SSY Group (Hong Kong: 02005) reported unaudited results for the six months to 30 June 2026, highlighting steady top-line growth, improved profitability and a higher interim dividend.
Financial highlights • Revenue rose 9.9% year on year to HK$2.36 billion, driven mainly by intravenous infusion (IV) solutions. • Net profit attributable to shareholders increased 13.0% to HK$320 million; basic and diluted EPS were HK$0.1107 (H1 2025: HK$0.0962). • Gross profit reached HK$972.42 million, with gross margin edging down 0.3 ppt to 41.2% as a larger share of sales came via centralised procurement. • Operating profit grew 20.1% to HK$445.30 million; operating margin improved to 18.9% (H1 2025: 17.3%), helped by lower selling and R&D expenses. • Net finance costs nearly doubled to HK$69.39 million due to lower deposit rates and an exchange-loss swing. • Cash and cash equivalents stood at HK$1.86 billion (31 Dec 2025: HK$1.69 billion); bank borrowings totalled HK$4.04 billion. Gearing ratio declined to 21.9%.
Dividend An interim dividend of HK$0.055 per share, 10% higher than a year earlier, will be paid on 24 September 2026 to shareholders on record as of 11 September 2026.
Segment performance • Intravenous infusion solution and other pharmaceuticals: Revenue up 9.6% to HK$2.24 billion, representing 95% of group turnover. IV solution sales volume increased 21.4% to about 868 million bottles/bags, lifting segment revenue 24.0% to HK$1.49 billion. – Non-PVC and upright soft bags grew 31.4% to HK$1.10 billion. – PP plastic bottles rose 9.1% to HK$292.69 million. – Glass bottles were largely flat at HK$90.07 million. • Ampoule injections: Revenue up 3.5% to HK$162.88 million; volumes broadly stable at 178.81 million units. • Oral preparations: Revenue fell 44.3% to HK$164.86 million amid weaker respiratory and antiviral demand. • Bulk pharmaceuticals: Revenue increased 9.4% to HK$394.56 million, aided by higher export volumes. • Medical materials and related products: Revenue advanced 16.8% to HK$118.23 million, supported by butyl rubber stoppers and specialised films.
Research & development Expenditure declined 28.8% to HK$96.97 million as project mix normalised. The group secured 56 national drug registrations, with 13 products ranking within China’s top three approvals. As of 30 June 2026, 189 products encompassing 253 specifications had passed or were deemed to have passed consistency evaluations.
Capital expenditure & commitments Outstanding capital commitments were HK$317.76 million. Key projects include sterile lyophilised powder, hormone and powder production lines, and a cephalosporin inspection centre slated for September completion.
Outlook Management will prioritise market-share gains in large-specification infusions, accelerate overseas registrations, pursue further centralised-procurement bids, and advance high-value R&D pipelines while maintaining cost and quality discipline across bulk and finished-dose operations.
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