众公 華潤醫藥集團有限公司 China Resources Pharmaceutical Group Limited (Stock Code 股份代號 : 3320) ２０２１年報 Annual Report unce B r 19 - $60 19 0 T and Victorial ● o deli 目錄 CONTENTS | --- | --- | |-------|--------------------------------------------------------------------------------| | | | | 2 | 公司簡介 Corporate Profile | | 3 | 公司資料 Corporate Information | | 7 | 釋義 Definitions | | 12 | 主席報告 Chairman's Statement | | 15 | 全年大事紀要 Highlights of the Year | | 24 | 獎項 Awards | | 32 | 財務摘要 Financial Highlights | | 33 | 管理層討論及分析 Man ...

Company Overview - China Resources Pharmaceutical Group Limited is one of the top five pharmaceutical manufacturers and one of the top three pharmaceutical distributors in China by revenue[5]. - The company manufactures over 560 products, including chemical drugs, Chinese medicines, and biopharmaceuticals, covering various therapeutic areas such as cardiovascular and pediatrics[6]. - The distribution network consists of 171 logistics centers across 28 provinces, serving nearly 110,000 customers, including 8,771 hospitals and around 60,000 primary medical institutions[7]. - The company operates one of the largest retail pharmacy networks in China, with 846 pharmacies under premium brands[7]. Research and Development - The R&D team comprises over 1,200 staff members, supported by three state-certified engineering technology research centers and three state-certified enterprise technology centers[8]. - The company emphasizes continuous investment in R&D as a key driver for long-term growth[8]. - Future plans include expanding into health management and chronic disease management products to meet comprehensive healthcare needs[6]. - The Group is actively expanding its innovative R&D pipeline, with approximately 200 ongoing projects, including 68 new drug projects focused on oncology, immunology, metabolism, and respiratory systems[92]. - The Group plans to significantly increase R&D investment as a proportion of revenue, focusing on innovative drug development in oncology, immunity, and cardiovascular areas[100]. Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 10.5 billion, representing a year-on-year growth of 15%[21]. - The Group recorded total revenue of HK$114,487.6 million in the first half of 2021, a year-on-year increase of 28.1% compared to HK$89,387.1 million in the first half of 2020[32]. - Gross profit for the Group was HK$17,465.1 million, representing a 17.5% increase from HK$14,866.8 million in the first half of 2020, with a gross profit margin of 15.3%, down 1.3 percentage points from 16.6%[33]. - The company's net profit for the period attributable to owners was HK$2,438,106, compared to HK$2,577,194 in the previous year, showing a decrease of approximately 5.4%[168]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by the end of the fiscal year[20]. - A new partnership with a leading healthcare provider is expected to drive additional revenue streams, estimated at HKD 200 million annually[21]. - The Group is actively pursuing international market development, particularly in Central Asian countries, to promote traditional Chinese medicine products[65]. Digital Transformation - The company plans to invest HKD 500 million in digital transformation initiatives over the next two years[19]. - Online sales reached nearly RMB 300 million, a year-on-year increase of approximately 25%, reflecting the success of digital marketing strategies[62]. - The Group is exploring various digital marketing models and expanding its presence on mainstream e-commerce platforms like JD.com and Alibaba[62]. Strategic Acquisitions - The company completed a strategic acquisition of a local competitor, enhancing its product portfolio and distribution network[21]. - In February 2021, the company acquired 33.33% of Zhejiang Peptites Biotech for approximately RMB258 million, enhancing its position in the biopharmaceutical sector[46][48]. - The company announced the acquisition of 10% of Yongtai Biopharmaceutical for HK$799.66 million, aiming to collaborate on the cell immunotherapy market[51]. Operational Efficiency - The gross profit margin improved to 45%, up from 42% in the previous year, reflecting better cost management[20]. - The company is focusing on product innovation and optimization, launching new products like "益童益生菌" and "檸檬薄荷酵素" to enhance its market presence[52]. - The Group's strategy includes enhancing product R&D and innovation while embracing digitalisation and international cooperation to increase market share[38]. Challenges and Opportunities - The pharmaceutical industry faces both opportunities and challenges due to the ongoing COVID-19 pandemic, an aging population, and rising living standards[30]. - Comprehensive centralised procurement and clinical requirement-driven drug approval policies are raising competitive standards for pharmaceutical enterprises[30]. - The anticipated exit of non-competitive enterprises is expected to drive further integration and concentration within the pharmaceutical industry[30]. Financial Position - As of June 30, 2021, the Group had cash and cash equivalents of HK$17,000.2 million, primarily denominated in RMB and HKD[121]. - The Group's current ratio as of June 30, 2021, was 1.2:1, consistent with December 31, 2020[121]. - The net debt-to-equity ratio as of June 30, 2021, was 62.1%, up from 52.6% on December 31, 2020[121].

Company Overview - China Resources Pharmaceutical Group Limited is one of the top five pharmaceutical manufacturers and one of the top three pharmaceutical distributors in China by revenue[5]. - The company manufactures over 560 products, including chemical drugs, Chinese medicines, and biopharmaceuticals, covering various therapeutic areas such as cardiovascular and respiratory systems[7]. - The company operates a national distribution network with 176 logistics centers across 28 provinces, serving over 110,000 clients, including 8,003 second- and third-class hospitals[8]. - The company has a retail pharmacy network comprising 862 pharmacies under premium brands like CR Care and Teck Soon Hong[8]. - The company has a strong portfolio of well-known brands, including "999" and "Dong-E-E-Jiao"[7]. Research and Development - The R&D team consists of over 1,200 staff members, and the company operates three state-certified engineering technology research centers[7]. - The company emphasizes R&D and product innovation as key drivers for long-term growth, consistently increasing investment in these areas[7]. - Research and development investments increased by 18%, totaling 1.2 billion HKD, focusing on innovative drug formulations[17]. - Total R&D expenditure for the Reporting Period amounted to HK$1,497.9 million, focusing on areas such as cardiovascular, respiratory, oncology, and central nervous system[128]. - The Group had 199 products in its R&D pipeline as of December 31, 2020, including 68 new drug projects primarily in oncology and immunity[128]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 10.5 billion HKD, representing a 15% year-over-year growth[12]. - The Group achieved total revenue of HK$200,423.0 million and profit attributable to owners of the Company of HK$3,297.1 million, representing a year-on-year growth of 3.8% in RMB terms, or 18.9% if excluding one-off items[32][33]. - The gross profit margin improved to 45%, up from 42% in the previous year, indicating better cost management[12]. - The revenue breakdown for 2020 was 14.6% from pharmaceutical manufacturing, 82.0% from pharmaceutical distribution, and 3.2% from pharmaceutical retail[81][82]. - The Group recorded a gross profit of HK$32,293.9 million, down 5.1% from HK$34,017.7 million in 2019, with a gross profit margin of 16.1%, a decrease of 0.5 percentage points from 16.6% in 2019[83]. Market Expansion and Strategy - The company aims to expand its market presence and enhance its product offerings through strategic initiatives and innovation[5]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[19]. - The Group aims to solidify its leading position in the industry through ongoing optimization in product mix and business structure[30]. - The Group is focusing on enhancing competitiveness in the generic drug market and accelerating R&D for innovative drugs[78]. - The Group is committed to digital transformation, leveraging Internet technologies to enhance professional service capabilities and expand e-commerce business[109]. Acquisitions and Partnerships - The company completed a strategic acquisition of a local competitor, enhancing its product portfolio and market reach[19]. - The acquisition of Aonuo (China) Pharmaceutical Co., Ltd. will help the Group build a leading brand in pediatrics and improve its consumer healthcare category[39]. - A new partnership with a leading healthcare provider is expected to drive additional revenue of approximately 500 million HKD over the next two years[19]. - CR Pharmaceutical Holdings is set to acquire 30.00% of Boya Biopharmaceutical, becoming its controlling shareholder and filling a gap in the blood product sector[52]. - The Group signed 35 international cooperation projects across 13 countries during the reporting period, focusing on chemical drugs, biopharmaceuticals, and TCM products[102]. Corporate Governance - The Company has complied with all applicable code provisions of the CG Code during the Reporting Period, except for specific provisions regarding the appointment of non-executive Directors and formal letters of appointment[168]. - The Board comprises a total of 11 Directors, including 4 executive Directors and 7 non-executive Directors, ensuring a diverse range of business experience and expertise[169]. - The Company has arranged appropriate liability insurance for Directors and officers against legal actions[169]. - The Company will continue to review and monitor its corporate governance practices to ensure compliance with the CG Code[168]. - All Directors are required to participate in ongoing professional development to enhance their knowledge and skills[170]. Social Responsibility and Industry Impact - The Group's response mechanism during the pandemic enabled efficient procurement and distribution of pharmaceutical supplies, showcasing its commitment to social responsibility[28]. - In 2020, the Group's commercial and industrial segment supplied over RMB 12 billion worth of anti-pandemic drugs and medical devices to various provinces and cities across the nation[28]. - The pandemic has led to a deepened adjustment and optimization in the pharmaceutical industry, characterized by prominent structural opportunities and changes in the competitive landscape[29]. - The Group is optimistic about the long-term development of China's pharmaceutical industry, driven by stable market growth from aging population and consumption upgrades[34]. - The Group's social responsibility report received a five-star rating, showcasing its commitment to responsible management and information disclosure[65].

Company Overview - China Resources Pharmaceutical Group Limited is one of the top five pharmaceutical manufacturers and one of the top three pharmaceutical distributors in China by revenue[8]. - The company manufactures over 540 products, including chemical drugs, Chinese medicines, and biopharmaceuticals, covering various therapeutic areas such as cardiovascular and respiratory systems[9]. - The national distribution network consists of 178 logistics centers strategically located across 28 provinces, municipalities, and autonomous regions in China[10]. - The company operates one of the largest retail pharmacy networks in China, with over 850 pharmacies under premium brands like "CR Care" and "Teck Soon Hong"[10]. - The company has a comprehensive product portfolio and wide distribution networks, enabling direct distribution to hospitals and medical institutions[10]. - The company has established strong, well-known brands such as "999" and "Dong-E-E-Jiao," contributing to its market presence[9]. Financial Performance - The Group recorded total revenue of HK$89,387.1 million in the first half of 2020, a decrease of 12.3% compared to HK$101,923.0 million in the same period of 2019[32]. - Gross profit for the Group was HK$14,866.8 million, down 14.7% from HK$17,433.6 million in the first half of 2019[34]. - Profit attributable to owners of the company was RMB 3,035 million, representing a margin of 11.1%[36]. - The Group recorded a profit attributable to owners of HK$2,577.2 million in the first half of 2020, a decrease of 15.1% compared to HK$3,035.4 million in the same period of 2019[38]. - The profit for the period was HK$3,647,812, compared to HK$4,683,287 in the previous year, reflecting a decline of approximately 22.1%[154]. Market Strategy and Growth - The company aims to expand its market reach and enhance operational efficiency through strategic initiatives and technological advancements[9]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2021[30]. - New product launches are expected to contribute an additional RMB 1 billion in revenue, with a focus on innovative healthcare solutions[30]. - The Group is focusing on improving its research and development system and enhancing operational management to adapt to market challenges[33]. - The introduction of new policies is expected to create opportunities for the development of the Chinese medicine sector in the coming years[32]. Research and Development - The company is committed to research and development in the pharmaceutical sector, enhancing its product offerings and market competitiveness[9]. - During the Reporting Period, R&D expenditure was approximately HK$612.3 million, focusing on areas such as cardiovascular, respiratory, anti-tumor, and central nervous systems[74]. - The Group had over 160 new products under research, including 68 innovative drugs, with 35 patent authorizations and 66 new patent applications during the Reporting Period[74]. - The Group aims to increase the proportion of total R&D investment to revenue significantly, focusing on high-quality R&D projects in various therapeutic areas[82]. - The Group is advancing the development of innovative drugs and biosimilars while balancing long-term R&D risks and values[75]. Operational Efficiency - Cost management strategies have been implemented, resulting in a 5% reduction in operational expenses compared to the previous period[30]. - The company aims to improve its supply chain efficiency, targeting a 30% reduction in delivery times by the end of 2021[30]. - The Group is actively expanding its upstream resources and developing new strategic cooperation businesses in the pharmaceutical sector[62]. - The Group's revenue from medical device distribution reached nearly RMB 10 billion, representing a year-on-year increase of approximately 65%[63]. - The Group's e-commerce business, through the B2B online platform "Runyao Mall," covered 20 provinces, achieving online transaction value of RMB 11 billion, a year-on-year increase of 24%[60]. Corporate Governance and Compliance - The company is focused on maintaining high standards of corporate governance and transparency in its operations[20]. - The company is required to comply with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, ensuring transparency and accountability[143]. - The interim financial information was reviewed in accordance with HKAS 34, confirming compliance with relevant accounting standards[146]. - The review was conducted by Ernst & Young, a reputable accounting firm, ensuring the credibility of the financial information presented[149]. Challenges and Risks - The COVID-19 pandemic significantly affected the Group's financial performance during the reporting period[32]. - The pharmaceutical manufacturing segment experienced a decline in revenue, which had a relatively high gross margin, impacting overall profitability[34]. - Revenue from prescription drugs was HK$6,783.4 million, down 24.8% year-on-year, primarily due to the impact of the COVID-19 pandemic[42]. - The Group's net debt to equity ratio increased to 54.4% as of June 30, 2020, compared to 38.1% at the end of 2019, reflecting higher leverage[99]. Shareholder Information - The company did not purchase, sell, or redeem any of its listed securities during the reporting period, except for the disclosed buybacks[122]. - A total of 1,996,000 shares were bought back during the reporting period, with an aggregate consideration of HK$9,522,940[121]. - As of June 30, 2020, the Group's cash and cash equivalents amounted to HK$13,384.5 million, primarily in RMB and HKD[98]. - The Group's current ratio was 1.2:1 as of June 30, 2020, indicating stable liquidity[99]. - The company declared a final dividend of HK$691,076 for 2019, impacting retained earnings during the period[162].

Company Overview - China Resources Pharmaceutical Group Limited is one of the fifth largest pharmaceutical manufacturers and the third largest pharmaceutical distributors in China by revenue[6]. - The company manufactures over 540 products, including chemical drugs, Chinese medicines, and biopharmaceuticals, covering various therapeutic areas such as cardiovascular and pediatrics[7]. - The company operates one of the largest retail pharmacy networks in China, with over 850 pharmacies under premium brands like "CR Care" and "Teck Soon Hong"[8]. - The company has established well-known brands such as "999", "Dong-E-E-Jiao", and "Double-Crane" in the pharmaceutical market[7]. - The company has a comprehensive product portfolio that supports direct distribution to hospitals and medical institutions across the country[8]. Distribution and Logistics - The national distribution network consists of 178 logistics centers strategically located across 28 provinces, municipalities, and autonomous regions in China[8]. - The company maintains a principal banking relationship with several banks, including Agricultural Bank of China and Bank of China, indicating strong financial partnerships[18]. - The distribution network covered 28 provinces, municipalities, and autonomous regions, serving around 7,000 Class II and Class III hospitals, over 47,000 primary medical institutions, and about 55,000 retail pharmacies[125][126]. - The Group established 178 logistics centers, with significant capabilities in cold chain logistics management and third-party logistics qualifications[125][126]. Financial Performance - In 2019, the Group achieved total revenue of HK$204,453.9 million, representing a year-on-year increase of 7.8% (12.6% increase in RMB terms) despite external challenges[29]. - Profit attributable to owners of the Company was HK$3,286.4 million, a decrease of 17.4% compared to 2018 (13.7% decrease in RMB terms) due to industrial policy impacts and goodwill impairment[29]. - Total revenue for 2019 was HK$204,454 million, an increase of 7.4% from HK$189,689 million in 2018[78]. - Gross profit for the year was HK$34,018 million, a decrease of 2.6% from HK$34,930 million in 2018[78]. - The gross margin for 2019 was 16.6%, down from 18.4% in 2018[78]. Research and Development - The Group plans to accelerate innovation in its R&D system and increase investment in R&D to enhance core competitiveness[32]. - The Group has 14 R&D projects in the pipeline and 3 products launched on the market, with substantial investment in R&D gradually increased year-on-year[86]. - The company has over 150 products in its R&D pipeline, including 67 innovative drugs focused on areas such as oncology and cardiovascular diseases[138]. - Total R&D expenditures during the reporting period were HK$1,435.7 million, reflecting the company's commitment to innovation and long-term growth[137]. Strategic Initiatives - The company aims to enhance its market position through strategic expansions and product innovations in the pharmaceutical sector[5]. - The Group aims to expand its mergers and acquisitions efforts and enrich international collaboration channels to strengthen its market position[32]. - The Group is actively pursuing mergers and acquisitions within the PRC to enhance its product capabilities and market presence[114]. - The Group aims to achieve external growth through strategic mergers and acquisitions, focusing on high-quality resources in the medical device distribution sector[165]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency in its operations[10]. - The Board of Directors is responsible for the overall leadership of the Group and has established five Board Committees to oversee specific aspects of the Company's affairs[180]. - The Company has adopted the Corporate Governance Code and has complied with all applicable code provisions throughout the reporting period[180]. - The Board composition includes various executive and non-executive directors, with significant changes occurring in 2019, including the appointment of Mr. HAN Yuewei as CEO[181]. Market Trends and Challenges - CR Pharmaceutical reported significant changes in the international landscape, with increasing trade and geopolitical frictions leading to heightened uncertainty in economic outlook[25]. - The pharmaceutical industry in China is expected to enter a period of accelerated transformation, with increasing industry concentration and strong demand driven by an aging population and rising health awareness[30]. - The pharmaceutical market in China is expected to grow at a rate of only 3% in 2020, indicating a slowdown in growth[82]. - The application of new technologies and AI in the pharmaceutical industry is expected to drive business model changes and present future opportunities and challenges[83]. Brand Recognition and Awards - CR Pharmaceutical was included in the Hang Seng SCHK Mainland China Healthcare Index, which consists of 20 constituents reflecting the performance of mainland Chinese healthcare companies listed in Hong Kong[37]. - CR Sanjiu ranked 83rd in the 'Top 100 Most Valuable Chinese Brands' list for 2019, being one of only four pharmaceutical-related brands recognized[56]. - CR Pharmaceutical was named 'Capital Outstanding China Pharmaceutical Group' at the '14th Capital Outstanding Chinese Enterprise Achievement Awards'[58]. - CR Pharmaceutical was awarded 'Top 10 China Pharmaceutical Enterprises 2019' at the ChemPharm Annual Summit[65]. Product Development and Innovation - CR Double-Crane's Terazosin Hydrochloride Tablets (2mg) became the first in its category to pass the consistency evaluation, positively impacting future sales and competitiveness[34]. - Mifepristone Tablets (10mg and 25mg) from CR Zizhu passed the consistency evaluation and were included in the National Drug Reimbursement List, enhancing market competitiveness[36]. - The Group is committed to reform and innovation, focusing on quality development to lay a solid foundation for the "13th Five-Year Plan" strategy[32]. - The Group aims to promote the construction of a "healthy China" through high-quality and refined industry practices[26]. Acquisitions and Investments - CR Pharmaceutical completed the acquisition of CR Jiangzhong Group, gaining a 43.03% equity interest in Jiangzhong Pharmaceutical, a leading OTC production enterprise in China[40]. - CR Pharmaceutical acquired a 25% equity interest in Tycoon Group Holdings Limited, enhancing its retail product portfolio and competitive advantage in Hong Kong's distribution and retail market[38]. - The Group's investment in Aonuo Pharmaceutical is expected to strengthen its position in the OTC business segment and enhance its market leadership[145]. - The Group achieved synergies between manufacturing and distribution businesses in key areas during 2019[151].

Company Overview - China Resources Pharmaceutical Group Limited is one of the fifth largest pharmaceutical manufacturers and the third largest pharmaceutical distributors in China by revenue[5]. - The company manufactures over 540 products, including chemical drugs, Chinese medicines, and biopharmaceuticals, covering various therapeutic areas such as cardiovascular and pediatrics[6]. - The company operates a national distribution network with 185 logistics centers across 28 provinces, directly distributing products to hospitals and medical institutions[7]. - The retail pharmacy network comprises over 800 pharmacies under premium brands like "CR Care" and "Teck Soon Hong"[7]. - Since its listing in October 2016, the company has been included in several capital market indexes, reflecting strong market recognition[5]. - The company has a comprehensive product portfolio and a wide distribution network, enhancing its market presence in China[6]. - The company has established well-known brands such as "Sanjiu" and "Dong-E-E-Jiao," contributing to its competitive advantage[6]. Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 10.5 billion for the first half of 2019, representing a year-on-year growth of 12%[14]. - The Group recorded total revenue of HK$101,923.0 million in the first half of 2019, an increase of 8.7% compared to HK$93,740.8 million in the same period in 2018, representing a year-on-year increase of 15.7% in RMB terms[33]. - Gross profit for the Group was HK$17,433.6 million, a 3.3% increase from HK$16,881.4 million in the first half of 2018, with an overall gross profit margin of 17.1%, down 0.9 percentage points from 18.0%[33][34]. - Profit attributable to owners of the Company was HK$3,035.4 million, a significant increase of 34.9% compared to HK$2,249.6 million in the first half of 2018, with basic earnings per share rising to HK$0.48 from HK$0.36[34][35]. - The total comprehensive income for the period attributable to owners of the Company was HK$4,259,322, compared to HK$3,354,068 in 2018, indicating a growth of approximately 27%[129]. Market Strategy and Expansion - The company aims to leverage its extensive distribution network to expand its market share in the pharmaceutical sector[7]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[14]. - A strategic acquisition of a local pharmaceutical company is expected to enhance the company's distribution network and product offerings, with an estimated cost of HKD 1.2 billion[14]. - The Group aims to enhance core competitiveness and achieve sustainable development through mergers, acquisitions, and R&D innovations in the rapidly evolving Chinese pharmaceutical industry[74]. - The Group will leverage opportunities from the consolidation of the pharmaceutical industry in China, particularly from foreign companies divesting their generic drug businesses[79]. Research and Development - The management is focused on continuous research and development to innovate and enhance its product offerings[6]. - Investment in R&D increased by 20%, focusing on innovative drug development and enhancing existing product lines[14]. - Research and development expenditure totaled HK$658.3 million during the reporting period, focusing on areas such as cardiovascular, respiratory, and oncology[43]. - Total R&D expenditures during the Reporting Period amounted to HK$658.3 million, with approximately 200 R&D projects in the pipeline, including 45 innovative drug projects[45][47]. - The Group obtained 38 patents and filed 47 patent applications during the Reporting Period, receiving 21 awards and project funds from various government levels[46][47]. Operational Efficiency - The company is implementing new digital health technologies to improve customer engagement and streamline operations, aiming for a 30% reduction in operational costs by 2021[14]. - Gross profit margin improved to 45%, up from 42% in the previous year, indicating better cost management and pricing strategies[14]. - The Group's pharmaceutical distribution network covered 28 provinces, municipalities, and autonomous regions, serving 6,862 Class II and Class III hospitals, 53,640 primary medical institutions, and 35,888 retail pharmacies[52][54]. Corporate Governance - The Board consists of four executive Directors, four non-executive Directors, and four independent non-executive Directors, ensuring adequate representation of shareholders' interests[99]. - The Company has adopted the Model Code as its own code of conduct regarding directors' securities transactions, with all Directors confirming compliance during the Reporting Period[99]. - The Audit Committee includes four independent non-executive Directors and two non-executive Directors, focusing on financial reporting and internal controls[99]. Financial Position and Cash Flow - As of June 30, 2019, the Group's cash and cash equivalents amounted to HKD 14,817.6 million, primarily denominated in RMB, USD, and HKD[84]. - The Group's current ratio as of June 30, 2019, was 1.2:1, consistent with the ratio as of December 31, 2018[84]. - The Group's total borrowings amounted to HK$50,298.0 million as of June 30, 2019, an increase from HK$40,664.5 million as of December 31, 2018[91]. - The net debt to equity ratio was 65.6% as of June 30, 2019, compared to 56.7% as of December 31, 2018[87]. - Cash flows from operating activities for the six months ended June 30, 2019, amounted to HK$5,808,098, compared to HK$5,110,462 in 2018, indicating a significant increase[145]. Compliance and Regulatory Changes - The Group adopted HKFRS 16 using the modified retrospective method with an initial application date of January 1, 2019[164]. - The Group's accounting policies have been updated to reflect the changes brought by the adoption of new standards and interpretations[162]. - The cumulative effect of the initial adoption of HKFRS 16 was recognized as an adjustment to the opening balance of retained earnings at January 1, 2019[164].

र 2 華潤醫藥集團有限公司 China Resources Pharmaceutical Group Limited (Stock Code 股份代號: 3320) CH Annual Report 年報 2018 2 公司簡介 Corporate Profile 3 公司資料 Corporate Information 6 釋義 Definitions 11 主席報告 Chairman's Statement 14 全年大事紀要 Highlights of the Year 18 獎項 Awards 21 財務摘要 Financial Highlights 22 管理層討論及分析 Management Discussion and Analysis 41 企業管治報告 Corporate Governance Report 77 董事會報告 Report of the Directors 95 獨立核數師報告 Independent Auditor's Report 104 綜合損益表 Consolidated Statement of Profit or Loss 105 綜合全面收益表 Consoli ...