Core Viewpoint - The report highlights the financial performance and operational updates of Cathay Biotech for the first half of 2025, showcasing growth in revenue and net profit, alongside advancements in product development and market expansion in the biomanufacturing sector. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 1.67 billion RMB, representing a 15.68% increase compared to the same period last year [5] - The total profit amounted to approximately 342 million RMB, reflecting a 21.81% increase year-on-year [5] - The net profit attributable to shareholders was approximately 309 million RMB, marking a 24.74% increase compared to the previous year [5] - The company's total assets increased by 25.23% year-on-year, reaching approximately 23.82 billion RMB [5] Business Overview - Cathay Biotech specializes in the research, production, and sales of new bio-based materials, leveraging synthetic biology and biomanufacturing technologies [6] - The company has an annual production capacity of 115,000 tons for bio-based long-chain dicarboxylic acids, with ongoing projects to expand production capabilities [6] - The bio-based diamine production capacity is 50,000 tons annually, primarily used for producing bio-based polyamides [6] - The company is also developing bio-based nitrogen-containing heterocyclic compounds, which are expected to replace traditional petroleum-based products [6] Industry Context - The biomanufacturing industry is gaining traction due to increasing environmental concerns and the need for sustainable alternatives to fossil fuels [7] - The Chinese government has initiated several policies to promote the development of the bio-economy, including the integration of biotechnology and information technology [8] - The industry is positioned as a strategic emerging sector, with a focus on innovation and sustainability, aiming to achieve competitive parity with fossil-based products by 2025 [8]

Core Insights - The report summarizes the financial performance of Cathay Biotech for the first half of 2025, highlighting significant growth in total assets, revenue, and net profit [1]. Financial Performance - Total assets increased to ¥23.82 billion, up 25.23% from ¥19.02 billion at the end of the previous year [1]. - Operating revenue reached ¥1.67 billion, reflecting a 15.68% increase compared to ¥1.44 billion in the same period last year [1]. - Total profit amounted to ¥342.11 million, a rise of 21.81% from ¥280.87 million year-on-year [1]. - Net profit attributable to shareholders was ¥296.45 million, marking a 23.67% increase from ¥239.71 million in the previous year [1]. Shareholder Information - The total number of shareholders as of the report date was 11,714 [2]. - Major shareholders include Shanghai Yaoxiu Biotechnology Partnership (35.29% ownership) and Cathay Industrial Biotech Ltd. [3]. Research and Development - The report indicates a focus on R&D, although specific percentages or figures related to R&D investment as a proportion of revenue were not provided in the excerpts [2].

Fundraising Overview - The company raised a total of RMB 5,560,621,023.10 from its initial public offering in 2019, after deducting underwriting and advisory fees, resulting in a net amount of RMB 5,279,993,815.60 [1] - In 2023, the company raised RMB 5,918,968,112.35 from a targeted issuance of A-shares, with a net amount of RMB 5,914,724,993.63 after deducting related fees [2] Fund Utilization and Balance - For the 2019 IPO, the net amount raised was RMB 529,407.39 million, with total project investments amounting to RMB 542,500.59 million, resulting in a balance of RMB 15,411.90 million as of the end of the reporting period [3] - In 2023, the net amount raised was RMB 591,750.40 million, with total project investments reaching RMB 592,079.80 million, indicating a balance of RMB 329.40 million [3] Fund Management Practices - The company has established a dedicated management system for the raised funds, adhering to relevant laws and regulations, and has implemented a special account storage system for the funds [6][10] - The company signed multiple tripartite supervision agreements with banks and underwriters to ensure proper management and usage of the raised funds [7][10] Fund Storage Status - As of June 30, 2025, the special accounts for the 2019 IPO have been fully utilized and closed [10] - The special accounts for the 2023 targeted issuance are also set to be closed following the completion of the relevant projects [11] Actual Use of Funds - The company has reported that the funds raised have been utilized in accordance with the planned investment projects, with detailed usage outlined in attached tables [12][15] - Any surplus funds from the projects have been permanently allocated to supplement working capital for daily operations [12][15]

Core Viewpoint - The board of Shanghai Kaisa Biotechnology Co., Ltd. held its 34th meeting on August 15, 2025, where several key resolutions were passed regarding the company's half-year report, fundraising usage, and stock incentive plans [1][2][3][4][5] Group 1: Board Meeting Details - The board meeting was legally convened with all 9 directors present, and it was chaired by Xiucai Liu [1] - The meeting adhered to the relevant laws and regulations, ensuring its validity [1] Group 2: Half-Year Report - The board approved the full and summary version of the 2025 half-year report, which complies with the disclosure regulations [2] - The voting results for this resolution were unanimous, with 9 votes in favor [2] Group 3: Fundraising Report - The board also approved a special report on the storage and usage of fundraising for the first half of 2025, in accordance with regulatory requirements [2] - This resolution also received unanimous support with 9 votes in favor [2] Group 4: Stock Incentive Plans - The board resolved to invalidate 136,430 shares from the 2020 stock incentive plan due to unmet performance conditions [3] - The voting results for this resolution were unanimous, with 9 votes in favor [3] Group 5: Adjustment of Stock Incentive Price - The board approved an adjustment of the grant price for the 2022 stock incentive plan from 56.45 yuan per share to 56.05 yuan per share [4] - This resolution received 8 votes in favor, with one director abstaining [4] Group 6: Additional Stock Incentive Invalidations - The board also invalidated 698,810 shares from the 2022 stock incentive plan due to unmet performance conditions [5] - This resolution received 8 votes in favor, with one director abstaining [5] Group 7: Performance Improvement Action Plan - The board approved the half-year evaluation report of the 2025 quality improvement and return action plan, which aims to enhance shareholder value [5] - This resolution received unanimous support with 9 votes in favor [5]

Core Viewpoint - The supervisory board of Shanghai Kasei Biotechnology Co., Ltd. held a meeting to review and approve the company's 2025 semi-annual report and related proposals, ensuring compliance with legal and regulatory requirements [1][2][3][4][5] Group 1: Supervisory Board Meeting - The meeting was convened on August 15, 2025, with all three members present, confirming the legality and validity of the resolutions made [1] - The supervisory board confirmed that the 2025 semi-annual report and its summary were prepared in accordance with relevant laws and internal regulations, ensuring the information disclosed is true, accurate, and complete [1][2] Group 2: Fund Management and Usage - The board approved the special report on the storage and usage of raised funds for the first half of 2025, confirming compliance with regulatory requirements and proper management of the funds [2][3] - The company ensured that the raised funds were stored in dedicated accounts and used for specified purposes, with no violations reported [2] Group 3: Stock Incentive Plans - The board approved the cancellation of unvested restricted stock from the 2020 incentive plan, confirming that the action complies with relevant laws and does not harm the interests of the company or its shareholders [3][4] - The board also approved an adjustment to the grant price of the 2022 restricted stock incentive plan from 56.45 yuan per share to 56.05 yuan per share, ensuring the adjustment followed legal procedures [4][5] - Additionally, the board approved the cancellation of unvested restricted stock from the 2022 incentive plan, affirming compliance with applicable regulations [5]

Core Viewpoint - The company has announced the cancellation of certain unvested restricted stock from the 2020 incentive plan due to unmet performance criteria, which will not significantly impact its financial status or operational stability [1][8]. Group 1: Announcement Details - The board of directors has approved the proposal to cancel unvested restricted stock from the 2020 incentive plan [1][6]. - The company has followed the necessary decision-making procedures and disclosed relevant information regarding the incentive plan [1][2]. - The independent directors have provided their opinions on the related proposals [2][4]. Group 2: Performance Criteria - The performance targets for the fourth vesting period and the third reserved grant period required a revenue growth rate of at least 186% and a net profit growth rate of at least 186% for full vesting [6][7]. - The company's 2024 revenue was reported at 2,957.91 million, reflecting a 97.56% increase compared to 2020, while the net profit was 483.89 million, showing a 5.62% increase [7]. Group 3: Impact of Cancellation - The cancellation of the unvested restricted stock will not have a significant impact on the company's financial condition or operational performance [8]. - The cancellation marks the conclusion of the 2020 restricted stock incentive plan [8]. Group 4: Compliance and Legal Opinions - The cancellation of the unvested restricted stock complies with relevant laws and regulations, ensuring no harm to the company or shareholders [8]. - Legal opinions confirm that the necessary authorizations and approvals for the cancellation have been obtained [8].

Core Viewpoint - The company has announced adjustments to the grant price of its 2022 restricted stock incentive plan and the cancellation of certain unvested restricted stocks, following the completion of its annual profit distribution plan [1][5][8]. Summary by Sections Decision Process and Disclosure - The company has followed the necessary decision-making procedures and disclosed relevant information regarding the 2022 restricted stock incentive plan, including independent opinions from the board of directors [1][2][3]. Adjustments and Results - The grant price for the 2022 restricted stock incentive plan has been adjusted from 56.45 yuan per share to 56.05 yuan per share due to the implementation of a cash dividend distribution of 4.00 yuan per 10 shares [5][6][8]. - The adjustment is in accordance with the regulations outlined in the "Management Measures for Equity Incentives of Listed Companies" and the 2022 incentive plan [5][8]. Cancellation of Restricted Stocks - A total of 69.881 million shares of unvested restricted stocks will be canceled due to the company not meeting the performance conditions required for vesting [7][8]. - The performance conditions included a minimum revenue growth rate of 186% for the first vesting period and 107% for the second vesting period, which were not achieved [6][7]. Impact on the Company - The adjustments to the grant price and the cancellation of unvested restricted stocks are not expected to have a significant impact on the company's financial status or operational stability [8]. Supervisory Board Opinion - The supervisory board has agreed that the adjustments to the grant price and the cancellation of unvested stocks comply with relevant laws and regulations, and do not harm the interests of the company or its shareholders [8][9].

Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that the cancellation of certain unvested restricted stock awards under the 2020 incentive plan of Shanghai Kaisa Biotechnology Co., Ltd. has obtained the necessary authorizations and approvals, complying with relevant regulations [1][7][8]. Group 1: Authorization and Approval - The legal opinion is based on the compliance with the Securities Law, Company Law, and relevant regulations regarding the incentive plan [1][2]. - The company has held multiple meetings to review and approve the necessary resolutions related to the incentive plan and the cancellation of unvested stocks [3][4][5][6]. Group 2: Cancellation of Restricted Stocks - The company is required to cancel 97,650 shares of the first grant's fourth vesting period and 38,780 shares of the reserved grant's third vesting period due to unmet performance conditions [8]. - The total number of restricted stocks to be canceled amounts to 136,430 shares, which does not require further shareholder approval as per the board's authorization [8][7]. Group 3: Performance Conditions - The performance targets for the fourth vesting period and the third reserved grant period were not met, with required revenue growth rates of 186% and 107% respectively [8]. - The company's 2024 revenue was reported at 2,957.91 million yuan, a 97.56% increase from 2020, while the net profit was 483.89 million yuan, a 5.62% increase from 2020, indicating that the performance conditions were not satisfied [8].

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the adjustments to the 2022 restricted stock incentive plan and the cancellation of certain unvested restricted stocks have obtained the necessary authorizations and approvals, complying with relevant regulations [1][10]. Group 1: Authorization and Approval - The company has received necessary authorizations for the 2022 restricted stock incentive plan through various resolutions, including those from the independent directors and the supervisory board [3][5]. - The supervisory board has verified and issued opinions on the relevant matters of the 2022 incentive plan [4][5]. Group 2: Adjustment Details - The adjustment to the grant price of the restricted stock was necessitated by a cash dividend distribution of 4.00 yuan per 10 shares, which has been implemented [6][7]. - The adjusted grant price for the restricted stock is calculated to be 56.05 yuan per share after accounting for the dividend [7][8]. Group 3: Cancellation of Restricted Stocks - The company must cancel 69.881 million shares of unvested restricted stocks due to not meeting the performance conditions set for the third vesting period and the second vesting period of the reserved grants [8][9]. - The performance conditions required a revenue growth rate of at least 186% and a net profit growth rate of at least 186% for the first grant, and 107% for the reserved grant, which were not met [8][9].

上海凯赛生物技术股份有限公司 2025 年度提质增效重回报专项行动方案 半年度评估报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 为践行"以投资者为本"的上市公司发展理念，维护上海凯赛生物技术股份 有限公司（以下简称"公司"）全体股东利益，实履行社会责任，公司于 2025 年 4 月 22 日发布了《2025 年度提质增效重回报行动方案》（以下简称"行动方 案"）。2025 年上半年，公司根据行动方案积极落实相关举措并认真评估实施效 果，公司于 2025 年 8 月 15 日召开了第二届董事会第三十四次会议审议通过了《关 于公司 2025 年度提质增效重回报专项行动方案的半年度评估报告》，现将行动方 案半年度实施情况报告如下： 一、聚焦主营业务，提升经营质量 报告期内，公司始终坚持以年初确立的发展战略，通过持续优化管理机制、 强化研发创新力度、完善生产流程体系，实现了经营效能的全面提升。在市场拓 展方面，公司保持稳健推进态势，携手下游客户积极开拓市场应用领域。得益于 全体员工的辛勤付出与不懈努力，公司在提质增效方面取 ...