每经AI快讯，联环药业（SH 600513，收盘价：24.12元）8月26日晚间发布公告称，公司第九届第十四 次董事会临时会议于2025年8月26日以现场结合通讯方式召开。会议审议了《关于公司2025年度"提质增 效重回报"专项行动方案及半年度评估报告的议案》等文件。 截至发稿，联环药业市值为69亿元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 曾健辉） 2024年1至12月份，联环药业的营业收入构成为：医药流通占比59.36%，医药制造占比40.38%，其他业 务占比0.26%。 ...

证券代码：600513 证券简称：联环药业 公告编号：2025-064 江苏联环药业股份有限公司 关于新增关联方及增加 2025 年度日常关联交易 预计额度的公告 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： ●是否需要提交股东会审议：否 ●日常关联交易对公司的影响：本次增加 2025 年度日常关联交易预计额度 是基于公司及控股子公司日常生产经营所需，不会对公司本期及未来财务状况、 经营成果产生重大影响，对公司独立性没有影响，公司主营业务不会因此类交易 而对关联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、江苏联环药业股份有限公司（以下简称"公司"、"联环药业"）于 2025 年 4 月 3 日召开公司 2025 年第一次独立董事专门会议、2025 年 4 月 16 日召开 第九届董事会第五次会议、第九届监事会第五次会议及 2025 年 5 月 9 日召开公 司 2024 年年度股东会，分别审议通过了《关于公司及子公司与非同一控制下关 联方 2024 年度日常关联交易执行情况及 ...

证券代码：600513 证券简称：联环药业 公告编号：2025-063 江苏联环药业股份有限公司 关于控股股东为公司提供担保暨关联交易的公告 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： ●江苏联环药业股份有限公司（以下简称"公司"、"联环药业"）控股股东 江苏联环药业集团有限公司（以下简称"联环集团"）拟为公司发行科技创新债 券提供连带责任保证担保，担保金额预计不超过人民币 50,000 万元，该担保不 收取任何担保费用，也不需要公司提供反担保。 ●本次交易构成关联交易，不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 ●本次关联交易已经公司第九届董事会第十四次临时会议审议通过，尚需提 交公司 2025 年第二次临时股东会审议。 ●截至本公告披露日，联环集团及其控股子公司对公司（包含公司合并范围 内子公司）提供累计担保的金额为 14,000 万元人民币，以上均无逾期担保的情 形。 一、交易概述 为积极响应国家科技创新政策导向，加大科技创新投入力度，同时进一步拓 宽融资渠道、降低融资成本并优化债务 ...

证券代码：600513 证券简称：联环药业 公告编号：2025-065 江苏联环药业股份有限公司 关于公司 2025 年度"提质增效重回报"专项行动方案 及半年度评估报告 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。 三、坚持创新驱动，提升核心竞争力 为深入贯彻中央经济工作会议和中央金融工作会议精神，落实国务院《关于 进一步提高上市公司质量的意见》等要求，响应上海证券交易所《关于开展沪市 公司"提质增效重回报"专项行动的倡议》，践行以"投资者为中心"的发展理 念，联环药业结合自身发展战略和实际情况，现制定 2025 年度"提质增效重回 报"行动方案，并将 2025 年上半年的主要工作成果报告如下： 一、聚焦主业精耕，筑牢发展根基 公司作为集研发、生产、销售为一体的国家高新技术企业，核心业务覆盖医 药制造与医药流通两大领域，产品涵盖特色原料药、化学药品制剂、生物药以及 医疗器械等多元品类。在医药制造板块，公司持续优化产品结构，强化优势品种 的市场地位，积极布局创新药与高端仿制药研发管线；医药流通业务则依托完善 的配送网络与专业 ...

证券代码：600513 证券简称：联环药业 公告编号：2025—062 江苏联环药业股份有限公司 关于增加指定信息披露媒体、取消监事会 并修订《公司章程》暨部分治理制度的公告 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。 2025 年 8 月 26 日，江苏联环药业股份有限公司（以下简称"公司"）召开 第九届董事会第十四次临时会议，审议通过了《关于增加指定信息披露媒体、取 消监事会并修订<公司章程>的议案》、《关于制定和修订公司治理制度的议案》。 同日，公司召开第九届监事会第五次临时会议，审议通过了《关于增加指定信息 披露媒体、取消监事会并修订<公司章程>的议案》。 一、关于增加指定信息披露媒体情况 为扩大公司信息披露覆盖面，进一步做好投资者关系管理工作，公司决定增 加《证券时报》为指定信息披露媒体，增加后，公司的指定信息披露媒体为《上 海证券报》、《证券时报》和上海证券交易所网站（www.sse.com.cn）。 二、关于取消监事会的情况 根据 2024 年 7 月 1 日起实施的新《中华人民共和国公司法》（以下简称"《公 ...

江苏联环药业股份有限公司 证券代码：600513 证券简称：联环药业 公告编号：2025-067 关于全资子公司对外投资进展暨完成工商变更的公告 公司类型：其他有限责任公司 法定代表人：吴文格 注册资本：5,100.00 万元人民币 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。 一、本次对外投资事项概述 江苏联环药业股份有限公司（以下简称"公司"、"本公司"或"联环药业"） 于 2025 年 5 月 28 日召开第九届董事会第十次临时会议，审议通过了《关于公司 全资子公司对外投资的议案》，同意公司全资子公司扬州联环投资有限公司（以 下简称"联环投资"）拟以自有资金 7,038.00 万元人民币收购成都市川通发企业 管理有限公司（以下简称"川通发"）、阳雨宪、龙小兰所持有的四川龙一医药有 限公司（以下简称"龙一医药"）51%股权。具体内容详见公司于 2025 年 5 月 29 日披露在上海证券交易所网站（www.sse.com.cn）的《联环药业关于全资子公司 对外投资的公告》（公告编号：2025-032）。 二、本次对外投资 ...

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： 股东会召开日期：2025年9月15日 证券代码：600513 证券简称：联环药业 公告编号：2025-066 江苏联环药业股份有限公司 关于召开2025年第二次临时股东会的通知 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 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 15 日14 点 00 分 召开地点：扬州生物健康产业园健康一路 9 号联环药业会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 15 日 至2025 年 9 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15 ...

证券代码：600513 证券简称：联环药业 公告编号：2025-061 监事会认为： 江苏联环药业股份有限公司 第九届监事会第五次临时会议决议公告 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、准确性和完整性承担法律责任。 一、会议召集与召开情况 江苏联环药业股份有限公司（以下简称"公司"或"联环药业"）第九届监 事会第五次临时会议于 2025 年 8 月 26 日以现场结合通讯方式召开，本次会议通 知于 2025 年 8 月 20 日以电子邮件形式发出。会议应出席监事 3 名，实际出席监 事 3 名，出席会议人数符合《公司章程》的规定。本次监事会由公司监事会主席 遇宝昌先生主持，会议经过了适当的召集和通知程序，符合《中华人民共和国公 司法》（以下简称"《公司法》"）及《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 会议就下列议案进行了认真的审议，经与会监事投票表决，通过如下决议： （一）审议通过《<公司 2025 年半年度报告>及其摘要》 1、《公司 2025 年半年度报告及摘要》的编制和审议程序符合相关法律、法 规、公司章程以及《公司信息 ...

证券代码：600513 证券简称：联环药业 公告编号：2025-060 江苏联环药业股份有限公司 第九届董事会第十四次临时会议决议公告 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、准确性和完整性承担法律责任。 一、会议召集与召开情况 江苏联环药业股份有限公司（以下简称"公司"或"联环药业"）第九届董 事会第十四次临时会议于 2025 年 8 月 26 日以现场结合通讯方式召开，本次会议 通知于 2025 年 8 月 20 日以电子邮件形式发出。会议应出席董事 9 名，实际出席 董事 9 名，出席会议人数符合《公司章程》的规定。本次董事会由公司董事长钱 振华先生主持，会议经过了适当的召集和通知程序，符合《中华人民共和国公司 法》（以下简称"《公司法》"）等相关法律、法规及《公司章程》的规定，会议合 法有效。 二、董事会会议审议情况 会议就下列议案进行了认真的审议，经与会董事投票表决，通过如下决议： （一）审议通过《<公司 2025 年半年度报告>及其摘要》 《公司 2025 年半年度报告》已经公司董事会审计委员会 2025 年第六次会议 审议通过，并同意 ...

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used throughout the report, ensuring clarity and precise interpretation of its content - The report defines frequently used terms to ensure accurate comprehension of its content[7](index=7&type=chunk)[8](index=8&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents key accounting data and financial indicators [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the company's fundamental registration details, including its legal name, representative, contact information, and registered address changes - The company's Chinese name is Jiangsu Lianhuan Pharmaceutical Co., Ltd., with Qian Zhenhua as its legal representative[9](index=9&type=chunk) - The company's registered address is No. 9, Jiankang 1st Road, Yangzhou Bio-Health Industrial Park, Yangzhou City, Jiangsu Province[11](index=11&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Despite revenue growth, profit and net profit attributable to shareholders significantly declined due to market and policy pressures Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (Million Yuan) | Prior Year Period (Million Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,285.34 | 1,126.34 | 14.12 | | Total Profit | -7.51 | 87.07 | -108.62 | | Net Profit Attributable to Shareholders | -40.03 | 62.89 | -163.65 | | Net Profit Attributable (Excl. Non-recurring) | 19.51 | 61.08 | -68.06 | | Net Cash Flow from Operating Activities | -157.81 | -27.46 | N/A | | **Indicator** | **End of Current Period** (Million Yuan) | **End of Prior Year** (Million Yuan) | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders | 1,330.08 | 1,395.61 | -4.70 | | Total Assets | 3,754.17 | 3,019.47 | 24.33 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (Yuan/share) | Prior Year Period (Yuan/share) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | -0.14 | 0.22 | -163.64 | | Diluted Earnings Per Share | -0.14 | 0.22 | -163.64 | | Basic EPS (Excl. Non-recurring Gains/Losses) | 0.07 | 0.21 | -66.67 | | Weighted Average Return on Net Assets (%) | -2.94 | 4.61 | Decrease of 7.55 percentage points | | Weighted Average Return on Net Assets (Excl. Non-recurring Gains/Losses) (%) | 1.43 | 4.48 | Decrease of 3.05 percentage points | - The significant decline in total profit and net profit attributable to the parent company was primarily due to intensified domestic and international market competition, national drug centralized procurement, adjustments in medical insurance payment policies leading to gross margin pressure, and non-recurring administrative penalty expenses and related tax expenditures[16](index=16&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **-59.54 million Yuan**, primarily comprising other non-operating income and expenses, which included government grants Non-recurring Gains and Losses Items (Unit: Yuan) | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit/loss | 2,212,034.54 | | Other non-operating income and expenses (excluding above) | -60,716,099.08 | | Less: Income tax impact | 369,760.64 | | Impact on minority interests (after tax) | 663,896.21 | | Total | -59,537,721.39 | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's discussion and analysis of the company's industry, operations, core competitiveness, and other significant disclosures [Overview of Industry and Main Business](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in pharmaceutical manufacturing and distribution, offering a diverse product line amidst industry challenges and evolving policy landscapes - The company is a national high-tech enterprise integrating R&D, production, and sales, with main businesses covering pharmaceutical manufacturing and distribution[21](index=21&type=chunk) - Key products in pharmaceutical manufacturing include the national Class I new drug Aprepitant Tablets and Class II new drug Ebastine Tablets, among other series[21](index=21&type=chunk) - In pharmaceutical distribution, the company has established partnerships with numerous renowned pharmaceutical companies and medical institutions through its subsidiaries[21](index=21&type=chunk) - In the first half of 2025, operating revenue for large-scale pharmaceutical manufacturing enterprises decreased by **1.2%** year-on-year, with total profit down **2.8%**, indicating an industry transition from scale expansion to quality and efficiency improvement[28](index=28&type=chunk) - Policy support for innovative drugs continues to strengthen, driving high-quality innovation, while optimized centralized procurement policies for generic drugs enhance industry concentration[29](index=29&type=chunk)[30](index=30&type=chunk) - Guided by policies and market demand, pharmaceutical distribution is steadily developing towards standardization and efficiency, with large enterprises accelerating resource integration and e-commerce expanding market share[31](index=31&type=chunk)[32](index=32&type=chunk) [Operating Performance Analysis](index=12&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Operating revenue grew, but net profit attributable to the parent company declined to a loss, despite progress in innovation and market expansion H1 2025 Operating Performance | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 1.285 Billion Yuan | +14.12% | | Net Profit Attributable to Parent Company Owners | -40.03 Million Yuan | -163.65% | - In technological innovation, LH-1801 completed Phase III clinical enrollment, LH-1802 completed Phase I dosing, and LH-1901 initiated Phase I; the company obtained 8 production approvals, the first Class II new drug LH-2103 clinical approval, and 11 authorized invention patents[35](index=35&type=chunk) - Regarding market expansion, key products saw sales growth: Aprepitant Tablets reached **116 million Yuan** (**+4.85%**), Doxycycline Hydrochloride Tablets **77 million Yuan** (**+7.74%**), and Tadalafil Tablets **12 million Yuan** (**+31.68%**)[36](index=36&type=chunk) - The company expanded its scale through the acquisitions of Changle Pharmaceutical and Longyi Pharmaceutical[36](index=36&type=chunk) - In production line construction, the powder inhaler production line completed debugging, the hormone solid preparation production line commenced construction, and Chengdu (Yazhong) and Lianhuan (Anqing) completed GMP inspections and obtained production licenses[37](index=37&type=chunk) - The company was selected as a '2025 Jiangsu Province Advanced Intelligent Factory' and strengthened safety production and green development, successfully being recognized as a 'Jiangsu Province Green Factory'[37](index=37&type=chunk)[38](index=38&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include technological innovation, an experienced management team, extensive product reserves, a robust quality control system, and a broad brand and customer network - The company is a national high-tech enterprise and intellectual property demonstration enterprise, boasting a scientific team of doctors, masters, and high-caliber overseas talents, with R&D platforms in Yangzhou and Nanjing[41](index=41&type=chunk) - The company's management team is experienced and highly responsive to market changes, capable of promptly formulating strategies aligned with industry trends[42](index=42&type=chunk) - Leading products include Aprepitant Tablets (national Class I new drug), Ebastine Tablets, and Felodipine Tablets (national key new products or high-tech products), with the company holding 164 drug approval numbers and a rich product pipeline[43](index=43&type=chunk)[44](index=44&type=chunk) - The company maintains a sound quality management system, with all in-production varieties and production lines passing GMP inspections by drug regulatory authorities, and internal control standards for raw materials and finished products exceeding national standards[45](index=45&type=chunk)[46](index=46&type=chunk) - The company's products and brands enjoy a strong reputation in domestic and international markets, with a nationwide formulation sales network and long-term partnerships for active pharmaceutical ingredients (APIs) across North America, South America, Eastern Europe, Southeast Asia, and Australia[47](index=47&type=chunk)[48](index=48&type=chunk) [Analysis of Key Operating Conditions](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes financial statement changes, non-core business impact on profit, asset-liability status, and investment activities, noting increased costs, decreased operating cash flow, and strategic acquisitions [Main Business Analysis](index=16&type=section&id=(%E4%B8%80)%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **14.12%**, but cost of goods sold rose by **42.45%**, pressuring gross margins; operating cash flow significantly declined due to increased receivables and administrative penalties Analysis of Financial Statement Item Changes (January-June 2025 vs. Prior Year Period) | Item | Current Period (Million Yuan) | Prior Year Period (Million Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,285.34 | 1,126.34 | 14.12 | | Operating Cost | 786.61 | 552.20 | 42.45 | | Selling Expenses | 263.15 | 320.98 | -18.02 | | Administrative Expenses | 86.78 | 72.59 | 19.55 | | Financial Expenses | 15.10 | 11.57 | 30.55 | | R&D Expenses | 68.42 | 67.58 | 1.25 | | Net Cash Flow from Operating Activities | -157.81 | -27.46 | N/A | | Net Cash Flow from Investing Activities | -206.28 | -116.04 | N/A | | Net Cash Flow from Financing Activities | 425.35 | 23.67 | 1,697.26 | - The **42.45%** increase in operating cost was primarily due to revenue growth and changes in product gross margin from newly consolidated subsidiaries[50](index=50&type=chunk) - Net cash flow from operating activities significantly decreased, mainly impacted by increased accounts receivable and non-recurring administrative penalty expenditures[50](index=50&type=chunk) [Impact of Non-Core Business on Profit](index=16&type=section&id=(%E4%BA%8C)%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) A **61.04 million Yuan** administrative penalty for monopolistic agreements severely impacted the company's profit during the period - The company was fined **61.04 million Yuan** by the Tianjin Market Supervision Administration for monopolistic agreements, significantly impacting its profit[50](index=50&type=chunk) [Asset and Liability Status Analysis](index=16&type=section&id=(%E4%B8%89)%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets increased by **24.33%** due to higher prepayments, intangible assets, R&D expenditures, goodwill, and other non-current assets, while liabilities also significantly rose Asset and Liability Account Changes (Period-End vs. Prior Year-End) | Item | Current Period-End (Million Yuan) | Prior Year-End (Million Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 228.61 | 137.56 | 66.19 | Increase in prepaid project funds | | Intangible Assets | 202.15 | 100.94 | 100.26 | Acquisition of subsidiaries | | Development Expenditures | 222.86 | 157.83 | 41.20 | Increase in R&D investment for innovative drugs | | Goodwill | 32.16 | 21.07 | 52.60 | Acquisition of subsidiaries | | Other Non-current Assets | 33.28 | 17.13 | 94.26 | Increase in prepaid engineering costs | | Notes Payable | 78.77 | 57.63 | 36.67 | Increase in notes for settlement of engineering and goods payments | | Taxes Payable | 16.31 | 24.13 | -32.40 | Decrease in VAT and corporate income tax payable | | Other Payables | 170.03 | 98.46 | 72.70 | Increase in intercompany payables | | Dividends Payable | 10.25 | 0.12 | 8,707.69 | Increase in ordinary share dividends payable | | Non-current Liabilities Due Within One Year | 35.56 | 99.21 | -64.16 | Increase in long-term borrowings due within one year | | Long-term Borrowings | 464.28 | 80.00 | 480.36 | Increase in long-term borrowings | | Deferred Income Tax Liabilities | 24.17 | 4.75 | 408.40 | Acquisition of subsidiaries | | Minority Interests | 363.12 | 181.61 | 99.95 | Acquisition of subsidiaries | - Total restricted assets at period-end amounted to **66.39 million Yuan**, primarily comprising monetary funds, accounts receivable financing, and fixed assets, restricted due to guarantees, freezes, and pledges[54](index=54&type=chunk) [Investment Status Analysis](index=18&type=section&id=(%E5%9B%9B)%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Significant equity investments in Changle and Longyi Pharmaceuticals expanded company scale, while Lianhuan Bio's deregistration was resolved - The company acquired **49%** equity in Xinxiang Changle Pharmaceutical Co., Ltd. for **183.26 million Yuan**, with industrial and commercial change registration completed[55](index=55&type=chunk) - The company's wholly-owned subsidiary, Lianhuan Investment, acquired **51%** equity in Longyi Pharmaceutical for **70.38 million Yuan**, with industrial and commercial change registration completed[58](index=58&type=chunk) - The company resolved to deregister its wholly-owned subsidiary, Jiangsu Lianhuan Bio-Pharmaceutical Co., Ltd., which has not yet been completed as of the report disclosure date[57](index=57&type=chunk) Financial Assets Measured at Fair Value (Unit: Yuan) | Asset Category | Beginning Balance (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | | Other | 53,951,161.66 | 40,081,893.31 | | Total | 53,951,161.66 | 40,081,893.31 | [Analysis of Major Holding and Participating Companies](index=21&type=section&id=(%E5%85%AD)%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section details the financial performance of key subsidiaries, including recent acquisitions and deregistration, noting no significant impact on overall operations or performance Key Subsidiary Financial Data (Unit: Million Yuan) | Company Name | Registered Capital (Million Yuan) | Total Assets (Million Yuan) | Net Assets (Million Yuan) | Operating Revenue (Million Yuan) | Operating Profit (Million Yuan) | Net Profit (Million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinxiang Changle Pharmaceutical Co., Ltd. | 39.58 | 483.19 | 368.55 | 152.30 | 4.09 | 3.99 | | Chengdu Yazhong Bio-Pharmaceutical Co., Ltd. | 50.00 | 415.37 | 274.38 | 67.39 | 8.99 | 8.18 | | Lianhuan (Nanjing) Medical Technology Co., Ltd. | 18.00 | 230.06 | 52.48 | 343.10 | 12.15 | 9.29 | | Yangzhou Lianhuan Pharmaceutical Marketing Co., Ltd. | 10.00 | 292.46 | 76.83 | 326.78 | 5.34 | 0.95 | - During the reporting period, the company acquired equity in Xinxiang Changle Pharmaceutical Co., Ltd., deregistered Jiangsu Lianhuan Bio-Pharmaceutical Co., Ltd., and absorbed Nanjing Diyi Pharmaceutical Technology Co., Ltd., these changes having no significant impact on overall production, operations, or performance[64](index=64&type=chunk) [Other Disclosures](index=22&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces multiple risks including industry policies, rising costs, R&D, and quality, and plans to mitigate them through procurement, marketing, market expansion, new product development, and partnerships - The company faces industry policy risks, such as drug centralized procurement and medical insurance payment policy adjustments, which may pressure product gross margins[65](index=65&type=chunk) - Rising raw material prices and labor costs pose pressure on the company's profit growth[66](index=66&type=chunk) - Drug R&D is characterized by high technology, high risk, and long cycles, with uncertainties regarding product launch prospects and economic returns[67](index=67&type=chunk) - The company's diverse product portfolio, long production processes, and complex technologies present product quality risks[68](index=68&type=chunk) - Mitigation measures include strengthening drug tender procurement, adjusting marketing strategies, expanding export markets, accelerating new product R&D, and enhancing cooperation with agents and commercial companies[69](index=69&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=24&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance, including board and management personnel, profit distribution plans, and environmental information disclosures [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in senior management and independent directors, with new appointments for Chief Engineer and an independent director - Mr. Niu Ben resigned as Chief Engineer, and Mr. Zhou Liangsheng was appointed as the new Chief Engineer[71](index=71&type=chunk)[72](index=72&type=chunk) - Ms. Chen Ying resigned as an independent director upon term expiration, and Ms. Wu Fang was elected as an independent director[71](index=71&type=chunk)[72](index=72&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=24&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve conversion plan for this half-year period - The company has no profit distribution or capital reserve conversion plan for this reporting period[73](index=73&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and two key subsidiaries are listed as enterprises required to disclose environmental information, with relevant inquiry indexes provided - The company and two subsidiaries, Xinxiang Changle Pharmaceutical and Chengdu Yazhong Bio-Pharmaceutical, are included in the list of enterprises required to disclose environmental information[74](index=74&type=chunk) [Section V Significant Matters](index=26&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the fulfillment of commitments, details of violations and penalties, and significant related party transactions [Fulfillment of Commitments](index=26&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder, Lianhuan Group, strictly fulfilled commitments regarding avoiding competition, related party transactions, and ensuring the company's independence - Controlling shareholder Lianhuan Group committed not to engage in businesses identical or similar to the company's and strictly fulfilled its commitments regarding resolving horizontal competition[77](index=77&type=chunk) - Lianhuan Group committed not to manipulate the company using its controlling shareholder rights and ensured the company's independence in personnel, assets, finance, organization, and business, all of which were strictly fulfilled[77](index=77&type=chunk)[78](index=78&type=chunk) [Violations, Penalties, and Rectification](index=29&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company received an administrative penalty of **61.04 million Yuan** for monopolistic agreements and has actively cooperated with investigations, ceased improper conduct, and strengthened anti-monopoly compliance - The company was fined **61.04 million Yuan** by the Tianjin Market Supervision Administration for monopolistic agreements[80](index=80&type=chunk) - The company actively cooperated with the investigation, ceased illegal activities, implemented anti-monopoly compliance management systems, organized training, and improved its sales management system[80](index=80&type=chunk) [Significant Related Party Transactions](index=29&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in routine related party transactions, including procurement, services, and guarantees, with an additional **16.51 million Yuan** in estimated new transactions during the period - The company and its subsidiaries engage in routine related party transactions with both non-common control and common control related parties, as disclosed in temporary announcements[81](index=81&type=chunk)[82](index=82&type=chunk) - The company added **16.51 million Yuan** in estimated routine related party transactions to meet daily operational and business development needs[83](index=83&type=chunk) - The company signed a wastewater management agreement with Jiangsu Lianhuan Pharmaceutical Group Co., Ltd., entrusting it with wastewater treatment equipment management at a quarterly fee of **0.55 million Yuan** (excluding tax)[530](index=530&type=chunk) - The company, as the guaranteed party, received multiple guarantees from its controlling shareholder, Jiangsu Lianhuan Pharmaceutical Group Co., Ltd., totaling over **100 million Yuan**, all of which remain unfulfilled[534](index=534&type=chunk) [Section VI Share Changes and Shareholder Information](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital changes and provides an overview of its shareholder structure [Share Capital Changes](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and equity structure remained unchanged at **285,456,270 shares** - During the reporting period, the company's total share capital and equity structure remained unchanged[88](index=88&type=chunk) [Shareholder Information](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **30,095** common shareholders, with Jiangsu Lianhuan Pharmaceutical Group Co., Ltd. as the controlling shareholder (**39.90%**) - As of the end of the reporting period, the company had **30,095** common shareholders[89](index=89&type=chunk) Top Ten Shareholders' Holdings (As of Reporting Period End) | Shareholder Name | Shares Held at Period-End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jiangsu Lianhuan Pharmaceutical Group Co., Ltd. | 113,884,816 | 39.90 | State-owned Legal Person | | Yang Zugui | 5,135,593 | 1.80 | Domestic Natural Person | | Sinopharm Group Co., Ltd. | 3,752,073 | 1.31 | State-owned Legal Person | | Chen Peizhong | 1,302,100 | 0.46 | Domestic Natural Person | | Shanghai Yiding Investment Management Co., Ltd. - Shanghai Yizhi Jianding Phase 1 All-Weather Securities Investment Fund | 1,000,000 | 0.35 | Domestic Non-state-owned Legal Person | | UBS AG | 961,899 | 0.34 | Foreign Legal Person | | Liu Peng | 900,000 | 0.32 | Domestic Natural Person | | Mao Xudong | 800,000 | 0.28 | Domestic Natural Person | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 721,195 | 0.25 | Unknown | | CITIC Securities Asset Management (Hong Kong) Limited - Client Funds - RMB Funds Inflow | 641,983 | 0.22 | Other | [Section VII Bond-Related Information](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Bond-Related Information](index=36&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[97](index=97&type=chunk) - During the reporting period, the company had no convertible corporate bonds[97](index=97&type=chunk) [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's financial statements, including basic information, accounting policies, tax details, and notes to consolidated financial items [Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This half-year report has not been audited - This half-year report has not been audited[3](index=3&type=chunk) [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[99](index=99&type=chunk)[104](index=104&type=chunk)[109](index=109&type=chunk)[113](index=113&type=chunk)[116](index=116&type=chunk)[119](index=119&type=chunk)[122](index=122&type=chunk)[135](index=135&type=chunk) [Company Basic Information](index=67&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details Jiangsu Lianhuan Pharmaceutical Co., Ltd.'s establishment, capital changes, registered capital, total shares, registered address, legal representative, and main business scope - The company's registered capital is **285,456,270.00 Yuan**, with a total share capital of **285,456,270 shares**[145](index=145&type=chunk) - The company's main business activities include pharmaceutical production, sales, chemical raw materials, pharmaceutical wholesale, R&D, technology transfer, and consulting[146](index=146&type=chunk) - Key products span several series, including urological, antihistamine, cardiovascular, steroid hormones, and antibiotics, covering various drug forms like APIs, injections, and solid preparations[146](index=146&type=chunk) [Basis of Financial Statement Preparation](index=69&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company prepares its financial statements on a going concern basis, adhering to accounting standards and disclosure regulations, with no significant doubts about its continued operation - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and CSRC information disclosure regulations[148](index=148&type=chunk) - There are no matters or circumstances that would cause significant doubt about the going concern assumption for the 12 months from the end of the reporting period[149](index=149&type=chunk) [Significant Accounting Policies and Estimates](index=69&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, revenue recognition, and government grants - The company adheres to enterprise accounting standards, operates on a 12-month business cycle, and uses RMB as its functional currency[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - Detailed accounting treatments for business combinations under common control and non-common control, as well as methods for preparing consolidated financial statements, are specified[157](index=157&type=chunk)[158](index=158&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - Financial instruments are classified, recognized, measured, and impaired, including the expected credit loss model[175](index=175&type=chunk)[184](index=184&type=chunk) - Inventories are measured at the lower of cost and net realizable value, with issuance accounted for using the weighted average method at month-end[206](index=206&type=chunk) - Fixed assets are depreciated using the straight-line method, intangible assets are systematically amortized over their useful lives, and R&D expenditures are accounted for by distinguishing between research and development phases[223](index=223&type=chunk)[232](index=232&type=chunk)[235](index=235&type=chunk) - Revenue recognition is based on the transfer of control, differentiating between performance obligations satisfied over time and at a point in time[255](index=255&type=chunk)[256](index=256&type=chunk) - Government grants are categorized as asset-related or income-related and accounted for using the gross method[262](index=262&type=chunk)[264](index=264&type=chunk) - Management applies significant judgments and estimates in areas such as lease classification, financial instrument impairment, inventory write-downs, non-financial non-current asset impairment, depreciation and amortization, deferred income tax assets, income tax, and provisions[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk) [Taxation](index=106&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharges, and local education surcharges Major Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added generated from sales of goods or provision of taxable services | 6%, 9%, 13% (Export goods enjoy VAT exemption, offset, or refund rates of 5%-13%) | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Property Tax | Assessed at 1.2% of original value less 30%; or 12% of rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company, Chengdu Yazhong Bio-Pharmaceutical, Nanjing Lianzhi Medical Technology, and Xinxiang Changle Pharmaceutical enjoy high-tech enterprise income tax incentives, with a reduced tax rate of **15%**[284](index=284&type=chunk) - Some subsidiaries qualify as small and micro-profit enterprises, enjoying a preferential policy of calculating taxable income at **25%** and paying corporate income tax at a **20%** rate[285](index=285&type=chunk) - Some subsidiaries are eligible for the 'six taxes and two fees' reduction policy, receiving a **50%** reduction on relevant tax amounts[285](index=285&type=chunk) [Notes to Consolidated Financial Statement Items](index=107&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including balances, changes, and explanations for monetary funds, receivables, inventory, fixed assets, intangible assets, goodwill, and various liabilities Cash and Bank Balances at Period-End (Unit: Yuan) | Item | Ending Balance (Yuan) | | :--- | :--- | | Cash on hand | 66,264.54 | | Bank deposits | 222,746,752.99 | | Other monetary funds | 33,160,685.30 | | Digital currency - RMB | 25,366,819.46 | | Total | 281,340,522.29 | - Accounts receivable had a carrying amount of **618.70 million Yuan** at period-end, with bad debt provisions of **52.98 million Yuan**[298](index=298&type=chunk) - Inventories had a carrying amount of **571.01 million Yuan** at period-end, with inventory impairment provisions of **7.90 million Yuan**[334](index=334&type=chunk) - Fixed assets had a carrying amount of **1,276.76 million Yuan** at period-end, with an increase in original cost of **195.29 million Yuan** due to business combinations during the period[351](index=351&type=chunk) - Intangible assets had a carrying amount of **202.15 million Yuan** at period-end, with an increase in original cost of **99.75 million Yuan** due to business combinations during the period[367](index=367&type=chunk) - Goodwill had an original carrying amount of **32.16 million Yuan** at period-end, increasing by **11.08 million Yuan** due to the acquisition of Xinxiang Changle Pharmaceutical, with no impairment identified after testing[369](index=369&type=chunk)[370](index=370&type=chunk) - Short-term borrowings totaled **897.06 million Yuan** and long-term borrowings totaled **464.28 million Yuan** at period-end, both significantly increasing from the beginning of the period[389](index=389&type=chunk)[411](index=411&type=chunk) - Employee compensation payable had an ending balance of **18.14 million Yuan**, with an increase of **96.80 million Yuan** and a decrease of **101.14 million Yuan** during the period[396](index=396&type=chunk) - Deferred income had an ending balance of **10.31 million Yuan**, primarily consisting of government grants related to assets[418](index=418&type=chunk) [Research and Development Expenditures](index=171&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditures were **144.76 million Yuan**, with **68.42 million Yuan** expensed and **76.34 million Yuan** capitalized, including significant projects like an anti-diabetic innovative drug and Felodipine Tablets consistency evaluation R&D Expenditures by Nature of Expense (Unit: Yuan) | Item | Amount Incurred During Period (Yuan) | | :--- | :--- | | Employee compensation | 19,107,263.84 | | Material consumption | 15,153,462.24 | | Depreciation and amortization | 3,250,063.82 | | Technical service fees | 100,263,903.29 | | Other expenses | 6,989,913.24 | | Total | 144,764,606.43 | | Of which: Expensed R&D expenditures | 68,423,933.06 | | Capitalized R&D expenditures | 76,340,673.37 | - The anti-diabetic innovative drug project has entered Phase III clinical trials, expected to be completed in 2026, and is anticipated to generate economic benefits through commercialization[473](index=473&type=chunk) - The Felodipine Tablets consistency evaluation project is in the supplementary review stage, expected to be completed in 2025, and is anticipated to generate economic benefits through commercialization[474](index=474&type=chunk) [Changes in Consolidation Scope](index=174&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company acquired **49%** equity and control of Xinxiang Changle Pharmaceutical Co., Ltd. through a non-common control business combination, while Nanjing Diyi Pharmaceutical Technology Co., Ltd. was deregistered - In January 2025, the company acquired **49%** equity in Xinxiang Changle Pharmaceutical Co., Ltd., gaining control, with a consolidation cost of **183.26 million Yuan** and goodwill of **4.62 million Yuan**[475](index=475&type=chunk)[477](index=477&type=chunk) - Wholly-owned subsidiary Nanjing Diyi Pharmaceutical Technology Co., Ltd. completed its industrial and commercial deregistration in February 2025, reducing the scope of consolidation[481](index=481&type=chunk) [Interests in Other Entities](index=178&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including controlling stakes in key subsidiaries and equity interests in several joint/associate ventures - The company holds several controlling subsidiaries, including Yangzhou Lianhuan Pharmaceutical Marketing Co., Ltd., Yangzhou Lianhuan Investment Co., Ltd., and Yangzhou Pharmaceutical Co., Ltd.[484](index=484&type=chunk) - The company holds **45%** equity in Chengdu Yazhong Bio-Pharmaceutical Co., Ltd. and exercises substantive control due to a majority of board seats[485](index=485&type=chunk) - The company holds **49%** equity in Xinxiang Changle Pharmaceutical Co., Ltd. and exercises substantive control due to a majority of board seats[486](index=486&type=chunk) Key Non-Wholly Owned Subsidiaries' Major Financial Information (Unit: 10,000 Yuan) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders (10,000 Yuan) | Dividends Declared to Minority Shareholders (10,000 Yuan) | Minority Interests Balance at Period-End (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Yangzhou Lianhuan Pharmaceutical Marketing Co., Ltd. | 1.50 | 1.43 | - | 94.74 | | Chengdu Yazhong Bio-Pharmaceutical Co., Ltd. | 55.00 | 535.57 | 291.50 | 15,176.60 | | Jiangsu Lianhuan Smart Medical Co., Ltd. | 49.00 | 57.76 | 245.00 | 664.53 | | Xinxiang Changle Pharmaceutical Co., Ltd. | 51.00 | 359.35 | - | 18,952.21 | Summary Financial Information for Insignificant Joint Ventures and Associates (Unit: Yuan) | Item | Ending Balance/Amount Incurred During Period (Yuan) | | :--- | :--- | | Total carrying amount of investments in joint ventures | 2,596,341.73 | | Net profit of joint ventures | -665,794.94 | | Total carrying amount of investments in associates | 655,702.73 | | Net profit of associates | -825,684.30 | [Government Grants](index=184&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government grants comprised asset-related deferred income and income-related grants, impacting both deferred income and current period profit Liability Items Involving Government Grants (Unit: Yuan) | Financial Statement Item | Beginning Balance (Yuan) | Amount Included in Other Income This Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred income | 11,339,014.33 | 1,033,267.34 | 10,305,746.99 | Asset-related | Government Grants Included in Current Profit/Loss (Unit: Yuan) | Type | Amount Incurred During Period (Yuan) | | :--- | :--- | | Asset-related | 1,033,267.34 | | Income-related | 2,212,034.54 | | Total | 3,245,301.88 | [Risks Related to Financial Instruments](index=184&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, market, and liquidity risks through various strategies, with its period-end asset-liability ratio at **54.90%** - The company faces credit risk, market risk (foreign exchange risk, interest rate risk), and liquidity risk[500](index=500&type=chunk)[501](index=501&type=chunk)[502](index=502&type=chunk)[503](index=503&type=chunk)[507](index=507&type=chunk) - Foreign exchange risk primarily arises from USD-denominated financial assets and liabilities; a **5%** appreciation or depreciation of RMB against USD would impact net profit by approximately **0.48 million Yuan**[501](index=501&type=chunk)[502](index=502&type=chunk) - Interest rate risk is mainly associated with floating-rate borrowings; a **50 basis point** increase or decrease in floating rates will impact net profit by approximately **0.26 million Yuan**[502](index=502&type=chunk)[503](index=503&type=chunk) - The company manages credit risk by assessing debtor creditworthiness, setting credit limits, and conducting regular monitoring[504](index=504&type=chunk) - Liquidity risk is managed by monitoring cash balances, marketable securities, and forecasting cash flows for the next 12 months[507](index=507&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **54.90%**, higher than the **47.77%** at the end of the prior year[510](index=510&type=chunk) Financial Assets Derecognized Due to Transfer (Unit: Yuan) | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (Yuan) | Gains or Losses Related to Derecognition (Yuan) | | :--- | :--- | :--- | :--- | | Accounts receivable financing | Endorsement | 88,270,287.03 | - | | Accounts receivable financing | Discounting | 121,735,708.00 | -800,711.03 | | Total | - | 210,005,995.03 | -800,711.03 | [Fair Value Disclosure](index=190&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities measured at fair value at the balance sheet date, noting that the carrying amount of non-fair value financial instruments closely approximates their fair value Total Liabilities Continuously Measured at Fair Value (Unit: Yuan) | Item | Fair Value at Period-End (Yuan) | | :--- | :--- | | Accounts receivable financing | 40,081,893.31 | | Total liabilities continuously measured at fair value | 40,081,893.31 | - Accounts receivable financing uses its face value as fair value due to its short remaining term[518](index=518&type=chunk) - The carrying amount of financial assets and liabilities not measured at fair value is very close to their fair value[520](index=520&type=chunk) [Related Parties and Related Party Transactions](index=192&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related parties and transactions, including procurement, sales, services, leases, guarantees, and outstanding balances with its parent company and other controlled entities - The company's ultimate controlling party is the Yangzhou Municipal People's Government State-owned Assets Supervision and Administration Commission, with Jiangsu Lianhuan Pharmaceutical Group Co., Ltd. as the parent company, holding a **39.90%** stake[522](index=522&type=chunk) - The company has joint venture or associate relationships with Yangzhou Yangda Lianhuan Pharmaceutical Gene Engineering Co., Ltd., UNIONCLE PHARMA LLC, and Yangzhou Nenglian New Energy Co., Ltd.[493](index=493&type=chunk) - Other related parties include Jiangsu Huatianbao Pharmaceutical Co., Ltd. and Yangzhou Prince Pharmaceutical Technology Co., Ltd., which are under the same ultimate control[525](index=525&type=chunk) Related Party Transactions for Goods Procurement/Services Received (Unit: 10,000 Yuan) | Related Party | Related Transaction Content | Amount Incurred This Period (10,000 Yuan) | | :--- | :--- | :--- | | Yangzhou Prince Pharmaceutical Technology Co., Ltd. | Procurement of goods | 730.05 | | Yangzhou Liantong Pharmaceutical Equipment Co., Ltd. and its subsidiaries | Procurement of fixed assets, construction in progress | 362.94 | | Yangzhou Liantong Pharmaceutical Equipment Co., Ltd. and its subsidiaries | Equipment maintenance services | 369.33 | | Liantu Shuzhi (Beijing) Technology Co., Ltd. | Procurement of services | 214.93 | | Hainan Xintai Pharmaceutical Co., Ltd. | Procurement of goods | 370.66 | | Huixian Caiyin Packaging Factory | Procurement of goods | 507.51 | Related Party Transactions for Goods Sales/Services Provided (Unit: 10,000 Yuan) | Related Party | Related Transaction Content | Amount Incurred This Period (10,000 Yuan) | | :--- | :--- | :--- | | Sinopharm Holding Yangzhou Co., Ltd. and its subsidiaries | Sales of pharmaceuticals, materials, etc. | 824.85 | | Jiangsu Lianhuan Health Pharmacy Chain Co., Ltd. and its subsidiaries | Sales of pharmaceuticals, materials, etc. | 95.30 | - The company, as the guaranteed party, received multiple guarantees from Jiangsu Lianhuan Pharmaceutical Group Co., Ltd., totaling over **100 million Yuan**, all of which remain unfulfilled[534](index=534&type=chunk) Ending Balances of Receivables from Related Parties (Unit: 10,000 Yuan) | Item Name | Related Party | Book Balance (10,000 Yuan) | | :--- | :--- | :--- | | Accounts Receivable | Sinopharm Holding Yangzhou Co., Ltd. and its subsidiaries | 464.45 | | Accounts Receivable | Jiangsu Lianhuan Health Pharmacy Chain Co., Ltd. and its subsidiaries | 411.60 | | Prepayments | Yangzhou Yangda Lianhuan Pharmaceutical Gene Engineering Co., Ltd. | 20.26 | Ending Balances of Payables to Related Parties (Unit: Yuan) | Item Name | Related Party | Book Balance (Yuan) | | :--- | :--- | :--- | | Notes Payable | Yangzhou Lian'an Construction Engineering Co., Ltd. | 29.74 | | Accounts Payable | Jiangsu Huatianbao Pharmaceutical Co., Ltd. | 127.21 | | Other Payables | Jiangsu Lianhuan Pharmaceutical Group Co., Ltd. | 300.00 | | Dividends Payable | Jiangsu Lianhuan Pharmaceutical Group Co., Ltd. | 1,013.57 | [Commitments and Contingencies](index=200&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section discloses significant external commitments and contingencies at the balance sheet date, including property mortgages and pledges within the consolidated group - Chengdu Yazhong Bio-Pharmaceutical Co., Ltd. obtained a **50 million Yuan** credit line from China Construction Bank Pengzhou Branch with land as collateral, of which **20 million Yuan** has been drawn as a loan[543](index=543&type=chunk)[544](index=544&type=chunk) [Events After the Balance Sheet Date](index=201&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) Post-balance sheet, a subsidiary acquired Longyi Pharmaceutical, and the board approved issuing up to **500 million Yuan** in technology innovation bonds - The company's wholly-owned subsidiary, Yangzhou Lianhuan Investment Co., Ltd., completed the acquisition of **51%** equity in Sichuan Longyi Pharmaceutical Co., Ltd.[545](index=545&type=chunk) - The company's board of directors approved a proposal to issue technology innovation bonds of up to **500 million Yuan** to broaden financing channels, reduce financing costs, and optimize debt structure[546](index=546&type=chunk) [Supplementary Information](index=214&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share Detailed Statement of Non-recurring Gains and Losses (Unit: Yuan) | Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit/loss | 2,212,034.54 | | Other non-operating income and expenses (excluding above) | -60,716,099.08 | | Less: Income tax impact | 369,760.64 | | Impact on minority interests (after tax) | 663,896.21 | | Total | -59,537,721.39 | Return on Net Assets and Earnings Per Share | Profit for the Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | -2.94 | -0.14 | | Net profit attributable to ordinary shareholders of the company (excluding non-recurring gains and losses) | 1.43 | 0.07 |