金十数据6月4日讯，石四药集团(02005.HK)公告，本集团已取得中国国家药品监督管理局有关葡萄糖酸 钙氯化钠注射液(100ml)的药品生产注册批件，属于化学药品第3类，视同通过一致性评价。葡萄糖酸钙 氯化钠注射液主要用于治疗急性低钙血症、镁中毒及氟中毒。 石四药集团：葡萄糖酸钙氯化钠注射液(100ml)已取得药品生产注册批件 ...

证券研究报告 | 2025年05月08日 石四药集团（02005.HK）——2024 年报点评 优于大市 短期收入、利润承压，长期制剂业务放量可期 受盐酸溴己新事件影响，2024 年公司整体业绩承压。2024 年公司实现营收 57.73 亿港元（-10.7%），归母净利润 10.61 亿港元（-19.5%），受盐酸溴 己新退货影响，公司收入、利润均出现一定幅度下滑。2024 年全年毛利率 50.4%（-5.6pp），净利率 18.4%（-2.0pp）。费率控制良好，销售费用率 19.8%（-3.9pp），管理费用率 5.2%（+0.41pp），财务费用率 1.53%（+0.2pp）。 大输液业务量增价降，重点品种延续放量态势。2024 年公司大输液业务实 现收入 37.35 亿港元（-7.6%），实现销量 20.36 亿瓶袋（+6.7%）。直立 袋在高端智能生产线投产后产能放量，销量同比增长 27.8%，销售额同比增 长 14.8%。重点品种延续放量态势，腹膜透析液同比增长 81%、甘露醇同 比增长 32%、乳酸左氧氟沙星同比增长 24%、乳酸钠林格同比增长 18%、 生理氯化钠溶液同比增长 14%、碳酸氢钠 ...

2024 年 報 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 3 | | 管理層討論及分析 | 12 | | 董事及高級管理層履歷 | 20 | | 企業管治報告 | 22 | | 環境、社會及管治報告 | 35 | | 董事局報告 | 58 | | 獨立核數師報告 | 74 | | 綜合損益及其他全面收益表 | 81 | | 綜合財務狀況表 | 83 | | 綜合權益變動表 | 85 | | 綜合現金流量表 | 86 | | 財務報表附註 | 87 | | 五年財務摘要 | 168 | 1 二零二四年年報 公司資料 股份代號 2005 執行董事 曲繼廣先生 （主席） 蘇學軍先生 孟國先生 周興揚先生 曲婉蓉女士 （於二零二四年八月二十八日獲委任） 非執行董事 劉文軍先生 （於二零二四年一月十九日獲委任） 獨立非執行董事 王亦兵先生 周國偉先生 姜廣策先生 公司秘書 周興揚先生 註冊辦事處 Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 總 ...

证券研究报告 石四药集团 (2005 HK) 港股通 静待恢复性增长,口服/原料药稳放量 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国香港 | 化学制药 | 公司公告，24 年实现收入 57.7 亿港币(-10.7% yoy),净利润 10.6 亿港币 （-19.5%yoy）,低于 Wind 一致预测。公司收入/利润下滑,主因：1）收入端， 大输液板块销量正增长,但集采影响部分品种 ASP,叠加嗅己新一次性影响拖 累安瓿板块收入,及咖啡因价格同比下滑影响原料药板块表现；2）利润端下 滑幅度大于收入端主因年内客单价偏低的塑瓶及直立软袋占比提升，从而影 响毛利率表现。展望 25 年,考虑大输液收入规模企稳,口服制剂及原料药恢 复性增长,我们看好公司 25 年净利润 10%yoy，维持"买入"。 大输液：2024 销量正增长，看好 2025 收入规模企稳 大输液板块 24 年收入 37.3 亿港币(-7.6% yoy),主因:1)销量受益集采中标+ 新直立袋产能投放而持续增长(24 年销量+6.7% yoy)；2) 部分 ...

智通财经APP讯，石四药集团(02005)发布截至2024年12月31日止年度业绩，集团收益57.73亿港元，同 比减少10.67%;股东应占溢利10.61亿港元，同比减少19.53%;每股基本盈利0.3582港元;拟派末期息每股 0.095港元。 大输液和安瓿水针产品业务保持稳定。2024年，集团输液整体累计实现销售量 20.36亿瓶(袋)，同比增 长6.7%，销售额37.35亿港元，同比减少7.6%，主要原因是受政策性和市场性叠加因素影响，基础输液 存量市场需求乏力、价格下滑，增长不及预期。尽管如此，2024年集团部分治疗性输液产品仍实现增 长，其中，腹膜透析液销量达855万袋，同比增长81%;盐酸莫西沙星氯化钠注射液销售量约1,798万袋， 同比增长约5%。年内，安瓿水针产品累计实现销售量3.13亿支，同比增长1.3%。其中，葡萄糖注射液 销售3,240万支，同比增长128%;异丙托溴铵销售1,214万支，同比增长163%;多索茶硷销售3,168万支，同 比增长57%。 口服制剂业务板块产销规模进一步提升。集团积极采取调整市场布局、强化专业化推广等手段，加强与 百强连锁等医药商业合作，推动商业连锁加快终 ...

Financial Performance - In 2024, the company achieved a total sales revenue of approximately RMB 5.266 billion, a decrease of 9.6% year-on-year; in HKD, the revenue was about HKD 5.773 billion, down 10.7% year-on-year, with a gross profit margin of 50.4%, a decline of 5.6 percentage points [3]. - The net profit for 2024 was approximately HKD 1.061 billion, representing a year-on-year decrease of 19.5% [3]. - The company's revenue for the year ended December 31, 2024, was HKD 5,773,251, a decrease of approximately 10.7% compared to HKD 6,463,009 in 2023 [20]. - Gross profit for 2024 was HKD 2,908,262, down from HKD 3,619,639 in 2023, indicating a decline of about 19.6% [20]. - The operating profit decreased to HKD 1,343,500 in 2024 from HKD 1,638,901 in 2023, reflecting a reduction of approximately 17.9% [20]. - The total comprehensive income for the year 2024 was HKD 877,973, down from HKD 1,202,341 in 2023, indicating a decline of approximately 27% [21]. - Basic earnings per share for 2024 were HKD 0.3582, compared to HKD 0.4441 in 2023, reflecting a decrease of about 19.4% [21]. - The company's profit before tax for 2024 was HKD 1,281,603,000, a decrease of 19.1% from HKD 1,583,569,000 in 2023 [44]. - The actual tax expense for 2024 was HKD 205,995,000, down 19.0% from HKD 254,281,000 in 2023 [44]. - Profit attributable to equity holders decreased by 19.5% to HKD 1,061,150,000 for the year ending December 31, 2024, with a net profit margin dropping from 20.4% to 18.4% [68]. Dividend and Shareholder Returns - The company declared a final dividend of HKD 0.095 per share, with a total annual dividend of HKD 0.175 per share, an increase of 2.9% year-on-year [4]. - The company proposed a final dividend of HKD 0.095 per share for 2024, down from HKD 0.100 per share in 2023 [51]. - The total dividend declared for 2024 was HKD 517,844,000, slightly up from HKD 504,807,000 in 2023 [51]. - The company has adopted a dividend policy to consider paying two dividends annually, with an interim dividend of HKD 0.08 per share declared for the year ending December 31, 2024, compared to HKD 0.07 per share in 2023 [85]. Market and Product Development - The company completed 44 generic names and 56 specifications for market access approvals in 2024, with 13 generic names and 14 specifications approved in over 30 provinces [6]. - The company actively expanded its market presence through strategic partnerships and product innovation in the pharmaceutical packaging materials sector, enhancing market penetration and coverage [9]. - The company achieved an export volume of approximately 118 million bottles (bags) in 2024, representing an 11% year-on-year growth, with export sales amounting to approximately HKD 178 million, a 9% increase year-on-year [10]. - The company has submitted 131 product approval applications, including 76 for new liquid and solid formulations and 27 for raw materials, with several products being the first of their kind in the domestic market [12]. - The company has successfully passed consistency evaluations for 117 varieties and 156 specifications, enhancing its product structure and market accessibility [14]. - The company is actively developing innovative drugs, with its self-developed Class I new drug SYN045 currently undergoing Phase I clinical trials [12]. Research and Development - Research and development costs for 2024 were HKD 466,925,000, slightly decreased from HKD 471,076,000 in 2023 [40]. - The company has applied for 88 patents and was granted 51 patents in 2024, with a total of 552 patent applications and 340 granted patents to date [14]. - The company has made significant progress in the development of complex formulations, establishing technology platforms for sustained release and lipid-based formulations [13]. - Research and development costs were approximately HKD 265,969,000, a decrease of 8.2% from HKD 289,748,000 in 2023, due to savings in raw materials and other direct R&D costs [64]. Financial Position and Assets - Non-current assets increased to HKD 7,542,759 thousand in 2024 from HKD 6,842,219 thousand in 2023, representing a growth of approximately 10.3% [22]. - Current liabilities decreased significantly from HKD 2,521,440 thousand in 2023 to HKD 1,820,950 thousand in 2024, a reduction of about 27.8% [22]. - Total assets less current liabilities rose to HKD 10,782,730 thousand in 2024, up from HKD 9,444,896 thousand in 2023, indicating an increase of approximately 14.2% [22]. - Non-current liabilities increased to HKD 3,247,080 thousand in 2024, compared to HKD 2,176,204 thousand in 2023, reflecting a growth of around 49.3% [23]. - The company's total equity reached HKD 7,535,650 thousand in 2024, up from HKD 7,268,692 thousand in 2023, marking an increase of approximately 3.7% [23]. - The company's cash and cash equivalents decreased from HKD 1,615,208 thousand in 2023 to HKD 1,257,702 thousand in 2024, a decline of about 22.1% [22]. - Inventory levels increased slightly from HKD 1,086,282 thousand in 2023 to HKD 1,109,462 thousand in 2024, representing a growth of approximately 2.1% [22]. - Trade receivables rose to HKD 2,226,355 thousand in 2024 from HKD 2,177,050 thousand in 2023, an increase of about 2.3% [22]. Corporate Governance and ESG - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Qu Jiguang [82]. - The company emphasizes the importance of environmental sustainability and social responsibility, integrating ESG considerations into daily operations [83]. - The company acknowledges the increasing focus of investors and stakeholders on ESG matters and aims to operate responsibly and sustainably [83]. Operational Efficiency - Sales and distribution costs significantly reduced by 25.4% to HKD 1,143,425,000, reflecting improved efficiency in sales channels and increased sales through centralized procurement [62]. - The company incurred a financial cost of HKD 126,881,000 in 2024, slightly higher than HKD 125,413,000 in 2023 [39]. - The net financial costs for the year ending December 31, 2024, increased by 2.8% to HKD 88,390,000 compared to HKD 85,942,000 in 2023 [66]. Future Outlook - The company aims to achieve a sales volume target of 2.15 billion infusion products by 2025, representing a growth of about 6% compared to 2024 [16]. - The group plans to strengthen its clinical business team and focus on the market development of several key products, including Azithromycin tablets and others, to enhance market presence [16]. - The company targets a revenue growth rate of 20% for its raw material drug segment by 2025, focusing on high-value specialty products [17]. - The group aims to obtain 98 various national approvals by 2025, including 33 for liquid formulations and 26 for solid formulations [18].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.30 [1] Core Views - The company's 1-9M24 revenue was HKD 4.534 billion (-4.7% YoY), with a net profit of HKD 919 million (-2.8% YoY) [2] - The decline in revenue was attributed to stable growth in the large infusion sector but was offset by the impact of centralized procurement on ASP and a one-time impact from a specific product [2] - The net profit margin improved by 0.4 percentage points YoY due to optimized sales expenses [2] - The report expects the company's 2024 net profit to be HKD 1.35 billion, driven by seasonal demand in the large infusion sector and stabilized raw material prices [2] Large Infusion Sector - The large infusion sector generated HKD 2.97 billion in revenue (-1% YoY) in 1-9M24, with a 13.4% YoY increase in sales volume but a 12.7% YoY decline in ASP due to centralized procurement [3] - The sector is expected to grow steadily in 2024, with sales exceeding 2.2 billion bottles/bags, driven by seasonal demand, increased capacity utilization, and the expansion of high-margin products like peritoneal dialysis fluid [3] Raw Material Sector - The raw material sector reported HKD 598 million in revenue (-6.6% YoY) in 1-9M24, with caffeine prices stabilizing and azithromycin expected to see both volume and price increases in 2024 [4] - The ampoule sector saw a significant revenue decline (-30.5% YoY) due to a one-time impact but is expected to recover with HKD 700 million in revenue in 2024 [4] Solid Formulation Sector - The solid formulation sector achieved HKD 339 million in revenue (+5.3% YoY) in 1-9M24, with expected revenue of HKD 500 million in 2024 due to new product approvals and the deepening of the raw material/formulation integration strategy [4] Financial Forecasts and Valuation - The company's 2024/2025/2026 EPS is forecasted to be HKD 0.46/0.53/0.59, with a target price of HKD 5.30 based on a 10x PE ratio for 2025 [5] - Revenue is expected to grow from HKD 6.528 billion in 2024E to HKD 8.386 billion in 2026E, with net profit increasing from HKD 1.354 billion in 2024E to HKD 1.744 billion in 2026E [1][5] - ROE is projected to remain stable around 18.45%-18.84% from 2024E to 2026E [1]

Financial Performance - In the first half of 2024, the company achieved sales revenue of approximately RMB 3.034 billion, a year-on-year increase of about 2.4%[3] - The net profit for the same period was approximately HKD 686 million, reflecting a year-on-year growth of about 7.4%[3] - For the six months ended June 30, 2024, the total revenue was HKD 3,338,939,000, a slight increase of 0.2% compared to HKD 3,333,157,000 in the same period last year[24] - Operating profit for the six months ended June 30, 2024, was HKD 849,283,000, an increase of 7.2% from HKD 792,484,000 in the previous year, resulting in an operating profit margin of 25.4%[32] - The profit attributable to equity holders increased by 7.4% to HKD 685,737,000 for the six months ended June 30, 2024, compared to HKD 638,611,000 for the same period last year, with a net profit margin rising from 19.2% to 20.5%[35] - Basic earnings per share rose to HKD 0.2312, compared to HKD 0.2149 in the prior year, indicating a growth of approximately 10.9%[68] - Total comprehensive income for the period was HKD 630,292, significantly higher than HKD 387,537 in the same period last year, marking an increase of around 62.5%[68] Dividends and Shareholder Returns - The interim dividend declared is HKD 0.08 per share, representing a year-on-year increase of 14.3%[3] - The interim dividend declared is HKD 0.08 per share, totaling approximately HKD 237,523,000, up from HKD 0.07 per share last year[36] - The company declared an interim dividend of HKD 0.08 per ordinary share on August 28, 2024[124] Sales and Market Expansion - Sales volume of mannitol injection reached 21.07 million bottles (bags), a year-on-year increase of 70%[5] - Oral formulation sales volume reached 800.9 million pieces (tablets, bags), with a year-on-year growth of 8%[6] - The company added 32 new international customers for raw materials, expanding its customer base in Europe, America, and Asia[7] - The company aims to enhance its formulation development advantages by improving marketing management systems and expanding market share in key product categories such as infusion and oral formulations[13] - The company plans to accelerate the transformation of new products and optimize processes to enhance quality and reduce costs, targeting markets in the Americas, Europe, South Asia, and Southeast Asia for key raw materials like caffeine and azithromycin[14] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[72] Product Development and Innovation - The group approved 43 new products in the first half of the year, including 29 formulations and 14 active pharmaceutical ingredients (APIs) [8] - The group reported a significant increase in the proportion of high-end complex formulations among the approved products, enhancing its innovation influence in the industry [8] - The group has completed the integrated development of linezolid, with various formulations including linezolid sodium chloride injection and linezolid dry suspension, improving market accessibility for pediatric pneumonia treatment [9] - The group has received approval for 14 specialty APIs, enhancing its coverage in the emergency drug market, with key products like isoproterenol and norepinephrine [10] - The innovative drug SYN045 for pulmonary arterial hypertension has entered Phase I clinical trials, expected to conclude by the end of 2024, showing promising safety and tolerance [10] - A total of 45 patents were filed in the first half of the year, with 30 being invention patents, reflecting the group's commitment to innovation [11] - The company is committed to maintaining a strong innovation momentum and aims to achieve breakthroughs in high-end complex formulations and innovative drugs[15] Financial Position and Cash Flow - Cash and cash equivalents slightly decreased by 3.1% to HKD 1,564,535,000 as of June 30, 2024, compared to HKD 1,615,208,000 at the end of 2023[37] - Bank borrowings increased by 7.1% to HKD 3,607,505,000 as of June 30, 2024, from HKD 3,368,141,000 at the end of 2023[37] - The capital-to-debt ratio rose to 22.0% as of June 30, 2024, up from 20.2% at the end of 2023, due to increased bank borrowings[37] - Operating cash generated for the six months ended June 30, 2024, was HKD 615,165,000, a decrease of 7% from HKD 661,515,000 in the same period of 2023[74] - Net cash generated from operating activities was HKD 322,918,000, down 30% from HKD 463,601,000 year-on-year[74] - The company reported a net cash outflow from financing activities of HKD 69,013,000, compared to HKD 24,710,000 in the previous year, indicating increased financing costs[76] Risks and Market Environment - The company has established a dedicated team to manage the risks associated with national drug procurement and has obtained more product registrations to qualify for tenders[18] - The company recognizes the importance of maintaining good relationships with suppliers and customers to achieve both short-term and long-term goals[20] - The company is actively monitoring changes in the Chinese pharmaceutical market environment and is prepared to respond to any adverse impacts[20] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the six months ending June 30, 2024[62] - The roles of Chairman and CEO are held by Mr. Qu Jiguang, which the board believes is in the best interest of the company for effective strategy execution[62] Share Options and Equity - As of June 30, 2024, the total number of unexercised stock options under the 2012 stock option plan remains at 100,000,000, with a weighted average exercise price of HKD 4.218[44] - The company anticipates receiving proceeds of HKD 421,800,000 if all unexercised stock options as of June 30, 2024, are exercised[44] - The total number of stock options available for issuance under the 2023 stock option plan as of June 30, 2024, is 297,268,338, representing approximately 10.01% of the company's issued shares[46] - The company has a limit of 1% of the total issued shares for stock options granted to each eligible participant within any 12-month period, unless otherwise approved by shareholders[46] Legal and Regulatory Matters - The company has been found in violation of bidding terms related to the procurement of a specific injection solution, leading to a temporary suspension from national procurement eligibility for six months[124]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][18]. Core Views - The company demonstrated stable performance in H1 2024, with revenue of HKD 3.339 billion (+0.2%) and net profit of HKD 686 million (+7.4%) [5][8]. - The large-volume infusion segment showed significant growth, with revenue reaching HKD 2.185 billion (+5.6%) and sales volume of 1.139 billion bags (+21.7%) [8][9]. - The company is in a phase of intensive approval for formulation varieties, which is expected to support stable growth in the future [17]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of HKD 3.339 billion (+0.2%) and net profit of HKD 686 million (+7.4%), with a gross margin of 55.2% (-3.1pp) and a net margin of 20.5% (+1.4pp) [5][8]. - The sales expense ratio decreased to 22.7% (-4.9pp), while the management expense ratio increased slightly to 4.2% (+0.1pp) [5][8]. Business Segments - The large-volume infusion business generated revenue of HKD 2.185 billion (+5.6%), accounting for 65.4% of total revenue [8][9]. - The ampoule injection segment faced short-term pressure, with revenue declining to HKD 367 million (-19.0%) due to price reductions in collective procurement products [8][9]. - The raw material segment reported revenue of HKD 399 million (-12.1%), primarily due to low caffeine prices [8][9]. Research and Development - The company achieved significant R&D results in H1 2024, with 29 formulation varieties approved, including 18 injectable and 11 oral formulations [17]. - The innovative drug SYN-045 for pulmonary arterial hypertension has entered Phase I clinical trials, and the anti-liver fibrosis drug ADN-9 is expected to apply for Phase I trials soon [17]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected revenues of HKD 65.32 billion, HKD 70.86 billion, and HKD 76.85 billion, reflecting a growth rate of 1.07%, 8.47%, and 8.46% respectively [17]. - The forecasted net profit for the same period is HKD 13.41 billion, HKD 14.98 billion, and HKD 16.51 billion, with growth rates of 1.71%, 11.69%, and 10.22% respectively [17].

Financial Performance - In the first half of 2024, the company achieved sales revenue of approximately RMB 3.034 billion, a year-on-year increase of about 2.4%[3] - The net profit for the first half of 2024 was approximately HKD 686 million, representing a year-on-year growth of about 7.4%[3] - The company declared an interim dividend of HKD 0.08 per share, an increase of 14.3% compared to the previous year[3] - The company reported a revenue of HKD 3,338,939 thousand for the six months ended June 30, 2024, compared to HKD 3,333,157 thousand in the same period of 2023, showing a slight increase[15] - Gross profit for the same period was HKD 1,843,455 thousand, down from HKD 1,944,751 thousand year-on-year, indicating a decrease of approximately 5.2%[15] - Operating profit increased to HKD 849,283 thousand from HKD 792,484 thousand, reflecting a growth of about 7.2%[15] - The company reported a net profit of HKD 697,786 thousand for the first half of 2024, compared to HKD 649,505 thousand in the same period of 2023, representing an increase of approximately 7.4%[15] - The total comprehensive income attributable to equity holders of the company for the period was HKD 620,566,000, a significant increase of 60.1% from HKD 387,382,000 in the previous year[17] - Basic earnings per share for the period was HKD 0.2312, up from HKD 0.2149, reflecting a growth of 7.3%[17] Sales and Revenue Breakdown - The intravenous infusion and other products generated sales revenue of HKD 3.244 billion, accounting for 97.2% of total revenue, with a slight increase from the previous year[4] - The sales volume of intravenous products reached 1.139 billion bottles (bags), a year-on-year increase of 21.7%[5] - The sales revenue from the ampoule injection business was HKD 367 million, a year-on-year decrease of 19.1%, despite a sales volume increase of 27%[6] - Oral formulations achieved sales of 80.09 million tablets (pieces, bags), a year-on-year increase of 8%, with notable growth in specific products like cefdinir capsules, which saw a 33.7% increase in sales volume[6] - The therapeutic infusion products achieved a sales volume of 149 million bottles (bags), a year-on-year increase of 34%[5] - Revenue from pharmaceutical sales was HKD 3,226,372,000, showing a marginal increase from HKD 3,225,011,000 year-on-year[23] - Revenue from sales in China was HKD 3,002,085,000, a slight decrease from HKD 3,013,522,000 in the previous year[23] Product Development and Innovation - The group received approvals for 43 new products, including 29 formulations and 14 APIs, with a significant increase in high-end complex formulations[9] - The group has completed the development of 94 products with 126 specifications that have passed or are deemed to have passed consistency evaluation, enhancing its market competitiveness[10] - The group’s new product development includes 14 approved specialty APIs, strengthening its market presence in emergency drug raw materials[10] - The group’s new product highlights include pen-type injectors and high-permeability cell culture bags, contributing to a sales increase of 4.9% in the pharmaceutical packaging business[8] - The company plans to apply for 52 new products for market approval in the second half of 2024, including 24 liquid formulations and 16 solid formulations[14] - The company aims to achieve a total of 28 approvals for formulations and raw materials in the second half of 2024, with 14 liquid formulations and 9 oral formulations included[14] Market Strategy and Operations - The company participated in over 500 national and provincial drug procurement events, significantly enhancing market share for key products[5] - The company is focusing on product innovation and market expansion, optimizing its product structure and marketing channels to enhance operational efficiency[4] - The company is focusing on high-value formulations and new product market development to increase the contribution rate of new products and expand market share[13] - The company has established a dedicated team to manage the risks associated with national centralized procurement and other forms of drug bidding[45] - The company has achieved more product registrations that have passed or are deemed to have passed consistency evaluations, qualifying for national centralized procurement[45] Financial Position and Assets - Non-current assets increased to HKD 7,275,706,000 as of June 30, 2024, compared to HKD 6,842,219,000 at the end of 2023, marking a rise of 6.3%[18] - Current assets rose to HKD 5,272,975,000, up from HKD 5,124,117,000, indicating a growth of 2.9%[18] - The net current assets increased to HKD 3,267,488,000, compared to HKD 2,602,677,000, showing a significant increase of 25.5%[18] - Total assets less current liabilities amounted to HKD 10,543,194,000, up from HKD 9,444,896,000, reflecting a growth of 11.6%[18] - The company’s total assets as of June 30, 2024, were HKD 12,548,681,000, compared to HKD 11,966,336,000 at the end of 2023[26] Costs and Expenses - Total employee costs increased to HKD 373,921,000 from HKD 341,362,000, marking an increase of about 10%[28] - Research and development costs amounted to HKD 247,094,000, slightly higher than HKD 243,021,000 in the previous year, with capitalized costs of HKD 110,578,000[29] - Sales and distribution costs decreased by 17.7% to HKD 758,055,000, attributed to optimized sales channels and increased procurement sales[56] - Research and development costs slightly decreased by 1.6% to HKD 136,516,000, including R&D staff salaries of approximately HKD 56,721,000[58] Shareholder Information - The interim dividend declared for the six months ended June 30, 2024, was HKD 237,523,000, an increase from HKD 207,903,000 for the same period in 2023[39] - The company did not repurchase any ordinary shares through the stock exchange for the six months ended June 30, 2024, but repurchased 2,640,000 shares for approximately HKD 13,672,000 in the previous period[41] - As of June 30, 2024, there were no stock options granted or exercised, with a total of 100,000,000 options remaining unexercised[42] - The company has not purchased any shares under the restricted share award plan during the reporting period, with 3,300,000 shares repurchased and recorded as treasury shares[43] Regulatory and Compliance - The effective tax rate for the six months ended June 30, 2024, was approximately 15% for high-tech enterprises, compared to 25% for other subsidiaries[31] - The company has not recognized deferred tax liabilities for undistributed profits amounting to HKD 7,441,963,000 as it does not intend to distribute these profits in the foreseeable future[31] - The company has not applied temporary exceptions under the OECD Pillar Two rules, pending the enactment of relevant legislation[32] Miscellaneous - The company primarily engages in the research, development, manufacturing, and sales of pharmaceutical products, including intravenous infusion and ampoule injection products[44] - The group had no significant acquisitions or disposals of subsidiaries or associates during the six months ended June 30, 2024[68] - The group maintained a sufficient public float of over 25% of its issued share capital as of August 28, 2024[69] - The group has not utilized any hedging financial instruments, as it does not anticipate significant adverse effects from exchange rate fluctuations[66] - The company will suspend the registration of share transfers from September 16, 2024, to September 20, 2024, inclusive[75] - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website[76] - The interim report will include all information required by the listing rules and will be sent to shareholders later[76]