[Important Notice](index=2&type=section&id=Important%20Notice) This section highlights critical information, including statements from governance bodies, significant risks, audit status, and profit distribution plans. [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A0%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7) The Board of Directors, Supervisory Board, and senior management affirm the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions, and bear individual and joint legal responsibility[3](index=3&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company details potential operational risks in "Section III Management Discussion and Analysis - IV Risk Factors," advising investors to consider investment risks - The company has elaborated on various risks it may face in its production and operations in this report; investors are advised to refer to "Section III Management Discussion and Analysis - IV Risk Factors"[3](index=3&type=chunk) [Unaudited Statement](index=2&type=section&id=%E5%9B%9B%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [Statement by Company Head and Head of Accounting Department](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E8%80%BF%E4%BB%B2%E6%AF%85%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E8%B5%B5%E9%94%81%E5%AF%8C%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E6%9C%B1%E6%99%BA%E7%A3%8A%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A0%AE%E3%80%81%E5%AE%8C%E6%95%B4%E3%80%82) Company head Geng Zhongyi, head of accounting Zhao Suofu, and head of accounting department Zhu Zhilei declare the financial report's truthfulness, accuracy, and completeness - Company head Geng Zhongyi, head of accounting Zhao Suofu, and head of accounting department (accounting manager) Zhu Zhilei declare: the financial report in the semi-annual report is true, accurate, and complete[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The Board approved a semi-annual profit distribution plan of RMB 2.60 (tax inclusive) cash dividend per 10 shares, totaling RMB 51,852,024.90 - The company proposes a cash dividend of **RMB 2.60 (tax inclusive) per 10 shares** to all shareholders based on the total share capital on the record date[4](index=4&type=chunk) - As of the Board meeting date for this profit distribution plan, the company's total share capital is 199,430,865 shares, calculating a total proposed cash dividend of **RMB 51,852,024.90 (tax inclusive)**[4](index=4&type=chunk) - No bonus shares will be issued, and no capital reserve will be converted into share capital; this profit distribution plan has been authorized and does not require submission to the General Meeting of Shareholders for approval[4](index=4&type=chunk) [Forward-Looking Statement Risk Warning](index=2&type=section&id=%E5%85%AB%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in this report, such as future plans and development strategies, do not constitute a substantial commitment to investors, reminding investors to be aware of investment risks - Forward-looking statements in this report, such as future plans and development strategies, do not constitute a substantial commitment by the company to investors; investors are advised to be aware of investment risks[5](index=5&type=chunk) [Section I Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for key terms used throughout the report, ensuring clarity and accurate understanding of the content [Definitions of Common Terms](index=5&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms, covering company names, regulations, drug development, quality standards, medical insurance, and medical terminology - Clarifies the definitions of the company, Zhongtian Investment, Huirui Investment, Huiji Technology, and other entities[11](index=11&type=chunk) - Explains medical professional terms such as clinical research, preclinical research, GMP, medical insurance, drug half-life, and active pharmaceutical ingredients (APIs)[11](index=11&type=chunk) - Details drug-related concepts such as liposomes, leukopenia, calcium channel blockers, beta-blockers, deuteration rate, and AUC[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&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 provides an overview of the company's basic information, contact details, stock information, and key financial performance metrics [Company Basic Information](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Introduces Jiangsu Jibeier Pharmaceutical Co., Ltd.'s name, legal representative, addresses, website, and email - The full name of the company is Jiangsu Jibeier Pharmaceutical Co., Ltd., abbreviated as Jibeier, with Geng Zhongyi as the legal representative[14](index=14&type=chunk) - The company's registered and office addresses are both located in Zhenjiang High-tech Industrial Development Zone[14](index=14&type=chunk) [Contact Person and Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Zhai Jianzhong, and the Securities Affairs Representative is Cheng Xiangdong, with consistent contact information[15](index=15&type=chunk) [Information Disclosure and Document Custody Location](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Lists the company's chosen newspapers for information disclosure, the website for the semi-annual report, and its physical custody location - The company's information disclosure newspapers include "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily"[16](index=16&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (http://www.sse.com.cn), and the document custody location is the company's Securities Investment Department in Zhenjiang High-tech Industrial Development Zone[16](index=16&type=chunk) [Company Stock Overview](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) Introduces the company's stock type, listing exchange, board, abbreviation, and code - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Jibeier and code 688566[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%85%AD%E3%80%81%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) Discloses the company's semi-annual key accounting data and financial indicators, showing revenue and net profit growth, but a decline in non-recurring net profit 2025 Semi-Annual Key Accounting Data | Key Accounting Data | This Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 454,915,098.99 | 433,661,702.66 | 4.90 | | Total Profit | 173,382,281.81 | 139,425,193.05 | 24.36 | | Net Profit Attributable to Shareholders of Listed Company | 149,315,688.00 | 122,005,971.06 | 22.38 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 106,643,047.82 | 119,345,683.02 | -10.64 | | Net Cash Flow from Operating Activities | 156,928,122.31 | 131,187,342.50 | 19.62 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | This Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.75 | 0.65 | 15.38 | | Diluted Earnings Per Share (Yuan/share) | 0.75 | 0.65 | 15.38 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.53 | 0.63 | -15.87 | | Weighted Average Return on Net Assets (%) | 6.44 | 6.20 | increase 0.24 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.60 | 6.06 | decrease 1.46 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 7.66 | 8.15 | decrease 0.49 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E5%B8%B8%E8%90%A5%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Details the non-recurring gains and losses items and their amounts for the reporting period, totaling RMB 42,672,640.18 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit and loss | 106,000.00 | | Fair value changes and disposal gains/losses from financial assets/liabilities held by non-financial enterprises | 1,596,827.13 | | Other non-operating income and expenses | 48,500,278.96 | | Less: Income tax impact | 7,530,465.91 | | Total | 42,672,640.18 | [Section III Management Discussion and Analysis](index=10&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 analyzes the company's industry, main business, operating performance, core competencies, and risk factors [Industry and Main Business Overview](index=10&type=section&id=%E4%B8%80%E3%80%81%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) This section elaborates on the pharmaceutical manufacturing industry's development, characteristics, and technical barriers, analyzing the company's product positioning and operating model - The pharmaceutical market continues to grow, with the global market size expected to reach **US$1,711.4 billion by 2025**, and the Chinese market **RMB 2,287.3 billion by 2025**, with growth rates exceeding the global average[27](index=27&type=chunk)[29](index=29&type=chunk) - The pharmaceutical industry is technology-intensive, capital-intensive, and talent-intensive, with long R&D cycles, high investment, and significant difficulty for new drugs, posing high technical barriers[33](index=33&type=chunk)[34](index=34&type=chunk) - The company's main product, Likojun Tablets, holds a leading market share in oral leukocyte-boosting drugs, and Nitrendipine-Metoprolol Tablets are the first Class 1 compound antihypertensive new drug in China, offering significant advantages for patients with hypertension and fast heart rates[36](index=36&type=chunk)[37](index=37&type=chunk) - The company's antidepressant new drug JJH201501 has completed Phase II(a/b) clinical trials and is undergoing Phase III clinical summary report writing; the anti-tumor new drug JJH201601 has completed Phase I clinical trials and is currently in Phase IIa clinical trials[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's business model includes an R&D model combining independent research with external cooperation, a procurement model with centralized purchasing and strict supplier evaluation, a production model based on planned production and GMP certification, and a sales model of "academic promotion + pharmaceutical distributors"[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Industry Development](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The pharmaceutical manufacturing industry benefits from global economic growth, an aging population, and increased health awareness, with innovation actively supported by national policies - The pharmaceutical market maintains a growth trend, with the global pharmaceutical market size expected to reach **US$1,711.4 billion by 2025**, with a compound annual growth rate of **5.70% from 2020 to 2025**[27](index=27&type=chunk) - The growth rate of the Chinese pharmaceutical market exceeds the global average, expected to reach **RMB 2,287.3 billion by 2025**, with a compound annual growth rate of **9.60% from 2020 to 2025**[29](index=29&type=chunk) - National policies actively support the development of innovative drugs, with "full-chain support for innovative drugs" included in the 2024 government work report and the release of "Several Measures to Support High-Quality Development of Innovative Drugs"[32](index=32&type=chunk) - The pharmaceutical industry is technology-intensive, capital-intensive, and talent-intensive, with new drug R&D characterized by long cycles, high investment, and significant difficulty, requiring high levels of technology, capital, and talent[33](index=33&type=chunk)[34](index=34&type=chunk) [Company's Industry Position Analysis](index=11&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D%E5%88%86%E6%9E%90%E5%8F%8A%E5%85%B6%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) The company's main products, Likojun Tablets and Nitrendipine-Metoprolol Tablets, hold leading market positions, while pipeline drugs JJH201501 and JJH201601 show promising clinical results - Likojun Tablets hold an **absolute leading position** in the oral leukocyte-boosting drug field, being the **sole producer domestically and internationally** and the drafter of national drug standards[36](index=36&type=chunk)[43](index=43&type=chunk) - Nitrendipine-Metoprolol Tablets are the **first Class 1 compound antihypertensive new drug in China**, offering significant advantages in treating patients with hypertension and fast heart rates, with huge market potential, and have received expert praise and recommendations[37](index=37&type=chunk)[45](index=45&type=chunk) - The antidepressant new drug JJH201501 has completed Phase II(a/b) clinical trials and is undergoing Phase III clinical summary report writing, showing **significant efficacy and good safety**[38](index=38&type=chunk)[60](index=60&type=chunk) - The anti-tumor new drug JJH201601 has completed Phase I clinical trials and is currently in Phase IIa clinical trials, demonstrating **significant tumor inhibitory effects** and lower side effects in various solid tumor models[39](index=39&type=chunk)[61](index=61&type=chunk) [Main Business and Products](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's core business encompasses drug R&D and production, featuring a diverse portfolio of in-production and pipeline products across various therapeutic areas - The company's main in-production products include tablets such as Likojun Tablets (leukocyte-boosting), Nitrendipine-Metoprolol Tablets (antihypertensive), Aceclofenac Enteric-coated Tablets (anti-inflammatory and analgesic), and Asarone Tablets (bronchitis)[42](index=42&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk) - Main capsule products are Yupingfeng Capsules (benefiting qi, consolidating exterior, and stopping sweating) and Yiganling Capsules (liver protection), both of which are **exclusive or included in the medical insurance catalog**[51](index=51&type=chunk)[53](index=53&type=chunk) - Main eye drop products include Gatifloxacin Eye Drops (anti-ocular infection) and Lomefloxacin Hydrochloride Eye Drops (external ocular infection)[55](index=55&type=chunk)[57](index=57&type=chunk) - The R&D pipeline is rich, including antidepressant new drug JJH201501 (Phase III clinical), anti-tumor new drug JJH201601 (Phase IIa clinical), anti-gastric acid new drug JJH201701 (preclinical), cholecystitis and gallstone treatment drug JJH201801 (synthesis process optimization), hypoglycemic drug Mulberry Leaf Extract and Sangtone Alkaloid Capsules (process scale-up), anesthetic and analgesic drug JBE-01 (synthesis process optimization), and compound hypoglycemic new drug JBE-03 (synthesis process optimization)[59](index=59&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Main Business Model](index=19&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a patient-centric R&D model, rigorous procurement, GMP-compliant production, and an academic promotion-driven sales strategy - The R&D model is supported by an innovative drug R&D system and professional team, building R&D technology platforms for compound preparations, deuterated drugs, and liposomal drugs, and actively collaborating with universities, research institutes, and CRO companies[69](index=69&type=chunk) - The procurement model is centrally managed by the procurement department, with procurement volumes determined through production and sales coordination meetings, and strict quality evaluation and on-site audits of suppliers[70](index=70&type=chunk)[71](index=71&type=chunk) - The production model adopts "production by plan," with all in-production dosage forms having passed GMP certification, and the quality control department supervising and inspecting throughout the process[72](index=72&type=chunk) - The sales model primarily employs "academic promotion + pharmaceutical distributors," selling products to hospitals, pharmacies, and other terminals through professional market promotion, and optimizing marketing strategies by establishing three major business divisions[73](index=73&type=chunk) [Analysis of Operating Performance](index=20&type=section&id=%E4%BA%8C%E3%80%81%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) The company achieved revenue and net profit growth, asset expansion, and made progress in quality, marketing, R&D, and governance during the reporting period 2025 Semi-Annual Operating Performance Overview | Indicator | End of This Reporting Period/This Reporting Period | YoY Growth/Change (%) | | :--- | :--- | :--- | | Operating Revenue | 45,491.51 RMB 10,000 | 4.90% | | Net Profit Attributable to Shareholders of Listed Company | 14,931.57 RMB 10,000 | 22.38% | | Total Assets | 264,969.28 RMB 10,000 | 4.83% | | Net Assets Attributable to Shareholders of Listed Company | 235,287.07 RMB 10,000 | 4.64% | - The company continuously strengthened its marketing system construction, with Nitrendipine-Metoprolol Tablets achieving revenue of **RMB 91.0388 million**, a **year-on-year increase of 38.31%**[75](index=75&type=chunk) - Several new drug R&D projects achieved phased results, with antidepressant new drug JJH201501 completing Phase III clinical enrollment, and anti-tumor new drug JJH201601 currently undergoing Phase IIa clinical trials[76](index=76&type=chunk) - The company actively promoted the construction of engineering projects such as the production base, R&D center, and anti-tumor new drug workshop, and raised funds through stock issuance for the "High-End Formulation R&D Center Construction Project"[76](index=76&type=chunk)[77](index=77&type=chunk) - The company continuously improved its corporate governance structure, operating mechanisms, and management systems, and implemented the 2025 restricted stock incentive plan to strengthen talent team building[78](index=78&type=chunk) [Core Competitiveness Analysis](index=22&type=section&id=%E4%B8%89%E3%80%81%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 competitiveness stems from its diverse product portfolio, robust quality assurance, extensive sales network, continuous innovation, and sound governance, with no significant changes in core technology - The company offers a **rich variety of products**, covering chemical raw materials, preparations, and traditional Chinese medicines, with diverse dosage forms and wide application areas, and a rich pipeline of new drugs to further enhance its product system[79](index=79&type=chunk)[80](index=80&type=chunk) - Established a **comprehensive marketing network system**, covering the national market through expert networks and academic promotion, with multiple offices, demonstrating robust marketing reach[81](index=81&type=chunk) - Possesses R&D platforms such as the Jiangsu Provincial Enterprise Technology Center, built R&D technology platforms for compound preparations, deuterated drugs, and liposomal drugs, with multiple products receiving patents and awards, and collaborates with various universities, research institutes, and CRO companies[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) - Established **sound operating mechanisms and management systems**, including strict GMP production management, standardized R&D processes, and informatized sales management[85](index=85&type=chunk) [Overview of Core Competencies](index=22&type=section&id=(%E4%B8%80)%20%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 competencies include diverse products, robust quality, extensive sales, continuous innovation, broad external cooperation, and sound management systems - The company's products cover chemical raw materials, preparations, and traditional Chinese medicines, with diverse dosage forms and wide application areas, including market-recognized products such as Likojun Tablets, Nitrendipine-Metoprolol Tablets, and Yupingfeng Capsules[79](index=79&type=chunk) - Established a **comprehensive marketing network system**, effectively covering the national market through hospital channels, OTC, three major Nitrendipine-Metoprolol business divisions, and an expert network + academic promotion model[81](index=81&type=chunk) - Possesses R&D platforms such as the Jiangsu Provincial Enterprise Technology Center, built R&D technology platforms for compound preparations, deuterated drugs, and liposomal drugs, with multiple products receiving national awards and patent protection[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) - Established **sound production, R&D, and sales management systems**, strictly adhering to GMP standards for production management, and utilizing information systems to improve sales efficiency[85](index=85&type=chunk) [Core Technologies and R&D Progress](index=24&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company's core technologies, encompassing production, compound formulation, deuterated, and liposomal drug R&D, remained stable, with R&D projects progressing and new patents obtained - The company's core technologies include production processes and testing technologies for products like Likojun Tablets (e.g., optimization of Likojun API synthesis, separation, purification, and methodology), compound formulation R&D technologies (e.g., Nitrendipine-Metoprolol Tablets), deuterated drug R&D technologies (e.g., JJH201501, JJH201701), and liposomal drug R&D technologies (e.g., JJH201601, JBE-01)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 19,637,203.26 | 17,395,854.34 | 12.88 | | Capitalized R&D Investment | 15,230,541.70 | 17,944,554.83 | -15.12 | | Total R&D Investment | 34,867,744.96 | 35,340,409.17 | -1.34 | | Total R&D Investment as Percentage of Operating Revenue (%) | 7.66 | 8.15 | decrease 0.49 percentage points | | Capitalized R&D Investment as Percentage of Total R&D Investment (%) | 43.68 | 50.78 | decrease 7.10 percentage points | - The year-on-year decrease in capitalized R&D investment is mainly due to the gradual advancement of Phase III clinical trials for the antidepressant new drug JJH201501, leading to reduced investment in the current period[99](index=99&type=chunk) - During the reporting period, **3 new invention patent applications** were filed, with a cumulative total of **32 invention patents** and **1 design patent** obtained[95](index=95&type=chunk) - R&D project JJH201601 (anti-tumor) has completed Phase I clinical trials and is currently in Phase IIa; JJH201501 (antidepressant) has completed Phase III clinical enrollment and is currently writing the summary report[101](index=101&type=chunk) [R&D Personnel Situation](index=32&type=section&id=5%E3%80%81%20%E7%A0%94%E5%8F%91%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) The company's R&D personnel increased to 130, comprising 9.80% of the total workforce, with a majority holding bachelor's or master's degrees and aged 31-40 2025 Semi-Annual R&D Personnel Basic Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 130 | 107 | | R&D Personnel as Percentage of Total Company Personnel (%) | 9.80 | 8.26 | | Total R&D Personnel Compensation (Yuan) | 12,911,883.24 | 11,092,267.16 | | Average R&D Personnel Compensation (Yuan) | 99,322.18 | 103,666.05 | 2025 Semi-Annual R&D Personnel Educational Background | Educational Background | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | PhD | 2 | 1.54 | | Master | 44 | 33.85 | | Bachelor | 74 | 56.92 | | Junior College and below | 10 | 7.69 | | Total | 130 | 100.00 | 2025 Semi-Annual R&D Personnel Age Structure | Age Range | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | 30 years old and below | 39 | 30.00 | | 31 to 40 years old | 56 | 43.08 | | 41 to 50 years old | 22 | 16.92 | | Over 50 years old | 13 | 10.00 | | Total | 130 | 100.00 | [Risk Factors](index=32&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks related to core competitiveness, operations, finance, industry policies, and the macroeconomic environment - Core competitiveness risks include the main product, Likojun Tablets, being imitated or replaced, and uncertainties in new drug R&D such as preclinical studies not being approved, clinical trial progress falling short of expectations, the emergence of breakthrough innovative drugs or technological upgrades, and new drug marketing applications not being approved[107](index=107&type=chunk)[108](index=108&type=chunk) - Operational risks include the company's revenue reliance on Likojun Tablets, drug quality control risks, safety production risks, and the risk of R&D technical personnel turnover[109](index=109&type=chunk)[110](index=110&type=chunk) - Financial risks primarily involve changes in tax incentives and government subsidy policies, and credit risk (increase in accounts receivable)[112](index=112&type=chunk) - Industry risks include changes in pharmaceutical industry policies (e.g., price reductions due to volume-based procurement)[113](index=113&type=chunk) - Macroeconomic environment risks include the impact of macroeconomic trends, sudden public events, severe natural disasters, and other force majeure events[114](index=114&type=chunk) [Key Operating Performance](index=34&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's financial statement changes, asset-liability structure, external equity investments, and key subsidiaries during the reporting period 2025 Semi-Annual Major Financial Statement Item Change Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 454,915,098.99 | 433,661,702.66 | 4.90 | | Operating Cost | 46,451,117.42 | 44,895,820.03 | 3.46 | | Selling Expenses | 225,519,717.98 | 196,849,706.66 | 14.56 | | Administrative Expenses | 32,761,613.47 | 28,795,742.93 | 13.77 | | R&D Expenses | 19,637,203.26 | 17,395,854.34 | 12.88 | | Net Cash Flow from Operating Activities | 156,928,122.31 | 131,187,342.50 | 19.62 | | Net Cash Flow from Investing Activities | -107,649,837.34 | -195,411,428.58 | N/A | | Net Cash Flow from Financing Activities | -17,374,492.07 | 205,193,679.03 | -108.47 | - The change in net cash flow from investing activities is mainly due to a year-on-year decrease in investment in engineering construction projects during the reporting period[116](index=116&type=chunk) - The change in net cash flow from financing activities is mainly due to the company's issuance of shares to specific targets for fundraising using simplified procedures in the prior year period[117](index=117&type=chunk) 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period End Amount (Yuan) | Current Period End as % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End as % of Total Assets | Current Period End vs. Prior Year End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 31,549,454.90 | 1.19 | 65,166,636.00 | 2.58 | -51.59 | Mainly due to bill discounting in the reporting period | | Fixed Assets | 255,822,147.87 | 9.65 | 69,235,020.77 | 2.74 | 269.50 | Mainly due to capitalization of construction in progress in the reporting period | | Development Expenditures | 46,993,531.73 | 1.77 | 31,762,990.03 | 1.26 | 47.95 | Mainly due to increased capitalization of R&D project JJH201501 in the reporting period | | Goodwill | 35,325,610.22 | 1.33 | - | - | - | Due to acquisition of company | | Short-term Borrowings | 31,020,880.57 | 1.17 | 20,828,108.65 | 0.82 | 48.94 | Mainly due to bill discounting in the reporting period | | Taxes Payable | 34,762,778.83 | 1.31 | 19,415,255.77 | 0.77 | 79.05 | Mainly due to increased VAT payable in the reporting period | | Other Payables | 32,421,172.31 | 1.22 | 22,936,910.43 | 0.91 | 41.35 | Mainly due to increased payables for expenses and intercompany balances | - Total external equity investment during the reporting period was **RMB 40,700,000.00**, including the establishment of Jiangsu Jibeier Robot Co., Ltd. (70% stake) and capital increase in Shanghai Lixin Lianchuang Biomedical Technology Co., Ltd. (5.56% stake)[124](index=124&type=chunk) - Key controlled subsidiaries include Jiangsu Yongrui Technology Development Co., Ltd., Bozhou Jibeier Modern Traditional Chinese Medicine Decoction Pieces Technology Co., Ltd., and Jiangsu Jibeier Robot Co., Ltd., with Jiangsu Yongrui Technology Development Co., Ltd. reporting a net profit of **RMB 20.3806 million**[127](index=127&type=chunk) [Key Accounting Data](index=8&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) During the reporting period, operating revenue and net profit attributable to shareholders increased, while non-recurring net profit decreased, and operating cash flow grew 2025 Semi-Annual Key Accounting Data | Key Accounting Data | This Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 454,915,098.99 | 433,661,702.66 | 4.90 | | Total Profit | 173,382,281.81 | 139,425,193.05 | 24.36 | | Net Profit Attributable to Shareholders of Listed Company | 149,315,688.00 | 122,005,971.06 | 22.38 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 106,643,047.82 | 119,345,683.02 | -10.64 | | Net Cash Flow from Operating Activities | 156,928,122.31 | 131,187,342.50 | 19.62 | [Key Financial Indicators](index=8&type=section&id=(%E4%BA%8C)%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, basic and diluted EPS increased, weighted average ROE improved, but non-recurring ROE declined, and R&D investment ratio slightly decreased 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | This Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.75 | 0.65 | 15.38 | | Diluted Earnings Per Share (Yuan/share) | 0.75 | 0.65 | 15.38 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.53 | 0.63 | -15.87 | | Weighted Average Return on Net Assets (%) | 6.44 | 6.20 | increase 0.24 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.60 | 6.06 | decrease 1.46 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 7.66 | 8.15 | decrease 0.49 percentage points | [Main Business Analysis](index=34&type=section&id=(%E5%9B%9B)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue and costs increased, selling and administrative expenses rose, while net cash flow from investing activities improved, and financing cash flow turned negative due to project investments and prior-year fundraising 2025 Semi-Annual Major Financial Statement Item Change Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 454,915,098.99 | 433,661,702.66 | 4.90 | | Operating Cost | 46,451,117.42 | 44,895,820.03 | 3.46 | | Selling Expenses | 225,519,717.98 | 196,849,706.66 | 14.56 | | Administrative Expenses | 32,761,613.47 | 28,795,742.93 | 13.77 | | R&D Expenses | 19,637,203.26 | 17,395,854.34 | 12.88 | | Net Cash Flow from Operating Activities | 156,928,122.31 | 131,187,342.50 | 19.62 | | Net Cash Flow from Investing Activities | -107,649,837.34 | -195,411,428.58 | N/A | | Net Cash Flow from Financing Activities | -17,374,492.07 | 205,193,679.03 | -108.47 | - The change in net cash flow from investing activities is mainly due to a year-on-year decrease in investment in engineering construction projects during the reporting period[116](index=116&type=chunk) - The change in net cash flow from financing activities is mainly due to the company's issuance of shares to specific targets for fundraising using simplified procedures in the prior year period[117](index=117&type=chunk) [Analysis of Assets and Liabilities](index=35&type=section&id=(%E5%85%AD)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At period-end, the company's asset-liability structure shifted, with significant increases in fixed assets and development expenditures due to construction capitalization and R&D project capitalization 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period End Amount (Yuan) | Current Period End as % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End as % of Total Assets | Current Period End vs. Prior Year End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 31,549,454.90 | 1.19 | 65,166,636.00 | 2.58 | -51.59 | Mainly due to bill discounting in the reporting period | | Fixed Assets | 255,822,147.87 | 9.65 | 69,235,020.77 | 2.74 | 269.50 | Mainly due to capitalization of construction in progress in the reporting period | | Development Expenditures | 46,993,531.73 | 1.77 | 31,762,990.03 | 1.26 | 47.95 | Mainly due to increased capitalization of R&D project JJH201501 in the reporting period | | Goodwill | 35,325,610.22 | 1.33 | - | - | - | Due to acquisition of company | | Short-term Borrowings | 31,020,880.57 | 1.17 | 20,828,108.65 | 0.82 | 48.94 | Mainly due to bill discounting in the reporting period | | Taxes Payable | 34,762,778.83 | 1.31 | 19,415,255.77 | 0.77 | 79.05 | Mainly due to increased VAT payable in the reporting period | | Other Payables | 32,421,172.31 | 1.22 | 22,936,910.43 | 0.91 | 41.35 | Mainly due to increased payables for expenses and intercompany balances | - As of the end of the reporting period, details of the company's restricted assets are provided in Section VIII, Note VII, 31 "Assets with Restricted Ownership or Use Rights"[120](index=120&type=chunk) [Investment Status Analysis](index=36&type=section&id=(%E4%B8%83)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's total external equity investment was RMB 40.7 million, primarily for establishing a new robotics company and increasing capital in a biomedical technology firm 2025 Semi-Annual External Equity Investment | Investee Company Name | Main Business | Investment Method | Investment Amount (Yuan) | Shareholding Ratio | Source of Funds | Progress | Current Period Investment Gain/Loss (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Jibeier Robot Co., Ltd. | Investment in medical robot-related fields | New establishment | 35,700,000.00 | 70% | Own funds | Completed industrial and commercial registration | / | | Shanghai Lixin Lianchuang Biomedical Technology Co., Ltd. | Medical research and experimental development | Capital increase | 5,000,000.00 | 5.56% | Own funds | Completed capital contribution | -304,091.16 | | Total | / | / | 40,700,000.00 | / | / | / | / | 2025 Semi-Annual Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Current Period Purchase Amount (Yuan) | Current Period Sale/Redemption Amount (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management | 40,000,000.00 | 410,005,000.00 | 390,000,000.00 | 60,000,000.00 | | Brokerage Products | 16,000,000.00 | 11,005,000.00 | 16,000,000.00 | 11,005,000.00 | | Total | 56,000,000.00 | 421,005,000.00 | 406,000,000.00 | 71,005,000.00 | [Analysis of Key Controlled and Investee Companies](index=37&type=section&id=(%E4%B9%9D)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's key subsidiaries include Jiangsu Yongrui, Bozhou Jibeier, and Jiangsu Jibeier Robot, with new establishments and acquisitions expanding the group 2025 Semi-Annual Key Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Net Profit (RMB 10,000) | Operating Revenue (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Yongrui Technology Development Co., Ltd. | Subsidiary | Technical services/sales | 1,000 | 6,939.75 | 5,190.79 | 2,038.06 | 1.31 | | Bozhou Jibeier Modern Traditional Chinese Medicine Decoction Pieces Technology Co., Ltd. | Subsidiary | Production and sales of traditional Chinese medicine decoction pieces, procurement and sales of traditional Chinese medicine materials and agricultural by-products | 1,940 | 1,869.04 | 1,685.64 | -56.89 | -56.98 | | Jiangsu Jibeier Robot Co., Ltd. | Subsidiary | Investment in medical robot-related fields | 5,100 | 5,874.46 | 4,328.01 | 0.15 | 0.14 | - During the reporting period, the company established Jiangsu Jibeier Robot Co., Ltd. and acquired Nanjing Yuling Technology Co., Ltd. through a non-same-control business combination[128](index=128&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=39&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 changes in key personnel, profit distribution plans, and the status of the company's equity incentive plan [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in the company's directors, supervisors, senior management, or core technical personnel during the reporting period - No changes occurred in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[131](index=131&type=chunk) - The company's core technical personnel include project leaders, project managers, and key members of the research institute for new drug R&D, specifically Geng Zhongyi, Wu Ying, Wu Xiugen, Li Haidao, Qin Xufeng, and Li Zhaoguang[131](index=131&type=chunk) [Profit Distribution Plan](index=39&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The Board approved a semi-annual profit distribution plan of RMB 2.60 (tax inclusive) cash dividend per 10 shares, totaling RMB 51,852,024.90, with no bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Item | Amount | | :--- | :--- | | Whether to distribute or convert | Yes | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (Yuan) (tax inclusive) | 2.60 | | Number of converted shares per 10 shares (shares) | 0 | - The company proposes to distribute a total cash dividend of **RMB 51,852,024.90 (tax inclusive)** based on a total share capital of 199,430,865 shares[132](index=132&type=chunk) - This profit distribution plan has been approved by the Board of Directors and authorized by the 2024 Annual General Meeting of Shareholders, thus not requiring submission to the General Meeting of Shareholders for approval[132](index=132&type=chunk) [Equity Incentive Plan](index=39&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company implemented its 2025 restricted stock incentive plan, with related announcements and Board adjustments to recipient lists and granted quantities - The company has implemented the 2025 restricted stock incentive plan and published the "Summary Announcement of Jiangsu Jibeier Pharmaceutical Co., Ltd. 2025 Restricted Stock Incentive Plan (Draft)"[133](index=133&type=chunk) - The Board of Directors has granted restricted shares to incentive recipients for the first time and adjusted the list of incentive recipients and the granted quantity[134](index=134&type=chunk) [Section V Important Matters](index=41&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) This section details the fulfillment of commitments, significant litigation, integrity status

证券代码：688566 证券简称：吉贝尔 公告编号：2025-035 江苏吉贝尔药业股份有限公司 第四届监事会第十六次会议决议公告 本公司监事会及全体监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。 1 表决结果：通过。 一、监事会会议召开情况 江苏吉贝尔药业股份有限公司（以下简称"公司"）第四届监事会第十六次 会议（以下简称"会议"）于 2025 年 8 月 18 日以书面方式发出通知，于 2025 年 8 月 29 日在公司会议室召开。会议应参加表决监事 3 名，实际参加表决监事 3 名。本次会议符合《中华人民共和国公司法》（以下简称"《公司法》"）及《公 司章程》的有关规定，会议合法有效。 （二）审议通过《公司 2025 年半年度利润分配预案》 二、监事会会议审议情况 经与会监事认真审议，以投票表决方式审议通过以下议案： （一）审议通过《公司 2025 年半年度报告及摘要》 根据《公司法》《中华人民共和国证券法》《公开发行证券的公司信息披露内 容与格式准则第 3 号——半年度报告的内容与格式》《上海证券交易所科创板股 票上市规则》等相关法 ...

证券代码：688566 证券简称：吉贝尔 公告编号：2025-036 江苏吉贝尔药业股份有限公司 2025 年半年度利润分配预案公告 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： 每股分配比例：每 10 股派发现金红利人民币 2.60 元（含税），不送 红股，不进行资本公积金转增股本。 如在本公告披露之日起至实施权益分派股权登记日期间公司总股本 发生变动的，公司拟维持分配总额不变，相应调整每股分配比例，并将另行 公告具体调整情况。 一、利润分配预案内容 根据《江苏吉贝尔药业股份有限公司 2025 年半年度报告》，江苏吉贝 尔药业股份有限公司（以下简称"公司"）2025 年半年度实现归属于上市公 司股东的净利润为 149,315,688.00 元（未经审计）；截至 2025 年 6 月 30 日， 公司母公司累计未分配利润为人民币 731,549,978.17 元（未经审计）。公司 拟以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配 预案如下： 公司拟以实施权益分派股权登记日登记的总股本为基数 ...

Market Overview - A-share market experienced significant capital divergence on August 28, with the Shanghai Composite Index initially rebounding before dropping over 1% [1] - Afternoon trading saw a rally in technology stocks, leading to a rise in major indices: Shanghai Composite Index up over 1%, Shenzhen Component Index up over 2%, and ChiNext Index up nearly 4% [1] - The trading volume in the ChiNext has significantly increased, driven by the technology stock rally [1] Company Spotlight: Cambricon Technologies - Cambricon's stock price surged by 15.73% on August 28, closing at 1587.91 yuan, surpassing Kweichow Moutai's previous record [3] - The company reported a staggering 4347.82% year-on-year increase in revenue for the first half of 2023, reaching 2.881 billion yuan, with a net profit of 1.038 billion yuan [3] - The revenue growth is attributed to Cambricon's strong product adaptability and collaborative approach, which have facilitated market expansion [3] Industry Insights - Cambricon is a rare domestic cloud AI chip manufacturer, offering a range of AI chip products and platform software for various complex AI applications across multiple sectors [4] - The company’s product lines include cloud products, edge products, IP licensing, and software, catering to industries such as internet, finance, transportation, energy, and manufacturing [4] - East China Securities forecasts significant revenue growth for Cambricon, projecting revenues of 8.443 billion yuan, 16.171 billion yuan, and 25.105 billion yuan for 2025-2027, with corresponding growth rates of 618.91%, 91.52%, and 55.25% [5] AI Industry Trends - The rise of Cambricon has sparked a surge in investor interest in AI-related stocks, with various sectors such as CPO concepts and AI chips experiencing substantial gains [7] - The CPO concept index rose over 6%, with several stocks achieving significant price increases, including Tianfu Communication and Changxin Bochuang, both nearing 20% gains [7] - The AI chip sector, led by Cambricon, saw notable increases, with stocks like Xuanji Information and Fudan Microelectronics rising over 10% [9]

Group 1 - The chemical pharmaceutical sector increased by 2.53% on August 25, with Shutaishen leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable gainers in the chemical pharmaceutical sector included: - Buzoushen (300204) with a closing price of 61.00, up 16.17% and a trading volume of 445,500 shares [1] - Haichen Pharmaceutical (300584) with a closing price of 58.95, up 13.61% and a trading volume of 217,200 shares [1] - Changshan Pharmaceutical (300255) with a closing price of 53.25, up 12.84% and a trading volume of 683,900 shares [1] Group 2 - The chemical pharmaceutical sector experienced a net outflow of 426 million yuan from institutional investors, while retail investors saw a net inflow of 509 million yuan [2] - The top stocks by net inflow from retail investors included: - Anglikang (002940) with a net inflow of 163 million yuan, representing 22.87% of its trading volume [3] - Haichen Pharmaceutical (300584) with a net inflow of 132 million yuan, representing 10.90% of its trading volume [3] - Lingkang Pharmaceutical (603669) with a net inflow of 64.68 million yuan, representing 37.53% of its trading volume [3]

Core Insights - The company Jibeier (688566.SH) is actively investing in the cell therapy sector, recently participating in a financing round for Shanghai Aisaar Biotechnology Co., Ltd. to capitalize on the upcoming commercialization opportunities in the industry [1] - Aisaar Biotechnology's core product, human umbilical cord mesenchymal stem cell (IxCell hUC-MSC-O) injection, is in Phase III clinical trials for treating knee osteoarthritis, showcasing promising efficacy from previous Phase II trials involving nearly 200 cases [1] - The stem cell therapy market is expected to undergo significant growth, with projections indicating that the global cell therapy market could reach $113.53 billion by 2032, growing at a compound annual growth rate (CAGR) of 23.17% [3] Company Developments - Jibeier has previously invested 81.2 million yuan in Zhejiang Shengchuang Precision Medical Technology Co., Ltd., acquiring a 10.91% stake and actively participating in governance [1] - Shengchuang Technology's self-developed "Menstrual Blood Mesenchymal Stem Cell Injection" (SC01009) has received clinical trial approval for treating decompensated liver cirrhosis post-hepatitis B, marking its fourth new drug registration clinical trial (IND) approval [2] - The unique advantages of the menstrual blood-derived stem cell product include non-invasive collection, rapid proliferation, and low immunogenicity, making it suitable for industrialization and large-scale cultivation [2] Industry Trends - The existing treatments for idiopathic pulmonary fibrosis (IPF) have limited efficacy, with current drugs only able to slow disease progression, while lung transplants face donor shortages [3] - The global IPF drug market is projected to grow at an annual rate exceeding 15%, potentially surpassing $10 billion by 2030, indicating a lucrative opportunity for cell therapies [3] - The domestic stem cell therapy sector is at a critical turning point, with six therapies entering Phase III trials, reflecting a significant increase in clinical advancements after over a decade of technological accumulation [3]

Market Overview - A-shares continue to rise, with the Shanghai Composite Index recording a seven-day winning streak and reaching a new high for the year, closing up 0.5% [2] - A total of 2,084 stocks rose, with 60 hitting the daily limit, while 3,167 stocks declined [3] Stock Performance - The total trading volume reached 19,052.10 billion, with a total of 12,551,627 shares traded [4] - Notable stocks include: - Cambrian (688526) and Xiangyu Medical (688626) both rose by 20% [6] - Innovative Medical (002173) increased by 9.99% [6] - Major gains were also seen in liquid cooling server stocks, with Dayuan Pump Industry (603757) rising by 10% [8] - Semiconductor stocks collectively strengthened, with Cambrian hitting a new high [11] Policy Impact - The Ministry of Industry and Information Technology and six other departments released guidelines to promote the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [5] - The U.S. administration's decision to extend the tariff suspension on China for 90 days is seen as a positive factor for the market [13] - The willingness of the U.S. to allow some chip sales to China has alleviated concerns about escalating tech competition and supply chain disruptions [14] Investment Trends - There is a notable increase in institutional and retail investor participation, with significant inflows from insurance, pension funds, and public offerings [14] - The M1-M2 growth rate gap is narrowing, indicating increased liquidity and a recovery in consumer and investment sentiment [14] - The current market trend is expected to continue, with a focus on technology growth as a key policy direction [14] Company News - Fosun International experienced a sharp rise of approximately 20% after reports of its application for a stablecoin license in Hong Kong [16][18]

Core Points - The Shanghai Composite Index closed at 3638.40 points with a change of 0.12% and a total trading volume of 1,206.179 billion yuan [1] - Eight A-shares experienced a crossover where the 5-day moving average fell below the 10-day moving average, indicating potential bearish trends [1] Group 1: Stock Performance - Stock "信立泰" (Code: 002294) decreased by 1.86% with a 5-day moving average of 49.37 yuan and a 10-day moving average of 49.62 yuan, showing a distance of -0.49% [1] - Stock "万邦德" (Code: 002082) decreased by 1.36% with a 5-day moving average of 7.48 yuan and a 10-day moving average of 7.52 yuan, also showing a distance of -0.49% [1] - Stock "毕得医药" (Code: 688073) decreased by 2.96% with a 5-day moving average of 59.09 yuan and a 10-day moving average of 59.27 yuan, indicating a distance of -0.30% [1] Group 2: Additional Stocks with Moving Average Crossovers - Stock "吉贝尔" (Code: 688566) decreased by 3.58% with a 5-day moving average of 33.90 yuan and a 10-day moving average of 33.97 yuan, showing a distance of -0.20% [1] - Stock "诺诚健华" (Code: 688428) decreased by 6.03% with a 5-day moving average of 30.02 yuan and a 10-day moving average of 30.07 yuan, indicating a distance of -0.18% [1] - Stock "丽人丽妆" (Code: 605136) increased by 0.81% with a 5-day moving average of 9.82 yuan and a 10-day moving average of 9.84 yuan, showing a distance of -0.15% [1]

Core Viewpoint - The recent news about Jibeier, a company listed on the Sci-Tech Innovation Board, highlights the upcoming submission of its new antidepressant drug JJH201501 for market approval, alongside the strong performance of its existing products, Likujun tablets and Nigulol tablets, which is generally seen as a positive development [1] Group 1: Company Performance and Market Perception - Despite the positive performance of Jibeier's products, it is emphasized that good current performance does not guarantee future stock price increases, as market perceptions can often overshadow actual performance [3] - The true determinant of stock price movements is not merely the surface performance metrics but rather the real attitudes of institutional investors towards the stock [4] - Historical data shows that during various market phases, a significant number of stocks fail to outperform the market index, indicating that merely holding good companies does not ensure investment success [6] Group 2: Institutional Investment Insights - The performance of stocks like Anglikang, which has seen significant gains, is attributed to the active participation of institutional investors, highlighting the importance of understanding institutional funding dynamics [9] - A stark contrast is drawn between the institutional participation in Anglikang and another vitamin-related company, Huaheng Biological, illustrating how institutional backing can lead to vastly different stock performances [11] - For Jibeier, the critical question remains regarding the behavior of institutional investors: whether they are accumulating shares or quietly withdrawing, as this will significantly impact the stock's future performance [12] Group 3: Investment Strategy Recommendations - Investors are advised to focus on real trading data rather than just news and financial reports, as actions in the market often speak louder than words [12] - Key recommendations include avoiding being misled by superficial news, learning to interpret data effectively, monitoring the real movements of institutional funds, and establishing a personal quantitative analysis system [12]

Core Insights - Zhejiang Shengchuang Precision Medical Technology Co., Ltd. (Shengchuang Technology) has officially launched a Phase II clinical trial for its core product, "Menstrual Blood Mesenchymal Stem Cell Injection," targeting Idiopathic Pulmonary Fibrosis (IPF) [1] - The trial is led by Shanghai Ruijin Hospital and involves 23 top-tier hospitals, indicating a significant advancement in the strategic layout of Shengchuang Technology in the innovative cell therapy field [1] - The global IPF drug market is expected to grow at an annual rate of over 15%, potentially exceeding $10 billion by 2030 [2] Company Overview - Shengchuang Technology focuses on the research and clinical transformation of cell drugs, with its core product being the first domestic menstrual blood stem cell drug to receive clinical trial approval [2] - The company has received early investment from Jibeier, amounting to 81.2 million yuan, and currently holds a 10.91% stake in Shengchuang Technology [1] Clinical Trial Details - The Phase II clinical trial, registered on July 14, 2025, is designed as a multi-center, randomized, double-blind, placebo-controlled study, aiming to evaluate the efficacy, safety, and quality of life impact of SC01009 in IPF patients, with a planned enrollment of 66 participants [1] Market Potential - The treatment of pulmonary fibrosis is in a rapid expansion phase, with existing medications like pirfenidone having limited efficacy and significant side effects, while lung transplants face donor shortages [2] - Cell therapy, which can modulate inflammation, immunity, and fibrosis, is becoming a research hotspot, with promising results in recent studies [2] Unique Advantages - The unique source and multiple biological characteristics of menstrual blood mesenchymal stem cells provide significant advantages, including non-invasive collection, high proliferation capacity, low immunogenicity, and broad differentiation potential [3] - If the Phase II trial of SC01009 is successful, it could not only offer a new treatment for IPF patients but also promote the application of menstrual blood stem cell technology in other disease areas [3]