Group 1 - The company reported a profit of approximately RMB 306.5 million for the first half of 2025, reversing a loss of RMB 247.3 million from the same period in 2024, primarily due to increased other income and reduced sales, distribution, R&D, and administrative expenses, partially offset by decreased revenue [1] - Adjusted loss decreased by RMB 178.9 million or 82.7% to RMB 37.4 million for the first half of 2025, compared to an adjusted loss of RMB 216.2 million for the first half of 2024 [1] - The adjusted loss was derived from the reported profit of RMB 59.2 million, excluding the impact of share-based payment expenses, write-offs of right-of-use assets, and lease termination gains/losses [1] Group 2 - The company began a strategic partnership with Baiyang Pharmaceutical in August 2025, appointing its subsidiaries as exclusive contract sales organizations for marketing services and distribution in mainland China, Hong Kong, and Macau, with a strategic cooperation fee of RMB 50 million [2] - Baiyang Pharmaceutical's subsidiary subscribed for 74,971,468 shares of the company, representing 14.99% of the enlarged issued share capital, for a total consideration of approximately HKD 100 million [2] - Despite challenges in the first half of 2025, the company remains optimistic for the second half, focusing on streamlining its product line and enhancing capital efficiency, expecting improved performance through deeper collaboration with Baiyang Pharmaceutical [2]

Group 1 - The company reported a profit of approximately RMB 306.5 million for the first half of 2025, reversing a loss of RMB 247.3 million from the same period in 2024, primarily due to increased other income and reduced sales, distribution, R&D, and administrative expenses, partially offset by a decrease in revenue [1] - The adjusted loss for the period decreased by RMB 178.9 million or 82.7% to RMB 37.4 million, compared to an adjusted loss of RMB 216.2 million for the first half of 2024 [1] - The adjusted loss was derived from the reported profit of RMB 59.2 million, excluding the impact of share-based payment expenses, write-offs of right-of-use assets, and lease termination gains/losses [1] Group 2 - The company began a strategic partnership with Baiyang Pharmaceutical in August 2025, appointing its subsidiaries as exclusive contract sales organizations for marketing services and as exclusive distributors for specific products in mainland China, Hong Kong, and Macau, with a strategic cooperation fee of RMB 50 million [2] - Baiyang Pharmaceutical's subsidiary subscribed for 74,971,468 shares of the company, representing 14.99% of the enlarged issued share capital, with a total consideration of approximately HKD 100 million [2] - Despite challenges in the first half of 2025, the company remains optimistic about the second half, focusing on streamlining its product line and enhancing capital efficiency, expecting improved operational foundations and performance through the deepened collaboration with Baiyang Pharmaceutical [2]

Core Viewpoint - Beihai Kangcheng-B (01228) reported a significant decline in revenue for the six months ending June 30, 2025, with earnings of 22.248 million, a decrease of 50.33% year-on-year, while net profit reached 59.238 million, contrasting with a loss of 247 million in the same period last year [1] Financial Performance - The company's revenue decreased primarily due to its strategic focus on rare diseases initiated in 2021, leading to the termination of the distribution agreement for He Li An® by the end of 2024, which halted sales in Taiwan [1] - Excluding the sales of He Li An® in Taiwan, revenue decreased by 1.7 million or 6.9% compared to the same period in 2024, attributed to proactive inventory management and reduced stock of Mai Ruibei® in the channels during the first half of 2025 [1]