证券代码：688410 证券简称：山外山 公告编号：2025-042 重庆山外山血液净化技术股份有限公司 关于调整公司组织架构的公告 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。 重庆山外山血液净化技术股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日召开了公司第三届董事会第二十次会议，审议通过了《关于调整公司组织 架构的议案》，为加强和优化公司治理，使组织架构更好地支持公司的经营管理， 公司对组织架构进行了调整和优化。 本次组织架构调整是对公司内部管理机构的调整，不会对公司经营活动产生 重大影响，调整后的公司组织架构图详见附件。 特此公告。 重庆山外山血液净化技术股份有限公司董事会 2025 年 8 月 20 日 1 附件： 2 ...

证券代码：688410 证券简称：山外山 公告编号：2025-038 重庆山外山血液净化技术股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况 的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会《上市公司募集资金监管规则》《上海证券交 易所科创板上市公司自律监管指引第1号——规范运作》《上海证券交易所科创 板股票上市规则》等有关法律、法规及相关文件的规定，重庆山外山血液净化技 术股份有限公司（以下简称"公司"或"本公司"或"山外山"）就2025年半年 度（以下简称"报告期内"）募集资金存放与实际使用情况专项报告说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会于 2022 年 11 月 15 日出具的《关于同意重庆 山外山血液净化技术股份有限公司首次公开发行股票的批复》（证监许可〔2022〕 2873 号），同意公司首次公开发行股票的注册申请，并经上海证券交易所同意， 公司首次向社会公众公开发行人民币普通股（A 股）股票 36 ...

证券代码：688410 证券简称：山外山 公告编号：2025-043 重庆山外山血液净化技术股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 4 日 14 点 30 分 召开地点：重庆市两江新区慈济路 1 号 8 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 4 日 至2025 年 9 月 4 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年9月4日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日 ...

证券代码：688410 证券简称：山外山 公告编号：2025-037 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 重庆山外山血液净化技术股份有限公司（以下简称"公司"）第三届监事会 第十六次会议于 2025 年 8 月 19 日（星期二）在重庆市两江新区慈济路 1 号 8 楼会议室以现场会议的方式召开。会议通知已于 2025 年 8 月 9 日通过邮件的方 式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席谢川先生主持，公司部分董事和高级管理人员列席会议。 会议召开符合有关法律、法规、规章和《公司章程》的规定。出席会议的监事对 各项议案进行了认真审议并做出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 经审查，监事会认为：公司 2025 年半年度报告及其摘要编制和审议的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了 公司的财务状况和经营成果等事项，不存在任何虚假记载、误导性陈述或者 ...

证券代码：688410 证券简称：山外山 公告编号：2025-036 重庆山外山血液净化技术股份有限公司 第三届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 重庆山外山血液净化技术股份有限公司（以下简称"公司"）第三届董事会 第二十次会议于 2025 年 8 月 19 日（星期二）在重庆市两江新区慈济路 1 号 8 楼会议室以现场结合通讯的方式召开。会议通知已于 2025 年 8 月 9 日通过邮件 的方式送达各位董事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议由董事长高光勇先生主持，全体监事、高管列席。会议召开符合有关法 律、法规、规章和《公司章程》的规定。经各位董事认真审议，会议形成了如下 决议： 二、董事会会议审议情况 （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 本议案已经审计委员会审议通过。 表决结果：9 票同意，0 票反对，0 票弃权。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《2025 ...

证券代码：688410 证券简称：山外山 公告编号：2025-041 重庆山外山血液净化技术股份有限公司 关于公司 2024 年员工持股计划股份回购注销 暨提前终止的提示性公告 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。 重庆山外山血液净化技术股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日召开第三届董事会第二十次会议，审议通过了《关于公司 2024 年员工持 股计划股份回购注销暨提前终止的议案》，同意公司对 2024 年员工持股计划（以 下简称"本员工持股计划"）未能解锁的 1,715,024 股进行回购注销，回购价格 为 8.23 元/股加年化 3%的利息（按实际天数计算）之和。上述议案尚需提交公 司股东大会审议。现将有关情况说明如下： 一、本员工持股计划基本情况 （一）2024 年 4 月 24 日，公司召开的第三届董事会第十次会议和第三届监 事会第七次会议，审议通过了《关于<公司 2024 年员工持股计划（草案）>及其 摘要的议案》《关于<公司 2024 年员工持股计划管理办法>的议案》《关于 ...

证券代码：688410 证券简称：山外山 公告编号：2025-040 重庆山外山血液净化技术股份有限公司 关于调整 2023 年限制性股票激励计划 授予价格的公告 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： 限制性股票授予价格：由 14.32 元/股调整为 14.22 元/股 重庆山外山血液净化技术股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日召开的第三届董事会第二十次会议、第三届监事会第十六次会议，审议 通过了《关于调整 2023 年限制性股票激励计划授予价格的议案》，同意董事会 根据《重庆山外山血液净化技术股份有限公司 2023 年限制性股票激励计划（草 案）》（以下简称"《激励计划（草案）》"）的规定及公司 2023 年第三次临 时股东大会的授权，对公司 2023 年限制性股票激励计划（以下简称"本次激励 计划"）的授予价格进行调整。授予价格（含预留部分）由 14.32 元/股调整为 14.22 元/股。现将有关事项说明如下： 一、本次激励计划已履行的决策程序和信息披露情况 （ ...

湖南启元律师事务所 关于 重庆山外山血液净化技术股份有限公司 调整2023年限制性股票激励计划授予价格事项的 法律意见书 二〇二五年八月 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 电话: 0731-82953778 传真: 0731-82953779 邮编: 410000 网站：www.qiyuan.com www.qiyuan.com 致:重庆山外山血液净化技术股份有限公司 湖南启元律师事务所(以下简称"本所")接受重庆山外山血液净化技术股 份有限公司（以下简称"公司"或"山外山"）的委托，作为公司 2023 年限制 性股票激励计划项目(以下简称"本次激励计划")的专项法律顾问,为公司本一 次激励计划提供专项法律服务。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》(以下简称"《证券法》")及中国证券监督管理委员会 〈以下简称"中国证监会"）发布的《上市公司股权激励管理办法》(以下简称 "《管理办法》"）、上海证券交易所发布的《上海证券交易所科创板股票上市 规则》〈以下简称"《上市规则》"）、《科创板上市公司自律监管指南第4号 -- 股权激励 ...

西部证券股份有限公司（以下简称"西部证券"、"保荐人"）作为重庆山 外山血液净化技术股份有限公司（以下简称"山外山"、"公司"）首次公开发 行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则（2025 年 4 月修订）》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》等法律法规 和规范性文件的要求，对山外山增加 2025 年度日常关联交易预计的事项进行了 审慎核查，具体核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于2025年8月19日召开了2025年第二次独立董事专门会议进行审议， 并获全体独立董事一致同意，认为公司增加 2025 年度日常关联交易的预计金额 是为了满足正常业务发展的需要，交易的性质和规模符合公司日常运营的要求。 相关交易遵循了客观公平、平等自愿、互惠互利的原则，交易定价公允，不存在 损害公司及股东特别是中小股东利益的情况。交易的实施不会对公司的独立性产 生不利影响，公司不会因关联交易而对关联方形成较大依赖。同意公司增加 2025 年度日常关联交易预计的事项， ...

[Section 1 Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for common terms and professional jargon used in the report, covering company names, investment entities, and medical terms related to blood purification and certification standards, ensuring accuracy and consistency of report content - Defines "Company, Shanwaishan" as Chongqing Shanwaishan Blood Purification Technology Co., Ltd[10](index=10&type=chunk) - Explains core medical technologies and equipment such as blood purification, hemodialysis, peritoneal dialysis, and Continuous Renal Replacement Therapy (CRRT) equipment[10](index=10&type=chunk)[11](index=11&type=chunk) - Includes definitions for diseases like End-Stage Renal Disease (ESRD) and uremia, as well as industry-related concepts such as Class A tertiary hospitals and CE certification[11](index=11&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company's Basic Information](index=6&type=section&id=I.%20Company's%20Basic%20Information) This section introduces the company's basic information, including its registered name, abbreviation, legal representative, registered and office addresses, website, and email address - The company's Chinese name is Chongqing Shanwaishan Blood Purification Technology Co., Ltd., abbreviated as Shanwaishan[13](index=13&type=chunk) - The legal representative is Gao Guangyong, and both the registered and office addresses are located at No. 1 Ciji Road, Liangjiang New Area, Chongqing[13](index=13&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representatives for investors and relevant parties to contact - The Board Secretary is Yu Shangling, and the Securities Affairs Representatives are Li Haiyan and Zou Bo[14](index=14&type=chunk) - The contact address for all is No. 1 Ciji Road, Liangjiang New Area, Chongqing, and the telephone number is 023-67460800[14](index=14&type=chunk) [III. Information Disclosure and Changes in Document Storage Location](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Changes%20in%20Document%20Storage%20Location) This section specifies the newspapers selected by the company for information disclosure, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are kept - The newspapers selected by the company for information disclosure include "Shanghai Securities News", "China Securities Journal", "Securities Daily", "Securities Times", and "Economic Information Daily"[15](index=15&type=chunk) - The semi-annual report is published on www.sse.com.cn, and the storage location is the company's Board Secretary Office[15](index=15&type=chunk) [IV. Overview of Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This section briefly introduces the company's share type, listing exchange and board, stock abbreviation, and stock code, and confirms the absence of depositary receipts - The company's shares are A-shares, listed on the Shanghai Stock Exchange STAR Market, with the stock abbreviation Shanwaishan and stock code 688410[16](index=16&type=chunk) - The company has no depositary receipts[17](index=17&type=chunk) [V. Other Relevant Information](index=7&type=section&id=V.%20Other%20Relevant%20Information) This section discloses information about the sponsor institution that performed continuous supervision duties during the reporting period, including its name, office address, names of signing sponsor representatives, and the period of continuous supervision - The sponsor institution performing continuous supervision duties is Western Securities Co., Ltd[18](index=18&type=chunk) - The signing sponsor representatives are Zou Yang and Reziye Wupuer, with the continuous supervision period from December 26, 2022, to December 31, 2025[18](index=18&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 28.72% to **357.25 million yuan**, and net profit increased by 20.28% to **55.04 million yuan**. Net cash flow from operating activities significantly increased by 149.50%, primarily due to increased operating revenue and a significant rise in self-produced consumable sales Key Accounting Data (Jan-Jun) | Indicator | Current Reporting Period (yuan) | Prior Period (Adjusted) (yuan) | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 357,247,912.30 | 277,530,054.39 | 28.72 | | Total Profit | 60,135,203.24 | 44,692,004.80 | 34.55 | | Net profit attributable to shareholders of the listed company | 55,038,592.95 | 45,756,879.91 | 20.28 | | Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses | 50,718,405.61 | 38,216,575.98 | 32.71 | | Net cash flow from operating activities | 68,450,024.65 | 27,435,213.55 | 149.50 | | Net assets attributable to shareholders of the listed company (Period-end) | 1,718,780,783.58 | 1,687,060,396.08 | 1.88 | | Total Assets (Period-end) | 2,058,767,101.19 | 2,011,555,609.34 | 2.35 | Key Financial Indicators (Jan-Jun) | Indicator | Current Reporting Period | Prior Period (Adjusted) | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1713 | 0.1424 | 20.29 | | Diluted Earnings Per Share (yuan/share) | 0.1713 | 0.1424 | 20.29 | | Basic Earnings Per Share after deducting non-recurring gains and losses (yuan/share) | 0.1578 | 0.1189 | 32.72 | | Weighted Average Return on Net Assets (%) | 3.21 | 2.66 | Increased by 0.55 percentage points | | Weighted Average Return on Net Assets after deducting non-recurring gains and losses (%) | 2.96 | 2.22 | Increased by 0.74 percentage points | | R&D investment as a percentage of operating revenue (%) | 10.22 | 9.59 | Increased by 0.63 percentage points | - The company's operating revenue and profit growth are primarily due to: 1. Continuous increase in market share of blood purification equipment; 2. Significant increase in sales revenue of self-produced blood purification consumables[22](index=22&type=chunk) - The 149.50% increase in net cash flow from operating activities is mainly due to increased operating revenue and higher cash received from sales of goods and provision of services[22](index=22&type=chunk) [VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=VII.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that there are no differences in accounting data under domestic and overseas accounting standards for the company - The company has no differences in accounting data under domestic and overseas accounting standards[23](index=23&type=chunk) [VIII. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **4.32 million yuan**, primarily including government grants, fair value changes in financial assets, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -460,052.46 | | Government grants recognized in current profit or loss | 3,115,111.97 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 9,591,439.87 | | Other non-operating income and expenses apart from the above | -7,124,621.82 | | Less: Income tax impact | 806,749.32 | | Minority interest impact (after tax) | -5,059.10 | | **Total** | **4,320,187.34** | [IX. Companies with Equity Incentives or Employee Stock Ownership Plans May Choose to Disclose Net Profit after Deducting the Impact of Share-based Payments](index=9&type=section&id=IX.%20Companies%20with%20Equity%20Incentives%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20after%20Deducting%20the%20Impact%20of%20Share-based%20Payments) During the reporting period, the company's net profit after deducting the impact of share-based payments was **62.87 million yuan**, an increase of 3.25% year-on-year Net Profit after Deducting the Impact of Share-based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) (yuan) | Prior Period (Adjusted) (yuan) | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting the impact of share-based payments | 62,871,803.29 | 60,892,880.93 | 3.25 | [X. Explanation of Non-GAAP Performance Indicators](index=9&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) This section states that the company has no non-GAAP performance indicators - The company has no non-GAAP performance indicators[27](index=27&type=chunk) [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Overview of the Company's Industry and Main Business during the Reporting Period](index=10&type=section&id=I.%20Overview%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) The company specializes in the field of blood purification medical devices, providing products and services for patients with end-stage renal disease and critically ill patients. The global number of ESRD patients continues to grow, with China's dialysis patient population reaching 1.183 million. The CRRT market is projected to grow at an annual rate of over 20% in the next seven years, indicating broad market prospects. The company holds a leading position in both blood purification equipment and consumables in China and has built a competitive advantage through a full industry chain layout and intelligent management system [(I) Industry Overview](index=10&type=section&id=(I)%20Industry%20Overview) The blood purification industry has broad market prospects, with the global number of ESRD patients continuously growing, China's dialysis patient population reaching 1.183 million, and the CRRT market expected to grow at over 20% annually for the next seven years. Blood purification equipment is a technology-intensive high-tech industry, where domestic brands are gradually increasing their market share, and the company ranks first among domestic brands in both CRRT equipment and hemodialysis machine market share - The global ESRD patient population increased from 9.133 million in 2019 to 11.139 million in 2023, with a CAGR of 5.1%[30](index=30&type=chunk) - As of the end of December 2024, the total number of dialysis patients in China reached 1.183 million, including 1.027 million hemodialysis patients[31](index=31&type=chunk) - In 2023, China's CRRT market size was approximately **1.5 billion yuan**, projected to grow at an annual rate exceeding 20% over the next seven years, potentially surpassing **6 billion yuan** by 2030[31](index=31&type=chunk) - In the first half of 2025, the company's CRRT equipment achieved a **20.42% market share** in winning bids, ranking third overall and first among domestic brands[37](index=37&type=chunk)[40](index=40&type=chunk) - In the first half of 2025, the company's hemodialysis machine equipment achieved a **15.29% market share** in winning bids, ranking third overall and first among domestic independent brands[37](index=37&type=chunk)[39](index=39&type=chunk) [(II) Main Business, Products, or Services](index=12&type=section&id=(II)%20Main%20Business%2C%20Products%2C%20or%20Services) The company's main business covers the R&D, production, and sales of blood purification equipment and consumables, and provides chain hemodialysis medical services. Its product line includes blood perfusion machines, continuous renal replacement therapy equipment, hemodialysis machines, and other equipment, as well as hemodialysis concentrates, dialyzers, and other consumables. The company also offers smart hemodialysis management services through its "Hemodialysis Center Intelligent Management System" - The company is a national high-tech enterprise specializing in the R&D, production, and sales of blood purification equipment and consumables, and providing chain hemodialysis medical services[42](index=42&type=chunk) - In blood purification equipment, the company has obtained **5 Class III medical device registration certificates**, with all product series listed in the "Excellent Domestic Medical Equipment Product Catalog"[43](index=43&type=chunk) - In blood purification consumables, the company has obtained **7 Class III medical device registration certificates** for self-produced consumables, essentially completing a full product line layout[44](index=44&type=chunk) - The company has built and operates **6 chain hemodialysis centers**, providing hemodialysis medical services[46](index=46&type=chunk) - The independently developed "Hemodialysis Center Intelligent Management System (HDIMS)" creates an "Internet+" service model integrating "equipment + consumables + medical staff + patients + dialysis centers"[46](index=46&type=chunk) [(III) Main Operating Model](index=13&type=section&id=(III)%20Main%20Operating%20Model) The company adopts an independent R&D model, relying on national-level scientific and technological innovation platforms for technology research and product development. Its procurement model strictly adheres to quality management systems, managing suppliers throughout their lifecycle. The production model is make-to-order, with appropriate safety stock for self-produced consumables. The sales model combines direct sales and distribution domestically, and primarily distribution internationally. The after-sales service system is comprehensive, offering on-site service within 48 hours. In terms of informatization, the company actively promotes digital transformation, achieving informatized management and intelligent operations across R&D, production, and operations - R&D Model: Adopts independent R&D, relying on national-level scientific and technological innovation platforms, and has established a comprehensive design and development system and process[48](index=48&type=chunk) - Procurement Model: Establishes a procurement department, strictly adheres to the quality management system, and manages suppliers throughout their lifecycle[50](index=50&type=chunk) - Production Model: Blood purification equipment and consumables adopt a make-to-order approach, while self-produced consumable products maintain appropriate safety stock based on market forecasts[51](index=51&type=chunk) - Sales Model: Domestic sales combine direct sales and distribution, international sales are primarily distribution; chain hemodialysis medical services are mainly direct sales[52](index=52&type=chunk) - Service Model: Established a comprehensive after-sales service system, committing to arrive on-site within 48 hours of user feedback, and providing remote operation and maintenance services[53](index=53&type=chunk) - Informatization Construction: Actively promotes digital transformation and upgrades, building systems such as ERP, PLM, MES, WMS, SCM, CRM, OA, ROMS, UDI, and HDIMS to achieve interconnection and intelligent operations[54](index=54&type=chunk)[55](index=55&type=chunk) [II. Discussion and Analysis of Operations](index=15&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company continued to increase R&D investment, with R&D expenses growing by 37.12% and R&D personnel by 38.01%, achieving breakthroughs in multiple new product developments. Domestic and international markets were dual-driven, with domestic revenue growing by 25.15% and international revenue by 41.30%, particularly strong in emerging markets like North America and Africa. The company also continuously optimized its quality management capabilities through automation upgrades and informatization, and implemented equity incentives to boost employee motivation - During the reporting period, the company's R&D investment was **36.51 million yuan**, a year-on-year increase of **37.12%**[55](index=55&type=chunk) - The number of R&D personnel increased by **38.01%** year-on-year, reaching 236 people[55](index=55&type=chunk)[101](index=101&type=chunk) - Significant breakthroughs were achieved in the R&D of new hemodialysis machines, continuous renal replacement therapy equipment, high-performance dialyzers, and adsorption columns[56](index=56&type=chunk) - Domestic market achieved operating revenue of **270.43 million yuan**, a year-on-year increase of **25.15%**[59](index=59&type=chunk) - International market achieved revenue of **86.82 million yuan**, a year-on-year increase of **41.30%**, with significant sales growth in emerging markets such as North America and Africa[62](index=62&type=chunk) - The company's products obtained **22 new overseas blood purification equipment registration certificates** and **2 blood purification consumable registration certificates**, with high-flux and low-flux dialyzers and dialysate filters having obtained EU MDR certificates[62](index=62&type=chunk) - The company continuously upgraded its mechanical and electronic component assembly lines and final assembly lines through automation and capacity expansion, and established a Unique Device Identification (UDI) system and Manufacturing Execution System (MES)[64](index=64&type=chunk) - Implemented the "2024 Employee Stock Ownership Plan" and "2023 Restricted Stock Incentive Plan", setting performance assessment requirements at both company and individual levels[66](index=66&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=17&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in six aspects: technological innovation, customer resources and brand, full industry chain and product line, R&D team, fast and efficient after-sales service, and a stable and professional management team. During the reporting period, the company continued to invest in R&D of blood purification equipment and consumables, obtaining multiple patents and certifications, and consolidating its industry-leading position through long-term accumulated market reputation and a full industry chain layout [(I) Core Competitiveness Analysis](index=17&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company maintains a leading position in blood purification equipment and consumable R&D, leveraging national-level scientific and technological innovation platforms, multiple national awards, and patents. Its products are sold to thousands of medical institutions domestically and internationally, establishing strong customer resources and brand advantages. Through a full industry chain layout, professional R&D and management teams, and fast and efficient after-sales service, the company sustains robust competitiveness in the industry - The company possesses national-level enterprise technology centers, national postdoctoral research workstations, and other scientific and technological innovation platforms, having received multiple national awards such as the "National Science and Technology Progress Award Second Prize"[68](index=68&type=chunk) - The company's hemodialysis machines feature online blood pressure, blood volume, Kt/V, and extracorporeal circulation blood temperature monitoring, complying with the latest national medical insurance policies and offering significant competitive advantages[69](index=69&type=chunk) - As of the end of the reporting period, the company holds **12 medical device product registration certificates** (all Class III medical devices) and **6 products have obtained CE certification**[69](index=69&type=chunk) - The company's equipment has been sold to thousands of medical institutions domestically and internationally, including many renowned large Class A tertiary hospitals, and exported to over 100 countries and regions worldwide[72](index=72&type=chunk) - The company's industry chain covers all aspects of "blood purification equipment + blood purification consumables + dialysis medical services + informatization management system", demonstrating strong collaborative innovation capabilities[73](index=73&type=chunk) - The company boasts a multidisciplinary, multi-level, and well-structured R&D team that has overcome key technical challenges such as flow balance systems and online ion concentration monitoring and control[74](index=74&type=chunk) - The company's after-sales service team commits to arriving on-site within 48 hours of user feedback to provide maintenance, upkeep, and training[75](index=75&type=chunk) - The company's core management team has an average tenure of over 15 years with the company and an average industry experience of over 20 years[76](index=76&type=chunk) [(II) Events during the Reporting Period that Severely Affected the Company's Core Competitiveness, Impact Analysis, and Countermeasures](index=19&type=section&id=(II)%20Events%20during%20the%20Reporting%20Period%20that%20Severely%20Affected%20the%20Company's%20Core%20Competitiveness%2C%20Impact%20Analysis%2C%20and%20Countermeasures) During the reporting period, there were no events that severely affected the company's core competitiveness - During the reporting period, there were no events that severely affected the company's core competitiveness[78](index=78&type=chunk) [(III) Core Technologies and R&D Progress](index=19&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses multiple core technologies in continuous renal replacement therapy equipment, hemodialysis machines, and blood purification consumables, including multi-organ function support technology, fluid balance feedback control technology, and online dialysate preparation and monitoring technology. These technologies were developed independently, and multiple patents and software copyrights have been applied for or granted, forming a comprehensive technological barrier. During the reporting period, the company continued to increase R&D investment, achieving multiple R&D results and intellectual property rights, further solidifying its technological leadership - Continuous renal replacement therapy equipment integrates **14 treatment modes**, surpassing similar products in treatment modes, pressure monitoring accuracy, and dehydration accuracy[78](index=78&type=chunk) - The fluid balance feedback control technology for blood purification equipment controls fluid balance within an error of **±20 mL/h**, with a cumulative error not exceeding 100mL, superior to industry standards[79](index=79&type=chunk)[80](index=80&type=chunk) - Hemodialysis machines offer treatment modes such as hemodialysis, online hemofiltration, online hemodiafiltration, and isolated ultrafiltration, overcoming multiple technical challenges[84](index=84&type=chunk) - The company has accumulated core technologies in blood purification consumables, including consumable supply technology for online dialysate preparation, dialyzer/filter structural design technology, and adsorbent preparation technology[92](index=92&type=chunk) - During the reporting period, the company applied for **1 invention patent**, **10 utility model patents**, **6 design patents**, **4 software copyrights**, and **6 other intellectual property rights**[96](index=96&type=chunk) - During the reporting period, the company obtained **4 invention patents**, **8 utility model patents**, **4 design patents**, **6 software copyrights**, and **1 other intellectual property right**; it also obtained **1 CE certification certificate** (for high-flux and low-flux dialyzers)[96](index=96&type=chunk) - As of the end of the reporting period, the company has obtained **62 invention patents**, **103 utility model patents**, **39 design patents**, **52 software copyrights**, and **149 other intellectual property rights**[96](index=96&type=chunk) [IV. Risk Factors](index=42&type=section&id=IV.%20Risk%20Factors) The company faces core competitiveness risks such as new product R&D failure, loss of core technical personnel, leakage of core technologies, and technological iteration. Operational risks include revocation of qualification licenses, obstruction of import procurement for some core raw materials, product quality control, leased properties, and insufficient domestic market expansion. Financial risks involve accounts receivable bad debt losses and changes in medical insurance policies. Industry risks include market competition, centralized volume-based procurement policies for consumables, and changes in regulatory policies. Additionally, macroeconomic factors like exchange rate fluctuations and changes in international trade policies may also have adverse effects - New product R&D may face risks of technical route deviation, excessive costs, slow progress, or inability to pass registration and approval[113](index=113&type=chunk) - Loss of core technical personnel or leakage of core technologies could adversely affect the company's R&D, production, and core competitiveness[114](index=114&type=chunk)[116](index=116&type=chunk) - The company may face technological iteration risks if future treatment technologies undergo significant innovation or if the company fails to maintain its industry-leading technological level[117](index=117&type=chunk) - The medical industry is strictly regulated, and the company's and its products' qualifications and licenses may be revoked or not renewed[118](index=118&type=chunk) - Some core raw materials (such as chips, temperature sensors, solenoid valves) require import procurement, and global trade frictions may affect procurement[119](index=119&type=chunk) - The book value of accounts receivable is increasing, and unfavorable external economic conditions or ineffective credit management may lead to increased bad debt losses[124](index=124&type=chunk) - Changes in national medical insurance settlement policies (e.g., reduction in payment ratios, narrowing of settlement scope) may lead to a decrease in patient visits and operating revenue[125](index=125&type=chunk) - The market for blood purification equipment and consumables is highly competitive, and centralized volume-based procurement policies for consumables may lead to product price reductions or failure to win bids[126](index=126&type=chunk)[127](index=127&type=chunk) - Exchange rate fluctuations may cause exchange gains or losses from foreign currency receipts and payments, and changes in international trade policies may adversely affect overseas sales operations[129](index=129&type=chunk)[130](index=130&type=chunk) [V. Major Operating Conditions during the Reporting Period](index=45&type=section&id=V.%20Major%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section elaborates on the company's operating conditions during the reporting period, including the financial performance of its main business, asset and liability status, and investment activity analysis. The company's operating revenue and costs both increased, sales expenses and R&D investment rose, while administrative and financial expenses decreased. Construction in progress and prepayments for long-term assets significantly increased, reflecting the company's continuous investment in industrial parks and R&D projects [(I) Main Business Analysis](index=45&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 28.72% year-on-year, primarily due to the steady growth in blood purification equipment sales revenue and a significant increase in self-produced blood purification consumable sales revenue. Operating costs, sales expenses, and R&D expenses all increased, while administrative and financial expenses decreased. Net cash flow from operating activities significantly increased by 149.50% - Operating revenue increased by **28.72%** year-on-year, mainly due to steady growth in blood purification equipment sales revenue and a significant increase in self-produced blood purification consumable sales revenue[134](index=134&type=chunk) - Operating costs increased by **19.24%** year-on-year, mainly due to increased sales volume of blood purification equipment and consumables[134](index=134&type=chunk) - Sales expenses increased by **26.64%** year-on-year, mainly due to expanding marketing network construction and increasing business channel development efforts[134](index=134&type=chunk) - Administrative expenses decreased by **5.96%** year-on-year, mainly due to a decrease in office expenses[134](index=134&type=chunk) - R&D expenses increased by **31.11%** year-on-year, mainly due to increased investment in R&D team building and talent acquisition[134](index=134&type=chunk) - Net cash flow from operating activities increased by **149.50%** year-on-year, mainly due to increased operating revenue[134](index=134&type=chunk) - Net cash flow from investing activities decreased by **4,347.96%** year-on-year, mainly due to increased investment in the Shanwaishan Blood Purification Industrial Park construction and increased purchases of wealth management products[134](index=134&type=chunk) - Net cash flow from financing activities was primarily due to dividend distribution[135](index=135&type=chunk) [(II) Explanation of Significant Changes in Profit Due to Non-Operating Activities](index=45&type=section&id=(II)%20Explanation%20of%20Significant%20Changes%20in%20Profit%20Due%20to%20Non-Operating%20Activities) During the reporting period, there were no significant changes in profit due to non-operating activities [(III) Analysis of Assets and Liabilities](index=45&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets amounted to **2.06 billion yuan**, and total liabilities amounted to **350 million yuan**. Construction in progress and prepayments for long-term assets significantly increased, reflecting the company's continuous investment in industrial parks and R&D projects. Notes receivable and prepayments decreased, while notes payable and non-current liabilities due within one year increased Asset and Liability Changes | Item Name | Period-end Amount (yuan) | Prior Year-end Amount (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 665,601.08 | 1,558,746.21 | -57.30 | Decrease in bank acceptance bills received | | Prepayments | 8,438,635.39 | 14,334,582.97 | -41.13 | Decrease in prepayments for consumable purchases | | Construction in Progress | 130,787,239.01 | 67,999,000.40 | 92.34 | Increased investment in blood purification equipment and high-value consumables industrialization project and blood purification R&D center construction project | | Development Expenditures | 1,599,564.22 | 0 | Not applicable | Hemodialyzer R&D project entered development phase and began capitalization in this period | | Other Non-current Assets | 39,735,785.29 | 21,509,225.76 | 84.74 | Increase in prepayments for long-term assets | | Notes Payable | 36,707,252.27 | 25,662,052.33 | 43.04 | Increased demand for payment of goods with bank acceptance bills | | Non-current Liabilities Due within One Year | 1,983,668.55 | 1,492,288.31 | 32.93 | Increase in lease liabilities due within 1 year | | Other Current Liabilities | 4,728,931.07 | 2,689,707.19 | 75.82 | Increase in deferred output VAT | [(IV) Investment Status Analysis](index=48&type=section&id=(IV)%20Investment%20Status%20Analysis) At the end of the reporting period, the company's financial assets measured at fair value amounted to **791.56 million yuan**, primarily including bank wealth management products, structured deposits, and trust plans. The fair value change gain for the current period was **0.68 million yuan**, with both purchase and sale/redemption amounts being substantial Financial Assets Measured at Fair Value | Asset Category | Period-start Amount (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Period-end Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 763,889,209.17 | 679,606.97 | 1,679,600,000.00 | 1,652,600,000.00 | 791,562,204.14 | | Of which: Trading financial assets/Financial assets measured at fair value with changes recognized in current profit or loss | 763,882,597.17 | 679,606.97 | 1,679,600,000.00 | 1,652,600,000.00 | 791,562,204.14 | [(V) Major Asset and Equity Sales](index=49&type=section&id=(V)%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company had no major asset and equity sales [(VI) Analysis of Major Holding and Participating Companies](index=49&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the operating performance of the company's major holding subsidiaries, including Tianwaitian, Kangmeijia, Delaifu, and Yuanzhongyuan. Among them, Tianwaitian and Kangmeijia achieved profitability, while Delaifu and Yuanzhongyuan incurred losses Operating Performance of Major Holding and Participating Companies | Company Name | Company Type | Main 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianwaitian | Subsidiary | Medical device production and sales | 5,100.00 | 19,651.62 | 4,406.17 | 9,346.91 | 344.43 | 428.89 | | Kangmeijia | Subsidiary | Enterprise management and consulting | 3,500.00 | 1,240.18 | 1,218.55 | 223.71 | 108.67 | 108.67 | | Delaifu | Subsidiary | Medical device production and sales | 2,606.52 | 3,512.01 | -3,089.85 | 853.62 | -271.98 | -273.67 | | Yuanzhongyuan | Subsidiary | Bio-based material R&D, production and sales | 35,000.00 | 8,756.83 | 8,027.87 | 91.05 | -302.00 | -302.00 | [(VII) Information on Structured Entities Controlled by the Company](index=50&type=section&id=(VII)%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no structured entities under its control [VI. Other Disclosure Matters](index=50&type=section&id=VI.%20Other%20Disclosure%20Matters) During the reporting period, the company had no other matters requiring disclosure [Section 4 Corporate Governance, Environment and Society](index=51&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) [I. Changes in the Company's Directors, Supervisors, Senior Management, and Core Technical Personnel](index=51&type=section&id=I.%20Changes%20in%20the%20Company's%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 [II. Profit Distribution or Capital Reserve Conversion Plan](index=51&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution plan or capital reserve conversion to share capital plan is none - The company's proposed semi-annual profit distribution plan or capital reserve conversion to share capital plan is none[144](index=144&type=chunk) [III. Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=51&type=section&id=III.%20Company's%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) During the reporting period, the company completed the non-trading transfer of its 2024 employee stock ownership plan, with a total of **1,151,023 shares** of company stock transferred to the employee stock ownership plan's securities account, accounting for **0.53%** of the total share capital. This plan aims to improve the incentive and restraint mechanism, attract and retain talent, and the allocation plan for the reserved portion has been determined - On April 24, 2024, the company's Workers' Congress reviewed and approved the "Company's 2024 Employee Stock Ownership Plan (Draft)"[145](index=145&type=chunk) - On May 16, 2024, the company's General Meeting of Shareholders reviewed and approved the "Company's 2024 Employee Stock Ownership Plan Management Measures" and the "Draft"[146](index=146&type=chunk) - **70 employees** actually participated in the subscription, with a total actual subscription capital of **14,123,053 yuan**, subscribing to **14,123,053 units**, corresponding to **1,151,023 shares**[146](index=146&type=chunk)[147](index=147&type=chunk) - On June 21, 2024, **1,151,023 shares** of company stock were non-trading transferred to the "Chongqing Shanwaishan Blood Purification Technology Co., Ltd. - 2024 Employee Stock Ownership Plan" securities account, at a transfer price of **12.27 yuan/share**[147](index=147&type=chunk) - The shares held by this employee stock ownership plan's securities account account for **0.53%** of the total share capital, of which **209,323 shares** are reserved as a reserved portion[148](index=148&type=chunk) - On October 25, 2024, the Management Committee reviewed and approved the allocation proposal for the reserved portion, determining that no more than 2 subscribers would subscribe for **188,958 units** of the reserved portion, which was initially funded by Chairman Gao Guangyong[148](index=148&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=52&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section states that the company is not included in the list of enterprises required to disclose environmental information by law [V. Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=52&type=section&id=V.%20Specifics%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively fulfills its social responsibilities, donating centralized waste transfer containers to Niantuo Village, Dongwenquan Town, Banan District in June 2025, contributing to rural revitalization and improving the living environment - In June 2025, the company donated centralized waste transfer containers to Niantuo Village, Dongwenquan Town, Banan District, to enhance the efficiency of rural living environment governance[149](index=149&type=chunk) [Section 5 Significant Matters](index=53&type=section&id=Section%205%20Significant%20Matters) [I. Fulfillment of Commitments](index=53&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, all commitments made by the company's actual controller, shareholders, related parties, and the company itself were strictly fulfilled, including commitments regarding share lock-up, share price stabilization, avoidance of horizontal competition, reduction of related party transactions, and truthfulness of information disclosure - Gao Guangyong (actual controller) committed not to transfer shares within **36 months** from the date of stock listing, and the reduction price shall not be lower than the offering price within two years after the lock-up period expires[155](index=155&type=chunk) - Shareholders such as Chongqing Dexiang, Yuanwaiyuan, and Chongqing Derui committed not to transfer shares within **36 months** from the date of acquiring company shares, and the reduction price shall not be lower than the offering price within two years after the lock-up period expires[156](index=156&type=chunk)[157](index=157&type=chunk) - The company's directors and senior management committed not to transfer more than **25%** of their total shares annually during their tenure, not to transfer shares within six months of leaving office, and the reduction price shall not be lower than the offering price within two years after the lock-up period expires[158](index=158&type=chunk) - The company, its controlling shareholder, actual controller, directors, and senior management committed to taking repurchase or增持 measures if the share price stabilization conditions are met within three years after the company's stock listing[161](index=161&type=chunk)[162](index=162&type=chunk) - The company and its controlling shareholder, actual controller committed to repurchasing the publicly offered shares if the offering constitutes fraudulent issuance[163](index=163&type=chunk) - The controlling shareholder and actual controller committed to avoiding horizontal competition and prioritizing business opportunities for the company[173](index=173&type=chunk) - The company's controlling shareholder, actual controller, and other related parties committed to reducing related party transactions and adhering to fair and reasonable principles[174](index=174&type=chunk) - The company committed not to provide financial assistance to equity incentive recipients, and all incentive recipients committed to returning all benefits obtained from the incentive plan if information disclosure documents contain false records[175](index=175&type=chunk)[176](index=176&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties during the Reporting Period](index=62&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties - During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties[177](index=177&type=chunk) [III. Irregular Guarantees](index=62&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company had no irregular guarantees - During the reporting period, the company had no irregular guarantees[177](index=177&type=chunk) [IV. Semi-Annual Report Audit Status](index=63&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report](index=63&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Year's%20Annual%20Report) During the reporting period, there were no changes or handling of matters involving non-standard audit opinions in the previous year's annual report [VI. Bankruptcy and Reorganization Matters](index=63&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters [VII. Major Litigation and Arbitration Matters](index=63&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[178](index=178&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of Listed Companies and Their Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=63&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Companies%20and%20Their%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) During the reporting period, the company and its directors, supervisors, senior management, controlling shareholders, and actual controllers were not involved in any alleged violations, penalties, or rectification situations [IX. Explanation of the Integrity Status of the Company and Its Controlling Shareholder and Actual Controller during the Reporting Period](index=63&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholder%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, the integrity status of the company and its controlling shareholder and actual controller was good, with no matters requiring explanation [X. Major Related Party Transactions](index=63&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company had no major related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments. The company had no related party creditor-debtor relationships, nor any financial business with related financial companies - During the reporting period, the company had no related party transactions related to daily operations[179](index=179&type=chunk) - During the reporting period, the company had no related party transactions involving asset or equity acquisitions/disposals[179](index=179&type=chunk) - During the reporting period, the company had no major related party transactions involving joint external investments[180](index=180&type=chunk) - During the reporting period, the company had no related party creditor-debtor relationships[180](index=180&type=chunk) - During the reporting period, the company had no financial business with related financial companies or financial companies controlled by the company and related parties[180](index=180&type=chunk) [XI. Major Contracts and Their Performance](index=64&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any major guarantees or other major contracts - During the reporting period, the company had no entrustment, contracting, or leasing matters[180](index=180&type=chunk) - During the reporting period, the company had no major guarantees[181](index=181&type=chunk) - During the reporting period, the company had no other major contracts[181](index=181&type=chunk) [XII. Explanation of Progress in the Use of Raised Funds](index=65&type=section&id=XII.%20Explanation%20of%20Progress%20in%20the%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's total proceeds from its initial public offering amounted to **1,168.94 million yuan**, with a net amount of **1,067.11 million yuan**. The cumulative amount of raised funds invested was **276.74 million yuan**, representing an investment progress of **25.93%**. The amount invested in the current year was **66.38 million yuan**. The company used a portion of its temporarily idle raised funds for cash management, with a period-end balance of **409.42 million yuan** Overall Use of Raised Funds | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Raised Funds | 116,893.70 | | Net Raised Funds | 106,711.09 | | Total Investment Committed in Prospectus | 124,673.93 | | Cumulative Raised Funds Invested as of Period-end | 27,674.38 | | Cumulative Investment Progress of Raised Funds as of Period-end (%) | 25.93 | | Amount Invested in Current Year | 6,637.80 | | Percentage of Amount Invested in Current Year (%) | 6.22 | Details of Raised Fund Investment Projects | Project Name | Budget (10,000 yuan) | Cumulative Raised Funds Invested as of Period-end (10,000 yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Blood Purification Equipment and High-Value Consumables Industrialization Project | 70,215.76 | 10,974.76 | 15.63 | | Blood Purification R&D Center Construction Project | 16,407.01 | 2,389.08 | 14.56 | | Marketing Network Upgrade and Remote O&M Service Platform Construction Project | 8,088.32 | 2,032.38 | 25.13 | | Replenishment of Working Capital | 12,000.00 | 12,278.16 | 102.32 | - The company and its subsidiaries plan to use a maximum of **900 million yuan** of temporarily idle raised funds for cash management, to purchase highly secure and liquid wealth management products, with a term not exceeding 12 months[184](index=184&type=chunk) - As of June 30, 2025, the company's balance of structured deposit products purchased with idle raised funds was **398 million yuan**, time deposit products balance was **9.42 million yuan**, and demand deposit products balance was **2 million yuan**, totaling **409.42 million yuan**[185](index=185&type=chunk) [XIII. Explanation of Other Significant Matters](index=69&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation [Section 6 Share Changes and Shareholder Information](index=70&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Capital Changes](index=70&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary shares and share capital structure - During the reporting period, there were no changes in the company's total ordinary shares and share capital structure[190](index=190&type=chunk) [II. Shareholder Information](index=70&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **8,150 ordinary shareholders**. Among the top ten shareholders, Gao Guangyong held the highest proportion at **24.26%**, with most of his shares subject to lock-up conditions. Liu Yunjun, Hunan Xiangjiang Dajiankang Venture Capital Partnership (Limited Partnership), and others were also among the top ten shareholders - Total number of ordinary shareholders as of the end of the reporting period: **8,150 households**[191](index=191&type=chunk) Top Ten Shareholders' Shareholdings (Excluding Shares Lent through Securities Lending) | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Number of Shares with Lock-up Conditions (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Gao Guangyong | 77,961,620 | 24.26 | 77,925,510 | Domestic Natural Person | | Liu Yunjun | 39,325,212 | 12.24 | - | Domestic Natural Person | | Hunan Xiangjiang Liyuan Investment Management Co., Ltd. - Hunan Xiangjiang Dajiankang Venture Capital Partnership (Limited Partnership) | 35,521,600 | 11.06 | - | Other | | Zhuhai Xiuhang Equity Investment Partnership (Limited Partnership) | 14,314,143 | 4.45 | - | Other | | Chongqing Yuanwaiyuan Commercial Management Partnership (Limited Partnership) | 4,396,364 | 1.37 | 4,396,364 | Other | | Hunan Xiangjiang Liyuan Investment Management Co., Ltd. - Hunan Xiangjiang Liyuan Jiankun Venture Capital Partnership (Limited Partnership) | 3,836,316 | 1.19 | - | Other | | Bank of China Co., Ltd. - Boshi Medical and Healthcare Industry Mixed Securities Investment Fund | 3,256,951 | 1.01 | - | Other | | Zhang Lin | 2,901,239 | 0.90 | - | Domestic Natural Person | | China Ping An Insurance (Group) Co., Ltd. Enterprise Annuity Plan - China Merchants Bank Co., Ltd. | 2,658,905 | 0.83 | - | Other | | Chongqing Dexiang Commercial Management Partnership (Limited Partnership) | 2,649,585 | 0.82 | 2,649,585 | Other | - Gao Guangyong is the general partner and executive partner of Yuanwaiyuan and Chongqing Dexiang, and also an acting-in-concert party; Dajiankang and Liyuan Jiankun are acting-in-concert parties[194](index=194&type=chunk) Top Ten Shareholders with Lock-up Conditions and Lock-up Conditions | No. | Shareholder Name with Lock-up Conditions | Number of Shares with Lock-up Conditions (shares) | Date Available for Trading | Lock-up Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Gao Guangyong | 77,925,510 | December 26, 2025 | 36 months from listing date | | 2 | Yuanwaiyuan | 4,396,364 | December 26, 2025 | 36 months from listing date | | 3 | Chongqing Dexiang | 2,649,585 | December 26, 2025 | 36 months from listing date | | 4 | Chongqing Derui | 1,790,615 | December 26, 2025 | 36 months from listing date | [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=74&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, Mr. Gao Guangyong, the company's Chairman, General Manager, and core technical personnel, increased his indirectly held shares in the company by **77,703 shares** through equity transfer - During the reporting period, Mr. Gao Guangyong, the company's Chairman, General Manager, and core technical personnel, indirectly increased his shareholding in the company by **77,703 shares** through acquiring **44,402 shares** from Ms. Tang Jianqin and **33,301 shares** from Mr. Li Zishuo, former partners of Chongqing Dexiang[197](index=197&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=74&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller [V. Implementation and Changes of Depositary Receipt Arrangements during the Reporting Period](index=74&type=section&id=V.%20Implementation%20and%20Changes%20of%20Depositary%20Receipt%20Arrangements%20during%20the%20Reporting%20Period) During the reporting period, there were no implementation or changes in depositary receipt arrangements for the company [VI. Special Voting Rights Shares](index=74&type=section&id=VI.%20Special%20Voting%20Rights%20Shares) During the reporting period, the company had no special voting rights shares [VII. Preferred Shares Information](index=74&type=section&id=VII.%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares information [Section 7 Bond-Related Information](index=74&type=section&id=Section%207%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=74&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[199](index=199&type=chunk) [II. Convertible Corporate Bonds](index=74&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[199](index=199&type=chunk) [Section 8 Financial Report](index=75&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=75&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [II. Financial Statements](index=75&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=75&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets amounted to **2.06 billion yuan**, with current assets of **1.64 billion yuan** and non-current assets of **416.15 million yuan**. Total liabilities amounted to **349.56 million yuan**, and total owners' equity was **1.71 billion yuan** - As of June 30, 2025, consolidated total assets amounted to **2,058,767,101.19 yuan**[202](index=202&type=chunk) - Total current assets were **1,642,613,897.08 yuan**, and total non-current assets were **416,153,204.11 yuan**[201](index=201&type=chunk)[202](index=202&type=chunk) - Total liabilities were **349,563,851.96 yuan**, and total owners' equity was **1,709,203,249.23 yuan**[203](index=203&type=chunk) [Parent Company Balance Sheet](index=77&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets amounted to **2.08 billion yuan**, with current assets of **1.59 billion yuan** and non-current assets of **488.80 million yuan**. Total liabilities amounted to **312.08 million yuan**, and total owners' equity was **1.77 billion yuan** - As of June 30, 2025, the parent company's total assets amounted to **2,079,774,529.38 yuan**[205](index=205&type=chunk) - Total current assets were **1,590,974,523.35 yuan**, and total non-current assets were **488,800,006.03 yuan**[205](index=205&type=chunk) - Total liabilities were **312,082,078.37 yuan**, and total owners' equity was **1,767,692,451.01 yuan**[206](index=206&type=chunk) [Consolidated Income Statement](index=79&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **357.25 million yuan**, a year-on-year increase of **28.72%**. Net profit was **54.23 million yuan**, a year-on-year increase of **22.07%**. Net profit attributable to parent company shareholders was **55.04 million yuan**, a year-on-year increase of **20.28%** - For the first half of 2025, consolidated total operating revenue was **357,247,912.30 yuan**, a year-on-year increase of **28.72%**[208](index=208&type=chunk) - Net profit was **54,225,078.24 yuan**, and net profit attributable to parent company shareholders was **55,038,592.95 yuan**[210](index=210&type=chunk) - Basic earnings per share were **0.1713 yuan/share**, and diluted earnings per share were **0.1713 yuan/share**[210](index=210&type=chunk) [Parent Company Income Statement](index=81&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **252.09 million yuan**, a year-on-year increase of **26.46%**. Net profit was **51.66 million yuan**, a year-on-year increase of **22.99%** - For the first half of 2025, the parent company's operating revenue was **252,090,326.97 yuan**, a year-on-year increase of **26.46%**[212](index=212&type=chunk) - Net profit was **51,659,697.75 yuan**, a year-on-year increase of **22.99%**[213](index=213&type=chunk) [Consolidated Cash Flow Statement](index=83&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's consolidated net cash flow from operating activities was **68.45 million yuan**, a year-on-year increase of **149.50%**. Net cash flow from investing activities was **-180.09 million yuan**, and net cash flow from financing activities was **-33.11 million yuan** - Net cash flow from operating activities was **68,450,024.65 yuan**, a year-on-year increase of **149.50%**[215](index=215&type=chunk) - Net cash flow from investing activities was **-180,089,492.50 yuan**[216](index=216&type=chunk) - Net cash flow from financing activities was **-33,111,672.69 yuan**[216](index=216&type=chunk) [Parent Company Cash Flow Statement](index=84&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **92.50 million yuan**, net cash flow from investing activities was **-130.61 million yuan**, and net cash flow from financing activities was **-32.10 million yuan** - Net cash flow from operating activities was **92,501,439.00 yuan**[218](index=218&type=chunk) - Net cash flow from investing activities was **-130,607,147.24 yuan**[219](index=219&type=chunk) - Net cash flow from financing activities was **-32,095,354.08 yuan**[219](index=219&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=86&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, the company's consolidated total owners' equity increased by **30.91 million yuan**, primarily due to an increase in total comprehensive income of **54.23 million yuan** and share-based payments recognized in owners' equity of **8.65 million yuan**, while profit distribution decreased by **31.96 million yuan** - The change amount for the current period (decrease indicated by "－") was **30,906,872.79 yuan**[221](index=221&type=chunk) - Total comprehensive income was **54,225,078.24 yuan**[222](index=222&type=chunk) - Share-based payments recognized in owners' equity amounted to **8,646,725.05 yuan**[222](index=222&type=chunk) - Distribution to owners (or shareholders) was **-31,964,930.50 yuan**[223](index=223&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=92&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For the first half of 2025, the parent company's total owners' equity increased by **28.34 million yuan**, primarily due to an increase in total comprehensive income of **51.66 million yuan** and share-based payments recognized in owners' equity of **8.65 million yuan**, while profit distribution decreased by **31.96 million yuan** - The change amount for the current period (decrease indicated by "－") was **28,341,492.30 yuan**[228](index=228&type=chunk) - Total comprehensive income was **51,659,697.75 yuan**[228](index=228&type=chunk) - Share-based payments recognized in owners' equity amounted to **8,646,725.05 yuan**[228](index=228&type=chunk) - Distribution to owners (or shareholders) was **-31,964,930.50 yuan**[228](index=228&type=chunk) [III. Company's Basic Information](index=95&type=section&id=III.%20Company's%20Basic%20Information) The company is registered at No. 1 Ciji Road, Liangjiang New Area, Chongqing, primarily engaged in the R&D, production, and sales of hemodialysis equipment and consumables, as well as hemodialysis services. The controlling shareholder and actual controller is Gao Guangyong. These financial statements were approved for issuance by the Board of Directors on August 19, 2025 - The company is registered at No. 1 Ciji Road, Liangjiang New Area, Chongqing, and its organizational form is a joint-stock company[231](index=231&type=chunk) - The company is primarily engaged in the production and sales of hemodialysis equipment, production and sales of hemodialysis consumables, and hemodialysis services[231](index=231&type=chunk) - The company's controlling shareholder and actual controller is Gao Guangyong[231](index=231&type=chunk) - These financial statements were approved for issuance by the Group's Board of Directors on August 19, 2025[231](index=231&type=chunk) [IV. Basis of Financial Statement Preparation](index=95&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards, their application guidelines, interpretations, and other relevant regulations, and referencing the CSRC's information disclosure and reporting rules. The company's management has assessed and confirmed its ability to continue as a going concern for the next 12 months - These financial statements are prepared on a going concern