上半年，集团的毛利约为12.09元，同比增长27.6%。毛利增长主要是由于销售增长所致。平均毛利率约 为77.1%，同比增长2.4个百分点，主要是由于中药材原材料采购价格下降所致。 【财华社讯】康臣药业(01681.HK)公布，截至2025年6月30日止六个月，集团收入15.69亿元(人民币,下 同)，同比增加23.7%；权益股东应占溢利4.98亿元，同比增加24.6%；每股基本盈利0.59元。拟派中期息 0.33元。 截至发稿，康臣药业涨7.34%，报14.47港元。 本文源自：财华网 ...

Core Viewpoint - Kangchen Pharmaceutical (01681) experienced a significant stock price increase of over 7%, reaching a new high of 14.59 HKD since its listing, following the release of its interim financial results [1] Financial Performance - The company reported a revenue of 1.569 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 23.7% [1] - The profit attributable to equity shareholders was 498 million RMB, reflecting a year-on-year growth of 24.6% [1] - Basic earnings per share were reported at 0.59 RMB, with an interim dividend proposed at 0.33 HKD per share, up from 0.30 HKD in the same period last year [1] Product Performance - Sales from the nephrology product line grew approximately 28.0% compared to the same period last year, with Uremic Clear Granules (尿毒清) remaining the company's flagship product and maintaining its market leadership [1] - The pediatric and women's health product line saw a sales increase of about 17.5% year-on-year, becoming the second largest revenue contributor for the company [1]

格隆汇8月19日｜康臣药业公告，截至2025年6月30日止六个月的收入为人民币15.69亿元，同比增加约 23.7%；权益股东应占溢利为人民币4.98亿元，同比增加约24.6%。 ...

Group 1: Financial Performance - The company reported a revenue of 1.569 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 23.7% [1] - The profit attributable to equity shareholders was 498 million RMB, an increase of 24.6% compared to the previous year [1] - The basic earnings per share were 0.59 RMB, and an interim dividend of 0.33 RMB per share was proposed [1] Group 2: Product Performance - Sales of nephrology products grew approximately 28.0% year-on-year, with Uremic Clear Granules remaining the flagship product [1] - Sales of pediatric and women's products increased by about 17.5%, becoming the second-largest revenue contributor [1] - Sales of medical imaging contrast agents rose by approximately 22.0%, while skin products increased by 19.7% [1] - Other product categories, including liver and gallbladder series and other drugs, also saw growth rates of 4.6% and 5.4% respectively [1] Group 3: Gross Profit and Margin - The gross profit for the first half of 2025 was 1.209 billion RMB, up approximately 27.6% from 948 million RMB in the same period of 2024 [2] - The average gross margin was about 77.1%, an increase of 2.4 percentage points from 74.7% in the previous year, primarily due to a decrease in the procurement prices of Chinese medicinal materials [2]

Core Insights - The company reported a revenue of 1.569 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 23.7% [1] - The profit attributable to equity shareholders was 498 million RMB, up 24.6% compared to the previous year [1] - The company proposed an interim dividend of 0.33 RMB per share [1] Revenue Breakdown by Product Series - The nephrology product series saw a sales increase of approximately 28.0%, with the flagship product, Uremic Granules, maintaining its market leadership [1] - The women's and children's product series experienced a sales growth of about 17.5%, becoming the second-largest revenue contributor [1] - Sales of medical imaging contrast agents grew by approximately 22.0% [1] - The bone injury product series recorded a sales increase of 2.1% [1] - The dermatology product series saw a sales growth of 19.7% [1] - The liver and gallbladder product series experienced a sales increase of 4.6% [1] - Other pharmaceuticals recorded a sales growth of 5.4% [1] - Overall sales revenue growth was attributed to the company's ongoing efforts to expand product markets and develop sales networks across the country [1] Gross Profit and Margin - The company's gross profit for the first half of 2025 was 1.209 billion RMB, an increase of approximately 27.6% compared to 948 million RMB in the same period of 2024 [2] - The average gross margin for the first half of 2025 was approximately 77.1%, up 2.4 percentage points from 74.7% in the previous year, primarily due to a decrease in the procurement prices of traditional Chinese medicine raw materials [2]

康臣药业8月19日发布的业绩公告显示，公司上半年实现收入为人民币15.69亿元，同比增长约23.7%。 上半年公司权益股东应占溢利为人民币4.98亿元，同比增加约24.6%。 ...

Core Viewpoint - 康臣药业 reported a significant increase in revenue and profit for the first half of 2025, driven by strong sales across various product lines and improved gross margins due to lower raw material costs [1][2]. Financial Performance - Revenue for the six months ending June 30, 2025, was RMB 1.569 billion, an increase of approximately 23.7% year-on-year [1]. - Profit attributable to equity shareholders was RMB 498 million, reflecting a year-on-year increase of about 24.6% [1]. - Basic and diluted earnings per share were approximately RMB 0.59 and RMB 0.58, respectively [1]. - The proposed interim dividend is HKD 0.33 per share [1]. Gross Margin Analysis - Gross profit for the first half of 2025 was RMB 1.209 billion, up approximately 27.6% from RMB 948 million in the same period of 2024 [1]. - The average gross margin was about 77.1%, an increase of 2.4 percentage points from 74.7% in the previous year, primarily due to a decrease in the procurement prices of traditional Chinese medicine raw materials [1]. Product Line Performance - Sales of nephrology products grew approximately 28.0% year-on-year, with尿毒清 remaining the flagship product and maintaining market leadership [2]. - Sales of pediatric and women's products increased by about 17.5%, becoming the second-largest revenue contributor [2]. - Sales of medical imaging contrast agents rose by approximately 22.0% [2]. - Sales in the orthopedic series grew by about 2.1% [2]. - Sales of skin products increased by approximately 19.7% [2]. - Sales in the liver and gallbladder series grew by about 4.6% [2]. - Other pharmaceuticals saw a sales increase of approximately 5.4% [2]. - Overall sales growth was attributed to the company's ongoing efforts to expand product markets and develop sales networks across the country [2].

[Financial Summary](index=1&type=section&id=Financial%20Summary) This section provides an overview of the company's key financial performance and position for the reporting period [Interim Results Overview](index=1&type=section&id=Interim%20Results) Consun Pharmaceutical Group announced its unaudited interim results for the six months ended June 30, 2025, with revenue increasing by 23.7% year-on-year, profit attributable to equity holders growing by 24.6%, significant increases in basic and diluted earnings per share, and an interim dividend of HKD 0.33 per share declared Key Financial Indicators for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,568,588 | 1,268,549 | 23.7% | | Profit Attributable to Equity Holders of the Company | 498,299 | 399,765 | 24.6% | | Basic Earnings Per Share (RMB) | 0.59 | 0.50 | 18.0% | | Diluted Earnings Per Share (RMB) | 0.58 | 0.49 | 18.4% | | Interim Dividend (HKD per share) | 0.33 | 0.30 | 10.0% | [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) This section presents the consolidated financial performance, including profit, comprehensive income, and key expense items for the period [Profit and Comprehensive Income for the Period](index=2&type=section&id=Profit%20and%20Comprehensive%20Income%20for%20the%20Period) For the six months ended June 30, 2025, the Group's profit for the period was RMB 502,849 thousand, a 25.4% increase from the prior year, driven by significant gross profit growth, a substantial decrease in finance costs, and a slight reduction in income tax expense, with total comprehensive income for the period also increasing proportionally Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,568,588 | 1,268,549 | +23.7% | | Cost of Sales | (359,907) | (321,026) | +12.1% | | Gross Profit | 1,208,681 | 947,523 | +27.6% | | Operating Profit | 538,469 | 447,333 | +20.4% | | Finance Costs | (2,468) | (13,375) | -81.5% | | Profit Before Tax | 535,238 | 433,958 | +23.3% | | Income Tax Expense | (32,389) | (32,998) | -1.8% | | Profit for the Period | 502,849 | 400,960 | +25.4% | | Profit Attributable to Equity Holders of the Company | 498,299 | 399,765 | +24.6% | | Basic Earnings Per Share (RMB) | 0.59 | 0.50 | +18.0% | | Diluted Earnings Per Share (RMB) | 0.58 | 0.49 | +18.4% | | Total Comprehensive Income for the Period | 502,853 | 401,575 | +25.2% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This section outlines the Group's financial position, including assets, liabilities, and equity, as of the reporting date [Assets, Liabilities and Equity Position](index=4&type=section&id=Assets%2C%20Liabilities%20and%20Equity%20Position) As of June 30, 2025, the Group's total net assets increased to RMB 4,646,473 thousand from December 31, 2024, with net current assets rising primarily due to a significant increase in bank deposits, while non-current assets remained stable, the liability structure showed minor changes, and total equity steadily improved Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 1,326,605 | 1,301,769 | +1.9% | | Current Assets | 4,766,397 | 4,551,313 | +4.7% | | Current Liabilities | 1,348,138 | 1,370,800 | -1.7% | | Net Current Assets | 3,418,259 | 3,180,513 | +7.5% | | Total Assets Less Current Liabilities | 4,744,864 | 4,482,282 | +5.9% | | Non-current Liabilities | 98,391 | 89,230 | +10.3% | | Net Assets | 4,646,473 | 4,393,052 | +5.8% | | Total Equity Attributable to Equity Holders of the Company | 4,350,151 | 4,097,603 | +6.2% | | Total Equity | 4,646,473 | 4,393,052 | +5.8% | - Bank deposits with original maturity over three months significantly increased from **RMB 958,000 thousand** as of December 31, 2024, to **RMB 1,794,000 thousand** as of June 30, 2025[8](index=8&type=chunk) [Notes to the Unaudited Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) This section provides detailed explanatory notes to the unaudited interim financial statements, covering accounting policies, segment reporting, and other financial disclosures [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants, applying the same accounting policies as the 2024 annual financial statements, except for changes expected to be reflected in the 2025 annual financial statements - The interim financial report is prepared in accordance with **Hong Kong Accounting Standard 34** and was authorized for issue on August 19, 2025[10](index=10&type=chunk) [2 Changes in Accounting Policies](index=6&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group has applied HKAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," which had no material impact on this interim report due to the absence of foreign currency non-exchangeable transactions, and no other new standards or interpretations not yet effective were applied during this accounting period - The Group has applied **HKAS 21 (Amendment)**, but it has no material impact on this interim report[11](index=11&type=chunk) [3 Revenue and Segment Reporting](index=6&type=section&id=3%20Revenue%20and%20Segment%20Reporting) The Group's operations are divided into two reportable segments, Consun Pharmaceutical and Yulin Pharmaceutical, with primary revenue generated from the Mainland China market, where nephrology drugs are the main revenue source, women's and children's drugs constitute the second largest segment, and all product lines achieved growth - The Group has two reportable segments: **Consun Pharmaceutical segment** (modern Chinese medicines and medical imaging contrast agents) and **Yulin Pharmaceutical segment** (traditional Chinese medicines)[13](index=13&type=chunk) - Over **99%** of revenue is derived from the Mainland China market[14](index=14&type=chunk) Revenue Breakdown (by Major Product) | Product Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Nephrology Drugs | 1,130,615 | 883,313 | 28.0% | | Women's and Children's Drugs | 171,526 | 145,929 | 17.5% | | Orthopedic Drugs | 101,376 | 99,282 | 2.1% | | Medical Imaging Contrast Agents | 94,773 | 77,713 | 22.0% | | Dermatology Drugs | 39,796 | 33,236 | 19.7% | | Hepatobiliary Drugs | 18,489 | 17,676 | 4.6% | | Others | 12,013 | 11,400 | 5.4% | | **Total Revenue** | **1,568,588** | **1,268,549** | **23.7%** | Reportable Segment Revenue and Gross Profit | Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 Gross Profit (RMB thousands) | 2024 Gross Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Consun Pharmaceutical Segment | 1,396,175 | 1,108,284 | 1,090,242 | 853,328 | | Yulin Pharmaceutical Segment | 172,413 | 160,265 | 119,992 | 94,195 | | **Total** | **1,568,588** | **1,268,549** | **1,210,234** | **947,523** | [4 Other Income](index=9&type=section&id=4%20Other%20Income) For the six months ended June 30, 2025, total other income decreased by **36.6%** to **RMB 23,618 thousand** compared to the prior year, primarily due to reduced government grants and increased net exchange losses Composition of Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants | 3,305 | 6,096 | | Interest Income | 43,067 | 43,506 | | Net Exchange Loss | (19,033) | (13,023) | | **Total** | **23,618** | **37,263** | [5 Profit Before Tax](index=10&type=section&id=5%20Profit%20Before%20Tax) Profit before tax was **RMB 535,238 thousand**, primarily influenced by a significant decrease in finance costs, increased staff costs, and growth in research and development investments Key Components of Profit Before Tax | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 2,468 | 13,375 | -81.5% | | Staff Costs | 284,398 | 255,324 | +11.4% | | Research and Development Costs | 45,901 | 40,953 | +12.1% | | Depreciation and Amortization Expenses | 30,924 | 37,427 | -17.4% | | Inventories (Reversal) / Write-down | (3,132) | 3,180 | N/A | | Impairment Loss on Trade Receivables | 607 | (9,171) | N/A | [6 Income Tax](index=11&type=section&id=6%20Income%20Tax) Income tax expense was **RMB 32,389 thousand**, a slight decrease from the prior year, as several Group subsidiaries enjoyed preferential income tax rates of **15% or 20%** due to high-tech enterprise or western encouraged industry qualifications, with some even exempt from income tax, and deferred tax liabilities increased due to expected dividend distributions Composition of Income Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Provision for Mainland China Income Tax | 29,848 | 19,640 | | Over-provision for Mainland China Income Tax in Prior Years | (8,120) | (2,790) | | Deferred Tax | 10,661 | 16,148 | | **Total** | **32,389** | **32,998** | - Guangzhou Consun, Inner Mongolia Consun, Yulin Pharmaceutical, and Yulin Capsule enjoy a **preferential income tax rate of 15%**[23](index=23&type=chunk)[24](index=24&type=chunk) - As of June 30, 2025, a deferred tax liability of **RMB 30,820 thousand** was recognized due to the expected distribution of dividends from Guangzhou Consun to the Company[25](index=25&type=chunk) [7 Earnings Per Share](index=12&type=section&id=7%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were **RMB 0.59** and diluted earnings per share were **RMB 0.58**, both increasing from the prior year, reflecting an improvement in the company's profitability Details of Earnings Per Share Calculation | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB thousands) | 498,299 | 399,765 | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 850,404 | 801,611 | | Basic Earnings Per Share (RMB) | 0.59 | 0.50 | | Weighted Average Number of Ordinary Shares for Diluted EPS (thousands of shares) | 856,748 | 810,909 | | Diluted Earnings Per Share (RMB) | 0.58 | 0.49 | [8 Investment Properties, Property, Plant and Equipment, Right-of-Use Assets and Intangible Assets](index=13&type=section&id=8%20Investment%20Properties%2C%20Property%2C%20Plant%20and%20Equipment%2C%20Right-of-Use%20Assets%20and%20Intangible%20Assets) The Group's cost of additions to property, plant, and equipment for the period was **RMB 23,489 thousand**, a decrease from the prior year, with intangible assets primarily comprising trademarks and patents, and no material difference between the carrying amount and fair value of investment properties - For the six months ended June 30, 2025, the cost of additions to property, plant, and equipment was **RMB 23,489 thousand**, a decrease from **RMB 37,234 thousand** in the prior year[31](index=31&type=chunk) - Intangible assets primarily include trademarks with a carrying amount of **RMB 250,744 thousand** and patents with a carrying amount of **RMB 16,540 thousand**[32](index=32&type=chunk) - There was no material difference between the carrying amount and fair value of investment properties[33](index=33&type=chunk) [9 Inventories](index=13&type=section&id=9%20Inventories) As of June 30, 2025, the inventory balance was **RMB 286,698 thousand**, a slight decrease from December 31, 2024, primarily comprising raw materials, work-in-progress, and finished goods Composition of Inventories | Inventory Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw Materials | 152,763 | 151,354 | | Work-in-progress | 43,863 | 36,231 | | Finished Goods | 90,072 | 102,092 | | **Total** | **286,698** | **289,677** | [10 Trade and Other Receivables](index=14&type=section&id=10%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables increased to **RMB 394,547 thousand** from December 31, 2024, with the aging analysis of trade receivables and bills receivable showing a significant increase in receivables aged between 3 and 12 months Aging Analysis of Trade and Other Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 179,233 | 275,916 | | 3 to 12 months | 116,040 | 10,936 | | Over 12 months | 1,064 | 10,721 | | Total Trade Receivables and Bills Receivable | 296,337 | 297,573 | | Other Receivables | 98,210 | 72,548 | | **Total** | **394,547** | **370,121** | - Trade receivables are normally due within **30 to 90 days** from the invoice date[35](index=35&type=chunk) - The Group uses a provision matrix to assess expected credit losses, adjusted for debtor-specific factors and economic conditions[36](index=36&type=chunk) [11 Cash and Cash Equivalents and Restricted Cash](index=14&type=section&id=11%20Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) As of June 30, 2025, cash and cash equivalents in Mainland China amounted to **RMB 1,402,307 thousand**, with new restricted cash of **RMB 4,365 thousand** primarily comprising bank cash pledged as deposits for bills payable - As of June 30, 2025, cash and cash equivalents in Mainland China amounted to **RMB 1,402,307 thousand**[37](index=37&type=chunk) - Restricted cash amounted to **RMB 4,365 thousand**, used as deposits for bills payable[37](index=37&type=chunk) [12 Trade and Other Payables](index=15&type=section&id=12%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased to **RMB 1,052,181 thousand** from December 31, 2024, with an increase in total trade payables and bills payable, while employee benefits payable and project development deposits decreased Aging Analysis of Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Trade Payables and Bills Payable | 96,864 | 75,643 | | Contract Liabilities | 51,303 | 59,272 | | Accrued Expenses | 625,041 | 505,918 | | Employee Benefits Payable | 152,144 | 230,198 | | Project Development Deposits | 3,674 | 31,674 | | **Total** | **1,052,181** | **1,061,862** | [13 Bank Loans](index=15&type=section&id=13%20Bank%20Loans) As of June 30, 2025, the Group's total bank loans decreased to **RMB 239,277 thousand** from December 31, 2024, with all loans being unsecured, unguaranteed, and repayable within one year or on demand, and the Group had not breached any loan covenants - As of June 30, 2025, total bank loans amounted to **RMB 239,277 thousand**, a decrease of approximately **5.6%** from **RMB 253,340 thousand** as of December 31, 2024[41](index=41&type=chunk) - All bank loans are unsecured and unguaranteed, and repayable within one year or on demand[40](index=40&type=chunk)[41](index=41&type=chunk) - The Group had not breached any covenants related to drawn loans as of June 30, 2025[41](index=41&type=chunk) [14 Equity-Settled Share-Based Payment Transactions](index=16&type=section&id=14%20Equity-Settled%20Share-Based%20Payment%20Transactions) For the six months ended June 30, 2025, **2,965,000 share options** were exercised for a total consideration of approximately **RMB 11,222 thousand**, with a total of **9,929,000 share options** outstanding and exercisable - For the six months ended June 30, 2025, **2,965,000 share options** were exercised for a total consideration of approximately **RMB 11,222 thousand**[42](index=42&type=chunk) - As of June 30, 2025, the total number of outstanding and exercisable share options was **9,929,000**[42](index=42&type=chunk) [15 Capital, Reserves and Dividends](index=16&type=section&id=15%20Capital%2C%20Reserves%20and%20Dividends) The Board declared an interim dividend of **HKD 0.33 per share**, and the company repurchased **2,041,000 shares** for approximately **RMB 21,023 thousand** during the period, which have not yet been cancelled, while share capital slightly increased due to the exercise of share options - The Board declared an interim dividend of **HKD 0.33 per share**, totaling approximately **RMB 254,193 thousand**[44](index=44&type=chunk) - For the six months ended June 30, 2025, the Company repurchased **2,041,000 shares** for a total consideration of approximately **RMB 21,023 thousand**, which have not yet been cancelled[48](index=48&type=chunk) Changes in Issued Share Capital | Item | Number of Shares (thousands of shares) | Paid-up Share Capital (RMB thousands) | | :--- | :--- | :--- | | As at January 1, 2025 | 849,408 | 67,308 | | Shares issued under share option scheme | 2,965 | 273 | | As at June 30, 2025 | 852,373 | 67,581 | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational and financial performance, liquidity, and financial resources for the reporting period [Business and Financial Review](index=18&type=section&id=Business%20and%20Financial%20Review) The Group achieved double-digit growth in both revenue and gross profit in the first half of 2025, primarily driven by product market expansion and sales network development, with gross margin improvement mainly due to lower procurement prices for Chinese medicinal materials, while finance costs significantly decreased, distribution and administrative expenses increased Key Financial Review Data for H1 2025 | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,568,588 | 1,268,549 | +23.7% | | Gross Profit | 1,208,681 | 947,523 | +27.6% | | Gross Margin | 77.1% | 74.7% | +2.4 percentage points | | Other Income | 23,618 | 37,263 | -36.6% | | Distribution Costs | 515,650 | 411,912 | +25.2% | | Administrative Expenses | 177,573 | 134,712 | +31.8% | | Finance Costs | 2,468 | 13,375 | -81.5% | | Income Tax Expense | 32,389 | 32,998 | -1.8% | | Interim Profit Attributable to Equity Holders of the Company | 498,299 | 399,765 | +24.6% | | Basic Earnings Per Share (RMB) | 0.59 | 0.50 | +18.0% | | Diluted Earnings Per Share (RMB) | 0.58 | 0.49 | +18.4% | - Revenue growth was primarily due to continuous expansion of product markets and development of the national sales network[52](index=52&type=chunk) - Gross margin growth was mainly attributable to a decrease in procurement prices for Chinese medicinal raw materials[53](index=53&type=chunk) - The increase in distribution costs was mainly due to increased marketing investment commensurate with sales growth and enhanced OTC brand building[55](index=55&type=chunk) - The increase in administrative expenses was primarily due to organizational structure optimization and talent acquisition[56](index=56&type=chunk) - The decrease in finance costs was mainly due to a reduction in loan size and lower bank borrowing interest rates[58](index=58&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a sound liquidity position, with reduced inventory turnover days and a significant increase in cash flow from operating activities, while cash and bank balances steadily grew, and the gearing ratio decreased, indicating lower financial leverage, and the Group adopts prudent financial management strategies and monitors exchange rate risks Key Data on Liquidity and Financial Resources | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Inventory Balance | 286,698 | 289,677 | -1.0% | | Inventory Turnover Days (days) | 144.1 | 165.3 | -21.2 days | | Trade Receivables and Bills Receivable Balance | 296,337 | 297,573 | -0.4% | | Trade Receivables and Bills Receivable Turnover Days (days) | 34.1 | 34.0 | +0.1 days | | Trade Payables and Bills Payable Balance | 96,864 | 75,643 | +28.1% | | Trade Payables and Bills Payable Turnover Days (days) | 43.1 | 40.0 | +3.1 days | | Net Cash Generated from Operating Activities | 492,695 | 350,339 (H1 2024) | +40.6% | | Cash and Bank Balances | 4,041,683 | 3,865,682 | +4.6% | | Bank Loans | 239,277 | 253,340 | -5.6% | | Gearing Ratio | 5.5% | 6.2% | -0.7 percentage points | | Capital Commitments | 507,489 | 493,985 | +2.7% | - The decrease in inventory turnover days was mainly due to enhanced inventory management[61](index=61&type=chunk) - The decrease in gearing ratio was mainly due to a reduction in net bank loans and an increase in total equity attributable to equity holders resulting from higher operating profit[68](index=68&type=chunk) - The Group currently has no foreign currency hedging policy, but management monitors foreign exchange risks[69](index=69&type=chunk) - During the period, **2,964,612 ordinary shares** were issued due to the exercise of share options, and **2,041,000 shares** were repurchased but not yet cancelled[70](index=70&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) This section covers various non-financial and supplementary disclosures, including employee information, significant investments, and compliance matters [Employees and Remuneration Policy](index=22&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **3,073 employees**, with total staff costs of **RMB 284,398 thousand**, and its remuneration policy considers individual performance, experience, qualifications, and industry practices, offering various benefits and continuous education and training - As of June 30, 2025, the Group employed **3,073 employees**, with total staff costs of **RMB 284,398 thousand**[72](index=72&type=chunk) - Employee salaries are determined by individual performance, work experience, qualifications, and current industry practices, complemented by a share option scheme[72](index=72&type=chunk) [Significant Investments Held](index=22&type=section&id=Significant%20Investments%20Held) As of June 30, 2025, the Group held no significant equity investments in any other companies, apart from its investments in subsidiaries - The Group held no significant investments in the equity of any other companies[73](index=73&type=chunk) [Future Plans for Material Investments and Capital Assets](index=22&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of the date of this announcement, the Group has no other future plans regarding material investments and capital assets - As of the date of this announcement, the Group has no other future plans regarding material investments and capital assets[74](index=74&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=22&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the first half of 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the first half of 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[75](index=75&type=chunk) [Pledge of Assets](index=22&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets - As of June 30, 2025, the Group had no pledge of assets[76](index=76&type=chunk) [Contingent Liabilities](index=23&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[77](index=77&type=chunk) [Related Party Transactions](index=23&type=section&id=Related%20Party%20Transactions) For the first half of 2025, the Group did not enter into any non-exempt related party transactions as defined by the Listing Rules of the Stock Exchange - For the first half of 2025, the Group did not enter into any non-exempt related party transactions as defined by the Listing Rules of the Stock Exchange[78](index=78&type=chunk) [Principal Risks and Uncertainties](index=23&type=section&id=Principal%20Risks%20and%20Uncertainties) Management continuously manages operational, financial, and compliance risks, closely monitoring developments in national policies for the pharmaceutical industry to timely adjust Group policies in response to key uncertainties - Management manages operational, financial, and compliance risks in its daily operations[79](index=79&type=chunk) - Recent developments in national policies for the pharmaceutical industry are the principal uncertainties faced by the Group[79](index=79&type=chunk) [Environmental Policies and Performance](index=23&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to environmental sustainability, complying with all relevant environmental rules and regulations, and encouraging the conservation and recycling of water, energy, and materials - The Group is committed to achieving environmental sustainability and complying with all relevant environmental rules and regulations[80](index=80&type=chunk) - Management encourages the conservation and recycling of water, energy, and materials[80](index=80&type=chunk) [Compliance with Relevant Laws and Regulations](index=23&type=section&id=Compliance%20with%20Relevant%20Laws%20and%20Regulations) For the first half of 2025, there were no material breaches of laws and regulations related to the Group's operations - For the first half of 2025, there were no material breaches of laws and regulations related to the Group's operations[81](index=81&type=chunk) [Major Industry Policies and Impact](index=24&type=section&id=Major%20Industry%20Policies%20and%20Impact) This section analyzes the key government policies affecting the pharmaceutical industry and their potential impact on the Group's operations [Government Work Report Deployment](index=24&type=section&id=Government%20Work%20Report%20Deployment) The 2025 Government Work Report outlined several pharmaceutical industry policies, including optimizing centralized drug procurement, strengthening quality supervision, improving drug pricing mechanisms, supporting innovative drug development, enhancing traditional Chinese medicine inheritance and innovation, deepening medical insurance payment reform, and strictly regulating medical insurance funds - The Government Work Report deployed policies to optimize centralized drug procurement and strengthen quality assessment and supervision[82](index=82&type=chunk) - It aims to improve the drug pricing mechanism, establish an innovative drug catalog, and support the development of innovative drugs and medical devices[82](index=82&type=chunk) - It also seeks to improve the inheritance and innovative development mechanism of traditional Chinese medicine, promoting its high-quality development[82](index=82&type=chunk) [Optimizing Centralized Drug Procurement Policies, Strengthening Quality Assessment and Supervision](index=24&type=section&id=Optimizing%20Centralized%20Drug%20Procurement%20Policies%2C%20Strengthening%20Quality%20Assessment%20and%20Supervision) The 11th batch of centralized procurement has commenced with optimized rules, allowing medical institutions to select specific brands for reporting demand, refining the price difference calculation anchor, and implementing "full coverage" production line inspections and product sampling for selected enterprises to ensure quality - The **11th batch of centralized procurement** has been launched, allowing medical institutions to select specific brands for reporting demand[83](index=83&type=chunk) - The "anchor point" for price difference calculation has been optimized, no longer solely relying on the lowest price as a reference[83](index=83&type=chunk) - Bidding drug production lines are required to have no violations of Good Manufacturing Practice within two years, and "full coverage" inspections and product sampling are implemented for selected enterprises[83](index=83&type=chunk) [2025 Medical Insurance Drug Catalog Adjustment, "Dual Catalog" Mechanism Launched](index=24&type=section&id=2025%20Medical%20Insurance%20Drug%20Catalog%20Adjustment%2C%20%22Dual%20Catalog%22%20Mechanism%20Launched) The 2025 National Medical Insurance Drug Catalog adjustment has officially commenced, introducing for the first time a "Commercial Health Insurance Innovative Drug Catalog" aimed at enhancing patient access to medicines and reshaping the pharmaceutical industry's payment logic and innovation ecosystem - The **2025 National Medical Insurance Drug Catalog adjustment** has officially commenced, introducing for the first time a **"Commercial Health Insurance Innovative Drug Catalog"**[84](index=84&type=chunk) - The "Commercial Health Insurance Innovative Drug Catalog" aims to enhance patient access to medicines and reshape the pharmaceutical industry's payment logic and innovation ecosystem[84](index=84&type=chunk) [Grassroots Drug Linkage Management](index=25&type=section&id=Grassroots%20Drug%20Linkage%20Management) Six departments jointly issued "Opinions on Reforming and Improving Grassroots Drug Linkage Management Mechanisms and Expanding Grassroots Drug Categories," aiming to standardize and optimize grassroots drug types, establish mechanisms for linked allocation and use, centralized supply and distribution, and shortage early warning and disposal, while requiring closely integrated medical consortia to coordinate and determine drug catalogs - The "Opinions" aim to address grassroots drug issues, with key measures including standardizing and optimizing grassroots drug categories, and establishing three mechanisms: linked allocation and use, centralized supply and distribution, and shortage early warning and disposal[85](index=85&type=chunk) - Closely integrated medical consortia are required to prioritize the National Essential Drug List, National Medical Insurance Drug Catalog, and drugs selected through national centralized procurement, coordinating to determine drug catalogs and dynamically adjusting them annually[85](index=85&type=chunk) - The goal is to fully establish a drug linkage management system and operating mechanism within closely integrated medical consortia by **2027**[85](index=85&type=chunk) [Drug Listing Consensus](index=25&type=section&id=Drug%20Listing%20Consensus) Multiple provincial medical security bureaus jointly formed the "Consensus on Drug Listing on Provincial Medical Procurement Platforms," systematically elaborating on issues such as regular listing of various drugs, listing of nationally procured and negotiated drugs, and management of listed drugs, requiring all provinces to revise and issue their local drug listing rules by the end of May 2025 - The "Drug Listing Consensus" was initiated by multiple provincial medical security bureaus, summarizing local work practices[86](index=86&type=chunk) - It elaborates on consensus issues such as price comparison for regular listing of various drugs, listing of nationally procured and negotiated drugs, and management of listed drugs[86](index=86&type=chunk) - All provinces are required to revise and issue their local drug listing rules by the end of **May 2025**[86](index=86&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) This section details the Group's corporate governance principles, practices, and compliance with relevant codes and regulations [Corporate Governance Principles and Practices](index=26&type=section&id=Corporate%20Governance%20Principles%20and%20Practices) The Group adheres to a business philosophy of "Tao as the foundation, Virtue as the base, Righteousness above all, and Righteousness and Profit Coexistence," emphasizing righteousness in business operations and committing to continuously reviewing and improving the efficiency and effectiveness of its corporate governance principles and practices - The Group's business philosophy is "Tao as the foundation, Virtue as the base, Righteousness above all, and Righteousness and Profit Coexistence," emphasizing righteousness over profit in conflicts[87](index=87&type=chunk) - The Company is committed to continuously reviewing and improving the efficiency and effectiveness of its compliance with corporate governance principles and practices[88](index=88&type=chunk) [Deviation from Code Provision C.2.1](index=27&type=section&id=Deviation%20from%20Code%20Provision%20C.2.1) Mr. An Meng, the Chairman and Executive Director, also serves as the Chief Executive Officer, which deviates from Code Provision C.2.1, but the Board believes this arrangement enhances overall strategic planning efficiency and maintains an appropriate balance of power - Mr. An Meng, the Chairman and Executive Director, also serves as the Chief Executive Officer, which deviates from **Code Provision C.2.1**[89](index=89&type=chunk) - The Board believes this arrangement enhances the Company's overall strategic planning efficiency and maintains an appropriate balance of power[89](index=89&type=chunk) [Standard Code for Securities Transactions by Directors](index=27&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 confirmed that all Directors complied with the relevant requirements for the six months ended June 30, 2025 - The Company has adopted the **Standard Code** set out in **Appendix C3 of the Listing Rules**[90](index=90&type=chunk) - All Directors complied with the required standards for dealing in securities as set out in the Standard Code for the six months ended June 30, 2025[90](index=90&type=chunk) [Audit Committee](index=27&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, is responsible for advising on the appointment of external auditors, monitoring financial statement integrity, reviewing significant financial reporting judgments, and overseeing financial reporting systems, risk management, and internal control systems, with the interim results reviewed by both the Audit Committee and external auditor KPMG - The Audit Committee comprises three independent non-executive directors, with Mr. Li Zhuoguang as Chairman[91](index=91&type=chunk) - The Audit Committee's responsibilities include advising on the appointment of external auditors, monitoring the integrity of financial statements, reviewing significant financial reporting judgments, and overseeing financial reporting systems, risk management, and internal control systems[91](index=91&type=chunk) - The interim results have been reviewed by both the Audit Committee and KPMG, the external auditor[91](index=91&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) This section details the Company's activities related to the issuance, repurchase, and redemption of its own listed securities during the reporting period [Share Issuance and Repurchase](index=28&type=section&id=Share%20Issuance%20and%20Repurchase) For the six months ended June 30, 2025, the Company issued **2,964,612 ordinary shares** due to the exercise of share options and repurchased **2,041,000 shares** for approximately **HKD 23,009,000**, which have not yet been cancelled, and neither the Company nor its subsidiaries sold or redeemed any listed securities - **2,964,612 ordinary shares** were issued due to the exercise of share options, with a total consideration of approximately **HKD 12,111,710**[92](index=92&type=chunk) - The Company repurchased **2,041,000 shares** for a total consideration of approximately **HKD 23,009,000**, which have not yet been cancelled[92](index=92&type=chunk) - Neither the Company nor any of its subsidiaries sold or redeemed any of the Company's listed securities[92](index=92&type=chunk) [Unaudited Post-Reporting Period Events](index=28&type=section&id=Unaudited%20Post-Reporting%20Period%20Events) This section outlines significant events that occurred after the reporting period but before the financial statements were authorized for issue [Key Post-Reporting Period Events](index=28&type=section&id=Key%20Post-Reporting%20Period%20Events) Subsequent to the reporting period, the Board recommended an interim dividend of **HKD 0.33 per share**, and **244,650 ordinary shares** were issued due to the exercise of share options, while **3,154,000 of its own ordinary shares** were repurchased - The Board recommended an interim dividend of **HKD 0.33 per share** for the six months ended June 30, 2025[93](index=93&type=chunk) - Subsequent to the reporting period, **244,650 ordinary shares** were issued due to the exercise of share options[93](index=93&type=chunk) - Subsequent to the reporting period, the Company repurchased **3,154,000 of its own ordinary shares** for a total consideration of approximately **HKD 35,656,000**[93](index=93&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend) This section provides details regarding the interim dividend declared by the Board for the reporting period [Details of Interim Dividend Declaration](index=28&type=section&id=Details%20of%20Interim%20Dividend%20Declaration) The Board announced an interim dividend of **HKD 0.33 per share** for the six months ended June 30, 2025, totaling approximately **RMB 254,193 thousand**, expected to be paid on or about September 19, 2025 - The Board announced an interim dividend of **HKD 0.33 per share**, totaling approximately **RMB 254,193 thousand**[94](index=94&type=chunk) - The interim dividend is expected to be paid on or about **Friday, September 19, 2025**[94](index=94&type=chunk) - Shareholders must complete transfer procedures by **4:30 p.m. on Friday, September 5, 2025**, to be eligible for the dividend[94](index=94&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=29&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This section details the channels and timeline for the dissemination of the interim results announcement and the full interim report [Announcement and Report Publication](index=29&type=section&id=Announcement%20and%20Report%20Publication) This interim results announcement has been published on the Company's website and the Stock Exchange's website, and the Group's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the Company's website (www.chinaconsun.com) and the Stock Exchange's website (www.hkexnews.hk)[95](index=95&type=chunk) - The Group's interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and published on the aforementioned websites in due course[95](index=95&type=chunk)

Core Viewpoint - The article discusses the rapid advancements in embodied intelligence and its potential to achieve the ultimate goal of general-purpose robotics, emphasizing the importance of technology development and market demand in this field [2][3][10]. Group 1: Trends in Embodied Intelligence - Embodied intelligence is currently the hottest subfield in AI, with significant technological advancements occurring at an exponential rate [2][3]. - Four major trends in embodied intelligence technology are identified: maturity in robot control technology, expansion of end-to-end technology from autonomous driving to robotics, accumulation of data leading to scaling laws, and the emergence of high-degree-of-freedom dexterous hand solutions [2][3]. - The transition from specialized to general-purpose robots requires precise perception of the physical world and the ability to plan and reason through complex tasks [3][9]. Group 2: Market Opportunities and Challenges - The selection of market opportunities for robotics focuses on high-value, scalable, and challenging problems that previous generations of robots could not solve [3][30][38]. - The manufacturing sector is identified as a prime candidate for the first large-scale deployment of robots due to its existing demand and pain points [36][38]. - The economic model of robotics must be viable, with usability and practicality being critical factors for successful implementation [38]. Group 3: Technological Development and Industry Insights - The development of embodied intelligence is seen as a continuation of the advancements made in autonomous driving, with shared technological foundations [21][22]. - The industry is experiencing a macro-level consensus on the importance of data and the end-to-end model, while micro-level practices remain diverse [10][17][19]. - The challenges of integrating robotics into real-world applications include ensuring reliability and managing operational complexities, as learned from past experiences in logistics robotics [24][26][27]. Group 4: Future Directions and Innovations - The future of embodied intelligence is expected to be driven by advancements in large models, particularly in their ability to perceive and interact with the physical world [9][10]. - The exploration of multi-modal data integration and the development of memory mechanisms in models are highlighted as critical areas for future research [14][15][19]. - The industry is encouraged to maintain a balance between technological faith and practical application, ensuring that innovations are aligned with market needs [16][17].

3.考虑派发中期股息(如有)；及 4.考虑及批准其他事项(如有)。 1.考虑及批准公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩； 2.考虑及批准根据香港联合交易所有限公司证券上市规则公布中期业绩公告； 格隆汇8月5日丨康臣药业(01681.HK)宣布，公司将于2025年8月19日(星期二)举行董事局会议，以处理 以下事项： ...