Revenue and Profitability - Revenue for the year ended December 31, 2025, was approximately RMB 273.4 million, a decrease of about 16.2% compared to RMB 326.0 million for the year ended December 31, 2024[2]. - Gross profit decreased by approximately 32.5% to RMB 109.8 million for the year ended December 31, 2025, down from RMB 162.6 million for the year ended December 31, 2024[2]. - The gross profit margin for the year ended December 31, 2025, was approximately 40.2%, a decrease of about 9.8% from approximately 49.9% for the year ended December 31, 2024[2]. - The loss attributable to equity holders of the company for the year ended December 31, 2025, was approximately RMB 11.8 million, significantly improved from a loss of RMB 188.8 million for the year ended December 31, 2024[2]. - Basic loss per share for the year ended December 31, 2025, was approximately RMB 1.59, compared to RMB 25.5 for the year ended December 31, 2024[2]. Operating Expenses - Total operating expenses for the year ended December 31, 2025, were RMB 10.4 million, a significant reduction from RMB 188.9 million for the year ended December 31, 2024[5]. - Research and development expenses for the year ended December 31, 2025, were RMB 13.3 million, down from RMB 106.3 million for the year ended December 31, 2024[4]. - The group’s sales and distribution expenses decreased from RMB 81.0 million for the year ending December 31, 2024, to RMB 52.1 million for 2025, aligning with the revenue decline[48]. - General and administrative expenses decreased by approximately RMB 6.2 million or 12.2% from approximately RMB 51.2 million for the year ending December 31, 2024, to approximately RMB 45.0 million for the year ending December 31, 2025[57]. - Employee costs for the year ending December 31, 2025, amounted to RMB 44,572,000, a decrease from RMB 69,250,000 in 2024, representing a reduction of approximately 35.5%[23]. Financial Position - Total assets decreased from RMB 778,549 thousand in 2024 to RMB 768,736 thousand in 2025, a decline of approximately 1.04%[6]. - Current liabilities increased from RMB 767,571 thousand in 2024 to RMB 876,647 thousand in 2025, an increase of about 14.23%[7]. - Cash and cash equivalents rose significantly from RMB 21,056 thousand in 2024 to RMB 83,843 thousand in 2025, representing an increase of approximately 297.5%[6]. - The company's equity attributable to shareholders decreased from RMB 369,671 thousand in 2024 to RMB 359,247 thousand in 2025, a decline of about 2.3%[7]. - The total liabilities increased from RMB 767,571 thousand in 2024 to RMB 876,647 thousand in 2025, reflecting a rise of approximately 14.23%[7]. Taxation and Government Grants - The group’s tax expenses for the fiscal year ending December 31, 2025, were RMB 4,198,000, compared to RMB 1,646,000 for 2024[30]. - The company received government grants totaling RMB 13,146,000 in 2025, slightly down from RMB 14,984,000 in 2024[22]. - The corporate income tax rate for the group's Chinese subsidiaries is set at 25% for both 2024 and 2025[28]. - Henan Fusen Pharmaceutical Co., Ltd. and Zhuhai Hengqin Medical Technology Co., Ltd. are recognized as high-tech enterprises, benefiting from a reduced income tax rate of 15% for 2024 and 2025[28]. Cash Flow and Liquidity - The company reported a net current liability of RMB (381,953) thousand in 2025, compared to RMB (307,959) thousand in 2024, indicating a worsening liquidity position[6]. - The group has a commitment to repay bank and other loans totaling RMB 293,280,000 within one year, including RMB 140,000,000 due within the next six months[44]. - The group successfully renewed bank loans amounting to RMB 114.5 million, maturing in March 2027, to alleviate cash flow pressure[16]. - The group has bank borrowings secured against properties, plants, and equipment with a total carrying value of RMB 55.3 million as of December 31, 2025, down from RMB 95.8 million in 2024[70]. Market and Customer Concentration - All revenue is derived from external customers located in China, including Hong Kong, indicating a concentrated market focus[20]. - The group had no transactions with customers exceeding 10% of total revenue for the year ending December 31, 2025[18]. - Two major customers contributed RMB 44,483,000 and RMB 37,400,000 to revenue for the year ending December 31, 2024, representing significant reliance on these clients[19]. - For the year ending December 31, 2025, no single customer contributed more than 10% to the group's total revenue, while in 2024, one customer contributed approximately RMB 44,470,000[21]. Future Outlook - The group anticipates a gradual recovery in revenue as core product sales stabilize and new products are launched, with 6-8 new products expected to enter the market in 2026[51]. - The overall operating situation is expected to improve further, marking a new phase of recovery and growth for the company[51]. - The group successfully obtained approval for 5 new products in 2025, with 2 already contributing to revenue, indicating a new growth point for income[49]. Corporate Governance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's listing rules, with some deviations noted[76]. - The Audit Committee was established on June 14, 2018, consisting of three independent non-executive directors[84]. - The Audit Committee's main responsibilities include providing independent opinions on the effectiveness of the financial reporting process, internal control procedures, and risk management systems[84]. Shareholder Matters - The board does not recommend the payment of a final dividend for the year ended December 31, 2025, consistent with the previous year[2]. - The group plans to distribute dividends of no less than 10% of distributable profits for any financial year, subject to board approval[74]. - The company has not engaged in any purchases, redemptions, or sales of its listed securities as of December 31, 2025[83].

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依賴該等內容而引致的任何損失承擔任何責任。 Fusen Pharmaceutical Company Limited 福 森 藥 業 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1652） 董事會會議通告 福 森 藥 業 有 限 公 司（「 本 公 司 」）董 事 會（「 董 事 會 」）謹 此 宣 佈 ， 董 事 會 將 於 2026 年 3月31日（ 星期二 ）舉行會議，藉以（ 其中包括 ）考慮及批准本公司及其附屬公司截 至2025年12月31日止年度之全年業績及其發佈，以及考慮派付末期股息（ 如有 ）。 承董事會命 福森藥業有限公司 主席兼執行董事 曹智銘 香港，2026年3月19日 於本公告日期，本公司董事會包括執行董事曹智銘先生（ 主席 ）、侯太生先生、遲 永勝先生及孟慶芬女士；及獨立非執行董事李國棟先生、杜潔華博士及余浩銘先 生。 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 福森藥業有限公司 呈交日期: 2026年3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) | 01652 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,00 ...

Core Viewpoint - The meeting held in Xichuan County emphasized the importance of collaboration between government and enterprises to foster economic development and attract investment, showcasing positive growth indicators and a commitment to supporting local businesses [1][2][3]. Economic Development - Xichuan County's GDP surpassed 30 billion yuan, with a growth rate of 7.1% [1] - Industrial investment, social R&D input, and high-tech industry added value all exceeded 30% growth [1] - The county was recognized as a pilot for manufacturing transformation and upgrading, with the automotive parts industry cluster becoming a provincial characteristic industry cluster [1][3]. Business Environment - The meeting highlighted the government's proactive approach to address business challenges, including the implementation of source-network-load-storage projects and reducing electricity costs for enterprises [2][4]. - A commitment to optimizing the business environment was demonstrated through various initiatives, such as standardized factory construction and talent recruitment models [4]. Industry Support - The automotive parts industry, led by Xijian Company, experienced a 39% year-on-year increase in output value, driven by the shift towards new energy vehicles [3]. - Other industries, including modern traditional Chinese medicine and new materials, also showed robust growth, contributing to a diversified economic landscape [3]. Collaboration and Commitment - The meeting served as a platform for entrepreneurs to voice their concerns and suggestions, with government officials responding directly to their needs [2]. - The county government reiterated its commitment to being business-friendly and fostering a collaborative environment for economic growth [3][4].

Core Insights - The Hong Kong Traditional Chinese Medicine (TCM) stocks showed strong performance, with China Traditional Chinese Medicine rising over 8% initially before settling at a 2.9% increase, while other stocks like Wei Yuan Tang and Tong Ren Tang Guo Yao also saw gains [1][2] Industry Developments - The Ministry of Industry and Information Technology, along with eight other departments, issued the "Implementation Plan for High-Quality Development of the TCM Industry (2026-2030)" [1] - By 2030, a collaborative development system for the entire TCM industry chain is expected to be initially formed, with enhanced stable supply capabilities for key TCM raw materials and significant improvements in digitalization and greening levels [1] - The plan emphasizes the use of artificial intelligence and big data to create knowledge graphs for classic formulas and experiences from renowned TCM practitioners [1] Policy Implications - Analysts view this plan as a systemic, long-term policy benefit for TCM stocks, marking a shift from "extensive growth" to "quality and value-driven" development [1] - The plan serves as a "general program" for the development of the TCM industry over the next five years, focusing on raising industry standards, encouraging innovation, and driving a profound supply-side reform [1]

Group 1 - The core viewpoint of the news is that the Chinese traditional medicine sector is experiencing a strong market response following the release of a new development plan by the Ministry of Industry and Information Technology and seven other departments, which aims to enhance the quality and innovation of the industry by 2030 [1] - The plan outlines that by 2030, a collaborative development system for the entire traditional Chinese medicine (TCM) industry chain will be initially formed, with a focus on stable supply of key TCM raw materials and significant improvements in digitalization and greening levels [1] - Analysts suggest that this plan represents a systematic and long-term policy benefit for TCM stocks, marking a shift from "extensive growth" to "quality and value-driven" growth, serving as a guiding framework for the development of the TCM industry over the next five years [1] Group 2 - The stock performance of TCM companies shows a positive trend, with China Traditional Chinese Medicine rising over 8% at one point, currently up by 2.9%, and other companies like Yuyuan Tang and Tong Ren Tang also experiencing gains [2] - Specific stock price changes include: Yuyuan Tang at 0.365 with a 5.80% increase, China Traditional Chinese Medicine at 2.130 with a 2.90% increase, and Fosen Pharmaceutical at 0.750 with a 1.35% increase [2] - Other companies such as Tong Ren Rong Guo Yao, Baiyun Mountain, Tong Ren Tang Technology, and Jilin Changlong Pharmaceutical also reported slight increases in their stock prices, indicating a broader positive sentiment in the TCM sector [2]

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 | | | 致：香港交易及結算所有限公司 公司名稱: 福森藥業有限公司 呈交日期: 2026年2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) | 01652 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,00 ...

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12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: 福森藥業有限公司 呈交日期: 2026年1月2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) | 01652 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註 ...

Core Viewpoint - Fosen Pharmaceutical (01652.HK) has received approval from the National Medical Products Administration of China for its potassium hydrogen phosphate injection, branded as "Shanweixi," which is intended as a phosphate supplement [1] Group 1: Product Details - The potassium hydrogen phosphate injection is primarily used for parenteral nutrition when oral or enteral nutrition is not feasible, insufficient, or contraindicated [1] - It is also indicated for adults and children suffering from hypophosphatemia [1] - The product is classified as a Category B item under the National Medical Insurance Bureau, highlighting its safety, rapid absorption, dual phosphate supplementation, and alignment with multiple clinical guidelines [1]

Core Viewpoint - Fosun Pharma's subsidiary has received approval from the National Medical Products Administration of China for the "Compound Potassium Hydrogen Phosphate Injection," which is intended as a phosphate supplement for patients unable to receive oral or enteral nutrition [1][2]. Group 1: Product Details - The "Compound Potassium Hydrogen Phosphate Injection" is primarily used for patients with hypophosphatemia and those requiring parenteral nutrition supplementation [1]. - This new generation phosphate-potassium compound formulation aims to quickly correct phosphate deficiency while stabilizing cell membrane potential through potassium supplementation, thereby preventing risks associated with hypophosphatemia such as rhabdomyolysis and arrhythmias [1]. - The product is classified as a Category B item by the National Healthcare Security Administration, highlighting its high safety profile, rapid absorption, dual phosphate-potassium supplementation, and alignment with multiple clinical guidelines [1]. Group 2: Market Potential - According to data from Minai Network, the domestic sales of the "Compound Potassium Hydrogen Phosphate Injection" are projected to be 343 million yuan in 2023 and 413 million yuan in 2024 [1]. - The launch of this product enhances the company's portfolio in the nutritional supplement treatment sector, providing more treatment options for adults and children suffering from hypophosphatemia and those needing parenteral phosphate supplementation [2].