李氏大药厂中期报告2025

2025INTERIM REPORT INTERIM FINANCIALSTATEMENTS The Directors present herewith the unauditedconsolidated interim financial results (the “InterimResults”) of the Group for the six months ended30 June 2025, together with the comparativefigures for the corresponding period in 2024. TheInterim Results are unaudited, but have beenreviewed by the Company’s auditor, ConfuciusInternationalCPA Limited(the“Auditor”)inaccordance with Hong Kong Standard on ReviewEngagements 2410 “Review of Interim FinancialInformation Performed by the Independent Auditorof the Entity” issued by the Hong Kong Institute ofCertified Public Accountants. The Audit Committeehas also reviewed with the management and theAuditor the Interim Results before recommending itto the Board for approval. 2410 BUSINESS REVIEW Revenue and Profit 694,821,000658,345,0005.5%®31.4%®12.9%®33.3%®®18.8%11.3% The Group’s first-half 2025 revenue amounted toHK$694,821,000, reflecting a steady year-on-yeargrowth of 5.5% from HK$658,345,000 in the sameperiod last year. This growth was primarily drivenby solid sales performance across the Group’sproduct portfolio. Among rare disease and specialtyproducts, Treprostinil Injection (®) recordedrobust growth of 31.4%, while Bredinin®rose by12.9%. Within the licensed-in legacy portfolio,Ferplex®delivered a notable increase of 33.3%,regainingits position as the top contributorfollowing a transitional phase last year. Productsunder the VBP program also played an importantrole in driving revenue growth, with FondaparinuxSodium Injection (®) and Nadroparin CalciumInjection (®) achieving growth of 18.8%and 11.3%, respectively. These improvementssupported overall revenue growth and served tocounterbalance the impact of slower sales in certainother products during the period under review. In the first half of 2025, licensed-in productscontributed approximately 39.0% of the Group’srevenue, while proprietary and generic productsaccounted for the remaining 61.0%, a ratio broadlyconsistent with both the first-half and full-year of2024. 39.0%61.0% Despite the lower gross profit margin of 51.8% inthe first-half 2025, decreased by 1.5 percentagepoints from 53.3% achieved in the first-half 2024,the Group delivered higher gross profit. First-half2025 gross profit of the Group was HK$360,053,000(First-half 2024: HK$350,595,000), an increase of2.7% compared to the same period last year. Thisoutcome reflects the Group’s strategic transitiontowards a more diversified product portfolio, whichincludes lower margin generic products coveredunder the national reimbursement scheme andthe VBP program. Although this shift resulted ina decline in the overall gross profit margin, theoverall impact is gradually stabilising, and grossprofit continues to demonstrate year-on-yeargrowth. 53.3%1.551.8%360,053,000350,595,0002.7% 159,756,00084,713,00088.6%23.0%12.9%41,611,00034,076,000118,145,00050,637,000PD-L166,221,000 R & De x p e n s e s p r i m a r i l y s u p p o r t e d t h edevelopment of new drugs across key therapeuticareas, including cardiovascular health, women’shealth, paediatrics, rare diseases, dermatology,andobstetrics,with oncology handled by adedicated R&D arm within the Group. During thefirst-half 2025, the Group continued to optimiseresource allocation across prioritised R&D projects,with increased investment reflecting a strategiccommitment to innovation and long-term growth.Anaggregate of HK$159,756,000 has beenspentin the first-half 2025(First-half 2024:HK$84,713,000), increased by 88.6% compared tothe same period last year and represented 23.0%to the corresponding revenue for the period (First-half 2024: 12.9%). Among which HK$41,611,000(First-half2024:HK$34,076,000)has beenrecognised as expenses and HK$118,145,000(First-half2024:HK$50,637,000)has beencapitalisedas intangible assets.Capitaliseditems during the period under review includedHK$66,221,000related to scaling up PD-L1production, aimed at reducing unit production costsand enhancing competitiveness in upcoming NRDLnegotiations. 152,579,000172,265,00019,686,00011.4%26.2%4.222.0% Selling and distribution expenses for the Groupamounted to HK$152,579,000 in the first half of2025, reflecting a reduction of HK$19,686,000or 11.4% compared to HK$172,265,000 in thecorresponding period of the previous year. Theselling expenses to revenue ratio also declinedto22.0%,down 4.2 percentage points from26.2% in the same period last year. This reflectsthe Group’s continued commitment to prudentresource allocation, while actively strengthening itsdistribution channels and introducing new productsin a disciplined and strategic manner. 101,600,00097,054,0004,546,0004.7% Administrative expenses for the Group totalledH K $ 1 0 1 , 6 0 0 , 0 0 0i n t h e f i r s t h a l f o f 2 0 2 5 ,representing an increase of HK$4,546,000 or4.7% compared to HK$97,054,000 in the sameperiod of the previous year. The Group remainscommitted to operating its business efficiently andeffectively, implementin