Financial Performance - The company reported total operating revenue of approximately 375.65 million, a significant increase from 240.70 million in the same period last year, reflecting a year-on-year growth [3] - The total profit for the period was -77.41 million, slightly improved from -79.49 million year-on-year [3] - The net profit attributable to shareholders was -72.80 million, compared to -66.54 million in the previous year [3] - The net profit after deducting non-recurring gains and losses was -102.64 million, worsening from -72.37 million year-on-year [3] - The net cash flow from operating activities was -17.02 million, a decrease from a positive cash flow of 112.55 million in the same period last year [3] Non-Recurring Gains and Losses - The total non-recurring gains and losses amounted to 29.84 million, with government subsidies contributing 22.82 million and other non-recurring items accounting for 10.24 million, while the tax impact was -3.30 million [1] Shareholder Structure - The top ten shareholders at the end of the first half of 2025 included new entrants such as Huatai Fuhua Innovation Medical Theme Mixed Securities Investment Fund and Ningbo Jingchen Investment Partnership, replacing previous shareholders [52] - The shareholding ratio of China Europe Medical Health Mixed Securities Investment Fund increased, while other funds saw a decrease in their holdings [52] Financial Ratios - As of the end of the first half of 2025, the company's current ratio was 1.9 and the quick ratio was 1.78, indicating a stable liquidity position [48] - The company’s price-to-earnings ratio (TTM) was approximately -200.42, with a price-to-book ratio of about 24.54 and a price-to-sales ratio of approximately 43.24 [3] Asset and Liability Changes - As of mid-2025, cash and cash equivalents decreased by 1.68%, while accounts receivable increased by 22.12% [41] - Long-term borrowings increased by 183.42%, while other payables decreased by 57.26% [44]

（编辑 任世碧） 证券日报网讯 8月22日晚间，泽璟制药发布公告称，公司于2025年8月22日召开第三届董事会第二次会 议，审议通过了《关于使用自有资金支付募投项目所需资金并以募集资金等额置换的议案》，同意公司 在募集资金投资项目（简称"募投项目"）实施期间，根据实际情况先行使用自有资金支付募投项目所需 资金，在履行内部相关审批程序后以募集资金等额置换，该部分等额置换资金视同募投项目已使用资 金。 ...

泽璟制药8月22日晚间发布半年度业绩报告称，2025年上半年营业收入约3.76亿元，同比增加56.07%； 归属于上市公司股东的净利润亏损约7280万元；基本每股收益亏损0.28元。2024年同期营业收入约2.41 亿元；归属于上市公司股东的净利润亏损约6654万元；基本每股收益亏损0.25元。 （文章来源：每日经济新闻） ...

中国国际金融股份有限公司 关于苏州泽璟生物制药股份有限公司 使用自有资金支付募投项目所需资金并以 募集资金等额置换的核查意见 根据中国证券监督管理委员会 2019 年 12 月 31 日作出的《关于同意苏州泽璟生物 制药股份有限公司首次公开发行股票注册的批复》（证监许可[2019]2998 号），公司获 准向社会公开发行人民币普通股（A 股）60,000,000 股，每股面值人民币 1 元，发行价 格为每股人民币 33.76 元，募集资金总额为人民币 2,025,600,000.00 元，扣除承销及保 荐费用、发行登记费以及累计发生的其他相关发行费用（共计人民币 117,379,245.32 元， 不含税）后，募集资金净额为人民币 1,908,220,754.68 元，上述资金已全部到位。信永 中和会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了审 验，并于 2020 年 1 月 20 日出具了 XYZH/2020CDA50001 号《验资报告》。 （二）2021 年度向特定对象发行 A 股股票募集资金 根据中国证券监督管理委员会 2022 年 11 月 3 日作出的《关于同意苏州泽璟生 ...

一、募集资金基本情况 1、2020 年首次公开发行 A 股股票募集资金 根据中国证券监督管理委员会 2019 年 12 月 31 日作出的《关于同意苏州泽 璟生物制药股份有限公司首次公开发行股票注册的批复》（证监许可[2019]2998 号），公司获准向社会公开发行人民币普通股（A 股）60,000,000 股，每股面值 人民币 1 元，发行价格为每股人民币 33.76 元，募集资金总额为人民币 2,025,600,000.00 元，扣除承销及保荐费用、发行登记费以及累计发生的其他相 关发行费用（共计人民币 117,379,245.32 元，不含税）后，募集资金净额为人民 币 1,908,220,754.68 元，上述资金已全部到位。信永中和会计师事务所（特殊普 通合伙）对公司本次公开发行新股的资金到位情况进行了审验，并于 2020 年 1 月 20 日出具了 XYZH/2020CDA50001 号《验资报告》。募集资金到账后，已全 部存放于经公司董事会批准开设的募集资金专项账户内。 2、2021 年度向特定对象发行 A 股股票募集资金 证券代码：688266 证券简称：泽璟制药 公告编号：2025-033 ...

2025 年上半年，公司持续依托多纳非尼片一线优效新药的优势，继续加强 市场营销推广力度，积极推动多纳非尼片进入医院和药房的工作，进一步扩大多 纳非尼片在全国的覆盖范围；截至 2025 年 6 月 30 日已进入医院 1,200 余家、覆 盖医院 2,200 余家、覆盖药房 1,000 余家。 苏州泽璟生物制药股份有限公司 2025 年度"提质增效重回报"行动方案 的半年度评估报告 为贯彻中央经济工作会议、中央金融工作会议精神，践行以投资者为本的理 念，持续优化经营、规范治理和积极回报投资者，苏州泽璟生物制药股份有限公 司（以下简称"泽璟制药"或"公司"）基于对未来发展的信心、对公司价值的认可 以及切实履行社会责任，结合公司所处的发展阶段、行业特点和投资者诉求，于 2025 年 4 月制定并披露了公司《2025 年度"提质增效重回报"行动方案》（以下简 称"《行动方案》"），具体内容详见公司于 2025 年 4 月 19 日在上海证券交易所网 站（www.sse.com.cn）披露的文件。 2025 年上半年，泽璟制药切实履行并持续评估《行动方案》的具体举措， 现将《行动方案》在报告期内的实施情况和效果报告如 ...

证券代码：688266 证券简称：泽璟制药 公告编号：2025-032 苏州泽璟生物制药股份有限公司 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。 一、募集资金基本情况 （一）实际募集资金金额和资金到位时间 1、2020年首次公开发行A股股票募集资金 根据中国证券监督管理委员会2019年12月31日作出的《关于同意苏州泽璟生 物制药股份有限公司首次公开发行股票注册的批复》（证监许可[2019]2998号）， 苏州泽璟生物制药股份有限公司（以下简称"公司"）获准向社会公开发行人民币 普通股（A股）60,000,000股，每股面值人民币1元，发行价格为每股人民币33.76 元，募集资金总额为人民币2,025,600,000.00元，扣除承销及保荐费用、发行登记 费以及累计发生的其他相关发行费用（共计人民币117,379,245.32元，不含税） 后，募集资金净额为人民币1,908,220,754.68元（以下简称"首发募集资金"），上 述资金已全部到位。信永中和会计师 ...

Core Viewpoint - Zejing Pharmaceutical (688266) reported a significant increase in revenue for the first half of 2025, driven by the inclusion of its recombinant thrombin in the national medical insurance drug list, although it still faced a net loss [1] Financial Performance - The company achieved an operating revenue of 376 million yuan, representing a year-on-year growth of 56.07% [1] - The net profit attributable to the parent company was a loss of 72.8035 million yuan [1] Product Development - The sales of recombinant thrombin saw a notable increase after being officially included in the national medical insurance drug list during the reporting period [1]

[Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) [Common Term Definitions](index=5&type=section&id=Common%20Term%20Definitions) This section defines key terms, including company entities, regulatory bodies, and drug classifications, for report clarity - Full company name: **Suzhou Zelgen Biopharmaceutical Co., Ltd.**, abbreviated as Zelgen Biopharma[13](index=13&type=chunk) - **National Medical Products Administration (NMPA)**: The national drug regulatory body under the State Administration for Market Regulation[13](index=13&type=chunk) - **Donafenib Tosylate Tablets (Zepsun®)**: The company's marketed Class 1 anti-tumor targeted small molecule new drug for unresectable hepatocellular carcinoma and radioactive iodine-refractory differentiated thyroid cancer[14](index=14&type=chunk) - **Jicacaxtinib Hydrochloride Tablets (Zepuping®)**: The company's marketed Class 1 JAK small molecule new drug for treating myelofibrosis[14](index=14&type=chunk) - **ZG006**: The company's investigational CD3/DLL3/DLL3 trispecific antibody, a Class 1 therapeutic biological product, approved for clinical trials by China and the FDA[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Overview](index=7&type=section&id=I.%20Company%20Overview) This section outlines basic information about Suzhou Zelgen Biopharmaceutical Co., Ltd., including its name, registered address, and legal representative - Company Chinese name: **Suzhou Zelgen Biopharmaceutical Co., Ltd.**, abbreviated as Zelgen Biopharma[16](index=16&type=chunk) - Legal Representative: **ZELIN SHENG**[16](index=16&type=chunk) - Company Registered Address: **No. 209 Chenfeng Road, Yushan Town, Kunshan City, Jiangsu Province**[16](index=16&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative for investor communication - Board Secretary: **Gao Qingping**, contact number 0512-57011882[17](index=17&type=chunk) - Securities Affairs Representative: **Ma Weihao**, contact number 0512-57011882[17](index=17&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the company's semi-annual report disclosure channels and custody locations for timely investor access - Designated information disclosure newspaper: **Shanghai Securities News**[18](index=18&type=chunk) - Website for semi-annual report: **www.sse.com.cn**[18](index=18&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=7&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) This section briefly introduces the company's stock listing, including stock type, exchange, board, ticker symbol, and code - Stock Type: **A-shares**[19](index=19&type=chunk) - Stock Exchange and Board: **Shanghai Stock Exchange STAR Market**[19](index=19&type=chunk) - Stock Abbreviation: **Zelgen Biopharma**, Stock Code: **688266**[19](index=19&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew **56.07%** to **375.65 million yuan**, but net loss widened and operating cash flow significantly declined Key Accounting Data (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 375,650,273.55 | 240,696,731.58 | 56.07 | | Total Profit (yuan) | -77,414,988.02 | -79,493,376.06 | N/A | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -72,803,538.99 | -66,536,070.99 | N/A | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) (yuan) | -102,641,422.42 | -72,371,226.25 | N/A | | Net Cash Flow from Operating Activities (yuan) | -17,020,276.08 | 112,553,063.11 | -115.12 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) (yuan) | 1,176,615,436.44 | 1,253,857,931.48 | -6.16 | | Total Assets (End of Period) (yuan) | 2,999,203,352.04 | 3,004,614,283.98 | -0.18 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.28 | -0.25 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.28 | -0.25 | N/A | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (yuan/share) | -0.39 | -0.27 | N/A | | Weighted Average Return on Net Assets (%) | -5.98 | -4.16 | N/A | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | -8.43 | -4.52 | N/A | | R&D Investment as % of Operating Revenue (%) | 52.31 | 75.26 | Decrease of 22.95 percentage points | - Operating revenue increased by **56.07%**, primarily due to increased drug sales, with recombinant human thrombin showing significant sales growth after its inclusion in the National Medical Insurance Drug List[22](index=22&type=chunk) - Net loss attributable to shareholders of the listed company slightly increased, mainly due to rising sales and R&D expenses alongside revenue growth[23](index=23&type=chunk) - Net cash flow from operating activities decreased by **115.12%**, primarily due to differences in installment payments for thrombin marketing authorization fees[23](index=23&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 section details non-recurring gains and losses, totaling **29.84 million yuan**, primarily from government grants and terminated equity incentives Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 810.44 | | Government grants recognized in profit or loss for the current period | 22,817,064.89 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 800,771.56 | | Share-based payment expenses recognized due to cancellation or modification of equity incentive plans | 10,242,297.78 | | Other non-operating income and expenses | -683,818.74 | | Less: Income tax impact | 3,295,251.89 | | Impact on minority interests (after tax) | 43,990.61 | | **Total** | **29,837,883.43** | - Total non-recurring gains and losses amounted to **29,837,883.43 yuan**, primarily comprising government grants and one-time share-based payment expenses from the termination of an equity incentive plan[25](index=25&type=chunk) [IX. Net Profit Excluding Share-based Payment Impact (Optional Disclosure)](index=9&type=section&id=IX.%20Net%20Profit%20Excluding%20Share-based%20Payment%20Impact%20(Optional%20Disclosure)) This section discloses net profit after excluding share-based payments, which was **-64.74 million yuan**, a narrowed loss year-over-year Net Profit Excluding Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Excluding Share-based Payment Impact (yuan) | -64,741,191.14 | -76,794,876.67 | N/A | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Industry Overview and Principal Business Operations During the Reporting Period](index=10&type=section&id=I.%20Industry%20Overview%20and%20Principal%20Business%20Operations%20During%20the%20Reporting%20Period) The company's core business involves R&D, production, and sales of chemical and biological new drugs, focusing on oncology, bleeding, hematological, and immune-inflammatory diseases [(I) Industry Overview](index=10&type=section&id=(I)%20Industry%20Overview) The company operates in pharmaceutical manufacturing, with a pipeline covering oncology and autoimmune diseases, driven by policy and patient needs, facing high technical barriers - The company operates in the 'Pharmaceutical Manufacturing (C27)' sub-category within the 'C Manufacturing' industry[29](index=29&type=chunk) - China's oncology drug market is projected to reach **USD 129.3 billion by 2034**, with a **CAGR of 13.7%** between 2024 and 2034[31](index=31&type=chunk) - China's bispecific antibody drug market is expected to grow rapidly to **USD 39.3 billion by 2034**, with a **CAGR of 59.4%**[31](index=31&type=chunk) - China's autoimmune disease drug market is projected to grow to **USD 35.2 billion by 2034**, with a **CAGR of 22.7%** between 2024 and 2034[34](index=34&type=chunk) - The global bispecific antibody market is projected to reach **USD 192.6 billion by 2033**, with a **CAGR of 37.5%**[36](index=36&type=chunk) - Technical and commercial barriers in the biopharmaceutical industry primarily include R&D innovation, process development and clinical uncertainty, large-scale production, and intellectual property and patent barriers[42](index=42&type=chunk) [(II) Principal Business Operations](index=14&type=section&id=(II)%20Principal%20Business%20Operations) Marketed products like Donafenib Tosylate Tablets and Recombinant Human Thrombin are covered by national medical insurance, while the R&D pipeline shows significant progress and international development - **Donafenib Tosylate Tablets** are approved for first-line treatment of advanced hepatocellular carcinoma and progressive, locally advanced or metastatic radioactive iodine-refractory differentiated thyroid cancer, with both indications included in the **National Medical Insurance Drug List (2023)**[53](index=53&type=chunk) - **Recombinant Human Thrombin** is marketed and included in the **National Medical Insurance Drug List (2024)**, being the only recombinant human thrombin produced using recombinant gene technology in China[54](index=54&type=chunk) - **Jicacaxtinib Hydrochloride Tablets** are approved for treating myelofibrosis, marking the first domestically approved JAK inhibitor innovative drug for this indication[55](index=55&type=chunk) - Jicacaxtinib for severe alopecia areata is under new drug application technical review; indications for moderate-to-severe atopic dermatitis and ankylosing spondylitis are in **Phase III clinical trials**[56](index=56&type=chunk) - **Recombinant Human Thyroid Stimulating Hormone (rhTSH) for injection** is under new drug marketing review, potentially becoming the first domestically approved new drug for this indication[57](index=57&type=chunk) - **ZG006 for injection** received **CDE Breakthrough Therapy Designation** for advanced small cell lung cancer and is about to enter pivotal clinical studies[58](index=58&type=chunk) - **ZG005**, a PD-1/TIGIT bispecific antibody, is among the global leaders in clinical development, with potential indications including hepatocellular carcinoma, neuroendocrine tumors, and cervical cancer[58](index=58&type=chunk) [(III) Key Operating Models](index=17&type=section&id=(III)%20Key%20Operating%20Models) The company employs independent R&D, procurement, production, and sales models, combining in-house R&D with outsourcing, and utilizing both distribution and exclusive marketing partnerships - R&D Model: Operates **3 new drug R&D centers** in Kunshan (Jiangsu), Zhangjiang (Shanghai), and California (USA), combining in-house R&D with outsourcing services[60](index=60&type=chunk) - Production Model: Possesses **two GMP-certified production facilities** (4 workshops) capable of producing chemical tablets, capsules, and recombinant protein drug substances and formulations, with a new biopharmaceutical industrialization base expected to be operational by **end of 2025**[61](index=61&type=chunk) - Sales Model: **Donafenib Tosylate Tablets** and **Jicacaxtinib Hydrochloride Tablets** use a distribution model; **Recombinant Human Thrombin** is exclusively marketed by Grand Life Science (Shandong) Co., Ltd.; **Recombinant Human Thyroid Stimulating Hormone for injection** is exclusively marketed by ATSA, a Swiss subsidiary of Merck KGaA (Germany)[62](index=62&type=chunk)[63](index=63&type=chunk) [II. Discussion and Analysis of Operations](index=19&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **56.07%** revenue growth to **375.65 million yuan**, driven by drug sales and R&D milestones, alongside enhanced corporate governance - During the reporting period, the company achieved operating revenue of **375.65 million yuan**, a **56.07% increase** year-over-year, primarily due to increased drug sales[64](index=64&type=chunk) - Net profit attributable to shareholders of the listed company was **-72.80 million yuan**, a slight increase in loss compared to the prior period[64](index=64&type=chunk) - **Donafenib Tosylate Tablets** have entered over **1,200 hospitals**, covered over **2,200 hospitals**, and over **1,000 pharmacies**[64](index=64&type=chunk) - **Recombinant Human Thrombin** sales significantly increased after its inclusion in the **2024 National Medical Insurance Drug List**, with cumulative access to over **590 hospitals**[65](index=65&type=chunk) - **Jicacaxtinib Hydrochloride Tablets** were approved for treating myelofibrosis in **May 2025**, and its new drug application for severe alopecia areata was also accepted in **May 2025**[65](index=65&type=chunk)[66](index=66&type=chunk) - Pre-marketing work for **Recombinant Human Thyroid Stimulating Hormone (rhTSH) for injection** continues, with supplementary research completed and technical review ongoing; an exclusive marketing agreement was signed with Merck KGaA (Germany)[66](index=66&type=chunk) - At the **2025 American Society of Clinical Oncology (ASCO) Annual Meeting**, the company presented **28 sets of latest clinical research data**, including products like ZG006 and ZG005[67](index=67&type=chunk) - The company completed the re-election of its third board of directors and the appointment of senior management, revised and improved governance documents like the Articles of Association, and formulated a **Market Value Management System**[70](index=70&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=20&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core strengths include a differentiated product pipeline, advanced R&D platforms, active international development, and a strong team with independent production capabilities - The company possesses a differentiated and competitive product pipeline, focusing on oncology, bleeding and hematological diseases, and immune-inflammatory diseases, dedicated to developing best-in-class or first-in-class drugs[71](index=71&type=chunk) - **Donafenib Tosylate Tablets** and **Recombinant Human Thrombin** are both included in the medical insurance catalog; **Jicacaxtinib Hydrochloride Tablets** is China's first approved domestic JAK inhibitor new drug for myelofibrosis[74](index=74&type=chunk)[75](index=75&type=chunk) - The company has R&D and industrialization platforms for small molecule drugs and complex recombinant protein biologics/antibody new drugs, with **ZG006** and **ZG005** showing best-in-class potential in clinical studies[76](index=76&type=chunk)[77](index=77&type=chunk) - The company actively pursues international product development, with multiple products including **ZG005, ZGGS18, ZGGS15, ZG006, ZG2001, ZG0895, and ZGGS34** having received **FDA clinical trial approvals**[77](index=77&type=chunk) - The company boasts an excellent R&D, industrialization, and sales team, along with independent commercial production capabilities and a superior clinical collaboration system[78](index=78&type=chunk) [(III) Core Technologies and R&D Progress](index=23&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company achieved significant R&D progress with Jicacaxtinib Hydrochloride Tablets approval, ZG006 breakthrough therapy designation, and rhTSH regulatory advancements, supported by a **196.50 million yuan** R&D investment - The company's core technology platforms include small molecule drug R&D and industrialization, and complex recombinant protein biologic and antibody new drug R&D and industrialization[80](index=80&type=chunk) - On **May 29, 2025**, the company's self-developed **Jicacaxtinib Hydrochloride Tablets (Zepuping)** were approved for marketing to treat myelofibrosis[80](index=80&type=chunk) - The New Drug Application (NDA) for **Jicacaxtinib Hydrochloride Tablets** for severe alopecia areata was accepted by the National Medical Products Administration[81](index=81&type=chunk) - **ZG006 for injection** was included in the **CDE Breakthrough Therapy Designation** list for the indication of monotherapy for advanced small cell lung cancer[81](index=81&type=chunk) - IND applications for the trispecific antibody **ZGGS34** were submitted to CDE and FDA, with the **FDA IND application already approved**[81](index=81&type=chunk) R&D Investment Table | Indicator | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 196,503,538.35 | 181,154,578.04 | 8.47 | | Capitalized R&D Investment | 0 | 0 | N/A | | Total R&D Investment | 196,503,538.35 | 181,154,578.04 | 8.47 | | Total R&D Investment as % of Operating Revenue (%) | 52.31 | 75.26 | Decrease of 22.95 percentage points | - As of **June 30, 2025**, the company held **135 authorized invention patents** (**35 domestic, 100 international**), with a cumulative total of **343 invention patent applications**[84](index=84&type=chunk) - The company's R&D personnel numbered **299**, accounting for **30.48%** of total employees, including **24 PhDs (8.03%)** and **101 Master's degree holders (33.78%)**[93](index=93&type=chunk) [IV. Risk Factors](index=29&type=section&id=IV.%20Risk%20Factors) The company faces financial risks from sustained losses and high R&D costs, operational risks from market competition, and industry risks from policy changes and IP protection - The company is not yet profitable and has accumulated uncompensated losses, potentially facing continued losses in the future, unable to distribute cash dividends in the short term, with most working capital relying on external financing[94](index=94&type=chunk)[95](index=95&type=chunk) - The company faces risks of significant performance decline or losses, primarily influenced by various factors in drug R&D, listing, production, marketing, and sales, with the marketing team still under development[97](index=97&type=chunk) - Core competency risks include inability to successfully identify or screen new drug candidates, clinical trial progress or results of investigational drugs falling short of expectations, reliance on third parties for contractual obligations, and inability to complete the review and approval process for investigational drugs[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - Operating risks include intense competition in the pharmaceutical market, underperforming market development for marketed products, and inability to achieve rapid sales volume or market acceptance[105](index=105&type=chunk) - Financial risks primarily manifest as the company's continuous reliance on external financing due to high R&D investment and marketing costs[106](index=106&type=chunk) - Industry risks include adjustments in pharmaceutical industry regulatory policies, intense competition in innovative drug development, and technological upgrades and iterations[107](index=107&type=chunk)[108](index=108&type=chunk) - Other significant risks include insufficient intellectual property protection or alleged infringement of third-party patents, and the loss of core R&D technical personnel[110](index=110&type=chunk)[113](index=113&type=chunk) [V. Key Operating Performance During the Reporting Period](index=34&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Revenue increased **56.07%** to **375.65 million yuan**, but net loss widened to **-72.80 million yuan**; operating cash flow decreased **115.12%** due to marketing authorization payment differences - During the current reporting period, the company achieved operating revenue of **375.65 million yuan**, a **56.07% increase** year-over-year, primarily due to increased drug sales[114](index=114&type=chunk) - During the current reporting period, net profit attributable to shareholders of the listed company was **-72.80 million yuan**, a slight increase in loss compared to the prior period, mainly due to increased sales and R&D expenses[114](index=114&type=chunk) - At the end of the reporting period, net cash flow from operating activities was **-17.02 million yuan**, a **115.12% decrease** year-over-year, primarily due to differences in installment payments for thrombin marketing authorization fees[114](index=114&type=chunk) [(I) Analysis of Principal Business Operations](index=34&type=section&id=(I)%20Analysis%20of%20Principal%20Business%20Operations) Revenue grew **56.07%**, but operating costs surged **121.88%**; sales and administrative expenses rose, while R&D expenses increased **8.47%**; all cash flow activities saw significant decreases Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 375,650,273.55 | 240,696,731.58 | 56.07 | | Operating Cost | 38,820,914.93 | 17,495,980.98 | 121.88 | | Sales Expenses | 211,258,113.88 | 120,194,067.03 | 75.76 | | Administrative Expenses | 38,686,242.34 | 26,420,304.17 | 46.43 | | Financial Expenses | -14,026,864.62 | -15,357,661.08 | N/A | | R&D Expenses | 196,503,538.35 | 181,154,578.04 | 8.47 | | Net Cash Flow from Operating Activities | -17,020,276.08 | 112,553,063.11 | -115.12 | | Net Cash Flow from Investing Activities | -62,342,600.36 | 35,587,827.78 | -275.18 | | Net Cash Flow from Financing Activities | 25,912,835.49 | 44,364,792.88 | -41.59 | - Change in operating revenue was primarily due to year-over-year growth in drug sales[116](index=116&type=chunk) - Change in operating costs was primarily due to increased sales volume and a higher proportion of thrombin sales, which has a lower gross profit margin[117](index=117&type=chunk) - Change in sales expenses was primarily due to increased marketing service fees[118](index=118&type=chunk) - Change in administrative expenses was primarily due to increased expenses from the termination of employee equity incentives at US subsidiary GENSUN[118](index=118&type=chunk) - Change in net cash flow from operating activities was primarily due to differences in installment payments for exclusive marketing authorization fees for thrombin[118](index=118&type=chunk) [(III) Analysis of Assets and Liabilities](index=35&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, and net assets attributable to shareholders decreased **6.16%**; other non-current assets significantly increased **737.57%**, while long-term borrowings rose **183.42%** Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item | Current Period-end Amount (yuan) | Prior Year-end Amount (yuan) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | | Notes Receivable | 0 | 324,131.60 | -100.00 | | Right-of-use Assets | 19,141,912.99 | 34,655,845.75 | -44.77 | | Other Non-current Assets | 32,525,329.50 | 3,883,301.93 | 737.57 | | Notes Payable | 17,637,650.00 | 10,208,204.80 | 72.78 | | Advances from Customers | 0 | 15,290.52 | -100.00 | | Contract Liabilities | 524,982.09 | 0 | 100.00 | | Other Payables | 45,457,064.72 | 106,347,910.54 | -57.26 | | Non-current Liabilities Due Within One Year | 23,376,316.37 | 16,166,597.35 | 44.60 | | Long-term Borrowings | 125,699,999.96 | 44,350,969.43 | 183.42 | | Lease Liabilities | 13,140,162.19 | 26,861,235.30 | -51.08 | | Deferred Income Tax Liabilities | 3,673,860.67 | 5,701,419.80 | -35.56 | - Other non-current assets significantly increased by **737.57%**, primarily due to increased prepayments for infrastructure and equipment projects[120](index=120&type=chunk) - Long-term borrowings increased by **183.42%**, primarily due to new acquisition loans[120](index=120&type=chunk) - Other payables decreased by **57.26%**, primarily due to installment payments for equity transfer fees to minority shareholders of subsidiary GENSUN[120](index=120&type=chunk) - Overseas assets amounted to **USD 17,392,914.58**, accounting for **4.15%** of total assets[122](index=122&type=chunk) [(IV) Analysis of Investment Status](index=37&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This section analyzes the company's investment status, disclosing financial assets measured at fair value, with an ending balance of **33.97 million yuan** Financial Assets Measured at Fair Value (Unit: yuan) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Cumulative Fair Value Changes Recognized in Equity | Impairment Provision for Current Period | Amount Purchased for Current Period | Amount Sold/Redeemed for Current Period | Other Changes | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Derivatives | 40,500,717.30 | 7,158,600.00 | 0 | 0 | 0 | 0 | 630,575.35 | 33,972,692.65 | | Total | 40,500,717.30 | 7,158,600.00 | 0 | 0 | 0 | 0 | 630,575.35 | 33,972,692.65 | [(VI) Analysis of Major Holding and Participating Companies](index=38&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists financial information for Shanghai Zelgen and GENSUN, showing losses for both subsidiaries during the period Major Holding and Participating Companies (Unit: 10,000 yuan) | Company Name | Company Type | Principal Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Zelgen | Subsidiary | New drug R&D technical consulting, services | 1,000.00 | 6,609.99 | -9.89 | 5,029.34 | -145.45 | -144.71 | | GENSUN | Subsidiary | Innovative antibody drug research | USD 588.8838 | 12,147.61 | -5,122.14 | - | -3,732.01 | -3,533.09 | [Section IV Corporate Governance, Environment, and Social Responsibility](index=40&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Social%20Responsibility) [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=40&type=section&id=I.%20Changes%20in%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company completed board re-election and senior management appointments, with several directors and supervisors departing, and the supervisory board abolished - **JISHENG WU** and **Zhang Menghang** resigned as directors; **RUYI HE**, **Zhang Binghui**, and **Huang Fanzhi** resigned as independent directors[128](index=128&type=chunk) - **Cheng Zengjiang**, **Guan Yamei**, and **Yuan Hongchang** were elected as independent directors[128](index=128&type=chunk) - **Yi Bihui**, **Zhang Junchao**, and **Ren Yuanqi** resigned as supervisors; **Yi Bihui** was elected as an employee representative director, and **Zhang Junchao** was elected as a director[128](index=128&type=chunk) - The company completed adjustments to its corporate governance structure, abolishing the supervisory board, with its functions now exercised by the Board's Audit Committee[70](index=70&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=40&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that there is **no profit distribution or capital reserve conversion plan** for the current reporting period - There is **no profit distribution plan or capital reserve conversion plan** for the current reporting period[129](index=129&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries](index=41&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries) The company and its Yuanfeng Road plant are included in the list of enterprises required to disclose environmental information by law - The number of enterprises included in the list of those required to disclose environmental information by law is **1** (referring to the company entity)[131](index=131&type=chunk) - **Suzhou Zelgen Biopharmaceutical Co., Ltd.** and its Yuanfeng Road plant are both included in the list of enterprises required to disclose environmental information by law[131](index=131&type=chunk) [Section V Significant Matters](index=42&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=42&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments by the company, its actual controllers, shareholders, and related parties, including share lock-ups and non-competition, were strictly fulfilled - Controlling shareholder, actual controller, chairman, general manager, and core technical personnel **ZELIN SHENG** committed not to transfer shares within **36 months** from the company's stock listing date, and not to transfer shares within the **first 3 full fiscal years before the company achieves profitability**[133](index=133&type=chunk) - The company and its actual controller committed that the prospectus contains no false records, misleading statements, or material omissions, and will bear compensation liabilities and share repurchase obligations[141](index=141&type=chunk)[142](index=142&type=chunk) - The actual controller, core technical personnel, and employee shareholding platforms committed to resolve horizontal competition, refraining from engaging in businesses or activities that constitute or may constitute direct or indirect competition with the company's principal business[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - The actual controller and employee shareholding platforms committed to resolve related party transactions, minimizing and avoiding related party transactions with the company and its controlled entities, and ensuring they are conducted on fair, equitable, and arm's-length principles[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - The actual controller committed to bear supplementary payments for social insurance and housing provident funds, fines, late fees, and other expenses, as well as tax补缴 and related costs[149](index=149&type=chunk)[150](index=150&type=chunk) - The company's directors, senior management, controlling shareholders, and actual controllers committed to diligently implement the company's return enhancement measures, refraining from transferring benefits to other entities or individuals without compensation or under unfair conditions[150](index=150&type=chunk)[151](index=151&type=chunk) [VII. Material Litigation and Arbitration Matters](index=61&type=section&id=VII.%20Material%20Litigation%20and%20Arbitration%20Matters) The company had **no material litigation or arbitration matters** during the current reporting period - The company had **no material litigation or arbitration matters** during the current reporting period[153](index=153&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=63&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) Raised funds were utilized smoothly, with **2.08 billion yuan** invested; however, the R&D and Production Center Phase II project was extended to **December 2026** Overall Use of Raised Funds (Unit: 10,000 yuan) | Source of Raised Funds | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Cumulative Raised Funds Invested as of Period-end (10,000 yuan) | Cumulative Investment Progress as of Period-end (%) | Amount Invested in Current Year (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 202,560.00 | 190,822.08 | 167,780.57 | 87.93 | 6,351.68 | | Private Placement of Shares to Specific Objects | 120,000.00 | 118,193.32 | 40,625.21 | 34.37 | 7,933.61 | | Total | 322,560.00 | 309,015.39 | 208,405.78 | - | 14,285.30 | - The completion date for the 'New Drug R&D and Production Center Phase II Project' has been extended to **December 2026**[160](index=160&type=chunk) - On **April 18, 2025**, the company's board of directors approved the 'Proposal on Changes, Amount Adjustments, and Addition of Sub-projects for Certain Fundraising Investment Projects,' modifying and adjusting the amounts for some sub-projects within the 'New Drug R&D Project' from both the initial public offering and the 2021 private placement of A-shares[158](index=158&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - At the end of the reporting period, the company managed idle raised funds as cash, with an ending balance of **1.148 billion yuan**[167](index=167&type=chunk) [Section VI Share Changes and Shareholder Information](index=68&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Changes in Share Capital](index=68&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were **no changes** in the company's total ordinary shares or share capital structure - During the reporting period, there were **no changes** in the company's total ordinary shares or share capital structure[169](index=169&type=chunk) [II. Shareholder Information](index=69&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **8,795** ordinary shareholders; **ZELIN SHENG** was the largest shareholder, with related party relationships disclosed - Total number of ordinary shareholders at the end of the reporting period: **8,795**[171](index=171&type=chunk) Top Ten Shareholders' Shareholdings (Excluding Shares Lent via Securities Lending) | Shareholder Name | Shares Held at Period-end | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | ZELIN SHENG | 49,910,527 | 18.85 | Overseas Natural Person | | Ningbo Zeao Venture Capital Partnership (Limited Partnership) | 16,500,600 | 6.23 | Other | | Lu Huiping | 12,631,644 | 4.77 | Domestic Natural Person | | JACKIE ZEGI SHENG | 12,292,164 | 4.64 | Overseas Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Zhong Ou Medical and Health Mixed Securities Investment Fund | 8,166,341 | 3.09 | Other | | Bank of China Co., Ltd. - GF Medical and Healthcare Stock Investment Fund | 5,274,465 | 1.99 | Other | | China Construction Bank Co., Ltd. - ICBC Credit Suisse Frontier Medical Stock Investment Fund | 4,700,000 | 1.78 | Other | | China Construction Bank Co., Ltd. - Huitianfu Innovative Medicine Theme Mixed Securities Investment Fund | 4,268,948 | 1.61 | Other | | Ningbo Jingchen Investment Partnership (Limited Partnership) | 3,904,740 | 1.48 | Other | | China Construction Bank Co., Ltd. - Fullgoal Precision Medicine Flexible Allocation Mixed Securities Investment Fund | 3,424,532 | 1.29 | Other | - **ZELIN SHENG** and **Lu Huiping** are parties acting in concert; **ZELIN SHENG** and **JACKIE ZEGI SHENG** are siblings[174](index=174&type=chunk) [III. Information on Directors, Senior Management, and Core Technical Personnel](index=71&type=section&id=III.%20Information%20on%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) There were **no changes** in the shareholdings of current and departed directors, senior management, and core technical personnel during the reporting period - There were **no changes** in the shareholdings of current and departed directors, senior management, and core technical personnel during the reporting period[175](index=175&type=chunk) [Section VII Bond-Related Information](index=73&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=73&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had **no corporate bonds** or non-financial enterprise debt financing instruments during the current reporting period - The company had **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[179](index=179&type=chunk) [II. Convertible Corporate Bonds](index=73&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had **no convertible corporate bonds** during the current reporting period - The company had **no convertible corporate bonds**[179](index=179&type=chunk) [Section VIII Financial Report](index=74&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=74&type=section&id=I.%20Audit%20Report) This semi-annual report is **unaudited** - This semi-annual report is **unaudited**[6](index=6&type=chunk) [II. Financial Statements](index=74&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for H1 2025, reflecting financial position and operating results - The consolidated balance sheet shows that as of **June 30, 2025**, total assets were **2,999,203,352.04 yuan**, total liabilities were **1,822,587,915.60 yuan**, and total equity attributable to parent company owners was **1,176,615,436.44 yuan**[183](index=183&type=chunk) - The consolidated income statement shows that for **January-June 2025**, total operating revenue was **375,650,273.55 yuan**, and net profit attributable to parent company shareholders was **-72,803,538.99 yuan**[190](index=190&type=chunk) - The consolidated cash flow statement shows that for **January-June 2025**, net cash flow from operating activities was **-17,020,276.08 yuan**[195](index=195&type=chunk) - The parent company balance sheet shows that as of **June 30, 2025**, total assets were **3,375,115,029.06 yuan**, total liabilities were **1,792,223,444.26 yuan**, and total owner's equity was **1,582,891,584.80 yuan**[186](index=186&type=chunk) - The parent company income statement shows that for **January-June 2025**, operating revenue was **388,593,125.25 yuan**, and net profit was **-37,049,880.95 yuan**[192](index=192&type=chunk)[193](index=193&type=chunk) [III. Company Profile](index=91&type=section&id=III.%20Company%20Profile) This section outlines Suzhou Zelgen Biopharmaceutical Co., Ltd.'s profile, including establishment, listing, registered capital, and business scope - The company was initially established on **March 18, 2009**, and made its initial public offering and listed on the **STAR Market of the Shanghai Stock Exchange in January 2020**[209](index=209&type=chunk) - As of **December 31, 2024**, the company's registered capital was **264,708,186.00 yuan**[209](index=209&type=chunk) - Business scope includes R&D of new drugs, related technical consulting and services; drug production, and sales of self-produced products[209](index=209&type=chunk) [IV. Basis of Financial Statement Preparation](index=91&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a **going concern basis**, expecting continued operations due to marketed drugs, R&D pipeline, and strong financing - The company's financial statements are prepared on a **going concern basis**[210](index=210&type=chunk) - The company has **three new drugs approved for marketing**, multiple innovative drugs in R&D, sufficient working capital, and strong financing capabilities, indicating an expectation of **continued operations**[211](index=211&type=chunk) [V. Significant Accounting Policies and Estimates](index=91&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing financial statements, covering financial instruments, receivables, inventory, R&D, revenue, and leases - The company adheres to the requirements of enterprise accounting standards to accurately and completely reflect its financial position[213](index=213&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[227](index=227&type=chunk) - For accounts receivable, the simplified approach is adopted, consistently measuring loss allowances at an amount equal to the lifetime expected credit losses[242](index=242&type=chunk) - R&D expenditures are divided into research phase expenditures and development phase expenditures; research phase expenditures are expensed as incurred, while development phase expenditures are capitalized when specific conditions are met[271](index=271&type=chunk) - Revenue is recognized using the five-step model; drug sales are recognized when customers receive and sign for the drugs, while intellectual property licensing revenue is recognized based on milestone payments and sales royalties[286](index=286&type=chunk)[292](index=292&type=chunk) - Government grants are classified as asset-related or income-related based on relevant government regulations and are recognized and accounted for separately[296](index=296&type=chunk) [VI. Taxation](index=114&type=section&id=VI.%20Taxation) This section details the company's and its subsidiaries' main tax types and rates, along with applicable tax incentives, including preferential corporate income tax rates Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount | 13% (sales of goods), 9% (real estate leasing services), 6% (technical services), 3% (small-scale taxpayers), 7.25% (GENSUN sales tax) | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% (Company, Zelgen Biotech, Zhejiang Zelgen), 5% (Shanghai Zelgen) | | Corporate Income Tax | Taxable income | 15% (Company), 20% (Shanghai Zelgen, Zelgen Biotech, Zhejiang Zelgen), 29.84% (GENSUN), 16.5% (Hong Kong Zelgen) | | Education Surcharge | Amount of turnover tax payable | 3% (Company, Zelgen Biotech, Shanghai Zelgen, Zhejiang Zelgen) | | Local Education Surcharge | Amount of turnover tax payable | 2% (Company, Zelgen Biotech, Shanghai Zelgen, Zhejiang Zelgen) | - The company is exempt from VAT for providing technology transfer, technology development, and related technical consulting and services[311](index=311&type=chunk) - From **January 1, 2023, to December 31, 2027**, advanced manufacturing enterprises are allowed to deduct an additional **5%** of current deductible input VAT from their payable VAT amount[312](index=312&type=chunk) - As a high-tech enterprise, the company enjoys a preferential corporate income tax rate of **15%**[313](index=313&type=chunk) - Shanghai Zelgen, Zelgen Biotech, and Zhejiang Zelgen qualify as small-profit enterprises, with their taxable income calculated at **25%** and corporate income tax paid at a **20%** rate[314](index=314&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=115&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, explaining balances, changes, and key influencing factors across various accounts - Cash and bank balances at period-end totaled **2,117,480,591.46 yuan**, with **6,206,693.04 yuan** held overseas[317](index=317&type=chunk) - Trading financial assets at period-end totaled **33,972,692.65 yuan**, entirely comprising short-term bank wealth management products of US subsidiary GENSUN[318](index=318&type=chunk) - Accounts receivable book value at period-end was **175,399,720.05 yuan**, with a bad debt provision rate of **5.00%**[325](index=325&type=chunk) - Inventory book value at period-end was **164,215,169.54 yuan**, with a new inventory impairment provision of **3,358,109.26 yuan** for the period, mainly due to trial-produced thrombin nearing its expiration date[350](index=350&type=chunk)[353](index=353&type=chunk) - Construction in progress at period-end totaled **152,531,961.67 yuan**, primarily including the R&D and Production Center Phase II project and the post-marketing expansion and outsourced technology transfer project for thrombin[366](index=366&type=chunk) - Intangible assets book value at period-end was **40,178,060.57 yuan**, including land use rights, patent rights, non-patent technology, and software[373](index=373&type=chunk) - Short-term borrowings at period-end totaled **976,363,228.04 yuan**, primarily credit loans[392](index=392&type=chunk) - Other non-current liabilities at period-end totaled **330,188,680.29 yuan**, primarily exclusive marketing authorization fees for recombinant human thrombin[420](index=420&type=chunk) - Capital surplus at period-end totaled **3,116,344,427.97 yuan**, with the decrease primarily due to a reduction in share premium from the repurchase of shares upon termination of subsidiary GENSUN's employee equity incentive plan[424](index=424&type=chunk)[425](index=425&type=chunk) - Retained earnings at period-end were **-2,189,546,023.06 yuan**[429](index=429&type=chunk) - Operating revenue for the current period was **375,650,273.55 yuan**, and operating cost was **38,820,914.93 yuan**[432](index=432&type=chunk) - Sales expenses for the current period were **211,258,113.88 yuan**, a **75.76% increase** year-over-year, primarily due to increased marketing service fees[438](index=438&type=chunk) - Administrative expenses for the current period were **38,686,242.34 yuan**, primarily due to expenses from the termination of employee equity incentives at subsidiary GENSUN[439](index=439&type=chunk) - R&D expenses for the current period were **196,503,538.35 yuan**, an **8.47% increase** year-over-year[440](index=440&type=chunk) - Other income for the current period was **27,082,192.48 yuan**, primarily government grants[442](index=442&type=chunk) - Non-operating expenses for the current period were **683,818.74 yuan**, including fines and civil compensation[452](index=452&type=chunk) [VIII. R&D Expenditures](index=170&type=section&id=VIII.%20R%26D%20Expenditures) This section details the company's R&D expenditures, totaling **196.50 million yuan** (all expensed), with employee compensation and clinical research as primary components R&D Expenditures by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 62,480,818.52 | 57,078,660.05 | | Raw Materials, Reagents, and Consumables | 24,730,510.78 | 22,491,358.94 | | Preclinical and Clinical Research | 82,093,653.70 | 75,605,896.74 | | Depreciation and Amortization | 15,942,611.48 | 15,277,833.39 | | Other | 11,255,943.87 | 10,700,828.92 | | **Total** | **196,503,538.35** | **181,154,578.04** | | Of which: Expensed R&D Investment | 196,503,538.35 | 181,154,578.04 | | Capitalized R&D Investment | 0 | 0 | [IX. Changes in Consolidation Scope](index=171&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the current reporting period, there were **no changes** in the company's consolidation scope, involving no business combinations or disposals - During the current reporting period, there were **no changes** in the company's consolidation scope[472](index=472&type=chunk) [X. Interests in Other Entities](index=172&type=section&id=X.%20Interests%20in%20Other%20Entities) This section outlines the company's equity interests in its wholly-owned subsidiaries, noting the termination of GENSUN's employee equity incentive plan Composition of Enterprise Group (Unit: 10,000 yuan) | Subsidiary Name | Principal Place of Business | Registered Capital (10,000 yuan) | Registered Address | Business Nature | Shareholding Ratio (%) Direct | Shareholding Ratio (%) Indirect | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zelgen Biotech | Jiangsu | 100.00 | Suzhou | Drug R&D | 100 | - | Newly Established | | Shanghai Zelgen | Shanghai | 1,000.00 | Shanghai | Drug R&D | 100 | - | Acquisition | | Zhejiang Zelgen | Zhejiang | 500.00 | Lishui | Drug R&D | 100 | - | Newly Established | | Hong Kong Zelgen | Hong Kong | USD 1,270 | Hong Kong | Investment Holding | 100 | - | Newly Established | | GENSUN | California, USA | USD 588.8838 | Delaware, USA | Drug R&D | - | 100 | Acquisition | - On **June 25, 2025**, subsidiary GENSUN's board of directors approved the termination of GENSUN's 2016 employee equity incentive plan, and the company indirectly holds **100% equity** in GENSUN through Hong Kong Zelgen[473](index=473&type=chunk) [XI. Government Grants](index=173&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grants, with deferred income from grants totaling **7.66 million yuan** and **25.18 million yuan** recognized as other income Liability Items Involving Government Grants (Unit: yuan) | Financial Statement Item | Beginning Balance | New Grants for Current Period | Amount Recognized as Non-operating Income for Current Period | Amount Transferred to Other Income for Current Period | Other Changes for Current Period | Ending Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 5,100,000.00 | 23,642,064.89 | 0 | 22,817,064.89 | 0 | 5,925,000.00 | Income Related | | Deferred Income | 4,101,753.31 | 0 | 0 | 2,365,187.22 | 0 | 1,736,566.09 | Asset Related | | Total | 9,201,753.31 | 23,642,064.89 | 0 | 25,182,252.11 | 0 | 7,661,566.09 | - | Government Grants Recognized in Profit or Loss for the Current Period (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset Related | 2,365,187.22 | 2,630,582.94 | | Income Related | 22,817,064.89 | 2,335,211.22 | | Total | 25,182,252.11 | 4,965,794.16 | - Total government grants recognized in profit or loss for the current period amounted to **25,182,252.11 yuan**, primarily including subsidies for the Blood Center Public Platform and Kunshan Biopharmaceutical Technology Innovation (policy-based funding)[443](index=443&type=chunk)[477](index=477&type=chunk) [XII. Risks Related to Financial Instruments](index=174&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (currency, interest rate), credit risk, and liquidity risk, all managed to be immaterial or low impact - The company's foreign exchange risk primarily relates to its USD bank deposits, but management considers it **immaterial**[477](index=477&type=chunk) - As of **June 30, 2025**, if the RMB appreciates or depreciates by **10%** against foreign currencies, the company's net profit would increase or decrease by **771,247.07 yuan**[478](index=478&type=chunk) - The company's interest rate risk arises from interest-bearing debts such as bank borrowings and lease liabilities; management believes a **50 basis point change** in interest rates would not materially impact total profit and shareholder equity[479](index=479&type=chunk)[481](index=481&type=chunk) - Credit risk primarily stems from losses on financial assets due to the counterparty's failure to fulfill obligations; the company mitigates this risk through credit limit control, credit approval, and provision for bad debts[481](index=481&type=chunk) - The company's management believes the liquidity risk undertaken is **low** and does not materially impact operations and financial statements[482](index=482&type=chunk) [XIII. Disclosure of Fair Value](index=176&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, with trading financial assets totaling **33.97 million yuan** Fair Value of Assets and Liabilities Measured at Fair Value at Period-end (Unit: yuan) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | - | - | - | - | | (I) Trading Financial Assets | - | - | 33,972,692.65 | 33,972,692.65 | | 1. Financial assets measured at fair value through profit or loss | - | - | - | - | | (1) Debt instrument investments | - | - | 33,972,692.65 | 33,972,692.65 | | Total assets measured at recurring fair value | - | - | 33,972,692.65 | 33,972,692.65 | [XIV. Related Parties and Related Party Transactions](index=178&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's related parties and transactions, including procurement, leases, key management compensation, and the acquisition of GENSUN minority shares - Key related parties include the **Small Nucleic Acid Research Institute** (associate shareholder), **JACKIE ZEGI SHENG** (sibling of ZELIN SHENG), and **MIKE C SHENG** (son of ZELIN SHENG)[489](index=489&type=chunk) - Purchases of goods from the Small Nucleic Acid Research Institute for the current period amounted to **3,072,233.16 yuan**[490](index=490&type=chunk) - As a lessee, the company leased buildings from the Small Nucleic Acid Research Institute, paying **67,503.80 yuan** in rent and incurring **496,351.91 yuan** in lease liability interest expenses for the current period[493](index=493&type=chunk) - Key management personnel compensation for the current period amounted to **5.16 million yuan**[496](index=496&type=chunk) - The Small Nucleic Acid Research Institute invested **30 million yuan** to purchase relevant instruments and equipment for the Blood Center Public Platform; as of **June 30, 2025**, the original value of installed and accepted equipment was **26,305,829.08 yuan**[497](index=497&type=chunk) - The company's wholly-owned subsidiary, Hong Kong Zelgen, acquired a combined **36.43% stake in GENSUN** from **JACKIE ZEGI SHENG** and **MIKE C SHENG** for a total of **USD 32.8887 million**, which was fully paid as of **June 30, 2025**[497](index=497&type=chunk) - At period-end, accounts payable to the Small Nucleic Acid Research Institute were **145,177.44 yuan**, other payables were **5,293,250.00 yuan**, and lease liabilities were **7,160,940.88 yuan**[502](index=502&type=chunk) [XV. Share-based Payment](index=182&type=section&id=XV.%20Share-based%20Payment) This section discloses equity-settled share-based payments, primarily related to GENSUN's terminated employee equity incentive plan, resulting in a **10.83 million yuan** expense - Equity-settled share-based payments are granted to **company employees**[504](index=504&type=chunk) - On **June 25, 2025**, subsidiary GENSUN's board of directors approved the termination of its 2016 employee equity incentive plan, repurchasing **129,450 vested options** for a total of **USD 1,508,351.12** (equivalent to **10,828,754.36 yuan**)[508](index=508&type=chunk) - Equity-settled share-based payment expense recognized for the current period was **10,828,754.36 yuan**[508](index=508&type=chunk) [XVI. Commitments and Contingencies](index=183&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had **no significant commitments or contingent matters** requiring disclosure during the current reporting period - The company had **no significant contingent matters** requiring disclosure[510](index=510&type=chunk) [XVII. Post-Balance Sheet Events](index=184&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) The company had **no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events** - The company had **no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events**[511](index=511&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=185&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, and operating revenue - Parent company accounts receivable book value at period-end was **239,096,151.72 yuan**[514](index=514&type=chunk) - Parent company other receivables at period-end totaled **380,868,780.63 yuan**, primarily intercompany balances[521](index=521&type=chunk)[524](index=524&type=chunk) - Parent company long-term equity investments at period-end totaled **340,723,685.01 yuan**, primarily investments in subsidiaries[534](index=534&type=chunk)[536](index=536&type=chunk) - Parent company operating revenue for the current period was **388,593,125.25 yuan**, and operating cost was **49,606,624.68 yuan**[538](index=538&type=chunk) [XX. Supplementary Information](index=195&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including non-recurring gains and losses totaling **29.84 million yuan** and basic/diluted EPS of **-0.28 yuan/share** Detailed Statement of Non-recurring Gains and Losses for the Current Period (Unit: yuan) | Item | Amount | | :--- | :--- | | Gains or losses on disposal of non-current assets | 810.44 | | Government grants recognized in profit or loss for the current period | 22,817,064.89 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 800,771.56 | | Share-based payment expenses recognized due to cancellation or modification of equity incentive plans | 10,242,297.78 | | Other non-operating income and expenses | -683,818.74 | | Less: Income tax impact | 3,295,251.89 | | Impact on minority interests (after tax) | 43,990.61 | | **Total** | **29,837,883.43** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share Basic EPS | Earnings Per Share Diluted EPS | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | -5.98 | -0.28 | -0.28 | | Net profit attributable to ordinary shareholders of the company (excluding non-recurring gains and losses) | -8.43 | -0.39 | -0.39 |

泽璟制药8月22日披露的半年报显示，公司上半年实现营业收入3.76亿元，同比增长56.07%；归属于上 市公司股东的净利润亏损7280.35万元，上年同期亏损6653.61万元；基本每股收益-0.28元。 ...