Ssy Group Limited · HKEX:2005
Ssy — H1 2025 Earnings Presentation
59 slides from Ssy's earnings presentation, Aug 28, 2025
Slide 1: 2025 Interim Results & Roadshow material
2025 Interim Results & Roadshow material Updated on 28 August 2025 Copyright ® 2022 SSY Group Limited. All rights reserved.
Slide 2: Disclaimer
Disclaimer The presentation is prepared by SSY Group Limited (the “Company”) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or to form an basis of investment decision for any cla
Slide 3: Business Profile, Competitive Advantages, R&D, Development Strategies
PART 01 PART 02 PART 03 PART 04 Business Competitive R&D Status and Development Profile Advantages Prospects Strategies SSY Group Limited • 3
Slide 4: Business Profile
PART 01 Business Profile ➢ Financial Highlights ➢ Revenue Overview ➢ Shareholding & ➢ R&D Overview Group Structure
Slide 5: Financial Highlights (1H2025)
Financial Highlights (1H2025) Increase/ （HK$'000） 1H2025 1H2024 (Decrease) Revenue 2,147,188 3,338,939 (35.7%) Gross Profit 890,351 1,843,455 (51.7%) Gross Profit Margin 41.5% 55.2% (13.7%pt) EBITDA 607,741 1,081,255 (43.8%) EBITDA Margin 28.3% 32.4% (4.1%pt) Net Profit 283,508 685,737 (58.7%) Net P
Slide 6: Financial Highlights (1H2025) (continued)
Financial Highlights (1H2025)(continued) Increase/ （HK$'000） 30 June 2025 31 December 2024 (Decrease) Cash and Cash Equivalent 1,338,436 1,257,702 80,734 Bank Borrowings 4,015,874 3,635,931 379,943 Net Asset Value 7,597,457 7,535,650 61,807 Gearing Ratio 26.9% 24.8% 2.1%pt Current Ratio 3.12 2.78 0.
Slide 7: Shareholding & Group Structure
Shareholding & Group Structure Updated as at 28 August 2025 Sichuan Kelun China Pharmaceutical & UBS Others No. of issued shares : Pharmaceutical Mr. Qu Jiguang 2,951,113,385 22.01% 39.61% 6.05% 32.33% Since January 2024, SSY have repurchased 34.53 million shares, including SSY Group Limited (Stock
Slide 8: Revenue Overview (1H2025)
Revenue Overview (1H2025) 1H2025 1H2024 By Products Revenue % of Total Revenue % of Total (HK$’000) Revenue (HK$’000) Revenue I.V. Infusion 1,199,328 55.9% 2,185,115 65.5% Ampoule Injections 157,381 7.3% 366,785 11.0% Bulk Pharmaceuticals 360,543 16.8% 398,786 11.9% Oral Preparations 295,732 13.8% 2
Slide 9: Revenue Breakdown by Products (1H2025)
Revenue Breakdown by Products (1H2025) 集团结构 产品销售结构（2021年一季度） Oral Preparations, Medical Materials and other products 石药集团有限公司(股票代码:2005.HK) Non-PVC Soft Bag 20.0% 27.7% 大输液、安瓿小水针、 口服制剂等 Bulk Pharmaceuticals 16.8% Upright Soft Bag 11.5% Ampoule Glass Bottle PP Plastic Bottle 药用包材 化工原料(甲胺) 12.5% 7.3%
Slide 10: I.V. Infusion
I.V. Infusion Sales volume increase, Upright soft bag and Key products continue growth trend in volume Due to changes in the industry policy environment and the implementation of DRG/DIP payment reforms, market demand has remained weak, placing continued pressure on business operations. However, inc
Slide 11: Revenue Overview - I.V. Infusion (1H2025)
Revenue Overview - I.V. Infusion (1H2025) 大输液销售概览 I.V. Infusion – 1H2025 By Packaging Revenue Average Selling % of IV Price (ASP) GP% (HK$’000) Revenue (HK$) Non-PVC Soft Bag 593,786 49.5% 2.72 47.9% Upright Soft Bag 246,406 20.5% 1.32 56.8% PP Plastic Bottle 268,317 22.4% 0.97 33.9% Glass Bottle 90
Slide 12: Revenue Overview - I.V. Infusion (1H2025)
Revenue Overview - I.V. Infusion (1H2025) I.V. Infusion – 1H2025 By Pharmaceutical Average Selling Products Revenue % of IV Price (ASP) GP% (HK$’000) Revenue (HK$) Basic Infusions 722,655 60.3% 1.53 46.4% Nutrition Infusions 182,479 15.2% 1.44 39.8% Therapeutical Infusions 294,194 24.5% 2.51 44.0% T
Slide 13: Ampoule Injections
Ampoule Injections Significant Growth in National Centralized Procurement Selected Products In 1H2025, sales volume reached 178 million, increased by 7% y-o-y; revenue accounted for HK$157 million, decreased by 57% y-o-y (RMB145 million, decreased by 56.5% y-o-y) mainly due impact from the previousl
Slide 14: Oral Preparations
Oral Preparations Ongoing Product Diversification, Deepening Bulk Pharmaceuticals – Oral Preparation Integration, Further Expansion of Production and Sales In 1H2025, revenue accounted for HK$296 million, increased by 16% y-o-y (RMB272 million, increased by 18% y-o-y); contributed for 13.8% of total
Slide 15: Bulk Pharmaceuticals
Bulk Pharmaceuticals Fierce Market Competition, Weak Caffeine Demand, Steady Azithromycin Export Growth, Rapid Gains in Metronidazole, Hydroxyethyl Starch Series & Nifedipine In 1H2025, revenue accounted for HK$361 million, decreased by 9.6% y-o-y (RMB332 million, decreased by 8.4% y-o-y ) Caffeine
Slide 16: Medical Materials & Other Products
Medical Materials & Other Products Steady Growth in Production and Sales, New Products as Operational Highlights, Active Expansion into Overseas Markets In 1H2025, revenue of external sales accounted for HK$101 million, increased by 7% y-o-y (RMB93.15 million, increased by 8.5% y-o-y), benefit from
Slide 17: Foreign exports
Foreign exports Steady growth in preparation exports In 1H2025, export of infusion solution: volume of 73.71 million bottles (bags), growth of 42% y-o-y Revenue of preparation exports reached RMB100 million, increased by 42% y-o-y Recently 43 products and 103 specifications exported to over 103 coun
Slide 18: Research and Development
Research and Development Up to 30 June 2025, a total of 56 production approvals (including national supplementary application approvals and clinical approvals) were obtained, including 46 for preparations and 10 for bulk pharmaceuticals. Research and development efficiency and quantity of generic dr
Slide 19: Products passed consistency evaluation (135 Types, 180 Specifications)
Product passed/regarded passing consistency evaluation (135 Types, 180 Specifications) Approval Approval No. Drug Name Specification Treatment Category No. Drug Name Specification Treatment Category in PRC in PRC 1 Fluconazole Tablets 150mg The First Systemic anti-infectives 19 Betahistine Mesylate
Slide 20: Products passed consistency evaluation (135 Types, 180 Specifications)
Product passed/regarded passing consistency evaluation (135 Types, 180 Specifications) Approval Approval No. Drug Name Specification Treatment Category No. Drug Name Specification Treatment Category in PRC in PRC Terbutaline Sulphate Solution for Second 37 Sodium Lactated Ringer Injection 500ml Seco
Slide 21: Products passed consistency evaluation (135 Types, 180 Specifications)
Product passed/regarded passing consistency evaluation (135 Types, 180 Specifications) Approval Approval No. Drug Name Specification Treatment Category No. Drug Name Specification Treatment Category in PRC in PRC 73 Rosuvastatin Calcium Tablets 10mg Cardiovascular System 91 Valsartan and Amlodipine
Slide 22: Products passed consistency evaluation (135 Types, 180 Specifications)
Product passed/regarded passing consistency evaluation (135 Types, 180 Specifications) Approval Approval No. Drug Name Specification Treatment Category No. Drug Name Specification Treatment Category in PRC in PRC 109 Pitavastatin Calcium Tablets 2mg Cardiovascular System 127 Gliclazide Tablets 80mg
Slide 23: Products passed consistency evaluation (135 Types, 180 Specifications)
Product passed/regarded passing consistency evaluation (135 Types, 180 Specifications) Approval Approval No. Drug Name Specification Treatment Category No. Drug Name Specification Treatment Category in PRC in PRC 145 Nicorandil Tablets 5mg Cardiovascular System 163 Sodium Bicarbonate Injection 10ml:
Slide 24: Products considered as catalyst
Products considered as catalyst (59 Types, 74 Specifications) Catalyst products It is considered to have room for high growth as it meets the following conditions at the same time: Bulk pharmaceuticals + preparation integration (Self-bulk pharmaceuticals supply) & Five or more companies passed Consi
Slide 25: Products considered as catalyst
Products considered as catalyst (59 Types, 74 Specifications) No. Drug Name Specification Approval Date Approval in PRC Treatment Category 21 Ipratropium Bromide Solution for Inhalation 2ml:250μg 30/09/2022 Respiratory system 22 Azithromycin Tablets 0.25g 08/11/2022 Systemic anti-infectives 23 Terbu
Slide 26: Products considered as catalyst
Products considered as catalyst (59 Types, 74 Specifications) No. Drug Name Specification Approval Date Approval in PRC Treatment Category 49 Dapagliflozin Tablets 10mg 28/06/2024 Digestive system and metabolic drugs 50 Etomidate medium/long chain fat emulsion injection 10ml:20mg 28/06/2024 Third Ne
Slide 27: Competitive Advantages
PART 02 Competitive Advantages
Slide 28: Diversified and Competitive Advantages
Competitive Advantages Bulk Pharmaceuticals, Medical . Intelligent Manufacturing I.V. Materials, Preparations and Infusion Production Lines, Biotech - Diversified and Largest Production Capacity on Coordinated Development Single Factory Basis Numerous Specifications,. Complete Numerous Prize Recogni
Slide 29: Diversified and Coordinated Development
Bulk Pharmaceuticals, Medical Materials, Preparations and Biotech - Diversified and Coordinated Development Production Bases: 2 preparation, 2 bulk pharmaceutical, 1 chemical and 1 medical material, forming synergy and whole-industry-chain by preparations + bulk pharmaceuticals + medical materials +
Slide 30: Pharmaceutical R&D Institute
Diversified and Coordinated Development - Pharmaceutical R&D Institute Pharmaceutical Research Institute comprises Guangxiang, Best and Hanlin Technology. It is organized into specialized divisions including the Institute of Innovative Drugs, Solid Dosage Forms, Liquid Dosage Forms, Chinese Medicine
Slide 31: Preparations Production Base
Diversified and Coordinated Development – Preparations Production Base Shijiazhuang No.4 Pharmaceutical Major products: Non-PVC Soft Bag IV, Upright Soft Bag IV, PP Plastic Bottle IV, Glass Bottle IV, PP Ampoule Injections, Lyophilized powder injection, Tablets, Capsule and Granules, Unit-dose Eye D
Slide 32: Bulk Pharmaceuticals Production Base
Diversified and Coordinated Development – Bulk Pharmaceuticals Production Base Hebei Guangxiang Pharmaceutical Cangzhou Lingang Youyi Chemical Major products: Caffeine, Major products: Methylamine (API for Theophylline, Aminophylline Series, caffeine and other pharmaceutical/ Metronidazole, Ornidazo
Slide 33: Specialised Bulk Pharmaceuticals
Specialised Bulk Pharmaceuticals Bulk Pharmaceuticals with status A owned by Hebei Guangxiang Pharmaceutical (44) Serial Registration No. Drug Name Status 1 Y20200001269 Epalrestat A 2 Y20190007857 Aminophylline A 3 Y20190007856 Theophylline A 4 Y20190006345 Niacin A 5 Y20190002961 Benzoyl metronida
Slide 34: Specialised Bulk Pharmaceuticals
Specialised Bulk Pharmaceuticals Bulk Pharmaceuticals with status A owned by Hebei Guangxiang Pharmaceutical (44) Serial Registration No. Drug Name Status 25 Y20220000118 Levalbuterol Hydrochloride A 26 Y20220000116 Vortioxetine Hydrobromide A 27 Y20220000360 Isoproterenol Hydrochloride A 28 Y202200
Slide 35: Specialised Bulk Pharmaceuticals
Specialised Bulk Pharmaceuticals Bulk Pharmaceuticals with status A owned by Hebei Guolong Pharmaceutical (33) Serial Registration No. Drug Name Status 1 Y20200001123 Cinacalcet Hydrochloride A 2 Y20200000767 Ipratropium Bromide A 3 Y20200000466 Dexmedetomidine Hydrochloride A 4 Y20190001004 Blonans
Slide 36: Specialised Bulk Pharmaceuticals
Specialised Bulk Pharmaceuticals Bulk Pharmaceuticals with status A owned by Hebei Guolong Pharmaceutical (33) Serial Registration No. Drug Name Status 22 Y20220000426 Etomidate A 23 Y20220000427 Trelagliptin Succinate A 24 Y20220000910 Doxazosin Mesylate A 25 Y20220001251 Betahistine Mesylate A 26
Slide 37: Medical Materials Production Base
Diversified and Coordinated Development – Medical Materials Production Base Jiangsu Best New Medical Material Major products: Bioprocessing film series, Multi-layer co-extrusion, infusion films, Rubber stopper series, Gasket series SSY Group Limited • 37
Slide 38: Biotechnology and product development
Diversified and Coordinated Development – Biotechnology and product development Hebei Hanlin Technology Major products: In vitro diagnostic reagents, Cosmetic Peptide, Medical Ultrasound Coupling Agent and Medical Radiation Protection Spray SSY Group Limited • 38
Slide 39: Numerous Varieties, Complete Dosage Form, Wide coverage
Numerous Varieties, Complete Dosage Form, Wide coverage No. of Production approvals: 524 No. of Preparations approved: 375 including including 375 Preparations, 77 Bulk Pharmaceuticals, 206 in Essential Drug List, 180 passed Consistency Evaluation, 17 in National Centralised Procurement 44 Medical M
Slide 40: Numerous Varieties, Complete Dosage Form, Wide coverage
Numerous Varieties, Complete Dosage Form, Wide coverage Oral preparations I.V. Infusion • National Centralised Procurement: • National Centralised Procurement: Ampoule Injections & Lyophilized powder Prucalopride Succinate Tablets, Cefdinir Fluconazole Sodium Chloride Injection, • National Centralis
Slide 41: Market share increases in National Centralised Procurement
Market share increases for products in National Centralised Procurement National Centralised Change in market share* Procurement batch Products selected in tender (Date of Result) 2020_ 2021_ 2022_ 2023_ 2024_ Prucalopride Succinate tablet (Oral) 0.95% 6.07% 8.48% 10.51% 9.35% 3rd batch（Aug 2020） Ce
Slide 42: Market share increases in National Centralised Procurement
Market share increases for products in National Centralised Procurement Expect 13 products to submit for 11th batch National Centralised Change in market share* Procurement batch Products selected in tender (Date of Result) 2020_ 2021_ 2022_ 2023_ 2024_ Levodopa and Benserazide Hydrochloride Tablets
Slide 43: I.V. Production Capacity Expansion
I.V. Infusion Production Line Intelligent Manufacturing, Largest Production Capacity on Single Factory Basis in PRC I.V. Production Capacity Expansion No.4 Pharma Year Increase / Year Increase / Year Increase / Year Increase / Year 2019 % change 2021 % change 2022 % change 2023 % change 2024 Non-PVC
Slide 44: Awards and recognitions
Awards and recognitions ✓ Best Industrial Enterprise for China Pharmaceutical R&D Product Lines ✓ ”21235” risk control model based on parametric release was selected as a model case of quality improvement and brand building by the Ministry of Industry and Information Technology (MIIT)" ✓ China Innov
Slide 45: R&D Status and Prospects
PART 03 R&D Status and Prospects ➢ Strategy in generic drugs R&D ➢ Products for approval application ➢ Specialised drug platform ➢ Key innovative drug R&D projects ➢ Products awaiting approval ➢ Strong external R&D support
Slide 46: Strategy in generic drugs R&D
Strategy in generic drugs R&D Bulk pharmaceuticals Solid preparations ➢ Products requires difficult process/ special process ➢ Focus on products with large market demand and products, self-owned patented technology products urgent clinical needs ➢ Forming Product series ➢ Bulk pharmaceuticals + prep
Slide 47: Strategy in generic drugs R&D (Key therapeutic fields)
Strategy in generic drugs R&D (Key therapeutic fields) Respiratory system: injections/inhalation/oral Cardiovascular system: oral/injection Stimulates lysosomal release from mucus-secreting cells Hypertension (single prescription, compound (Bromhexine); Phosphodiesterase (PDE) Inhibitors preparation
Slide 48: Bulk Pharmaceuticals under review (Hebei Guangxiang)
Bulk Pharmaceuticals under review (Hebei Guangxiang) No. Registration No. Drug Name Status Expected approval 1 Y20240000021 Drotaverine Hydrochloride I 2026 2 Y20230001287 Benidipine Hydrochloride I 2025 3 Y20240000655 Levo-ornidazole Disodium Phosphate I 2025 4 Y20240000654 Fenofibrate Choline I 20
Slide 49: Bulk Pharmaceuticals under review (Hebei Guolong)
Bulk Pharmaceuticals under review (Hebei Guolong) No. Registration No. Drug Name Status Expected approval 1 Y20240000374 Cupric chloride I 2025 2 Y20240000427 Fampridine I 2025 3 Y20240000182 Azilsartan I 2025 4 Y20230001271 Lornoxicam I 2025 5 Y20240000619 Ambroxol Hydrochloride I 2025 6 Y202400003
Slide 50: Type 3 Preparations under review
Type 3 Preparations under review Expected to be approved by the end of 2025 No. Acceptance No. Drug Name Specification 1 CYHS2302836 Acetaminophen Granules 0.1g 2 CYHS2400869 Calcium Gluconate Injection 10ml:1g 3 CYHS2303334 Ketotifen Fumarate Eye Drops 0.4ml:0.1mg 4 CYHS2400895 Nicardipine Hydrochl
Slide 51: Type 4 Preparations under review
Type 4 Preparations under review Expected to be approved by the end of 2025 No. Acceptance No. Drug Name Specification 1 CYHS2401229 Potassium Chloride and Sodium Chloride Injection 250ml 2 CYHS2401230 Potassium Chloride and Sodium Chloride Injection 500ml 3 CYHS2400179 Rosuvastatin Ezetimibe Tablet
Slide 52: Consistency evaluation under review
Consistency evaluation under review Expected to be approved by the end of 2025 No. Acceptance No. Drug Name Specification 1 CYHB2450508 Vitamin B6 Injection 1ml:100mg 2 CYHB2550001 Lincomycin Hydrochloride Injection 2ml:0.6g SSY Group Limited • 52
Slide 53: Production approvals to submit in 2H2025
Production approvals to submit in 2H2025 即将上报的产品（2022年） (updated as of 30 June 2025) To submit soon ◆ 17 types of bulk pharmaceuticals ◆ 38 types of preparations with 47 specifications SSYSSY Group Limited Group • 53 Limited • 53
Slide 54: Major projects of innovative drug development
Major projects of innovative drug development 创新药的研发策略 Type I New Drug （a）SYN-045: Type I anti-pulmonary (lung) hypertension new drug, Phase I clinical trial nearly completed with good safety result （b）CX24005: Type I anti-epileptic new drug, PCC expected in Feb 2026 （c） CX25001: Type I new drug for
Slide 55: Strong External R&D Support/Cooperation
Strong External R&D and Industrialization Support/Cooperation ◆ Collaborative R&D of ◆ Undergraduate and Chinese Shenyang postgraduate Type I New Drugs Pharmaceutical Pharmaceutical internship base ◆ Technological R&D of University University ◆ Professional master's training Type II New Drugs ◆ Coll
Slide 56: Development Strategies
PART 04 Development Strategies ➢ Fields for development ➢ Production chains ➢ Bioprocessing films ➢ Advanced preparations ➢ Intelligent production
Slide 57: Development Strategies
Fields for development Generic Drugs: Increase R&D continuously; focus on high-end bulk drugs; integrate specialized bulk drug + preparations Innovative Drugs: Clinical trials and commercialization to proceed on schedule；plan on drug development for children and elderly Bioprocessing films Productio
Slide 58: Prospects for development
Prospects for development Preparations (including I.V., ampoule, oral preparations, etc.): Strengthen precise regional management, shorten the time to market, enhance terminal market development and volume growth in key areas; continue to follow up on centralized procurement contract renewals, promo
Slide 59: Company Contacts
Company Contacts Direct line: +852-2688 0869 Meng Guo +86-13933073928 （Executive Director） mengguo@ssygroup.com.hk Henry Chow +852-9721 2670 （Executive Director & CFO） henrychow@ssygroup.com.hk Isabella Wang +86-13801231199 （Wechat） （Deputy General Manager isabellawang@ssygroup.com.hk – Investor Rel