李氏大药厂中期报告2024

(incorporatedintheCaymanIslandswithlimitedliability于开曼群岛注册成立之有限公司)(StockCode股份代号:950) 2024INTERIMREPORT 中期报告 *Foridentificationpurposeonly仅供识别 INTERIMFINANCIALSTATEMENTS TheDirectorspresentherewiththeunauditedconsolidatedinterimfinancialresults(the“InterimResults”)oftheGroupforthesixmonthsended 30June2024,togetherwiththecomparativefiguresforthecorrespondingperiodin2023.TheInterimResultsareunaudited,buthavebeenreviewedbytheCompany’sauditor,ConfuciusInternationalCPALimited(the“Auditor”)inaccordancewithHongKongStandardonReviewEngagements2410“ReviewofInterimFinancialInformationPerformedbytheIndependentAuditoroftheEntity”issuedbytheHongKongInstituteofCertifiedPublicAccountants.TheAuditCommitteehasalsoreviewedwiththemanagementandtheAuditortheInterimResultsbeforerecommendingittotheBoardforapproval. 中期财务报表 董事谨此呈报本集团截至二零二四年六月三十日止六个月之未经审核综合中期财务业绩（“中期业绩”）连同二零二三年同期之比较数字。中期业绩未经审核，惟获本公司核数师天健国际会计师事务所有限公司 （“核数师”）按照香港会计师公会颁布之《香港审阅工作准则》第2410号“实体的独立核数师对中期财务资料的审阅”进行审阅。审核委员会于向董事会推荐中期业绩以供批准前，亦已与管理层及核数师审阅中期业绩。 李氏大药厂控股有限公司中期报告20241 BUSINESSREVIEW RevenueandProfit Buildinguponprevioushurdles,duringthefirst-half2024,thepharmaceuticalindustryinthemainlandChinacontinuestofacenewchallengesfrommultipleangles.Pricingpressuresstemfromtheindustry’sshifttowardsapost-retailera,whereretailpricesinfluencemedicalpricing.Onthemarketingfront,significantshiftsareobservedinthepharmaceuticalandhealthcaresectorsamidstanti-corruptioncampaigns.Additionally,thedecreaseinonlinetransactions,linkedtothescalebackofspending,posesabottleneckphasefore-commerceplatforms.Nevertheless,theagingpopulationintheregion,alongsidecontinuousinterlinkedreformsinhealthcare,healthinsurance,andpharmaceuticals,indicatesdecentpotentialintheindustry. TheGroup’sfirst-half2024revenueamountedtoHK$658,345,000,markingaconsiderable28.5%increasefromthesameperiodlastyear’sfigureofHK$512,308,000.ThisgrowthisprimarilyattributedtotheexceptionalsalesperformanceofproductslistedontheupdatedNRDL.Notably,productssuchasTreprostinilInjection(芮旎尔®)demonstratedaremarkablegrowthof56.8%,whileTeglutik®surgedby187.2%andTrittico®by232.1%.Furthermore,productsselectedundertheVBPprogram,includingNadroparinCalciumInjection(立腾菁®)whichexperiencedastaggeringtenfoldincreaseinsales.Thesesalessurgenotonlydroverevenuegrowthdecentlybutalsohelpedmitigatetheimpactofcertainstagnantproductsalesduringtheperiodunderreview. 业务回顾 收益及溢利 二零二四年上半年，中国内地制药行业不但继续面对既有障碍，更有新的挑战从四面八方而来。行业迈进后零售时代，零售价格影响医疗定价，对定价造成压力。营销方面，制药及医疗行业在反腐倡廉运动中产生了重大变化。此外，由于消费规模萎缩，造成在线交易额下滑，电子商贸平台遭遇樽颈。然而，区内人口老化，加上医疗、医保及制药行业继续并肩改革，显示行业仍有不俗的潜力。 二零二四年上半年，本集团的收益为 658,345,000港元，较去年同期的 512,308,000港元大增28.5%。此一增长主要源自获纳入最新版国家医保目录的产品销情理想，尤其是曲前列尼尔注射液 《芮旎尔®》录得56.8%的可观增长，而《芮舒延®》及《曲特恪®》则分别增长187.2%及232.1%。此外，药品集采计划之选定产品（包括那曲肝素钙注射液《立腾菁®》）销售额急增近十倍。此等销售增幅不仅带动收益录得可观增长，亦有助于抵销回顾期内若干产品销售额停滞不前的影响。 2Lee’sPharmaceuticalHoldingsLimitedInterimReport2024 ThesalesdynamicswithintheGrouphavebeenexperiencingasignificanttransformationasthecontributionfromlicensed-inproductscontinuestodecreasesteadily,signalingastrategicshifttowardsproprietaryandgenericproducts,primarilydrivenbychangesinthemarketenvironment.Inthefirst-half2024,salesoflicensed-inproductsrepresented38.9%oftheGroup’srevenue,downfrom46.9%inthesameperiodin2023,whilesalesofproprietaryandgenericproductsaccountedfor61.1%ofrevenue,upfrom53.1%inthesameperiodin2023.RevenuegrowthratefortheGroup’slicensed-inproducts,andproprietaryandgenericproductswere6.6%and47.9%,respectively. Despitethelowergrossprofitmarginof53.3%inthefirst-half2024,decreasedby2.2percentagepointsfrom55.5%achievedinthefirst-half2023,theGroup’soverallgrossprofithasimproved.First-half2024grossprofitoftheGroupwasHK$350,595,000(First-half2023:HK$284,463,000),anincreaseof23.2%comparedtothesameperiodlastyear.TheGrouphastransitionedtowardsprovidingamoreextensivearrayofproducts,incorporatinglower-margingenericproductswithinthenationalreimbursementschemeandnationalVBPprogram.Whilethismoveinitiallyledtoadecreaseintheoverallgrossprofitmargin,thisimpacthasbeenstabilisedovertime. 本集团的销售情况出现翻天覆地的转变，引进产品的贡献继续拾级而下，策略转向专利及仿制药，主要由市场环境变化促成。二零二四年上半年，引进产品的销售额占本集团收益的38.9%，低于二零二三年同期的46.9%，而专利及仿制产品的销售额则占收益的61.1%，高于二零二三年同期的53.1%。本集团引进产品以及专利及仿制产品的收益增长率分别为6.6%及47.9%。 尽管二零二四年上半年毛利率由二零二三年上半年的55.5%下跌2.2个百分点至53.3%，惟本集团的整体毛利有所改善。本集团二零二四年上半年的毛利为350,595,000港元（二零二三年上半年： 284,463,000港元），较去年同期增加 23.2%。本集团转为提供更多元化的产品，将利润较低的仿制产品纳入国家医保计划及国家药品集采计划。虽然此举初期导致整体毛利率下降，惟有关影响已逐渐稳定。 李氏大药厂控股有限公司中期报告20243 R&Dexpensesrepresentednewdrugsdevelopmentinmajortherapeuticareassuchascardiovascular,womanhealth,paediatrics,rarediseases,dermatologyandobstetrics,aswellasinoncologyunderaseparateR&DarmwithintheGroup.Duringthefirst-half2024,theGroupremainsfocusedonoptimisingresourceallocationamongprioritisedR&Dprojectsandmaintainingeffortstosavecosts.AnaggregateofHK$84,713,000hasbeenspentinthefirst-half2024(First-half2023:HK$113,634,000),decreasedby25.5%comparedtothesameperiodlastyearandrepresented12.9%tothecorrespondingrevenuefortheperiod(First-half2023:22.2%).AmongwhichHK$34,076,000(First-half2023:HK$48,798,000) hasbeenrec