Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, primarily due to the inclusion of two products in centralized procurement [1] Financial Performance - Total revenue for the period was 13.273 billion RMB, representing a year-on-year decrease of 18.5% [1] - Profit attributable to shareholders was 2.548 billion RMB, down 15.64% year-on-year [1] - Basic earnings per share were 0.2229 RMB [1] - The company proposed an interim dividend of 0.14 HKD per share, compared to 0.16 HKD in the same period last year [1] Margin Analysis - Gross profit margin decreased by 6.0 percentage points to 65.6% compared to the same period last year [1] - The decline in gross margin was mainly attributed to a reduced proportion of revenue from the prescription drug business [1]

Group 1 - The company reported total revenue of approximately 13.273 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 18.5% [1] - The reported profit attributable to shareholders was approximately 2.548 billion RMB, a decrease of 15.6% year-on-year, with basic earnings per share at 0.2229 RMB [1] - The decline in revenue was primarily due to the inclusion of the products Dumex® and Tsinghua® in centralized procurement [1] Group 2 - The gross profit margin decreased by 6.0 percentage points to 65.6%, mainly due to the reduced revenue share from prescription drugs [1] - Research and development expenses increased by 5.5% year-on-year to 2.683 billion RMB, accounting for 26.2% of prescription drug revenue [1] - The company has nearly 90 products in various stages of clinical trials, with 12 submitted for market approval and over 30 key products in the registration clinical stage [1] Group 3 - The company has over 200 innovative drugs and formulations in development, including more than 90 macromolecules, 60 small molecules, and 50 new formulations [1] - There are currently over 160 clinical trials ongoing, with nearly 60 in Phase III [1] - The company expects to submit over 50 new drugs or new indications for approval by the end of 2028 [1] Group 4 - Year-to-date, the company has received approval for 3 innovative products, acceptance for 5 product applications, breakthrough therapy designations for 4 products, and 28 clinical trial approvals [2] - The company also obtained 7 registration approvals for generic drugs and 9 clinical trial approvals for innovative drugs in North America, along with 1 fast track designation [2]

Group 1: Financial Performance - The company reported total revenue of 13.273 billion RMB, a year-on-year decrease of 18.5% [1] - Profit attributable to shareholders was 2.548 billion RMB, down 15.64% year-on-year, with basic earnings per share at 22.29 cents [1] - The gross profit margin decreased by 6.0 percentage points to 65.6%, primarily due to a reduction in the revenue share from the prescription drug business [1] Group 2: Research and Development - R&D expenses increased by 5.5% year-on-year to 2.683 billion RMB, accounting for 26.2% of prescription drug revenue [1] - The company has nearly 90 products in various stages of clinical trials, with 12 submitted for market approval and over 30 key products in the registration clinical phase [1] - The company focuses on high-demand treatment areas such as breast cancer and lung cancer, accelerating the commercialization of core products [2] Group 3: Strategic Initiatives - The company is implementing a "dual-driven" strategy of "innovation + internationalization," enhancing cooperation with global innovative pharmaceutical companies [2] - Authorization revenue reached 1.075 billion RMB in the first half of 2025, providing new growth momentum for the prescription drug business [2] - The company has completed four external authorization projects with a cumulative contract amount of 9.71 billion USD [3] Group 4: Global Expansion and Recognition - The company has been recognized as a "national-level innovative enterprise" and has established key national laboratories [4] - It ranks 19th in the global TOP25 pipeline scale pharmaceutical companies, improving its position by 5 places compared to the previous year [4] - The company is expected to submit over 50 new drugs or new indications for approval by the end of 2028 [4]

Group 1 - The core viewpoint of the article is that the company reported a significant decline in revenue and profit for the first half of 2025, primarily due to the inclusion of two products in centralized procurement [1] - The company's total revenue for the first half of 2025 was RMB 13.273 billion, representing an 18.5% year-on-year decrease [1] - The reported profit attributable to shareholders was RMB 2.548 billion, a decrease of 15.6% compared to the previous year [1] Group 2 - The basic earnings per share were RMB 0.2229, and the board declared an interim dividend of HKD 0.14 per share for the 2025 fiscal year [1] - The revenue from the prescription drug business was RMB 10.248 billion, down 24.4% year-on-year [1] - Revenue from raw material products increased by 11.9% to RMB 2.075 billion, while revenue from functional foods and other businesses grew by 8.0% to RMB 0.951 billion [1]