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(於開曼群島註冊成立之有限公司股票編號: 1177 SINO BIOPHARMACEUTICAL LIMITED SINO BIOPHARMACEUTICAL LIMITED 2014 SINO BIOPHARMACEUTICAL LIMITED (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1177) 2014 二零一四年年報 Annual Report Annual Report 2014年報

2 5 9 10 13 19 33 49 55 57 59 60 61 63 65 67 68 1

130 2

GMP PVC GMP GMP GMP CN20110001 MSCI http://www.sinobiopharm.com GMP GMP 3

4 1.1 55.588% 75% 55 60% 55.6% 63.64% 60% 60% 60.898% 60.898% 60% 60% 60.898% 60% 51% 100% 60% 55.588% 51% 51% 51% 51% 51% 33% 46.7% 63.64% 33%

12,378,350 9,901,196 7,496,888 5,171,354 3,618,773 (2,920,531) (2,228,351) (1,610,587) (1,170,199) (737,649) 9,457,819 7,672,845 5,886,301 4,001,155 2,881,124 293,182 188,782 139,253 100,174 233,914 (5,342,527) (4,413,986) (3,322,544) (2,267,047) (1,529,007) (824,966) (638,312) (669,960) (494,042) (459,129) (1,075,997) (908,321) (540,972) (577,592) (214,440) (43,096) (2,500) (9,650) (11,418) (5,804) 336,792 238,002 240,179 199,576 144,543 2,801,207 2,136,510 1,722,607 950,806 1,051,201 (440,153) (354,551) (305,135) (121,567) (191,832) 2,361,054 1,781,959 1,417,472 829,239 859,369 1,513,205 1,036,764 890,758 462,801 566,897 847,849 745,195 526,714 366,438 292,472 2,361,054 1,781,959 1,417,472 829,239 859,369 14,163,941 9,968,867 7,701,178 6,208,864 5,574,183 (5,345,645) (2,743,904) (1,916,482) (1,432,499) (1,272,635) 8,818,296 7,224,963 5,784,696 4,776,365 4,301,548 (2,207,654) (1,737,947) (1,202,720) (940,360) (653,863) 5

1.2 14,000,000 12,000,000 12,378,350 10,000,000 36% 9,901,196 8,000,000 7,496,888* 6,000,000 5,171,354* 4,000,000 3,618,773* 2,000,000 0 2010 2011 2012 2013 2014 1.3 2,500,000 2,361,054 2,000,000 29% 1,781,959 1,500,000 1,471,472 1,000,000 859,369 829,239 500,000 0 2010 2011 2012 2013 2014 * 6

財務摘要主要產品銷售增長表 1.4 千港元 2,500,000 2,339,472 2,000,000 1,924,995 1,748,307 1,692,511 1,669,334 1,500,000 1,366,942 1,353,688 1,638,961 1,611,098 1,069,271 1,000,000 1,094,460 850,659 781,253 647,907 454,337 288,164 217,542 202,642 155,008 144,804 84,322 500,000 0 710,000 31,525 2010 634,209 496,654 416,837 295,934 252,428 220,896 189,021 66,698 754,706 423,045 365,908 314,006 285,081 252,329 2011 2012 562,675 545,527 416,565 387,411 378,021 2014 凱時注射液天晴甘美注射液新海能注射液天晴甘平腸溶膠囊凱紛注射液天冊注射液依倫平片潤眾分散片名正膠囊新骨化三醇膠丸現金及銀行結餘表 1.5 表 1.6 千港元千港元 10,000,000 5,000,000 4,468,333 8,818,296 9,000,000 8,000,000 4,000,000 7,224,963 複合增長率 20% 複合增長率 20% 5,784,696 6,000,000 5,000,000 749,166 698,114 616,985 556,026 481,458 431,715 2013 資產淨值 7,000,000 962,925 778,596 2,981,343 3,000,000 2,547,455* 4,776,365 2,128,736* 4,301,548 4,000,000 2,000,000 1,792,470* 3,000,000 2,000,000 1,000,000 1,000,000 0 0 2010 * 7 數據已作重列中國生物製藥有限公司 2011 2012 2013 2014 2010 2011 2012 2013 2014

1.7 6.9% 9.6% 46.7% 9.1% 9.6% 5.5% 7.7% 2.0% 2.9% 1.8 3,000,000 2,400,000 2,339,472 1,800,000 1,200,000 600,000 0 340,903 232,479 83,039 A B C D A B C D 8

9 Red Herring 25

7.4% GMP 13% 10

1,237,835 25% 147,753 151,321 38.7%46% 29.9030.62 38.7%45.9% 446,833 11

PVC 12

577,822 46.7% 15,981 43,171 14.2% 192,49910.1% 74,917 233,94740.1% 303,535 19.8% 119,312 9.6% PVC 13

19,748 48,14624.3% 34,090 63.3% DDS) GMP 163,8961.7% 112,513 9.1% 112,513 38.8% 8,304 69.3% 4,519 109,494 7.1% DDS 96,292 27.6% 94,903 7.7% 14

69,811 24.1% 18,592 84.1% 85,836 6.9% 61,698 13.1% 23,241 67,669 5.5% 55,603 33.5% 36,378 2.9% 19,537 64.9% 11,697 7.2% 24,640 2% 19,291 11.4% 7,164 0.6% 15

9,000 5,71913% 811 12 6 57 64 23836 13 9616 17 60 110,104 8.9% 97 95 26254 17 3944 50 24 CEO 700 Institutional Investor 860 650 16

17 A.6.7 446,833 298,134 43,519 7,415 128,860 5,208 1,416,394 996,887, 534,565 274,390 37.7% 27.5%) 1,066,406,000 972,590,000

3.10 3.10(A) 13.18 165,000,000 18

A.6.7 A. 19

1. 2. 3. 4. 5. 6. 7. 8. 21

(1) (2) 22

(3) (4) (5) (6) (7) (8) A.2.1 (1) (3 (2) 23

A.6.5 A.6.5 3.29 15 51 24

4/4 1/1 1/1 4/4 0/1 4/4 1/1 4/4 1/1 4/4 0/1 4/4 1/1 4/4 1/1 4/4 4/4 1/1 1/1 1/1 4/4 4/4 0/1 3/4 3/4 1/1 1/1 1/1 4/4 1/1 1/1 0/1 4 4 1 1 1 29

23 500,000 1,000,001 500,000 1,000,000 1,500,000 1,500,000 3 3 7 10 23 B. 30

4,841 38 C. 31

58 1 (2) (21) 1 41 09 http://www.sinobiopharm.com 32

18 59 156 1.5 1.5 1.5222,366,000 1.5 33

12,378,350 9,901,196 7,496,888 5,171,354 3,618,773 (2,920,531) (2,228,351) (1,610,587) (1,170,199) (737,649) 9,457,819 7,672,845 5,886,301 4,001,155 2,881,124 293,182 188,782 139,253 100,174 233,914 (5,342,527) (4,413,986) (3,322,544) (2,267,047) (1,529,007) (824,966) (638,312) (669,960) (494,042) (459,129) (1,075,997) (908,321) (540,972) (577,592) (214,440) (43,096) (2,500) (9,650) (11,418) (5,804) 336,792 238,002 240,179 199,576 144,543 2,801,207 2,136,510 1,722,607 950,806 1,051,201 (440,153) (354,551) (305,135) (121,567) (191,832) 2,361,054 1,781,959 1,417,472 829,239 859,369 1,513,205 1,036,764 890,758 462,801 566,897 847,849 745,195 526,714 366,438 292,472 2,361,054 1,781,959 1,417,472 829,239 859,369 14,163,941 9,968,867 7,701,178 6,208,864 5,574,183 (5,345,654) (2,743,904) (1,916,482) (1,432,499) (1,272,635) 8,818,296 7,224,963 5,784,696 4,776,365 4,301,548 (2,207,654) (1,737,947) (1,202,720) (940,360) (653,863) 34

14 31 32 33 74,122,00098,829,000 2,182,507,0001,995,377,000 30% 30% 5% 35

86 87 49 54 36

38 571 XV352 (1) 90,000,000 720,417,815 810,417,815 16.40% (2) 1,200,000,000 1,200,000,000 24.28% 35,212,000 35,212,000 0.71% 3,599,999 3,599,999 0.07% (1) Validated Profits Limited720,417,815 (2) Remarkable Industries Limited 700,000,000 500,000,000 37

(a) 288,000,000 57.6% (b) 288,000,000 57.6% 32,333 0.35% 229,250 0.18% 26,583 0.53% 151,335 0.31% 22,680 0.3% 7,560 0.1% 229,250 0.18% 26,583 0.53% (a) (b) 1 1 352 38

336 Validated Profits Limited (1) 720,417,815 14.58% (2) 700,000,000 14.17% Remarkable Industries Limited (2) 500,000,000 10.11% JP Morgan Chase & Co. 190,967,199 3.86% JP Morgan Chase & Co. 79,690,788 1.61% BlackRock Inc. 316,105,194 6.40% (1) Validated Profits Limited (2) Remarkable Industries Limited 336 39

38 60% 35,500,000 44,900,000 60% 20,000,000 25,300,000 30,000,000 37,900,000 50,000,000 63,200,000 33.5% 63,300,000 80,000,000 75,900,000 95,900,000 90,900,000 114,900,000 37,158,00038,625,000 12,900,000 16,300,000 15,300,000 19,300,000 18,400,000 23,300,000 10,475,0007,362,000 1,500,000 1,900,000 2,000,000 2,500,000 2,500,000 3,200,000 975,000 202,000 40

50% 3,600,000 4,500,000 3,840,000 4,900,000 4,200,000 5,300,000 4,500,0003,784,000 60% 33.5% 10,000,000 12,600,000 3,883,000 60% 4 900,000 1,100,000 429,000 60% 4,500,000 5,700,000 3,477,000 14,200,000 17,900,000 15,800,000 20,000,000 17,300,000 21,900,000 9,894,000 800,000 1,000,000 1,200,000 1,500,000 1,600,000 2,000,000 41

4,000,000 5,100,000 5,000,000 6,300,000 6,000,000 7,600,000 1,174,000 40,000,000 50,500,000 56,000,000 70,800,000 78,400,000 99,100,000 22,501,000 2,000,000 2,500,000 3,000,000 3,800,000 4,000,000 5,100,000 602,000 3,300,000 4,200,000 4,000,000 5,100,000 4,800,000 6,100,000 3,448,000 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 1,427,000 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 42

156,000,000 197,100,000 202,800,000 256,300,000 255,000,000 322,200,000 153,941,000 20,000,000 25,300,000 26,000,000 32,900,000 33,800,000 42,700,000 11,523,000 9,600,000 12,100,000 11,600,000 14,700,000 15,000,000 19,000,000 3,950,000 3,719,000 2,000,000 2,500,000 2,600,000 3,300,000 3,500,000 4,400,000 1,966,000 99% 1,200,000 1,440,000 1,800,0001,200,000 960,000 32,300,000 40,800,000 36,500,000 46,100,000 39,600,000 50,000,000 22,009,000 43

6,000,000 7,600,000 7,124,000 7,349,000 * 13.18 13.18 165,000,000 165,000,000 (a) (i) (ii) 741,219,220 15% (b) 44

13.18 1. 2. 30 25%,(i) 30% (ii) 50% 45

(i) (ii) (i) (ii) 20% (iii) (i) (ii) (iii) 46

13,880 A.6.7 3.10 3.10(A) 47

A.5 48

63 10 52 () AOTS 49

51 G20 18 G20 45 47 GMP GMP 51 MBA 50

56 51 71 45 57 51

51 ACCA ACCAIPMA-HR 46MBA 28 48 GMP 58 52

45 43 44 44 45 50 51 45 EMBA 48 25 53

52 Institut National des Sciences Appliquees (INSA) de Toulouse Ecole Superieure de Commerce (ESC) de Toulouse 46 45 ESMOD(Ecole International de Mode Paris) 43 54

55 1177 www.sinobiopharm.com FCCA, CPA 166 1

43 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 22 Codan Trust Company (Cayman) Limited Century Yard Cricket Square Hutchins Drive P.O. Box 2681GT George Town Grand Cayman British West Indies 1 41 09 39 Conyers Dill & Pearman, Cayman Century Yard Cricket Square Hutchins Drive P.O. Box 2681GT George Town Grand Cayman British West Indies 1 C2 308A 1 22 18 1 29 A 56

59 156 57

1 22 58

5 12,378,350 9,901,196 (2,920,531) (2,228,351) 9,457,819 7,672,845 5 293,182 188,782 (5,342,527) (4,413,986) (824,966) (638,312) (1,075,997) (908,321) 7 (43,096) (2,500) 19 336,792 238,002 6 2,801,207 2,136,510 10 (440,153) (354,551) 2,361,054 1,781,959 11 1,513,205 1,036,764 847,849 745,195 2,361,054 1,781,959 13 30.62 20.98 12 59

2,361,054 1,781,959 (139,673) 94,632 (139,673) 94,632 49,714 72,779 1,206 (11,002) (9,816) 39,918 62,963 (6,024) 19,827 33,894 82,790 (105,779) 177,422 2,255,275 1,959,381 11 1,443,682 1,146,930 811,593 812,451 2,255,275 1,959,381 60

14 2,340,180 2,107,111 15 339,351 192,969 16 110,850 58,083 17 162,233 87,759 19 1,361,421 1,119,122 20 425,563 142,747 30 107,927 122,243 23 1,135,890 311,942 5,983,415 4,141,976 21 901,625 805,343 22 1,889,661 1,582,998 23 373,186 317,506 38(c) 18,050 1,019 24 529,671 138,682 25 4,468,333 2,981,343 8,180,526 5,826,891 26 775,241 475,003 172,820 58,267 27 2,444,065 1,971,324 28 435,187 74,153 38(c) 33,959 1,123 3,861,272 2,579,870 4,319,254 3,247,021 10,302,669 7,388,997 61

10,302,669 7,388,997 29 119,050 96,197 28 1,288,597 30 76,726 67,837 1,484,373 164,034 8,818,296 7,224,963 31 123,536 123,536 33(a) 6,412,984 5,264,651 12 74,122 98,829 6,610,642 5,487,016 2,207,654 1,737,947 8,818,296 7,224,963 62

31 33(a) 12 123,536 1,285,444 (176,834) 168,111 20,743 438,406 256,235 2,367,506 98,829 4,581,976 1,202,720 5,784,696 1,036,764 1,036,764 745,195 1,781,959 60,318 60,318 22,472 82,790 49,848 49,848 44,784 94,632 60,318 49,848 1,036,764 1,146,930 812,451 1,959,381 35,298 35,298 18 5,183 5,183 31,740 36,923 (344,262) (344,262) 12 (98,829) (98,829) (98,829) 12 (148,244) (148,244) (148,244) 12 (98,829) 98,829 208,701 (208,701) 123,536 1,285,444* (171,651)* 228,429* * 20,743* 647,107* 306,083* 2,948,496* 98,829 5,487,016 1,737,947 7,224,963 63

31 33(a) 12 123,536 1,285,444 (171,651) 228,429 20,743 647,107 306,083 2,948,496 98,829 5,487,016 1,737,947 7,224,963 1,513,205 1,513,205 847,849 2,361,054 1,206 1,206 1,206 23,834 23,834 14,878 38,712 1,473 1,473 1,473 (88,539) (88,539) (51,134) (139,673) (7,497) (7,497) (7,497) 25,307 1,206 (96,036) 1,513,205 1,443,682 811,593 2,255,275 34 84,926 84,926 7,646 7,646 35 249 249 1,080 1,329 (435,538) (435,538) 12 (98,829) (98,829) (98,829) 12 (222,366) (222,366) (222,366) 12 (74,122) 74,122 276,747 (276,747) 890 890 890 123,536 1,285,444* (171,651)* 253,736* 1,206* 20,743* 924,744* 210,296* 3,888,466* 74,122 6,610,642 2,207,654 8,818,296 * 6,412,984,000 5,264,651,000 64

2,801,207 2,136,510 7 43,096 2,500 19 (336,792) (238,002) 5 (113,593) (68,524) 5 (15,776) (14,040) 14 248,164 207,115 6 (24) 1,102 15 6,078 3,781 17 11,326 16,828 5, 6 1,753 (1,301) 5, 6 (125) 5, 6 (8,428) 5, 6 (34,505) 5, 6 (35,677) 28,538 2,601,209 2,040,002 (79,504) (230,366) (259,658) (360,676) (18,994) (114,377) (355,312) (47,741) (8,089) (4,222) 268,187 111,294 425,264 514,580 22,853 21,289 35,231 (5,057) 2,631,187 1,924,726 (330,995) (348,771) 2,300,192 1,575,955 65

2,300,192 1,575,955 113,593 68,524 15,776 14,040 88,469 47,849 (446,962) (500,717) 7,989 18,581 1,124 (28,555) (19,594) (73,609) (9,710) (120,023) (282,816) (89,649) (162,861) (62,413) (823,948) (809) (1,210,173) (38,208) 13,440 (2,788,533) (692,129) (43,096) (2,500) (321,195) (247,073) (435,538) (344,262) 7,646 36,923 1,829,957 79,979 (192,878) (58,759) 844,896 (535,692) 356,555 348,134 2,890,413 2,494,733 (79,738) 47,546 3,167,230 2,890,413 25 1,362,227 1,438,151 25 1,805,003 1,452,262 3,167,230 2,890,413 66

14 18,185 8,439 18 1,025,819 1,025,819 19 20 87,215 23,278 23 135,058 1,266,277 1,057,536 18 1,742,854 948,011 23 70,089 65,968 24 529,671 134,705 25 747,658 643,337 3,090,272 1,792,021 18 626,150 578,246 27 63,234 53,569 689,384 631,815 2,400,888 1,160,206 3,667,165 2,217,742 1,287,000 1,287,000 2,380,165 2,217,742 31 123,536 123,536 33(b) 2,182,507 1,995,377 12 74,122 98,829 2,380,165 2,217,742 67

1. 1 4109 2.1 622 9 11 76 87 2.4 68

2.1 (i)(ii) (iii) (i)(ii) (iii) 2.2 10 12 27 32 36 39 21 2 1 3 1 13 1 1 69

2.3 9 4 10 2 28 10 2 12 28 11 2 14 5 15 3 1 2 16 38 2 16 41 2 19 1 27 2 1 1 2 l 2 3 4 5 622 9 399 70

71 2.3 10 28 113 11 15 1515 15 16 38( 2.2 8

72 2.4 (a) (b) (c) 5 20%

73 2.4 5 39 39

74 2.4

75 2.4 (a) (i) (ii) (iii)

2.4 (b) (i) (ii) (iii) (iv) (v) (vi) (a) (a)(i) 4%-5% 5%-20% 5%-9% 9%-18% 18% 76

77 2.4 30

2.4 39 78

2.4 39 79

80 2.4 (a) (b) (a)(b)

2.4 81

2.4 82

2.4 83

84 2.4 (i) (ii)

85 2.4 (a)

2.4 (b) (c) 86

2.4 87

2.4 88

3. 50% 46.7%50% 107,927,000 122,243,00030 110,850,000 58,083,00016 89

3. 2.4 83,920,00064,499,000 17 4. (a) (b) (c) (i) (ii) 90

4. 11,951,420 426,930 12,378,350 2,482,034 26,136 111,630 2,619,800 113,593 336,792 (268,978) 2,801,207 (440,153) 2,361,054 8,676,147 3,515,351 503,095 12,694,593 1,361,421 107,927 14,163,941 3,501,846 1,418,194 176,059 5,096,099 249,546 5,345,645 253,547 6,291 5,730 265,568 584,248 17,428 36,702 638,378 1,962 4 45 2,011 91

4. 9,657,398 243,798 9,901,196 1,712,746 257,184 74,486 2,044,416 68,524 238,002 (214,432) 2,136,510 (354,551) 1,781,959 6,278,888 2,110,492 338,122 8,727,502 1,119,122 122,243 9,968,867 2,423,227 89,600 104,973 2,617,800 126,104 2,743,904 219,329 1,871 6,524 227,724 464,284 9,337 109,103 582,724 3,384 33 3,417 90% 90% 10% 92

5. 12,378,350 9,901,196 113,593 68,524 15,776 14,040 23,349 2,553 * 52,373 24,326 14,481 26,137 29,122 13,979 248,694 149,559 258 4,718 125 34,505 8,428 35,677 44,488 39,223 293,182 188,782 * 93

6. 2,920,531 2,228,351 14 248,164 207,115 15 6,078 3,781 * 17 11,326 16,828 1,073,319 878,051 (24) 1,102 5 (258) (4,718) 5 (125) 5 (34,505) 2,011 3,417 5 (113,593) (68,524) 5 (15,776) (14,040) 5 (23,349) (2,553) 5 (8,428) 5 (35,677) 28,538 33,660 29,543 4,879 4,111 8 904,335 833,542 162,071 139,048 1,066,406 972,590 22 (124) 694 30,840 (41,926) * 94

7. 43,096 2,500 8. 62211 78 32 1,116 1,044 19,916 18,717 271 255 20,420 18,262 40,607 37,234 41,723 38,278 (a) 264 246 264 246 324 306 264 246 1,116 1,044 95

8. (b) 8,560 18,000 17 26,577 1,418 110 1,528 2,045 110 2,155 1,189 420 17 1,626 2,125 2,000 17 4,142 3,559 3,559 1,020 1,020 19,916 20,420 271 40,607 7,980 15,500 15 23,495 3,035 105 3,140 705 1,262 105 2,072 1,159 400 15 1,574 1,995 1,100 15 3,110 2,823 2,823 1,020 1,020 18,717 18,262 255 37,234 9. 8 96

10. 16.5% 16.5% : 409,468 350,476 30 30,685 4,075 440,153 354,551 15% 25% 2,368,569 432,638 2,801,207 592,142 71,385 663,527 (190,326) (190,326) (1,204) (104,163) (105,367) 27,627 33,414 61,041 (67,574) (67,574) 5% 78,852 78,852 360,665 79,488 440,153 97

10. 1,856,648 279,862 2,136,510 464,162 46,177 510,339 (151,043) (151,043) (3,397) (69,924) (73,321) 12,233 23,747 35,980 (44,767) (44,767) 5% 77,363 77,363 277,188 77,363 354,551 11. 482,412,000 384,846,000 33(b) 12. 4.53 222,366 148,244 1.52 74,122 98,829 296,488 247,073 13. 1,513,205,000 1,036,764,000 4,941,461,4734,941,461,473 98

14. 960,990 8,112 947,444 142,706 319,029 227,278 2,605,559 (8,007) (300,313) (69,330) (120,798) (498,448) 960,990 105 647,131 73,376 198,231 227,278 2,107,111 960,990 105 647,131 73,376 198,231 227,278 2,107,111 2,269 941 81,821 56,064 59,523 246,344 446,962 (67,335) (486) (93,512) (29,486) (57,345) (248,164) 34 35,654 3,432 3,961 43,047 49,738 49,738 (2,638) (60) (2,108) (3,306) (1,146) (484) (9,742) 35 (255) (2) (26) (283) 149,981 119,551 4,690 (274,222) (17,413) (6) (17,074) (3,594) (5,047) (5,355) (48,489) 1,075,592 494 771,208 96,484 202,841 193,561 2,340,180 1,075,592 8,975 1,186,211 180,345 376,826 193,561 3,021,510 (8,481) (415,003) (83,861) (173,985) (681,330) 1,075,592 494 771,208 96,484 202,841 193,561 2,340,180 8,975 1,186,211 180,345 376,826 193,561 1,945,918 1,075,592 1,075,592 1,075,592 8,975 1,186,211 180,345 376,826 193,561 3,021,510 99

14. 868,417 7,967 825,298 103,763 207,007 67,253 2,079,705 (7,967) (224,906) (55,919) (73,583) (362,375) 868,417 600,392 47,844 133,424 67,253 1,717,330 868,417 600,392 47,844 133,424 67,253 1,717,330 16,240 31 64,409 43,011 103,786 273,240 500,717 (62,649) (41) (75,930) (19,376) (49,119) (207,115) 113 1,120 2,413 543 4,189 71,677 71,677 (5,767) (6,182) (2,264) (2,990) (77) (17,280) 64,316 45,921 7,213 (117,450) 8,756 2 17,401 1,748 5,374 4,312 37,593 960,990 105 647,131 73,376 198,231 227,278 2,107,111 960,990 8,112 947,444 142,706 319,029 227,278 2,605,559 (8,007) (300,313) (69,330) (120,798) (498,448) 960,990 105 647,131 73,376 198,231 227,278 2,107,111 8,112 947,444 142,706 319,029 227,278 1,644,569 960,990 960,990 960,990 8,112 947,444 142,706 319,029 227,278 2,605,559 100

14. 4,727 11,860 16,587 (4,727) (3,421) (8,148) 8,439 8,439 8,439 8,439 12,721 3,243 15,964 (2,867) (3,351) (6,218) 9,854 8,331 18,185 17,448 15,103 32,551 (7,594) (6,772) (14,366) 9,854 8,331 18,185 17,448 15,103 32,551 17,448 15,103 32,551 101

14. 4,727 2,883 7,610 (4,530) (2,861) (7,391) 197 22 219 197 22 219 8,977 8,977 (197) (560) (757) 8,439 8,439 4,727 11,860 16,587 (4,727) (3,421) (8,148) 8,439 8,439 4,727 11,860 16,587 4,727 11,860 16,587 1,075,592,000 960,990,000 49,738,000 71,677,000 25,307,000 60,318,00023,520 1,102,000 770,526,000639,611,000 52,079,000 28 102

15. 197,484 134,265 162,861 62,413 (999) (6,078) (3,781) (6,594) 4,587 346,674 197,484 (7,323) (4,515) 339,351 192,969 16. 58,083 34 52,847 (80) 110,850 38,787 19,204 92 58,083 103

16. 34 48% 104

17. 41,276 82,952 124,228 1,454 27,101 28,555 34a 253 64,919 65,172 35 (6,293) (6,293) 488 (2,384) (1,602) (3,498) 37,178 107,669 63,317 208,164 18,016 18,453 36,469 3,323 5,839 2,164 11,326 35 (793) (793) (491) (543) (37) (1,071) 20,055 23,749 2,127 45,931 17,123 83,920 61,190 162,233 29,448 71,520 100,968 34 62 62 10,562 9,032 19,594 1,204 2,400 3,604 41,276 82,952 124,228 13,432 5,271 18,703 4,049 12,779 16,828 535 403 938 18,016 18,453 36,469 23,260 64,499 87,759 105

18. 1,025,819 1,025,819 1,742,854,000 948,011,000 626,150,000 578,246,000 Champion First Investments Limited 1,000,000 75 2 100 100 51 1 490,000,000 60 10,000,000 60 500,000 60 106

18. 5,050,000 55.6 5,000,000 60 65,000,000 60 50,000,000 60 2 100 2 100 1 100 1 100 48,960,000 55.6 2 5,000,000 55.6 107

18. 9,363,500 60.9 20,000,000 60.9 500,000 60.9 1 100 7,560,000 51 1,250,000 51 5,000,000 51 1 100 100 100 1 100 108

18. 1 100 Ace Elite Investments Limited 10 100 3 52,800,000 63.6 118,500,000 100 100 100 127,228,711 46.7 100,000 60 1,200,000 63.6 30,000,000 33 350,000,000 60 109

18. 4 19,000,000 51 5 500,000 51 6 30,000,000 33 7 8 100 100 125,000 55 8 500,000 8 7,000,000 8 5,000,000 8 17,373,261 8 100,000 8 15,101,000 55 38.5 38.5 55 55 33 8 33 110

8 1,000,000 8 3,000,000 8 100,000 8 13,870,032 38.5 55 55 41.3 9 10 11 100 100 72,167,000 100 10 100 12 186,300,000 100 13 55.6 111

18. 1 190,000,000 300,000,000 490,000,000 60 60 2 20,000,0005,000,000 15,000,000 55.6 55.6 3 40,000,00052,800,000 18,165,1206,055,040 63.660 4 17,391,30019,000,00051 51 5 51 6 55 26,400,000 33,137,000 34(b) 7 100 8 55 82,500,000 105,658,000 34(a) 9 100 10 100 11 100 12 100 13 55.6 14 13,831,000 2,594,000 45 112

18. 40% 40% 44.4% 44.4% 40% 40% 584,638 448,305 131,199 93,027 386,190 260,786 1,001,038 805,332 343,955 228,381 465,942 304,086 6,264,934 1,548,654 1,737,039 (4,803,338) (1,253,161) (771,564) 1,461,596 295,493 965,475 1,435,183 282,954 943,532 1,663,010 819,296 1,240,920 2,225,070 495,279 132,440 (1,250,173) (532,274) (196,286) (135,313) (7,627) (12,220) 1,647,798 401,607 598,826 (156,064) (186,859) (64,443) (759,793) (79,787) (542,057) 731,941 134,961 (7,674) 113

18. 4,976,969 1,253,839 1,293,003 (3,856,206) (1,044,320) (641,038) 1,120,763 209,519 651,965 1,227,555 227,294 667,531 1,288,926 673,935 748,870 1,690,995 247,651 118,690 (894,636) (407,214) (99,330) (71,954) (8,015) 1,039,202 247,646 345,111 5,741 (90,472) (42,740) (736,916) (304,126) 308,027 157,174 (1,755) 19. (i) 1,141,657 906,079 (ii) 219,764 213,043 1,361,421 1,119,122 114

19. * 33.6% 500,000,000 * 21.82% * (i) 1,101,768 866,190 39,889 39,889 1,141,657 906,079 115

19. (i) 1 (a) 51% 33.6% 293,000,000 (b) Super Demand Investment LimitedSuper Demand )48% France Investment (China I) Group Limited 24% (c) Super Demand 45%(b) (c) 293,000,000 (a) (b) (c) 116

19. (i) 2,364,813 1,659,259 (515,584) (210,983) 3,297,505 3,297,505 33.6% 1,107,962 39,889 (6,194) 1,141,657 2,927,151 956,136 952,843 84,577 (ii) 219,764 213,043 219,764 213,043 117

19. (ii) 2,551,986 828,903 (2,234,004) (117,185) 1,029,700 1,029,700 21.82% 224,681 (4,917) 219,764 3,864,554 71,174 48,641 3,892 20. 63,937 63,937 63,937 63,937 361,626 142,747 23,278 23,278 425,563 142,747 87,215 23,278 Karolinska Development ABNASDAQ OMX 118

20. 1,206,000 1,206,000 5%LTT Bio-Pharma Co., Ltd. 4.93% 21. 269,019 195,665 194,627 164,494 431,645 431,574 6,334 13,610 22. 901,625 805,343 1,892,020 1,588,160 (2,359) (5,162) 1,889,661 1,582,998 60180 119

22. 90 1,459,335 1,329,120 91180 412,250 236,492 180 18,076 17,386 1,889,661 1,582,998 5,162 4,329 6 (124) 694 (2,571) (108) 139 2,359 5,162 1,777,452 1,489,247 30 84,059 76,118 31 90 16,505 4,699 91 180 7,569 9,130 181 365 4,076 3,804 1,889,661 1,582,998 120

22. 438,485,000 547,712,000 235,254,000 301,290,000 23. 107,750 133,956 216,343 135,015 29,457 21,017 41,770 44,020 40,632 44,951 7,323 4,515 373,186 317,506 70,089 65,968 1,135,890 311,942 135,058 (i) Karolinska Development AB(ii)(iii) One Harbour Square (iv) 38(b)(xxv) 121

24. 497,871 134,705 497,871 134,705 31,800 3,977 31,800 529,671 138,682 529,671 134,705 25. 1,362,227 1,438,151 85,654 25,188 1,805,003 1,452,262 662,004 618,149 1,301,103 90,930 4,468,333 2,981,343 747,658 643,337 3,651,942,000 2,313,726,000 122

26. 90 600,036 364,359 91180 135,742 72,853 180 39,463 37,791 775,241 475,003 90 27. 46,528 24,984 627,576 551,309 35,020 34,819 609,569 444,766 15,489 6,025 989,705 812,837 50,094 34,032 120,593 103,396 12,725 12,725 2,444,065 1,971,324 63,234 53,569 123

28. (%) (%) 3.0-5.6 2015 176,124 3.0-6.2 2014 68,518 5.6-6.0 2015 29,978 6.6-7.8 2014 5,635 3.5-5.0 2015 216,594 6.15 2015 12,491 +2 2016 1,287,000 6.15 2016 1,597 1,723,784 74,153 435,187 74,153 1,288,597 1,723,784 74,153 (a) (b) (c) (d) (e) 2% 52,079,000 165,000,000 2% 216,594,000 216,594,000 124

29. 30. 15,087 57,926 115,966 8,456 197,435 10 3,473 126 78,852 9,198 (1,168) 90,481 (35,397) (35,397) 11,002 16,915 27,917 18,560 69,054 159,421 9,198 24,203 280,436 15,853 1,116 195,139 7,517 32,216 251,841 10 4,936 (322) 40,912 5,443 8,827 59,796 20,789 794 236,051 12,960 41,043 311,637 125

30. 107,927 (76,726) 31,201 15,722 48,336 64,270 9,060 137,388 10 (635) (226) 77,363 (604) 75,898 (25,667) (25,667) 9,816 9,816 15,087 57,926 115,966 8,456 197,435 14,102 765 144,243 3,570 17,338 180,018 10 1,751 351 50,896 3,947 14,878 71,823 15,853 1,116 195,139 7,517 32,216 251,841 126

30. 122,243 (67,837) 54,406 10% 5% 31. 8,000,000,0000.025 8,000,000,000 0.025 200,000 200,000 4,941,461,4730.025 4,941,461,473 0.025 123,536 123,536 127

128 32. 30% 10% 1% (a)0.1%(b) 5 30 1

32. (i)(ii) (iii) 10 0.10 4 0.025 33. (a) (1) (2) (3) 129

33. (b) 1,285,444 60,464 511,696 1,857,604 384,846 384,846 12 (148,244) (148,244) 12 (98,829) (98,829) 1,285,444 60,464 649,469 1,995,377 1,285,444 60,464 649,469 1,995,377 34. 1,206 482,412 483,618 12 (222,366) (222,366) 12 (74,122) (74,122) 1,285,444 60,464 1,206 835,393 2,182,507 (a) 55 82,500,000 105,658,000 130

34. (a) 41,365 17 64,919 17 253 21,148 7,122 7,359 20,052 8,942 (11,045) (411) (22,785) (16,915) (14,604) 105,400 (47,430) 57,970 47,688 105,658 (105,658) 21,148 (84,510) 125,355,000 5,593,000 131

34. (b) 55 26,400,000 33,137,000 1,682 44,038 39,883 9,701 14,226 (21,021) (257) (24,792) (12,552) (38) 50,870 (22,892) 27,978 5,159 33,137 132

34. (b) (33,137) 44,038 10,901 105,310,000 2,974,000 12,525,785,000 2,356,890,000 35. 14 283 17 5,500 282 400 391 (15) 15 (100) (2,433) 1,080 5,403 5 8,428 13,831 13,831 133

35. 13,831 (391) 13,440 36. 10,363 9,282 7,045 4,800 20,347 17,738 7,495 10,440 32,211 31,126 62,921 58,146 14,540 15,240 134

37. 36 180,860 201,870 406,422 99,000 686,282 201,870 699,998 69,666 38. (a) (i) 1,324 (ii) 5,744 3,784 (iii) 7,124 7,349 (i) (ii) (iii) 135

38. (b) (i) (ii) 35,500,00044,900,000 14A 20,000,00025,300,000 30,000,00037,900,000 50,000,00063,200,000 14A (iii) 63,300,00080,000,000 75,900,00095,900,000 90,900,000 114,900,000 14A 37,158,000 38,625,000 136

38. (b) (iv) (v) (vi) 12,900,000 16,300,000 15,300,00019,300,000 18,400,000 23,300,000 14A 10,475,0007,362,000 1,500,0001,900,000 2,000,000 2,500,000 2,500,0003,200,000 14A 975,000 202,000 50% 3,600,0004,500,000 3,840,0004,900,000 4,200,0005,300,000 14A 3,600,000 4,500,000 3,784,000 38(a) 137

38. (b) (vii) 33.5 10,000,000 12,600,000 14A 3,883,000 (viii) 4 900,000 1,100,000 14A 429,000 (ix) (x) 4,500,000 5,700,000 14A 3,477,000 14,200,000 17,900,000 15,800,000 20,000,000 17,300,000 21,900,000 14A 9,894,000 138

38. (b) (xi) 800,000 1,000,000 1,200,000 1,500,000 1,600,000 2,000,000 14A (xii) 4,000,000 5,100,000 5,000,000 6,300,000 6,000,000 7,600,000 14A 1,174,000 (xiii) 40,000,000 50,500,000 56,000,000 70,800,000 78,400,000 99,100,000 14A 22,501,000 139

38. (b) (xiv) 2,000,000 2,500,000 3,000,000 3,800,000 4,000,000 5,100,000 14A 602,000 (xv) 3,300,000 4,200,000 4,000,000 5,100,000 4,800,000 6,100,000 14A 3,448,000 (xvi) 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 14A 1,427,000 140

38. (b) (xvii) 10,000,000 12,600,000 13,000,000 16,400,000 16,900,000 21,400,000 14A (xviii) 156,000,000 197,100,000 202,800,000 256,300,000 255,000,000 322,200,000 14A 153,941,000 (xix) 20,000,000 25,300,000 26,000,000 32,900,000 33,800,000 42,700,000 14A 11,523,000 141

38. (b) (xx) 9,600,000 12,100,000 11,600,000 14,700,000 15,000,000 19,000,000 14A 3,950,000 3,719,000 (xxi) 2,000,000 2,500,000 2,600,000 3,300,000 3,500,000 4,400,000 14A 1,966,000 (xxii) 99 1,200,000 1,440,000 1,800,000 14A 1,200,000 960,000 38(a) 142

38. (b) (xxiii) 32,300,000 40,800,000 36,500,000 46,100,000 39,600,000 50,000,000 14A 22,009,000 (xxiv) 6,000,000 7,600,000 14A 7,124,000 7,349,000 38(a) (xxv) Validated Profits LimitedValidated Profits (a) Validated ProfitsValidated Profits 7.5% (b) 2.5% 293,539,000253,813,00023 4,700,000,0005% 143

38. (b) (xxvi) (a) 51% 33.6% 293,000,000 (b)super Demand 48% 24% (c) Super Demand 45% (b) (c) 293,000,000 (a)(b) (c) (c) 33,959,0001,123,000 18,050,000 1,019,000 (d) 8 75,861 84,942 1,273 1,190 77,134 86,132 144

39. 529,671 529,671 425,563 425,563 1,889,661 1,889,661 216,343 216,343 18,050 18,050 4,468,333 4,468,333 529,671 6,592,387 425,563 7,547,621 138,682 138,682 142,747 142,747 1,582,998 1,582,998 135,015 135,015 1,019 1,019 2,981,343 2,981,343 138,682 4,700,375 142,747 4,981,804 145

39. 529,671 529,671 87,215 87,215 29,457 29,457 1,742,854 1,742,854 747,658 747,658 529,671 2,519,969 87,215 3,136,855 134,705 134,705 23,278 23,278 21,017 21,017 948,011 948,011 643,337 643,337 134,705 1,612,365 23,278 1,770,348 146

39. 775,241 475,003 609,569 444,766 15,489 6,025 1,723,784 74,153 1,287,000 33,959 1,123 626,150 578,246 40. 3,142,553 995,045 1,928,639 584,271 529,671 138,682 529,671 138,682 425,563 142,747 425,563 142,747 1,889,661 1,582,998 1,889,661 1,582,998 216,343 135,015 216,343 135,015 18,050 1,019 18,050 1,019 4,468,333 2,981,343 4,468,333 2,981,343 7,547,621 4,981,804 7,547,621 4,981,804 775,241 475,003 775,241 475,003 609,569 444,766 609,569 444,766 1,723,784 74,153 1,723,784 74,153 33,959 1,123 33,959 1,123 3,142,553 995,045 3,142,553 995,045 147

40. 529,671 134,705 529,671 134,705 87,215 23,278 87,215 23,278 29,457 21,017 29,457 21,017 1,742,854 948,011 1,742,854 948,011 747,658 643,337 747,658 643,337 3,136,855 1,770,348 3,136,855 1,770,348 15,489 6,025 15,489 6,025 1,287,000 1,287,000 626,150 578,246 626,150 578,246 1,928,639 584,271 1,928,639 584,271 148

40. 529,671 529,671 138,682 138,682 149

40. 529,671 529,671 134,705 134,705 41. 150

41. 50 50 (6,435) (6,435) (50) (50) 6,435 6,435 50 (50) 151

41. % 5 213,536 (5) (213,536) 5 175,206 (5) (175,206) 152

41. 110,711 598,903 58,382 7,245 775,241 213,667 227,318 153,626 14,958 609,569 307,779 127,408 1,288,597 1,723,784 33,959 33,959 358,337 1,134,000 339,416 1,310,800 3,142,553 167,142 262,250 41,857 3,754 475,003 197,696 111,205 124,705 11,160 444,766 20,714 53,439 74,153 1,123 1,123 365,961 394,169 220,001 14,914 995,045 153

41. 15,489 15,489 1,287,000 1,287,000 626,150 626,150 641,639 1,287,000 1,928,639 6,025 6,025 578,246 578,246 584,271 584,271 24 154

41. 1% 497,871 4,979/(4,979) 4,979/(4,979) 31,800 318/(318) 318/(318) 134,705 1,347/(1,347) 1,347/(1,347) 3,977 40/(40) 40/(40) 155

42. Karolinska Development AB 22,858,294 22,728,000150,000,000149,145,000 NASDAQ OMX Karolinska Development AB100,000,00099,000,000 43. 156