福森药业(01652.HK)：上半年股东应占亏损为2310万元 福森药业(01652.HK)将于8月29日召开董事会会 议以审批中期业绩 格隆汇8月29日丨福森药业(01652.HK)发布公告，2025年上半年，收益同比减少约43.3%至约人民币 1.133亿元；毛利同比下降约59.4%至约人民币4300万元；公司股权持有人应占亏损为约人民币2310万 元，而于2024年上半年则为亏损约人民币3690万元。 相关事件 ...

Core Viewpoint - Fosun Pharma (01652) reported a significant decline in revenue for the six months ending June 30, 2025, with earnings of 111 million RMB, representing a year-on-year decrease of 43.31% [1] Financial Performance - The company recorded a loss attributable to shareholders of 23.136 million RMB, which is a year-on-year reduction of 37.37% [1] - Basic loss per share was reported at 0.03 RMB [1]

[Important Notices and Company Information](index=1&type=section&id=Important%20Notices%20and%20Company%20Information) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no statement as to its accuracy or completeness, and expressly disclaim liability for any loss arising from its contents - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited assume no responsibility for the content of this announcement, nor do they guarantee its accuracy or completeness[1](index=1&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) Fusen Pharmaceutical Co., Ltd. announces its unaudited interim results for the six months ended June 30, 2025, with comparative data for the same period in 2024 - Fusen Pharmaceutical Co., Ltd. (Stock Code: 1652) announces its unaudited interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) In the first half of 2025, the company experienced a significant decline in revenue and gross profit, but the loss attributable to equity holders of the Company narrowed 2025 H1 vs 2024 H1 Financial Highlights Comparison | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Change Rate | | :--- | :---: | :---: | :---: | | Revenue | 113.3 | 196.3 | -43.3% | | Gross Profit | 43.0 | 105.9 | -59.4% | | Loss attributable to equity holders of the Company | (23.1) | (36.9) | -37.4% (Loss narrowed) | [Financial Statements](index=2&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue decreased by 43.3% year-on-year to RMB 111.3 million, gross profit decreased by 59.4% to RMB 43.0 million, and loss for the period narrowed to RMB 23.1 million Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (RMB thousand) | Indicator | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :---: | :---: | | Revenue | 111,286 | 196,322 | | Cost of Sales | (68,296) | (90,450) | | Gross Profit | 42,990 | 105,872 | | Operating Loss | (20,194) | (36,539) | | Loss before tax | (22,725) | (45,325) | | Loss for the period | (23,136) | (36,949) | | Loss for the period attributable to equity holders of the Company | (23,136) | (36,941) | | Basic loss per share (RMB cents) | (3) | (5) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total non-current assets slightly increased, total current assets slightly decreased, and net current liabilities expanded, leading to a reduction in net assets and total equity Consolidated Statement of Financial Position Key Data (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Non-current assets | 784,226 | 778,549 | | Current assets | 448,451 | 459,612 | | Current liabilities | 789,389 | 772,445 | | Net current liabilities | (340,938) | (312,833) | | Net assets | 345,241 | 368,362 | | Total equity attributable to equity holders of the Company | 346,550 | 369,671 | [Notes to Financial Statements](index=5&type=section&id=Notes%20to%20Financial%20Statements) [1 Organisation and Principal Activities](index=5&type=section&id=1%20Organisation%20and%20Principal%20Activities) The Group is incorporated in the Cayman Islands and primarily engaged in the manufacturing and sale of pharmaceutical products - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on January 18, 2013[7](index=7&type=chunk) - The Group is principally engaged in the manufacturing and sale of pharmaceutical products[8](index=8&type=chunk) [2 Basis of Preparation](index=5&type=section&id=2%20Basis%20of%20Preparation) The interim financial report is prepared in accordance with the HKEX Listing Rules and IAS 34, authorized for issue on August 29, 2025, noting significant going concern uncertainties, but the Board has taken measures to mitigate liquidity pressure and considers the going concern basis appropriate - The interim financial report is prepared in accordance with the Listing Rules of the Stock Exchange and International Accounting Standard 34, and was authorized for issue on August 29, 2025[9](index=9&type=chunk) - Affected by market demand and intense competition, the Group's revenue significantly decreased, resulting in operating losses, and as of June 30, 2025, net current liabilities amounted to **RMB 340,938,000**, indicating significant uncertainty about its ability to continue as a going concern[11](index=11&type=chunk) - The Board has adopted several measures, including negotiating new loans, collecting receivables, disposing of idle assets, restructuring debts, and obtaining financial support from the ultimate controlling party, to alleviate liquidity pressure and considers the preparation of financial statements on a going concern basis to be appropriate[11](index=11&type=chunk)[13](index=13&type=chunk) [3 Changes in Accounting Policies](index=7&type=section&id=3%20Changes%20in%20Accounting%20Policies) The Group has applied the amendments to IAS 21, which have no significant impact on this interim report, and has not applied any new standards or interpretations not yet effective for the current accounting period - The Group has applied the amendments to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability", but they have no significant impact on this interim report[14](index=14&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[15](index=15&type=chunk) [4 Revenue and Segment Information](index=7&type=section&id=4%20Revenue%20and%20Segment%20Information) The Group's principal business is the manufacturing and sale of pharmaceutical products, with revenue primarily from Shuanghuanglian Oral Liquid, Shuanghuanglian Injection, and other products, all recognized at a point in time, and operates as a single reportable segment with main business and assets located in China [4(a) Revenue](index=7&type=section&id=4(a)%20Revenue) - The Group's principal business is the manufacturing and sale of pharmaceutical products[16](index=16&type=chunk) Major Revenue Categories for the Period (RMB thousand) | Product Category | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :---: | :---: | | Shuanghuanglian Oral Liquid | 56,119 | 83,900 | | Shuanghuanglian Injection | 16,159 | 54,836 | | Other Manufactured Products | 39,008 | 53,328 | | Subtotal (Manufactured Products) | 111,286 | 192,064 | | Third-party Products | – | 4,258 | | Total | 111,286 | 196,322 | - For the six months ended June 30, 2025, transactions with one customer exceeded **10% of total revenue**, with sales amounting to **RMB 12,048,000**[19](index=19&type=chunk) [4(b) Segment Information](index=8&type=section&id=4(b)%20Segment%20Information) - The Group has only one reportable segment, with revenue primarily derived from sales of Shuanghuanglian Oral Liquid, Shuanghuanglian Injection, and other pharmaceutical products to customers in China[20](index=20&type=chunk) - The Group's operating assets and non-current assets are primarily located in China, thus no geographical and asset segment analysis is provided[20](index=20&type=chunk) [5 Income Tax Expense](index=8&type=section&id=5%20Income%20Tax%20Expense) Income tax expense for the first half of 2025 was RMB 411 thousand, compared to a tax credit of RMB 8,376 thousand in the same period of 2024, with certain Chinese subsidiaries enjoying a preferential 15% income tax rate as high-tech enterprises Income Tax Expense (RMB thousand) | Indicator | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :---: | :---: | | Current tax — China corporate income tax | (29) | – | | Deferred tax | 440 | (8,376) | | Total | 411 | (8,376) | - Henan Fusen and Zhuhai Hengqin are certified as high-tech enterprises, enjoying a preferential income tax rate of **15%**[22](index=22&type=chunk) [6 Loss Per Share](index=9&type=section&id=6%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was RMB 3 cents, narrowing from RMB 5 cents in the same period of 2024, with basic and diluted loss per share being the same due to the anti-dilutive effect of all potential dilutive ordinary shares [6(a) Basic Loss Per Share](index=9&type=section&id=6(a)%20Basic%20Loss%20Per%20Share) - Basic loss per share was **RMB 3 cents** (2024 H1: **RMB 5 cents**), calculated based on a loss attributable to equity holders of the Company of **RMB 23,136,000** and a weighted average of **739,301,000** ordinary shares outstanding[23](index=23&type=chunk) [6(b) Diluted Loss Per Share](index=9&type=section&id=6(b)%20Diluted%20Loss%20Per%20Share) - Basic and diluted loss per share were the same for the six months ended June 30, 2025 and 2024, as all potential dilutive ordinary shares had an anti-dilutive effect[24](index=24&type=chunk) [7 Trade Receivables](index=9&type=section&id=7%20Trade%20Receivables) As of June 30, 2025, total trade receivables were RMB 104,701 thousand, a decrease from the end of 2024, primarily due to a reduction in accounts receivable, with bills receivable mainly comprising bank acceptance bills due within 6 to 12 months Trade Receivables (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Bills receivable | 57,197 | 52,617 | | Accounts receivable (net of allowance for credit losses) | 47,504 | 61,261 | | Total | 104,701 | 113,878 | - Bills receivable are bank acceptance bills received from customers, with maturity dates within **6 to 12 months**[26](index=26&type=chunk) - Accounts receivable are due within **1 to 6 months** from the invoice date and are non-interest bearing[26](index=26&type=chunk) [8 Prepayments and Other Receivables](index=10&type=section&id=8%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, total prepayments and other receivables amounted to RMB 154,071 thousand, a decrease from RMB 187,596 thousand at the end of 2024, mainly due to a significant decline in other receivables from government-related entities Prepayments and Other Receivables (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Receivables related to compensation from local government for relocation of production facilities | 40,607 | 40,607 | | Prepayments for raw materials and services | 13,243 | 16,264 | | Deductible input VAT | 15,385 | 17,388 | | Prepayments to related parties | 24,851 | 8,556 | | Other receivables from government-related entities | 28,500 | 81,223 | | Others | 31,485 | 23,558 | | Total | 154,071 | 187,596 | [9 Trade Payables and Bills Payable](index=11&type=section&id=9%20Trade%20Payables%20and%20Bills%20Payable) As of June 30, 2025, total trade payables and bills payable increased to RMB 136,846 thousand from the end of 2024, with all amounts expected to be settled within one year Ageing Analysis of Trade Payables and Bills Payable (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Current to three months | 52,056 | 56,377 | | Four to six months | 14,525 | 8,298 | | Seven to twelve months | 21,294 | 19,198 | | Over twelve months | 48,971 | 39,593 | | Total | 136,846 | 123,466 | - All trade payables are expected to be settled within one year[28](index=28&type=chunk) [10 Share Capital](index=11&type=section&id=10%20Share%20Capital) As of June 30, 2025, the number of authorized and issued and fully paid ordinary shares remained largely consistent with the end of 2024, with a par value of HK$0.01 per share Share Capital Information (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Authorized ordinary shares (number) | 2,000,000,000 | 2,000,000,000 | | Authorized ordinary shares (amount) | 16,354 | 16,354 | | Issued and fully paid ordinary shares (number) | 739,301,000 | 749,956,000 | | Issued and fully paid ordinary shares (amount) | 6,179 | 6,310 | - Holders of ordinary shares are entitled to receive dividends and have the right to vote at company meetings on a one-vote-per-share basis, with all ordinary shares ranking pari passu[29](index=29&type=chunk) [11 Dividends](index=11&type=section&id=11%20Dividends) The Board does not recommend the payment of any dividends for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the payment of any dividends for the six months ended June 30, 2025 (2024 H1: nil)[30](index=30&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Future Outlook](index=12&type=section&id=Business%20Review%20and%20Future%20Outlook) In the first half of 2025, the Group experienced a decline in operating revenue and gross profit, but the net loss attributable to shareholders narrowed, with significant improvement in joint venture profitability, and the company remains cautiously optimistic about the second half due to core product procurement wins, R&D pipeline optimization, cost control, and new product launches - Operating revenue for the first half of 2025 was approximately **RMB 111.3 million**, a year-on-year decrease of **43.3%**; net loss attributable to equity holders of the Company was approximately **RMB 23.1 million**, narrowing by **37.4%** year-on-year[31](index=31&type=chunk) - Gross profit margin was **38.6%**, a decrease of **15.3 percentage points** from **53.9%** in the first half of 2024, mainly due to increased product promotion and sales discounts[31](index=31&type=chunk) - Jiangxi Yongfeng Kangde Pharmaceutical Co., Ltd., a joint venture, recorded a profit of approximately **RMB 26.3 million** in the first half of 2025, with the Company's share of profit being approximately **RMB 9.4 million**, a significant improvement from a loss in the first half of 2024[31](index=31&type=chunk) - The company's core products, Shuanghuanglian Oral Liquid and Shuanghuanglian Injection, have won bids in the third batch of national centralized procurement for traditional Chinese medicines, with positive impacts expected to gradually materialize in the second half of the year[32](index=32&type=chunk) - The Group is improving cash flow by streamlining its R&D pipeline, focusing on core products, reducing non-core R&D expenses, controlling management and promotion costs, and seeking to dispose of idle assets[33](index=33&type=chunk) - Zhuhai Hengqin R&D platform has **44 projects** under development, with **15 currently under review**, expecting at least **20 new products** to be launched in the next three years, covering anti-infective viruses, cardiovascular, and cerebrovascular fields[34](index=34&type=chunk) - The company maintains a cautiously optimistic outlook on its operating performance for the second half of the year, anticipating a gradual recovery in revenue and gross profit margin, with continued improvement in operating results[35](index=35&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) This section provides a detailed review of the financial performance for the first half of 2025, including a significant decline in sales, lower gross margin, controlled expenses, and a notable improvement in joint venture profitability, alongside disclosures on capital structure, liquidity, gearing ratio, foreign exchange risk, human resources, commitments, contingent liabilities, and pledged assets [Sales Performance](index=14&type=section&id=Sales%20Performance) Product Sales Revenue Comparison (RMB thousand) | Product Category | 2025 H1 Revenue | 2025 H1 Share | 2024 H1 Revenue | 2024 H1 Share | Growth Rate | | :--- | :---: | :---: | :---: | :---: | :---: | | Shuanghuanglian Oral Liquid | 56,119 | 50.4% | 83,900 | 42.7% | -33.1% | | Shuanghuanglian Injection | 16,159 | 14.5% | 54,836 | 27.9% | -70.5% | | Nicardipine Hydrochloride Injection | 2,603 | 2.4% | 12,877 | 6.6% | -79.8% | | Qingrejiedu Oral Liquid | 5,253 | 4.7% | 8,796 | 4.5% | -40.3% | | Other Products | 31,152 | 28.0% | 31,655 | 16.1% | -1.6% | | **Subtotal (Manufactured Products)** | **111,286** | **100.0%** | **192,064** | **97.8%** | **-42.1%** | | Third-party Products | – | 0.0% | 4,258 | 2.2% | -100.0% | | **Total** | **111,286** | **100.0%** | **196,322** | **100.0%** | **-43.3%** | - Total revenue decreased by **43.3%** year-on-year to **RMB 111.3 million**, primarily due to reduced product sales, a weak market, and insufficient demand[36](index=36&type=chunk) - Sales revenue of Shuanghuanglian Oral Liquid decreased by **33.1%**, and Shuanghuanglian Injection sales revenue decreased by **70.5%**, mainly due to insufficient market demand and customers reducing inventory[37](index=37&type=chunk) [Gross Profit and Gross Margin](index=15&type=section&id=Gross%20Profit%20and%20Gross%20Margin) - Gross profit decreased by **59.4%** from approximately **RMB 105.9 million** in the first half of 2024 to approximately **RMB 43.0 million** in the first half of 2025[38](index=38&type=chunk) - Gross profit margin decreased by **15.3 percentage points** to approximately **38.6%** (2024 H1: approximately **53.9%**), mainly due to increased product promotion and sales discounts[38](index=38&type=chunk) [Other (Losses)/Income, Net](index=15&type=section&id=Other%20(Losses)%2FIncome,%20Net) - The increase in net other losses was primarily due to a decrease in government grants[39](index=39&type=chunk) [Selling and Distribution Expenses](index=15&type=section&id=Selling%20and%20Distribution%20Expenses) - Selling and distribution expenses decreased from approximately **RMB 52.2 million** in the first half of 2024 to approximately **RMB 30.6 million** in the first half of 2025, consistent with the decrease in revenue[40](index=40&type=chunk) - Selling and distribution expenses as a percentage of revenue were **26.6%** (2024) and **27.5%** (2025), respectively[40](index=40&type=chunk) [General and Administrative Expenses](index=15&type=section&id=General%20and%20Administrative%20Expenses) - General and administrative expenses decreased from approximately **RMB 36.2 million** in the first half of 2024 to approximately **RMB 14.7 million** in the first half of 2025, primarily due to a reduction in credit losses on trade and other receivables[41](index=41&type=chunk) [Research and Development Expenses](index=15&type=section&id=Research%20and%20Development%20Expenses) - Research and development expenses decreased from approximately **RMB 57.1 million** in the first half of 2024 to approximately **RMB 14.9 million** in the first half of 2025, mainly due to reduced investment in non-core product projects and the termination of some non-core R&D projects[42](index=42&type=chunk) [Net Finance Costs](index=16&type=section&id=Net%20Finance%20Costs) - Net finance costs increased from approximately **RMB 7.4 million** in the first half of 2024 to approximately **RMB 7.8 million** in the first half of 2025, primarily due to a decrease in net exchange gains[43](index=43&type=chunk) [Share of Profit/(Loss) of a Joint Venture](index=16&type=section&id=Share%20of%20Profit%2F(Loss)%20of%20a%20Joint%20Venture) - The Group's share of profit from a joint venture increased from a loss of approximately **RMB 0.4 million** in the first half of 2024 to a profit of approximately **RMB 9.4 million** in the first half of 2025, mainly due to the significant improvement in Jiangxi Yongfeng Kangde's operating performance through its cooperation with Huakui Pharmaceutical Group[44](index=44&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) - Income tax expense increased from a tax credit of approximately **RMB 8.4 million** in the first half of 2024 to a tax expense of approximately **RMB 0.4 million** in the first half of 2025, primarily due to a decrease in deferred tax[45](index=45&type=chunk) [Capital Expenditure](index=16&type=section&id=Capital%20Expenditure) - Total capital expenditure for the first half of 2025 was approximately **RMB 7.3 million**, a significant decrease from **RMB 46.0 million** in the first half of 2024[46](index=46&type=chunk) - Capital expenditure was primarily used for lease payments for land use rights, improvements to energy equipment in existing production processes, and obtaining licenses for drugs under development[46](index=46&type=chunk) [Capital Structure](index=16&type=section&id=Capital%20Structure) - As of June 30, 2025, the Group's total equity attributable to shareholders was approximately **RMB 346.6 million** (December 31, 2024: approximately **RMB 369.7 million**), and total liabilities were approximately **RMB 887.4 million** (December 31, 2024: approximately **RMB 869.8 million**)[47](index=47&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=Liquidity%20and%20Financial%20Resources) - As of June 30, 2025, the Group had net current liabilities of approximately **RMB 340.9 million** (December 31, 2024: approximately **RMB 312.8 million**)[48](index=48&type=chunk) - Cash and cash equivalents were approximately **RMB 76.0 million** (December 31, 2024: approximately **RMB 21.1 million**), and short-term bank and other loans were approximately **RMB 283.4 million** (December 31, 2024: approximately **RMB 303.5 million**)[48](index=48&type=chunk) - The Directors have confirmed that the Group possesses sufficient financial resources to meet its financial obligations as they fall due in the foreseeable future[49](index=49&type=chunk) [Gearing Ratio](index=17&type=section&id=Gearing%20Ratio) - As of June 30, 2025, the Group's gearing ratio (calculated as total bank and other loans divided by total equity) increased to **105.4%** from **103.9%** as of December 31, 2024[50](index=50&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=Foreign%20Exchange%20Risk) - The Group primarily operates in China, with most transactions denominated and settled in RMB, and regularly monitors foreign exchange risk, considering hedging strategies[51](index=51&type=chunk) [Human Resources](index=17&type=section&id=Human%20Resources) - As of June 30, 2025, the Group had **1,045 employees** (December 31, 2024: **1,131 employees**), with total staff costs of approximately **RMB 31.0 million** (2024 H1: **RMB 41.4 million**)[52](index=52&type=chunk) - The Group offers competitive remuneration packages, including mandatory provident funds, insurance, and medical coverage, and grants discretionary bonuses and share options based on performance[52](index=52&type=chunk) [Commitments](index=18&type=section&id=Commitments) Capital Commitments (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Contracted | 275,450 | 352,328 | [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no significant contingent liabilities[54](index=54&type=chunk) [Pledge of Assets](index=18&type=section&id=Pledge%20of%20Assets) - As of June 30, 2025, certain bank borrowings of the Group were secured by property, plant and equipment, investment properties, land use rights, and inventories with a total carrying amount of approximately **RMB 145.9 million** (December 31, 2024: approximately **RMB 213.6 million**)[55](index=55&type=chunk) [Corporate Governance and Other Information](index=18&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all applicable code provisions during the reporting period, with the exceptions of the non-segregation of Chairman and CEO roles and the external appointment of the Company Secretary, which the Board believes are in the Company's best interests with sufficient checks and balances [Compliance with Corporate Governance Code](index=18&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all applicable code provisions during the period from January 1, 2025, to June 30, 2025, except for code provisions C.2.1 and C.6.1[56](index=56&type=chunk) [Chairman and Chief Executive Officer Roles](index=18&type=section&id=Chairman%20and%20Chief%20Executive%20Officer%20Roles) - Mr. Cao Zhiming holds both the roles of Chairman of the Board and Chief Executive Officer, deviating from code provision C.2.1 (which states that the roles of chairman and chief executive officer should be separate)[57](index=57&type=chunk) - The Board believes this arrangement is in the best interests of the Group, ensuring consistent leadership and efficient strategic planning, and that the composition of the Board provides sufficient independent elements and adequate checks and balances[59](index=59&type=chunk) [Company Secretary](index=19&type=section&id=Company%20Secretary) - Mr. Yeung Yuk Hong is an external service provider and not an employee of the Company, deviating from code provision C.6.1 (which states that the company secretary should be an employee of the company)[60](index=60&type=chunk) - The Company has appointed its Chief Financial Officer as the primary contact person for Mr. Yeung, and the Board believes that Mr. Yeung's professional knowledge and experience are beneficial to the Group's compliance with relevant procedures, laws, and regulations[60](index=60&type=chunk) [Audit Committee](index=19&type=section&id=Audit%20Committee) - The Audit Committee comprises three independent non-executive Directors, with primary responsibilities including providing independent opinions on financial reporting processes, internal control, and risk management systems, and overseeing the audit process[61](index=61&type=chunk) [Review of Interim Results](index=20&type=section&id=Review%20of%20Interim%20Results) The Audit Committee has reviewed the unaudited condensed interim financial report for the six months ended June 30, 2025, and advises investors to exercise caution when trading securities, as the disclosed data is for reference only - The Audit Committee has reviewed the unaudited condensed interim financial report for the six months ended June 30, 2025[62](index=62&type=chunk) - Investors should exercise caution when trading the Company's securities and should not overly rely on the data disclosed in this interim report, professional advice is recommended[62](index=62&type=chunk) [Standard Code for Securities Transactions by Directors](index=20&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the code during the reporting period - The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the code during the reporting period[63](index=63&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the reporting period and up to the date of this announcement - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the six months ended June 30, 2025, and up to the date of this announcement[64](index=64&type=chunk) [Interim Dividends](index=20&type=section&id=Interim%20Dividends) The Board does not recommend the declaration of any dividends for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board does not recommend the declaration of any dividends for the six months ended June 30, 2025 (2024 H1: RMB nil)[65](index=65&type=chunk) [Events After Reporting Period](index=20&type=section&id=Events%20After%20Reporting%20Period) No significant events severely affecting the Group's operations and financial performance occurred after June 30, 2025, and up to the date of this announcement - No significant events severely affecting the Group's operations and financial performance occurred after June 30, 2025, and up to the date of this announcement[66](index=66&type=chunk) [Publication of Interim Report](index=21&type=section&id=Publication%20of%20Interim%20Report) The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders before September 2025 and will be available on the HKEX and company websites - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders before September 2025 and will be available on the HKEX website www.hkexnews.hk and the Company's website www.fusenyy.com[67](index=67&type=chunk)

Group 1 - The company, Fosen Pharmaceutical (01652.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1]

Fusen Pharmaceutical Company Limited 福 森 藥 業 有 限 公 司 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。 （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 2025 年 8月29日（ 星期五 ）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6 月 30 日 止六 個 月之 未經 審 核中 期業 績及 其 發佈 ，以 及 考慮 宣派 中 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，2025年8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 ...

呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 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 | 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 本月底法定/註冊股本總額： HKD 20,000,00 ...

5月23日，截至港股收盘，恒生指数上涨0.24%，报23601.26点。福森药业（01652.HK）收报0.39港元/ 股，上涨30.0%，成交量430.9万股，成交额160.42万港元，振幅45.0%。 最近一个月来，福森药业累计涨幅11.11%，今年来累计跌幅62.5%，跑输恒生指数17.37%的涨幅。 财务数据显示，截至2024年12月31日，福森药业实现营业总收入3.26亿元，同比减少42.36%；归母净利 润-1.89亿元，同比减少420.39%；毛利率49.88%，资产负债率70.25%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 资料显示，福森药业有限公司除提供核心产品双黄连类感冒药外,福森药业有限公司从事研发、生产及 销售多种用以治疗感冒及发热、心血管疾病及贫血的中成药及西药产品。福森药业有限公司对优质非处 方药及按现代剂型调配的处方中成药产品拥有专门知识。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：行情君 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为5.54倍，行业中值6倍。福森药业市盈 率-1.09倍， ...

Financial Performance - The company's revenue for 2024 was RMB 326.03 million, a significant decrease from RMB 565.61 million in 2023, representing a decline of approximately 42.3%[6]. - The gross profit for 2024 was RMB 162.64 million, down from RMB 299.51 million in 2023, indicating a decrease of about 45.5%[6]. - The company reported a net loss of RMB 188.80 million for 2024, compared to a loss of RMB 36.30 million in 2023, marking a significant increase in losses[6]. - Revenue decreased by approximately RMB 239.6 million or 42.4% to about RMB 326.0 million for the year ended December 31, 2024, down from approximately RMB 565.6 million in 2023[15]. - The company's gross profit for 2024 was approximately RMB 162.6 million, with a gross margin of about 49.9%, down from a gross profit of approximately RMB 299.5 million and a gross margin of 53.0% in 2023[17]. - The company reported a net loss of approximately RMB 188.8 million for the year ended December 31, 2024, representing a significant increase in loss of about 420.2% compared to the previous year[12]. Expenses and Liabilities - Research and development expenses reached RMB 106.26 million in 2024, which contributed to the overall loss for the year[9]. - The total liabilities increased to RMB 869.80 million in 2024, up from RMB 781.52 million in 2023, reflecting an increase of about 11.3%[7]. - Selling and distribution expenses decreased by approximately RMB 58.5 million or 42.0% to about RMB 81.0 million in 2024, compared to RMB 139.5 million in 2023[19]. - The company achieved a significant reduction in general and administrative expenses, which fell by approximately RMB 14.6 million or 19.5% to about RMB 60.3 million in 2024[20]. - Financing costs net increased to approximately RMB 18.8 million in 2024 from RMB 8.8 million in 2023, mainly due to increased interest on loans and foreign exchange losses[22]. Market and Future Outlook - Future market uncertainties remain the biggest challenge, but management aims to achieve profitability through refined management and quick adjustments[10]. - The company plans to enhance its product pipeline with new products pending approval, which could contribute to future revenue growth[9]. - The company expects to participate in national centralized procurement, with flagship products successfully winning bids, which is anticipated to drive significant sales growth in 2025[14]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, with some exceptions noted[68]. - The board of directors is responsible for overseeing the company's overall strategy and performance, including risk management and internal controls[71]. - The company has provided liability insurance for its directors and senior management to cover potential legal liabilities incurred during the performance of their duties[72]. - The independent non-executive directors have confirmed compliance with the non-competition agreement provided by the controlling shareholders[70]. - The company has established a comprehensive internal control system to monitor financial performance and risk management[72]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development and has implemented measures to reduce environmental impact, including energy-saving and emission-reduction initiatives[125]. - The company aims to create a green pharmaceutical enterprise, actively promoting clean production and pollution reduction to support national carbon neutrality goals[137]. - The company is focused on enhancing its ESG governance framework and internal controls to ensure scientific and rational decision-making[125]. - The company has established a comprehensive ESG governance structure, with the Audit Committee responsible for overseeing ESG reporting processes and risk management[135]. - The company is committed to enhancing product quality and safety, accelerating the development of innovative products, and strengthening quality control measures[145]. Climate Change and Risk Management - The company is facing physical risks from extreme weather affecting supply chains and production facilities, and is implementing strategies such as diversified procurement and facility reinforcement[150]. - The company is investing in new technologies and processes to adapt to extreme weather, including the development of resilient medicinal materials[148]. - The company has established a climate risk management process, identifying and analyzing climate-related risks annually within its governance structure[162]. - The company aims to reduce carbon emissions by 20% by 2025 compared to 2020 levels, with a target to decrease unit product energy consumption by 5% and increase green electricity procurement rate to 10%[165]. Employee and Stakeholder Engagement - The company emphasizes the importance of employee development and training, focusing on innovative drug research and optimizing the traditional Chinese medicine industry chain[140]. - The company has identified key stakeholders, including employees, consumers, suppliers, and investors, and has established multiple communication channels to address their concerns[142]. - The workforce composition is 50.91% female and 49.09% male, reflecting the company's commitment to gender diversity[97].

Revenue and Profitability - Revenue for the year ended December 31, 2024, was approximately RMB 326.0 million, a decrease of about 42.4% compared to RMB 565.6 million for the year ended December 31, 2023[2]. - Gross profit decreased by approximately 45.7% to RMB 162.6 million for the year ended December 31, 2024, down from RMB 299.5 million for the year ended December 31, 2023[2]. - The gross profit margin for the year ended December 31, 2024, was approximately 49.9%, a decrease of about 3.1% from approximately 53.0% for the year ended December 31, 2023[2]. - The loss attributable to equity holders for the year ended December 31, 2024, was approximately RMB 188.8 million, compared to a loss of RMB 36.3 million for the year ended December 31, 2023[2]. - Basic loss per share for the year ended December 31, 2024, was approximately RMB 0.26, compared to RMB 0.05 for the year ended December 31, 2023[2]. - The company reported a significant operating loss of RMB 188.8 million for 2024, attributed to a substantial decline in revenue due to market demand and intense competition[11]. - The group reported a net loss of approximately RMB 188.8 million for the year ending December 31, 2024, representing a significant increase in losses of about 420.2% compared to the previous year[38]. - The group's pre-tax loss was RMB 190,446,000 for 2024, compared to a loss of RMB 29,448,000 for 2023, reflecting a significant increase in losses[27]. Financial Position - The company's total assets amounted to RMB 778.5 million as of December 31, 2024, slightly up from RMB 776.9 million in 2023[6]. - The company's current liabilities increased to RMB 772.4 million in 2024 from RMB 664.5 million in 2023, indicating a rise in short-term financial obligations[6]. - The company’s total liabilities reached RMB 465.7 million in 2024, down from RMB 679.2 million in 2023, suggesting a reduction in overall debt levels[6]. - The company's total equity attributable to shareholders was RMB 465.7 million in 2024, a decrease from RMB 679.2 million in 2023, indicating a decline in shareholder value[6]. - The group's total liabilities amounted to approximately RMB 869.8 million as of December 31, 2024, an increase of 11.3% from RMB 781.5 million in 2023[60]. - The group's equity attributable to shareholders was approximately RMB 369.7 million as of December 31, 2024, down from RMB 563.5 million in 2023[53]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to RMB 21.1 million in 2024 from RMB 34.8 million in 2023, showing a decline in liquidity[6]. - As of December 31, 2024, the company's net current liabilities amounted to RMB 312.83 million, with a commitment to repay bank loans and other borrowings totaling RMB 303.54 million within one year[11]. - The group’s current liabilities amounted to RMB 312.8 million, with a commitment to repay bank and other loans of RMB 303.5 million within one year[37]. - The company continues to adhere to a prudent cash management policy to maintain strong liquidity for future growth opportunities[59]. Expenses and Cost Management - Employee costs for the year ending December 31, 2024, were RMB 78,257,000, down from RMB 103,881,000 in 2023, reflecting a reduction of approximately 25%[21]. - The cost of goods sold for the year ending December 31, 2024, was RMB 164,227,000, compared to RMB 269,244,000 in 2023, showing a decrease of about 39%[23]. - Selling and distribution expenses decreased by approximately RMB 58.5 million or 42.0% to approximately RMB 81.0 million for the year ended December 31, 2024, in line with reduced revenue[46]. - Research and development expenses for 2024 were approximately RMB 106.3 million, an increase of RMB 41.1 million compared to 2023[39]. - The group experienced an operating loss of approximately RMB 67.5 million in 2024, compared to an operating profit of approximately RMB 20.0 million in 2023[39]. Taxation - The group reported a tax provision of RMB 9,194,000 for 2024, compared to RMB 12,725,000 for 2023, indicating a decrease of approximately 27.5%[24]. - The effective tax rate for the group's Chinese subsidiaries is 25% for both 2024 and 2023, while the Hong Kong profits tax rate remains at 16.5%[25]. - The group has no taxable profits in Hong Kong for 2024, consistent with 2023, and is not required to pay any Hong Kong profits tax[25]. - The group’s subsidiaries are set to maintain their high-tech enterprise status until October 28, 2027, and December 28, 2026, respectively, which will continue to provide tax benefits[25]. Shareholder Information - The board of directors does not recommend the payment of any final dividend for the year ended December 31, 2024 (no dividend for the year ended December 31, 2023)[2]. - The company has issued 739,301,000 ordinary shares as of December 31, 2024, down from 749,596,000 shares in 2023[34]. - The company repurchased a total of 5,734,000 shares at a total cost of approximately HKD 7.1 million, which were all cancelled by December 31, 2024[70]. - The repurchase was authorized by shareholders to enhance net asset value and earnings per share, benefiting shareholders overall[71]. Future Outlook and Strategy - The company plans to enhance sales efforts, including accelerating the sale of existing inventory and implementing stricter cost control measures to improve operational cash flow[15]. - The group anticipates that participation in national centralized procurement will drive significant sales growth in 2025[41]. - The group plans to optimize its R&D project plans and control R&D expenses within reasonable limits for future sustainability[41]. Corporate Governance - The company has adopted corporate governance practices in compliance with the listing rules, with a focus on maintaining effective oversight and management[66]. - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with international financial reporting standards[36].

Financial Performance - The company reported a net loss attributable to shareholders of approximately RMB 36.9 million for the first half of 2024, compared to a profit of RMB 16.5 million in the same period of 2023, indicating a significant decline in performance[7]. - Revenue for the first half of 2024 was approximately RMB 196.3 million, a decrease of about 41.6% from RMB 336.4 million in the same period of 2023[7]. - Gross profit fell by approximately 40.9% from RMB 179.1 million in the first half of 2023 to RMB 105.9 million in the first half of 2024, aligning with a total revenue decrease of about 41.6%[14]. - Operating loss for the six months was RMB 36,539 thousand, compared to an operating profit of RMB 38,801 thousand in the prior year, reflecting a significant shift in performance[86]. - Total comprehensive loss for the period amounted to RMB 37,055 thousand, compared to a total comprehensive income of RMB 16,360 thousand in the previous year[88]. - The company's net asset value decreased to RMB 519,160 thousand from RMB 562,226 thousand at the end of 2023, reflecting a decline of approximately 7.7%[91]. - The company's equity holders' share of the loss for the period was RMB 36,949,000, compared to a profit of RMB 16,447,000 in the same period last year, reflecting a challenging operating environment[96]. Research and Development - Research and development expenses for the first half of 2024 amounted to approximately RMB 57.1 million, significantly higher than RMB 24.0 million in the same period of 2023, reflecting the company's commitment to R&D[7]. - The company has 60 ongoing research projects, with 7 projects currently under review by the National Medical Products Administration, and expects to launch at least 20 new products in the next three years[9]. - Research and development expenses increased significantly to RMB 57,059 thousand, compared to RMB 24,028 thousand in the same period of 2023, marking an increase of approximately 137.5%[86]. Cost Management and Efficiency - The company plans to enhance production efficiency and reduce costs through upgrades to production equipment and the implementation of photovoltaic power generation projects[9]. - The total capital expenditures amounted to approximately RMB 46.0 million in the first half of 2024, down from RMB 73.3 million in the first half of 2023[27]. - The company anticipates that market demand will gradually recover, leading to improved sales performance as inventory levels normalize[9]. Shareholder Information - The major shareholders include Full Bliss Holdings Limited with 27.53% and Rayford with 24.03% of the shares[47]. - The largest shareholder, Mr. Cao Changcheng, holds 72.18% of the shares through controlled entities[39]. - The company has a stock option plan that was adopted on June 14, 2018, with no stock options granted during the six months ended June 30, 2024[49]. - The company has 16,000,000 unexercised stock options under the stock option plan, representing approximately 2.13% of the issued share capital[50]. Liquidity and Financial Position - Cash and cash equivalents decreased to approximately RMB 2.8 million as of June 30, 2024, from RMB 34.8 million as of December 31, 2023[29]. - The group has committed to enhancing collection efforts on receivables from government-related entities to improve liquidity[1]. - The group anticipates that, assuming the success of the measures taken, it will have sufficient funds to meet its liabilities for at least the next twelve months[1]. - As of June 30, 2024, cash and cash equivalents stood at RMB 2,823,000, a significant drop from RMB 78,299,000 at the end of June 2023, highlighting liquidity challenges[97]. Inventory and Receivables - Inventory as of June 30, 2024, totaled RMB 140,835,000, down from RMB 161,718,000 as of December 31, 2023, representing a decrease of approximately 12.9%[121]. - Trade receivables as of June 30, 2024, were RMB 155,749,000, a decrease from RMB 183,482,000 as of December 31, 2023, indicating a reduction of about 15.1%[122]. Financing and Debt - Financing costs net increased from RMB 2.2 million in the first half of 2023 to RMB 7.4 million in the first half of 2024, mainly due to increased loan interest[20]. - The debt-to-equity ratio increased from 60.9% as of December 31, 2023, to 67.0% as of June 30, 2024, primarily due to increased bank loans[30]. - Total bank and other loans amounted to RMB 347,944,000 as of June 30, 2024, compared to RMB 342,256,000 as of December 31, 2023, showing a slight increase[129]. Corporate Governance - The company has complied with all applicable corporate governance codes except for a specific provision regarding the company secretary[71]. - The company reported no significant events occurring after the reporting period[149].