[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)

Core Viewpoint - Tonghua Golden Horse announced a revenue of 650 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.12%, while net profit reached 16.804 million yuan, marking a significant increase of 34.77% [1] Financial Performance - The company's revenue for the first half of 2025 was 650 million yuan, showing a slight increase of 0.12% compared to the previous year [1] - Net profit for the same period was 16.804 million yuan, which represents a year-on-year growth of 34.77% [1] Dividend Policy - The company has decided not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Core Viewpoint - Tonghua Golden Horse (000766) is currently undergoing the normal review process for its new drug, Amber Tetrahydroaminoacridine Tablets, and will disclose relevant information according to regulations [1] Group 1 - The new drug is in the standard evaluation phase as confirmed by the company on August 14 [1] - The company will provide updates on the new drug's review progress based on the public information from the drug review center [1] - Investors are advised to pay attention to the company's announcements for further details [1]

Core Viewpoint - The company has indicated that it will determine its profit distribution plan based on relevant laws, regulations, and its articles of association, and investors should pay attention to future announcements regarding profit distribution [1] Group 1 - An investor inquired whether the company would achieve profitable dividends by 2025 [1] - The company responded affirmatively, stating that profit distribution will be based on legal and regulatory frameworks [1]

Core Viewpoint - Tonghua Golden Horse (000766) is currently undergoing a normal review process for its new drug, indicating that pauses during the review are a standard part of the drug evaluation process [1] Group 1 - The company is actively communicating with the Center for Drug Evaluation (CDE) and responding to relevant materials during the review process [1]

Core Viewpoint - Tonghua Golden Horse's new drug review is nearing approval according to the CDE workflow, with the company actively preparing for Phase IV clinical trials as part of its international strategic planning [2]. Group 1 - The company's new drug review process is in the final stages of approval [2]. - The clinical trials mentioned are not for supplementing Phase III data but are part of the company's market judgment and strategic planning [2]. - The company is preparing for Phase IV clinical trials focusing on deep research and expanding indications, which does not affect the current comprehensive review process of the new drug [2].

Core Viewpoint - The hepatitis concept sector has experienced a decline of 1.54%, ranking among the top declines in concept sectors, with notable declines in stocks such as Hanyu Pharmaceutical, New Sky Pharmaceutical, and Guangsheng Tang [1][2]. Sector Performance - The hepatitis concept sector saw a net outflow of 3.611 billion yuan, with 120 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2]. - The leading stocks in terms of net outflow include Hanyu Pharmaceutical with 256 million yuan, followed by Guangsheng Tang, Tonghua Jinma, and Zhendong Pharmaceutical with outflows of 189 million yuan, 159 million yuan, and 153 million yuan respectively [2][3]. Stock Performance - Among the stocks in the hepatitis concept sector, Hanyu Pharmaceutical declined by 8.91%, Guangsheng Tang by 6.56%, and Tonghua Jinma by 4.15% [3][4]. - Conversely, stocks such as Rejing Bio, Chengyi Pharmaceutical, and Furu Pharmaceutical saw increases of 10.97%, 5.41%, and 4.50% respectively [1][7]. Capital Flow - The main stocks with net inflows include Qianhong Pharmaceutical, Hailan Pharmaceutical, and Puni Testing, with inflows of 129 million yuan, 48.48 million yuan, and 24.35 million yuan respectively [2][7]. - The overall trend indicates a significant capital outflow from the hepatitis concept sector, reflecting investor sentiment and market dynamics [2][3].

天眼查商业履历信息显示，通化金马药业集团股份有限公司，成立于1993年，位于通化市，是一家以从 事医药制造业为主的企业。企业注册资本96649.4707万人民币，实缴资本96649.4707万人民币。公司法 定代表人为张玉富。 通过天眼查大数据分析，通化金马药业集团股份有限公司共对外投资了25家企业，参与招投标项目5000 次，知识产权方面有商标信息57条，专利信息34条，此外企业还拥有行政许可258个。 来源：金融界 金融界消息 截至2025年8月5日收盘，通化金马（000766）报收于23.16元，上涨0.09%，换手率1.95%， 成交量18.81万手，成交金额4.36亿元。 资金流向方面，今日主力资金净流出2171.97万元，占比成交额4.99%。其中，超大单净流出1706.29万 元、占成交额3.92%，大单净流出465.69万元、占成交额1.07%，中单净流出流入755.59万元、占成交额 1.73%，小单净流入1416.38万元、占成交额3.25%。 通化金马最新一期业绩显示，截至2025一季报，公司营业总收入2.99亿元、同比增长1.25%，归属净利 润1158.28万元，同比增长26.09% ...

Core Insights - The CSI 1000 Healthcare Index has shown significant growth, with a 13.89% increase over the past month, 24.30% over the last three months, and 27.10% year-to-date [1] Group 1: Index Performance - The CSI 1000 Healthcare Index is currently at 13651.50 points [1] - The index is designed to provide a diversified investment option by selecting liquid and representative securities from each industry [1] Group 2: Index Holdings - The top ten weighted stocks in the CSI 1000 Healthcare Index include: - Borui Pharmaceutical (3.51%) - Tonghua Golden Horse (2.65%) - Zai Lab (2.51%) - Zhongsheng Pharmaceutical (1.75%) - Zhaoyan New Drug (1.70%) - Anke Biotechnology (1.66%) - Yipinhong (1.63%) - Zuoli Pharmaceutical (1.59%) - Furuide (1.39%) - Dongcheng Pharmaceutical (1.33%) [1] - The index's market distribution shows that the Shanghai Stock Exchange accounts for 55.62%, while the Shenzhen Stock Exchange accounts for 44.38% [1] Group 3: Industry Composition - The industry composition of the CSI 1000 Healthcare Index is as follows: - Chemical drugs: 36.28% - Medical devices: 19.30% - Traditional Chinese medicine: 17.00% - Biological drugs: 14.30% - Medical commerce and services: 7.16% - Pharmaceutical and biotechnology services: 5.94% [2] Group 4: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments [2] - When a sample company is delisted, it will be removed from the index, and any mergers, acquisitions, or splits will be handled according to maintenance guidelines [2]

Group 1 - The company is currently in the normal review process for its new drug, Amber Batin Akridin Tablets, which has resumed evaluation after a pause [2] - The occurrence of pauses during the review process is a standard part of the professional and comprehensive evaluation of new drugs [2] - The company is actively communicating with the Center for Drug Evaluation (CDE) and responding to relevant materials during this process [2]