Core Viewpoint - Aoxing Life Science Technology (06118) reported a decrease in revenue for the six months ending June 30, 2025, while showing a significant increase in net profit attributable to shareholders [1] Financial Performance - Revenue for the period was 662 million RMB, representing a year-on-year decrease of 5.57% [1] - Net profit attributable to shareholders was 24.999 million RMB, which is a substantial increase of 325.37% compared to the previous year [1] - Basic earnings per share were reported at 0.05 RMB [1]

Group 1 - The company, Aoxing Life Science Technology (06118), reported a revenue of 662 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 5.57% [1] - The net profit attributable to shareholders was 24.999 million RMB, showing a significant year-on-year increase of 325.37% [1] - The basic earnings per share were reported at 0.05 RMB [1]

[Company Overview and Financial Summary](index=1&type=section&id=I.%20Company%20Overview%20and%20Financial%20Summary) [Company Information](index=1&type=section&id=1.1%20Company%20Information) Austar Lifesciences Limited (6118) provides integrated engineering solutions and pharmaceutical equipment in China, incorporated in the Cayman Islands - Company Name: **Austar Lifesciences Limited (Stock Code: 6118)**[2](index=2&type=chunk) - Primary Business: Providing integrated engineering solutions, manufacturing, and distributing pharmaceutical equipment and consumables to pharmaceutical enterprises and research institutions in China[9](index=9&type=chunk) - Registered in the Cayman Islands, listed on the Main Board of the Hong Kong Stock Exchange since November 7, 2014[9](index=9&type=chunk) [Financial Summary](index=1&type=section&id=1.2%20Financial%20Summary) Revenue decreased by 5.6% to RMB661.9 million, but profit before tax and EPS significantly increased, with a slight rise in gross margin Group Financial Summary (For the six months ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 661,905 | 700,919 | -5.6% | | Gross Profit | 139,143 | 145,417 | -4.3% | | Profit Before Income Tax | 30,303 | 9,186 | 230.0% | | Profit Attributable to Owners of the Company | 24,999 | 5,877 | 325.4% | | Gross Profit Margin | 21.0% | 20.7% | +0.3pp | | Basic Earnings Per Share | RMB0.05 | RMB0.01 | 400.0% | | Total Assets (Period-end) | 2,028,382 | 2,083,635 | -2.6% | | Net Assets (Period-end) | 810,367 | 793,468 | +2.1% | | Gearing Ratio (Period-end) | 30.9% | 33.9% | -3.0pp | [Financial Statements](index=2&type=section&id=II.%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue declined 5.6% to RMB661.9 million, yet operating profit and profit before tax significantly increased due to improved other net income and lower finance costs Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 661,905 | 700,919 | -5.6% | | Cost of Sales | (522,762) | (555,502) | -5.9% | | Gross Profit | 139,143 | 145,417 | -4.3% | | Selling and Marketing Expenses | (72,724) | (63,937) | +13.7% | | Administrative Expenses | (41,392) | (51,209) | -19.2% | | Research and Development Expenses | (16,480) | (23,468) | -29.8% | | Other Income / (Losses) – Net | 16,441 | (603) | N/A (Turned profitable) | | Operating Profit | 34,753 | 17,254 | +101.4% | | Finance Costs – Net | (5,904) | (7,749) | -23.8% | | Profit Before Income Tax | 30,303 | 9,186 | +230.0% | | Profit for the Period | 23,614 | 4,189 | +463.7% | | Profit Attributable to Owners of the Company for the Period | 24,999 | 5,877 | +325.4% | | Basic and Diluted Earnings Per Share | 0.05 | 0.01 | +400.0% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive income for the period significantly increased to RMB16.9 million, driven by higher profit for the period despite exchange losses Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Profit for the Period | 23,614 | 4,189 | | Other Comprehensive (Expenses) / Income, Net of Tax | (6,715) | 718 | | Total Comprehensive Income for the Period | 16,899 | 4,907 | | Total Comprehensive Income Attributable to Owners of the Company | 17,943 | 6,708 | | Total Comprehensive Income / (Expenses) Attributable to Non-controlling Interests | (1,044) | (1,801) | - Exchange differences on translation from functional currency to presentation currency were **RMB(6,490) thousand**, compared to RMB3,148 thousand in the prior period, indicating a shift from exchange gain to expense[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly decreased to RMB2.03 billion, but net assets grew 2.1%, and the gearing ratio improved from 33.9% to 30.9% Key Data from Condensed Consolidated Statement of Financial Position (Period-end) | Indicator | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,028,382 | 2,083,635 | -2.6% | | Total Non-current Assets | 529,350 | 531,874 | -0.5% | | Total Current Assets | 1,499,032 | 1,551,761 | -3.4% | | Total Equity | 810,367 | 793,468 | +2.1% | | Total Liabilities | 1,218,015 | 1,290,167 | -5.6% | | Total Non-current Liabilities | 121,919 | 101,481 | +20.1% | | Total Current Liabilities | 1,096,096 | 1,188,686 | -7.7% | - The gearing ratio decreased from **33.9%** as of December 31, 2024, to **30.9%** as of June 30, 2025, indicating a reduction in leverage[3](index=3&type=chunk)[44](index=44&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) [General Information and Basis of Preparation](index=6&type=section&id=3.1%20General%20Information%20and%20Basis%20of%20Preparation) Unaudited interim financial data, prepared under IAS 34 and HKEX Listing Rules, with no significant impact from IFRS revisions - These condensed consolidated interim financial statements are **unaudited** and presented in **RMB thousands**[9](index=9&type=chunk)[10](index=10&type=chunk) - The basis of preparation follows **International Accounting Standard 34 'Interim Financial Reporting'** and the **HKEX Listing Rules**[11](index=11&type=chunk) - Application of amendments to IFRS accounting standards (e.g., IAS 21) had **no significant impact** on the financial position and performance for the current and prior periods[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.2%20Revenue%20and%20Segment%20Information) Revenue primarily from integrated engineering solutions, reported across three segments, with varied gross profit performance and increased international revenue share [Revenue Classification](index=7&type=section&id=3.2.1%20Revenue%20Classification) Integrated engineering solution contracts generated RMB449.5 million in revenue, representing 67.9% of total revenue, primarily recognized over time Revenue Classification from Contracts with Customers (For the six months ended June 30) | Type of Goods or Services | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from Integrated Engineering Solution Contracts | 449,537 | 486,146 | -7.5% | | Revenue from Sales of Goods | 168,715 | 201,727 | -16.4% | | Revenue from Provision of Services | 43,653 | 13,046 | +234.6% | | Total | 661,905 | 700,919 | -5.6% | | Timing of Revenue Recognition: Over time | 449,537 | 486,146 | -7.5% | | Timing of Revenue Recognition: At a point in time | 212,368 | 214,773 | -1.1% | [Segment Results](index=8&type=section&id=3.2.2%20Segment%20Results) Segment gross profits varied: Integrated Process and Packaging Equipment Systems declined 17.8%, while Consulting, Digitalization, and Construction grew 3.1% Segment Gross Profit (For the six months ended June 30) | Segment | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 34,756 | 42,298 | -17.8% | | Consulting, Digitalization, and Construction | 38,525 | 37,359 | +3.1% | | Life Science Equipment and Consumables | 65,862 | 65,760 | +0.2% | | Total Gross Profit for Reportable Segments | 139,143 | 145,417 | -4.3% | Total Segment Assets (Period-end) | Segment | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 1,107,958 | 1,143,870 | | Consulting, Digitalization, and Construction | 516,533 | 502,916 | | Life Science Equipment and Consumables | 219,006 | 218,154 | | Total Segment Assets | 1,843,497 | 1,864,940 | Total Segment Liabilities (Period-end) | Segment | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 440,443 | 471,044 | | Consulting, Digitalization, and Construction | 269,578 | 252,807 | | Life Science Equipment and Consumables | 77,329 | 96,529 | | Total Segment Liabilities | 787,350 | 820,380 | [Geographical Information](index=12&type=section&id=3.2.3%20Geographical%20Information) Mainland China remains the primary revenue source, but its share decreased as other regions' revenue grew 33.3%, indicating global expansion success Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 596,869 | 652,139 | -8.5% | | Other Regions | 65,036 | 48,780 | +33.3% | | Total | 661,905 | 700,919 | -5.6% | Non-current Assets by Geographical Region (Period-end) | Region | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Mainland China | 482,945 | 492,111 | | Other Regions | 28,790 | 24,594 | | Total | 511,735 | 516,705 | [Other Income and Expenses](index=13&type=section&id=3.3%20Other%20Income%20and%20Expenses) Net other income turned profitable due to exchange gains and early lease termination, while finance costs decreased and tax expense rose [Other Income / (Losses) – Net](index=13&type=section&id=3.3.1%20Other%20Income%20%2F%20(Losses)%20%E2%80%93%20Net) Net other income significantly improved to RMB16.4 million from a prior-year loss, driven by exchange gains and early lease termination gains Other Income / (Losses) – Net (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Loss on disposal of property, plant and equipment | (91) | (13) | | Loss on disposal of intangible assets | (300) | – | | Exchange gains / (losses), net | 11,433 | (2,544) | | Gain on early termination of lease contracts | 3,070 | – | | Others | 2,329 | 1,954 | | Total | 16,441 | (603) | [Finance Costs – Net](index=14&type=section&id=3.3.2%20Finance%20Costs%20%E2%80%93%20Net) Net finance costs decreased to RMB5.9 million from RMB7.7 million, mainly due to lower interest expenses from reduced borrowings Finance Costs – Net (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest expense – bank borrowings | (5,774) | (7,767) | | Interest expense – lease liabilities | (873) | (1,431) | | Interest expense – other financial liabilities | (96) | (96) | | Total finance costs | (6,743) | (9,294) | | Finance income – bank deposits | 839 | 1,545 | | Finance costs – net | (5,904) | (7,749) | [Income Tax Expense](index=14&type=section&id=3.3.3%20Income%20Tax%20Expense) Income tax expense increased to RMB6.7 million due to higher profit before tax; Chinese subsidiaries benefit from preferential tax rates Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Current income tax expense | 5,728 | 2,800 | | Deferred tax expense | 961 | 2,197 | | Total | 6,689 | 4,997 | - Shanghai Austar, Austar Shijiazhuang, and Austar Hengxun, as high-tech enterprises, enjoy a **preferential corporate income tax rate of 15%**[26](index=26&type=chunk) [Share of Net Profit / (Loss) of Investments Accounted for Using the Equity Method](index=41&type=section&id=3.3.4%20Share%20of%20Net%20Profit%20%2F%20(Loss)%20of%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) Share of net profit from equity-accounted investments turned to a **RMB1.5 million gain** from a prior-year loss, driven by joint venture profits - Share of net profit from investments accounted for using the equity method shifted from a net loss of **RMB0.3 million** in H1 2024 to a net gain of **RMB1.5 million** in H1 2025[100](index=100&type=chunk) - Key contributions came from increased profits of joint ventures **ROTA Verpackungstechnik GmbH & Co. KG (ROTA KG)** and **Nozzle Fluid Technology (Shanghai) Co., Ltd.**[100](index=100&type=chunk) [Earnings Per Share and Dividends](index=15&type=section&id=3.4%20Earnings%20Per%20Share%20and%20Dividends) Basic and diluted EPS significantly increased to **RMB0.05** from RMB0.01; no dividends were paid, declared, or proposed Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for the Period (RMB'000) | 24,999 | 5,877 | | Weighted average number of ordinary shares in issue (thousands of shares) | 512,582 | 512,582 | | Basic and diluted earnings per share (RMB) | 0.05 | 0.01 | - Diluted earnings per share are the same as basic earnings per share as there are **no potential ordinary shares** for the period[30](index=30&type=chunk) - For the six months ended June 30, 2025, the Company **did not pay, declare, or propose any dividends**[31](index=31&type=chunk) [Trade and Other Receivables and Payables](index=16&type=section&id=3.5%20Trade%20and%20Other%20Receivables%20and%20Payables) Trade and bills receivable decreased to RMB351.8 million, driven by reduced short-term receivables; total payables also declined [Trade Receivables and Bills Receivable](index=16&type=section&id=3.5.1%20Trade%20Receivables%20and%20Bills%20Receivable) Total trade and bills receivable decreased **17.2%** to **RMB351.8 million**, with a **47.9% reduction** in receivables aged within 6 months Trade Receivables and Bills Receivable (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Trade receivables | 336,830 | 431,813 | | Bills receivable | 64,255 | 43,170 | | Less: Loss allowance | (49,297) | (50,449) | | Total | 351,788 | 424,534 | Ageing Analysis of Trade Receivables (Period-end) | Ageing | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Within 6 months | 139,010 | 266,333 | | 6 months to 1 year | 72,906 | 45,967 | | 1 to 2 years | 54,036 | 56,252 | | 2 to 3 years | 34,429 | 33,524 | | Over 3 years | 36,449 | 29,737 | | Total | 336,830 | 431,813 | [Trade and Other Payables](index=17&type=section&id=3.5.2%20Trade%20and%20Other%20Payables) Total trade and other payables decreased **5.9%** to **RMB601.8 million**, with trade payables increasing but other payables declining Trade and Other Payables (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Trade payables | 412,059 | 382,106 | | Payables for vendor project costs and construction fees | 73,918 | 108,252 | | Wages and welfare payables | 48,990 | 65,987 | | Accrued expenses | 30,283 | 37,081 | | After-sales service provision | 13,425 | 15,954 | | Indirect taxes payable | 1,207 | 5,525 | | Amounts due to employees | 1,124 | 2,681 | | Others | 20,792 | 21,685 | | Total | 601,798 | 639,271 | Ageing Analysis of Trade Payables (Period-end) | Ageing | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Within 6 months | 204,605 | 269,889 | | 6 months to 1 year | 103,004 | 47,041 | | 1 to 2 years | 79,567 | 41,792 | | 2 to 3 years | 15,626 | 8,235 | | Over 3 years | 9,257 | 15,149 | | Total | 412,059 | 382,106 | [Borrowings and Commitments](index=18&type=section&id=3.6%20Borrowings%20and%20Commitments) Long-term borrowings stable, short-term borrowings decreased, and capital commitments for property, plant, and equipment also reduced [Long-term Borrowings](index=18&type=section&id=3.6.1%20Long-term%20Borrowings) Total long-term borrowings stable at RMB124.4 million, with a shift from current to non-current portion; interest rates 2.65%-3.70% Long-term Borrowings (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Secured long-term bank borrowings | 17,066 | 35,869 | | Unsecured long-term bank borrowings | 107,370 | 88,157 | | Total | 124,436 | 124,026 | | Less: Long-term borrowings due within one year | (62,838) | (98,884) | | Amounts shown under non-current liabilities | 61,598 | 25,142 | - Secured long-term bank borrowings bear interest rates ranging from **3.10% to 3.65%**, while unsecured long-term bank borrowings range from **2.65% to 3.70%**[37](index=37&type=chunk) Long-term Borrowings Risk Exposure (Period-end) | Type | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Fixed-rate borrowings | 27,692 | 25,880 | | Floating-rate borrowings | 96,744 | 98,146 | | Total | 124,436 | 124,026 | [Short-term Borrowings](index=20&type=section&id=3.6.2%20Short-term%20Borrowings) Total short-term borrowings decreased to RMB206.0 million, with secured borrowings down and unsecured up; interest rates 1.20%-3.65% Short-term Borrowings (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Secured short-term bank borrowings | 41,959 | 72,579 | | Unsecured short-term bank borrowings | 164,086 | 157,171 | | Total | 206,045 | 229,750 | - Secured short-term bank borrowings bear interest rates ranging from **1.20% to 3.00%**, while unsecured short-term bank borrowings range from **2.70% to 3.65%**[43](index=43&type=chunk)[44](index=44&type=chunk) [Capital Commitments](index=21&type=section&id=3.6.3%20Capital%20Commitments) Capital commitments for property, plant, and equipment decreased to **RMB1.6 million** from RMB2.1 million at year-end Capital Commitments (Period-end) | Item | 2025/06/30 (RMB'000) | 2024/12/31 (RMB'000) | | :--- | :--- | :--- | | Property, plant and equipment | 1,584 | 2,093 | [Operating Review and Market Outlook](index=22&type=section&id=IV.%20Operating%20Review%20and%20Market%20Outlook) [Market Review](index=22&type=section&id=4.1%20Market%20Review) Global pharma faces challenges, but advanced therapies, cell/gene therapy, mRNA, and AI grow; China's innovative drug market thrives with policy support - The global pharmaceutical, life sciences, and biotechnology industries face economic pressures and tariff uncertainties, but strategic investments are recovering in specific areas, especially in **advanced therapy digital infrastructure**[46](index=46&type=chunk) - **Cell and gene therapy** and **mRNA vaccine technology** remain core to industry growth, with **AI and machine learning applications** flourishing[46](index=46&type=chunk) - China's innovative drug licensing transactions continue to grow, with strong national policy support accelerating industry transformation and upgrading[46](index=46&type=chunk) - The **GLP-1 peptide drug market** has significantly grown, synthetic biology shows broad application prospects in healthcare, and the **radiopharmaceutical sector** is accelerating with domestic breakthroughs[48](index=48&type=chunk) [Business Review](index=23&type=section&id=4.2%20Business%20Review) Despite 5.6% revenue decline, order intake grew 15.0%, net profit and operating cash flow increased, driven by strategic repositioning and global expansion - During the review period, the Group's revenue decreased by approximately **5.6%**, but order intake increased by approximately **15.0%**, with significant increases in net profit after tax and cash flows from operations[49](index=49&type=chunk) - Business positioning shifted from 'Pharmaceutical Engineering Solution Expert' to **'Leading Technology Serving Life Sciences'**, expanding the scope of business[49](index=49&type=chunk) - Signed a strategic cooperation agreement with Wenzhou Gaoge Machinery Technology Co., Ltd., establishing the **'Austar Gaoge' joint brand** to focus on R&D and production of core equipment like blister packaging machines[50](index=50&type=chunk) - Deepened expertise in complex API production processes (peptides and oligonucleotides), developing proprietary solutions such as **continuous flow reactors** and **high-pressure chromatography columns**[51](index=51&type=chunk) - Significant milestones achieved in global expansion strategy, with a substantial increase in international business inquiries and order intake[51](index=51&type=chunk) [Order Intake and Uncompleted Contracts](index=25&type=section&id=4.3%20Order%20Intake%20and%20Uncompleted%20Contracts) Total order intake grew **15.0%** to **RMB1.04 billion**, driven by Integrated Process and Packaging Equipment Systems; uncompleted contracts totaled RMB1.33 billion [Order Intake](index=25&type=section&id=4.3.1%20Order%20Intake) Total order intake grew **15.0%** to **RMB1.04 billion**, with Integrated Process and Packaging Systems up **32.3%** and Life Science Equipment down **8.4%** Order Intake by Business Segment (For the six months ended June 30) | Business Segment | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 569,608 | 430,657 | +32.3% | | Consulting, Digitalization, and Construction | 302,710 | 290,495 | +4.2% | | Life Science Equipment and Consumables | 169,487 | 184,947 | -8.4% | | Total | 1,041,805 | 906,099 | +15.0% | - Order intake growth for Integrated Process and Packaging Equipment Systems benefited from a **moderate market rebound** and **increased capital expenditure by pharmaceutical companies**[56](index=56&type=chunk) - Order intake growth for Consulting, Digitalization, and Construction was primarily driven by **improved pharmaceutical regulatory standards** and demand for **energy-saving and efficiency-enhancing technologies**[58](index=58&type=chunk) - The decline in order intake for Life Science Equipment and Consumables was mainly affected by **Sino-US trade friction** and **domestic clients' cost reduction pressures**[59](index=59&type=chunk) [Uncompleted Contracts](index=27&type=section&id=4.3.2%20Uncompleted%20Contracts) Total uncompleted contracts valued **RMB1.33 billion** (1,614 contracts), with Integrated Process and Packaging Equipment Systems accounting for **53.4%** Uncompleted Contracts by Business Segment (Period-end) | Business Segment | Number of Contracts | Value at Period-end (RMB'000) | | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 572 | 708,632 | | Consulting, Digitalization, and Construction | 912 | 591,199 | | Life Science Equipment and Consumables | 130 | 27,812 | | Total | 1,614 | 1,327,643 | [Production, Execution, and Organization](index=28&type=section&id=4.4%20Production,%20Execution,%20and%20Organization) Austar operates five global manufacturing centers, enhancing production; Project Execution Center delivered over 130 projects using AI/IoT for smart manufacturing - Austar has **five manufacturing centers globally**, including AUSTAR UK, Shanghai, Shijiazhuang, Shijiazhuang Consumables Manufacturing Center, and the Cape Europe joint venture in France[61](index=61&type=chunk) - The Project Execution Center has executed over **220 projects** and delivered over **130 projects**, covering various fields such as traditional Chinese medicine injections, biopharmaceuticals, vaccines, and medical devices[62](index=62&type=chunk) - The Project Execution Center employs informatized project management, combining **AI and IoT technologies** to achieve smart production and sterile validation services[62](index=62&type=chunk)[63](index=63&type=chunk) [Sales and Marketing](index=29&type=section&id=4.5%20Sales%20and%20Marketing) Internal sales model in China, global expansion with increased orders in India/Southeast Asia, active exhibition participation, and new 'Austar Gaoge' brand launch - The internal sales collaboration model aims to provide tailored solutions to clients, supported by a **business intelligence information system**[64](index=64&type=chunk) - Under the global expansion strategy, European and Southeast Asian teams have been established, achieving **significant increases in order intake** in India and Southeast Asia[65](index=65&type=chunk) - Actively participated in international exhibitions (e.g., India Pharma Tech & Lab Tech Expo, CPHI & PMEC China) and published company news via social media, with a **23% year-on-year increase in click-through rates**[65](index=65&type=chunk)[66](index=66&type=chunk) - Launched the secondary packaging solution business brand **'Austar Gaoge'**, focusing on providing sustainable, efficient, and innovative secondary packaging solutions for pharmaceutical, food, and daily chemical industries[66](index=66&type=chunk) [Research and Development and Technological Innovation](index=31&type=section&id=4.6%20Research%20and%20Development%20and%20Technological%20Innovation) Continuous R&D investment resulted in **420 patents** (12 new), launching innovative products like ContiPI continuous granulation and pre-filled syringe lines - As of June 30, 2025, the Group holds **420 patents** and has obtained **12 new registered patents**[67](index=67&type=chunk) - Officially launched the **ContiPI continuous wet granulation and drying system**, combined with ContiFlex10, establishing an integrated process service platform to support continuous pharmaceutical manufacturing[67](index=67&type=chunk) - Successfully developed a **pre-filled syringe system filling line** with high-precision sterile filling capabilities, and launched a more compact and adaptable **visual inspection machine production line**[68](index=68&type=chunk) - Independently developed a series of **sterile contamination control consumables** (e.g., sterile disposable gloves, anti-bacterial goggles) and **sterile transfer and containment devices** (e.g., autoclavable disposable Beta bags) to comply with new EU GMP regulations[69](index=69&type=chunk) [Outlook](index=32&type=section&id=4.7%20Outlook) Group aims for global turnkey solutions via segment restructuring, focusing on global expansion, 'product-in-project' model, own-brand building, and portfolio expansion [Outlook for Consulting, Digitalization, and Construction Business](index=32&type=section&id=4.7.1%20Outlook%20for%20Consulting,%20Digitalization,%20and%20Construction%20Business) This segment will offer comprehensive solutions to life sciences, targeting multinational pharma in China, expanding globally, and developing digital consulting - This business segment will provide global clients with **forward-looking and flexible turnkey projects** covering the entire lifecycle[71](index=71&type=chunk) - Focusing on **multinational pharmaceutical companies in China**, leveraging engineering project experience in China to enter global markets[72](index=72&type=chunk) - Actively developing **digitalization consulting and system implementation services** to meet client demands for reduced operating costs[72](index=72&type=chunk) [Outlook for Integrated Process and Packaging Equipment Systems Business](index=33&type=section&id=4.7.2%20Outlook%20for%20Integrated%20Process%20and%20Packaging%20Equipment%20Systems%20Business) Segment to shift to in-house R&D and 'product-in-project' models, deepening expertise in advanced therapies, and entering medical aesthetics/devices - Strategic shift to **'product-in-project' and 'product+project' new business models**, with in-house R&D of core equipment expected to be a major future revenue source[74](index=74&type=chunk) - Deepening expertise in **peptides and oligonucleotides, antibody-drug conjugates, microneedle drug delivery systems, and GLP-1 weight-loss drugs**[74](index=74&type=chunk) - Entering related industrial fields such as **medical aesthetics and professional medical devices** to diversify and strengthen business revenue[74](index=74&type=chunk) [Outlook for Life Science Equipment and Consumables Business](index=34&type=section&id=4.7.3%20Outlook%20for%20Life%20Science%20Equipment%20and%20Consumables%20Business) Segment to build competitive own-brand products in sterile assurance and containment, leveraging European tech for localized, cost-effective solutions - Focusing on building a **sustainable and competitive own-brand product system**, specializing in key application areas such as **sterile assurance, aseptic transfer, containment isolation technology, and quality assurance**[75](index=75&type=chunk) - Leveraging technology acquired from European partner **CAPE Europe** to develop proprietary products and services, addressing changes in regulatory requirements[75](index=75&type=chunk) - Newly constructed consumables production facilities have progressively launched products, aligning with the trend of **localized production in the Chinese market**[76](index=76&type=chunk) [Product Portfolio Expansion Strategy](index=35&type=section&id=4.7.4%20Product%20Portfolio%20Expansion%20Strategy) Business model shifting to 'product and project' dominant, investing in R&D, market integration, and establishing new brands like C-True and Austar Gaoge - Business model adjusted to a **'product and project' dominant approach** to capture more business opportunities[77](index=77&type=chunk) - Expanding product portfolio through **proprietary R&D and market integration**, including **C-True visual inspection, Austar Gaoge secondary packaging, and biopharmaceutical disposable products**[77](index=77&type=chunk) [Global Expansion Strategy](index=35&type=section&id=4.7.5%20Global%20Expansion%20Strategy) To counter China's competition, the Group will advance global expansion, aiming for international orders to exceed China's, focusing on key regions - Continuing to advance the global expansion strategy, aiming for **international market order intake to surpass that of the Chinese market**[78](index=78&type=chunk) - Focusing on key regions and countries such as the **Middle East, North Africa, Southeast Asia, Europe, South America, and North America**[78](index=78&type=chunk) [Financial Performance Analysis](index=36&type=section&id=V.%20Financial%20Performance%20Analysis) [Revenue Analysis](index=36&type=section&id=5.1%20Revenue%20Analysis) Total revenue decreased **5.6%** to **RMB661.9 million**, with varied segment performance and **33.3% growth** in other regions' revenue Revenue by Business Group (For the six months ended June 30) | Business Group | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 318,110 | 309,273 | +2.9% | | Consulting, Digitalization, and Construction | 190,134 | 216,586 | -12.2% | | Life Science Equipment and Consumables | 153,661 | 175,060 | -12.2% | | Total | 661,905 | 700,919 | -5.6% | - Increased revenue from Integrated Process and Packaging Equipment Systems was primarily due to an **increase in uncompleted contracts at the beginning of the period**[80](index=80&type=chunk) - Decreased revenue from Consulting, Digitalization, and Construction and Life Science Equipment and Consumables was mainly due to a **reduction in uncompleted contracts and order intake at the beginning of the period**[81](index=81&type=chunk)[82](index=82&type=chunk) Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 596,869 | 652,139 | -8.5% | | Other Regions | 65,036 | 48,780 | +33.3% | | Total | 661,905 | 700,919 | -5.6% | [Cost of Sales, Gross Profit, and Gross Profit Margin Analysis](index=38&type=section&id=5.2%20Cost%20of%20Sales,%20Gross%20Profit,%20and%20Gross%20Profit%20Margin%20Analysis) Cost of sales decreased 5.9%, total gross profit declined 4.3%, but overall gross margin rose to **21.0%** due to improved segment margins - Cost of sales decreased by **5.9%** to **RMB522.8 million**, consistent with the revenue decline[86](index=86&type=chunk) Gross Profit and Gross Profit Margin by Business Group (For the six months ended June 30) | Business Group | 2025 Gross Profit (RMB'000) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB'000) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Integrated Process and Packaging Equipment Systems | 34,756 | 10.9% | 42,298 | 13.7% | | Consulting, Digitalization, and Construction | 38,525 | 20.3% | 37,359 | 17.2% | | Life Science Equipment and Consumables | 65,862 | 42.9% | 65,760 | 37.6% | | Total | 139,143 | 21.0% | 145,417 | 20.7% | - Gross profit margin for Integrated Process and Packaging Equipment Systems decreased, mainly due to **intensified market competition** and **client price pressure**[90](index=90&type=chunk) - Gross profit margin for Consulting, Digitalization, and Construction increased, primarily due to **product standardization, optimized business structure, and strengthened supply chain management**[91](index=91&type=chunk) - Gross profit margin for Life Science Equipment and Consumables increased, mainly benefiting from **product portfolio optimization** to enhance the proportion of high-margin consumables revenue and **economies of scale** from increased sales of self-produced products[93](index=93&type=chunk) [Operating Expense Analysis](index=40&type=section&id=5.3%20Operating%20Expense%20Analysis) Selling and marketing expenses rose 13.7%, while administrative and R&D expenses decreased by 19.2% and 29.8% respectively; other income declined 26.3% - Selling and marketing expenses increased by **13.7%** to **RMB72.7 million**, primarily due to increased staff costs for sales and marketing personnel[94](index=94&type=chunk) - Administrative expenses decreased by **19.2%** to **RMB41.4 million**, mainly due to reduced staff costs for administrative personnel, depreciation, and technical service fees[95](index=95&type=chunk) - Research and development expenses decreased by **29.8%** to **RMB16.5 million**, primarily due to reduced staff costs for R&D personnel and raw material expenses[96](index=96&type=chunk) - Other income decreased by **26.3%** to **RMB6.5 million**, primarily due to a **reduction in subsidies granted by local government authorities in China**[97](index=97&type=chunk) [Profit Before Tax and Profit for the Period](index=41&type=section&id=5.4%20Profit%20Before%20Tax%20and%20Profit%20for%20the%20Period) Profit before tax surged **230.0%** to **RMB30.3 million**, and profit for the period grew **463.7%** to **RMB23.6 million**, driven by improved net other income and lower finance costs - Profit before income tax was approximately **RMB30.3 million**, a significant increase from **RMB9.2 million** in the prior period[101](index=101&type=chunk) - Profit for the period was approximately **RMB23.6 million**, a significant increase from **RMB4.2 million** in the prior period[103](index=103&type=chunk) - Income tax expense increased to **RMB6.7 million**, primarily due to higher profit before income tax[102](index=102&type=chunk) [Liquidity and Financial Resources](index=42&type=section&id=VI.%20Liquidity%20and%20Financial%20Resources) [Cash Flows](index=42&type=section&id=6.1%20Cash%20Flows) Net cash from operations significantly increased to **RMB39.0 million**; cash and cash equivalents totaled **RMB164.7 million** at period-end Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net cash from operating activities | 38,966 | 19,539 | | Net cash (used in) / from investing activities | (2,757) | 12,350 | | Net cash used in financing activities | (38,205) | (56,007) | | Net decrease in cash and cash equivalents | (1,996) | (24,118) | - The increase in net cash from operating activities was primarily due to **higher profit before income tax** and a **decrease in trade and other receivables**[104](index=104&type=chunk)[105](index=105&type=chunk) - Net cash used in financing activities decreased, mainly because **repayment of borrowings was partially offset by proceeds from bank borrowings**[105](index=105&type=chunk) - As of June 30, 2025, cash and cash equivalents were approximately **RMB164.7 million**, primarily denominated in RMB and USD[105](index=105&type=chunk) [Net Current Assets and Gearing Ratio](index=43&type=section&id=6.2%20Net%20Current%20Assets%20and%20Gearing%20Ratio) Net current assets increased to **RMB402.9 million**, and the gearing ratio decreased to **30.9%**, reflecting reduced financial risk - Net current assets increased by approximately **RMB39.8 million** to **RMB402.9 million**[107](index=107&type=chunk) - Total current assets decreased by approximately **RMB52.8 million**, mainly due to reductions in trade and bills receivable, prepayments and other receivables, and inventories, partially offset by an increase in contract assets[107](index=107&type=chunk)[108](index=108&type=chunk) - Total current liabilities decreased by approximately **RMB92.6 million**, primarily due to reductions in other payables, short-term borrowings, and the current portion of long-term borrowings[108](index=108&type=chunk)[110](index=110&type=chunk) - The gearing ratio decreased from **33.9%** as of December 31, 2024, to **30.9%** as of June 30, 2025[44](index=44&type=chunk) [Pledged Assets and Contingent Liabilities](index=44&type=section&id=6.3%20Pledged%20Assets%20and%20Contingent%20Liabilities) Buildings, right-of-use assets, and bank deposits are pledged; irrevocable L/C guarantee for ROTA KG recovered, reducing contingent liability - As of June 30, 2025, the Group had pledged buildings with a total carrying amount of approximately **RMB80.9 million**, right-of-use assets of **RMB46.6 million**, and pledged bank deposits of **RMB43.2 million**[109](index=109&type=chunk) - For the six months ended June 30, 2025, an irrevocable letter of credit guarantee totaling **EUR600,000** utilized by the Group for **ROTA KG** was recovered[113](index=113&type=chunk) [Other Significant Information](index=45&type=section&id=VII.%20Other%20Significant%20Information) [Dividends and Capital Structure](index=45&type=section&id=7.1%20Dividends%20and%20Capital%20Structure) No interim dividends declared; shareholders' equity approximately **RMB810.4 million** with **512,582,000 shares** issued at HKD0.01 par value - The Directors **did not declare any interim dividends** for the six months ended June 30, 2025[111](index=111&type=chunk) - As of June 30, 2025, the Group had shareholders' equity of approximately **RMB810.4 million**[112](index=112&type=chunk) - Issued share capital comprised **512,582,000 shares** with a par value of **HKD0.01** each[112](index=112&type=chunk) [Human Resources](index=45&type=section&id=7.2%20Human%20Resources) Group had **1,446 full-time employees**; total staff costs increased **2.9%** to **RMB178.0 million** due to strategic investments and comprehensive HR policies - As of June 30, 2025, the Group had **1,446 full-time employees**, a slight increase from 1,445 as of December 31, 2024[114](index=114&type=chunk) - Total staff costs were approximately **RMB178.0 million**, a **2.9% year-on-year increase**, primarily due to strategic investments in enhancing capabilities and quality of key positions[114](index=114&type=chunk) - The Group has established various **welfare programs** (e.g., basic medical insurance, unemployment insurance) and **training systems**, covering onboarding, overseas, management, professional skills, and corporate culture training[115](index=115&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=46&type=section&id=7.3%20Significant%20Investments,%20Acquisitions,%20and%20Disposals) No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the period - The Group **did not undertake any significant investment, acquisition, or disposal of subsidiaries, associates, or joint ventures** during the review period[117](index=117&type=chunk) [Foreign Exchange Risk](index=46&type=section&id=7.4%20Foreign%20Exchange%20Risk) Operating mainly in China, the Group faces foreign exchange risk from EUR, GBP, USD, and HKD, but considers it not significant for hedging - The Group faces foreign exchange risk from currencies such as **EUR, GBP, USD, and HKD**[118](index=118&type=chunk) - The Directors consider the foreign exchange rate risk **not significant**, and therefore **no financial instruments were used to hedge the risk**[118](index=118&type=chunk) [Events After the Reporting Period](index=46&type=section&id=7.5%20Events%20After%20the%20Reporting%20Period) No significant subsequent events occurred after June 30, 2025, up to the date of this announcement - No significant subsequent events occurred after **June 30, 2025**, and up to the date of this announcement[119](index=119&type=chunk) [Corporate Governance and Compliance](index=47&type=section&id=7.6%20Corporate%20Governance%20and%20Compliance) Company adheres to Corporate Governance Code, with combined Chairman/CEO roles; Directors comply with Model Code; Audit Committee reviewed interim financials - The Company has adopted and is committed to implementing the **Corporate Governance Code** set out in Appendix C1 Part 2 of the HKEX Listing Rules[121](index=121&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by **Mr. He Guoqiang**, an arrangement the Board believes ensures consistent leadership for the Group[122](index=122&type=chunk) - All Directors have confirmed compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** during the review period[123](index=123&type=chunk) - The Audit Committee has reviewed the Group's **unaudited condensed consolidated interim financial information**, which was also reviewed by independent auditors **UHY Certified Public Accountants Limited**[125](index=125&type=chunk)

Group 1 - The company announced the resignation of Mr. Chen Yuewu as an executive director and member of the risk management committee, effective from August 26, 2025 [1] - Mr. Bian Ce has been appointed as the executive director and member of the risk management committee, effective from the same date to succeed Mr. Chen [1]

Core Viewpoint - Aoxin Life Technology (06118.HK) announced the resignation of Chen Yuewu as an executive director and member of the board's risk management committee, effective August 26, 2025. The board appointed Bian Ce to replace Chen in both roles starting from the same date [1]. Group 1 - Chen Yuewu has resigned due to other work commitments [1] - Bian Ce has been appointed as the new executive director and risk management committee member [1] - The changes in the board are effective from August 26, 2025 [1]

Core Viewpoint - Aoxin Life Technology (06118) announced the resignation of Mr. Chen Yuewu as an executive director and member of the board's risk management committee, effective from August 26, 2025. Mr. Bian Ce has been appointed as the new executive director and member of the risk management committee to succeed Mr. Chen [1]. Group 1 - Mr. Chen Yuewu has resigned due to other work commitments [1] - Mr. Bian Ce will take over the role of executive director and risk management committee member [1] - The changes in the board are set to take effect on August 26, 2025 [1]

Austar Lifesciences Limited 奧星生命科技有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （ 股份代號︰ 6118） 董事名單以及彼等之角色和職能 奧星 生 命科 技 有限 公司 之 董事 （「董 事 」） 會（「董事會 」） 成員 （ 自 2025 年 8 月 26 日起 生 效） 載 列 如下 ： 執行董事 何國 強 先生 （ 主席 兼行 政 總裁 ） 何建 紅 先生 周寧 女 士 邊策 先 生 非執行董事 季玲 玲 女士 獨 立 非 執 行 董事 張立 基 先生 趙凱 珊 女士 梁愷 健 先生 董事 會 設有 五 個董 事會 委 員會。下 表 載列 各 委員 會 內董 事會 成 員之資料（ 自 2025 年 8 月 26 日起 生 效 ）。 | 委員會 | | | | 企 業 | 風 險 | | --- | --- | --- | --- | --- | --- | | | 審 核 | 薪 酬 | 提 名 | 管 治 | 管 理 | | 董 事 | 委員會 | 委員會 | 委員會 | 委員會 | 委 員 會 | | 何國 強 先生 | | | C | ...

執行董事變更及 董事委員會組成變更 執行董事辭任 Austar Lifesciences Limited 奧星生命科技有限公司 （於開曼群島註冊成立之有限公司） （股份代號︰6118） 陳先生已確認彼與董事會之間並無意見分歧，且就彼辭任一事並無事項需提請本 公司股東（「股東」）垂注。 董事會謹此衷心感謝陳先生於任職期間為本集團作出的寶貴貢獻。 委任執行董事 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，並明確表示概不就因本公告全部或 任何部分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。 奧星生命科技有限公司（「本公司」，連同其附屬公司，「本集團」）之董事（「董 事」）會（「董事會」）宣佈，陳躍武先生（「陳先生」）因其他工作安排，已辭任執 行董事職務，並不再擔任董事會風險管理委員會（「風險管理委員會」）成員，自 2025 年 8 月 26 日（「生效日期」）起生效。 - 2 - 除本公告所披露者外，於本公告日期，邊先生(i) 於過往三年內並無出任任何其他 於香港或海外上市公司的任何董事職務；(ii) 並無任何其他主要任命及專業資格； ( ...

Group 1 - The company, Aoxing Life Science Technology (06118.HK), will hold a board meeting on August 26, 2025, to review and approve its interim results for the six months ending June 30, 2025 [1] - The board meeting will also consider the proposal for the distribution of an interim dividend, if any [1]

主席兼行政總裁 何國強 （於開曼群島註冊成立之有限公司） （股份代號︰6118） 董事會會議通告 奧星生命科技有限公司（「本公司」，連同其附屬公司，「本集團」）之董 事（「董事」）會（「董事會」）謹此宣佈，董事會會議將於 2025 年 8 月 26 日（星期二）舉行，藉以（其中包括）考慮及批准本集團截至 2025 年 6 月 30 日止六個月之未經審核中期業績，以及考慮宣派中期股息（如有）。 代表董事會 奧星生命科技有限公司 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，並明確表示概不就因本公 告全部或任何部分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。 Austar Lifesciences Limited 奧星生命科技有限公司 香港，2025 年 8 月 14 日 於本公告日期，董事會包括四名執行董事何國強先生、何建紅先生、陳躍武 先生及周寧女士，一名非執行董事季玲玲女士，以及三名獨立非執行董事張 立基先生、趙凱珊女士及梁愷健先生。 ...