| | Contents | | --- | --- | | | 目錄 | | Corporate Information | 2 | | 公司資料 | | | Group Structure | 4 | | 本集團架構圖 | | | Chairman's Statement | 5 | | 主席報告 | | | Management Discussion and Analysis | 11 | | 管理層討論及分析 | | | Corporate Governance Report | 27 | | 企業管治報告 | | | Directors' and Senior Management's Biographies | 50 | | 董事及高級管理層履歷 | | | Report of the Directors | 53 | | 董事會報告 | | | Independent Auditor's Report | 72 | | 獨立核數師報告 | | | Consolidated Statement of Profit or Loss | 79 | | 綜合損益表 | | | Consolidated ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,060,309, a decrease of 7.9% compared to RMB 1,151,145 in 2023[2] - Gross profit for the same period was RMB 577,628, down 10.0% from RMB 641,519, resulting in a gross margin of 54.5%, a decline of 1.2 percentage points[2] - Profit before tax increased by 53.8% to RMB 636,949 from RMB 414,057 in the previous year[3] - Net profit for the year was RMB 562,762, representing a 74.4% increase from RMB 322,667 in 2023[3] - Basic earnings per share rose by 72.7% to RMB 0.3754 from RMB 0.2174[3] - The company reported a total comprehensive income of RMB 577,777 for the year, compared to RMB 326,292 in 2023[4] - The company reported a loss from an associate company of RMB 3,696 thousand for the year ended December 31, 2024, compared to a loss of RMB 40,933 thousand in 2023[18] - The total income tax expense for 2024 was RMB 74,187,000, compared to RMB 91,390,000 in 2023, reflecting a reduction of approximately 19%[30] - The operating profit, excluding non-recurring gains, was RMB 201,717,000, a decline of 19.3% from RMB 249,954,000 in 2023[45] - The net profit attributable to the company's owners for the year was approximately RMB 564,940,000, an increase of RMB 238,940,000 or 73.3% from RMB 326,000,000 in 2023[76] Dividends - The company proposed a final dividend of HKD 0.048, a decrease of 26.2% from HKD 0.065 in the previous year, while the total proposed dividend for the year increased by 18.8% to HKD 0.095[2] - The company plans to distribute a final dividend of HKD 0.048 per share for 2024, down from HKD 0.065 in 2023, while introducing a special dividend of HKD 0.032 per share[35] - The board proposed a final dividend of HKD 0.048 per share for the year ending December 31, 2024, totaling approximately HKD 72,091,000, a decrease from HKD 97,516,000 in 2023[46] - The total annual dividend will be HKD 0.095 per share, representing an 18.8% increase compared to HKD 0.080 per share in 2023, with a payout ratio of approximately 23.5%[47] - The final dividend and special dividend will be distributed to shareholders on June 12, 2025[99] Assets and Liabilities - Non-current assets increased to RMB 1,807,035 from RMB 1,902,463, with property, plant, and equipment rising to RMB 1,038,195 from RMB 758,907[5] - Current assets grew to RMB 2,202,241 from RMB 1,720,196, with cash and bank deposits increasing to RMB 1,158,261 from RMB 905,826[5] - Total assets as of December 31, 2024, were RMB 4,009,276 thousand, an increase from RMB 3,622,659 thousand in 2023[17] - Total liabilities decreased to RMB 682,608 thousand in 2024 from RMB 763,425 thousand in 2023, reflecting improved financial health[17] - The company's liabilities ratio was 0.7%, down from 3.3% in 2023, with interest-bearing bank loans totaling RMB 29,864,000[82] Sales and Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 1,060,309 thousand, a decrease of 7.9% from RMB 1,151,145 thousand in 2023[20] - Sales of pharmaceutical products accounted for RMB 1,058,297 thousand, while testing services contributed RMB 2,012 thousand in 2024[21] - The pharmaceutical segment reported a profit of RMB 425,211,000, while the intermediates and raw materials segment incurred a loss of RMB 60,975,000 for the year ended December 31, 2024[16] - The sales revenue for the anti-hypertension series reached RMB 334,252,000, down from RMB 424,186,000 in 2023, accounting for 31.5% of total sales[57] - The sales revenue for anti-lipid products increased to RMB 299,372,000, up from RMB 292,331,000 in 2023, representing 28.2% of total sales[58] - The sales revenue for antiviral products rose to RMB 141,241,000, compared to RMB 124,828,000 in 2023, making up 13.3% of total sales[59] - The overall sales of powder injections increased to RMB 108,846,000, up from RMB 76,196,000 in 2023, representing 10.3% of total sales[60] Research and Development - Research and development expenses for the year amounted to RMB 70,755,000, down from RMB 84,611,000 in 2023, indicating a decrease of about 16%[28] - Approximately 60% of the products under development are self-researched projects, with a focus on first generics and improved innovative drugs to invigorate the product line[52] - The company is enhancing its R&D capabilities and plans to maintain a steady release of new products each year, focusing on therapeutic areas including cardiovascular, anti-infective, and antiviral drugs[62] - The company has made significant advancements in product quality and efficacy consistency studies, with 35 varieties under research, of which 31 specifications have been approved[63] Operational Performance - The company’s management monitors operational performance by product category, facilitating informed resource allocation decisions[14] - The company recorded a significant inventory provision of RMB 43,880,000, compared to RMB 10,936,000 in 2023, due to high production costs and low sales volumes[45] - The company has maintained a rigorous credit monitoring system to manage credit risk, with no significant concentration of credit risk among customers[38] - The company is actively responding to market changes and increasing R&D investment, aiming to occupy a favorable position in the procurement market and explore untapped markets[49] Market and Industry Trends - The global pharmaceutical industry continues to advance despite geopolitical tensions and high interest rates, with China's healthcare reforms focusing on improving service efficiency and high-quality development[48] - The company anticipates ongoing challenges but aims to enhance R&D investment, improve production efficiency, and expand market channels to meet rising drug demand driven by an aging population[53] Investments and Future Plans - The company has sufficient financial resources to cover capital expenditures and plans to potentially use bank loans for future investments[93] - The company aims for significant growth by 2025 through optimized marketing strategies and expanding cooperation with chain pharmacies and exploring new business models[56] - New production facilities in Suzhou and Lanzhou have received production approvals, although initial low output has led to higher costs and losses in raw materials and intermediates[50]

東瑞製药(控股)有限公司 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED (在開曼群島註冊成立的有限公司) (incorporated in the Cayman Islands with limited liability) 股份編號：2348 Stock Code：2348 2024 INTERIM REPORT 中 期 報 告 Contents 目錄 Corporate Information 2 公司資料 Group Structure 4 本集團架構圖 Financial Highlights 5 財務摘要 Management Discussion and Analysis 6 管理層討論及分析 Other Information 20 其他資料 Condensed Consolidated Statement of Profit or Loss 27 簡明綜合損益表 Condensed Consolidated Statement of Comprehensive Income 28 簡明綜合全面收益表 Condensed Consolidated Stat ...

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 577,447 thousand, a decrease of 11.2% compared to RMB 649,920 thousand in the same period of 2023[4] - Gross profit for the same period was RMB 337,912 thousand, down 6.6% from RMB 361,849 thousand, with a gross margin of 58.5%, an increase of 2.8 percentage points year-on-year[4] - Profit before tax increased by 70.2% to RMB 556,752 thousand from RMB 327,211 thousand in the previous year[5] - Net profit attributable to the owners of the parent company rose by 92.6% to RMB 493,046 thousand, compared to RMB 255,941 thousand in the prior year[4] - Basic earnings per share increased by 92.5% to RMB 0.3286 from RMB 0.1707 in the same period last year[5] - The company reported other income and gains of RMB 421,636 thousand, significantly up from RMB 162,927 thousand in the previous year[5] - The profit attributable to equity holders of the parent company for the same period was approximately RMB 493,046,000, an increase of 92.6% from RMB 255,941,000 in 2023[31] - The main reason for the profit increase was the net gain from the sale of a 35% stake in Kangrong Dongfang amounting to approximately RMB 277,627,000[45] Assets and Liabilities - Total assets less current liabilities amounted to RMB 3,388,691 thousand, compared to RMB 2,953,719 thousand at the end of 2023[7] - Cash and bank deposits increased to RMB 1,132,322 thousand from RMB 905,826 thousand at the end of 2023[7] - The company’s total liabilities as of June 30, 2024, were RMB 4,044,544 thousand, indicating a significant increase from the previous reporting period[18] - As of June 30, 2024, the net assets attributable to the parent company were approximately RMB 3,271,104,000, with a return on equity of 15.1%, up from 9.1% in the previous year[46] - The group’s total liabilities ratio was 4.5% as of June 30, 2024, compared to 3.3% at the end of the previous year[49] Revenue Breakdown - The revenue from external sales in the "Finished Drugs" category was RMB 560,878 thousand, while the "Intermediates and Raw Materials" category generated RMB 16,569 thousand for the six months ended June 30, 2024[17] - Total revenue from customer contracts reached RMB 577,447,000, with pharmaceutical product sales contributing RMB 577,416,000[20] - The group’s total revenue from the Chinese market was RMB 574,210,000, with additional revenue from other countries amounting to RMB 3,237,000[20] - Sales of finished drugs amounted to approximately RMB 560,878,000, an increase of 3.8% from RMB 540,313,000 year-on-year, representing 97.1% of total sales, up 14 percentage points[41] Research and Development - Research and development costs for the current period were RMB 37,047,000, up from RMB 27,004,000 in the same period last year[23] - The company established the "Suzhou Dongrui Advanced Technology Research Institute" to enhance R&D capabilities and improve product development efficiency[34] - The group plans to enhance its R&D capabilities and focus on chronic disease management, leveraging resources from its advanced technology research institutes[39] - R&D expenses increased by approximately RMB 13,122,000 to RMB 43,883,000, reflecting a focus on innovation and development[42] Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.015 per share, unchanged from the previous year[4] - The company declared a final dividend of RMB 90,786,000 for the fiscal year, with an interim dividend of RMB 20,594,000 for the six months ended June 30, 2024[25] - The diluted earnings per share for the same period was RMB 0.3282, up from RMB 0.1702 in 2023[27] Operational Performance - The company’s management is closely monitoring operational performance across its product categories to make informed resource allocation decisions[16] - The company plans to continue optimizing its structure and expanding its market presence, focusing on the development and sales of non-patented drugs[16] - The company aims to establish broader partnerships with chain pharmacies and explore diversified business models, including online sales through e-commerce[39] Financial Reporting and Compliance - The financial statements were prepared in accordance with International Financial Reporting Standards and are unaudited[12] - The company has adopted new accounting policies in line with the latest International Financial Reporting Standards, impacting the financial reporting for the current period[15] - The group has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, with the exception of two independent non-executive directors who were unable to attend the annual general meeting[57] Market Conditions and Future Outlook - The pharmaceutical industry is experiencing strong growth driven by technological innovation and increasing health awareness post-pandemic[32] - The group has no significant investments or acquisitions of subsidiaries or associates during the period, but has sufficient financial resources to cover planned capital expenditures[50] - There are no major investment plans or capital asset acquisitions disclosed for the future, aside from capital expenditures related to subsidiary capital increases and relocation projects[55]

DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED * (在開曼群島註冊成立的有限公司) (Stock Code: 2348) | --- | --- | --- | --- | |---------------------------------------|------------|---------------------------------------|---------------| | | 二零二三年 | 截至十二月三十一日止年度 \n二零二二年 | 變動 | | 收入 ( 人民幣千元 ) | 1,151,145 | 1,277,682 | -9.9% | | 毛利 ( 人民幣千元 ) | 641,519 | 773,551 | -17.1% | | 毛利率 (%) | 55.7% | 60.5% | -4.8 個百分點 | | 應佔一間聯營公司之虧損 ( 人民幣千元 ) | 40,933 | 61,905 | -33.9% | | 除稅前溢利 ( 人民幣千元 ) | 414,057 | 438,408 | -5.6% | | 本年度溢利 ( 人民幣千元 ) ...

Financial Performance - For the six months ended June 30, 2023, the total revenue was RMB 649,920,000, with external sales of finished drugs at RMB 540,313,000 and intermediates at RMB 109,607,000[17]. - The segment results showed a profit before tax of RMB 327,211,000, compared to RMB 225,591,000 for the same period in 2022, indicating a year-over-year increase of approximately 45%[17]. - The company reported unallocated gains of RMB 158,150,000, while corporate and other unallocated expenses were RMB 108,665,000, leading to a net profit before tax after adjustments[17]. - The company’s external sales to customers decreased from RMB 568,544,000 in the previous year to RMB 540,313,000, reflecting a decline of approximately 5%[17]. - The company’s segment results for finished drugs showed a profit of RMB 290,301,000, while intermediates reported a loss of RMB 12,269,000[17]. - The group reported a profit before tax of RMB 96,929,000 for the six months ended June 30, 2023, compared to RMB 75,350,000 in 2022, indicating a growth of approximately 28.7%[49]. - Revenue from contracts with customers for the six months ended June 30, 2023, was RMB 649,920,000, representing an increase from RMB 623,478,000 in the same period of 2022[29]. Revenue Breakdown - Revenue from Mainland China was RMB 537,134,000, accounting for the majority of total revenue from contracts with customers[29]. - The finished drugs segment generated revenue of RMB 540,307,000, while the intermediates and bulk medicines segment contributed RMB 109,607,000 for the six months ended June 30, 2023[29]. - The total segment revenue for the six months ended June 30, 2022, was RMB 623,478,000, indicating a decrease in overall sales compared to the current period[17]. - Total revenue from contracts with customers for the six months ended June 30, 2023, was RMB 623,478,000, a slight increase from RMB 623,302,000 in 2022[33]. - Revenue from pharmaceutical goods sales was RMB 623,302,000, contributing significantly to total revenue[33]. Costs and Expenses - Cost of sales increased to RMB 288,071,000 in 2023 from RMB 231,200,000 in 2022, reflecting a rise of about 24.6%[49]. - Research and development costs for the period amounted to RMB 30,761,000, slightly up from RMB 29,960,000 in 2022[49]. - Other income for the six months ended June 30, 2023, was RMB 16,452,000, down from RMB 21,305,000 in 2022[37]. - The depreciation of property, plant, and equipment was RMB 31,751,000 in 2023, compared to RMB 22,446,000 in 2022, representing a significant increase of about 41.5%[49]. - The company incurred finance costs of RMB 27,333,000 for lease liabilities, up from RMB 43,225,000 in 2022, indicating a decrease in financial burden[39]. Taxation - Current income tax charge increased to RMB 75,699, up 90.2% from RMB 39,801 in the previous year[60]. - Total tax charge for the period reached RMB 73,041, representing a 36.0% increase compared to RMB 53,765 in 2022[60]. Assets and Liabilities - As of June 30, 2023, the total assets of the Group amounted to RMB 3,557,356,000, a decrease from RMB 3,672,643,000 as of December 31, 2022[19][24]. - The Group's segment assets for finished drugs were RMB 908,319,000 and for intermediates and bulk medicines were RMB 1,192,678,000 as of June 30, 2023[19]. - The assets held for sale amounted to RMB 2,578,000 as of June 30, 2023[19]. - Trade and notes receivables decreased to RMB 193,431 from RMB 204,324, a decline of 5.0%[64]. - Cash and bank balances decreased to RMB 741,149 from RMB 811,682, a reduction of 8.7%[64]. Financial Instruments and Risks - The Group's financial instruments are exposed to foreign currency risk, credit risk, liquidity risk, and interest rate risk[79]. - The Group has no significant credit risk concentration from third-party debtors, with maximum exposure to credit risk represented by cash, bank balances, and trade receivables[79]. - The expected loss allowance provision for trade receivables was not material during the period ended June 30, 2023[83]. - The Group's management believes the risk of default by counterparties is low[83]. Share Capital and Dividends - For the six months ended June 30, 2023, profit attributable to ordinary equity holders of the parent was RMB 255,941,000, an increase of 49% compared to RMB 171,661,000 in 2022[99]. - Basic earnings per share for the period was RMB 0.1707, up from RMB 0.11456 in the same period last year, reflecting a growth of approximately 49%[99]. - The company declared an interim dividend of HK$0.015 per share, totaling approximately HK$22,497,000 (approximately RMB 20,986,000) for the year ending December 31, 2023[94]. - The issued and fully paid ordinary shares increased from 1,498,789,000 at the beginning of the period to 1,499,793,000 at the end of the period[178]. Share Option Scheme - The 2023 Share Option Scheme allows for a total of 149,970,500 shares to be issued, which is 10% of the total shares in issue on the adoption date[182]. - The Chief Executive Officer holds 6,000,000 share options, which are exercisable from 29 April 2023 to 28 April 2028[188]. - The total number of options available for grant under the 2023 Share Option Scheme remained at 149,970,500 at both the adoption date and the end of the period[182]. - The total number of options available for grant under the service provider sublimit was 7,498,525 at both the adoption date and the end of the period[182]. - For the six months ended June 30, 2023, no share options were cancelled[190].

| --- | --- | --- | --- | |------------------------------------------|-------|---------------------------------------------------------------------|--------------------------------------| | | 附註 | 截至六月三十日止六個月 \n（未經審核） \n二零二 三 年 人民幣千元 | （未經審核） \n二零二二年 人民幣千元 | | 收入 | 3 | 649,920 | 623,478 | | | | | | | 銷售成本 | | (288,071) | ( 231,200 ) | | | | | | | 毛利 | | 361,849 | 392,278 | | 其他收入及收益 | 3 | | | | | | 162,927 | 25,467 | | 銷售及分銷費用 | | (68,999) | ( 78,931 ) | | 行政費用 | | (59,180) | ( 54,195 ) | | | | | | | 研究及開發成 ...

| --- | --- | |---------------------------------------------------------------------|----------| | | Contents | | | 目 錄 | | Corporate Information 公司資料 | 2 | | Group Structure 本集團架構圖 | 4 | | Chairman's Statement 主席報告 | 5 | | Management Discussion and Analysis 管理層討論及分析 | 11 | | Corporate Governance Report 企業管治報告 | 26 | | Directors' and Senior Management's Biographies 董事及高級管理層履歷 | 47 | | Report of the Directors 董事會報告 | 21 | | Independent Auditor's Report 獨立核數師報告 | 69 | | Consolidated Statement of Profit or Los ...

僱員及薪酬政策 於二零二二年十二月三十一日，本集團約有員工1,106名(二零二一年：1,065名)，員工費用總額約人民幣 183,630,000元（二零二一年：人民幣172,023,000元）。員工費用增加主要員工增加及調薪的影响。本集團 視人力資源為最寶貴的財富，深明吸納及挽留表現稱職的員工的重要性。薪酬政策一般參考市場薪酬指 標及個別員工的資歷而定。本集團為員工提供的其他褔利包括定額供款退休計劃、購股權計劃及醫療福 利。本集團並在中國為其若干中國的僱員提供宿舍。 或有負債 於二零二二年十二月三十一日，本集團並無重大或有負債。 資產抵押 於二零二二年十二月三十一日，本集團無資產抵押予銀行以獲取授予其附屬公司的信貸額度（於二零二 一年十二月三十一日：無）。 報告期後事項 於二零二二年十月二十四日，東瑞生物與康融東方簽訂借款協議，東瑞生物同意提供無抵押計息借款共 人民幣105,000,000元給康融東方，借款利息3.5%年息率，借款年期5年。東瑞生物已於二零二三年一月及 二月提供人民幣66,500,000元貸款。 33 未來重大投資及預期融資來源 除於上述「流動資金及財政資源」及「重大投資」所載有關資本開支承擔 ...

Financial Performance - The Group recorded revenue of approximately RMB623,478,000 for the six months ended 30 June 2022, representing an increase of 2.4% compared to RMB608,589,000 in the same period of 2021[41]. - Profit attributable to owners of the parent was approximately RMB171,661,000, an increase of approximately 3.0% compared to RMB166,646,000 in the same period of 2021[41]. - The Group's overall sales increased by 2.4% in the first half of 2022 compared to the same period last year[68]. - For the six months ended June 30, 2022, the Group recorded a turnover of approximately RMB623,478,000, representing an increase of 2.4% compared to RMB608,589,000 during the corresponding period of last year[86]. - Gross profit was approximately RMB392,278,000, which increased by RMB19,187,000 or 5.1% compared to the corresponding period of last year[86]. - The gross profit margin improved to 62.9%, an increase of 1.6 percentage points from 61.3% in the previous year[86]. - Profit before tax increased to RMB 225,591,000, compared to RMB 211,082,000 in the prior year, representing a growth of 6.9%[177]. - The profit for the period attributable to owners of the parent was RMB 171,661,000, an increase from RMB 166,646,000, marking a growth of 3.0%[177]. - Total comprehensive income for the period, net of tax, rose to RMB 177,186,000, compared to RMB 167,377,000, reflecting an increase of 5.14%[180]. Sales and Market Performance - The overall sales of finished medicines increased by 7.0% compared to the same period last year, despite a 0.5% decrease in sales of the "An" series medicines due to centralized procurement impacts[47]. - Sales volume of Fujian Dawnrays series medicines, primarily for treating hyperlipidemia, rose by 26.5%, with sales revenue increasing by 19.4% year-on-year[68]. - The sales volume of cephalosporin intermediates and bulk medicines decreased by 46.0%, with sales revenue declining by 29.1% compared to the same period in 2021[68]. - The sales of anti-hypertensive drugs in the "An" series decreased by 1.0% in volume and 0.5% in revenue year-on-year[68]. Research and Development - The Advanced Technology Research Institute was established in June 2022 to integrate R&D resources and promote innovation within the Group[53]. - Clinical trials for Class I new drug registration of monoclonal antibody agents AK102 and AK109 are underway, with a production capacity of 8,000L established in May 2022[54]. - The Group aims to transform into an innovative drug enterprise by gradually expanding its high-end R&D system based on the generic drug R&D system[53]. - Research and development expenses increased to RMB 29,960,000, up by RMB 1,815,000 compared to the same period last year[89]. - The Group obtained a total of 11 approvals for 9 varieties during the period, including 2 approvals for supplementary applications[82]. Operational Efficiency - The Group's gross profit increased by 5.1% over the same period last year, indicating improved operational efficiency[49]. - The Group reorganized its structure in July 2022 to enhance operational efficiency and corporate governance, facilitating future bidding opportunities in national centralized procurement[60]. - The Group's marketing department focused on expanding product coverage and maintaining high supply volumes for key products despite external challenges[47]. - The Group's focus on high-quality specialty drug products and robust financial management has enabled it to maintain stable business growth despite intense market competition[57]. Financial Position and Investments - The Group held cash and bank balances of approximately RMB601,576,000 as of June 30, 2022, an increase from RMB577,744,000 as of December 31, 2021[104]. - Net cash flows from operating activities during the period were approximately RMB269,303,000, up from RMB153,202,000 in 2021[104]. - The registered capital of Lanzhou Dawnrays Pharmaceutical Co., Ltd. was increased from USD50,000,000 to USD80,000,000 in May 2022, with the Group holding a 96.875% share interest[106]. - The Group plans to invest RMB430,000,000 in the Lanzhou project, which is expected to be completed and put into production in the second half of 2022[106]. - The company reported a share of losses from an associate amounting to RMB 20,493,000, compared to RMB 17,122,000 in 2021, indicating increased challenges in associated investments[196]. Corporate Governance and Management - The company complied with the Corporate Governance Code during the six months ended June 30, 2022, with one deviation regarding non-executive directors' attendance at the AGM[159]. - Mr. Chen Shaojun resigned as executive director and CEO effective February 16, 2022, to focus on other business[160]. - Mr. Wu Weixian was appointed as the new CEO effective February 16, 2022[160]. - The Audit Committee reviewed the interim financial statements before board approval, ensuring compliance with financial reporting standards[170]. Shareholder Information - As of June 30, 2022, Ms. Li Kei Ling holds 107,372,000 shares directly beneficially owned and has a total interest of 702,100,000 shares, representing 46.85% of the company's issued share capital[139]. - Mr. Hung Yung Lai directly beneficially owns 1,880,000 shares and has a total interest of 596,608,000 shares, accounting for 39.81% of the company's issued share capital[139]. - Fortune United Group Limited, a holding company, holds 594,728,000 shares of the company, with Ms. Li Kei Ling and Mr. Hung Yung Lai each beneficially interested in 50% of its share capital[144].