股票代码：600272 股票简称：开开实业 编号：2025-052 上海开开实业股份有限公司 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。 上海开开实业股份有限公司（以下简称："公司"）第十届监事 会第十九次会议通知和会议文件于 2025 年 8 月 11 日以书面、电话及 电子邮件等方式发出，会议于 2025 年 8 月 21 日在公司会议室以现场 表决方式召开。本次会议应到监事 3 名，实到监事 3 名。本次会议由 监事会主席单丹丹女士主持，会议的召开和程序符合《中华人民共和 国公司法》与《公司章程》的有关规定。会议审议通过了如下议案： 监事会对公司 2025 年半年度报告的内容和编制审议程序进行了 全面审核，认为： 上海证券交易所网站（www.sse.com.cn）2025-053 号公告。 表决结果：三票同意、零票反对、零票弃权。 律、法规、公司章程和公司内部管理制度的各项规定； 海证券交易所的各项规定，所包含的信息真实客观反映了公司报告期 内的财务状况和经营成果； 报告编制和审议的人员不遵守保密规定及损害公司和 ...

| 股票代码：600272 | 股票简称：开开实业 | | | 编号：2025-052 | | --- | --- | --- | --- | --- | | 900943 | | 开开 | 股 B | | 上海开开实业股份有限公司 第十届监事会第十九次会议决议公告 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。 上海开开实业股份有限公司（以下简称： "公司"）第十届监事 会第十九次会议通知和会议文件于 2025 年 8 月 11 日以书面、电话及 电子邮件等方式发出，会议于 2025 年 8 月 21 日在公司会议室以现场 表决方式召开。本次会议应到监事 3 名，实到监事 3 名。本次会议由 监事会主席单丹丹女士主持，会议的召开和程序符合《中华人民共和 国公司法》与《公司章程》的有关规定。会议审议通过了如下议案： 一、公司 2025 年半年度报告及报告摘要 监事会对公司 2025 年半年度报告的内容和编制审议程序进行了 全面审核，认为： 1、公司 2025 年半年度报告的编制和审议程序规范合法，符合法 律、法规、公司章程 ...

股票代码：600272 股票简称：开开实业 编号：2024-051 900943 开开 B 股 上海开开实业股份有限公司 第十届董事会第二十八次会议决议公告 本公司董事会及全体董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。 上海开开实业股份有限公司（以下简称"公司"）第十届董事会 第二十八次会议通知和会议文件于 2025 年 8 月 11 日以书面、电话及 电子邮件等方式发出，会议于 2025 年 8 月 21 日在公司会议室以现场 表决方式召开。本次会议应到董事 9 名，实到董事 9 名，3 名监事及 其他高级管理人员列席了会议。本次会议由董事长庄虔贇女士主持， 会议的召开和程序符合《中华人民共和国公司法》与《公司章程》的 有关规定。会议审议通过了如下议案： 一、公司 2025 年半年度报告及报告摘要 表决结果：九票同意、零票反对、零票弃权。 二、公司拟续聘 2025 年度财务报表审计和内部控制审计会计师 事务所的议案 本议案已经公司董事会审计委员会 2025 年第五次会议审议通过 （3 票同意，0 票反对，0 票弃权），同意提交公司第十 ...

Section 1 Definitions [Common Terms Definitions](index=4&type=section&id=Common%20Terms%20Definitions) This section defines key terms used throughout the report, covering regulatory bodies, corporate entities, and specific business projects - The reporting period is from **January 1, 2025, to June 30, 2025**[15](index=15&type=chunk) - The company's stock tickers are "Kaikai Industrial" (A-share) and "Kaikai B-Share" (B-share), with Shanghai Kaikai (Group) Co, Ltd as the controlling shareholder[15](index=15&type=chunk) - SPD is defined as a regionalized supply chain management business for medical consumables and reagents, achieving centralized procurement and direct distribution through unified logistics information management[15](index=15&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its name, legal representative, and contact details for the board secretary - The company's Chinese name is Shanghai Kaikai Industrial Co, Ltd, and the legal representative is Zhuang Qianyun[17](index=17&type=chunk) - The registered address is Room K02, 201, No 921 Xinzha Road, Jing'an District, Shanghai, and the office address is 1st Floor, No 678 Changping Road, Jing'an District, Shanghai[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew 10.95% driven by the SPD business, while net profit fell 61.94% due to the absence of prior-year non-recurring gains **Key Accounting Data for H1 2025** | Key Accounting Data | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 543,143,362.01 | 489,520,495.53 | 10.95 | | Total Profit | 26,821,146.54 | 54,866,860.45 | -51.12 | | Net Profit Attributable to Shareholders | 11,800,953.25 | 31,009,018.96 | -61.94 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 3,008,353.65 | 3,293,810.28 | -8.67 | | Net Cash Flow from Operating Activities | 103,794,141.27 | -27,934,426.71 | N/A | | **As of Period End** | **As of Prior Year-End** | **Change (%)** | | | Net Assets Attributable to Shareholders | 619,968,500.81 | 618,859,547.56 | 0.18 | | Total Assets | 1,536,277,870.82 | 1,484,859,580.95 | 3.46 | **Key Financial Indicators for H1 2025** | Key Financial Indicators | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | -61.72 | | Diluted Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | -61.72 | | Basic EPS (Excluding Non-recurring Items) (Yuan/Share) | 0.012 | 0.014 | -14.29 | | Weighted Average Return on Equity (%) | 1.89 | 5.07 | Decreased by 3.18 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 0.48 | 0.54 | Decreased by 0.06 percentage points | - **Operating revenue increased by 10.95%**, driven by the "Grand Health" strategy, with the pharmaceutical segment's SPD project revenue reaching approximately **290 million yuan, a 52% year-on-year increase**[25](index=25&type=chunk) - **Net profit attributable to parent company shareholders decreased by 61.94%**, mainly because the **28.44 million yuan** in housing expropriation compensation income recognized in the prior period was absent this year[25](index=25&type=chunk) - **Net cash flow from operating activities turned positive to 103.79 million yuan**, an increase of 131.73 million yuan year-on-year, due to lower payments for goods, SPD business growth, and improved accounts receivable management[26](index=26&type=chunk) [IX. Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section details non-recurring profit and loss items totaling 8,792,599.60 yuan, primarily from government grants and fair value changes **Non-recurring Profit and Loss Items for H1 2025** | Non-recurring Profit and Loss Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 19,400.01 | | Government Grants Recognized in Current Profit or Loss | 7,904,964.09 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities | 1,170,753.47 | | Other Non-operating Income and Expenses | 1,271,031.42 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 93,955.51 | | Less: Income Tax Impact | 1,664,801.30 | | Less: Minority Interest Impact (After Tax) | 2,703.60 | | **Total** | **8,792,599.60** | Section 3 Management Discussion and Analysis [I. Description of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) The company's main businesses, pharmaceutical services and apparel retail, face challenges from market adjustments and consumption upgrades - The company operates in the retail industry (F52), with China's consumer market showing a moderate recovery and structural optimization toward high-value consumption[32](index=32&type=chunk)[33](index=33&type=chunk) - **Pharmaceutical Segment**: Retail pharmacies are positioned as "core health promotion scenarios," expanding diversified services and accelerating digital transformation[34](index=34&type=chunk) - **Apparel Segment**: Facing insufficient demand and increased competition, the focus is on brand positioning, product innovation, and digital transformation[35](index=35&type=chunk) - The company's dual-main-business model of pharmaceutical distribution and apparel retail remains unchanged[36](index=36&type=chunk) - The pharmaceutical segment is transitioning from traditional retail to a "Grand Health" service model, including sales of medicines, medical devices, and diagnostic services[36](index=36&type=chunk)[37](index=37&type=chunk) - The apparel segment focuses on wholesale and retail of "Kaikai" brand clothing and offers innovative "private customization" services[36](index=36&type=chunk)[38](index=38&type=chunk) - The pharmaceutical segment deepens its "Grand Health" strategy, focusing on "medical health, healthcare, and medical care" through an "Internet+" platform[39](index=39&type=chunk) - The apparel segment adheres to a policy of "improving quality and increasing efficiency," focusing on group purchasing to stabilize business and brand development to expand its market[40](index=40&type=chunk) - The company's two main brands, "Leiyunshang" and "Kaikai," are both "China Time-honored Brands" with strong brand heritage and market recognition[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [II. Discussion and Analysis of Operating Performance](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company advanced its "Grand Health" strategy, completed a private placement, and drove revenue growth through digital empowerment - **Total assets reached 1.54 billion yuan**, an increase of 3.46% from the beginning of the year; net assets attributable to parent company shareholders were **619.97 million yuan**, up 0.18%[45](index=45&type=chunk) - **Operating revenue was 543.14 million yuan**, up 10.95% year-on-year; net profit attributable to parent company shareholders was **11.80 million yuan**, down 61.94%[45](index=45&type=chunk) - The company successfully completed a private placement, issuing 19,651,945 A-shares and raising **net proceeds of 155.49 million yuan** to supplement working capital[47](index=47&type=chunk)[48](index=48&type=chunk) - The pharmaceutical segment's digital initiatives drove the **SPD project's operating revenue to approximately 290 million yuan, a 52% year-on-year increase**[49](index=49&type=chunk)[50](index=50&type=chunk) - The apparel segment enhanced data analysis to optimize product selection and accelerated online-offline marketing integration[51](index=51&type=chunk) - The company strengthened internal controls by revising management rules and establishing a public opinion management system to enhance risk prevention[53](index=53&type=chunk) - Financial risk control was enhanced through an integrated system of comprehensive budgeting, capital management, and internal control on a financial information platform[54](index=54&type=chunk) - The pharmaceutical segment improved value-added services for Chinese herbal medicine decoction pieces by optimizing procurement and leveraging its "Cloud Pharmacy" platform[56](index=56&type=chunk) - The apparel segment expanded its product categories and introduced new items like high-quality wool sweaters and silk blouses[57](index=57&type=chunk) - The "Leiyunshang" and "Kaikai" brands engaged in cross-industry collaborations with museums and film studios to enhance brand influence[58](index=58&type=chunk) - The company strengthened its corporate culture and training systems, with **91.05% of employees holding a college degree or higher**[60](index=60&type=chunk)[61](index=61&type=chunk) - As a state-controlled enterprise, the company actively fulfills its social responsibilities through rural revitalization programs and charitable donations[62](index=62&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in its strong talent pool, well-established time-honored brands, and prime geographical location in Shanghai - The company has built a high-quality talent team with an experienced core management layer and skilled grassroots employees, providing a solid foundation for development[64](index=64&type=chunk) - "Leiyunshang" and "Kaikai" are nationally recognized "China Time-honored Brands" that continue to innovate and collaborate to enhance brand value[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - The company's operations are deeply rooted in Shanghai's Jing'an District, with key retail stores located in core commercial areas with high foot traffic[67](index=67&type=chunk) [IV. Key Operating Activities during the Reporting Period](index=14&type=section&id=IV.%20Key%20Operating%20Activities%20during%20the%20Reporting%20Period) This section analyzes financial statement changes, showing revenue growth but a significant profit decline due to reduced non-recurring gains **Analysis of Financial Statement Item Changes for H1 2025** | Item | Current Period (Yuan) | Same Period Last Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 543,143,362.01 | 489,520,495.53 | 10.95 | | Operating Costs | 456,972,550.95 | 397,186,647.60 | 15.05 | | Total Profit | 26,821,146.54 | 54,866,860.45 | -51.12 | | Net Profit Attributable to Shareholders | 11,800,953.25 | 31,009,018.96 | -61.94 | | Net Cash Flow from Operating Activities | 103,794,141.27 | -27,934,426.71 | N/A | | Net Cash Flow from Investing Activities | -1,221,775.15 | 25,883,454.68 | -104.72 | | Net Cash Flow from Financing Activities | -17,069,052.96 | 676,570.72 | -2,622.88 | | Gains from Asset Disposal | 23,959.68 | 28,485,263.76 | -99.92 | | Non-operating Income | 1,482,074.57 | 378,265.73 | 291.81 | - Changes in financial expenses were mainly due to exchange rate fluctuations affecting receivables from Falcon International Group Limited[68](index=68&type=chunk) - **Gains from asset disposal decreased by 99.92%** due to the absence of income from housing expropriation compensation recognized in the prior year[69](index=69&type=chunk) - **Non-operating income increased by 291.81%**, primarily from compensation received for the early termination of a property lease[69](index=69&type=chunk) - In 2025, the company received government grants totaling **4.59 million yuan**, including 4.26 million yuan in special subsidies from the controlling shareholder[72](index=72&type=chunk) **Changes in Assets and Liabilities as of H1 2025** | Item | Period-End Balance (Yuan) | % of Total Assets | Prior Year-End Balance (Yuan) | % of Total Assets | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 190,499,893.15 | 12.40 | 105,005,688.11 | 7.07 | 81.42 | | Notes Receivable | 271,571.00 | 0.02 | 1,044,867.85 | 0.07 | -74.01 | | Prepayments | 1,019,856.22 | 0.07 | 784,339.03 | 0.05 | 30.03 | | Construction in Progress | 1,663,548.55 | 0.11 | 67,924.53 | - | 2,349.11 | | Deferred Tax Assets | 2,277,384.08 | 0.15 | 3,500,422.30 | 0.24 | -34.94 | | Other Non-current Assets | - | - | 345,927.43 | 0.02 | -100.00 | | Contract Liabilities | 12,223,656.67 | 0.80 | 6,710,821.24 | 0.45 | 82.15 | | Taxes Payable | 6,999,351.02 | 0.46 | 12,122,910.92 | 0.82 | -42.26 | | Lease Liabilities | 2,684,397.79 | 0.17 | 5,374,515.63 | 0.36 | -50.05 | - **Monetary funds increased by 81.42%** due to higher collections from sales receivables[73](index=73&type=chunk) - **Construction in progress grew by 2,349.11%** due to increased investment in the renovation of the second floor of the pharmacy building[73](index=73&type=chunk)[328](index=328&type=chunk) - **Contract liabilities rose by 82.15%** due to an increase in advance payments received from the pharmaceutical business[75](index=75&type=chunk) - The company plans to publicly list for sale its 11.11% stake in Nanjing Tianshi Software Technology Co, Ltd, with a preliminary valuation of 17.41 million yuan; the transaction remains uncertain[76](index=76&type=chunk) **Financial Assets Measured at Fair Value for H1 2025** | Asset Class | Opening Balance (Yuan) | Fair Value Change (Yuan) | Purchases (Yuan) | Sales/Redemptions (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other - Trading Financial Assets | 120,359,232.88 | 555,561.65 | 120,000,000.00 | 120,000,000.00 | 120,284,328.78 | | Other - Other Equity Investments | - | - | - | - | - | | Other - Other Non-current Financial Assets | 5,789,867.20 | - | - | - | 5,789,867.20 | | **Total** | **126,149,100.08** | **555,561.65** | **120,000,000.00** | **120,000,000.00** | **126,074,195.98** | - Key subsidiaries in the pharmaceutical and apparel segments operated stably, and the SPD business of a controlled subsidiary showed smooth operations[79](index=79&type=chunk)[80](index=80&type=chunk) - To optimize the internal structure of the pharmaceutical segment, Leixi Company will absorb its wholly-owned subsidiary, Shibei Clinic, to improve operational efficiency[83](index=83&type=chunk) [V. Other Disclosure Matters](index=20&type=section&id=V.%20Other%20Disclosure%20Matters) This section outlines risks from economic fluctuations and policy changes, and details the company's action plan to enhance quality and returns - The company faces risks from **macroeconomic fluctuations**, as the retail industry is sensitive to economic growth and consumer spending[85](index=85&type=chunk) - The pharmaceutical industry faces **policy change risks** from measures like medical insurance cost control and volume-based procurement, which intensify market competition[86](index=86&type=chunk) - The "Grand Health" strategic transformation and apparel segment reforms pose **transitional development risks**, as new business cultivation may impact short-term performance[87](index=87&type=chunk)[88](index=88&type=chunk) - The company reported on the execution of its "2025 Action Plan for Quality and Efficiency Improvement and Shareholder Return," with H1 revenue up 10.95% and net profit down 61.94%[89](index=89&type=chunk) - The pharmaceutical segment's **SPD project revenue grew 52% to approximately 290 million yuan**, while the apparel segment continued to develop co-branded cultural products[90](index=90&type=chunk) - The company successfully completed a private placement, with **net proceeds of 155.49 million yuan** fully received, enhancing its financial strength and competitiveness[91](index=91&type=chunk)[92](index=92&type=chunk) - Corporate governance and risk control were strengthened through the revision of internal management systems and the establishment of a public opinion management policy[93](index=93&type=chunk)[94](index=94&type=chunk) - The company has paid cash dividends for thirteen consecutive years, with the 2024 dividend of **0.44 yuan per 10 shares** representing over 30% of net profit[95](index=95&type=chunk) - The company actively participated in a collective earnings conference for listed companies in Shanghai to enhance communication with investors[96](index=96&type=chunk) - The company adheres to Party leadership, implements the spirit of the 20th National Congress, and fulfills its social responsibilities as a state-owned enterprise[97](index=97&type=chunk) - The company ensures directors, supervisors, and senior management fulfill their duties by organizing regular participation in regulatory training[98](index=98&type=chunk) Section 4 Corporate Governance, Environment, and Society [II. Profit Distribution or Capitalization of Capital Reserve Plan](index=23&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company has no profit distribution or capitalization of capital reserve plan for the first half of the year - The company has no semi-annual profit distribution plan or plan to convert capital reserves into share capital[101](index=101&type=chunk) [V. Specifics on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization Efforts](index=23&type=section&id=V.%20Specifics%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) As a state-controlled enterprise, the company actively fulfills its social responsibilities by supporting rural revitalization and making charitable donations - The company plans to continue its four-year partnership with Xiexing Village in Chongming District, providing up to **900,000 yuan** in support funds[102](index=102&type=chunk) - A wholly-owned subsidiary will continue its five-year partnership with Xiajinchang Village in Yunnan Province, providing up to **1.5 million yuan** in support funds[103](index=103&type=chunk) - A wholly-owned subsidiary donated shirts and other materials worth nearly **100,000 yuan** to the Shanghai Charity Foundation for philanthropic purposes[103](index=103&type=chunk) Section 5 Significant Matters [I. Fulfillment of Commitments](index=25&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's controlling shareholders, management, and other related parties were strictly fulfilled during the reporting period - Shanghai Kaikai (Group) Co, Ltd committed to a **36-month lock-up period** for the shares subscribed in the private placement and an 18-month non-disposal period for existing shares[105](index=105&type=chunk) - Shanghai Jing'an State-owned Assets Management Co committed to an **18-month non-disposal period** for its existing shares[105](index=105&type=chunk) - The company's directors and senior management committed to not improperly interfere with company operations and to link their compensation to shareholder return measures[106](index=106&type=chunk) - The controlling shareholder, Shanghai Kaikai (Group) Co, Ltd, committed to bear any losses arising from historical bill disputes related to the "Zhang Chen Incident"[107](index=107&type=chunk) - All commitments were strictly and timely fulfilled[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [X. Significant Related-Party Transactions](index=28&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses significant related-party transactions, including routine operational dealings and the private placement of shares - The company's routine related-party transactions for 2024 and estimates for 2025 have been approved by the Board of Directors and Supervisory Committee[109](index=109&type=chunk) **Related-Party Purchases of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Purchase of goods | 441,774.16 | 1,331,549.23 | | Shanghai Kaikai (Group) Co, Ltd | Purchase of goods | 6,473.01 | - | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Purchase of goods | 4,552.21 | 38,197.34 | **Related-Party Sales of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Sale of goods | 10,079.65 | 25,835.93 | | Shanghai Kaikai (Group) Co, Ltd | Sale of goods | 3,889.56 | - | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Provision of services | 158,175.00 | - | | Shanghai Kaikai (Group) Co, Ltd | Provision of services | 58,212.00 | - | **Related-Party Leases (Company as Lessee) for H1 2025** | Lessor Name | Leased Asset Type | Rent Paid (Yuan) | Lease Liability Interest Expense (Yuan) | Rent Paid (Prior Period) (Yuan) | Lease Liability Interest Expense (Prior Period) (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Kaikai (Group) Co, Ltd | Buildings | 2,939,547.53 | 120,851.14 | 1,931,350.02 | 135,811.66 | | Shanghai No.1 Siberia Fur Co, Ltd | Buildings | 683,050.00 | 18,897.12 | 683,050.00 | 48,029.40 | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Buildings | 236,466.00 | 7,219.88 | 216,810.00 | 16,059.23 | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Buildings | 392,754.60 | 3,946.67 | - | - | - The private placement of 19,651,945 A-shares has been completed, with **net proceeds of 155,490,031.03 yuan** fully received and placed in designated supervised accounts[112](index=112&type=chunk)[114](index=114&type=chunk) Section 6 Changes in Share Capital and Shareholders [I. Changes in Share Capital](index=31&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital remained unchanged during the reporting period, with a private placement completed subsequently - During the reporting period, the company's total number of shares and share capital structure did not change[117](index=117&type=chunk) - After the reporting period, the company completed a private placement of **19,651,945 A-shares**, raising net proceeds of **155,490,031.03 yuan**[118](index=118&type=chunk) - The new shares were registered, custodied, and placed under restriction on July 15, 2025, and will be tradable upon expiration of the lock-up period[119](index=119&type=chunk) - The issuance of new shares did not have a significant impact on the company's earnings per share or net assets per share for the latest fiscal year and period[120](index=120&type=chunk) [II. Shareholder Information](index=31&type=section&id=II.%20Shareholder%20Information) As of the period end, the company had 36,200 common shareholders, with Shanghai Kaikai (Group) Co, Ltd being the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **36,200**[121](index=121&type=chunk) **Top Ten Shareholders as of Period End** | Shareholder Name | Shares Held (Shares) | Percentage (%) | Restricted Shares (Shares) | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Kaikai (Group) Co, Ltd | 64,409,783 | 26.51 | - | None | 0 | | Shanghai Jing'an State-owned Assets Management Co, Ltd | 6,000,000 | 2.47 | - | None | 0 | | Shanghai Jinxing Trading Company | 3,000,000 | 1.23 | 3,000,000 | Frozen | 3,000,000 | | Li Xiaohua | 1,377,900 | 0.57 | - | None | 0 | | Jin Zhangxian | 1,350,000 | 0.56 | - | None | 0 | - The **3,000,000 restricted shares** held by Shanghai Jinxing Trading Company are frozen, preventing the payment of share reform consideration; they can be listed for trading after being unfrozen and the consideration is paid[125](index=125&type=chunk) Section 7 Bond-related Matters [I. Corporate Bonds (including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=34&type=section&id=I.%20Corporate%20Bonds%20(including%20Enterprise%20Bonds)%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no outstanding or defaulted corporate bonds or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=34&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period Section 8 Financial Report [I. Audit Report](index=35&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is unaudited[7](index=7&type=chunk) [II. Financial Statements](index=35&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025 **Consolidated Balance Sheet (as of June 30, 2025)** | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 958,995,940.42 | 893,630,452.37 | | Total Non-current Assets | 577,281,930.40 | 591,229,128.58 | | **Total Assets** | **1,536,277,870.82** | **1,484,859,580.95** | | Total Current Liabilities | 702,479,262.46 | 652,472,832.14 | | Total Non-current Liabilities | 175,881,184.34 | 183,394,817.65 | | **Total Liabilities** | **878,360,446.80** | **835,867,649.79** | | Total Equity Attributable to Parent Company | 619,968,500.81 | 618,859,547.56 | | Minority Interest | 37,948,923.21 | 30,132,383.60 | | **Total Equity** | **657,917,424.02** | **648,991,931.16** | | **Total Liabilities and Equity** | **1,536,277,870.82** | **1,484,859,580.95** | **Consolidated Income Statement (Jan-Jun 2025)** | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 543,143,362.01 | 489,520,495.53 | | Total Operating Costs | 526,554,670.68 | 469,570,674.02 | | Operating Profit | 25,554,674.79 | 54,515,615.68 | | Total Profit | 26,821,146.54 | 54,866,860.45 | | Net Profit | 19,617,492.86 | 37,545,154.65 | | Net Profit Attributable to Parent Company | 11,800,953.25 | 31,009,018.96 | | Minority Interest Income | 7,816,539.61 | 6,536,135.69 | | Basic Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | | Diluted Earnings Per Share (Yuan/Share) | 0.049 | 0.128 | **Consolidated Cash Flow Statement (Jan-Jun 2025)** | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 103,794,141.27 | -27,934,426.71 | | Net Cash Flow from Investing Activities | -1,221,775.15 | 25,883,454.68 | | Net Cash Flow from Financing Activities | -17,069,052.96 | 676,570.72 | | Net Increase in Cash and Cash Equivalents | 85,494,205.04 | -1,373,510.81 | | Closing Balance of Cash and Cash Equivalents | 190,499,893.15 | 156,780,640.58 | [III. Basic Company Information](index=47&type=section&id=III.%20Basic%20Company%20Information) The company's main business is pharmaceutical services and apparel retail, with its ultimate controller being the Shanghai Jing'an SASAC - The company has a registered capital of **243 million yuan** and a total share capital of **243 million shares**[148](index=148&type=chunk) - As of June 30, 2025, restricted shares accounted for **1.23%** of the total share capital, while unrestricted shares accounted for **98.77%**[149](index=149&type=chunk) - The company operates a dual-main-business model of pharmaceutical distribution and services, and apparel wholesale and retail[150](index=150&type=chunk) - The ultimate controller of the company is the State-owned Assets Supervision and Administration Commission of Jing'an District, Shanghai[151](index=151&type=chunk) [V. Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the accounting standards, policies, and estimates used in preparing the financial statements, covering key areas like revenue and assets - The financial statements are prepared in accordance with the Enterprise Accounting Standards on a going concern basis, using the accrual basis and historical cost method[152](index=152&type=chunk)[156](index=156&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[176](index=176&type=chunk)[182](index=182&type=chunk) - Inventory is measured at the lower of cost and net realizable value, with cost determined using the specific identification method[201](index=201&type=chunk)[203](index=203&type=chunk) - Long-term equity investments are accounted for using the cost method or equity method, depending on the level of influence over the investee[211](index=211&type=chunk) - Revenue is recognized when the customer obtains control of the goods, based on the nature of the performance obligation[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - Government grants are classified as asset-related or income-related and are recognized accordingly as deferred income or in current profit or loss[251](index=251&type=chunk)[252](index=252&type=chunk) - As a lessee, the company recognizes a right-of-use asset and a corresponding lease liability, with depreciation calculated on a straight-line basis[257](index=257&type=chunk)[258](index=258&type=chunk) [VI. Taxes](index=70&type=section&id=VI.%20Taxes) This section lists the company's main taxes and tax rates, including VAT and corporate income tax, and discloses applicable tax incentives **Main Taxes and Tax Rates** | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services | 0%, 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Taxable income | 5%, 7% | | Corporate Income Tax | Taxable income | See table below | | Hong Kong Profits Tax | Taxable profits generated in Hong Kong | 8.25% | **Corporate Income Tax Rates for Different Entities** | Entity Name | Income Tax Rate (%) | | :--- | :--- | | Shanghai Leiyunshang West Pharmaceutical Co, Ltd | 25 | | Shanghai Leiyunshang West Drug Retail Co, Ltd | 20 | | Shanghai Yuanyuan Chemical Reagent Co, Ltd | 20 | | Shanghai Leixi Jingyi Supply Chain Management Co, Ltd | 25 | | China Leiyunshang National Medicine (Hong Kong) Co, Ltd | 8.25 | | Shanghai Kaikai Department Store Co, Ltd | 20 | | Shanghai Kaikai Shirt General Factory Co, Ltd | 25 | | Shanghai Qiangshang Industrial Co, Ltd | 20 | - The company and some of its subsidiaries are eligible for preferential tax policies for small and micro enterprises, which will continue until December 31, 2027[276](index=276&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=71&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major items in the consolidated financial statements, explaining balances and significant changes **Monetary Funds at Period-End** | Item | Closing Balance (Yuan) | | :--- | :--- | | Cash on Hand | 57,703.08 | | Bank Deposits | 190,442,190.07 | | **Total** | **190,499,893.15** | **Trading Financial Assets at Period-End** | Item | Closing Balance (Yuan) | | :--- | :--- | | Structured Deposits | 120,284,328.78 | | **Total** | **120,284,328.78** | **Accounts Receivable Aging Analysis (Gross Amount at Period-End)** | Aging | Closing Gross Amount (Yuan) | | :--- | :--- | | Within 1 year | 569,632,513.33 | | 1 to 2 years | 599,045.44 | | 2 to 3 years | 53,100.96 | | Over 5 years | 277,975,734.52 | | **Total** | **848,260,394.25** | **Allowance for Bad Debts on Accounts Receivable (at Period-End)** | Category | Gross Amount (Yuan) | Allowance (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Individually Assessed (Falcon International Group Limited) | 277,782,629.38 | 277,782,629.38 | 100.00 | | Collectively Assessed | 570,477,764.87 | 5,924,692.66 | 1.04 | | **Total** | **848,260,394.25** | **283,707,322.04** | **-** | **Inventory by Category (Carrying Value at Period-End)** | Item | Carrying Value (Yuan) | | :--- | :--- | | Finished Goods | 73,080,891.04 | | Revolving Materials | 1,766,632.37 | | Raw Materials | 132,630.73 | | **Total** | **74,980,154.14** | **Long-term Equity Investments (Carrying Value at Period-End)** | Investee | Closing Balance (Carrying Value) (Yuan) | | :--- | :--- | | Shanghai Dingfeng Technology Development Co, Ltd | 101,163,786.00 | | Guangdong Zhongshencai Financing Guarantee Investment Co, Ltd | - | | Shanghai Jing'an Pharmaceutical Co, Ltd | - | | **Total** | **101,163,786.00** | **Fixed Assets Carrying Value (at Period-End)** | Item | Closing Carrying Value (Yuan) | | :--- | :--- | | Buildings and Structures | 226,084,017.37 | | Machinery and Equipment | 1,595,180.20 | | Transportation Equipment | 2,125,352.59 | | Electronic Equipment | 13,438,327.53 | | Other Equipment | 1,059,230.14 | | **Total** | **244,302,107.83** | **Construction in Progress (Carrying Value at Period-End)** | Project | Closing Carrying Value (Yuan) | | :--- | :--- | | Pharmacy Building 2nd Floor Renovation | 1,663,548.55 | | **Total** | **1,663,548.55** | **Accounts Payable (at Period-End)** | Item | Closing Balance (Yuan) | | :--- | :--- | | Balance | 533,487,166.84 | | Of which: balance over 1 year | 7,758,685.84 | | **Total** | **533,487,166.84** | **Contract Liabilities (at Period-End)** | Item | Closing Balance (Yuan) | | :--- | :--- | | Advances from Customers | 12,223,656.67 | | **Total** | **12,223,656.67** | **Operating Revenue and Costs (H1 2025)** | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 530,581,345.74 | 451,971,312.00 | | Other Business | 12,562,016.27 | 5,001,238.95 | | **Total** | **543,143,362.01** | **456,972,550.95** | **Financial Expenses (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Interest Expense | 440,605.27 | | Interest Income | -433,808.65 | | Foreign Exchange Gains/Losses | 1,165,468.63 | | Other | 878,279.27 | | **Total** | **2,050,544.52** | **Investment Income (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Income from Long-term Equity Investments under Equity Method | -1,623,532.64 | | Income from Disposal of Trading Financial Assets | 615,191.82 | | Income from Other Non-current Financial Assets during Holding Period | - | | **Total** | **-1,008,340.82** | **Credit Impairment Losses (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Bad Debt Loss on Accounts Receivable | 1,306,856.94 | | Bad Debt Loss on Other Receivables | 36,083.14 | | **Total** | **1,342,940.08** | [IX. Equity in Other Entities](index=113&type=section&id=IX.%20Equity%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including key financial information for significant entities **Composition of the Enterprise Group (Selected Subsidiaries)** | Subsidiary Name | Registered Capital (10k Yuan) | Business Nature | Shareholding (%) Direct | | :--- | :--- | :--- | :--- | | Shanghai Leiyunshang West Pharmaceutical Co, Ltd | 13,678.00 | Pharmaceuticals | 100.00 | | Shanghai Leixi Jingyi Supply Chain Management Co, Ltd | 3,000.00 | Pharmaceuticals | 40.00 | | Shanghai Kaikai Department Store Co, Ltd | 900.00 | Commerce | 100.00 | | Shanghai Jing'an Pharmaceutical Co, Ltd | 3,300.00 | Chinese Patent Medicine Manufacturing | - | - The minority interest in Shanghai Leixi Jingyi Supply Chain Management Co, Ltd is **60.00%**, with profit attributable to minority shareholders for the period being **7,816,539.61 yuan**[114](index=114&type=chunk) **Key Financial Information of Significant Associates (as of June 30, 2025 / H1 2025)** | Item | Shanghai Dingfeng Technology Development Co, Ltd (Yuan) | Shanghai Jing'an Pharmaceutical Co, Ltd (Yuan) | | :--- | :--- | :--- | | Total Assets | 227,744,839.36 | 27,250,284.18 | | Total Liabilities | 126,320.86 | 27,879,592.98 | | Equity Attributable to Parent Company | 227,618,518.50 | -629,308.80 | | Share of Net Assets based on Ownership | 101,163,786.00 | -266,977.97 | | Operating Revenue | - | 13,706,901.76 | | Net Profit | -625.44 | -4,455,573.82 | | Total Comprehensive Income | -625.44 | -4,455,573.82 | - The unrecognized loss for Shanghai Jing'an Pharmaceutical Co, Ltd for the current period is **266,977.97 yuan**, with a cumulative unrecognized loss of the same amount[117](index=117&type=chunk) [X. Government Grants](index=117&type=section&id=X.%20Government%20Grants) This section discloses government grants recognized as liabilities and those included in current profit or loss during the reporting period **Liability Items Related to Government Grants (at Period-End)** | Financial Statement Item | Opening Balance (Yuan) | Current Period Decrease (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 174,055,524.66 | 3,637,314.84 | 170,418,209.82 | Asset-related | | **Total** | **174,055,524.66** | **3,637,314.84** | **170,418,209.82** | **-** | **Government Grants Recognized in Current Profit or Loss (H1 2025)** | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 3,637,314.84 | 3,637,314.84 | | Income-related | 4,267,649.25 | 1,915,694.34 | | **Total** | **7,904,964.09** | **5,553,009.18** | [XI. Risks Related to Financial Instruments](index=118&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's exposure to credit, market, and liquidity risks and the strategies used to manage them - The company is exposed to **credit risk, market risk (exchange rate, interest rate, and other price risks), and liquidity risk**[118](index=118&type=chunk) - Credit risk is managed through customer credit ratings, credit limits, and regular monitoring of receivables; funds are held with highly-rated banks[118](index=118&type=chunk) - Interest rate risk has a minor impact, and exchange rate risk is limited as most business is conducted in RMB[118](index=118&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and strong relationships with banks to meet debt obligations[118](index=118&type=chunk) **Maturity Analysis of Financial Liabilities (Undiscounted Contractual Obligations as of June 30, 2025)** | Item | Closing Balance (Yuan) | Within 1 Year (Yuan) | 1-3 Years (Yuan) | Over 3 Years (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings (incl. interest) | 10,009,166.67 | 10,009,166.67 | - | - | | Accounts Payable | 533,487,166.84 | 525,728,481.00 | 6,727,473.12 | 1,031,212.72 | | Other Payables | 119,447,787.45 | 9,748,385.12 | 14,535,728.33 | 95,163,674.00 | | Other Current Liabilities | 1,476,134.75 | 1,476,134.75 | - | - | | Lease Liabilities (incl. current portion) | 9,759,851.79 | 7,075,454.00 | 2,684,397.79 | - | | **Total** | **674,180,107.50** | **554,037,621.54** | **23,947,599.24** | **96,194,886.72** | [XII. Fair Value Disclosures](index=120&type=section&id=XII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value, primarily trading and other non-current financial assets **Assets and Liabilities Measured at Fair Value at Period-End** | Item | Closing Fair Value (Yuan) | | :--- | :--- | | **I. Continuous Fair Value Measurement** | | | (A) Trading Financial Assets | 120,284,328.78 | | 1. Financial assets at FVTPL | 120,284,328.78 | | (1) Debt instruments (Structured Deposits) | 120,284,328.78 | | (D) Other Non-current Financial Assets | 5,789,867.20 | | **Total Assets Continuously Measured at Fair Value** | **126,074,195.98** | - The fair value of trading financial assets is determined based on closing prices from the Shanghai and Shenzhen Stock Exchanges[120](index=120&type=chunk) - The fair value of structured deposits is calculated based on the expected rate of return and holding period as specified in the product description[121](index=121&type=chunk) - Investments in certain unlisted companies are reasonably estimated at their investment cost net of impairment provisions[121](index=121&type=chunk) - Investments in two companies are estimated at zero fair value due to deterioration in their operating environment and financial condition[121](index=121&type=chunk) [XIII. Related Parties and Related-Party Transactions](index=121&type=section&id=XIII.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and transactions, including sales, purchases, leases, and outstanding balances - The company's parent is Shanghai Kaikai (Group) Co, Ltd, with a 26.51% stake, and the ultimate controller is the Shanghai Jing'an SASAC[121](index=121&type=chunk)[122](index=122&type=chunk) **Related-Party Purchases of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Purchase of goods | 441,774.16 | 1,331,549.23 | | Shanghai Kaikai (Group) Co, Ltd | Purchase of goods | 6,473.01 | - | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Purchase of goods | 4,552.21 | 38,197.34 | **Related-Party Sales of Goods/Services for H1 2025** | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Jing'an Pharmaceutical Co, Ltd | Sale of goods | 10,079.65 | 25,835.93 | | Shanghai Kaikai (Group) Co, Ltd | Sale of goods | 3,889.56 | - | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Provision of services | 158,175.00 | - | | Shanghai Kaikai (Group) Co, Ltd | Provision of services | 58,212.00 | - | **Related-Party Leases (Company as Lessee) for H1 2025** | Lessor Name | Leased Asset Type | Rent Paid (Yuan) | Lease Liability Interest Expense (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Kaikai (Group) Co, Ltd | Buildings | 2,939,547.53 | 120,851.14 | | Shanghai No.1 Siberia Fur Co, Ltd | Buildings | 683,050.00 | 18,897.12 | | Shanghai Jing'an Cereals, Oils and Foodstuffs Co, Ltd | Buildings | 236,466.00 | 7,219.88 | | Shanghai Lantang-Bobu Leather Shoes Co, Ltd | Buildings | 392,754.60 | 3,946.67 | **Payables to Related Parties (at Period-End)** | Item | Related Party | Closing Balance (Yuan) | | :--- | :--- | :--- | | Other Payables | Shanghai Dingfeng Technology Development Co, Ltd | 95,163,674.00 | | Accounts Payable | Shanghai Jing'an Pharmaceutical Co, Ltd | 317,494.11 | - The **95,163,674.00 yuan** in other payables to Shanghai Dingfeng Technology Development Co, Ltd is over one year old and remains unpaid as the counterparty has not requested payment[125](index=125&type=chunk)[96](index=96&type=chunk) [XVI. Subsequent Events](index=127&type=section&id=XVI.%20Subsequent%20Events) This section discloses the completion of post-balance sheet procedures related to the private placement, which had no financial impact - As of the report disclosure date, the company has completed the capital verification, share registration, and accounting entries for the private placement[127](index=127&type=chunk) - The financial impact of this event on the company's financial position and operating results cannot be estimated[127](index=127&type=chunk) [XVII. Other Important Matters](index=127&type=section&id=XVII.%20Other%20Important%20Matters) This section discloses the company's annuity plan and a historical bill dispute, for which the parent company has guaranteed any losses - A wholly-owned subsidiary participates in the Changjiang Golden Evening (Collective) Enterprise Annuity Plan, which is registered with the authorities[128](index=128&type=chunk) - The company was involved in a historical bill dispute related to the "Zhang Chen Incident," but as of the financial statement approval date, all related asset restrictions have been lifted[128](index=128&type=chunk)[129](index=129&type=chunk) - The parent company, Shanghai Kaikai (Group) Co, Ltd, has committed to bear any losses arising from the "Zhang Chen Incident" bill matters[128](index=128&type=chunk) [XVIII. Notes to Parent Company Financial Statement Items](index=129&type=section&id=XVIII.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on the parent company's financial statement items, including receivables, investments, and revenue **Parent Company Accounts Receivable Aging Analysis (Gross Amount at Period-End)** | Aging | Closing Gross Amount (Yuan) | | :--- | :--- | | Within 1 year | 2,673,785.72 | | 1 to 2 years | 254,257.00 | | 2 to 3 years | 53,100.96 | | Over 5 years | 277,782,629.38 | | **Total** | **280,763,773.06** | - A receivable of **277.78 million yuan** from Falcon International Group Limited has been fully provided for as it is deemed unrecoverable[130](index=130&type=chunk)[131](index=131&type=chunk) **Parent Company Other Receivables by Nature (at Period-End)** | Nature | Closing Gross Amount (Yuan) | | :--- | :--- | | Intercompany balances | 86,000,000.00 | | Deposits/Advances/Guarantees | 1,153,947.70 | | Expense-related items | 47,562.32 | | **Total** | **87,201,510.02** | **Parent Company Long-term Equity Investments (Carrying Value at Period-End)** | Item | Closing Balance (Carrying Value) (Yuan) | | :--- | :--- | | Investments in subsidiaries | 171,979,427.09 | | Investments in associates and joint ventures | 101,163,786.00 | | **Total** | **273,143,213.09** | **Parent Company Operating Revenue and Costs (H1 2025)** | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 14,012,390.74 | 11,942,261.29 | | Other Business | 1,401,871.45 | - | | **Total** | **15,414,262.19** | **11,942,261.29** | **Parent Company Investment Income (H1 2025)** | Item | Current Period Amount (Yuan) | | :--- | :--- | | Income from long-term equity investments under cost method | 31,504,939.75 | | Income from disposal of trading financial assets | 615,191.82 | | Income from long-term equity investments under equity method | -277.97 | | **Total** | **32,119,853.60** | - The parent company received a cash dividend of **31,504,939.75 yuan** from its subsidiary, Shanghai Leiyunshang West Pharmaceutical Co, Ltd[139](index=139&type=chunk) [XIX. Supplementary Information](index=139&type=section&id=XIX.%20Supplementary%20Information) This section provides supplementary financial data, including a detailed breakdown of non-recurring items and calculations for ROE and EPS **Detailed Breakdown of Non-recurring Items for H1 2025** | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 19,400.01 | | Government Grants Recognized in Current Profit or Loss | 7,904,964.09 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities | 1,170,753.47 | | Other Non-operating Income and Expenses | 1,271,031.42 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 93,955.51 | | Less: Income Tax Impact | 1,664,801.30 | | Less: Minority Interest Impact (After Tax) | 2,703.60 | | **Total** | **8,792,599.60** | **Return on Equity (ROE) and Earnings Per Share (EPS) for H1 2025** | Profit for the Period | Weighted Average ROE (%) | EPS (Yuan/Share) Basic | EPS (Yuan/Share) Diluted | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 1.89 | 0.049 | 0.049 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | 0.48 | 0.012 | 0.012 |

Core Viewpoint - The company reported a revenue increase of 10.95% year-on-year for the first half of 2025, but net profit attributable to shareholders decreased significantly by 61.94% due to the absence of compensation income from property acquisition in the previous year [1] Financial Performance - The company achieved an operating income of 543 million yuan in the first half of 2025 [1] - The net profit attributable to shareholders was 11.801 million yuan, a decline of 61.94% compared to the same period last year [1] - Basic earnings per share were reported at 0.049 yuan [1] Strategic Developments - The company is deepening its "big health" strategic transformation, leading to steady growth in the pharmaceutical sector [1] - The SPD project within the pharmaceutical segment generated approximately 290 million yuan in revenue, reflecting a year-on-year growth of 52% [1] Impact of Previous Year’s Income - The significant decrease in net profit is primarily attributed to the recognition of property acquisition compensation income of 28.4393 million yuan in the same period last year, which positively impacted net profit by 21.3293 million yuan [1]

| | | 股票代码：600272 股票简称：开开实业 编号：2025-053 900943 开开 B 股 上海开开实业股份有限公司 拟续聘 2025 年度财务报表审计和内部控制审计 会计师事务所的公告 本公司董事会及全体董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、准确性和完整性承担法律责任。 重要内容提示： 拟聘任的会计师事务所名称：上会会计师事务所(特殊普通合伙)。 上海开开实业股份有限公司（以下简称"公司"）第十届董事会第二 十八次会议审议通过了《公司拟续聘 2025 年度财务报表审计和内部控制 审计会计师事务所的议案》，拟续聘上会会计师事务所(特殊普通合伙（) 以 下简称"上会"）为公司 2025 年度财务报表审计和内部控制审计机构， 聘期一年，审计费用总额不超过 85 万元（其中内控审计费用 10 万元）。 公司董事会授权公司总经理室办理签订 2025 年度聘用合同等相关事宜。 上述议案尚需提交公司 2025 年第一次临时股东大会审议。现将具体情况 公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 2、人员信息 截至 2024 年末， ...

股票代码：600272 股票简称：开开实业 编号：2025—055 900943 开开 B 股 上海开开实业股份有限公司 关于使用闲置自有资金购买银行理财产品的公告 本公司董事会及全体董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。 重要内容提示： 委托理财受托方：上海银行股份有限公司静安支行（以下简称"上 海银行"）； 委托理财金额：人民币4,000万元。 委托理财产品类型：结构性存款； 委托理财期限：188天； 履行的审议程序：2025年4月28日上海开开实业股份有限公司（以下 简称： "公司"）召开第十届董事会第二十五次会议，以9票同意、0票反 对、0票弃权的表决结果，审议通过了《关于董事会授权购买低风险理财产 品的议案》，授权公司总经理室在2025年4月至2026年4月期间，阶段性的 继续利用短期闲置资金总金额不超过人民币1.8亿元，购买低风险理财产品。 在上述额度内资金可以滚动使用。在资金额度的使用期限内任一时点的交 易金额（含前述投资的收益进行再投资的相关金额）不超过该投资额度。 本议案无需提交股东大会审议。 特别风险提示：公司本 ...

| 股票代码：600272 | 股票简称：开开实业 | | | 编号：2025—054 | | --- | --- | --- | --- | --- | | 900943 | | 开开 | 股 B | | 上海开开实业股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董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。 上海开开实业股份有限公司（以下简称"公司"）根据《上海证 券交易所上市公司自律监管指引第 3 号—行业信息披露》附件《第四 号—零售》《关于做好主板上市公司 2025 年半年度报告披露工作的 重要提醒》等有关规定的要求，现将公司 2025 年半年度主要经营数 据披露如下： 一、报告期内门店变动情况 2) 服装板块 3) 其他 2、主营业务分地区 单位：万元 币种：人民币 分行业 营业收入 营业收入比 同期增减(%) 营业成本 营业成本比 同期增减(%) 毛利率 (%) 毛利率比同期增减 (%) 批发业 40,297.08 25.11 34,674.66 31.81 13.95 减少 4.38 个百分点 零售业 ...

Core Viewpoint - The company reported a revenue increase of 10.95% year-on-year for the first half of 2025, but net profit decreased significantly by 61.94%, indicating challenges in the market despite revenue growth [1] Financial Performance - The company achieved a revenue of 543 million yuan, an increase of 53.62 million yuan compared to the same period last year, reflecting a growth rate of 10.95% [1] - Net profit attributable to shareholders was 11.801 million yuan, down 61.94% year-on-year [1] - The net profit after excluding non-recurring gains and losses was 3.0084 million yuan, a decrease of 8.67% year-on-year [1] - Basic earnings per share were reported at 0.049 yuan [1] Business Segments - The company's "big health" strategic transformation has led to steady growth in the pharmaceutical sector, with the SPD project generating approximately 290 million yuan in revenue, a remarkable year-on-year increase of 52% [1] - The domestic consumption market adjustment has resulted in more rational consumer spending on high-end health products, leading to a decline in sales scale and gross profit for these non-essential items [1] - The apparel segment, while focusing on quality improvement and efficiency, faced challenges due to market conditions and changing consumer sentiment, resulting in decreased sales scale and profitability during the reporting period [1]

开开实业公告，2025年上半年营业收入5.43亿元，同比增长10.95%。净利润1180.1万元，同比下降 61.94%。 ...