FINANCIAL PERFORMANCE
 

Since 2024, the Group’s flagship biologics, Beifushu^® series and Beifuji^® series (the basic fibroblast growth factor (bFGF) based biologic drugs), have been subjected to the system of centralised procurement in all provinces in the PRC. Despite challenges, the team’s tenacity and relentless efforts have enabled the Group’s flagship biologics to expand indications and patient access, which enabled the Group to drive satisfactory performances amidst headwinds.
 
The Group achieved a turnover of approximately HK$1,813.8 million, representing an increase of 8.6% (or approximately RMB1,672.0 million, representing an increase of 8.7%) as compared to last year.
 
Correspondingly, the Group achieved a net profit of approximately HK$318.1 million, representing an increase of 3.5% (or approximately RMB293.2 million, representing an increase of 3.6%) as compared to last year.
 
The Group’s turnover is primarily made up of the ophthalmology segment (“Ophthalmology”), surgical (encompassing wound care and healing) segment (“Surgical”), and Healthcare and Partner Services segment. The core products that are current growth drivers under each segment are:
 
1. Ophthalmology – Beifushu^® series (Beifushu^® eye drops, Beifushu^® eye gel and Beifushu^® unit-dose eye drops), Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops, Moxifloxacin Hydrochloride Eye Drops, Diquafosol Sodium Eye Drops, 適麗順^® (Iodized Lecithin Capsules), Soft Hydrophilic Contact Lens and other medical devices for myopia control and prevention such as eye-protection lamp and Seewant defocus customised glasses;
 
2. Surgical (encompassing wound care and healing) – Beifuji^® series (Beifuji^® spray, Beifuji^® lyophilised powder and Beifuxin^® gel), Carisolv^® dental caries removal gel, 伊血安顆粒 (Yi Xue An Granules), Portable Ultraviolet Phototherapy Devices, PELNACTM collagen-based artificial dermis, SCALGENTM double-layered artificial dermis and Osteopore’s bioresorbable implants (Osteomesh^® and Osteoplug^®) for dental surgery in Singapore; and
 
3. Healthcare and Partner Services – 伢典醫生 (Dr. YaDian) oral care products, online and offline healthcare services and products, contract manufacturing organisation (“CMO”)/contract development and manufacturing organisation (“CDMO”) service and trades in equipment and parts.
 
The sectoral turnover of Ophthalmology, Surgical, and Healthcare and Partner Services is approximately 46.0%, 49.4% and 4.6% of the Group’s turnover, respectively.
 
The combined turnover of the Group’s flagship biologics, Beifushu^® series and Beifuji^® series (the basic fibroblast growth factor (bFGF) based biologic drugs), represented about 83.5% of the Group’s total turnover, of which Beifushu^® series and Beifuji® series accounted for 36.9% and 46.6% of the Group’s turnover, respectively. The remaining 16.5% of the Group’s turnover is mainly contributed by sales of Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops, Moxifloxacin Hydrochloride Eye Drops, 適麗順^® (Iodized Lecithin Capsules), Carisolv^® dental caries removal gel, 伢典醫生 (Dr. YaDian) oral care products, 伊血安顆粒 (Yi Xue An Granules), PELNACTM collagen-based artificial dermis, SCALGENTM double layered artificial dermis, online and offline healthcare services and products, CMO/CDMO service and trades in equipment and parts, collectively.
 
Ophthalmology contributed approximately HK$835.0 million to the Group’s turnover for the year ended 31 December 2025, representing an increase of 8.2% as compared to 2024. Surgical recorded a total turnover of approximately HK$895.9 million for the year ended 31 December 2025, representing an increase of 1.8% as compared to 2024. Healthcare and Partner Services delivered a total turnover of approximately HK$82.9 million for the year ended 31 December 2025, representing a significant increase of 350% as compared to 2024.
 
As at 31 December 2025, the Group had cash and cash equivalents of approximately HK$782.7 million (2024: approximately HK$557.2 million).
 
SIGNIFICANT BUSINESS DEVELOPMENT ACTIVITIES

Beifushu^®, one of the Group’s flagship ophthalmic products, has been successfully introduced to Singapore via the Special Access Route (SAR) at the Singapore National Eye Centre (“SNEC”), enabling ophthalmologists at SNEC to prescribe Beifushu^® for specific patients. This milestone marks the product’s first entry beyond the PRC, establishing a foothold for future launches in Southeast Asia and global markets. The success reflects the synergy and determination of our teams across Singapore and the PRC, who navigated complex institutional regulatory and operational challenges. Strategic relationships built with key opinion leaders and leading institutions across the region laid the foundation for this achievement and future opportunities.
 
R&D innovation continues progressing, with multiple pipelines advancing smoothly. The global phase 3 clinical project of bevacizumab ophthalmic injection (EB12-20145P) has successfully enrolled patients in the PRC, Australia, European Union countries and the United States; the last patient last visit was completed. A Biologics License Application (BLA) was accepted by National Medical Products Administration (“NMPA”) in the PRC in August 2025.In July 2025 and January 2026, NMPA approved the registration and commercialisation of the multi-dose Diquafosol Sodium Eye Drops and the multi-dose Sodium Hyaluronate Eye Drops in the PRC, respectively.
 
In addition, the Group has entered into a collaboration with 北京鷹瞳科技發展股份有限公司 (Beijing Airdoc Technology Co., Ltd.) to jointly operate Artificial Intelligence-based retinal businesses. The Group has also entered into an exclusive distribution agreement with Seefunge Pharmaceutical Technology Co., Ltd. (“Seefunge”) for Seefunge’s Emedastine Difumarate and Oxybuprocaine Hydrochloride Eye Drops. Emedastine Difumarate Eye Drops is primarily used for treating allergic conjunctivitis in adults and children aged 3 years and above while Oxybuprocaine Hydrochloride Eye Drops is primarily used for corneal surface anesthesia. The new additions will further enrich the Group’s ophthalmic product portfolio and strengthen its market positioning in ophthalmology.
 
In November 2025, the Group signed a memorandum of understanding for strategic collaboration with Suzhou Industrial Park Investment Promotion and Operation Co., Ltd. and China-Singapore (Suzhou) Life Science Industry Development Co., Ltd. to launch an International Innovation Accelerator. With Phase I of the China-Singapore Life Sciences Park (“Biosparc”) completed, Biosparc is poised to become a premier cross border life sciences hub, driving global research, product development, clinical development and translational innovation. The Group aims to bolster its global innovation strategy and through this partnership, connect with international collaborators to accelerate research, clinical development and commercialisation efforts.

In December 2025, the Group established a strategic collaboration with Kenvue, a leader in consumer health, under which the Group will leverage its extensive commercial network to promote, educate and market selected Kenvue products, including Rhinocort® (Budesonide Nasal Spray), Motrin® (Ibuprofen Suspension/Drops), and Tylenol® (Paracetamol Drops/Suspension) which are widely recognised by healthcare professionals and patients for their reliability in the management of allergies, fever and cold symptoms. The collaboration is in line with the Group’s business strategy aiming at boosting its presence in the PRC healthcare market, leveraging its extensive commercial network and experience. By combining their expertise, the Group and Kenvue can effectively accelerate the awareness and commercial footprint of these products and better meet the clinical needs of more patients.
 
In January 2026, the Group entered into an exclusive distribution agreement with Osteopore International Pte Ltd (“Osteopore”) for Osteopore’s innovative dental, orthodontic, and maxillofacial products in the PRC, Hong Kong, and Macau. The collaboration with Osteopore establishes a milestone of the Group in the stomatology market and expands the range of the Group’s dental, orthodontic, and maxillofacial solutions, which will together benefit the Group in striving for sustainable growth in the PRC market.
 
In February 2026, the Group participated in the Asia-Pacific Academy of Ophthalmology Congress 2026 (the “Congress”). During the Congress, the Group hosted a dedicated booth showcasing key products and pipeline assets from its ophthalmology portfolio, and to engage with ophthalmologists, healthcare professionals, and industry partners across Asia-Pacific. The Group’s presence at the Congress underscored the Group’s dedication to advancing ophthalmic care through clinically proven, first-in-class and best-in-class therapeutic solutions, while strengthening collaboration with leading eye care institutions and professionals across the region.
 
The Group’s development achievements have also been well recognised in the industry with endorsements, awards and accolades. 珠海億勝生物製藥有限公司 (Zhuhai Essex Bio-Pharmaceutical Company Limited), a wholly-owned subsidiary of the Company, is one of the 2024年度廣東省醫藥工業50強 (2024 Top 50 Pharmaceutical Companies in Guangdong Province), 2024年度廣東省生物製藥10強 (2024 Top 10 Biopharmaceutical Companies in Guangdong Province*) and 2025年廣東省製造業企業500強 (2025 Top 500 Manufacturing Companies in Guangdong Province*). It is also awarded 國家級製造業單項冠軍企業 (National Manufacturing Champion Enterprise). In addition, the Company was awarded 2025「金鯤鵬」中國財經價值榜－最具投資價值上市公司 (2025 “Golden Kunpeng China Financial Value Ranking – Most Valuable Listed Company for Investment), reflecting the capital market’s high recognition of our business model and growth potential.
 
MARKET DEVELOPMENT

As at 31 December 2025, the Group operates an extensive network of 47 regional sales offices across the PRC and a strategic base in Singapore to facilitate market access into Southeast Asian countries.
 
To drive sustainable growth and expansion for our current and future products, the Group has been investing relentlessly in enhancing its competitiveness and broadening its reach through the following strategic initiatives:
 
• expanding the clinical indications for its commercialised products;
• increasing patient access in lower-tier cities across the PRC;
• developing complementary sales channels; and
• nurturing the healthtech e-platform to enhance patient access.
 
During the year under review, the vast distribution network enabled the Group’s therapeutic products to be prescribed in over 14,600 hospitals and medical providers, as well as approximately 2,600 pharmaceutical stores, covering major cities, provinces and county cities throughout the PRC.


RESEARCH AND DEVELOPMENT

The R&D division is driven by a vision that underscores its commitment to science and innovation, with a mission to develop groundbreaking therapeutics that address unmet clinical and/or commercial needs. The Group launched a development plan in 2021, focusing on ophthalmology.
 
The Group’s key R&D initiatives comprise of growth factors, antibodies (i.e. mAb, bsAb, sdAb, scFv, ADC/FDC, etc.), drug formulation know-how and the Blow-Fill-Seal (“BFS”) platform. Growth factors, antibodies and drug formulation know-how are used for the development of therapeutic drugs in ophthalmology, surgical (encompassing wound care and healing) and oncology, whereas the BFS platform is a state-of-the-art manufacturing facility for producing preservative-free unit-dose drugs, in particular for ophthalmic drugs.
 
As at the date of this report, the Group has 18 R&D programmes in the pre-clinical to clinical stage, with several ophthalmology programmes in clinical stage which are shown in the table below:


 As at the date of this report, the Group has obtained a total of 121 patent certificates or authorisation letters, which include 91 發明專利 (invention patents), 15 實用新型專利 (utility model patents) and 15 外觀專利 (design patents).
 
The Group currently has multiple R&D sites located in Zhuhai (PRC), Boston (United States), London (United Kingdom) and Singapore. These sites support our efforts to develop new therapeutics and recruit global talent.

 
PROSPECTS

The new value-added tax (“VAT”) law in the PRC, announced on 30 January 2026 and effective retrospectively from 1 January 2026, alters the tax treatment for pharmaceutical wholesale enterprises selling ordinary biological products. Previously, these enterprises could choose a simplified tax rate of 3% but now face the standard tax rate of 13%, aligning with other pharmaceuticals. This change is expected to have impact on the Group’s biologics business, particularly Beifushu® and Beifuji® series.
 
Based on the Group’s turnover for the year ended 31 December 2025, applying the new 13% VAT would result in an estimated turnover impact of approximately HK$133 million and an estimated gross profit impact of approximately HK$116 million.
 
The same effective impact will be felt in the turnover of 2026. This is because the Group cannot pass on the VAT increase to final customers since selling prices inclusive of VAT are fixed and turnover is reported net of VAT. While the same impact will apply to the profit of 2026, the Group is proactively and systematically recalibrating operating and distribution costs to mitigate the impact without disrupting its focus on the Group’s development plans.
 
Barring any other unforeseen circumstances, the Group remains committed to executing its plans and delivering progressive results.
 
DIVIDEND

To reward our valued shareholders, the Board is pleased to propose a final dividend of HK$0.07 (2024: HK$0.06) per ordinary share to be approved at the upcoming annual general meeting of the Company. Together with the interim dividend of HK$0.07 per ordinary share which was paid on 23 September 2025, the total dividend for 2025 would be HK$0.14 (2024: HK$0.12) per ordinary share.
 
APPRECIATION

I would like to take this opportunity to express my sincere gratitude to all stakeholders, business associates and valued customers for the trust, support and cooperation accorded to us, and each and every member of the Group for their relentless efforts rendered in shaping the Group into being a progressive and promising pharmaceutical player.

Ngiam Mia Je Patrick
Chairman
 
Hong Kong
23 March 2026

* For identification purpose only