天大药业中期报告2025

CONTENTS 目錄 2Corporate Information3Management Discussion and Analysis7Disclosure of Interests and Other Information 11公司資料12管理層討論與分析16權益披露及其它資料 20Condensed Consolidated Statement of Profit or Lossand Other Comprehensive Income簡明綜合損益及其它全面收益表22Condensed Consolidated Statement of Financial Position簡明綜合財務狀況表24Condensed Consolidated Statement of Changes in Equity簡明綜合權益變動表25Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表27Notes to the Condensed Consolidated Financial Information簡明綜合財務資料附註 CORPORATE INFORMATION NOMINATION COMMITTEE BOARD OF DIRECTORS Mr. Fang Wen Quan(Chairman)Mr. Lam Yat FaiDr. Xian Yanfang (appointed on 27 June 2025)Mr. Chiu Sung Hong (ceased on 27 June 2025) Executive Directors Mr. Fang Wen Quan(Chairman and Managing Director)Mr. Lui Man Sang RISK MANAGEMENT COMMITTEE Non-Executive Directors Mr. Zhong TaoMr. Zhu Haomiao (appointed on 29 August 2025)Mr. Feng Quanming (resigned on 29 August 2025) Mr. Chiu Sung Hong(Chairman)Mr. Fang Wen QuanMr. Lam Yat Fai PRINCIPAL BANKERS Independent Non-Executive Directors Agricultural Bank of ChinaBank of ChinaBank of CommunicationsChina Citic BankChina Merchants BankIndustrial and Commercial Bank of China Mr. Lam Yat Fai (appointed as Lead IndependentNon-executive Director on 27 June 2025)Mr. Chiu Sung HongDr. Xian Yanfang AUDITOR REGISTERED OFFICE Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong Cricket SquareHutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands HONG KONG LEGAL ADVISER HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS Woo, Kwan, Lee & Lo25th Floor, Jardine House1 Connaught Place, CentralHong Kong Suites 2405-2410, 24th FloorCITIC TowerNo. 1 Tim Mei AvenueCentralHong Kong COMPANY SECRETARY Mr. Lo Tai On HONG KONG SHARE REGISTRAR ANDTRANSFER OFFICE AUDIT COMMITTEE Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong Mr. Lam Yat Fai(Chairman)Mr. Chiu Sung HongDr. Xian YanfangMr. Zhong Tao PLACE OF LISTING REMUNERATION COMMITTEE The Stock Exchange of Hong Kong Limited Mr. Chiu Sung Hong(Chairman)Mr. Fang Wen QuanMr. Lam Yat FaiDr. Xian Yanfang STOCK CODE 00455 CORPORATE WEBSITE www.tiandapharma.com MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW The Group focuses on the coordinated development of three major business segments: Pharmaceuticals andMedical Technologies, Chinese Medicine, and Medical and Healthcare Services. During the period, the Groupconsolidated the competitive advantages of its core products, broadened and diversified sales channels, promotedinnovation and research and development (“R&D”) in traditional Chinese medicine (“TCM”), continuously enriched itsdifferentiated product pipeline, strengthened its TCM industry chain build-up, and promoted cost control measures toimprove business operations. During the six months ended 30 June 2025 (the “Current Interim Period”), the Pharmaceuticals and MedicalTechnologies business was deeply integrated into the national medical and health system reforms, actively adapting to theoptimization of the rules for the 10th batch of national bulk purchases, the refinement of payment reforms, and thewidespread adoption of online medical insurance payments. It also comprehensively strengthened its compliancegovernance system to meet the requirements of routine anti-corruption efforts. The pediatric medication Tuoen®Ibuprofenhas been included in the provincial alliances centralized procurement, including in Guangdong, and is leveraging thenational push to promote centralized procurement products into the retail market. The core cardio-cerebrovascular productTuoping®Valsartan capsules has been re-tendered in regional alliance centralized procurement. After winning the bid,provinces began implementing the tender in April. Tuoping is actively capturing market share in the winning provinces,thus maintaining its valsartan leading position in China’s hospital market. The business continued to deepen the reformand upgrading of its pharmaceutical marketing by increasing channel integration, and expanding multi-channel businessdevelopment in third-party terminals, OTC, e-commerce, and OEM sectors to preserve existing volumes and capture newgrowth opportunities. The business adheres to the overall principle of “seeking progress while maintaining stability”,achieving cost reduction and efficiency improvements through the integration of bulk drugs and preparations productioncapacity upgrade. Taking advantage of digital marketing tools, the business segment enhances the precision of terminalcoverage and accelerates the R&D of advanced dosage form preparation to strengthen resilience against policy risks,thus laying a foundation for sustainable development. For the Chinese Medicine business, the Group continued to deepen strategic cooperation with new clients fromleading enterprises during the Current Interim Period, while simult