江苏吉贝尔药业股份有限公司 信息披露管理制度 第一章 总 则 第一条 为了加强对江苏吉贝尔药业股份有限公司（以下简称"公司"）信 息披露工作的管理，保护公司、投资者、债权人及其他利益相关人的合法权益， 规范公司的信息披露行为，根据《中华人民共和国公司法》《中华人民共和国证 券法》等国家有关法律、法规及《上市公司信息披露管理办法》《上海证券交易 所科创板股票上市规则》《江苏吉贝尔药业股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，结合本公司的实际情况，特制定本制度。 第二条 本制度所称"信息"是指所有可能对公司证券及其衍生品种交易 价格产生重大影响的信息以及按照现行的法律法规及证券监管机构要求所应披 露的信息。"披露"是指信息在规定时间内，通过规定的媒体，按规定的程序， 以规定的方式向社会公众公布，并送达证券监管部门和上海证券交易所备案。 第三条 本制度所称"信息披露义务人"是指公司、公司的董事、高级管理 人员、核心技术人员、股东、实际控制人、收购人及其相关人员、重大资产重组 交易对方及其相关人员、破产管理人及其成员等。 第二章 信息披露的基本原则 第四条 公司和相关信息披露义务人应当披露所有可能对 ...

江苏吉贝尔药业股份有限公司 股东会议事规则 第一章 总则 第一条 为促进江苏吉贝尔药业股份有限公司（以下简称"公司"）规范运 作，提高股东会议事效率，保障股东合法权益，明确股东会的职责和权限，保证 股东会规范、高效、平稳运作及依法行使职权，根据《中华人民共和国公司法》 （以下简称"《公司法》"）和《中华人民共和国证券法》（以下简称"《证券 法》"）等有关法律、行政法规、部门规章及规范性文件及《江苏吉贝尔药业股 份有限公司章程》（以下简称"《公司章程》"）的规定，并结合公司实际情况， 特制订本规则。 第二条 公司应当按照法律、行政法规、部门规章、《公司章程》和本规则 的规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第二章 股东会的职权 第四条 股东会是公司的权力机构，依照《公司法》和《公司章程》行使以 下职权： （一）选举和更换董事，决定有关董事的报酬事项； （二）审议批准董事会的报告； （三）审议批准公司的利润分配方案和弥补亏损方案 ...

江苏吉贝尔药业股份有限公司 董事会议事规则 第一章 总则 第一条 为了进一步规范江苏吉贝尔药业股份有限公司（以下简称"公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民共和国 证券法》和《江苏吉贝尔药业股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，制订本规则。 第二章 董事会的职权与组成 第二条 公司设立董事会，对股东会负责。 第三条 董事会由 7 名董事组成，其中包括 3 名独立董事，1 名职工代表董 事，设董事长 1 人，副董事长 1 人。 （九）决定聘任或者解聘公司总经理、董事会秘书及其他高级管理人员，并 决定其报酬事项和奖惩事项；根据总经理的提名，决定聘任或者解聘公司副总经 理、财务总监等高级管理人员，并决定其报酬事项和奖惩事项； （十）制定公司的基本管理制度； 第四条 董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或者减少注册资本、发行债券或者其他证 ...

江苏吉贝尔药业股份有限公司 信息披露暂缓与豁免事务管理制度 第一章 总则 第一条 为规范江苏吉贝尔药业股份有限公司（以下简称"公司"）和其他信 息披露义务人信息披露暂缓、豁免行为，加强信息披露监管，保护投资者合法权 益，根据《中华人民共和国保守国家秘密法》《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司信息披露管理办法》《上市公司信息披露暂缓与豁免 管理规定》等相关法律法规及《江苏吉贝尔药业股份有限公司章程》（以下简称 "《公司章程》"）、《江苏吉贝尔药业股份有限公司信息披露管理制度》（以下简称 "《信息披露管理制度》"）等公司制度，结合公司实际情况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和证 券交易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第二章 暂缓、豁免披露信息的范围 第四条 公司和其他信息披露义务人应当审慎 ...

江苏吉贝尔药业股份有限公司 章 程 二〇二五年八月 目 录 | | | 第一章 总 则 第一条 为维护江苏吉贝尔药业股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司由镇江中天投资咨询有限责任公司、南通汇瑞投资有限公司、耿仲毅、 胡涛、南通汇吉科技发展有限公司作为发起人，以江苏吉贝尔药业有限公司 2014 年 5 月 31 日经审计的净资产折股而整体变更设立；公司在镇江市行政审批局注 册登记，现持有统一社会信用代码为 913211007317784571 的《营业执照》。 第三条 公司经上海证券交易所审核同意并于 2020 年 4 月 7 日经中国证券监 督管理委员会（以下简称"中国证监会"）同意注册，首次向社会公众发行人民 币普通股 4,673.54 万股，并于 2020 年 5 月 18 日在上海证券交易所科创板上市。 第四条 公司注册名称： 中文名称：江苏吉贝尔 ...

江苏吉贝尔药业股份有限公司 董事、高级管理人员及核心技术人员所持公司股份及 其变动管理制度 第一章 总 则 第一条 为加强江苏吉贝尔药业股份有限公司（以下简称"公司"）对董事、 高级管理人员及核心技术人员持有及买卖公司股份的管理工作，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司董事和高级管理人员所持本公司股份及其 变动管理规则》《上海证券交易所科创板股票上市规则》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律 监管指引第 8 号——股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》等法律、法规、规范性文件及 业务规则的相关规定，结合公司实际情况，制定本制度。 第二条 公司董事、高级管理人员、核心技术人员应当遵守《公司法》《证 券法》和有关法律、行政法规，中国证监会规章、规范性文件以及证券交易所规 则及本制度中关于股份变动的限制性规定。 公司董事和高级管理人员就其所持股份变动相关事项作出承诺的，应当严格 遵守。 第三条 公司董事和高级管 ...

| 投资金额 | 30,000.00 万元 | | --- | --- | | 投资种类 | 安全性高、流动性好的保本型产品，包括但不限于购买结 | | | 构性存款、大额存单、定期存款、通知存款等 | | 资金来源 | 募集资金 | 已履行的审议程序 证券代码：688566 证券简称：吉贝尔 公告编号：2025-038 江苏吉贝尔药业股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 基本情况 （二）投资金额 公司拟使用总额度不超过人民币 30,000.00 万元（包含本数）的闲置募集资 金进行现金管理，其中首次公开发行股票暂时闲置募集资金额度不超过 15,000.00 万元（包含本数），以简易程序向特定对象发行股票暂时闲置募集资 金额度不超过 15,000.00 万元（包含本数）。 （三）资金来源 2025 年 8 月 29 日，江苏吉贝尔药业股份有限公司（以下简称"公司"） 召开第四届董事会第十七次会议、第四届监事会第十六次会议，审议通 过了《关于 ...

证券代码：688566 证券简称：吉贝尔 公告编号：2025-039 江苏吉贝尔药业股份有限公司 关于取消监事会、修改《公司章程》、完善公司治理 制度的公告 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。 江苏吉贝尔药业股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召 开第四届董事会第十七次会议，审议通过《关于取消监事会并修改<公司章程> 及部分公司治理制度的议案》《关于进一步完善公司治理制度的议案》，拟取消监 事会、修改《公司章程》、完善公司治理制度，具体情况如下： 一、取消监事会的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《关于新<公司法> 配套制度规则实施相关过渡期安排》《上市公司章程指引》（以下简称"《章程指 引》"）等有关法律法规和规范性文件的规定，结合公司实际情况，公司将不再设 置监事会与监事，由董事会审计委员会行使《公司法》规定的监事会职权，同时 《江苏吉贝尔药业股份有限公司监事会议事规则》相应废止，公司各项规章制度 中涉及监事会、监事的规定不再适用。 在公司股东大会审议 ...

江苏吉贝尔药业股份有限公司 2025 年度"提质增效重回报"行动方案 半年度评估报告 江苏吉贝尔药业股份有限公司（以下简称"公司"）为践行"以 投资者为本"的上市公司发展理念，维护公司全体股东利益，基于对 公司长期发展的信心和"回报股东，回馈社会"的社会责任理念，公 司董事会制定了《2025 年度"提质增效重回报"行动方案》（以下简 称"《行动方案》"）。 报告期内，公司积极推进新药研发工作，抗抑郁新药 JJH201501 正在开展 III 期临床试验，已完成 III 期临床入组，随访和数据分析， 正在进行总结报告撰写；抗肿瘤新药 JJH201601 已完成 I 期临床试验， 正在进行 IIa 期临床试验；同时，加快推进抗胃酸新药 JJH201701、 治疗胆囊炎胆结石新药 JJH201801、降糖新药——桑酮碱胶囊、麻醉 镇痛新药 JBE-01、复方降糖新药 JBE-03 及降糖新药 JJH202301 等新 药的研发工作，新药研发工作取得重要进展。 （二）提质增效助力高质量发展，规范运作持续完善公司治理 报告期内，公司持续完善经营机制和管理制度，进一步提升精细 化管理水平，持续完善经营机制和管理制度，强化 ...

[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