方达控股(01521)涨近10%，截至发稿，涨9.02%，报1.45港元，成交额192.5万港元。 消息面上，方达控股发布截至2025年6月30日止6个月业绩，该集团期内取得收益1.27亿美元，同比减少 1.5%;公司拥有人应占溢利292.7万美元，同比扭亏为盈;每股基本盈利0.0014美元。其中，集团于2025年 第一季度录得亏损；得益于市场需求增加及生物制药公司为降低成本增加外包业务，集团第二季度财务 表现有所回升，录得收益约6950万美元，同比增加7.8%，录得纯利约380万美元。 ...

消息面上，方达控股发布截至2025年6月30日止6个月业绩，该集团期内取得收益1.27亿美元，同比减少 1.5%;公司拥有人应占溢利292.7万美元，同比扭亏为盈;每股基本盈利0.0014美元。其中，集团于2025年 第一季度录得亏损；得益于市场需求增加及生物制药公司为降低成本增加外包业务，集团第二季度财务 表现有所回升，录得收益约6950万美元，同比增加7.8%，录得纯利约380万美元。 智通财经APP获悉，方达控股(01521)涨近10%，截至发稿，涨9.02%，报1.45港元，成交额192.5万港 元。 ...

FF301 公司名稱: 方達控股公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月3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) | 01521 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 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 致 ...

方达控股(01521)发布截至2025年6月30日止6个月业绩，该集团期内取得收益1.27亿美元，同比减少 1.5%;公司拥有人应占溢利292.7万美元，同比扭亏为盈;每股基本盈利0.0014美元。 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Key Financial Indicators](index=1&type=section&id=%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) The company's revenue slightly decreased, but gross profit, EBITDA, and adjusted net profit all grew, achieving a turnaround from loss to profit Key Financial Indicators | Indicator | Six Months Ended June 30, 2025 (USD million) | Six Months Ended June 30, 2024 (USD million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 126.6 | 128.5 | (1.5)% | | Gross Profit | 35.3 | 34.8 | 1.4% | | Gross Profit Margin | 27.9% | 27.1% | 0.8 ppt | | EBITDA | 27.0 | 23.7 | 13.9% | | EBITDA Margin | 21.4% | 18.4% | 3.0 ppt | | Adjusted EBITDA | 28.1 | 25.8 | 8.9% | | Adjusted EBITDA Margin | 22.2% | 20.1% | 2.1 ppt | | Net Profit/(Loss) | 2.9 | (0.3) | N/A (Turnaround) | | Net Profit/(Loss) Margin | 2.3% | (0.2%) | 2.5 ppt | | Adjusted Net Profit | 7.7 | 6.1 | 26.2% | | Adjusted Net Profit Margin | 6.1% | 4.8% | 1.3 ppt | | Earnings/(Loss) Per Share - Basic | 0.0014 | (0.0001) | N/A (Turnaround) | | Adjusted Earnings Per Share - Basic | 0.0038 | 0.0031 | 22.6% | - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Explanation of Non-IFRS Measures](index=2&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%E8%AA%AA%E6%98%8E) The company provides adjusted non-IFRS measures to more accurately reflect business and operational performance by excluding non-recurring items - Non-IFRS measures (e.g., adjusted net profit, adjusted EBITDA) are intended to exclude the impact of exceptional, non-recurring, non-cash, and/or non-operating items to better assess the company's underlying performance and operating trends[4](index=4&type=chunk) - Adjusted EBITDA excludes share-based compensation expenses, gains or losses from financial liabilities at FVTPL, and M&A-related expenses[5](index=5&type=chunk) - Adjusted net profit excludes share-based compensation expenses, amortization of intangible assets from acquisitions, gains or losses from financial liabilities at FVTPL, and M&A-related expenses[5](index=5&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%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) For the six months ended June 30, 2025, the company achieved a net profit of $2.923 million, a turnaround from a net loss of $300 thousand in the prior year period Key Performance Indicators | Indicator | Six Months Ended June 30, 2025 (USD thousand) | Six Months Ended June 30, 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 126,578 | 128,475 | (1.5)% | | Cost of services | (91,267) | (93,633) | (2.5)% | | Gross profit | 35,311 | 34,842 | 1.4% | | Profit before tax | 5,107 | 397 | 1186.4% | | Profit/(loss) for the period | 2,923 | (300) | N/A (Turnaround) | | Total comprehensive income/(expense) for the period | 6,054 | (2,973) | N/A (Turnaround) | | Basic earnings/(loss) per share (USD) | 0.0014 | (0.0001) | N/A (Turnaround) | [Condensed Consolidated Statement of Financial Position](index=5&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) As of June 30, 2025, the company's total assets slightly decreased, while net assets grew primarily due to an increase in reserves Key Balance Sheet Items | Indicator | As of June 30, 2025 (USD thousand) | As of December 31, 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 412,012 | 415,860 | (0.9)% | | Current assets | 132,256 | 137,733 | (4.0)% | | Current liabilities | 106,343 | 111,540 | (4.6)% | | Net current assets | 25,913 | 26,193 | (1.1)% | | Net assets | 341,435 | 334,269 | 2.1% | | Total equity | 341,435 | 334,269 | 2.1% | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=%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%E8%A8%BB) [1. General Information](index=7&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Frontage Holdings Corporation provides laboratory, bioequivalence, and chemistry services to pharmaceutical and agrochemical companies - The company's principal business is providing laboratory and related services, as well as bioequivalence clinical and chemistry services, to pharmaceutical and agrochemical companies[11](index=11&type=chunk) - The functional currencies of the company and its operating subsidiaries include USD, RMB, CAD, and EUR, with the presentation currency being USD[11](index=11&type=chunk) [2. Basis of Preparation and Significant Accounting Policies](index=7&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%B3%87%E6%96%99) The financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules, with no material impact from newly adopted IFRS standards - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 of the HKEX Listing Rules[12](index=12&type=chunk) - The initial application of new and revised IFRS standards has had no material impact on the financial position and performance for the current and prior periods[14](index=14&type=chunk) [3. Revenue](index=8&type=section&id=3.%20%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, total revenue was $126.578 million, with laboratory testing services being the largest contributor Revenue by Source | Revenue Source | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Drug discovery | 13,180 | 15,820 | | Drug development | 41,732 | 42,797 | | Medical product development | 4,790 | 3,603 | | Laboratory testing | 66,876 | 66,255 | | **Total** | **126,578** | **128,475** | [4. Segment Information](index=8&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The company operates through North America & Europe and China segments, with the former contributing the majority of revenue and profit - The Group's reportable segments are North America & Europe and China, covering drug discovery, drug development, medical product development, and laboratory testing services[17](index=17&type=chunk)[21](index=21&type=chunk) H1 2025 Segment Revenue and Profit (USD thousand) | Segment | Revenue | Cost of Services | Segment Profit/(Loss) | | :--- | :--- | :--- | :--- | | North America & Europe | 98,585 | (68,653) | 6,773 | | China | 27,993 | (22,614) | (1,666) | | **Total** | **126,578** | **(91,267)** | **5,107 (Profit before tax)** | H1 2025 Revenue from External Customers by Country/Region (USD thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | United States and Canada | 99,649 | 94,830 | | China | 21,485 | 22,428 | | Rest of the world | 5,444 | 11,217 | | **Total** | **126,578** | **128,475** | [5. Other Income](index=11&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, other income totaled $1.360 million, a decrease year-over-year Other Income by Source | Other Income Source | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Interest income | 189 | 498 | | Government grants related to revenue | 757 | 360 | | Income from technical support services | 414 | 1,161 | | **Total** | **1,360** | **2,019** | [6. Other Net Gains and Losses](index=11&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, other net gains and losses were $662 thousand, a significant increase driven by net foreign exchange gains Breakdown of Other Net Gains and Losses | Item | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Loss on financial liabilities at FVTPL | – | (159) | | Gain on disposal of property, plant and equipment | 3 | 179 | | Net foreign exchange gain | 693 | 502 | | Others | (34) | (320) | | **Total** | **662** | **202** | [7. Finance Costs](index=11&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, finance costs were $4.215 million, a slight decrease year-over-year Breakdown of Finance Costs | Item | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Interest expense on lease liabilities | 1,588 | 1,540 | | Interest expense on bank borrowings | 2,627 | 2,755 | | **Total** | **4,215** | **4,295** | [8. Profit Before Tax](index=12&type=section&id=8.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) For the six months ended June 30, 2025, profit before tax was $5.107 million, a substantial increase from the prior year period Expenses by Nature | Item | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Staff costs (including directors' remuneration) | 57,954 | 64,636 | | Depreciation of property, plant and equipment | 9,063 | 9,354 | | Depreciation of right-of-use assets | 4,804 | 5,154 | | Amortisation of intangible assets | 3,847 | 4,460 | [9. Income Tax Expense](index=12&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, income tax expense increased to $2.184 million, primarily due to higher pre-tax income Breakdown of Income Tax Expense | Item | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Current tax total | 4,329 | 2,507 | | Deferred tax | (2,145) | (1,810) | | **Total income tax expense** | **2,184** | **697** | - The combined US federal and state income tax rate is **27.05%** (2024: 26.7%)[30](index=30&type=chunk) - Certain Chinese subsidiaries, including Frontage Shanghai, Concord Shanghai, and Heyan Bio, are recognized as High and New Technology Enterprises or Technologically Advanced Service Enterprises, qualifying for a preferential tax rate of **15%** for three years[31](index=31&type=chunk)[32](index=32&type=chunk) [10. Earnings/(Loss) Per Share](index=13&type=section&id=10.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%EF%B9%95%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) For the six months ended June 30, 2025, basic earnings per share was $0.0014, a turnaround from a loss in the prior year period Earnings Per Share | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Basic earnings/(loss) per share | 0.0014 | (0.0001) | | Diluted earnings/(loss) per share | 0.0014 | (0.0001) | - The weighted average number of ordinary shares for basic EPS calculation was **2,026,369,855**, and **2,027,832,482** for diluted EPS[34](index=34&type=chunk) [11. Dividends](index=14&type=section&id=11.%20%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[35](index=35&type=chunk) [12. Trade and Other Receivables and Prepayments](index=14&type=section&id=12.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade and other receivables and prepayments totaled $73.814 million, an increase of 6.8% from year-end 2024 Breakdown of Receivables and Prepayments | Item | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | | :--- | :--- | :--- | | Trade receivables (net) | 63,379 | 59,828 | | Other receivables (net) | 2,191 | 2,533 | | Prepayments | 5,328 | 3,794 | | Recoverable VAT | 2,840 | 2,848 | | **Total** | **73,814** | **69,091** | - The credit period for trade receivables ranges from **30 to 90 days**[36](index=36&type=chunk) [13. Unbilled Revenue](index=15&type=section&id=13.%20%E6%9C%AA%E9%96%8B%E7%A5%A8%E6%94%B6%E5%85%A5) As of June 30, 2025, unbilled revenue was $21.004 million, an 11.1% increase from year-end 2024, reflecting recognized but unbilled contract assets Breakdown of Unbilled Revenue | Item | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | | :--- | :--- | :--- | | Unbilled revenue (third parties) | 20,211 | 18,604 | | Unbilled revenue (related parties) | 1,634 | 1,072 | | Less: Loss allowance | (841) | (787) | | **Total** | **21,004** | **18,889** | [14. Restricted Bank Deposits/Cash and Cash Equivalents](index=15&type=section&id=14.%20%E5%8F%97%E9%99%90%E5%88%B6%E9%8A%80%E8%A1%8C%E5%AD%98%E6%AC%BE%EF%B9%95%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) As of June 30, 2025, restricted bank deposits totaled $687 thousand, while cash and cash equivalents stood at $33.662 million - Restricted bank deposits include a **$300 thousand** cash deposit for a property lease agreement in New Jersey and a **$387 thousand** deposit required by the Pennsylvania Department of Environmental Protection[38](index=38&type=chunk) - As of June 30, 2025, the annual interest rates on bank deposits ranged from **0.02% to 4.18%**[38](index=38&type=chunk) [15. Trade and Other Payables](index=16&type=section&id=15.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade and other payables totaled $21.142 million, a 9.3% increase from year-end 2024 Breakdown of Payables | Item | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | | :--- | :--- | :--- | | Trade payables (total) | 10,388 | 8,659 | | Notes payable (third parties) | 857 | – | | Other payables (total) | 3,062 | 3,355 | | Salaries and bonuses payable | 6,465 | 6,418 | | Other tax payables | 370 | 862 | | **Total** | **21,142** | **19,294** | - Payment terms with suppliers are primarily on credit of **30 to 90 days** from the invoice date[39](index=39&type=chunk) [16. Advances from Customers](index=17&type=section&id=16.%20%E5%AE%A2%E6%88%B6%E5%A2%8A%E6%AC%BE) As of June 30, 2025, advances from customers were $28.369 million, a 6.3% decrease from year-end 2024 Breakdown of Advances from Customers | Item | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | | :--- | :--- | :--- | | Advances from customers (third parties) | 27,399 | 29,439 | | Advances from customers (related parties) | 970 | 897 | | **Total** | **28,369** | **30,336** | - The decrease in advances from customers was mainly related to the Group's performance of services under relevant contracts, which were converted into revenue[40](index=40&type=chunk)[83](index=83&type=chunk) [17. Bank Borrowings](index=17&type=section&id=17.%20%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) As of June 30, 2025, total bank borrowings were $78.628 million, a 17.8% decrease from year-end 2024 due to repayments Bank Borrowings Details | Item | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | | :--- | :--- | :--- | | Secured and unsecured bank loans | 78,628 | 95,670 | | Due within one year | 44,516 | 51,228 | | Due after one year | 34,112 | 44,442 | | Annual interest rate range | 2.60%-6.45% | 2.75%-6.73% | [18. Share Capital](index=18&type=section&id=18.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital was $20 thousand, representing 2,035,724,910 shares Share Capital Details | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of issued and fully paid shares | 2,035,724,910 | 2,035,724,910 | | Amount of issued and fully paid share capital (USD thousand) | 20 | 20 | [19. Treasury Shares](index=18&type=section&id=19.%20%E5%BA%AB%E5%AD%98%E8%82%A1%E4%BB%BD) As of June 30, 2025, the company held 7,996,438 treasury shares, a decrease from year-end 2024 due to the vesting of share awards Treasury Shares Details | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of treasury shares | 7,996,438 | 12,084,002 | | Acquisition cost of treasury shares (USD thousand) | 313 | 313 | - The decrease in treasury shares was primarily due to the vesting of share awards[43](index=43&type=chunk) [20. Capital Commitments](index=18&type=section&id=20.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's capital commitments for the purchase of property, plant and equipment were $3.479 million Capital Commitments | Item | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | | :--- | :--- | :--- | | Purchase of property, plant and equipment | 3,479 | 369 | [Management Discussion and Analysis](index=19&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) [Business Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Frontage Holdings is a global CRO providing comprehensive R&D services, with strong future contract revenue growth despite a slight revenue dip - Frontage is a globally integrated, science-driven contract research organization providing high-quality R&D services to the pharmaceutical, biotechnology, chemical, and life sciences industries[46](index=46&type=chunk) - The company's business is divided into the Global Drug Discovery and Development Services Division and the Global Laboratory Services Division[46](index=46&type=chunk) - For the six months ended June 30, 2025, total revenue was approximately **$126.6 million**, a decrease of 1.5% year-over-year[47](index=47&type=chunk) - As of June 30, 2025, contract future revenue reached approximately **$404.7 million**, an increase of 8.2% compared to June 30, 2024[47](index=47&type=chunk) - **Net profit in Q2 2025 was approximately $3.8 million** with revenue of approximately $69.5 million, a 7.8% increase year-over-year, reversing the loss from the first quarter[48](index=48&type=chunk) [Overview](index=19&type=section&id=%E6%A6%82%E8%A6%BD) Frontage operates as a global CRO with 25 sites, offering comprehensive R&D services and showing a strong financial rebound in the second quarter - In May 2025, the company launched a new 46,300 sq. ft. CRDMO facility in Exton, Pennsylvania, enhancing its CMC product development and manufacturing service capabilities[46](index=46&type=chunk) - Frontage operates a total of twenty-five (25) sites globally, with its headquarters in Exton, Pennsylvania, and operations across North America, China, and Europe[47](index=47&type=chunk) - The company recorded a net loss of approximately **$0.9 million in Q1 2025**, while Q2 saw a net profit of approximately **$3.8 million** on revenue of approximately $69.5 million, a 7.8% increase year-over-year[48](index=48&type=chunk) [Enhancing Capabilities and Expertise](index=20&type=section&id=%E6%8F%90%E5%8D%87%E8%83%BD%E5%8A%9B%E5%8F%8A%E5%B0%88%E9%95%B7) The company continues to enhance its service capabilities in North America, Europe, and China through new facilities and technology platforms - The North America and Europe market remains the leader in the CRO market, and Frontage maintains its market recognition by providing comprehensive, integrated "one-stop" solutions[49](index=49&type=chunk) - China's biopharmaceutical R&D industry is advancing amidst evolving regulatory frameworks and dynamic market changes, with a significant acceleration in the internationalization of innovative drugs[54](index=54&type=chunk) - The company has passed inspections by regulatory agencies such as the FDA, DEA, and NMPA in both North America & Europe and China, and has obtained ISO/IEC information security management system certification, strengthening quality and regulatory compliance[53](index=53&type=chunk)[56](index=56&type=chunk) [North America and Europe](index=20&type=section&id=%E5%8C%97%E7%BE%8E%E5%8F%8A%E6%AD%90%E6%B4%B2) In North America and Europe, the new CRDMO facility in Exton, Pennsylvania, has significantly boosted production and analytical capabilities - The new **46,300 sq. ft. CRDMO facility** in Exton, Pennsylvania, is equipped with nine GMP facilities (including high-potency and sterile facilities) to support the production of various dosage forms[49](index=49&type=chunk) - The pharmacology team has expanded its capabilities by validating new animal models to support therapeutic areas such as Alzheimer's disease, lupus, and psoriasis[51](index=51&type=chunk) - Global laboratory services have enhanced biomarker and diagnostic capabilities by integrating the Alamar NULISA and Fujirebio Lumipulse G1200 platforms[52](index=52&type=chunk) [China](index=22&type=section&id=%E4%B8%AD%E5%9C%8B) In China, the company provides end-to-end solutions from strategic locations and has enhanced its analytical and clinical service capabilities - The China business operates from strategic locations including Shanghai, Suzhou, Wuhan, and Zhengzhou, providing end-to-end solutions for small molecule drugs, biologics, and novel therapies[54](index=54&type=chunk) - The DMPK department has enhanced its analytical capabilities for mRNA and CAR-T cells to support the cell and gene therapy market[55](index=55&type=chunk) - The process scale-up center in Wuhan has **more than doubled its laboratory space**, adding a kilogram-scale facility and upgrading its purification capabilities[55](index=55&type=chunk) - Bioanalytical services have successfully passed multiple inspections by the NMPA and FDA, maintaining an excellent regulatory compliance record[56](index=56&type=chunk) [The Group's Facilities](index=23&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E8%A8%AD%E6%96%BD) As of June 30, 2025, the Group operates 25 facilities globally, with 14 in North America & Europe and 11 in China - As of June 30, 2025, the Group had fourteen (14) facilities in North America and Europe, including in the United States, Canada, and Italy[57](index=57&type=chunk) - As of June 30, 2025, the Group had eleven (11) facilities in China, including in Shanghai, Suzhou, Zhengzhou, and Wuhan[58](index=58&type=chunk)[60](index=60&type=chunk) [Financial Review](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The company's revenue slightly decreased, but improved gross profit and reduced operating expenses led to a turnaround from net loss to net profit - **Q2 2025 revenue was approximately $69.5 million**, a 7.8% increase from Q2 2024, reversing the sales weakness of the first quarter[58](index=58&type=chunk) - Revenue from North America & Europe increased by **18.1%** in the second quarter, while China business revenue increased by **34.7%** (excluding currency translation effects)[59](index=59&type=chunk) - For the six months ended June 30, 2025, net profit was approximately **$2.9 million**, compared to a net loss of approximately $0.3 million in the prior year period, with a net profit margin of 2.3%[71](index=71&type=chunk) - **Adjusted net profit increased by 26.2% to $7.7 million**, with an adjusted net profit margin of 6.1%[73](index=73&type=chunk) - **EBITDA increased by 13.9% to $27.0 million**, with an EBITDA margin of 21.4%[74](index=74&type=chunk) [Revenue](index=24&type=section&id=%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, total revenue was $126.6 million, a 1.5% decrease year-over-year, with a significant rebound in the second quarter Revenue by Service Line | Revenue Source | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Laboratory testing | 66,876 | 66,255 | 0.9% | | Drug development | 41,732 | 42,797 | (2.5)% | | Drug discovery | 13,180 | 15,820 | (16.7)% | | Medical product development | 4,790 | 3,603 | 33.0% | | **Total** | **126,578** | **128,475** | **(1.5)%** | - **Q2 2025 revenue was approximately $69.5 million**, an increase of 7.8% compared to Q2 2024[58](index=58&type=chunk) - Revenue from North America & Europe increased by **18.1%** in the second quarter, while China business revenue (excluding currency translation effects) increased by **34.7%**[59](index=59&type=chunk) [Cost of Services](index=25&type=section&id=%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, cost of services decreased by 2.5% to $91.3 million due to lower labor costs and improved efficiency Cost of Services | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of services | 91,267 | 93,633 | (2.5)% | - The decrease in cost of services was primarily due to lower labor costs, cost savings, and improved capacity utilization[63](index=63&type=chunk) [Gross Profit and Gross Profit Margin](index=26&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) For the six months ended June 30, 2025, gross profit increased to $35.3 million, with the gross profit margin improving to 27.9% Gross Profit and Margin | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 35,311 | 34,842 | 1.4% | | Gross profit margin | 27.9% | 27.1% | 0.8 ppt | - The gross profit margin for North America & Europe increased from **29.4% to 30.4%**, mainly due to cost reductions from improved capacity utilization[65](index=65&type=chunk) [Selling and Marketing Expenses](index=26&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E7%87%9F%E9%8A%B7%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, selling and marketing expenses decreased by 8.5% to $4.3 million due to efficiency improvements Selling and Marketing Expenses | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and marketing expenses | 4,283 | 4,661 | (8.5)% | [Administrative Expenses](index=26&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, administrative expenses decreased by 15.1% to $20.8 million, driven by lower labor costs Administrative Expenses | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 20,824 | 24,507 | (15.1)% | - The decrease in administrative expenses was primarily due to lower labor costs and improved efficiency[67](index=67&type=chunk) [Research and Development Expenses](index=26&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, R&D expenses decreased by 21.4% to $2.2 million due to cost-saving measures R&D Expenses | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | R&D expenses | 2,173 | 2,772 | (21.4)% | - R&D activities are primarily focused on developing technologies and methods to enhance services and improve service quality and efficiency[68](index=68&type=chunk) [Finance Costs](index=27&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, finance costs decreased by 2.3% to $4.2 million due to repayment of bank borrowings Finance Costs | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 4,215 | 4,295 | (2.3)% | - The decrease in finance costs was primarily due to the repayment of bank borrowings during the reporting period[69](index=69&type=chunk) [Income Tax Expense](index=27&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, income tax expense increased to $2.2 million, primarily due to higher pre-tax income Income Tax Expense | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Income tax expense | 2,184 | 697 | 213.3% | - The increase in income tax expense was primarily due to higher pre-tax income[70](index=70&type=chunk) [Net Profit/Loss and Net Profit/Loss Margin](index=27&type=section&id=%E7%B4%94%E5%88%A9%EF%B9%95%E6%B7%A8%E8%99%A7%E6%90%8D%E5%8F%8A%E7%B4%94%E5%88%A9%E7%8E%87%EF%B9%95%E6%B7%A8%E8%99%A7%E6%90%8D%E7%8E%87) The company achieved a net profit of $2.9 million, a turnaround from a net loss in the prior year period, driven by cost-saving measures Net Profit/Loss | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Net profit/(loss) | 2,923 | (300) | | Net profit/(loss) margin | 2.3% | (0.2%) | - The increase in net profit and net profit margin was primarily due to the implementation of cost-saving and efficiency-enhancing measures[71](index=71&type=chunk) - **Net profit for Q2 2025 was approximately $3.8 million**, a significant improvement from the net loss of approximately $0.9 million in Q1[71](index=71&type=chunk) [Adjusted Net Profit](index=27&type=section&id=%E7%B6%93%E8%AA%BF%E6%95%B4%E7%B4%94%E5%88%A9) For the six months ended June 30, 2025, adjusted net profit increased by 26.2% to $7.7 million, with a notable improvement in the second quarter Adjusted Net Profit | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Adjusted net profit | 7,738 | 6,147 | 26.2% | | Adjusted net profit margin | 6.1% | 4.8% | 1.3 ppt | - **Adjusted net profit for Q2 2025 was approximately $6.1 million**, a significant improvement from approximately $1.6 million in Q1[73](index=73&type=chunk) [Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)](index=28&type=section&id=%E7%A8%85%E6%81%AF%E6%8A%98%E8%88%8A%E5%8F%8A%E6%94%A4%E9%8A%B7%E5%89%8D%E5%88%A9%E6%BD%A4) For the six months ended June 30, 2025, EBITDA increased by 13.9% to $27.0 million, with the EBITDA margin rising to 21.4% EBITDA | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | EBITDA | 27,000 (est.) | 23,700 (est.) | 13.9% | | EBITDA margin | 21.4% | 18.4% | 3.0 ppt | [Adjusted EBITDA](index=28&type=section&id=%E7%B6%93%E8%AA%BF%E6%95%B4%E7%A8%85%E6%81%AF%E6%8A%98%E8%88%8A%E5%8F%8A%E6%94%A4%E9%8A%B7%E5%89%8D%E5%88%A9%E6%BD%A4) For the six months ended June 30, 2025, adjusted EBITDA increased by 8.9% to $28.1 million, with the margin reaching 22.2% Adjusted EBITDA | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 28,100 (est.) | 25,800 (est.) | 8.9% | | Adjusted EBITDA margin | 22.2% | 20.1% | 2.1 ppt | [Basic and Diluted Earnings/Loss Per Share](index=28&type=section&id=%E6%AF%8F%E8%82%A1%E5%9F%BA%E6%9C%AC%E5%8F%8A%E6%94%A4%E8%96%84%E7%9B%88%E5%88%A9%EF%B9%95%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, basic and diluted EPS was $0.0014, while adjusted basic and diluted EPS grew by 22.6% Earnings Per Share | Indicator | 2025 (USD) | 2024 (USD) | Change (%) | | :--- | :--- | :--- | :--- | | Basic earnings/(loss) per share | 0.0014 | (0.0001) | N/A | | Diluted earnings/(loss) per share | 0.0014 | (0.0001) | N/A | | Adjusted basic earnings per share | 0.0038 | 0.0031 | 22.6% | | Adjusted diluted earnings per share | 0.0038 | 0.0031 | 22.6% | [Right-of-Use Assets](index=29&type=section&id=%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2) As of June 30, 2025, right-of-use assets were $51.6 million, a 5.0% decrease from year-end 2024 due to depreciation Right-of-Use Assets | Indicator | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Right-of-use assets | 51,600 (est.) | 54,300 (est.) | (5.0)% | [Intangible Assets](index=29&type=section&id=%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of June 30, 2025, intangible assets were $26.6 million, an 11.3% decrease from year-end 2024 due to amortization Intangible Assets | Indicator | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Intangible assets | 26,600 (est.) | 30,000 (est.) | (11.3)% | [Trade and Other Receivables and Prepayments](index=29&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade and other receivables and prepayments increased by 6.8% to $73.8 million, reflecting normal business fluctuations Trade and Other Receivables and Prepayments | Indicator | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and other receivables and prepayments | 73,800 (est.) | 69,100 (est.) | 6.8% | [Unbilled Revenue](index=29&type=section&id=%E6%9C%AA%E9%96%8B%E7%A5%A8%E6%94%B6%E5%85%A5) As of June 30, 2025, unbilled revenue increased by 11.1% to $21.0 million, reflecting normal business fluctuations Unbilled Revenue | Indicator | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Unbilled revenue | 21,000 (est.) | 18,900 (est.) | 11.1% | [Trade and Other Payables](index=29&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade and other payables increased by 9.3% to $21.1 million, mainly for expanding laboratory services Trade and Other Payables | Indicator | June 30, 2025 (USD thousand) | December 31, 2024 (USD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and other payables | 21,100 (est.) | 19,300 (est.) | 9.3% | - The increase was primarily due to higher payments for plant and equipment to expand laboratory services[82](index=82&type=chunk) - Advances from customers recorded a **6.3% decrease**, as they were converted into revenue during the reporting period[83](index=83&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) As of June 30, 2025, the company's cash balance decreased due to bank loan repayments, while net cash from operating activities increased significantly Cash Flow Summary | Indicator | 2025 (USD thousand) | 2024 (USD thousand) | | :--- | :--- | :--- | | Net cash from operating activities | 18,764 | 4,632 | | Net cash used in investing activities | (3,551) | (14,855) | | Net cash (used in)/from financing activities | (25,200) | 840 | | Net decrease in cash and cash equivalents | (9,987) | (9,383) | | Cash and cash equivalents at end of period | 33,662 | 42,998 | - As of June 30, 2025, total cash and bank balances were approximately **$33.7 million**, a decrease from $44.1 million as of December 31, 2024, mainly due to the repayment of bank borrowings[84](index=84&type=chunk) - Capital expenditure for the six months ended June 30, 2025, was approximately **$3.7 million**, a decrease of 77.4% from the prior year period[85](index=85&type=chunk) [Indebtedness](index=30&type=section&id=%E5%82%B5%E5%8B%99) As of June 30, 2025, total bank borrowings decreased by 17.8% to $78.6 million, while lease liabilities slightly decreased - As of June 30, 2025, total bank borrowings were **$78.6 million**, a decrease from $95.7 million as of December 31, 2024[86](index=86&type=chunk) - The effective interest rates on bank borrowings ranged from **2.60% to 6.45%**[86](index=86&type=chunk) - As of June 30, 2025, lease liabilities were approximately **$58.2 million**, a slight decrease from $58.7 million as of December 31, 2024[87](index=87&type=chunk) [Contingent Liabilities and Guarantees](index=31&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%E5%8F%8A%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group did not have any material contingent liabilities or guarantees - As of June 30, 2025, the Group did not have any material contingent liabilities or guarantees[88](index=88&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=%E8%B2%A8%E5%B9%A3%E9%A2%A8%E9%9A%AA) The Group is exposed to currency risks from USD, RMB, CAD, and EUR, which are managed through close monitoring rather than derivatives - The Group is exposed to currency risks in USD, RMB, CAD, and EUR, with Chinese operating subsidiaries primarily exposed to USD and EUR foreign currency risk[89](index=89&type=chunk) - The Group has not used derivative instruments to hedge its currency risk but manages it through close monitoring and minimizing net foreign currency exposure[89](index=89&type=chunk) [Gearing Ratio](index=31&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the gearing ratio decreased to 30.2% from 33.0% at year-end 2024, mainly due to repayment of bank borrowings Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change (ppt) | | :--- | :--- | :--- | :--- | | Gearing ratio | 30.2% | 33.0% | (2.8) | - The decrease in the gearing ratio was primarily due to the repayment of bank borrowings[90](index=90&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 1,540 employees, with 84% holding a bachelor's degree or higher, and utilizes share incentive plans to retain talent - As of June 30, 2025, the Group had **1,540 employees**, with 835 in North America & Europe and 705 in China[91](index=91&type=chunk) - Approximately **84% of employees hold a bachelor's degree or higher**, with 521 employees holding advanced degrees[91](index=91&type=chunk) - For the six months ended June 30, 2025, staff costs (excluding retirement benefits and share-based compensation) were approximately **$52.9 million**, a decrease from the prior year period[91](index=91&type=chunk) - The company has a Pre-IPO Share Incentive Plan, a 2018 Share Incentive Plan, and a 2021 Share Award Scheme[91](index=91&type=chunk) [Events After the Reporting Period](index=32&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Board is not aware of any material events affecting the Group that have occurred since June 30, 2025 - The Board is not aware of any material events affecting the Group that have occurred after June 30, 2025, and up to the date of this announcement[93](index=93&type=chunk) [Outlook](index=32&type=section&id=%E5%89%8D%E6%99%AF) The global CRO market is expected to grow, and Frontage is well-positioned to capture opportunities through its comprehensive solutions and strategic investments - The global CRO services market is projected to grow from **$92.27 billion in 2025 to $175.53 billion by 2032**[94](index=94&type=chunk) - Frontage is strategically focused on expanding capacity, building specialized teams, and investing in digital transformation initiatives to optimize workflows, enhance quality control, and improve operational efficiency[94](index=94&type=chunk) - The company is committed to achieving strategic growth and technological innovation through continuous facility development, service scope expansion, and strengthening global partnerships[94](index=94&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=32&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%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) The company did not conduct any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - For the six months ended June 30, 2025, the Company did not have any material acquisitions or disposals of subsidiaries, associates, and joint ventures[95](index=95&type=chunk) [Other Corporate Information](index=33&type=section&id=%E5%85%B6%E4%BB%96%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) [Dividends](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%B7%B2%E8%AD%B0%E6%B1%BA%E4%B8%8D%E5%AE%A3%E6%B4%BE%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E7%9A%84%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[97](index=97&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities[98](index=98&type=chunk) [Model Code for Securities Transactions by Directors](index=33&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%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) All directors have complied with the required standards of the Model Code for securities transactions during the reporting period - For the six months ended June 30, 2025, all Directors have complied with the required standards set out in the Model Code[99](index=99&type=chunk) [Corporate Governance Code](index=33&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has complied with the principles and code provisions of the Corporate Governance Code during the reporting period - For the six months ended June 30, 2025, the Company has complied with the principles and code provisions set out in the Corporate Governance Code[100](index=100&type=chunk) [Review of Interim Results by the Audit and Risk Management Committee](index=33&type=section&id=%E5%AF%A9%E6%A0%B8%E5%8F%8A%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Audit and Risk Management Committee has reviewed the Group's interim results and confirmed their compliance with applicable standards - The Audit and Risk Management Committee has reviewed the Group’s interim results announcement and interim report and is satisfied that they are prepared in accordance with applicable accounting standards and fairly reflect the financial position and results[101](index=101&type=chunk) [Publication of 2025 Interim Results Announcement and 2025 Interim Report](index=33&type=section&id=%E5%85%AC%E4%BD%882025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The interim results announcement is available on the HKEX and company websites, with the interim report to follow - This interim results announcement is published on the websites of the HKEX (www.hkexnews.hk) and the Company (www.frontagelab.com)[102](index=102&type=chunk) [Definitions](index=34&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used throughout the report - This section provides definitions for key terms and abbreviations used in the report to aid reader comprehension[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[108](index=108&type=chunk)

Group 1 - The biotechnology sector in the Hong Kong stock market experienced a significant decline, with several companies reporting substantial drops in their stock prices [1] - Notable declines include Clover Biopharmaceuticals, which fell by 14.13%, and Beigene, which dropped by 8.33% [2] - Other companies such as Innovent Biologics and WuXi Biologics also saw declines exceeding 5%, indicating a broader trend of negative performance in the sector [1][2] Group 2 - The following companies reported specific percentage declines: Clover Biopharmaceuticals (-14.13%), Beigene (-8.33%), and Innovent Biologics (-6.50%) [2] - Additional companies with notable declines include Kintor Pharmaceutical (-6.38%), CanSino Biologics (-5.98%), and Zai Lab (-5.50%) [2] - The overall trend suggests a challenging environment for biotechnology stocks in the Hong Kong market [1]

Group 1 - The company, Fangda Holdings (01521.HK), has announced a board meeting scheduled for August 28, 2025, to consider and approve its interim results for the six months ending June 30, 2025, as well as to discuss the potential declaration of an interim dividend, if any [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 方達控股公司*（「本公司」）董事會（「董事會」）茲通告謹定於2025年8月28日（星期 四）舉行董事會會議，以（其中包括）考慮及通過本公司及其附屬公司截至2025年6 月30日止六個月的中期業績，及考慮派付中期股息（如有）。 承董事會命 方達控股公司* 主席 李松博士 香港，2025年8月15日 * 僅供識別 FRONTAGE HOLDINGS CORPORATION 方達控股公司* （於開曼群島註冊成立的有限公司） （股份代號：1521） 董事會召開日期 截至本公告日期，董事會成員包括執行董事李松博士、Wentao Zhang博士及 Zhongping Lin博士；非執行董事Yin Zhuan女士及吳灝先生；及獨立非執行董事 李軼梵先生、劉二飛先生及王勁松博士。 ...

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 FRONTAGE HOLDINGS CORPORATION 方達控股公司* （於開曼群島註冊成立的有限公司） （股份代號：1521） 持續關連交易 修訂有關經重續服務框架協議的年度上限 概要 茲提述本公司日期為2024年8月28日的公告，內容有關本公司與杭州泰格訂立 的經重續服務框架協議。 鑒於本集團與杭州泰格之間的企業需求不斷增加，董事會預期，經重續服務框 架協議的原有年度上限將不足夠。於2025年8月6日，董事會議決修訂截至2027 年12月31日止三個年度各年、就本集團根據經重續服務框架協議提供相關服務 的持續關連交易的年度上限。 上市規則之涵義 於本公告日期，杭州泰格為控股股東，故為本公司的關連人士。因此，根據上 市規則第十四A章，經重續服務框架協議項下擬進行的交易構成本公司的持續關 連交易。 根據最高經修訂購買年度上限，由於本集團根據經重續服務框架協議就泰格集 團提供相關服務將支付的費用的年度 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年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: 方達控股公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月5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) | 01521 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總 ...