Group 1 - Dongcai Technology's high-speed electronic resin has gained attention due to the rising demand in the high-end server industry, benefiting from the development of artificial intelligence and computing power upgrades [1] - The company's products, including various types of resins, have been successfully supplied to major server systems of leading companies such as NVIDIA, Huawei, Apple, and Intel, marking a new growth point for the company [1] Group 2 - Shangwei New Materials announced that 60 days have passed since the offer acquisition notice, and Zhiyuan Hengyue has deposited 232 million yuan as a performance guarantee, currently working on compliance confirmation and share transfer procedures [2] - The acquisition offer remains unconfirmed and carries uncertainty [2] Group 3 - Tianpu Co., Ltd. will hold an investor briefing on September 16, 2025, to discuss matters related to the transfer of control, with participation from the chairman, financial director, independent directors, and financial advisors [3] Group 4 - Zhongchao Holdings signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to collaborate on technology and industrial applications in intelligent robotics and aerospace lightweight alloy casting [4] Group 5 - Juguang Technology's controlling shareholder and actual controller, along with their concerted actions, reduced their holdings by 868,821 shares, decreasing their total shareholding from 16.70% to 15.73% [5] Group 6 - Huakang Clean has won a medical service construction project with a bid price of 131 million yuan [7] - Guodun Quantum plans to sign a sales contract with China Telecom Quantum Group [7]

毕得医药(688073.SH)发布公告，因股东自身流动性需求，股东李怡静、陈俊、李黎、杜鹃、李爱飞、 耿勇、蒋亚妹计划根据市场情况拟于本减持计划披露之日起3个交易日后的3个月内通过集中竞价方式减 持其所持有的公司股份，减持数量不超过公司总股本的1%。 ...

智通财经APP讯，毕得医药(688073.SH)发布公告，因股东自身流动性需求，股东李怡静、陈俊、李 黎、杜鹃、李爱飞、耿勇、蒋亚妹计划根据市场情况拟于本减持计划披露之日起3个交易日后的3个月内 通过集中竞价方式减持其所持有的公司股份，减持数量不超过公司总股本的1%。 ...

Core Viewpoint - Bid Pharma (688073.SH) announced a share reduction plan by several shareholders due to their liquidity needs, with a total reduction not exceeding 1.00% of the company's total share capital [1] Shareholder Reduction Details - Shareholder Li Yijing plans to reduce up to 227,854 shares, representing 0.25% of the total share capital [1] - Shareholder Chen Jun plans to reduce up to 136,395 shares, representing 0.15% of the total share capital [1] - Shareholder Li Li plans to reduce up to 136,395 shares, representing 0.15% of the total share capital [1] - Shareholder Du Juan plans to reduce up to 136,395 shares, representing 0.15% of the total share capital [1] - Shareholder Li Aifei plans to reduce up to 131,836 shares, representing 0.15% of the total share capital [1] - Shareholder Geng Yong plans to reduce up to 91,265 shares, representing 0.10% of the total share capital [1] - Shareholder Jiang Yamei plans to reduce up to 47,960 shares, representing 0.05% of the total share capital [1] Implementation Timeline - The reduction will occur within three months starting from three trading days after the announcement of the reduction plan, with prices determined by market conditions at the time of the reduction [1]

Group 1 - The core point of the news is that shareholders of Bid Pharma plan to reduce their holdings due to personal liquidity needs, with a total reduction not exceeding 1% of the company's total share capital [1] - Specific reduction details include: Li Yijing plans to reduce up to approximately 227,900 shares (0.25% of total share capital), Chen Jun up to approximately 136,400 shares (0.15%), Li Li up to approximately 136,400 shares (0.15%), Du Juan up to approximately 136,400 shares (0.15%), Li Aifei up to approximately 131,800 shares (0.15%), Geng Yong up to approximately 91,300 shares (0.1%), and Jiang Yamei up to approximately 48,000 shares (0.05%) [1] - The reduction price will be determined based on the market price at the time of the actual implementation [1] Group 2 - For the year 2024, Bid Pharma's revenue composition is entirely from the research and experimental development industry, accounting for 100% [2] - As of the latest report, Bid Pharma has a market capitalization of 6.4 billion yuan [3]

证券代码：688073 证券简称：毕得医药 公告编号：2025-078 上海毕得医药科技股份有限公司 关于 2025 年半年度报告的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海毕得医药科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日 在上海证券交易所网站（www.sse.com.cn）披露了《2025 年半年度报告》，经事 后核查，未准确填报募集资金使用进展说明。公司董事会及管理层高度重视，第 一时间组织财务人员进一步核查及确认，并对相关数据予以更正，具体更正信息 如下： 一、更正内容 1、"第五节重要事项"之"十二、募集资金使用进展说明"之"（一）募集 资金整体使用情况"。 单位：万元 | | | | | | | | | 截至 | 截至 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 报告 | 报告 | | | | | ...

证券代码：688073 证券简称：毕得医药 公告编号：2025-080 上海毕得医药科技股份有限公司 2025 半年度募集资金存放与使用情况的专项报告（修订版） 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。 根据中国证券监督管理委员会《关于同意上海毕得医药科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]1885 号），公司首次向社会公开发 行人民币普通股（A 股）股票 1,622.9100 万股，每股面值 1.00 元，每股发行价 88.00 元。共计募集资金 1,428,160,800.00 元，扣除不含税承销和保荐费用 92,830,452.00 元（税款 5,569,827.12 元由公司以自有资金承担）后的募集资金为 1,335,330,348.00 元，已由主承销商海通证券股份有限公司于 2022 年 9 月 29 日 汇入本公司募集资金监管账户。另减除申报会计师费、律师费、用于本次发行的 信息披露费、发行手续费用及其他等与发行权益性证券直接相关的新增外部费用 26,331,482.94 元 ...

一、更正内容 1、《2025 年半年度募集资金存放与使用情况的专项报告》之"一、募集资 金基本情况"之"（二）本年度使用金额及结余情况" 更正前： 上海毕得医药科技股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海毕得医药科技股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日 在上海证券交易所网站（www.sse.com.cn）披露了《2025 年半年度募集资金存放 与使用情况的专项报告》，经事后核查，本报告有部分内容存在错误。公司董事 会及管理层高度重视，第一时间组织财务人员进一步核查及确认，并对相关数据 予以更正，具体更正信息如下： 证券代码：688073 证券简称：毕得医药 公告编号：2025-079 截至 2025 年 06 月 30 日，结余募集资金（含利息收入扣除银行手续费的净 额）余额为 8,530.62 万元（其中：募集资金专户余额 929.90 万元；银行 7 天通 知存款和定期存款余额 7,600.72 ...

格隆汇9月12日丨毕得医药(688073.SH)公布，因股东自身流动性需求，股东李怡静、陈俊、李黎、杜 鹃、李爱飞、耿勇、蒋亚妹计划根据市场情况拟于本减持计划披露之日起3个交易日后的3个月内通过集 中竞价方式减持其所持有的公司股份，减持数量不超过公司总股本的1.00%。其中，李怡静减持公司股 份数量不超过227,854股，即不超过公司总股本的0.25%；陈俊减持公司股份数量不超过136,395股，即 不超过公司总股本的0.15%；李黎减持公司股份数量不超过136,395股，即不超过公司总股本的0.15%； 杜鹃减持公司股份数量不超过136,395股，即不超过公司总股本的0.15%；李爱飞减持公司股份数量不超 过131,836股，即不超过公司总股本的0.15%；耿勇减持公司股份数量不超过91,265股，即不超过公司总 股本的0.10%。蒋亚妹减持公司股份数量不超过47,960股，即不超过公司总股本的0.05%。减持价格将按 照减持实际实施时的市场价格确定。 ...

Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information, key financial performance, and non-recurring items, highlighting strong profit growth despite a decrease in operating cash flow [Company Basic Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shanghai Bide Pharmaceutical Technology Co., Ltd. (Bide Pharma) is a company listed on the STAR Market of the Shanghai Stock Exchange, stock code 688073, primarily engaged in pharmaceutical technology with Dai Lan as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | Shanghai Bide Pharmaceutical Technology Co., Ltd. | | Chinese Abbreviation | Bide Pharma | | Stock Code | 688073 | | Listing Exchange | Shanghai Stock Exchange STAR Market | | Legal Representative | Dai Lan | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved strong performance growth, with operating revenue increasing by 17.91% year-on-year and net profit attributable to shareholders surging by 41.60%, primarily due to increased revenue and effective cost control, though operating cash flow decreased significantly due to business expansion Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 627,526,589.12 | 532,207,309.99 | 17.91 | | Net Profit Attributable to Shareholders | 73,406,059.54 | 51,839,064.55 | 41.60 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 59,163,606.01 | 48,256,312.13 | 22.60 | | Net Cash Flow from Operating Activities | 16,112,188.59 | 89,677,429.18 | -82.03 | | **Asset Status** | **Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Period-End vs. Prior Year-End Change (%)** | | Total Assets | 2,530,189,768.10 | 2,418,035,118.40 | 4.64 | | Net Assets Attributable to Shareholders | 1,948,725,654.19 | 2,027,122,463.64 | -3.87 | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.84 | 0.58 | 44.83 | | Weighted Average Return on Net Assets (%) | 3.60 | 2.52 | Increased by 1.08 percentage points | | R&D Investment as % of Operating Revenue | 4.78 | 5.65 | Decreased by 0.87 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **14.24 million yuan**, primarily comprising government subsidies recognized in current profit and loss and fair value changes from holding and disposing of financial assets Details of Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit and loss | 9,655,087.56 | | Gains/losses from holding and disposing of financial assets/liabilities | 7,265,175.10 | | Gains/losses from disposal of non-current assets | 330,567.88 | | Other non-operating income and expenses | 226,535.89 | | **Total** | **17,477,366.43** | | Less: Income tax impact | 3,234,912.90 | | **Total after tax** | **14,242,453.53** | [Net Profit Excluding Share-based Payment Impact](index=10&type=section&id=%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) Excluding the impact of share-based payment expenses, the company's net profit for the reporting period was **89.68 million yuan**, a significant increase of **70.60%** from the prior year, better reflecting core business profitability Net Profit Comparison Excluding Share-based Payment Impact | Period | Net Profit Excluding Share-based Payment Impact (Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Current Period (Jan-Jun) | 89,679,870.74 | 70.60 | | Prior Year Period | 52,566,039.57 | - | Management Discussion and Analysis This section details the company's industry, main business operations, operating performance, core competencies, R&D progress, and key risk factors, providing a comprehensive overview of its strategic positioning and operational dynamics [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a high-tech enterprise focused on the upstream of the new drug R&D value chain, specializing in the R&D, production, and sales of drug molecular building blocks and scientific reagents, serving global new drug R&D institutions with a vast product portfolio - Company's core business involves drug molecular building blocks and scientific reagents, serving critical stages of new drug R&D, with clients including multinational pharmaceutical companies like Roche, Merck, Pfizer, and CROs like Wuxi AppTec[31](index=31&type=chunk)[33](index=33&type=chunk) Global Drug R&D and Molecular Building Blocks Market Forecast | Market | 2024 Market Size | Annual Growth Rate | 2028/2029 Forecast | | :--- | :--- | :--- | :--- | | Global Drug R&D Investment | 147.7 billion USD | 7.9% | > 200 billion USD (2028) | | Global Molecular Building Blocks | 51.5 billion USD | 3.4% | > 60 billion USD (2029) | [Explanation of Main Business Operations](index=10&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business is divided into molecular building blocks and scientific reagents, offering a comprehensive "basic material library" for drug R&D with extensive inventory and custom synthesis capabilities, alongside specialized reagents for target validation and synthesis optimization - Molecular building blocks business offers nearly a million products, with over **140,000 items in stock**, meeting customer demands for "massive screening, rapid supply, and customized empowerment"[32](index=32&type=chunk)[36](index=36&type=chunk) - Scientific reagents business features active small molecule compounds for target validation and catalysts/ligands for precise control in drug synthesis[37](index=37&type=chunk)[39](index=39&type=chunk) [Company's Industry Overview](index=12&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the molecular building blocks and scientific reagents industry, closely tied to global drug R&D investment, with significant market sizes projected for both segments and increasing market share for Chinese enterprises amidst stratified competition Related Industry Market Size and Forecast | Industry Segment | 2024/2025 Market Size | CAGR | | :--- | :--- | :--- | | Global Molecular Building Blocks | 51.5 billion USD (2024) | 3.4% | | Global Chemical Reagents | >180 billion USD (2025) | 6.4% | | Global Life Science Reagents | 68.74 billion USD (2025) | 6.51% | | Global Active Small Molecule Compounds | 8 billion USD (2024) | 9.3% | [Discussion and Analysis of Operating Performance](index=13&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company achieved steady growth with operating revenue of **628 million yuan** (up 17.91%) and net profit attributable to shareholders of **73.41 million yuan** (up 41.60%), driven by global expansion, diversified products, and R&D innovation, with gross margin improving to **44.25%** 2025H1 Operating Performance Highlights | Indicator | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 628 million Yuan | +17.91% | | Net Profit Attributable to Shareholders | 73.41 million Yuan | +41.60% | | Net Profit Excluding Share-based Payment | 89.68 million Yuan | +70.60% | | Gross Margin | 44.25% | +4.74 percentage points | | Overseas Sales Revenue | - | +21.33% | - The company continuously expands its product range, covering hot R&D areas such as PROTAC, GLP-1, and XDC, with a product library of nearly a million items and over **140,000 items in stock**[47](index=47&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=14&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are built on a vast product catalog, efficient customized synthesis, digital and intelligent operations, a high-margin product structure, and a strong global service network, collectively driving its competitive advantage in new drug R&D - The company has built a product catalog of nearly a million items, covering cutting-edge fields like PROTAC, ADC, and GLP-1, establishing itself as one of the global suppliers with the most extensive product lines for drug discovery reagents[49](index=49&type=chunk) - Leveraging advanced synthesis platforms and intelligent evaluation systems, the company provides end-to-end customized services, capable of completing specified structure synthesis and delivery within **2-4 weeks**[50](index=50&type=chunk) - Through its digital platform and e-commerce development, the company offers intelligent product search, one-click ordering, automatic COA/SDS generation, and full logistics tracking, enhancing customer experience and order conversion efficiency[51](index=51&type=chunk) [Core Technologies and R&D Progress](index=15&type=section&id=%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company possesses a comprehensive core technology system spanning product design, synthesis, production, and purification & detection, with significant R&D investment and a growing patent portfolio, demonstrating its commitment to innovation - The company's core technology platforms include: industry-leading molecular building block design and screening capabilities, rich and efficient organic synthesis technologies (e.g., C-H activation, chiral compound technology), and product purification and structural confirmation techniques[56](index=56&type=chunk)[60](index=60&type=chunk)[64](index=64&type=chunk) R&D Investment and Achievements | Indicator | Current Period | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Total R&D Investment (Yuan) | 29,996,679.58 | 30,050,598.68 | -0.18% | | R&D Investment as % of Revenue | 4.78 | 5.65 | Decreased by 0.87 percentage points | | **Intellectual Property** | **Newly Acquired in Current Period** | **Cumulatively Acquired** | - | | Invention Patents (units) | 3 | 54 | - | [Risk Factors](index=30&type=section&id=%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces significant risks from intensifying market competition, potential intellectual property disputes, uncertainties in R&D commercialization, macroeconomic volatility, and financial challenges related to large inventory balances and exchange rate fluctuations - Market competition is intensifying, with product homogenization and price competition in mid-to-low-end segments posing major challenges[84](index=84&type=chunk) - Intellectual property risks include potential infringement disputes arising from customers' unauthorized use and the threat of imitation of the company's core compound database[85](index=85&type=chunk)[86](index=86&type=chunk) - Financial risks primarily involve a substantial inventory balance (book value of **851 million yuan** at period-end, accounting for **33.62%** of total assets) and exchange losses due to currency fluctuations (**2.78 million yuan** in exchange losses during the reporting period)[89](index=89&type=chunk) [Key Operating Performance During the Reporting Period](index=31&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's main business achieved steady growth, with drug molecular building blocks revenue up 14.35% and scientific reagents revenue up 38.95%, while financial expenses increased significantly due to reduced interest income and exchange losses, and investment in wealth management products led to a substantial increase in trading financial assets Main Business Revenue Composition | Business Segment | Current Period Revenue (Million Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Drug Molecular Building Blocks | 520.46 | 14.35 | | Scientific Reagents | 107.07 | 38.95 | | **Total** | **627.53** | **17.91** | Key Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Financial Expenses | 4,178,143.31 | N/A | Reduced interest income from wealth management and exchange losses | | Net Cash Flow from Operating Activities | 16,112,188.59 | -82.03 | Business expansion, increased product procurement expenses | | Trading Financial Assets | 460,896,808.21 | 510.28 | Increased allocation to bank wealth management products | | Short-term Borrowings | 203,152,860.14 | 573.08 | Increase in bank short-term borrowings | Corporate Governance, Environment, and Society This section outlines significant changes in the company's leadership and core technical personnel, as well as the implementation details of its equity incentive plans, reflecting ongoing efforts in talent management and employee motivation [Changes in Directors, Senior Management, and Core Technical Personnel](index=40&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced several changes in senior management and core technical personnel, including the resignation of Li Tao and Mao Yonghao, and the appointment of new CFO and Board Secretary, along with the addition of seven new core technical personnel to maintain R&D stability - Key personnel changes include the departure of Li Tao (Director, Board Secretary, CFO), and the appointment of Wang Kun as CFO and Wang Xuan as Board Secretary[111](index=111&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - Core technical personnel Mao Yonghao resigned, and the company newly identified Zhang Ruihao and 6 others as core technical personnel to maintain R&D team stability[111](index=111&type=chunk)[112](index=112&type=chunk)[116](index=116&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=41&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company implemented the grant of its 2024 restricted stock incentive plan, initially granting **2.06 million shares** to 65 recipients and later **0.494 million reserved shares** to 18 recipients, both at a price of **24.96 yuan per share** - On January 8, 2025, the company initially granted **2.06 million restricted shares** to 65 incentive recipients at a price of **24.96 yuan per share**[118](index=118&type=chunk) - On April 18, 2025, the company granted **0.494 million reserved restricted shares** to 18 incentive recipients at a price of **24.96 yuan per share**[118](index=118&type=chunk) Significant Matters This section covers the company's fulfillment of commitments, significant related party transactions, major contracts, and the progress of raised funds utilization, providing insight into its operational integrity and strategic financial management [Fulfillment of Commitments](index=43&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's actual controllers, shareholders, related parties, and the company itself strictly fulfilled all commitments made during the initial public offering, including share lock-up, share price stabilization, avoidance of horizontal competition, and regulation of related party transactions, with no breaches observed - The company's controlling shareholders and actual controllers, Dai Lan and Dai Long, committed not to transfer pre-IPO shares for **36 months** from the listing date, with extended lock-up periods and reduced share price commitments linked to the offering price[122](index=122&type=chunk)[126](index=126&type=chunk) - The company, its controlling shareholders, directors, and senior management committed to initiating share price stabilization measures, including company buybacks, controlling shareholder增持, and director/senior management增持, if the share price falls below net asset value per share for **20 consecutive trading days** within three years of listing[124](index=124&type=chunk)[158](index=158&type=chunk) [Significant Related Party Transactions](index=65&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company planned a major asset restructuring to acquire control of Combi-Blocks, Inc. through a share issuance, a matter that progressed from January 2025 but was subsequently terminated by a board resolution on April 14, 2025 - The company had planned to issue shares to acquire a portion of Zhuhai Weibao's equity to gain control of Combi-Blocks, Inc., and raise supporting funds[186](index=186&type=chunk) - This major asset restructuring was terminated by a resolution of the company's board of directors on April 14, 2025[187](index=187&type=chunk) [Significant Contracts and Their Fulfillment](index=67&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company provided guarantees totaling **210 million yuan** to its wholly-owned subsidiary, Shanghai Bilude Pharmaceutical Technology Co., Ltd., to support bank credit lines, with a remaining guarantee balance of **110 million yuan** at period-end Guarantees to Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (Million Yuan) | Guarantee Type | | :--- | :--- | :--- | :--- | | Bide Pharma | Shanghai Bilude | 200.00 | Joint and several liability guarantee | | Bide Pharma | Shanghai Bilude | 10.00 | Joint and several liability guarantee | - As of the end of the reporting period, the company's total guarantee balance for its subsidiaries was **110 million yuan**, accounting for **5.64%** of the company's net assets[192](index=192&type=chunk) [Explanation of Progress in Use of Raised Funds](index=70&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's net proceeds from its initial public offering amounted to **1.309 billion yuan**, with **1.271 billion yuan** cumulatively invested, representing a **97.10%** progress, and all over-raised funds have been fully utilized for repaying bank loans, supplementing working capital, and share repurchases Overall Use of Raised Funds (As of Period End) | Item | Amount (Million Yuan) | | :--- | :--- | | Net Proceeds from Raised Funds | 1,309.00 | | Total Committed Investment | 434.36 | | Total Over-raised Funds | 874.64 | | Total Cumulative Raised Funds Invested | 1,271.07 | | Overall Investment Progress | 97.10% | Details of Over-raised Funds Usage | Purpose | Planned Investment (Million Yuan) | Cumulative Investment (Million Yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Repayment of Bank Loans and Permanent Working Capital Supplement | 774.64 | 774.64 | 100.00 | | Share Repurchase | 100.00 | 100.00 | 100.00 | | **Total** | **874.64** | **874.64** | **100.00** | Share Changes and Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the shareholdings of its top ten shareholders, highlighting the control held by actual controllers and the presence of institutional investors [Shareholder Information](index=77&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **3,782** common shareholders, with actual controllers Dai Lan and Dai Long holding significant stakes, and institutional investors like China Universal Medical & Health Hybrid Securities Investment Fund also among the top ten shareholders Top Ten Shareholders' Shareholding | Shareholder Name | Number of Shares Held | Proportion (%) | | :--- | :--- | :--- | | Dai Lan | 29,664,719 | 32.64 | | Dai Long | 13,106,289 | 14.42 | | Zhoushan Xinxin Enterprise Management Partnership | 5,019,806 | 5.52 | | Ningbo Landan Venture Capital Partnership | 4,305,076 | 4.74 | | China Universal Medical & Health Hybrid Securities Investment Fund | 4,252,561 | 4.68 | - Actual controllers Dai Lan and Dai Long are siblings and have signed a concerted action agreement; Zhoushan Xinxin, Ningbo Landan, and Wu Bo are concerted parties; Nanxu Investment, Lanyun Wanchi, and Xuqing Investment are employee stock ownership platforms controlled by Dai Long[212](index=212&type=chunk) Bond-Related Information This section confirms the absence of any corporate bonds or non-financial enterprise debt financing instruments issued by the company during the reporting period [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=82&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company did not issue any corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no outstanding corporate bonds or convertible corporate bonds[220](index=220&type=chunk) Financial Report This section provides a summary of the company's financial statements, including balance sheet, income statement, and cash flow statement, along with detailed notes explaining key accounting items and their changes [Financial Statement Summary](index=83&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E6%91%98%E8%A6%81) The financial statements indicate a growth in total assets to **2.53 billion yuan** and total liabilities to **581 million yuan**, with the asset-liability ratio rising to **22.98%**, while operating revenue increased by 17.91% to **628 million yuan** and net profit by 41.60% to **73.41 million yuan**, though operating cash flow significantly decreased and investing cash outflow expanded due to wealth management product purchases Consolidated Balance Sheet Summary (Jun 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 726,936,059.28 | 1,105,333,099.80 | | Trading Financial Assets | 460,896,808.21 | 75,522,082.20 | | Inventories | 850,716,686.81 | 760,217,457.80 | | **Total Assets** | **2,530,189,768.10** | **2,418,035,118.40** | | Short-term Borrowings | 203,152,860.14 | 30,182,470.22 | | **Total Liabilities** | **581,464,113.91** | **390,912,654.76** | | **Equity Attributable to Parent Company Shareholders** | **1,948,725,654.19** | **2,027,122,463.64** | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 627,526,589.12 | 532,207,309.99 | | Total Operating Costs | 522,427,598.32 | 456,333,477.22 | | Total Profit | 100,843,826.91 | 64,254,167.56 | | Net Profit | 73,406,059.54 | 51,839,064.55 | | Net Profit Attributable to Parent Company Shareholders | 73,406,059.54 | 51,839,064.55 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 16,112,188.59 | 89,677,429.18 | | Net Cash Flow from Investing Activities | -398,576,339.49 | -266,685,771.14 | | Net Cash Flow from Financing Activities | -7,417,835.52 | -140,764,364.22 | | Period-End Cash and Cash Equivalents Balance | 710,089,200.40 | 947,195,599.76 | [Notes to Consolidated Financial Statements](index=142&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The notes to the financial statements provide detailed explanations of accounting item compositions and changes, highlighting a significant increase in trading financial assets due to wealth management product purchases, low customer concentration in accounts receivable, high inventory proportions, and a substantial rise in short-term borrowings, with revenue broken down by product and channel - Trading financial assets at period-end amounted to **461 million yuan**, a significant increase from **76 million yuan** at the beginning of the period, entirely comprising bank wealth management products[401](index=401&type=chunk) Main Business Revenue by Product Type | Product Type | Operating Revenue (Yuan) | Operating Cost (Yuan) | | :--- | :--- | :--- | | Molecular Building Blocks - Heterocyclic Compounds | 271,473,211.84 | 142,520,031.85 | | Molecular Building Blocks - Benzene Ring Compounds | 146,310,956.15 | 83,918,851.19 | | Molecular Building Blocks - Aliphatic Compounds | 102,671,564.31 | 57,761,085.82 | | Catalysts and Ligands | 66,343,913.92 | 44,956,312.69 | | Life Science Reagents | 40,726,942.90 | 20,684,205.21 | Main Business Revenue by Sales Channel | Sales Channel | Operating Revenue (Yuan) | Operating Cost (Yuan) | | :--- | :--- | :--- | | Direct Sales | 598,706,766.85 | 330,880,293.08 | | Distribution | 28,819,822.27 | 18,960,193.68 |