Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 1H25 revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 507 million, 122 million, and 111 million RMB respectively, showing a year-on-year decline of 14.1%, 29.3%, and 32.0%. However, the 2Q25 results showed improvement with revenue and net profit increasing by 2.7% and 5.0% year-on-year [1][2] - Domestic revenue faced pressure with a 22.7% decline to 332 million RMB, while overseas revenue grew by 9.0% to 175 million RMB. The decline in domestic revenue is attributed to anti-corruption measures and centralized procurement [2] - The company increased its R&D expense ratio to 22.27%, up by 5.52 percentage points year-on-year, while the gross margin decreased to 64.70%, down by 5.12 percentage points, mainly due to the impact of centralized procurement [3] Summary by Sections Financial Performance - 1H25 revenue was 507 million RMB, with a significant decline in domestic business but stable growth in overseas markets. 2Q25 showed signs of recovery with a year-on-year increase in revenue and net profit [1][2] - The company forecasts net profits for 2025-2027 to be 296.33 million, 341.69 million, and 392.41 million RMB respectively, with a downward adjustment of 23%, 20%, and 19% compared to previous estimates [4] Valuation - The target price is set at 17.59 RMB, based on a 25x PE valuation for 2025, compared to a peer average of 23x [4][6] - The company's market capitalization is approximately 6.063 billion RMB, with a closing price of 14.15 RMB as of August 28, 2025 [6] Growth Prospects - The company is expected to benefit from ongoing technological iterations in its clinical medical and dermatology aesthetics product lines, which may lead to improved growth rates in the future [2][4]

Core Insights - Pumen Technology (688389.SH) reported a total asset of 2,710.01 million yuan and a net asset attributable to shareholders of 2,054.77 million yuan, indicating good asset quality and a stable financial condition [1] - The company achieved an operating income of 506.85 million yuan, with a net profit attributable to shareholders of 121.58 million yuan, reflecting a year-on-year decline of 29.27% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 110.96 million yuan [1]

证券代码：688389 证券简称：普门科技 公告编号：2025-066 深圳普门科技股份有限公司 第三届监事会第十七次会议决议公告 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 （二）审议通过《关于签订房屋租赁合同暨关联交易的议案》 二、监事会会议审议情况 经全体监事表决，形成决议如下： （一）审议通过《关于〈公司 2025 年半年度报告〉及其摘要的议案》 经审核，监事会认为：《公司2025年半年度报告》及其摘要符合相关法律法 规及《公司章程》等有关规定；《公司2025年半年度报告》及其摘要的内容和格 式符合中国证监会和上海证券交易所的有关规定，客观公允地反映了公司2025 年半年度财务状况和经营成果；半年度报告编制过程中，未发现公司参与报告编 制和审议的人员有违反保密规定的行为。监事会全体成员保证《公司2025年半年 度报告》及其摘要所披露的内容真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。因此，全 体监事一致同意本议案。 具体内容详见 ...

一、董事会会议召开情况 深圳普门科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日以 现场会议与通讯相结合方式召开了第三届董事会第十八次会议。本次会议通知 已于 2025 年 8 月 17 日以电话、邮件等形式送达公司全体董事。本次会议由董 事长刘先成先生召集并主持，会议应参加董事 9 人，实际参加董事 9 人。公司 监事、高级管理人员列席本次会议。本次会议的召集、召开程序符合有关法律 法规和《公司章程》的相关规定。 二、董事会会议审议情况 证券代码：688389 证券简称：普门科技 公告编号：2025-065 深圳普门科技股份有限公司 第三届董事会第十八次会议决议公告 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。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《深圳普门科技股份有限公司 2025 年度"提质增效重回报"行动方案的半年 度评估报告》。 经全体董事表决，形成决议如下： （一）审议通过《关于〈公司 2025 年半年度报告〉及其摘要的议案》 董事会认为：公 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms and abbreviations, covering company entities, financial units, regulatory bodies, medical device types, and industry management concepts - Defines **Lifotronic** as Shenzhen Lifotronic Technology Co., Ltd., and lists its subsidiaries[10](index=10&type=chunk) - Explains In Vitro Diagnostics (IVD) as products and services that obtain clinical diagnostic information by testing human samples outside the body[10](index=10&type=chunk) - Provides abbreviations and definitions for industry terms including IVDR, HPLC, CRP, HbA1c, VTE, IPD, PLM, DRG, BOM, CMOS, MCU, 5R Purchasing Principles, TÜV, and DEKRA[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, and information disclosure, detailing key accounting data and financial indicators [I. Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) This section introduces Lifotronic's registration information, including company name, legal representative, addresses, website, and email - The company's Chinese name is Shenzhen Lifotronic Technology Co., Ltd., abbreviated as Lifotronic[14](index=14&type=chunk) - The company's legal representative is Liu Xiancheng[14](index=14&type=chunk) - Both the registered and office addresses are located at Lifotronic Headquarters Building, No 8 Qiuzhi East Road, Guancheng Community, Guanhu Street, Longhua District, Shenzhen[14](index=14&type=chunk) [II. Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides detailed contact information for the company's Board Secretary, Lu Man, for investor inquiries - The name of the Board Secretary (domestic representative for information disclosure) is Lu Man[15](index=15&type=chunk) - Contact phone number is **0755-29060052**, and email address is bod@lifotronic.com[15](index=15&type=chunk) [III. Information Disclosure and Document Availability Location Changes](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Availability%20Location%20Changes) This section specifies the company's designated newspapers and website for information disclosure, and the semi-annual report availability location - The company's selected newspapers for information disclosure include "Shanghai Securities News," "China Securities Journal," "Securities Times," and "Securities Daily"[16](index=16&type=chunk) - The website address for publishing the semi-annual report is the Shanghai Stock Exchange website (www.sse.com.cn)[16](index=16&type=chunk) - The company's semi-annual report is available at 22nd Floor, Lifotronic Headquarters Building, No 8 Qiuzhi East Road, Guancheng Community, Guanhu Street, Longhua District, Shenzhen[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=8&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) This section briefly introduces the company's stock listing status, specifying stock type, exchange, board, abbreviation, and code - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[17](index=17&type=chunk) - The stock abbreviation is Lifotronic, and the stock code is **688389**[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=9&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses H1 2025 key accounting data and financial indicators, showing revenue and net profit decline, but increased operating cash flow and R&D investment 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (Adjusted) (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 506,849,096.90 | 589,932,580.21 | -14.08 | | Total Profit | 119,142,708.48 | 201,453,240.53 | -40.86 | | Net Profit Attributable to Shareholders of Listed Company | 121,575,857.12 | 171,878,384.49 | -29.27 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 110,962,869.45 | 163,236,938.62 | -32.02 | | Net Cash Flow from Operating Activities | 116,795,916.36 | 86,312,953.46 | 35.32 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 2,054,769,615.04 | 2,050,964,593.16 | 0.19 | | Total Assets (Period-End) | 2,710,013,912.73 | 2,894,535,872.50 | -6.37 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period (Adjusted) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.28 | 0.40 | -30.00 | | Diluted Earnings Per Share (CNY/share) | 0.28 | 0.40 | -30.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.26 | 0.38 | -31.58 | | Weighted Average Return on Net Assets (%) | 5.81 | 9.20 | Decrease of 3.39 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 5.30 | 8.73 | Decrease of 3.43 percentage points | | R&D Investment as % of Operating Revenue (%) | 22.27 | 17.12 | Increase of 5.15 percentage points | - Operating revenue decreased by **14.08%** year-on-year, primarily due to domestic industry policy impacts leading to product price adjustments and a short-term reduction in domestic market demand for some products[22](index=22&type=chunk) - Net profit attributable to shareholders of the listed company decreased by **29.27%** year-on-year, mainly due to a reduction in gross profit resulting from lower operating revenue[22](index=22&type=chunk) - Net cash flow from operating activities increased by **35.32%** year-on-year, primarily due to a decrease in taxes and fees paid compared to the previous year[22](index=22&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=11&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, totaling **CNY 10.61 million**, from government subsidies and financial asset fair value changes 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -184,405.64 | | Government grants recognized in profit or loss for the current period (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 9,401,965.67 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and investment gains or losses from disposal of financial assets and liabilities (excluding effective hedging activities related to normal business operations) | 3,246,547.22 | | Other non-operating income and expenses apart from the above | 87,728.50 | | Less: Income tax impact | 1,938,848.08 | | **Total** | **10,612,987.67** | [Section III Management Discussion and Analysis](index=13&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the medical device industry, company's operating results, business progress, core competencies, R&D, and risk factors [I. Industry and Main Business Overview for the Reporting Period](index=13&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) This section details the medical device industry, its trends, characteristics, company's position, and the main businesses and operating models of its four product lines - The company operates in the C27 Pharmaceutical Manufacturing and C35 Special Equipment Manufacturing industries, specifically C358 Medical Instrument and Device Manufacturing[27](index=27&type=chunk) - The global medical device market is projected to reach **USD 1,157.6 billion** by 2035, with the Chinese market expected to reach **CNY 1,813.4 billion**, maintaining steady growth[28](index=28&type=chunk) - Technological innovation is the core driver of medical device industry development, with AI technology playing an increasingly important role in personalized medical device development, intelligent quality control, and real-time market supervision across various stages[30](index=30&type=chunk)[31](index=31&type=chunk) - National policies (e.g., green channels for innovative medical device approval, centralized procurement, DRG/DIP payment reform) empower high-quality industry development, prompting companies to increase R&D investment and enhance competitiveness[33](index=33&type=chunk) - The In Vitro Diagnostics (IVD) sector is experiencing high growth, with immunoassay being the largest sub-segment, where chemiluminescence immunoassay is the mainstream diagnostic technology, capturing nearly **60%** of the market share[34](index=34&type=chunk)[35](index=35&type=chunk) - The company's products are exported to over **120** countries and regions worldwide, serving over **24,000** medical institutions in China, including over **2,400** high-end tertiary hospitals[44](index=44&type=chunk) - The company has established multiple innovation platforms for new product R&D and industrialization, and actively participates in formulating industry and group standards, such as the "Red Light Therapy Equipment Industry Standard"[45](index=45&type=chunk) - The company's electrochemical luminescence products have achieved a full range of low, medium, and high-speed layouts, breaking the monopoly of international giants, obtaining CE registration, and successfully entering high-altitude markets[48](index=48&type=chunk) - The company's glycated hemoglobin analyzer products rank among the top domestic brands in market share, having received dual certification from the International Federation of Clinical Chemistry and Laboratory Medicine (IFCC) and the National Glycohemoglobin Standardization Program (NGSP)[49](index=49&type=chunk) - The company received the **2015 National Science and Technology Progress Award First Prize** in wound repair and treatment, and independently developed a phototherapy device to fill a gap in the domestic market[52](index=52&type=chunk) - The company's main business has not undergone significant changes, primarily generating sales revenue through the sale of medical device equipment and related accessories and reagents[61](index=61&type=chunk)[63](index=63&type=chunk) - The company adheres to independent R&D, implements the Integrated Product Development (IPD) process, and collaborates with renowned universities and hospitals such as Chongqing University and Chinese PLA General Hospital for industry-university-research cooperation[64](index=64&type=chunk) - The company adopts a sales model primarily based on indirect sales, supplemented by direct sales, expanding its market through distributors and e-commerce platforms[68](index=68&type=chunk) [II. Discussion and Analysis of Operating Performance](index=21&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) This section summarizes H1 2025 operating results and elaborates on progress in in vitro diagnostics, treatment, market channels, informatization, brand, and R&D/production base construction - As of the end of the reporting period, the company's total assets were **CNY 2.71 billion**, and net assets attributable to shareholders of the listed company were **CNY 2.05 billion**, indicating a stable financial position[69](index=69&type=chunk) - During the reporting period, the company achieved operating revenue of **CNY 506.85 million** and net profit attributable to shareholders of the listed company of **CNY 121.58 million**[69](index=69&type=chunk) - In the in vitro diagnostics field, the fully automatic chemiluminescence immunoassay analyzers eCL8600 and eCL8800 series obtained CE registration, achieving a full product line layout covering low, medium, high-speed, and assembly line systems[70](index=70&type=chunk) - **5** electrochemical luminescence reagent products obtained medical device registration certificates, and **13** electrochemical luminescence reagent products received IVDR CE certification from TÜV SÜD, an EU notified body[70](index=70&type=chunk)[71](index=71&type=chunk) - The company's project "Research and Application of AI-based Rapid Detection and Intelligent Evaluation System for Major Urinary System Diseases" received special funding from the Shenzhen Development and Reform Commission[72](index=72&type=chunk) - In the treatment and rehabilitation field, a new generation of spectral therapy devices was launched, and disposable negative pressure wound therapy materials obtained a Class III medical device registration certificate from the National Medical Products Administration[73](index=73&type=chunk) - For the dermatological aesthetics product line, spectral therapy devices and CO2 laser therapy machines obtained domestic medical device registration certificates, and intelligent gesture control technology was applied to extracorporeal shockwave therapy devices[74](index=74&type=chunk) - The company launched the "Lifotronic Smart Inspection" intelligent and informatized laboratory quality improvement solution and renewed its strategic cooperation agreement with Sinopharm Holding Dalian Co., Ltd., expanding regional cooperation[75](index=75&type=chunk) - In international marketing, electrochemical luminescence products are gradually being installed in bulk in Middle Eastern and South American countries, and glycated hemoglobin series products have successfully entered the **top three** in market share in many overseas countries[77](index=77&type=chunk) - The company continued to advance the construction of its Product Lifecycle Management (PLM) platform, fully completing system implementation, verification, and launch, enhancing R&D data management quality and efficiency[78](index=78&type=chunk)[79](index=79&type=chunk) - The company has completed the localized deployment of DeepSeek/Qwen large models, building enterprise knowledge bases for various systems, effectively supporting daily intelligent Q&A for employees[79](index=79&type=chunk) - The main construction of the Nanjing R&D Headquarters project has been completed, the Dongguan Songshan Lake Global R&D and Intelligent Manufacturing Base project is steadily progressing, and the Anhui Hexian In Vitro Diagnostic Reagent Industrialization project is smoothly advancing, further optimizing the industrial layout[82](index=82&type=chunk)[83](index=83&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=25&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section analyzes the company's core competencies, including R&D platform, distinctive products, professional marketing, quality management, agile supply chain, and after-sales service - The company has established multiple R&D platforms such as an "Academician Workstation" and "Guangdong Engineering Technology Research Center" Electrochemical luminescence immunoassay technology has broken international monopolies, and high-performance liquid chromatography glycated hemoglobin detection technology has achieved localization of key core materials[84](index=84&type=chunk)[85](index=85&type=chunk) - The company received the **2015 National Science and Technology Progress Award First Prize** in wound treatment and independently developed a phototherapy device to fill a gap in the domestic market[86](index=86&type=chunk) - As of the end of the reporting period, the company had **487** R&D personnel, accounting for **29.37%** of the total employees; R&D expenses for the first half of 2025 were **CNY 112.8552 million**, a year-on-year increase of **11.77%**, accounting for **22.27%** of operating revenue[86](index=86&type=chunk)[87](index=87&type=chunk) - The company provides integrated emergency laboratory solutions and "diabetes and kidney disease solutions," offering intelligent in vitro diagnostic testing models with different throughputs to enhance grassroots medical service capabilities[88](index=88&type=chunk) - In the clinical medical field, the company has launched **five** major clinical solutions focusing on VTE prevention and treatment, wound treatment, etc., and developed a VTE consultation platform based on AI-assisted diagnosis and treatment technology[89](index=89&type=chunk) - Lifotronic Aesthetics, leveraging its "sound, light, and electricity" full-series energy technology accumulation, has built a complete solution from basic dermatological treatment to high-end whitening and anti-aging[89](index=89&type=chunk) - The company's marketing system has **442** sales personnel, establishing a comprehensive and in-depth domestic and international marketing system, with products exported to over **120** countries and regions worldwide[91](index=91&type=chunk)[92](index=92&type=chunk) - The company has established ISO 13485 and ISO 9001 quality management systems and obtained certifications from international authoritative bodies such as TÜV SÜD and DEKRA, with product quality recognized in developed markets like Europe and America[93](index=93&type=chunk) - The company continuously optimizes its supply chain collaboration system centered on Sales & Operations Planning (S&OP), uses AI algorithms for accurate demand forecasting, and accelerates capacity layout for instrument and reagent products[94](index=94&type=chunk)[95](index=95&type=chunk) - The company has **123** after-sales service personnel with rich clinical experience, has built a nationwide after-sales service network and **4** localized service centers, providing **7x24 hour** service[96](index=96&type=chunk) [(III) Core Technologies and R&D Progress](index=28&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's core technologies, innovations, product upgrades, intellectual property, R&D project progress, and R&D investment and personnel - The company possesses multiple core technologies in in vitro diagnostics and treatment and rehabilitation, including electrochemical luminescence immunoassay technology, high-performance liquid chromatography glycated hemoglobin detection technology, high-energy narrow-spectrum phototherapy technology, etc., reaching international advanced or domestic leading levels[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The electrochemical luminescence immunoassay technology platform launched the fully automatic chemiluminescence immunoassay analyzers eCL8600 and eCL8800 series, achieving a full range of low, medium, high-speed, and assembly line layouts, and innovatively adopting a double-antibody sandwich method for reagent project R&D[103](index=103&type=chunk) - The liquid chromatography separation technology platform continuously upgrades key raw materials, achieving stable mass production of chromatographic packing materials, and continuously improving the separation and anti-interference capabilities of the chromatographic system[103](index=103&type=chunk) - The clinical medical product line added light intensity detection, skin temperature detection, and other modules to red and blue light therapy devices, and launched disposable negative pressure wound therapy materials and reusable electronic bladder and renal pelvis endoscopes[105](index=105&type=chunk) - In the dermatological aesthetics field, intelligent gesture control technology was applied to extracorporeal shockwave therapy devices, and a quadruple laser output safety system was developed for CO2 laser therapy machines[106](index=106&type=chunk) - The company received the **2015 National Science and Technology Progress Award First Prize** and was recognized as a **2024 National "Little Giant" enterprise** (for its glycated hemoglobin analyzer product)[107](index=107&type=chunk) - During the reporting period, the company obtained **9** new authorized patents (including **2** invention patents), **2** new computer software copyrights, **24** new domestic medical device registration certificates and filing receipts, and **13** products received CE certification[108](index=108&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) Intellectual Property Obtained During the Reporting Period | Type | New Applications in Current Period (units) | New Grants in Current Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 11 | 2 | 147 | 59 | | Utility Model Patents | 2 | 6 | 182 | 114 | | Design Patents | 2 | 1 | 71 | 56 | | Software Copyrights | 3 | 2 | 164 | 163 | | **Total** | **18** | **11** | **564** | **392** | R&D Investment Overview | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 112,855,246.68 | 100,970,121.54 | 11.77 | | Total R&D Investment | 112,855,246.68 | 100,970,121.54 | 11.77 | | Total R&D Investment as % of Operating Revenue (%) | 22.27 | 17.12 | Increase of 5.15 percentage points | - The company has **25** R&D projects, with an estimated total investment of **CNY 431.80 million**, covering electrochemical luminescence immunoassay diagnostic reagents, glycated hemoglobin and thalassemia measurement products, fully automatic specific protein analyzers, medium-speed electrochemical luminescence immunoassay systems, pulsed laser therapy machines, etc[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company has **487** R&D personnel, accounting for **29.37%** of the total employees, of whom **32.24%** hold master's degrees and **63.24%** hold bachelor's degrees[128](index=128&type=chunk) [IV. Risk Factors](index=38&type=section&id=IV.%20Risk%20Factors) This section details various risks the company may face, including core competency, operational management, industry competition, regulatory policy, and macro-environmental risks, with mitigation strategies - The company faces product R&D risks due to rapid technological updates, long R&D cycles, and high investment in the medical device industry, which may lead to decreased product competitiveness The company will strengthen IPD processes, maintain high R&D investment, and introduce high-end talent to address this[130](index=130&type=chunk) - The company faces product registration risks, as domestic and international product access standards and registration cycles differ, and policy changes may adversely affect product sales The company will closely monitor policy changes, strengthen communication with regulatory authorities, and ensure smooth product launch[131](index=131&type=chunk)[132](index=132&type=chunk) - The expansion of the company's operating scale and the development of new businesses place higher demands on management mechanisms, talent reserves, and market development, posing operational management risks The company will strengthen internal control systems, optimize business structure, and continuously attract and cultivate high-quality talent[133](index=133&type=chunk)[134](index=134&type=chunk) - The medical device industry is highly competitive, with long R&D cycles and significant capital investment for new products, posing industry competition risks The company will accelerate the launch of new products through high R&D investment, product innovation, and technological improvements, and increase efforts in domestic and international market expansion[135](index=135&type=chunk) - Industry regulatory policies are becoming increasingly stringent, such as the revised "Regulations on the Supervision and Administration of Medical Devices," which require full lifecycle quality responsibility and traceability management for products The company will fully understand and implement relevant policies and strictly control product quality[136](index=136&type=chunk) - Tensions in international political relations, escalating trade frictions, and a global and domestic macroeconomic downturn may negatively impact international market expansion and demand for medical device procurement The company will closely monitor international developments, flexibly adjust marketing strategies, and adopt a multi-business, multi-market development model to mitigate risks[137](index=137&type=chunk) [V. Key Operating Performance During the Reporting Period](index=40&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section outlines the company's financial performance, analyzes key financial statement item changes, asset/liability status, investment, and major subsidiaries, revealing operating results and financial structure changes - During the reporting period, the company achieved operating revenue of **CNY 506.85 million**, a year-on-year decrease of **14.08%**; net profit attributable to shareholders of the listed company was **CNY 121.58 million**, a year-on-year decrease of **29.27%**[138](index=138&type=chunk) Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 506,849,096.90 | 589,932,580.21 | -14.08 | | Operating Cost | 178,939,194.22 | 194,854,852.57 | -8.17 | | Selling Expenses | 89,854,065.56 | 86,092,091.14 | 4.37 | | Administrative Expenses | 32,145,007.71 | 31,530,909.42 | 1.95 | | Financial Expenses | -20,118,328.97 | -21,668,132.80 | Not applicable | | R&D Expenses | 112,855,246.68 | 100,970,121.54 | 11.77 | | Net Cash Flow from Operating Activities | 116,795,916.36 | 86,312,953.46 | 35.32 | | Net Cash Flow from Investing Activities | -18,747,418.33 | -21,088,578.64 | Not applicable | | Net Cash Flow from Financing Activities | -275,848,775.33 | -35,504,765.12 | Not applicable | - Net cash flow from operating activities increased by **35.32%** year-on-year, mainly due to a decrease in taxes and fees paid in the current period[139](index=139&type=chunk) - Net cash flow from financing activities decreased significantly year-on-year, mainly due to the repayment of short-term borrowings in the current period[139](index=139&type=chunk) Changes in Assets and Liabilities | Project Name | Current Period-End (CNY) | Prior Year-End (CNY) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0 | 73,254,667.67 | -100.00 | Mainly due to the maturity of structured deposit investments in the current period | | Debt Investments | 96,052,506.79 | 21,836,980.61 | 339.86 | Mainly due to an increase in redeemable bond investments in the current period | | Construction in Progress | 63,749,478.24 | 45,427,639.41 | 40.33 | Mainly due to increased investment in Longhua construction projects in the current period | | Other Non-Current Assets | 31,000,194.60 | 11,998,100.38 | 158.38 | Mainly due to increased prepayments for engineering and equipment in the current period | | Other Payables | 22,256,607.54 | 33,473,439.18 | -33.51 | Mainly due to a decrease in deposits and guarantees in the current period | | Deferred Income | 6,176,492.58 | 3,052,960.73 | 102.31 | Mainly due to government grants received in the current period | - Overseas assets amounted to **CNY 244.77 million**, accounting for **9.03%** of total assets[143](index=143&type=chunk) - Of the cash and cash equivalents at period-end, **CNY 179.13 million** was time deposits intended to be held to maturity, with restricted use; an additional **CNY 1.70 million** was frozen due to litigation[145](index=145&type=chunk) - The company engaged in foreign exchange swap derivative investments, with actual gains of **CNY 0.447 million** during the reporting period, and a book value of **CNY 143.91 million** at period-end, accounting for **7.01%** of the company's net assets at period-end[148](index=148&type=chunk) - Major subsidiaries such as Guangdong Lifotronic Biomedical Technology Co., Ltd., Shenzhen Lifotronic Information Technology Co., Ltd., and Lifotronic Technology (Hong Kong) Co., Limited had a significant impact on the company's net profit[151](index=151&type=chunk)[152](index=152&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=46&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in directors, supervisors, senior management, and core technical personnel, profit distribution plans, and equity incentive plan implementation and changes [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=46&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel - During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel, indicated as "not applicable"[155](index=155&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=46&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section clarifies that the company will not undertake profit distribution or capital reserve conversion into share capital for this semi-annual period - The profit distribution plan or capital reserve conversion plan approved by the Board of Directors for this reporting period is "none"[155](index=155&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=46&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section discloses the cancellation and exercise price adjustments of the company's 2021-2024 stock option incentive plans, and the achievement/non-achievement of exercise conditions - In January 2025, the company canceled **682,490** stock options from the reserved grant portion of the 2021 stock option incentive plan that were not exercised within the exercisable period[156](index=156&type=chunk) - In May 2025, the company adjusted the exercise prices of stock options for the 2021, 2022, 2023, and 2024 stock option incentive plans[156](index=156&type=chunk) - In May 2025, the company canceled a total of **3,474,374** stock options from the initial grant portion of the 2022 stock option incentive plan, and separately canceled **684,000** options due to employee resignation and **791,200** options due to non-achievement of performance targets[157](index=157&type=chunk) - The exercise conditions for the third exercise period of the 2022 stock option incentive plan's initial grant have been met, and **56** eligible incentive recipients can exercise their options within the specified period[157](index=157&type=chunk) - In May 2025, due to the resignation of incentive recipients and the company-level performance targets not reaching the trigger value, the company canceled a total of **2,478,000** stock options from the 2023 stock option incentive plan and a total of **3,687,000** stock options from the 2024 stock option incentive plan[157](index=157&type=chunk) [Section V Significant Matters](index=49&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of IPO commitments, absence of major litigation, good credit standing, and significant related-party transactions and subsidiary capital increases [I. Fulfillment of Commitments](index=49&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of IPO commitments by the company and related parties, including share lock-up, avoidance of horizontal competition, and standardization of related-party transactions - Liu Xiancheng, the company's controlling shareholder and actual controller, committed not to transfer shares directly or indirectly held before the initial public offering for **36 months** from the listing date, with an automatic extension of **6 months** under specific conditions[49](index=49&type=chunk) - Shareholders holding **5%** or more of shares, including Xiamen Hanyue Investment Consulting Partnership (Limited Partnership), Ruipu Medical, and Ruiyuancheng Health, also made similar share lock-up commitments and pledged that the reduction price would not be lower than the initial public offering price for **two years** after the lock-up period expires[50](index=50&type=chunk)[51](index=51&type=chunk) - The company, its controlling shareholder, actual controller, major shareholders, directors, supervisors, and senior management all committed to avoiding horizontal competition, and any unavoidable related-party transactions will be conducted at fair market prices to ensure no harm to the company and other shareholders' interests[59](index=59&type=chunk)[60](index=60&type=chunk) - The company committed to measures to mitigate dilution of immediate returns, such as strengthening fundraising management, accelerating investment progress in fundraising projects, enhancing operational management and internal control, and strengthening investor return mechanisms[53](index=53&type=chunk)[54](index=54&type=chunk) - The company and relevant parties committed that the prospectus contained no false statements, misleading representations, or material omissions, and assumed responsibility for compensating investors for losses or repurchasing shares in accordance with the law[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - During the reporting period, all company commitments were strictly fulfilled, with no instances of failure to perform in a timely manner[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [III. Irregular Guarantees](index=61&type=section&id=III.%20Irregular%20Guarantees) This section explicitly states that the company had no instances of providing external guarantees in violation of prescribed decision-making procedures during the reporting period - During the reporting period, the company had no instances of providing external guarantees in violation of prescribed decision-making procedures[174](index=174&type=chunk) [VII. Major Litigation and Arbitration Matters](index=62&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This section declares that the company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[175](index=175&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=62&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) This section states that the company, its controlling shareholder, and actual controller maintained good integrity status, with no unfulfilled court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments, nor any large overdue debts or other adverse integrity issues[175](index=175&type=chunk) [X. Significant Related-Party Transactions](index=62&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the **CNY 40 million** 2025 estimated annual related-party transaction limit and the change in capital increase plan for Shenzhen Lifotronic Biotechnology Co., Ltd., making it a controlled subsidiary - The company's estimated annual related-party transaction limit for 2025 is **CNY 40 million**, approved by the Board of Directors on April 9, 2025, and subsequently by the 2024 Annual General Meeting of Shareholders[176](index=176&type=chunk) - The company revised its plan to jointly increase capital in its wholly-owned subsidiary, Shenzhen Lifotronic Biotechnology Co., Ltd., with related parties The company's capital increase amount of **CNY 33.00 million** remained unchanged, while the related parties' capital increase amount changed from **CNY 64.02 million** to **CNY 24.20 million**, with new related parties Li Dawei and Lu Man increasing capital in Lifotronic Biotechnology by **CNY 3.00 million**[178](index=178&type=chunk) - Upon completion of this capital increase, Lifotronic Biotechnology's registered capital increased from **CNY 3.00 million** to **CNY 63.20 million**, and the company's equity stake in Lifotronic Biotechnology changed to **56.96%**, making Lifotronic Biotechnology a controlled subsidiary from a wholly-owned subsidiary[178](index=178&type=chunk) [Section VI Share Changes and Shareholder Information](index=65&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, total shareholders, top ten shareholders, and related-party relationships among major shareholders, providing equity structure and key shareholder information [I. Share Capital Changes](index=65&type=section&id=I.%20Share%20Capital%20Changes) This section states that there were no changes in the company's total ordinary share capital and share capital structure during the reporting period - During the reporting period, there were no changes in the company's total ordinary share capital and share capital structure[183](index=183&type=chunk) [II. Shareholder Information](index=65&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, top ten shareholders, and related-party relationships among major shareholders as of the end of the reporting period - As of the end of the reporting period, the total number of ordinary shareholders was **12,359**[184](index=184&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name (Full Name) | Change in Reporting Period | Shares Held at Period-End | Percentage (%) | Restricted Shares Held | Pledged, Marked, or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Xiancheng | - | 125,900,933 | 29.38 | - | None | Domestic Natural Person | | Hu Minglong | - | 21,024,419 | 4.91 | - | None | Domestic Natural Person | | Zeng Ying | - | 19,669,021 | 4.59 | - | None | Domestic Natural Person | | Xiamen Hanyue Investment Consulting Partnership (Limited Partnership) | - | 14,346,685 | 3.35 | - | None | Other | | Xu Yan | - | 12,542,040 | 2.93 | - | None | Domestic Natural Person | | Xiamen Qiaochuan Investment Partnership (Limited Partnership) | - | 11,084,075 | 2.59 | - | None | Other | | Ping An Bank Co., Ltd. - China Merchants Core Competence Mixed Securities Investment Fund | 5,562,946 | 6,256,106 | 1.46 | - | None | Other | | Xiamen Purong Investment Partnership (Limited Partnership) | - | 4,757,106 | 1.11 | - | None | Other | | Qiu Liang | - | 4,090,385 | 0.95 | - | None | Domestic Natural Person | | Li Dawei | - | 3,623,539 | 0.85 | - | None | Domestic Natural Person | - Liu Xiancheng, Xiamen Hanyue Investment Consulting Partnership (Limited Partnership), Xiamen Qiaochuan Investment Partnership (Limited Partnership), and Xiamen Purong Investment Partnership (Limited Partnership) are parties acting in concert[188](index=188&type=chunk) [Section VII Bond-Related Information](index=69&type=section&id=Section%20VII%20Bond-Related%20Information) This section explicitly states that the company had no corporate bonds or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[192](index=192&type=chunk) - The company has no convertible corporate bonds[192](index=192&type=chunk) [Section VIII Financial Report](index=70&type=section&id=Section%20VIII%20Financial%20Report) This section includes unaudited consolidated and parent company financial statements, notes on accounting policies, taxation, R&D, consolidation changes, interests, government grants, financial instrument risks, fair value, related parties, share-based payments, commitments, post-balance sheet events, other matters, and supplementary information [I. Audit Report](index=70&type=section&id=I.%20Audit%20Report) This section explicitly states that this semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=70&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company financial statements, presenting financial position, operating results, and cash flow [Consolidated Balance Sheet](index=70&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **CNY 2.71 billion**, total liabilities **CNY 657.45 million**, and total owners' equity **CNY 2.05 billion** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (CNY) | | :--- | :--- | | Cash and Cash Equivalents | 1,510,521,573.84 | | Accounts Receivable | 169,924,620.01 | | Inventories | 165,172,248.04 | | Fixed Assets | 442,121,523.00 | | Total Assets | 2,710,013,912.73 | | Short-Term Borrowings | 448,000,000.00 | | Accounts Payable | 101,797,170.47 | | Total Liabilities | 657,450,128.80 | | Total Owners' Equity Attributable to Parent Company | 2,054,769,615.04 | | Total Owners' Equity | 2,052,563,783.93 | [Parent Company Balance Sheet](index=73&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **CNY 2.60 billion**, total liabilities **CNY 1.10 billion**, and total owners' equity **CNY 1.49 billion** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Amount (CNY) | | :--- | :--- | | Cash and Cash Equivalents | 1,298,761,965.63 | | Accounts Receivable | 513,649,801.08 | | Long-Term Equity Investments | 160,655,999.07 | | Total Assets | 2,601,577,911.37 | | Short-Term Borrowings | 148,000,000.00 | | Accounts Payable | 492,497,810.30 | | Total Liabilities | 1,103,802,303.89 | | Total Owners' Equity | 1,497,775,607.48 | [Consolidated Income Statement](index=75&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company achieved total operating revenue of **CNY 506.85 million**, net profit attributable to parent company shareholders of **CNY 121.58 million**, and basic EPS of **CNY 0.28/share** Consolidated Income Statement Key Data (January-June 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 506,849,096.90 | | Total Operating Costs | 398,865,861.38 | | Total Profit | 119,142,708.48 | | Net Profit | 120,927,962.17 | | Net Profit Attributable to Parent Company Shareholders | 121,575,857.12 | | Basic Earnings Per Share (CNY/share) | 0.28 | [Parent Company Income Statement](index=77&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company achieved operating revenue of **CNY 495.66 million** and net profit of **CNY 20.53 million** Parent Company Income Statement Key Data (January-June 2025) | Item | Amount (CNY) | | :--- | :--- | | Operating Revenue | 495,660,563.42 | | Operating Costs | 336,537,252.11 | | Total Profit | 14,808,294.93 | | Net Profit | 20,527,974.88 | [Consolidated Cash Flow Statement](index=79&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **CNY 116.80 million**, from investing activities **-CNY 18.75 million**, and from financing activities **-CNY 275.85 million** Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 116,795,916.36 | | Net Cash Flow from Investing Activities | -18,747,418.33 | | Net Cash Flow from Financing Activities | -275,848,775.33 | | Net Increase in Cash and Cash Equivalents | -176,892,116.77 | | Cash and Cash Equivalents at Period-End | 1,305,529,665.57 | [Parent Company Cash Flow Statement](index=81&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **CNY 89.06 million**, from investing activities **-CNY 37.97 million**, and from financing activities **-CNY 120.83 million** Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | 89,061,008.16 | | Net Cash Flow from Investing Activities | -37,970,777.48 | | Net Cash Flow from Financing Activities | -120,832,975.33 | | Net Increase in Cash and Cash Equivalents | -70,705,978.06 | | Cash and Cash Equivalents at Period-End | 1,093,770,057.36 | [Consolidated Statement of Changes in Owners' Equity](index=82&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, consolidated owners' equity increased from **CNY 2.049 billion** to **CNY 2.053 billion**, driven by comprehensive income and share-based payments - Total owners' equity attributable to the parent company increased from **CNY 2.051 billion** at the beginning of the period to **CNY 2.055 billion** at the end of the period[212](index=212&type=chunk) - Total comprehensive income for the current period was **CNY 120.93 million**, of which **CNY 121.58 million** was attributable to parent company owners[212](index=212&type=chunk) - The amount of share-based payments recognized in owners' equity was **CNY 3.06 million**[212](index=212&type=chunk) - Distributions to owners (or shareholders) amounted to **-CNY 120.83 million**[212](index=212&type=chunk)[213](index=213&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=86&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, parent company owners' equity decreased from **CNY 1.595 billion** to **CNY 1.498 billion**, primarily due to profit distribution and share-based payments - The parent company's total owners' equity decreased from **CNY 1.595 billion** at the beginning of the period to **CNY 1.498 billion** at the end of the period[217](index=217&type=chunk) - Total comprehensive income for the current period was **CNY 20.53 million**[217](index=217&type=chunk) - The amount of share-based payments recognized in owners' equity was **CNY 3.06 million**[217](index=217&type=chunk) - Distributions to owners (or shareholders) amounted to **-CNY 120.83 million**[217](index=217&type=chunk) [III. Company Basic Information](index=89&type=section&id=III.%20Company%20Basic%20Information) This section introduces Lifotronic's predecessor, establishment, registration, listing, industry, and main business scope - The company's predecessor was Shenzhen Lifotronic Technology Co., Ltd., jointly established by natural persons Liu Xiaofang and Xiang Lei, registered with the Shenzhen Administration for Industry and Commerce on January 16, 2008[220](index=220&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on November 5, 2019[220](index=220&type=chunk) - The company belongs to the medical device industry, primarily engaged in the R&D, production, and sales of treatment and rehabilitation medical products and in vitro diagnostic products[220](index=220&type=chunk) [IV. Basis of Financial Statement Preparation](index=89&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section clarifies that the company's financial statements are prepared on a going concern basis, with no significant doubts about this assumption - The company's financial statements are prepared on a going concern basis[221](index=221&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the **12 months** from the end of the reporting period[222](index=222&type=chunk) [V. Significant Accounting Policies and Estimates](index=89&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, revenue, government grants, deferred tax, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[224](index=224&type=chunk) - Financial assets are classified at initial recognition into financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[235](index=235&type=chunk) - Inventories include finished goods or merchandise held for sale in the ordinary course of business, work-in-progress, and materials and supplies consumed in the production process or provision of services, with issued inventory valued using the moving weighted average method[251](index=251&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **30 years** for buildings and structures, **5-10 years** for machinery and equipment, **5 years** for transportation vehicles, and **3-5 years** for office equipment and others[266](index=266&type=chunk) - Intangible assets include land use rights, patent rights, and software, amortized using the straight-line method, with amortization periods of **30-50 years** for land use rights, **10 years** for software, and **5 years** for patent rights[271](index=271&type=chunk) - Expenditures in the research phase of internal research and development projects are recognized as expenses when incurred; expenditures in the development phase are recognized as intangible assets when specific conditions are met[274](index=274&type=chunk) - Revenue recognition principles involve identifying each distinct performance obligation in a contract and determining whether each performance obligation is satisfied over time or at a point in time[286](index=286&type=chunk) - Government grants are recognized when the company can meet the attached conditions and can receive the grants, and are accounted for based on whether they are asset-related or income-related[292](index=292&type=chunk) - Deferred income tax assets and liabilities are recognized based on the difference between the carrying amounts of assets and liabilities and their tax bases, calculated using the applicable tax rate during the expected recovery or settlement period[295](index=295&type=chunk) - As a lessee, the company applies simplified treatment for short-term leases and leases of low-value assets, and recognizes right-of-use assets and lease liabilities for other leases[297](index=297&type=chunk) [VI. Taxation](index=108&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, and tax incentives enjoyed, including VAT refunds and high-tech enterprise income tax benefits Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input VAT allowed for the current period, the difference is VAT payable | 13.00%, 6.00%; export goods enjoy "exemption, offset, refund" policy, with a refund rate of 13.00% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7.00%, 5.00% | | Education Surcharge | Actual amount of turnover tax paid | 3.00% | | Local Education Surcharge | Actual amount of turnover tax paid | 2.00% | | Property Tax | For ad valorem assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original value of the property; for rental assessment, 12% of rental income | 1.20%, 12.00% | | Land Use Tax | Taxable area | CNY 2/m², CNY 4/m², CNY 5/m², CNY 10/m² | | Overseas Taxes | Overseas taxes are calculated according to the tax laws and regulations of various overseas countries and regions | Overseas taxes are calculated according to the tax laws and regulations of various overseas countries and regions | | Enterprise Income Tax | Taxable income | 15.00%, 8.25%, 16.50%, 12.00%, 20.00%, 22.00%, 25.00% | - The company and several subsidiaries (e.g., Shenzhen Zhixin Biomedical Technology Co., Ltd., Chongqing Jingyu Laser Technology Co., Ltd., Guangdong Lifotronic Biomedical Technology Co., Ltd., Chongqing Lifotronic Biotechnology Co., Ltd.) enjoy a **15%** preferential income tax rate for high-tech enterprises[304](index=304&type=chunk)[305](index=305&type=chunk) - Subsidiary Shenzhen Lifotronic Information Technology Co., Ltd. enjoys an immediate refund policy for VAT exceeding **3.00%** on sales of self-developed software products[304](index=304&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=109&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes and explanations for various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, offering specific data support - Cash and cash equivalents at period-end amounted to **CNY 1.51 billion**, of which **CNY 179.13 million** was time deposits intended to be held to maturity with restricted use, and **CNY 1.70 million** was frozen due to litigation[306](index=306&type=chunk) - Accounts receivable at period-end had a carrying amount of **CNY 169.92 million**, with a bad debt provision of **CNY 13.57 million**; actual write-offs of accounts receivable in the current period amounted to **CNY 4.82 million**[312](index=312&type=chunk)[314](index=314&type=chunk)[316](index=316&type=chunk) - Inventories at period-end had a carrying amount of **CNY 165.17 million**, with an inventory impairment provision of **CNY 12.39 million**[334](index=334&type=chunk)[336](index=336&type=chunk) - Debt investments at period-end had a carrying amount of **CNY 96.05 million**, mainly due to an increase in redeemable bond investments in the current period[339](index=339&type=chunk) - Fixed assets at period-end had a carrying amount of **CNY 442.12 million**, with accumulated depreciation of **CNY 136.97 million**[355](index=355&type=chunk) - Construction in progress at period-end had a carrying amount of **CNY 63.75 million**, mainly including the Songshan Lake factory, Longhua office building, and Nanjing R&D Headquarters project[358](index=358&type=chunk) - Intangible assets at period-end had a carrying amount of **CNY 102.03 million**, primarily land use rights[361](index=361&type=chunk) - Goodwill had a carrying amount of **CNY 65.66 million**, with an impairment provision of **CNY 29.46 million**[363](index=363&type=chunk)[365](index=365&type=chunk) - Short-term borrowings at period-end amounted to **CNY 448.00 million**, a decrease of **CNY 152.00 million** from the beginning of the period[377](index=377&type=chunk) - Employee benefits payable at period-end amounted to **CNY 45.68 million**[383](index=383&type=chunk) - Deferred income at period-end amounted to **CNY 6.18 million**, primarily government grants[397](index=397&type=chunk) - Operating revenue was **CNY 506.85 million**, and operating cost was **CNY 178.94 million**, with main business revenue accounting for a larger proportion[405](index=405&type=chunk) - R&D expenses were **CNY 112.86 million**, a year-on-year increase of **11.77%**[416](index=416&type=chunk) - Net cash flow from operating activities was **CNY 116.80 million**, mainly due to a decrease in taxes and fees paid[436](index=436&type=chunk) [VIII. R&D Expenses](index=157&type=section&id=VIII.%20R%26D%20Expenses) This section details the composition of the company's H1 2025 R&D expenses, totaling **CNY 112.86 million**, primarily for employee compensation, materials, and clinical/consulting fees, all expensed 2025 Semi-Annual R&D Expense Composition | Item | Amount (CNY) | | :--- | :--- | | Employee Compensation | 75,328,511.29 | | Material Consumption | 14,255,645.80 | | Depreciation and Amortization | 4,449,884.20 | | Rent, Utilities, and Property Management Fees | 798,331.05 | | Clinical Testing and Registration Fees | 7,280,990.26 | | Consulting and Evaluation Fees | 6,878,491.25 | | Travel Expenses | 669,264.09 | | Development Fees | 1,220,563.29 | | Share-Based Payments | 1,308,194.51 | | Other | 665,370.94 | | **Total** | **112,855,246.68** | - All R&D expenditures are expensed, with no capitalized R&D expenditures[446](index=446&type=chunk) [IX. Changes in Consolidation Scope](index=158&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explicitly states that during the reporting period, the company had no business combinations or disposals of subsidiaries resulting in loss of control - During the reporting period, the company had no business combinations involving entities not under common control, business combinations involving entities under common control, reverse acquisitions, or disposals of subsidiaries resulting in loss of control[448](index=448&type=chunk) [X. Interests in Other Entities](index=159&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's enterprise group, including 18 subsidiaries covering medical device R&D and sales, and the change in shareholding of Shenzhen Lifotronic Biotechnology Co., Ltd. after its capital increase - The company has **18** subsidiaries, with main operating locations including Dongguan, Shenzhen, Chongqing, Hong Kong, Nanjing, Changsha, Indonesia, Macau, Ma'anshan (Anhui), and Russia[448](index=448&type=chunk) - The primary business nature of the subsidiaries is R&D and sales of medical devices[448](index=448&type=chunk) - Subsidiary Shenzhen Lifotronic Biotechnology Co., Ltd. completed capital increase and change procedures in July 2025 After the change, its registered capital is **CNY 63.20 million**, with Lifotronic Technology's investment amounting to **CNY 36.00 million**, holding a **56.962%** stake[448](index=448&type=chunk) [XI. Government Grants](index=161&type=section&id=XI.%20Government%20Grants) This section discloses government grant-related liability items and the amount of grants recognized in profit or loss for the reporting period, totaling **CNY 13.62 million**, primarily for compensating costs - Deferred income had a beginning balance of **CNY 3.05 million**, with new grants of **CNY 3.98 million** in the current period, and an ending balance of **CNY 6.18 million**, primarily asset-related[452](index=452&type=chunk) - Government grants recognized in profit or loss for the current period totaled **CNY 13.62 million**, of which **CNY 0.85 million** was asset-related and **CNY 12.77 million** was income-related[452](index=452&type=chunk) [XII. Risks Related to Financial Instruments](index=162&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's financial instrument risks, including credit, liquidity, and market risks, and explains the risk management measures taken to balance risk and return - The company's objective in risk management is to achieve a balance between risk and return, minimizing the negative impact of risks on the company's operating performance, and maximizing the interests of shareholders and other equity investors[453](index=453&type=chunk) - Credit risk primarily arises from cash and cash equivalents and receivables The company controls credit risk by regularly assessing customer credit, monitoring receivable balances, and depositing bank funds with financial institutions with higher credit ratings[454](index=454&type=chunk)[455](index=455&type=chunk)[456](index=456&type=chunk)[457](index=457&type=chunk)[459](index=459&type=chunk)[461](index=461&type=chunk)[462](index=462&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as equity financing and bill discounting, maintaining a balance between financing continuity and flexibility[462](index=462&type=chunk) - Market risk primarily includes interest rate risk and foreign exchange risk The company manages interest rate risk by determining the proportion of fixed-rate and floating-rate financial instruments based on market conditions, and manages foreign exchange risk by buying and selling foreign currencies when necessary[465](index=465&type=chunk)[466](index=466&type=chunk)[467](index=467&type=chunk) [XIII. Disclosure of Fair Value](index=165&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at period-end, with other equity instrument investments measured at Level 3 fair value, and explains valuation techniques - Total assets continuously measured at fair value at period-end amounted to **CNY 39.00 million**, all of which were other equity instrument investments[471](index=471&type=chunk) - Other equity instrument investments are measured at Level 3 fair value, with valuation techniques considering market approaches and discounted future cash flows For investees whose operating environment and financial condition have not significantly changed, investment cost is used as a reasonable estimate of fair value[473](index=473&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=167&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's subsidiaries, other related parties, and related-party transactions during the reporting period, primarily for purchasing goods and key management compensation, and lists period-end receivables from related parties - Information on the company's subsidiaries is detailed in Note (X) 1 of Section VIII of this report[474](index=474&type=chunk) - Other related parties include Chengdu Anjiechang Medical Technology Co., Ltd., an associate company in which the company holds a **15%** stake, and Sichuan Jiexing Medical Device Co., Ltd., controlled by its actual controller[475](index=475&type=chunk) - Purchases of goods from Chengdu Anjiechang Medical Technology Co., Ltd. in the current period amounted to **CNY 2.70 million** (excluding tax), not exceeding the approved transaction limit of **CNY 40 million**[476](index=476&type=chunk) - Compensation for key management personnel in the current period was **CNY 4.38 million**[479](index=479&type=chunk) - Period-end prepaid accounts receivable from related parties totaled **CNY 1.53 million**, primarily for Sichuan Jiexing Medical Device Co., Ltd. and Chengdu Anjiechang Medical Technology Co., Ltd[481](index=481&type=chunk) [XV. Share-Based Payments](index=172&type=section&id=XV.%20Share-Based%20Payments) This section discloses the grant, exercise, vesting, and forfeiture of the company's stock option incentive plans, equity-settled share-based payment expenses, and the method for determining equity instrument fair value Changes in Equity Instruments During the Current Period | Grantee Category | Number Granted in Current Period | Amount Granted in Current Period | Number Exercised in Current Period | Amount Exercised in Current Period | Number Vested in Current Period | Amount Vested in Current Period | Number Forfeited in Current Period | Amount Forfeited in Current Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 Stock Option Incentive Plan (Reserved Grant) | - | - | - | - | - | - | 682,490 | 13,664,814.78 | | 2022 Stock Option Incentive Plan (Initial Grant) | - | - | - | - | 3,164,800 | 60,200,825.60 | 4,949,574 | 94,150,796.63 | | 2023

证券代码：688389 证券简称：普门科技 公告编号：2025-067 深圳普门科技股份有限公司 关于签订房屋租赁合同暨关联交易的公告 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。 重要内容提示： 交易概述：深圳普门科技股份有限公司（以下简称"公司"或"普门科 技"）沈阳分公司拟与关联人刘先成先生签订房屋租赁合同，租赁其位于沈阳市 浑南区天赐街 7-3 号部分房屋，作为普门科技沈阳分公司的办公场所，租赁房屋 面积共计 440.86 平方米，租赁期限 5 年，自 2025 年 9 月 1 日至 2030 年 8 月 31 日止，年租金 22 万元（不含税），每年递增 6%，合同总金额共计 124.02 万元（不 含保证金）。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 本次交易实施不存在重大法律障碍。 本次交易已经公司第三届董事会独立董事第四次专门会议、第三届董事 会第十八次会议及第三届监事会第十七次会议审议通过，关联董事刘先成先生回 避表决，该事项无需提交公司股东大会审议。 相关风险提示：本次交 ...

深圳普门科技股份有限公司 2025年度"提质增效重回报"行动方案 的半年度评估报告 为深入贯彻落实《关于开展沪市公司"提质增效重回报"专项行动的倡议》 的相关要求，积极践行"以投资者为本"的发展理念，维护深圳普门科技股份有 限公司（以下简称"公司"或"普门科技"）全体股东利益，公司结合自身发展 战略和经营情况，于2025年4月制定并披露了《2025年度"提质增效重回报"行 动方案》（以下简称"《行动方案》"）。2025年上半年，公司根据《行动方案》 积极落实相关举措并认真评估实施效果，《行动方案》半年度实施情况具体如下： 一、聚焦做强主业，提升核心竞争力 2025年上半年，尽管面临诸多外部挑战，公司聚焦体外诊断、治疗与康复两 大主业，秉承"质量•效率•积累•求变"四大核心经营理念，围绕全年的经营目 标，在新产品研发、市场渠道建设、产业规划布局等方面取得积极进展，整体经 营态势平稳有序。报告期内，公司实现营业收入50,684.91万元，实现归属于母公 司所有者的净利润12,157.59万元。 在产品研发方面，公司始终坚持以客户需求为导向开发与拓展产品，持续加 大研发投入力度，积极探索前沿技术路径，以保持在体外诊 ...

Core Viewpoint - The company is actively engaging in academic collaborations with well-known hospitals and universities in China to establish a market-oriented industry-university-research cooperation model, which lays a solid foundation for the rapid industrialization of new products [1] Group 1 - The company collaborates with notable institutions such as the Chinese People's Liberation Army General Hospital (301 Hospital), Chongqing University, Shandong University, and Shenzhen University [1]

Market Overview - The electronic chemicals sector experienced a decline of 0.53% on August 26, with Tongyu New Materials leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Sanfu New Materials (688389) with a closing price of 73.20, up 10.46% [1] - Fivotech (688371) with a closing price of 23.27, up 6.35% [1] - Anji Technology (610889) with a closing price of 166.40, up 4.41% [1] - Conversely, significant decliners included: - Tongyu New Materials (301630) with a closing price of 199.23, down 8.75% [2] - Siquan New Materials (301489) with a closing price of 175.16, down 8.29% [2] - Shanghai Xinyang (300236) with a closing price of 53.75, down 3.98% [2] Capital Flow - The electronic chemicals sector saw a net outflow of 786 million yuan from institutional investors, while retail investors contributed a net inflow of 623 million yuan [2] - The capital flow for specific stocks showed: - Fivotech (688371) had a net inflow of 35.21 million yuan from institutional investors [3] - Anji Technology (610889) had a net inflow of 20.25 million yuan from institutional investors [3] - Tongyu New Materials (301630) experienced a significant net outflow of 49.42 million yuan from institutional investors [3]

证券代码：688389 证券简称：普门科技 公告编号：2025-064 深圳普门科技股份有限公司 关于召开2025年半年度业绩说明会的公告 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。 重要内容提示： ● 会议召开时间：2025年9月2日（星期二）上午10:00-11:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年8月26日（星期二）至9月1日（星期一）16:00前登录 上证路演中心网站首页点击"提问预征集"栏目或通过深圳普门科技股份有限公 司（以下简称"公司"）邮箱bod@lifotronic.com进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 （三）会议召开方式：上证路演中心网络互动 三、参加人员 公司董事长刘先成先生，董事、总经理胡明龙先生，董事、副总经理曾映先 生，董事、财务总监王红女士，独立董事蔡翘梧先生、杨光辉 ...