Core Viewpoint - The strong performance of Shengnuo Biopharmaceuticals is driven by increased sales of GLP-1 raw materials, specifically Semaglutide and Tirzepatide, with significant growth in both revenue and net profit in the first half of 2025 [1][2] Financial Performance - Shengnuo Biopharmaceuticals reported a revenue of 338 million yuan, a year-on-year increase of 69.69% [1] - The net profit reached 88.96 million yuan, showing a substantial year-on-year growth of 308.29% [1] - The net profit after deducting non-recurring items was 89.48 million yuan, with a remarkable increase of 367.92% year-on-year [1] - The net cash flow from operating activities increased by 213.22% due to factors such as increased receipt of payments [1] Market Dynamics - GLP-1 drugs are recognized as "miracle drugs" for weight loss, with expanding indications in diabetes treatment, obesity management, chronic kidney disease (CKD), non-alcoholic fatty liver disease (NASH), and Alzheimer's disease [1] - The patent for Semaglutide will expire in 2026, attracting many companies to develop generic or modified new drugs, which is expected to increase the demand for raw materials [2] - Market institutions predict that global demand for GLP-1 raw materials may reach 50 tons by 2030, indicating a potential supply-demand imbalance [2] International Expansion - Shengnuo Biopharmaceuticals is actively expanding its overseas market, achieving significant breakthroughs in international sales, with overseas revenue reaching 187 million yuan, a year-on-year increase of over 240% [2] - The company is optimizing its product layout and accelerating the international registration and application process for raw materials [2] Research and Development - The company has improved its R&D output efficiency, obtaining certifications for Semaglutide raw materials from the Korean Food and Drug Safety Ministry, which supports market expansion [3] - Several core raw materials in the beauty peptide field have received international HALAL certification, aiding in global market expansion [3] - The company has successfully launched key projects to enhance production capacity, ensuring timely responses to new order demands [3] Strategic Focus - Shengnuo Biopharmaceuticals plans to continue focusing on the peptide pharmaceutical industry, accelerating R&D innovation and internationalization efforts [4] - The company aims to capture the market for peptide drugs in diabetes and obesity, while also strengthening its R&D and production advantages in major disease areas such as reproductive health, chronic hepatitis B, oncology, digestive, and immune systems [4]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 338 million yuan, a year-on-year growth of 69.69%, and net profit of 88.96 million yuan, a substantial increase of 308.29% [1] - The primary driver of this growth is attributed to the increased export sales of GLP-1 raw materials, specifically semaglutide and terzepatide [1][2] - The global demand for GLP-1 raw materials is expected to remain strong, with projections indicating a rise to 50 tons by 2030, driven by the expiration of semaglutide patents in 2026 [2] Financial Performance - The company achieved a net cash flow from operating activities of 21.32 million yuan, reflecting a year-on-year increase of 213.22% [1] - Sales expenses decreased by 32.18% due to reduced market business costs, despite the price adjustment of acetic acid octreotide injection [1] Market Expansion - The company has made significant progress in expanding its overseas market, with foreign income reaching 187 million yuan, a year-on-year increase of over 240% [2] - The establishment of an overseas business development team and acceleration of international registration and application processes have contributed to this growth [2] Research and Development - The company has improved its R&D output efficiency, obtaining certifications for semaglutide raw materials in South Korea and domestic registration for several injection products [3] - The company is also expanding its capabilities in the complex peptide innovative drug CDMO service area, with a project entering clinical phase III [3] Production Capacity - Key projects have been successfully implemented, enhancing the company's ability to respond to new order demands [3] - The production line for 395 kg of peptide raw materials has been successfully launched, and other projects have reached operational status [3] Strategic Focus - The company plans to continue focusing on the peptide pharmaceutical industry, emphasizing R&D innovation and internationalization [4] - Strategic directions include capturing the market for diabetes and obesity peptide drugs, expanding beauty peptide products, and strengthening R&D and production advantages in major disease areas [4]

Core Viewpoint - Shengnuo Bio (688117.SH) reported significant growth in its 2025 semi-annual results, with revenue reaching 338 million yuan, a year-on-year increase of 69.69%, and net profit attributable to shareholders soaring by 308.29% to 88.96 million yuan [1] Financial Performance - The company achieved a revenue of 338 million yuan, reflecting a 69.69% increase compared to the previous year [1] - Net profit attributable to shareholders was 88.96 million yuan, marking a substantial year-on-year growth of 308.29% [1] - The non-recurring net profit was 89.48 million yuan, which represents a remarkable increase of 367.92% year-on-year [1] - Basic earnings per share stood at 0.57 yuan [1] Key Drivers of Growth - The significant increase in net profit was primarily driven by: 1. A substantial rise in overseas sales of raw materials, Semaglutide and Teriparatide, contributing to profit growth [1] 2. A delay in the outsourced project for injectable Acetate Octreotide with Meihua Dingchang, resulting in reduced R&D expenses compared to the previous year [1] 3. A price adjustment in the collection of injectable Octreotide in May 2024, leading to decreased market business expenses [1] 4. A refund of land deposit from the Meishan Finance Bureau in March 2025, which reversed credit impairment losses by 4 million yuan [1]

圣诺生物8月14日披露半年报，公司上半年实现营业收入3.38亿元，同比增长69.69%；归属于上市公司 股东的净利润8895.67万元，同比增长308.29%；基本每股收益0.57元。 ...

证券代码：688117 证券简称：圣诺生物 公告编号：2025-022 成都圣诺生物科技股份有限公司 关于2025年半年度募集资金存放、管理与实际使用 情况的专项报告 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。 根据《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》及相关格式指引的要求，成都圣诺生物科技股份 有限公司（以下简称"公司"或"圣诺生物"）董事会就 2025 年半年度募集资 金存放、管理与实际使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金的金额及到账情况 经中国证券监督管理委员会《关于同意成都圣诺生物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〔2021〕1497 号）同意注册，公司获准 向社会公众公开发行人民币普通股（A 股）20,000,000 股，每股面值人民币 1 元，每股发行价为人民币 17.90 元，合计募集资金总额为人民币 358,000,000.00 元，扣除发行费用（不含税）人民币 72,801,500.00 元后 ...

P01 聚焦主责主业 经营效益显著增强 P05 积极稳健分红 股东回报能力突出 P07 深化投资者关系管理 构建多元化沟通渠道 P04 创新驱动产业升级 研发转化加速推进 P06 强化信息披露管理 提升披露质量与透明度 P08 完善治理机制 夯实合规管理基础 成都圣诺生物科技股份有限公司（以下简称"公司"）为践行"以投资 者为本"的上市公司发展理念，维护公司全体股东利益，促进公司持续、 健康发展，基于对未来发展前景的信心和价值的认可，公司于 2025 年 4 月 25 日发布了《2024 年度"提质增效重回报"行动方案年度评估报告 暨 2025 年度"提质增效重回报"专项行动方案》（以下简称"行动方案"）。 2025 年上半年，公司根据行动方案内容，积极开展和落实相关工作，并 认真评估实施效果，现将 2025 年度"提质增效重回报"行动方案的半年 度评估情况报告如下： CONTENTS 目录 圣诺生物 2025"提质增效重回报"专项行动方案——半年度评估报告 01 聚焦主责主业，经营效益显著增强 2025 年上半年，公司持续专注于多肽医药行业，密切关注行业发展趋势，加快研发创新和国际化 步伐，加大核心原料药与 ...

成都圣诺生物科技股份有限公司 关于使用部分暂时闲置自有资金进行 委托理财的公告 证券代码：688117 证券简称：圣诺生物 公告编号：2025-023 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 基本情况 | 投资金额 | 70,000.00 万元 | | --- | --- | | 投资种类 | 在有效控制风险的前提下，购买流动性好、具有合法 | | | 经营资格的金融机构销售的投资产品（包括但不限于 | | | 结构性存款、通知存款、大额存单、货币市场基金、 | | | 收益凭证等）。 | | 资金来源 | 自有资金 | 已履行及拟履行的审议程序 公司于 2025 年 8 月 14 日召开第四届董事会第二十六次会议，审议通过了《关 于使用部分暂时闲置自有资金进行委托理财的议案》。本事项无需提交公司股东 会审议。 特别风险提示 公司及控股子公司将在有效控制风险的前提下，选择流动性好、具有合法经 营资格的金融机构销售的理财产品，但仍不排除因市场波动、宏观金融政策变化 等原因引起的影响收益的情况。 一、投资情 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, covering company names, drug types, development stages, peptide drug terms, and industry regulatory and financial terminology, ensuring consistent understanding for readers [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company names, subsidiaries, partners, drug types, drug development stages, peptide drug-related terms, and industry regulatory and financial terms, aiming to ensure consistent understanding of professional terminology among report readers - The report defines company and subsidiary names, such as "Sino Biopharm" referring to Chengdu Sino Biopharmaceutical Co., Ltd., and "Sino Pharma" referring to Chengdu Sino Biopharmaceutical Co., Ltd[9](index=9&type=chunk) - Detailed explanations are provided for peptide drug R&D and production terms, including "API", "preparation", "pre-clinical research", "clinical I/II/III phases", "commercialization stage", "peptide", and "PDC (Peptide-Drug Conjugate)"[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - Industry regulatory and financial terms are covered, such as "FDA" (U.S. Food and Drug Administration), "NMPA" (National Medical Products Administration), "GMP" (Good Manufacturing Practice), "CDMO" (Contract Development and Manufacturing Organization), and "Reporting Period" (January 1 to June 30, 2025)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, information disclosure, stock summary, and key financial data for the reporting period [I. Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) This section outlines the company's basic registration information, including Chinese name, abbreviation, English name, legal representative, registered and office addresses, website, and email, also mentioning changes in registered address during the reporting period - The company's Chinese name is Chengdu Sino Biopharmaceutical Co., Ltd., abbreviated as Sino Biopharm, with Wen Yongjun as the legal representative[13](index=13&type=chunk) - The company's registered and office addresses are both located at No. 98, Daan Road, Dayi County, Chengdu City, Sichuan Province, with the website being http://www.snbiopharm.com[13](index=13&type=chunk) - The company's registered address changed during the reporting period, with specific information disclosed on the Shanghai Stock Exchange website[13](index=13&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, to facilitate investor communication and information inquiries - Yu Xiaohai serves as the Board Secretary (domestic representative for information disclosure), and Zhang Lu is the Securities Affairs Representative[15](index=15&type=chunk) - The contact address for both is No. 98, Daan Road, Dayi County, Chengdu City, Sichuan Province, with the phone number 028-88203615 and email snkj@snbiopharm.com[15](index=15&type=chunk) [III. Information Disclosure and Document Availability Location Changes](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Availability%20Location%20Changes) This section lists the newspapers designated for information disclosure, the website address for semi-annual reports, and the location where the company's semi-annual reports are available, confirming no changes during the reporting period - The company's designated newspapers for information disclosure include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[16](index=16&type=chunk) - The website address for semi-annual reports is www.sse.com.cn[16](index=16&type=chunk) - The company's semi-annual reports are available at No. 98, Daan Road, Dayi County, Chengdu City, Sichuan Province, with no changes during the reporting period[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipts Summary](index=7&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Summary) This section briefly introduces the company's stock information, including stock type, listing exchange and board, stock abbreviation, and code, confirming no depositary receipts - The company's stock type is A-shares, listed on the Shanghai Stock Exchange STAR Market[17](index=17&type=chunk) - The stock abbreviation is Sino Biopharm, and the stock code is 688117[17](index=17&type=chunk) - The company has no depositary receipts[18](index=18&type=chunk) [V. Other Relevant Information](index=8&type=section&id=V.%20Other%20Relevant%20Information) This section discloses the name, office address, and signing accountants of the accounting firm (domestic) engaged by the company - The company's engaged accounting firm (domestic) is Tianjian Certified Public Accountants (Special General Partnership)[19](index=19&type=chunk) - Its office address is No. 128, Xixi Road, Lingyin Street, Xihu District, Hangzhou City, Zhejiang Province[19](index=19&type=chunk) - The signing accountants are Shen Jiaying and Xu Qiang[19](index=19&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, explaining significant changes in various metrics, primarily due to increased overseas sales of Semaglutide and Tirzepatide APIs, and reduced R&D and marketing expenses 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 337,569,910.26 yuan | 198,937,738.87 yuan | 69.69 | | Total Profit | 102,714,256.82 yuan | 23,299,931.49 yuan | 340.84 | | Net Profit Attributable to Shareholders of Listed Company | 88,956,694.45 yuan | 21,787,611.98 yuan | 308.29 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 89,476,305.84 yuan | 19,121,972.15 yuan | 367.92 | | Net Cash Flow from Operating Activities | 81,658,584.80 yuan | 26,070,659.38 yuan | 213.22 | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of Listed Company | 993,089,288.20 yuan | 918,343,435.50 yuan | 8.14 | | Total Assets | 1,755,995,367.36 yuan | 1,647,900,520.96 yuan | 6.56 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.57 | 0.19 | 200.00 | | Diluted Earnings Per Share (yuan/share) | 0.56 | 0.19 | 194.74 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.57 | 0.17 | 235.29 | | Weighted Average Return on Net Assets (%) | 9.26 | 2.44 | Increased by 6.82 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 9.31 | 2.14 | Increased by 7.17 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 5.67 | 12.26 | Decreased by 6.59 percentage points | - Operating revenue increased by **69.69%** year-on-year, primarily due to a significant increase in overseas sales of Semaglutide API and Tirzepatide API[22](index=22&type=chunk) - Total profit increased by **340.84%** year-on-year, mainly due to a substantial increase in overseas sales of Semaglutide and Tirzepatide, reduced R&D expenses from a delayed Octreotide Acetate Microspheres for Injection project, decreased marketing expenses due to centralized procurement price adjustments for Octreotide for Injection, and a 4 million yuan reversal of credit impairment loss from a land deposit refund by Meishan Finance Bureau[23](index=23&type=chunk)[24](index=24&type=chunk) - Net cash flow from operating activities increased by **213.22%** year-on-year, primarily due to increased collection of goods payments and export tax refunds in the current period[24](index=24&type=chunk) - R&D investment as a percentage of operating revenue decreased by **6.59 percentage points**, mainly due to delayed cooperation projects, self-developed projects entering the application stage, and patent certificate acquisition leading to reduced R&D expenses[25](index=25&type=chunk) [VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=9&type=section&id=VII.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This chapter states that there are no differences in accounting data under domestic and overseas accounting standards for the company - The company has no differences in accounting data under domestic and overseas accounting standards[26](index=26&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the non-recurring gains and losses items and their amounts for the reporting period, totaling -519,611.39 yuan, primarily including non-current asset disposal gains/losses, government grants, entrusted investment gains/losses, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -2,383,791.42 | | Government grants recognized in current profit or loss | 1,571,366.20 | | Gains or losses from entrusted investment or asset management | 249,892.20 | | Other non-operating income and expenses apart from the above | -53,096.93 | | Less: Income tax impact | -96,018.56 | | Total | -519,611.39 | [IX. Net Profit After Deducting Share-Based Payment Impact for Companies with Equity Incentive or Employee Stock Ownership Plans](index=10&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact%20for%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans) This chapter discloses the company's net profit after deducting the impact of share-based payments, which is 90,484,450.54 yuan for the current reporting period, representing a 262.94% increase compared to the same period last year Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Current Period YoY Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 90,484,450.54 yuan | 24,931,014.55 yuan | 262.94 | [X. Explanation of Non-GAAP Performance Indicators](index=11&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) This chapter states that the company has no explanation of non-GAAP performance indicators - The company has no explanation of non-GAAP performance indicators[31](index=31&type=chunk) [Section III Management Discussion and Analysis](index=12&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, main business, operating performance, core competitiveness, and risk factors during the reporting period [I. Industry and Main Business Overview During the Reporting Period](index=12&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section elaborates on the company's industry (pharmaceutical manufacturing, specifically peptide drugs), market position, main business, products, operating model, and industry trends, establishing competitiveness in domestic and international markets - The company's industry is pharmaceutical manufacturing, specifically chemical API manufacturing and chemical preparation manufacturing[33](index=33&type=chunk) - The company's main business includes providing pharmaceutical research and custom production services for peptide innovative drugs to domestic and international pharmaceutical companies, self-developing, producing, and selling peptide generic APIs and preparations, and offering peptide drug production technology transfer services[34](index=34&type=chunk) [(I) Main Business, Products, or Services](index=12&type=section&id=(I)%20Main%20Business%2C%20Products%2C%20or%20Services) The company primarily offers peptide innovative drug CDMO services, self-developed and sold peptide API and preparation products, custom production services for peptide products, and peptide drug production technology transfer services, with registered products domestically and internationally - The company provides peptide innovative drug CDMO services, conducting pharmaceutical research on client-selected or designated peptide molecules, with intellectual property owned by clients, and the company charging R&D service fees[35](index=35&type=chunk) Selected Peptide Innovative Drug CDMO Service Projects | No. | Indication | Drug Name | Client | Stage | R&D and Production Service Content | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Anti-AIDS | Abivermide for Injection | Frontier Biotech | Approved for Marketing | API process research, formulation process research, quality research, stability research | | 2 | Cardiovascular | Bevirab Peptide Citrate Injection | Bio-Thera Solutions | Approved for Marketing | API process research, formulation process research, quality research, stability research, clinical research product customization, API process validation and marketing application | | 3 | Diabetes | Vipanapeptide/PEGylated Exenatide Injection | PegBio Co., Ltd. | Production Application | API process research, formulation process research, quality research, stability research, clinical research product customization, API process validation and marketing application | | 5 | Diabetes, Obesity | RAY1225 Injection | Guangdong Zhongsheng Ruichuang Bio-Tech | Clinical Phase III | API process research, formulation process research, quality research, stability research, clinical research product customization | - The company owns **21** self-developed peptide API varieties, with **14** approved for production or activated for filing in China, and Enfuvirtide and Carbetocin being the first generics in China; **11** varieties have active US DMF filings, with Icatibant being the first generic API to file a US DMF[38](index=38&type=chunk) - The company's peptide preparation products use self-produced APIs, sold in **31** provinces, autonomous regions, and municipalities nationwide, with several products included in the National Medical Insurance Class B Catalog[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Peptide product custom production services include custom production of peptide compounds and reference standards for new drug R&D screening, as well as innovative drug APIs and preparations for clinical trials and commercial sales[45](index=45&type=chunk) - Peptide drug production technology transfer services involve transferring the entire rights of self-developed peptide generic drug varieties, for which registration applications have been submitted, to transferees, and organizing production for processing fees[46](index=46&type=chunk) [(II) Main Operating Model](index=17&type=section&id=(II)%20Main%20Operating%20Model) The company primarily adopts a combination of independent and collaborative R&D, guided by clinical needs and market competitiveness, with centralized procurement, "make-to-order" production, and diverse sales models - The R&D model is primarily independent R&D, supplemented by collaborative R&D, focusing on digestive system, immune system diseases, anti-tumor, diabetes, and obstetrics[47](index=47&type=chunk)[48](index=48&type=chunk) - The procurement model implements centralized and unified management, strictly reviewing supplier qualifications, supply capacity, credit, and after-sales service, mainly procuring raw materials, excipients, and packaging materials[49](index=49&type=chunk) - The production model is primarily self-production, adopting a "make-to-order" system for production planning, and strictly supervised according to GMP and the latest regulations[50](index=50&type=chunk) - Sales models include direct sales (peptide innovative drug pharmaceutical research services, custom production services, domestic and international peptide APIs), agency sales (international peptide APIs), and promoter model (domestic preparation products)[52](index=52&type=chunk) [(III) Industry Overview](index=18&type=section&id=(III)%20Industry%20Overview) The global peptide drug market continues to expand, with China's market growing faster than the global average, driving strong demand for peptide APIs and CDMO services, while the company maintains strong competitiveness in this developing market - The global peptide drug market size reached **$72.9 billion** in 2022, and the global peptide API market size reached **$1.8 billion** in 2020, with **65%** utilizing outsourcing services[53](index=53&type=chunk)[54](index=54&type=chunk) - Frost & Sullivan predicts the global peptide CDMO market size will reach **$11.8 billion** by 2030, and the domestic peptide CDMO market size will reach **18.5 billion yuan**, with a CAGR higher than the global average[54](index=54&type=chunk) - China's peptide drug market is still in its development stage, dominated by generic drugs, with innovation primarily focused on the R&D and optimization of production processes for peptide generics[56](index=56&type=chunk) - Peptide drugs offer advantages such as high activity, low dosage, and low toxicity, but production costs are high, with some large-volume API varieties costing **$250,000-$500,000 per kilogram** in the international market[57](index=57&type=chunk) - The company possesses strong competitiveness in peptide APIs and peptide CDMO, being one of the most capable peptide R&D and production enterprises in China, holding **33** invention patents and **41** utility model patents[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Future industry trends include further concentration of API production, accelerated new drug R&D and launch (AI technology shortening R&D cycles), and normalized volume-based procurement leading to reduced profit margins for generic drugs, requiring companies to possess comprehensive advantages in rich product lines, cost control, and commercial academic promotion[61](index=61&type=chunk)[62](index=62&type=chunk) [II. Discussion and Analysis of Operations](index=21&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved significant growth in operating revenue and net profit through increased R&D innovation, international expansion, and market development, with positive progress in product R&D, production, and market sales 2025 First Half Key Operating Performance | Indicator | Amount (10,000 yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 33,756.99 | 69.69 | | Net Profit Attributable to Shareholders of Listed Company | 8,895.67 | 308.29 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 8,947.63 | 367.92 | - In product R&D and commercialization, R&D investment totaled **19,154,114.74 yuan**, accounting for **5.67%** of operating revenue; Semaglutide API received certification from the Korean FDA; Exenatide Injection and Ganirelix Acetate Injection obtained drug registration certificates; the RAY1225 Injection project entered clinical Phase III; **1** new authorized invention patent was obtained; and cosmetic peptide API passed international HALAL certification[65](index=65&type=chunk) - In production line and capacity building, the "Annual Production of 395 kg Peptide API Production Line Project" has been put into operation, and the "Preparation Industrialization Technology Transformation Project" has reached its intended usable state; workshops 106, 107, and 108 of the self-funded "Peptide Innovative Drug CDMO, API Industrialization Project" have successively commenced operations[68](index=68&type=chunk) - In market sales and expansion, sales continued to grow, the overseas BD team made progress, and the international registration layout was optimized; the domestic preparation market actively completed centralized procurement product delivery and strengthened market promotion[69](index=69&type=chunk) - CDMO service business adopts differentiated order models based on customer needs, utilizing patented and non-patented technologies to deliver R&D results[70](index=70&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=22&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness is rooted in its technological R&D, extensive R&D pipeline, full-产业链 production services for APIs and preparations, experienced core team, and robust quality management system - Technological R&D and system advantages: The company has mastered independent core technologies in peptide synthesis and modification, such as long-chain peptide coupling technology, large-scale production technology for mono-sulfur cyclic peptides, synthesis technology for multi-disulfide cyclic peptides, PEGylation modification, and fatty acid modification, solving technical bottlenecks in large-scale production of several peptide APIs[71](index=71&type=chunk)[72](index=72&type=chunk) - Rich R&D pipeline reserve advantages: As of the end of the reporting period, **8** R&D products have applied for registration approval, with a total of **26** mid-to-long-term R&D reserve projects, forming a scientific R&D product pipeline[73](index=73&type=chunk) Domestic Projects Applied for and Awaiting Approval | No. | Application Stage | Project Name | Indication | R&D Progress | | :--- | :--- | :--- | :--- | :--- | | 1 | Production Application | Exenatide Injection | Blood glucose control in type 2 diabetes patients | Approved | | 2 | Clinical Trial Approval Obtained | Liraglutide | Blood glucose control in adult type 2 diabetes | Clinical Phase I completed | | 4 | Production Application | Posaconazole | Prevention of invasive aspergillosis and candidiasis | Approved | | 6 | Clinical Application | Teriparatide Injection | Osteoporosis in postmenopausal women | Under review | | 8 | Production Application | Linaclotide | Irritable bowel syndrome | Under review | | 11 | Production Application | Terlipressin | For esophageal variceal bleeding | Under review | - Full-产业链 production service advantages for APIs and preparations: The company possesses a full-process R&D pipeline and a full-产业链 platform for peptide APIs and preparations, providing services for over **40** peptide innovative drug pharmaceutical CDMO projects, of which **2** have been approved for market[75](index=75&type=chunk)[76](index=76&type=chunk) - Core team advantages: The R&D team is assembled by Chief Scientist and Chairman Mr. Wen Yongjun, with core members possessing nearly **20 years** of research and practical experience in peptide synthesis[77](index=77&type=chunk) - Quality management advantages: A complete quality management system has been established from drug R&D to commercial production, with GMP-grade API and preparation production lines, and multiple certification inspections passed by agencies such as the US FDA[78](index=78&type=chunk) Core Technologies and Their Advanced Nature | No. | Core Technology | Category | Applied Products | | :--- | :--- | :--- | :--- | | 1 | Long-chain peptide coupling technology | Synthesis | Enfuvirtide, Exenatide, Semaglutide, Tirzepatide | | 5 | Multi-disulfide bond cyclic peptide synthesis technology | Synthesis | Ziconotide, Linaclotide | | 7 | PEGylation modification of side chains, fatty acid modification, etc. | Modification | Liraglutide, Semaglutide, pharmaceutical research services | Intellectual Property Acquired During the Reporting Period | | New Applications in Current Period (items) | New Acquisitions in Current Period (items) | Cumulative Applications (items) | Cumulative Acquisitions (items) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 0 | 1 | 41 | 33 | | Utility Model Patents | 0 | 0 | 46 | 41 | | Total | 0 | 1 | 89 | 76 | R&D Investment | | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 18,139,801.71 | 23,832,884.61 | -23.89 | | Capitalized R&D Investment | 1,014,313.03 | 558,554.14 | 81.6 | | Total R&D Investment | 19,154,114.74 | 24,391,438.75 | -21.47 | | Total R&D Investment as a Percentage of Operating Revenue (%) | 5.67 | 12.26 | Decreased by 6.59 percentage points | | Capitalization Ratio of R&D Investment (%) | 5.3 | 2.29 | Increased by 3.01 percentage points | - Total R&D investment decreased mainly due to delayed cooperation projects, Semaglutide entering the application stage, and the acquisition of a patent certificate for the self-developed cyclic peptide-113 project, leading to reduced R&D expenses[82](index=82&type=chunk) - The increase in the capitalization ratio of R&D investment is mainly due to Posaconazole API and injection obtaining drug registration approvals, and Liraglutide entering the clinical stage, leading to reduced capitalized investment in the current period[83](index=83&type=chunk) Selected R&D Project Status | No. | Project Name | Estimated Total Investment (10,000 yuan) | Current Period Investment (10,000 yuan) | Cumulative Investment (10,000 yuan) | Progress or Phased Achievements | Intended Goal | Specific Technical Level | Application Prospects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Liraglutide API and Injection | 5,000.00 | 72.92 | 2,239.05 | In clinical trials | Obtain production approval and market | Human glucagon-like peptide-1 analog, used for blood glucose control in adult type 2 diabetes patients | Blood glucose control in adult type 2 diabetes | | 7 | Semaglutide API and Injection | 5,800.00 | 297.57 | 2,232.60 | Pharmaceutical research | Obtain production approval and market | Human glucagon-like peptide-1 analog, used for blood glucose control in adult type 2 diabetes patients | Blood glucose control in adult type 2 diabetes | | 14 | Tirzepatide API and Preparation | 1,200.00 | 202.66 | 586.99 | Pharmaceutical research | Obtain production approval | Glucose-dependent insulinotropic polypeptide and glucagon-like peptide-1 receptor dual agonist | Diabetes, weight management | R&D Personnel Information | Basic Information | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of company R&D personnel (persons) | 277 | 239 | | Proportion of R&D personnel to total company personnel (%) | 19.10 | 19.12 | | Total R&D personnel compensation (10,000 yuan) | 1,100.5 | 840.95 | | Average R&D personnel compensation (10,000 yuan) | 3.97 | 3.52 | | **Education Level** | **Number (persons)** | **Proportion (%)** | | Doctoral | 1 | 0.36 | | Master's | 20 | 7.22 | | Bachelor's | 93 | 33.57 | | Junior College and below | 163 | 58.84 | | Total | 277 | 100 | | **Age Structure** | **Number (persons)** | **Proportion (%)** | | Under 30 (excluding 30) | 125 | 45.13 | | 30-40 (including 30, excluding 40) | 106 | 38.27 | | 40-50 (including 40, excluding 50) | 38 | 13.72 | | 50-60 (including 50, excluding 60) | 8 | 2.88 | | 60 and above | 0 | 0 | | Total | 277 | 100 | [IV. Risk Factors](index=31&type=section&id=IV.%20Risk%20Factors) This section details various risks the company may face in its operations, including core competitiveness risks, industry risks, operational risks, financial risks, and macroeconomic environment risks - Core competitiveness risk: R&D products may have clinical trial results not meeting expectations or research results not complying with requirements, potentially leading to failure to obtain drug regulatory approval[92](index=92&type=chunk) - Industry risk: The implementation of national and provincial centralized procurement policies may lead to significant price and gross margin reductions for pharmaceutical preparation products[93](index=93&type=chunk) - Operational risk: If company products fail to pass "centralized procurement" in time, it could adversely affect future operating performance and sustained operational capability[94](index=94&type=chunk) - Financial risks: The absolute amount of accounts receivable may increase, facing the risk of non-recovery; overseas sales or purchases settled in USD, exchange rate fluctuations may lead to exchange losses; and a significant increase in fixed asset depreciation and intangible asset amortization after fundraising projects are put into operation may lead to decreased net profit[95](index=95&type=chunk)[97](index=97&type=chunk) - Macroeconomic environment risk: A sustained global economic downturn and increasing international trade frictions may adversely affect the company's operations and profitability[98](index=98&type=chunk) [V. Major Operating Performance During the Reporting Period](index=32&type=section&id=V.%20Major%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's major operating performance, including financial statement item changes, asset and liability status, and investment activities, showing significant growth in revenue and profit primarily from increased overseas API sales, stable asset structure, increased liabilities, and active investment 2025 Semi-Annual Key Accounting Data | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 337,569,910.26 | 198,937,738.87 | 69.69 | | Operating Cost | 145,539,686.44 | 80,403,223.79 | 81.01 | | Selling Expenses | 24,196,060.39 | 35,677,629.03 | -32.18 | | Administrative Expenses | 37,533,332.90 | 30,481,157.65 | 23.14 | | Financial Expenses | 6,120,831.62 | 3,493,522.23 | 75.21 | | R&D Expenses | 18,139,801.71 | 23,832,884.61 | -23.89 | | Net Cash Flow from Operating Activities | 81,658,584.80 | 26,070,659.38 | 213.22 | | Net Cash Flow from Investing Activities | -48,326,039.86 | -112,714,669.72 | 57.13 | | Net Cash Flow from Financing Activities | 36,598,341.55 | 101,458,616.40 | -63.93 | - Operating revenue increased by **69.69%**, mainly due to increased overseas sales of Semaglutide API and Tirzepatide API[101](index=101&type=chunk) - Selling expenses decreased by **32.18%**, primarily due to centralized procurement price adjustments for Octreotide Acetate Injection, leading to reduced marketing expenses[102](index=102&type=chunk) - Net cash flow from operating activities increased by **213.22%**, mainly due to increased collection of goods payments and export tax refunds in the current period[103](index=103&type=chunk) Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Current Period-End as % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End as % of Total Assets | Current Period-End vs. Prior Year-End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 281,625,596.17 | 16.04 | 218,705,136.59 | 13.27 | 28.77 | Due to receipt of sales payments | | Trading Financial Assets | 10,670,000.00 | 0.61 | 20,157,000.00 | 1.22 | -47.07 | Wealth management products redeemed for material purchases | | Fixed Assets | 534,299,011.56 | 30.43 | 377,616,992.10 | 22.92 | 41.49 | Mainly due to capitalization of Sino Pharma and Meishan Huilong fundraising projects | | Construction in Progress | 231,004,425.73 | 13.16 | 348,971,162.49 | 21.18 | -33.80 | Mainly due to capitalization of Sino Pharma and Meishan Huilong fundraising projects | | Intangible Assets | 55,536,571.20 | 3.16 | 40,195,857.72 | 2.44 | 38.16 | Due to Posaconazole obtaining approval | | Deferred Income | 21,387,666.94 | 1.22 | 4,088,005.79 | 0.25 | 423.18 | Due to receipt of government subsidies | Major Asset Restrictions as of the End of the Reporting Period | Item | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 6,869,568.41 | 6,869,568.41 | Pledge | Bank acceptance bill margin | | Fixed Assets | 81,651,950.66 | 59,201,640.32 | Mortgage | Loan mortgage | | Intangible Assets | 18,393,035.60 | 14,153,930.79 | Mortgage | Loan mortgage | | Total | 106,914,554.67 | 80,225,139.52 | | | Overall Analysis of External Equity Investments | Current Period Investment (yuan) | Prior Year Period Investment (yuan) | Change (%) | | :--- | :--- | :--- | | 26,170,000.00 | 9,000,000.00 | 190.78% | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Current Period Purchases (yuan) | Current Period Sales/Redemptions (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 20,157,000.00 | 55,513,000.00 | 65,000,000.00 | 10,670,000.00 | | Notes Receivable Financing | 495,891.84 | 0.00 | | 1,269,488.00 | | Other Equity Instrument Investments | 58,405,000.00 | 11,000,000.00 | 20,000,000.00 | 49,405,000.00 | | Other Non-Current Financial Assets | 31,447,648.00 | 4,500,000.00 | | 35,947,648.00 | | Total | 110,505,539.84 | 71,013,000.00 | 85,000,000.00 | 97,292,136.00 | Private Equity Fund Investment Status | Private Equity Fund Name | Investment Purpose | Planned Total Investment (yuan) | Current Period Investment (yuan) | Cumulative Investment as of Period-End (yuan) | Role | Period-End Contribution Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Yuansheng Sci-Tech Angel Venture Capital Partnership (Limited Partnership) | Industrial synergy | 15,000,000.00 | 4,500,000.00 | 10,500,000.00 | Limited Partner | 5.00 | | Chengdu Songhe Medical Health Venture Capital Partnership (Limited Partnership) | Industrial synergy | 15,000,000.00 | 0.00 | 6,000,000.00 | Limited Partner | 4.09 | | Jiaxing Renxi Medical Industry Equity Investment Partnership (Limited Partnership) | Industrial synergy | 19,447,648.00 | 0.00 | 19,447,648.00 | Limited Partner | 60.77 | | Daoyuan Taichu (Jiaxing) Venture Capital Partnership (Limited Partnership) | Industrial synergy | 12,000,000.00 | 6,000,000.00 | 6,000,000.00 | Limited Partner | 56.50 | | Total | / | 61,447,648.00 | 10,500,000.00 | 41,947,648.00 | / | | Analysis of Major Holding and Participating Companies | Company Name | Main Business | Registered Capital (10,000 yuan) | Shareholding Ratio (%) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sino Pharma | R&D, production, and sales of APIs and preparations; technology transfer and consulting; import and export of goods and technology | 5,000.00 | 100.00 | 97,901.48 | 53,271.75 | 31,831.82 | 10,103.65 | | Meishan Huilong | R&D of cosmetics, sales of cosmetic raw materials and additives; technology transfer and consulting services for medical products | 6,000.00 | 100.00 | 28,014.14 | 5,146.39 | 0.00 | 18.57 | | Kaijie Peptide | R&D, production, and sales of biomedical intermediates; technology transfer and consulting; import and export of goods and technology | 5,000.00 | 100.00 | 15,671.72 | 8,518.16 | 1,814.91 | 375.42 | | Huirong Bio | R&D, production, and sales of biomedical intermediates; biotechnology development, consulting, and promotion services | 100.00 | 100.00 | 4,551.48 | -706.00 | 1,296.36 | -282.47 | | Sino Kepeptide | R&D of biomedical products, providing technology transfer and consulting | 1,000.00 | 100.00 | 1,282.07 | 1,279.77 | 15.77 | -46.38 | | Sino Import & Export | Import and export of goods and technology | 50.00 | 100.00 | 546.76 | 256.78 | 353.58 | 155.69 | | ShengRong Langke | Engineering and technical research and experimental development; technical services, development, consulting, exchange, transfer, promotion | 6,000.00 | 100.00 | 10,527.45 | 5,495.01 | 0.00 | 55.45 | | Sino Peptide | R&D, production, sales, technical consulting, and transfer of peptide cosmetic raw materials and cosmetics; import and export trade | 1,000.00 | 100.00 | 1,134.93 | -471.84 | 671.23 | -5.44 | - During the reporting period, the company disposed of subsidiaries ShengRongMeiYe and ShengNuoMeiYe, with minor impact on overall production, operations, and performance[121](index=121&type=chunk) [VI. Other Disclosure Matters](index=40&type=section&id=VI.%20Other%20Disclosure%20Matters) This chapter states that the company has no other matters requiring disclosure - The company has no other matters requiring disclosure[121](index=121&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=41&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, senior management, and core technical personnel, profit distribution plans, equity incentive plans, environmental information disclosure, and rural revitalization efforts [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=41&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%20and%20Core%20Technical%20Personnel) This section discloses the departure of the company's Supervisory Board Chairman Zeng Dezhi, Employee Representative Supervisor Ren Jinshu, and Zhang Jingmeng during the reporting period, due to the company no longer setting up a Supervisory Board in accordance with the new "Company Law" - Supervisory Board Chairman Zeng Dezhi, Employee Representative Supervisor Ren Jinshu, and Employee Representative Supervisor Zhang Jingmeng resigned effective from the date of the 2024 Annual General Meeting[123](index=123&type=chunk) - This change is in accordance with the new "Company Law" and other relevant regulations, where the company no longer has a Supervisory Board, and its functions are exercised by the Board's Audit Committee[123](index=123&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=41&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section discloses that the company has no profit distribution or capital reserve conversion plan for the semi-annual period - The company's proposed semi-annual profit distribution or capital reserve conversion plan is "None"[124](index=124&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=41&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section discloses the cancellation of some granted but unvested restricted shares under the company's 2023 Restricted Stock Incentive Plan, and changes in employee stock ownership plan shares, which increased due to capital reserve conversion to share capital - On April 24, 2025, the company's board of directors approved the "Proposal on Cancelling Part of Granted but Unvested Restricted Shares under the 2023 Restricted Stock Incentive Plan"[125](index=125&type=chunk) - **47** employees of the company and its subsidiaries indirectly hold company shares through the employee stock ownership platform Hainan Sino Enterprise Management Center (Limited Partnership), with the number of shares increasing from **2.375 million** to **3.325 million** due to the 2022 annual profit distribution and capital reserve conversion plan[127](index=127&type=chunk) - On May 15, 2025, after the implementation of the company's 2024 annual profit distribution and capital reserve conversion plan, the number of shares indirectly held by the employee stock ownership platform further increased to **4.655 million**[128](index=128&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=42&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) This section lists the environmental information disclosure report query indexes for the company and its four major subsidiaries, indicating their active fulfillment of environmental information disclosure obligations - The company and **four** subsidiaries are included in the list of enterprises required to disclose environmental information by law[129](index=129&type=chunk) - Environmental information disclosure reports are available on the "Enterprise Environmental Information Disclosure System (Sichuan)"[129](index=129&type=chunk) [V. Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=43&type=section&id=V.%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) This chapter states that the company has no specific details regarding consolidating and expanding poverty alleviation achievements, rural revitalization, and other related work - The company has no specific details regarding consolidating and expanding poverty alleviation achievements, rural revitalization, and other related work[130](index=130&type=chunk) [Section V Significant Matters](index=44&type=section&id=Section%20V%20Significant%20Matters) This section covers the fulfillment of commitments, non-operating fund occupation by controlling shareholders and related parties, illegal guarantees, audit status, changes in non-standard audit opinions, bankruptcy reorganization, major litigations, violations, integrity status, major related party transactions, significant contracts, and use of raised funds [I. Fulfillment of Commitments](index=44&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments made by the company's actual controllers, shareholders, related parties, and the company itself, all of which were strictly fulfilled on time - Controlling shareholders, actual controllers, employee stock ownership platforms, directors, supervisors, senior management, and core technical personnel all committed not to transfer or entrust others to manage directly or indirectly held company shares within **36 months** from the listing date, and that the reduction price after the lock-up period will not be lower than the issue price for **two years**[136](index=136&type=chunk)[140](index=140&type=chunk)[143](index=143&type=chunk)[146](index=146&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk) - Controlling shareholders, actual controllers, employee stock ownership platforms, and shareholders holding **5% or more** of shares provided detailed explanations on the conditions, methods, quantity, announcement commitments, and consequences of non-fulfillment for future share transfers[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) - The company, controlling shareholders, directors, and senior management committed to share repurchase or increase holdings if the company's stock closing price falls below the audited net asset per share at the end of the previous year for **20 consecutive trading days** after three years of listing[169](index=169&type=chunk) - The company, controlling shareholders, actual controllers, employee stock ownership platforms, directors, supervisors, and senior management all made commitments regarding share repurchase for fraudulent issuance, compensation for diluted immediate returns, profit distribution, legal liability, consequences for non-fulfillment, avoidance of horizontal competition, and reduction and standardization of related party transactions[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - During the reporting period, all commitments were strictly fulfilled on time, with no explanations for unfulfilled commitments or plans for future fulfillment[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=60&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) This section states that there was no non-operating fund occupation by controlling shareholders and other related parties during the reporting period - During the reporting period, the company had no non-operating fund occupation by controlling shareholders and other related parties[179](index=179&type=chunk) [III. Illegal Guarantees](index=60&type=section&id=III.%20Illegal%20Guarantees) This section states that there were no illegal guarantees during the reporting period - During the reporting period, the company had no illegal guarantees[179](index=179&type=chunk) [IV. Semi-Annual Report Audit Status](index=61&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This section states that the company's semi-annual report was not audited - This semi-annual report was not audited[5](index=5&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in Last Year's Annual Report](index=61&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20Last%20Year's%20Annual%20Report) This section states that there were no changes or handling of matters involving non-standard audit opinions in the company's last year's annual report - The company's last year's annual report had no changes or handling of matters involving non-standard audit opinions[180](index=180&type=chunk) [VI. Bankruptcy Reorganization Matters](index=61&type=section&id=VI.%20Bankruptcy%20Reorganization%20Matters) This section states that the company has no bankruptcy reorganization matters - The company has no bankruptcy reorganization matters[180](index=180&type=chunk) [VII. Major Litigation and Arbitration Matters](index=61&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This section states that there were no major litigation or arbitration matters during the reporting period - During the reporting period, the company had no major litigation or arbitration matters[180](index=180&type=chunk) [VIII. Listed Company, Its Directors, Senior Management, Controlling Shareholders, and Actual Controllers Suspected of Violations, Penalties, and Rectification](index=61&type=section&id=VIII.%20Listed%20Company%2C%20Its%20Directors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20Suspected%20of%20Violations%2C%20Penalties%2C%20and%20Rectification) This section states that the company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subjected to penalties, or required rectification - The company, its directors, senior management, controlling shareholders, and actual controllers were not suspected of violations, subjected to penalties, or required rectification[180](index=180&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=61&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) This section explains that the integrity status of the company, its controlling shareholders, and actual controllers was good during the reporting period, with no adverse integrity issues - During the reporting period, the integrity status of the company, its controlling shareholders, and actual controllers was good, with no adverse integrity issues[180](index=180&type=chunk) [X. Major Related Party Transactions](index=61&type=section&id=X.%20Major%20Related%20Party%20Transactions) This section discloses the company's major related party transactions during the reporting period, including the estimated daily related party transaction amount already disclosed in temporary announcements, and the absence of other major related party transactions - On April 24, 2025, the company approved the "Proposal on Estimating the 2025 Annual Daily Related Party Transaction Amount", with an estimated amount of **104.209 million yuan**, which has been approved by the shareholders' meeting[181](index=181&type=chunk) - During the reporting period, the company had no asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, financial business with related financial companies, or other major related party transactions[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=62&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant guarantees performed and unfulfilled during the reporting period, with external guarantees primarily for its subsidiaries, totaling 19.10% of the company's net assets Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Guarantor | Relationship with Listed Company | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Collateral/Circumstances | Guarantee Fulfilled | Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sino Biopharm | Company Headquarters | China Resources SZITIC Trust Co., Ltd. (Chengdu SME Financing Guarantee Co., Ltd.) | 20,000,000.00 | 2024-06-13 | 2025-06-17 | Joint and several liability guarantee | Four company-owned patents pledged | Yes | No | Company and Its Subsidiaries' Guarantees for Subsidiaries | Guarantor | Relationship with Listed Company | Guaranteed Party | Relationship with Listed Company | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sino Biopharm | Company Headquarters | Sino Pharma | Wholly-owned subsidiary | 20,000,000.00 | 2024-01-18 | 2025-01-15 | Joint and several liability guarantee | Yes | No | | Sino Biopharm | Company Headquarters | Sino Pharma | Wholly-owned subsidiary | 30,000,000.00 | 2024-06-28 | 2025-12-14 | Joint and several liability guarantee | No | No | | Sino Biopharm | Company Headquarters | Sino Pharma | Wholly-owned subsidiary | 100,000,000.00 | 2024-06-03 | 2027-06-27 | Joint and several liability guarantee | No | No | | Sino Biopharm | Company Headquarters | Sino Pharma | Wholly-owned subsidiary | 40,000,000.00 | 2024-06-20 | 2025-10-10 | Joint and several liability guarantee | No | No | | Sino Biopharm | Company Headquarters | Sino Pharma | Wholly-owned subsidiary | 50,000,000.00 | 2024-10-24 | 2025-10-23 | Joint and several liability guarantee | No | No | | Sino Biopharm | Company Headquarters | Sino Pharma | Wholly-owned subsidiary | 50,000,000.00 | 2024-11-01 | 2027-01-21 | Joint and several liability guarantee | No | No | | Sino Biopharm | Company Headquarters | Sino Pharma | Wholly-owned subsidiary | 30,000,000.00 | 2024-12-13 | 2026-06-12 | Joint and several liability guarantee | No | No | Company's Total Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees (A+B) | 189,724,479.14 | | Total Guarantees as a Percentage of Company's Net Assets (%) | 19.10 | [XII. Explanation of Progress in Use of Raised Funds](index=65&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of the company's raised funds and the specifics of the fundraising projects, with cumulative investment exceeding 100% due to interest income, and key projects successfully put into operation or reaching intended usable state Overall Use of Raised Funds | Source of Raised Funds | Date Funds Received | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Total Committed Investment in Prospectus (10,000 yuan) | Cumulative Raised Funds Invested as of Period-End (10,000 yuan) | Cumulative Raised Funds Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | May 28, 2021 | 35,800.00 | 28,519.85 | 34,851.49 | 29,590.00 | 103.75 | - As of the end of the reporting period, the cumulative investment progress of raised funds exceeded **100%**, mainly because the cumulative investment amount included the net amount of bank deposit interest income minus bank handling fees[192](index=192&type=chunk) Detailed Use of Fundraising Projects | Project Name | Project Nature | Planned Investment of Raised Funds (10,000 yuan) | Current Year Investment (10,000 yuan) | Cumulative Raised Funds Invested as of Period-End (10,000 yuan) | Cumulative Investment Progress as of Period-End (%) | Date Project Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annual Production of 395 kg Peptide API Production Line Project | Production Construction | 15,519.85 | 0.00 | 16,108.10 | 103.79 | June 2025 | | Preparation Industrialization Technology Transformation Project | Production Construction | 10,663.78 | 1,256.73 | 10,981.81 | 102.98 | June 2025 | | Engineering Technology Center Upgrade Project | R&D Construction | 2,336.22 | 0.00 | 2,500.10 | 107.01 | January 2024 | | Total | / | 28,519.85 | 1,256.73 | 29,590.00 | / | / | - During the reporting period, the company had no details on the use of over-raised funds, changes or termination of fundraising projects, early investment and replacement of fundraising projects, temporary use of idle raised funds to supplement working capital, or cash management of idle raised funds[194](index=194&type=chunk)[195](index=195&type=chunk) [XIII. Explanation of Other Significant Matters](index=68&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This chapter states that the company has no other significant matters requiring explanation - The company has no other significant matters requiring explanation[195](index=195&type=chunk) [Section VI Share Changes and Shareholder Information](index=69&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, shareholder information, and the status of directors, senior management, and core technical personnel [I. Share Capital Changes](index=69&type=section&id=I.%20Share%20Capital%20Changes) This section discloses the company's share capital changes, primarily due to the completion of the 2024 annual equity distribution on June 13, 2025, where capital reserves were converted into shares, increasing the total share capital Share Capital Change Table | | Quantity Before Change | Proportion Before Change (%) | Change (+,-) Capital Reserve Conversion to Shares | Total Change (+,-) | Quantity After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 112,418,556 | 100.00 | 44,967,422 | 44,967,422 | 157,385,978 | 100 | | III. Total Shares | 112,418,556 | 100.00 | 44,967,422 | 44,967,422 | 157,385,978 | 100 | - On June 13, 2025, the company completed the implementation of the 2024 annual equity distribution, converting capital reserves into shares at a rate of **0.4 shares per share** for all shareholders, totaling **44,967,422 shares**, increasing the total share capital to **157,385,978 shares**[198](index=198&type=chunk) [II. Shareholder Information](index=70&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, the top ten shareholders, and the top ten shareholders with unrestricted shares as of the end of the reporting period, with Sichuan Sino Investment Co., Ltd. holding the highest proportion - The total number of common stock shareholders as of the end of the reporting period is **11,133**[200](index=200&type=chunk) - Among the company's top ten shareholders, Jiang Zijian and Yan Hao hold shares through both margin trading and securities lending accounts and ordinary securities accounts[201](index=201&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Change During Reporting Period | Shares Held at Period-End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Sichuan Sino Investment Co., Ltd. | 13,664,000 | 47,824,000 | 30.39 | Domestic Non-State-Owned Legal Person | | Sichuan Development Investment Fund Management Co., Ltd. - Sichuan Capital Market Relief and Development Investment Fund Partnership (Limited Partnership) | 3,259,149 | 11,407,021 | 7.25 | Other | | Lepu (Beijing) Medical Devices Co., Ltd. | 535,200 | 5,807,200 | 3.69 | Domestic Non-State-Owned Legal Person | | Hainan Sino Enterprise Management Center (Limited Partnership) | 1,330,000 | 4,655,000 | 2.96 | Other | | Jiang Zijian | 2,407,759 | 2,407,759 | 1.53 | Domestic Natural Person | | Wang Xiaoli | 656,796 | 2,298,786 | 1.46 | Domestic Natural Person | | Liu Shuyi | 467,837 | 1,637,430 | 1.04 | Domestic Natural Person | | Yan Hao | 1,603,552 | 1,603,552 | 1.02 | Domestic Natural Person | | Tao Xiuzhen | 699,041 | 1,140,734 | 0.72 | Domestic Natural Person | | Zeng Xiaohua | 377,602 | 1,130,580 | 0.72 | Domestic Natural Person | - Sichuan Sino Investment Co., Ltd. and Hainan Sino Enterprise Management Center (Limited Partnership) are enterprises under the same control as the company's actual controller, Wen Yongjun[205](index=205&type=chunk) [III. Directors, Senior Management, and Core Technical Personnel](index=72&type=section&id=III.%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section states that there were no changes in shareholdings or equity incentives granted to the company's directors, senior management, and core technical personnel during the reporting period - There were no changes in shareholdings of the company's directors, senior management, and core technical personnel during the reporting period[206](index=206&type=chunk) - There were no equity incentives granted to the company's directors, senior management, and core technical personnel during the reporting period[207](index=207&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=73&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, the company's controlling shareholder or actual controller did not change[207](index=207&type=chunk) [V. Implementation and Changes of Depositary Receipt Arrangements During the Reporting Period](index=73&type=section&id=V.%20Implementation%20and%20Changes%20of%20Depositary%20Receipt%20Arrangements%20During%20the%20Reporting%20Period) This section states that there were no implementation or changes in depositary receipt arrangements during the reporting period - The company had no implementation or changes in depositary receipt arrangements during the reporting period[207](index=207&type=chunk) [VI. Special Voting Rights Shares](index=73&type=section&id=VI.%20Special%20Voting%20Rights%20Shares) This section states that the company has no special voting rights shares - The company has no special voting rights shares[207](index=207&type=chunk) [VII. Preferred Shares](index=73&type=section&id=VII.%20Preferred%20Shares) This section states that the company has no preferred shares - The company has no preferred shares[207](index=207&type=chunk) [Section VII Bond-Related Information](index=74&type=section&id=Section%20VII.%20Bond-Related%20Information) This section provides information on the company's bonds, including corporate bonds (and enterprise bonds) and non-financial enterprise debt financing instruments, as well as convertible corporate bonds [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=74&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company has no corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments[209](index=209&type=chunk) [II. Convertible Corporate Bonds](index=74&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section states that the company has no convertible corporate bonds - The company has no convertible corporate bonds[209](index=209&type=chunk) [Section VIII Financial Report](index=75&type=section&id=Section%20VIII%20Financial%20Report) This section includes the audit report, financial statements, company basic information, basis of financial statement preparation, significant accounting policies and estimates, taxes, notes to consolidated financial statements, R&D expenses, changes in consolidation scope, equity in other entities, government grants, risks related to financial instruments, fair value disclosures, related parties and related party transactions, share-based payments, commitments and contingencies, post-balance sheet events, other significant matters, and notes to parent company financial statements [I. Audit Report](index=75&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual financial report was not audited - This semi-annual report was not audited[5](index=5&type=chunk) [II. Financial Statements](index=75&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - The Consolidated Balance Sheet shows that as of June 30, 2025, the company's total assets were **1,755,995,367.36 yuan**, total current assets were **784,109,819.19 yuan**, and total non-current assets were **971,885,548.17 yuan**[212](index=212&type=chunk)[213](index=213&type=chunk) - The Consolidated Income Statement shows that for January-June 2025, the company's total operating revenue was **337,569,910.26 yuan**, net profit was **88,917,856.49 yuan**, and net profit attributable to parent company shareholders was **88,956,694.45 yuan**[220](index=220&type=chunk)[221](index=221&type=chunk) - The Consolidated Cash Flow Statement shows that for January-June 2025, net cash flow from operating activities was **81,658,584.80 yuan**, net cash flow from investing activities was **-48,326,039.86 yuan**, and net cash flow from financing activities was **36,598,341.55 yuan**[228](index=228&type=chunk)[229](index=229&type=chunk) - The Consolidated Statement of Changes in Owner's Equity shows that as of June 30, 2025, total owner's equity attributable to the parent company was **993,089,288.20 yuan**, an increase of **74,745,852.70 yuan** from the beginning of the peri

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, driven by increased overseas sales of specific pharmaceutical raw materials [1] Financial Performance - The company's operating revenue for the first half of 2025 reached 338 million yuan, representing a year-on-year increase of 69.69% [1] - The net profit attributable to the parent company was 88.96 million yuan, showing a substantial year-on-year growth of 308.29% [1] Product Sales - There was a notable increase in overseas sales of Semaglutide and Teriparatide raw materials during the reporting period [1]

Core Viewpoint - Shengnuo Bio announced significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and potential for future investment opportunities [1] Financial Performance - The company achieved operating revenue of 338 million yuan, representing a year-on-year increase of 69.69% [1] - Net profit attributable to shareholders reached 88.96 million yuan, marking a substantial year-on-year growth of 308.29% [1] - The net profit after deducting non-recurring gains and losses was 89.48 million yuan, reflecting a remarkable year-on-year increase of 367.92% [1]