辽宁成大股份有限公司 董事会战略委员会工作细则 第一章 总 则 第一条 为适应辽宁成大股份有限公司（以下简称"公司"）战略发展需要， 增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决策科学性， 提高重大投资决策的效益和决策的质量，完善公司治理结构，根据《中华人民共 和国公司法》 《中华人民共和国证券法》 《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等法律、行政法规、部门规章、规范性文件及《辽宁成大 股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，公司特设立董事会 战略委员会，并制定本细则。 第二条 董事会战略委员会是董事会下设的专门工作机构，主要负责对公司 长期发展战略和重大投资决策进行研究并提出建议。战略委员会在董事会领导下 开展工作，对董事会负责。 第二章 人员组成 第三条 战略委员会成员由五至七名董事组成，其中应至少包括一名独立董 事。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 （三）对《公司章程》规定须经董事会批准的重大资本运作、资产经营项目 进行研究并提出建议； 第五条 战略委员会设主任委员一名 ...

辽宁成大股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善辽宁成大股份有限公司（以下简称"公司"）治理结 构，促进公司规范运作，保障公司独立董事依法独立行使职权，根据《中华人民 共和国公司法》 （以下简称"《公司法》"） 《上市公司治理准则》 《上市公司独立董 事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等 有关法律法规、规范性文件及《辽宁成大股份有限公司章程》 （以下简称"《公司 章程》"）的有关规定，制定本制度。 第二条 本制度所称独立董事是指不在公司担任除董事以外的其他职务，并 与公司及公司主要股东、实际控制人不存在直接或间接利害关系，或者其他可能 影响其进行独立客观判断关系的董事。 第三条 独立董事对公司及公司全体股东负有忠实与勤勉的义务，按照相关 法律法规和《公司章程》的要求，认真履行职责，在董事会中发挥参与决策、监 督制衡、专业咨询作用，维护公司整体利益，保护中小股东的合法权益。独立董 事应当独立履行职责，不受公司主要股东、实际控制人或者其他与公司存在利害 关系的单位和个人的影响。 第四条 独立董事最多在 3 家境内上市公司担任独立董事，并确保有足够的 ...

Core Viewpoint - The document outlines the operational guidelines for the Audit Committee of Liaoning Chengda Co., Ltd., aiming to enhance corporate governance and ensure effective oversight of financial reporting and auditing processes [1][2]. Group 1: General Provisions - The Audit Committee is established to review financial information, supervise internal and external audits, and ensure compliance with relevant laws and regulations [1]. - Members of the Audit Committee must possess adequate time, expertise, and professional integrity to fulfill their responsibilities effectively [1][2]. Group 2: Composition of the Committee - The Audit Committee consists of three directors who are not senior management, with a majority being independent directors [2]. - The committee is chaired by a member with accounting expertise, elected by the board [2]. Group 3: Responsibilities and Authority - The main responsibilities include reviewing financial disclosures, supervising external audits, and evaluating internal controls [3][4]. - The committee must approve significant financial reports and changes in accounting policies before submission to the board [3][4]. Group 4: Internal and External Audit Oversight - The committee is responsible for selecting external auditors and evaluating their performance annually [4][5]. - It must also oversee the internal audit process, ensuring that internal controls are effective and any deficiencies are addressed [5][6]. Group 5: Meeting Procedures - The Audit Committee is required to meet at least quarterly, with provisions for additional meetings as necessary [9][10]. - A quorum of two-thirds of the members is needed for meetings, and decisions must be made by a majority vote [9][10]. Group 6: Reporting and Documentation - The committee must maintain detailed records of meetings and decisions, which should be preserved for at least ten years [11]. - Annual reports on the committee's activities must be disclosed to the Shanghai Stock Exchange alongside the company's annual report [11][12].

Overview - The company is increasing its investment in its subsidiary, Xinjiang Baoming Mining Co., Ltd., through a debt-to-equity conversion, without injecting new cash [1][4][9] Investment Details - The investment is based on the assessed value of oil shale resources in the Wujiawan and Mutasi mining areas, which have obtained mining licenses [1][3] - The assessed value of the oil shale resources in these areas is approximately RMB 202,920 million [3][8] - The company holds a debt of RMB 3,040,946,715 against Xinjiang Baoming, which will be converted into equity [4][9] Financial Impact - Prior to the investment, the company's debt to Xinjiang Baoming was RMB 76.34 billion, which will reduce to RMB 45.93 billion post-investment [1][9] - The company's equity stake in Xinjiang Baoming will increase from 60.5% to 62% after the investment [1][5][9] - The investment is expected to optimize Xinjiang Baoming's capital structure and reduce its debt costs [9] Approval Process - The investment has been approved by the company's board of directors and does not require shareholder approval as it does not constitute a major asset restructuring [6][9] Subsidiary Performance - As of June 30, 2025, Xinjiang Baoming reported total assets of RMB 255,538.15 million and a net asset deficit of RMB 540,217.74 million [6] - For the first half of 2025, Xinjiang Baoming generated revenue of RMB 133.06 million but incurred a net loss of RMB 32,517.24 million [6] Future Considerations - The company is working to attract strategic investors to further support Xinjiang Baoming's financial situation and project development [9][12] - The development of the Wujiawan and Mutasi mining areas is expected to take a long time and requires significant investment [9][12]

辽宁成大股份有限公司 董事会提名委员会工作细则 第一章 总则 第一条 为提高辽宁成大股份有限公司（以下简称"公司"）治理水平,规 范公司董事会提名委员会的运作，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等 法律、行政法规、部门规章、规范性文件及《辽宁成大股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，制定本细则。 第二条 董事会提名委员会是董事会下设的专门工作机构，在董事会领导下 开展工作，对董事会负责。 第二章 人员组成 第三条 提名委员会成员由三至五名董事组成，独立董事占多数。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 提名委员会设主任委员一名，由独立董事委员担任，负责主持委员 会工作。主任委员在委员内选举产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，可连选连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根据上述 第三至第五条规定补足委员人数。 第七条 公司人力资源管理部为提名委员会的日常办事机构，负责提名委员 会的 ...

辽宁成大股份有限公司 董事和高级管理人员所持本公司股份及其变动管理制度 第一章 总则 第一条 为规范辽宁成大股份有限公司（以下简称"公司"）对董事和高级 管理人员所持本公司股份及其变动的管理，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司董事和高级管理人员所持本公司股份及其变动管理规则》《上市公司股东 减持股份管理暂行办法》 《上海证券交易所上市公司自律监管指引第 15 号——股 东及董事、高级管理人员减持股份》《上海证券交易所上市公司自律监管指引第 大股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，结合公司实际情 况，特制定本制度。 第二条 本制度适用于公司董事和高级管理人员所持本公司股份及其变动 的管理。 第三条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。 公司董事、高级管理人员不得进行以本公司股票为标的证券的融资融券交易， 不得开展以本公司股票为合约标的物的衍生品交易。 第五条 公司董事、高级管理人员应对本人的股票账户负责，加强股票账户 管理，严禁将所持股票账户交由他 ...

辽宁成大股份有限公司 担保业务管理制度 第一章 总 则 第一条 为规范辽宁成大股份有限公司（以下简称"公司"）的担保行为， 有效防范公司对外担保风险，确保公司资产安全，根据《中华人民共和国民法典》 《中华人民共和国公司法》《上市公司监管指引第8号——上市公司资金往来、 对外担保的监管要求》《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）、《上海证券交易所上市公司自律监管指引第1号——规范运作》《企 业内部控制基本规范》等有关法律法规、规范性文件及《辽宁成大股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 本制度所述的对外担保指公司以第三人的身份为债务人对于债权 人所负的债务提供担保，当债务人不履行债务时，由公司按照约定履行债务或者 承担责任的行为。对外担保的范围具体包含以下情况：（一）公司对合并报表范 围之内的主体提供的担保；（二）子公司（包含全资及控股子公司，下同）对公 司合并报表范围内的其他主体提供的担保；（三）公司对合并报表范围之外的主 体提供的担保；（四）子公司对公司合并报表范围之外的主体提供的担保。 子公司对公司提供的担保、公司控股孙公司对该孙公司控股股东 ...

辽宁成大股份有限公司 内幕信息及知情人管理制度 第一章 总 则 第一条 为进一步规范辽宁成大股份有限公司（以下简称"公司"）内幕信 息管理，加强公司内幕信息保密工作，维护信息披露的公开、公正、公平原则， 保护广大投资者利益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司信息披露管理办法》《上市公司监管指引第 5 号——上市公司内幕信 息知情人登记管理制度》《上海证券交易所股票上市规则》等法律、行政法规、 部门规章、规范性文件及《辽宁成大股份有限公司章程》 （以下简称"《公司章程》"） 的有关规定，结合公司实际情况，制定本制度。 （二）公司的重大投资行为，公司在一年内购买、出售重大资产超过公司资 产总额百分之三十，或者公司营业用主要资产的抵押、质押、出售或者报废一次 超过该资产的百分之三十； （三）公司订立重要合同、提供重大担保或者从事关联交易，可能对公司的 资产、负债、权益和经营成果产生重要影响； （四）公司发生重大债务和未能清偿到期债务的违约情况； （五）公司发生超过上年末净资产百分之十的重大亏损或者重大损失； （六）公司生产经营状况、生产经营的外部条件发生的重大变化； （七）公司的董事、 ...

辽宁成大股份有限公司 董事会秘书工作制度 第一章 总则 第一条 为提高公司治理水平，规范公司董事会秘书的选任、履职、培训和考 核工作，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等法律、行政法规、 部门规章、规范性文件及《辽宁成大股份有限公司章程》 （以下简称"《公司章程》"） 的有关规定，制定本制度。 第二条 公司设董事会秘书一名。董事会秘书为公司高级管理人员，对公司和 董事会负责，应忠实、勤勉地履行职责。公司董事会应当聘请证券事务代表，协助 公司董事会秘书履行职责。证券事务代表的任职条件参照董事会秘书执行。董事会 秘书不能履行职责或董事会秘书授权时，证券事务代表应当代为履行职责。在此期 间，并不当然免除董事会秘书对其职责所负有的责任。 第三条 董事会秘书是公司与上海证券交易所之间的指定联络人。公司指定董 事会秘书或代行董事会秘书职责的人员以公司名义向上海证券交易所办理信息披 露、公司治理、股权管理等其相关职责范围内的事务。 第四条 公司设立董事会办公室为 ...

Section I Definitions This section provides definitions of key terms used throughout the report to ensure clarity and consistent understanding [Common Terms Definitions](index=4&type=section&id=Common%20Terms%20Definitions) This chapter defines common terms used in the report, including company and subsidiary names, regulatory bodies, laws, and the reporting period, to ensure clear understanding of the content - The reporting period is defined as the accounting period from January 1, 2025, to June 30, 2025[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information and key financial performance metrics, highlighting significant growth in profitability driven by investment income [Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 辽宁成大股份有限公司 | | Chinese Abbreviation | 辽宁成大 | | Foreign Name | LIAONING CHENG DA CO., LTD. | | Legal Representative | Xu Biao | [Contacts and Contact Information](index=4&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, along with its registered and office addresses, website, and email Company Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Qiu Chuang | 0411-82512731 | lncd@chengda.com.cn | | Securities Affairs Representative | Liu Tong | 0411-82512618 | liutong@chengda.com.cn | - The company's website is http://www.chengda.com.cn, and its email address is lncd@chengda.com.cn[17](index=17&type=chunk) [Company Stock Overview](index=5&type=section&id=III.%20Company%20Stock%20Overview) This section briefly introduces the company's A-share listing exchange, stock abbreviation, and code Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 辽宁成大 | 600739 | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=V.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the reporting period, showing significant year-on-year growth in total profit, net profit, and earnings per share, primarily due to increased investment income Key Accounting Data (January-June 2025) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,348,104,368.57 yuan | 5,392,923,890.65 yuan | -0.83 | | Total Profit | 816,118,738.72 yuan | 492,715,179.96 yuan | 65.64 | | Net Profit Attributable to Shareholders of Listed Company | 717,566,617.13 yuan | 459,437,050.86 yuan | 56.18 | | Net Cash Flow from Operating Activities | -139,968,327.17 yuan | -155,568,480.67 yuan | N/A | Key Financial Indicators (January-June 2025) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.4714 | 0.3018 | 56.20 | | Diluted Earnings Per Share (yuan/share) | 0.4714 | 0.3018 | 56.20 | | Weighted Average Return on Net Assets (%) | 2.42 | 1.57 | Increased by 0.85 percentage points | - The year-on-year growth in total profit, net profit attributable to shareholders, net profit excluding non-recurring gains and losses, basic earnings per share, and diluted earnings per share is primarily due to increased investment income[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=VII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **5,715,110.77 yuan** Non-Recurring Gains and Losses Items and Amounts (Unit: Yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -363,438.77 | | Government Grants Recognized in Current Profit and Loss | 9,592,233.96 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 7,299,412.02 | | Gains and Losses from Entrusted Investment or Asset Management | 11,963,899.60 | | Reversal of Impairment Provisions for Receivables Subject to Individual Impairment Testing | 6,468,807.00 | | Other Non-Operating Income and Expenses Apart from the Above | -16,140,315.56 | | Total | 5,715,110.77 | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, core competitiveness, and potential risks across its diverse business segments [Explanation of Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) During the reporting period, the company's business was divided into four major segments: pharmaceutical and healthcare, financial investment, domestic and international trade, and energy development, each facing distinct market environments and challenges - The company's business is divided into four major segments: pharmaceutical and healthcare, financial investment, domestic and international trade, and energy development[28](index=28&type=chunk) [Pharmaceutical and Healthcare](index=7&type=section&id=(I)%20Pharmaceutical%20and%20Healthcare) This segment, comprising biopharmaceuticals and medical services, focuses on vaccines and equity in a tertiary hospital, maintaining market leadership through innovation despite fierce competition - The biopharmaceutical business is managed by subsidiary Chengda Bio, with main products being human rabies vaccine (Vero cell) and human Japanese encephalitis inactivated vaccine (Vero cell)[28](index=28&type=chunk) - Chengda Bio's human rabies vaccine has maintained a leading market share for over a decade, and its human Japanese encephalitis inactivated vaccine is currently the only one available for sale in China[28](index=28&type=chunk) - Chengda Bio actively promotes its vaccine export strategy, providing products and services to over 30 countries and regions worldwide[28](index=28&type=chunk) [Financial Investment](index=7&type=section&id=(II)%20Financial%20Investment) This segment includes long-term investments and fund operations, primarily in GF Securities and China United Insurance, both leading in their respective sectors with promising future prospects - The financial investment business is divided into long-term investment and fund operations, with long-term investments involving equity stakes in GF Securities and China United Insurance[30](index=30&type=chunk) - GF Securities and China United Insurance are both industry leaders in their respective fields, holding significant strategic importance for promoting industrial-financial synergy and enhancing company value[30](index=30&type=chunk) [Domestic and International Trade](index=8&type=section&id=(III)%20Domestic%20and%20International%20Trade) This segment, conducted by three subsidiaries, primarily involves textile and apparel exports and bulk commodity trading, showing stable growth in textile exports despite fluctuating commodity prices - Domestic and international trade business primarily involves textile and apparel exports and bulk commodity trading, carried out by three subsidiaries: Chengda International, Chengda Trade, and Chengda Steel[32](index=32&type=chunk) - In the first half of the year, the domestic steel industry was in a downturn, with insufficient effective market demand and continuous product price declines[30](index=30&type=chunk) - In the first half of the year, corn prices continued to rise due to reduced supply from producing areas and increased demand from downstream deep processing enterprises[31](index=31&type=chunk) [Energy Development](index=8&type=section&id=(IV)%20Energy%20Development) This segment, managed by Xinjiang Baoming, focuses on oil shale mining and shale oil production, facing extended production halts due to land use permit issues and international crude oil price volatility - The energy development business is primarily managed by Xinjiang Baoming, engaged in oil shale mining, shale oil production, and sales[33](index=33&type=chunk) - Xinjiang Baoming has extended its production halt, initially for nine months, due to issues with new mining and spoil ground land use permits[36](index=36&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue slightly decreased, but net profit attributable to shareholders surged by **56.18%**, primarily driven by strong financial investment performance, while other segments showed mixed results Overview of Operating Performance in H1 2025 | Indicator | Amount (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 5.348 | -0.83 | | Net Profit Attributable to Shareholders of Listed Company | 0.718 | 56.18 | [Pharmaceutical and Healthcare Segment](index=9&type=section&id=(I)%20Pharmaceutical%20and%20Healthcare%20Segment) This segment's operating revenue decreased by **19.74%** to **707 million yuan**, with net profit falling by **46.41%** to **118 million yuan**, mainly due to intensified domestic vaccine market competition Pharmaceutical and Healthcare Segment Performance (H1 2025) | Indicator | Amount (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 0.707 | -19.74 | | Net Profit | 0.118 | -46.41 | - The decline in performance is primarily due to intensified competition in the domestic vaccine market and decreased sales revenue from human rabies vaccine and Japanese encephalitis inactivated vaccine[35](index=35&type=chunk) [Financial Investment Segment](index=9&type=section&id=(II)%20Financial%20Investment%20Segment) This segment performed strongly, with GF Securities' investment income growing by **53.19%** to **1.076 billion yuan** and China United Insurance's investment income increasing by **143.94%** to **86.3005 million yuan**, benefiting from a recovering equity market Investment Income of Key Investee Companies in Financial Investment Segment (H1 2025) | Company Name | Investment Income (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | | GF Securities | 1.076 | 53.19 | | China United Insurance | 0.0863 | 143.94 | - GF Securities' wealth management business continued to contribute stable revenue with year-on-year growth, its trading and institutional businesses capitalized on market opportunities for favorable returns, and its investment management business remained a top performer in the industry[35](index=35&type=chunk) - China United Insurance achieved a slight increase in premium income, with improved operating efficiency for its property insurance company, and a significant year-on-year increase in consolidated net profit, benefiting from a recovering equity market and optimized equity asset allocation structure[35](index=35&type=chunk) [Domestic and International Trade Segment](index=9&type=section&id=(III)%20Domestic%20and%20International%20Trade%20Segment) This segment achieved operating revenue of **4.634 billion yuan**, a **3.20%** year-on-year increase, and net profit of **22.3785 million yuan**, up **40.52%**, primarily driven by significant profit growth in textile and apparel exports Domestic and International Trade Segment Performance (H1 2025) | Indicator | Amount (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 4.634 | 3.20 | | Net Profit | 0.0223785 | 40.52 | - Significant profit growth in the textile and apparel export business is the main reason for the increase in net profit[36](index=36&type=chunk) [Energy Development Segment](index=10&type=section&id=(IV)%20Energy%20Development%20Segment) This segment's operating revenue was only **1.33 million yuan**, with a net loss of **329 million yuan**, as controlling subsidiary Xinjiang Baoming continued its production halt due to new land use permit issues Energy Development Segment Performance (H1 2025) | Indicator | Amount (ten thousand yuan) | Net Profit (billion yuan) | | :--- | :--- | :--- | | Operating Revenue | 133 | -0.329 | - Xinjiang Baoming has extended its production halt, initially for nine months, due to not obtaining full permits for the new land required for the project[36](index=36&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its excellent corporate culture, professional talent team, leading R&D technology, strong brand influence, stable customer and supply chain resources, and robust financing advantages - The company embraces the vision of 'Creating a Harmonious Century-Old Chengda' and core values of 'Integrity, Benevolence, and Harmony,' fostering a 'merit-based' culture that values practical work, rewards contributions, and encourages responsibility[37](index=37&type=chunk) - The company has built highly effective professional teams across its business areas, with the biopharmaceutical domestic sales team covering the entire country and the international sales team reaching over 30 countries and regions[38](index=38&type=chunk) - Chengda Bio possesses core process platform technology for large-scale vaccine production using bioreactors and has established technology platforms for bacterial, viral, multi-component, multi-valent, and recombinant protein vaccines[39](index=39&type=chunk) - 'Chengda Suda' (human rabies vaccine) sales consistently rank first, with over **500 million doses** administered cumulatively; 'Chengda Libao' (Japanese encephalitis inactivated vaccine) product quality has reached 'internationally advanced, domestically leading' levels[40](index=40&type=chunk) - The company maintains long-term stable cooperative relationships with numerous high-quality clients, and its domestic and international trade segment integrates supply chain resources to create a centralized operating model[41](index=41&type=chunk) - The company boasts a sound financial structure, diversified financing channels, strong cooperative relationships with financial institutions, and continuously optimizes its debt structure while controlling funding costs[42](index=42&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset and liability status, investment situation, and operating performance of major holding and investee companies, showing increased profitability despite slightly lower revenue [Main Business Analysis](index=12&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue slightly decreased due to intensified domestic vaccine market competition, while operating costs increased, and total profit and net profit significantly grew due to investment income Analysis of Changes in Financial Statement Items (January-June 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,348,104,368.57 | 5,392,923,890.65 | -0.83 | | Total Profit | 816,118,738.72 | 492,715,179.96 | 65.64 | | Net Profit Attributable to Shareholders of Listed Company | 717,566,617.13 | 459,437,050.86 | 56.18 | | Net Cash Flow from Operating Activities | -139,968,327.17 | -155,568,480.67 | N/A | | R&D Expenses | 121,438,891.32 | 149,426,599.51 | -18.73 | - The year-on-year decrease in operating revenue is primarily due to the intensified competition in the domestic biopharmaceutical vaccine market, leading to a decline in domestic sales revenue[43](index=43&type=chunk) - The year-on-year decrease in R&D expenses is mainly due to reduced material input, technical service fees, and clinical expenses as biopharmaceutical R&D projects progressed[43](index=43&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets and net assets attributable to shareholders increased, with significant changes in several asset and liability items influenced by increased wealth management, new business, and financing structure adjustments Changes in Asset and Liability Status (Unit: Yuan) | Item Name | Current Period End Balance | Prior Year End Balance | Change Rate from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 1,415,974,512.06 | 976,498,924.38 | 45.01 | | Prepayments | 548,112,088.54 | 399,032,104.76 | 37.36 | | Other Receivables | 95,159,693.49 | 59,521,449.56 | 59.87 | | Contract Liabilities | 164,943,702.78 | 34,818,651.17 | 373.72 | | Other Current Liabilities | 2,543,074,062.59 | 1,929,461,851.71 | 31.80 | | Long-Term Borrowings | 1,545,600,000.00 | 1,088,500,000.00 | 41.99 | - Overseas assets amounted to **82,976,762.00 yuan**, accounting for **0.17%** of total assets[47](index=47&type=chunk) - At period-end, major restricted assets included monetary funds of **40,513,284.77 yuan** (deposits and frozen accounts), a **1.2 billion yuan** credit line secured by office building mortgage, and **66 million yuan** in equity pledge guarantees for an investee company[48](index=48&type=chunk) [Analysis of Investment Status](index=14&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount decreased by **64.57%**, holding diverse financial assets measured at fair value, and effectively mitigating risks through hedging activities Changes in Investment Amount During the Reporting Period | Indicator | Amount (ten thousand yuan) | Change Rate (%) | | :--- | :--- | :--- | | Investment Amount During Reporting Period | 225.00 | - | | Change in Investment Amount | Decreased by 410.00 | - | | Investment Amount in Prior Period | 635.00 | - | | Change Rate of Investment Amount | - | Decreased by 64.57 | Period-End Financial Assets Measured at Fair Value (Unit: Yuan) | Asset Category | Period-End Balance | | :--- | :--- | | Stocks | 216.00 | | Private Equity Funds | 239,023,993.43 | | Futures | -46,652.00 | | Derivative Instruments | 200,446.00 | | Equity Investments | 19,451,296.06 | | Fund Investments | 3,172,748.69 | | Wealth Management Products | 1,412,601,101.37 | | Total | 1,674,403,149.55 | - The company conducts commodity futures business, fully leveraging the risk-hedging function of futures to effectively mitigate bulk commodity price fluctuation risks, with hedging effects meeting expectations[55](index=55&type=chunk) - The company conducts foreign exchange derivative businesses such as USD and JPY forward settlements, locking in target exchange rates to secure order profits and mitigate operational risks from exchange rate fluctuations, with hedging effects meeting expectations[55](index=55&type=chunk) [Analysis of Major Holding and Investee Companies](index=21&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Investee%20Companies) The company deregistered one subsidiary, with major holding and investee companies showing varied operating performance, notably Xinjiang Baoming Mining Co., Ltd. with a net loss of **329 million yuan** - During the reporting period, the company deregistered its subsidiary Liaoning Xindongneng Technology Development Consulting Service Co., Ltd.[59](index=59&type=chunk) Overview of Performance of Major Holding and Investee Companies (H1 2025, Unit: ten thousand yuan) | Company Name | Operating Revenue | Net Profit | | :--- | :--- | :--- | | Liaoning Chengda International Trade Co., Ltd. | 62,821.63 | 1,453.88 | | Liaoning Chengda Bio Co., Ltd. | 70,677.73 | 12,229.47 | | Xinjiang Baoming Mining Co., Ltd. | 133.06 | -32,887.64 | | GF Securities Co., Ltd. | 1,539,812.22 | 700,550.74 | | China United Insurance Group Co., Ltd. | 3,521,645.54 | 53,715.71 | [Structured Entities Controlled by the Company](index=21&type=section&id=(VII)%20Structured%20Entities%20Controlled%20by%20the%20Company) Details of structured entities controlled by the company are provided in Financial Report Note X, Interests in Other Entities - Information on structured entities controlled by the company can be found in Section VIII Financial Report, Note X, Interests in Other Entities[60](index=60&type=chunk) [Potential Risks](index=22&type=section&id=V.%20Potential%20Risks) The company faces multiple challenges including industrial policy and industry changes, as well as operational risks across its segments, for which it has formulated corresponding countermeasures [Risks Arising from Industrial Policies and Industry Changes](index=22&type=section&id=1.%20Risks%20Arising%20from%20Industrial%20Policies%20and%20Industry%20Changes) The company's main businesses are highly competitive and impacted by economic conditions and policy changes, with biopharmaceutical, trade, and energy segments facing specific risks from policy adjustments, market volatility, and stricter regulations - Dynamic adjustments in biopharmaceutical industrial policies and profound evolution of the industry's competitive landscape may significantly impact the market competitiveness and profitability sustainability of the company's vaccine business, including risks such as declining demand for human rabies vaccine, changes in industry policies (e.g., inclusion in national immunization programs), and obstacles to batch release[62](index=62&type=chunk) - International economic uncertainties have significantly increased, with escalating geopolitical conflicts, prevalent unilateralism and protectionism, spreading anti-globalization trends, heightened global trade friction risks impacting supply chain stability; increased exchange rate volatility risks, insufficient domestic effective demand, and weak expectations for bulk commodity prices[63](index=63&type=chunk) - International crude oil prices may maintain a low-level volatile trend; the state has strengthened supervision and guidance on safety production for mining enterprises, further raising safety production standards; coal output continues to increase, and the coal market is expected to remain relatively stable or show a steady decline[63](index=63&type=chunk) [Operational Risks](index=22&type=section&id=2.%20Operational%20Risks) The pharmaceutical and healthcare segment faces product concentration and market competition risks; domestic and international trade confronts credit and cargo loss risks; and energy development deals with land use permit uncertainties and continuous losses, with the company having established multi-level risk control systems - Chengda Bio faces the risk of relatively concentrated product structure, with its main revenue and profit dependent on human rabies vaccine and Japanese encephalitis inactivated vaccine[65](index=65&type=chunk) - The domestic and international trade industry is a fully market-oriented and highly competitive sector, with export trade generally facing significant pressure due to US tariff policies, and domestic steel and coal prices fluctuating downwards due to insufficient domestic effective demand, overcapacity in some industries, and severe internal competition[66](index=66&type=chunk) - Xinjiang Baoming still needs to complete relevant approval procedures for its required new land, and has not yet obtained full permits, leading to continuous losses, production below design capacity, and relatively tight cash flow[68](index=68&type=chunk) Section IV Corporate Governance, Environment, and Society This section details changes in corporate governance, including board and senior management, and outlines the company's environmental information disclosure and rural revitalization efforts [Changes in Company Directors and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors underwent re-election, resulting in changes to several director and senior management positions, including the chairman, directors, president, vice president, CFO, and board secretary - In February 2025, the company's board of directors underwent re-election[71](index=71&type=chunk) Overview of Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Xu Biao | Chairman | Election | | Zhang Shanwei | Director, President | Election, Appointment | | Wang Lu | CFO | Appointment | | Ge Yu | Director, President | Departure | | Li Heng | Board Secretary | Departure | [Profit Distribution or Capital Reserve Conversion Plan](index=25&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company's board of directors resolved that there is no profit distribution plan or capital reserve to share capital conversion plan for the current period - There is no profit distribution plan or capital reserve to share capital conversion plan for the current reporting period[6](index=6&type=chunk)[72](index=72&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=26&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company has two subsidiaries included in the list of enterprises required to disclose environmental information by law, with their reports available on designated websites Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Liaoning Chengda Bio Co., Ltd. | https://sthj.deing.cn:8180/Public/Enter/683500628914181 | | 2 | Chengda Bio (Benxi) Co., Ltd. | https://sthj.deing.cn:8180/Public/Enter/684090949255173 | [Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=26&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company highly values its social responsibilities, continuing targeted assistance to Wengshan Village by improving assistance mechanisms, visiting disadvantaged households, and leveraging the economic benefits of the assisted sheep farm - The company continues to provide targeted assistance to Wengshan Village, Diaoyu Town, Xifeng County, helping to consolidate local poverty alleviation achievements[74](index=74&type=chunk) - Key work in the first half included improving the normalized village-based assistance mechanism, actively visiting and providing holiday慰问 to over **60 disadvantaged households**, and assisting the Wengshan Village Committee in leveraging the economic benefits of the assisted sheep farm[74](index=74&type=chunk) Section V Significant Matters This section covers the fulfillment of commitments, integrity status, significant related party transactions, and major contracts, including guarantees, during the reporting period [Fulfillment of Commitments](index=27&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, all commitment-related parties, including the company's actual controller, shareholders, related parties, and the company itself, timely and strictly fulfilled their commitments, including those related to the spin-off and listing of Chengda Bio on the STAR Market - During the reporting period, the company and relevant parties timely and strictly fulfilled all commitment matters[76](index=76&type=chunk) - Commitments include the company's spin-off of Chengda Bio and its listing on the Shanghai Stock Exchange STAR Market[76](index=76&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=28&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, neither the company nor its controlling shareholder had unfulfilled effective court judgments or significant overdue debts, indicating a good integrity status - During the reporting period, neither the company nor its controlling shareholder had unfulfilled effective court judgments or significant overdue debts[78](index=78&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions with GF Securities Co., Ltd. for purchasing wealth management products, and disclosed the progress of financial assistance provided by Chengda Medical to its investee company Chengda Hospital, with a period-end balance of **9,925,249.97 yuan** - On April 24, 2025, the company convened the third meeting of the Eleventh Board of Directors and the second meeting of the Eleventh Board of Supervisors, which approved the 'Proposal on Purchasing Wealth Management Products from Related Party GF Securities Co., Ltd.'[81](index=81&type=chunk) - The period-end balance of financial assistance provided by Chengda Medical to its investee company Chengda Hospital was **9,925,249.97 yuan** (including interest), with an initial balance of **9,706,541.65 yuan**[80](index=80&type=chunk) [Significant Contracts and Their Fulfillment](index=29&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company's total external guarantees amounted to **1,675,605,000.00 yuan**, representing **5.58%** of its net assets, with Chengda Medical providing a **66 million yuan** guarantee for its associate Chengda Hospital Company's Total Guarantee Amount (Unit: Yuan) | Indicator | Amount | | :--- | :--- | | Total Guarantee Amount (A+B) | 1,675,605,000.00 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 5.58 | | Total Guarantee Amount to Subsidiaries During Reporting Period | 609,605,000.00 | | Total Guarantee Balance to Subsidiaries at Period-End (B) | 1,609,605,000.00 | - Chengda Medical provided a joint liability guarantee and equity pledge guarantee for **66 million yuan** of the syndicated loan applied for by Chengda Hospital, using its **15%** equity stake in the investee company Chengda Hospital[84](index=84&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in share capital, shareholder structure, and the controlling shareholder or actual controller during the reporting period [Changes in Share Capital](index=32&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[87](index=87&type=chunk) [Shareholder Information](index=32&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **66,011** common shareholders, with Shaoguan Gaoteng Enterprise Management Co., Ltd. holding **16.20%** as the largest shareholder, with a portion of its shares pledged Total Number of Common Shareholders as of Period-End | Indicator | Number (households) | | :--- | :--- | | Total Common Shareholders | 66,011 | Top Ten Shareholders' Shareholding (as of Period-End) | Shareholder Name | Period-End Shareholding | Proportion (%) | Share Status | Pledged, Marked, or Frozen Quantity | | :--- | :--- | :--- | :--- | :--- | | Shaoguan Gaoteng Enterprise Management Co., Ltd. | 247,772,048 | 16.20 | Pledged | 130,220,000 | | Liaoning Provincial State-owned Assets Operation Co., Ltd. | 169,889,039 | 11.11 | Pledged | 50,600,000 | | Guangxi Xinyixin Business Service Co., Ltd. | 130,323,119 | 8.52 | Pledged | 104,223,840 | [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder changed to Shaoguan Gaoteng Enterprise Management Co., Ltd. on February 28, 2025, and since its ultimate controlling party has no controlling shareholder or actual controller, Liaoning Chengda currently has no actual controller - The company's controlling shareholder changed from State-owned Assets Company to Shaoguan Gaoteng Enterprise Management Co., Ltd. on February 28, 2025[93](index=93&type=chunk) - Liaoning Chengda currently has no actual controller, as its controlling shareholder Shaoguan Gaoteng is a wholly-owned subsidiary of Guangdong Private Investment Co., Ltd., which itself has no controlling shareholder or actual controller[93](index=93&type=chunk) Section VII Bond-Related Information This section provides comprehensive information on the company's corporate bonds and non-financial enterprise debt financing instruments, including their basic terms, significant related matters, and key financial indicators [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple tranches of corporate bonds and non-financial enterprise debt financing instruments, including medium-term notes and short-term commercial papers, to meet financing needs, with period-end interest-bearing debt balances of **13.594 billion yuan** (non-consolidated) and **14.788 billion yuan** (consolidated), primarily comprising corporate credit bonds and bank loans Company's (Non-Consolidated) Interest-Bearing Debt Structure (Unit: billion yuan) | Interest-Bearing Debt Category | Within 1 Year (Inclusive) | Over 1 Year (Exclusive) | Total Amount | Proportion of Total Interest-Bearing Debt (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 45.21 | 28.43 | 73.64 | 54.17 | | Bank Loans | 54.08 | 5.22 | 59.30 | 43.62 | | Non-Bank Financial Institution Loans | 0.00 | 3.00 | 3.00 | 2.21 | Company's Consolidated Interest-Bearing Debt Structure (Unit: billion yuan) | Interest-Bearing Debt Category | Within 1 Year (Inclusive) | Over 1 Year (Exclusive) | Total Amount | Proportion of Total Interest-Bearing Debt (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 45.21 | 28.43 | 73.64 | 49.80 | | Bank Loans | 58.78 | 12.46 | 71.24 | 48.17 | | Non-Bank Financial Institution Loans | 0.00 | 3.00 | 3.00 | 2.03 | [Basic Information on Corporate Bonds](index=35&type=section&id=1.%20Basic%20Information%20on%20Corporate%20Bonds) The company issued two tranches of corporate bonds, '22 Chengda 01' and '24 Chengda 01', with a total outstanding balance of **2.2 billion yuan** and coupon rates of **6.00%** and **4.50%** respectively, both listed on the Shanghai Stock Exchange Basic Information on Corporate Bonds (Unit: billion yuan) | Bond Name | Abbreviation | Code | Bond Balance | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Liaoning Chengda Co., Ltd. 2022 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 22 Chengda 01 | 138562.SH | 6.00 | 6.00 | | Liaoning Chengda Co., Ltd. 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 24 Chengda 01 | 240752.SH | 16.00 | 4.50 | [Significant Matters Related to Corporate Bonds During the Reporting Period](index=37&type=section&id=(IV)%20Significant%20Matters%20Related%20to%20Corporate%20Bonds%20During%20the%20Reporting%20Period) At period-end, the company's consolidated non-operating receivables and intercompany borrowings totaled **42 million yuan**, well below **10%** of consolidated net assets, while interest-bearing debt balances showed slight year-on-year changes - At the end of the reporting period, unrecovered non-operating receivables and intercompany borrowings totaled **42 million yuan**, accounting for **0.14%** of consolidated net assets[100](index=100&type=chunk) Changes in Interest-Bearing Debt Balance (Unit: billion yuan) | Indicator | Beginning of Reporting Period | End of Reporting Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Company's (Non-Consolidated) Interest-Bearing Debt Balance | 133.00 | 135.94 | 2.21 | | Company's Consolidated Interest-Bearing Debt Balance | 142.36 | 147.88 | 3.88 | [Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=39&type=section&id=(V)%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments%20in%20the%20Interbank%20Bond%20Market) The company issued multiple tranches of medium-term notes and short-term commercial papers, totaling **5 billion yuan** with coupon rates ranging from **2.50%** to **5.70%**, all traded in the interbank market Basic Information on Non-Financial Enterprise Debt Financing Instruments (Unit: billion yuan) | Bond Name | Abbreviation | Code | Bond Balance | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Liaoning Chengda Co., Ltd. 2024 First Tranche Medium-Term Note | 24 Liaochengda MTN001 | 102483424.IB | 10.00 | 3.94 | | Liaoning Chengda Co., Ltd. 2023 First Tranche Private Placement Note | 23 Liaochengda PPN001 | 032380606.IB | 2.50 | 5.70 | | Liaoning Chengda Co., Ltd. 2023 Second Tranche Private Placement Note | 23 Liaochengda PPN002 | 032381260.IB | 2.50 | 5.00 | | Liaoning Chengda Co., Ltd. 2024 Third Tranche Short-Term Commercial Paper | 24 Liaochengda CP003 | 042400079.IB | 7.00 | 2.90 | | Liaoning Chengda Co., Ltd. 2025 First Tranche Short-Term Commercial Paper | 25 Liaochengda CP001 | 042500103.IB | 8.00 | 2.50 | | Liaoning Chengda Co., Ltd. 2025 First Tranche Super Short-Term Commercial Paper | 25 Liaochengda SCP001 | 012500417.IB | 6.00 | 3.25 | | Liaoning Chengda Co., Ltd. 2025 Second Tranche Super Short-Term Commercial Paper | 25 Liaochengda SCP002 | 012500423.IB | 6.00 | 2.88 | [Key Accounting Data and Financial Indicators](index=42&type=section&id=(VII)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) At period-end, both the company's current ratio and quick ratio slightly increased, while the asset-liability ratio saw a small rise, with net profit excluding non-recurring gains and losses and interest coverage ratio growing significantly Changes in Key Financial Indicators (Unit: Yuan) | Key Indicator | Current Period End/Current Period (Jan-Jun) | Prior Year End/Prior Period | Reason for Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.03 | 1.01 | Increased by 1.98% | | Quick Ratio | 0.87 | 0.85 | Increased by 2.35% | | Asset-Liability Ratio (%) | 32.61 | 32.31 | Increased by 0.30 percentage points | | Net Profit Excluding Non-Recurring Gains and Losses | 711,851,506.36 | 455,162,341.51 | 56.40% (primarily due to year-on-year increase in investment income from associates) | | Interest Coverage Ratio | 3.52 | 2.45 | 43.67% (primarily due to year-on-year increase in operating profit) | Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and financial risks [Audit Report](index=43&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position and operating results [Consolidated Balance Sheet](index=43&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **49.004 billion yuan**, with net assets attributable to shareholders at **30.050 billion yuan**, and total liabilities at **15.982 billion yuan** Key Data from Consolidated Balance Sheet (as of June 30, 2025, Unit: Yuan) | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total Assets | 49,004,386,682.15 | 47,837,839,312.34 | | Total Equity Attributable to Parent Company Owners | 30,050,119,599.61 | 29,299,302,070.38 | | Total Liabilities | 15,982,388,705.53 | 15,455,279,166.22 | [Parent Company Balance Sheet](index=45&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **41.944 billion yuan**, with total owners' equity at **27.492 billion yuan**, and total liabilities at **14.452 billion yuan** Key Data from Parent Company Balance Sheet (as of June 30, 2025, Unit: Yuan) | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total Assets | 41,944,344,582.00 | 40,353,736,988.18 | | Total Owners' Equity | 27,492,137,549.72 | 26,302,179,467.47 | | Total Liabilities | 14,452,207,032.28 | 14,051,557,520.71 | [Consolidated Income Statement](index=47&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **5.348 billion yuan**, with total profit at **816 million yuan**, and net profit attributable to parent company shareholders at **718 million yuan**, driven by investment income Key Data from Consolidated Income Statement (January-June 2025, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 5,348,104,368.57 | 5,392,923,890.65 | | Total Profit | 816,118,738.72 | 492,715,179.96 | | Net Profit Attributable to Parent Company Shareholders | 717,566,617.13 | 459,437,050.86 | | Investment Income | 1,169,864,176.33 | 745,819,883.21 | | Basic Earnings Per Share (yuan/share) | 0.47 | 0.30 | [Parent Company Income Statement](index=49&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was **2.7809 million yuan**, with net profit at **1.159 billion yuan**, and investment income being the primary source of profit, reaching **1.354 billion yuan** Key Data from Parent Company Income Statement (January-June 2025, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Operating Revenue | 2,780,932.61 | 3,026,098.00 | | Net Profit | 1,159,034,198.20 | 751,170,432.07 | | Investment Income | 1,353,594,269.55 | 955,505,544.24 | [Consolidated Cash Flow Statement](index=51&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **-140 million yuan**, net cash flow from investing activities **-158 million yuan**, and net cash flow from financing activities **74 million yuan**, resulting in a net decrease in cash and cash equivalents of **-224 million yuan** Key Data from Consolidated Cash Flow Statement (January-June 2025, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -139,968,327.17 | -155,568,480.67 | | Net Cash Flow from Investing Activities | -157,541,807.16 | -302,727,733.99 | | Net Cash Flow from Financing Activities | 73,780,153.17 | -231,994,923.67 | | Net Increase in Cash and Cash Equivalents | -223,709,135.17 | -692,501,924.54 | [Parent Company Cash Flow Statement](index=53&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **-179 million yuan**, net cash flow from investing activities **690 million yuan**, and net cash flow from financing activities **14 million yuan**, resulting in a net increase in cash and cash equivalents of **525 million yuan** Key Data from Parent Company Cash Flow Statement (January-June 2025, Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -179,272,328.24 | -319,433,361.71 | | Net Cash Flow from Investing Activities | 689,546,166.66 | 145,300,406.25 | | Net Cash Flow from Financing Activities | 14,088,524.27 | -207,942,089.90 | | Net Increase in Cash and Cash Equivalents | 524,640,075.97 | -382,527,511.39 | [Consolidated Statement of Changes in Owners' Equity](index=55&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, total owners' equity attributable to the parent company increased by **751 million yuan**, minority interests decreased by **111 million yuan**, and total owners' equity increased by **639 million yuan**, mainly due to comprehensive income and profit distribution Consolidated Changes in Owners' Equity (January-June 2025, Unit: Yuan) | Item | Beginning Balance | Amount of Change in Current Period | Period-End Balance | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 29,299,302,070.38 | 750,817,529.23 | 30,050,119,599.61 | | Minority Interests | 3,083,258,075.74 | -111,379,698.73 | 2,971,878,377.01 | | Total Owners' Equity | 32,382,560,146.12 | 639,437,830.50 | 33,021,997,976.62 | [Parent Company Statement of Changes in Owners' Equity](index=57&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity increased by **1.190 billion yuan**, primarily due to comprehensive income and profit distribution Parent Company Changes in Owners' Equity (January-June 2025, Unit: Yuan) | Item | Beginning Balance | Amount of Change in Current Period | Period-End Balance | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 26,302,179,467.47 | 1,189,958,082.25 | 27,492,137,549.72 | [Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Liaoning Chengda Co., Ltd. was established in June 1993 and listed on the Shanghai Stock Exchange in August 1996, with a registered capital of **1,529,709,816.00 yuan** and a broad business scope - Liaoning Chengda Co., Ltd. was established in June 1993 and listed on the Shanghai Stock Exchange in August 1996[143](index=143&type=chunk) - As of the end of the reporting period, the company's registered capital was **1,529,709,816.00 yuan**, with Xu Biao as its legal representative[143](index=143&type=chunk) - The company's business scope includes self-operated and agency import/export of goods and technology, processing with supplied materials, 'three processing and one compensation' business, countertrade and re-export trade, overseas engineering contracting, labor dispatch, agricultural product procurement, fertilizer chain operations, traditional Chinese medicine cultivation, property leasing, warehousing services, and coal wholesale operations[144](index=144&type=chunk) [Basis of Financial Statement Preparation](index=60&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with Enterprise Accounting Standards and relevant CSRC regulations, primarily on a going concern basis, except for one subsidiary - These financial statements are prepared in accordance with the Enterprise Accounting Standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[145](index=145&type=chunk) - Subsidiary Liaoning Chengda Animal Pharmaceutical Co., Ltd. is in a non-going concern state, and its financial statements are prepared using the lower of fair value and cost basis[145](index=145&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period, found no matters affecting its going concern ability, and prepared its financial statements on a going concern basis[146](index=146&type=chunk) [Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing financial statements, covering business combinations, financial instruments, revenue recognition, and deferred income tax, among other key areas - Upon initial recognition, the company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[179](index=179&type=chunk) - The company recognizes loss provisions for financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, lease receivables, loan commitments, and financial guarantee contracts, among others, based on expected credit losses[189](index=189&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the relevant goods or services[264](index=264&type=chunk) - In accordance with relevant regulations, the company accrues safety production fees separately for mining and shale oil production, with mining fees based on open-pit mining volume, and shale oil production fees based on the previous year's actual operating revenue, using a progressive declining method for average monthly accrual[289](index=289&type=chunk) [Taxation](index=103&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, along with high-tech enterprise and R&D expense preferential policies Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 0%, 3%, 6%, 9%-13% | | Urban Maintenance and Construction Tax | 7% or 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2% or 12% | | Corporate Income Tax | 15%, 16.5%, 23.20% | - Liaoning Chengda Bio Co., Ltd. and Beijing Chengda Tianhe Bio-Technology Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[309](index=309&type=chunk)[310](index=310&type=chunk) - Chengda Bio benefits from the R&D expense super deduction policy, allowing **100%** pre-tax deduction for R&D expenses that do not form intangible assets, and **200%** pre-tax amortization for those that do form intangible assets based on cost[311](index=311&type=chunk) [Notes to Consolidated Financial Statement Items](index=105&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on various asset, liability, and owners' equity items in the consolidated financial statements, including monetary funds, accounts receivable, inventories, long-term equity investments, and bonds payable, with period-end balances and changes Period-End Balance of Monetary Funds (Unit: Yuan) | Item | Period-End Balance | | :--- | :--- | | Cash on Hand | 196,400.22 | | Bank Deposits | 5,750,463,129.05 | | Other Monetary Funds | 61,302,286.05 | | Total | 5,811,961,815.32 | - At period-end, restricted monetary funds amounted to **40,513,284.77 yuan**, including **30,004,583.33 yuan** for letter of guarantee deposits, **8,035,215.93 yuan** for bank acceptance bill deposits, **1,973,485.51 yuan** for frozen bank deposits, and **500,000.00 yuan** for Dalian Commodity Exchange OTC platform margin[313](index=313&type=chunk)[405](index=405&type=chunk) Period-End Book Value of Accounts Receivable (Unit: Yuan) | Category | Period-End Book Value | | :--- | :--- | | Provision for Bad Debts Based on Individual Assessment | 57,339,633.30 | | Provision for Bad Debts Based on Portfolio Assessment | 1,767,903,172.68 | | Total | 1,825,242,805.98 | Period-End Book Value of Inventories (Unit: Yuan) | Item | Period-End Book Value | | :--- | :--- | | Goods in Transit | 43,453,860.08 | | Raw Materials | 222,355,621.53 | | Finished Goods | 588,797,104.60 | | Semi-Finished Goods | 766,920,920.48 | | Goods Sent Out | 61,694,717.04 | | Work in Progress | 23,001,641.78 | | Consigned Processing Materials | 18,810,977.88 | | Hedged Items | 16,950,644.86 | | Total | 1,742,001,484.25 | Period-End Book Value of Long-Term Equity Investments (Unit: Yuan) | Investee Company | Period-End Balance (Book Value) | | :--- | :--- | | GF Securities Co., Ltd. | 22,416,878,016.51 | | China United Insurance Group Co., Ltd. | 9,712,312,571.06 | | Huagai Capital Co., Ltd. | 33,851,987.67 | | Chengda Hospital (Dalian) Co., Ltd. | 56,296,928.50 | | Total | 32,276,460,889.63 | Period-End Book Value of Fixed Assets (Unit: Yuan) | Item | Period-End Book Value | | :--- | :--- | | Buildings and Structures | 1,535,959,384.54 | | Machinery and Equipment | 1,083,377,050.46 | | Electronic Equipment | 46,258,459.68 | | Transportation Vehicles | 9,570,960.03 | | Other | 5,265,501.28 | | Total | 2,680,431,355.99 | Period-End Balance of Bonds Payable (Unit: Yuan) | Item | Period-End Balance | | :--- | :--- | | Corporate Bonds | 2,232,345,548.14 | | Medium-Term Notes | 2,088,381,413.67 | | Private Placement Debt Financing Instruments | 504,845,126.27 | | Less: Bonds Payable Due Within One Year | -1,982,428,598.72 | | Total | 2,843,143,489.36 | [R&D Expenses](index=168&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenditure was **193,218,950.38 yuan**, with a portion expensed and a portion capitalized, and significant capitalized projects in Phase III clinical trials R&D Expenses by Nature of Expense (Unit: Yuan) | Item | Current Period Amount | | :--- | :--- | | Material Input | 56,502,923.91 | | Salaries and Benefits | 39,800,228.18 | | Depreciation and Amortization | 63,003,784.96 | | Technical Service Fees | 8,004,361.59 | | Lease Expenses | 528,593.68 | | Other Expenses | 25,379,058.06 | | Total | 193,218,950.38 | | Of which: Expensed R&D Expenditure | 121,438,891.32 | | Capitalized R&D Expenditure | 71,780,059.06 | Significant Capitalized R&D Projects | Project | R&D Progress | Estimated Completion Time | Capitalization Commencement Date | | :--- | :--- | :--- | :--- | | Quadrivalent Influenza Vaccine | Phase III Clinical Trials | 2026 | January 2021 | | Human Diploid Rabies Vaccine | Phase III Clinical Trials | 2026 | July 2022 | | Hib Vaccine | Phase III Clinical Trials | 2028 | December 2022 | [Changes in Consolidation Scope](index=170&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed, with two new wholly-owned overseas subsidiaries included and one subsidiary liquidated and deregistered - In June 2025, subsidiary Liaoning Chengda International Trade Co., Ltd. established two new wholly-owned overseas subsidiaries, Luminous Trading Ltd. and Chengda International Co., Ltd., which were included in the company's consolidation scope[498](index=498&type=chunk) - Subsidiary Liaoning Xindongneng Technology Development Consulting Service Co., Ltd. was liquidated and deregistered on April 1, 2025[498](index=498&type=chunk) [Interests in Other Entities](index=172&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, highlighting significant non-wholly-owned subsidiaries and significant influence over GF Securities and China United Insurance Significant Non-Wholly-Owned Subsidiaries (as of June 30, 2025) | Subsidiary Name | Minority Shareholding Proportion (%) | Profit and Loss Attributable to Minority Shareholders for the Period (yuan) | Period-End Minority Interests Balance (yuan) | | :--- | :--- | :--- | :--- | | Liaoning Chengda International Trade Co., Ltd. | 49.00 | 7,124,015.70 | 63,113,843.33 | | Liaoning Chengda Bio Co., Ltd. | 45.33 | 55,438,951.67 | 4,180,298,212.14 | | Xinjiang Baoming Mining Co., Ltd. | 39.50 | - | -1,298,243,548.31 | - The company has directors appointed to GF Securities and directors and supervisors appointed to China United Insurance, indicating significant influence over both companies[511](index=511&type=chunk) - The company exercises control over Gongqingcheng Chengda Coastal Investment Management Partnership (Limited Partnership) through its subsidiary Chengda Coastal Industry (Dalian) Fund Management Co., Ltd., and includes it in the consolidation scope[502](index=502&type=chunk) [Government Grants](index=178&type=section&id=XI.%20Government%20Grants) During the reporting period, total government grants recognized in current profit and loss amounted to **9,592,233.96 yuan**, comprising asset-related and income-related grants, with a period-end balance of **96,026,603.82 yuan** in deferred income from government grants Government Grants Recognized in Current Profit and Loss (Unit: Yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-Related | 5,717,940.96 | 5,720,640.96 | | Income-Related | 3,874,293.00 | 3,803,709.26 | | Total | 9,592,233.96 | 9,524,350.22 | Liability Items Involving Government Grants (Unit: Yuan) | Financial Statement Item | Beginning Balance | Amount Recognized in Non-Operating Income for Current Period | Transferred to Other Income in Current Period | Period-End Balance | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 101,744,544.78 | 298,083.36 | 5,419,857.60 | 96,026,603.82 | [Risks Related to Financial Instruments](index=179&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company primarily faces credit, liquidity, and market risks, managed through various policies and hedging activities, with an asset-liability ratio of **32.61%** and a current ratio of **1.03** at the end of the reporting period - The company's main financial instruments include monetary funds, financial assets held for trading, accounts receivable, other non-current financial assets, short-term borrowings, financial liabilities held for trading, accounts payable, long-term borrowings, and bonds payable[520](index=520&type=chunk) - The main risks that the company's financial instruments may lead to are credit risk, liquidity risk, and market risk[520](index=520&type=chunk) Liquidity Risk Indicators (as of June 30, 2025) | Indicator | Value | | :--- | :--- | | Asset-Liability Ratio | 32.61% | | Current Ratio | 1.03 | - As of June 30, 2025, assuming a **10%** appreciation or depreciation of RMB against foreign currencies (primarily USD, EUR, HKD, and JPY) for the company's foreign currency-denominated monetary funds, accounts receivable, and accounts payable, while other factors remain constant, both the company's shareholders' equity and net profit would increase or decrease by approximately **28.9192 million yuan**[526](index=526&type=chunk) - As of June 30, 2025, if the interest rate for floating-rate borrowings were to increase or decrease by **50 basis points**, while other factors remained constant, the company's interest expense would increase or decrease by **36.5196 million yuan**[527](index=527&type=chunk) [Fair Value Disclosure](index=183&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses the period-end fair values of the company's assets and liabilities measured at fair value, classified by fair value hierarchy, with total assets continuously measured at fair value amounting to **1,691,400,446.41 yuan** Period-End Fair Value of Assets and Liabilities Measured at Fair Value (Unit: Yuan) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | Total Assets Continuously Measured at Fair Value | 27,864,402.25 | 200,446.00 | 1,663,335,598.16 | 1,691,400,446.41 | | Total Liabilities Continuously Measured at Fair Value | 46,652.00 | - | - | 46,652.00 | - The market price for the company's Level 1 fair value measurement items is the unadjusted quoted price for identical assets or liabilities in active markets[535](index=535&type=chunk) - Derivative financial assets and liabilities continuously measured at Level 2 fair value primarily consist of the company's forward foreign exchange contracts and bank acceptance bills measured at fair value[536](index=536&type=chunk) - Financial assets held for trading and debt instrument investments continuously measured at Level 3 fair value primarily comprise the company's wealth management products, while equity instrument investments mainly consist of the company's unlisted equity investments[537](index=537&type=chunk) [Related Parties and Related Party Transactions](index=185&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Shaoguan Gaoteng Enterprise Management Co., Ltd., but the company has no actual controller; related party transactions included wealth management product purchases and guarantees for subsidiaries, with key management personnel compensation totaling **7.8026 million yuan** - The company's controlling shareholder, Shaoguan Gaoteng, is a wholly-owned subsidiary of Guangdong Private Investment Co., Ltd., which has no controlling shareholder or actual controller, thus the company has no actual controller[540](index=540&type=chunk) - During the reporting period, the company's subsidiaries Liaoning Chengda Bio Co., Ltd. and Shenzhen Chengda Bio Investment Co., Ltd. purchased wealth management products from associate GF Securities Co., Ltd., totaling **220 million yuan**[550](index=550&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk)[553](index=553&type=chunk) Company as Guarantor for Subsidiaries (Unit: Yuan) | Guaranteed Party | Guarantee Amount | | :--- | :--- | | Chengda Hengrun (Dalian Free Trade Zone) Co., Ltd. | 60,000,000.00 | | Liaoning Chengda Trade Development Co., Ltd. | 200,000,000.00 | | Liaoning Chengda International Trade Co., Ltd. | 504,605,000.00 | | Liaoning Chengda Steel Trade Co., Ltd. | 735,000,000.00 | | Shanghai Chengji International Trade Co., Ltd. | 30,000,000.00 | Key Management Personnel Compensation (Unit: ten thousand yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Key Management Personnel Compensation | 780.26 | 498.43 | [Commitments and Contingencies](index=191&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the balance sheet date, the company has significant external commitments, including capital contribution commitments to two entities, with **570,000,000.00 yuan** and **15,000,000.00 yuan** respectively remaining unpaid - The company planned to subscribe **600,000,000.00 yuan** to Chengda Coastal Industry (Dalian) Fund (Limited Partnership), with **30,000,000.00 yuan** already contributed as of June 30, 2025, and a remaining commitment of **570,000,000.00 yuan**[558](index=558&type=chunk) - The company subscribed **30,000,000.00 yuan** to Huagai Capital Co., Ltd., with **15,000,000.00 yuan** already contributed as of June 30, 2025, and a remaining commitment of **15,000,000.00 yuan**[558](index=558&type=chunk) [Events After the Balance Sheet Date](index=192&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company completed the redemption and issuance of various debt instruments, and implemented its 2024 profit distribution, paying a cash dividend of **30,446,318.56 yuan** to all shareholders - The 2024 second tranche short-term commercial paper (**600 million yuan**) matured and was fully redeemed with principal and interest on July 5, 2025[560](index=560&type=chunk) - The 2025 first tranche short-term commercial paper (**800