SSY GROUP (02005) announced its interim results for 2025, reporting sales revenue of approximately HK$2.147 billion for the first half, down about 35.7% year-on-year. Profit attributable to equity holders was approximately HK$283.5 million, declining about 58.7% year-on-year. Earnings per share were HK$0.0962, with an interim dividend of HK$0.05 per share.

Regarding the IV solution business, sales operations continued to face pressure due to multiple overlapping factors including changes in industrial policy environment and weak market demand. In the first half, both production and sales volumes of IV solutions showed significant declines, with sales volume reaching approximately 715 million bottles (bags), down 37% year-on-year, and sales revenue of HK$1.199 billion, down 45% year-on-year.

Facing operational pressure, the Group actively adapted to policy requirements such as DRG/DIP payment reforms, promoting and establishing a product matrix oriented toward terminal market value. While strengthening production-sales coordination, accelerating digital transformation, and reducing costs to increase efficiency, the company continued to expand market segments and increase the sales proportion of advantageous products including therapeutic IV solutions, large specifications, and peritoneal dialysis solutions, continuously consolidating the market foundation for IV products and maintaining stable supply-demand dynamics.

Through provincial volume-based procurement and increased market development efforts, blood filtration products achieved sales of HK$25.71 million, representing 41% growth. Through grassroots market development, paracetamol injection and medium/long-chain fat emulsion injection (C8-24Ve) achieved sales of HK$14.52 million and HK$10.24 million respectively, growing 218% and 25% year-on-year.

For the water injection business, ampoule water injection sales volume in the first half reached 178.18 million units, up 7% year-on-year, with sales revenue of HK$157 million, down 57% year-on-year. Although water injection sales fell short of expectations, nationally procured selected products maintained significant growth. Mecobalamin injection sales volume was 4.19 million units, up 61% year-on-year; urapidil hydrochloride injection sales volume reached 6.44 million units, up 28% year-on-year; ropivacaine hydrochloride injection reached 2.53 million units, up 36% year-on-year. Terbutaline sulfate nebulizer solution achieved sales of 5.49 million units through integrated sales channels, up 198% year-on-year.

For oral preparations business, the increasingly diverse range of consistency evaluation-approved oral preparation varieties provided the Group with more market opportunities. In the first half, oral preparations achieved sales revenue of HK$296 million, up 16% year-on-year. New product betahistine mesylate tablets achieved sales of HK$11.94 million, with no sales in the same period last year; nicorandil tablets achieved sales of HK$2.53 million, with no sales in the same period last year; centralized procurement renewed rosuvastatin calcium tablets achieved sales of HK$21.21 million, up 32% year-on-year; felodipine sustained-release tablets achieved sales of HK$25.9 million, up 80% year-on-year; epalrestat tablets achieved sales of HK$11.48 million, up 78% year-on-year; artificial calculus bovis and metronidazole capsules achieved sales of HK$15.62 million, up 9% year-on-year. Rare disease medication stiripentol dry suspension, through national negotiations, was successfully included in the new national medical insurance drug catalog, further expanding product accessibility, with sales volume of 210,000 bags, more than 4 times year-on-year growth.

For the API business, facing multiple uncertainties including weak market demand and increased tariffs, the Group strengthened cooperation with major international and domestic customers and high-end clients through measures such as increased overseas product registration and EU CEP certification efforts, deeply exploring market potential. In the first half, APIs achieved sales revenue of HK$361 million, down 9.6% year-on-year. Caffeine sales volume was 2,142 tons, down 15% year-on-year; theophylline and aminophylline sales volume was approximately 117 tons, down 26% year-on-year; azithromycin sales volume was 164 tons, up 6% year-on-year; metronidazole sales volume was 173 tons, up 184% year-on-year.

For formulation export business, facing multiple constraints including global economic downturn and slowing international market demand, the Group accelerated its "going global" pace, actively clearing bottlenecks and connecting break points, achieving steady growth in the basic formulation foreign trade portfolio. In the first half, IV solution export volume reached 73.61 million bottles (bags), up 42% year-on-year; ampoule water injection exports were 5.06 million units, up 623% year-on-year; oral preparation exports reached a new high of 9.08 million tablets (bags), up 9,958% year-on-year. Total formulation export sales revenue was RMB 100.45 million, up 42% year-on-year.

In the first half, the Group received GMP certificates from 3 countries including Malawi and passed quality audits by Rwanda's Ministry of Health. It also obtained a total of 49 formulation registration certificates involving 12 product specifications in 14 countries. Currently, the Group has 43 products and 103 specifications exported to 103 countries and regions globally, significantly enhancing its international pharmaceutical operation level.

For pharmaceutical packaging materials business, in the first half, the Group's external pharmaceutical packaging materials sales totaled HK$101 million, up 7.1% year-on-year. To address factors such as volatility in downstream supply chain demand, the Group continuously strengthened the supporting capabilities of major pharmaceutical packaging materials products such as butyl rubber stoppers and multi-layer co-extruded films with the supply chain, improving market penetration and coverage. Flexible tube products and specialized films for peritoneal dialysis solutions showed good market potential and are expected to become new growth drivers for the business.