Annual Report 2024

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2024 106 The United Laboratories International Holdings Limited Annual Report 2024 21. INTERESTS IN AN ASSOCIATE (Continued) Details of the Group’s associate as at 31 December 2023 and 2024 are as follows: Name of an associate Place of incorporation/ principal place of business Proportion of ownership interest held by the Group Proportion of voting rights held by the Group Principal activity 2023 2024 2023 2024 寧波普邦生物科技有限公司 (“Ningbo Pubang”) The PRC 49% 49% 49% 49% Sale of veterinary drugs in PRC The Group has 49% ownership interest and voting rights in Ningbo Pubang. By considering that the Group has no sufficiently dominant voting rights to direct the relevant activities of Ningbo Pubang unilaterally, the directors of the Group conclude that the Group only has significant influence over Ningbo Pubang and therefore it is classified as an associate of the Group. Summarised financial information of Ningbo Pubang The summarised financial information below represents amounts shown in Ningbo Pubang’s financial information prepared in accordance with HKFRS Accounting Standards. Ningbo Pubang is accounted for using the equity method in these consolidated financial statements. 2024 2023 RMB’000 RMB’000 Non-current assets 167 2 Current assets 17,753 14,908 Current liabilities 3,406 4 (Loss) profit for the year (392) 292