Core Viewpoint - Titan Technology (688133.SH) reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance compared to peers in the industry [1][3]. Financial Performance - The company's total revenue for the first half of 2025 was 1.219 billion yuan, a decrease of 177 million yuan or 12.70% year-on-year [1]. - The net profit attributable to shareholders was 9.7652 million yuan, ranking 126th among disclosed peers [1]. - The net cash inflow from operating activities was -84.007 million yuan, ranking 161st among disclosed peers, a decrease of 9.3102 million yuan compared to the same period last year [1]. Financial Ratios - The latest debt-to-asset ratio stood at 40.76%, ranking 105th among disclosed peers, remaining stable compared to the previous quarter but increasing by 0.88 percentage points year-on-year [3]. - The gross profit margin was 22.29%, a decrease of 0.96 percentage points from the previous quarter [4]. - The return on equity (ROE) was 0.35%, ranking 135th among disclosed peers [4]. - The diluted earnings per share were 0.06 yuan, ranking 115th among disclosed peers [4]. - The total asset turnover ratio was 0.25 times, a decrease of 0.06 times or 17.99% year-on-year [4]. - The inventory turnover ratio was 0.88 times, ranking 154th among disclosed peers, a decrease of 0.20 times or 18.47% year-on-year [4]. Shareholder Structure - The number of shareholders was 7,718, with the top ten shareholders holding a total of 64.4956 million shares, accounting for 39.22% of the total share capital [4]. - The top shareholders include: - Xie Yingbo: 9.88% - Zhang Qing: 4.55% - Dehru: 4.55% - Wang Jingyu: 4.58% - Xu Fengyuan: 4.58% - Shanghai Gao Yi Asset Management Partnership: 3.04% - Suzhou Zhongding No. 5 Equity Investment Fund: 2.82% - Chen Pinwang: 1.89% - CITIC Securities Co., Ltd.: 1.67% - Basic Pension Insurance Fund: 1.60% [4].

Core Viewpoint - Shanghai Titan Technology Co., Ltd. plans to continue using part of its idle raised funds for cash management, with a maximum amount of 400 million yuan, ensuring that it does not affect the construction and use of the raised funds investment projects [1][4]. Fundraising Situation - In 2022, Titan Technology issued 7,624,896 shares at a price of 131.61 yuan per share, raising a total of approximately 1.003 billion yuan, with a net amount of about 985 million yuan after deducting related issuance costs [2]. Previous Cash Management Situation - In August 2024, the company approved the use of up to 400 million yuan of idle raised funds for cash management, with funds stored in a special account for raised funds, allowing for immediate withdrawal [3]. Impact on the Company - The continued use of idle raised funds for cash management will not affect the normal operation of the investment projects and aims to generate more returns for the company and its shareholders [4]. Decision-Making Process and Opinions - The cash management matter has been approved by the board of directors and the supervisory board, and does not require submission to the shareholders' meeting. Independent directors and the supervisory board have expressed agreement, stating that the matter is legal and compliant, and aligns with the interests of the company and shareholders [5].

中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海泰坦科技 股份有限公司（以下简称"泰坦科技"或"公司"） 2021 年度向特定对象发行股票的 保荐人，根据《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规则 （2025 年 4 月修订）》《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》《科创板上市公司持续监管办法（试行）》等有关法律法规和规范性文件的要 求，对泰坦科技使用部分闲置募集资金进行现金管理的事项进行了审慎核查，并出具本 核查意见。核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意上海泰坦科技股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2022〕871 号），上海泰坦科技股份有限公司向特定 对象发行 A 股股票 7,624,896 股，发行价格为人民币 131.61 元/股，本次发行的募集资金 总额为人民币 1,003,512,562.56 元，扣除相关发行费用人民币 18,328,561.10 元，募集资 金净额为人民币 985,184,001.46 元，上述资金已全部到位，经大信会计师事务所（特殊 普通合伙）审验并于 ...

Core Viewpoint - Titan Technology (688133) reported a decline in revenue for the first half of 2025, primarily due to strategic adjustments in its operations aimed at aligning customer demand with company capabilities [1] Financial Performance - The company achieved an operating revenue of 1.219 billion yuan, representing a year-on-year decrease of 12.7% [1] - The net profit attributable to shareholders was 9.7652 million yuan, showing a significant year-on-year increase of 91.55% [1] - Basic earnings per share were reported at 0.06 yuan [1] Strategic Adjustments - The decline in operating revenue was attributed to the company's decision to proactively abandon certain unprofitable businesses or those with long capital cycles, in order to better match customer demand with its operational capabilities [1]

上海泰坦科技股份有限公司 关于公司 2025 年度"提质增效重回报"专项行动方案的 半年度评估报告 本评估报告系基于公司实际经营情况制定，所涉及的经营目标、发展战 略等前瞻性陈述不构成公司对投资者的实质承诺，提请投资者注意相关风 险。 上海泰坦科技股份有限公司（以下简称"公司"）积极响应并践行"以投资 者为本"的发展理念，推动公司持续优化经营、规范治理和积极回报投资者， 大力提高公司质量，助力信心提振、资本市场稳定和经济高质量发展，基于对 公司发展前景的信心和对公司长期投资价值的认可，公司在 2025 年初制定了 《2025 年度"提质增效重回报"行动方案》。2025 年上半年，本行动方案主要 举措的进展及成效情况如下： 一、聚焦主业，推进年度重点工作，持续提升核心竞争力 一直以来，公司专注于为科研工作者和质量控制人员提供一站式实验室产 品与配套全方位的综合服务，以构建科研配套服务行业购物平台为基础，通过 建立全国性营销服务网络和整合丰富完善的产品物料供应体系，满足实验室客 户的各类需求。 公司在 2024 年初提到，未来三年，公司将围绕以下三方面的核心战略，聚 焦主业，继续提升公司核心竞争力，在核心竞争力的 ...

证券代码：688133 证券简称：泰坦科技 公告编号：2025-033 上海泰坦科技股份有限公司 2025 年半年度募集资金 存放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《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所科创板股票上市规则》《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》等有关规定，上海泰坦科技股份公司 （以 下简称"泰坦科技"或"公司"）董事会将 2025 年半年度募集资金存放与实际 使用情况说明如下： 一、募集资金基本情况 1、实际募集资金金额、资金到账时间 根据中国证券监督管理委员会《关于同意上海泰坦科技股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2022〕871 号），上海泰坦科技股份有 限公司向特定对象发行 A 股股票 7,624,896 股，发行价格为人民币 131.61 元/ 股，募集资金总额为人民币 1,003,512,562.56 元，扣除相关发行费用人民币 18,328,561.1 ...

上海泰坦科技股份有限公司（以下简称"公司"或"泰坦科技"）于 2025 年 8 月 27 日召开第四届董事会第十九次会议、第四届监事会第十八次会议，审议通 过了《关于继续使用部分闲置募集资金进行现金管理的议案》，同意公司在确保 不影响募集资金投资项目建设和募集资金使用的情况下，使用额度最高不超过人 民币 4.0 亿元（含 4.0 亿）的部分闲置的 2021 年度向特定对象发行 A 股股票募集 资金进行现金管理，投资安全性高、流动性好的投资产品（包括但不限于协定性 存款、结构性存款、定期存款、通知存款、大额存单等）。在上述额度内，资金 可以滚动使用，使用期限自董事会审议通过之日起 12 个月内有效。 证券代码：688133 证券简称：泰坦科技 公告编号：2025-034 上海泰坦科技股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公告 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。 董事会授权公司管理层在授权额度和期限内行使现金管理投资决策权并签署 相关合同文件，具体事项由公司财务部负责组织实施。上述事项在公司董事会 ...

证券代码：688133 证券简称：泰坦科技 公告编号：2025-035 上海泰坦科技股份有限公司 第四届监事会第十八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况： 上海泰坦科技股份有限公司（以下简称"公司"）第四届监事会第十八次会 议通知已于 2025 年 8 月 17 日以书面方式送达全体监事，会议于 2025 年 8 月 27 日以现场结合通讯方式召开，本次会议由监事会主席顾梁先生召集并主持，应到 监事 3 人，实到监事 3 人。本次会议的召集和召开符合《中华人民共和国公司法》 和《上海泰坦科技股份有限公司章程》（以下简称《公司章程》）等相关规定， 会议形成的决议合法、有效。 二、监事会会议审议情况： 与会监事就如下议案进行了审议，并表决通过以下事项： 1、审议通过《关于<公司 2025 年半年度报告及其摘要>的议案》 根据《公司法》、《证券法》等相关法律法规，《公开发行证券的公司信息 披露内容与格式准则第 3 号——半年度报告的内容与格式（2025 年修订）》、 《上海证券交 ...

[Definitions](index=4&type=section&id=Definitions) This section provides definitions of common terms used throughout the report, covering company names, related parties, industry jargon, and specialized chemical and biological terminology, to enhance reader comprehension [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company names, related parties, industry jargon, and chemical and biological professional terms, to enhance reader comprehension - The report defines Company, This Company, Parent Company, Joint Stock Company, and Titan Scientific all refer to Shanghai Titan Scientific Co., Ltd[11](index=11&type=chunk) - The reporting period refers to January-June 2025[11](index=11&type=chunk) - Multiple industry and technical terms are defined, such as reagents, ERP system, SKU, TOC, OEM, LCMS, CRO, molecular building blocks, parallel reactions, functional groups, coupling, pharmacokinetics, biochemistry, and synthesis, to ensure accurate understanding of professional terminology[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance metrics [I. Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) This chapter provides basic information about Shanghai Titan Scientific Co., Ltd., including its name, legal representative, registered and office addresses, website, and email, offering investors a fundamental company overview - The company's Chinese name is Shanghai Titan Scientific Co., Ltd., abbreviated as Titan Scientific[14](index=14&type=chunk) - The legal representative is Zhang Qing, with the registered address at Room 1110, Building 1, No. 100 Qinzhou Road, Xuhui District, Shanghai, and the office address at No. 89 Shilong Road, Xuhui District, Shanghai[14](index=14&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This chapter provides contact details for the company's Board Secretary (domestic representative for information disclosure), Ding Gaoxiang, and Securities Affairs Representative, Zhu Qun, facilitating investor inquiries and communication - The Board Secretary (domestic representative for information disclosure) is Ding Gaoxiang, and the Securities Affairs Representative is Zhu Qun[15](index=15&type=chunk)[16](index=16&type=chunk) - Both contact addresses are No. 89 Shilong Road, Xuhui District, Shanghai, with telephone number 021-60878330 and email contact@titansci.com[16](index=16&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This chapter specifies the designated newspapers and website for company information disclosure and the custody location for the semi-annual report, confirming no changes during the reporting period, ensuring transparency and accessibility - The company's designated newspapers for information disclosure are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[17](index=17&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[17](index=17&type=chunk) - The company's semi-annual report is kept at the company's Board of Directors Office, with no changes during the reporting period[17](index=17&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Overview) This chapter briefly introduces the company's stock information, confirming its A-shares are listed on the Shanghai Stock Exchange's STAR Market with stock code 688133, and no depositary receipts exist - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Titan Scientific and stock code **688133**[18](index=18&type=chunk) - The company has no depositary receipts[19](index=19&type=chunk) [VI. Company Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter discloses the company's key accounting data and financial indicators for the first half of 2025, showing a 12.70% decrease in operating revenue year-on-year, but a 91.55% increase in net profit attributable to shareholders, mainly due to fair value changes in investment companies. Net profit after deducting non-recurring gains and losses decreased by 145.59% year-on-year, reflecting business abandonment and gross profit decline from strategic adjustments Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,219,135,997.00 yuan | 1,396,425,783.35 yuan | -12.70 | | Total Profit | 4,648,186.89 yuan | 5,854,407.63 yuan | -20.60 | | Net Profit Attributable to Shareholders of Listed Company | 9,765,151.08 yuan | 5,098,031.06 yuan | 91.55 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -2,769,481.04 yuan | 6,075,215.55 yuan | -145.59 | | Net Cash Flow from Operating Activities | -84,006,965.95 yuan | -74,696,748.23 yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-End/Prior Year-End) | 2,788,376,129.23 yuan | 2,786,137,700.77 yuan | 0.08 | | Total Assets (Period-End/Prior Year-End) | 4,839,444,524.33 yuan | 4,848,677,703.44 yuan | -0.19 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.03 | 100.00 | | Diluted Earnings Per Share (yuan/share) | 0.06 | 0.03 | 100.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.02 | 0.04 | -150.00 | | Weighted Average Return on Net Assets (%) | 0.35 | 0.18 | Increased by 0.17 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.10 | 0.22 | Decreased by 0.32 percentage points | | R&D Investment as % of Operating Revenue (%) | 6.59 | 5.71 | Increased by 0.88 percentage points | - Operating revenue decreased by **12.70%** year-on-year, primarily due to the company's adjustment of its operating strategy, proactively abandoning some unprofitable or capital-intensive businesses[22](index=22&type=chunk) - Net profit attributable to shareholders of the listed company increased by **91.55%** year-on-year, mainly due to fair value changes in investment companies[23](index=23&type=chunk) - Net profit after deducting non-recurring gains and losses decreased by **145.59%** year-on-year, due to a slight decline in gross profit from abandoned businesses, and the optimization effects of management and financial expenses not yet being evident[23](index=23&type=chunk) [VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=VII.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This chapter states that the company has no differences in accounting data under domestic and overseas accounting standards, indicating uniformity in its financial reporting - The company has no differences in accounting data under domestic and overseas accounting standards[24](index=24&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **12,534,632.12 yuan**, primarily comprising government grants and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -21,162.73 | | Government grants recognized in profit or loss for the current period | 5,745,820.09 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 9,388,392.12 | | Other non-operating income and expenses apart from the above | -682,033.57 | | Less: Income tax impact | 1,308,289.51 | | Impact on minority interests (after tax) | 588,094.28 | | **Total** | **12,534,632.12** | [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=IX.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This chapter states that the company has not chosen to disclose net profit after deducting the impact of share-based payments - The company has not chosen to disclose net profit after deducting the impact of share-based payments[27](index=27&type=chunk) [X. Explanation of Non-GAAP Performance Indicators](index=8&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) This chapter states that the company has no non-GAAP performance indicators - The company has no non-GAAP performance indicators[27](index=27&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, operations, core competitiveness, and risk factors [I. Industry and Main Business Overview During the Reporting Period](index=9&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This chapter details the company's scientific service industry, main businesses, products, and operating model. As a leading domestic scientific service provider, the company meets research needs by offering research reagents, specialty chemicals, scientific instruments and consumables, and laboratory construction and scientific information services. It employs a direct sales model, combining proprietary and third-party brands, and provides one-stop services through its "Explore Platform" and warehousing logistics system - The company's industry is 'Research and Experimental Development' under 'Scientific Research and Technical Services,' with industry code **M7320**[29](index=29&type=chunk) - The scientific service industry provides research reagents, high-end consumables, laboratory instruments, intelligent equipment, scientific information technology, specialty chemicals, and professional technical services to downstream customers in biomedicine, new materials, new energy, and other fields[30](index=30&type=chunk) - The company's main businesses include research reagents, specialty chemicals, scientific instruments and consumables, and laboratory construction and scientific information services, owning proprietary reagent brands such as Adamas, Adamas life, TEDIA, and Greagent, and also selling internationally renowned brand products[33](index=33&type=chunk)[34](index=34&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - The company adopts a direct sales model, combining proprietary and third-party brand sales, and provides one-stop procurement services through its 'Explore Platform'[33](index=33&type=chunk)[39](index=39&type=chunk) - Most of the company's proprietary brand products are manufactured through an OEM model, with a small portion self-produced, and it possesses production capabilities for biological reagents, chemical reagents, and some instruments[40](index=40&type=chunk) [1. Industry Overview](index=9&type=section&id=1.%20Industry%20Overview) The company operates in the scientific research and technical services industry, providing solutions for research and production quality control. This sector is characterized by a wide range of products, complex technologies, and diverse customer needs. Supported by national policies, China's scientific service industry is rapidly developing, though it still lags behind developed countries - The company's industry is 'Research and Experimental Development' under 'Scientific Research and Technical Services,' with industry code **M7320**[29](index=29&type=chunk) - The scientific service industry provides scientific service technical solutions for fields such as biomedicine, new materials, new energy, energy conservation and environmental protection, food and daily chemicals, analytical testing, intelligent manufacturing, chemical engineering, and research institutions[30](index=30&type=chunk) - Industry characteristics include a wide range of products and numerous categories; complex and diverse product manufacturing technologies; and diversified customer demands, requiring products and services to match customer needs[31](index=31&type=chunk) [2. Company's Main Business and Products](index=10&type=section&id=2.%20Company%27s%20Main%20Business%20and%20Products) The company offers research reagents (high-end/general), specialty chemicals, scientific instruments and consumables (equipment/lab supplies), and laboratory construction and scientific information services, forming a comprehensive product matrix and scientific service platform to meet customer needs from R&D preparation to production quality control - The company provides research reagents, specialty chemicals, scientific instruments and consumables, and laboratory construction and scientific information services, establishing itself as a leading enterprise in the domestic scientific service industry[33](index=33&type=chunk) - Research reagents are categorized into high-end reagents (e.g., synthetic building blocks, biomarkers) and general reagents (e.g., acids, bases, salts), with proprietary brands such as Adamas, Adamas life, TEDIA, and Greagent[34](index=34&type=chunk)[35](index=35&type=chunk) - Specialty chemicals primarily include functional additives such as alcohol ethers, esters, and isoalkanes, used in industrial fields like biomedicine and new materials[36](index=36&type=chunk) - Scientific instruments and consumables include equipment (e.g., stirrers, balances, TOC analyzers) and laboratory consumables (e.g., analytical consumables, biological consumables), with proprietary brands Titan Scientific and Titan[36](index=36&type=chunk)[37](index=37&type=chunk) - Laboratory construction and scientific information services offer comprehensive laboratory solutions and system solutions for R&D management, experimental records, analytical testing, and quality control, under the brand 'Titan SRM'[37](index=37&type=chunk)[39](index=39&type=chunk) [3. Company Operating Model](index=12&type=section&id=3.%20Company%20Operating%20Model) The company's operating model encompasses direct sales, a combination of proprietary and third-party brands, customer-demand-driven product development, ERP-managed procurement, and a hybrid OEM and self-production approach, ensuring full process control and efficient operations - The company primarily adopts a direct sales model, serving mainly end-customers, and sells a combination of proprietary brands (e.g., Adamas, Greagent) and third-party brands (e.g., Thermo Fisher, Dow Chemical)[39](index=39&type=chunk) - The product development model is based on customer needs, involving interviews, data mining, and trend analysis to determine product standardization and technical specifications[40](index=40&type=chunk) - The procurement model is managed through an ERP system, determining demand plans based on order forecasts and inventory[40](index=40&type=chunk) - The production model is primarily OEM, with a small portion of self-production; the Songjiang Xiaokunshan base and controlled subsidiaries possess production capabilities for biological reagents, chemical reagents, and instruments[40](index=40&type=chunk) - Laboratory construction and scientific information services are project-based products, meeting customer needs through general software development and customized adjustments[41](index=41&type=chunk) [II. Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company, guided by its "focus on scientific services, dual-core driven to enhance five-dimensional capabilities" strategy, adjusted its operations by proactively abandoning some low-profit businesses, leading to a **12.70%** year-on-year decrease in operating revenue. However, net profit attributable to shareholders increased by **91.55%**, primarily due to fair value changes in investment companies. Net profit after deducting non-recurring gains and losses decreased by **145.59%** year-on-year, reflecting business abandonment and gross profit decline from strategic adjustments. The company achieved initial results in sales transformation, product manufacturing, new product R&D, M&A integration, and operational optimization, with base construction largely completed - In the first half of 2025, the company's operating revenue was **1.219 billion yuan**, a year-on-year decrease of **12.70%**, mainly due to strategic adjustments and the proactive abandonment of some unprofitable or capital-intensive businesses[42](index=42&type=chunk) - Net profit attributable to shareholders of the listed company was **9.7652 million yuan**, a year-on-year increase of **91.55%**, primarily benefiting from fair value changes in investment companies[42](index=42&type=chunk) - Net profit after deducting non-recurring gains and losses was **-2.7695 million yuan**, a year-on-year decrease of **145.59%**, mainly due to a decline in gross profit from abandoned businesses, and the optimization effects of management and financial expenses not yet being evident[42](index=42&type=chunk) - The company achieved initial results in sales and operational transformation, enhancement of product manufacturing capabilities, new product R&D and market promotion, M&A integration effects, and operational optimization[43](index=43&type=chunk)[45](index=45&type=chunk) - Base construction is largely complete, with the Yichang base already in trial production for general reagents, and the Fengxian base expected to commence trial operation by year-end, which will enhance production capacity[45](index=45&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in technological innovation, brand influence, operational management efficiency, customer service advantages, and synergistic integration capabilities. It continuously invests in R&D, boasts 14 proprietary brands, enhances service quality through an information platform and professional logistics system, and has established an extensive customer cooperation network. During the reporting period, the company increased investment in product technologies and plans to enhance instrument-related core technologies through M&A integration - The company adheres to a 'dual-core driven' strategy, focusing on product technology R&D and industry infrastructure construction, forming five major advantages: technology, brand, operational management, service and customer, and synergistic integration[46](index=46&type=chunk) - Technological advantages are reflected in a systematic core technology portfolio covering synthesis and preparation, purification and separation, analytical testing, and intelligent warehousing and logistics technologies[46](index=46&type=chunk) - The company owns **14** proprietary brands, including Adamas, Titan Scientific, and Titan SRM, with over **7 million SKUs**, demonstrating strong brand influence and industry reputation[46](index=46&type=chunk)[47](index=47&type=chunk) - Operational management advantages include informatized management (integration of 'Explore Platform' with ERP system), full lifecycle quality management, and a professional, intelligent warehousing and logistics system[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has cumulatively served over **60,000** customers and over **1 million** scientific researchers, establishing a highly sticky, high-growth customer cooperation system, covering Fortune 500 companies, 985/211 universities, and biomedical enterprises[49](index=49&type=chunk)[50](index=50&type=chunk) - During the reporting period, the company increased investment in product technologies, advancing R&D projects focused on synthetic reagents, biological reagents, high-purity solvents, and small instruments, and plans to absorb, digest, and upgrade product technologies through M&A of instrument companies[53](index=53&type=chunk) [(I) Core Competitiveness Analysis](index=14&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's core competitiveness primarily stems from technological innovation, a multi-brand strategy, efficient operational management, a broad customer base, and synergistic integration capabilities. Its technological strengths encompass synthesis, purification, analysis, and smart warehousing logistics; brand strength includes 14 proprietary brands and 7 million SKUs; operational management is efficient through information systems and professional logistics; customer advantage covers 60,000 clients and 1 million researchers; and synergistic integration enriches product lines through M&A - The company has accumulated a systematic core technology portfolio in product technology innovation, including fields such as synthesis and preparation, purification and separation, and analytical testing[46](index=46&type=chunk) - The company owns **14** proprietary brands, including Adamas, Titan Scientific, and Titan SRM, with over **7 million SKUs**, providing comprehensive scientific service solutions[46](index=46&type=chunk)[47](index=47&type=chunk) - The company achieves informatized management through its 'Explore Platform' and internal ERP system, fully integrating product R&D, procurement, manufacturing, and sales processes, and has established a professional, intelligent warehousing and logistics system[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has cumulatively served over **60,000** customers, including Fortune 500 companies, 985/211 universities, and biomedical enterprises, forming a highly sticky customer cooperation system[49](index=49&type=chunk)[50](index=50&type=chunk) - The company enriches its proprietary brand product lines through investments, M&A, and attracting teams, combining customer service advantages with the product advantages of integrated targets to form synergistic effects[50](index=50&type=chunk) [(II) Events, Impact Analysis, and Countermeasures Seriously Affecting the Company's Core Competitiveness During the Reporting Period](index=16&type=section&id=(II)%20Events%2C%20Impact%20Analysis%2C%20and%20Countermeasures%20Seriously%20Affecting%20the%20Company%27s%20Core%20Competitiveness%20During%20the%20Reporting%20Period) This chapter states that no events seriously affecting the company's core competitiveness occurred during the reporting period - No events seriously affecting the company's core competitiveness occurred during the reporting period[50](index=50&type=chunk) [(III) Core Technologies and R&D Progress](index=16&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company's core technologies are categorized into product and platform technologies. While no new core technologies were formed during the reporting period, product technology investment increased, focusing on R&D projects for synthetic reagents, biological reagents, high-purity solvents, and small instruments, alongside sustained investment in platform technologies. Recognized as a national "Little Giant" enterprise, the company filed 25 new patent and software copyright applications and obtained 27, accumulating 349. Total R&D investment was **80,357,882.97 yuan**, accounting for **6.59%** of operating revenue - The company core technologies include product-related technologies (proprietary brand research reagents, specialty chemicals, scientific instruments and consumables, and laboratory construction and scientific information services) and platform-related technologies (scientific service platform 'Explore Platform' and warehousing logistics system)[50](index=50&type=chunk) - No new core technologies were formed during the reporting period, but investment in product-related technologies increased, advancing R&D projects focused on synthetic reagents, biological reagents, high-purity solvents, and small instruments, while maintaining continuous investment in platform-related technologies[53](index=53&type=chunk) - The company was recognized as a national 'Little Giant' enterprise (2024年度)[55](index=55&type=chunk) Intellectual Property Status During the Reporting Period | IP Type | New Applications This Period (units) | New Grants This Period (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 15 | 3 | 80 | | Utility Model Patents | 2 | 4 | 141 | | Design Patents | 5 | 17 | 53 | | Software Copyrights | 3 | 3 | 75 | | **Total** | **25** | **27** | **349** | R&D Investment Status | Indicator | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 80,357,882.97 | 78,041,777.63 | 2.97 | | Capitalized R&D Investment | 0.00 | 1,760,337.76 | -100.00 | | Total R&D Investment | 80,357,882.97 | 79,802,115.39 | 0.70 | | R&D Investment as % of Operating Revenue (%) | 6.59 | 5.71 | Increased by 0.88 percentage points | | Proportion of Capitalized R&D Investment (%) | 0.00 | 2.21 | Decreased by 2.21 percentage points | - No R&D projects met capitalization criteria during this reporting period, and all R&D investments were expensed[58](index=58&type=chunk) [4. R&D Project Status](index=20&type=section&id=4.%20R%26D%20Project%20Status) The company's 59 R&D projects, with a total investment of **384.507 million yuan** and **80.35788297 million yuan** invested this period, cover novel specialty reagents, compounds, materials, solvents, and intelligent instruments. These projects aim to enhance product performance, reduce costs, achieve domestic substitution, expand application areas, and promote green and environmentally friendly technologies - The company's R&D projects cover **59** items, including novel specialty reagents, difluoropyridine compounds, adsorbent materials, fluorine-containing drug building blocks, metal-organic framework materials, BT resins, ultra-high purity LCMS-grade chromatographic solvents, intelligent magnetic stirrers, intelligent vacuum control systems, adsorbent microsphere formation, highly selective hydromorphone, multi-functional controllable polymerization initiators, perfluorosulfonic acid polymers, chemical reaction pathway intelligent identification platforms, proteinase K, cord blood MSC stem cell serum-free culture media, recombinant trypsin, recombinant C factor reagent kits, stable isotope-labeled quinolone drugs, protein crosslinkers, spirocyclic compounds, veterinary drug residue isotope reference materials, Explore Platform product information management system, application of microchannel reaction technology in low-temperature reaction processes, high-value polymer reagents using anionic polymerization technology, deuterated aromatic ring compounds, quick-change filter cartridges, high-precision TOC online detectors, intelligent water dispensing units with automatic water cut-off, ICP-MS and electronic-grade ultrapure water systems, multi-channel fluorescence systems, chemiluminescence ChemiScope6000/S6 with color marker structure update, external UV transilluminators, small animal in vivo imaging systems IVScope8810M/8850M (infrared single camera), small animal in vivo imaging system IVScope8860M (dual camera), small animal in vivo imaging system IVScope8300Pro (U7ML camera), small animal in vivo imaging system IVScope8550Pro (U9ML camera), electrophoresis power supplies, electrophoresis tanks, rapid transfer units, S7 chemiluminescence imaging system module replacement, in vivo imaging system 3D acquisition software, biochemical incubators (Peltier type), infrared carbon dioxide sensors, triple-gas incubators (equipped with 6 small glass doors), carbon dioxide incubators (equipped with 6 small glass doors), floor-standing double-layer shakers, carbon dioxide incubators (copper inner tank), biphenyl silica gel packing, C1 chromatographic packing, C18 chromatographic packing, PFP chromatographic columns, WCX chromatographic packing, HPLC-grade acetonitrile process R&D compliant with new 8001 reagent general rules, G3-G4 electronic-grade acetonitrile process R&D, G3-G4 electronic-grade n-hexane process R&D, electronic-grade methanol product R&D, electronic-grade tetrahydrofuran product R&D, and six rapid detection solutions for mycotoxins[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - The total investment scale for R&D projects is **384.507 million yuan**, with **80.35788297 million yuan** invested this period, and a cumulative investment of **247.52629920 million yuan**[89](index=89&type=chunk) - Several projects have entered the pilot production stage or completed preliminary verification, aiming to enhance product performance, reduce costs, achieve domestic substitution, expand application areas, and promote green and environmentally friendly technologies[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) [5. R&D Personnel Status](index=49&type=section&id=5.%20R%26D%20Personnel%20Status) The company has **330** R&D personnel, accounting for **19.00%** of the total workforce, with an increase in average R&D staff compensation. The R&D team is predominantly composed of bachelor's and master's degree holders, with a younger age structure, the 30-40 age bracket being the largest Basic Information of R&D Personnel | Indicator | Current Period | Prior Period | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 330 | 356 | | Proportion of R&D Personnel to Total Company Staff (%) | 19.00 | 20.90 | | Total R&D Personnel Compensation (ten thousand yuan) | 3,992.21 | 3,950.83 | | Average R&D Personnel Compensation (ten thousand yuan) | 11.64 | 10.36 | R&D Personnel Education Level | Education Level | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Master's Degree | 47 | 14.24 | | Bachelor's Degree | 215 | 65.15 | | Associate's Degree | 47 | 14.24 | | High School and Below | 21 | 6.36 | | **Total** | **330** | **100.00** | R&D Personnel Age Structure | Age Range | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Under 30 (excluding 30) | 130 | 39.39 | | 30-40 (including 30, excluding 40) | 151 | 45.76 | | 40-50 (including 40, excluding 50) | 44 | 13.33 | | 50-60 (including 50, excluding 60) | 5 | 1.52 | | **Total** | **330** | **100.00** | [IV. Risk Factors](index=49&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including core technology leakage (due to R&D personnel and OEM manufacturers), operational risks (regional expansion, procurement timeliness, warehousing logistics safety, lease renewal and rent increases, product quality, university procurement platform constraints), financial risks (high accounts receivable and inventory), and other risks such as environmental and safety production non-compliance and loss of key technical personnel - Core Competitiveness Risk: The company faces the risk of core technology leakage, as R&D personnel and OEM manufacturers each possess parts of the core technology[92](index=92&type=chunk) - Operational Risks: These include regional expansion risk (high revenue concentration in East China, new region expansion requires logistics and customer recognition), risk of numerous procurement categories (inability to supply on time affecting reputation), warehousing and logistics risk (hazardous materials management and potential cancellation of qualifications), risk of lease expiration and rent increases, product quality risk (large volume of OEM and third-party procurement), and constraints from university independent scientific research procurement platforms (risk of being removed from the list of qualified suppliers)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Financial Risks: Accounts receivable book value is **729.6301 million yuan**, accounting for **59.85%** of operating revenue, posing a significant risk of bad debt losses; inventory book value is **1.0804242 billion yuan**, accounting for **22.33%** of total assets, presenting high management difficulty and risk of obsolescence[95](index=95&type=chunk) - Other Risks: Including legal risks of violating environmental protection and safety production regulations (involving hazardous chemicals), and the risk of losing key technical personnel[95](index=95&type=chunk)[96](index=96&type=chunk) [V. Key Operating Performance During the Reporting Period](index=51&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue decreased by **12.70%** to **1.219136 billion yuan**, while net profit attributable to shareholders increased by **91.55%** to **9.7652 million yuan**, though non-recurring net profit was negative. Financial statement changes reflect strategic adjustments, with operating costs decreasing more than revenue, sales expenses lowering, but management and financial expenses increasing. Cash outflow from investing activities decreased, and net cash flow from financing activities significantly declined. The company's external equity investment decreased substantially, but financial assets measured at fair value and private equity investments remained stable - During the reporting period, the company achieved operating revenue of **1.219136 billion yuan**, a year-on-year decrease of **12.70%**; net profit attributable to shareholders of the listed company was **9.7652 million yuan**, a year-on-year increase of **91.55%**; net profit after deducting non-recurring gains and losses was **-2.7695 million yuan**, a year-on-year decrease of **145.59%**[97](index=97&type=chunk) Key Financial Statement Item Changes | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,219,135,997.00 | 1,396,425,783.35 | -12.70 | | Operating Costs | 947,369,976.25 | 1,121,467,774.50 | -15.52 | | Selling Expenses | 89,824,431.23 | 98,597,915.66 | -8.90 | | Administrative Expenses | 81,124,225.93 | 69,030,053.43 | 17.52 | | Financial Expenses | 19,529,417.58 | 17,282,190.47 | 13.00 | | R&D Expenses | 75,969,881.47 | 76,126,621.37 | -0.21 | | Net Cash Flow from Operating Activities | -84,006,965.95 | -74,696,748.23 | Not Applicable | | Net Cash Flow from Investing Activities | -104,778,784.66 | -306,323,164.35 | Not Applicable | | Net Cash Flow from Financing Activities | 69,924,427.67 | 294,161,893.45 | -76.23 | - The decrease in operating revenue was mainly due to strategic adjustments and the abandonment of some unprofitable businesses; the decrease in operating costs was greater than the decrease in revenue, leading to a slight improvement in gross profit margin[99](index=99&type=chunk)[100](index=100&type=chunk) - The increase in management expenses was mainly due to personnel growth from business expansion in the second half of last year; the increase in financial expenses was due to maintaining high levels of short-term and long-term borrowings[100](index=100&type=chunk) - Cash outflow from investing activities decreased, mainly because most investment projects have been completed; net cash flow from financing activities significantly declined, as total borrowings remained relatively stable and new financing decreased[100](index=100&type=chunk) Overall Analysis of External Equity Investments | Indicator | Investment Amount This Period (yuan) | Investment Amount Prior Period (yuan) | Change | | :--- | :--- | :--- | :--- | | External Equity Investment Amount | 9,300,000.00 | 184,181,818.18 | -94.95% | Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (yuan) | Period-Start Amount (yuan) | | :--- | :--- | :--- | | Private Equity Funds | 31,000,000.00 | 31,000,000.00 | | Other - Equity in Shanghai Fuxiang Optics Co., Ltd. | 31,914,893.62 | 24,255,319.35 | | Other - Wuhan Hanhai New Enzyme Biotechnology Co., Ltd. | 22,222,094.41 | 22,222,094.41 | | Other - Miaoshun (Shanghai) Biotechnology Co., Ltd. | 11,770,339.47 | 11,770,339.47 | | Other - Trading Financial Assets | 30,521,170.09 | 40,258,960.09 | | **Total** | **127,428,497.59** | **129,506,713.32** | [(I) Main Business Analysis](index=51&type=section&id=(I)%20Main%20Business%20Analysis) This period's main business analysis shows a **12.70%** year-on-year decrease in operating revenue, primarily due to strategic adjustments and the proactive abandonment of some low-profit businesses. Operating costs decreased more than revenue, leading to a slight improvement in gross profit margin. Sales expenses decreased, but management and financial expenses rose due to personnel growth and increased borrowings. Net cash flow from operating activities remained negative but was in line with the company's expectations Analysis of Changes in Financial Statement Items | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,219,135,997.00 | 1,396,425,783.35 | -12.70 | | Operating Costs | 947,369,976.25 | 1,121,467,774.50 | -15.52 | | Selling Expenses | 89,824,431.23 | 98,597,915.66 | -8.90 | | Administrative Expenses | 81,124,225.93 | 69,030,053.43 | 17.52 | | Financial Expenses | 19,529,417.58 | 17,282,190.47 | 13.00 | | R&D Expenses | 75,969,881.47 | 76,126,621.37 | -0.21 | | Net Cash Flow from Operating Activities | -84,006,965.95 | -74,696,748.23 | Not Applicable | | Net Cash Flow from Investing Activities | -104,778,784.66 | -306,323,164.35 | Not Applicable | | Net Cash Flow from Financing Activities | 69,924,427.67 | 294,161,893.45 | -76.23 | - Operating revenue decreased by **12.70%**, mainly due to the company's adjustment of its operating strategy, proactively abandoning some unprofitable or capital-intensive businesses[99](index=99&type=chunk) - The decrease in operating costs was greater than the decrease in operating revenue, leading to a slight improvement in gross profit margin[100](index=100&type=chunk) - Management expenses increased by **17.52%**, mainly due to personnel growth from business expansion in the second half of last year; financial expenses increased by **13.00%**, due to maintaining high levels of short-term and long-term borrowings[100](index=100&type=chunk) - Net cash flow from operating activities was negative, mainly because the operating model consumes significant capital, with accounts receivable and inventory tying up substantial operating funds, but this aligns with the company's full-year expectation for operating cash flow to match net profit[100](index=100&type=chunk) [(III) Analysis of Assets and Liabilities](index=52&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure remained relatively stable, with a slight decrease in total assets. Cash and cash equivalents decreased, while construction in progress increased, reflecting project investment. Short-term and long-term borrowings remained high. At the end of the reporting period, overseas assets accounted for **1.32%** of total assets, and major restricted assets, including cash, intangible assets, fixed assets, and construction in progress, totaled **593,406,846.30 yuan** Changes in Assets and Liabilities | Item Name | Current Period-End (yuan) | Proportion of Total Assets at Period-End (%) | Prior Year-End (yuan) | Proportion of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 866,808,582.47 | 17.91 | 985,983,216.03 | 20.34 | -12.09 | | Accounts Receivable | 729,630,140.88 | 15.08 | 684,797,456.67 | 14.12 | 6.55 | | Inventory | 1,080,424,240.78 | 22.33 | 1,064,153,419.51 | 21.95 | 1.53 | | Construction in Progress | 680,321,640.37 | 14.06 | 561,878,290.93 | 11.59 | 21.08 | | Short-Term Borrowings | 951,045,946.72 | 19.65 | 968,847,862.09 | 19.98 | -1.84 | | Long-Term Borrowings | 465,298,669.94 | 9.61 | 434,375,144.38 | 8.96 | 7.12 | - Cash and cash equivalents decreased by **12.09%**, mainly due to payments for company operations and construction projects[102](index=102&type=chunk) - Construction in progress increased by **21.08%**, mainly due to normal increased investment in project construction[102](index=102&type=chunk) - Overseas assets totaled **64.00151721 million yuan**, accounting for **1.32%** of total assets[103](index=103&type=chunk) Major Restricted Assets at Period-End | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,689,057.23 | 3,689,057.23 | Deposit/Frozen | Bank guarantees and letter of credit deposits | | Intangible Assets | 15,402,237.50 | 14,478,103.10 | Pledge | Pledged for borrowings | | Fixed Assets | 154,677,054.70 | 140,608,959.10 | Mortgage | Mortgaged for borrowings | | Construction in Progress | 419,638,496.87 | 419,638,496.87 | Mortgage | Mortgaged for borrowings | | **Total** | **593,406,846.30** | **578,414,616.30** | / | / | [(IV) Investment Status Analysis](index=55&type=section&id=(IV)%20Investment%20Status%20Analysis) During the reporting period, the company's external equity investment significantly decreased by **94.95%** to **9.3 million yuan**. Financial assets measured at fair value totaled **127,428,497.59 yuan**, primarily comprising private equity funds and unlisted company equity investments. The company engaged in financial derivative investments for hedging purposes, yielding **23,000 yuan** this period, effectively mitigating exchange rate fluctuation risks. The company also invested in Shanghai Titan Heyuan Phase I Venture Capital Fund, holding a **21.99%** stake Overall Analysis of External Equity Investments | Indicator | Investment Amount This Period (yuan) | Investment Amount Prior Period (yuan) | Change | | :--- | :--- | :--- | :--- | | External Equity Investment Amount | 9,300,000.00 | 184,181,818.18 | -94.95% | Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (yuan) | Period-Start Amount (yuan) | | :--- | :--- | :--- | | Private Equity Funds | 31,000,000.00 | 31,000,000.00 | | Other - Equity in Shanghai Fuxiang Optics Co., Ltd. | 31,914,893.62 | 24,255,319.35 | | Other - Wuhan Hanhai New Enzyme Biotechnology Co., Ltd. | 22,222,094.41 | 22,222,094.41 | | Other - Miaoshun (Shanghai) Biotechnology Co., Ltd. | 11,770,339.47 | 11,770,339.47 | | Other - Trading Financial Assets | 30,521,170.09 | 40,258,960.09 | | **Total** | **127,428,497.59** | **129,506,713.32** | - The company engaged in financial derivative investments for hedging purposes, with a gain of **23,000 yuan** this period, effectively avoiding the impact of exchange rate fluctuations[112](index=112&type=chunk) - The company invested in Shanghai Titan Heyuan Phase I Venture Capital Partnership (Limited Partnership) as a limited partner, with an equity contribution ratio of **21.99%** at period-end, and does not control the fund[113](index=113&type=chunk) [(VI) Analysis of Major Controlled and Invested Companies](index=58&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) This chapter lists the financial information of the company's major controlled and invested companies. Shanghai Tikaimu Industrial Co., Ltd. reported a negative operating profit, while Anhui Tiandi High-Purity Solvent Co., Ltd. achieved profitability, positively impacting the company's net profit Financial Information of Major Controlled and Invested Companies | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Tikaimu Industrial Co., Ltd. | Subsidiary | Specialty Chemicals | 18,000 | 45,853.93 | 20,748.51 | 39,000.88 | -588.20 | -602.26 | | Anhui Tiandi High-Purity Solvent Co., Ltd. | Subsidiary | Chemical Raw Materials and Chemical Products Manufacturing | 1,357.78 | 23,515.76 | 18,557.27 | 7,948.38 | 1,185.76 | 1,066.23 | [Corporate Governance, Environment, and Society](index=60&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in key personnel, profit distribution plans, equity incentive programs, environmental information disclosure, and contributions to poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=60&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This chapter states that there were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period - No changes occurred in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[116](index=116&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=60&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This chapter discloses that the company's proposed semi-annual profit distribution or capital reserve conversion plan is "No," meaning no distribution or conversion will occur - The company's proposed semi-annual profit distribution or capital reserve conversion plan is 'No,' with no bonus shares, dividends, or conversions planned[116](index=116&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=60&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This chapter discloses that the performance assessment requirements for the company's 2022 and 2023 restricted stock incentive plans were not met during the reporting period, resulting in non-vesting - During the reporting period, the performance assessment requirements for the third vesting period of the 2022 Restricted Stock Incentive Plan were not met, resulting in non-vesting[117](index=117&type=chunk) - During the reporting period, the performance assessment requirements for the second vesting period of the 2023 Restricted Stock Incentive Plan were not met, resulting in non-vesting[117](index=117&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=60&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 chapter discloses that Shanghai Titan Scientific Co., Ltd. is included in the list of enterprises required to disclose environmental information by law and provides an index for its environmental information disclosure report - Shanghai Titan Scientific Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[119](index=119&type=chunk) - The query index for the environmental information disclosure report is: https://www.songjiang.gov.cn/govxxgk/SHSJ19/2025-04-08/73fc7e96-a8b5-416a-866d-f7bbe4fe1670.html[119](index=119&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=61&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) This chapter discloses that during the reporting period, the company actively fulfilled its social responsibilities by making external donations totaling **150,000 yuan** to support education development and rural construction - During the reporting period, the company made external donations totaling **150,000 yuan** to support the Nanjing Agricultural University Education Development Foundation, Tongxing Village Committee of Fuxing Town, Susong County, Shiguan Township of Yuexi County, and Anqing Overseas Chinese Service Center[120](index=120&type=chunk) [Significant Matters](index=62&type=section&id=Significant%20Matters) This section details the company's fulfillment of commitments, related party transactions, major contracts, and the use of raised funds [I. Fulfillment of Commitments](index=62&type=section&id=I.%20Fulfillment%20of%20Commitments) This chapter details various commitments made by the company's actual controllers, shareholders, directors, supervisors, senior management, and the company itself regarding initial public offerings and equity incentives, including share lock-ups, reduction intentions, share repurchases, immediate return compensation, fraudulent issuance buybacks, and non-reduction of shares. All commitments were timely and strictly fulfilled during the reporting period - The company's controlling shareholders and actual controllers, Xie Yingbo, Zhang Qing, Zhang Hua, Xu Fengyuan, Wang Jingyu, and Zhang Weiyan, committed not to transfer shares within **36 months** from the date of the company's stock listing, and not to transfer more than **25%** of their total shares annually during their tenure and within **6 months** after its expiration[125](index=125&type=chunk)[126](index=126&type=chunk) - The company's shareholding directors, Liu Chunsong and Wang Lin, committed not to transfer shares within **12 months** from the date of the company's stock listing, and not to transfer more than **25%** of their total shares annually during their tenure and within **6 months** after its expiration[129](index=129&type=chunk) - The company's controlling shareholders and actual controllers committed to long-term ownership of company shares, strictly adhering to share lock-up and reduction regulations, with reduction prices not lower than the offering price[132](index=132&type=chunk)[133](index=133&type=chunk) - The company committed that if there are false records, misleading statements, or major omissions, it will legally repurchase all newly issued shares from the initial public offering and bear compensation liability for investor losses[142](index=142&type=chunk)[148](index=148&type=chunk) - The company's controlling shareholders (actual controllers) Mr. Xie Yingbo, Mr. Zhang Qing, Mr. Zhang Hua, Mr. Wang Jingyu, Mr. Xu Fengyuan, and Ms. Zhang Weiyan jointly committed not to reduce their holdings of company shares through the secondary market within **6 months** from October 30, 2023[154](index=154&type=chunk) - During the reporting period, all commitments were timely and strictly fulfilled, with no instances of failure to perform on time or inability to perform as scheduled[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=72&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) This chapter states that there was no non-operating fund occupation by controlling shareholders and other related parties during the reporting period - There was no non-operating fund occupation by controlling shareholders and other related parties during the reporting period[155](index=155&type=chunk) [III. Irregular Guarantees](index=72&type=section&id=III.%20Irregular%20Guarantees) This chapter states that there were no irregular guarantees by the company during the reporting period - There were no irregular guarantees by the company during the reporting period[155](index=155&type=chunk) [IV. Semi-Annual Report Audit Status](index=73&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This chapter states that the company's semi-annual report was unaudited - The company's semi-annual report was unaudited[156](index=156&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report](index=73&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year%27s%20Annual%20Report) This chapter states that there were no changes or handling of matters related to non-standard audit opinions in the company's prior year's annual report - There were no changes or handling of matters related to non-standard audit opinions in the company's prior year's annual report[156](index=156&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=73&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) This chapter states that there were no bankruptcy and reorganization matters for the company during the reporting period - There were no bankruptcy and reorganization matters for the company during the reporting period[156](index=156&type=chunk) [VII. Major Litigation and Arbitration Matters](index=73&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This chapter discloses one major litigation matter for the company during the reporting period, which was previously announced in a temporary announcement with no subsequent developments; the case has been accepted by the court and is currently under trial as of the end of the reporting period - On May 31, 2025, the company announced receipt of a 'Civil Summons' and 'Civil Complaint' from the Shanghai Putuo District People's Court; the case has been accepted by the court and is currently under trial as of the end of the reporting period[156](index=156&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=73&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) This chapter states that the company, its directors, supervisors, senior management, controlling shareholders, and actual controllers had no alleged violations, penalties, or rectification situations during the reporting period - The company, its directors, supervisors, senior management, controlling shareholders, and actual controllers had no alleged violations, penalties, or rectification situations during the reporting period[157](index=157&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=73&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 chapter states that the company, its controlling shareholders, and actual controllers maintained good integrity during the reporting period, with no matters requiring explanation - The company, its controlling shareholders, and actual controllers maintained good integrity during the reporting period, with no matters requiring explanation[157](index=157&type=chunk) [X. Major Related Party Transactions](index=73&type=section&id=X.%20Major%20Related%20Party%20Transactions) This chapter discloses the company's ordinary related party transactions involving the purchase and sale of goods/services. During the reporting period, the company procured chemical reagents and consumables from related parties like Ningbo Cuiying Chemical Technology Co., Ltd., and sold chemical reagents and laboratory consumables/leasing services to related parties such as Hangzhou Weiyuan Testing Technology Co., Ltd. All transactions were within approved limits, and related party transactions between the company and subsidiaries of invested companies have been consolidated Related Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount This Period (yuan) | Approved Transaction Limit (yuan) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Ningbo Cuiying Chemical Technology Co., Ltd. | Procurement of chemical reagents and sub-packaging services | 7,335,395.68 | 30,000,000.00 | No | | Wuhan Hanhai New Enzyme Biotechnology Co., Ltd. | Procurement of chemical reagents, consumables | 54,548.67 | 500,000.00 | No | | Miaoshun (Shanghai) Biotechnology Co., Ltd. | Procurement of chemical reagents | 7,256.63 | 100,000.00 | No | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Amount This Period (yuan) | Amount Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Hangzhou Weiyuan Testing Technology Co., Ltd. | Sale of chemical reagents and laboratory consumables/leasing services | 291,234.44 | 26,539.46 | | Miaoshun (Shanghai) Biotechnology Co., Ltd. | Sale of chemical reagents and laboratory consumables | 192,554.19 | 155,550.46 | | Ningbo Cuiying Chemical Technology Co., Ltd. | Sale of chemical reagents and laboratory consumables | 103,642.86 | 46,048.29 | | Wuhan Hanhai New Enzyme Biotechnology Co., Ltd. | Sale of chemical reagents and laboratory consumables | 27,770.48 | 77,210.77 | | Shanghai Fuxiang Optics Co., Ltd. | Sale of chemical reagents and laboratory consumables | 189.91 | 8,975.04 | - Related party transactions between the company and subsidiaries of invested companies have been consolidated and disclosed within the related party transactions with the invested companies[161](index=161&type=chunk) [XI. Major Contracts and Their Fulfillment](index=75&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) This chapter discloses the company's major guarantee situations, both fulfilled and unfulfilled, during the reporting period. The company provided joint liability guarantees for several wholly-owned and controlled subsidiaries, totaling **437,289,170.71 yuan**, representing **15.25%** of the company's net assets. Among these, debt guarantees for guaranteed entities with an asset-liability ratio exceeding **70%** amounted to **108,781,554.94 yuan** Guarantees by the Company and Its Subsidiaries for Subsidiaries | Guarantor | Guaranteed Party | Guaranteed Amount (yuan) | Guarantee Type | Guarantee Fulfilled | Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Titan Scientific Co., Ltd. | Shanghai Tikaimu Industrial Co., Ltd. | 10,000,000.00 | Joint Liability Guarantee | No | No | | Shanghai Titan Scientific Co., Ltd. | Shanghai Tantai Biotechnology Co., Ltd. | 79,781,554.94 | Joint Liability Guarantee | No | No | | Shanghai Titan Scientific Co., Ltd. | Yichang Titan Technology Co., Ltd. | 180,777,744.80 | Joint Liability Guarantee | No | No | | Shanghai Titan Scientific Co., Ltd. | Anhui Tiandi Life Technology Co., Ltd. | 9,998,835.23 | Joint Liability Guarantee | No | No | | Shanghai Titan Scientific Co., Ltd. | Anhui Tiandi High-Purity Solvent Co., Ltd. | 10,000,000.00 | Joint Liability Guarantee | No | No | | **Total Guarantees for Subsidiaries This Period** | | **107,731,035.74** | | | | | **Total Guarantees for Subsidiaries at Period-End (B)** | | **437,289,170.71** | | | | - The company's total guarantees (including those for subsidiaries) amounted to **437.28917071 million yuan**, accounting for **15.25%** of the company's net assets[166](index=166&type=chunk) - Debt guarantees provided directly or indirectly for guaranteed entities with an asset-liability ratio exceeding **70%** amounted to **108.78155494 million yuan**[166](index=166&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=80&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's total raised funds amounted to **1,003,512,562.56 yuan**, with a net amount of **985,184,001.46 yuan**. As of the end of the reporting period, a cumulative total of **615,071,525.85 yuan** had been invested, representing **62.43%** of the total. **34,087,278.76 yuan** was invested this period. Key projects include the Titan Scientific Life Science Headquarters Park and supplementary working capital. The company also temporarily supplemented working capital with **150 million yuan** of idle raised funds and managed cash, with a period-end balance of **388.5597 million yuan** Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (yuan) | Net Raised Funds (yuan) | Cumulative Raised Funds Invested as of Period-End (yuan) | Progress of Raised Funds Investment as of Period-End (%) | Amount Invested This Year (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 1,003,512,562.56 | 985,184,001.46 | 615,071,525.85 | 62.43 | 34,087,278.76 | | **Total** | **1,003,512,562.56** | **985,184,001.46** | **615,071,525.85** | **/** | **34,087,278.76** | Detailed Use of Raised Investment Projects | Raised Investment Project Name | Total Committed Investment of Raised Funds (yuan) | Amount Invested This Year (yuan) | Cumulative Raised Funds Invested as of Period-End (yuan) | Investment Progress as % of Budget (%) | | :--- | :--- | :--- | :--- | :--- | | Titan Scientific Life Science Headquarters Park Project | 774,345,900.00 | 34,087,278.76 | 402,928,493.36 | 52.03 | | Supplementary Working Capital | 210,838,101.46 | 0.00 | 212,143,032.49 | 100.62 | - The company used idle raised funds not exceeding **150 million yuan** to temporarily supplement working capital for production and operations related to its main business, with a usage period not exceeding **12 months**. As of May 30, 2025, all funds had been repaid; as of June 30, 2025, another **150 million yuan** in working capital supplementation had not yet been repaid[172](index=172&type=chunk)[173](index=173&type=chunk) - The company used a portion of idle raised funds for cash management, investing in highly secure and liquid investment products, with a period-end balance of **388.5597 million yuan**[175](index=175&type=chunk)[176](index=176&type=chunk) [Share Changes and Shareholder Information](index=84&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital changes, shareholder structure, and information on directors, supervisors, senior management, and core technical personnel [I. Share Capital Changes](index=84&type=section&id=I.%20Share%20Capital%20Changes) This chapter discloses that the company's total ordinary share capital and share capital structure remained unchanged during the reporting period - During the reporting period, the

Core Viewpoint - Titan Technology announced a revenue of 1.219 billion yuan for the first half of 2025, representing a year-on-year decline of 12.70% while net profit reached 9.7652 million yuan, showing a significant year-on-year increase of 91.55% [1] Financial Performance - Revenue for the first half of 2025 is reported at 1.219 billion yuan, down 12.70% compared to the previous year [1] - Net profit for the same period is 9.7652 million yuan, which is an increase of 91.55% year-on-year [1]