversity within its workforce, with female employees making up approximately 49% of the total staff[192]. Risks and Challenges - The company faces various market risks, including interest rate fluctuations, foreign exchange risks, and credit risks, with no current foreign exchange hedging policy in place[79]. - The company faces various risks, including economic slowdown in China, changes in medical product policies, and operational risks related to product liability claims[115]. - The company has a significant reliance on key personnel, and failure to retain them may impact business and growth[115]. Corporate Social Responsibility - The company made charitable donations totaling RMB 709,200 to various organizations, including the Dongyang Charity Association and Zhejiang University Education Foundation, for the year ending December 31, 2024[153]. - The company is committed to environmental sustainability and compliance with environmental laws and regulations, with measures in place for resource efficiency and waste reduction[116].

Capital Expenditures - Capital expenditures for the year ended December 31, 2024, totaled RMB 55,197 thousand, an increase from RMB 44,556 thousand in 2023, representing a growth of approximately 23.7%[2] - The company spent RMB 6,822 thousand on the purchase of properties, plants, and equipment, down from RMB 30,922 thousand in the previous year, indicating a decrease of about 78.0%[2] - Deposits paid for the acquisition of properties, plants, equipment, intangible assets, and proprietary technology amounted to RMB 48,153 thousand, significantly up from RMB 13,569 thousand in 2023, reflecting an increase of approximately 254.5%[2] - The purchase of intangible assets was RMB 222 thousand, compared to RMB 65 thousand in 2023, marking an increase of about 241.5%[2] Financial Data Accuracy - The company clarified that the financial data in the annual results announcement remains accurate and unchanged, aside from the corrections made regarding capital expenditures[3]

Financial Performance - The group's revenue decreased by 2.3% from RMB 1,566.7 million in 2023 to RMB 1,531.1 million in 2024[3]. - The group's gross profit increased by 2.2% from RMB 668.2 million in 2023 to RMB 683.2 million in 2024[3]. - The group's net profit rose by 19.4% from RMB 121.8 million in 2023 to RMB 145.4 million in 2024[3]. - Basic earnings per share increased by 8.3% from RMB 0.12 in 2023 to RMB 0.13 in 2024[3]. - Total comprehensive income for the year amounted to RMB 95.4 million, down from RMB 203.8 million in the previous year[4]. - Other income for the year was RMB 52.3 million, compared to RMB 44.7 million in the previous year[4]. - The group reported a pre-tax profit of RMB 170.3 million, compared to RMB 213.1 million in the previous year[4]. - The total comprehensive income attributable to the owners of the company was RMB 138.5 million, down from RMB 151.6 million in the previous year[4]. Assets and Liabilities - Non-current assets increased to RMB 524,214 thousand in 2024 from RMB 423,976 thousand in 2023, representing a growth of 23.6%[5]. - Current assets decreased slightly to RMB 1,106,929 thousand in 2024 from RMB 1,134,929 thousand in 2023, a decline of 2.5%[5]. - Total equity attributable to owners increased to RMB 1,110,448 thousand in 2024 from RMB 1,006,443 thousand in 2023, reflecting a growth of 10.3%[6]. - Cash and cash equivalents decreased significantly to RMB 114,427 thousand in 2024 from RMB 214,008 thousand in 2023, a drop of 46.6%[5]. - Trade and other receivables rose to RMB 538,575 thousand in 2024 from RMB 479,316 thousand in 2023, an increase of 12.3%[5]. - Total liabilities decreased to RMB 1,182,661 thousand in 2024 from RMB 1,098,821 thousand in 2023, a reduction of 7.6%[6]. - Deferred tax liabilities decreased to RMB 16,280 thousand in 2024 from RMB 24,725 thousand in 2023, a decline of 34.3%[6]. - The company reported a significant increase in reserves to RMB 1,033,049 thousand in 2024 from RMB 929,044 thousand in 2023, an increase of 11.2%[6]. Market Strategy and Future Plans - The company plans to continue focusing on market expansion and new product development in the upcoming fiscal year[3]. - The company plans to expand its market presence and invest in new product development to drive future growth[8]. - The company is focusing on enhancing its technology capabilities and exploring potential mergers and acquisitions to strengthen its market position[8]. - The group plans to enhance its sales network and supply chain management to improve market reach for high-quality products[56]. - The company aims to strengthen product development and marketing capabilities to expand market coverage in response to industry trends[86]. - The company aims to pursue strategic acquisitions to enhance overall competitiveness and secure a favorable market position amid industry transformation[87]. Revenue Breakdown - Revenue from pharmaceutical product sales reached RMB 737,526 thousand in 2024, compared to RMB 735,625 thousand in 2023, showing a slight increase[16]. - Revenue from medical equipment and supplies sales was RMB 829,147 thousand in 2024, up from RMB 795,425 thousand in 2023, indicating growth[16]. - Revenue from products sold through channel management services was RMB 301,258,000 in 2024, up from RMB 290,632,000 in 2023, reflecting a growth of about 3.0%[22]. - The revenue from comprehensive marketing, promotion, and channel management services was RMB 1,265,415,000 in 2024, compared to RMB 1,240,418,000 in 2023, marking an increase of approximately 2.0%[22]. - Revenue from Alcon products, provided through joint promotion and channel management services, was RMB 290.6 million, a decrease of 3.5% year-on-year, accounting for 19.0% of the group's total revenue[60]. - Revenue from pharmaceutical products through comprehensive marketing and channel management services increased by 2.0% to RMB 445.0 million, representing 29.1% of the group's total revenue[63]. Cost and Expenses - Distribution and selling expenses decreased by 14.1% from RMB 422.6 million in 2023 to RMB 363.2 million in 2024, with the percentage of revenue dropping from 27.0% to 23.7%[93]. - Administrative expenses increased by 19.4% from RMB 112.1 million in 2023 to RMB 133.8 million in 2024, with the percentage of revenue rising from 7.2% to 8.7%[94]. - The total employee costs for 2024 are expected to be RMB 76,588,000, a decrease from RMB 79,766,000 in 2023, indicating a reduction of about 3%[32]. Investments and Acquisitions - The company invested $3 million in DMAX Co., Ltd., acquiring 25% of its issued share capital and the right to appoint one director[79]. - The investment in Shanghai Yuhan Equity Investment Fund Partnership (Limited Partnership) is valued at RMB 30.5 million, with the company holding a 10% equity interest[81]. - The investment in Jiaxing Yuhan Equity Investment Partnership (Limited Partnership) is valued at RMB 12.2 million, with the company holding a 6.62% equity interest and recording an unrealized gain of RMB 4.2 million[82]. - The company acquired land use rights for a production base in Chongqing, covering an area of 38,972 square meters, for RMB 5,581,000[83]. Regulatory and Compliance - The company has not applied any new or revised International Financial Reporting Standards that would have a significant impact on its financial performance or position[14]. - The company is currently evaluating the impact of new or revised International Financial Reporting Standards that have been issued but are not yet effective[15]. - The group has implemented a comprehensive regulatory system across the pharmaceutical lifecycle, enhancing resource allocation and distribution in the healthcare sector[53]. Market Conditions - The GDP of China reached RMB 1,349,084 billion in 2024, growing by 5.0% year-on-year, reflecting a stable economic environment[52]. - Per capita disposable income and consumption expenditure increased by 5.1% in 2024, indicating a positive trend in consumer spending[52]. - The healthcare sector saw per capita consumption expenditure of RMB 2,547 in 2024, growing by 3.6%, which represents 9% of total per capita consumption expenditure[52]. - The Chinese pharmaceutical industry is undergoing significant changes, with increasing accessibility to imported medical products and devices, leading to new market opportunities and competitive pressures[85]. Corporate Governance - The company has implemented a share incentive plan to reward employees, including directors and senior management, to retain talent and support ongoing development[116]. - The audit committee, consisting of two independent non-executive directors and one non-executive director, is responsible for reviewing the financial reporting system and internal controls[124]. - The company has appointed Shinewing Hong Kong CPA Limited as the auditor for the financial year ending December 31, 2024[125].