Category: HIDE FROM HOME

江南区新晋现代韩国餐厅San融合法式料理风格 展现非凡美食及未来上榜潜力

香港 – Media OutReach Newswire – 2026年3月12日 – 首尔备受瞩目的新晋高级餐厅San荣获由圣培露和普娜（S.Pellegrino & Acqua Panna）赞助的2026年度Asia’s 50 Best Restaurants”亚洲50最佳餐厅” 颁发的One To Watch Award“最值得关注奖”。该奖项旨在表彰近期崭露头角、并有潜力在未来几年跻身亚洲50最佳餐厅榜单的餐厅。

San于2024年开业，仅短短一年便已在首尔广获赞誉，并凭借其卓越表现获得”最值得关注奖”提名。餐厅坐落于时尚的江南区，以主厨Jo Seung-Hyun精心构思、融入法式料理风格的精致现代韩国品鉴菜单而闻名。

Jo的资历深厚，曾在三家久负盛名的餐厅磨炼厨艺。最初在名厨Thomas Keller于纳帕谷主理的The French Laundry及法国殿堂级餐厅La Maison Troisgros学艺，其后获韩裔美籍名厨Corey Lee任命要职，为其位于旧金山的亚洲料理餐厅Benu执掌厨房。在Benu担任行政总厨长达八年后，Jo终于回到家乡首尔，实现开设San的梦想。匠心独运的品鉴菜单展现了他对经典法式料理注入韩国特色的创意诠释，呈现精彩纷呈的时令佳肴。

亚洲50最佳餐厅发言人表示：”San迅速成为首尔最受瞩目的高级餐厅之一，获颁’最值得关注奖’实至名归。其团队在烹饪卓越性、复杂度及对本国传统的尊重方面均树立了新标杆，延续了首尔近年涌现创新餐厅这一鼓舞人心的潮流。”

对于荣获2026年度”最值得关注奖”，主厨Jo表示：”能够获得’最值得关注奖’，我深感荣幸，无比感恩。San仍是一家年轻的餐厅，开业不久便得到如此肯定，对我们来说意义重大。感谢亚洲50最佳餐厅给予我们这份鼓励。”

Jo以精湛厨艺展现韩国风味，专注于通过深度与精准度重塑经典菜式。其招牌创作包括：以虾头熬制浓缩高汤制成的虾味韩式辣酱搭配鲜虾，呈现极致鲜味；重新演绎的经典韩式白灼鱿鱼，选用精心处理的枪鱿鱼，佐以墨汁醋辣酱。此外，Jo从自己在釜山成长的童年回忆中汲取灵感，打造出猪肉汤饭的精致版本。这道菜传统上会配咸虾酱享用，如今则改以鱼子酱作点缀，在保留熟悉感的同时，为韩式菜肴带来令人耳目一新的现代诠释。

除上述创新美馔外，向经典传统致敬的招牌菜还包括香瓜水泡菜，为韩国国民美食萝卜水泡菜的变奏版。与此同时，由侍酒师Ju Jaemin主理的餐酒搭配进一步升华San的餐饮体验。宾客可选择五杯或八杯配酒，每款葡萄酒皆经过精心挑选，与层次丰富的佳肴相得益彰。

San是自2017年以来首家获此殊荣的首尔餐厅。最近几届得奖餐厅包括：班加罗尔Farmlore（2025年）——主打极具地方特色的印度食材；北京兰斋（2024年）——以藏传哲学为灵感，注重可持续发展；以及雅加达August（2023年）——通过现代精致料理技巧演绎印尼风味。

“最值得关注奖”是2026年度亚洲50最佳餐厅颁奖典礼前率先公布的三项大奖中的最后一项。本年度颁奖典礼将于2026年3月25日在香港嘉里酒店举行，这是该盛事首次在香港举办，届时将公布亚洲顶尖餐厅榜单。颁奖典礼亦将于当地时间20:00开始，通过50 Best的YouTube频道进行现场直播，直播链接请点击此处。

50 Best与专业服务咨询公司德勤（Deloitte）合作，由其作为官方独立审裁合作伙伴，以确保投票程序及2026年度亚洲50最佳餐厅榜单的公正性与真实性。关于亚洲50最佳餐厅投票程序的详情，请参阅此处。

投票制度

Asia’s 50 Best Restaurants”亚洲50最佳餐厅”榜单由Asia’s 50 Best Restaurants Academy”亚洲50最佳餐厅评审委员会”投票产生，该委员会由超过350位在亚洲餐饮业最具影响力的领袖组成，每位成员均凭借其对亚洲餐饮界的专业见解而获邀加入。评审委员会分为7个地区：印度及印度次大陆；东南亚南部；东南亚北部；香港、台湾及澳门；中国内地；韩国；以及日本。每位投票人须根据其过去18个月内的最佳餐厅体验投出10票，其中至少4票须投予其所属国家／特别行政区以外的餐厅。所有投票人均须保持匿名，投票过程保密、安全，并由专业服务顾问公司Deloitte（德勤）独立裁定。

关于主办目的地合作伙伴：香港旅游发展局

香港旅游发展局（旅发局）是专责推广香港旅游业的政府资助机构，主要职能是提升旅游业对香港社会和经济的贡献，并致力巩固香港作为世界级旅游胜地的地位。旅发局与政府、旅游业界和其他相关界别紧密合作，在全世界各地宣传香港，为旅客提供更多元化的旅游产品和更具质量的服务，同时致力提升旅客在香港的旅游体验。旅发局在全球设有15个办事处，并于7个不同市场设有代办。

关于主要合作伙伴：圣培露和普娜

圣培露和普娜（S.Pellegrino & Acqua Panna）为Asia’s 50 Best Restaurants”亚洲50最佳餐厅”的主要赞助商。圣培露和普娜为世界各地的高级餐厅提供优质天然矿泉水。两大品牌在国际市场上象征着追求卓越、愉快和健康于一身的意大利生活方式。

合作伙伴：

• Hong Kong Tourism Board香港旅游发展局——官方主办目的地合作伙伴
• S.Pellegrino & Acqua Panna圣培露和普娜——主要合作伙伴及官方饮用水合作伙伴；The Best Restaurant in Asia”亚洲最佳餐厅”赞助商
• Inedit Damm——官方啤酒合作伙伴；Inedit Damm Chefs’ Choice Award”Inedit Damm厨师之选奖”赞助商
• SevenRooms ——官方预订平台合作伙伴；SevenRooms Icon Award”SevenRooms标志人物奖”赞助商
• Doordash——官方外送合作伙伴
• Aspire Lifestyles奥思礼礼宾——官方礼宾合作伙伴
• Lee Kum Kee李锦记——官方酱料及调味品合作伙伴；Highest Climber Award”最佳进步奖”赞助商
• Valrhona法芙娜——官方巧克力合作伙伴；Asia’s Best Pastry Chef Award”亚洲最佳糕点师奖”赞助商
• Vik – 官方葡萄酒合作伙伴；Asia’s Best Sommelier Award”亚洲最佳侍酒师奖” 赞助商
• Nongshim Shinramyun农心辛拉面– 官方合作伙伴；The Best Restaurant in South Korea”韩国最佳餐厅” 赞助商
• Maison Kaviari——官方鱼子酱合作伙伴
• Dassai獭祭——官方清酒合作伙伴
• Langjiu郎酒——官方中国白酒合作伙伴
• Woodford Reserve伍德福德珍藏 ——官方美国威士忌合作伙伴
• Cinco Jotas——官方伊比利亚火腿合作伙伴
• Kerry Hotel, Hong Kong 香港嘉里酒店——官方酒店场地合作伙伴
• The Murray, Hong Kong, a Niccolo Hotel尼依格罗香港美利酒店——官方酒店场地合作伙伴
• Grand Hyatt Hong Kong 香港君悦酒店——官方酒店场地合作伙伴
• The Peninsula Hong Kong 香港半岛酒店——官方酒店场地合作伙伴
• Pier 1929 ——官方场地合作伙伴

Hashtag: #Asia’s50BestRestaurants

https://www.theworlds50best.com/asia/en/
https://twitter.com/TheWorlds50Best?ref_src=twsrc%255Egoogle%257Ctwcamp%255Eserp%257Ctwgr%255Eauthor
https://www.facebook.com/Asias50BestRestaurants
https://www.instagram.com/theworlds50best/?hl=en
https://bit.ly/50BestYouTubePR

The issuer is solely responsible for the content of this announcement.

Industry insights indicate that ride-hailing platforms are gradually expanding beyond core passenger transport, with increased focus on predictive safety capabilities, AI-enabled customer support, embedded payment systems, and more structured regulatory engagement.

MANILA, PHILIPPINES – Media OutReach Newswire – 11 March 2026 – 2026 may be the year that more ride-hailing apps will expand their operations to become mobility superapps, according to industry experts who have analyzed the movements of multiple apps across the board. The analysis suggests that this shift will be driven by multi-service bundling, predictive safety features, boosted AI integration, cashless payment options, and coordination with regulators.

“Our global market review found that the way forward for ride-hailing platforms is to evolve into mobility superapps,” Evgenia Matrosova, inDrive Chief Ride-Hailing Officer, said. “Users want convenience more than anything, where diverse mobility solutions, proactive safety functions, and seamless digital payments can all be found in one platform. Integrated services won’t just push innovation forward; they signify reliability and flexibility on the road and beyond.”

#1 Ride-hailing apps may begin venturing into adjacent services.

More ride-hailing apps may begin expanding into adjacent mobility services this year due to an increase in global demand for integrated transport services. For instance, market intelligence firm Sensor Tower listed inDrive and other ride-hailing platforms among the most downloaded travel apps in 2025—revealing global demand for their expansion into adjacent travel services.

Zooming into the platforms’ service expansion, industry experts are optimistic about the potential in food delivery. Data shows that restaurants worldwide are considering working with delivery platforms that offer them more control over their profit margins.

A separate Ken Research study also revealed that online travel booking has also enjoyed similar local growth, with a projected revenue of Php 50 billion. This could boost pre-booked airport pickups’ popularity, with travelers viewing this as a much-needed convenience.

These all reveal one thing: the lines between passenger transport and adjacent mobility services are beginning to blur. Thus, ride-hailing apps may begin venturing into adjacent mobility services to create an all-in-one experience for users.

#2 Safety systems are slowly shifting from protection to prediction

At present, in-app safety features are often limited to real-time monitoring, emergency hotline buttons, and a speed dial to the platform’s 24/7 support. However, industry experts forecast that ride-hailing apps may begin using AI-powered analytics and risk modeling for predictive road safety measures.

For instance, the Forum of European National Highway Research Laboratories says that AI can collect traffic data, weather feeds, and other key information to predict collisions and recommend alternate routes. Predictive safety features like this can help ride-hailing apps move past interventionary measures and proactively protect their drivers and passengers.

#3 AI to enhance the in-app customer experience

Industry experts also say that mobility services may continue leveraging AI to improve customer experience. There are also early indicators that ride-hailing apps may experiment with using human-like AI voices in their customer support systems. AI may also be used in developing personal mobility agents that manage drivers’ schedules and earnings and intervene during emergencies.

With ride-hailing platforms considering venturing into food delivery, they may use AI to simulate customer interactions. Large language models can simulate dialogue-based ordering, allowing users to verbally dictate their orders or send them via chat platforms like WhatsApp. Not only would this speed up the delivery process, but it would also cater to users who prefer personal interactions.

#4 Ride-hailing apps eyeing seamless in-app payment systems

Cashless payment options, such as e-wallets and online bank transfers, are gaining popularity among Filipino consumers. A Bangko Sentral ng Pilipinas report found that 57.4% of Filipinos’ retail transactions were paid online. This creates an opportunity for ride-hailing companies to make their payment schemes more seamless. They may consider embedding cashless payment options in their apps, which can automatically deduct their transaction from their attached online banking and e-wallet accounts.

inDrive’s internal research shows that Filipino commuters are also price-sensitive, often allocating tight budgets to their transportation expenses. This consumer attitude could pave the way for ride-hailing companies to install in-app wallets. These facilitate better online budgeting and accommodate users who prefer cash.

#5 Ride-hailing apps expected to continue to uphold price fairness

Strict regulatory compliance has always influenced the dynamics of the ride-hailing industry. In particular, the Land Transportation Franchising and Regulatory Board has been staunch in implementing its fare matrix. Just last December, the regulator imposed surge caps to maintain affordable holiday fares—underscoring its commitment to keeping prices affordable for passengers.

These trends paint a picture of what could come next for the ride-hailing industry this year. With these in mind, inDrive will continue to uphold transparency, safety, and inclusivity for drivers and passengers alike. For more updates on inDrive’s initiatives this year, visit www.inDrive.com or follow @inDrive.ph on social media.

Hashtag: #inDrivetrends #MobilityPhilippines

https://indrive.com/en-my

The issuer is solely responsible for the content of this announcement.

About inDrive

inDrive is a global mobility and urban services platform. The inDrive app has been downloaded over 400 million times, and has been named the second most downloaded mobility app for the third consecutive year. In addition to ride-hailing, inDrive provides an expanding list of services, including intercity transportation, delivery, and financial services. In 2023, inDrive launched New Ventures, a venture and M&A arm.

inDrive operates in 1065 cities in 48 countries. Driven by its mission of challenging injustice, the company is committed to having a positive impact on the lives of one billion people by 2030. It pursues this goal both through its core business, which supports local communities via a fair pricing model; and through the work of its impact programs.

For more information visit www.inDrive.com

創下2020年以來最健康營運現金流利潤率 雙引擎平台基底更紮實 支撐2026年補強型投資拚重返增長、再上一階 董事會擬配發每股新台幣10元現金股利

香港 – Media OutReach Newswire – 2026年3月11日 – 全球領先的CDMO及專科製藥公司——保瑞藥業股份有限公司（Bora Pharmaceuticals，「保瑞」；TWSE：6472；OTCQX：BORAY）今日公布2025年全年財務成果與營運亮點，並提供2026年展望。

2025年全年營運與財務重點：

• 公司2025年全年營收（停業部門另列）為新台幣190.14億元，較前一年成長9.11%；基本每股盈餘（EPS）為23.90元，其中第四季EPS為2.63元。全年EPS較去年下降24.22%，為停業部門每股淨損11.24元所致。
• 在第四季，隨著美國明尼蘇達州廠區之Plymouth區域將部份Upsher-Smith自有產品之生產轉移的技術轉移工作完成，原由Plymouth生產的產品重新歸入銷貨成本（COGS）。因此，以可比基礎與2025年其他季度相比，第四季毛利率約為38–39%。第四季毛利率較前一季下降並導致營運槓桿減弱，主係胃食道逆流藥物DLS於11月面臨新競爭者，下游拉貨動能轉為觀望、放緩。此外，當季較高的有效稅率亦來自自製的學名藥DLS透過關係人交易後面臨下游銷售量減少使得營收與稅負無法同步。同時，Upsher-Smith的主要學名藥產品Topiramate ER面臨更激烈的市場競爭，也對毛利率造成負面影響。
• 管理層認為，2025年第四季的營運費用結構更能反映公司此階段的營運平台模式與策略轉型。推銷費用隨著市場占有率推進與通路拓展而呈現季節性上升，而研發支出則維持在相對審慎的範圍內。隨著規模擴大帶來固定成本吸收能力提升，毛利率的改善將成為推動營運槓桿的關鍵因素。
• 全球藥品銷售業務在第四季仍有不小的波動，主因仍在等待新產品核准，無法填補下市產品與漸失動能的既有產品下滑。短期內，提升學名藥產品組合競爭力是公司在營收與毛利率上的重要課題。不過公司對轉型進展並不悲觀，在Vigabatrin系列產品帶動下，保瑞罕病產品組合在各劑型市場占有率持續提升。公司將於2026年積極補充在研與新上市產品，以恢復獲利性成長。
• 集團CDMO業務在第四季營收與毛利率雙升。受惠於產能擴張及新劑型導入，2025年CDMO營收含內部訂單年增53.8%，達新台幣106.4億元。若排除內部訂單，營收為新台幣75億元，較2024年成長19.53%。
• 2025年是保瑞併購後整合與策略整併的一年。第四季營運現金流利潤率達34.74%，創近年新高，相較去年同期為-4.00%，此改善反映保瑞集團已轉型為一可在更大且更強的平台上運作、效率更高的組織。董事會提議配發每股新台幣10元現金股利，展現對集團現金創造能力提升及長期股東報酬的信心。
• 本季因員工認股權行使及可轉債轉換，股本增加3.18%。

保瑞集團董事長盛保熙表示：「2025年對保瑞而言是具有轉折意義的一年。除了整合外，我們更加強調紀律性資本配置與資產負債表管理。在站上更大的成長平台後，我們重新檢視現金部署方式、雙引擎業務細部的技術與產品組合，並且定義在穩定股權結構下，未來應觀察的報酬指標。距離2024年併購完成一年後，我們實現了歷史最高的營運現金流利潤率，相較去年同期集團剛轉型至目前規模時呈現明顯翻轉。

然而，外部環境出現重大變化。我們在美國貿易與產業政策重新調整的背景下營運，這也促使供應鏈重新配置並帶來匯率波動。同時人工智慧的快速導入正在改變製造業競爭格局，甚至影響資本市場資金流向。此外，集團部分核心學名藥產品也面臨競爭壓力。若排除停業部門影響，依據2025與2024年重分類後的財務報表，繼續營運單位EBITDA較2024年下降19.0%，但仍較2023年高出12.5%，顯示過去兩年所建立的營收與獲利基礎仍然穩固。

儘管面臨這些挑戰，集團仍維持獲利並保有財務彈性。值得注意的是，我們在未新增股權稀釋的情況下，透過既有信用額度完成保瑞歷史上最大規模的CDMO資本支出計畫與Upsher-Smith的業務轉型。雖然這個新平台的價值擴張醞釀較公司原先預期稍長，但這一年也展現了我們營運模式的韌性、有紀律的財務管理，以及在維持獲利與資產負債表穩健的同時推動策略投資的能力。

我們也非常高興今年稍早與GSK完成續約。自合作開始以來，這段夥伴關係一直建立在互信與對品質的共同承諾之上。隨著最新合作進展，我們將與GSK邁向十年的合作關係，展現雙方皆相當重視可靠的供應鏈。我們在過去幾個月也與多家成長快速的製藥公司建立新的合作關係，進一步擴展北美CDMO網絡的客戶基礎。

總結而言，CDMO業務的未來12個月在手訂單在經歷一個季度的消化及第四季工作天數較少影響來到2.64億美元。2025年新簽訂單達4.82億美元，其中89%為商業化階段訂單，另有16個分子處於研發階段，為2026年起的營收提供良好能見度，特別是在加拿大與馬里蘭針劑廠。

在全球銷售業務方面，Upsher-Smith目前儼然是一個嶄新的組織。其業績愈來愈由產品生命週期管理所驅動，包括持續最大化嬰兒痙攣產品線的價值，同時積極補充在研與新上市產品，並特別聚焦於罕病領域的差異化品項與新藥銷售機會。在學名藥方面，我們已確認2026年將上市7項產品，包括近期核准的用於乾眼症的Cyclosporine以及一項治療低鈉血症的授權產品。

此外，根據我們目前對美國相關專利判決的理解，若保盛藥業取得原廠為默克Mavenclad的Cladribine學名藥核准，Upsher-Smith作為獨家經銷商將有機會在符合相關法規與商業條件下於美國市場準備產品上市。

除了每年推出超過10項學名藥產品以重啟增長的基礎目標外，我們也已辨識出多項能夠提升營收與EBITDA的補充型投資機會，以進一步強化2026年的業務基礎，包括逐步擴大注射劑與505(b)(2)產品組合，提升產品差異化與經濟效益，同時深化專利產品與專科通路的滲透率。我們期許在今年結束時，集團的產品組合更加多元且平衡，預期未來獲利韌性將提高，成長軌跡也將更為穩定。」

2025年全年營運成果暨2026年展望

業務進展說明：

• 全球委託研發暨代工製造服務(Global CDMO Operations)業務當季與全年皆創下營收新高：
  第四季CDMO營收占總營收約45.78%，2025年全年占比為39.43%。全年共開發與製造25億劑藥品。前20大全球製藥公司的營收貢獻比例略降至29%，過去則維持在微幅超過30%區間，主要反映新增多家快速成長的製藥客戶加入公司客戶組合，且其成功上市產品的貢獻逐步提升。

  隨著公司持續擴充 CDMO 產能與能力，包括約10%的無菌充填產能提升以及固體與液體劑型合計約3%的淨擴張，保瑞集團持續關注各廠的產能利用率。著眼於美國製藥市場的重要性以及供應鏈韌性的考量，公司相信在美國投資製造能力是正確的策略，惟資本配置需要反映當前產業投資週期。

  評估市場需求，北美持續浮現一次性生物反應器在大分子原料藥（DS）產能的缺口，又受惠於快速增加的生物藥開發管線，總體生物製劑市場將以約 8–10% 的年複合成長率擴張，保瑞集團持續看好DS CDMO在美國生物醫藥募資環境好轉，特別是具備臨床數據支持以及抗體藥物複合體（ADC）領域的早期生物製劑市場高速成長、產品生命週期較長，且對供應鏈黏著度高的特性，認為目前北美具生產彈性的一次性生物反應器產能屬稀缺資源，泰福旗下大分子CDMO平台在完成擴產後將能更好地回應美國市場對單次使用生物反應槽的強勁需求，即便短期內泰福將持續對保瑞業外表現帶來壓力，仍是保瑞集團一站式CDMO服務中未來成長最關鍵的一塊。
  

• 全球市場銷售(Global Commercial Operations)業務第四季營收為新台幣26.4億元，為Upsher-Smith併購後較為疲弱的季度之一：

  2025年全年營收較2024年下降11.30%，若排除因產品下市而列為停業部門的影響，全球銷售占公司總營收60.48%。

  在專科用藥領域中，新病患數是一項重要的領先指標。Upsher-Smith的Vigabatrin 系列產品在此指標上持續正向發展。2026年，我們計畫透過強化客戶分群策略，持續投資於關鍵職能與病患可近性（patient access）專案，以進一步提升銷售團隊的整體效率。

年度營運報告及法說會資訊

保瑞將在台灣時間3月12日晚間9:30參加美國OTC Markets Group舉辦之英文線上業績發表會，以及於3月19日下午2:00受邀參加台新證券假晶華酒店舉辦之業績發表會，向投資人說明公司2025年財務與業務報告及展望。

英文線上業績發表會連結：https://www.virtualinvestorconferences.com/wcc/eh/4814904/lp/5255333/bora-pharmaceuticals-otcqx-boray-twse-6472

保瑞將於2026年3月前往香港參加2026 Jefferies Asia Forum 並於3月24日起於美國東岸紐約與波士頓進行NDR，若您希望與管理層面對面會議請聯繫您Jefferies與永豐業務。

保瑞2026年業績報告行事曆
2026年第1季：預計2026年5月第二周
2026年第2季：預計2026年8月第二周
2026年第3季：預計2026年11月第二周
2026年第4季：預計2027年3月第二周

Hashtag: #保瑞

The issuer is solely responsible for the content of this announcement.

關於保瑞

保瑞藥業股份有限公司（股票代碼：6472）成立於2007年，是一家領先的製藥服務公司，自成立伊始即秉持「為全世界健康貢獻力量」的願景與目標。保瑞以整合 CDMO（委託開發與製造服務）與藥物開發銷售的「雙引擎」商業模式，協助製藥與生技合作夥伴優化產品開發流程、加速上市時程、擴大供應規模以滿足全球患者的需求。公司亦專注於美國的利基市場及罕見疾病領域，致力於透過拓展銷售通路實力提升患者的生活品質。

透過持續投資人才、生產與銷售及進入生物製劑業務領域，保瑞不斷推動業務升級與永續發展，專注高品質、高效率與可靠性，在製藥及 CDMO 領域樹立新標杆。

請造訪：企業網站 https://www.bora-corp.com

免責聲明：
本文件及同時發佈之相關資訊內可能含有預測性敘述。除針對已發生之事實，所有對於本公司未來營運業務、可能發生之事件及展望（包括但不限於預測、目標、估算及營運計畫）之敘述皆屬預測性敘述。預測性敘述會受不同因素及不確定性之影響，造成與實際情況有相當差異，這些因素包括但不限於價格波動、實際需求、匯率變動、市佔率、市場競爭情況、法律、金融及法規架構的改變、國際經濟暨金融市場情勢、政治風險、成本估計等，及其他本公司控制範圍以外的風險與變數。這些預測性敘述是基於現況的預測和評估，本公司不負日後更新之責任。

Board Proposed NT$10 Cash Dividend Per Share

HONG KONG SAR – Media OutReach Newswire – 11 March 2026 – Bora Pharmaceuticals (“Bora”; TWSE: 6472; OTCQX: BORAY) today announced its financial results and operational highlights for full year 2025 and provides 2026 outlook.

FY25 Business and Financial Highlights

• Company reported full year revenues, with discontinued operations reported separately, of NT$19,014 million, up 9.11% from the prior year and basic EPS of NT$23.90, or NT$2.63 for the fourth quarter. Full year EPS represents a 24.22% year-over-year decline, mostly due to a net loss per share of NT$11.24 from discontinued operations.
• In the fourth quarter, following the completion of tech transfer of production transitions out of the Plymouth area in Minnesota, the COGS of those originally Plymouth-made inventories have been reconsolidated to COGS line. Hence on a like-for-like basis when compared with other quarters in 2025, fourth quarter gross margin would have been approximately 38-39%. The reported high single-digit percentage sequential decline in gross margin, which also led to softened operational leverage, was primarily attributable to a temporary slowdown in DLS orders from following the entry of a new competitor in Nov. with limited launch visibility during the quarter. Higher effective tax rates during the quarter were a direct result of less sell-through downstream from related party transactions of the internally manufactured generic products. In addition, heightened generics competition of Topiramate ER, a leading generics product of Upsher-Smith, was also a negative gross margin mover.
• Management believes the 4Q25 OPEX profile more accurately reflects the expanded operating platform and our strategic repositioning into new focus areas. Sales and marketing expenses increased seasonally in line with market share cadence and channel expansion initiatives, while R&D spending sat on the disciplined side. Gross margin expansion serves as the key lever for operating leverage as scale improves fixed-cost absorption.
• Pharma sales revenue remained volatile in the fourth quarter as legacy inventory phased out and new product approvals remain pending. Generics portfolio competitiveness remains a key focus area in the near term for both top line and gross margin. Nevertheless, led by vigabatrin franchise, Bora’s rare disease portfolio continued to gain impressive market share across dosage forms. The Company aims to actively refill pipelines in 2026 to regain profitable growth.
• The Group’s CDMO business delivered another strong quarter in both revenues and gross margin. Supported by expanded capacity and the addition of new dosage forms, CDMO revenues grew 53.8% year-over-year in 2025 to NT$10.64 billion, including internal orders. Excluding internal orders, revenues reached NT$7.50 billion, representing a 19.53% increase compared to 2024.
• As 2025 marked a year of post-merger integration and strategic consolidation, Bora achieved its highest operating cash flow margin in recent years at 34.74% in the fourth quarter, compared with -4.00% in the same period last year. This improvement reflects the transformation of the Bora Group into a more efficient organization operating on a larger and stronger platform. The Board has proposed a NT$10 cash dividend per share, demonstrating confidence in the Group’s strengthened cash generation and commitment to delivering sustainable returns to shareholders, reaching the highest yield rate proposed.
• Share capital increased 3.18% during the quarter from employee stock option exercise and convertible bond conversions.

Mr. Bobby Sheng, Chairman of Bora Group, stated, “2025 represented a pivotal year for Bora Group. Beyond post-acquisition integration, it was a year of disciplined capital allocation and balance sheet stewardship. Having stepped onto a larger growth platform, we deliberately reassessed optimal cash deployment, portfolio mix of both CDMO and Pharma Sales businesses and forthcoming return metrics under a stable equity structure. One year after closing the 2024 acquisitions, we achieved our highest operating cash flow margin, marking a complete turnaround from the same period last year when the Group first transitioned to its current scale.

The external environment was marked by significant shifts. We operated against a backdrop of renewed U.S. trade and industrial policy shifts, triggering supply chain realignment and foreign exchange fluctuations. At the same time, rapid AI adoption began reshaping manufacturing competitive dynamics, if not capital market funding flow. Concurrently, the Group faced competition in a handful core generic products that remain meaningful contributors to revenue and EBITDA. Discontinued operations aside, based on the reclassified financial statements for 2025 and 2024, EBITDA for continued operations declined 19.0% compared to 2024, but remains 12.5% higher than 2023, underscoring the structurally higher revenues and earnings base established over the past 2 years.

Despite these headwinds, the Group remained profitable and has preserved financial flexibility. Notably, we funded Bora’s largest CDMO CAPEX program in our history and executed the business transformation of Upsher-Smith entirely within existing credit facilities, without incremental equity dilution. While value expansion of this new Bora Group platform took longer than the Company expected, we believe the year demonstrates the resilience of our operating model, disciplined financial management, and our ability to execute strategic investments while maintaining earnings and balance sheet integrity.

We are especially delighted to share the contract renewal with GSK earlier this year. From day one, this partnership was built on mutual trust and a shared commitment to quality. With the latest developments, we are looking at a decade of collaboration with GSK and committing through 2030 speaks to our shared focus on value and reliability. We have also established new partnerships with several high-growth pharmaceuticals over the past few months, further expanding our client base across our North American network. These partners share our belief in an integrated and orchestrated supply chain model, leveraging our multi-site platform to support development, manufacturing, and commercialization needs.

To sum up, the CDMO rolling 12-month external order backlog, after a good quarter of digestion and less working days, arrived at US$264 million. Total external wins in 2025 reached a phenomenal US$482 million, of which 89% were commercial-stage orders and 16 molecules in pre-commercial stage, providing solid visibility into 2026 and beyond especially for Canada and Baltimore sites. At the same time, Bora continues to leverage a unified CDMO network to enhance cost competitiveness for our very own Upsher-Smith generics portfolio.

On the pharma sales side, Upsher-Smith today represents a structurally repositioned platform. Performance has been increasingly driven by lifecycle management, including continued maximization of the infantile spasm franchise, alongside active pipeline replenishment with a heightened focus on differentiated assets, particularly NCEs in rare diseases. Within Generics, we have confirmed 7 launches in 2026, including the recently approved Cyclosporine and an in-licensed product indicated for hyponatremia. We are also observing a more constructive environment for DLS than initially anticipated, with 2026 year-to-date market share maintained. Last but not least, based on our current knowledge of the relevant U.S. patent rulings, if TWi receives approval for Cladribine (gMavenclad), Upsher-Smith, as the exclusive distributor, would be positioned to launch the product in the U.S., subject to customary regulatory and commercial considerations.

Beyond our base expectation of launching more than 10 generic products annually, we have identified revenue and EBITDA accretive, bolt-on investment opportunities to further strengthen this business in 2026. These include progressively expanding our injectable and 505(b)(2) portfolios to enhance differentiation and economics, as well as deepening penetration across proprietary and specialty distribution channels. When we exit this year with a more diversified and better-calibrated product mix, we expect improved earnings resilience and more stable growth trajectory going forward.”

FY25 Operational Achievements & 2026 Outlook

Global CDMO Operations

Global CDMO operations revenue reached record highs for both the quarter and the full year, accounting for approximately 45.78% of reported revenues in the quarter and 39.43% for FY2025. In total, 2.5 billion doses were developed and manufactured. Revenue contribution from the top 20 global pharmaceutical companies declined slightly to 29% from the low-30% range previously, primarily reflecting the addition of several fast-growing pharmaceutical clients to the Company’s portfolio in recent years, with increasing contributions from their successful product launches.

As the Company continues to expand its CDMO capacity and capabilities, including approximately 10% additional aseptic fill/finish capacity and a net ~3% expansion in solid and liquid dosage capacity, Bora Group monitors utilization rate carefully across facilities. While the Company remains confident that investing in U.S. manufacturing capacity is strategically sound, given the importance of the U.S. pharmaceutical market and supply chain resilience, capital allocation must also align with prevailing industry investment cycles. Against this backdrop, a structural supply gap in single-use drug substance (DS) bioreactor capacity, projected to grow at an estimated 8–10% CAGR, reinforces the rationale for continued investment in Tanvex Biopharma (branded as Bora Biologics) as Bora Group expands its CDMO platform. Supported by a more favorable funding environment for early-stage biotech companies in the US, rapidly growing biologics pipeline, increasing FDA approvals, long product lifecycles, and Tanvex’s integrated access to Bora’ Group’s drug product (DP) fill/finish capabilities, the strategic platform presents a compelling long-term value creation opportunity. While this represents a near-term drag on reported earnings, the Company believes these investments are necessary to position Bora Group for long-term participation in the CDMO market that values quality and OTIF (On Time, In Full) delivery.

Pharma Sales Operations

Pharma Sales operations generated revenue of NT$2.64 billion in the fourth quarter, marking one of slowest quarters since the Upsher-Smith merger. For the full year, Pharma Sales declined 11.30% compared to 2024, excluding the impact of discontinued operations related to delisted products, and accounted for 60.48% of total revenues.

A key leading indicator in specialty pharma is the number of new patients, and across the Vigabatrin franchise, Upsher-Smith continues to demonstrate positive momentum on this front. Upsher-Smith intends to pursue enhanced customer segmentation to further increase salesforce effectiveness in 2026 with investments in key commercial functions and patient access to increase salesforce effectiveness.

Recent Investor Conference

Bora will host an English online earnings call at 9:30 p.m. Taiwan time on Mar. 12^th, 2026, followed by an investor conference hosted by Taishin Securities at the Regent Taipei at 2:00 p.m. on Mar. 19^th, 2026. Both events will cover the Company’s 2025 financial and business results and 2026 outlook.

English Online Earnings Presentation Link: https://www.virtualinvestorconferences.com/wcc/eh/4814904/lp/5255333/bora-pharmaceuticals-otcqx-boray-twse-6472

Bora will participate in 2026 Jefferies Asia Forum in March in Hong Kong and an East coast NDR in NYC and Boston. For 1:1 meetings with management, please contact your Jefferies and Sinopac representative.

Bora 2026 Earnings Schedule

Q1 2026: Expected in the 2^nd week of May 2026
Q2 2026: Expected in the 2^nd week of Aug 2026
Q3 2026: Expected in the 2^nd week of Nov 2026
Q4 2026: Expected in the 2^nd week of Mar 2027

Hashtag: #Bora

The issuer is solely responsible for the content of this announcement.

About Bora

Founded in 2007, Bora Pharmaceuticals (“Bora” or “the Company”, 6472.TW and BORAY.OTCQX) is a leading pharmaceutical services company with a vision and goal of “Contributing to Better Health All Over the World”. Operating under a “Dual Engine” model that integrates CDMO and commercial expertise, we empower pharmaceutical and biotech partners to optimize product development, accelerate launches, and scale supply to meet global patient needs. At the same time, we actively broaden R&D and sales infrastructure, focusing on niche and rare disease markets to improve patients’ quality of life.

By investing in talent, infrastructure, and biologics expansion, Bora continues to transform operations and achieve sustainable growth. Committed to making success “certain,” Bora sets new standards in the pharmaceutical and CDMO industries.

For more, please visit:
https://www.bora-corp.com
https://www.boracdmo.com

Disclaimer:

This document and the accompanying information may contain forward-looking statements. All statements regarding the company’s future business operations, potential events, and prospects (including but not limited to forecasts, targets, estimates, and operational plans) are considered forward-looking statements unless they refer to factual occurrences. Forward-looking statements are subject to various factors and uncertainties that may cause significant differences from actual results, including but not limited to price fluctuations, actual demand, exchange rate variations, market share, competitive conditions, changes in the legal, financial, and regulatory framework, international economic and financial market conditions, political risks, cost estimates, and other risks and variables beyond the company’s control. These forward-looking statements are based on current predictions and assessments, and the company disclaims any responsibility for future updates.

HANOI, VIETNAM – Media OutReach Newswire – 11 March 2026 – VinEnergo Energy Joint Stock Company, a subsidiary of Vingroup, and GE Vernova in the United States have officially signed a technology selection agreement to supply some of the world’s most advanced gas turbines and generators for VinEnergo’s LNG power plant project in Hai Phong. The event marks an important milestone in realizing the goal of developing VinEnergo Hai Phong into the largest gas-fired power plant in Vietnam, contributing to national energy security and promoting the transition toward a green economy.

The signing ceremony between VinEnergo and GE Vernova took place during The Energy of Change Summit 2026 in Hanoi, attended by Acting Minister of Industry and Trade Le Manh Hung and more than 400 reputable organizations from the global energy sector. The agreement represents a significant step toward ensuring construction progress and bringing the Hai Phong LNG power plant into operation by the end of 2030.

As a global leader in energy technology with more than 100 years of experience and a strong track record in meeting stringent environmental and operational standards, GE Vernova has been selected by VinEnergo as the core equipment supplier for the Hai Phong LNG power plant. Under the agreement, GE Vernova shall supply two 9HA.02 gas turbines and two H78 generators in phase I, with a capacity of 1600 MW, to ensure the plant can begin operations by the end of 2030.

Nguyen Anh Khoa, Chief Executive Officer of VinEnergo, stated: “Partnering with GE Vernova, a leading global supplier, to deploy the most advanced technologies will not only ensure optimal operational efficiency for the Hai Phong LNG power plant, but also reaffirm our strong commitment to pioneering emissions reduction and building a sustainable green industrial and energy ecosystem.”

Ramesh Singaram, President & CEO, Gas Power, Asia, GE Vernova stated: “We are honoured that VinEnergo and Vingroup have entrusted GE Vernova with a central role in this important project. Through the deployment of the 9HA.02 gas turbine and H78 generator, we are delivering advanced technology that supports lower emissions, industry‑leading efficiency, and reliable large‑scale power generation. This collaboration underscores our commitment to sustainable energy solutions and to supporting Vietnam’s accelerated transition to more sustainable energy.”

The GE Vernova 9HA.02 gas turbine technology is highly efficient, featuring fast startup capabilities and flexible load adjustment, allowing it to respond effectively to continuously fluctuating power demand. With combustion temperatures exceeding 1,400 degrees Celsius, the system significantly enhances power generation efficiency. Notably, the 9HA.02 turbine offers flexible fuel options, capable of burning hydrogen at up to 50% by volume, with a roadmap toward 100% hydrogen in the future, clearly demonstrating its alignment with sustainable energy development goals.

With the official signing of the cooperation agreement between VinEnergo and GE Vernova, the Hai Phong LNG power plant project, developed by a consortium of Vingroup and VinEnergo Energy Joint Stock Company, is expected to begin operations by the end of 2030 as planned and become one of the world’s leading LNG-fueled power plants.

Hashtag: #VinEnergo

The issuer is solely responsible for the content of this announcement.