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 產生或因依賴該等內容而引致之任何損失承擔任何責任。 北京京客隆商業集團股份有限公司 BEIJING JINGKELONG COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：814） 截至2025年6月30日止6個月 中期業績公告 北京京客隆商業集團股份有限公司（「本公司」或「京客隆」）董事會（「董事會」）謹此宣佈本 公司及其附屬公司（合稱「本集團」）截至2025年6月30日止6個月（「報告期間」）之未經審計 合併業績。該未經審計合併業績已經本公司核數師立信會計師事務所（特殊普通合夥）及 本公司審核委員會（「審核委員會」）審閱。 本公告所載若干金額及百分比數字已約整或已四捨五入至小數點後一位或兩位數。（重要 提示：本公告分別以中英文刊載。如中英文有任何差異，概以中文為準。） * 僅供識別 - 1 - 財務資料 合併資產負債表 | | | 2025年 | 2024年 | | --- | --- | --- | --- | ...

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依賴該等內容 而引致的任何損失承擔任何責任。 本公告載有涉及風險及不確定因素的前瞻性陳述。除歷史事實陳述以外的所有陳述均為前瞻性陳 述。該等陳述涉及已知及未知的風險、不確定因素及其他因素，當中部分並非本公司所能控制，且 可導致實際業績、表現或成果與前瞻性陳述所明示或暗示者存在重大差異。 閣下不應依賴前瞻性 陳述作為未來事件的預測。本公司概不負責更新或修訂任何前瞻性陳述，無論是否由於新資料、未 來事件或其他因素所致。 ADICON Holdings Limited 艾迪康控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：9860） 截 至2025年6月30日止六個月之 中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月之未經審核綜合中期業績以及 2024年同期之比較數字。 於本公告內，「我們」指本公司，如文義另有所指，則指本集團。本公告內所載的若 干金額及百分比數字已作出約整。任何表格、圖表或其他地方所列總數與金額總和 之間的 ...

[Company Overview](index=1&type=section&id=I.%20Company%20Overview) The company is a biopharmaceutical firm focused on the research, development, and commercialization of pharmaceutical products, with a strong pipeline and significant financial adjustments in the reporting period [Company Information](index=1&type=section&id=1.1%20Company%20Information) Antengene Corporation Limited, registered in the Cayman Islands, is primarily engaged in the R&D and commercialization of pharmaceutical products - Company Name: **Antengene Corporation Limited**[2](index=2&type=chunk) - Business Scope: Research and commercialization of pharmaceutical products[3](index=3&type=chunk) - Reporting Period: Unaudited condensed consolidated results for the six months ended June 30, 2025[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=1.2%20Financial%20Highlights) For the six months ended June 30, 2025, revenue decreased by 12.5% year-on-year, but loss significantly narrowed by 54.3% due to reduced R&D, selling, and administrative expenses, with adjusted loss also decreasing by 52.2% Interim Condensed Consolidated Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 53,182 | 60,779 | -12.5% | | Other income and gains | 38,126 | 27,317 | +39.6% | | R&D costs | (79,935) | (130,841) | -38.9% | | Selling and distribution expenses | (36,990) | (56,028) | -34.0% | | Administrative expenses | (39,304) | (58,478) | -32.8% | | Loss for the period | (76,378) | (167,033) | -54.3% | | Adjusted loss for the period* | (72,858) | (152,567) | -52.2% | *Excluding equity-settled share-based payment expenses - Revenue decrease primarily due to 2023 December Selinexor's inclusion in the medical insurance catalog, followed by market demand rationalization, but **increased by RMB 22.0 million** in H1 2025 compared to H2 2024, reflecting steady growth[5](index=5&type=chunk) - Increase in other income and gains mainly attributed to **higher government grants**[5](index=5&type=chunk) - Reduction in R&D, selling and distribution, and administrative expenses primarily due to decreased drug development expenses, employee costs, and market development expenses, reflecting enhanced R&D efficiency and continuous cost control[5](index=5&type=chunk)[6](index=6&type=chunk) [Business Highlights](index=3&type=section&id=1.3%20Business%20Highlights) During the reporting period, the company achieved significant progress in its product pipeline and operations, including Selinexor's medical insurance inclusion and new indication approvals in multiple APAC regions, positive advancements in several clinical and preclinical assets, and plans to increase investment in AI for next-generation T-cell engager pipeline development - Selinexor (XPOVIO®) approved for inclusion in National Health Insurance in **Taiwan, China**, and received New Drug Application (NDA) approval for **three indications in Indonesia**[8](index=8&type=chunk) - Phase II CLINCH study for ATG-022 (Claudin 18.2 antibody-drug conjugate) is ongoing in Mainland China and Australia, with a global clinical collaboration with MSD to evaluate its efficacy in combination with KEYTRUDA®[8](index=8&type=chunk) - Phase I STAMINA trial for ATG-037 (CD73 inhibitor) completed, with plans to initiate Phase II; combination therapy showed **100% disease control rate** in CPI-resistant melanoma patients[11](index=11&type=chunk) - I/II phase TORCH-2 study data for ATG-008 (mTORC1/2 inhibitor) combined with toripalimab showed potential for significant clinical benefit in CPI-resistant cervical cancer patients[11](index=11&type=chunk) - Steady progress achieved with the company's novel "2+1" T-cell engager platform AnTenGager™, with plans to establish a dedicated AI department to accelerate the development of next-generation proprietary TCE pipeline[13](index=13&type=chunk) - The company adheres to a "combination and complementary" R&D strategy, focusing on discovering, developing, and commercializing global first-in-class, only-in-class, and/or best-in-class therapies[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=II.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's vision, financial performance, pipeline advancements, R&D strategies, and future outlook, highlighting key achievements and strategic directions [Vision and Overview](index=6&type=section&id=2.1%20Vision%20and%20Overview) Antengene is an APAC biopharmaceutical company focused on innovative oncology drugs, committed to discovering, developing, and commercializing global first-in-class, only-in-class, and/or best-in-class therapies to improve patient lives, with a robust pipeline including one commercialized product and five clinical-stage projects - Company Vision: Discover, develop, and commercialize global first-in-class, only-in-class, and/or best-in-class therapies to treat patients across borders and improve their quality of life[15](index=15&type=chunk) - Company Positioning: A commercial-stage biopharmaceutical company in the Asia-Pacific region, focused on innovative oncology drugs since its operation in 2017[16](index=16&type=chunk) - R&D Pipeline: Includes **one commercial-stage product**, **five clinical-stage projects**, and multiple preclinical-stage projects, adopting a "combination and complementary" R&D strategy[16](index=16&type=chunk) - Selinexor (XPOVIO®) has received NDA approvals in multiple APAC regions[16](index=16&type=chunk) [Financial Performance Analysis](index=26&type=section&id=2.2%20Financial%20Performance%20Analysis) During the reporting period, the company's revenue decreased year-on-year, but strict cost control led to significant reductions in R&D, selling, and administrative expenses, resulting in a substantial narrowing of both loss for the period and adjusted loss, with increased government grants also contributing positively to other income and gains Key Financial Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue | 53,182 | 60,779 | (7,597) | | Other income and gains | 38,126 | 27,317 | 10,809 | | R&D costs | (79,935) | (130,841) | 50,906 | | Selling and distribution expenses | (36,990) | (56,028) | 19,038 | | Administrative expenses | (39,304) | (58,478) | 19,174 | | Loss for the period | (76,378) | (167,033) | 90,655 | | Adjusted loss for the period | (72,858) | (152,567) | 79,709 | [Revenue and Gross Profit](index=26&type=section&id=2.2.1%20Revenue%20and%20Gross%20Profit) Revenue decreased from RMB 60.8 million in H1 2024 to RMB 53.2 million in H1 2025, primarily due to market demand rationalization after Selinexor's inclusion in medical insurance in December 2023, but showed steady growth compared to H2 2024 - Revenue decreased from **RMB 60.8 million** in H1 2024 to **RMB 53.2 million** in H1 2025, mainly impacted by market demand rationalization after medical insurance inclusion in December 2023[79](index=79&type=chunk) - Despite the year-on-year decrease, H1 2025 revenue **increased by RMB 22.0 million** compared to H2 2024, indicating steady growth and stable conditions[79](index=79&type=chunk) [Other Income and Gains](index=26&type=section&id=2.2.2%20Other%20Income%20and%20Gains) Other income and gains increased by RMB 10.8 million from RMB 27.3 million in H1 2024 to RMB 38.1 million in H1 2025, primarily due to increased government grants - Other income and gains increased by **RMB 10.8 million** from **RMB 27.3 million** in H1 2024 to **RMB 38.1 million** in H1 2025, mainly attributed to increased government grants[80](index=80&type=chunk) [Research and Development Costs](index=27&type=section&id=2.2.3%20Research%20and%20Development%20Costs) R&D costs decreased by RMB 50.9 million from RMB 130.8 million in H1 2024 to RMB 79.9 million in H1 2025, primarily due to reduced drug development expenses and R&D employee costs, reflecting improved R&D efficiency - R&D costs decreased by **RMB 50.9 million** from **RMB 130.8 million** in H1 2024 to **RMB 79.9 million** in H1 2025[81](index=81&type=chunk) - The decrease was mainly due to reduced drug development expenses and R&D employee costs, reflecting the gradual settlement of late-stage assets and improved R&D efficiency[81](index=81&type=chunk) R&D Cost Components | Component | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee costs | 36,695 | 51,327 | | - Equity-settled share-based payment expenses | 2,457 | 9,171 | | Depreciation and amortization | 2,790 | 6,312 | | Drug development expenses | 36,830 | 62,479 | | Professional fees | 342 | 7,574 | | Others | 3,278 | 3,149 | | **Total** | **79,935** | **130,841** | [Selling and Distribution Expenses](index=27&type=section&id=2.2.4%20Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by RMB 19.0 million from RMB 56.0 million in H1 2024 to RMB 37.0 million in H1 2025, mainly due to reduced market development expenses and commercial employee costs, reflecting enhanced promotion efficiency and continuous cost control - Selling and distribution expenses decreased by **RMB 19.0 million** from **RMB 56.0 million** in H1 2024 to **RMB 37.0 million** in H1 2025[83](index=83&type=chunk) - The decrease was mainly due to reduced market development expenses and commercial employee costs, reflecting enhanced promotion efficiency and continuous cost control[83](index=83&type=chunk) Selling and Distribution Expense Components | Component | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee costs | 9,157 | 12,603 | | - Equity-settled share-based payment expenses | 80 | 1,151 | | Market development expenses | 27,520 | 42,729 | | Depreciation and amortization | 171 | 317 | | Others | 142 | 379 | | **Total** | **36,990** | **56,028** | [Administrative Expenses](index=28&type=section&id=2.2.5%20Administrative%20Expenses) Administrative expenses decreased by RMB 19.2 million from RMB 58.5 million in H1 2024 to RMB 39.3 million in H1 2025, primarily due to reduced employee costs, reflecting improved operational efficiency - Administrative expenses decreased by **RMB 19.2 million** from **RMB 58.5 million** in H1 2024 to **RMB 39.3 million** in H1 2025[85](index=85&type=chunk) - The decrease was mainly due to reduced employee costs, reflecting improved operational efficiency[85](index=85&type=chunk) Administrative Expense Components | Component | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee costs | 20,707 | 33,714 | | - Equity-settled share-based payment expenses | 983 | 4,144 | | Professional fees | 6,717 | 9,878 | | Depreciation and amortization | 6,787 | 6,617 | | Others | 5,093 | 8,269 | | **Total** | **39,304** | **58,478** | [Loss for the Period and Adjusted Loss](index=28&type=section&id=2.2.6%20Loss%20for%20the%20Period%20and%20Adjusted%20Loss) Loss for the period significantly decreased from RMB 167.0 million in H1 2024 to RMB 76.4 million in H1 2025, primarily due to reduced R&D, selling and distribution, and administrative expenses, with adjusted loss also showing a substantial reduction - Loss for the period decreased from **RMB 167.0 million** in H1 2024 to **RMB 76.4 million** in H1 2025, mainly due to reduced R&D, selling and distribution, and administrative expenses[6](index=6&type=chunk) - Adjusted loss for the period (excluding equity-settled share-based payment expenses) decreased by **52.2%** from **RMB 152.6 million** in H1 2024 to **RMB 72.9 million** in H1 2025[7](index=7&type=chunk) Reconciliation of Loss and Adjusted Loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the period | (76,378) | (167,033) | | Add: Equity-settled share-based payment expenses | 3,520 | 14,466 | | **Adjusted loss for the period** | **(72,858)** | **(152,567)** | [Pipeline Progress](index=6&type=section&id=2.3%20Pipeline%20Progress) Antengene's pipeline focuses on oncology and autoimmune diseases, comprising one commercialized asset, five clinical-stage, and multiple preclinical-stage projects, with significant advancements in Selinexor's market access and other clinical candidates - The company's pipeline focuses on oncology and autoimmune diseases, including **one commercial-stage asset**, **five clinical-stage projects**, and multiple preclinical-stage projects[17](index=17&type=chunk) [Commercialized Products](index=8&type=section&id=2.3.1%20Commercialized%20Products) Selinexor (ATG-010, XPOVIO®), the company's first commercialized product, is an oral selective nuclear export inhibitor (SINE) for various hematological malignancies and solid tumors, achieving significant market access and new indication approvals in multiple APAC regions - Selinexor (ATG-010, XPOVIO®) is the company's first commercialized product, an oral Selective Nuclear Export Inhibitor (SINE) for treating various hematological malignancies and solid tumors[21](index=21&type=chunk) - In February 2025, XPOVIO® was approved for inclusion in the National Health Insurance in **Taiwan, China**; in March 2025, Indonesia's BPOM approved its NDA for **three indications**[8](index=8&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - As of June 30, 2025, XPOVIO® has received NDA approvals in Mainland China, South Korea, Singapore, Australia, Malaysia, Thailand, Taiwan, China, Hong Kong, China, Macau, China, and Indonesia[27](index=27&type=chunk) - The company is conducting a Phase II/III registration trial in Mainland China for XPOVIO® in combination with R-GDP for rrDLBCL[27](index=27&type=chunk) [Other Clinical Stage Candidates](index=10&type=section&id=2.3.2%20Other%20Clinical%20Stage%20Candidates) Several clinical-stage candidates are progressing, including ATG-022, which received US FDA orphan drug designation and entered a global clinical collaboration with MSD, and ATG-037, which completed its Phase I trial - ATG-022 (Claudin 18.2 antibody-drug conjugate) Phase II CLINCH study is ongoing in China and Australia, and received **US FDA orphan drug designation** for gastric and pancreatic cancer[28](index=28&type=chunk) - In May 2025, a global clinical collaboration was established with MSD to evaluate the efficacy of ATG-022 in combination with KEYTRUDA® for advanced solid tumors[8](index=8&type=chunk)[28](index=28&type=chunk) - ATG-037 (CD73 inhibitor) Phase I STAMINA trial completed dosing, and the Ib/II phase has been initiated[29](index=29&type=chunk) - ATG-031 (CD24 antibody) PERFORM Phase I trial is undergoing dose escalation in the US[29](index=29&type=chunk) - ATG-101 (PD-L1x4-1BB bispecific antibody) Phase I study is undergoing dose escalation in Australia, China, and the US, and received **US FDA orphan drug designation** for pancreatic cancer[29](index=29&type=chunk) [Other Late-Stage Candidates](index=11&type=section&id=2.3.3%20Other%20Late-Stage%20Candidates) The I/II phase TORCH-2 study for ATG-008 (onatasertib, mTORC1/2 inhibitor) in combination with toripalimab has been completed, showing promising clinical benefits for CPI-resistant cervical cancer patients - ATG-008 (onatasertib, mTORC1/2 inhibitor) I/II phase TORCH-2 study in combination with toripalimab has been completed[30](index=30&type=chunk) - TORCH-2 study data showed an **Overall Response Rate (ORR) of 22.2%**, a **Disease Control Rate (DCR) of 85.2%**, and a **median Overall Survival (OS) of 21.4 months** for CPI-resistant cervical cancer patients with this combination regimen[11](index=11&type=chunk)[31](index=31&type=chunk) [Preclinical Candidates](index=11&type=section&id=2.3.4%20Preclinical%20Candidates) Multiple preclinical candidates, including ATG-042, ATG-201, and ATG-106, are undergoing preclinical research to support future IND/CTA applications - Multiple preclinical candidates, including ATG-042 (PRMT5-MTA inhibitor), ATG-201 (CD19 x CD3 T-cell engager), and ATG-106 (CDH6 x CD3 T-cell engager), are undergoing preclinical research to support IND/CTA applications[12](index=12&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Technology Platform and R&D Strategy](index=12&type=section&id=2.4%20Technology%20Platform%20and%20R%26D%20Strategy) The company is making steady progress with its novel T-cell engager platform AnTenGager™ and plans to establish a dedicated AI department to accelerate the development of next-generation TCE pipeline, focusing on a "combination and complementary" R&D strategy for cancer treatment - Steady progress achieved with the novel "2+1" T-cell engager platform AnTenGager™, which can enhance efficacy and reduce CRS risk[13](index=13&type=chunk)[34](index=34&type=chunk) - Plans to increase investment and integrate resources to establish a dedicated AI department, equipped with DeepSeek, to accelerate the development of next-generation proprietary TCE pipeline[13](index=13&type=chunk)[34](index=34&type=chunk) - R&D strategy focuses on cancer treatment, adopting a differentiated "combination and complementary" approach to build a pipeline of synergistic first-in-class/best-in-class assets[35](index=35&type=chunk) - As of June 30, 2025, the company has **nine clinical studies** ongoing in Mainland China, the US, and Australia[36](index=36&type=chunk) - XPOVIO® has been included in the 2023 National Medical Insurance Catalog, and its new indication (rrDLBCL) was also included in the 2024 National Medical Insurance Catalog, effective January 1, 2025[36](index=36&type=chunk) - As of June 30, 2025, the company holds **five pending Patent Cooperation Treaty (PCT) applications** and **eight PCT applications** that have entered the national phase[37](index=37&type=chunk) [Business Development and Future Outlook](index=13&type=section&id=2.5%20Business%20Development%20and%20Future%20Outlook) During the reporting period, the company did not engage in new business development activities, strategically focusing on advancing core R&D programs and enhancing technological capabilities, with future plans to progress clinical-stage product development, build a global and APAC pipeline through external collaborations and internal discovery, and strengthen its commercial team for Selinexor's commercialization - No new business development activities were undertaken during the reporting period, consistent with the strategy of focusing on advancing core R&D programs[14](index=14&type=chunk)[38](index=38&type=chunk) - The company will continue to advance the clinical development of **nine clinical-stage products** across various therapeutic areas[40](index=40&type=chunk) - Will continue to implement a dual-engine approach of external collaboration and internal discovery to build a global and APAC pipeline focused on key oncogenic pathways, tumor microenvironment, tumor-associated antigens, and autoimmune diseases[40](index=40&type=chunk) - Will continue to build its commercial team to prepare for the commercialization of XPOVIO® in the APAC region, addressing unmet medical needs[40](index=40&type=chunk) [Post-Reporting Period Events](index=13&type=section&id=2.6%20Post-Reporting%20Period%20Events) After the reporting period, Selinexor received new indication approval in China, and ATG-022 was granted Breakthrough Therapy Designation, further enhancing the market potential and development speed of the company's product pipeline - In July 2025, China's NMPA approved XPOVIO® (Selinexor) in combination with bortezomib and dexamethasone for the treatment of adult MM patients who have received at least one prior therapy[39](index=39&type=chunk) - In August 2025, ATG-022 was granted Breakthrough Therapy Designation (BTD) by China's NMPA Center for Drug Evaluation (CDE) for the treatment of CLDN18.2-positive, HER2-negative unresectable or metastatic gastric cancer/gastroesophageal junction adenocarcinoma patients[39](index=39&type=chunk) [Financial Statements](index=14&type=section&id=III.%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position, providing a snapshot of the company's financial performance and health [Interim Condensed Consolidated Statement of Profit or Loss](index=14&type=section&id=3.1%20Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of RMB 53,182 thousand and a gross profit of RMB 42,908 thousand, with the loss for the period significantly narrowing to RMB 76,378 thousand from RMB 167,033 thousand in the prior year Interim Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 53,182 | 60,779 | | Cost of sales | (10,274) | (8,856) | | Gross profit | 42,908 | 51,923 | | Other income and gains | 38,126 | 27,317 | | R&D costs | (79,935) | (130,841) | | Selling and distribution expenses | (36,990) | (56,028) | | Administrative expenses | (39,304) | (58,478) | | Other expenses | (985) | (478) | | Finance costs | (198) | (448) | | Loss before tax | (76,378) | (167,033) | | Income tax expense | – | – | | Loss for the period | (76,378) | (167,033) | | Basic and diluted loss per share attributable to owners of the parent | RMB (0.12) | RMB (0.27) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=3.2%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive loss for the period significantly decreased to RMB 87,994 thousand from RMB 168,242 thousand in the prior year, primarily due to the narrowed loss for the period Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the period | (76,378) | (167,033) | | Exchange differences on translation of overseas operations | (11,616) | (1,209) | | Other comprehensive loss for the period, net of tax | (11,616) | (1,209) | | **Total comprehensive loss for the period** | **(87,994)** | **(168,242)** | | Attributable to owners of the parent | (87,994) | (168,242) | [Interim Condensed Consolidated Statement of Financial Position](index=16&type=section&id=3.3%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were RMB 1,075,557 thousand, with net assets of RMB 766,327 thousand and net current assets of RMB 660,371 thousand, indicating healthy liquidity and debt-to-asset ratios Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total non-current assets | 415,186 | 388,577 | | Total current assets | 850,435 | 956,155 | | Total current liabilities | 190,064 | 146,325 | | Net current assets | 660,371 | 809,830 | | Total assets less current liabilities | 1,075,557 | 1,198,407 | | Total non-current liabilities | 309,230 | 347,606 | | Net assets | 766,327 | 850,801 | | Total equity | 766,327 | 850,801 | [Notes to the Financial Statements](index=17&type=section&id=IV.%20Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the financial statements, covering company information, accounting policies, segment reporting, revenue analysis, loss components, tax, dividends, loss per share, and various payables [Company and Group Information](index=17&type=section&id=4.1%20Company%20and%20Group%20Information) Antengene Corporation Limited, an investment holding company incorporated in the Cayman Islands on August 28, 2018, with its shares listed on the Main Board of the Hong Kong Stock Exchange on November 20, 2020, primarily engages in the R&D and commercialization of pharmaceutical products through its subsidiaries - The company was incorporated in the Cayman Islands on **August 28, 2018**[46](index=46&type=chunk) - The company is an investment holding company, with subsidiaries involved in the R&D and commercialization of pharmaceutical products[47](index=47&type=chunk) - The company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **November 20, 2020**[48](index=48&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=17&type=section&id=4.2%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and is consistent with the accounting policies used for the annual consolidated financial statements for the year ended December 31, 2024, with the initial adoption of IAS 21 (Amendments) "Lack of Exchangeability" having no impact on the Group's financial information - The interim condensed consolidated financial information is prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"**[49](index=49&type=chunk) - Accounting policies are consistent with the annual consolidated financial statements for the year ended December 31, 2024, except for the initial adoption of **IAS 21 (Amendments) "Lack of Exchangeability"**[50](index=50&type=chunk) - IAS 21 (Amendments) has no impact on the interim condensed consolidated financial information as all the Group's transaction currencies are exchangeable[51](index=51&type=chunk) [Operating Segments and Geographical Information](index=18&type=section&id=4.3%20Operating%20Segments%20and%20Geographical%20Information) The Group operates in a single reportable operating segment, the R&D and commercialization of pharmaceutical products, with Mainland China remaining the primary source of revenue, though revenue from other countries/regions has grown, and non-current assets are mainly concentrated in Mainland China - The Group has only **one reportable operating segment**: the research and development and commercialization of pharmaceutical products[52](index=52&type=chunk) Revenue from External Customers (by Geographical Region) | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 43,621 | 53,569 | | Other countries/regions | 9,561 | 7,210 | | **Total Revenue** | **53,182** | **60,779** | Non-current Assets (by Geographical Region) | Region | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 379,523 | 353,622 | | Other countries/regions | 1,885 | 4,651 | | **Total Non-current Assets** | **381,408** | **358,273** | [Analysis of Revenue, Other Income and Gains](index=19&type=section&id=4.4%20Analysis%20of%20Revenue,%20Other%20Income%20and%20Gains) The company's revenue primarily stems from the sale of pharmaceutical products, with Mainland China contributing the majority, while other income and gains are mainly composed of government grants, bank interest income, and foreign exchange gains, with government grants showing a significant increase Analysis of Revenue from Customer Contracts | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Type of goods** | | | | Sale of pharmaceutical products | 53,182 | 60,779 | | **Geographical market** | | | | Mainland China | 43,621 | 53,569 | | Other countries/regions | 9,561 | 7,210 | | **Timing of revenue recognition** | | | | Goods transferred at a point in time | 53,182 | 60,779 | - Performance obligations are satisfied upon delivery of pharmaceutical products, with payments generally due within **60 to 150 days** after the billing date[56](index=56&type=chunk) Analysis of Other Income and Gains | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Other income** | | | | Government grants | 14,614 | 811 | | Bank interest income | 10,270 | 20,292 | | Others | 382 | – | | Other interest income from financial assets | 1 | 1 | | **Other gains** | | | | Gain on disposal of right-of-use assets from early termination of leases | 624 | – | | Foreign exchange gains | 12,235 | 6,181 | | Fair value change of equity investments | – | 32 | | **Total other income and gains** | **38,126** | **27,317** | - Government grants refer to subsidies received from local governments with no unfulfilled conditions[56](index=56&type=chunk) [Components of Loss Before Tax](index=21&type=section&id=4.5%20Components%20of%20Loss%20Before%20Tax) Loss before tax primarily comprises cost of inventories sold, depreciation and amortization, lease payments, and employee benefit expenses; during the reporting period, both employee benefit expenses and depreciation and amortization decreased, while foreign exchange gains positively impacted loss reduction Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 10,274 | 8,856 | | Depreciation of property, plant and equipment | 6,257 | 8,149 | | Depreciation of right-of-use assets | 3,250 | 4,763 | | Amortization of other intangible assets | 241 | 334 | | Lease payments not included in the measurement of lease liabilities | 340 | 1,498 | | Total employee benefit expenses | 66,560 | 97,644 | | Foreign exchange gains | (12,235) | (6,181) | | Fair value loss/(gain) on financial assets | 21 | (32) | | Gain on disposal of right-of-use assets from early termination of leases | (624) | – | | Loss on disposal of items of property, plant and equipment | 317 | 43 | - Employee benefit expenses include wages and salaries, contributions to pension schemes, staff welfare expenses, and equity-settled share-based payment expenses[57](index=57&type=chunk) [Income Tax](index=22&type=section&id=4.6%20Income%20Tax) The Group is subject to income tax in various jurisdictions at local rates, including Hong Kong (16.5%/8.25%), Macau (12%), Mainland China (25%), Australia (25%), Singapore (17%), South Korea (10%), and the US (21% federal + 8.7% state); no income tax provision was made for the reporting period due to the absence of assessable profits - The Group is subject to income tax on profits arising in or derived from the jurisdictions where its member companies are located and operate[58](index=58&type=chunk) - Corporate income tax rates in major jurisdictions: Hong Kong **16.5%** (partially **8.25%**), Macau **12%**, Mainland China **25%**, Australia **25%**, Singapore **17%**, South Korea **10%**, US federal **21%** plus Delaware state **8.7%**[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - No income tax provision was made for the six months ended June 30, 2025, as the Group did not generate any assessable profits[68](index=68&type=chunk) [Dividends](index=23&type=section&id=4.7%20Dividends) The company did not pay or declare any dividends for the six months ended June 30, 2025 - The company did not pay or declare any dividends for the six months ended June 30, 2025[69](index=69&type=chunk) [Loss Per Share](index=23&type=section&id=4.8%20Loss%20Per%20Share) For the six months ended June 30, 2025, the basic and diluted loss per share attributable to ordinary equity holders of the parent was RMB (0.12), an improvement from RMB (0.27) in the prior year, with outstanding share options and restricted share units having an anti-dilutive effect - The calculation of basic loss per share is based on the loss for the period attributable to ordinary equity holders of the parent and the weighted average number of ordinary shares outstanding during the period, which was **620,441,464 shares**[70](index=70&type=chunk) - For the six months ended June 30, 2025, basic and diluted loss per share was **RMB (0.12)** (2024: RMB (0.27))[42](index=42&type=chunk) - Outstanding share options and restricted share units had an anti-dilutive effect on the basic loss per share, thus no dilutive adjustment was made[70](index=70&type=chunk) Data for Basic and Diluted Loss Per Share Calculation | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the parent used in calculating basic and diluted loss per share | (76,378) | (167,033) | | Weighted average number of ordinary shares outstanding during the period used in calculating basic and diluted loss per share | 620,441,464 | 618,974,062 | [Trade Receivables](index=24&type=section&id=4.9%20Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to RMB 22,636 thousand, all of which are due within six months Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within six months | 22,636 | 18,675 | | **Total** | **22,636** | **18,675** | [Trade Payables](index=24&type=section&id=4.10%20Trade%20Payables) As of June 30, 2025, total trade payables amounted to RMB 4,627 thousand, all due within three months and non-interest bearing Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within three months | 4,627 | 3,579 | | **Total** | **4,627** | **3,579** | - Trade payables are non-interest bearing and generally settled within **two to three months**[75](index=75&type=chunk) [Other Payables and Accruals](index=25&type=section&id=4.11%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total other payables and accruals amounted to RMB 142,711 thousand, primarily comprising deferred income, accrued salaries, payables for property, plant and equipment purchases, and fees for CRO, CDMO, and SMO services Components of Other Payables and Accruals | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Deferred income | 22,317 | 22,987 | | Accrued salaries | 13,478 | 17,455 | | Other taxes payable | 5,697 | 5,730 | | Payables for purchase of property, plant and equipment | 24,574 | 368 | | Other payables and accruals | 76,645 | 72,460 | | **Total** | **142,711** | **119,000** | - Deferred income refers to government grants related to assets, which will be recognized in profit or loss over the expected useful life of the related assets[78](index=78&type=chunk) - Other payables and accruals mainly include accrued or invoiced but unpaid fees for services provided by Contract Research Organizations (CRO), Contract Development and Manufacturing Organizations (CDMO), and Site Management Organizations (SMO)[78](index=78&type=chunk) [Other Information](index=29&type=section&id=V.%20Other%20Information) This section covers various non-financial aspects of the company, including employee and remuneration policies, liquidity and financial resources, investment activities, foreign exchange risk, contingent liabilities, corporate governance, use of listing proceeds, interim results review, public float, and material litigation [Employees and Remuneration Policy](index=29&type=section&id=5.1%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had 152 employees, with R&D personnel constituting the largest proportion, and provides comprehensive remuneration, benefits, and on-the-job training to support employee career development Number of Employees by Function (As of June 30, 2025) | Function | Number of Employees | % of Total Employees | | :--- | :--- | :--- | | General and Administration | 41 | 27.0 | | R&D | 73 | 48.0 | | Commercialization | 16 | 10.5 | | Manufacturing | 22 | 14.5 | | **Total** | **152** | **100.0** | - The company has **125 employees in China** and **27 employees overseas**[90](index=90&type=chunk) - Employee remuneration includes salaries, bonuses, provident fund and social insurance contributions, and other benefit payments[90](index=90&type=chunk) - The company provides extensive on-the-job training, induction training, and mentorship programs to help employees develop professional knowledge and management skills[90](index=90&type=chunk) [Liquidity and Financial Resources](index=30&type=section&id=5.2%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company's cash and bank balances were RMB 794.1 million, with a current ratio of 447.4% and a gearing ratio of 39.5%, indicating healthy liquidity and financial stability - As of June 30, 2025, cash and bank balances were **RMB 794.1 million** (December 31, 2024: RMB 900.1 million), with the decrease primarily due to operating expenses[91](index=91&type=chunk) - Current assets were **RMB 850.4 million**, and current liabilities were **RMB 190.1 million**[92](index=92&type=chunk) - The current ratio was **447.4%** (December 31, 2024: 653.4%)[93](index=93&type=chunk) - The gearing ratio was **39.5%** (December 31, 2024: 36.7%)[94](index=94&type=chunk) [Material Investments, Acquisitions and Disposals](index=30&type=section&id=5.3%20Material%20Investments,%20Acquisitions%20and%20Disposals) As of June 30, 2025, the company held no material investments and had no material acquisitions or disposals of subsidiaries, associates, and joint ventures during the reporting period - As of June 30, 2025, the company held **no material investments**[95](index=95&type=chunk) - For the six months ended June 30, 2025, the company had **no material acquisitions or disposals** of subsidiaries, associates, and joint ventures[95](index=95&type=chunk) [Future Plans for Material Investments or Capital Assets](index=31&type=section&id=5.4%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the company had no specific plans for material investments or capital assets - As of June 30, 2025, the company had **no specific plans** for material investments or capital assets[96](index=96&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=5.5%20Foreign%20Exchange%20Risk) The company is exposed to transactional currency risk, with a significant portion of bank balances and interest receivables denominated in foreign currencies; currently, there is no foreign exchange hedging policy, but management monitors and considers hedging significant foreign exchange risks when necessary - The company is exposed to transactional currency risk, with a majority of bank balances and interest receivables denominated in foreign currencies[97](index=97&type=chunk) - Currently, there is **no foreign exchange hedging policy**, but management monitors foreign exchange risk and will consider hedging when necessary[97](index=97&type=chunk) [Contingent Liabilities and Pledged Assets](index=31&type=section&id=5.6%20Contingent%20Liabilities%20and%20Pledged%20Assets) As of June 30, 2025, the company had no material contingent liabilities and had pledged leased land totaling RMB 41.8 million to secure bank financing - As of June 30, 2025, the company had **no material contingent liabilities**[98](index=98&type=chunk) - The Group has pledged leased land totaling **RMB 41.8 million** to secure bank financing[99](index=99&type=chunk) [Corporate Governance and Securities Transactions](index=31&type=section&id=5.7%20Corporate%20Governance%20and%20Securities%20Transactions) The company is committed to maintaining high standards of corporate governance and complies with the Corporate Governance Code, with the Chairman and CEO roles held by the same individual, an arrangement the Board believes facilitates strategy execution and communication, supported by sufficient checks and balances; directors and relevant employees adhere to the Standard Securities Dealing Code - The company complies with the Corporate Governance Code set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[100](index=100&type=chunk) - The roles of Chairman and Chief Executive Officer are held by the founder, Dr. Jianming Mei, an arrangement the Board believes facilitates strategy execution and information communication[100](index=100&type=chunk) - The Board of Directors comprises **two executive directors** and **three independent non-executive directors**, ensuring sufficient checks and balances[101](index=101&type=chunk) - All directors confirmed compliance with the Standard Securities Dealing Code for Directors of Listed Issuers during the reporting period[102](index=102&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[103](index=103&type=chunk) [Use of Proceeds from Listing](index=33&type=section&id=5.8%20Use%20of%20Proceeds%20from%20Listing) The net proceeds from the initial public offering were approximately RMB 2,274.70 million, with an unutilized net amount of approximately RMB 376.61 million as of June 30, 2025; a portion of the proceeds was reallocated on March 22, 2024, and the remaining funds are expected to be fully utilized by December 31, 2026 - Net proceeds from the initial public offering were approximately **RMB 2,274.70 million**[104](index=104&type=chunk) - As of June 30, 2025, the total unutilized net proceeds amounted to approximately **RMB 376.61 million**[104](index=104&type=chunk) - On March 22, 2024, the Board resolved to reallocate approximately **RMB 553.93 million** of unutilized net proceeds to "fund ongoing preclinical research and planned clinical trials for other preclinical candidates in our pipeline"[108](index=108&type=chunk) - The unutilized net proceeds of **RMB 376.61 million** as of June 30, 2025, are expected to be fully utilized by **December 31, 2026**[108](index=108&type=chunk) Use of Net Proceeds from Listing | Purpose | Original Allocation (RMB million) | After Revised Allocation (RMB million) | Unutilized as of Dec 31, 2024 (RMB million) | Actual Use during Reporting Period (RMB million) | Unutilized as of June 30, 2025 (RMB million) | Expected Full Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Clinical trials and commercialization of core products | 932.63 | 932.63 | – | – | – | Not applicable | | Clinical trials for other clinical-stage candidates | 568.67 | 117.29 | 2.29 | 0.14 | 2.15 | By December 31, 2026 | | Research and clinical trials for preclinical candidates | 204.72 | 758.65 | 391.17 | 43.39 | 347.78 | By December 31, 2026 | | Pipeline expansion and business development | 318.46 | 215.91 | 29.44 | 2.76 | 26.68 | By December 31, 2026 | | Capital expenditure | 22.75 | 22.75 | – | – | – | Not applicable | | General corporate purposes | 227.47 | 227.47 | – | – | – | Not applicable | | **Total** | **2,274.70** | **2,274.70** | **422.90** | **46.29** | **376.61** | | [Review of Interim Results](index=34&type=section&id=5.9%20Review%20of%20Interim%20Results) The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters with management, while external auditor Ernst & Young has conducted an independent review of the interim financial information - The Audit Committee, composed of **three independent non-executive directors**, has reviewed the accounting principles and practices adopted by the Group[105](index=105&type=chunk) - External auditor Ernst & Young has conducted an independent review of the interim financial information in accordance with **Hong Kong Standard on Review Engagements 2410**[105](index=105&type=chunk) [Public Float and Material Litigation](index=34&type=section&id=5.10%20Public%20Float%20and%20Material%20Litigation) Since the listing date, at least 25% of the company's total issued shares have been held by the public, complying with Listing Rules; during the reporting period, the company was not involved in any material litigation or arbitration - Since the listing date, at least **25%** of the company's total issued shares have been held by the public, in compliance with the Listing Rules[106](index=106&type=chunk) - During the reporting period, the company was **not involved in any material litigation or arbitration**, and the directors are unaware of any pending or threatened material litigation or claims against the Group[107](index=107&type=chunk) [Interim Dividend and Publication of Report](index=35&type=section&id=5.11%20Interim%20Dividend%20and%20Publication%20of%20Report) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025; the interim results announcement has been published on the HKEX and company websites, and the interim report will be published in September 2025 - The Board does **not recommend the payment of an interim dividend** for the six months ended June 30, 2025[109](index=109&type=chunk) - The interim results announcement has been published on the HKEX website and the company's website[110](index=110&type=chunk) - The interim report for the six months ended June 30, 2025, will be published on the HKEX and company websites in **September 2025**[110](index=110&type=chunk)

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 賴該等內容而引致的任何損失承擔任何責任。 China Boqi Environmental (Holding) Co., Ltd. 中 國 博 奇 環 保（ 控 股 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2377) 截至2025年6月30日止六個月之 中期業績公告 財務及營運摘要 截至2025年6月30日止六個月，本集團的收入為人民幣1,058百萬元，較去年同 期人民幣949百萬元增加11.5%。 截至2025年6月30日止六個月，本集團的毛利為人民幣243百萬元，較去年同期 人民幣199百萬元增加22.1%。本集團的毛利率為23.0%，較去年同期增加2.0個 百分點。 截至2025年6月30日止六個月，本集團純利為人民幣145百萬元及純利率為 13.7%，分別較去年同期人民幣116百萬元及12.2%增加25.0%及1.5個百分點。 中國博奇環保（控股）有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公 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。 TCL ELECTRONICS HOLDINGS LIMITED TCL 電子控股有限公司 （股份代號：01070） （於開曼群島註冊成立之有限公司） 截至2025年6月30日止六個月 業績公告 董事會欣然公告本集團截至2025年6月30日止六個月的未經審核綜合業績及財務 狀況，連同2024年同期比較數字。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | | | | 2025年 | 2024年 | 變動 | | | （未經審核）（未經審核） | | | | | 百萬港元 | 百萬港元 | | | | | （經重列） | | | 收入 | 54,777 | 45,494 | 20.4% | | 毛利1 | 8,366 | 7,213 | 16.0% | | 除稅後利潤 | 1,048 | 653 | 60.5% | | 歸屬於母公司擁有 ...

湖州燃氣股份有限公司 Huzhou Gas Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股 份 代 號：6661） 截 至2025年6月30日 止 六個月的中期業績公告 財務摘要 湖州燃氣股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈，本 公 司 及其附屬公司（統 稱「本集團」）截 至2025年6月30日止六個月（「報告期間」或「期 間」）的 未 經 審 核 中 期 業 績，連 同2024年 同 期 的 比 較 數 字 如 下： * 僅供識別 – 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 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的任何損失承擔任何責 任。 • 期間收入為人民幣1,090.4百 萬 元，較2024年同期減少8.52%。 • 期間毛利為人民幣139.0百 萬 元，較2024年同期減少8.13%。 • 期間本集團擁有人應佔利潤為人民幣52.5百 萬 元，較2024年同期減少 10.41 ...

香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公 司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周 詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券 承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 本報告的資料乃遵照聯交所的《GEM證券上市規則》（「GEM上市規則」）而刊載，旨在提供有關 飛霓控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）的資料；本公司的董事（「董事」） 願就本報告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所 知及所信，本報告所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成份，且並無遺漏 任何其他事項，足以令致本報告或其所載任何陳述產生誤導。 本公司董事會（「董事會」）宣佈本集團截至二零二五年六月三十日止六個月（「本期間」）的未 經審核簡明綜合中期業績，連同二零二四年同期未經審核比較數字以及二零二四年十二月 三十一日的若干比較數字如下： 未經審核簡明綜 ...

[Performance Summary](index=1&type=section&id=Performance%20Summary) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) In H1 2025, the Group's total revenue decreased by 18.5% to RMB 13.273 billion, mainly due to a decline in the finished drug business, while profit attributable to shareholders decreased by 15.6% to RMB 2.548 billion H1 2025 Financial Highlights (RMB '000) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **13,273,416** | **16,284,282** | **-18.5%** | | Finished Drug Revenue | 10,247,652 | 13,549,079 | -24.4% | | Raw Material Product Revenue | 2,074,708 | 1,854,794 | +11.9% | | Functional Food & Other Revenue | 951,056 | 880,409 | +8.0% | | **Profit Attributable to Shareholders** | **2,547,851** | **3,020,374** | **-15.6%** | | **Basic Profit Attributable to Shareholders** | **2,319,521** | **3,216,870** | **-27.9%** | | Basic EPS (RMB cents) | 22.29 | 25.51 | -12.6% | | Interim Dividend per Share (HK cents) | 14.00 | 16.00 | -12.5% | - The Board declared an interim dividend of **HKD 14 cents per share** for 2025, a decrease from **HKD 16 cents** in the prior year period[6](index=6&type=chunk) - The company repurchased and cancelled **64.3 million shares** for **HKD 300 million** in H1 2025 to enhance EPS and shareholder returns[6](index=6&type=chunk) [Company and Business Overview](index=2&type=section&id=Company%20and%20Business%20Overview) [Company Overview](index=2&type=section&id=Company%20Overview) CSPC Pharmaceutical Group is an innovation-driven, integrated pharmaceutical enterprise pursuing a 'innovation + internationalization' dual-engine strategy with a global R&D team and extensive pipeline - The Group adheres to a 'innovation + internationalization' dual-engine strategy, continuously increasing R&D investment and strengthening team building[7](index=7&type=chunk) - The Group has an international R&D team of over **2,000 people** across multiple global centers, focusing on six core therapeutic areas including oncology, neuropsychiatry, and cardiovascular[8](index=8&type=chunk) - The Group has completed **4 out-licensing projects** year-to-date, with cumulative contract value reaching **USD 9.71 billion**, and a strategic R&D collaboration with AstraZeneca on an AI platform[10](index=10&type=chunk) - The Group has over **200 innovative drugs and formulations** in development, with over **160 clinical trials** underway, and expects to file for market approval for over **50 new drugs or indications** by the end of 2028[11](index=11&type=chunk) [Finished Drug Business](index=4&type=section&id=Finished%20Drug%20Business) In H1 2025, finished drug revenue decreased by 24.4% to RMB 10.248 billion, primarily due to centralized procurement impacting core products, while out-licensing revenue provided new growth Finished Drug Business Revenue by Therapeutic Area (RMB '000) | Therapeutic Area | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Neuroscience | 3,754,814 | 5,235,700 | -28.3% | | Oncology | 1,050,606 | 2,683,139 | -60.8% | | Anti-infectives | 1,656,912 | 2,307,375 | -28.2% | | Cardiovascular | 868,336 | 1,228,902 | -29.3% | | Respiratory System | 575,441 | 756,025 | -23.9% | | Digestive & Metabolic | 528,099 | 646,697 | -18.3% | | Other | 738,777 | 691,241 | +6.9% | | **Subtotal Sales of Goods** | **9,172,985** | **13,549,079** | **-32.3%** | | Licensing Fee Income | 1,074,667 | – | Not Applicable | | **Total Revenue** | **10,247,652** | **13,549,079** | **-24.4%** | - Core products like Duomeisu and Jinyouli faced significant price adjustments due to centralized procurement policies, leading to temporary pressure on finished drug business revenue[13](index=13&type=chunk) - In H1 2025, the Group's licensing income reached **RMB 1.075 billion**, becoming a new growth driver for the finished drug business, with plans to develop it into a core source of recurring revenue[15](index=15&type=chunk) [Neuroscience](index=5&type=section&id=Neuroscience) Neuroscience sales declined due to price reductions for NBP® and Shuanling® from national centralized procurement, but Mingfule® saw significant growth after entering the medical insurance catalog - NBP® sales revenue decreased due to national medical insurance negotiation price reductions, but improved product accessibility[22](index=22&type=chunk) - Shuanling® injection was included in the 10th batch of national centralized procurement, leading to a significant decrease in sales revenue[22](index=22&type=chunk) - Mingfule® sales revenue significantly increased year-on-year in H1 due to its new indication entering the medical insurance catalog[22](index=22&type=chunk) [Oncology](index=6&type=section&id=Oncology) Oncology sales significantly declined due to Duomeisu® inclusion in national centralized procurement and Jinyouli®'s expanded centralized procurement, while new products provided growth - Duomeisu®'s inclusion in the 10th batch of national centralized procurement led to a substantial reduction in sales price, being the primary reason for the decline in this segment's revenue[29](index=29&type=chunk) - Jinyouli® sales revenue significantly decreased due to the expansion of the '3+N' alliance centralized drug procurement policy in Beijing-Tianjin-Hebei[29](index=29&type=chunk) - Duoenyi® sales revenue significantly increased year-on-year, and newly launched product Enshuxing® also provided new growth momentum for the business[29](index=29&type=chunk) [Anti-infectives](index=7&type=section&id=Anti-infectives) Anti-infectives business saw reduced sales for key products like Anfulike®, Weihong®, and Nuomoling® in H1 2025 due to weakened market demand, with only Shuluoke® showing growth - Sales revenue for products such as Anfulike®, Weihong®, and Nuomoling® all decreased due to weakened market demand[31](index=31&type=chunk) [Cardiovascular](index=8&type=section&id=Cardiovascular) Cardiovascular sales declined as Xuanning® was impacted by centralized procurement volume-based tasks in public medical institutions, while only Daxinning® achieved steady growth - Xuanning® sales in public medical institutions were affected by the implementation of volume-based tasks for centralized procurement products, leading to a year-on-year revenue decrease[36](index=36&type=chunk) [Respiratory System](index=9&type=section&id=Respiratory%20System) Respiratory system sales decreased overall, as market impacts on Qixin®, Nuoyian®, and Qixiao® offset stable growth from Yiluoda® and new contributions from Ennitan® - Yiluoda® sales revenue achieved steady growth, and new product Ennitan® contributed new growth points to this segment[40](index=40&type=chunk) - Sales revenue for products such as Qixin®, Nuoyian®, and Qixiao® all decreased due to market impact, leading to an overall revenue reduction in this segment[40](index=40&type=chunk) [Digestive & Metabolic](index=9&type=section&id=Digestive%20%26%20Metabolic) Digestive and metabolic sales declined overall, as competitive market conditions and a pricing strategy adjustment for Debixin® led to a decrease in average selling price - Debixin®'s sales strategy adjustment led to a decrease in its unit price, which was the main reason for the overall decline in sales revenue for this segment[43](index=43&type=chunk) [Raw Material Product Business](index=10&type=section&id=Raw%20Material%20Product%20Business) In H1 2025, raw material product sales increased by 11.9% to RMB 2.075 billion, driven by a 21.6% rise in Vitamin C revenue from strong overseas demand, while antibiotic sales remained flat Raw Material Product Business Revenue (RMB Billion) | Product Category | H1 2025 Revenue | Year-on-Year Growth | | :--- | :--- | :--- | | **Total** | **2.075** | **+11.9%** | | Vitamin C | 1.196 | +21.6% | | Antibiotics | 0.879 | Flat | - Vitamin C product revenue growth was primarily driven by significantly increased overseas market demand[46](index=46&type=chunk) [Functional Food and Other Businesses](index=11&type=section&id=Functional%20Food%20and%20Other%20Businesses) In H1 2025, functional food and other businesses generated RMB 951.056 million in sales revenue, an 8.0% increase, primarily due to higher caffeine sales volume - Functional food and other businesses revenue was **RMB 951.056 million**, a year-on-year increase of **8.0%**, mainly due to increased caffeine sales volume[48](index=48&type=chunk) [R&D Progress](index=11&type=section&id=R%26D%20Progress) [R&D Investment and Pipeline Overview](index=11&type=section&id=R%26D%20Investment%20and%20Pipeline%20Overview) In H1 2025, R&D expenses increased by 5.5% to RMB 2.683 billion, representing 26.2% of finished drug revenue, with nearly 90 products in clinical stages and 12 submitted for market approval R&D Expenses | Indicator | Amount (RMB) | Year-on-Year Change | % of Finished Drug Revenue | | :--- | :--- | :--- | :--- | | R&D Expenses | 2.683 billion | +5.5% | 26.2% | - Currently, nearly **90 products** are in different stages of clinical trials, with **12 submitted for market approval** and over **30 key products** in registration clinical stages[49](index=49&type=chunk) [Registration and Approval Progress](index=11&type=section&id=Registration%20and%20Approval%20Progress) Year-to-date, the Group achieved significant regulatory milestones in China with 3 innovative product approvals and 5 marketing application acceptances, alongside 9 IND approvals and 1 Fast Track designation in North America - Year-to-date, the Group obtained approval for **3 innovative products** in China, accepted **5 marketing applications**, and received **4 breakthrough therapy designations**[50](index=50&type=chunk) Products Approved for Marketing in H1 2025 | Month | Drug Name | Indication | | :--- | :--- | :--- | | January 2025 | Sanzeping® (Pluoglitin Tablets) | Improving glycemic control in adults with type 2 diabetes | | February 2025 | Ennitan® (Omalizumab for Injection) | Treatment of moderate to severe persistent allergic asthma | | June 2025 | Meiluotai® (Meloxicam Injection (III)) | Moderate to severe pain in adults | Products with Marketing Applications Accepted in H1 2025 | Month | Investigational Drug | Indication | | :--- | :--- | :--- | | March 2025 | Aprepitant Injection | Prevention of postoperative nausea and vomiting | | March 2025 | Irinotecan Liposome Injection | First-line metastatic pancreatic cancer | | March 2025 | Paliperidone Palmitate Injection (1M) | Schizophrenia | | June 2025 | Pregabalin Extended-Release Tablets | Diabetic peripheral neuropathic pain and postherpetic neuralgia | | August 2025 | Semaglutide Injection | Glycemic control in adults with type 2 diabetes | [Key Clinical Research Progress](index=14&type=section&id=Key%20Clinical%20Research%20Progress) During the period, the Group initiated or completed first patient enrollment for multiple pivotal clinical trials across oncology, depression, and hypertension, with key studies reaching top-line results and findings published in international conferences - First patient enrollment achieved for Phase III clinical trials of multiple drugs including JSKN003, Amcitine Hydrochloride Enteric-coated Tablets, and SYS6010[60](index=60&type=chunk)[61](index=61&type=chunk) - TG103 Injection (GLP-1) Phase III clinical trial for the treatment of overweight and obesity completed its clinical study report[64](index=64&type=chunk) - Semaglutide Injection Phase III clinical trial for the treatment of type 2 diabetes completed its clinical study report[66](index=66&type=chunk) - Multiple research findings were presented as oral reports or posters at international conferences such as AACR, ASCO, and ESMO, gaining international recognition[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [Clinical Pipeline Overview](index=20&type=section&id=Clinical%20Pipeline%20Overview) The Group maintains a robust clinical pipeline with multiple products submitted for market approval in China and the US, alongside dozens of ongoing pivotal clinical trials utilizing advanced technologies - Submitted marketing applications for **10 drugs** in China, including Semaglutide Injection (for type 2 diabetes) and Irinotecan Liposome Injection (for first-line pancreatic cancer)[70](index=70&type=chunk) - Submitted marketing applications for **2 drugs** in the United States, namely Amphotericin B Liposome for Injection and Irinotecan Hydrochloride Liposome Injection[70](index=70&type=chunk) - Over **20 pivotal clinical trials** are ongoing in China, covering high-demand therapeutic areas such as breast cancer, gastric cancer, obesity, diabetes, and depression[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Business Development and Financial Review](index=24&type=section&id=Business%20Development%20and%20Financial%20Review) [Business Development](index=24&type=section&id=Business%20Development) In H1 2025, the Group achieved significant business development breakthroughs through out-licensing, completing four major agreements with substantial potential transaction values, including a strategic AI platform collaboration with AstraZeneca - Reached an exclusive licensing agreement with Radiance Biopharma for ADC drug SYS6005, with a potential total value of up to **USD 1.24 billion**[76](index=76&type=chunk) - Reached an exclusive licensing agreement with Cipla USA for the commercialization rights of Irinotecan Liposome Injection in the US, with a potential total value of up to **USD 1.065 billion**[77](index=77&type=chunk) - Reached a strategic R&D collaboration with AstraZeneca on an AI drug discovery platform, with a potential total value of up to **USD 5.33 billion**[78](index=78&type=chunk) - Reached a global exclusive licensing agreement with Madrigal Pharmaceuticals for small molecule GLP-1 agonist SYH2086, with a potential total value of up to **USD 2.075 billion**[79](index=79&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) In H1 2025, revenue decreased by 18.5% and gross margin by 6 percentage points to 65.6% due to centralized procurement, while operating expenses significantly decreased, and R&D investment continued to grow, maintaining a robust financial position - Revenue decreased by **18.5%** to **RMB 13.273 billion**, and gross margin decreased by **6.0 percentage points** to **65.6%**, primarily due to the inclusion of Duomeisu® and Jinyouli® in centralized procurement and a reduced proportion of finished drug business revenue[80](index=80&type=chunk) - Sales and distribution expenses decreased by **36.2%** year-on-year to **RMB 3.049 billion**, mainly due to significantly lower sales expenses for products winning centralized procurement bids[83](index=83&type=chunk) - R&D expenses increased by **5.5%** year-on-year to **RMB 2.683 billion**, primarily for ongoing and newly initiated clinical studies[84](index=84&type=chunk) - Cash inflow from operating activities was **RMB 3.187 billion**, significantly higher than **RMB 1.425 billion** in the prior year period[88](index=88&type=chunk) - As of June 30, 2025, the Group's bank deposits, balances, and cash reached **RMB 10.291 billion**, with a debt-to-asset ratio of only **0.7%**, indicating a robust financial position[89](index=89&type=chunk) [Condensed Consolidated Financial Statements](index=28&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported revenue of RMB 13.273 billion, a 18.5% decrease, and profit for the period of RMB 2.574 billion, a 15.6% decrease, despite reduced operating expenses Condensed Consolidated Statement of Profit or Loss (RMB '000) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 13,273,416 | 16,284,282 | | Gross Profit | 8,710,192 | 11,654,547 | | Sales and Distribution Expenses | (3,049,160) | (4,777,410) | | R&D Expenses | (2,682,631) | (2,541,991) | | Profit Before Tax | 3,117,667 | 3,801,130 | | Profit for the Period | 2,574,050 | 3,051,466 | | Profit Attributable to Owners of the Company | 2,547,851 | 3,020,374 | [Condensed Consolidated Statement of Financial Position](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 46.002 billion, total liabilities RMB 11.138 billion, and net assets RMB 34.864 billion, all showing slight increases from year-end 2024, with improved net current assets Condensed Consolidated Statement of Financial Position Summary (RMB '000) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **46,002,354** | **44,388,991** | | Non-current Assets | 23,392,266 | 22,500,847 | | Current Assets | 22,610,088 | 21,888,144 | | **Total Liabilities** | **11,138,478** | **10,522,701** | | Current Liabilities | 10,112,501 | 9,634,027 | | Non-current Liabilities | 1,025,977 | 888,674 | | **Net Assets/Total Equity** | **34,863,876** | **33,866,290** | [Other Information](index=40&type=section&id=Other%20Information) [Share Repurchase](index=40&type=section&id=Share%20Repurchase) As of June 30, 2025, the company repurchased and cancelled 64.3 million shares for approximately HKD 300 million, aiming to enhance earnings per share and shareholder value Share Repurchase Details | Month | Number of Shares Repurchased | Highest Price (HKD) | Lowest Price (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January | 38,850,000 | 4.72 | 4.38 | 176,597,000 | | March | 3,000,000 | 4.95 | 4.88 | 14,763,000 | | April | 22,450,000 | 4.95 | 4.66 | 108,155,000 | | **Total** | **64,300,000** | | | **299,515,000** |

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。 TAI HING GROUP HOLDINGS LIMITED 太興集團控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6811） 截至二零二五年六月三十日止六個月的 中期業績公告 本集團未經審核業績 太興集團控股有限公司（「本 公 司」）董事會（「董 事 會」）欣 然 宣 佈，本 公 司 及 其 附 屬公司（統 稱 為「本 集 團」）截至二零二五年六月三十日止六個月（「回 顧 期 間」或 「二 零 二 五 年 上 半 年」）的 未 經 審 核 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期（「二 零 二 四 年 上 半 年」）的 比 較 數 字 如 下： 財務摘要 – 1 – • 儘 管 二 零 二 五 年 上 半 年 本 港 經 濟 疲 弱，市 民 北 上 消 費 及 外 遊 趨 勢 持 ...

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。 * （股份代號：662） 2025年中期業績 亞洲金融集團（控股）有限公司（「本公司」或「亞洲金融」）董事會（「董事會」）宣 佈本公司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月之未經審核 簡明綜合業績如下: 簡明綜合損益表（未經審核） 截至2025年6月30日止六個月 | | | | 截至6月30日止六個月 | | --- | --- | --- | --- | | | 附註 | 2025年 | 2024年 | | | | 港幣千元 | 港幣千元 | | 保險收益 | 3 | 1,451,755 | 1,642,356 | | 保險服務費用 | | (1,189,545) | (1,221,842) | | 持有再保險合約之保險費用淨額 | | (101,140) ______________ | (254,281) _____________ | | 保險服務業績 | | 161 ...