海通证券股份有限公司 关于上海复旦张江生物医药股份有限公司 2023 年度持续督导半年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：复旦张江 | | --- | --- | | 保荐代表人姓名：郑乾国、刘勃延 | 被保荐公司代码：688505.SH | 经中国证券监督管理委员会《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）批复，上海复旦张江 生物医药股份有限公司（以下简称"上市公司"、"公司"或"发行人"）首次公开发 行股票 12,000 万股，每股面值人民币 0.1 元，每股发行价格人民币 8.95 元，募 集资金总额为人民币 107,400.00 万元，扣除发行费用后，实际募集资金净额为人 民币 97,432.39 万元。本次发行证券已于 2020 年 6 月 19 日在上海证券交易所上 市。海通证券股份有限公司（以下简称"保荐机构"或"海通证券"）担任其持续 督导保荐机构，持续督导期间为 2020 年 6 月 19 日至 2023 年 12 月 31 日。 在 2023 年 1 月 1 日至 2023 年 6 月 30 ...

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥522,827,706, representing a 92.74% increase compared to ¥271,259,675 in the same period last year[12]. - The net profit attributable to shareholders was ¥68,437,509, a significant recovery from a loss of ¥35,974,546 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥54,905,403, improving from a loss of ¥45,618,524 year-on-year[12]. - The net cash flow from operating activities was -¥108,754,157, a decline of 283.19% compared to ¥59,366,826 in the same period last year[12]. - The total assets at the end of the reporting period were ¥3,031,013,175, an increase of 1.85% from ¥2,976,007,272 at the end of the previous year[12]. - The net assets attributable to shareholders increased by 2.74% to ¥2,318,889,032 from ¥2,257,102,217 at the end of the previous year[12]. - The company achieved a revenue of 523 million RMB in the reporting period, representing a year-on-year growth of 92.74%[92]. - The company's total revenue for the reporting period was ¥522,827,706, representing a 92.74% increase compared to ¥271,259,675 in the previous year[107]. - The company's R&D expenses increased by 15.01% to ¥117,953,593 from ¥102,559,780 in the previous year[107]. - The company reported a significant increase in sales expenses by 86.58% to ¥249,225,184, attributed to improved sales performance[107]. - The increase in revenue is attributed to the gradual stabilization of the external environment, leading to a steady recovery in the shipment volume and terminal usage of pharmaceutical products[147]. Research and Development - The company is focusing on the development of gene engineering technology and aims to enhance clinical research and registration of gene drugs for commercialization[40]. - The company has established an oral solid dosage technology platform to shorten the industrialization project cycle, focusing on new drugs and generics with unique clinical value[46]. - The company is focusing its R&D on innovative drugs for skin diseases, tumors, and autoimmune diseases, while also exploring the field of sustained-release drugs for neurological diseases[105]. - The company has established research and development capabilities in biopharmaceuticals and small molecules, with ADC drugs expected to become a significant product group following the completion of the Taizhou ADC drug workshop[127]. - The company has a strong focus on R&D, with 173 personnel, including 7 PhDs and 67 Master's degree holders, ensuring a robust research capability[56]. - The company has established a nanotechnology platform to enhance drug solubility and targeted delivery, addressing significant technical barriers in the development of nanomedicines[45]. - The company is strategically focusing on the development of its gene engineering, photodynamic, and nanotechnology platforms[196]. - The company has completed the construction of its ADC drug workshop in Taizhou, positioning ADCs as a key product group[67]. - The company is developing new indications for hydrochloride amine pentanoic acid, which is a key research direction[43]. - The company is advancing multiple projects in clinical trials, including the use of amiodarone for treating HPV-related cervical precancerous lesions, currently in Phase IIc[71]. - The company has established a strong R&D capability in gene engineering, photodynamic therapy, and nanotechnology, targeting skin diseases and tumors[94]. - The company is focusing on the development of antibody-drug conjugates (ADC), with the first clinical trial for the anti-Trop2 antibody conjugate approved in January 2023[68]. - The company is addressing significant clinical needs in the oncology sector, with a focus on developing effective and low-toxicity anti-cancer drugs[35]. - The company is a leader in the development of photodynamic drugs, targeting conditions such as cervical precancerous lesions and bladder cancer, with a focus on unique treatment solutions for currently untreatable diseases[42]. - The company is developing new photodynamic therapy molecules to improve efficacy and overcome common defects of photosensitizers[145]. Market and Strategic Focus - The global pharmaceutical market is expected to grow at a compound annual growth rate of 3%-6% from 2023 to 2027, reaching approximately $1.9 trillion[33]. - The company aims to leverage its early strategic positioning and policy support to maintain a competitive edge in the pharmaceutical industry[56]. - The company is focusing on the domestic academic promotion of its already listed products and plans to expedite international registration in mature conditions, particularly in Europe and the United States[125]. - The company plans to conduct international registration for its already marketed drugs to strengthen its industrial development foundation[145]. - The company is currently facing risks related to the successful development and commercialization of new products, which can take over ten years and involve high costs and uncertainties[116]. - The company is actively monitoring external investment projects to balance short-term and long-term development plans, aiming to achieve growth and shareholder benefits[126]. - The company has a relatively single product variety risk, which could impact its financial performance if not addressed[119]. - The company has no controlling shareholder or actual controller, which may lead to governance instability and decision-making inefficiencies in the future[98]. Governance and Management - The company held its annual general meeting on May 30, 2023, where the eighth board of directors and non-employee representative supervisors were elected[186]. - Key personnel changes include the election of new independent non-executive directors and the appointment of new core technical personnel[185][187]. - The company has made significant changes in its management team, including the appointment of new deputy general managers[185][187]. - The company’s governance procedures for the shareholder meetings were confirmed to be compliant with legal regulations[186]. - The company has established a three-year shareholder dividend return plan for 2023-2025[185]. - The company has recognized new core technical personnel based on their professional backgrounds and contributions to R&D[187][192]. - The company is committed to maintaining a stable team of core technical personnel to sustain its competitive advantage in technology and ensure stable research and production services[116]. Production and Capacity Expansion - The company plans to expand its production capacity with the construction of the Taizhou Fudan Zhangjiang II pharmaceutical production base, covering approximately 44 acres and with a planned total construction area of about 42,000 square meters[106]. - The company is progressing steadily with the construction of its second-phase pharmaceutical production base in Taizhou, which is expected to enhance its production capacity[134]. - The fair value of other equity instruments decreased by 39.32%, amounting to 366,679 RMB[152]. - The company reported a 38.17% increase in construction in progress, totaling 169,079,236 RMB, which is 5.58% of total assets[152].

Financial Performance - The company reported a revenue of RMB 522.83 million for the first half of 2023, representing a 92.74% increase compared to RMB 271.26 million in the same period last year[5]. - Net profit attributable to shareholders was RMB 68.44 million, a significant recovery from a loss of RMB 35.97 million in the previous year[5]. - Basic earnings per share for the period were RMB 0.07, compared to a loss of RMB 0.03 per share in the same period last year[6]. - The company achieved a pre-tax profit of RMB 63.43 million, recovering from a loss of RMB 61.19 million in the same period last year[3]. - The company’s comprehensive income attributable to shareholders was RMB 68.33 million, compared to a loss of RMB 36.68 million in the same period last year[3]. - Operating revenue increased to RMB 522,827,706, a 92.74% increase compared to RMB 271,259,675 in the same period last year[51]. - The total profit for the period was RMB 63,432,798, a significant recovery from a loss of RMB 61,189,485 in the same period last year[127]. - The company reported a net loss of RMB 36,020,882 for the six months ended June 30, 2022, which highlights the financial challenges faced in that period[136]. Assets and Liabilities - The company's total assets reached RMB 3.03 billion, up 1.85% from RMB 2.98 billion at the end of the previous year[4]. - Total liabilities stood at RMB 716.04 million, slightly down from RMB 722.99 million in the previous year[4]. - Cash and cash equivalents as of June 30, 2023, totaled RMB 1,231,128,499, significantly exceeding the outstanding loan balance[54]. - The company has no asset pledges as of June 30, 2023[57]. - The total assets of Taizhou Fudan Zhangjiang Pharmaceutical Co., Ltd. are RMB 565,336,994, with a net profit of RMB 14,787,447[64]. - The company's total liabilities decreased slightly to RMB 716,037,743 from RMB 722,985,917, indicating a reduction of about 0.13%[122]. - The company’s total equity increased to RMB 2,314,975,432 from RMB 2,253,021,355, reflecting a growth of approximately 2.75%[122]. Research and Development - Research and development expenses accounted for 22.68% of revenue, a decrease of 16.71 percentage points from 39.39% in the previous year[6]. - The company has invested a total of approximately ¥118.59 million in R&D, representing a 10.99% increase compared to the previous period[30]. - The company is focusing its R&D on innovative drugs for skin diseases, tumors, and autoimmune diseases, with a strategic emphasis on photodynamic drugs and antibody-drug conjugates[48]. - The company has established a gene engineering technology platform, focusing on the development of monoclonal antibodies and antibody-drug conjugates (ADC), which are key areas for future commercialization[20]. - The company’s research and development strategy emphasizes addressing unmet clinical needs and achieving differentiated competition through innovative drug development[19]. - The company is conducting Phase I clinical trials for multiple antibody-drug conjugates (ADCs) targeting various cancers, including DM1 for CD30, SN38 for Trop2, and BB05 for Her2, with the first patient enrolled in January 2023 for the BB05 project[21]. - The company has established a nanotechnology platform, with the liposomal formulation里葆多® launched in 2009, and has received acceptance for consistency evaluation of its doxorubicin liposome injection[25]. Market and Industry Trends - The global pharmaceutical market is expected to grow at a compound annual growth rate (CAGR) of 3-6% from 2023 to 2027, reaching approximately $1.9 trillion[10]. - The Chinese pharmaceutical market's CAGR from 2016 to 2020 was 3.70%, with a total market size of $221.4 billion in 2020, projected to reach $349.8 billion by 2025 and $457.4 billion by 2030[10]. - The market for broad skin disease treatment and care in China grew from RMB 300.4 billion to RMB 471.8 billion from 2017 to 2021, with a CAGR of 11.95%[11]. - The incidence of malignant tumors remains a significant health threat, with lung cancer being the most prevalent, accounting for a substantial portion of new cases in China[14]. - The global oncology spending is projected to reach $370 billion by 2027, driven by the introduction of new drugs and biosimilars[14]. Risks and Challenges - The company faces risks related to new drug development, which can take over ten years and involve significant costs and uncertainties[43]. - The company has a risk of core technical personnel turnover, which could impact its competitive advantage and stability in R&D and production services[44]. - The company may face drug price reduction risks due to government policies and market competition, which could negatively impact revenue[47]. - The company is exposed to potential foreign exchange risks, although most transactions occur in the domestic market[46]. Corporate Governance and Shareholder Matters - The company has established a three-year dividend return plan for shareholders from 2023 to 2025[71]. - The company has completed the nomination of candidates for the eighth board of directors and the supervisory board, with elections held on May 30, 2023[72]. - The company has recognized new core technical personnel, including Li Xiaowen, Yu Daiqing, Chen Yu, and Yang Tong, based on their contributions to R&D and business development[73]. - The company has a restricted stock incentive plan that includes a total of 38 million shares, with 32.77 million shares granted in the first grant and 5.23 million shares reserved for future grants[75]. - The company has not reported any changes in controlling shareholders or actual controllers during the reporting period[119]. Environmental and Social Responsibility - The company has established a comprehensive environmental management system and adheres to national and local standards for pollutant emissions, with no violations reported during the reporting period[88][90]. - The company has implemented strict measures for wastewater treatment, ensuring compliance with the Biopharmaceutical Industry Pollutant Discharge Standards[89]. - The company is committed to sustainable development and has set five-year environmental goals based on 2020 levels to enhance its environmental management[90]. - The company has implemented carbon reduction measures, achieving a reduction of 117.651 tons of CO2 equivalent emissions[91]. Financial Management - The total amount raised from the IPO was RMB 1,074 million, with a net amount of RMB 974.32 million after deducting issuance costs[98]. - The company approved the use of RMB 96 million of excess raised funds for replenishing working capital[100]. - The company plans to manage temporarily idle raised funds, with a maximum of RMB 350 million allocated for cash management in safe and liquid investment products[101]. - The company’s financial strategies are focused on enhancing profitability and safeguarding shareholder interests[102].

股票代码：688505 股票简称：复旦张江 编号：临2023-042 上海复旦张江生物医药股份有限公司 第八届监事会第二次会议决议公告 上海复旦张江生物医药股份有限公司（以下简称"公司"）第八届监事会第二 次会议于 2023 年 7 月 27 日以书面方式发出会议通知及会议资料，于 2023 年 8 月 10 日以现场表决方式召开，由公司监事会主席黄建先生召集，会议应参加表 决的监事 3 人，实际参加表决的监事 3 人，本次会议的通知和召开符合《中华人 民共和国公司法》《上海证券交易所科创板股票上市规则》和《上海复旦张江生 物医药股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 经与会监事审议，做出如下决议： （一）审议通过《关于公司<2023 年半年度报告><2023 年半年度报告摘要> 及<截至二零二三年六月三十日止六个月期间中期业绩公告>的议案》 公司监事会认为：《公司 2023 年半年度报告》《公司 2023 年半年度报告摘要》 及《截至二零二三年六月三十日止六个月期间中期业绩公告》的编制及审议程序 均符合法律、法规、规范性文件和《公司章程》的要求，格式和内容符合中国证 ...

上海复旦张江生物医药股份有限公司独立董事 关于第八届董事会第三次会议相关议案的独立意见 我们认为：公司 2023 年半年度募集资金存放与使用情况符合《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》《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》以及公司《募集资金使用管理办法》 等法律法规、规范性文件和公司制度的规定，对募集资金进行了专户存储和专项使 用，并及时履行了相关信息披露义务，募集资金具体使用情况与公司已披露情况一 致，不存在变相改变募集资金用途和损害股东利益的情况，不存在违规使用募集资 金的情况。 综上，我们同意《关于 2023 年半年度募集资金存放与实际使用情况的专项报 告的议案》。 独立董事：王宏广、林兆荣、徐培龙 2023 年 8 月 10 日 我们作为上海复旦张江生物医药股份有限公司（以下简称"公司"或"本公 司"）的独立董事，根据《上市公司独立董事规则》《上海证券交易所科创板股票 上市规则》及《上海复旦张江生物医药股份有限公司章程》等规范性文件的要求， 对公司第八届董事会第三次会议审议的相关事项，基于独立、客观、公正的判断立 场，发表如下意见： 《关 ...

2023 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》《上海证券交易所 科创板股票上市规则》及《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2023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 股票代码：688505 股票简称：复旦张江 编号：临2023-043 上海复旦张江生物医药股份有限公司 （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。公司本次公开发行人民币普通 股 120,000,000 股 ， 本 次 发 行 价 格 为 ...

股票代码：688505 股票简称：复旦张江 编号：临 2023-041 上海复旦张江生物医药股份有限公司 自愿披露关于注射用 FZ-AD004 抗体偶联剂用于治疗晚期实体瘤 I 期临床试验完成首例受试者入组的公告 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"）研发的注射用 FZ-AD004 抗体偶联剂（即抗 Trop2 抗体偶联 BB05，以下简称"该药物"）用于 治疗晚期实体瘤的药物 I 期临床研究于近日成功完成首例受试者入组。 一、 药物的相关情况 近年来，公司在小分子端构建了全新的拥有自主知识产权的 Linker-Drug 平 台（以下简称"BB05 平台"）。该药物是 BB05 平台第二个新一代抗体偶联药物 （antibody-drug conjugate，ADC），由针对人滋养层细胞表面糖蛋白抗原（以下 简称"TROP-2"）靶点的单克隆抗体与 BB05 偶联组成。TROP-2 在人体正常组 织中有不同水平的表达，但在如乳腺癌、肺癌、胃癌等多种肿瘤中的表达水平 ...

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。 股票代码：688505 股票简称：复旦张江 公告编号：临 2023-040 上海复旦张江生物医药股份有限公司 关于召开 2023 年半年度业绩说明会的公告 重要内容提示： 1 / 2 投资者可于 2023 年 08 月 04 日（周五）至 08 月 10 日（周四）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@fd-zj.com 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 上海复旦张江生物医药股份有限公司（以下简称"公司"）将于 2023 年 8 月 11 日于上海证券交易所网站（www.sse.com.cn）披露《上海复旦张江生物医药股 份有限公司 2023 年半年度报告》。为便于广大投资者全面深入地了解公司 2023 年半年度经营成果、财务状况及发展理念，公司计划于 2023 年 08 月 11 日下午 14:00-15:00 举行 2023 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 189,147,552, representing a year-on-year increase of 34.33%[5] - The net profit attributable to shareholders for the same period was CNY 8,787,158, reflecting a significant increase of 78.39% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 252.85% to CNY 2,349,656[5] - Total operating revenue for Q1 2023 reached ¥189,147,552, a 34.3% increase from ¥140,805,956 in Q1 2022[17] - Net profit for Q1 2023 was ¥8,794,123, compared to a net profit of ¥4,810,020 in Q1 2022, representing a 83.5% increase[18] - The total comprehensive income for Q1 2023 was ¥8,449,017, compared to ¥4,347,867 in Q1 2022, marking a 94.5% increase[19] Research and Development - Research and development expenses totaled CNY 54,511,436, accounting for 28.82% of operating revenue, a decrease of 6.49 percentage points compared to the previous year[6] - Research and development expenses were ¥54,123,028, an increase of 11.0% from ¥48,439,435 in the same period last year[17] Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,850,342,292, down 4.22% from the end of the previous year[6] - As of March 31, 2023, the total assets of Shanghai Fudan Zhangjiang Bio-Pharmaceutical Co., Ltd. amounted to CNY 2,850,342,292, a decrease from CNY 2,976,007,272 at the end of 2022[13] - The company's current assets decreased to CNY 1,863,871,518 from CNY 2,069,188,785, reflecting a decline of approximately 9.94%[13] - The total liabilities decreased to CNY 588,372,864 from CNY 722,985,917, representing a reduction of approximately 18.6%[15] - The company's equity attributable to shareholders increased slightly to CNY 2,266,043,325 from CNY 2,257,102,217, showing a growth of about 0.35%[15] - The company reported a decrease in non-current liabilities to CNY 45,699,858 from CNY 49,641,713, a decline of approximately 7.4%[15] Cash Flow - The net cash flow from operating activities was negative at CNY -160,260,214, primarily due to payments made for accounts payable from the previous year[8] - Cash flow from operating activities totaled ¥162,901,241, down from ¥200,904,381 in Q1 2022, indicating a decrease of 18.9%[21] - The net cash flow from operating activities was -$160.26 million, compared to -$17.21 million in the previous period, indicating a significant increase in cash outflow[23] - The net increase in cash and cash equivalents for the first quarter was -$401.29 million, compared to -$59.13 million in the previous year[24] - The ending balance of cash and cash equivalents was $888.01 million, down from $1.15 billion at the end of the previous period[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,986[10] - Major shareholders included HKSCC NOMINEES LIMITED with 22.24% ownership and Shanghai Pharmaceutical Group with 20.42% ownership[10] - The number of shareholders as of the report date was 21,986, with 21,849 holding A shares and 137 holding H shares[11] Other Information - The company reported non-recurring gains of CNY 6,437,502, which included government subsidies and asset disposal gains[7] - The company has not disclosed any significant new strategies or product developments in the current report[12] - The company has not adopted new accounting standards for the current year, maintaining consistency in financial reporting[24] - The cash flow from operating activities reflects challenges in generating positive cash flow, which may impact future operational strategies[23] - The company continues to monitor its cash position closely amid fluctuating cash flows from various activities[24]

Financial Performance - Revenue for the first quarter reached RMB 189,147,552, representing a year-on-year increase of 34.33%[2] - Net profit attributable to shareholders was RMB 8,787,158, an increase of 78.39% compared to the same period last year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2,349,656, reflecting a significant increase of 252.85%[2] - Operating profit for Q1 2023 was 3,481,590, a significant recovery from a loss of 1,492,333 in Q1 2022[11] - Net profit for Q1 2023 was 8,794,123, compared to 4,810,020 in Q1 2022, reflecting a year-over-year increase of 83.5%[11] - The company reported a basic and diluted earnings per share of 0.01 for Q1 2023, compared to 0.00 in Q1 2022[11] Research and Development - Research and development expenses totaled RMB 54,511,436, accounting for 28.82% of revenue, a decrease of 6.49 percentage points from the previous year[2] - Research and development expenses increased to 54,123,028, up from 48,439,435, indicating a focus on innovation[11] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,850,342,292, a decrease of 4.22% from the end of the previous year[2] - Total current assets decreased to 1,863,871,518 from 2,069,188,785, a decline of 9.9%[9] - Total liabilities decreased from 722,985,917 to 588,372,864, a reduction of 18.6%[10] - Cash and cash equivalents decreased from 1,289,302,664 to 888,009,829, a decline of 31.1%[9] - Total assets decreased from 2,976,007,272 to 2,850,342,292, a decline of 4.2%[10] Cash Flow - The net cash flow from operating activities was negative at RMB -160,260,214, primarily due to payments made to suppliers from the previous year[4] - In Q1 2023, cash inflow from operating activities was 162,901,241, down 18.9% from 200,904,381 in Q1 2022[13] - Cash outflow for purchasing goods and services increased significantly to 228,636,546, compared to 112,337,883 in the same period last year, representing a 103.6% increase[13] - Net cash flow from operating activities was -160,260,214, worsening from -17,207,380 in Q1 2022[13] - Cash inflow from investment activities totaled 1,055,510,659, slightly up from 1,054,566,056 in Q1 2022[13] - Cash outflow for investment activities rose to 1,291,246,012, compared to 1,094,314,314 in the previous year, marking an 18% increase[13] - Net cash flow from investment activities was -235,735,353, compared to -39,748,258 in Q1 2022[13] - Cash flow from financing activities resulted in an outflow of 5,251,044, up from 2,161,665 in Q1 2022[13] - The net increase in cash and cash equivalents was -401,292,835, compared to -59,130,975 in the same quarter last year[13] - The ending balance of cash and cash equivalents was 888,009,829, down from 1,149,749,936 in Q1 2022[13] Shareholder Information - The company reported a total of 21,986 shareholders at the end of the reporting period[6] Government Subsidies - The company received government subsidies amounting to RMB 3,216,857, which are closely related to its normal business operations[3] Product and Market Development - Major products sales improved during the reporting period, contributing to the overall revenue growth[4] - The company has not reported any new products or technologies, market expansions, or mergers in this quarter[14]