SSY Group released its audited results for the year ended 31 December 2025.

Revenue and earnings • Revenue fell 27.8% year on year to HK$4.17 billion, pressured by weaker demand for intravenous (IV) infusion solutions and lower selling prices following expanded volume-based procurement in China. • Gross profit slid 40.5% to HK$1.73 billion; gross margin contracted 8.8 percentage points to 41.6%. • Net profit attributable to shareholders declined 55.6% to HK$470.64 million; basic earnings per share were HK$0.1605, down from HK$0.3582 a year earlier. • Operating profit margin fell to 15.1% from 23.3%.

Segment performance (revenue, YoY) • IV infusion solutions: HK$2.49 billion, –33.5%; sales volume 1.54 billion bottles/bags, –24.5%. – Non-PVC & upright soft bags: HK$1.74 billion, –36.9%. – PP plastic bottles: HK$0.56 billion, –29.4%. • Ampoule injections: HK$287.49 million, –42.6%; volume rose 10.4% to 346 million pieces but price pressure intensified. • Bulk pharmaceuticals: HK$678.54 million, –13.5%; caffeine exports affected by U.S. tariffs and weak global demand. • Oral preparations: HK$454.77 million, –9.4%; domestic volume grew 9% to 1.94 billion tablets. • Medical materials: HK$189.27 million, +0.6%.

Costs and expenses • Selling and distribution expenses dropped 35.6% to HK$736.17 million, reflecting lower marketing spend and reduced transportation costs. • R&D expenditure totalled HK$244.03 million, down 8.2%; the group obtained 110 production approvals and filed 120 projects during the year. • General and administrative expenses rose 13.8% to HK$340.44 million, driven mainly by higher depreciation and miscellaneous costs.

Cash flow and balance sheet • Cash and cash equivalents increased to HK$1.69 billion (2024: HK$1.26 billion). • Total borrowings stood at HK$4.01 billion (2024: HK$3.64 billion); net gearing edged down to 24.1%. • Capital commitments outstanding amounted to HK$342.90 million. • Current ratio declined to 1.89 from 2.78 as short-term borrowings rose.

Dividends • The board proposed a final dividend of HK$0.03 per share, bringing full-year payout to HK$0.08, 54.3% lower than the prior year. The final dividend is subject to shareholder approval at the AGM on 15 May 2026 and, if approved, will be paid on 4 June 2026 to shareholders on record as of 21 May 2026.

Operational highlights • 42 generic types (52 specifications) secured market access; 201 products now listed in China’s National Medical Insurance Catalog. • Export sales of preparations grew 35% to HK$239.55 million, with products shipped to over 100 countries. • First-phase high-end preparation industrialisation project completed; multiple new production lines advanced toward trial operations.

Outlook Management cites persistent weak domestic demand and intensifying competition but plans to deepen integration across innovation, supply and value chains, expand higher-value preparations, accelerate overseas expansion and pursue selective M&A to strengthen the supply chain.