Mergers and Acquisitions - Saiwei Electronics plans to acquire 56.24% stake in Qingdao Zhancheng Technology for 157 million yuan, resulting in a total ownership of 61.00% post-transaction [1] Performance Disclosure - Baili Tianheng reported a revenue of 171 million yuan for the first half of 2025, a year-on-year decline of 96.92%, with a net loss of 1.118 billion yuan, shifting from profit to loss [2] - Fuyao Glass announced a revenue of 21.447 billion yuan for the first half of 2025, a year-on-year increase of 16.94%, with a net profit of 4.805 billion yuan, up 37.33% year-on-year [3] - Yuntianhua reported a revenue of 24.992 billion yuan for the first half of 2025, a year-on-year decline of 21.88%, with a net profit of 2.761 billion yuan, down 2.81% year-on-year [4] Shareholding Changes - Demai Chemical announced that its major shareholder, Changlianrong Investment, plans to reduce its stake by up to 3%, equating to a maximum of 14.4635 million shares over the next three months [5] - Newzhisoft disclosed that three shareholders plan to collectively reduce their stake by up to 4.6517%, with specific reductions from each shareholder [6] - Kema Technology's employee strategic placement asset management plan intends to reduce its stake by up to 1.7202%, equating to a maximum of 750,000 shares [7] Legal Issues - Poly United's subsidiary received a criminal indictment related to prior ownership issues, with potential claims for damages against previous shareholders [8] - Dameng Data's general manager, Pi Yu, is under investigation and has been placed under detention, although it is expected not to significantly impact operations [9] - Tianyu Digital's director, Guo Baichun, was arrested for embezzlement and abuse of power, a matter unrelated to the company [10] - Kesi Technology's actual controller, Liu Jiande, has been detained and is under investigation, but the company's control remains unchanged [11]

Core Viewpoint - The financial report of Baili Tianheng for the first half of 2025 shows a significant decline in revenue and an increase in net losses, primarily due to high R&D investments and a lack of income from previous agreements [1][3]. Financial Performance - The company reported a revenue of 171.97 million yuan, a year-on-year decrease of 96.92% [1][2]. - The net profit attributable to shareholders was a loss of 1.12 billion yuan, down 123.96% year-on-year [1][2]. - In Q2 2025, revenue was 104 million yuan, reflecting a year-on-year growth of 14.52%, but the net loss increased to 587 million yuan, a 73.11% worsening compared to the previous year [1][3]. - The net cash flow from operating activities was -1.13 billion yuan, compared to 502.9 million yuan in the same period last year, mainly due to increased R&D spending [1][3]. R&D Investment - R&D expenditures totaled 1.04 billion yuan in the first half of 2025, representing a 90.74% increase year-on-year, with R&D expenses accounting for 606.69% of revenue, an increase of 596.88 percentage points [3][12]. - The company is focusing on global development strategies and maintaining high R&D investments in innovative drugs [3]. Clinical Trials and Product Pipeline - Baili Tianheng has 15 innovative drug candidates in clinical trials and 2 under IND review, with 3 candidates in Phase III trials [3][4]. - The company is conducting nearly 90 clinical trials, with around 80 in China and 10 in the United States [4]. Strategic Partnerships - The company has a strategic partnership with BMS regarding the drug iza-bren (EGFR×HER3 dual antibody ADC), with a potential total transaction value of up to 8.4 billion USD [6][7]. - An upfront payment of 800 million USD has been received, with a potential upcoming payment of 500 million USD, contingent on certain conditions [7]. Market Recognition - The drug iza-bren has received breakthrough therapy designation from the FDA for the treatment of advanced EGFR-mutant non-small cell lung cancer, based on ongoing clinical trial data [12]. Stock Performance - As of August 19, 2023, the company's stock price was 313.00 yuan per share, with a total market capitalization of 125.51 billion yuan [12].

Core Viewpoint - 百利天恒 reported a significant decline in revenue and a shift to net loss in the first half of 2025, primarily due to high R&D investments and the absence of prior year income from a major collaboration with BMS [1][2] Financial Performance - The company achieved revenue of 171 million yuan in the first half of 2025, a year-on-year decrease of 96.92% [1] - The net profit attributable to shareholders was -1.118 billion yuan, marking a transition from profit to loss compared to the previous year [1] - Basic earnings per share were -2.79 yuan [1] R&D Investment - R&D expenses for the first half of 2025 amounted to 1.039 billion yuan, reflecting a year-on-year increase of 90.74% [2] - The company has 15 innovative drugs in clinical trials, with 2 drugs in the IND acceptance stage and 3 drugs in Phase III registration clinical trials [2] Clinical Trials and Drug Development - The company is conducting nearly 90 clinical trials, with around 80 in China and 10 in the United States [2] - In the chemical drug and traditional Chinese medicine sectors, the company holds 208 chemical drug registration certificates, 20 chemical raw material drug registration certificates, and 30 traditional Chinese medicine registration certificates [2] Key Clinical Trial Progress - The company successfully completed patient enrollment for 7 Phase III clinical trials, including 5 for the drug iza-bren [3] - Iza-bren is a first-in-class EGFR×HER3 bispecific ADC, with over 40 clinical trials ongoing for various cancer types in China and the U.S. [3] - A Phase III clinical trial for iza-bren in treating recurrent or metastatic nasopharyngeal carcinoma has met its primary endpoint [4]

智通财经APP讯，百利天恒(688506.SH)发布2025年半年度报告，报告期内，公司实现营业收入1.71亿 元，同比下降96.92%。归属于上市公司股东净亏损11.18亿元。归属于上市公司股东的扣除非经常性损 益净亏损11.76亿元。基本每股亏损2.79元。 报告期内，公司围绕全球化发展战略，持续保持创新药的高研发投入，导致本期利润指标为负；同时， 上年同期公司与BMS达成的合作协议首付款到账并确认相关知识产权收入，导致本期净利润等核心利 润指标以及经营活动产生的现金流量净额较上年同期降幅较大。 ...

百利天恒（SH 688506，收盘价：313元）8月19日晚间发布公告称，公司第四届第二十三次董事会会议 于2025年8月19日在公司会议室召开。会议审议了《关于公司及其摘要的议案》等文件。 2024年1至12月份，百利天恒的营业收入构成为：医药制造业占比99.97%，其他业务占比0.03%。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 百利天恒（SH 688506，收盘价：313元）8月19日晚间发布半年度业绩报告称，2025年上半年营业收入 约1.71亿元，同比减少96.92%；归属于上市公司股东的净利润亏损约11.18亿元；基本每股收益亏损2.79 元。 ...

证券代码：688506 证券简称：百利天恒 公告编号：2025-054 四川百利天恒药业股份有限公司 第四届监事会第二十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 2025 年 8 月 19 日，四川百利天恒药业股份有限公司（以下简称"公司"） 第四届监事会第二十一次会议在公司会议室召开。本次会议以现场及通讯表决方 式召开，应出席监事 3 名，实际出席监事 3 名，会议由监事会主席汪捷女士主持。 本次会议的通知于 2025 年 8 月 12 日通过书面形式送达全体监事，全体监事一致 同意豁免本次会议的提前通知期限要求。本次会议的召集和召开程序符合《中华 人民共和国公司法》和《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 全体监事对本次监事会会议议案进行了审议，经表决形成如下决议： 1、《关于公司<2025 年半年度报告>及其摘要的议案》 监事会认为：公司《2025 年半年度报告》的编制和审议程序符合相关法律 法规及《公司章程》等规章制度的规定。公司 2025 ...

四川百利天恒药业股份有限公司 第四届董事会第二十三次会议决议公告 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 四川百利天恒药业股份有限公司（以下简称"公司"）第四届董事会第二十 三次会议（以下简称"本次会议"）于 2025 年 8 月 19 日在公司会议室召开。本 次会议以现场及通讯表决方式召开，应出席董事 10 名，实际出席董事 10 名，会 议由董事长朱义先生主持。本次会议的通知于 2025 年 8 月 12 日通过专人、书面 等形式送达全体董事，全体董事一致同意豁免本次会议的提前通知期限要求。本 次会议的召集和召开程序符合《中华人民共和国公司法》（以下简称《公司法》） 和《四川百利天恒药业股份有限公司章程》（以下简称《公司章程》）的规定，会 议决议合法、有效。 证券代码：688506 证券简称：百利天恒 公告编号：2025-053 二、董事会会议审议情况 本次会议按照《公司法》和《公司章程》的有关规定，对以下议案进行审议， 经表决，会议决议如下： 1、审议通过《关于公司<2025 年半年度 ...

报告期内，公司围绕全球化发展战略，持续保持创新药的高研发投入，导致本期利润指标为负；同时， 上年同期公司与BMS达成的合作协议首付款到账并确认相关知识产权收入，导致本期净利润等核心利 润指标以及经营活动产生的现金流量净额较上年同期降幅较大。 智通财经APP讯，百利天恒(688506.SH)发布2025年半年度报告，报告期内，公司实现营业收入1.71亿 元，同比下降96.92%。归属于上市公司股东净亏损11.18亿元。归属于上市公司股东的扣除非经常性损 益净亏损11.76亿元。基本每股亏损2.79元。 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines professional terms and company entity abbreviations used in the report, covering the company, subsidiaries, regulatory bodies, drug R&D, clinical trials, and key technology platforms [Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter defines proprietary names for company entities, regulatory bodies, drug types, clinical trial stages, and key technology platforms, providing a foundation for understanding the report's content[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's basic information and key financial data, highlighting a significant revenue decline and a shift to a net loss due to a high prior-year base and increased R&D spending [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%PFE%E6%9C%AC%E6%83%85%E5%86%B5) This section provides the company's basic corporate information, including names, legal representative, addresses, and contact details, which remained unchanged during the reporting period Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | 四川百利天恒药业股份有限公司 | | Chinese Abbreviation | 百利天恒 | | Legal Representative | Zhu Yi | | Registered Address | Building 1, No 161, Baili Road, Chengdu Cross-Strait Science and Technology Industrial Park, Wenjiang District, Chengdu, Sichuan | | Email | ir@baili-pharm.com | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's financial performance declined significantly, with revenue down 96.92% and a net loss of RMB 1.12 billion, driven by a high base from a prior-year upfront payment and a 90.74% increase in R&D investment Key Accounting Data (RMB) | Key Accounting Data | Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | -96.92 | | Net Profit Attributable to Shareholders | -1,117,952,210.37 | 4,666,340,011.27 | -123.96 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -1,176,187,586.01 | 4,644,208,923.71 | -125.33 | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | -122.55 | | Net Assets Attributable to Shareholders | 2,798,884,860.57 | (End of Prior Year) 3,885,924,780.04 | -27.97 | Key Financial Indicators | Key Financial Indicators | Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -2.79 | 11.64 | -123.97 | | Weighted Average Return on Equity (%) | -33.60 | 187.78 | Decrease of 221.38 percentage points | | R&D Investment as a Percentage of Operating Revenue (%) | 606.69 | 9.81 | Increase of 596.88 percentage points | - The significant decline in financial indicators was due to two main reasons: 1) A high base from the recognition of substantial intellectual property income from the BMS collaboration in the prior year; 2) Continued significant investment in innovative drug R&D, with R&D expenses **increasing by 90.74%** year-over-year[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled RMB 58.24 million, primarily composed of a RMB 54.55 million fair value change in financial assets and RMB 15.46 million in government grants Non-recurring Gains and Losses Items (RMB) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -233,921.35 | | Government Grants Included in Current Profit or Loss | 15,457,608.05 | | Fair Value Change Gains/Losses on Financial Assets/Liabilities | 54,554,588.90 | | Other Non-operating Income and Expenses | -770,852.77 | | Income Tax Effect | -10,772,047.19 | | **Total** | **58,235,375.64** | [Management's Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's business, operations, competitive strengths, and risks, highlighting significant R&D progress amidst financial pressures from increased investment and a high prior-year revenue base [Core Business and Industry Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a biopharmaceutical enterprise focused on global oncology, with a growing market for ADC and multi-specific antibodies providing a favorable environment for its dual business segments [Core Business](index=9&type=section&id=1%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates as a multinational pharmaceutical firm with dual R&D centers in the US and China, focusing on innovative biologics like ADC/GNC/ARC and a commercial portfolio of established medicines - The company is strategically positioned as a multinational corporation (MNC) with a leading global advantage in the oncology drug sector, possessing dual R&D centers in the US and China and four production bases for comprehensive R&D, manufacturing, and commercialization capabilities[30](index=30&type=chunk)[31](index=31&type=chunk) - The company operates two main business segments: - **Innovative Biologics**: As of the disclosure date, **15 innovative drugs are in clinical trials**, with 3 having entered Phase III registrational clinical trials - **Chemical and Traditional Chinese Medicines**: Holds 208 chemical drug approvals and 30 traditional Chinese medicine approvals, with key products in anesthesia, parenteral nutrition, and pediatrics[32](index=32&type=chunk)[33](index=33&type=chunk)[48](index=48&type=chunk) [Industry Situation and Technical Barriers](index=15&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The global oncology drug market is projected to reach $575 billion by 2033, with the ADC market expanding to $151.9 billion, highlighting a high-barrier industry that demands strong R&D and manufacturing capabilities Global Oncology Drug Market Size Forecast (Billion USD) | Year | 2023 | 2033 (Est) | CAGR (2023-2033E) | | :--- | :--- | :--- | :--- | | Global | 223.2 | 575.0 | 9.9% | | US | 102.0 | 280.5 | 11.4% | | China | 30.9 | 101.3 | 11.7% | Global ADC Drug Market Size Forecast (Billion USD) | Year | 2023 | 2033 (Est) | | :--- | :--- | :--- | | Global | 10.1 | 151.9 | | US | 3.5 | 69.8 | | China | 0.2 | 24.7 | - The pharmaceutical industry, particularly new drug development, has **extremely high technical barriers**, requiring interdisciplinary integration and stringent standards for R&D capabilities, talent, large-scale production, and quality control, making it difficult for new entrants to compete in the short term[77](index=77&type=chunk) [Discussion and Analysis of Operations](index=21&type=section&id=%E4%BA%8C%E3%80%81%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) R&D investment reached RMB 1.04 billion, a 90.74% increase, driving significant clinical progress, including a pivotal Phase III trial meeting its primary endpoint and the launch of an innovative radiopharmaceutical (ARC) platform - The company's R&D expenses were **RMB 1.04 billion, a year-over-year increase of 90.74%**, supporting nearly 90 clinical trials globally for its 15 clinical-stage drug candidates[80](index=80&type=chunk) - The core product **iza-bren (EGFR×HER3 bispecific ADC)** met its primary endpoint in the interim analysis of its Phase III clinical trial for last-line nasopharyngeal carcinoma, and Pre-NDA communication with the CDE has been completed[79](index=79&type=chunk)[81](index=81&type=chunk) - Clinical development has progressed rapidly, with **9 new pivotal registrational clinical trials initiated** and full patient enrollment completed for 7 Phase III clinical trials[78](index=78&type=chunk) - The company has established an innovative **ARC (radiopharmaceutical) R&D platform (HIRE-ARC platform)**, and the IND application for its first ARC candidate, BL-ARC001, has been submitted in China[100](index=100&type=chunk) - The company has initiated a private placement of A-shares for 2025, aiming to raise **RMB 3.76 billion** entirely for innovative drug R&D projects[106](index=106&type=chunk) [Analysis of Core Competitiveness](index=26&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include its dual R&D model, four proprietary technology platforms, a robust pipeline led by iza-bren, an integrated industry chain, and a strategic partnership with BMS potentially worth up to $8.4 billion - The company has built **four globally leading and proprietary innovative drug technology platforms** covering ADC, GNC, SEBA, and ARC drug fields[110](index=110&type=chunk)[117](index=117&type=chunk) - It possesses a rich pipeline led by the potential blockbuster drug **iza-bren**, having successfully developed 3 Phase III clinical assets and 12 early-stage core clinical assets[111](index=111&type=chunk) - A strategic partnership was established with global pharmaceutical giant **BMS for iza-bren**, with a potential total deal value of up to **$8.4 billion** and an $800 million upfront payment already received, validating the international recognition of the company's R&D capabilities[115](index=115&type=chunk) R&D Investment (RMB) | Item | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 1,038,636,526.10 | 544,530,631.66 | 90.74 | | Total R&D Investment | 1,038,636,526.10 | 544,530,631.66 | 90.74 | | R&D Investment as a Percentage of Operating Revenue (%) | 606.69 | 9.81 | Increase of 596.88 percentage points | R&D Personnel | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D Personnel | 1,360 | 879 | | R&D Personnel as a Percentage of Total Employees (%) | 48.16 | 38.83 | [Risk Factors](index=35&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company faces financial risks of continued losses from high R&D spending, competitive pressures, talent retention challenges, operational uncertainties, and macroeconomic risks - **Risk of Operating Losses**: Due to continuous large-scale R&D investment, the company has been in a loss-making state except for 2024 (due to intellectual property licensing income) and may continue to face losses in the future[135](index=135&type=chunk) - **Core Competitiveness Risk**: The company faces intense competition from global pharmaceutical firms and the risk of key research, clinical, and management personnel loss, which could harm its business strategy[136](index=136&type=chunk)[137](index=137&type=chunk) - **Operational Risk**: Uncertainties exist in market access and promotion for new drugs post-approval, raw material price fluctuations, and the operational safety of production facilities[138](index=138&type=chunk) - **Financial and Macroeconomic Risk**: With international expansion, the company faces financial risks from foreign exchange rate fluctuations and macroeconomic risks from changes in domestic and international industry regulations and geopolitical environments[139](index=139&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk) [Financial Analysis of Core Business](index=37&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section explains financial statement fluctuations, noting a 96.92% revenue drop due to a prior-year BMS payment, increased expenses from R&D and staffing, and a 116.25% rise in long-term debt to fund operations Analysis of Key Items in Financial Statements (RMB) | Account | Current Period | Prior Year Period | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | -96.92 | Primarily due to the receipt of the BMS upfront payment and related intellectual property income recognition in the prior year | | Administrative Expenses | 127,350,733.13 | 71,289,928.54 | 78.64 | Primarily due to increased employee compensation and share-based payment expenses | | R&D Expenses | 1,038,636,526.10 | 544,530,631.66 | 90.74 | Primarily due to increased costs for materials, employee compensation, and clinical trial testing | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | -122.55 | Primarily due to the receipt of the BMS upfront payment in the prior year and a significant increase in R&D investment in the current period | Analysis of Key Items in Balance Sheet (RMB) | Item | End of Current Period | End of Prior Year | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 92,083,942.88 | 35,508,469.53 | 159.33 | Primarily due to increased investment in the ongoing antibody drug industrialization project during the reporting period | | Accounts Payable | 524,837,424.55 | 392,548,432.60 | 33.70 | Primarily due to an increase in payables for R&D materials and clinical trial fees during the reporting period | | Long-term Borrowings | 2,572,130,000.00 | 1,189,430,000.00 | 116.25 | Primarily due to new bank loans with maturities over one year obtained during the reporting period | [Corporate Governance, Environmental, and Social](index=44&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers ESG matters, confirming management stability, no proposed profit distribution, and the inclusion of four subsidiaries on the environmental information disclosure list - During the reporting period, there were **no changes** in the company's directors, supervisors, senior management, or core technical personnel, indicating a stable management team[159](index=159&type=chunk) - The company proposes **no profit distribution** and no conversion of capital reserve to share capital for the current semi-annual period[159](index=159&type=chunk) - Four of the company's subsidiaries have been included in the list of enterprises required to disclose environmental information by law, reflecting the company's emphasis on environmental responsibility[160](index=160&type=chunk)[161](index=161&type=chunk) [Significant Matters](index=46&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company fulfilled all its commitments, reported no significant legal issues, disclosed a total guarantee of RMB 550 million for its subsidiaries, and has invested 92.46% of its IPO funds - All commitments made by the company and related parties during or continuing into the reporting period were **strictly fulfilled** without any breaches[163](index=163&type=chunk)[164](index=164&type=chunk) - During the reporting period, there were **no instances of suspected violations of laws or regulations**, penalties, or rectifications involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller, nor were there any major lawsuits or arbitrations[200](index=200&type=chunk) Guarantees for Subsidiaries (RMB 10,000) | Item | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Period | 70,000 | | Outstanding Guarantee Balance for Subsidiaries at Period-End | 54,978 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 19.64 | Overall Use of Raised Funds (RMB 10,000) | Item | Amount | | :--- | :--- | | Net Amount of Raised Funds | 88,439.74 | | Total Committed Investment | 142,227.55 | | Cumulative Investment as of Period-End | 81,767.60 | | Cumulative Investment Progress (%) | 92.46 | [Share Capital Changes and Shareholders](index=72&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The total share capital remained unchanged, while the expiration of a lock-up period increased unrestricted shares, with the controlling shareholder holding a 74.35% stake Share Capital Change Table (Shares) | Share Class | Before Change | After Change | Change Amount | | :--- | :--- | :--- | :--- | | Restricted Shares | 310,549,010 | 298,108,880 | -12,440,130 | | Unrestricted Circulating Shares | 90,450,990 | 102,891,120 | +12,440,130 | | **Total Shares** | **401,000,000** | **401,000,000** | **0** | - The change in share structure was primarily due to the listing and circulation of some strategically placed restricted shares and other restricted shares from the initial public offering, totaling **12,440,130 shares**[218](index=218&type=chunk)[219](index=219&type=chunk) Top Three Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Zhu Yi | 298,159,400 | 74.35 | Domestic Individual | | OAP III (HK) Limited | 28,527,171 | 7.11 | Foreign Legal Entity | | Zhang Suya | 9,575,543 | 2.39 | Domestic Individual | [Bond-Related Matters](index=78&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section clarifies the company's bond-related status, confirming that no corporate bonds or convertible bonds have been issued - As of the end of the reporting period, the company had **not issued any corporate bonds**, enterprise bonds, or convertible corporate bonds[230](index=230&type=chunk) [Financial Report](index=79&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section provides the unaudited financial statements and key accounting policies, detailing the company's financial position, performance, and cash flows for the period [Financial Statements](index=79&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The unaudited semi-annual report shows total assets of RMB 7.19 billion and a net loss of RMB 1.12 billion, reflecting the impact of prior-year licensing income and current R&D expenses [Consolidated Balance Sheet](index=79&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, total assets were stable at RMB 7.19 billion, while total liabilities rose to RMB 4.39 billion due to increased long-term debt, and equity decreased to RMB 2.80 billion Core Data from Consolidated Balance Sheet (RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 7,184,919,585.53 | 7,137,357,660.07 | | Total Liabilities | 4,386,034,724.96 | 3,251,432,880.03 | | Long-term Borrowings | 2,572,130,000.00 | 1,189,430,000.00 | | Total Equity Attributable to Parent Company | 2,798,884,860.57 | 3,885,924,780.04 | [Consolidated Income Statement](index=83&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, revenue was RMB 171 million, a sharp decrease from the prior year, while R&D expenses grew 90.74% to RMB 1.04 billion, resulting in a net loss of RMB 1.12 billion Core Data from Consolidated Income Statement (RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 171,197,609.32 | 5,552,727,531.48 | | R&D Expenses | 1,038,636,526.10 | 544,530,631.66 | | Total Profit | -1,127,910,502.75 | 4,827,726,900.34 | | Net Profit Attributable to Parent Company | -1,117,952,210.37 | 4,666,340,011.27 | [Consolidated Cash Flow Statement](index=87&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash from operating activities was -RMB 1.13 billion, while financing activities provided a net inflow of RMB 981 million, leaving a cash balance of RMB 3.15 billion Core Data from Consolidated Cash Flow Statement (RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,133,821,540.98 | 5,028,680,661.05 | | Net Cash Flow from Investing Activities | 102,932,326.25 | -1,641,151,995.85 | | Net Cash Flow from Financing Activities | 980,669,917.83 | 434,657,000.00 | | Cash and Cash Equivalents at Period-End | 3,145,091,956.76 | 4,228,057,548.61 | [Notes to the Financial Statements](index=99&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details key accounting policies, including revenue recognition for product sales and intellectual property licensing, and the capitalization criteria for R&D expenditures - **Revenue Recognition Policy**: Product sales revenue is recognized when the customer obtains control of the goods (i.e., upon receipt), while intellectual property licensing revenue is recognized at a point in time or over a period based on contract evaluation[335](index=335&type=chunk)[336](index=336&type=chunk) - **R&D Expenditure Policy**: Internal R&D projects are divided into research and development phases; for Class 1 and 2 new drugs, expenditures before the substantive Phase III clinical trial are expensed, while subsequent expenditures are capitalized if conditions are met[316](index=316&type=chunk)[317](index=317&type=chunk) - **Financial Instrument Impairment**: The company uses an expected credit loss model to provide for impairment on financial assets measured at amortized cost; for receivables, the loss provision is always measured at the lifetime expected credit loss[290](index=290&type=chunk)[291](index=291&type=chunk)