東瑞製药(控股)有限公司2025年年度报告

2025ANNUAL REPORT Corporate Information Group Structure Chairman’s Statement Management Discussion and Analysis Corporate Governance Report Report of the Directors Independent Auditor’s Report Consolidated Statement of Cash Flows Notes to Financial Statements Five Year Financial Summary Information for Shareholders 公司資料 BOARD OF DIRECTORS EXECUTIVE DIRECTORSMs. LI Kei Ling(Chairman)Mr. HUNG Yung Lai NON-EXECUTIVE DIRECTORMr. LEUNG Hong ManMr. HU Shuo (Appointed on 1 August 2025) INDEPENDENT NON-EXECUTIVE DIRECTORS EDE, Ronald Hao Xi Mr. LO Tung Sing TonyMr. EDE, Ronald Hao XiMs. LAM Ming Yee Joan CHIEF EXECUTIVE OFFICER Ms. YU Liwei AUDIT COMMITTEE Mr. LO Tung Sing Tony(Chairman)Mr. EDE, Ronald Hao XiMs. LAM Ming Yee Joan EDE, Ronald Hao Xi REMUNERATION COMMITTEE Mr. EDE, Ronald Hao Xi(Chairman)Ms. LI Kei LingMr. LO Tung Sing TonyMs. LAM Ming Yee Joan EDE, Ronald Hao Xi NOMINATION COMMITTEE EDE, Ronald Hao Xi Ms. LI Kei Ling(Chairman)Mr. LO Tung Sing TonyMr. EDE, Ronald Hao XiMs. LAM Ming Yee Joan AUDITORS Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL BANKERS Bank of China (Hong Kong) Limited, Hong KongThe Hongkong and Shanghai Banking Corporation Limited, Hong KongIndustrial and Commercial Bank of China Suzhou Wuzhong Sub-BranchAgricultural Bank of China Suzhou Nanmen Sub-BranchBank of China Suzhou Wuzhong Sub-Branch HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS 338303001–02 Units 3001–02, 30/F, CNT Tower, 338 Hennessy Road,Wanchai, Hong Kong REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins Drive, P.O. Box 2681,Grand Cayman KY1-1111, Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins Drive, P.O. Box 2681,Grand Cayman KY1-1111, Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre,16 Harcourt Road, Hong Kong Group Structure 本集團架構圖 As at 27 March 2026 Dear SHAREHOLDERS, On behalf of the board (the “Board”) of the directors (the “Director”)of Dawnrays Pharmaceutical (Holdings) Limited (the “Company”) andits subsidiaries (collectively referred to as the “Group”). I’m pleasedto present the results of the Group for the year ended 31 December2025 (the “reporting period”). GROUP RESULTS 1,230,867,0001,060,309,00016.1%213,971,000564,940,00062.1%35%277,627,000286,670,00089,292,000105,049,000366,919,0003,696,000201,717,0006.1% For the year ended 31 December 2025, the Group recorded revenueofapproximately RMB1,230,867,000(2024:RMB1,060,309,000),representing an increase of approximately 16.1% as compared with2024. Profit attributable to owners of the parent was approximatelyRMB213,971,000 (2024: RMB564,940,000), representing a decreaseof 62.1% as compared with 2024. This was due to the inclusion inthe 2024 profit attributable to owners of the parent of a net gain ofapproximately RMB277,627,000 (before tax RMB286,670,000) fromthe disposal of the Group’s 35% share interest in AD PharmaceuticalsCo., Ltd. (“AD Pharmaceuticals”) with nil carrying value, and a net gainof approximately RMB89,292,000 (before tax RMB105,049,000) fromthe government subsidy for the verification of the equipment in thefactory at Shanfeng Road. Excluding the above non-recurring profit ofapproximately RMB366,919,000 and share a loss of RMB3,696,000onthe investment in AD Pharmaceuticals before the disposal,theoperating profit attributable to owners of the parent for 2024amounted to RMB201,717,000, and thus the 2025 figure representedan increase of 6.1% as compared with 2024. FINAL DIVIDEND 0.0480.04872,171,00072,091,00063,419,00067,293,000 The Board recommends the payment of a final dividend of HK$0.048per share for the year ended 31 December 2025 (2024: HK$0.048),totalingapproximately HK$72,171,000(2024:approximatelyHK$72,091,000) (equivalent to approximately RMB63,419,000 (2024:approximately RMB67,293,000)), to the shareholders whose namesappeared in the register of members on Monday, 1 June 2026 subjectto the approval of the shareholders at the forthcoming 2026 AnnualGeneral Meeting (the “2026 AGM”). Chairman’s Statement 主席報告 0.0150.0480.0630.0630.03233.7%39.3%23.5%15.8 Taking into consideration the interim dividend of HK$0.015 per sharepaid on 3 October 2025 and the proposed final dividend of HK$0.048pershare,the total annual dividend distribution for 2025 will beHK$0.063 per share, which is 33.7% less than the interim and finaldividendsof HK$0.063 and the special dividend of HK$0.032 pershare in 2024. However, the payout ratio for the year is approximately39.3% (2024: 23.5%), an increase of 15.8 percentage points. INDUSTRY REVIEW In2025,the global macroeconomic situation was complex andvolatile.Persistent ge