Group 1 - The company reported a total operating revenue of 130 million yuan for the first half of 2025, representing a year-on-year increase of 61.8%. However, the total profit reached -171 million yuan, with a net profit attributable to shareholders of -162 million yuan [1] - The company is actively promoting the launch of APL-1702 in China, with the application for listing accepted by the National Medical Products Administration in May 2024. The company has prioritized the review and approval process for this product [1] - APL-1702's international multi-center Phase III clinical trial results were selected for presentation at the 2025 International Photodynamic Association conference. The company has also received feedback from the FDA regarding the design of a Phase III clinical trial for APL-1702 in the U.S. [1] Group 2 - The company has achieved continuous sales growth through both self-operated and commissioned sales models, successfully reaching target cities and hospitals. The company has maintained its sales revenue targets and rapidly increased market penetration despite intense competition [1] - The company is focusing on deepening its product pipeline around urogenital system diseases through independent research and strategic partnerships. Revenue projections for 2025-2027 are estimated at 361 million yuan, 650 million yuan, and 940 million yuan respectively [2]

Core Viewpoint - Recently, Yahuang Pharmaceutical (688176) reported its 2025 mid-year financial results, showing revenue growth and a reduction in losses compared to the previous year [1]. Financial Performance - The total operating revenue for the company reached 130 million yuan, an increase of 61.8% year-on-year [1]. - The net profit attributable to shareholders was -162 million yuan, improving by 11.84% year-on-year [1]. - In Q2, the operating revenue was 69.14 million yuan, up 23.08% year-on-year, while the net profit attributable to shareholders was -78.68 million yuan, an increase of 22.2% year-on-year [1]. - Gross margin stood at 73.17%, down 6.86% year-on-year, while the net margin was -130.54%, an increase of 42.99% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 163 million yuan, accounting for 124.94% of revenue, a decrease of 2.96% year-on-year [1]. - The company's cash flow per share was -0.34 yuan, an increase of 20.0% year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of -17.43% since its listing, and the worst year being 2019 with a ROIC of -452.96% [3]. - The company has reported losses in 7 out of 10 years since its listing, indicating a generally unfavorable investment outlook [3]. Debt and Cash Flow - The company has a healthy cash asset position, but its operating cash flow has been negative over the past three years, averaging -130.32% of current liabilities [4]. - The accounts receivable increased significantly by 132.4% year-on-year, raising concerns about cash flow management [1][4]. Product Development - The company is advancing its product APL-1702, which is aimed at treating high-grade squamous intraepithelial lesions (HSIL) in patients aged 18 and above, with the application for market approval currently under review [5]. - The potential market for HSIL treatment in China is estimated at around 2.1 million patients, with expectations for continued growth over the next decade [5]. - The company is preparing for commercialization, including market accessibility studies and policy communications to enhance patient benefits [5].

Meeting Overview - The second meeting of the Supervisory Board of Jiangsu Yahon Pharmaceutical Technology Co., Ltd. was held on August 28, 2025, with full attendance of all three supervisors [1][2] - The meeting was convened in accordance with the relevant laws and regulations, ensuring the legality and validity of the resolutions made [1] Resolutions Passed - The Supervisory Board approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation without any false records or omissions [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, with unanimous support [2] - A significant resolution was passed to cancel the Supervisory Board, transferring its powers to the Audit Committee of the Board of Directors, and to amend the company's articles of association accordingly [2][3] - The resolution regarding the change in registered capital and the necessary business registration changes was also approved, pending submission to the shareholders' meeting for further deliberation [3]

Financial Performance - The company's total revenue is 130 million, ranking 130 among disclosed peers [1] - The net profit attributable to shareholders is -162 million, ranking 141 among disclosed peers [1] - The net cash flow from operating activities is -194 million, ranking 139 among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 16.55%, an increase of 3.95 percentage points from the previous quarter and 5.91 percentage points from the same period last year [3] - The latest gross profit margin is 73.17%, a decrease of 5.70 percentage points from the previous quarter and 5.39 percentage points from the same period last year [3] - The latest return on equity (ROE) is -8.92%, ranking 135 among disclosed peers, a decrease of 0.49 percentage points from the same period last year [3] Earnings and Turnover - The diluted earnings per share is -0.29, ranking 135 among disclosed peers [4] - The latest total asset turnover ratio is 0.06, ranking 136 among disclosed peers [4] - The latest inventory turnover ratio is 4.49 times, a decrease of 5.37 times from the same period last year, representing a year-on-year decline of 54.46% [4] Shareholder Information - The number of shareholders is 25,500, with the top nine shareholders holding 211 million shares, accounting for 37.08% of the total share capital [4] - The largest shareholder is PAN KE, holding 22.83% of the shares [4]

公司代码：688176 公司简称：亚虹医药 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险因素，具体请查阅本报告"第三节 管理层 讨论与分析"之"四、风险因素"，公司提请投资者特别关注如下风险： 1、尚未盈利的风险 公司报告期内尚未盈利且存在累计未弥补亏损，主要原因是公司自设立以来即从事药物研发活动，该类 项目研发周期长、资金投入大。公司持续投入大量研发费用导致公司累计未弥补亏损不断增加。此外， 公司由于股权激励产生的股份支付费用也导致公司累计未弥补亏损大幅增加。公司未来几年将存在持续 大规模的研发投入，研发费用预计将持续处于较高水平；同时公司未来产品上市后的商业化进展亦存在 一定的不确定性，上市后未盈利状态预计持续存在且累计未弥补亏损可能短期内继续扩大。 2、公司在研产品临床试验进展和结果不及预期的风险 新药研发过程漫长、成本高昂，临床试验进展受到多重因素的共同影响，且结果具有高度不确定性。公 司临 ...

Core Viewpoint - Yahui Pharmaceutical announced the approval of multiple proposals at the 14th meeting of its second supervisory board, indicating ongoing governance and operational developments within the company [2] Group 1 - The company held its 14th meeting of the second supervisory board on August 28 [2] - The meeting resulted in the approval of various proposals, including those related to the company and its summary [2]

Group 1 - The company reported a revenue of 130 million yuan for the first half of 2025, representing a year-on-year growth of 61.80% [1] - The net profit attributable to shareholders was a loss of 162 million yuan [1] - The non-recurring net profit was a loss of 177 million yuan, with a basic earnings per share of -0.29 yuan [1]

证券代码：688176 证券简称：亚虹医药 公告编号：2025-032 江苏亚虹医药科技股份有限公司 第二届监事会第十四次会议决议公告 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 江苏亚虹医药科技股份有限公司（以下简称"公司"）第二届监事会第十四 次会议通知于 2025 年 8 月 18 日以邮件等方式送达全体监事，会议于 2025 年 8 月 28 日在公司会议室以现场参会方式召开。本次会议由监事会主席钟毅先生召 集并主持，应到监事 3 人，实到监事 3 人，出席监事占应出席人数的 100%。本 次会议的召集和召开程序符合《中华人民共和国公司法》等法律法规、规范性文 件以及《江苏亚虹医药科技股份有限公司章程》的相关规定，会议形成的决议合 法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司<2025 年半年度报告>及其摘要的议案》 经审议，监事会认为：公司编制和审核公司《2025 年半年度报告》及其摘 要的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整 地反映了公司 ...

第六条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、本议事规 则和《公司章程》的规定； 江苏亚虹医药科技股份有限公司 股东会议事规则 第一章 总 则 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体 董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证 券监督管理委员会（以下简称"中国证监会"）派出机构和上海证券 交易所，说明原因并公告。 1 第一条 为了规范江苏亚虹医药科技股份有限公司（以下简称"公司"）的 行为，保证公司股东会依法行使职权，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）等相关法律、法规和其他规范性文件及《江苏亚虹 医药科技股份有限公司章程》（以下简称"《公司章程》"）的相关 规定，制定本议事规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本议事规则。 第三条 公司应当严格按照法律、行政法规、《公司章程》及本议事规则的相 关规定召开股东会，保证股东能够依法行使权利。 第四条 股东会应 ...

江苏亚虹医药科技股份有限公司 董事会议事规则 第一章 总 则 董事会办公室负责人由董事会秘书兼任，保管董事会印章。 第二章 董事会提案 第四条 董事会提案应当符合下列条件： 1 第一条 为了进一步规范江苏亚虹医药科技股份有限公司（以下简称"公 司"）董事会的议事方式和决策程序，促使董事和董事会有效地履 行其职责，提高董事会规范运作和科学决策水平，根据《中华人民 共和国公司法》等法律法规和其他规范性文件及《江苏亚虹医药科 技股份有限公司章程》（以下简称"《公司章程》"）的相关规定， 制订本规则。 第二条 董事会下设董事会办公室，处理董事会日常事务。 第三条 董事会会议分为定期会议和临时会议。董事会每年至少召开 2 次定 期会议。有下列情形之一的，董事长应在接到提议后 10 日内召集 和主持临时会议： （一） 代表 1/10 以上表决权的股东提议时； （二） 1/3 以上董事联名提议时； （三） 审计委员会提议时； （四） 董事长认为必要时； （五） 1/2 以上独立董事提议时； （六） 总经理提议时； （七）证券监管部门要求召开时； （八）《公司章程》规定的其他情形。 （一）内容与法律、法规、规范性文件和《公司 ...