Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 7,518,683, an increase of 4.8% compared to RMB 7,175,804 in 2024[4] - EBITDA for the same period was RMB 2,752,120, reflecting a growth of 23.3% from RMB 2,231,943 in 2024[4] - Profit before tax increased by 27.2% to RMB 2,419,651 from RMB 1,901,702 in the previous year[4] - Net profit attributable to the company's owners rose by 27.0% to RMB 1,894,314, compared to RMB 1,491,404 in 2024[4] - Basic earnings per share increased to RMB 104.26, up 27.0% from RMB 82.08 in the prior year[4] - Total comprehensive income for the period was RMB 1,892,823, compared to RMB 1,491,641 in 2024, showing overall growth[12] Expenses and Costs - Research and development expenses were RMB 498,941, an increase from RMB 446,800 in the previous year, highlighting ongoing investment in innovation[12] - The company reported a decrease in sales and distribution expenses to RMB 682,161 from RMB 706,651, indicating improved cost management[12] - The total employee costs for the six months ended June 30, 2025, amounted to RMB 1,112,645,000, up from RMB 1,035,973,000 in 2024, reflecting an increase of about 7.4%[55] - The company’s financial costs decreased to RMB 20,797 thousand in 2025 from RMB 25,172 thousand in 2024, a reduction of approximately 17.5%[45] Assets and Liabilities - As of June 30, 2025, total non-current assets increased to RMB 11,131,383 thousand from RMB 9,762,356 thousand, representing a growth of approximately 14.0% year-over-year[14] - Current assets rose to RMB 18,303,138 thousand, up from RMB 16,070,696 thousand, indicating an increase of about 13.6% compared to the previous year[14] - Total liabilities increased to RMB 4,115,975 thousand, compared to RMB 2,625,263 thousand, marking a significant rise of approximately 56.7%[15] - The total equity attributable to owners of the company increased to RMB 15,566,827 thousand from RMB 14,388,283 thousand, reflecting a growth of about 8.2%[15] Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2025, was RMB 1,997,122 thousand, compared to RMB 1,845,577 thousand, showing an increase of 8.2% year-over-year[20] - The net cash used in investing activities for the six months ended June 30, 2025, was RMB (1,313,174,000), compared to RMB (523,670,000) in the same period of 2024, indicating a significant increase in investment outflows[22]. - Cash and cash equivalents increased by RMB 2,685,387,000 for the six months ended June 30, 2025, compared to an increase of RMB 2,292,276,000 for the same period in 2024[22]. Revenue Segmentation - Revenue from intermediates was RMB 1,010,665,000, while raw materials and formulation products generated RMB 2,529,547,000 and RMB 3,978,471,000 respectively, contributing to a total segment revenue of RMB 9,282,096,000[27]. - The revenue from the formulation products segment reached RMB 3,978,500,000, a significant increase of 65.9% year-on-year, accounting for 52.9% of total revenue[85] - The company achieved sales revenue of RMB 966,100,000 from diabetes products, marking a 75.5% increase year-on-year[86] - The animal health business recorded sales revenue of RMB 564,600,000, a decrease of 15.9% year-on-year[91] Market Performance - Revenue from the Chinese market (including Hong Kong) was RMB 4,725,243,000, a decrease of 17.7% from RMB 5,748,478,000 in the previous year[30]. - The company’s revenue from Europe increased significantly to RMB 1,741,465,000 from RMB 411,566,000, indicating a strong market expansion in that region[30]. Shareholder Information - The company maintained an interim dividend of RMB 16.0 per share, unchanged from the previous year[4] - The interim dividend declared was RMB 0.16 per share, maintaining the same level as the previous year, with a payout ratio of 16.7%[82] - The group recognized a total of RMB 726,811,000 in dividends for the year-end 2024, consistent with the previous year[60] Corporate Governance and Management - The company adopted a share incentive plan on October 26, 2023, allowing for the issuance of up to 181,702,650 shares, which is 10% of the total issued shares as of that date[119] - The company currently does not have a Chief Executive Officer, and plans to appoint one at an appropriate time[127] - The audit committee consists of three independent non-executive directors: Mr. Zhang Pinwen, Professor Song Min, and Dr. Fu Qiushi, who reviewed the unaudited condensed consolidated financial report for the six months ending June 30, 2025[128] Future Plans and Developments - The company plans to expand its formulation exports and deepen its global market layout, focusing on the "Belt and Road" initiative[85] - The group aims to accelerate overseas registration and licensing of key products while enhancing its international competitiveness in production, R&D, and commercialization[108] - The group has 43 new human drug products in development, including 22 first-class new drugs focusing on endocrine, metabolism, autoimmune, ophthalmology, and anti-infection fields[92] Legal and Compliance - The group is involved in litigation to recover approximately RMB 340 million from Chengdu Evergrande, with a court ruling in June 2024 ordering a payment of approximately RMB 136.3 million[106] - The company has not disclosed any other significant litigation during the reporting period[107]
联邦制药(03933) - 2025 - 中期财报