Core Viewpoint - Tonghua Golden Horse (000766) reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive trend in financial performance despite a challenging market environment [1][2]. Financial Performance - The company achieved an operating income of 650 million yuan, a year-on-year increase of 0.12% [1]. - The net profit attributable to shareholders was 16.804 million yuan, reflecting a year-on-year growth of 34.77% [1]. - The net profit after deducting non-recurring gains and losses was 14.4073 million yuan, showing a substantial increase of 125.07% year-on-year [1]. - Basic earnings per share were reported at 0.02 yuan [1]. Business Overview - Tonghua Golden Horse is primarily engaged in the research, production, and sales of pharmaceutical products, with a diverse product range covering oncology, microbiology, cardiovascular, detoxification, digestive, musculoskeletal, gynecological, and neurological systems [1]. - The company operates through various business units, including its headquarters, Shengtai Biological, Yongkang Pharmaceutical, and Yuanshou Biological [1]. Research and Development - The company focuses on enhancing professional skills and quality research levels, aiming to improve its technological innovation capabilities and market influence [2]. - Tonghua Golden Horse is developing a self-researched national class 1.1 new drug, Succinic Dihydrogenated Aminoacridine Tablets, which has received a notice of acceptance for its market application from the National Medical Products Administration [2][3]. - The drug is intended for the treatment of mild to moderate Alzheimer's disease and has undergone various clinical trial phases since 2007 [3]. Regulatory and Market Position - The company is actively working on the registration and market launch of Succinic Dihydrogenated Aminoacridine Tablets, adhering to relevant laws and guidelines [2][3]. - The drug's approval process is currently ongoing, with the company maintaining communication with the Center for Drug Evaluation (CDE) to address any inquiries during the review process [3].

Group 1 - Weicai Technology achieved a net profit of 101 million yuan in the first half of 2025, a year-on-year increase of 831.03% [1] - The company reported an operating income of 634 million yuan, up 47.53% year-on-year, with a basic earnings per share of 0.68 yuan [1] - Weicai Technology specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] Group 2 - Changhua Group received a project development notification from a domestic automotive company, with an expected total sales amount of approximately 190 million yuan over an 8-year lifecycle [2] - The project is set to begin mass production in the third quarter of 2026 [2] - Changhua Group focuses on the research, production, and sales of automotive metal components [2][3] Group 3 - Junhe Co. reported a net profit of 30.99 million yuan in the first half of 2025, a year-on-year decrease of 19.53% [3] - The company achieved an operating income of 578 million yuan, up 5.53% year-on-year, with a basic earnings per share of 0.08 yuan [3][4] - Junhe Co. specializes in the research, design, manufacturing, and sales of household water pumps and their accessories [4] Group 4 - Tonghua Jinma reported a net profit of 16.80 million yuan in the first half of 2025, a year-on-year increase of 34.77% [5] - The company achieved an operating income of 650 million yuan, a slight increase of 0.12% year-on-year, with a basic earnings per share of 0.0174 yuan [5] - Tonghua Jinma focuses on the research, production, and sales of pharmaceutical products [5][6] Group 5 - Xing Shuai reported a net profit of 122 million yuan in the first half of 2025, a year-on-year increase of 31.79% [8] - The company achieved an operating income of 1.132 billion yuan, up 8.59% year-on-year, with a basic earnings per share of 0.37 yuan [8] - Xing Shuai specializes in the research, production, and sales of various types of refrigeration compressor thermal protectors, starters, and temperature controllers [8] Group 6 - Ice Wheel Environment reported a net profit of 266 million yuan in the first half of 2025, a year-on-year decrease of 19.71% [9] - The company achieved an operating income of 3.118 billion yuan, down 6.92% year-on-year, with a basic earnings per share of 0.27 yuan [9] - Ice Wheel Environment focuses on the research, design, and sales of artificial environment control technology and energy comprehensive utilization technology [9][10] Group 7 - Jiangsu Huachen reported a net profit of 47.27 million yuan in the first half of 2025, a year-on-year increase of 18.37% [18] - The company achieved an operating income of 938 million yuan, up 40.46% year-on-year, with a basic earnings per share of 0.2901 yuan [18] - Jiangsu Huachen specializes in the research, production, and sales of energy-saving transformers and smart electrical equipment [18] Group 8 - Hanma Technology reported a net profit of 27.73 million yuan in the first half of 2025, reversing from a loss of 153 million yuan in the same period last year [18] - The company achieved an operating income of 2.847 billion yuan, a year-on-year increase of 50.03% [18] - Hanma Technology focuses on the production, research, and sales of heavy trucks, special vehicles, and automotive components [18] Group 9 - Tianyue Advanced announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 1.938 billion HKD [19] - The global offering consisted of 47.7457 million shares, with a price of 42.80 HKD per share [19] - Tianyue Advanced specializes in the research, production, and sales of silicon carbide semiconductor materials [19][20] Group 10 - Kesi Technology signed a sales framework contract worth up to 401 million yuan with Beijing Tianyuan Innovation Technology Co., Ltd. [21] - The contract is valid for two years and involves a comprehensive information integration service project [21] - Kesi Technology focuses on the research, development, manufacturing, and sales of electronic information equipment [21][22]

Group 1: Fund Companies and ETFs - 14 fund companies have submitted applications for the second batch of Sci-Tech Innovation Bond ETFs, with 8 companies applying for products listed on the Shanghai Stock Exchange and 6 on the Shenzhen Stock Exchange [1] - The second batch of ETFs will track three indices: the CSI AAA Technology Innovation Corporate Bond Index, the SSE AAA Technology Innovation Corporate Bond Index, and the SZSE AAA Technology Innovation Corporate Bond Index [1] - Multiple banks, including Industrial Bank, China Merchants Bank, and CITIC Bank, are involved in the custody of these ETFs, marking a shift from the previous batch where only Industrial Bank was the custodian [1] Group 2: Banking Sector - Several village banks in regions like Zhejiang, Guizhou, and Jilin have announced reductions in deposit interest rates, with cuts ranging from 10 to 20 basis points [1] - This trend is primarily observed among small and medium-sized banks, which are adjusting deposit rates to stabilize net interest margins amid declining trends [1] - The ongoing reduction in deposit rates is expected to continue, prompting smaller banks to rethink their reliance on high-interest deposits and develop differentiated products and services [1] Group 3: Technology and AI Market - IDC reports that the market size for large model development platforms in China is expected to reach 1.69 billion yuan in 2024, driven by applications in productivity enhancement and marketing [2] - The top six companies in this market include Baidu Smart Cloud, Alibaba Cloud, SenseTime, Zhipu AI, Telecom AI, and Xiyu Technology [2] Group 4: Automotive and Electronics - Omdia predicts that global shipments of foldable OLED screens will reach 124.6 million units by 2032, significantly higher than the estimated 23.1 million units in 2024 [2] - The growth in foldable smartphone shipments is expected to increase fivefold over the next eight years, driven by continuous innovation in new models [2] Group 5: Pharmaceutical and Animal Health - The first prescription drug for stress relief in cats, named "Miao Neng," has been launched in China, priced at 69.8 yuan for a three-pack and 124.8 yuan for a six-pack [3] - This product is noted for its rapid action, high targeting, and superior safety compared to existing alternatives in the market [3] Group 6: Corporate Developments - American Bank has reportedly hired Barclays' Sandeep Tharian to lead its Asia-Pacific credit sales business, indicating a strategic move to strengthen its presence in the region [4] - Okai Airlines and other companies have been executed for over 620 million yuan due to financial loan disputes, highlighting ongoing financial challenges within the aviation sector [4] Group 7: Market Performance - The ChiNext 50 Index surged over 3%, reaching a new high for the year, with significant trading volume across the Shanghai and Shenzhen markets [11] - Chip stocks experienced a notable rally, with companies like Cambricon reaching historical highs, while consumer stocks also showed signs of recovery [11]

格隆汇8月20日丨通化金马(000766.SZ)公布2025年半年度报告，上半年公司实现营业收入6.5亿元，同比 增长0.12%；归属于上市公司股东的净利润1680.4万元，同比增长34.77%；归属于上市公司股东的扣除 非经常性损益的净利润1440.73万元，同比增长125.07%；基本每股收益0.0174元。 ...

人民财讯8月20日电，通化金马（000766）8月20日晚间披露2025年半年报，公司上半年实现营业收入 6.5亿元，同比增长0.12%；归母净利润1680.4万元，同比增长34.77%；基本每股收益0.0174元。 ...

Core Viewpoint - Tonghua Golden Horse (000766.SZ) reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating positive financial performance despite a modest growth in sales [1] Financial Performance - The company achieved an operating income of 650 million yuan, representing a year-on-year growth of 0.12% [1] - The net profit attributable to shareholders reached 16.804 million yuan, showing a year-on-year increase of 34.77% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 14.4073 million yuan, reflecting a substantial year-on-year growth of 125.07% [1] - Basic earnings per share were reported at 0.0174 yuan [1]

单位：通化金马药业集团股份有限公司 单位：人民币元 非经营性资金占用 资金占用方名称 占用方与上市公 司的关联关系 上市公司核算 的会计科目 2025年期初占用资金 余额 2025年半年度占用累计发 生金额（不含利息） 2025年半年度占用资 金的利息 2025年半年度偿还累 计发生金额 2025年半年度期末占 用资金余额 占用形成原因 占用性质 - - 小计 - - - - - 前控股股东、实际控 制人及其附属企业 - 小计 - - - - - 其他关联方及其附 属企业 - 小计 - - - - - 总计 - - - - - 其它关联资金往来 资金往来方名称 往来方与上市公 司的关联关系 上市公司核算 的会计科目 2025年期初往来资金 余额 2025年半年度往来累计发 生金额（不含利息） 2025年半年度往来资 金的利息 2025年半年度偿还累 计发生金额 2025年半年度期末往 来资金余额 往来形成原因 往来性质 控股股东、实际控制人及其附属企 业 苏州恒义天成投资管理中心（有限合 伙） 孙公司 其他应收款 157,343,751.40 157,343,751.40 往来借款 非经营性往来 通化神源药业 ...

通化金马药业集团股份有限公司 2025 年半年度财务报告 通化金马药业集团股份有限公司 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：通化金马药业集团股份有限公司 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 | 343,686,786.24 | 274,177,490.80 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 1,068,300.42 | 1,088,562.40 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 513,987,637.44 | 499,551,966.08 | | 应收款项融资 | 26,732,881.25 | 26,715,894.78 | | 预付款项 | 9,531,344.58 | 10,568,328.57 | | 应收保费 | | | | 应收分保账款 ...

证券代码：000766 证券简称：通化金马 公告编号：2025-30 通化金马药业集团股份有限公司 3.会议应到董事 9 人，实到董事 9 人。 4.会议由董事长张玉富先生主持。部分高管人员列席了本次会议。 5.本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 二、董事会会议审议情况 审议并通过公司 2025 年半年度报告及其摘要 公司 2025 年半年度报告及其摘要同日披露于巨潮资讯网。 第十一届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1.通化金马药业集团股份有限公司第十一届董事会第十次会议通知于 2025 年 8 月 11 日以微信和电子邮件形式送达全体董事。 2.2025 年 8 月 20 日上午 9 时 30 分在公司七楼会议室以现场和通讯方式召 开。 本议案已经董事会审计委员会全票审议通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 通化金马药业集团股份有限公司董事会 2025 年 8 ...

[Important Notice, Table of Contents, and Definitions](index=2&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) The Board of Directors and senior management guarantee the report's accuracy and completeness, with all directors attending the review meeting - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility, with all directors attending the board meeting to review this semi-annual report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period[6](index=6&type=chunk) - The report contains forward-looking statements about the company's future plans, which do not constitute a substantial commitment to investors, reminding investors to be aware of relevant risks[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Tonghua Jinma Pharmaceutical Group Co., Ltd. (stock code: 000766) is a company listed on the Shenzhen Stock Exchange, with Zhang Yufu as its legal representative Company Basic Information | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Tonghua Jinma | | **Stock Code** | 000766 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Chinese Name** | 通化金马药业集团股份有限公司 | | **Legal Representative** | Zhang Yufu | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%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) Revenue remained stable, but profitability significantly improved, with net profit attributable to shareholders up **34.77%** and non-recurring net profit up **125.07%** Key Financial Indicators | Key Financial Indicators | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 649,983,808.44 | 649,181,711.75 | 0.12% | | Net Profit Attributable to Shareholders of Listed Company | 16,803,994.50 | 12,468,342.98 | 34.77% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 14,407,264.70 | 6,401,376.02 | 125.07% | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | 104.80% | | Basic Earnings Per Share (Yuan/share) | 0.0174 | 0.0129 | 34.88% | | Weighted Average Return on Net Assets | 0.74% | 0.54% | 0.20% | | **Asset Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **YoY Change (%)** | | Total Assets | 4,536,621,550.02 | 4,483,618,602.64 | 1.18% | | Net Assets Attributable to Shareholders of Listed Company | 2,272,201,739.67 | 2,255,397,745.17 | 0.75% | [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%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 **2.40 million yuan**, mainly from government subsidies, contributing to profit but not from core operations Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 2,896,934.90 | | Gains and losses from disposal of non-current assets | -48,350.19 | | Net other non-operating income and expenses | -295,572.80 | | **Total** | **2,396,729.80** | [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) [Overview of Main Business](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company, a pharmaceutical manufacturer, focuses on R&D, production, and sales of drugs across various therapeutic areas, achieving stable revenue and significant profit growth - The company's business covers multiple fields including anti-tumor, microbiology, cardiovascular and cerebrovascular, and heat-clearing and detoxifying drugs, with core products such as Compound Lactobacillus Acidophilus Tablets, Osteo-Gua Extract Preparations, and Xiaojin Pills[28](index=28&type=chunk)[29](index=29&type=chunk)[32](index=32&type=chunk) - During the reporting period, the company achieved operating revenue of **650 million yuan**, a year-on-year increase of **0.12%**; net profit attributable to the parent company was **16.80 million yuan**, a year-on-year increase of **34.77%**; and non-recurring net profit attributable to the parent company was **14.41 million yuan**, a year-on-year increase of **125.07%**[37](index=37&type=chunk) - The company's independently developed National Class 1.1 new drug, Amber Octahydroacridine Tablets (for the treatment of Alzheimer's disease), has received the "Acceptance Notice" for its marketing application from the National Medical Products Administration, and the new drug marketing application process is currently underway[39](index=39&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competencies include product advantages, technological innovation, comprehensive industrial layout, experienced management team, and effective group control - **Product advantages**: The company offers a complete range of pharmaceutical dosage forms covering multiple therapeutic areas, with several well-known or exclusive products such as Compound Lactobacillus Acidophilus Tablets, Fengshi Qutong Capsules, and Xiaojin Pills[43](index=43&type=chunk) - **Technology advantages**: The company and its subsidiaries hold **45 invention patents** and **76 utility model patents**, with several patents pending, forming an intellectual property protection system for core products[44](index=44&type=chunk) - **Industrial layout advantages**: A business cluster has been formed by the headquarters and multiple subsidiaries, covering R&D and production systems for traditional Chinese medicine, chemical drugs, biological drugs, and innovative drugs, with investments in monoclonal antibody R&D and CRO enterprises[44](index=44&type=chunk) [Analysis of Main Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue structure shifted, with traditional Chinese medicine revenue up **22.11%** and biochemical drug revenue down **9.72%**, while regional performance varied significantly Main Financial Data | Major Financial Data | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 649,983,808.44 | 649,181,711.75 | 0.12% | - | | Selling Expenses | 332,382,006.20 | 355,808,947.90 | -6.58% | - | | R&D Investment | 20,780,794.81 | 31,003,332.41 | -32.97% | Due to reduced investment in line with new drug R&D progress in this period | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | 104.80% | Due to increased sales collection in this period | | Net Cash Flow from Financing Activities | 420,782.60 | 67,678,006.33 | -99.38% | Due to increased repayment of bank loans compared to the prior year period | Operating Revenue Composition (by Product) | Operating Revenue Composition (by Product) | Current Period Amount (Yuan) | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Traditional Chinese Medicine | 263,630,295.42 | 40.56% | 22.11% | | Biochemical Drugs | 385,234,419.51 | 59.27% | -9.72% | | APIs | 668,216.37 | 0.10% | -88.98% | Operating Revenue Composition (by Region) | Operating Revenue Composition (by Region) | Current Period Amount (Yuan) | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | North China Region | 149,989,888.87 | 23.08% | 54.42% | | East China Region | 206,011,973.51 | 31.69% | -27.79% | | South China Region | 68,011,518.20 | 10.46% | 55.67% | [Analysis of Non-Main Business](index=14&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-main business items had a minor impact on total profit, with most items being non-recurring, including investment income and fair value changes Non-Main Business Items | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 158,727.11 | 0.66% | Equity method accounting gains/losses and debt restructuring gains/losses | Only equity method accounting gains/losses are sustainable | | Gains and Losses from Changes in Fair Value | -26,262.00 | -0.11% | Due to fluctuations in the fair value of held stocks | Not sustainable | | Asset Impairment | -186,083.51 | -0.77% | Due to provision for inventory depreciation | Sustainable | | Non-operating Income | 365,786.60 | 1.51% | Generated from non-operating activities | Not sustainable | | Non-operating Expenses | 661,359.40 | 2.73% | Generated from non-operating activities | Not sustainable | [Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%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 increased slightly to **4.54 billion yuan**, with stable asset structure; restricted assets, primarily for loan collateral, totaled **411 million yuan** Asset Items | Asset Item | Period-end Amount (Yuan) | Proportion of Total Assets (%) | Change from Period-start Proportion (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 343,686,786.24 | 7.58% | 1.46% | | Accounts Receivable | 513,987,637.44 | 11.33% | 0.19% | | Inventories | 367,547,372.85 | 8.10% | -0.42% | | Fixed Assets | 679,776,737.80 | 14.98% | -0.55% | Restricted Assets | Restricted Asset Item | Period-end Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 3,586,554.25 | Deposit Freeze | Deposit Freeze | | Fixed Assets | 353,333,116.52 | Mortgage | Loan Mortgage | | Intangible Assets | 54,085,009.69 | Pledge | Loan Pledge | | **Total** | **411,004,680.46** | - | - | [Analysis of Investment Status](index=16&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment increased significantly to **9.86 million yuan**, primarily in construction projects for subsidiaries, progressing as planned - The investment amount for the reporting period was **9.86 million yuan**, a year-on-year increase of **348.19%**[60](index=60&type=chunk) Major Investment Projects | Project Name | Investment Method | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment (Yuan) | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Shengtai Bio Phase III Construction Project | Self-built | 497,648.77 | 240,019,748.66 | 96.35% | | Yongkang Pharmaceutical Artificial Breeding Musk Deer Base Construction | Self-built | 5,522,878.29 | 19,335,918.72 | 70.24% | [Analysis of Major Holding and Participating Companies](index=17&type=section&id=%E5%85%AB%E3%80%81%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) Harbin Shengtai Biological Pharmaceutical Co., Ltd., a wholly-owned subsidiary, is a core business unit and major profit contributor, with revenue of **237.70 million yuan** and net profit of **28.52 million yuan** Key Financial Data of Major Subsidiary | Company Name | Company Type | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Harbin Shengtai Biological Pharmaceutical Co., Ltd. | Subsidiary | 271,934.62 | 76,408.87 | 23,769.68 | 3,647.01 | 2,852.03 | [Risks and Countermeasures](index=18&type=section&id=%E5%8D%81%E3%80%81%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 policy changes, new product development, quality control, environmental compliance, and raw material price volatility, addressed by strategic monitoring and management - The company has identified five major risks: * **Pharmaceutical industry policy risk**: Policies such as medical insurance cost control and volume-based procurement create competitive pressure[71](index=71&type=chunk) * **New product development risk**: New drug R&D involves long cycles, high investment, and uncertain success rates[72](index=72&type=chunk) * **Product quality risk**: Complex production processes involve many factors affecting quality[72](index=72&type=chunk) * **Environmental protection and safety production risk**: Increased regulatory requirements lead to higher related expenses[72](index=72&type=chunk) * **Raw material supply and price fluctuation risk**: Macroeconomic environment and environmental policies may affect costs and profitability[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=19&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) [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Changes in the board of directors and supervisory board occurred, including the departure and election of independent directors, and the departure of supervisors Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Han Jiajun | Independent Director | Departure | February 10, 2025 | Personal reasons | | Zhao Wei | Independent Director | Elected | April 15, 2025 | Personal reasons | | Xu Changyou | Chairman of Supervisory Board | Departure | June 23, 2025 | Dismissal | | Yin Qiuting | Supervisor | Departure | June 23, 2025 | Dismissal | | Guo Meina | Supervisor | Departure | June 23, 2025 | Dismissal | [Profit Distribution Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%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 profit distribution for the 2025 semi-annual period, including no cash dividends, bonus shares, or capital reserve conversions - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[75](index=75&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=%E5%9B%9B%E3%80%81%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 its three main subsidiaries are listed as legally required environmental information disclosure enterprises and have complied with disclosure regulations - The listed company and its three main subsidiaries are included in the list of enterprises required to disclose environmental information by law[77](index=77&type=chunk) [Significant Matters](index=21&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) [Significant Guarantees](index=23&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) Total actual guarantees amounted to **1.71 billion yuan**, representing **75.04%** of net assets, all for subsidiaries, with no external violations Significant Guarantees Metrics | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total approved guarantee limit at period-end | 202,500 | | Total actual guarantee balance at period-end | 170,500 | | Proportion of actual total guarantees to company's net assets | 75.04% | | Amount of total guarantees exceeding 50% of net assets | 170,500 | - The company's guarantees are all provided to its subsidiaries, primarily Harbin Shengtai Biological Pharmaceutical Co., Ltd. and Chengdu Yongkang Pharmaceutical Co., Ltd.[98](index=98&type=chunk) [Entrusted Wealth Management](index=24&type=section&id=3%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company invested **0.96 million yuan** in broker wealth management products using its own funds, with **0.96 million yuan** outstanding, and no principal loss expected Entrusted Wealth Management | Type | Source of Funds | Amount of Entrusted Wealth Management (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Broker wealth management products | Own funds | 96.35 | 95.8 | [Share Changes and Shareholder Information](index=26&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) [Share Change Status](index=26&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital remained unchanged at **966,494,707 shares**, with **99.95%** unrestricted and **0.05%** restricted shares, maintaining a stable structure Share Types | Share Type | Quantity (Shares) | Proportion (%) | | :--- | :--- | :--- | | Restricted Shares | 487,026 | 0.05% | | Unrestricted Shares | 966,007,681 | 99.95% | | **Total Share Capital** | **966,494,707** | **100.00%** | [Shareholder Numbers and Shareholding](index=28&type=section&id=%E4%B8%89%E3%80%81%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) As of the reporting period, there were **39,497** common shareholders, with the largest shareholder, Yu Lanjun, holding **19.66%**, mostly pledged - The total number of common shareholders at the end of the reporting period was **39,497**[111](index=111&type=chunk) Top Shareholders | Shareholder Name | Shareholding Proportion (%) | Shareholding Quantity at Period-end (Shares) | Share Status | | :--- | :--- | :--- | :--- | | Yu Lanjun | 19.66% | 190,000,000 | Pledged 150,000,000 | | Sun Changhao | 4.61% | 44,579,900 | Pledged 20,000,000 | | Li Jia | 4.51% | 43,599,900 | Pledged 32,700,000 | | Shanghai Mukai Trading Co., Ltd. | 4.21% | 40,670,000 | - | | Tang Xiaoni | 2.07% | 20,000,000 | Pledged 20,000,000 | | Tonghua Yongxin Investment Co., Ltd. | 2.07% | 20,000,000 | Pledged 10,000,000 | [Bond-Related Information](index=32&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) The company had no bond-related activities during the reporting period - The company had no bond-related information during the reporting period[118](index=118&type=chunk) [Financial Report](index=33&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 includes the unaudited 2025 semi-annual financial statements, comprising consolidated and parent company balance sheets, income statements, cash flow statements, and notes [Audit Report](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[120](index=120&type=chunk) [Financial Statements](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements as of June 30, 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Consolidated Balance Sheet](index=33&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, total assets were **4.54 billion yuan**, total liabilities **2.26 billion yuan**, and total equity attributable to parent company owners **2.27 billion yuan** Consolidated Balance Sheet | Item | Period-end Balance (Yuan) | Period-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,536,621,550.02 | 4,483,618,602.64 | | Total Liabilities | 2,264,369,984.22 | 2,228,215,680.87 | | Total Equity Attributable to Parent Company Owners | 2,272,201,739.67 | 2,255,397,745.17 | [Consolidated Income Statement](index=37&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, total operating revenue was **650 million yuan**, total operating cost **627 million yuan**, total profit **24.20 million yuan**, and net profit **16.85 million yuan** Consolidated Income Statement | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 649,983,808.44 | 649,181,711.75 | | II. Total Operating Costs | 627,169,906.10 | 633,776,186.81 | | III. Operating Profit | 24,499,154.24 | 13,911,056.79 | | IV. Total Profit | 24,203,581.44 | 13,569,868.80 | | V. Net Profit | 16,848,644.03 | 12,351,414.08 | | Net Profit Attributable to Parent Company Shareholders | 16,803,994.50 | 12,468,342.98 | [Consolidated Cash Flow Statement](index=41&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities was **78.05 million yuan**, significantly up year-on-year; net cash flow from investing activities was **-12.35 million yuan** Consolidated Cash Flow Statement | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | | Net Cash Flow from Investing Activities | -12,351,348.24 | -16,837,671.53 | | Net Cash Flow from Financing Activities | 420,782.60 | 67,678,006.33 | | Net Increase in Cash and Cash Equivalents | 66,117,003.24 | 88,948,758.95 | [Notes to Financial Statements](index=53&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's basic information, basis of financial statement preparation, accounting policies, taxes, and notes to major consolidated financial statement items - The company operates in the pharmaceutical manufacturing industry, primarily engaged in the R&D, production, and sales of pharmaceutical products, with Yu Lanjun as the actual controller[164](index=164&type=chunk)[165](index=165&type=chunk) - A total of **17 subsidiaries** were included in the scope of consolidation for this period, with no changes compared to the prior period[166](index=166&type=chunk) [Other Submitted Data](index=189&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Investor Relations Activities](index=189&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company engaged in multiple investor relations activities through phone and online platforms, discussing new drug progress, annual performance, and strategy - The company conducted a total of **8 investor relations activities** during the reporting period, primarily through phone communication and online platforms, with core discussions revolving around the company's new drug development progress[1017](index=1017&type=chunk)