[Audit Issue Background and Overview](index=1&type=section&id=Audit%20Issue%20Background%20and%20Overview) The company's auditor issued a qualified opinion on its financial statements due to insufficient audit evidence for revenue and profit from Chinese entities [Auditor's Qualified Opinion](index=1&type=section&id=Auditor's%20Qualified%20Opinion) Dahua Ma Shi Yun, the auditor, issued a qualified opinion on the company's 2023 and 2024 annual reports due to insufficient audit evidence for Chinese entities' revenue and profit, raising doubts about current tax payables and income tax expenses - The auditor, Dahua Ma Shi Yun, issued a qualified opinion on the company's 2023 and 2024 annual financial reports due to insufficient audit evidence for revenue and profit from Chinese entities[2](index=2&type=chunk) Affected Financial Items by Qualified Opinion (RMB) | Item | Year Ended December 31, 2024 | Year Ended December 31, 2023 | | :--- | :--- | :--- | | Current Tax Payables | 11.3 Million | 13.3 Million | | Income Tax Expense | Zero | Zero | - This audit issue was initially raised by Dahua Ma Shi Yun in the company's report for the year ended December 31, 2021[5](index=5&type=chunk) [Company's Response and Progress](index=1&type=section&id=Company's%20Response%20and%20Progress) The company is implementing a phased action plan to resolve audit issues, primarily by divesting the last affected Chinese entity by the end of 2025 [Action Plan](index=1&type=section&id=Action%20Plan) The company is executing a phased action plan to resolve audit issues, with a core strategy to sell the last affected Chinese entity by the end of 2025 to reduce current tax payables to zero - The company plans to sell the last affected Chinese entity by **December 31, 2025**, to fully resolve current tax payables and income tax issues[3](index=3&type=chunk) - To facilitate the equity sale, the company established a new subsidiary in **December 2024** to take over the core business of the Chinese entity[3](index=3&type=chunk) - As of the announcement date, the company is in discussions with two potential investors regarding the sale of the Chinese entity[4](index=4&type=chunk) [Measures Taken and Progress](index=2&type=section&id=Measures%20Taken%20and%20Progress) The company has made significant progress in resolving audit issues through divestitures, tax settlements, and enhanced internal controls, substantially reducing current tax payables Trend of Decreasing Current Tax Payables (RMB) | Time Point | Amount | | :--- | :--- | | In 2021 Annual Report | Approximately 39.5 Million | | In 2024 Annual Report | 11.3 Million | | As of June 30, 2025 | Approximately 3.2 Million | | Target (End of 2025) | Zero | - Specific measures taken by the company include: - Selling two Chinese entities in **2024**, reducing tax by **RMB 1.1 million** - Settling supplementary tax payments of **RMB 7.3 million** as required by tax authorities - Selling another Chinese entity in **June 2025**, reducing tax by **RMB 1.7 million**[7](index=7&type=chunk) - The company has strengthened internal controls, established alternative roles for key financial positions, and maintains financial data in both electronic and paper forms to prevent data loss[7](index=7&type=chunk) [Root Cause of Audit Issues](index=2&type=section&id=Root%20Cause%20of%20Audit%20Issues) The audit issues stem from incomplete handover after a former finance staff's resignation and subsequent COVID-19 restrictions, preventing the provision of complete profit data for Chinese entities from 2015-2019 - The root cause is the inability to provide Dahua Ma Shi Yun with complete records and the full calculation logic for the profit data of the relevant Chinese entities from **2015 to 2019**[6](index=6&type=chunk) - Key reasons include incomplete handover after the resignation of financial personnel and restrictions due to COVID-19 prevention and control measures after Dahua Ma Shi Yun's appointment[6](index=6&type=chunk) - The company's attempts to contact former financial personnel and seek support from previous auditors were unsuccessful, thus preventing the provision of further supporting documents[8](index=8&type=chunk) [Audit Committee and New Auditor's Opinion](index=3&type=section&id=Audit%20Committee%20and%20New%20Auditor's%20Opinion) The company has appointed a new auditor, and both the Audit Committee and the new auditor believe the action plan to resolve audit issues is effective and will be completed by year-end 2025 [Auditor Change and Opinion](index=3&type=section&id=Auditor%20Change%20and%20Opinion) The company appointed Quan On (Hong Kong) CPA Limited as its new auditor, with both the Audit Committee and the new auditor affirming the effectiveness of the company's action plan to resolve audit issues - Dahua Ma Shi Yun has resigned, and Quan On (Hong Kong) CPA Limited ("Quan On") has been appointed as the new auditor, effective **June 18, 2025**[9](index=9&type=chunk) - Both the Audit Committee and the new auditor, Quan On, consider the company's action plan to be effective[9](index=9&type=chunk) - The company expects to reduce current tax payables to zero by **December 31, 2025**, based on the implementation of the action plan[9](index=9&type=chunk)

[Company Announcement and Forward-Looking Statements](index=1&type=section&id=Company%20Announcement%20and%20Forward-Looking%20Statements) BeiGene announced Q2 and H1 2025 unaudited financial results and updated full-year guidance, including forward-looking statements and risk disclosures [Announcement Overview](index=1&type=section&id=Announcement%20Overview) BeiGene, Ltd. announced unaudited condensed consolidated financial results and business updates for Q2 and H1 2025, updating its full-year 2025 financial guidance, prepared under U.S. GAAP - BeiGene announced unaudited Q2 and H1 2025 financial results and business updates, along with updated full-year financial guidance[1](index=1&type=chunk)[2](index=2&type=chunk) - Financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), differing from International Financial Reporting Standards (IFRS)[2](index=2&type=chunk) [Forward-Looking Statements and Risk Disclosures](index=2&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Disclosures) This announcement contains forward-looking statements regarding R&D milestones, clinical development, global expansion, and future financial performance, with actual results potentially differing due to various risk factors - The report includes forward-looking statements concerning R&D milestones, clinical development, global expansion, future revenue, operating profit, cash flow, and gross margin[3](index=3&type=chunk) - Actual results may differ materially due to risks such as drug efficacy and safety, clinical outcomes, regulatory actions, commercialization capabilities, intellectual property protection, third-party reliance, and working capital[3](index=3&type=chunk) - The company advises shareholders and potential investors not to over-rely on Q2 results and 2025 financial guidance, and to exercise caution when trading company securities[4](index=4&type=chunk) [Q2 2025 Financial Results and Business Progress](index=3&type=section&id=Q2%202025%20Financial%20Results%20and%20Business%20Progress) BeiGene reported strong Q2 2025 financial results with significant revenue growth, improved profitability, and positive free cash flow, driven by core product performance and operational efficiency [CEO's Remarks and Performance Highlights](index=3&type=section&id=CEO's%20Remarks%20and%20Performance%20Highlights) CEO John Oyler highlighted the company's leadership in oncology and sustainable growth, particularly the strong performance of Brukinsa® and over 20 R&D milestones expected within 18 months - Co-founder, Chairman, and CEO John Oyler stated that the strong Q2 performance solidified the company's global leadership in oncology and demonstrated its capacity for sustainable, long-term growth[7](index=7&type=chunk) - Brukinsa® as a core product, set the benchmark for best-in-class BTK inhibitors, maintaining a leading position in the U.S. market[7](index=7&type=chunk) - Over **20 milestone advancements** are anticipated in the hematology and solid tumor pipelines within the next 18 months[7](index=7&type=chunk) 2025 Q2 Key Financial Data | Indicator | 2025 Q2 (Million USD) | YoY Growth Rate | | :--- | :--- | :--- | | Total Revenue | 1,300 | 42% | | Brukinsa® Global Revenue | 950 | 49% | | GAAP Diluted EPS | 0.84 | - | | Non-GAAP Diluted EPS | 2.25 | - | [Condensed Consolidated Financial Results](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Results) BeiGene achieved total revenue of $1.315 billion in Q2 2025, a 42% year-over-year increase, with H1 total revenue of $2.433 billion, and GAAP operating and net income turning profitable 2025 Q2 and H1 Condensed Consolidated Financial Results (GAAP) | Indicator | 2025 Q2 (Thousand USD) | 2024 Q2 (Thousand USD) | Change (%) | 2025 H1 (Thousand USD) | 2024 H1 (Thousand USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Product Revenue | 1,302,076 | 921,146 | 41% | 2,410,606 | 1,668,064 | 45% | | Collaboration Revenue | 13,224 | 8,020 | 65% | 21,973 | 12,754 | 72% | | Total Revenue | 1,315,300 | 929,166 | 42% | 2,432,579 | 1,680,818 | 45% | | GAAP Operating Income (Loss) | 87,885 | (107,161) | 182% | 98,987 | (368,509) | 127% | | GAAP Net Income (Loss) | 94,320 | (120,405) | 178% | 95,590 | (371,555) | 126% | | GAAP Diluted EPS | 0.84 | (1.15) | 173% | 0.85 | (3.56) | 124% | | Free Cash Flow | 219,772 | (205,538) | 207% | 207,447 | (670,688) | 131% | [Revenue Analysis](index=4&type=section&id=Revenue%20Analysis) Q2 2025 total revenue reached $1.3 billion, primarily driven by increased Brukinsa® sales in the U.S. and Europe, with product revenue also at $1.3 billion, and the U.S. contributing $685 million - Total revenue for Q2 2025 was **$1.3 billion**, a **42% year-over-year increase**, primarily driven by increased sales of Brukinsa® in the U.S. and Europe[9](index=9&type=chunk) - Product revenue was **$1.3 billion**, with the U.S. market contributing **$685 million**, a **43% year-over-year increase**[9](index=9&type=chunk) - Sales of Amgen-licensed products and Tislelizumab also contributed to product revenue growth[9](index=9&type=chunk) [Gross Margin](index=5&type=section&id=Gross%20Margin) Q2 2025 GAAP gross margin increased to 87.4%, mainly due to a higher proportion of Brukinsa® global sales and improved production efficiency for Brukinsa® and Tislelizumab - GAAP gross margin on global product revenue for Q2 2025 increased to **87.4%** from 85.0% in the prior year period[10](index=10&type=chunk) - The increase in gross margin is primarily attributed to a higher proportion of Brukinsa® in global sales and improved production efficiency for Brukinsa® and Tislelizumab[10](index=10&type=chunk) - Adjusted gross margin (excluding depreciation and amortization) increased to **88.1%** from 85.4% in the prior year period[10](index=10&type=chunk) [Operating Expenses](index=5&type=section&id=Operating%20Expenses) Total operating expenses for Q2 2025 increased by 18% year-over-year to $1.063 billion, with R&D expenses up 15% and SG&A expenses up 21%, driven by clinical program advancement and global commercialization 2025 Q2 Operating Expenses (GAAP) | Indicator | 2025 Q2 (Thousand USD) | 2024 Q2 (Thousand USD) | Change (%) | | :--- | :--- | :--- | | R&D Expenses | 524,896 | 454,466 | 15% | | SG&A Expenses | 537,913 | 443,729 | 21% | | Total Operating Expenses | 1,062,809 | 898,195 | 18% | - The increase in R&D expenses was primarily due to higher costs associated with advancing preclinical programs into clinical stages and early-stage clinical programs into later-stage development[13](index=13&type=chunk) - The increase in SG&A expenses was primarily due to the company's continued investment in global commercialization expansion, particularly in the U.S. and Europe[14](index=14&type=chunk) - In Q2 2025, SG&A expenses as a percentage of product revenue were **41%**, down from 48% in the prior year period, indicating improved operating leverage[14](index=14&type=chunk) [Core Product Sales Performance](index=5&type=section&id=Core%20Product%20Sales%20Performance) Brukinsa® demonstrated strong performance in the U.S. and European markets, with sales increasing by 43% and 85% year-over-year respectively, maintaining its lead in new patient market share among BTK inhibitors - Brukinsa® U.S. sales reached **$684 million**, a **43% year-over-year increase**, driven by strong demand growth across all approved indications[12](index=12&type=chunk) - Brukinsa® European sales reached **$150 million**, an **85% year-over-year increase**, primarily due to market share gains in all major European markets[12](index=12&type=chunk) - Brukinsa® continues to maintain a leading position in new patient market share among BTK inhibitor drugs[12](index=12&type=chunk) - Tislelizumab sales for Q2 2025 were **$194 million**, a **22% year-over-year increase**[12](index=12&type=chunk) [Net Income and Free Cash Flow](index=6&type=section&id=Net%20Income%20and%20Free%20Cash%20Flow) Q2 2025 GAAP net income was $94 million, a significant improvement from a loss in the prior year, driven by revenue growth and improved operating leverage, with free cash flow reaching $220 million - GAAP net income for Q2 2025 was **$94 million**, an increase of **$215 million** compared to a loss in the prior year period, primarily due to revenue growth and improved operating leverage[15](index=15&type=chunk) - Free cash flow was **$220 million**, an increase of **$425 million** compared to the prior year period[15](index=15&type=chunk) [Updated Full-Year 2025 Financial Guidance](index=7&type=section&id=Updated%20Full-Year%202025%20Financial%20Guidance) BeiGene updated its full-year 2025 revenue guidance to $5.0 billion to $5.3 billion, maintained operating expense guidance, and expects gross margin in the mid-to-high 80-90% range, with positive GAAP operating income and free cash flow 2025 Full-Year Financial Guidance Update | Indicator | Previous 2025 FY Guidance | Current 2025 FY Guidance | | :--- | :--- | :--- | | Total Revenue | $4.9 billion to $5.3 billion | $5.0 billion to $5.3 billion | | GAAP Operating Expenses | $4.1 billion to $4.4 billion | $4.1 billion to $4.4 billion | | GAAP Gross Margin % | Mid-80-90% range | Mid-to-High 80-90% range | | GAAP Operating Income | Positive for full year | Positive for full year | | Cash Flow | Positive cash flow from operations for full year | Positive free cash flow for full year | - Total revenue guidance was raised, benefiting from Brukinsa®'s leading position in the U.S. and continued expansion in Europe and other key global markets[17](index=17&type=chunk) - Gross margin is expected to be in the **mid-to-high 80-90% range**, attributed to improved product mix and enhanced production efficiency[17](index=17&type=chunk) - The company's GAAP operating expense guidance includes anticipated investments to support commercialization and research growth, aiming for sustained meaningful operating leverage[17](index=17&type=chunk) [Q2 Business Highlights](index=7&type=section&id=Q2%20Business%20Highlights) Key business highlights for Q2 include significant global regulatory and reimbursement progress for core products Brukinsa® and Tislelizumab, alongside advancements in multiple clinical-stage oncology and immunology programs [Core Commercial Product Progress](index=7&type=section&id=Core%20Commercial%20Product%20Progress) Brukinsa® received approvals in 75 markets, expanded reimbursement in 5, and gained FDA approval for a new film-coated tablet. Tislelizumab was approved in 47 markets, expanded reimbursement in 20, and received EU Commission and FDA approvals for new indications and dosing - Brukinsa® has been approved in **75 markets globally**, with new or expanded reimbursement in **5 markets** this quarter[18](index=18&type=chunk) - Brukinsa® received U.S. FDA approval for a new film-coated tablet formulation and a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use[18](index=18&type=chunk) - Tislelizumab has been approved in **47 markets globally**, with new or expanded reimbursement in **20 markets** this quarter, including Japan, Europe, and Australia[19](index=19&type=chunk) - Tislelizumab received European Commission approval for first-line treatment of metastatic or recurrent nasopharyngeal carcinoma and extensive-stage small cell lung cancer[19](index=19&type=chunk) - Tislelizumab received FDA approval for alternative dosing regimens of 150mg every two weeks and 300mg every four weeks for gastric cancer and esophageal squamous cell carcinoma[19](index=19&type=chunk) [Selected Clinical Stage Programs](index=8&type=section&id=Selected%20Clinical%20Stage%20Programs) The company made significant progress across multiple clinical programs, including hematology (Sonrotoclax, BGB-16673), lung cancer (Tarlatamab), GI cancer (Zanidatamab), and inflammation/immunology (BGB-45035, BGB-16673) [Hematology](index=8&type=section&id=Hematology) Sonrotoclax (BCL2 inhibitor) received priority review for its marketing application in China, with global Phase 3 trial enrollment initiated. BGB-16673 (BTK CDAC) received EU PRIME designation and initiated multiple Phase 3 and 2 trials - Sonrotoclax (BCL2 inhibitor) marketing applications for relapsed or refractory (R/R) chronic lymphocytic leukemia (CLL) and R/R mantle cell lymphoma (MCL) have been accepted in China and granted priority review[19](index=19&type=chunk) - The global Phase 3 trial of Sonrotoclax combined with an anti-CD20 antibody for R/R CLL has enrolled its first patient[19](index=19&type=chunk) - BGB-16673 (BTK CDAC) received Priority Medicines (PRIME) designation from the European Medicines Agency for the treatment of Waldenström's macroglobulinemia (WM) patients previously treated with a BTK inhibitor[19](index=19&type=chunk) - The global Phase 3 BGB-16673-302 trial and China Phase 3 BGB-16673-303 trial for BGB-16673 in R/R CLL have both enrolled their first patients[19](index=19&type=chunk)[20](index=20&type=chunk) - Patient enrollment has commenced for a potential registrational Phase 2 study of BGB-16673 for R/R WM[20](index=20&type=chunk) [Lung Cancer](index=9&type=section&id=Lung%20Cancer) Tarlatamab (AMG 757) marketing applications for third-line+ and second-line small cell lung cancer treatment in China have been accepted and granted priority review - The Biologics License Application (BLA) for Tarlatamab (AMG 757) for third-line and above treatment of small cell lung cancer has been accepted in China and granted priority review[20](index=20&type=chunk) - The BLA for Tarlatamab for second-line treatment of small cell lung cancer has been accepted in China[20](index=20&type=chunk) [Gastrointestinal Cancers](index=9&type=section&id=Gastrointestinal%20Cancers) Zanidatamab (HER2-targeted bispecific antibody) received regulatory approval in China for second-line treatment of HER2-high expressing biliary tract cancer and has been commercialized - Zanidatamab (Chinese trade name: Baihe'an®; HER2-targeted bispecific antibody) has received regulatory approval in China for second-line treatment of HER2-high expressing biliary tract cancer and has been commercialized[20](index=20&type=chunk) [Inflammation and Immunology](index=9&type=section&id=Inflammation%20and%20Immunology) Phase 1b trials for BGB-45035 (IRAK4 CDAC) in atopic dermatitis and prurigo nodularis, and BGB-16673 (BTK CDAC) in chronic spontaneous urticaria, have both enrolled their first patients - The Phase 1b trial for BGB-45035 (IRAK4 CDAC) in atopic dermatitis and prurigo nodularis has enrolled its first patient[21](index=21&type=chunk) - The Phase 1 trial for BGB-16673 (BTK CDAC) in chronic spontaneous urticaria has also enrolled its first patient[21](index=21&type=chunk) [Future Milestones](index=10&type=section&id=Future%20Milestones) BeiGene anticipates achieving key milestones across multiple products and therapeutic areas from H2 2025 to 2026, including Brukinsa® tablet approval, Tislelizumab subcutaneous formulation trial, Sonrotoclax data readout, and BGB-16673 head-to-head trial Expected Milestones (H2 2025 - 2026) | Product/Therapeutic Area | Expected Milestone | Expected Timeline | | :--- | :--- | :--- | | Brukinsa® | Marketing application for tablet formulation expected to receive European Commission approval | H2 2025 | | | Interim analysis of Phase 3 MANGROVE trial for first-line MCL expected to be completed | H2 2025 | | Tislelizumab | Marketing application for neoadjuvant and adjuvant treatment of early-stage NSCLC expected to receive European Commission approval | H2 2025 | | | Initiation of Phase 3 subcutaneous formulation trial expected | H2 2025 | | Hematology (Sonrotoclax) | Phase 2 data readout for R/R MCL expected, with potential for global accelerated approval submission | H2 2025 | | Hematology (BGB-16673) | Initiation of Phase 3 head-to-head trial against non-covalent BTK inhibitor pirtobrutinib for R/R CLL expected | H2 2025 | | Breast Cancer (BGB-43395) | Initiation of Phase 3 trial for second-line HR+/HER2- metastatic breast cancer expected | 2026 | | | Initiation of Phase 3 trial for first-line HR+/HER2- metastatic breast cancer expected | 2026 | | Lung Cancer (BGB-58067 & BG89894) | Completion of first patient enrollment for combination therapy trial expected | H2 2025 | | Gastrointestinal Cancers (Zanidatamab) | Primary progression-free survival data readout for Phase 3 trial in first-line HER2+ gastroesophageal adenocarcinoma, in collaboration with Zymeworks/Jazz, expected | H2 2025 | | Inflammation and Immunology (BGB-45035) | Completion of first patient enrollment for Phase 2 trial expected | H2 2025 | | | Potential proof-of-concept data for tissue IRAK4 degradation expected | H2 2025 | [Other Company Information](index=11&type=section&id=Other%20Company%20Information) The company announced its new English name BeOne Medicines Ltd. and domicile change to Switzerland, along with details for its Q2 2025 earnings conference call and general company overview [Company Name and Domicile Change](index=11&type=section&id=Company%20Name%20and%20Domicile%20Change) The company officially adopted its new English name, BeOne Medicines Ltd., and completed its domicile transfer from Cayman to Switzerland - The company officially adopted its new English name, **BeOne Medicines Ltd**[25](index=25&type=chunk) - Completed the transfer of its domicile from Cayman to Switzerland[25](index=25&type=chunk) [Conference Call and Webcast](index=11&type=section&id=Conference%20Call%20and%20Webcast) The company will host its Q2 2025 earnings conference call via webcast on Wednesday, August 6, 2025, at 8:00 AM ET (8:00 PM Beijing Time), accessible through its official website - The company will host its Q2 2025 earnings conference call via webcast on **Wednesday, August 6, 2025, at 8:00 AM ET** (8:00 PM Beijing Time)[26](index=26&type=chunk) - The webcast link is accessible through the investor page of BeiGene's official website (www.beonemedicines.com)[26](index=26&type=chunk) [About BeiGene](index=11&type=section&id=About%20BeiGene) BeiGene is a Switzerland-domiciled global oncology innovator focused on developing novel anti-cancer drugs for patients worldwide, boasting a rich portfolio, strong R&D, and a global team dedicated to enhancing drug accessibility and affordability - BeiGene is a Switzerland-domiciled global oncology innovation company dedicated to developing novel anti-cancer drugs for cancer patients worldwide[27](index=27&type=chunk) - The company possesses a rich product portfolio in hematology and solid tumors, coupled with strong in-house R&D capabilities and external strategic collaborations[27](index=27&type=chunk) - With a team of over **11,000 people** across six continents, the company is committed to comprehensively improving drug accessibility and affordability for more patients globally[27](index=27&type=chunk) [Investor and Media Contacts](index=12&type=section&id=Investor%20and%20Media%20Contacts) Provides contact information for investor relations and media inquiries Investor and Media Contacts | Investor Contact | Media Contact | | :--- | :--- | | Mi Zhou | Yiwei Yu | | +86 10 5895 8058 | +86 21 3159 1070 | | ir@beonemed.com | media@beonemed.com | [Notes to Financial Statements](index=13&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed U.S. GAAP condensed consolidated financial statements, including statements of operations, balance sheets, cash flows, and reconciliations of GAAP to non-GAAP financial measures [Condensed Consolidated Statements of Operations (U.S. GAAP)](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(U.S.%20GAAP)) Presents condensed consolidated statements of operations for the three and six months ended June 30, 2025, detailing key financial metrics including revenue, cost of sales, gross profit, operating expenses, operating income, net income, and EPS Condensed Consolidated Statements of Operations (GAAP) - Three Months Ended June 30 | Indicator | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Net Product Revenue | 1,302,076 | 921,146 | | Collaboration Revenue | 13,224 | 8,020 | | Total Revenue | 1,315,300 | 929,166 | | Cost of Sales - Product | 164,606 | 138,132 | | Gross Profit | 1,150,694 | 791,034 | | R&D Expenses | 524,896 | 454,466 | | SG&A Expenses | 537,913 | 443,729 | | Operating Income (Loss) | 87,885 | (107,161) | | Net Income (Loss) | 94,320 | (120,405) | | Diluted EPS (Loss) | 0.84 | (1.15) | Condensed Consolidated Statements of Operations (GAAP) - Six Months Ended June 30 | Indicator | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Net Product Revenue | 2,410,606 | 1,668,064 | | Collaboration Revenue | 21,973 | 12,754 | | Total Revenue | 2,432,579 | 1,680,818 | | Cost of Sales - Product | 329,608 | 263,067 | | Gross Profit | 2,102,971 | 1,417,751 | | R&D Expenses | 1,006,783 | 915,104 | | SG&A Expenses | 997,201 | 871,156 | | Operating Income (Loss) | 98,987 | (368,509) | | Net Income (Loss) | 95,590 | (371,555) | | Diluted EPS (Loss) | 0.85 | (3.56) | [Condensed Consolidated Balance Sheet Summary Data (U.S. GAAP)](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheet%20Summary%20Data%20(U.S.%20GAAP)) Provides a summary of condensed consolidated balance sheet data as of June 30, 2025, and December 31, 2024, showing key items such as cash, accounts receivable, inventory, property, plant, and equipment, total assets, liabilities, and shareholders' equity Condensed Consolidated Balance Sheet Summary Data (GAAP) | Indicator | 2025-06-30 (Thousand USD) | 2024-12-31 (Thousand USD) | | :--- | :--- | :--- | | Cash, Cash Equivalents & Restricted Cash | 2,786,086 | 2,638,747 | | Accounts Receivable, Net | 770,776 | 676,278 | | Inventory | 502,867 | 494,986 | | Property, Plant & Equipment, Net | 1,615,792 | 1,578,423 | | Total Assets | 6,298,394 | 5,920,910 | | Total Liabilities | 2,527,919 | 2,588,688 | | Total Shareholders' Equity | 3,770,475 | 3,332,222 | [Unaudited Condensed Consolidated Statements of Cash Flows Summary Data (U.S. GAAP)](index=15&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20Summary%20Data%20(U.S.%20GAAP)) Presents unaudited condensed consolidated statements of cash flows for the three and six months ended June 30, 2025, including net cash from operating, investing, and financing activities, and cash and cash equivalents at period-end Condensed Consolidated Statements of Cash Flows Summary Data (GAAP) - Three Months Ended June 30 | Indicator | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 263,598 | (95,588) | | Net Cash Used in Investing Activities | (66,605) | (111,032) | | Net Cash Provided by Financing Activities | 35,025 | 23,017 | | Cash, Cash Equivalents & Restricted Cash at Period End | 2,786,086 | 2,617,931 | Condensed Consolidated Statements of Cash Flows Summary Data (GAAP) - Six Months Ended June 30 | Indicator | 2025 (Thousand USD) | 2024 (Thousand USD) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 307,680 | (404,160) | | Net Cash Used in Investing Activities | (188,546) | (320,863) | | Net Cash Provided by Financing Activities | 1,248 | 185,310 | | Cash, Cash Equivalents & Restricted Cash at Period End | 2,786,086 | 2,617,931 | [Explanation Regarding the Use of Non-GAAP Financial Measures](index=16&type=section&id=Explanation%20Regarding%20the%20Use%20of%20Non-GAAP%20Financial%20Measures) The company provides non-GAAP financial measures to offer a more comprehensive view of operating performance by excluding non-cash and special items, supplementing but not replacing GAAP metrics for investor understanding and comparison - The company provides non-GAAP financial measures, including adjusted operating expenses, operating loss, net income, and EPS, to offer additional information on its operating performance[37](index=37&type=chunk) - Non-GAAP measures adjust GAAP data by excluding non-cash items such as share-based compensation expense, depreciation, and amortization, as well as certain unusual or significant items[37](index=37&type=chunk) - These non-GAAP financial measures should be considered supplementary to, and not as a substitute for or superior to, financial measures prepared in accordance with U.S. GAAP[37](index=37&type=chunk) [Reconciliation of Selected GAAP to Non-GAAP Financial Measures](index=17&type=section&id=Reconciliation%20of%20Selected%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliation tables between GAAP and non-GAAP financial measures, covering cost of sales, R&D, SG&A, operating expenses, operating income, net income, EPS, and free cash flow, to clearly illustrate specific adjustments and their impact GAAP to Adjusted Cost of Sales - Product Reconciliation | Indicator | 2025 Q2 (Thousand USD) | 2024 Q2 (Thousand USD) | | :--- | :--- | :--- | | GAAP Cost of Sales - Product | 164,606 | 138,132 | | Less: Depreciation | 3,321 | 2,684 | | Less: Amortization of Intangible Assets | 5,749 | 1,177 | | Adjusted Cost of Sales - Product | 154,643 | 134,271 | GAAP to Adjusted R&D Expenses Reconciliation | Indicator | 2025 Q2 (Thousand USD) | 2024 Q2 (Thousand USD) | | :--- | :--- | :--- | | GAAP R&D Expenses | 524,896 | 454,466 | | Less: Share-based Compensation Expense | 64,392 | 55,406 | | Less: Depreciation | 16,447 | 16,551 | | Adjusted R&D Expenses | 444,057 | 382,509 | GAAP to Adjusted Operating Income (Loss) Reconciliation | Indicator | 2025 Q2 (Thousand USD) | 2024 Q2 (Thousand USD) | | :--- | :--- | :--- | | GAAP Operating Income (Loss) | 87,885 | (107,161) | | Add: Share-based Compensation Expense | 150,553 | 130,694 | | Add: Depreciation | 29,854 | 23,754 | | Add: Amortization of Intangible Assets | 5,760 | 1,177 | | Adjusted Operating Income (Loss) | 274,945 | 48,464 | GAAP to Adjusted Diluted EPS (Loss) Reconciliation | Indicator | 2025 Q2 (USD) | 2024 Q2 (USD) | | :--- | :--- | :--- | | GAAP Diluted EPS (Loss) | 0.84 | (1.13) | | Add: Share-based Compensation Expense | 1.34 | 1.23 | | Add: Depreciation | 0.27 | 0.22 | | Add: Amortization of Intangible Assets | 0.05 | 0.01 | | Adjusted Diluted EPS (Loss) | 2.25 | 0.22 | Free Cash Flow (Non-GAAP) Reconciliation | Indicator | 2025 Q2 (Thousand USD) | 2024 Q2 (Thousand USD) | | :--- | :--- | :--- | | Net Cash from Operating Activities (GAAP) | 263,598 | (95,588) | | Less: Purchases of Property, Plant & Equipment | (43,826) | (109,950) | | Free Cash Flow (Non-GAAP) | 219,772 | (205,538) |

[Supplemental Announcement Regarding the 2024 Annual Report](index=1&type=section&id=%E6%9C%89%E9%97%9C2024%E5%B9%B4%E5%A0%B1%E7%9A%84%E8%A3%9C%E5%85%85%E5%85%AC%E5%91%8A) This supplemental announcement provides additional details on the 2021 Share Option Scheme for the 2024 Annual Report, maintaining all other previously disclosed information [Announcement Overview](index=1&type=section&id=Announcement%20Overview) This announcement supplements Future Development Holdings Limited's 2024 Annual Report by providing additional information on the 2021 Share Option Scheme as required by listing rules - This announcement aims to supplement the 2024 Annual Report published on April 24, 2025[3](index=3&type=chunk) - The supplementary information provides additional details regarding the 2021 Share Option Scheme, as required by Listing Rule 17.07(2)[3](index=3&type=chunk) - All other information in the 2024 Annual Report remains unchanged, except for the disclosed supplementary details[3](index=3&type=chunk) [2021 Share Option Scheme Details](index=1&type=section&id=2021%20Share%20Option%20Scheme%20Details) This section details the number of share options available for grant under the 2021 Share Option Scheme, which remained constant throughout 2024 Number of Share Options Available for Grant under 2021 Share Option Scheme | Date | Number of Share Options Available for Grant (Options) | | :--- | :--- | | January 1, 2024 | 191,212,300 | | December 31, 2024 | 191,212,300 | [Board of Directors Information](index=1&type=section&id=Board%20of%20Directors%20Information) This section outlines the composition of the company's Board of Directors as of the announcement date, including executive, non-executive, and independent non-executive directors - As of August 6, 2025, the company's Board of Directors comprises the following members: * **Executive Directors**: Mr. Lau Ka Ho (Chief Executive Officer), Mr. Chan Hoi Tik * **Non-Executive Director**: Mr. Shi Rong Xin * **Independent Non-Executive Directors**: Ms. Chan Sze Man, Ms. Bu Ya Nan, Mr. Wong Sai Hung[4](index=4&type=chunk)[5](index=5&type=chunk)

（於百慕達註冊成立之有限公司） 股份代號：626 卓越表現 是我們的承諾 互相關顧 追求卓越 彼此信賴 維護道德及 提倡廉正 嚴守紀律 審慎而行 (Incorporated in Bermuda with limited liability) Stock Code: 626 2025 Interim Report CARING EXCELLENCE TRUST ETHICS & INTEGRITY DISCIPLINE PRUDENCE EXCELLENCE is our Commitment 2025 中期報告 PUBLIC FINANCIAL HOLDINGS LIMITED 大眾金融控股有限公司 INTERIM REPORT 2025 中期報告 大眾金融控股有限公司 中期報告2025 目錄 2 公司資料 3 簡明綜合收益表 4 簡明綜合全面收益表 5 五年財務摘要 6 簡明綜合財務狀況表 8 簡明綜合權益變動表 9 簡明綜合現金流量表 11 中期財務報表附註 70 管理層討論及分析 75 其他資料 中期報告2025 公司資料 董事會 非執行主席 賴雲 執行董事 鍾炎強 非執行董事 拿督鄭國謙 柯寶傑 L ...

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。 （於開曼群島註冊成立之有限公司） （股份代號：220） 2025年中期業績公告 統一企業中國控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬公 司（合稱「本集團」或「我們」）截至2025年6月30日止6個月（「回顧期」）未經審核中期簡明綜合財務資 料。該中期簡明綜合財務資料未經審核，但已由董事會之審核委員會（「審核委員會」）及本公司獨 立核數師羅兵咸永道會計師事務所按照香港會計師公會頒布之香港審閱準則第2410號「由實體的 獨立核數師執行中期財務資料審閱」進行審閱。 1 • 收益為人民幣17,086.6百萬元，上升10.6% • 本集團毛利率為34.3%，上升0.5個百分點 • 未計利息、稅項、折舊及攤銷前盈利為人民幣2,329.7百萬元，上升23.0% • 本公司權益持有人期間應佔溢利為人民幣1,286.7百萬元，上升33.2% 經濟環境分析 2025年上半年中華人民共 ...

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。 國泰航空有限公司 (在香港註冊成立的有限公司) (股份代號：293) 公 告 二零二五年中期業績 國泰航空有限公司（「公司」）及其附屬公司（「國泰」、「國泰集團」或「集團」）在四大業務範疇提供產 品及服務，包括國泰航空、國泰貨運、生活品味業務及香港快運航空有限公司（「香港快運」）。 財務及營業撮要 | 集團財務統計數字 | | 二零二五年 | 二零二四年 | | | --- | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | 變幅 | | 業績 | | | | | | 收益 | 港幣百萬元 | 54,309 | 49,604 | +9.5% | | 國泰集團股東應佔溢利 | 港幣百萬元 | 3,651 | 3,613 | +1.1% | | 每股普通股盈利 | | | | | | —基本 | 港仙 | 56.7 | 52.4 | +8.2% | | —攤薄 | ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group reported strong H1 2025 operating results, with revenue up 13% and EBITDA up 63%, narrowing loss attributable to shareholders to HKD 289 million 2025 Interim Results Summary | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating Revenue^ (HKD Million)** | 3,281 | 2,908 | 13% | | **Operating EBITDA^ (HKD Million)** | 643 | 395 | 63% | | **Loss Attributable to Shareholders (HKD Million)** | (289) | (448) | 35% (Loss Narrowed) | | **Basic Loss Attributable to Shareholders (HKD Million)** | (216) | (257) | 16% (Loss Narrowed) | | **Metric** | **As of June 30, 2025** | **As of December 31, 2024** | **Change** | | **Net Asset Value Per Share (HKD)** | 21.30 | 21.24 | – | | **Net External Debt to Total Assets Ratio** | 25% | 23% | +2pp | - Excluding the non-recurring income from the sale of London Peninsula residential apartments in the same period of 2024, the Group's consolidated operating revenue achieved a **robust 13% growth**[2](index=2&type=chunk) - The London Peninsula residential apartment project is progressing well, with **17 out of 24 units sold** as of June 30, 2025, and the remaining **6 units officially launched** to the market[2](index=2&type=chunk) - Loss attributable to shareholders narrowed from **HKD 448 million** in the prior year to **HKD 289 million**, primarily due to a reduction in unrealized revaluation losses on investment properties (from **HKD 139 million** to **HKD 61 million**)[2](index=2&type=chunk)[11](index=11&type=chunk) [CEO Review](index=3&type=section&id=CEO%20Review) [Business Performance](index=4&type=section&id=Business%20Performance) The Group's business segments, including Hotels, Commercial Properties, and Peak Tram, showed mixed performance, with strong international hotel and Peak Tram results offsetting weakness in Greater China [Hotels Segment](index=4&type=section&id=Hotels%20Segment) The Hotels segment's total revenue grew 14% year-on-year, driven by strong double-digit growth in New York, Tokyo, Paris, and London Peninsula hotels, while Greater China hotels saw revenue declines due to weak demand Hotel Revenue Performance (HKD Million) | Hotel | Revenue (HKD Million) | Year-on-Year Change (in HKD) | | :--- | :--- | :--- | | The Peninsula Hong Kong | 518 | – | | The Peninsula Shanghai* | 212 | -3% | | The Peninsula Beijing | 149 | -6% | | The Peninsula London | 373 | +12% | | The Peninsula Paris* | 426 | +23% | | The Peninsula Istanbul* | 206 | +36% | | The Peninsula New York | 348 | +54% | | The Peninsula Chicago | 286 | +6% | | The Peninsula Beverly Hills* | 341 | +9% | | The Peninsula Tokyo | 499 | +24% | | The Peninsula Bangkok | 121 | +18% | | The Peninsula Manila | 118 | +6% | - Following a major renovation completed in 2024, The Peninsula New York demonstrated strong performance in H1 2025, with revenue increasing by **54% year-on-year**[33](index=33&type=chunk) - The Peninsula Tokyo showed strong growth momentum, benefiting from international group business and the cherry blossom season, with Revenue Per Available Room (RevPAR) significantly increasing by **28% year-on-year**[41](index=41&type=chunk) - Due to weak demand in the Greater China region, The Peninsula Beijing's Revenue Per Available Room (RevPAR) decreased by **9% year-on-year**[23](index=23&type=chunk) [Commercial Properties Segment](index=11&type=section&id=Commercial%20Properties%20Segment) Commercial Properties recurring revenue grew 5%, with Hong Kong's Repulse Bay Complex and The Peak Tower outperforming, while St. John's Building revenue declined due to a weak office market, and Vietnam's The Landmark land use rights expire in January 2026 - Hong Kong's Repulse Bay Complex outperformed the previous year, with both residential revenue and occupancy rates improving[47](index=47&type=chunk) - Due to a weak and oversupplied Hong Kong office market, St. John's Building's H1 2025 revenue declined, with its occupancy rate falling to **78%**[49](index=49&type=chunk) - The joint venture and land use rights for The Landmark property in Vietnam will expire and dissolve in **January 2026**, with no possibility of extension[49](index=49&type=chunk)[50](index=50&type=chunk) [Peak Tram, Retail and Other Businesses Segment](index=13&type=section&id=Peak%20Tram%2C%20Retail%20and%20Other%20Businesses%20Segment) This segment's revenue grew 15% year-on-year, primarily driven by the Peak Tram business, which saw a 17% revenue increase and record passenger volume, with other businesses showing mixed growth Segment Business Revenue Performance (HKD Million) | Business | Revenue (HKD Million) | Year-on-Year Change | | :--- | :--- | :--- | | Peak Tram | 171 | +17% | | Quail Lodge Golf Club | 74 | +27% | | Peninsula Merchandising | 64 | +7% | | Tai Pan Laundry | 30 | -7% | - The Peak Tram business performed robustly, achieving a **record-high passenger volume** during the May Golden Week holiday, driving an increase in ticket sales[51](index=51&type=chunk) [Talent Development](index=14&type=section&id=Talent%20Development) The Group focuses on talent development and succession, with a new recruitment website increasing job applications by 25%, and a global full-time workforce of 7,698 employees at period-end - The Group launched a new recruitment website, successfully increasing job applications by **25%** and strengthening the company's talent pool[57](index=57&type=chunk) - As of June 30, 2025, the Group employed a total of **7,698 full-time staff**[58](index=58&type=chunk) [Valued Legacy (Sustainability)](index=14&type=section&id=Valued%20Legacy) The Group advances its 'Valued Legacy 2030 Vision' sustainability strategy, achieving BREEAM certification for new hotels, expanding renewable energy use, and raising USD 4.8 million for Turkiye earthquake relief - Both The Peninsula London and The Peninsula Istanbul received **'Excellent' certification** under the Building Research Establishment Environmental Assessment Method (BREEAM)[60](index=60&type=chunk) - To aid earthquake-affected areas in Turkiye, the Group's 'Hope for Turkiye' initiative, funded by allocations from global Peninsula hotel room revenues, successfully raised **USD 4.8 million** in donations[62](index=62&type=chunk) [Outlook](index=15&type=section&id=Outlook) The Group maintains a cautiously optimistic H2 outlook, expecting strong European and American hotel performance, but anticipating continued geopolitical and trade impacts in Greater China and Hong Kong, while focusing on prudent expense management - Business at The Peninsula Paris, Tokyo, Beverly Hills, and the newly renovated New York is expected to remain strong[63](index=63&type=chunk) - Geopolitical concerns and trade tensions are anticipated to continue adversely impacting the Group's hotels in Greater China[64](index=64&type=chunk) - The ongoing trend of Hong Kong residents traveling north to Shenzhen for consumption may affect the Group's food and beverage revenue in Hong Kong[64](index=64&type=chunk) - The Group will continue to prudently manage business expenses to navigate the weak market conditions[65](index=65&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) [Financial Performance Summary](index=17&type=section&id=Financial%20Performance%20Summary) In H1 2025, the Group's consolidated operating revenue rose 13% to HKD 3.3 billion, and operating EBITDA grew 63% to HKD 643 million, with loss attributable to shareholders narrowing to HKD 289 million and available funds reaching HKD 3.5 billion - Excluding the impact of residential sales, consolidated operating revenue increased by **13% year-on-year**, primarily driven by significant revenue growth from The Peninsula New York, London, and Tokyo[71](index=71&type=chunk) - Basic loss attributable to shareholders narrowed from **HKD 257 million** in the prior year to **HKD 216 million**[72](index=72&type=chunk) - As of end-June 2025, the Group had unutilized credit facilities of **HKD 2.7 billion** and cash of **HKD 832 million**, totaling **HKD 3.5 billion** in available funds, indicating ample liquidity[73](index=73&type=chunk) [Adjusted Net Asset Value](index=18&type=section&id=The%20Group%27s%20Adjusted%20Net%20Asset%20Value) Adjusting hotels and golf courses to fair value would increase shareholders' net assets by 14% to HKD 40.402 billion, with adjusted net asset value per share at HKD 24.24 Adjusted Shareholders' Net Assets (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Net Assets (Financial Statements) | 35,507 | 35,401 | | Adjustment of Hotels and Golf Courses to Fair Value | 4,895 | 4,632 | | **Adjusted Shareholders' Net Assets** | **40,402** | **40,033** | | **Net Asset Value Per Share (HKD)** | 21.30 | 21.24 | | **Adjusted Net Asset Value Per Share (HKD)** | **24.24** | **24.01** | [Basic Loss Attributable to Shareholders](index=18&type=section&id=The%20Group%27s%20Basic%20Profit%20or%20Loss%20Attributable%20to%20Shareholders) To reflect core operating performance, the Group's basic loss attributable to shareholders, excluding non-recurring items, improved to HKD 216 million for H1 2025 from HKD 257 million in the prior year Reconciliation of Basic Loss Attributable to Shareholders (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Attributable to Shareholders | (289) | (448) | | Add: Net Loss on Investment Property Valuation* | 73 | 153 | | Add: Non-recurring Expenses** | – | 38 | | **Basic Loss Attributable to Shareholders** | **(216)** | **(257)** | [Income Statement Analysis](index=19&type=section&id=Income%20Statement%20Analysis) Operating revenue grew 13% this period, driving a 63% increase in operating EBITDA, though total revenue declined 29% year-on-year; depreciation and amortization rose, and taxes increased, resulting in a 35% narrowed loss attributable to shareholders of HKD 289 million Key Income Statement Items (HKD Million) | Item | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,281 | 2,908 | 13% | | Operating EBITDA | 643 | 395 | 63% | | Residential Sales Revenue | – | 1,707 | Not Applicable | | Total EBITDA | 643 | 542 | 19% | | Depreciation and Amortization | (358) | (333) | (8%) | | Net Finance Costs | (362) | (366) | 1% | | Fair Value Loss on Investment Properties | (61) | (139) | 56% | | **Loss Attributable to Shareholders** | **(289)** | **(448)** | **35%** | - Depreciation and amortization expenses increased, primarily due to the completion of renovation works at The Peninsula New York in **2024**[80](index=80&type=chunk) - The increase in taxation was mainly due to improved profitability at The Peninsula Tokyo, Repulse Bay Complex, The Peak Tower, and The Peak Tram[80](index=80&type=chunk) [Statement of Financial Position Analysis](index=25&type=section&id=Statement%20of%20Financial%20Position%20Analysis) As of June 30, 2025, the Group's total assets were HKD 55.946 billion, shareholders' net assets HKD 35.507 billion, and net asset value per share HKD 21.30, largely stable, with fixed assets and interest-bearing loans increasing Statement of Financial Position Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed Assets | 49,399 | 47,864 | 3% | | **Total Assets** | **55,946** | **54,176** | **3%** | | Interest-Bearing Loans | (14,566) | (13,389) | (9%) | | **Total Liabilities** | **(20,390)** | **(18,730)** | **(9%)** | | **Shareholders' Equity** | **35,507** | **35,401** | **–** | - The total fair value of the Group's property assets is approximately **HKD 62.7 billion**, exceeding their carrying value of **HKD 54.1 billion** in the financial statements[103](index=103&type=chunk) [Cash Flow Statement Analysis](index=28&type=section&id=Cash%20Flow%20Statement%20Analysis) Net cash inflow from recurring operating activities reached HKD 366 million, a nine-fold increase from the prior year, driven by strong operating EBITDA; the Group continued project investments and successfully issued JPY 16 billion in private placement Samurai bonds - Net cash inflow from recurring operating activities, after deducting normal capital expenditure, was **HKD 366 million**, a significant increase from only **HKD 38 million** in the prior year (excluding residential sales)[108](index=108&type=chunk) - Total project-related cash outflow amounted to **HKD 331 million**, primarily for The Peninsula London development, capital injection into The Peninsula Istanbul, and The Peninsula New York renovation[108](index=108&type=chunk) - In June 2025, the Group successfully issued **JPY 16 billion** (approximately **HKD 869 million**) in private placement Samurai bonds, expanding its financing channels[109](index=109&type=chunk) [Treasury Management](index=29&type=section&id=Treasury%20Management) The Group maintains a robust financial position with HKD 2.7 billion in unutilized credit facilities and a 25% net debt to total assets ratio, while successfully issuing its first JPY 16 billion private placement Samurai bond and refinancing a GBP 425 million green syndicated loan, with 62% of committed credit facilities now green or sustainability-linked - The Group successfully issued its first **JPY 16 billion** private placement Samurai bond and completed refinancing for a **GBP 425 million** green syndicated loan, effectively expanding financing channels and extending debt maturity[111](index=111&type=chunk) - As of June 30, 2025, the Group's net external debt to total assets ratio remained at a **healthy 25%**[110](index=110&type=chunk) - The Group is committed to sustainable finance, with **62%** of its total committed credit facilities classified as green loans or sustainability-linked loans as of period-end[112](index=112&type=chunk) [Dividends](index=30&type=section&id=Dividends) The company's dividend policy aims for stable and sustainable dividends; however, due to the basic loss recorded for the period, the Board decided not to declare an interim dividend for H1 2025 - Given the basic loss recorded, the company did not declare or pay an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[116](index=116&type=chunk) [Consolidated Financial Statements](index=31&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement and Consolidated Statement of Comprehensive Income](index=31&type=section&id=Consolidated%20Income%20Statement%20and%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, the Group recorded revenue of HKD 3.281 billion and a loss attributable to shareholders of HKD 289 million, with other comprehensive income of HKD 395 million, primarily from exchange gains, resulting in a positive total comprehensive income of HKD 106 million Income Statement and Comprehensive Income Statement Summary (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,281 | 4,615 | | **Loss for the Period** | **(289)** | **(448)** | | Other Comprehensive Income for the Period | 395 | 82 | | **Total Comprehensive Income for the Period** | **106** | **(366)** | [Consolidated Statement of Financial Position](index=33&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 55.946 billion, total liabilities HKD 20.390 billion, and net assets HKD 35.556 billion, maintaining a robust financial position Statement of Financial Position Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **55,946** | **54,176** | | **Total Liabilities** | **20,390** | **18,730** | | **Net Assets** | **35,556** | **35,446** | | **Total Equity Attributable to Shareholders** | **35,507** | **35,401** | [Condensed Consolidated Cash Flow Statement](index=35&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash inflow from operating activities was HKD 610 million, with net cash outflows from investing activities of HKD 571 million and financing activities of HKD 220 million, resulting in HKD 560 million cash and cash equivalents at period-end Cash Flow Statement Summary (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 610 | 1,853 | | Net Cash Outflow from Investing Activities | (571) | (731) | | Net Cash Outflow from Financing Activities | (220) | (1,259) | | **Net Decrease in Cash and Cash Equivalents** | **(181)** | **(137)** | | **Cash and Cash Equivalents at Period-End** | **560** | **560** | [Notes to the Financial Statements](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [Note 3: Segment Reporting](index=37&type=section&id=Note%203.%20Segment%20Reporting) The Group's business is managed across three segments: Hotels, Commercial Properties, and Peak Tram & Other Businesses, with Hotels as the largest revenue contributor at HKD 2.483 billion, Commercial Properties revenue decreasing, and Peak Tram & Other Businesses growing steadily Segment Revenue and Operating Profit (HKD Million) | Segment | Revenue (2025 H1) | Revenue (2024 H1) | Operating Profit (2025 H1) | Operating Profit (2024 H1) | | :--- | :--- | :--- | :--- | :--- | | Hotels | 2,483 | 2,174 | 115 | (98) | | Commercial Properties | 455 | 2,142 | 224 | 360 | | Peak Tram, Retail and Other Businesses | 343 | 299 | (54) | (53) | | **Consolidated** | **3,281** | **4,615** | **285** | **209** | [Note 9: Property, Plant and Equipment](index=43&type=section&id=Note%209.%20Investment%20Properties%2C%20Other%20Property%2C%20Plant%20and%20Equipment) During the period, the Group incurred HKD 202 million for London Peninsula development and HKD 102 million for Hong Kong Peninsula fixed assets; investment properties were revalued, resulting in a net loss of HKD 61 million due to Hong Kong property market decline - A net loss of **HKD 61 million** was recorded due to the revaluation of investment properties, which has been recognized in the consolidated income statement[139](index=139&type=chunk) [Note 17: Interest-Bearing Loans](index=49&type=section&id=Note%2017.%20Interest-Bearing%20Loans) As of June 30, 2025, the Group's total interest-bearing loans increased to HKD 14.566 billion, with HKD 9.15 billion repayable within one year, and the Group issued HKD 869 million (JPY 16 billion) in private placement Samurai bonds Interest-Bearing Loans Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Available Credit Facilities | 17,370 | 16,308 | | Amount Utilized | 14,591 | 13,420 | | **Total Interest-Bearing Loans (Recognized)** | **14,566** | **13,389** | [Note 20: Commitments](index=51&type=section&id=Note%2020.%20Commitments) As of June 30, 2025, the Group's total capital commitments significantly decreased to HKD 480 million, with HKD 95 million in contracted but unprovided commitments primarily for existing properties and major renovations Capital Commitments (HKD Million) | Item | Contracted | Authorized but Not Contracted | Total | | :--- | :--- | :--- | :--- | | Capital Commitments | 89 | 340 | 429 | | Share of Commitments in Joint Ventures and Associates | 6 | 45 | 51 | | **Total** | **95** | **385** | **480** | [Corporate Governance and Other Information](index=52&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance and Risk Management](index=52&type=section&id=Corporate%20Governance%20and%20Risk%20Management) The Board confirmed the Group's compliance with the HKEX Corporate Governance Code in H1 2025, and its risk management and internal control systems were deemed effective and adequate, with no material issues found - The Company has complied with all code provisions and recommended best practices of the Corporate Governance Code for the six months ended June 30, 2025, with minor disclosed exceptions[160](index=160&type=chunk) - The Board reviewed and confirmed that the Group's risk management and internal control systems remained effective and adequate in H1 2025[161](index=161&type=chunk) [Other Information](index=53&type=section&id=Other%20Information) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed listed securities; all directors confirmed compliance with the securities dealing code, and no interim dividend was declared due to basic loss - Neither the company nor any of its subsidiaries purchased, sold, or redeemed the company's listed securities during the period[163](index=163&type=chunk) - Given the basic loss recorded by the company, the Board resolved not to declare an interim dividend for the six months ended June 30, 2025[165](index=165&type=chunk)

2025 INTERIM REPORT 中期報告 Mission Statement Natural Beauty is dedicated to cultivate our staff, customers, students and franchisees to appreciate our education, products and services, which are the mission and belief of the brand and to make modern ladies beautiful, confident and wealthy. 我們致力於使員工、顧客、學員及加盟老師們存著一份感恩的心來到 自然美，學習自然美容術及使用自然美產品及服務，這都是東森自然 美這個品牌一直以來的使命與信念，幫助無數女性建立美麗、自信及 財富。 Contents | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 6 | | 管理層討論及分析 | | | Co ...

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。 Natural Beauty Bio-Technology Limited 自然美生物科技有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00157） (1)截至二零二五年六月三十日止六個月之中期業績公告 (2)建議採納二零二五年購股權計劃 及 (3)建議修訂股份獎勵計劃二 自 然 美 生 物 科 技 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 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 業 績。本 公 告 載 有 本 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 報 告（「二零二五年中期報告」） 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）有 關 中 期 業 績 初 步 公 佈 隨 附 資 料 的 ...

[Financial Summary and Interim Dividend](index=1&type=section&id=Financial%20Summary%20and%20Interim%20Dividend) [Summary of Operating Results](index=1&type=section&id=Summary%20of%20Operating%20Results) The Group achieved steady growth in the first half of 2025, with revenue slightly increasing by **1.8%** to **RMB 259 million**, and gross profit margin modestly rising to **68.6%**, while total comprehensive income increased by **45.9%** to **RMB 12.4 million** due to effective operating expense control, with basic earnings per share rising to **RMB 10.14 cents** Key Financial Indicators for H1 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 258.9 million | RMB 254.3 million | +1.8% | | Gross Profit | RMB 177.6 million | RMB 173.4 million | +2.4% | | Gross Profit Margin | 68.6% | 68.2% | +0.4pp | | Operating Expenses | RMB 164.6 million | RMB 169.3 million | -2.8% | | Total Comprehensive Income | RMB 12.4 million | RMB 8.5 million | +45.9% | | Basic and Diluted Earnings Per Share | RMB 10.14 cents | RMB 6.39 cents | +58.7% | [Interim Dividend](index=2&type=section&id=Interim%20Dividend) The Board proposes an interim dividend of **HKD 0.15** per share for the six months ended June 30, 2025, totaling approximately **HKD 18.3 million**, subject to shareholder approval at a special general meeting - The Board proposes an interim dividend of **HKD 0.15** per share, totaling **HKD 18,339,837.75**, subject to shareholder approval[5](index=5&type=chunk) [Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded revenue of **RMB 259 million**, a **1.8%** year-on-year increase, achieving a profit for the period of **RMB 12.402 million**, up **58.7%** from **RMB 7.813 million** in the prior period, despite increased sales and marketing expenses partially offset by reduced administrative and R&D costs Interim Condensed Consolidated Statement of Comprehensive Income | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 258,913 | 254,286 | | Gross Profit | 177,551 | 173,435 | | Operating Profit | 15,682 | 11,655 | | Profit Before Income Tax | 20,544 | 13,125 | | **Profit for the Period** | **12,402** | **7,813** | | **Total Comprehensive Income for the Period** | **12,402** | **8,465** | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were **RMB 592 million**, a **5.6%** increase from the end of 2024, with total liabilities at **RMB 104 million**, and the debt-to-asset ratio rising from **15.2%** to **17.6%**, while total equity increased to **RMB 488 million** Summary of Interim Condensed Consolidated Statement of Financial Position | Item | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | **Total Non-current Assets** | 312,394 | 325,331 | | **Total Current Assets** | 279,872 | 235,362 | | **Total Assets** | **592,266** | **560,693** | | **Total Equity** | 487,778 | 475,376 | | **Total Liabilities** | 104,488 | 85,317 | | **Total Equity and Liabilities** | **592,266** | **560,693** | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail the company's basic information, accounting policies, segment information, tax status, and financial data composition, including its primary business of producing and selling functional health teas and weight-loss drugs, segmenting operations into tea products and weight-loss and other pharmaceuticals, and disclosing key customer, tax rate, EPS calculation, and dividend details - The Group's principal activities are the manufacturing and sale of functional health tea products and the sale of weight-loss and other pharmaceutical products[11](index=11&type=chunk) Segment Results for H1 2025 | Segment | Revenue (RMB in thousands) | Segment Results (RMB in thousands) | | :--- | :--- | :--- | | Tea Products Segment | 159,668 | 46,470 | | Weight-Loss and Other Pharmaceutical Products Segment | 99,245 | 1,443 | | **Total** | **258,913** | **47,913** | - In H1 2025, revenue from Customer B and Customer C (both e-commerce platforms) each accounted for over **10%** of the Group's total revenue, at **RMB 30.28 million** and **RMB 30.01 million** respectively[22](index=22&type=chunk) - Basic and diluted earnings per share for H1 2025 were **RMB 10.14 cents**, higher than **RMB 6.39 cents** in the same period last year[31](index=31&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=17&type=section&id=Performance%20Review) In the first half of 2025, the Group maintained a profit-centric, stable operating strategy, achieving smooth transition in offline OTC business and maturing online agency operation models through optimized channel management, significantly enhancing overall operational quality, and making progress in marketing, channel expansion, international business, and R&D innovation, laying a foundation for H2 development [Channel Strategy and Operations](index=18&type=section&id=Channel%20Strategy%20and%20Operations) The Group solidified its market position in offline channels by deepening cooperation with chain pharmacies, multi-platform promotion, and maintaining price systems, while significantly boosting online performance through refined agency operations, platform differentiation, price optimization, AI digital human live streaming, and new media marketing like Xiaohongshu, particularly focusing on core best-selling products on Douyin and leveraging digital marketing systems for efficiency - Offline channels ensured market share and sales scale through deepened cooperation with chain pharmacies, multi-platform promotion, and price control[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - E-commerce agency operation models were refined, improving operating results across platforms through differentiated strategies, targeted price optimization initiatives, and content operation innovations, such as AI digital human live streaming[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) - The Xiaohongshu platform was relaunched and strategically focused, driving brand awareness and sales growth through a 'three-dimensional content seeding model' and content loop[49](index=49&type=chunk) - On new business platforms like Douyin, the focus was on core best-selling products in the weight management category, applying AI technology (e.g., 'Kouzi workflow') to enhance content production efficiency and compliance, saving **40%** in labor costs[50](index=50&type=chunk)[52](index=52&type=chunk) [International Business and R&D](index=22&type=section&id=International%20Business%20and%20R%26D) International business made substantial progress with trial orders from Southeast Asian e-commerce platforms and an OEM agreement with a Vietnamese company, alongside packaging upgrades and compliance modifications for US market products; R&D expanded health efficacy research for core products through industry-academia collaboration, actively maintained health food approvals, and strengthened intellectual property by applying for **6** new patents in H1 - International business focused on the Southeast Asian market, securing trial orders with local e-commerce platforms and signing an OEM agreement with a Vietnamese company, while also completing product upgrades for the US market[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - Through collaboration with Beijing Technology and Business University, industry-academia integration was promoted, with research indicating significant efficacy of Changrun Tea and Changjing Tea in uric acid reduction and liver damage protection, leading to **2** invention patent applications[56](index=56&type=chunk) - In H1, **3** invention patents and **3** utility model patents were applied for, and **1** invention patent was granted, deepening the intellectual property layout[58](index=58&type=chunk) [Business Outlook](index=25&type=section&id=Business%20Outlook) In the second half of 2025, the Group will leverage the 'Weight Management Year' initiative to deepen reforms, integrate online and offline sales advantages, and focus on the 'weight management' and 'bowel regularity and gastrointestinal health' sectors, continuing to promote brand rejuvenation, increase investment in new media and new retail, and continuously develop new products to meet market demand - In the second half, the focus will be on the two core areas of 'weight management' and 'gastrointestinal health,' deepening reforms, integrating online and offline channels, and leveraging new media and new retail to enhance competitiveness[60](index=60&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) This financial review details the Group's H1 financial performance, with revenue slightly up **1.8%** driven by strong online channel growth, a modest increase in gross profit margin, higher sales and marketing expenses due to increased e-commerce platform fees, but significantly lower administrative and R&D costs, resulting in healthy operating cash flow, a stable financial position, and a low debt-to-asset ratio [Revenue Analysis](index=26&type=section&id=Revenue%20Analysis) Total revenue for H1 2025 was **RMB 259 million**, a **1.8%** year-on-year increase, primarily driven by weight-loss pharmaceuticals (**+15.0%**) and online channel products 'Orlistat' and 'Xianxian Tea' (growing **41.6%** and **53.5%** respectively), offsetting declines in the Four Teas series (**-4.7%**) and offline channels H1 2025 Revenue Composition (by Product) | Product Category | Revenue (RMB in thousands) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Bishengyuan Changrun Tea | 30,352 | 11.7% | -35.2% | | Bishengyuan Changjing Tea | 50,290 | 19.4% | -7.5% | | Bishengyuan Xianxian Tea | 45,732 | 17.7% | +47.5% | | Bishengyuan Qingyuan Tea | 2,753 | 1.1% | -15.8% | | **Weight-Loss Pharmaceuticals** | **94,368** | **36.4%** | **+15.0%** | | Other Health Foods | 30,541 | 11.8% | -5.0% | | Other Pharmaceuticals | 4,877 | 1.9% | +6.5% | | **Total** | **258,913** | **100.0%** | **+1.8%** | - Online channel products 'Bishengyuan Orlistat' and 'Bishengyuan Xianxian Tea' achieved significant year-on-year sales growth of **41.6%** and **53.5%** respectively[62](index=62&type=chunk) [Cost, Gross Profit, and Expense Analysis](index=27&type=section&id=Cost%2C%20Gross%20Profit%2C%20and%20Expense%20Analysis) Gross profit margin for H1 was **68.6%**, a slight increase of **0.4** percentage points year-on-year; sales and marketing expenses rose **13.3%** to **RMB 125 million**, primarily due to increased e-commerce platform service and traffic acquisition fees, while administrative and R&D costs significantly decreased by **19.6%** and **68.4%** respectively, effectively controlling overall expenses - Gross profit margin slightly increased from **68.2%** to **68.6%**, primarily due to changes in product mix and higher gross profit margins for certain products[63](index=63&type=chunk) - Sales and marketing expenses increased by **13.3%** year-on-year, mainly due to higher e-commerce platform agency operation service fees and platform traffic acquisition costs[64](index=64&type=chunk)[65](index=65&type=chunk) - Administrative expenses decreased by **19.6%** year-on-year, primarily due to a reduction in non-recurring expenditures[66](index=66&type=chunk) - Research and development costs significantly decreased by **68.4%** year-on-year to **RMB 5.0 million**, mainly due to reduced investment in outsourced R&D activities[67](index=67&type=chunk) [Liquidity, Capital Resources, and Investments](index=29&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Investments) The Group's working capital primarily originates from operating activities, with net cash inflow from operating activities significantly increasing to **RMB 31.8 million** in H1; period-end cash and cash equivalents rose to **RMB 165 million**, with no bank borrowings and a debt-to-asset ratio of **17.6%**, while financial assets measured at fair value were approximately **RMB 78.3 million**, mainly equity investments in various funds and companies Summary of Net Cash Flows (For the Six Months Ended June 30) | Item | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 31,801 | 12,354 | | Net Cash Inflow from Investing Activities | 389 | 5,574 | | Net Cash Outflow from Financing Activities | (1,803) | (2,414) | | **Cash and Cash Equivalents at End of Period** | **164,542** | **184,518** | - As of June 30, 2025, the Group had no bank borrowings, and its debt-to-asset ratio was **17.6%**[79](index=79&type=chunk)[87](index=87&type=chunk) - The Group held financial assets measured at fair value through profit or loss of **RMB 78.3 million**, and through the consolidated 'Fund No. 6,' held loans receivable of approximately **RMB 69.8 million** and restricted bank deposits of approximately **RMB 13.5 million**[73](index=73&type=chunk)[75](index=75&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [Compliance, Human Resources, and Corporate Governance](index=34&type=section&id=Compliance%2C%20Human%20Resources%2C%20and%20Corporate%20Governance) The Group strictly adheres to all laws and regulations, with no significant compliance incidents, maintaining good relationships with employees, suppliers, and customers; as of period-end, the Group had **129** employees, and in corporate governance, it complies with the Corporate Governance Code, having completed the separation of CEO and Chairman functions in June 2025, with the Audit Committee reviewing the current financial information - The Group's operations comply with relevant laws and regulations, with no significant non-compliance issues identified, and maintains good stakeholder relationships[90](index=90&type=chunk)[91](index=91&type=chunk) - As of June 30, 2025, the Group had **129** employees, with staff costs of **RMB 22.5 million** in H1[92](index=92&type=chunk) - In June 2025, Mr. Zhao Yihong was re-designated from Chief Executive Officer to Chief Strategy Officer, and Mr. Feng Bing was appointed Chief Executive Officer, with the company subsequently complying with the Corporate Governance Code's requirement for separation of Chairman and CEO functions[94](index=94&type=chunk) [Dividends, Share Repurchases, and Other Disclosures](index=36&type=section&id=Dividends%2C%20Share%20Repurchases%2C%20and%20Other%20Disclosures) The Board proposes an interim dividend of **HKD 0.15** per share and announced the specific timetable for dividend payment; during the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company is discussing arrangements for full redemption of its participating shares in 'Fund No. 6' with the fund manager - During the first half, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[96](index=96&type=chunk) - The company is discussing arrangements and a timetable for the full cash redemption of its participating shares in 'Zhongzhou Longteng Global Opportunity Fund No. 6' with the fund manager[99](index=99&type=chunk) - Other than the disclosed dividend proposal, no other post-balance sheet events with significant impact on the Group have occurred from the end of the period to the date of this announcement[100](index=100&type=chunk)