| 预付款项 | 5,796, 270. 28 | 3,885, 112.92 | 合同负债 | 195, 543, 246, 23 | 185, 176, 948, 66 | | --- | --- | --- | --- | --- | --- | | 应收保费 | | | 美出回购金融资产款 | | | | 应收分保账款 | | | 吸收存款及同业存放 | | | | 应收分保合同准备金 | | | 代理买卖证券款 | | | | 其他应收款 | 11, 203, 966, 16 | 1. 393, 557. 13 | 代理承销证券款 | | | | 关人返售金融资产 | | | 应付职工薪酬 | 3,952,021.09 | 5,896, 443.57 | | 存货 | 18, 191, 314. 08 | 34, 058, 655, 58 | 应交税费 | 1,096,020,89 | 4, 137, 781. 78 | | 其中:数据资源 | | | 其他应付款 | 3,711,128.99 | 7,005,666. 19 | | 合同资产 | | | 应付手续费及佣金 | | | | 持有待售资 ...

非经营性资金占用及其他关联资金往来情况汇总表 | | 湖南省征信有限公司 | | | | 17.48 | | | 17.48 | 护肤品销售 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 湖南数据产业集团有限公司 | | | | 12.10 | | | 12.10 | 护肤品销售 | 经营性往来 | | 上市公司的子公司及其附属企 | 南华干细胞再生医学临床转化研究中心有限责任公司 | 子公司 | 其他应收款 | 7,810.00 | | | 350.00 | 7,460.00 | 往来款 | 非经营性往来 | | 业 | 南华和平医院管理（湖南）有限公司 | 子公司 | 其他应收款 | 106.19 | | | | 106.19 | 往来款 | 非经营性往来 | | | 南华源方（湖南）环保科技有限公司 | 子公司 | 其他应收款 | 3,354.54 | 51.28 | 34.84 | 3,003.24 | 437.42 | 往来款 | 非经营性往来 | | 其他关联方及其附属企业 | | ...

南华生物医药股份有限公司 2025 年半年度财务报告 南华生物医药股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 南华生物医药股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：南华生物医药股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 140,177,370.21 | 207,363,146.93 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 165,461,994.00 | 607,889.00 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 122,942,037.32 | 139,581,939.21 | | 应收款项融资 | 12,000,000.00 | | | 预付款项 | 5,796,270.28 | 3,885,112.92 | | ...

证券代码：000504 证券简称：*ST 生物 公告编号：2025-050 南华生物医药股份有限公司 第十二届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 南华生物医药股份有限公司（以下简称"公司"）第十二届董事会第二次会 议于2025年8月27日以通讯方式召开。会议通知于2025年8月22日以邮件、短信方 式送达公司全体董事。会议应参与表决董事7名，实际参与表决董事7名。会议召 开符合《公司法》及《公司章程》的有关规定，合法有效。 二、董事会议案审议情况 1.《关于<2025年半年度报告>及其摘要的议案》 公司编制的《2025年半年度报告》及其摘要符合《证券法》及《深圳证券交 易所股票上市规则》等的有关规定，能充分反映公司2025年半年度的实际经营情 况。 表决结果：会议以7票赞成，0票反对，0票弃权，审议并通过了《关于<2025 年半年度报告>及其摘要的议案》。 具体内容详见同日披露于指定媒体的《2025 年半年度报告》及其摘要。 2.《关于<2025年半年度募集资金存放与使用情况的专项报告>的议案》 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides the board's assurance of report accuracy, cautions investors on forward-looking statements, outlines the company's non-dividend policy, and includes the table of contents and definitions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute substantive commitments, and investors should maintain risk awareness[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, including stock details and contact information, along with key semi-annual financial data for 2025, showing a year-on-year revenue decrease but narrowed net loss and negative operating cash flow - Company stock abbreviation: **\*ST Biology**, stock code: **000504**, listed exchange: **Shenzhen Stock Exchange**, legal representative: **Yang Yun**[13](index=13&type=chunk) - The company's contact information remained unchanged during the reporting period[15](index=15&type=chunk) 2025 Semi-Annual Key Accounting Data and Financial Indicators (Consolidated Statements) (Units: Yuan) | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 51,592,126.65 | 56,324,793.65 | -8.40% | | Net Profit Attributable to Shareholders of Listed Company | -3,484,412.87 | -8,392,830.28 | 58.48% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -6,656,184.44 | -11,197,059.86 | 40.55% | | Net Cash Flow from Operating Activities | -2,960,500.98 | 1,851,987.71 | -259.86% | | Basic Earnings Per Share (Yuan/share) | -0.0106 | -0.0254 | 58.27% | | Diluted Earnings Per Share (Yuan/share) | -0.0106 | -0.0254 | 58.27% | | Weighted Average Return on Net Assets | -1.48% | -3.32% | 1.84% | | **End of Current Period** | **End of Prior Year** | **Change from End of Prior Year to End of Current Period** | | | Total Assets | 595,089,167.83 | 608,169,817.97 | -2.15% | | Net Assets Attributable to Shareholders of Listed Company | 233,610,767.15 | 237,095,180.02 | -1.47% | - The company reported no differences in accounting data under domestic and international accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) Non-Recurring Gains and Losses Items and Amounts (Units: Yuan) | Item | Amount | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 32,482.62 | | Government Subsidies Included in Current Profit and Loss | 168,064.18 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises and from Disposal of Financial Assets and Liabilities | -145,500.43 | | Gains and Losses from Entrusted Investment or Asset Management | 3,416,554.00 | | Other Non-Operating Income and Expenses Apart from the Above | -378,713.99 | | Less: Income Tax Impact | 17,301.91 | | Impact on Minority Interests (After Tax) | -96,187.10 | [Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry development, products, business models, market position, core competencies, risks, and countermeasures in its two main businesses: biomedicine and energy conservation, noting a decrease in operating revenue but a narrowed net loss - The company adheres to a **"biomedicine + energy conservation and environmental protection" dual-main business development strategy**[48](index=48&type=chunk) - **Research and development investment increased by 27.30%** year-on-year, primarily due to increased personnel costs for R&D staff[54](index=54&type=chunk)[55](index=55&type=chunk) - **Investment income increased by 669.52%** year-on-year, mainly because the prior period had losses from long-term equity investments accounted for by the equity method, which were absent in the current period[55](index=55&type=chunk) - The company faces multiple challenges, including **decreasing potential customers, industry regulatory and technological development risks, market competition risks, and financial risks**[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk) [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) This section outlines the company's core businesses in biomedicine and energy conservation, covering industry trends, products, services, and operational models, noting policy support for cell therapy and growth in the energy-saving sector - National policies continue to support the development of the cell industry, explicitly designating gene therapy, cell therapy, and other new-generation biotechnologies as key development areas[25](index=25&type=chunk) - In 2025, the National Medical Products Administration issued the "Cell Therapy Product Manufacturing Inspection Guidelines," and the National Healthcare Security Administration and National Health Commission jointly released "Several Measures to Support the High-Quality Development of Innovative Drugs," while Hunan Province passed the "Hunan Province Cell and Gene Industry Promotion Regulations"[26](index=26&type=chunk) - The global stem cell manufacturing market reached **$15.08 billion in 2024**, projected to grow to **$24.45 billion by 2029**, with a compound annual growth rate of approximately **9.5%**[27](index=27&type=chunk) - The nation is highly focused on the development of energy conservation, environmental protection, and circular economy, proposing "green development" and "carbon neutrality" goals, and issuing policies such as the "Work Plan for Accelerating the Construction of a Dual Control System for Carbon Emissions" and the "2024-2025 Energy Saving and Carbon Reduction Action Plan"[29](index=29&type=chunk) - China's energy conservation and environmental protection industry output value reached **9.8 trillion Yuan in 2024**, expected to reach approximately **15 trillion Yuan by 2030**[30](index=30&type=chunk) Biomedicine Products/Services | No. | Product/Service | Product/Service Description | | :--- | :--- | :--- | | 1 | Cell Storage and Technical Services | Detection, preparation, and storage services for neonatal hematopoietic stem cells, neonatal mesenchymal stem cells, and neonatal pluripotent stem cells; detection, preparation, and storage services for adult immune cells; providing cell preparation and detection services meeting somatic cell clinical research requirements for hospitals and clinical research institutions | | 2 | Sales of Biomedicine-Related Products | Sales of medical devices and beauty products to customers | Energy Conservation and Environmental Protection Products/Services | No. | Product/Service | Product/Service Description | | :--- | :--- | :--- | | 1 | BT Energy-Saving Engineering and Product R&D and Sales | Sales of supporting luminaires for municipal street light "smart IoT shared pole system" engineering construction, urban centralized heating renovation and expansion projects, and supporting equipment sales | | 2 | Comprehensive Wastewater Treatment for Special Industries | Comprehensive treatment of high-concentration production wastewater in the brewing industry, with Maotai Town sauce-flavor liquor wastewater treatment as the brand core | | 3 | Distributed Energy Station Investment and Operation | Design, investment, construction, operation, and maintenance services for distributed photovoltaic systems | | 4 | Integrated Energy-Saving Project Investment and Operation | Investment and operation of urban lighting system energy-saving renovation projects, and integrated energy-saving electricity investment and operation for industrial, commercial, and public buildings | | 5 | Circular Economy | Building a "base + informatization" dual platform, establishing a "point, station, yard" recycling system for renewable resources, and performing technical treatment, sorting, and processing of recyclable productive metals and non-metals | - Biomedicine business procures materials including vapor-phase liquid nitrogen tanks, cell cryopreservation bags, reagents, consumables, and instruments, using both bidding and non-bidding methods; energy conservation business procures LED lamps, poles, streetlights, as well as wastewater treatment agents, and recyclable productive metals and non-metals[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Biomedicine business is divided into order-based production (customer signs agreement with sales company) and batch production (for downstream product R&D and clinical application research); energy conservation business includes energy-saving engineering design, comprehensive wastewater treatment, distributed energy station investment and operation, integrated energy-saving project investment and operation, and circular economy businesses[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Biomedicine business primarily targets individual users through hospital-based promotion, medical device trade operates under a distribution model, and cell storage business is concentrated within Hunan Province; energy conservation business develops through bidding and proactive outreach to high-energy-consumption, high-pollution industries[40](index=40&type=chunk)[41](index=41&type=chunk) - Biomedicine business R&D focuses on optimizing cell preparation and extraction processes and developing stem cell-derived products, combining independent and collaborative R&D; energy conservation business conducts municipal energy-saving engineering and wastewater treatment technology research guided by market and customer needs[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - The company's core businesses are autologous stem cell storage technical services and immune cell storage services, which are upstream in the industry chain and hold a leading market share within the Hunan region[45](index=45&type=chunk) - The company actively collaborates with domestic and international universities and research institutions on multiple treatment projects in downstream application fields and co-established the "National Stem Cell Translational Resource Bank Hunan Clinical Research Center" with the National Stem Cell Translational Resource Bank[46](index=46&type=chunk) - The company has been approved for **10 national and provincial scientific innovation platforms**, including Hunan Provincial New Research Institution and Hunan Provincial Postdoctoral Innovation Station[46](index=46&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in its dual-main business strategy of biomedicine and energy conservation, supported by over 90 patents, a clinical-grade cell production base, human genetic resource preservation permits, and strategic collaborations - The company adheres to a **"biomedicine + energy conservation and environmental protection" dual-main business development strategy**, holding over **90 patents and software copyrights**[48](index=48&type=chunk) - In biomedicine, the company focuses on cell storage services with cell technology R&D as its core, driven by cell therapy and clinical translational research[49](index=49&type=chunk) - The company has established a well-equipped clinical-grade cell production base, cell bank, and research laboratory, and its developed human umbilical cord mesenchymal stem cell injection has passed quality review by the China National Institutes for Food and Drug Control[49](index=49&type=chunk) - The company successfully obtained the **Chinese Human Genetic Resources Preservation Administrative License**, with all indicators fully meeting national standards[50](index=50&type=chunk) - The company has established deep cooperative relationships with multiple medical institutions and universities, including Hunan Provincial Cancer Hospital, Changsha Maternal and Child Health Hospital, and Hunan Normal University, forming a virtuous cycle of "basic research – clinical translation – industrial application"[50](index=50&type=chunk) - The company completed the process validation for dental pulp mesenchymal stem cell and adipose mesenchymal stem cell isolation and culture, and added a new umbilical cord blood NK cell production line, further enriching its cell product portfolio[50](index=50&type=chunk) - In energy conservation and environmental protection, its subsidiary Chengguang Energy Conservation specializes in smart lighting, forming a "energy-saving products + smart systems" technical framework, and holds a Grade III professional contracting qualification for urban and road lighting engineering[51](index=51&type=chunk) - Chengguang Energy Conservation's developed "anaerobic-aerobic-advanced treatment" process achieved a **COD removal rate exceeding 95%** in Maotai Town sauce-flavor liquor wastewater treatment[51](index=51&type=chunk) - The company's circular economy business is primarily conducted through its controlling subsidiary Nanhua Yuanfang, dedicated to building an "Internet + recycling" renewable resource recycling system and creating a "base + informatization" dual platform[51](index=51&type=chunk) [Analysis of Main Business](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business) This section analyzes the financial performance of the company's main businesses, noting an 8.40% year-on-year decrease in operating revenue due to reduced biomedicine and wastewater treatment income, but a 58.48% narrowed net loss attributable to shareholders Year-on-Year Changes in Key Financial Data (Units: Yuan) | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 51,592,126.65 | 56,324,793.65 | -8.40% | Affected by market environment, biomedicine business revenue decreased in the current period; wastewater treatment and engineering revenue decreased in the current period | | Operating Cost | 18,600,163.58 | 19,622,847.34 | -5.21% | Operating revenue decreased, leading to a corresponding decrease in costs | | Selling Expenses | 12,965,026.21 | 15,008,304.47 | -13.61% | Revenue decreased in the current period, leading to a corresponding decrease in selling expenses | | Administrative Expenses | 28,379,926.41 | 23,075,248.20 | 22.99% | Due to personnel structure optimization, accrual and payment of welfare expenses related to personnel structure optimization increased | | Financial Expenses | -217,576.42 | -85,423.09 | -154.70% | Primarily due to a decrease in short-term borrowings and a corresponding decrease in interest expenses | | Income Tax Expense | -537,643.59 | 563,351.83 | -195.44% | Primarily due to an increase in deferred income tax assets | | R&D Investment | 5,176,014.78 | 4,066,045.55 | 27.30% | Increase in R&D personnel labor costs | | Net Cash Flow from Operating Activities | -2,960,500.98 | 1,851,987.71 | -259.86% | Tax payments increased by **3.28 million Yuan** in the current period | | Net Cash Flow from Investing Activities | -62,131,682.26 | -101,122,636.91 | 38.56% | Primarily due to a decrease in purchases of bank wealth management products | | Net Cash Flow from Financing Activities | -2,291,582.03 | -190,000,571.50 | 98.79% | Primarily due to repayment of loan principal and interest in the prior period, and a decrease in bank borrowings in the current period | | Net Increase in Cash and Cash Equivalents | -67,383,776.72 | -289,271,203.77 | 76.71% | Primarily due to repayment of loan principal and interest and purchase of trust wealth management products in the prior period | | Investment Income | 3,416,948.57 | 444,037.19 | 669.52% | Primarily due to losses from long-term equity investments accounted for by the equity method in the prior period, which were absent in the current period | | Credit Impairment Losses | -4,167,695.97 | -5,916,420.56 | -29.56% | Primarily due to subsidiaries accruing bad debt for abnormal customer receivables in the prior period | | Non-Operating Income | 1,593.34 | 212.69 | 649.14% | Gains from disposal of non-current assets by subsidiaries in the current period | | Non-Operating Expenses | 380,307.33 | 6,806.37 | 5,487.52% | Subsidiaries paid **380,000 Yuan** in contract dispute compensation in the current period | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[55](index=55&type=chunk) Operating Revenue Composition (by Industry) | Industry | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Energy-Saving Technology Services Industry | 8,189,095.01 | 15.87% | 12,119,361.39 | 21.52% | -32.43% | | Biomedicine Industry | 43,274,925.46 | 83.88% | 44,205,432.26 | 78.48% | -2.10% | | Other | 128,106.18 | 0.25% | - | - | 100.00% | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Energy-Saving Industry Sales and Service Revenue | 6,149,228.98 | 11.92% | 9,713,539.49 | 17.25% | -36.69% | | EMC and Engineering Construction | 2,039,866.03 | 3.95% | 2,405,821.90 | 4.27% | -15.21% | | Cell Storage and Testing Revenue | 35,743,245.13 | 69.28% | 41,695,191.09 | 74.03% | -14.27% | | Sales of Biomedicine-Related Products | 7,531,680.33 | 14.60% | 2,510,241.17 | 4.46% | 200.04% | | Other | 128,106.18 | 0.25% | - | - | 100.00% | Operating Revenue Composition (by Region) | Region | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Within Hunan Province | 43,623,372.48 | 84.55% | 44,043,797.66 | 78.20% | -0.95% | | Outside Hunan Province | 7,968,754.17 | 15.45% | 12,280,995.99 | 21.80% | -35.11% | - The gross profit margin for the biomedicine industry was **73.35%**, a year-on-year increase of **2.23%**; the gross profit margin for the energy-saving technology services industry was **15.23%**, a year-on-year decrease of **28.19%**[60](index=60&type=chunk) [Analysis of Non-Core Businesses](index=20&type=section&id=IV.%20Analysis%20of%20Non-Core%20Businesses) This section analyzes the composition of the company's non-core businesses and their impact on total profit, identifying investment income, primarily from trust wealth management products, as the main source, though it is not sustainable Non-Core Business Analysis (Units: Yuan) | Item | Amount | Proportion of Total Profit | Explanation of Formation Reason | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,416,948.57 | -23.40% | Primarily income from trust wealth management products in the current period | No | | Fair Value Change Gains and Losses | -145,895.00 | 1.00% | - | - | | Non-Operating Income | 1,593.34 | -0.01% | - | - | | Non-Operating Expenses | 380,307.33 | -2.60% | - | - | [Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the company's asset and liability composition and significant changes, noting a decrease in total assets and net assets attributable to shareholders, with a shift from monetary funds to transactional financial assets and receivables financing, and an increase in contract liabilities Significant Changes in Asset Composition (Units: Yuan) | Item | Amount at End of Current Period | Proportion of Total Assets | Amount at End of Prior Year | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 140,177,370.21 | 23.56% | 207,363,146.93 | 34.10% | -10.54% | Primarily due to a decrease from purchasing bank wealth management products in the current period | | Accounts Receivable | 122,942,037.32 | 20.66% | 139,581,939.21 | 22.95% | -2.29% | - | | Inventories | 18,191,314.08 | 3.06% | 34,058,655.58 | 5.60% | -2.54% | Primarily due to a decrease in subsidiary's inventory | | Fixed Assets | 12,777,137.46 | 2.15% | 13,494,475.46 | 2.22% | -0.07% | Primarily due to increased asset depreciation leading to a decrease in net amount | | Right-of-Use Assets | 9,198,389.09 | 1.55% | 12,560,458.60 | 2.07% | -0.52% | Primarily due to a decrease in subsidiary's right-of-use assets | | Contract Liabilities | 195,543,246.23 | 32.86% | 185,176,948.66 | 30.45% | 2.41% | Primarily due to new customer prepayments for subsidiaries | | Long-Term Borrowings | 8,500,000.00 | 1.43% | 9,000,000.00 | 1.48% | -0.05% | Primarily due to a decrease in subsidiary's credit borrowings | | Lease Liabilities | 7,394,822.88 | 1.24% | 10,449,883.62 | 1.72% | -0.48% | - | | Transactional Financial Assets | 165,461,994.00 | 27.80% | 607,889.00 | 0.10% | 27.70% | Primarily due to an increase in bank wealth management products in the current period | | Receivables Financing | 12,000,000.00 | 2.02% | 0.00 | 0.00% | 2.02% | Received bank drafts | | Prepayments | 5,796,270.28 | 0.97% | 3,885,112.92 | 0.64% | 0.33% | Increase in subsidiary's prepaid goods | | Deferred Income Tax Assets | 2,650,293.48 | 0.45% | 1,915,770.17 | 0.32% | 0.13% | Primarily due to subsidiaries accruing bad debts and deferred recognition from long-term leases | | Other Non-Current Assets | 34,185.07 | 0.01% | 705,468.22 | 0.12% | -0.11% | - | | Employee Benefits Payable | 3,952,021.09 | 0.66% | 5,896,443.57 | 0.97% | -0.31% | Employee benefits payable at end of prior year were paid in the current period | | Taxes Payable | 1,096,020.89 | 0.18% | 4,437,781.78 | 0.73% | -0.55% | Relevant taxes payable at end of prior year were paid in the current period | | Other Payables | 3,711,128.99 | 0.62% | 7,005,666.49 | 1.15% | -0.53% | Primarily due to grand-subsidiary paying expense-related intercompany balances | | Deferred Income | 1,465,906.20 | 0.25% | 1,099,026.92 | 0.18% | 0.07% | Primarily due to subsidiaries receiving government subsidies | | Deferred Income Tax Liabilities | 87,610.83 | 0.01% | 151,713.49 | 0.02% | -0.01% | Primarily due to subsidiary's fair value adjustments | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[67](index=67&type=chunk) Asset Rights Restriction Status as of the End of the Reporting Period (Units: Yuan) | Item | Book Balance at Period End | Book Value at Period End | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 30,000.00 | 30,000.00 | Pledged | Pledged as letter of credit margin | | Monetary Funds | 198,000.00 | 198,000.00 | Pledged | Pledged as letter of guarantee margin | | Total | 228,000.00 | 228,000.00 | - | - | [Analysis of Investment Status](index=23&type=section&id=VI.%20Analysis%20of%20Investment%20Status) This section details the company's investment status, including securities investments and the use of raised funds, noting a significant increase in transactional financial assets measured at fair value due to increased bank wealth management products, with all raised funds fully utilized Securities Investment Status (Units: Yuan) | Security Type | Security Code | Security Name | Book Value at Beginning of Period | Fair Value Change Gains and Losses for Current Period | Book Value at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Foreign Stocks | 000802 | Beijing Culture | 489,951.00 | -149,177.00 | 340,774.00 | | Domestic and Foreign Stocks | 002024 | ST Yigou | 47,998.00 | -225,311.00 | 46,600.00 | | Domestic and Foreign Stocks | 300252 | Jinxinno | 69,940.00 | 4,680.00 | 74,620.00 | | Total | - | - | 607,889.00 | -145,895.00 | 461,994.00 | - The company had no derivative investments during the reporting period[73](index=73&type=chunk) Overall Use of Raised Funds (Units: Yuan) | Fundraising Year | Fundraising Method | Total Raised Funds | Net Raised Funds | Total Raised Funds Used Cumulatively | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 2024 | Private Placement | 276,000,000 | 271,105,200 | 271,105,200 | 100.00% | - As of the end of the reporting period, the special account for raised funds was closed in February 2025[75](index=75&type=chunk) - The company reported no changes in raised fund projects during the reporting period[76](index=76&type=chunk) [Significant Asset and Equity Sales](index=25&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) This section states that the company did not sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[77](index=77&type=chunk) - The company did not sell significant equity during the reporting period[78](index=78&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial status of the company's major holding and participating companies, highlighting key subsidiaries such as Nanhua Heping Hospital Management, Hunan Boai Kangmin Stem Cell, Hunan Nanhua Biotechnology, Nanhua Stem Cell Regenerative Medicine Clinical Translation Research Center, and Hunan Caixin Energy Conservation and Environmental Protection Technology Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit (Units: Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanhua Heping Hospital Management (Hunan) Co., Ltd. | Subsidiary | Hospital operation and management; health medical industry; project management and other businesses | 23,762,589.00 | 151,225,535.88 | 50,738,533.48 | 8,919,973.45 | -7,514,613.19 | -7,482,400.00 | | Hunan Boai Kangmin Stem Cell Tissue Engineering Co., Ltd. | Subsidiary | Bio-resources, stem cell and immune cell services, biotranslational medicine technology services and sales businesses | 10,000,000.00 | 63,468,437.91 | 3,862,293.85 | 12,536,214.60 | -773,194.33 | -719,682.45 | | Hunan Nanhua Biotechnology Co., Ltd. | Subsidiary | Bio-resources, stem cell and immune cell storage, and biotranslational medicine technology services | 6,000,000.00 | 175,197,208.67 | 24,210,555.67 | 29,094,135.15 | -5,821,964.92 | -5,781,611.99 | | Nanhua Stem Cell Regenerative Medicine Clinical Translation Research Center Co., Ltd. | Subsidiary | Medical device sales and other businesses | 50,000,000.00 | 26,748,274.10 | -51,035,715.26 | 1,994,389.39 | -1,175,511.24 | -1,175,511.09 | | Hunan Caixin Energy Conservation and Environmental Protection Technology Co., Ltd. | Subsidiary | R&D, production, and sales of energy-saving and environmental protection products, lighting equipment, lighting fixtures, power generation equipment, power equipment, power fixtures, and related intelligent systems | 20,000,000.00 | 14,535,174.15 | 6,130,878.42 | 221,584.14 | -5,643,654.30 | -5,634,134.24 | - The company's acquisition and disposal of subsidiaries during the reporting period were not detailed but mentioned[81](index=81&type=chunk) [Status of Structured Entities Controlled by the Company](index=28&type=section&id=IX.%20Status%20of%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[82](index=82&type=chunk) [Risks Faced by the Company and Countermeasures](index=28&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) This section details the company's four main risks—decreasing potential customers, industry regulatory and technological development risks, market competition, and financial risks—and outlines countermeasures such as product diversification, technological innovation, and optimized management - Risk of decreasing potential customers: The national decline in newborn birth rates inhibits the growth of potential customers for newborn stem cell storage services. Countermeasures include enriching the product pipeline (adult immune cell storage), strengthening brand building, improving conversion rates, and exploring new business growth points[82](index=82&type=chunk) - Industry regulation, policy risks, and technology development risks: The company's main businesses (cell therapy, energy conservation, and environmental protection) are highly regulated, and rapid policy changes and technological iterations may have adverse effects. Countermeasures include closely monitoring policy dynamics, timely adjusting business strategies, strengthening technological innovation, improving management systems, introducing R&D talent, and enhancing scientific research capabilities[83](index=83&type=chunk)[84](index=84&type=chunk) - Market competition risk: The energy conservation and environmental protection industry has numerous enterprises, intense market competition, and resources are concentrating towards leading enterprises. Countermeasures include implementing a "sales support R&D, technology promotes sales" strategy, retaining excellent sales teams, and enhancing product and service competitiveness through technological innovation[86](index=86&type=chunk) - Financial risks: Insufficient scale of main business revenue and profitability leads to continuous losses; gross profit margin fluctuations, declining net profit; high proportion of accounts receivable to total assets, with some overdue amounts posing collection risks. Countermeasures include increasing efforts to expand main business revenue, reducing costs and increasing efficiency, optimizing internal management, and expanding external businesses; strengthening gross profit margin monitoring and analysis, optimizing procurement processes, cost control, and adjusting product pricing; strengthening accounts receivable management, customer credit evaluation, improving contract terms, and tracking collections[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[91](index=91&type=chunk) - The company has not disclosed a valuation enhancement plan[93](index=93&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=30&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) This section states that the company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[94](index=94&type=chunk) [Corporate Governance, Environment, and Society](index=30&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section reports on corporate governance, environmental, and social responsibilities, noting no changes in directors, supervisors, or senior management, no profit distribution or capital reserve conversion, no equity incentive plans, and no inclusion in environmental information disclosure lists - The company's directors, supervisors, and senior management did not change during the reporting period[95](index=95&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[96](index=96&type=chunk) - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[97](index=97&type=chunk) - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[98](index=98&type=chunk) - Social responsibility status is not applicable[98](index=98&type=chunk) [Significant Matters](index=32&type=section&id=Section%20V%20Significant%20Matters) This section details significant matters during the reporting period, including commitment fulfillment, major litigation, leasing, entrusted wealth management, and other key events, noting ongoing fulfillment of controlling shareholder commitments and several significant lawsuits - The controlling shareholder, Hunan Caixin Industrial Investment Fund Management Co., Ltd., is fulfilling all commitments (share lock-up, asset independence, avoidance of horizontal competition, related party transactions) as scheduled[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[113](index=113&type=chunk) - The company had no irregular external guarantees during the reporting period[114](index=114&type=chunk) - The company's semi-annual report is unaudited[115](index=115&type=chunk) - The company did not undergo bankruptcy reorganization during the reporting period[116](index=116&type=chunk) [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=32&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This section details the commitments made by the controlling shareholder, Hunan Caixin Industrial Investment Fund Management Co., Ltd., and its ultimate controller, Hunan Caixin Financial Holding Group Co., Ltd., during initial public offerings or refinancing, all of which are being fulfilled as scheduled - Hunan Caixin Industrial Investment Fund Management Co., Ltd.'s subscribed shares from this issuance were unlocked and listed for trading on **July 10, 2025**, after an **18-month lock-up period** from the listing date[100](index=100&type=chunk)[101](index=101&type=chunk)[142](index=142&type=chunk) - The controlling shareholder committed to maintaining the issuer's asset, personnel, financial, institutional, and business independence, and to avoiding horizontal competition and regulating related party transactions; all commitments remain long-term effective and are being fulfilled as scheduled[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [Litigation Matters](index=45&type=section&id=VIII.%20Litigation%20Matters) This section discloses the company's significant litigation and arbitration matters, including a 15 million Yuan sales contract dispute involving subsidiary Chengguang Energy Conservation and a 23.7069 million Yuan dispute involving Nanhua Stem Cell Regenerative Medicine Clinical Translation Research Center, both with initial judgments in favor of the company - Subsidiary Chengguang Energy Conservation's sales contract dispute with Jiangsu Sifang Clean Energy Equipment Manufacturing Co., Ltd. involves **15 million Yuan**. The first-instance judgment ordered Sifang Company to return **8 million Yuan** in contract price and **3,087,969.87 Yuan** in capital occupation fees. Both parties have appealed, and the case is awaiting judgment[117](index=117&type=chunk)[118](index=118&type=chunk)[181](index=181&type=chunk) - Subsidiary Nanhua Stem Cell Regenerative Medicine Clinical Translation Research Center's sales contract dispute with Tianfu Environmental Biotechnology (Jiangsu) Co., Ltd. involves **23.7069 million Yuan**. The first-instance judgment ordered Tianfu Environmental to refund **15,235,388.74 Yuan** in goods payment and pay liquidated damages, with Kewelejian and Hou Qunfeng bearing joint and several liability. The first-instance judgment has become effective and is awaiting enforcement[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Subsidiary Chengguang Energy Conservation's contract dispute with Hunan Xinxiang Bilang Environmental Technology Co., Ltd. involves **5.75 million Yuan**, has been heard, and is awaiting judgment[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [Significant Contracts and Their Performance](index=53&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's leasing and entrusted wealth management activities, including multiple property leases primarily by Nanhua Biology and its subsidiaries, and entrusted wealth management with a total outstanding balance of 165 million Yuan with no overdue amounts - The company reported no trusteeship or contracting situations during the reporting period[133](index=133&type=chunk)[134](index=134&type=chunk) Leasing Status | No. | Lessor | Lessee | Leased Property Address | Area (sqm) | | :--- | :--- | :--- | :--- | :--- | | 1 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Nanhua Biology | B1 Building, 3rd Floor, East and West Sides, and B1 Building, Middle (South) Area, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 869.40 | | 2 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Boai Kangmin | B2 Building, Middle Area, and B1 Building, Middle Area, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 579.6 | | 3 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Nanhua Biotechnology | C Building, 1st Floor, North Side, Room 103, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 435 | | 4 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Nanhua Biotechnology | C Building, Room 201, and C Building, Basement 1 Designated Area, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 2,482 | | 5 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Nanhua Biotechnology | A1 Building, 11th Floor, Room 1104, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 150 | | 6 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Nanhua Biotechnology | A1 Building, 11th Floor, Room 1101, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 620 | | 7 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Nanhua Biotechnology | B1 and B2 Buildings, Middle Area, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 579.6 | | 8 | Changsha High-tech Industrial Development Zone Entrepreneurship Service Center | Hunan Aishi Weimin | B2 Building, North Wing, and B1 Building, Middle Area, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 869.40 | | 9 | Changsha Dingshangding Apartment Management Co., Ltd. | Hunan Aishi Weimin | B3 Building, Room 405, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 52.40 | | 10 | Changsha Dingshangding Apartment Management Co., Ltd. | Hunan Aishi Weimin | B3 Building, Room 407, Lugu Science and Technology Innovation and Entrepreneurship Park, No. 1698, Yuelu West Avenue, Changsha High-tech Zone | 52.40 | | 11 | Hunan Hengda Seed Industry High-tech Co., Ltd. | Chengguang Energy Conservation | A3-3, Changsha Science and Technology New City, Changsha County, Changsha City | 240 | | 12 | Hunan Hengda Seed Industry High-tech Co., Ltd. | Xiangjiang Water Affairs | A3-3, Changsha Science and Technology New City, Changsha County, Changsha City | 110 | | 13 | Hunan Hengda Seed Industry High-tech Co., Ltd. | Zhiwei Construction | A3-3, Changsha Science and Technology New City, Changsha County, Changsha City | 100 | | 14 | Hunan Hengda Seed Industry High-tech Co., Ltd. | Chengguang New Energy | A3-3, Changsha Science and Technology New City, Changsha County, Changsha City | 200 | | 15 | Zhou Meihua | Xiamen Chengguang | Unit 410, No. 516, Xinglinwan Road, Jimei District, Xiamen City | 50.97 | | 16 | Hunan Provincial Highway Design Co., Ltd. | Shaanxi Chengguang | B1 Building, 1114-1110, Chuanggu Advertising Industrial Park, Tianxin District | 154 | | 17 | Hu Shaoping | Zhiwei Construction | Room 506, Building 3, Jueshi Xiang, Panpan Road, Changsha County | 109 | | 18 | Hunan Hengda Seed Industry High-tech Co., Ltd. | Caixin Energy Conservation | A3-3, Changsha Science and Technology New City, Changsha County, Changsha City | 50 | | 19 | Huaihua High-tech Industrial Investment Group Co., Ltd. | Huaihua Chengguang Environmental Protection | Building 1, Room 1401, Wushui Mountain City, Huaihua High-tech Zone | 143.59 | | 20 | Zhuang Yuan | Xiamen Chengguang | Building 15, Room 1103, Lotus International B Area, Jimei District, Xiamen City | 114.94 | | 21 | Chen Xiaoling | Xiamen Chengguang | Room 503, No. 33, Xingbei Erli, Jimei District, Xiamen City | 89.16 | | 22 | Qu Zhifang | Shaanxi Chengguang | Unit 1, 5th Floor, No. 2, Building 8, Rongchuang A Area, Guanshanhu District, Guiyang City | 185.78 | | 23 | Li Yingkai | Xiangjiang Water Affairs | Rongchangba Community, Renhuai City, Zunyi City, Guizhou Province | 100 | | 24 | Hunan Youze Real Estate Development Co., Ltd. | Nanhua Yuanfang | 21st Floor, Friendship Consulting Building, No. 339, Xinglian Road, Kaifu District, Changsha City | 216.00 | | 25 | Changsha Deyiliangyou Co., Ltd. | Nanhua Yuanfang | Deyiliangyou Courtyard, No. 859, Renmin Middle Road, Furong District, Changsha City | 900.00 | | 26 | Ren Yu | Nanhua Yuanfang | Stores 105-1, 105-2, Building 1, Antai Xincun Community, Hengda Road, Heyuan Street, Furong District, Changsha City | 100.00 | | 27 | Yi Chao | Nanhua Yuanfang | Warehouse No. 10, Gutangwei Group, Guifang Village, Huangjinyuan Street, Wangcheng District, Changsha City | 300 | - The company reported no leasing projects that generated over **10% of total profit** during the reporting period[137](index=137&type=chunk) - The company reported no significant guarantee situations during the reporting period[138](index=138&type=chunk) Entrusted Wealth Management Status (Units: Yuan) | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred | Unmatured Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Trust Wealth Management Products | Own Funds | 100,000,000 | 100,000,000 | 0 | | Bank Wealth Management Products | Own Funds | 35,000,000 | 65,000,000 | 0 | | Total | - | 135,000,000 | 165,000,000 | 0 | - The company reported no other significant contracts during the reporting period[141](index=141&type=chunk) [Explanation of Other Significant Matters](index=57&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section explains that 18,449,197 newly issued shares from the company's 2023 private placement were unlocked and listed on July 10, 2025, and the company plans to publicly transfer its 52% equity in Nanhua Heping Hospital Management (Hunan) Co., Ltd. to optimize its business structure - The **18,449,197 newly issued shares** from the company's 2023 private placement were unlocked and listed for trading on **July 10, 2025**[142](index=142&type=chunk) - The company plans to publicly transfer its **52% equity** in Nanhua Heping Hospital Management (Hunan) Co., Ltd. through the Hunan United Property Rights Exchange to optimize its business structure and focus on core industry development[143](index=143&type=chunk) [Share Changes and Shareholder Information](index=58&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share changes and shareholder structure, noting a decrease in restricted shares and an increase in unrestricted shares due to the expiration of lock-up periods for private placement shares, with stable top ten shareholder holdings and Hunan Caixin Industrial Investment Fund Management Co., Ltd. as the controlling shareholder Share Change Status (Units: Shares) | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 19,354,397 | 5.86% | -4,500 | 19,349,897 | 5.86% | | II. Unrestricted Shares | 310,668,701 | 94.14% | 4,500 | 310,673,201 | 94.14% | | III. Total Shares | 330,023,098 | 100.00% | 0 | 330,023,098 | 100.00% | - The change in restricted shares was primarily due to the unlocking of **4,500 shares** held by Wang Yiya[149](index=149&type=chunk) - The company reported no securities issuance and listing during the reporting period[150](index=150&type=chunk) - The total number of common shareholders at the end of the reporting period was **13,239**[151](index=151&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (Units: Shares) | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Caixin Industrial Investment Fund Management Co., Ltd. | State-owned Legal Person | 29.74% | 98,150,852 | 18,449,197 | 79,701,655 | Not Applicable | 0 | | Chongqing International Trust Co., Ltd. | Domestic Non-State-owned Legal Person | 10.79% | 35,600,000 | 0 | 35,600,000 | Not Applicable | 0 | | Chongqing Zijun Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 3.00% | 9,891,000 | 0 | 9,891,000 | Not Applicable | 0 | | Ye Chaoying | Domestic Natural Person | 2.01% | 6,618,501 | 0 | 6,618,501 | Not Applicable | 0 | | Shenzhen Linze Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 0.84% | 2,780,900 | 0 | 2,414,000 | Pledged | 2,780,900 | | Lv Lixian | Domestic Natural Person | 0.77% | 2,534,600 | 0 | 2,534,600 | Not Applicable | 0 | | Lu Liping | Domestic Natural Person | 0.77% | 2,527,102 | 0 | 2,527,102 | Not Applicable | 0 | | Shenzhen Zhongjun Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 0.73% | 2,414,000 | 0 | 2,414,000 | Not Applicable | 0 | | Zhang Shunzao | Domestic Natural Person | 0.66% | 2,181,900 | 0 | 2,181,900 | Not Applicable | 0 | | Tao Huijuan | Domestic Natural Person | 0.57% | 1,890,138 | 0 | 1,890,138 | Not Applicable | 0 | - Among the company's top 10 shareholders, the controlling shareholder Caixin Industrial Investment Fund and other shareholders have no associated relationships and are not considered parties acting in concert as defined by the "Measures for the Administration of the Acquisition of Listed Companies"[152](index=152&type=chunk) - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[154](index=154&type=chunk) - The company's controlling shareholder and actual controller did not change during the reporting period[155](index=155&type=chunk)[156](index=156&type=chunk) - The company had no preferred shares during the reporting period[157](index=157&type=chunk) [Bond-Related Information](index=65&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[159](index=159&type=chunk) [Financial Report](index=66&type=section&id=Section%20VIII%20Financial%20Report) This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, along with detailed financial notes, showing a slight decrease in total assets and net assets but a narrowed net loss - The company's semi-annual financial report is unaudited[161](index=161&type=chunk) - The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period[200](index=200&type=chunk)[201](index=201&type=chunk) - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[203](index=203&type=chunk) - The company's main tax types and rates include Value-Added Tax (**13%, 9%, 6%, 3%**), Urban Maintenance and Construction Tax (**7%, 5%**), and Enterprise Income Tax (**25%, 20%, 15%**)[347](index=347&type=chunk) - Subsidiary Nanhua Biotechnology Co., Ltd. enjoys a **15%** preferential income tax rate as a high-tech enterprise; some subsidiaries qualify as small and micro-profit enterprises, enjoying a **20%** preferential income tax rate; subsidiary Xiangjiang Water Affairs Co., Ltd. benefits from a **50%** reduction in enterprise income tax for public wastewater treatment projects[348](index=348&type=chunk)[349](index=349&type=chunk) - Xiangjiang Water Affairs Co., Ltd. enjoys a **70%** immediate refund of Value-Added Tax for providing resource comprehensive utilization services (wastewater treatment); Chengguang (Hunan) Energy Conservation and Environmental Protection Services Co., Ltd. is exempt from Value-Added Tax for taxable services provided in contract energy management projects[350](index=350&type=chunk) [Audit Report](index=66&type=section&id=I.%20Audit%20Report) This section explicitly states that the company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[161](index=161&type=chunk) [Financial Statements](index=66&type=section&id=II.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, with consolidated total assets of 595,089,167.83 Yuan and a net loss of 14,062,869.87 Yuan Consolidated Balance Sheet (Units: Yuan) | Item | Balance at Period End | Balance at Period Beginning | | :--- | :--- | :--- | | Total Current Assets | 488,178,403.34 | 401,904,309.43 | | Total Non-Current Assets | 106,910,764.49 | 206,265,508.54 | | Total Assets | 595,089,167.83 | 608,169,817.97 | | Total Current Liabilities | 309,938,760.29 | 305,471,086.70 | | Total Non-Current Liabilities | 17,448,339.91 | 20,700,624.03 | | Total Liabilities | 327,387,100.20 | 326,171,710.73 | | Total Equity Attributable to Parent Company Owners | 233,610,767.15 | 237,095,180.02 | | Minority Interests | 34,091,300.48 | 44,902,927.22 | | Total Owners' Equity | 267,702,067.63 | 281,998,107.24 | | Total Liabilities and Owners' Equity | 595,089,167.83 | 608,169,817.97 | Consolidated Income Statement (Units: Yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Total Operating Revenue | 51,592,126.65 | 56,324,793.65 | | Total Operating Costs | 65,250,416.17 | 62,125,483.17 | | Operating Profit | -14,221,799.47 | -11,059,226.87 | | Total Profit | -14,600,513.46 | -11,065,820.55 | | Net Profit | -14,062,869.87 | -11,629,172.38 | | Net Profit Attributable to Parent Company Shareholders | -3,484,412.87 | -8,392,830.28 | | Minority Interest Income/Loss | -10,578,457.00 | -3,236,342.10 | | Basic Earnings Per Share | -0.0106 | -0.0254 | | Diluted Earnings Per Share | -0.0106 | -0.0254 | Consolidated Cash Flow Statement (Units: Yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,960,500.98 | 1,851,987.71 | | Net Cash Flow from Investing Activities | -62,131,682.26 | -101,122,636.91 | | Net Cash Flow from Financing Activities | -2,291,582.03 | -190,000,571.50 | | Net Increase in Cash and Cash Equivalents | -67,383,776.72 | -289,271,203.77 | | Cash and Cash Equivalents at Period End | 139,949,370.21 | 204,509,871.63 | [Company Basic Information](index=84&type=section&id=III.%20Company%20Basic%20Information) This section provides basic information about Nanhua Biomedicine Co., Ltd., including its history, listing date, registered capital, share structure, and main businesses in human cell detection, storage, contract energy management, and wastewater treatment - The company's predecessor was Hainan Gangao Industrial Co., Ltd., listed on the Shenzhen Stock Exchange on **December 8, 1992**[197](index=197&type=chunk) - The company's registered capital is **330,023,098.00 Yuan**, with a total share capital of **330,023,098 shares**[197](index=197&type=chunk) - Hunan Caixin Industrial Investment Fund Management Co., Ltd. holds **98,150,852 shares**, accounting for **29.74%** of the total share capital, making it the company's largest shareholder[197](index=197&type=chunk) - The company operates in both the biotechnology and energy conservation & environmental protection industries, primarily providing human cell detection and storage services, as well as contract energy management and wastewater treatment services[198](index=198&type=chunk) [Basis of Financial Statement Preparation](index=84&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[200](index=200&type=chunk) - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the next 12 months from the end of the reporting period[201](index=201&type=chunk) [Significant Accounting Policies and Estimates](index=85&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, intangible assets, and revenue recognition, adhering to enterprise accounting standards and specific operational characteristics - The company adheres to the requirements of enterprise accounting standards, truthfully and completely reflecting its financial position, operating results, and cash flows[203](index=203&type=chunk) - The accounting year runs from **January 1 to December 31**, with a short operating cycle, using **12 months** as the liquidity classification standard for assets and liabilities[204](index=204&type=chunk)[205](index=205&type=chunk) - The recording currency is **Renminbi**[206](index=206&type=chunk) - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and accrues impairment provisions based on expected credit losses[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) - Revenue recognition principle: Identify single performance obligations, determine fulfillment over a period or at a point in time, and recognize revenue based on the progress of fulfillment or when the customer obtains control[312](index=312&type=chunk)[313](index=313&type=chunk) - Revenue measurement principle: Measure revenue at the transaction price allocated to each single performance obligation, considering variable consideration and significant financing components[314](index=314&type=chunk)[315](index=315&type=chunk) - Specific revenue recognition methods include: testing services revenue (recognized once), storage services revenue (recognized periodically), medical device and consumable trade revenue (recognized using net method), EMC (contract energy management) revenue (recognized based on energy savings progress), wastewater treatment revenue (recognized based on treatment volume progress), and product sales revenue (recognized when customer confirms acceptance)[316](index=316&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk)[319](index=319&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk) - The company implemented relevant provisions of "Interpretation No. 17" and "Interpretation No. 18" of the Enterprise Accounting Standards issued by the Ministry of Finance starting from **January 1, 2024**, which had no impact on the company's financial statements[344](index=344&type=chunk) [Taxation](index=112&type=section&id=VI.%20Taxation) This section lists the company's main tax types and rates, detailing tax preferential policies enjoyed by the company and its subsidiaries, including high-tech enterprise income tax, small and micro-profit enterprise income tax, public infrastructure project income tax, and VAT immediate refund for resource comprehensive utilization Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, output tax is calculated, and after deducting input tax allowed for the current period, the difference is VAT payable | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Enterprise Income Tax | Taxable Income | 25%, 20%, 15% | | Property Tax | For rental-based assessment, 12% of rental income is taxed | 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Subsidiary Nanhua Biotechnology Co., Ltd.: Enterprise income tax for **2022-2025** is executed at a preferential tax rate of **15%** (high-tech enterprise)[348](index=348&type=chunk) - Jiangxi Aishi Weimin Co., Energy Development Co., and **10 other subsidiaries**: Qualified as small and micro-profit enterprises for **2025**, enjoying enterprise income tax calculated at **25%** of taxable income and paid at a **20%** tax rate[348](index=348&type=chunk) - Subsidiary Xiangjiang Water Affairs Co., Ltd.: Income from public wastewater treatment projects for **2025** enjoys a **50%** reduction in enterprise income tax starting from the fifth year[349](index=349&type=chunk) - Xiangjiang Water Affairs Co., Ltd.: Provides resource comprehensive utilization services (wastewater treatment services) and, meeting specified technical standards and relevant conditions, enjoys an immediate refund of Value-Added Tax at a **70%** refund rate[350](index=350&type=chunk) - Subsidiary Chengguang (Hunan) Energy Conservation and Environmental Protection Services Co., Ltd.: Taxable services provided in contract energy management projects are exempt from Value-Added Tax[350](index=350&type=chunk) [Notes to Consolidated Financial Statement Items](index=114&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering monetary funds, transactional financial assets, accounts receivable, other receivables, inventories, fixed assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, accounts payable, contract liabilities, employee benefits payable, taxes payable, long-term borrowings, lease liabilities, deferred income, share capital, capital reserves, retained earnings, operating revenue and costs, various expenses, other income, fair value change gains, investment income, credit impairment losses, asset disposal gains, non-operating income/expenses, income tax expense, and supplementary cash flow information - Monetary funds balance at period end was **140,177,370.21 Yuan**, of which **228,000.00 Yuan** was restricted for use as letter of credit and letter of guarantee margins[353](index=353&type=chunk) - Transactional financial assets balance at period end was **165,461,994.00 Yuan**, primarily including equity instrument investments of **100,461,994.00 Yuan** and structured deposits of **65,000,000.00 Yuan**[355](index=355&type=chunk) - Accounts receivable book balance at period end was **213,701,243.09 Yuan**, with bad debt provision of **90,759,205.77 Yuan**. Among individually impaired accounts receivable, Minxian Hongyuan Clean Heating Co., Ltd. and Hunan Yixun International Trade Co., Ltd. had significant amounts, expected to be unrecoverable in full[359](index=359&type=chunk)[360](index=360&type=chunk) - Other receivables book balance at period end was **35,447,668.88 Yuan**, with bad debt provision of **24,243,702.72 Yuan**. Among individually impaired other receivables, Guizhou Jiyi Protective Products Co., Ltd., Zhejiang Jinsidai Biotechnology Co., Ltd., and Tianfu Environmental Biotechnology (Jiangsu) Co., Ltd. had significant amounts, expected to be unrecoverable[383](index=383&type=chunk)[384](index=384&type=chunk) - Inventories book value at period end was **18,191,314.08 Yuan**, with inventory impairment provision of **1,275,648.91 Yuan**[399](index=399&type=chunk)[401](index=401&type=chunk) - Fixed assets book value at period end was **12,777,137.46 Yuan**, with accumulated depreciation of **12,400,324.21 Yuan**[410](index=410&type=chunk)[411](index=411&type=chunk) - Right-of-use assets book value at period end was **9,198,389.09 Yuan**, with accumulated depreciation of **11,688,761.88 Yuan**[414](index=414&type=chunk) - Intangible assets book value at period end was **2,343,686.15 Yuan**, including software, trademark usage rights, patent rights, and non-patent technologies[418](index=418&type=chunk)[419](index=419&type=chunk) - Goodwill book original value at period end was **25,135,583.18 Yuan**, with a full impairment provision of **23,152,356.41 Yuan**[420](index=420&type=chunk)[422](index=422&type=chunk) - Long-term deferred expenses balance at period end was **77,923,846.47 Yuan**, primarily for contract energy management service costs and renovation expenses[425](index=425&type=chunk) - Deferred income tax as

Market Overview - As of August 26, the Shanghai Composite Index fell by 0.39% to 3868.3820 points, while the Shenzhen Component Index rose by 0.26% to 12473.174 points [1] Top Gainers in Hunan Stocks - Topvi Information opened at 37.290 and closed at 40.270, achieving a daily increase of 10.00% with a trading volume of 1,329,989 lots [2] - Youa Shares opened at 7.020 and closed at 7.610, marking a rise of 5.84% and a trading volume of 2,169,265 lots [2] - ST Jiajia opened at 6.590 and closed at 6.860, with a daily increase of 5.05% and a trading volume of 106,992 lots [2] - Yuhuan CNC opened at 22.430 and closed at 23.620, reflecting a rise of 4.79% with a trading volume of 155,652 lots [2] - Jiugui Liquor opened at 66.500 and closed at 69.400, increasing by 3.37% with a trading volume of 447,908 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, experiencing a decline of 11.76% with a trading volume of 611,606 lots [3] - Jiu Zhi Tang (Rights Protection) opened at 12.460 and closed at 12.250, down by 3.62% with a trading volume of 526,762 lots [3] - *ST Biology (Rights Protection) opened at 9.770 and closed at 9.450, decreasing by 3.57% with a trading volume of 91,325 lots [3] - Changlan Technology opened at 19.200 and closed at 18.820, falling by 3.14% with a trading volume of 97,154 lots [3] - Shanhe Intelligent opened at 16.660 and closed at 16.220, down by 2.64% with a trading volume of 1,057,297 lots [3]

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]

本报（chinatimes.net.cn）记者于娜 北京报道 被实施退市风险警示（*ST）的南华生物医药股份有限公司（下称"南华生物"）近日紧急抛出"自救方 案"：公司正式公告筹划收购动作，目标直指湖南慧泽生物医药科技有限公司（下称"慧泽医药"）51% 股权，交易完成后标的公司将成为其控股子公司并纳入合并报表。 南华生物表示，通过并购慧泽医药，一方面有利于上市公司生物医药板块业务发展延伸，从而进一步增 强上市公司主营业务的盈利能力，提升上市公司抗风险能力；另一方面细胞临床转化研究和药物研发及 临床评价业务上具有较强的关联性，通过资产整合，将有利于提升公司经营效率，具有较强的协同效 应。 此次收购被市场普遍解读为南华生物应对退市风险的关键举措。据公司财报数据，南华生物已面临净利 润连续为负、营收规模不足的困境，2024年归母净利润亏损1984.6万元，全年营收仅1.34亿元，核心指 标触及退市警示标准，若2025年业绩仍无明显起色，退市压力迫在眉睫。 在此背景下，收购背后的潜在问题也成为资本市场关注焦点：南华生物当前现金流状况能否支撑现金交 易，收购后两家公司在业务、管理上的整合能否顺利推进，这些疑问将直接影响 ...

Core Viewpoint - Nanhua Biopharmaceutical Co., Ltd. is implementing a self-rescue plan by planning to acquire 51% of Hunan Huize Biopharmaceutical Technology Co., Ltd. to address delisting risk due to continuous net profit losses and insufficient revenue [2][5][10] Financial Performance - In 2024, Nanhua Biopharmaceutical reported a net profit loss of 19.84 million yuan, with total revenue of only 134.45 million yuan, triggering delisting warnings [2][7] - The company has faced declining revenues, with a 1.71% decrease in 2024 compared to 2023, and a significant drop in cash flow, down 86.79% to 479,000 yuan [7][8] - The first quarter of 2025 showed a further decline in revenue by 13.55% to 22.45 million yuan, with a net loss of 2.1 million yuan [7] Acquisition Details - The acquisition will be conducted through a "pure cash transaction + phased approach" to quickly gain control of Huize Biopharmaceutical and improve financial statements [3][4] - A 90-day exclusivity period has been established, during which Nanhua will conduct due diligence and asset evaluation, with the transaction expected to be completed by December 31, 2025 [3][4] Strategic Rationale - The acquisition aims to enhance Nanhua's biopharmaceutical business and improve profitability and risk resistance [4] - Huize Biopharmaceutical, established in 2014, has completed over 1,000 technical service projects and is recognized as a national-level "little giant" enterprise [4] Integration Risks - Concerns exist regarding Nanhua's cash flow to support the cash transaction and the potential challenges in integrating the two companies post-acquisition [8][9] - The cultural and management differences between the state-controlled Nanhua and the private Huize may lead to prolonged integration periods, affecting performance [9] Market Reaction - Following the acquisition announcement, Nanhua's stock initially surged but later stabilized, reflecting mixed investor sentiment regarding the potential for improved performance versus concerns over cash flow and integration risks [9][10]

关于挂牌出售控股子公司股权的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 南华生物医药股份有限公司（以下简称"公司"）2025 年 6 月 18 日召开第 十一届董事会第二十八次会议审议了《关于授权经营层挂牌出售子公司股权的议 案》，授权经营层挂牌出售南华和平医院管理（湖南）有限公司（以下简称"南 华和平"）52%股权。详情请见 2025 年 6 月 19 日发布的《关于授权经营层挂牌 出售子公司股权的公告》（公告编号：2025-031）。 2025年8月20日，公司通过湖南省联合产权交易所挂牌出售南华和平52%的股 权，挂牌底价为人民币1,999.19万元。 一、交易概述 公司通过湖南省联合产权交易所挂牌出售南华和平 52%的股权，挂牌底价为 人民币 1,999.19 万元（详见湖南省联合产权交易所项目中心的相关公告）。 证券代码：000504 证券简称：*ST 生物 公告编号：2025-049 南华生物医药股份有限公司 本次出售南华和平股权拟通过湖南省联合产权交易所挂牌进行，交易对方 暂未确定。 三、交易标的基本情况 1.企业名称：南 ...