Core Viewpoint - The company has obtained production registration approvals from the National Medical Products Administration of China for two pharmaceutical products, marking a significant achievement as they are the first domestic enterprises to receive such approvals [1] Group 1: Product Approvals - The company has received production registration for Urapidil sustained-release capsules (30mg) and Nicardipine hydrochloride sodium injection (200ml), both classified as Category 3 chemical drugs, indicating they have passed the consistency evaluation [1] - Urapidil sustained-release capsules are primarily used for treating primary hypertension, renal hypertension, hypertension caused by pheochromocytoma, and urinary disorders associated with prostatic hyperplasia [1] - Nicardipine hydrochloride sodium injection is mainly used for the emergency management of abnormal hypertension during surgery and hypertensive emergencies [1] Group 2: Raw Material Approvals - The company has also received approval for the raw materials of Urapidil and Nicardipine hydrochloride, which have been registered with the National Medical Products Administration for use in marketed formulations [1] Group 3: Additional Product Approval - The company has obtained production registration for Butylscopolamine injection (2ml), classified as a Category 4 chemical drug, also indicating it has passed the consistency evaluation [1] - Butylscopolamine injection is used for treating smooth muscle spasms related to biliary diseases and urinary system diseases, and can also assist in treating smooth muscle spasms caused by gastrointestinal diseases and alleviate dysmenorrhea [1]

Core Viewpoint - The company has received production registration approvals from the National Medical Products Administration of China for two pharmaceutical products, marking a significant achievement as the first domestic enterprise to obtain such approvals for these drugs [1] Group 1: Product Approvals - The company has obtained production registration for Urapidil sustained-release capsules (30mg) and Nicardipine hydrochloride sodium injection (200ml), both classified as Category 3 chemical drugs, which are considered to have passed the consistency evaluation [1] - Urapidil sustained-release capsules are primarily used for treating primary hypertension, renal hypertension, hypertension caused by pheochromocytoma, and urinary disorders associated with prostatic hyperplasia [1] - Nicardipine hydrochloride sodium injection is mainly used for the emergency management of abnormal hypertension during surgery and hypertensive emergencies [1] Group 2: Raw Material Approvals - The company has received approval for the raw materials of Urapidil and Nicardipine hydrochloride, which have been registered with the National Medical Products Administration for use in marketed formulations [1] Group 3: Additional Product Approval - The company has also obtained production registration for Butylscopolamine injection (2ml), classified as a Category 4 chemical drug, which is also considered to have passed the consistency evaluation [1] - Butylscopolamine injection is primarily used for treating smooth muscle spasms related to biliary diseases and urinary system diseases, and can also be used as an adjunct treatment for gastrointestinal spasms and to relieve dysmenorrhea [1]

Core Viewpoint - The company, Stone Four Pharmaceutical Group, has received production registration approvals from the National Medical Products Administration of China for two pharmaceutical products, marking a significant achievement as they are the first domestic enterprises to obtain such approvals for these products [1] Group 1: Product Approvals - The company has obtained production registration for Urapidil sustained-release capsules (30mg) and Nicardipine hydrochloride sodium injection (200ml), both classified as Category 3 chemical drugs, which are considered to have passed the consistency evaluation [1] - Urapidil sustained-release capsules are primarily used for treating primary hypertension, renal hypertension, hypertension caused by pheochromocytoma, and urinary disorders associated with prostatic hyperplasia [1] - Nicardipine hydrochloride sodium injection is mainly used for the emergency management of abnormal hypertension during surgery and hypertensive emergencies [1] Group 2: Raw Material Approvals - The company's Urapidil and Nicardipine raw materials have been approved by the National Medical Products Administration for use in the registered formulations [1] - The company has also received production registration for Butylscopolamine injection (2ml), classified as a Category 4 chemical drug, which is also considered to have passed the consistency evaluation [1] - Butylscopolamine injection is used for treating smooth muscle spasms related to biliary diseases and urinary system diseases, and can also assist in treating smooth muscle spasms caused by gastrointestinal diseases and alleviate dysmenorrhea [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 烏拉地爾緩釋膠囊主要用於治療原發性高血壓、腎性高血壓、嗜鉻細胞瘤引發的高血壓，及伴 有前列腺肥大症的排尿障礙。鹽酸尼卡地平氯化鈉注射液主要用於手術時異常高血壓的緊急處 理及高血壓急症。誠如本公司日期為二零二三年五月十二日及二零二五年三月五日之公告所載， 本集團的烏拉地爾原料藥及鹽酸尼卡地平原料藥已分別獲國家藥監局批准登記成為在上市製 劑使用的原料藥。 董事局亦欣然公告，本集團已取得國家藥監局有關鹽酸屈他維林注射液(2ml)的藥品生產註冊 批件，屬於化學藥品第4類，視同通過一致性評價。鹽酸屈他維林注射液主要用於治療膽道疾 病相關的平滑肌痙攣及泌尿系統疾病所致的平滑肌痙攣，也可作為輔助治療用於胃腸道疾病所 致的平滑肌痙攣及緩解痛經。誠如本公司日期為二零二五年八月六日之公告所載，本集團的鹽 酸屈他維林已獲國家藥監局批准登記成為在上市製劑使用的原料藥。 - 1 - 本公告為本公司自願發佈，目的是使股東及潛在投 ...

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Summary of the Conference Call for Shijiazhuang Four Pharmaceutical Group Company Overview - **Company**: Shijiazhuang Four Pharmaceutical Group - **Period**: First half of 2025 Financial Performance - **Revenue**: Decreased by 36% year-on-year to HKD 2.15 billion [2][3] - **Gross Margin**: Dropped by 13.7 percentage points to 41.5% [2][3] - **Net Profit**: Decreased by 58.7% to HKD 284 million [2][4] - **Sales Expenses**: Reduced significantly by 53%, leading to a smaller decline in net profit margin compared to gross margin [4] - **Interim Dividend**: HKD 0.05 per share, with a payout ratio increased to 51.8% [2][4] Market Participation and Product Performance - **Participation in Procurement**: Engaged in over 480 procurement activities, winning bids for 12 products in national procurement [2][5] - **Sales Growth in Specific Products**: - Large-volume infusion products like blood filtration replacement liquid saw sales increase by 1.1 times [2][7] - Antibiotic linezolid glucose injection sales increased by 4 times [2][7] - Nutritional infusion medium-chain fat emulsion injection sales grew by 26% [2][7] - **Oral Formulations**: Sales increased by 16% year-on-year to approximately HKD 300 million, accounting for 13.8% of total revenue [2][7] New Product Development - **Market Access**: New products like compound potassium hydrogen phosphate injection covered 31 provinces, with several others exceeding 20 provinces [2][6] - **R&D Investment**: R&D expenditure accounted for nearly 10% of revenue, with 56 product approvals obtained [3][10] Business Segment Performance - **Infusion Products**: Sales volume decreased by 37% to 721 million bottles, with revenue down 45% [7] - **Ampoule Products**: Sales volume increased by 7%, but revenue decreased by 57% due to high base effects [7] - **Raw Material Drugs**: Revenue decreased by 9.6% to HKD 360 million, but azithromycin exports to Southeast Asia increased [7] Export Performance - **Export Volume**: Infusion exports reached 74 million bags, a 42% increase year-on-year [9] - **Oral Formulation Exports**: Significant growth with a 154-fold increase in volume from January to August 2025 [9] Future Outlook - **Market Trends**: The large-volume infusion market is expected to decline by approximately 30% in lower-tier hospitals, but demand for large-volume dialysis solutions is increasing [12][13] - **Growth Projections**: Anticipated growth in exports exceeding 40% in 2025, with a forecasted increase of over 10% in the following year [13][16] Innovation and R&D - **Innovative Drug Development**: Focus on self-developed drugs, with significant progress in pulmonary hypertension medications and other innovative therapies [11][17] - **Clinical Trials**: New drugs are expected to enter clinical trials soon, with promising results in preclinical studies [18][19] Challenges and Strategic Responses - **Regulatory Environment**: The company is navigating challenges posed by procurement policies and market demand fluctuations [3][12] - **Cost Management**: Efforts to reduce costs through technological improvements and strategic procurement [20][26] Conclusion - **Overall Performance**: The company faced significant challenges in the first half of 2025 but is positioned for recovery and growth through strategic initiatives in product development, market expansion, and cost management [30][31]

Core Viewpoint - The company reported a significant decline in both sales revenue and profit for the first half of 2025, indicating potential challenges in its business operations and market conditions [1] Financial Performance - Sales revenue for the first half of 2025 was approximately 2.147 billion HKD, a year-on-year decrease of about 35.7% [1] - Profit attributable to equity holders was approximately 283.5 million HKD, down 58.7% year-on-year [1] - Earnings per share were 0.0962 HKD, with an interim dividend of 0.05 HKD compared to 0.08 HKD in the same period last year [1] Business Segments - The infusion business experienced a significant decline, with sales volume of approximately 715 million bottles (bags), a year-on-year decrease of 37%, and sales revenue of 1.199 billion HKD, down 45% [1] - In the water injection segment, ampoule water injection sales volume was 17.818 million units, a year-on-year increase of 7%, but sales revenue fell to 157 million HKD, a decrease of 57% [1] - The oral formulation segment saw a sales revenue of 296 million HKD, reflecting a year-on-year growth of 16% [1] - The active pharmaceutical ingredients segment reported sales revenue of 361 million HKD, down 9.6% year-on-year [1]

Core Viewpoint - 石四药集团 reported a significant decline in its mid-year performance for 2025, with a notable drop in sales revenue and profit margins, indicating potential challenges in its business operations [1] Financial Performance - The company's sales revenue for the first half of 2025 was approximately 2.147 billion HKD, representing a year-on-year decrease of about 35.7% [1] - The profit attributable to equity holders was around 283.5 million HKD, down approximately 58.7% year-on-year [1] - Earnings per share were reported at 0.0962 HKD, with an interim dividend of 0.05 HKD, compared to 0.08 HKD in the same period last year [1] Business Segments - In the infusion business, the overall sales volume decreased significantly, with approximately 715 million bottles (bags) sold, a year-on-year decline of 37%, and sales revenue of 1.199 billion HKD, down 45% [1] - For the water injection segment, the sales volume of ampoule water injections was 17.818 million units, showing a year-on-year increase of 7%, but the sales revenue fell to 157 million HKD, a decrease of 57% [1] - The oral formulation segment achieved sales revenue of 296 million HKD, reflecting a year-on-year growth of 16% [1] - In the active pharmaceutical ingredients segment, sales revenue was 361 million HKD, down 9.6% year-on-year [1]

Core Viewpoint - The company reported a significant decline in sales and profits for the first half of 2025, with a focus on adapting to market challenges and enhancing product offerings to stabilize its market position [1][2][3][4] Group 1: Financial Performance - The company achieved sales revenue of approximately HKD 2.147 billion, a year-on-year decrease of about 35.7% [1] - Profit attributable to equity holders was approximately HKD 283.5 million, down 58.7% year-on-year [1] - Earnings per share were HKD 0.0962, with an interim dividend of HKD 0.05 per share [1] Group 2: Infusion Business - The infusion sales volume decreased significantly, with approximately 715 million bottles (bags) sold, a decline of 37% year-on-year [1] - Sales revenue from infusion products was HKD 1.199 billion, down 45% year-on-year [1] - The company is focusing on digital transformation and market segmentation to enhance the sales of therapeutic infusion products [1] Group 3: Injectable and Oral Formulations - The sales volume of ampoule water injections increased by 7% to 17.818 million units, but sales revenue fell by 57% to HKD 157 million [2] - Notable growth in specific injectable products included a 61% increase in sales of mecobalamin injections and a 198% increase in sales of nebulized terbutaline solution [2] - Oral formulations achieved sales of HKD 296 million, a 16% increase year-on-year, with significant contributions from new products and contract renewals [2] Group 4: API and Export Business - The active pharmaceutical ingredients (API) segment saw sales of HKD 361 million, a decline of 9.6% year-on-year, with caffeine sales down 15% [3] - The company reported a 42% increase in export volume for infusion products, with a total of 7.361 million bottles (bags) exported [3] - The export sales of oral formulations reached a record high, with a staggering 9958% increase year-on-year [3] Group 5: Packaging Materials - The sales of pharmaceutical packaging materials reached HKD 101 million, reflecting a 7.1% year-on-year growth [4] - The company is enhancing its product offerings in rubber stoppers and multi-layer co-extruded films to improve market penetration [4]

Core Viewpoint - The company reported a significant decline in sales and profits for the first half of 2025, with a focus on adapting to market challenges and enhancing product offerings to stabilize its business performance [1][2][3][4] Group 1: Financial Performance - The company achieved sales revenue of approximately HKD 21.47 billion, a year-on-year decrease of about 35.7% [1] - Profit attributable to equity holders was approximately HKD 283.5 million, down about 58.7% year-on-year [1] - Earnings per share were HKD 0.0962, with an interim dividend of HKD 0.05 per share [1] Group 2: Business Segments Infusion Business - Infusion sales volume decreased to approximately 715 million bottles (bags), a decline of 37% year-on-year, with sales revenue of HKD 1.199 billion, down 45% [1] - The company is focusing on product matrix development and digital transformation to enhance market positioning [1] Injectable Business - Ampoule water needle sales volume reached 17.818 million units, a year-on-year increase of 7%, but sales revenue fell by 57% to HKD 157 million [2] - Notable growth in specific products: Methylcobalamin injection sales increased by 61%, and Urapidil hydrochloride injection sales rose by 28% [2] Oral Formulations - Oral formulations achieved sales of HKD 296 million, a year-on-year increase of 16% [2] - New products contributed significantly, with sales of specific items like Rosuvastatin calcium tablets increasing by 32% [2] API Business - API sales amounted to HKD 361 million, a decline of 9.6% year-on-year, with caffeine sales down 15% [3] - The company is enhancing international collaborations and product registrations to mitigate market challenges [3] Export Business - The company reported a 42% increase in export volume for infusions, with significant growth in ampoule water needle and oral formulation exports [3] - The total export sales reached RMB 100.45 million, reflecting a 42% year-on-year increase [3] Packaging Materials - Sales of pharmaceutical packaging materials reached HKD 101 million, a year-on-year increase of 7.1% [4] - The company is focusing on enhancing its product offerings to meet market demands [4]