Core Viewpoint - CICC has downgraded the net profit estimates for Lianbang Pharmaceutical (03933) for 2025 and 2026 by 8.9% and 1.1% to CNY 2.92 billion and CNY 2.62 billion respectively, due to pressure on raw material and intermediate prices [1] Group 1: Financial Performance - The company's 1H25 performance met CICC's expectations, with revenue of CNY 7.519 billion, a year-on-year increase of 4.8%, and a gross profit of CNY 3.924 billion, corresponding to a gross margin of 52.2%, up 5.6 percentage points year-on-year [2] - The pre-tax profit was CNY 2.420 billion, a year-on-year increase of 27.24%, and the net profit was CNY 1.894 billion, up 27.02% year-on-year, primarily benefiting from a one-time contribution from the UBT251 licensing fee and the volume increase of insulin series products [2] Group 2: Innovation and R&D - The company is entering a harvest period in innovation and has strategically focused on the GLP-1 sector, having reached an overseas rights licensing agreement with Novo Nordisk for UBT251 [3] - In 1H25, the company recognized licensing income of CNY 1.434 billion from UBT251, which completed its Phase II clinical enrollment for obesity indications in April 2025 and for diabetes indications in May 2025 [3] - The company has 43 human drug projects in development, including 22 first-class new drugs, and R&D expenses in 1H25 were CNY 499 million, a year-on-year increase of 11.7% [3] Group 3: Product Segments - In 1H25, the revenue from formulation products (excluding external licensing) was CNY 2.54 billion, a year-on-year increase of 6.1%, while segment profit was CNY 156 million, down 35.4% [4] - The insulin series revenue reached CNY 961 million, a year-on-year increase of 74.5%, with insulin analog sales up 90.4%, benefiting from increased domestic market share and overseas expansion [4] - The company has made progress in export business, with insulin products winning bids from the Brazilian Ministry of Health and antibiotics winning bids in the Malaysian market [4] Group 4: Raw Materials and Intermediates - In 1H25, intermediate revenue was CNY 1.011 billion, down 23.1% year-on-year, and segment profit was CNY 635 million, down 40.6% [5] - Raw material revenue was CNY 2.530 billion, a year-on-year decrease of 27.0%, with segment profit at CNY 251 million, down 52.0%, primarily due to price declines of products like 6-APA and a temporary drop in antibiotic demand [5] - The company expects the production capacity of its raw material projects in Zhuhai and Inner Mongolia to commence in October 2025 [5]

Core Viewpoint - The report from CICC indicates a downward adjustment in the net profit forecast for Lianbang Pharmaceutical for 2025/2026 due to pressure on raw material and intermediate prices, with target prices reflecting a potential upside from current stock prices [1] Group 1: Financial Performance - The company's 1H25 performance met expectations, with revenue of 7.519 billion yuan, a year-on-year increase of 4.8%, and a gross profit of 3.924 billion yuan, corresponding to a gross margin of 52.2%, up 5.6 percentage points year-on-year [2] - The pre-tax profit was 2.420 billion yuan, a year-on-year increase of 27.24%, leading to a net profit of 1.894 billion yuan, also up 27.02% year-on-year, primarily driven by a one-time contribution from the UBT251 licensing fee and increased sales of insulin products [2] Group 2: Research and Development - The company is entering a harvest period in innovation and has focused on the GLP-1 sector, with a licensing agreement with Novo Nordisk for UBT251, generating 1.434 billion yuan in confirmed revenue in 1H25 [3] - UBT251 has completed Phase II clinical trials for obesity and diabetes indications in China, and UBT37034 has received FDA approval for weight loss clinical trials, showing significant weight reduction when used with GLP-1 analogs [3] - R&D expenses in 1H25 were 499 million yuan, an increase of 11.7% year-on-year, with 43 human drug projects in development, including 22 first-class new drugs, indicating a robust product pipeline [3] Group 3: Product Segments - In 1H25, revenue from formulation products (excluding external licensing) was 2.54 billion yuan, a year-on-year increase of 6.1%, while segment profit decreased by 35.4% [4] - Insulin series revenue reached 961 million yuan, a significant year-on-year increase of 74.5%, with insulin analog sales up 90.4%, benefiting from increased domestic market share and overseas expansion [4] - The company has successfully exported insulin products to Brazil and has secured antibiotic product bids in Malaysia, with animal health products registered in Vietnam and Australia [4] Group 4: Raw Materials and Intermediates - In 1H25, intermediate revenue was 1.011 billion yuan, down 23.1%, with segment profit declining by 40.6%, while raw material revenue was 2.530 billion yuan, down 27.0%, and segment profit fell by 52.0% [5] - Profitability is under pressure due to price declines in products like 6-APA and a temporary drop in antibiotic demand, although production capacity for 6-APA and penicillin G potassium salt has reached full capacity [5] - The company anticipates that its raw material projects in Zhuhai and Inner Mongolia will commence production in October 2025 [5]

Core Viewpoint - The company reported its 1H25 performance, showing a revenue of 7.519 billion yuan, a year-on-year increase of 4.8%, driven by one-time contributions from licensing fees and insulin series sales [1] Group 1: Financial Performance - Revenue for 1H25 reached 7.519 billion yuan, up 4.8% year-on-year [1] - Gross profit was 3.924 billion yuan, with a gross margin of 52.2%, an increase of 5.6 percentage points year-on-year [1] - Pre-tax profit amounted to 2.420 billion yuan, reflecting a year-on-year growth of 27.24% [1] - Net profit was 1.894 billion yuan, also up 27.02% year-on-year [1] Group 2: Development Trends - The company is focusing on the GLP-1 sector, having reached an overseas licensing agreement with Novo Nordisk for UBT251 [1] - In 1H25, the company recognized licensing income of 1.434 billion yuan from UBT251, which is undergoing clinical trials for obesity and diabetes in China [1] - R&D expenses in 1H25 were 499 million yuan, a year-on-year increase of 11.7%, with 43 drug projects in development, including 22 first-class new drugs [1] Group 3: Product Segments - Insulin product revenue (excluding external licensing) was 2.54 billion yuan, up 6.1% year-on-year, with insulin series revenue reaching 961 million yuan, a significant increase of 74.5% [2] - The company has successfully expanded its export business, securing contracts for insulin products with the Brazilian Ministry of Health and antibiotics in Malaysia [2] - Revenue from intermediates was 1.011 billion yuan, down 23.1% year-on-year, while raw material drug revenue was 2.530 billion yuan, down 27.0% year-on-year [2] Group 4: Profit Forecast and Valuation - Due to pricing pressures on raw materials and intermediates, the company has lowered its net profit forecasts for 2025 and 2026 by 8.9% and 1.1% to 2.920 billion yuan and 2.621 billion yuan, respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 9.5 times for 2025 and 10.4 times for 2026 [3] - The company maintains an outperform rating and a target price of 19.00 HKD, indicating a potential upside of 23.9% from the current stock price [3]

Core Insights - The company reported a revenue of 7.519 billion RMB for the first half of the year, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders was 1.894 billion RMB, a year-on-year increase of 27%, with a basic earnings per share of 1.0426 RMB [1] - The company plans to distribute an interim dividend of 0.16 RMB per share, with a payout ratio of 15.3% [1] Group 1: Strategic Developments - The company made significant progress in globalizing its innovative drug portfolio, particularly through a licensing agreement with Novo Nordisk for UBT251, a triple agonist for GLP-1, GIP, and GCG receptors [1] - The agreement includes a 200 million USD upfront payment, potential milestone payments of up to 1.8 billion USD, and tiered sales royalties based on annual net sales in the region [1] - This collaboration marks a key milestone in the company's strategic shift towards innovation and global expansion [1] Group 2: Product Development and R&D - The company has secured procurement contracts for its insulin products with the Brazilian Ministry of Health, achieving record export volumes for similar products from China [2] - The company invested 551 million RMB in drug research and development, with R&D expenses increasing by 14.9% year-on-year [2] - A total of 43 new human drug products are in development, including 22 first-class new drugs focusing on endocrine, metabolism, autoimmune, ophthalmology, and anti-infection areas [2] Group 3: Clinical Trials and Approvals - The company received implied permission from the National Medical Products Administration for the Phase II clinical trial application of UBT251 for chronic kidney disease [3] - The company’s semaglutide injection registration application was accepted by the National Medical Products Administration, and polyethylene glycol eye drops passed the approval process [3] - The company’s liraglutide injection was approved for market release, targeting adult patients with type 2 diabetes [3] Group 4: Future Outlook - The company aims to adhere to an innovation-driven development strategy, enhancing R&D and technological upgrades [4] - Plans include consolidating and expanding core industry advantages through vertical integration and improving operational efficiency [4] - The company will accelerate overseas product registrations and continue to expand its global business footprint while fostering innovation and sustainable development [4]

Financial Performance - In the first half of 2025, the company's revenue reached RMB 7.519 billion, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders for the same period was RMB 1.894 billion, showing a year-on-year growth of 27.0% [1] - Basic earnings per share were RMB 1.0426, with an interim dividend proposed at RMB 0.16 per share [1] Segment Revenue and Profit - Revenue from intermediates, active pharmaceutical ingredients (APIs), and formulations were RMB 2.304 billion, RMB 2.999 billion, and RMB 3.979 billion, respectively, with year-on-year changes of -25.2%, -23.4%, and +65.9% [1] - Segment profits for intermediates, APIs, and formulations were RMB 635 million, RMB 251 million, and RMB 1.506 billion, reflecting year-on-year declines of -40.6% and -52.0% for intermediates and APIs, while formulations saw an increase of 524.2% [1] Research and Development - The company invested RMB 551 million in drug research and development, with R&D expenses increasing by 14.9% year-on-year [2] - Of the total R&D investment, RMB 499 million was expensed, and RMB 51.7 million was capitalized [2] - The company has established a comprehensive R&D system, focusing on various platforms including biological research, chemical drug development, innovative drug development, animal health research, clinical studies, and external collaborations [2] - There are 43 new human drug products under development, with 22 classified as Class 1 new drugs, targeting areas such as endocrinology, metabolism, autoimmunity, ophthalmology, and anti-infection [2] - The company is also developing 61 new products in animal health, covering pets, livestock, poultry, and aquaculture [2]

Core Insights - The company reported a revenue of RMB 7.519 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders for the period was RMB 1.894 billion, which is a 27% increase compared to the previous year [1] - Basic earnings per share were RMB 1.0426, and the company proposed an interim dividend of RMB 0.16 per share [1] Segment Performance - Revenue from intermediates, active pharmaceutical ingredients (APIs), and formulation products were RMB 2.304 billion, RMB 2.999 billion, and RMB 3.9785 billion, respectively, showing a year-on-year decline of 25.2%, 23.4%, and an increase of 65.9% [1] - Segment profits for intermediates, APIs, and formulation products were RMB 634.6 million, RMB 250.6 million, and RMB 1.5056 billion, reflecting a year-on-year decline of 40.6%, 52.0%, and an increase of 524.2% [1]

Core Insights - The company reported a revenue of RMB 7.519 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.8% [1] - Profit attributable to shareholders reached RMB 1.894 billion, marking a year-on-year increase of 27% [1] - Basic earnings per share were RMB 1.0426, with an interim dividend proposed at RMB 0.16 per share [1] Revenue Breakdown - Revenue from intermediates, active pharmaceutical ingredients (APIs), and formulation products were RMB 2.304 billion, RMB 2.999 billion, and RMB 3.9785 billion, respectively, showing year-on-year changes of -25.2%, -23.4%, and +65.9% [1] - Segment profits for intermediates, APIs, and formulation products were RMB 634.6 million, RMB 250.6 million, and RMB 1.5056 billion, reflecting year-on-year changes of -40.6%, -52.0%, and +524.2% [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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 聯邦制藥國際控股有限公司 | | 股份代號 | 03933 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年六月三十日止六個月中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.16 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | | 除淨日 | 2025年9月25日 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's financial performance for the six months ended June 30, 2025, shows significant growth in profit and earnings per share Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | Earnings before interest, taxes, depreciation and amortization (EBITDA) | 2,752,120 | 2,231,943 | 23.3% | | Profit before tax | 2,419,651 | 1,901,702 | 27.2% | | Profit attributable to owners of the Company for the period | 1,894,314 | 1,491,404 | 27.0% | | Earnings per share - Basic (RMB cents) | 104.26 | 82.08 | 27.0% | | 中期股息 (每股人民幣分) | 16.0 | 16.0 | 0.0% | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The condensed consolidated financial statements provide an overview of the Group's financial position and performance [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue increased by 4.8% to RMB 7.519 billion, gross profit grew by 17.3% to RMB 3.924 billion, and profit attributable to owners of the Company rose by 27.0% to RMB 1.894 billion, with basic earnings per share at RMB 104.26 cents Key Figures from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | Cost of sales | (3,594,809) | (3,831,439) | -6.2% | | Gross profit | 3,923,874 | 3,344,365 | 17.3% | | Other income | 128,480 | 170,015 | -24.4% | | Net other gains and losses | 61,183 | 41,958 | 45.8% | | Selling and distribution expenses | (682,161) | (706,651) | -3.5% | | Administrative expenses | (435,200) | (354,050) | 22.9% | | Research and development expenses | (498,941) | (446,800) | 11.7% | | Profit before tax | 2,419,651 | 1,901,702 | 27.2% | | Profit for the period | 1,893,507 | 1,490,995 | 27.0% | | Profit attributable to owners of the Company for the period | 1,894,314 | 1,491,404 | 27.0% | | Earnings per share - Basic (RMB cents) | 104.26 | 82.08 | 27.0% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets increased by 14.09% to RMB 29.435 billion from the end of 2024, with net current assets growing by 17.8% to RMB 8.598 billion and a stable current ratio of 1.89, while total equity attributable to owners increased by 8.19% to RMB 15.567 billion Key Figures from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Non-current assets | 11,131,383 | 9,762,356 | 14.02% | | Current assets | 18,303,138 | 16,070,696 | 13.89% | | **LIABILITIES** | | | | | Current liabilities | 9,705,569 | 8,772,549 | 10.64% | | Non-current liabilities | 4,115,975 | 2,625,263 | 56.78% | | **EQUITY** | | | | | Equity attributable to owners of the Company | 15,566,827 | 14,388,283 | 8.19% | | Total equity | 15,612,977 | 14,435,240 | 8.16% | | Net current assets | 8,597,569 | 7,298,147 | 17.80% | | Current ratio | 1.89 | 1.83 | 3.28% | - Property, plant and equipment significantly increased from **RMB 8.725 billion** at end-2024 to **RMB 10.022 billion** as of June 30, 2025, primarily due to capital expenditure on expanding and upgrading production facilities and office buildings[4](index=4&type=chunk)[22](index=22&type=chunk) - Cash and cash equivalents substantially increased from **RMB 6.330 billion** at end-2024 to **RMB 9.014 billion**, indicating ample Group liquidity[4](index=4&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes detail the accounting policies, segment information, and specific financial items of the Group [1. Basis of Presentation](index=5&type=section&id=1.%20%E5%91%88%E5%A0%B1%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and applicable disclosure requirements of the HKEX Listing Rules - Financial statements are prepared in accordance with **HKAS 34** and **HKEX Listing Rules**[6](index=6&type=chunk) [2. Principal Accounting Policies](index=5&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with 2024 annual financial statements, except for certain policies related to license fee income, with no material impact from HKFRS amendments - Financial statements are prepared on a **historical cost basis**, with accounting policies consistent with the prior year, except for policies related to license fee income[7](index=7&type=chunk) - Application of HKFRS amendments (e.g., HKAS 21 amendments) had **no material impact** on the financial performance and position for the period[8](index=8&type=chunk) [3. Revenue and Segment Information](index=5&type=section&id=3.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue is categorized into three segments: intermediates, APIs, and finished products; as of June 30, 2025, finished products revenue (including license fees) significantly increased by 65.9%, while intermediates and APIs revenue decreased, with notable regional growth in Europe and South America offsetting a decline in China - The Group primarily operates in three business segments: intermediates (6-APA, Penicillin G Potassium), APIs (Amoxicillin), and finished products (insulin, antibiotics, nervous system drugs, ophthalmics, veterinary products, and license fee income)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) Segment Revenue and Profit (For the Six Months Ended June 30, 2025) | Segment | 2025 Segment Revenue (RMB thousands) | 2024 Segment Revenue (RMB thousands) | Revenue Change Rate | 2025 Segment Profit (RMB thousands) | 2024 Segment Profit (RMB thousands) | Profit Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Intermediates | 2,304,311 | 3,081,282 | -25.2% | 634,619 | 1,068,451 | -40.6% | | APIs | 2,999,314 | 3,917,640 | -23.4% | 250,649 | 521,959 | -52.0% | | Finished Products | 3,978,471 | 2,397,777 | 65.9% | 1,505,572 | 241,181 | 524.2% | | License fee income (included in Finished Products) | 1,433,900 | - | N/A | N/A | N/A | N/A | Revenue by Customer Geographical Market | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | PRC (including Hong Kong) | 4,725,243 | 5,748,478 | -17.79% | | Europe | 1,741,465 | 411,566 | 323.16% | | India | 197,687 | 376,958 | -47.54% | | Middle East | 13,641 | 36,418 | -62.54% | | South America | 450,590 | 170,105 | 164.89% | | Other Asia | 258,367 | 318,585 | -18.89% | | Other Regions | 131,690 | 113,694 | 15.83% | | **Total** | **7,518,683** | **7,175,804** | **4.8%** | [4. Other Income](index=8&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the period decreased by 24.4% to RMB 128 million, primarily due to a reduction in subsidy income Details of Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank interest income | 65,468 | 57,599 | 13.66% | | Scrap sales | 3,133 | 5,073 | -38.24% | | Subsidy income | 54,959 | 100,709 | -45.42% | | Miscellaneous income | 4,920 | 6,634 | -25.83% | | **Total** | **128,480** | **170,015** | **-24.43%** | - Subsidy income includes tax subsidies and government grants from the Chinese government, specifically for (i) capital expenditure on plant and machinery; (ii) incentives and other subsidies for R&D activities; and (iii) unconditional incentives[14](index=14&type=chunk) [5. Net Other Gains and Losses](index=8&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net other gains and losses for the period increased by 45.8% to RMB 61.183 million, driven by gains from fair value changes in derivative financial instruments and sales of financial assets, despite a shift from foreign exchange gains to losses Details of Net Other Gains and Losses | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Net foreign exchange (losses) gains | (37,058) | 30,773 | -220.33% | | Net gains from fair value changes of derivative financial instruments | 72,973 | 70,815 | 3.05% | | Gains on sales of financial assets at FVTPL | 74,971 | 29,626 | 153.06% | | Net gains (losses) on disposal of property, plant and equipment | 7,556 | (441) | -1812.92% | | Write-off of property, plant and equipment | (57,389) | (88,329) | -35.03% | | Others | 130 | (486) | -126.75% | | **Total** | **61,183** | **41,958** | **45.82%** | - The Group entered into various foreign currency forward contracts to mitigate foreign exchange risk, with these derivative instruments not accounted for under hedge accounting[15](index=15&type=chunk) [6. Finance Costs](index=8&type=section&id=6.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs for the period decreased by 17.4% to RMB 20.797 million, primarily due to a significant increase in borrowing costs capitalized to property, plant and equipment Details of Finance Costs | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Interest on borrowings | 41,229 | 31,269 | 31.87% | | Interest on lease liabilities | 377 | 400 | -5.80% | | Less: Amount capitalized to property, plant and equipment | (20,809) | (6,497) | 220.30% | | **Total** | **20,797** | **25,172** | **-17.38%** | - Borrowing costs capitalized during the interim period arose from general borrowing arrangements, calculated at an average capitalization rate of **2.55%** per annum for qualifying asset expenditures, lower than **2.87%** in the prior period[16](index=16&type=chunk) [7. Tax Expense](index=9&type=section&id=7.%20%E7%A8%85%E9%A0%85%E6%94%AF%E5%87%BA) Tax expense for the period increased by 28.1% to RMB 526 million, mainly due to new Danish withholding tax on license fee income Details of Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 923 | 1,189 | -22.37% | | PRC corporate income tax | 306,813 | 336,336 | -8.78% | | Danish withholding tax on license fee income | 143,390 | - | N/A | | Deferred tax expense | 75,018 | 73,182 | 2.51% | | **Total** | **526,144** | **410,707** | **28.11%** | - Danish withholding tax on license fee income is subject to a statutory rate of **22%** on the gross amount, but the Group benefited from a preferential tax rate of **10%** for the period under applicable double taxation avoidance arrangements[18](index=18&type=chunk) [8. Profit for the Period](index=9&type=section&id=8.%20%E6%9C%AC%E6%9C%9F%E6%BA%A2%E5%88%A9) Profit for the period increased by 27.0% to RMB 1.894 billion, supported by decreases in staff costs, depreciation and amortization, and net inventory provisions Profit for the Period Deductions | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Staff costs | 827,144 | 877,789 | -5.88% | | Depreciation | 301,490 | 296,297 | 1.75% | | Amortization of intangible assets | 10,182 | 8,772 | 16.07% | | Net provision for inventories | 2,824 | 6,214 | -54.55% | | Inventory costs recognized as expense | 3,526,447 | 3,831,439 | -7.96% | [9

The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 (於開曼群島成立之有限公司) (股份代號: 3933) 董事名單與其角色和職能 聯邦制藥國際控股有限公司董事會(「董事會」)成員載列如下： 張品文先生 宋敏教授 傅秋實博士 董事會設立五個委員會，各委員會的成員資料載列如下： 宋敏教授 宋敏教授 傅秋實博士 傅秋實博士 執行董事 蔡海山先生 (主席) 梁永康先生 (副主席) 蔡紹哲女士 方煜平先生 鄒鮮紅女士 朱蘇燕女士 獨立非執行董事 宋敏教授 (主席) 張品文先生 (主席) 蔡紹哲女士 香港，二零二五年八月二十八日 張品文先生 宋敏教授 傅秋實博士 傅秋實博士 鄒鮮紅女士 梁永康先生 可持續發展委員會 蔡紹哲女士 (主席) 張品文先生 宋敏教授 傅秋實博士 梁永康先生 審核委員會 薪酬委員會 張品文先生 (主席) 張品文先生 (主席) 提名委員會 風險管理委員會 ...