Core Viewpoint - Fudan Zhangjiang (688505) reported disappointing financial results for the first half of 2025, with a significant decline in both revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the reporting period was 390 million yuan, a year-on-year decrease of 4.42% [1] - Net profit attributable to shareholders was 5.72 million yuan, down 91.89% year-on-year [1] - In Q2 alone, total revenue was 210 million yuan, a decline of 19.31% year-on-year, with net profit of 3.05 million yuan, down 95.52% [1] - Gross margin was 89.8%, a decrease of 3.22% year-on-year, while net margin was 1.44%, down 91.64% [1] - Total operating expenses (selling, administrative, and financial) reached 202 million yuan, accounting for 51.74% of total revenue, an increase of 55.04% year-on-year [1] Cash Flow and Investment - Operating cash flow per share was 0.06 yuan, an increase of 125% year-on-year [1] - Investment cash flow showed a significant decline of 291.31%, attributed to payments for related engineering projects [6] Changes in Financial Items - Prepayments decreased by 75.51% due to the recognition of expenses based on contract progress [2] - Other equity investments fell by 45.7% due to changes in fair value [2] - Accounts payable decreased by 32.74% due to reduced material payments [3] - Contract liabilities dropped by 56.48% due to decreased advance payments for products [3] - Employee compensation payable decreased by 91.28% as last year's bonuses were fully paid [4] - Tax payable increased by 31.34% due to a higher balance of VAT payable [5] Business Model and R&D Focus - The company's return on invested capital (ROIC) was 1.94%, indicating weak capital returns, with a historical median ROIC of 8.85% since its listing [7] - The company relies heavily on R&D and marketing for its performance, necessitating a thorough examination of these driving factors [7] - The company is advancing several clinical projects, including antibody-drug conjugates for various cancers, with ongoing Phase I and II trials [8][9][10] Future Outlook - The company plans to continue increasing R&D investment in line with the progress of its projects [15] - There is significant potential for the expansion of its products, particularly in the pediatric market [14]

Core Viewpoint - Fudan Zhangjiang (01349) experienced a nearly 3% decline in stock price following the announcement of its mid-year results for 2025, reflecting a decrease in revenue and profit [1] Financial Performance - The company reported revenue of approximately 390 million yuan, representing a year-on-year decrease of 4.42% [1] - Shareholder profit attributable to the company was 5.715 million yuan, a significant year-on-year decline of 91.89% [1] - Earnings per share were reported at 0.0055 yuan [1] Reasons for Profit Decline - The decline in profit was primarily attributed to an increase in research and development expenses compared to the same period last year [1] - The previous year's results included compensation and penalties related to the termination of cooperation with the promotional service provider, Huizheng (Shanghai) Pharmaceutical Technology Co., Ltd. [1]

Core Viewpoint - Fudan Zhangjiang (01349) experienced a nearly 3% decline in stock price following the announcement of its mid-year results for 2025, reflecting a negative market reaction to its financial performance [1] Financial Performance - The company reported revenue of approximately 390 million yuan, representing a year-on-year decrease of 4.42% [1] - Shareholder profit attributable to the company was 5.715 million yuan, a significant year-on-year decline of 91.89% [1] - Earnings per share were recorded at 0.0055 yuan [1] Reasons for Profit Decline - The decline in profit was primarily attributed to an increase in research and development expenses compared to the same period last year [1] - The previous year's results included compensation and penalties from the termination of a partnership with Huizheng (Shanghai) Pharmaceutical Technology Co., Ltd., which contributed to the higher profit figures in that period [1]

Core Viewpoint - Fudan Zhangjiang (688505.SH) reported a decline in revenue and net profit for the first half of 2025, indicating significant financial challenges faced by the company [1][2]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 390.83 million yuan, a decrease of 4.42% compared to the same period last year [1][2]. - The net profit attributable to shareholders was 5.72 million yuan, down 91.89% year-on-year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -9.49 million yuan, compared to 43.68 million yuan in the previous year, reflecting a decline of 121.73% [1][2]. - The net cash flow from operating activities was 62.21 million yuan, showing a significant increase of 125% year-on-year [1][2]. Historical Financial Data - From 2021 to 2024, the company's operating revenue showed a downward trend: 1.14 billion yuan in 2021, 1.03 billion yuan in 2022, 851 million yuan in 2023, and 709 million yuan in 2024 [2]. - The net profit attributable to shareholders also decreased during the same period: 213 million yuan in 2021, 138 million yuan in 2022, 109 million yuan in 2023, and 40 million yuan in 2024 [2]. - The net cash flow from operating activities fluctuated, with a negative cash flow of -17 million yuan in 2024, compared to positive cash flows in previous years [2]. Fundraising and Use of Proceeds - Fudan Zhangjiang raised a total of 1.074 billion yuan, with a net amount of 974.32 million yuan after deducting issuance costs [4]. - The company planned to use the raised funds for the registration project of Hematopoietic Stem Cell Transplantation in the U.S., continuous development of biopharmaceutical innovation, and acquisition of minority equity in Taizhou Fudan Zhangjiang [4].

Core Viewpoint - Fudan Zhangjiang (01349.HK) reported a revenue of approximately 390 million RMB for the six months ending June 30, 2025, reflecting a year-on-year decrease of 4.4% [1] - The company's net profit attributable to shareholders was 5.715 million RMB, a significant decline of 91.9% compared to the previous year, resulting in a net profit margin of 1%, down from 17% in the same period of 2024 [1] - The decline in net profit margin is primarily attributed to the recognition of compensation and penalties following the termination of cooperation with Shanghai Huizheng in the previous year [1] - Earnings per share were reported at 0.0055 RMB, and the company did not declare an interim dividend [1] Financial Performance - Revenue for the period was approximately 390 million RMB, down 4.4% year-on-year [1] - Net profit attributable to shareholders was 5.715 million RMB, a decrease of 91.9% year-on-year [1] - The net profit margin fell to 1% from 17% in the same period last year [1] - Earnings per share stood at 0.0055 RMB [1] - No interim dividend was declared [1]

Core Insights - Fudan Zhangjiang (688505.SH) released its semi-annual report for 2025 on August 13, 2025, indicating significant institutional investment in the company [1] Institutional Holdings - As of August 12, 2025, four institutional investors disclosed holdings in Fudan Zhangjiang A-shares, totaling 306 million shares, which represents 29.52% of the company's total equity [1] - The institutional investors include New Venture Phase II Venture Capital, Shanghai Pharmaceuticals Holding Co., Ltd., Shanghai Pudong New Area Emerging Industry Investment Co., Ltd., and Hong Kong Central Clearing Limited [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.28 percentage points [1] Public Fund and Foreign Investment - In the current period, one public fund was disclosed, which is the Wanji Pharmaceutical Quantitative Stock Selection Mixed Initiation A [1] - Regarding foreign investment, one new foreign institution was disclosed in the current period, namely Hong Kong Central Clearing Limited [1]

Group 1: China Unicom - Company revenue exceeded RMB 200 billion in the first half of the year, with a total profit of RMB 17.7 billion, representing a year-on-year increase of 5.2% [1] - Internet communication revenue reached RMB 131.9 billion, while intelligent network revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - The number of connected users surpassed 1.2 billion, with mobile and broadband users increasing by over 11 million, reaching a total of 480 million [1] Group 2: Kweichow Moutai - The net profit for the first half of the year increased by 8.89%, with favorable factors outweighing unfavorable ones [2] Group 3: Shuanghui Development - The company reported a total meat product export volume of 1.57 million tons, a year-on-year increase of 3.67%, and total revenue of RMB 28.5 billion, up 3.00% [4] - The total profit decreased by 2.36%, while the net profit attributable to shareholders rose by 1.17% due to improved profitability in tax-exempt businesses [4] Group 4: Pengding Holdings - The company achieved a revenue of RMB 16.375 billion, a year-on-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% [6] - The increase in revenue was attributed to a rise in customer orders [6] Group 5: Jinlongyu - The company reported a net profit increase of 60.07%, with revenue reaching RMB 115.68 billion, up from RMB 109.48 billion [9] - The growth in revenue was driven by increased sales of kitchen foods, feed raw materials, and oil technology products [9] Group 6: Other Companies - Zhenray Technology reported a turnaround in net profit due to significant growth in main business revenue [12] - Zhongke Sanhuan achieved a net profit increase of 160.82%, despite a revenue decline of 11.17% [16]

[Company Major Financial Indicators](index=2&type=section&id=Company%20Major%20Financial%20Indicators) [Five-Year Financial Summary](index=2&type=section&id=Five-Year%20Financial%20Summary) The report presents the company's performance and balance sheet over the past five half-years, showing a decrease in revenue and a significant decline in profit for the six months ended June 30, 2025, with total assets and liabilities slightly reduced from year-end 2024 Five-Year Performance Summary (As of June 30 for Six Months) | Indicator (RMB thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 390,083 | 408,124 | 522,828 | 271,260 | 399,037 | | **Profit/(Loss) for the Period** | 5,622 | 70,344 | 68,605 | (36,021) | 65,069 | | **Profit Attributable to Equity Holders of the Company** | 5,715 | 70,473 | 68,438 | (35,975) | 65,485 | Five-Year Assets and Liabilities Summary | Indicator (RMB thousands) | June 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 2,541,453 | 2,586,503 | 2,876,688 | 2,976,007 | 2,781,172 | | **Total Liabilities** | (261,015) | (281,226) | (518,124) | (722,986) | (591,582) | | **Equity Attributable to Equity Holders of the Company** | 2,279,821 | 2,304,567 | 2,357,554 | 2,257,102 | 2,192,946 | [Key Accounting Data and Financial Indicators](index=3&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **4.42%** year-on-year, while total profit and net profit attributable to shareholders both declined by over **90%**, primarily due to increased R&D expenses and a high comparative base from one-time compensation in the prior year, though net cash flow from operating activities grew by **125%** Key Accounting Data (RMB) | Key Accounting Data | Current Reporting Period (2025 H1) | Prior Year Period (2024 H1) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 390,083,112 | 408,123,863 | -4.42 | | **Total Profit** | 5,622,200 | 72,186,951 | -92.21 | | **Net Profit Attributable to Shareholders of Listed Company** | 5,715,142 | 70,473,064 | -91.89 | | **Net Cash Flow from Operating Activities** | 62,212,859 | 27,649,549 | 125.00 | - Total profit and net profit attributable to parent company shareholders significantly decreased year-on-year, primarily due to increased R&D expenses in the current period and a higher comparative base from one-time compensation and liquidated damages recognized in the prior year due to termination of cooperation with a Ribao Duo® promotion service provider[11](index=11&type=chunk) Key Financial Indicators | Key Financial Indicators | Current Reporting Period (2025 H1) | Prior Year Period (2024 H1) | Change | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/share)** | 0.01 | 0.07 | -85.71% | | **Weighted Average Return on Net Assets (%)** | 0.25 | 2.99 | Decrease 2.74 percentage points | | **R&D Investment as % of Operating Revenue (%)** | 45.63 | 38.06 | Increase 7.57 percentage points | [Non-Recurring Gains and Losses and Amounts](index=5&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled approximately **RMB 15.21 million**, primarily from gains on financial assets like structured deposits and wealth management products, and government subsidies Non-Recurring Gains and Losses Items (RMB) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Government Subsidies | 6,850,812 | | Gains and Losses from Holding Financial Assets and Liabilities | 8,257,294 | | Gains and Losses from Disposal of Non-Current Assets | 203,055 | | Other Non-Operating Income and Expenses | -103,860 | | **Total** | **15,206,999** | [Financial Review and Management Discussion and Analysis](index=6&type=section&id=Financial%20Review%20and%20Management%20Discussion%20and%20Analysis) [Operating Performance Review](index=6&type=section&id=Operating%20Performance%20Review) During the reporting period, the group's operating revenue decreased by **4%** to **RMB 390 million**, with net profit plummeting by **92%** to **RMB 5.62 million**, primarily due to a high comparative base from one-time gains in the prior year and increased R&D and sales expenses - Operating revenue was approximately **RMB 390 million**, a **4% year-on-year decrease**, with main business revenue primarily from three core products: Aileda® (contributing **49%**), Ribao Duo® (contributing **30%**), and Fumeida® (contributing **20%**)[16](index=16&type=chunk)[17](index=17&type=chunk) - Operating costs increased year-on-year, mainly due to a decrease in Ribao Duo® production volume affected by centralized procurement, leading to higher unit production costs[18](index=18&type=chunk) Period Expense Changes | Expense Item (RMB thousands) | Current Reporting Period (2025 H1) | Prior Year Period (2024 H1) | YoY Change | | :--- | :--- | :--- | :--- | | **Selling Expenses** | 181,910 | 114,493 | +59% | | **Administrative Expenses** | 20,303 | 23,374 | -13% | | **R&D Expenses** | 177,976 | 154,593 | +15% | - Net profit was approximately **RMB 5.62 million**, a **92% year-on-year decrease**, with net profit margin falling from **17%** in the prior year to **1%**, primarily due to compensation and liquidated damages recognized in the prior year from the termination of cooperation with Shanghai Huizheng[25](index=25&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) The group maintains a conservative financial policy, primarily relying on internal resources and IPO proceeds, holding approximately **RMB 1.11 billion** in cash and cash equivalents as of the reporting period end, with no outstanding bank borrowings or asset pledges - As of June 30, 2025, the group held cash and cash equivalents of **RMB 1.106 billion**[27](index=27&type=chunk) - The group has no outstanding bank borrowings, rendering the debt-to-asset ratio inapplicable, and no assets were pledged at the period end[27](index=27&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) [Significant Investments and Asset Changes](index=10&type=section&id=Significant%20Investments%20and%20Asset%20Changes) The group's most significant long-term equity investment is a **39.5663%** stake in Shanghai Handu Pharmaceutical Technology Co., Ltd., with a net book value of approximately **RMB 222 million**, accounting for **8.72%** of total assets, resulting in an investment loss of **RMB 2.258 million** for the period, with no major asset acquisitions or disposals - The group's long-term equity investment in Handu Pharmaceutical has a net book value of **RMB 222 million**, accounting for **8.72%** of total assets, and the group recognized an investment loss of approximately **RMB 2.258 million** during the reporting period due to Handu Pharmaceutical's unrealized net loss[35](index=35&type=chunk) - The group's 360 ordinary shares of TuHURA Biosciences, Inc., a US Nasdaq-listed company, had a fair value of approximately **RMB 5,747** at the end of the reporting period[38](index=38&type=chunk) - During the reporting period, the group had no significant acquisitions or disposals of assets, subsidiaries, associates, or joint ventures[39](index=39&type=chunk) [Analysis of Major Controlled and Invested Companies](index=12&type=section&id=Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The report details the financial status of major controlled and invested companies, with Taizhou Fudan-Zhangjiang incurring a net loss of **RMB 7.2391 million** due to significantly increased R&D expenses, and Handu Pharmaceutical recording a net loss of **RMB 5.5960 million** Financial Data of Major Controlled and Invested Companies (RMB 10,000) | Company Name | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | | **Taizhou Fudan-Zhangjiang** | 58,303.47 | 45,547.62 | 9,381.22 | -723.91 | | **Fengyi Holdings** | 2,132.32 | 2,032.39 | 8.17 | -136.55 | | **Shanghai Suyuan Bio** | 1,340.38 | 1,214.22 | 210.77 | -182.95 | | **Handu Pharmaceutical** | 66,531.40 | 52,796.88 | 403.93 | -559.60 | [Subscription of Wealth Management Products and Structured Deposits](index=13&type=section&id=Subscription%20of%20Wealth%20Management%20Products%20and%20Structured%20Deposits) To effectively utilize idle funds, the company subscribed to **RMB 1 billion** worth of structured deposit products from various banks during the reporting period, all of which matured and yielded approximately **RMB 8.26 million** in total gains, with no outstanding products at period end - During the reporting period, the company subscribed to a total of **RMB 1 billion** in structured deposit products using its own idle funds and raised capital[42](index=42&type=chunk) - All structured deposit products matured and were redeemed, yielding total gains of approximately **RMB 8.26 million** during the reporting period[43](index=43&type=chunk)[44](index=44&type=chunk) [Business Review and Outlook](index=14&type=section&id=Business%20Review%20and%20Outlook) [Industry and Main Business Overview](index=14&type=section&id=Industry%20and%20Main%20Business%20Overview) The company specializes in innovative R&D, production, and sales of biopharmaceuticals, focusing on dermatology and oncology with core products Aileda®, Fumeida®, and Ribao Duo®, benefiting from supportive national policies for innovative drugs - The state has intensively introduced multiple policies supporting the development of innovative drugs, including the "Implementation Plan for Full-Chain Support of Innovative Drug Development" and "Several Measures to Support High-Quality Development of Innovative Drugs," providing comprehensive support for industry growth[47](index=47&type=chunk)[48](index=48&type=chunk) - The company's main business products include: **Aileda®** (Aminolevulinic Acid Hydrochloride for External Use), the world's first photodynamic drug for condyloma acuminatum; **Fumeida®** (Hemoporfin for Injection), the world's first photodynamic drug for port-wine stains; and **Ribao Duo®** (Doxorubicin Hydrochloride Liposome Injection), China's first generic version of Doxil for tumor treatment[56](index=56&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Discussion and Analysis of Operating Conditions](index=18&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) The company's R&D strategy focuses on photodynamic and ADC drugs, with ongoing clinical trials for new indications and novel compounds, while core product sales show mixed performance, and Ribao Duo®'s significant price reduction due to non-中标 in centralized procurement is expected to negatively impact 2025 revenue - R&D strategy focuses on two major areas: **Photodynamic drugs**, expanding new indications for marketed drugs (e.g., Aileda® for cervical precancerous lesions, acne) and developing intraoperative molecular imaging (IMI) technology for surgical visualization in glioblastoma, bladder cancer, etc.; and **Antibody-Drug Conjugates (ADCs)**, with anti-Trop2 antibody-conjugated SN38 drug (FDA018) in Phase III clinical trials, and multiple ADC projects based on the new linker-drug platform (BB05), such as anti-Her2-BB05 and anti-Trop2-BB05, both in Phase I/II clinical trials[61](index=61&type=chunk)[62](index=62&type=chunk)[72](index=72&type=chunk)[74](index=74&type=chunk) YoY Change in Major Product Sales Revenue | Product | YoY Change in Reporting Period | | :--- | :--- | | **Aileda®** | Increase 2% | | **Fumeida®** | Decrease 7% | | **Ribao Duo®** | Decrease 16% | - Significant event: The anti-tumor drug Ribao Duo®, not selected in the national centralized procurement, has seen its market retail price adjusted downwards by no less than **35%** since May 1, 2025, which is expected to adversely impact the company's sales revenue for 2025 and subsequent periods[81](index=81&type=chunk) [Core Competitiveness Analysis](index=25&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its four major technology platforms—gene engineering, photodynamic, nanotechnology, and oral solid dosage—with a strategic focus on photodynamic and ADC drugs, demonstrating strong R&D progress and a robust academic promotion and quality control system, supported by a **14.58%** increase in R&D investment - The company possesses four core technology platforms: gene engineering, photodynamic, nanotechnology, and oral solid dosage formulation, with a strategic focus on photodynamic drugs and Antibody-Drug Conjugates (ADCs)[89](index=89&type=chunk) Progress of Key R&D Projects | Technology Area | Project Name | Indication | Latest Progress | | :--- | :--- | :--- | :--- | | **Photodynamic** | Hemoporfin | Port-wine Stains | US Phase II Clinical Study ongoing | | **Photodynamic** | Aminolevulinic Acid Hydrochloride-CIN | HPV-infected Cervical Diseases | Phase II Clinical Study completed | | **Photodynamic** | Aminolevulinic Acid Hydrochloride-Glioblastoma | Glioblastoma Surgical Visualization | Confirmatory Clinical Trial enrollment completed | | **ADC** | Anti-Trop2 Antibody-Conjugated SN38 | Triple-Negative Breast Cancer | Phase III Clinical Study ongoing | | **ADC** | Anti-Her2 Antibody-Conjugated BB05 | HER2-low Expressing Breast Cancer | Phase II Clinical Study enrollment completed | R&D Investment (RMB) | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | **Expensed R&D Investment** | 177,976,257 | 154,592,537 | 15.13 | | **Total R&D Investment** | 177,976,257 | 155,330,149 | 14.58 | | **Total R&D Investment as % of Operating Revenue (%)** | 45.63 | 38.06 | Increase 7.57 percentage points | [Risk Factors](index=32&type=section&id=Risk%20Factors) The company faces significant risks including the long, costly, and uncertain nature of new drug R&D, potential loss of core technical personnel, product concentration risk with high reliance on three main products, and intensified drug price reduction risks, particularly for Ribao Duo® after failing centralized procurement - New drug R&D carries high costs, long cycles, and uncertainty risks, where failure to succeed or gain approval for pipeline products will result in losses of prior investments[101](index=101&type=chunk) - Product portfolio is relatively concentrated, with dominant products Aileda®, Ribao Duo®, and Fumeida® accounting for a large proportion of total sales revenue, making the company vulnerable to single-product market impacts[103](index=103&type=chunk) - Drug price reduction risk intensified: Ribao Duo® was not selected in the tenth batch of national centralized procurement and has been subject to price reductions of no less than **35%** since May 1, 2025, with its 2025 annual sales revenue projected to decrease by over **50%** year-on-year, potentially leading to a single-product loss[106](index=106&type=chunk) [Outlook](index=34&type=section&id=Outlook) Moving forward, the group will strategically focus on its two advantageous areas: photodynamic technology, with comprehensive investment to solidify its leadership, and Antibody-Drug Conjugates (ADCs), by rapidly advancing competitive projects for R&D and industrialization to expand market scale - The company will strategically focus on two core areas in the future: **Photodynamic technology**, with comprehensive development from specialized devices to innovative drugs, increasing investment to consolidate industry leadership; and **Antibody-Drug Conjugates (ADCs)**, by rapidly advancing competitive project R&D and industrialization to expand industry scale[109](index=109&type=chunk) [Corporate Governance and Other Significant Matters](index=35&type=section&id=Corporate%20Governance%20and%20Other%20Significant%20Matters) [Corporate Governance Practices](index=36&type=section&id=Corporate%20Governance%20Practices) The company has adopted the HKEX Listing Rules' Corporate Governance Code, complying with all principles and provisions during the reporting period, except for the combined roles of Chairman and CEO held by Mr. Zhao Dajun, which the board believes enhances management efficiency at this stage - The company's corporate governance has one deviation: the roles of Chairman and CEO (General Manager) are both held by Mr. Zhao Dajun, without separation of duties, which the board believes is more beneficial for the company's development at this stage[116](index=116&type=chunk) [Employees and Remuneration](index=37&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the group had **899** employees, a slight decrease from **913** in the prior year, with total staff costs for the reporting period decreasing to **RMB 101.82 million** from **RMB 117.82 million** Employee and Remuneration Overview | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total Employees** | 899 人 | 913 人 | | **Staff Costs (RMB)** | 101,818,230 元 | 117,815,229 元 | [Other Significant Matters](index=39&type=section&id=Other%20Significant%20Matters) During the reporting period, the company adhered to disclosed commitments, with no instances of controlling shareholder fund appropriation, irregular guarantees, or major litigations, while the "Hemoporfin US Registration Project" was extended to December 31, 2025, due to external environmental factors - The net proceeds from A-share issuance amounted to **RMB 974 million**, with a net balance of **RMB 193 million** as of January 1, 2025[126](index=126&type=chunk) - Due to external environmental factors, the "Hemoporfin US Registration Project" has been delayed, and its implementation period has been adjusted to December 31, 2025[131](index=131&type=chunk) [Share Capital Changes and Shareholder Information](index=43&type=section&id=Share%20Capital%20Changes%20and%20Shareholder%20Information) During the reporting period, the company's total share capital and structure remained unchanged, with **19,877** common shareholders at period end, and the top three shareholders being HKSCC NOMINEES LIMITED (**24.58%**), Shanghai Pharmaceutical Group Co., Ltd. (**20.27%**), and Xinqi Phase II Venture Capital Enterprise (**15.14%**) Top Three Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | 254,827,740 | 24.58 | | Shanghai Pharmaceutical Group Co., Ltd. | 210,142,560 | 20.27 | | Xinqi Phase II Venture Capital Enterprise | 156,892,912 | 15.14 | [Consolidated Financial Statements](index=49&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheet](index=49&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were **RMB 2.541 billion**, a **1.74%** decrease from the beginning of the year, with total liabilities at **RMB 261 million**, a **7.18%** decrease, and equity attributable to parent company shareholders totaling **RMB 2.280 billion**, a **1.07%** decrease Key Data from Consolidated Balance Sheet (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | 1,593,438,095 | 1,606,778,507 | | **Total Non-Current Assets** | 948,015,177 | 979,724,116 | | **Total Assets** | 2,541,453,272 | 2,586,502,623 | | **Total Current Liabilities** | 229,088,028 | 250,952,140 | | **Total Non-Current Liabilities** | 31,927,181 | 30,273,378 | | **Total Liabilities** | 261,015,209 | 281,225,518 | | **Total Equity Attributable to Parent Company Shareholders** | 2,279,821,312 | 2,304,567,412 | | **Total Shareholders' Equity** | 2,280,438,063 | 2,305,277,105 | [Consolidated Income Statement](index=53&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company's operating revenue was **RMB 390.08 million**, a **4.4%** year-on-year decrease, with operating costs rising **35.3%** to **RMB 39.77 million**, and net profit attributable to parent company shareholders significantly declining by **91.9%** to **RMB 5.715 million** Key Data from Consolidated Income Statement (RMB) | Item | For the 6 Months Ended June 30, 2025 | For the 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Operating Revenue** | 390,083,112 | 408,123,863 | | **Operating Costs** | (39,773,796) | (29,399,848) | | **Selling Expenses** | (181,910,272) | (114,492,701) | | **R&D Expenses** | (177,976,257) | (154,592,537) | | **Total Profit** | 5,622,200 | 72,186,951 | | **Net Profit** | 5,622,200 | 70,344,013 | | **Net Profit Attributable to Parent Company Shareholders** | 5,715,142 | 70,473,064 | [Consolidated Cash Flow Statement](index=56&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **RMB 62.21 million**, a **125%** year-on-year increase, primarily due to increased cash received from sales, while net cash outflow from investing activities was **RMB 8.28 million**, and cash and cash equivalents at period end totaled **RMB 1.106 billion** Key Data from Consolidated Cash Flow Statement (RMB) | Item | For the 6 Months Ended June 30, 2025 | For the 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 62,212,859 | 27,649,549 | | **Net Cash Flow (Used in)/Generated from Investing Activities** | (8,277,485) | 4,326,668 | | **Net Cash Flow Used in Financing Activities** | (3,638,269) | (5,522,836) | | **Net Increase in Cash** | 50,205,176 | 26,585,009 | | **Cash Balance at Period End** | 1,106,490,805 | 1,222,481,006 | [Notes to Financial Statements](index=61&type=section&id=Notes%20to%20Financial%20Statements) [Significant Accounting Policies and Estimates](index=62&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis, with key policies including expected credit loss model for receivables, weighted average cost for inventory, capitalization of development expenditures under specific conditions, and revenue recognition upon transfer of control, while significant estimates involve useful lives of fixed assets, expected credit losses, and deferred tax asset recognition - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance of China, with the functional currency being RMB[160](index=160&type=chunk)[165](index=165&type=chunk) - Expenditures in the development phase are capitalized when five conditions are met: technical feasibility, management's intention, future economic benefits, resource availability, and reliable measurement[209](index=209&type=chunk) - Revenue recognition principle: Revenue is recognized at the amount of consideration expected to be entitled when the customer obtains control of the related goods or services[216](index=216&type=chunk) [Notes to Consolidated Financial Statements](index=85&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the composition and changes of major consolidated financial statement items, including a significant reversal of accounts receivable impairment provision, the breakdown of R&D expenses, a **59%** year-on-year decrease in other income primarily due to reduced government subsidies, and investment income mainly from wealth management products - The provision for doubtful accounts on accounts receivable significantly reversed by **RMB 23.837 million** from **RMB 27.046 million** at the beginning of the year, with a period-end balance of **RMB 3.209 million**[254](index=254&type=chunk) Composition of R&D Expenses (RMB) | Item | For the 6 Months Ended June 30, 2025 | For the 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Outsourced R&D Expenses** | 86,088,902 | 55,618,334 | | **Salaries and Wages** | 36,390,548 | 43,950,526 | | **Data and Material Costs** | 20,852,237 | 24,015,533 | | **R&D Department Expenses** | 18,760,793 | 19,656,393 | | **Depreciation Expense** | 15,883,777 | 11,351,751 | | **Total** | **177,976,257** | **154,592,537** | - Investment income was **RMB 6.125 million**, comprising a loss of **RMB 2.132 million** from long-term equity investments accounted for under the equity method and **RMB 8.257 million** from wealth management products[335](index=335&type=chunk) [Supplementary Information to Financial Statements](index=161&type=section&id=Supplementary%20Information%20to%20Financial%20Statements) [Return on Net Assets and Earnings Per Share](index=162&type=section&id=Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) During the reporting period, the weighted average return on net assets (ROE) attributable to common shareholders was **0.25%**, a significant decrease from **2.99%** in the prior year, with basic earnings per share at **RMB 0.01**, down from **RMB 0.07** Return on Net Assets and Earnings Per Share | Item | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | | :--- | :--- | :--- | | **Current Reporting Period (2025 H1)** | | | | Net Profit Attributable to Common Shareholders of the Company | 0.25% | 0.01 | | After Deducting Non-Recurring Gains and Losses | -0.41% | (0.01) | | **Prior Year Period (2024 H1)** | | | | Net Profit Attributable to Common Shareholders of the Company | 2.99% | 0.07 | | After Deducting Non-Recurring Gains and Losses | 1.85% | 0.04 |

股票代码：688505 股票简称：复旦张江 编号：临2025-027 上海复旦张江生物医药股份有限公司 2025 年半年度募集资金存放与实际使用情况专项报告的公告 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。 上海复旦张江生物医药股份有限公司（以下简称"公司"）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》《上市公司监管指引第2号—上市公司募集资金管理和 使用的监管要求》及《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上 市公司自律监管指引第1号——规范运作》等相关规定要求，现将2025年半年度（以下简 称"本报告期"）募集资金存放与实际使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金的金额及到账情况 根据中国证券监督管理委员会于2020年5月14日出具的《关于同意上海复旦张江生物医 药股份有限公司首次公开发行股票注册的批复》（证监许可[2020]912号），同意上海复旦 张江生物医药股份有限公司首次公开发行股票的注册申请。公司公开发行人民币普通股 120,000,000股，发行价格为人 ...

上海复旦张江生物医药股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报告 为践行"以投资者为本"的上市公司发展理念，维护上海复旦张江生物医药股 份有限公司（以下简称"公司"或"复旦张江"）全体股东利益，增强投资者信心， 促进公司长远健康可持续发展，基于对未来发展前景的信心和对公司价值的认可， 结合公司发展战略、经营情况及财务状况，公司于 2025 年 3 月 28 日发布了《2025 年度"提质增效重回报"行动方案》（以下简称"行动方案"），现将 2025 年上半 年行动方案的相关落实暨进展情况报告如下： 一、战略聚焦优势领域、提升核心竞争力 基于技术积累、人才优势、竞争态势、规模实力等因素，未来本集团将继续 战略性聚焦于优势领域的研究开发及产业化。 （一）战略性聚焦光动力技术领域 本公司光动力技术处于世界领先水平，光动力药物是本公司的重要产品群之 一。战略性聚焦于这个方向公司有基础，也有明显竞争优势。公司将持续充分利 用多年来积累的技术优势、市场资源、临床口碑等有利条件不断加强光动力药物 的研发及产业化。要全方位地在光动力领域发展，从特殊器械到创新药物，均要 集中资源加大投入，快速推进研发 ...