Market Overview - The Hong Kong stock market experienced a collective decline in the morning session, with the Hang Seng Index falling by 0.66%, narrowly holding above 25,000 points, while the Hang Seng China Enterprises Index dropped by 0.86% and the Hang Seng Tech Index decreased by 1.04%, marking three consecutive days of decline [2][2][2] - Southbound capital recorded a net sell-off exceeding 10 billion HKD [2] Sector Performance - Major technology stocks, which serve as market indicators, showed collective weakness, particularly Meituan, which plummeted over 10% post-earnings, marking the worst performance. Alibaba and JD.com fell nearly 4%, while Baidu dropped over 1%. Xiaomi and Tencent also experienced declines [2][2][2] - The biopharmaceutical sector continued to decline due to impending drug tariffs, with innovative drug companies facing significant drops, including a more than 12% decline for BGI Genomics, alongside declines for Kangfang Bio, Zai Lab, WuXi Biologics, and BeiGene [2][2][2] - Chinese electric vehicle stocks in the US market also fell, leading to a collective drop in Hong Kong's new energy vehicle sector. Other sectors such as new consumption, steel, building materials, beer, heavy machinery, catering, and gambling stocks also saw declines [2][2][2] Positive Trends - Institutions are optimistic about the accelerated replacement of domestic chips, leading to a significant rise in semiconductor stocks, with SMIC surging over 8% and approaching historical highs [2][2][2] - Financial stocks, including domestic banks, Chinese brokerage firms, and domestic insurance stocks, generally performed actively, while oil and rare earth concept stocks saw widespread increases [2][2][2]

Core Viewpoint - The stock of Boan Biotechnology (06955) fell over 8% following the release of its interim results, indicating market concerns regarding its profitability despite revenue growth [1] Financial Performance - For the first half of the year, Boan Biotechnology reported revenue of RMB 393 million, an increase of 8.4% year-on-year [1] - Gross profit remained stable at RMB 283 million, showing no significant change compared to the previous year [1] - The profit attributable to the parent company was RMB 20.514 million, a decrease of 66.7% year-on-year [1] Product Sales - The increase in revenue was primarily driven by the sales of products (Boan's You Nuo, Boan's You Bei, and Bo Luo Jia), which grew by 15.9% to RMB 385.3 million for the six months ending June 30, 2024 [1] Regulatory Approval - On August 9, Boan Biotechnology announced that its self-developed product, Boan You Ping (Dulaglutide injection), received approval from the National Medical Products Administration for market launch [1] - This product is the world's first and currently the only approved biosimilar to Trulicity, with no other domestic Dulaglutide injections having entered the market approval application stage [1] - The commercialization of Boan You Ping in mainland China will be conducted in collaboration with Shanghai Pharmaceuticals Holding Co., Ltd. [1]

Core Viewpoint - The stock of Bohan Bio (06955) has dropped over 8% following the release of its interim results, reflecting investor concerns over declining profits despite revenue growth [1] Financial Performance - For the first half of the year, Bohan Bio reported revenue of RMB 393 million, an increase of 8.4% year-on-year [1] - Gross profit remained stable at RMB 283 million, showing no significant change compared to the previous year [1] - Profit attributable to the parent company decreased by 66.7% to RMB 20.514 million [1] Revenue Drivers - The increase in revenue was primarily driven by the sales of products (Bohyunuo, Bohyunbei, and Boluoga), which grew by 15.9% to RMB 385.3 million for the six months ending June 30, 2024 [1] Product Approval - On August 9, Bohan Bio announced that its self-developed product, Bohyunping (Dulaglutide injection), received approval from the National Medical Products Administration for use in blood sugar control in adult patients with type 2 diabetes [1] - Bohyunping is the first and currently the only approved biosimilar of Trulicity in the world, with no other domestic Dulaglutide injections having entered the market approval application stage [1] - The commercialization of Bohyunping in mainland China is being conducted in collaboration with Shanghai Pharmaceuticals Holding Co., Ltd. [1]

Core Viewpoint - The company reported a revenue of RMB 393.4 million for the six months ending June 30, 2025, representing an 8.4% year-on-year increase, while the net profit attributable to the parent company decreased by 66.7% to RMB 20.5 million [1][2]. Financial Performance - Revenue for the period was RMB 393.4 million, up from RMB 362.9 million in the same period last year [2]. - Gross profit remained relatively stable at RMB 282.6 million, compared to RMB 282.6 million in the previous year [2]. - The sales cost increased significantly to RMB 110.8 million from RMB 80.3 million, indicating a rise in operational expenses [2]. - Other income and gains decreased sharply to RMB 2.6 million from RMB 36.1 million [2]. - Research and development costs were reduced to RMB 58.6 million from RMB 85.8 million, reflecting a strategic focus on cost management [2]. - Administrative expenses slightly decreased to RMB 23.2 million from RMB 24.3 million [2]. - Selling and distribution expenses increased to RMB 159.8 million from RMB 134.2 million, indicating higher marketing efforts [2]. - Financial costs rose to RMB 19.5 million from RMB 12.6 million, impacting overall profitability [2]. Profitability Metrics - The profit before tax was RMB 20.5 million, down from RMB 61.7 million in the previous year [2]. - Basic earnings per share decreased to RMB 0.04 from RMB 0.12, reflecting the decline in net profit [2]. - Total comprehensive income for the period was RMB 20.4 million, significantly lower than RMB 61.6 million from the previous year [2].

Core Insights - The company reported a revenue of RMB 393 million for the six months ending June 30, 2025, representing an 8.4% year-on-year increase [1] - Gross profit remained relatively stable at RMB 283 million, showing no significant change compared to the previous period [1] - Net profit attributable to the parent company decreased by 66.7% to RMB 20.514 million, with basic earnings per share at RMB 0.04 [1] - The increase in revenue was primarily driven by a 15.9% growth in sales of key products (博优诺®, 博优倍®, and 博洛加®), totaling RMB 385.3 million [1]

Core Viewpoint - The company reported a revenue of 393 million RMB for the six months ending June 30, 2025, reflecting an 8.39% year-on-year increase, while the net profit attributable to shareholders decreased by 66.74% to 20.514 million RMB [1] Revenue Performance - The revenue increase was primarily driven by the sales growth of products (Bo Younuo, Bo Youbei, and Bo Luojia), which rose by 15.9% to 385 million RMB compared to the six months ending June 30, 2024 [1]

Core Points - The company reported a revenue of 393 million RMB for the six months ending June 30, 2025, representing an increase of 8.39% year-on-year [1] - Shareholder profit attributable to the company was 20.514 million RMB, a decrease of 66.74% compared to the previous year [1] - Basic earnings per share were 0.04 RMB [1] Revenue Analysis - The increase in revenue was primarily driven by the sales growth of products (博优诺®, 博优倍®, and 博洛加®), which rose by 15.9% to 385 million RMB compared to the six months ending June 30, 2024 [1]

Financial Performance - For the six months ending June 30, 2025, Shandong Boan Biotechnology reported revenue of approximately RMB 393.4 million, an increase of about RMB 30.5 million or 8.4% compared to RMB 362.9 million for the same period in 2024[2]. - The company recorded a profit before tax of RMB 20.5 million, down from RMB 61.7 million in the previous year[8]. - The total comprehensive income for the period was RMB 20.4 million, compared to RMB 61.6 million for the same period in 2024[8]. - Basic and diluted earnings per share for the period were RMB 0.04, down from RMB 0.12 in the previous year[8]. - Revenue increased by 8.4% to RMB 393.4 million, with product sales rising by 15.9% to RMB 385.3 million[42]. - The company recorded revenue of RMB 393.4 million and a net profit of RMB 20.5 million for the six months ending June 30, 2025, marking the third consecutive reporting period of positive profitability[90]. Cost and Expenses - The sales cost for the same period was RMB 110.8 million, representing approximately 28.2% of total revenue, up from 22.1% in the previous year[3]. - Sales and distribution expenses increased to RMB 159.8 million, a rise of RMB 25.6 million or 19.1% from RMB 134.2 million in the prior year[5]. - Research and development expenses were approximately RMB 58.6 million, a decrease of about RMB 27.2 million compared to RMB 85.8 million for the same period in 2024[6]. - Other income and gains decreased to RMB 2.6 million, down approximately RMB 33.5 million from RMB 36.1 million in the previous year, primarily due to a reduction in government grants[99]. - Financial costs increased by approximately RMB 6.9 million to RMB 19.5 million, representing a year-on-year growth of 54.8%[103]. Assets and Liabilities - As of June 30, 2025, total non-current assets amounted to RMB 1,895,008 thousand, a decrease from RMB 1,996,079 thousand as of December 31, 2024, reflecting a decline of about 5.1%[9]. - Current assets totaled RMB 956,280 thousand as of June 30, 2025, down from RMB 1,438,554 thousand at the end of 2024, indicating a decrease of approximately 33.5%[9]. - The company's total liabilities as of June 30, 2025, were RMB 1,401,501 thousand, compared to RMB 1,297,250 thousand at the end of 2024, marking an increase of about 8.0%[10]. - Net assets increased to RMB 2,033,132 thousand as of June 30, 2025, up from RMB 1,644,038 thousand at the end of 2024, representing a growth of approximately 23.7%[10]. - The company’s cash and cash equivalents rose significantly to RMB 659,966 thousand as of June 30, 2025, compared to RMB 198,867 thousand at the end of 2024, reflecting an increase of about 231.5%[9]. Trade Receivables and Payables - The company’s trade receivables increased to RMB 527,069 thousand as of June 30, 2025, compared to RMB 453,604 thousand at the end of 2024, representing an increase of about 16.2%[9]. - Trade payables amounted to RMB 136,110,000 as of June 30, 2025, slightly up from RMB 125,137,000 at the end of 2024, reflecting an 8% increase[28]. - The group maintained strict control over trade receivables, with a significant portion (RMB 251,224,000) being within three months overdue as of June 30, 2025[27]. - The group reported a net impairment of trade receivables of RMB 7,070,000 for the six months ended June 30, 2025, compared to RMB 2,168,000 in 2024[25]. Product Development and Pipeline - The company has four approved products in its portfolio and is developing multiple innovative biopharmaceuticals with international intellectual property protection[40]. - The company is actively engaged in the development of a trial drug that is currently under review for market approval[40]. - Significant achievements have been made in pipeline development, sales and marketing, manufacturing, and business collaborations since the beginning of 2025[41]. - The product portfolio includes four approved products, one candidate in the BLA review stage, and six candidates in clinical trials, focusing on major therapeutic areas such as oncology, autoimmune diseases, and ophthalmology, which have significant unmet needs in both China and overseas markets[47]. - The company has developed a balanced product pipeline aimed at achieving commercialization in the short term while driving sustainable long-term growth[47]. Market and Competitive Position - The company was included in the MSCI Global Small Cap Index in May 2025, reflecting recognition of its high growth potential[45]. - The company has established a broad distribution network with over 191 distributors, reaching more than 3,112 target hospitals and institutions in China[82]. - The company has partnered with Qingdao Guoxin Pharmaceutical for exclusive promotion of 博优倍® in mainland China since 2023[85]. - The company has granted exclusive rights to Eucan for the promotion of BA9101 in mainland China post-launch[86]. Employee and Management - As of June 30, 2025, the R&D team consists of 254 experienced employees, covering various research functions with most having over seven years of experience[76]. - The total compensation for key management personnel was RMB 10,459,000 for the six months ended June 30, 2025, down from RMB 15,098,000 in the same period of 2024[38]. - The company employed a total of 714 employees, down from 777 employees as of June 30, 2024[115]. - Employee costs for the six months ended June 30, 2025, were approximately RMB 61.6 million, compared to RMB 86.4 million for the same period in 2024, reflecting a decrease of about 29%[115]. Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with all applicable provisions, with one exception regarding the separation of roles between the Chairman and CEO[121][122]. - The audit committee has reviewed the accounting principles and policies adopted by the group for the six months ended June 30, 2025, and recommended the same to the board[125]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2025[124].

格隆汇8月15日丨博安生物(06955.HK)宣布，本公司将于2025年8月27日（星期三）举行董事会会议，藉 以（其中包括）批准本公司截至2025年6月30日止的中期业绩及其发布，并考虑派发中期股息（如 有）。 ...

（於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6955） 董事會會議通告 山東博安生物技術 股份有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司將於二零二五年八月二十七日（星 期 三）舉 行 董 事 會 會 議，藉 以（其 中 包 括）批 准 本 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 之 中 期 業 績 及 其 發 佈，並 考 慮 派 發 中 期股息（如 有）。 山東博安生物技術股份有限公司 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之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Shandong Boan Biotechnology Co., Ltd. 山東博安生物技術股份有限公司 承董事會命 主 席、首 席 執 行 官 及 執 行 董 事 姜 華 中 華 人 民 共 和 國，煙 台，二 零 二 五 年 八 月 十 五 日 於 本 公 告 日 ...