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

辽宁成大股份有限公司 董事会审计委员会工作细则 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 公司董事会审计委员会的运作，根据《中华人民共和国公司法》《中华人民共和 国证券法》《企业内部控制基本规范》《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》《上市公司审计委员会 工作指引》《上市公司独立董事管理办法》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 审计委员会是董事会根据《公司章程》 规定而设立的专门工作机构， 主要负责审核公司财务信息及其披露、监督及评估内外部审计工作和内部控制， 并行使《公司法》规定的监事会职权。 第三条 审计委员会成员须保证足够的时间和精力履行委员会的工作职责，勤 勉尽责，切实有效地监督、评估公司的内外部审计工作,促进公司建立有效的内部 控制并提供真实、准确、完整的财务报告。 第四条 公司审计合规部为审计委员会的日常办事机构，对董事会负责，向审 计委员会报告工作，负责审计委员会的工作联络、会议组织、材料准备和档案管 理 ...

辽宁成大股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全辽宁成大股份有限公司（以下简称"公司"）董 事及高级管理人员的考核和薪酬管理制度，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，制定本细则。 第二条 薪酬与考核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。 第三条 本细则所称薪酬是指公司发放的酬金，包括但不限于年薪、奖金及 其他福利待遇。本细则所称董事是指在公司领取薪酬的董事，高级管理人员是指 董事会聘任的总裁、副总裁、董事会秘书、财务总监等董事会认定的高级管理人 员。 第二章 人员组成 第四条 薪酬与考核委员会成员由三至五名董事组成，独立董事占过半数。 第五条 薪酬与考核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。 第六条 薪酬与考核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 ...

董事和高级管理人员离任管理制度 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"）董事、高级 管理人员的离任管理，确保公司治理结构的稳定性和连续性，保障公司及股东的 合法权益，公司根据《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》《上海证券交易所股票上市规则》《辽宁成大股份有 限公司章程》（以下简称"《公司章程》"）等有关规定，结合公司实际情况， 制定本制度。 第二条 本制度适用于公司董事、高级管理人员因任期届满、辞职或者辞 任、被解除职务或其他原因离任的情形。 本制度所称高级管理人员是指《公司章程》规定的公司高级管理人员。 第三条 公司董事、高级管理人员离任管理应遵循以下原则： 辽宁成大股份有限公司 （三）平稳过渡原则：确保董事、高级管理人员离任不影响公司正常经营和 治理结构的稳定性； （四）保护股东权益原则：维护公司及全体股东的合法权益。 第二章 离任情形与程序 第四条 董事、高级管理人员可以在任期届满以前辞任。董事、高级管理 人员辞任应提交书面报告，董事辞任的，自公司收到辞职报告之日生效，高级管 理人员辞任的，自董事会收到辞职报告时生效。公司将在两个交易 ...

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。 第二条 董事会应当按照上海证券交易所相关规则要求以及本制度规定及时 登记和报送内幕信息知情人档案，并保证内幕信息知情人档案真实、准确和完整， 董事长为主要责任人。董事会秘书为公司内幕信息知情人登记备案的工作负责人， 负责办理公司内幕信息知情人的登记入档和报送事宜。董事会办公室为公司内幕 信息知情人的监督、管理、登记、披露及备案的日常工作部门。董事长与董事会 秘书应当对内幕信息知情人档案的真实、准确和完整签署书面确认意见。 第三条 未经董事会批准同意，公司任何部门和个人不 ...

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信 ...

辽宁成大股份有限公司 信息披露暂缓与豁免业务内部管理制度 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"）信息披露暂 缓、豁免行为，督促公司依法合规地履行信息披露义务，根据《上市公司信息披 露暂缓与豁免管理规定》《上海证券交易所股票上市规则》（以下简称《上市规 则》）等法律法规、自律规则及《辽宁成大股份有限公司章程》（以下简称"《公 司章程》"）、《辽宁成大股份有限公司信息披露事务管理制度》（以下简称"《信 息披露管理制度》"）等公司制度规定，并结合公司实际情况制定本制度。 第二条 公司按照《上市规则》及其他相关法律法规、规范性文件的规定， 暂缓、豁免披露临时报告，在定期报告、临时报告中豁免披露中国证券监督管理 委员会（以下简称"中国证监会"）和上海证券交易所规定或者要求披露的内容， 适用本制度。 第三条 公司应当真实、准确、完整、及时、公平地披露信息，不得滥用 暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交易、操纵市 场等违法行为。 第二章 暂缓、豁免披露信息的范围及条件 第四条 公司应当审慎确定信息披露暂缓、豁免事项，履行内部审核程序 后实施。暂缓、豁免事项的范围原则上应 ...

（二）薪酬水平与岗位价值高低、履行责任义务大小相符； （三）薪酬水平与公司持续稳定、健康发展的目标相符； （四）薪酬标准与绩效考核结果挂钩，个人收入与公司效益挂钩。 辽宁成大股份有限公司 董事及高级管理人员薪酬管理制度 第一条 为进一步完善公司董事与高级管理人员的薪酬管理，建立科学有效 的激励与约束机制，有效调动公司董事与高级管理人员的工作积极性，提升公司 的经营效益和管理水平，依据国家相关法律、法规的规定及《辽宁成大股份有限 公司章程》（以下简称"《公司章程》"），特制定本薪酬管理制度。 第二条 本制度适用于：公司董事、总裁、副总裁、财务总监、董事会秘书 及由总裁提请董事会认定的其他高级管理人员。 第三条 公司薪酬制度遵循以下原则： （一）薪酬水平与公司的规模、业绩密切相关，同时与外部市场薪酬水平相符； 第四条 薪酬与考核委员会负责提出董事、高级管理人员的薪酬计划与方案， 其中董事薪酬计划报董事会同意后，提交股东会审议通过，方可实施；高级管理 人员的薪酬分配方案，报董事会审批后，方可实施。 第五条 薪酬与考核委员会的职责与权限依据为《辽宁成大股份有限公司董 事会薪酬与考核委员会工作细则》。 第六条 外部董事 ...

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 时间和精 ...

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。 第五条 战略委员会设主任委员一名，由公司董事长担任。 第六条 战略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 ...