Core Viewpoint - Qidi Pharmaceutical reported a decline in revenue for the first half of 2025, indicating potential challenges in its business operations [1] Financial Performance - The company achieved operating revenue of 142 million yuan, a year-on-year decrease of 2.87% [1] - The net profit attributable to shareholders of the listed company was -17 million yuan, showing a year-on-year increase of 26.61% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -23 million yuan, reflecting a year-on-year increase of 7.12% [1] - Basic earnings per share were -0.0717 yuan [1]

[Part I Important Notice, Table of Contents, and Definitions](index=3&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section covers important notices, reference documents, and key definitions for the report [1.1 Important Notice](index=3&type=section&id=1.1%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) Board and management affirm report accuracy; no cash dividends or capital reserve conversions are planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the half-yearly report content[7](index=7&type=chunk) - The company's responsible person, chief accountant, and head of accounting department declare that the financial report is true, accurate, and complete[7](index=7&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[8](index=8&type=chunk) [1.2 Reference Documents Catalog](index=4&type=section&id=1.2%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the half-yearly report's reference documents, including signed financial statements and original disclosures - Reference documents include financial statements signed by the company's responsible person, chief accountant, and head of accounting department[10](index=10&type=chunk) - Reference documents include the originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[10](index=10&type=chunk) - Reference documents include the original text of the half-yearly report bearing the chairman's signature[11](index=11&type=chunk) [1.3 Definitions](index=5&type=section&id=1.3%20%E9%87%8A%E4%B9%89) This section defines key terms, covering regulatory bodies, legal frameworks, and financial units Main Definitions | Definition Item | Definition Content | | :--- | :--- | | China Securities Regulatory Commission | China Securities Regulatory Commission | | SZSE | Shenzhen Stock Exchange | | The Company, Company, or Tus-Pharma | Tus-Pharma Group Co., Ltd. | | Controlling Shareholder, Tus-Science Service | Tus-Science Service Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section introduces the company's basic information and presents its key accounting data and financial performance indicators [2.1 Company Profile](index=6&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Tus-Pharma Group Co., Ltd., stock code 000590, is listed on the Shenzhen Stock Exchange, with no changes in contact information Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Tus-Pharma | | Stock Code | 000590 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Tus-Pharma Group Co., Ltd. | | Legal Representative | Jiao Qisen | Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Yan Lijun | 0734-8239335 | qdyy0008@tuspharma.cn | | Securities Affairs Representative | Sun Jiaju | 0734-8239335 | qdyy0008@tuspharma.cn | - The company's registered address, office address, website, email, and information disclosure location remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk)[18](index=18&type=chunk) [2.2 Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20%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) Operating revenue decreased by 2.87%, net loss attributable to shareholders narrowed by 26.61%, and operating cash flow significantly increased by 155.90% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 142,437,429.61 | 146,653,368.54 | -2.87% | | Net Profit Attributable to Listed Company Shareholders | -17,170,056.39 | -23,394,630.04 | 26.61% | | Net Cash Flow from Operating Activities | 30,950,220.11 | 12,094,765.90 | 155.90% | | Basic Earnings Per Share (yuan/share) | -0.0717 | -0.0977 | 26.61% | | Weighted Average Return on Net Assets | -2.91% | -3.29% | 0.38% | Key Accounting Data and Financial Indicators (Period-End Change) | Indicator | Current Period-End (yuan) | Prior Year-End (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,009,202,379.73 | 1,013,417,469.23 | -0.42% | | Net Assets Attributable to Listed Company Shareholders | 581,076,063.03 | 598,246,119.42 | -2.87% | [2.3 Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=2.3%20%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reports no differences in net profit and net assets between Chinese and international or overseas accounting standards - The company reports no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company reports no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [2.4 Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.4%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 5,482,116.95 yuan, primarily from asset disposal, government grants, and financial asset fair value changes Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 3,444,349.77 | | Government grants recognized in current profit or loss | 2,448,669.81 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 299,874.90 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 11,560.00 | | Other non-operating income and expenses apart from the above | 90,898.68 | | Other gains and losses items that meet the definition of non-recurring gains and losses | 70,861.54 | | Less: Income tax impact | 883,873.11 | | Minority interest impact (after tax) | 224.64 | | **Total** | **5,482,116.95** | - Other gains and losses items that meet the definition of non-recurring gains and losses are handling fees for withholding individual income tax[25](index=25&type=chunk) [Part III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's business operations, performance drivers, core competencies, and financial status [3.1 Company's Main Business Activities During the Reporting Period](index=9&type=section&id=3.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates in the pharmaceutical and health sector, focusing on traditional Chinese medicine, chemical drugs, and health foods, with a core product "Guhan Yangshenjing" [3.1.1 Industry Overview](index=9&type=section&id=3.1.1%20%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The pharmaceutical industry, a strategic sector, is developing steadily with policy support for traditional Chinese medicine, but faces challenges from healthcare reforms and rising costs - The pharmaceutical industry maintains a high-quality development trend under national policy guidance, with traditional Chinese medicine gaining development opportunities due to its "preventive treatment" advantages and policy support[27](index=27&type=chunk) - Healthcare system reforms (review and approval, centralized procurement, medical insurance payment reform) and rising costs of raw materials, packaging materials, energy, and labor have put pressure on the pharmaceutical industry, limiting revenue and profit growth[28](index=28&type=chunk) [3.1.2 Main Business, Products, and Market Position](index=9&type=section&id=3.1.2%20%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%9C%B0%E4%BD%8D) The company's core business spans traditional Chinese medicine, chemical drugs, and health foods, featuring the "Guhan Yangshenjing" product, a national secret technology, and a "China Time-Honored Brand" status - The company deeply cultivates the pharmaceutical and health sector, with businesses covering traditional Chinese medicine, chemical drugs, and health foods[29](index=29&type=chunk) - The core traditional Chinese medicine product, "Guhan Yangshenjing," originates from an ancient Mawangdui Han tomb prescription, is a "quasi-drug" pure traditional Chinese medicine preparation with both therapeutic and health-preserving functions, and its traditional production technique is listed as a Hunan Provincial Intangible Cultural Heritage[29](index=29&type=chunk) - The company owns over 110 drug varieties, more than 60 patents, including 6 exclusive varieties like "Guhan Yangshenjing," and the "Guhan" China Well-known Trademark and "China Time-Honored Brand" status[30](index=30&type=chunk) [3.1.3 Company's Business Model](index=10&type=section&id=3.1.3%20%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business model involves procurement through bidding, production based on market demand and GMP standards, and sales through agency distribution, direct supply, and e-commerce - The procurement department strictly follows procurement regulations, with bulk materials, packaging materials, and medicinal herbs primarily procured through bidding and inquiry comparison[31](index=31&type=chunk) - The production model is planned based on market demand, sales, production capacity, and safety stock, and strictly adheres to the standards of the "Pharmacopoeia of the People's Republic of China" and "Good Manufacturing Practice for Pharmaceutical Products"[32](index=32&type=chunk) - The sales model primarily adopts agency distribution (provincial or national agency) and direct supply, controlled sales, and direct sales (for large and medium-sized chains and hospitals), while actively exploring new retail and e-commerce marketing models[33](index=33&type=chunk)[34](index=34&type=chunk) [3.2 Performance Drivers During the Reporting Period](index=10&type=section&id=3.2%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company drove performance through channel integration, brand marketing, cost control, R&D innovation, and digitalization, despite a decline in total operating revenue - The company's management focuses on the "One Body, Two Wings" development strategy, with branded traditional Chinese medicine as the core, specialty APIs and health consumer products as the two wings, and internal reform, cost reduction, efficiency improvement, and external investment and M&A as driving engines[35](index=35&type=chunk) - The company enhances brand influence by deepening provincial channel integration, expanding out-of-province recruitment, strengthening e-commerce operations, and innovating marketing models[36](index=36&type=chunk) - The company reduces procurement costs by dynamically analyzing market conditions through its supply chain information system and flexibly adjusting payment terms, while strengthening comprehensive budget management to strictly control expenses[37](index=37&type=chunk) - R&D innovation achieved multiple breakthroughs, with 12 projects under research, new product launches, 14 hospital preparations developed, 4 new outsourced cooperation projects, and industry-university-research cooperation intentions reached with universities[38](index=38&type=chunk) - The company promotes the construction of a digital information system for the entire industry chain, earning the title of "Hunan Province 2025 Advanced Intelligent Factory"[39](index=39&type=chunk) - The company strengthens human resource management, building multiple promotion channels, implementing contract-based appointments for middle and grassroots managers, and improving the training mechanism for R&D personnel to stimulate talent vitality[40](index=40&type=chunk) [3.3 Core Competitiveness Analysis](index=12&type=section&id=3.3%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 competitiveness stems from its "China Time-Honored Brand" status, R&D capabilities, stringent GMP quality management, and experienced talent - The company owns the "China Time-Honored Brand," with its core product Guhan Yangshenjing listed as a Hunan Provincial Intangible Cultural Heritage, enjoying a good market reputation[42](index=42&type=chunk) - The company has provincial enterprise technology centers and other R&D platforms, enhancing technological innovation capabilities through independent R&D and industry-university-research cooperation, and building a Traditional Chinese Medicine Smart Industrial Park[43](index=43&type=chunk) - The company has established a rigorous quality management system, based on GMP, to strictly control the entire production process, and has been awarded the title of "Hunan Province Manufacturing Quality Benchmark"[44](index=44&type=chunk) - The company possesses an experienced R&D team and core management team, and is committed to establishing long-term incentive mechanisms to attract and retain outstanding talent[45](index=45&type=chunk) [3.4 Analysis of Main Business](index=12&type=section&id=3.4%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by 2.87% due to market conditions, but net loss attributable to shareholders narrowed by 26.61%, and operating cash flow significantly increased by 155.90% due to performance compensation Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 142,437,429.61 | 146,653,368.54 | -2.87% | | | Net Profit Attributable to Listed Company Shareholders | -17,170,056.39 | -23,394,630.04 | 26.61% | | | Net Cash Flow from Operating Activities | 30,950,220.11 | 12,094,765.90 | 155.90% | Primarily due to receipt of equity acquisition performance compensation | | Net Cash Flow from Financing Activities | 39,536,052.11 | -3,170,536.53 | 1,346.98% | Primarily due to increased bank borrowings and decreased bank loan repayments compared to the prior year | | Net Increase in Cash and Cash Equivalents | 43,507,368.37 | -18,201,659.91 | 339.03% | Primarily due to receipt of equity acquisition performance compensation | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Pharmaceutical Manufacturing | 133,916,320.41 | 94.02% | 139,000,907.40 | 94.78% | -3.66% | | By Product | Traditional Chinese Medicine Company and Marketing Company Products | 113,136,318.25 | 79.43% | 117,156,337.55 | 79.89% | -3.43% | | | Guangdong Xiantong Company Products | 20,337,966.81 | 14.28% | 19,008,614.09 | 12.96% | 6.99% | | | Pharmaceutical Company Products | 442,035.35 | 0.31% | 2,835,955.76 | 1.93% | -84.41% | | By Region | Within Province | 105,724,104.97 | 74.22% | 103,603,639.36 | 70.65% | 2.05% | | | Outside Province | 36,713,324.64 | 25.78% | 43,049,729.18 | 29.35% | -14.72% | Gross Profit Margin Changes in Main Business | Category | Item | Gross Profit Margin | Gross Profit Margin Change from Prior Year Period | | :--- | :--- | :--- | :--- | | By Industry | Pharmaceutical Manufacturing | 44.55% | -2.44% | | By Product | Traditional Chinese Medicine Company and Marketing Company Products | 44.33% | -1.63% | | | Guangdong Xiantong Company Products | 45.81% | -4.65% | | | Pharmaceutical Company Products | 44.52% | -22.06% | | By Region | Within Province | 40.23% | -10.57% | | | Outside Province | 56.11% | 17.60% | [3.5 Analysis of Non-Main Business](index=14&type=section&id=3.5%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-main business activities during the reporting period - The company had no non-main business activities during the reporting period[53](index=53&type=chunk) [3.6 Analysis of Assets and Liabilities](index=14&type=section&id=3.6%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders slightly decreased, with increases in cash, construction in progress, short-term and long-term borrowings, and decreases in accounts receivable and fixed assets Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 216,542,305.41 | 21.46% | 177,291,724.42 | 17.49% | 3.97% | | Accounts Receivable | 3,807,886.89 | 0.38% | 7,633,469.83 | 0.75% | -0.37% | | Inventories | 128,639,921.98 | 12.75% | 124,783,406.23 | 12.31% | 0.44% | | Construction in Progress | 18,393,092.65 | 1.82% | 8,812,400.02 | 0.87% | 0.95% | | Short-term Borrowings | 30,000,000.00 | 2.97% | 754,536.30 | 0.07% | 2.90% | | Long-term Borrowings | 95,054,792.00 | 9.42% | 82,223,970.92 | 8.11% | 1.31% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 135,000,000.00 | 135,000,000.00 | 0.00 | | Other Non-current Financial Assets | 20,028,049.72 | 0.00 | 0.00 | 20,028,049.72 | | Receivables Financing | 56,900,645.47 | | | 49,147,782.69 | | **Total** | **76,928,695.19** | **135,000,000.00** | **135,000,000.00** | **69,175,832.41** | Asset Rights Restriction Status | Item | Period-End Book Value (yuan) | Restricted Type | Restricted Status | | :--- | :--- | :--- | :--- | | Monetary Funds | 12,446,249.29 | Bank acceptance bill margin | Not freely usable | | Notes Receivable | 26,632,407.44 | Notes pool for issuing notes receivable | Not freely usable | [3.7 Investment Analysis](index=15&type=section&id=3.7%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company had no significant equity, securities, or derivative investments, but is undertaking major non-equity projects for a raw material warehouse and a pharmaceutical technology park - The company had no securities investments or derivative investments during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk) Significant Non-Equity Investments | Project Name | Investment Method | Cumulative Actual Investment Amount as of Reporting Period-End (yuan) | Project Progress | | :--- | :--- | :--- | :--- | | Original Raw Material Warehouse | Self-built | 8,230,099.62 | 50.61% | | Guhan Chemical (Pharmaceutical) Technology Park Phase I Construction Project | Self-built | 4,945,516.05 | 3.20% | [3.8 Significant Asset and Equity Disposals](index=17&type=section&id=3.8%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[64](index=64&type=chunk) - The company did not dispose of significant equity during the reporting period[65](index=65&type=chunk) [3.9 Analysis of Major Holding and Participating Companies](index=17&type=section&id=3.9%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) Major subsidiaries faced challenges, with net profits declining for Guhan Traditional Chinese Medicine and Guangdong Xiantong, while Hengyang Pharmaceutical continued to incur losses due to production halts and personnel burden Major Subsidiary Operating Performance | Company Name | Business Nature | Registered Capital (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Guhan Traditional Chinese Medicine Co., Ltd. | Pharmaceutical Manufacturing | 160,000,000.00 | 106,040,861.07 | 6,183,008.50 | | Guangdong Xiantong Pharmaceutical Co., Ltd. | Pharmaceutical Manufacturing | 21,080,000.00 | 21,417,755.00 | -1,260,505.13 | | Tus-Guhan Group Hengyang Pharmaceutical Co., Ltd. | Pharmaceutical Manufacturing | 10,000,000.00 | 484,411.06 | -9,975,424.77 | | Hunan Tus-Pharma Marketing Co., Ltd. | Pharmaceutical Wholesale and Retail | 10,000,000.00 | 113,975,687.11 | -8,776,226.71 | - Guhan Traditional Chinese Medicine Co., Ltd.'s net profit decreased by **59.97%** year-on-year, primarily due to reduced revenue and increased raw material prices[66](index=66&type=chunk) - Guangdong Xiantong Pharmaceutical Co., Ltd.'s net profit decreased by **387.96%** year-on-year, with revenue impacted by centralized procurement policies[67](index=67&type=chunk) - Hengyang Pharmaceutical Co., Ltd. continued to incur losses due to the suspension of its western medicine production line and heavy personnel burden[67](index=67&type=chunk) - The marketing company's performance declined overall, affected by consumption downgrades and a downturn in upstream performance[68](index=68&type=chunk) [3.10 Structured Entities Controlled by the Company](index=18&type=section&id=3.10%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[69](index=69&type=chunk) [3.11 Risks Faced by the Company and Countermeasures](index=18&type=section&id=3.11%20%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from a single product structure, raw material price volatility, and subsidiary losses, addressed by market stabilization, R&D, cost control, and asset restructuring - The company is highly dependent on its flagship product "Guhan Yangshenjing," posing a risk of a single product structure[69](index=69&type=chunk) - Prices of traditional Chinese medicinal materials are subject to various factors and may fluctuate, affecting the company's product costs and profitability[70](index=70&type=chunk) - The wholly-owned subsidiary Hengyang Pharmaceutical Co., Ltd. is in a loss-making state due to an aging product structure, inverted production and sales prices, suspension of its western medicine production line, and heavy personnel burden[71](index=71&type=chunk) - Countermeasures include maintaining market stability for core products, increasing R&D investment in new products, strengthening market price monitoring, implementing cost management, and accelerating product structure adjustment and asset disposal for the pharmaceutical company[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) [3.12 Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=3.12%20%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[72](index=72&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[73](index=73&type=chunk) [3.13 Implementation of 'Quality and Return Dual Improvement' Action Plan](index=19&type=section&id=3.13%20%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[73](index=73&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=20&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 details changes in governance personnel, profit distribution plans, environmental disclosures, and the company's social responsibility initiatives [4.1 Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=4.1%20%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%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes during the reporting period[75](index=75&type=chunk) [4.2 Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=20&type=section&id=4.2%20%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period[76](index=76&type=chunk) [4.3 Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=4.3%20%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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[77](index=77&type=chunk) [4.4 Environmental Information Disclosure](index=20&type=section&id=4.4%20%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and three major subsidiaries are listed as legally required environmental information disclosure enterprises, with public access to their respective reports - The listed company and its three major subsidiaries are included in the list of enterprises required to disclose environmental information by law[78](index=78&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Guhan Traditional Chinese Medicine Co., Ltd. | https://permit.mee.gov.cn/perxxgkinfo/xkgkAction!xkgk.action?xkgk=getxxgkContent&dataid=5a2e687e4d9b4300b36ec9a226a78873 | | 2 | Guangdong Xiantong Co., Ltd. | https://www app.gdeei.cn/gdeepub/front/dal/report/list | | 3 | Tus-Guhan Group Hengyang Pharmaceutical Co., Ltd. (Luojinqiao Plant) | http://yfpl.sthjt.hunan.gov.cn:8181/hnyfpl/frontal/index.html/home/enterpriseInfo?XTXH=aad66665-6644-4f03-8175-18ad5261b90d&XH=1682667375017029835264&year=2024&reportType=1 | [4.5 Social Responsibility](index=20&type=section&id=4.5%20%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by organizing volunteer activities, promoting ethnic unity, and supporting rural revitalization with financial aid and product procurement - The company aims to build the "No. 1 Brand of Chinese Health Experts" and is committed to the mission of "promoting national pharmaceutical industry and benefiting people's health," adhering to a healthy, green, and harmonious development model[79](index=79&type=chunk) - During the reporting period, the company organized over **100 volunteer participations** in social volunteer service activities and promoted the "Guhan Industrial Tourism Scenic Area—Characteristic Traditional Chinese Medicine Culture Promotes Three Exchanges" project[79](index=79&type=chunk) - The company continued its rural revitalization paired assistance work, allocating **50,000 yuan** in assistance funds to Zhouchong Village, Zhajiang Town, Hengyang County, and procuring **124,500 yuan** worth of local agricultural products for consumption assistance[80](index=80&type=chunk) [Part V Significant Matters](index=22&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 covers commitments, related party transactions, guarantees, litigation, and other significant events affecting the company [5.1 Commitments](index=22&type=section&id=5.1%20%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reports no unfulfilled or overdue commitments from its actual controller, shareholders, related parties, or the company itself - The company reports no commitments made by its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or were overdue and unfulfilled as of the end of the reporting period[82](index=82&type=chunk) [5.2 Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=22&type=section&id=5.2%20%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reports no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reports no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[83](index=83&type=chunk) [5.3 Irregular External Guarantees](index=22&type=section&id=5.3%20%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[84](index=84&type=chunk) [5.4 Appointment and Dismissal of Accounting Firms](index=22&type=section&id=5.4%20%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's half-yearly report was not audited - The company's half-yearly report was not audited[85](index=85&type=chunk) [5.5 Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Reports' from Accounting Firms](index=22&type=section&id=5.5%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company's board of directors and supervisory board provided no explanations regarding "non-standard audit reports" from accounting firms - The company's board of directors and supervisory board provided no explanations regarding "non-standard audit reports" from accounting firms for the current reporting period[86](index=86&type=chunk) [5.6 Bankruptcy and Reorganization Matters](index=22&type=section&id=5.6%20%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[86](index=86&type=chunk) [5.7 Litigation Matters](index=22&type=section&id=5.7%20%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[87](index=87&type=chunk) - The company had no other litigation matters during the reporting period[87](index=87&type=chunk) [5.8 Penalties and Rectification](index=23&type=section&id=5.8%20%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[88](index=88&type=chunk) [5.9 Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=23&type=section&id=5.9%20%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company reports no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[89](index=89&type=chunk) [5.10 Significant Related Party Transactions](index=23&type=section&id=5.10%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions/disposals, joint investments, or related party debts - The company had no related party transactions related to daily operations during the reporting period[89](index=89&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[90](index=90&type=chunk) - The company had no related party debt transactions during the reporting period[92](index=92&type=chunk) [5.11 Significant Contracts and Their Performance](index=24&type=section&id=5.11%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no custody, contracting, leasing, or wealth management activities, but provided significant guarantees to subsidiaries totaling **26,054,800 yuan** [5.11.1 Custody, Contracting, and Leasing Matters](index=24&type=section&id=5.11.1%20%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no custody, contracting, or leasing arrangements during the reporting period - The company had no custody arrangements during the reporting period[96](index=96&type=chunk) - The company had no contracting arrangements during the reporting period[97](index=97&type=chunk) - The company had no leasing arrangements during the reporting period[98](index=98&type=chunk) [5.11.2 Significant Guarantees](index=24&type=section&id=5.11.2%20%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) The company provided joint liability guarantees to subsidiaries, with an approved total of **180,000,000 yuan** and an actual outstanding balance of **26,054,800 yuan**, representing **4.48%** of net assets Company Guarantees to Subsidiaries | Guaranteed Entity Name | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | | :--- | :--- | :--- | :--- | :--- | | Guhan Traditional Chinese Medicine Co., Ltd. | 2,000 | 1,760.15 | Joint liability guarantee | Six years from the day after the expiration of the main debt | | Guhan Traditional Chinese Medicine Co., Ltd. | 3,000 | | Joint liability guarantee | Three years from the day after the expiration of the main debt | | Guhan Traditional Chinese Medicine Co., Ltd. | 3,000 | | Joint liability guarantee | One year from the day after the expiration of the main debt | | Hunan Tus-Pharma Technology Co., Ltd. | 10,000 | 845.33 | Joint liability guarantee | Fifteen years from the day after the expiration of the main debt | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **180,000,000 yuan**, and the actual outstanding guarantee balance for subsidiaries was **26,054,800 yuan**[101](index=101&type=chunk) - The total actual guarantee amount accounts for **4.48%** of the company's net assets[101](index=101&type=chunk) [5.11.3 Wealth Management](index=25&type=section&id=5.11.3%20%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company had no wealth management activities during the reporting period - The company had no wealth management activities during the reporting period[102](index=102&type=chunk) [5.11.4 Other Significant Contracts](index=25&type=section&id=5.11.4%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[103](index=103&type=chunk) [5.12 Explanation of Other Significant Matters](index=25&type=section&id=5.12%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The controlling shareholder's **58,606,962 shares** were judicially auctioned and acquired by Hunan Sailexian, leading to a change in the company's control - On June 16, 2025, **58,606,962 shares** held by the company's controlling shareholder, Tus-Science Service Co., Ltd., were publicly auctioned by the Beijing Financial Court due to a financial loan contract dispute[105](index=105&type=chunk) - On July 15, 2025, Hunan Sailexian Management Consulting Service Partnership (Limited Partnership) successfully bid **1,007,392,612.46 yuan** for the aforementioned shares[105](index=105&type=chunk) - As of August 11, 2025, the transfer registration of these shares was completed, Tus-Science Service Co., Ltd. no longer holds company shares, and Hunan Sailexian holds **24.47%** of the company's total share capital[106](index=106&type=chunk) [5.13 Significant Matters of Company Subsidiaries](index=26&type=section&id=5.13%20%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[107](index=107&type=chunk) [Part VI Share Changes and Shareholder Information](index=27&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital structure, shareholder composition, and any changes in shareholdings or control [6.1 Share Change Status](index=27&type=section&id=6.1%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital, restricted shares, and unrestricted shares remained unchanged during the reporting period Share Change Status | Item | Number of Shares Before Change (shares) | Proportion Before Change | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 99,840 | 0.04% | 99,840 | 0.04% | | II. Unrestricted Shares | 239,371,427 | 99.96% | 239,371,427 | 99.96% | | III. Total Shares | 239,471,267 | 100.00% | 239,471,267 | 100.00% | - During the reporting period, the reasons for share changes, approval status, transfer status, and progress of share repurchase implementation were all not applicable or unchanged[111](index=111&type=chunk) [6.2 Securities Issuance and Listing](index=28&type=section&id=6.2%20%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[112](index=112&type=chunk) [6.3 Number of Shareholders and Shareholding Status](index=28&type=section&id=6.3%20%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had **15,025** common shareholders at period-end, with Tus-Science Service Co., Ltd. (**24.47%**) and Hengyang Hongxiang State-owned Investment (Holdings) Group Co., Ltd. (**19.11%**) as the top two shareholders - The total number of common shareholders at the end of the reporting period was **15,025**[112](index=112&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Tus-Science Service Co., Ltd. | Domestic Non-State-owned Legal Person | 24.47% | 58,606,962.00 | Frozen | 58,606,962.00 | | Hengyang Hongxiang State-owned Investment (Holdings) Group Co., Ltd. | State-owned Legal Person | 19.11% | 45,757,337.00 | Not Applicable | 0 | | Peng Tielan | Domestic Natural Person | 4.06% | 9,733,110.00 | Not Applicable | 0 | | Beijing Huaqing Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 1.90% | 4,544,451.00 | Pledged | 2,270,000.00 | - Tus-Science Service Co., Ltd. and Beijing Huaqing Investment Co., Ltd. have an associated relationship and are parties acting in concert[113](index=113&type=chunk) [6.4 Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=6.4%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[115](index=115&type=chunk) [6.5 Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=6.5%20%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder changed during the reporting period, but the actual controller remained unchanged - The controlling shareholder changed during the reporting period, while the actual controller did not change during the reporting period[116](index=116&type=chunk) [6.6 Preferred Share Related Information](index=30&type=section&id=6.6%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[116](index=116&type=chunk) [Part VII Bond Related Information](index=31&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides information regarding the company's bond-related activities [7.1 Bond Related Information](index=31&type=section&id=7.1%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[118](index=118&type=chunk) [Part VIII Financial Report](index=32&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [8.1 Audit Report](index=32&type=section&id=8.1%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's half-yearly financial report was not audited - The company's half-yearly financial report was not audited[120](index=120&type=chunk) [8.2 Financial Statements](index=32&type=section&id=8.2%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's 2025 half-yearly consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [8.2.1 Consolidated Balance Sheet](index=32&type=section&id=8.2.1%20%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **1,009,202,379.73 yuan**, with total liabilities of **425,232,969.15 yuan** and total owners' equity of **583,969,410.58 yuan** Consolidated Balance Sheet Key Data (Period-End) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 1,009,202,379.73 | | Total Current Assets | 494,634,836.59 | | Total Non-current Assets | 514,567,543.14 | | Total Liabilities | 425,232,969.15 | | Total Owners' Equity | 583,969,410.58 | [8.2.2 Parent Company Balance Sheet](index=34&type=section&id=8.2.2%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **870,413,903.92 yuan**, with total liabilities of **306,750,628.18 yuan** and total owners' equity of **563,663,275.74 yuan** Parent Company Balance Sheet Key Data (Period-End) | Item | Period-End Balance (yuan) | | :--- | :--- | | Total Assets | 870,413,903.92 | | Total Current Assets | 159,303,380.78 | | Total Non-current Assets | 711,110,523.14 | | Total Liabilities | 306,750,628.18 | | Total Owners' Equity | 563,663,275.74 | [8.2.3 Consolidated Income Statement](index=36&type=section&id=8.2.3%20%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company's consolidated total operating revenue was **142,437,429.61 yuan**, with a net loss of **17,263,541.22 yuan** and basic earnings per share of **-0.0717 yuan** Consolidated Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 142,437,429.61 | 146,653,368.54 | | Operating Profit | -15,056,123.10 | -20,014,746.38 | | Net Profit | -17,263,541.22 | -23,276,437.01 | | Net Profit Attributable to Parent Company Shareholders | -17,170,056.39 | -23,394,630.04 | | Basic Earnings Per Share | -0.0717 | -0.0977 | [8.2.4 Parent Company Income Statement](index=38&type=section&id=8.2.4%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the parent company's operating revenue was **7,474,896.21 yuan**, with a net loss of **1,221,304.14 yuan** and basic earnings per share of **-0.0051 yuan** Parent Company Income Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 7,474,896.21 | 7,875,596.61 | | Operating Profit | -544,329.63 | -10,256,533.75 | | Net Profit | -1,221,304.14 | -10,706,693.75 | | Basic Earnings Per Share | -0.0051 | -0.0447 | [8.2.5 Consolidated Cash Flow Statement](index=39&type=section&id=8.2.5%20%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, net cash flow from operating activities was **30,950,220.11 yuan**, from investing activities was **-26,978,903.85 yuan**, and from financing activities was **39,536,052.11 yuan** Consolidated Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 30,950,220.11 | 12,094,765.90 | | Net Cash Flow from Investing Activities | -26,978,903.85 | -27,125,889.28 | | Net Cash Flow from Financing Activities | 39,536,052.11 | -3,170,536.53 | | Net Increase in Cash and Cash Equivalents | 43,507,368.37 | -18,201,659.91 | | Cash and Cash Equivalents at Period-End | 204,096,056.12 | 159,862,025.76 | [8.2.6 Parent Company Cash Flow Statement](index=40&type=section&id=8.2.6%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, net cash flow from operating activities was **-1,202,113.99 yuan**, from investing activities was **-14,418,026.55 yuan**, and from financing activities was **23,071,435.98 yuan** Parent Company Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,202,113.99 | 30,675,121.07 | | Net Cash Flow from Investing Activities | -14,418,026.55 | -8,011,299.54 | | Net Cash Flow from Financing Activities | 23,071,435.98 | -7,223,217.40 | | Net Increase in Cash and Cash Equivalents | 7,451,295.44 | 15,440,604.13 | | Cash and Cash Equivalents at Period-End | 23,131,021.59 | 66,143,045.55 | [8.2.7 Consolidated Statement of Changes in Owners' Equity](index=41&type=section&id=8.2.7%20%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, consolidated owners' equity totaled **583,969,410.58 yuan**, a decrease from the beginning of the period, primarily due to the net loss Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 598,246,119.42 | -17,170,056.39 | 581,076,063.03 | | Minority Interests | 2,986,832.38 | -93,484.83 | 2,893,347.55 | | Total Owners' Equity | 601,232,951.80 | -17,263,541.22 | 583,969,410.58 | [8.2.8 Parent Company Statement of Changes in Owners' Equity](index=45&type=section&id=8.2.8%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, parent company owners' equity totaled **563,663,275.74 yuan**, a slight decrease from the beginning of the period, mainly due to the net loss Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (yuan) | Change in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 564,884,579.88 | -1,221,304.14 | 563,663,275.74 | [8.3 Company Basic Information](index=48&type=section&id=8.3%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Tus-Pharma Group Co., Ltd., established in 1993 and listed in 1996, primarily engages in pharmaceutical manufacturing and health-related businesses, with Tus-Science Service Co., Ltd. as its parent company - Tus-Pharma Group Co., Ltd. was established in November 1993 and listed on the Shenzhen Stock Exchange on January 19, 1996, operating in the pharmaceutical manufacturing industry[153](index=153&type=chunk) - As of June 30, 2025, the company's restricted tradable shares were **95,040 shares** (**0.04%** of total share capital), and unrestricted tradable shares were **239,376,227 shares** (**99.96%** of total share capital)[153](index=153&type=chunk) - The company's main business activities include pharmaceutical internet information services, health food production, food sales, disinfection equipment sales, alcohol sales, and comprehensive health services such as health consulting, wellness, and traditional Chinese medicine health services[154](index=154&type=chunk) - As of June 30, 2025, the company's parent company is Tus-Science Service Co., Ltd., and the company has no ultimate controlling party[154](index=154&type=chunk) [8.4 Basis of Financial Statement Preparation](index=49&type=section&id=8.4%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with Chinese Accounting Standards and CSRC regulations, based on a going concern assumption - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant provisions of the China Securities Regulatory Commission's "Information Disclosure and Reporting Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports"[155](index=155&type=chunk) - These financial statements are prepared on a going concern basis[156](index=156&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=49&type=section&id=8.5%20%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, covering financial instruments, inventory valuation, revenue recognition, and other key accounting treatments - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[158](index=158&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[169](index=169&type=chunk) - Inventories are initially measured at cost, valued using the first-in, first-out method when issued, and accounted for using the perpetual inventory system[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods or services[226](index=226&type=chunk) - The company elects not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets, expensing related lease payments on a straight-line basis or as part of the cost of related assets[247](index=247&type=chunk) [8.6 Taxation](index=67&type=section&id=8.6%20%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with some subsidiaries benefiting from preferential tax rates as high-tech or small-profit enterprises Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Revenue from sales of goods and taxable services | 6%; 9%; 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%; 20%; 25% | | Property Tax | Original value of property or rental income | 1.2%; 12% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - Guhan Traditional Chinese Medicine Co., Ltd. and Guangdong Xiantong Pharmaceutical Co., Ltd., as high-tech enterprises, enjoy a **15%** corporate income tax rate for the current year[256](index=256&type=chunk)[257](index=257&type=chunk) - Some subsidiaries qualify as small-profit enterprises and, from January 1, 2023, to December 31, 2027, calculate their taxable income at **25%** and pay corporate income tax at a **20%** rate[258](index=258&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=68&type=section&id=8.7%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including restricted cash, accounts receivable, inventory, goodwill impairment, and pledged long-term borrowings - Monetary funds at period-end totaled **216,542,305.41 yuan**, of which **12,446,249.29 yuan** is restricted as bank acceptance bill margin[260](index=260&type=chunk) - Accounts receivable at period-end had a book value of **3,807,886.89 yuan**, with an allowance for doubtful accounts of **63,627,488.26 yuan**, representing a **94.35%** provision rate[271](index=271&type=chunk) - Inventories at period-end had a book value of **128,639,921.98 yuan**, including inventory impairment provisions of **3,784,995.95 yuan** for finished goods[299](index=299&type=chunk)[301](index=301&type=chunk) - Goodwill had an original book value of **137,143,972.34 yuan**, with an impairment provision of **123,940,374.07 yuan**, primarily related to the Guangdong Xiantong Pharmaceutical Co., Ltd. asset group[337](index=337&type=chunk)[339](index=339&type=chunk)[340](index=340&type=chunk)[341](index=341&type=chunk) - Long-term borrowings at period-end totaled **95,054,792.00 yuan**, primarily including pledged borrowings of **70,000,000.00 yuan** (secured by 100% equity of Guangdong Xiantong Pharmaceutical Co., Ltd.)[385](index=385&type=chunk) [8.8 Research and Development Expenses](index=99&type=section&id=8.8%20%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenses for the reporting period were **8,292,249.34 yuan**, entirely expensed, primarily comprising salaries, materials, depreciation, and outsourced R&D fees R&D Expense Composition | Item | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Salaries, Welfare, and Social Insurance | 4,534,005.01 | 4,008,924.73 | | Material Input | 396,467.26 | 505,880.33 | | Depreciation, Amortization, etc. | 1,250,672.84 | 360,656.05 | | Outsourced R&D Fees | 1,173,776.70 | 1,510,708.74 | | Other | 937,327.53 | 308,359.99 | | **Total** | **8,292,249.34** | **6,694,529.84** | | Of which: Expensed R&D | 8,292,249.34 | 6,694,529.84 | [8.9 Interests in Other Entities](index=99&type=section&id=8.9%20%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in various subsidiaries across pharmaceutical and health sectors, with a zero carrying value for its long-term equity investment in the associate Tus-Guhan Group Hunan Pharmaceutical Co., Ltd. Major Subsidiary Composition | Subsidiary Name | Business Nature | Shareholding Percentage (Direct) | Shareholding Percentage (Indirect) | | :--- | :--- | :--- | :--- | | Guhan Traditional Chinese Medicine Co., Ltd. | Pharmaceutical Manufacturing | 100.00% | | | Tus-Guhan Group Hengyang Pharmaceutical Co., Ltd. | Pharmaceutical Manufacturing | 100.00% | | | Guangdong Xiantong Pharmaceutical Co., Ltd. | Pharmaceutical Manufacturing | 100.00% | | | Hunan Tus-Pharma Marketing Co., Ltd. | Pharmaceutical Wholesale and Retail | 100.00% | | | Hengyang Guhan Health Technology Development Co., Ltd. | Nutrition and Health Consulting Services | | 100.00% | - The company's long-term equity investment in the associate Tus-Guhan Group Hunan Pharmaceutical Co., Ltd. has a book value of **0 yuan** due to its continuous losses, resulting in negative net assets at period-end[311](index=311&type=chunk) Summary Financial Information for Insignificant Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount (yuan) | | :--- | :--- | | Net Profit of Associates | -454,214.49 | | Total Comprehensive Income of Associates | -454,214.49 | [8.10 Government Grants](index=101&type=section&id=8.10%20%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, deferred income from government grants totaled **45,245,802.96 yuan**, with **2,433,900.00 yuan** added and **1,178,446.06 yuan** recognized as other income Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | New Grants in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 43,990,349.02 | 2,433,900.00 | 1,178,446.06 | 45,245,802.96 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Deferred Income | 1,178,446.06 | 961,616.88 | | Other Income | 1,248,051.12 | 1,310,804.43 | [8.11 Risks Related to Financial Instruments](index=101&type=section&id=8.11%20%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (including interest rate and other price risks) through credit policies, cash flow monitoring, and appropriate debt portfolios - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[463](index=463&type=chunk) - The company controls its credit risk exposure by assessing customer creditworthiness and regularly monitoring credit records[465](index=465&type=chunk) - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months[466](index=466&type=chunk) - The company manages interest costs by maintaining an appropriate mix of fixed-rate and variable-rate debt[471](index=471&type=chunk) [8.12 Fair Value Disclosure](index=103&type=section&id=8.12%20%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's fair value measured assets, primarily receivables financing and other non-current financial assets, totaled **69,175,832.41 yuan**, all classified as Level 3 fair value measurements Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Receivables Financing | 49,147,782.69 | 49,147,782.69 | | Other Non-current Financial Assets | 20,028,049.72 | 20,028,049.72 | | **Total Assets Continuously Measured at Fair Value** | **69,175,832.41** | **69,175,832.41** | - Fair value measurement inputs are categorized into three levels: Level 1 for quoted prices in active markets, Level 2 for observable inputs, and Level 3 for unobservable inputs[476](index=476&type=chunk) [8.13 Related Parties and Related Party Transactions](index=104&type=section&id=8.13%20%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent company is Tus-Science Service Co., Ltd., with no ultimate controlling party, and the company has a contract liability of **143,694.41 yuan** with its associate, Tus-Guhan Group Hunan Pharmaceutical Co., Ltd. - The company's parent company is Tus-Science Service Co., Ltd., with registered capital of **1,036,900,900 yuan**, and both its shareholding and voting rights percentage are **24.47%**[477](index=477&type=chunk) - The company has no ultimate controlling party[477](index=477&type=chunk) - The associate Tus-Guhan Group Hunan Pharmaceutical Co., Ltd. engaged in related party transactions with the company[479](index=479&type=chunk) Related Party Payables | Item Name | Related Party | Period-End Book Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | :--- | | Contract Liabilities | Tus-Guhan Group Hunan Pharmaceutical Co., Ltd. | 143,694.41 | 143,694.41 | [8.14 Commitments and Contingencies](index=104&type=section&id=8.14%20%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company had no significant commitments or material contingencies requiring disclosure at the balance sheet date - There were no significant commitments at the balance sheet date[483](index=483&type=chunk) - The company had no material contingencies requiring disclosure[483](index=483&type=chunk) [8.15 Post-Balance Sheet Events](index=105&type=section&id=8.15%20%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) The company had no significant sales returns or other post-balance sheet events during the reporting period - The current period does not involve significant sales returns occurring after the balance sheet date[484](index=484&type=chunk) - There were no other post-balance sheet events in the current period[485](index=485&type=chunk) [8.16 Other Significant Matters](index=105&type=section&id=8.16%20%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company's reporting segments are Traditional Chinese Medicine & Health, Western Medicine, and Other Businesses, with Traditional Chinese Medicine & Health contributing most revenue and assets, but all segments reporting losses Financial Information by Reporting Segment | Item | Traditional Chinese Medicine & Health Production and Sales Business (yuan) | Western Medicine Production and Sales Business (yuan) | Other Businesses (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 139,797,731.62 | 484,411.06 | 2,155,286.93 | 142,437,429.61 | | Total Pr

Market Overview - As of August 21, the Shanghai Composite Index rose by 0.13% to close at 3771.0989 points, while the Shenzhen Component Index fell by 0.06% to close at 11919.763 points [1] Top Gainers in Hunan Stocks - Zhejiang Construction Investment opened at 9.600 and closed at 10.120, gaining 5.97% with a highest price of 10.180 and a lowest price of 9.600, trading volume was 794,215 lots [2] - ST Zhangjiajie opened at 7.300 and closed at 7.560, increasing by 3.99% with a highest price of 7.630 and a lowest price of 7.210, trading volume was 182,517 lots [2] - Jiu Gui Jiu opened at 65.000 and closed at 65.930, up by 3.88% with a highest price of 69.500 and a lowest price of 65.000, trading volume was 571,487 lots [2] - Hunan Gold opened at 19.700 and closed at 20.100, rising by 2.19% with a highest price of 20.730 and a lowest price of 19.690, trading volume was 699,102 lots [2] - Qidi Pharmaceutical opened at 12.530 and closed at 12.750, increasing by 2.00% with a highest price of 12.850 and a lowest price of 12.390, trading volume was 153,383 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, decreasing by 11.76% with a highest price of 0.170 and a lowest price of 0.150, trading volume was 611,606 lots [3] - Changlan Technology opened at 19.180 and closed at 18.550, down by 3.18% with a highest price of 19.200 and a lowest price of 18.460, trading volume was 131,350 lots [3] - Kaimete Gas opened at 15.970 and closed at 15.530, falling by 2.82% with a highest price of 16.220 and a lowest price of 15.400, trading volume was 949,923 lots [3] - Shanhe Intelligent opened at 17.350 and closed at 16.710, decreasing by 2.22% with a highest price of 17.500 and a lowest price of 16.640, trading volume was 1,267,365 lots [3] - Yanjin Puzhi opened at 74.960 and closed at 72.330, down by 2.20% with a highest price of 76.220 and a lowest price of 72.000, trading volume was 49,761 lots [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1、2025年8月11日，经公司向中国证券登记结算公司深圳分公司查询获悉，公司原控股股东启迪科技服 务有限公司（以下简称："启迪科服"）所持公司被司法拍卖的58,606,962股股票已完成过户登记手续。 2、本次过户完成后，公司原控股股东启迪科服已不再持有公司股份，启迪科服及其一致行动人北京华 清投资有限公司（以下简称"华清投资"）持有的公司股票总数从63,151,413股下降为4,544,451股，占公 司总股本的比例从26.37%下降至1.90%。湖南赛乐仙持有公司股票数从0股增加为58,606,962股，占公司 总股本比例从0增加为24.47%。 2025年8月6日，公司收到湖南赛乐仙送达的《北京金融法院执行裁定书》，主要内容如下： 3、本次权益变动系启迪科服所持公司股份被司法拍卖所致。本次权益变动不触及要约收购。本次权益 变动完成后，湖南赛乐仙将持有公司24.47%的股份。 一、本次司法拍卖基本情况 详情可查阅公司于2025年7月16日在《 ...

Core Viewpoint - The announcement details the completion of the judicial auction and transfer of shares held by the original controlling shareholder, Tsinghua Tongfang Technology Service Co., Ltd., to Hunan Sailoxian, resulting in a significant change in shareholding structure and control of the company [1][2][3]. Group 1: Judicial Auction Details - On July 15, 2025, Tsinghua Tongfang's 58,606,962 shares were successfully auctioned to Hunan Sailoxian for a total price of 1,007,392,612.46 yuan, representing 24.47% of the company's total share capital [2]. - The transfer of ownership was formalized on August 6, 2025, with the shares being registered under Hunan Sailoxian's name following the court's ruling [3]. Group 2: Shareholding Changes - Following the transfer, Tsinghua Tongfang no longer holds any shares in the company, reducing its total shareholding from 63,151,413 shares (26.37%) to 4,544,451 shares (1.90%) [1]. - Hunan Sailoxian's shareholding increased from 0 to 58,606,962 shares, now constituting 24.47% of the total share capital [1]. Group 3: Impact on Company Control - The change in shareholding does not trigger a mandatory tender offer, but it does indicate a shift in the company's controlling shareholder and actual controller [5]. - The company maintains that this transaction will not affect its independence in terms of business, assets, finance, personnel, or organization from the new controlling shareholder [5].

Group 1 - The core point of the article is that Tsinghua Unigroup's controlling stake in Qidi Pharmaceutical has been significantly reduced due to a judicial auction, resulting in a new major shareholder [1] - After the transfer of 58.607 million shares, Tsinghua Unigroup's shareholding in Qidi Pharmaceutical decreased from 26.37% to 1.9% [1] - Hunan Sailoxian has become a major shareholder, holding 24.47% of the total shares after previously holding none [1]

启迪药业集团股份公司 简式权益变动报告书 上市公司名称：启迪药业集团股份公司 股票上市地点：深圳证券交易所 股票简称：启迪药业 股票代码：000590.SZ 信息披露义务人（一）：启迪科技服务有限公司 住所：北京市海淀区中关村东路1号院1号楼A座15层1503 通讯地址：北京市海淀区中关村清华科技园科技大厦A座22层 信息披露义务人（二）：北京华清投资有限公司（一致行动人） 住所：北京市海淀区中关村东路1号院8号楼9层南侧 通讯地址：北京市海淀区中关村东路1号院8号楼9层南侧 权益变动性质：股份减少（司法拍卖） 签署日期：2025年8月 信息披露义务人声明 六、本次信息披露义务人持股变化的原因是信息披露义务人持有的启迪药业集团 股份公司58,606,962股股票（限售流通股）被北京金融法院强制拍卖。 七、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， 并 对其真实性、准确性、完整性承担个别和连带的法律责任。 1 | | 信息披露义务人声明 1 | | --- | --- | | 第一节 | 释义 3 | | 第二节 | 信息披露义务人介绍 4 | | 第三节 | 权益变动目的 7 | | 第 ...

证券代码：000590 证券简称：启迪药业 公告编号：2025-027 启迪药业集团股份公司 关于原控股股东所持股份被司法拍卖完成过户登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、2025年8月11日，经公司向中国证券登记结算公司深圳分公司查询获 悉，公司原控股股东启迪科技服务有限公司（以下简称："启迪科服"）所持 公司被司法拍卖的58,606,962股股票已完成过户登记手续。 2、本次过户完成后，公司原控股股东启迪科服已不再持有公司股份，启迪 科服及其一致行动人北京华清投资有限公司（以下简称"华清投资"）持有的公 司股票总数从 63,151,413 股下降为 4,544,451 股，占公司总股本的比例从 26.37% 下降至 1.90%。湖南赛乐仙持有公司股票数从 0 股增加为 58,606,962 股，占公 司总股本比例从 0 增加为 24.47%。 3、本次权益变动系启迪科服所持公司股份被司法拍卖所致。本次权益变动 不触及要约收购。本次权益变动完成后，湖南赛乐仙将持有公司 24.47%的股份。 一、本次司法拍卖基本情况 ...

Core Viewpoint - Qidi Pharmaceutical plans to acquire 55% of Wuhan Mingshi Pharmaceutical for 141.35 million yuan, facing opposition from three directors due to concerns over the target company's weak core competitiveness and high acquisition price [1][2]. Group 1: Target Company Overview - The target company specializes in the research, production, and sales of traditional Chinese medicine and health food, holding three Chinese medicine approvals and 13 health food registrations [2]. - The net profits for the target company were 13.14 million yuan in 2022 and 13.42 million yuan from January to August 2023 [2]. Group 2: Concerns from Directors and Analysts - Three out of seven directors, including the vice chairman and an independent director, voted against the acquisition, citing the target company's lack of flagship products and weak core competitiveness [2]. - The target company's valuation of 260 million yuan represents a 400.72% increase, which analysts believe does not align with its core competitiveness [2][3]. Group 3: Performance Commitments and Industry Challenges - The target company has made performance commitments for net profits of no less than 22 million yuan, 25.3 million yuan, and 26.4 million yuan from 2024 to 2026, which represents an 87% increase compared to its 2022 net profit [2]. - Analysts express skepticism about the target company's ability to meet these commitments due to declining product prices, a slowdown in the health food industry, and rising raw material costs [3]. Group 4: Risks Associated with the Acquisition - The acquisition announcement did not adequately disclose potential risks, including the risk of performance commitment failure, as the commitment is backed by two individual shareholders without sufficient guarantees [4]. - There is a risk of goodwill impairment due to the high acquisition price compared to the target company's book value, which could impact the acquirer's financial health [4]. - The acquirer's current financial situation raises concerns about its ability to support the acquisition cost and other ongoing investments, with a reported cash flow deficit and declining profitability [5].

Group 1 - Tsinghua Unigroup's control will change as Hunan Sailuxian will acquire approximately 58.61 million shares from its controlling shareholder, Tsinghua Technology Service Co., Ltd, leading to a shift in control of Tsinghua Unigroup [1] - The new controlling shareholder will need to stabilize the company's operations amidst industry consolidation, and investors should pay attention to future asset integration and the new shareholder's resource injection capabilities, with potential short-term stock price volatility [1] Group 2 - Shuoshi Bio reported a revenue of 176 million yuan, a year-on-year decrease of 1.05%, and a net profit attributable to shareholders of 3.99 million yuan, down 86.35% year-on-year, primarily due to the deepening of centralized procurement in the in vitro diagnostic industry and an increase in the VAT rate to 13% [2] - The decline in net profit is attributed to pressure on product prices from industry procurement, a significant drop in gross margin, and a 13.11% reduction in R&D investment, which may weaken long-term competitiveness [2] Group 3 - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotech, received FDA approval to conduct Phase I clinical trials for HLX43, a targeted PD-L1 antibody-drug conjugate for thymic cancer, marking a significant step in the internationalization of innovative drugs [3] - The drug's dual advantages of immune modulation and precise targeting position it competitively in the global market, with the potential to fill a treatment gap for thymic cancer if subsequent data is positive [3] Group 4 - Junshi Biosciences announced that the National Medical Products Administration has accepted the application for the 13th indication of its PD-1 monoclonal antibody, Toripalimab, for use in combination with HER2 ADC for patients with locally advanced or metastatic urothelial carcinoma expressing HER2 [4] - This combination is expected to further strengthen Junshi's differentiated positioning in the PD-1 market and enhance collaboration with Rongchang Bio on ADC development [4]