Group 1 - Fudan Zhangjiang reported a revenue of 390 million yuan for the first half of 2025, a year-on-year decrease of 4.42%, and a net profit attributable to shareholders of 5.71 million yuan, down 91.89% year-on-year [1] - The company maintained a high R&D investment of 178 million yuan, which represents 45.63% of its revenue, an increase of 7.57% year-on-year [1] - The company is a leader in photodynamic therapy, with ongoing research expanding indications for its products, including treatments for cervical diseases and acne, which have completed Phase II clinical trials [1] Group 2 - The ADC technology platform is accelerating clinical trials, with ongoing Phase III trials for the anti-Trop2 antibody conjugate SN38 for triple-negative breast cancer and other tumor types [2] - Fudan Zhangjiang's production base in Taizhou is capable of large-scale commercial production for the F0024 project, supporting the ongoing Phase III clinical trial [2] - The company has completed technology transfer for the F0034 project, which is also preparing for Phase III clinical trial sample production [2] Group 3 - Due to not winning the bid for the tenth batch of national procurement, Fudan Zhangjiang has implemented a gradual price reduction for the product Libao Duo starting May 1, 2025, which may impact short-term revenue [3] - Despite short-term performance fluctuations, the company remains committed to innovation and R&D in photodynamic and ADC technology, aiming to drive long-term value [3] - As the pipeline gradually moves towards commercialization, Fudan Zhangjiang is expected to strengthen its position in the innovative drug sector [3]

Core Insights - Fudan Zhangjiang (688505.SH) released its semi-annual report for 2025 on August 13, 2025, indicating significant institutional investment in the company [1] Institutional Holdings - As of August 12, 2025, four institutional investors disclosed holdings in Fudan Zhangjiang A-shares, totaling 306 million shares, which represents 29.52% of the company's total equity [1] - The institutional investors include New Venture Phase II Venture Capital, Shanghai Pharmaceuticals Holding Co., Ltd., Shanghai Pudong New Area Emerging Industry Investment Co., Ltd., and Hong Kong Central Clearing Limited [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.28 percentage points [1] Public Fund and Foreign Investment - In the current period, one public fund was disclosed, which is the Wanji Pharmaceutical Quantitative Stock Selection Mixed Initiation A [1] - Regarding foreign investment, one new foreign institution was disclosed in the current period, namely Hong Kong Central Clearing Limited [1]

股票代码：688505 股票简称：复旦张江 编号：临2025-026 上海复旦张江生物医药股份有限公司 第八届监事会第十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 上海复旦张江生物医药股份有限公司（以下简称"公司"）第八届监事会第十 次会议于 2025 年 7 月 30 日以书面方式发出会议通知，于 2025 年 8 月 12 日以现 场表决方式召开，由公司监事会主席黄建先生主持，会议应参加表决的监事 3 人，实际参加表决的监事 3 人，本次会议的通知和召开符合《中华人民共和国公 司法》等法律、法规和《上海复旦张江生物医药股份有限公司章程》（以下简称 "《公司章程》"）的有关规定。 《公司 2025 年半年度报告摘要》及《截至二零二五年六月三十日止六个月期 告》 间中期业绩公告》相关内容。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 《公司 2025 年半年度报告》《公司 2025 年半年度报告摘要》系根据中国境 内相关法律法规要求编制，具体内容详见公司同日于上海证券交 ...

Major Events - Kangji Medical (09997) received a privatization offer at a premium of approximately 9.9% [1] - China Resources Pharmaceutical (03320) plans to participate in the establishment of a fund [1] - Ganfeng Lithium (01772) intends to jointly integrate a joint venture with LAR to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina [1] - China Antibody-B (03681) signed a comprehensive strategic cooperation agreement with the Hong Kong Advanced Institute of Research at Sun Yat-sen University [1] - Mingyuan Cloud (00909) plans to acquire 100% equity of ASIOT Corporation for 700 million yen [1] - Weilu Group (01196) experienced unusual stock price and trading volume changes and is in preliminary discussions with an independent third party regarding a potential acquisition of mobile game rights [1] Operating Performance - China Unicom (00762) reported revenue exceeding 200 billion yuan in the first half of the year, with a profit attributable to equity holders of 14.484 billion yuan, a year-on-year increase of 5.01% [1] - China Unicom (00762) had approximately 1.208 billion cumulative "Ubiquitous Intelligent Connection" users in the second quarter [1] - Tencent Music (01698) achieved double growth in revenue and profit in the first half of the year, with a profit attributable to equity holders of 6.7 billion yuan, a year-on-year increase of 115.85% [1] - Galaxy Entertainment (00027) reported a mid-term profit attributable to shareholders of 5.24 billion HKD, a year-on-year increase of 19.44% [1] - WH Group (00288) reported a mid-term profit attributable to shareholders of 788 million USD, a year-on-year increase of 0.51%, with an interim dividend of 0.2 HKD per share [1] - Minmetals Resources (01208) reported a mid-term profit attributable to equity holders of 340 million USD, a year-on-year increase of 1511% [1] - China Literature Group (00772) reported a mid-term profit attributable to shareholders of 850 million yuan, a year-on-year increase of 68.5% [1] - Hong Kong Electric (02638) reported a mid-term profit attributable to unit holders of 1.001 billion HKD, a year-on-year increase of 5.7% [1] - 361 Degrees (01361) reported a mid-term profit attributable to equity holders of 858 million yuan, a year-on-year increase of 8.6% [1] - Eagle Precision (01286) reported a mid-term profit attributable to equity holders of 346 million HKD, a year-on-year increase of 13.7% [1] - China Everbright Water (01857) reported a mid-term profit attributable to equity holders of 564 million HKD, a year-on-year decrease of 2.99% [1] - FIT HON TENG (06088) reported a mid-term profit attributable to shareholders of 31.511 million USD, a year-on-year decrease of 3.11% [1] - China Lilang (01234) reported a mid-term profit attributable to equity holders of 243 million yuan, a year-on-year decrease of 13.4% [1] - Fudan Zhangjiang (01349) reported a mid-term profit attributable to shareholders of 5.715 million yuan, a year-on-year decrease of 91.89% [1] - Wharf Holdings (00004) reported a mid-term profit attributable to shareholders of 535 million HKD, returning to profitability [1] - China Resources Land (01109) reported a cumulative contract sales amount of approximately 123.6 billion yuan for the first seven months, a year-on-year decrease of 11.8% [1]

证券日报网讯 8月12日晚间，复旦张江发布公告称，公司第八届监事会第十次会议审议通过了《关于公 司及的议案》《关于公司2025年半年度募集资金存放与实际使用情况的专项报告的议案》。 （文章来源：证券日报） ...

北京商报讯（记者 丁宁）8月12日晚间，复旦张江（688505）发布2025年半年报显示，公司上半年实现 的营业收入3.9亿元，同比下降4.42%；归属净利润571.51万元，同比下降91.89%。 公告显示，报告期内利润总额及归属净利润等相关财务指标下降明显主要因为本报告期研发费用较上年 同期有所增长，及上年同期与里葆多推广服务商上海辉正终止合作后公司确认相应补偿款及违约金。 ...

公告称，利润下滑主要因为本报告期研发费用较上年同期有所增长，及上年同期与里葆多®推广服务商 辉正(上海)医药科技有限公司终止合作后公司确认了相应的补偿款及违约金。 智通财经APP讯，复旦张江(01349)公布2025年中期业绩，收入约3.9亿元，同比减少4.42%;公司股东应 占溢利571.5万元，同比减少91.89%;每股盈利0.0055元。 ...

公告称，利润下滑主要因为本报告期研发费用较上年同期有所增长，及上年同期与里葆多推广服务商辉 正(上海)医药科技有限公司终止合作后公司确认了相应的补偿款及违约金。 复旦张江(01349)公布2025年中期业绩，收入约3.9亿元，同比减少4.42%;公司股东应占溢利571.5万元， 同比减少91.89%;每股盈利0.0055元。 ...

[Company Major Financial Indicators](index=2&type=section&id=Company%20Major%20Financial%20Indicators) [Five-Year Financial Summary](index=2&type=section&id=Five-Year%20Financial%20Summary) The report presents the company's performance and balance sheet over the past five half-years, showing a decrease in revenue and a significant decline in profit for the six months ended June 30, 2025, with total assets and liabilities slightly reduced from year-end 2024 Five-Year Performance Summary (As of June 30 for Six Months) | Indicator (RMB thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 390,083 | 408,124 | 522,828 | 271,260 | 399,037 | | **Profit/(Loss) for the Period** | 5,622 | 70,344 | 68,605 | (36,021) | 65,069 | | **Profit Attributable to Equity Holders of the Company** | 5,715 | 70,473 | 68,438 | (35,975) | 65,485 | Five-Year Assets and Liabilities Summary | Indicator (RMB thousands) | June 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 2,541,453 | 2,586,503 | 2,876,688 | 2,976,007 | 2,781,172 | | **Total Liabilities** | (261,015) | (281,226) | (518,124) | (722,986) | (591,582) | | **Equity Attributable to Equity Holders of the Company** | 2,279,821 | 2,304,567 | 2,357,554 | 2,257,102 | 2,192,946 | [Key Accounting Data and Financial Indicators](index=3&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **4.42%** year-on-year, while total profit and net profit attributable to shareholders both declined by over **90%**, primarily due to increased R&D expenses and a high comparative base from one-time compensation in the prior year, though net cash flow from operating activities grew by **125%** Key Accounting Data (RMB) | Key Accounting Data | Current Reporting Period (2025 H1) | Prior Year Period (2024 H1) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 390,083,112 | 408,123,863 | -4.42 | | **Total Profit** | 5,622,200 | 72,186,951 | -92.21 | | **Net Profit Attributable to Shareholders of Listed Company** | 5,715,142 | 70,473,064 | -91.89 | | **Net Cash Flow from Operating Activities** | 62,212,859 | 27,649,549 | 125.00 | - Total profit and net profit attributable to parent company shareholders significantly decreased year-on-year, primarily due to increased R&D expenses in the current period and a higher comparative base from one-time compensation and liquidated damages recognized in the prior year due to termination of cooperation with a Ribao Duo® promotion service provider[11](index=11&type=chunk) Key Financial Indicators | Key Financial Indicators | Current Reporting Period (2025 H1) | Prior Year Period (2024 H1) | Change | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/share)** | 0.01 | 0.07 | -85.71% | | **Weighted Average Return on Net Assets (%)** | 0.25 | 2.99 | Decrease 2.74 percentage points | | **R&D Investment as % of Operating Revenue (%)** | 45.63 | 38.06 | Increase 7.57 percentage points | [Non-Recurring Gains and Losses and Amounts](index=5&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled approximately **RMB 15.21 million**, primarily from gains on financial assets like structured deposits and wealth management products, and government subsidies Non-Recurring Gains and Losses Items (RMB) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Government Subsidies | 6,850,812 | | Gains and Losses from Holding Financial Assets and Liabilities | 8,257,294 | | Gains and Losses from Disposal of Non-Current Assets | 203,055 | | Other Non-Operating Income and Expenses | -103,860 | | **Total** | **15,206,999** | [Financial Review and Management Discussion and Analysis](index=6&type=section&id=Financial%20Review%20and%20Management%20Discussion%20and%20Analysis) [Operating Performance Review](index=6&type=section&id=Operating%20Performance%20Review) During the reporting period, the group's operating revenue decreased by **4%** to **RMB 390 million**, with net profit plummeting by **92%** to **RMB 5.62 million**, primarily due to a high comparative base from one-time gains in the prior year and increased R&D and sales expenses - Operating revenue was approximately **RMB 390 million**, a **4% year-on-year decrease**, with main business revenue primarily from three core products: Aileda® (contributing **49%**), Ribao Duo® (contributing **30%**), and Fumeida® (contributing **20%**)[16](index=16&type=chunk)[17](index=17&type=chunk) - Operating costs increased year-on-year, mainly due to a decrease in Ribao Duo® production volume affected by centralized procurement, leading to higher unit production costs[18](index=18&type=chunk) Period Expense Changes | Expense Item (RMB thousands) | Current Reporting Period (2025 H1) | Prior Year Period (2024 H1) | YoY Change | | :--- | :--- | :--- | :--- | | **Selling Expenses** | 181,910 | 114,493 | +59% | | **Administrative Expenses** | 20,303 | 23,374 | -13% | | **R&D Expenses** | 177,976 | 154,593 | +15% | - Net profit was approximately **RMB 5.62 million**, a **92% year-on-year decrease**, with net profit margin falling from **17%** in the prior year to **1%**, primarily due to compensation and liquidated damages recognized in the prior year from the termination of cooperation with Shanghai Huizheng[25](index=25&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) The group maintains a conservative financial policy, primarily relying on internal resources and IPO proceeds, holding approximately **RMB 1.11 billion** in cash and cash equivalents as of the reporting period end, with no outstanding bank borrowings or asset pledges - As of June 30, 2025, the group held cash and cash equivalents of **RMB 1.106 billion**[27](index=27&type=chunk) - The group has no outstanding bank borrowings, rendering the debt-to-asset ratio inapplicable, and no assets were pledged at the period end[27](index=27&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) [Significant Investments and Asset Changes](index=10&type=section&id=Significant%20Investments%20and%20Asset%20Changes) The group's most significant long-term equity investment is a **39.5663%** stake in Shanghai Handu Pharmaceutical Technology Co., Ltd., with a net book value of approximately **RMB 222 million**, accounting for **8.72%** of total assets, resulting in an investment loss of **RMB 2.258 million** for the period, with no major asset acquisitions or disposals - The group's long-term equity investment in Handu Pharmaceutical has a net book value of **RMB 222 million**, accounting for **8.72%** of total assets, and the group recognized an investment loss of approximately **RMB 2.258 million** during the reporting period due to Handu Pharmaceutical's unrealized net loss[35](index=35&type=chunk) - The group's 360 ordinary shares of TuHURA Biosciences, Inc., a US Nasdaq-listed company, had a fair value of approximately **RMB 5,747** at the end of the reporting period[38](index=38&type=chunk) - During the reporting period, the group had no significant acquisitions or disposals of assets, subsidiaries, associates, or joint ventures[39](index=39&type=chunk) [Analysis of Major Controlled and Invested Companies](index=12&type=section&id=Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The report details the financial status of major controlled and invested companies, with Taizhou Fudan-Zhangjiang incurring a net loss of **RMB 7.2391 million** due to significantly increased R&D expenses, and Handu Pharmaceutical recording a net loss of **RMB 5.5960 million** Financial Data of Major Controlled and Invested Companies (RMB 10,000) | Company Name | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | | **Taizhou Fudan-Zhangjiang** | 58,303.47 | 45,547.62 | 9,381.22 | -723.91 | | **Fengyi Holdings** | 2,132.32 | 2,032.39 | 8.17 | -136.55 | | **Shanghai Suyuan Bio** | 1,340.38 | 1,214.22 | 210.77 | -182.95 | | **Handu Pharmaceutical** | 66,531.40 | 52,796.88 | 403.93 | -559.60 | [Subscription of Wealth Management Products and Structured Deposits](index=13&type=section&id=Subscription%20of%20Wealth%20Management%20Products%20and%20Structured%20Deposits) To effectively utilize idle funds, the company subscribed to **RMB 1 billion** worth of structured deposit products from various banks during the reporting period, all of which matured and yielded approximately **RMB 8.26 million** in total gains, with no outstanding products at period end - During the reporting period, the company subscribed to a total of **RMB 1 billion** in structured deposit products using its own idle funds and raised capital[42](index=42&type=chunk) - All structured deposit products matured and were redeemed, yielding total gains of approximately **RMB 8.26 million** during the reporting period[43](index=43&type=chunk)[44](index=44&type=chunk) [Business Review and Outlook](index=14&type=section&id=Business%20Review%20and%20Outlook) [Industry and Main Business Overview](index=14&type=section&id=Industry%20and%20Main%20Business%20Overview) The company specializes in innovative R&D, production, and sales of biopharmaceuticals, focusing on dermatology and oncology with core products Aileda®, Fumeida®, and Ribao Duo®, benefiting from supportive national policies for innovative drugs - The state has intensively introduced multiple policies supporting the development of innovative drugs, including the "Implementation Plan for Full-Chain Support of Innovative Drug Development" and "Several Measures to Support High-Quality Development of Innovative Drugs," providing comprehensive support for industry growth[47](index=47&type=chunk)[48](index=48&type=chunk) - The company's main business products include: **Aileda®** (Aminolevulinic Acid Hydrochloride for External Use), the world's first photodynamic drug for condyloma acuminatum; **Fumeida®** (Hemoporfin for Injection), the world's first photodynamic drug for port-wine stains; and **Ribao Duo®** (Doxorubicin Hydrochloride Liposome Injection), China's first generic version of Doxil for tumor treatment[56](index=56&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Discussion and Analysis of Operating Conditions](index=18&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) The company's R&D strategy focuses on photodynamic and ADC drugs, with ongoing clinical trials for new indications and novel compounds, while core product sales show mixed performance, and Ribao Duo®'s significant price reduction due to non-中标 in centralized procurement is expected to negatively impact 2025 revenue - R&D strategy focuses on two major areas: **Photodynamic drugs**, expanding new indications for marketed drugs (e.g., Aileda® for cervical precancerous lesions, acne) and developing intraoperative molecular imaging (IMI) technology for surgical visualization in glioblastoma, bladder cancer, etc.; and **Antibody-Drug Conjugates (ADCs)**, with anti-Trop2 antibody-conjugated SN38 drug (FDA018) in Phase III clinical trials, and multiple ADC projects based on the new linker-drug platform (BB05), such as anti-Her2-BB05 and anti-Trop2-BB05, both in Phase I/II clinical trials[61](index=61&type=chunk)[62](index=62&type=chunk)[72](index=72&type=chunk)[74](index=74&type=chunk) YoY Change in Major Product Sales Revenue | Product | YoY Change in Reporting Period | | :--- | :--- | | **Aileda®** | Increase 2% | | **Fumeida®** | Decrease 7% | | **Ribao Duo®** | Decrease 16% | - Significant event: The anti-tumor drug Ribao Duo®, not selected in the national centralized procurement, has seen its market retail price adjusted downwards by no less than **35%** since May 1, 2025, which is expected to adversely impact the company's sales revenue for 2025 and subsequent periods[81](index=81&type=chunk) [Core Competitiveness Analysis](index=25&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its four major technology platforms—gene engineering, photodynamic, nanotechnology, and oral solid dosage—with a strategic focus on photodynamic and ADC drugs, demonstrating strong R&D progress and a robust academic promotion and quality control system, supported by a **14.58%** increase in R&D investment - The company possesses four core technology platforms: gene engineering, photodynamic, nanotechnology, and oral solid dosage formulation, with a strategic focus on photodynamic drugs and Antibody-Drug Conjugates (ADCs)[89](index=89&type=chunk) Progress of Key R&D Projects | Technology Area | Project Name | Indication | Latest Progress | | :--- | :--- | :--- | :--- | | **Photodynamic** | Hemoporfin | Port-wine Stains | US Phase II Clinical Study ongoing | | **Photodynamic** | Aminolevulinic Acid Hydrochloride-CIN | HPV-infected Cervical Diseases | Phase II Clinical Study completed | | **Photodynamic** | Aminolevulinic Acid Hydrochloride-Glioblastoma | Glioblastoma Surgical Visualization | Confirmatory Clinical Trial enrollment completed | | **ADC** | Anti-Trop2 Antibody-Conjugated SN38 | Triple-Negative Breast Cancer | Phase III Clinical Study ongoing | | **ADC** | Anti-Her2 Antibody-Conjugated BB05 | HER2-low Expressing Breast Cancer | Phase II Clinical Study enrollment completed | R&D Investment (RMB) | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | **Expensed R&D Investment** | 177,976,257 | 154,592,537 | 15.13 | | **Total R&D Investment** | 177,976,257 | 155,330,149 | 14.58 | | **Total R&D Investment as % of Operating Revenue (%)** | 45.63 | 38.06 | Increase 7.57 percentage points | [Risk Factors](index=32&type=section&id=Risk%20Factors) The company faces significant risks including the long, costly, and uncertain nature of new drug R&D, potential loss of core technical personnel, product concentration risk with high reliance on three main products, and intensified drug price reduction risks, particularly for Ribao Duo® after failing centralized procurement - New drug R&D carries high costs, long cycles, and uncertainty risks, where failure to succeed or gain approval for pipeline products will result in losses of prior investments[101](index=101&type=chunk) - Product portfolio is relatively concentrated, with dominant products Aileda®, Ribao Duo®, and Fumeida® accounting for a large proportion of total sales revenue, making the company vulnerable to single-product market impacts[103](index=103&type=chunk) - Drug price reduction risk intensified: Ribao Duo® was not selected in the tenth batch of national centralized procurement and has been subject to price reductions of no less than **35%** since May 1, 2025, with its 2025 annual sales revenue projected to decrease by over **50%** year-on-year, potentially leading to a single-product loss[106](index=106&type=chunk) [Outlook](index=34&type=section&id=Outlook) Moving forward, the group will strategically focus on its two advantageous areas: photodynamic technology, with comprehensive investment to solidify its leadership, and Antibody-Drug Conjugates (ADCs), by rapidly advancing competitive projects for R&D and industrialization to expand market scale - The company will strategically focus on two core areas in the future: **Photodynamic technology**, with comprehensive development from specialized devices to innovative drugs, increasing investment to consolidate industry leadership; and **Antibody-Drug Conjugates (ADCs)**, by rapidly advancing competitive project R&D and industrialization to expand industry scale[109](index=109&type=chunk) [Corporate Governance and Other Significant Matters](index=35&type=section&id=Corporate%20Governance%20and%20Other%20Significant%20Matters) [Corporate Governance Practices](index=36&type=section&id=Corporate%20Governance%20Practices) The company has adopted the HKEX Listing Rules' Corporate Governance Code, complying with all principles and provisions during the reporting period, except for the combined roles of Chairman and CEO held by Mr. Zhao Dajun, which the board believes enhances management efficiency at this stage - The company's corporate governance has one deviation: the roles of Chairman and CEO (General Manager) are both held by Mr. Zhao Dajun, without separation of duties, which the board believes is more beneficial for the company's development at this stage[116](index=116&type=chunk) [Employees and Remuneration](index=37&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the group had **899** employees, a slight decrease from **913** in the prior year, with total staff costs for the reporting period decreasing to **RMB 101.82 million** from **RMB 117.82 million** Employee and Remuneration Overview | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total Employees** | 899 人 | 913 人 | | **Staff Costs (RMB)** | 101,818,230 元 | 117,815,229 元 | [Other Significant Matters](index=39&type=section&id=Other%20Significant%20Matters) During the reporting period, the company adhered to disclosed commitments, with no instances of controlling shareholder fund appropriation, irregular guarantees, or major litigations, while the "Hemoporfin US Registration Project" was extended to December 31, 2025, due to external environmental factors - The net proceeds from A-share issuance amounted to **RMB 974 million**, with a net balance of **RMB 193 million** as of January 1, 2025[126](index=126&type=chunk) - Due to external environmental factors, the "Hemoporfin US Registration Project" has been delayed, and its implementation period has been adjusted to December 31, 2025[131](index=131&type=chunk) [Share Capital Changes and Shareholder Information](index=43&type=section&id=Share%20Capital%20Changes%20and%20Shareholder%20Information) During the reporting period, the company's total share capital and structure remained unchanged, with **19,877** common shareholders at period end, and the top three shareholders being HKSCC NOMINEES LIMITED (**24.58%**), Shanghai Pharmaceutical Group Co., Ltd. (**20.27%**), and Xinqi Phase II Venture Capital Enterprise (**15.14%**) Top Three Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | 254,827,740 | 24.58 | | Shanghai Pharmaceutical Group Co., Ltd. | 210,142,560 | 20.27 | | Xinqi Phase II Venture Capital Enterprise | 156,892,912 | 15.14 | [Consolidated Financial Statements](index=49&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheet](index=49&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were **RMB 2.541 billion**, a **1.74%** decrease from the beginning of the year, with total liabilities at **RMB 261 million**, a **7.18%** decrease, and equity attributable to parent company shareholders totaling **RMB 2.280 billion**, a **1.07%** decrease Key Data from Consolidated Balance Sheet (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | 1,593,438,095 | 1,606,778,507 | | **Total Non-Current Assets** | 948,015,177 | 979,724,116 | | **Total Assets** | 2,541,453,272 | 2,586,502,623 | | **Total Current Liabilities** | 229,088,028 | 250,952,140 | | **Total Non-Current Liabilities** | 31,927,181 | 30,273,378 | | **Total Liabilities** | 261,015,209 | 281,225,518 | | **Total Equity Attributable to Parent Company Shareholders** | 2,279,821,312 | 2,304,567,412 | | **Total Shareholders' Equity** | 2,280,438,063 | 2,305,277,105 | [Consolidated Income Statement](index=53&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company's operating revenue was **RMB 390.08 million**, a **4.4%** year-on-year decrease, with operating costs rising **35.3%** to **RMB 39.77 million**, and net profit attributable to parent company shareholders significantly declining by **91.9%** to **RMB 5.715 million** Key Data from Consolidated Income Statement (RMB) | Item | For the 6 Months Ended June 30, 2025 | For the 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Operating Revenue** | 390,083,112 | 408,123,863 | | **Operating Costs** | (39,773,796) | (29,399,848) | | **Selling Expenses** | (181,910,272) | (114,492,701) | | **R&D Expenses** | (177,976,257) | (154,592,537) | | **Total Profit** | 5,622,200 | 72,186,951 | | **Net Profit** | 5,622,200 | 70,344,013 | | **Net Profit Attributable to Parent Company Shareholders** | 5,715,142 | 70,473,064 | [Consolidated Cash Flow Statement](index=56&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **RMB 62.21 million**, a **125%** year-on-year increase, primarily due to increased cash received from sales, while net cash outflow from investing activities was **RMB 8.28 million**, and cash and cash equivalents at period end totaled **RMB 1.106 billion** Key Data from Consolidated Cash Flow Statement (RMB) | Item | For the 6 Months Ended June 30, 2025 | For the 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 62,212,859 | 27,649,549 | | **Net Cash Flow (Used in)/Generated from Investing Activities** | (8,277,485) | 4,326,668 | | **Net Cash Flow Used in Financing Activities** | (3,638,269) | (5,522,836) | | **Net Increase in Cash** | 50,205,176 | 26,585,009 | | **Cash Balance at Period End** | 1,106,490,805 | 1,222,481,006 | [Notes to Financial Statements](index=61&type=section&id=Notes%20to%20Financial%20Statements) [Significant Accounting Policies and Estimates](index=62&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis, with key policies including expected credit loss model for receivables, weighted average cost for inventory, capitalization of development expenditures under specific conditions, and revenue recognition upon transfer of control, while significant estimates involve useful lives of fixed assets, expected credit losses, and deferred tax asset recognition - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance of China, with the functional currency being RMB[160](index=160&type=chunk)[165](index=165&type=chunk) - Expenditures in the development phase are capitalized when five conditions are met: technical feasibility, management's intention, future economic benefits, resource availability, and reliable measurement[209](index=209&type=chunk) - Revenue recognition principle: Revenue is recognized at the amount of consideration expected to be entitled when the customer obtains control of the related goods or services[216](index=216&type=chunk) [Notes to Consolidated Financial Statements](index=85&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the composition and changes of major consolidated financial statement items, including a significant reversal of accounts receivable impairment provision, the breakdown of R&D expenses, a **59%** year-on-year decrease in other income primarily due to reduced government subsidies, and investment income mainly from wealth management products - The provision for doubtful accounts on accounts receivable significantly reversed by **RMB 23.837 million** from **RMB 27.046 million** at the beginning of the year, with a period-end balance of **RMB 3.209 million**[254](index=254&type=chunk) Composition of R&D Expenses (RMB) | Item | For the 6 Months Ended June 30, 2025 | For the 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Outsourced R&D Expenses** | 86,088,902 | 55,618,334 | | **Salaries and Wages** | 36,390,548 | 43,950,526 | | **Data and Material Costs** | 20,852,237 | 24,015,533 | | **R&D Department Expenses** | 18,760,793 | 19,656,393 | | **Depreciation Expense** | 15,883,777 | 11,351,751 | | **Total** | **177,976,257** | **154,592,537** | - Investment income was **RMB 6.125 million**, comprising a loss of **RMB 2.132 million** from long-term equity investments accounted for under the equity method and **RMB 8.257 million** from wealth management products[335](index=335&type=chunk) [Supplementary Information to Financial Statements](index=161&type=section&id=Supplementary%20Information%20to%20Financial%20Statements) [Return on Net Assets and Earnings Per Share](index=162&type=section&id=Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) During the reporting period, the weighted average return on net assets (ROE) attributable to common shareholders was **0.25%**, a significant decrease from **2.99%** in the prior year, with basic earnings per share at **RMB 0.01**, down from **RMB 0.07** Return on Net Assets and Earnings Per Share | Item | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | | :--- | :--- | :--- | | **Current Reporting Period (2025 H1)** | | | | Net Profit Attributable to Common Shareholders of the Company | 0.25% | 0.01 | | After Deducting Non-Recurring Gains and Losses | -0.41% | (0.01) | | **Prior Year Period (2024 H1)** | | | | Net Profit Attributable to Common Shareholders of the Company | 2.99% | 0.07 | | After Deducting Non-Recurring Gains and Losses | 1.85% | 0.04 |

报告期内利润总额及归属于上市公司股东的净利润等相关财务指标下降明显主要因为报告期研发费用较 上年同期有所增长，及上年同期与里葆多®推广服务商上海辉正终止合作后公司确认相应补偿款及违约 金。 智通财经APP讯，复旦张江(688505.SH)披露2025年半年度报告，报告期公司实现营收3.9亿元，同比下 降4.42%;归属于上市公司股东的净利润572万元，同比下降91.89%;扣非净利润亏损949万元，同比由盈 转亏;基本每股收益0.01元。 ...