2020 年第一季度报告 公司代码：600200 公司简称：江苏吴中 江苏吴中实业股份有限公司 2020 年第一季度报告 2020 年 4 月 28 日 1 / 24 2020 年第一季度报告 一、 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 24 2020 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人钱群山、钱群英、主管会计工作负责人孙曦及会计机构负责人（会计主管人员） 钟素芳保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元币种：人民币 | --- | --- | --- | --- | --- | |--------------------------------------- ...

Financial Performance - The company achieved a consolidated net profit of ¥64,533,748.49 for the year 2019, with the parent company's net profit at ¥105,108,521.60[7] - The parent company started the year with an undistributed profit of -¥203,117,689.42 and ended the year with an undistributed profit of -¥98,009,167.82[7] - The company will not distribute profits for 2019 due to negative retained earnings from the previous year[7] - The company's operating revenue for 2019 was CNY 2,109,850,652.89, representing a 23.99% increase compared to CNY 1,701,627,607.60 in 2018[25] - The net profit attributable to shareholders for 2019 was CNY 64,533,748.49, a significant recovery from a loss of CNY 285,568,326.57 in 2018[25] - The basic earnings per share for 2019 was CNY 0.090, compared to a loss of CNY 0.396 in 2018[25] - The company reported a gross profit of CNY 624,569,200, which is a 3.50% increase from the previous year[64] - The company reported a net profit attributable to the parent company of CNY 64,533,700, an increase of CNY 35,010,210 compared to the previous year[64] Share Repurchase and Investments - A total of ¥40,042,190 was used for share repurchase, completed on December 27, 2019[7] - The company reported a significant investment income of ¥5,103.18 million from the repurchase and cancellation of shares related to unfulfilled performance commitments[84] Operational Highlights - The net cash flow from operating activities decreased by 149.70% to -CNY 166,027,875.30 in 2019, down from CNY 334,027,632.20 in 2018[25] - The company completed the divestiture of its real estate business to focus on its core pharmaceutical industry, enhancing its strategic direction[34] - The company has established a new "Respiratory Division" to enhance the development and academic promotion of antiviral products, particularly focusing on Abidol[52] - The company has over 30 ongoing research projects and has been granted 33 effective patents, including 30 invention patents[52] Industry and Market Conditions - The pharmaceutical manufacturing industry is experiencing a slowdown in growth due to supply-side reforms and stricter environmental regulations, leading to the exit of outdated production capacities from the market[106] - The biopharmaceutical sector in China has developed a complete industrial chain and is entering a phase of large-scale industrialization, supported by increasing national policy backing for R&D investments[107] - The pharmaceutical industry is experiencing increased competition and consolidation due to policies like volume-based procurement, impacting market dynamics[199] Research and Development - The company has invested over 500 million yuan raised from its IPO in 2015 into R&D, production, and sales, which is gradually showing positive results[108] - The company has undertaken 8 national-level and 17 provincial-level science and technology projects, enhancing its innovation capabilities[52] - The company reported a total R&D investment of 4,709.95 million RMB, accounting for 3.11% of operating revenue[126] - The company has initiated clinical research for its sustained-release tablets of Trimetazidine Hydrochloride, which is currently under development[37] Sales and Marketing - The company reported a total sales expense of 465,976,948.57 RMB, which represents 30.76% of its revenue, an increase of 13.94% compared to the previous year[150] - The revenue distribution by customer type shows that 40.03% comes from hospitals, while 10.29% is from retail sales[143] - The company actively participates in provincial centralized drug procurement, adhering to competitive bidding prices for its major products[147] Challenges and Risks - The company is currently facing operational risks due to the impact of environmental regulations and market conditions, which may lead to a reduction in market share[158] - The impact of policies such as "4+7 centralized procurement" and medical insurance cost control may lead to a decline in drug prices, potentially affecting profitability[148] Strategic Focus - The company is focusing on optimizing R&D, quality, and sales to enhance its competitiveness and expand its market presence[200] - The company is committed to improving internal controls and production quality to navigate the evolving regulatory landscape and competitive pressures[108]

Financial Performance - Net profit attributable to shareholders decreased by 314.41% to CNY -56,098,229.25 for the period from January to September[17] - Basic earnings per share decreased by 51.88% to CNY 0.077 compared to the same period last year[17] - Operating cash flow decreased by 58.19% to CNY 73,175,030.81 for the period from January to September[17] - Total operating revenue for the first three quarters of 2019 reached ¥1,517,839,873.94, an increase from ¥1,398,239,798.67 in the same period of 2018, representing a growth of approximately 8.6%[57] - Net profit for the third quarter of 2019 was ¥2,402,150.79, a decrease from ¥30,521,092.78 in the same quarter of 2018[60] - Net profit for Q3 2019 was approximately -¥14.76 million, compared to a profit of ¥31.32 million in Q3 2018, indicating a significant decline[72] - Total comprehensive income for Q3 2019 was approximately -¥14.76 million, compared to -¥6.75 million in Q3 2018[75] Assets and Liabilities - Total assets decreased by 13.5% to CNY 3,994,675,605.72 compared to the end of the previous year[17] - Total current assets decreased from 2,708,751,693.00 to 2,099,655,847.40, a decline of approximately 22.5%[41] - Total liabilities decreased from 2,209,800,353.31 to 1,595,827,263.37, a reduction of approximately 27.7%[47] - Total non-current assets slightly decreased from 1,909,159,208.74 to 1,895,019,758.32, a decline of about 0.7%[43] - Total liabilities reached $728.20 million, with current liabilities totaling $641.20 million[97] Cash Flow - Net cash flow from operating activities decreased by 58.19% to ¥7,317.50 million due to reduced tax refunds[29] - The net cash flow from operating activities for the first nine months of 2019 was -344,912,113.73 RMB, compared to -275,303,673.56 RMB in the same period of 2018, indicating a decline in operational cash flow[81] - Cash outflow for operating activities was 555,900,740.30 RMB, slightly up from 530,098,730.48 RMB in the previous year, reflecting increased operational costs[81] - The ending balance of cash and cash equivalents was 45,723,535.05 RMB, down from 124,223,945.20 RMB at the end of the previous year, showing a reduction in liquidity[83] Shareholder Information - The largest shareholder, Suzhou Wuzhong Investment Holding Co., Ltd., holds 17.24% of the shares[20] - The company reported a total of 73,270 shareholders at the end of the reporting period[20] Research and Development - The company received government subsidies of CNY 11,672,862.46 related to new drug research and development during the period from January to September[19] - Research and development expenses for the third quarter of 2019 were ¥1,572,679.77, down from ¥5,890,521.12 in the same quarter of 2018, showing a decrease of about 73%[57] - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[90] Other Financial Metrics - Financial expenses rose by 54.26% to ¥3,610.48 million as average borrowings increased[29] - The company reported an investment income of ¥130,520,178.88 for the third quarter of 2019, compared to ¥59,737,244.44 in the same quarter of 2018, representing an increase of approximately 118%[57] - The company received 100,000,000.00 RMB in investment income, a significant increase from 5,953,389.66 RMB in the same period last year, indicating improved investment performance[81] Equity and Ownership - Total owner's equity slightly decreased from 2,408,110,548.43 to 2,398,848,342.35, a reduction of about 0.5%[47] - Shareholders' equity totaled $2.10 billion, including an undistributed profit of -$203.12 million[99] - The company reported a capital reserve of approximately $1.46 billion[97]

Financial Performance - The company's net profit attributable to shareholders decreased by 37.45% to CNY 52.89 million compared to the same period last year[21]. - The basic earnings per share fell by 37.61% to CNY 0.073, down from CNY 0.117 in the previous year[21]. - The company reported a significant loss of CNY 567,778.17 in net profit after deducting non-recurring gains and losses, compared to a profit of CNY 35.82 million in the same period last year, marking a 101.58% decline[21]. - The weighted average return on net assets decreased by 0.70 percentage points to 2.19%[21]. - The company achieved operating revenue of 986.12 million yuan in the first half of 2019, which remained basically flat compared to the same period last year[41]. - The net profit attributable to the parent company was 52.89 million yuan, a decrease of 31.67 million yuan, representing a decline of 37.45% year-on-year[41]. - The total profit for the first half of 2019 was CNY 67,526,542.33, down from CNY 110,221,092.16 in the same period of 2018[130]. - The net profit for the first half of 2019 was CNY 52,588,501.57, down 40.4% from CNY 88,217,393.12 in the first half of 2018[131]. Cash Flow and Financial Position - The net cash flow from operating activities turned negative at CNY -40.82 million, a decline of 116.7% compared to CNY 244.43 million in the same period last year[22]. - The net cash flow from operating activities for the first half of 2019 was -40,822,370.50 RMB, a significant decrease from 244,426,024.95 RMB in the same period of 2018, indicating a decline of approximately 116.7%[136]. - The total cash inflow from investment activities was 223,974,648.43 RMB, down from 395,513,148.16 RMB in the first half of 2018, representing a decrease of about 43.4%[137]. - The net cash flow from financing activities increased to 151,330,994.85 RMB in the first half of 2019, compared to -104,932,534.04 RMB in the same period of 2018, showing a turnaround in financing activities[137]. - The company's total liabilities rose to RMB 2,598,682,012.31 from RMB 2,209,800,353.31, indicating an increase of approximately 17.6%[123]. - The company's cash and cash equivalents decreased to CNY 59,721,666.99 from CNY 63,373,686.67, representing a decline of about 5.18%[125]. - The company reported a significant increase in accounts receivable, which rose to RMB 627,519,683.11 from RMB 458,029,071.36, marking an increase of approximately 37.0%[121]. Assets and Liabilities - Total assets increased by 9.47% to CNY 5.06 billion from CNY 4.62 billion at the end of the previous year[24]. - The net assets attributable to shareholders increased by 2.04% to CNY 2.44 billion from CNY 2.39 billion at the end of the previous year[24]. - The company's total assets as of June 30, 2019, amounted to CNY 3,080,093,768.97, compared to CNY 2,823,830,479.91 at the end of 2018, reflecting a growth of approximately 9.09%[126]. - The company's total owner's equity increased to CNY 2,215,016,457.96 from CNY 2,095,629,193.22, indicating a growth of about 5.70%[127]. Segment Performance - The pharmaceutical segment generated a total revenue of 778.33 million yuan, with a gross profit of 302.34 million yuan during the reporting period[42]. - The chemical segment's main business revenue was CNY 17.94 million, with a gross profit of -CNY 1.73 million, significantly impacted by the "321 explosion incident" leading to production stoppage[46]. - The real estate segment achieved main business revenue of CNY 56.66 million and a gross profit of CNY 15.64 million, with ongoing projects covering 226,000 m² and 192,500 m² respectively[47]. Strategic Initiatives - The company accelerated its exit from the real estate business by transferring 100% equity of Zhongwu Real Estate[28]. - The company completed the divestiture of its real estate business, facilitating a strategic focus on the core pharmaceutical industry[47]. - The company plans to actively seek external growth opportunities through mergers and acquisitions while focusing on internal growth strategies to ensure stable and rapid development of its core pharmaceutical business[62]. - The company established a new wholly-owned subsidiary, Jiangxi Wuzhong Pharmaceutical Marketing Co., Ltd., with a registered capital of CNY 10.01 million to expand its pharmaceutical marketing efforts[58]. Environmental Compliance - Jiangsu Wuzhong Pharmaceutical Group's Suzhou Pharmaceutical Plant is listed as a key pollutant discharge unit by the Suzhou Ecological Environment Bureau[81]. - The total wastewater discharge from the Suzhou Pharmaceutical Plant for the first half of 2019 was 2.088 tons, with a COD concentration of ≤500 mg/L, complying with the discharge standards[81]. - The company has implemented a VOCs leakage detection and remediation plan to effectively reduce VOC emissions[83]. - The company has not experienced any environmental violations or significant environmental incidents since commencing operations[88]. Corporate Governance - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[6]. - The company has promised that the funds raised from the non-public offering will not be used for real estate and related businesses, focusing instead on purchasing raw materials and finished products for its pharmaceutical business[68]. - The company has retained Ruihua Certified Public Accountants for the 2019 audit, following the approval from the 2018 annual general meeting[70]. - There are no significant lawsuits or arbitration matters during the reporting period[70]. Shareholder Information - The largest shareholder, Suzhou Wuzhong Investment Holding Co., Ltd., holds 122,795,762 shares, representing 17.01% of the total shares, with 98,500,000 shares pledged[110]. - The company has a commitment to repurchase and cancel shares from certain shareholders due to unmet performance commitments, with specific compensation shares totaling 9,703,126 shares[112]. - The company completed a non-public offering of 41,046,070 shares at a price of 12.52 CNY per share, increasing total share capital to 669,646,070 shares[152]. Accounting Policies - The financial statements are prepared based on the going concern principle, reflecting the company's financial status and operating results accurately[163]. - The accounting policies comply with the relevant Chinese accounting standards, ensuring the financial reports are complete and truthful[165]. - The company recognizes goodwill in acquisitions when the purchase cost exceeds the fair value of identifiable net assets acquired[171].

Financial Performance - Operating revenue decreased by 26.55% to CNY 414,354,760.26 year-on-year[12] - Net profit attributable to shareholders decreased by 64.75% to CNY 7,381,963.24 compared to the same period last year[12] - Basic earnings per share decreased by 65.52% to CNY 0.010 compared to the previous year[12] - The weighted average return on equity decreased by 0.40 percentage points to 0.31%[12] - Total operating revenue for Q1 2019 was ¥414,354,760.26, a decrease of 26.5% compared to ¥564,115,505.25 in Q1 2018[49] - Net profit for Q1 2019 was ¥7,359,868.06, a decline of 66.9% from ¥22,305,907.79 in Q1 2018[51] - The company reported a total comprehensive income of ¥7,359,868.06 for Q1 2019, compared to ¥21,362,912.88 in Q1 2018, a decrease of 65.5%[51] - The total comprehensive income for Q1 2019 was approximately -16,140.12 million, compared to -11,527.78 million in Q1 2018, indicating a worsening financial position[57] Cash Flow - Net cash flow from operating activities was negative at CNY -26,618,896.94, a decrease of 128.88% year-on-year[12] - The net cash flow from operating activities decreased by 128.88% to -2,661.89 million compared to the previous period, primarily due to a decline in payments received from real estate enterprises[22] - The cash flow from operating activities for Q1 2019 was negative at approximately -26.62 million, a decline from a positive cash flow of 92.18 million in Q1 2018[60] - The cash flow from investing activities for Q1 2019 was negative at approximately -108.72 million, compared to -25.07 million in Q1 2018, indicating increased cash outflows[60] - The net cash flow from financing activities increased by 450.88% to 21,052.45 million, primarily due to an increase in net borrowings compared to the previous year[22] - The net cash flow from financing activities was 121,063,407.41 CNY, compared to 27,523,801.37 CNY in the previous year, indicating a significant increase[65] Assets and Liabilities - Total assets increased by 6.66% to CNY 4,925,259,897.98 compared to the end of the previous year[12] - Current liabilities rose to ¥2,403,584,300.18 from ¥2,081,868,841.26, an increase of about 15.43%[39] - Total liabilities increased to ¥2,509,789,481.49 from ¥2,209,800,353.31, representing an increase of approximately 13.56%[39] - Total liabilities increased to ¥855,338,702.87 in Q1 2019 from ¥728,201,286.69 in Q1 2018, representing a growth of 17.4%[49] - The total current assets amounted to 2,708,751,693.00 CNY, remaining stable compared to the previous year[68] - The total assets of the company were reported at 4,617,910,901.74 CNY, unchanged from the previous year[68] Shareholder Information - The number of shareholders at the end of the reporting period was 74,568[15] - The largest shareholder, Suzhou Wuzhong Investment Holding Co., Ltd., holds 17.01% of the shares[15] - The company has not yet conducted any share repurchase as of the report date despite previous approvals for share buyback plans[23] - The company paid 6,936,592.59 CNY in dividends, compared to 2,476,198.63 CNY in the previous year, reflecting a higher return to shareholders[65] Investments and Expenses - Financial expenses increased by 88.8% to CNY 1,120.04 million due to higher average borrowings[19] - Investment income increased significantly by 1,683.74% to CNY 567.05 million compared to the previous year[19] - Research and development expenses for Q1 2019 were ¥4,345,710.00, down 22.3% from ¥5,593,698.17 in Q1 2018[49] - Financial expenses increased to ¥11,200,351.63 in Q1 2019, compared to ¥5,932,336.78 in Q1 2018, marking an increase of 88.3%[49] Operational Challenges - The subsidiary, Xiangshui Henglida Technology Chemical Co., is currently in a state of suspension due to an explosion incident, with ongoing efforts for employee arrangements and asset evaluations[23] - The company submitted appeal materials to the National Drug Review Center regarding the rejection of its drug registration application[23] - The company has been actively managing idle funds through structured deposits, with a total investment of 16 million in structured deposits during the reporting period[26]

Financial Performance - In 2018, the company reported a consolidated net profit of -285,568,326.57 yuan, with the parent company's net profit at -247,011,914.23 yuan[7]. - The parent company had an undistributed profit at the beginning of the year of 84,320,174.46 yuan, ending the year with an undistributed profit of -203,117,689.42 yuan[7]. - The company did not distribute profits for the year 2018 due to the reported losses[7]. - The company's operating revenue for 2018 was CNY 1,701,627,607.60, a decrease of 42.52% compared to the previous year[23]. - The net profit attributable to shareholders was a loss of CNY 285,568,326.57, representing a decline of 314.54% year-on-year[23]. - The company reported a basic earnings per share of -CNY 0.396, down 314.05% from CNY 0.185 in 2017[23]. - The total assets at the end of 2018 were CNY 4,617,910,901.74, a slight decrease of 0.36% from the previous year[23]. - The company achieved operating revenue of CNY 1,701.63 million, a decrease of 42.52% compared to the previous year, with main business revenue dropping by 42.63%[69]. - The company reported a net profit attributable to the parent company of CNY -285.57 million, a decline of 314.54% year-on-year[69]. Industry and Market Analysis - The company has indicated that there are industry risks that may affect future performance, as discussed in the operational analysis section of the report[9]. - In 2018, the pharmaceutical manufacturing industry reported a total revenue of 239.86 billion yuan, reflecting the impact of medical insurance cost control and price reduction policies[38]. - The dye industry faced supply tightness due to environmental pressures, leading to sustained high prices for dyes throughout 2018[42]. - The national average residential price index reached 14,678 yuan per square meter in 2018, with a year-on-year increase of 5.09%[44]. - The biopharmaceutical industry in China has been steadily increasing in profitability since the 1980s, becoming one of the fastest-growing and most profitable sectors in the pharmaceutical industry[108]. - By 2020, China's biopharmaceutical market is projected to become the second largest globally, following the United States, according to IMS Health[112]. - The chemical drug formulation sector remains dominant in China's pharmaceutical market, with generics still leading while self-developed drugs are on the rise[114]. - The chemical raw material drug industry in China has shown signs of recovery in recent years, driven by new domestic medical reform policies and stricter industry regulations[116]. Research and Development - The company has over 30 ongoing research projects in the pharmaceutical sector and holds 28 effective patents, including 25 invention patents[49]. - The company is committed to enhancing its R&D capabilities and has plans for team expansion and investment in new technologies and products post-acquisition[49]. - The total R&D investment for the year 2018 amounted to CNY 40,414,843.77, representing 2.38% of total operating revenue[85]. - The company capitalized 33.29% of its R&D expenditures, with CNY 13,455,910.52 being capitalized[85]. - The company’s R&D personnel accounted for 11% of the total workforce, with 197 employees dedicated to R&D[85]. - The company has a total of 7,533.73 million RMB in cumulative R&D investment for its major projects[140]. - The company is actively pursuing consistency evaluations for several products, including Trimetazidine sustained-release tablets and Lansoprazole injection[140]. Product and Segment Performance - The pharmaceutical segment achieved a total revenue of CNY 1,309.60 million, an increase of CNY 146.06 million, or 12.55% year-on-year[57]. - The gross profit for the pharmaceutical segment was CNY 504.57 million, up CNY 77.37 million, or 18.11% compared to the previous year[57]. - The chemical segment reported a revenue of CNY 238.54 million, a significant decline of CNY 410.62 million, or 63.25% year-on-year due to environmental regulations[63]. - The gross profit for the chemical segment decreased to CNY 59.27 million, down CNY 114.66 million, or 65.92% year-on-year[63]. - The real estate sector reported revenue of CNY 128.79 million, a decline of 64.27%, with a gross margin of 15.87%, an increase of 10.42 percentage points[70]. - The company’s main business in the pharmaceutical sector generated revenue of CNY 1,309.60 million, an increase of 12.55%, with a gross margin of 38.53%, up by 1.81 percentage points[70]. Compliance and Environmental Initiatives - The company is actively pursuing environmental remediation and has developed a detailed rectification plan to ensure compliance with safety and environmental standards[65]. - The company is focusing on technological advancements in environmental protection and has initiated a transition towards cleaner production methods[66]. - The company has invested heavily in environmental protection equipment and technology to comply with stricter national safety and environmental standards[171]. - The company emphasizes process management and environmental safety, implementing a long-term mechanism for efficiency and compliance with national standards[186]. Sales and Marketing Strategies - The sales model remains unchanged, primarily utilizing terminal sales, distribution, and OTC models, with hospitals accounting for 48.17% of total revenue[151][154]. - The increase in sales expenses is primarily due to expanded marketing expenditures aimed at developing the pharmaceutical business market[167]. - Sales expenses for the pharmaceutical business amounted to RMB 408.96 million, an increase of 41.71% compared to the previous year, accounting for 31.23% of operating income[167]. Strategic Initiatives - The company has established a wholly-owned subsidiary to enhance its investment capabilities in the pharmaceutical sector, aiming for strategic acquisitions and partnerships[66]. - The company has established a technology center and has a research team of over 50 personnel, accounting for more than 10% of total employees, with 3 provincial high-tech products developed[177]. - The company has established a complete industrial chain covering gene drugs, chemical drugs, and modern traditional Chinese medicine, with a diverse range of production lines[117]. - The company is implementing measures to enhance production processes, product quality, and sales channels to mitigate the impact of these challenges[117].

Financial Performance - Operating revenue decreased by 41.29% to CNY 1,398,239,798.67 for the year-to-date period[6] - Net profit attributable to shareholders increased by 13.30% to CNY 115,127,766.55 year-to-date[6] - The company's operating revenue decreased by 41.29% to 139,823.98 million, primarily due to the exclusion of revenue from Suzhou Xingrui Precious Metals Materials Co., Ltd. after equity transfer in the first half of 2017[12] - Operating costs fell by 52.42% to 91,202.10 million, also reflecting the exclusion of costs from Suzhou Xingrui Precious Metals Materials Co., Ltd.[13] - Sales expenses increased by 56.33% to 30,577.51 million, mainly due to higher marketing expenses incurred by pharmaceutical subsidiaries to expand market presence[13] - Investment income surged by 605.21% to 13,301.55 million, primarily from the sale of 21,910,885 shares of Jiangsu Bank[13] - The company reported a net loss from non-operating activities of CNY 19,926,184.04 year-to-date[10] - The company reported a total profit of approximately $37.48 million for Q3, down 22.4% from $48.33 million in the same period last year[34] - The company reported a net profit of approximately $118.74 million for the first nine months, an increase of 13.2% compared to $105.00 million in the same period last year[34] Cash Flow and Liquidity - Cash flow from operating activities increased by 98.33% to CNY 175,002,271.26 year-to-date[6] - The net cash flow from operating activities rose by 98.33% to 17,500.23 million, driven by increased advance payments received from real estate projects[13] - The company reported a net cash flow from operating activities of CNY 175,002,271.26, an increase from CNY 88,236,476.58 in the same period last year[41] - Cash and cash equivalents at the end of the period totaled CNY 759,958,201.29, compared to CNY 665,842,110.78 at the end of the previous year[42] - Cash inflow from financing activities was 435,000,000.00 RMB, a substantial increase from 110,000,000.00 RMB in the same period last year[45] - Net cash flow from financing activities improved to 235,400,430.81 RMB, compared to a negative cash flow of -2,385,011.68 RMB in the previous year[45] Assets and Liabilities - Total assets increased by 8.37% to CNY 5,022,549,091.41 compared to the end of the previous year[6] - Current liabilities rose to ¥1,953,112,224.82, compared to ¥1,478,318,585.06, marking an increase of about 32.3%[25] - Total liabilities increased to ¥2,126,883,687.32 from ¥1,703,188,237.01, representing a growth of about 24.9%[26] - Owner's equity decreased to ¥2,895,665,404.09 from ¥2,931,393,150.79, reflecting a decline of about 1.22%[26] - Total current assets increased to ¥855,017,062.48 from ¥727,637,448.67, showing a growth of about 17.5%[29] Shareholder Information - The number of shareholders reached 70,976 by the end of the reporting period[9] - The largest shareholder, Suzhou Wuzhong Investment Holding Co., Ltd., holds 17.01% of the shares[9] Research and Development - Government subsidies related to new drug research and development amounted to CNY 11,229,189.87 year-to-date[10] - The company is in the process of obtaining approval for a new anti-cancer drug, with the project currently in the technical review phase by the National Drug Review Center[14] - R&D expenses for Q3 were approximately $5.89 million, a significant decrease of 43.5% from $10.44 million year-over-year[33] Investment Activities - The company has committed to invest 270,000,000 RMB in the Nanchang Suwu Health Industry Management Center, with an initial payment of 121,000,000 RMB made by October 20, 2018[20] - The company received 138,289,190.98 RMB from investment recoveries, with no comparable figure from the previous year[44] - Total cash inflow from investment activities reached 269,242,580.64 RMB, significantly up from 34,150,337.53 RMB year-on-year[44] Other Financial Metrics - The weighted average return on equity rose by 0.50 percentage points to 3.96%[6] - Basic earnings per share increased by 13.48% to CNY 0.160[6] - The company reported a total comprehensive income for Q3 was approximately -$7.55 million, compared to -$0.39 million in the same period last year[35] - Tax expenses for the first nine months were CNY 20,597,491.24, compared to a tax benefit of CNY 5,546,579.51 in the previous year[37]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 986,348,604.33, a decrease of 45.68% compared to CNY 1,815,801,988.08 in the same period last year[20]. - Net profit attributable to shareholders for the first half of 2018 was CNY 84,559,927.22, an increase of 27.85% from CNY 66,138,148.75 in the previous year[20]. - The net cash flow from operating activities increased significantly by 303.77%, reaching CNY 244,426,024.95 compared to CNY 60,535,274.14 in the same period last year[20]. - The basic earnings per share for the first half of 2018 was CNY 0.117, up 27.17% from CNY 0.092 in the previous year[21]. - The weighted average return on equity increased by 0.66 percentage points to 2.89% compared to 2.23% in the same period last year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 35,822,514.21, a decrease of 33.15% from CNY 53,584,322.05 in the previous year[20]. - The company's total assets as of the end of the reporting period were CNY 4,703,437,644.77, an increase of 1.49% from CNY 4,634,581,387.80 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 1.08% to CNY 2,888,023,772.87 from CNY 2,919,630,587.98 at the end of the previous year[20]. - The decline in operating revenue was primarily due to the exclusion of revenue from Suzhou Xingrui Precious Metal Materials Co., Ltd., which was divested in the previous year[22]. - The company achieved operating revenue of CNY 986.35 million, a decrease of 45.68% compared to the same period last year[40]. - Main business revenue was CNY 981.05 million, down 45.84% year-on-year[40]. - Gross profit reached CNY 342.04 million, an increase of 26.18% year-on-year[40]. - The company reported a total revenue of 12,413,238 RMB for the first half of 2018, with a net profit of 1.72 RMB per share[126]. Investment and Subsidiaries - The company established a wholly-owned subsidiary, Jiangsu Wuzhong Pharmaceutical Industry Investment Co., Ltd., with a registered capital of CNY 280 million to enhance its pharmaceutical sector[37]. - The company sold 11,910,885 shares of Jiangsu Bank, realizing a net investment gain of approximately CNY 50.56 million[52]. - The company achieved an investment income of CNY 67.41 million from the sale of 11,910,885 shares of Jiangsu Bank, accounting for 61.16% of the total profit[57]. - The pharmaceutical segment achieved a total revenue of CNY 662.99 million and a gross profit of CNY 265.86 million in the first half of 2018[41]. - The company established a wholly-owned subsidiary, Jiangsu Wuzhong Pharmaceutical Industry Investment Co., Ltd., with a registered capital of RMB 280 million for equity and industrial investments[61]. - The company invested RMB 280 million to establish a wholly-owned subsidiary, Jiangsu Wuzhong Pharmaceutical Industry Investment Co., Ltd.[113]. - The company issued 18,140,588 shares to acquire 100% equity of Xiangshui Henglida Technology Chemical Co., Ltd., with specific allocations of shares to three individuals[174]. Environmental Compliance - The company has implemented a detailed rectification plan in response to environmental inspections, focusing on waste treatment and compliance[46]. - The company has implemented a wastewater treatment facility with a capacity of 150m³/d at the Liufeng Road plant, including pre-treatment and biochemical treatment systems[97]. - The company has established a hazardous waste storage facility exceeding 300 square meters, with all necessary anti-corrosion and leakage prevention measures in place[98]. - All pollution discharge indicators have met the standards set by the "Comprehensive Emission Standards for Air Pollutants" and the provincial environmental protection department's pollutant discharge permit requirements[98]. - The company has conducted a wastewater pipeline renovation project across two plants in 2018, ensuring compliance with environmental standards[98]. - The company has not experienced any environmental violations or significant incidents since commencing production, maintaining a strong environmental compliance record[101]. - The company has been rated as a green enterprise in an environmental credit evaluation conducted by local environmental authorities[100]. - The company has implemented VOCs leakage detection and remediation plans to effectively reduce VOC emissions and unorganized gas emissions[97]. - The company has invested approximately 10,988 million yuan in a new environmental protection project to enhance the quality and standards of its facilities[111]. Shareholder and Equity Information - The company completed the transfer of 60.61% equity of Wuzhong Holdings to Fuhui Industrial, changing the actual controller to Qian Qunying[77]. - The company committed that the raised funds will not be used for real estate and related businesses, ensuring compliance with regulatory requirements[77]. - A total of 1,410,000 restricted stocks were unlocked for 26 individuals during the reporting period, with the listing date on April 12, 2018[82]. - The company’s controlling shareholder has committed to avoiding competition with Jiangsu Wuzhong Industrial Co., Ltd. and ensuring fair pricing in related transactions[74]. - The total number of shares increased from 721,891,958 to 721,891,958, with a reduction of 1,410,000 restricted shares[119]. - The total number of ordinary shareholders reached 71,724 by the end of the reporting period[123]. - The largest shareholder, Suzhou Wuzhong Investment Holding Co., Ltd., held 122,795,762 shares, accounting for 17.01% of total shares[125]. - The company’s total equity attributable to the parent company at the end of the reporting period was 2,931,393,150.79 CNY[161]. - The total owner's equity at the end of the reporting period was 2,904,406,450.37 CNY, reflecting a slight decrease from the previous year[162]. Risks and Challenges - The company faces risks related to policy changes in the pharmaceutical industry, including potential price reductions due to new procurement policies and healthcare reforms[68]. - Environmental regulations in the chemical industry may lead to increased costs and operational constraints, impacting profitability[68]. - The company is closely monitoring national industry policies and will adapt its strategies accordingly to manage risks[69]. - The exchange rate risk related to the depreciation of the RMB against the USD has decreased, benefiting export operations[69]. - The company has not reported any significant changes in risks compared to the previous year, aside from those related to policy and exchange rates[68]. - The company’s financial performance reflects challenges, with a notable decline in net profit and comprehensive income compared to previous periods[166]. Financial Reporting and Compliance - The company’s financial report is prepared in RMB, with the balance sheet as of June 30, 2018, pending further details[139]. - The company has not disclosed any significant changes in the board of directors or supervisory board during the reporting period[134]. - The company’s financial statements are prepared based on the going concern assumption, with no significant doubts regarding its ability to continue operations[184]. - The company’s financial reports comply with the requirements of the enterprise accounting standards, reflecting its financial status and operational results accurately[185]. - The company recognizes the share of losses from subsidiaries exceeding the minority shareholders' equity at the beginning of the period, reducing minority interests[192].

2018 年第一季度报告 公司代码：600200 公司简称：江苏吴中 江苏吴中实业股份有限公司 2018 年第一季度报告 2018 年 4 月 27 日 1 / 17 | 一、重要提示 3 | | --- | | 二、公司基本情况 3 | | 三、重要事项 5 | | 四、附录 7 | 2018 年第一季度报告 一、 重要提示 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 √适用 □不适用 单位：元 币种：人民币 | 项目 | 本期金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益 | -127,803.99 | | 3 / 17 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增减(%) 总资产 4,691,221,551.61 4,634,581,387.80 1.22 归属于上市公司股 东的净资产 2,939,727,186.90 2,919,630,587.98 0.69 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的现 金流量净额 92,177,948.23 -40 ...

Financial Performance - In 2017, the company achieved a consolidated net profit of CNY 133,105,250.48, representing an increase of 84.88% compared to CNY 71,996,134.69 in 2016[5]. - The company's operating revenue for 2017 was CNY 2,960,487,767.54, a decrease of 25.79% from CNY 3,989,290,786.10 in 2016[21]. - The net cash flow from operating activities decreased by 64.07% to CNY 249,141,522.01 from CNY 693,453,447.26 in the previous year[21]. - The total assets of the company at the end of 2017 were CNY 4,634,581,387.80, down 11.55% from CNY 5,239,552,399.53 in 2016[21]. - The company reported a significant decrease in cash flow from operating activities in Q1, with a net outflow of CNY 40.59 million[26]. - The company achieved a total revenue of CNY 296,048.78 million, a decrease of 25.79% compared to the previous year[67]. - The company's main business revenue was CNY 294,845.79 million, down 25.89% year-on-year[67]. - The gross profit reached CNY 64,024.00 million, an increase of 38.54% year-on-year, with a main business gross profit of CNY 63,449.41 million, up 39.25%[67]. - The net profit attributable to the parent company was CNY 13,310.53 million, reflecting an increase of 84.88% compared to the previous year[67]. Dividend and Retained Earnings - The company plans to distribute a cash dividend of CNY 0.56 per 10 shares, totaling CNY 40,425,949.65[5]. - The company's retained earnings at the end of 2017 were CNY 84,320,174.46 after distributing CNY 21,656,758.74 in profits[5]. Strategic Development - The company has outlined a three-year development strategy plan (2017-2019) to enhance its market position[11]. - The company is committed to expanding its dye intermediate R&D team and investing in new technologies and products post-acquisition[48]. - The company plans to expand its market presence and enhance product development in the upcoming fiscal year[76]. - The overall strategy for 2017-2019 emphasizes optimizing R&D, quality, and sales to expand market opportunities[183]. Research and Development - The company has established a comprehensive R&D platform in the pharmaceutical sector, with over 30 ongoing projects and 28 effective patents, including 25 invention patents[47]. - Research and development expenses rose by 88.25% to CNY 4,943.47 million, driven by increased investment in pharmaceutical R&D projects[69]. - The company achieved a research and development (R&D) investment of 2,983.46 million RMB, representing 2.56% of its operating revenue and 5.55% of its net assets[120]. - The company completed the clinical trial summary and registration documentation for its Class I new drug, recombinant human vascular endothelial inhibitor injection, which has received the CFDA acceptance notice[118]. Market Position and Competitive Advantage - The company has been recognized as one of the top 100 industrial enterprises in China's chemical pharmaceutical industry for five consecutive years[33]. - The company is positioned as a leading enterprise in the pharmaceutical manufacturing industry, ranking among the top 100 in China's chemical pharmaceutical industry in 2017[104]. - The company has established a complete industrial chain covering gene drugs, chemical drugs, and modern traditional Chinese medicine, enhancing its competitive advantage[104]. - Henglida has established a stable competitive advantage in dye intermediates, with a focus on clean production technology and significant investments in environmental protection[145]. Environmental and Regulatory Compliance - The company has made significant investments in advanced technology and facilities to enhance environmental safety and production efficiency in the chemical sector[39]. - The company successfully improved pollution treatment levels through collaboration with universities and technical units, focusing on environmental requirements[62]. - The company faced a temporary production halt in April 2017 due to environmental inspections, but resumed operations by May 18, 2017[164]. - The dye industry is facing unprecedented environmental cost pressures due to strict regulations, leading to a significant reduction in the number of chemical production enterprises in China[143]. Sales and Marketing - The company successfully participated in over 450 bidding projects, achieving a bid success rate of 84%[56]. - The company is enhancing its marketing strategies in response to the challenges posed by the new "two-invoice system" policy in the pharmaceutical distribution industry[105]. - The company reported total sales of 4,727.36 million RMB for its main pharmaceutical products, with a total gross profit of -214.66 million RMB[117]. Production and Inventory - The production volume of the main product, Pidotimod, increased by 26.53% year-on-year to 10.41 million boxes, while sales volume rose by 19.39% to 10.40 million boxes[76]. - The company reported a significant increase in inventory levels for injectable Calcitriol, with inventory rising by 144.90% year-on-year to 2.58 million bottles[76]. - The production volume for Recombinant Human Granulocyte Colony-Stimulating Factor was 38.89 million bottles, compared to 47.08 million bottles in the previous year, reflecting a decrease of about 17.5%[110]. Financial Investments - The company achieved an investment income of 66.63 million RMB from the sale of 10 million shares of Jiangsu Bank[88]. - The company's financial assets included investments in funds and shares of Jiangsu Bank, with a total investment cost of CNY 3,602.86 million and a reported investment gain of CNY 6,663.51 million from the sale of shares[178]. Risks and Challenges - The company is facing potential risks from price reductions due to government policies and increased competition in the pharmaceutical market[135]. - The pharmaceutical industry faces significant policy risks due to increased government regulation and industry consolidation[194]. - The company is exposed to market risks as the pharmaceutical industry undergoes restructuring and competition intensifies[197]. - Environmental safety risks are heightened due to stringent regulations on waste management in both pharmaceutical and chemical production[198].