Traphaco Joint Stock Company's 2025 Annual General Meeting of Shareholders

Strengthening R&D Capabilities, Comprehensive Digital Transformation, Strong Investment in New Distribution Channels

On the morning of April 18th, 2025, at the Traphaco Company Hall (Hoang Liet, Hoang Mai, Hanoi), Traphaco Joint Stock Company (stock code: TRA) successfully held its 2025 Annual General Meeting of Shareholders. The meeting was attended by shareholders and shareholder representatives, representing 92.26% of the total voting shares, ensuring the necessary quorum to proceed according to regulations. The entire agenda, regulations, minutes, and report contents at the General Meeting were approved with a 100% approval rate.

Opening Ceremony of Traphaco JSC's 2025 Annual General Meeting of Shareholders

In his opening remarks, Mr. Chung Ji Kwang – Chairman of the Board of Directors – affirmed that 2024 was a year of many fluctuations for the economy and the domestic pharmaceutical market. However, Traphaco overcame challenges, continued to grow, and left many significant imprints. Consolidated revenue reached VND 2.370 billion, and profit after-tax reached VND 257,3 billion. In particular, the Premium Traditional Medicine line continued to play a key role with a growth rate of 49%, notably Boganic Premium with a 36% increase. The High Quality Western Medicine segment, with bioequivalent drugs and technology transfer drugs, grew by 33%, demonstrating the correctness of the Company's strategic direction. Products transferred from Daewoong played a key driving force for the expansion of the ETC channel with a revenue growth of 10.7%. In addition, sales from the pharmacy chain increased by 35%, and e-commerce sales reached 110% of the annual plan, demonstrating Traphaco's flexible adaptability to market changes and affirming customer trust in the Traphaco product brand.

Mr. Chung Ji Kwang - Chairman of the Board of Directors, delivering the opening speech

Based on this, in 2025, Traphaco sets a revenue target of VND 2.559 billion (8% growth) and profit after-tax target of VND 268 billion (4.2% growth). This target is considered prudent, in line with the shift in product structure, and serves as a stepping stone to prepare for the acceleration phase in the new term starting from 2026.

At the General Meeting, annual reports were presented by company’s Executive Board such as Mr. Tran Tuc Ma – Chief Executive Officer, Ms. Dao Thuy Ha – Chief Operating Officer, Mr. Kim Dong Hyu – Chief of ETC & BD Officer, and Mr. Pham Hoang Anh – Chief of Finance & Planning Officer. The consolidated financial statements for 2024, audited by Ernst & Young Vietnam, were confirmed to be transparent and fully compliant with regulations.

The discussion between shareholders and the Executive Board was lively, reflecting a deep interest in strategic issues such as: explaining the profit growth target; the development orientation of the OTC and ETC channels; the parallel strategy with the expansion of modern pharmacy chains; updates on the progress of the EU-GMP factory project and the distribution plan for technology transfer products from Daewoong. The Presidium acknowledged the shareholders' opinions and provided complete and satisfactory answers to the issues of concern.

The Presidium chairing the General Meeting

Traphaco's leaders emphasized that the 2025 profit margin is projected based on new Western medicine products that require time to contribute effectively. The EU-GMP factory project is in the concept design completion phase, with a projected capacity of over 300 million tablets/year, which will be a solid foundation for the export plan in the next 3–5 years. The factory's main product portfolio will focus on cardiovascular, diabetes, and blood pressure drugs – disease groups that are rapidly increasing in Vietnam.

Regarding the distribution channel strategy, Traphaco has been implementing a streamlined OTC sales system model, establishing a dedicated order fulfillment center, personalizing targets by region, and applying QR code traceability technology to control inventory and selling prices. Simultaneously, the Company is also promoting cooperation with pharmacy chains such as Long Chau, Pharmacity, and An Khang in a professional B2B direction, leveraging communication and brand advantages to increase sales. In particular, with the recruitment of a specialized team and the expansion of the product portfolio, the ETC channel is expected to grow from the current 10% to a higher level in the near future.

Regarding the development strategy for technology transfer products from Daewoong, with revenue doubling after 4 years, this product group is expected to reach VND 40 billion in 2025 alone. This will be a long-term growth pillar when combined with preparations for EU-GMP standards, aiming to increase bidding capacity and coverage in provincial and central hospitals.

In addition, the comprehensive digital transformation continues to be a highlight with a series of initiatives that have been and are being implemented: digitizing order processes, electronic contracts, integrating an AI call center, and applying Chatbot and Zalo OA in customer care. Notably, the research topic on the application of AI in the quality control of Dinh Lang (Polyscias fruticosa) medicinal herbs was presented at the Analytica Vietnam 2025 international conference, putting Traphaco's name on the international pharmaceutical research map.

At the conclusion of the General Meeting, all voting items, including financial statements, business plans, profit distribution plans, Board of Directors' remuneration, the selection of the auditing firm, and contracts with related parties, were approved with a 100% consensus. This once again affirms the strong trust and expectations of shareholders in the Company's leadership.

The General Meeting also approved the plan to pay a cash dividend for 2024 with a total rate of 40%, continuing to maintain a stable dividend policy and ensuring shareholders' rights in the context of the company's significant investment in the EU-GMP factory project. Regarding the 2025 plan, the management board stated that it will continue to consider appropriate dividend payments based on actual business performance and the progress of strategic projects, in the spirit of harmony between shareholder benefits and the requirements for reinvestment for sustainable development.

Some images from the General Meeting

Delegates attending the General Meeting

Mr. Chung Ji Kwang - Chairman of the Board of Directors, delivering the opening speech

Ms. Dao Thuy Ha - Member of the Board of Directors, Chief Operating Officer, presenting the Report on Business Performance and Report on the Board of Directors' Activities in 2024

Mr. Tran Tuc Ma - Member of the Board of Directors, Chief Executive Officer, presenting the Business Plan for 2025 & Report on Contracts with Related Parties

Mr. Pham Hoang Anh - Chief of Finance & Planning Officer, presenting the Audited Consolidated Financial Statements for 2024

Ms. Nguyen Thi Luong Thanh - Head of the Supervisory Board, presenting the Supervisory Board's Report for 2024 and the Proposal for the Selection of the Auditing Company for the 2025 Financial Statements

Mr. Kim Dong Hyu - Member of the Board of Directors, Chief of ETC & BD Officer, presenting the Report on the Profit Distribution Plan, Dividend Payment, Remuneration for the Board of Directors and Supervisory Board in 2024 - Proposed Plan for 2025

Some discussion questions from attending delegates

The General Meeting voting on resolutions

The Company's Leadership Board taking a commemorative photo with the Board of Directors and the Supervisory Board

The Company's Board of Directors taking a commemorative photo

●       View detailed submissions and related documents here

●       Link to General Meeting photos