Core Insights - The company reported a significant decline in revenue and a shift to net loss in the first half of 2025 compared to the same period last year [1] Financial Performance - The company achieved an operating income of 166 million yuan, representing a year-on-year decrease of 33.01% [1] - The net profit attributable to shareholders was -42.926 million yuan, a shift from a profit of 10.152 million yuan in the same period last year [1] Balance Sheet Overview - As of June 30, 2025, the company's total assets amounted to 5.273 billion yuan [1] - The total liabilities were reported at 262 million yuan [1] - The equity attributable to the parent company's owners was 5.01136 billion yuan [1] - The asset-liability ratio stood at 4.97% [1]

德展大健康股份有限公司 关于持股 5%以上股东所持公司股份拍卖 过户完成的公告 股东上海岳野股权投资管理合伙企业（有限合伙）保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 德展大健康股份有限公司（以下简称"公司""上市公司""德展健康"） 于近日收到公司持股 5%以上股东上海岳野股权投资管理合伙企业（有限合伙） （以下简称"上海岳野"）清算组出具的《股票拍卖过户告知函》，获悉其在所 持股份第六次拍卖股份中被竞拍成功尚未过户的 40,000,000 股股份及第七次拍 卖股份中被竞拍成功的 97,154,647 股股份已于近日办理完成过户登记手续，合 计完成过户登记的股份数量为 137,154,647 股，占公司目前总股本比例为 6.54%， 占其所持公司股份比例为 100.00%，过户完成后上海岳野不再持有公司股份。根 据相关规定，现将有关情况公告如下： 证券代码：000813 证券简称：德展健康 公告编号：2025-064 一、第六次及第七次拍卖相关情况 1、第六次拍卖相关情况 2025 年 6 月 9 日 ...

德展大健康股份有限公司 简式权益变动报告书 上市公司名称：德展大健康股份有限公司 股票上市地点：深圳证券交易所 股票简称：德展健康 股票代码：000813 信息披露义务人：上海岳野股权投资管理合伙企业（有限合伙） 住所：北京市朝阳区嘉泰国际大厦A座1705 通讯地址：北京市朝阳区嘉泰国际大厦A座1705 股份变动性质：股份减少 签署日期：2025年8月25日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办法》 《深圳证券交易所股票上市规则》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》等相关的法律、法规和规范性文件编制本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反 信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《深圳证券交易所股 票上市规则》《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告 书》的规定，本报告书已全面披露了信息披露义务人在德展大健康股份有限公司中拥有 权益的股份变动情况。 四、截至本报告书签署之日，除本报告 ...

金融界消息 截至2025年8月25日收盘，德展健康（000813）报收于4.02元，下跌0.74%，换手率2.76%， 成交量57.93万手，成交金额2.32亿元。 来源：金融界 德展健康最新一期业绩显示，截至2025中报，公司营业总收入1.66亿元、同比减少33.01%，归属净利润 4292.65万元，同比减少522.81%，扣非净利润4549.32万元，同比减少675.71%，流动比率34.789、速动 比率32.568、资产负债率4.97%。 天眼查商业履历信息显示，德展大健康股份有限公司，成立于1981年，位于乌鲁木齐市，是一家以从事 食品制造业为主的企业。企业注册资本216495.59万人民币，实缴资本46744万人民币。公司法定代表人 为魏哲明。 通过天眼查大数据分析，德展大健康股份有限公司共对外投资了16家企业，参与招投标项目128次，知 识产权方面有商标信息5条，此外企业还拥有行政许可4个。 资金流向方面，今日主力资金净流出1576.86万元，占比成交额6.79%。其中，超大单净流出811.72万 元、占成交额3.49%，大单净流出765.13万元、占成交额3.29%，中单净流出流入1838. ...

Core Viewpoint - 德展健康 reported a significant decline in both revenue and net profit for the first half of 2025, indicating financial challenges faced by the company [1][3]. Financial Performance - The company's total revenue for the first half of 2025 was 166 million yuan, a decrease of 81.96 million yuan compared to the same period last year, representing a year-on-year decline of 33.01% [1]. - The net profit attributable to shareholders was -42.93 million yuan, a decrease of 53.08 million yuan from the same period last year, reflecting a year-on-year decline of 522.81% [1]. - Operating cash flow showed a net inflow of 27.80 million yuan, an increase of 38.09 million yuan compared to the same period last year [1]. Profitability and Efficiency Metrics - The latest asset-liability ratio stood at 4.97%, an increase of 0.86 percentage points from the previous quarter and an increase of 2.41 percentage points from the same period last year [3]. - The gross profit margin was 54.75%, down by 5.07 percentage points from the previous quarter and down by 6.02 percentage points from the same period last year [3]. - Return on equity (ROE) was -0.86%, a decrease of 1.05 percentage points compared to the same period last year [3]. - The diluted earnings per share were -0.02 yuan, a decrease of 0.02 yuan from the same period last year, reflecting a year-on-year decline of 527.66% [3]. - The total asset turnover ratio was 0.03 times, a decrease of 0.01 times from the same period last year, representing a year-on-year decline of 32.03% [3]. - The inventory turnover ratio was 0.37 times, a decrease of 0.10 times from the same period last year, indicating a year-on-year decline of 21.53% [3]. Shareholder Structure - The number of shareholders was 58,300, with the top ten shareholders holding a total of 1.079 billion shares, accounting for 49.82% of the total share capital [3]. - The largest shareholder is 新疆凯迪投资有限责任公司 with a holding of 18.90% [3].

德展大健康股份有限公司 2025 年半年度财务报告 德展大健康股份有限公司 2025 年半年度财务报告 【2025 年 8 月 23 日】 1 | | | | | | 德展大健康股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 一、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：德展大健康股份有限公司 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 | 2,445,190,062.61 | 2,530,699,274.17 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 15,028,022.77 | 0.00 | | 衍生金融资产 | | | | 应收票据 | 29,747,888.80 | 42,080,271.41 | | 应收账款 | 202,102,546.32 | 242,227,524.74 | | 应收款项融资 | | | | 预付款项 | 23,543,272.84 | 7,110,735.94 | ...

（二）本次计提减值准备的资产范围、总金额、拟计入的报告期间 证券代码：000813 证券简称：德展健康 公告编号：2025-061 德展大健康股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 德展大健康股份有限公司（以下简称"公司"）根据《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》《企业会计准则》以及公 司相关会计政策的规定，对可能发生资产减值损失的资产计提减值准备。现将具 体情况公告如下： 一、本次计提减值准备情况概述 （一）本次计提资产减值准备的原因 公司根据《企业会计准则》及公司会计政策规定，公司对母公司及下属所有 子公司截至 2025 年 6 月 30 日的各类资产进行了全面清查盘点和分析，认为资产 中应收账款、其他应收款、存货存在一定的减值迹象。本着谨慎性原则，公司需 对可能发生资产减值的相关资产计提减值准备。 本次计提资产减值准备计入的报告期间为 2025 年 1 月 1 日至 2025 年 6 月 30 日。经过对 2025 年半年度存在可能发生减值迹象的资 ...

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 1-6 月 占用累计发生 金额 （不含利息） 2025 年 1-6 月占用资金 的利息(如 有) 2025 年 1-6 月偿 还累计发 生金额 2025 年 6 月 30日占用资 金余额 占用形 成原因 占用性质 控股股东、实际控制 人及其附属企业 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 年期初占 用资金余额 2025 年 1-6 月 占用累计发生 金额 （不含利息） 2025 年 1-6 月占用资金 的利息(如 有) 2025 年 1-6 月偿 还累计发 生金额 2025 年 6 月 30日占用资 金余额 往来形 成原因 往来性质（经营 性往来、非经营 性往来） 控股股东、实际控制 人及其附属企业 新疆凯迪房地产 开发有限公司 受同一最终 控制方控制 预付账款 0.66 0.66 车位租 赁费 经营性往来 小 计 ...

第八届董事会第三十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 德展大健康股份有限公司（以下简称"公司""德展健康"）第八届董事会 第三十三次会议的通知已于 2025 年 8 月 12 日以电子邮件方式发出；公司于 2025 年 8 月 22 日 10:00 以通讯表决方式召开。本次会议应参加会议董事 9 人，实际 参加会议董事 9 人。会议由董事长魏哲明先生主持，公司全体高管列席了本次会 议。本次会议的召集、召开符合《公司法》及《公司章程》的规定。 证券代码：000813 证券简称：德展健康 公告编号：2025-063 德展大健康股份有限公司 公司依据 2025 年上半年生产经营情况编制了《德展大健康股份有限公司 2025 年半年度报告》《德展大健康股份有限公司 2025 年半年度报告摘要》。 （一）德展大健康股份有限公司第八届董事会第三十三次会议决议。 特此公告。 德展大健康股份有限公司董事会 二〇二五年八月二十三日 表决结果：同意 9 票，反对 0 票，弃权 0 票。 该议案审议获得通过，并已经公司审计委员会审 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Item%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, lists reference documents, and defines key terms used throughout the report [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors and senior management declare the truthfulness, accuracy, and completeness of the semi-annual report, while also highlighting potential investment risks and stating no plans for cash dividends, bonus shares, or capital reserve conversions during the reporting period - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company head Wei Zhiming, chief accountant Zhang Jinghong, and head of accounting Chen Lang declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=Catalogue%20of%20Reference%20Documents) This section lists the semi-annual report's reference documents, including signed financial statements, original copies of all company documents and announcements disclosed during the reporting period, and other relevant materials - Reference documents include financial statements signed and sealed by the company head, chief accountant, and head of accounting[9](index=9&type=chunk) - Original copies of all company documents and announcements disclosed on designated media and Juchao Information Network during the reporting period are also included as reference documents[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, covering regulatory bodies, exchanges, the company itself, its main subsidiaries, related parties, and financial measurement units - In the report, 'Company', 'the Company', 'Listed Company', and 'Dezhan Healthcare' all refer to Dezhan Healthcare Co., Ltd[10](index=10&type=chunk) - Key subsidiaries and related parties include Meilin Holdings, Jialin Pharmaceutical, Hantai Bio, and Oriental Strategy[10](index=10&type=chunk) - 'Yuan' and 'ten thousand yuan' refer to **RMB Yuan** and **RMB 10,000 Yuan** respectively[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information, contact details, and presents its key accounting data and financial performance indicators [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Dezhan Healthcare Co., Ltd., stock abbreviation 'Dezhan Healthcare', stock code 000813, is listed on the Shenzhen Stock Exchange, with Wei Zhiming as its legal representative - Company stock abbreviation: **Dezhan Healthcare**, stock code: **000813**[14](index=14&type=chunk) - Company legal representative: **Wei Zhiming**[14](index=14&type=chunk) [Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) The company's board secretary is temporarily held by Wei Zhiming, with Wu Jintong as the securities affairs representative, and contact address, phone, fax, and email are all disclosed - Acting Board Secretary: **Wei Zhiming**; Securities Affairs Representative: **Wu Jintong**[15](index=15&type=chunk) - Contact phone: **010-65858757**; Email: **dzjkzqb@163.com**[15](index=15&type=chunk) [Other Information](index=7&type=section&id=III.%20Other%20Information) The company's registered address is in Urumqi, Xinjiang, with its office in Beijing, and its website and email remained unchanged during the reporting period, as did its information disclosure and storage locations - Company registered address: Room 1611, Financial Building, No. 53 Jinyin Road, Tianshan District, Urumqi, Xinjiang[16](index=16&type=chunk) - Company office address: 7th Floor, Block C, First Shanghai Center, No. 39 Liangma Bridge Road, Chaoyang District, Beijing[16](index=16&type=chunk) - Company website: **www.dezhanhealthcare.com**[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **33.01%** year-on-year, and net profit attributable to shareholders turned from profit to loss, decreasing by **522.81%**, while net cash flow from operating activities significantly improved, increasing by **370.36%** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB Yuan) | Prior Year (RMB Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 166,356,232.73 | 248,317,627.03 | -33.01% | | Net Profit Attributable to Shareholders of Listed Company | -42,926,483.17 | 10,152,636.38 | -522.81% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -45,493,242.75 | 7,902,115.84 | -675.71% | | Net Cash Flow from Operating Activities | 27,802,889.38 | -10,283,661.83 | 370.36% | | Basic Earnings Per Share (RMB Yuan/share) | -0.0201 | 0.0047 | -527.66% | | Diluted Earnings Per Share (RMB Yuan/share) | -0.0201 | 0.0047 | -527.66% | | Weighted Average Return on Net Assets | -0.84% | 0.19% | -1.03% | | **Period-End Indicators** | **Current Period-End (RMB Yuan)** | **Prior Year-End (RMB Yuan)** | **Change (%)** | | Total Assets | 5,273,462,989.16 | 5,319,833,620.49 | -0.87% | | Net Assets Attributable to Shareholders of Listed Company | 5,014,817,025.73 | 5,158,023,472.59 | -2.78% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 2,566,759.58**, primarily from government subsidies, alongside gains/losses from disposal of non-current assets and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -133,423.62 | | Government Subsidies Included in Current Period's Profit/Loss | 3,130,954.08 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 64,000.00 | | Other Non-Operating Income and Expenses Apart from the Above | -152,484.49 | | Less: Income Tax Impact | 283,826.69 | | Impact on Minority Interests (After Tax) | 58,459.70 | | Total | 2,566,759.58 | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring items as recurring ones[22](index=22&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) This section offers a comprehensive review of the company's main operations, core competencies, financial performance, investment activities, and risk management strategies [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's core business is pharmaceutical R&D, production, and sales, focusing on cardiovascular drugs 'Ale' and 'Nile', while actively expanding into new areas like biological peptides, industrial hemp, and medical services, with no significant changes in main business or operating model during the period [Company's Main Business, Operating Model, and Key Performance Drivers](index=10&type=section&id=%28I%29%20Company%27s%20Main%20Business%2C%20Operating%20Model%2C%20and%20Key%20Performance%20Drivers) The company primarily engages in pharmaceutical R&D, production, and sales, with core cardiovascular drugs 'Ale' and 'Nile', operating through a 'distributor + promoter' model and 'production based on sales', driven by national health policies, rising cardiovascular patient numbers, and a strong brand image - The company's main business is pharmaceutical R&D, production, and sales, with core cardiovascular drugs Atorvastatin Calcium Tablets (**Ale**) and Amlodipine Atorvastatin Calcium Tablets (**Nile**)[24](index=24&type=chunk) - The company operates with a 'distributor + promoter' marketing model and 'production based on sales' manufacturing model, primarily focusing on independent R&D for innovative drugs combined with external collaborations[26](index=26&type=chunk) - Performance drivers include the national 'Healthy China' strategy, an increase in cardiovascular disease patients due to an aging population, the strong brand image of the company's **'Ale'** and **'Nile'** products, and a continuously enriched product pipeline[27](index=27&type=chunk)[29](index=29&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) [Industry Development Overview](index=15&type=section&id=%28II%29%20Industry%20Development%20Overview) The lipid-regulating agent market continues to grow, especially in online retail pharmacies, with the company deepening its scientific innovation strategy and transforming towards 'pharmaceuticals + medical + health' amidst a moderately growing economy, deepening medical insurance reform, favorable innovative drug policies, and an aging population - Domestic lipid-regulating agent market sales have exceeded **RMB 20 billion** annually since 2021, showing a year-on-year upward trend[42](index=42&type=chunk) - In the first half of 2025, the company's R&D investment was **RMB 24.2263 million**, a **6.93%** year-on-year increase, accounting for **14.56%** of operating revenue[46](index=46&type=chunk) - The company is actively advancing the IND application for WYY injection in stroke indications, the Cannabidiol (**CBD**) new drug project for pulmonary hypertension, Semaglutide API research, and clinical trials for associate company Oriental Strategy's **VGX-3100**[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - Wuhan Weilikang Psychological Rehabilitation Hospital has commenced operations, and the Hainan Decheng International Medical and Health Complex project is listed as a major project for Hainan Province in 2025[51](index=51&type=chunk)[52](index=52&type=chunk) - Recombinant Type III collagen has achieved large-scale production for skin-breaking applications, while recombinant Type I and Type XVII collagens have completed preparation of injection-grade process samples[53](index=53&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include over two decades of experience in cardiovascular drugs, a robust R&D innovation system, quality advantages of products like 'Ale' that passed consistency evaluation, a strong brand image, and an experienced management team, with no significant changes during the reporting period - The company has a stable and large patient base for lipid-lowering drugs, showing high loyalty to the medications used[55](index=55&type=chunk) - The company possesses **4** specialized pharmaceutical R&D institutions, including an academician expert workstation and a postdoctoral workstation, with approximately **200** R&D personnel, accounting for **20%** of the total workforce[56](index=56&type=chunk) - The flagship product **'Ale'** is the first generic version of Lipitor in China, having been the first to pass consistency evaluation and participating in revising the quality standards for Atorvastatin Calcium[57](index=57&type=chunk) - The company's management team possesses extensive experience in pharmaceutical production, marketing, and management, focusing on talent acquisition, development, and succession planning[59](index=59&type=chunk) [Analysis of Main Business](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue decreased by **33.01%** year-on-year, primarily due to lower product sales, with the pharmaceutical industry accounting for **99.00%** of revenue and a gross profit margin of **55.74%** Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB Yuan) | Prior Year (RMB Yuan) | Year-on-Year Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 166,356,232.73 | 248,317,627.03 | -33.01% | Primarily due to decreased product sales | | Operating Cost | 75,278,769.99 | 97,426,800.22 | -22.73% | | | R&D Investment | 24,226,254.34 | 22,656,175.70 | 6.93% | | | Net Cash Flow from Operating Activities | 27,802,889.38 | -10,283,661.83 | 370.36% | Primarily due to reduced cash paid for goods and services | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (RMB Yuan) | Proportion of Operating Revenue (%) | Prior Year Amount (RMB Yuan) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Pharmaceutical | 164,697,301.38 | 99.00% | 246,815,643.48 | 99.40% | -33.27% | | | Peptide | 1,040,617.29 | 0.63% | 1,242,353.02 | 0.50% | -16.24% | | | Other | 618,314.06 | 0.37% | 259,630.53 | 0.10% | 138.15% | | **By Product** | Drug Sales | 161,911,048.33 | 97.33% | 246,419,138.75 | 99.24% | -34.29% | | | R&D Sales | 20,772.28 | 0.01% | 0.00 | 0.00% | 100.00% | | | Material Sales | 571,283.40 | 0.34% | 396,504.73 | 0.16% | 44.08% | | | Other | 3,853,128.72 | 2.32% | 1,501,983.55 | 0.60% | 156.54% | | **By Region** | Domestic Sales | 166,028,992.08 | 99.80% | 248,317,627.03 | 100.00% | -33.14% | | | International Sales | 327,240.65 | 0.20% | 0.00 | 0.00% | 100.00% | Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Operating Revenue (RMB Yuan) | Operating Cost (RMB Yuan) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Pharmaceutical Industry | 164,697,301.38 | 72,901,100.13 | 55.74% | -33.27% | -24.19% | -5.30% | | **By Product** | | | | | | | | Drug Sales | 161,911,048.33 | 62,275,825.81 | 61.54% | -34.29% | -35.23% | 0.55% | | **By Region** | | | | | | | | Domestic Sales | 166,028,992.08 | 75,180,386.10 | 54.72% | -33.14% | -22.83% | -6.05% | [Analysis of Non-Main Business](index=19&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) The company reported no non-main business analysis content for the period, indicating that non-main businesses did not significantly impact overall operations [Analysis of Assets and Liabilities](index=19&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with a high proportion of monetary funds, significant increases in construction in progress and long-term borrowings, and a low asset-liability ratio despite an increase in total liabilities Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB Yuan) | Proportion of Total Assets (%) | Prior Year-End Amount (RMB Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,445,190,062.61 | 46.37% | 2,530,699,274.17 | 47.57% | -1.20% | | Construction in Progress | 98,366,365.89 | 1.87% | 43,852,997.45 | 0.82% | 1.05% | | Long-Term Borrowings | 114,800,000.00 | 2.18% | 0.00 | 0.00% | 2.18% | | Total Assets | 5,273,462,989.16 | | 5,319,833,620.49 | | -0.87% | | Net Assets Attributable to Shareholders of Listed Company | 5,014,817,025.73 | | 5,158,023,472.59 | | -2.78% | - The company reported no significant overseas assets during the reporting period[68](index=68&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB Yuan) | Amount Purchased in Current Period (RMB Yuan) | Amount Sold in Current Period (RMB Yuan) | Ending Balance (RMB Yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 20,000,000.00 | 5,000,000.00 | 15,028,022.77 | | Investments in Other Equity Instruments | 71,725,600.00 | 0.00 | 0.00 | 71,725,600.00 | | Total | 71,725,600.00 | 20,000,000.00 | 5,000,000.00 | 86,753,622.77 | Asset Rights Restricted as of the End of the Reporting Period | Item | Ending Book Value (RMB Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 87,474,771.90 | Accrued interest on large-denomination certificates of deposit | | Monetary Funds | 247,918.31 | Litigation freeze | | Total | 87,722,690.21 | -- | [Analysis of Investment Status](index=20&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment increased by **40.48%** year-on-year, with **RMB 75.6716 million** invested in the ongoing Hainan Decheng International Medical and Health Complex project, and no significant equity investments, financial asset investments, or use of raised funds Overall Investment Status | Indicator | Amount (RMB Yuan) | | :--- | :--- | | Investment Amount in Reporting Period | 75,671,648.07 | | Investment Amount in Prior Year | 53,866,450.68 | | Change Rate | 40.48% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it Fixed Asset Investment | Amount Invested in Current Period (RMB Yuan) | Cumulative Investment Amount as of Period-End (RMB Yuan) | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Decheng International Medical and Health Complex Project | Self-built | Yes | 75,671,648.07 | 148,931,653.44 | 30.43% | - The company reported no significant equity investments, securities investments, derivative investments, or use of raised funds during the reporting period[74](index=74&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Significant Asset and Equity Sales](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[79](index=79&type=chunk) - The company did not sell any significant equity during the reporting period[80](index=80&type=chunk) [Analysis of Major Holding and Associate Companies](index=22&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's main subsidiary, Beijing Jialin Pharmaceutical Co., Ltd., with a registered capital of **RMB 30.5 million**, reported total assets of **RMB 4.043 billion**, net assets of **RMB 3.739 billion**, operating revenue of **RMB 165 million**, operating profit of **RMB 7.6295 million**, and a net loss of **RMB 62,514.53**, with no acquisitions or disposals of subsidiaries during the period Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB Yuan) | Total Assets (RMB Yuan) | Net Assets (RMB Yuan) | Operating Revenue (RMB Yuan) | Operating Profit (RMB Yuan) | Net Profit (RMB Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Jialin Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical production and sales | 30,500,000.00 | 4,043,295,760.22 | 3,739,293,687.18 | 165,294,811.68 | 7,629,474.98 | -62,514.53 | - The company reported no acquisitions or disposals of subsidiaries during the reporting period[81](index=81&type=chunk) [Structured Entities Controlled by the Company](index=22&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company reported no structured entities under its control during the reporting period [Risks Faced by the Company and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market and policy risks, drug bidding risks, R&D innovation risks, quality control risks, rising production cost risks, and new business risks, which it addresses through sales channel expansion, increased R&D, enhanced management, strict quality control, optimized supplier management, and close monitoring of policy changes - The company faces market and policy risks arising from pharmaceutical policy reforms (volume-based procurement), intensified market competition, and stricter regulations[82](index=82&type=chunk) - The company will increase R&D investment, accelerate innovative drug development, enhance drug quality, and actively promote marketing model transformation to address drug bidding risks[84](index=84&type=chunk) - New drug R&D involves significant investment and long timelines, which the company mitigates through careful project selection, strengthened scientific management, and acquisition collaborations[85](index=85&type=chunk) - New GMP and Pharmacopoeia standards impose higher quality control requirements, which the company addresses by strictly implementing internal control and management systems to ensure drug quality and safety[85](index=85&type=chunk) - Rising costs of raw materials, logistics, and labor pose production cost risks, which the company aims to control through selecting quality suppliers, domestic substitution, and technological innovation[86](index=86&type=chunk) - New businesses (medical services, medical and health care, industrial hemp) involve government approval and regulation, which the company addresses by strictly adhering to regulations, closely monitoring policies, and fostering professional team development[87](index=87&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved its Market Value Management System on April 27, 2025, to regulate market value management and protect investor rights, but has not disclosed a valuation enhancement plan - The company has formulated a market value management system, and the 'Proposal on Formulating the Market Value Management System' was approved on **April 27, 2025**[88](index=88&type=chunk) - The company has not disclosed a valuation enhancement plan[88](index=88&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=23&type=section&id=XII.%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding its 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding its 'Quality and Return Dual Enhancement' action plan[89](index=89&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=Item%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in governance, profit distribution, employee incentives, environmental disclosures, and the company's social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Vice General Manager and Board Secretary Xiao Jianfeng resigned due to health reasons, with company head Wei Zhiming temporarily assuming the role, and the company approved an amendment to its Articles of Association to abolish the Board of Supervisors - Xiao Jianfeng resigned as Vice General Manager and Board Secretary on **April 22, 2025**, due to health reasons, with Wei Zhiming temporarily assuming the duties of Board Secretary[91](index=91&type=chunk) - The company has approved an amendment to its 'Articles of Association', effective from the date of approval at the first extraordinary general meeting in 2025, to no longer establish a Board of Supervisors[91](index=91&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[92](index=92&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[93](index=93&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its two main subsidiaries, Beijing Jialin Pharmaceutical Co., Ltd. and Jialin Pharmaceutical Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, with query indexes provided - The company and its main subsidiaries, totaling **2** entities, are included in the list of enterprises required to disclose environmental information by law[94](index=94&type=chunk) - Environmental information disclosure reports for Beijing Jialin Pharmaceutical Co., Ltd. and Jialin Pharmaceutical Co., Ltd. are available for query on designated websites[94](index=94&type=chunk) [Social Responsibility](index=24&type=section&id=V.%20Social%20Responsibility) During the reporting period, the company upheld legal and compliant operations, improved its governance structure, and actively fulfilled social responsibilities by protecting stakeholder rights, ensuring safe production, environmental protection, and participating in public welfare activities - The company protects the rights and interests of shareholders and creditors by improving its governance structure, strengthening internal control systems, truthfully disclosing information, and engaging in various forms of communication[95](index=95&type=chunk)[96](index=96&type=chunk) - The company strictly adheres to the 'Labor Law', providing comprehensive compensation and benefits, professional protection, occupational safety training, and organizing team-building activities to protect employee rights[96](index=96&type=chunk) - Adhering to a win-win cooperation philosophy, the company strengthens communication and coordination with customers and suppliers, improves its quality management system, and protects consumer interests[96](index=96&type=chunk) - The company prioritizes safe production and environmental protection, strictly managing 'three wastes', conducting safety education and training, and identifying potential hazards[97](index=97&type=chunk) - The company actively develops public relations with experts, universities, and research institutions, and participates in social welfare activities such as 'National Disability Day', blood donation, health clinics, and 'Ten Thousand Enterprises Supporting Ten Thousand Villages'[97](index=97&type=chunk) [Significant Matters](index=26&type=section&id=Item%20V%20Significant%20Matters) This section covers critical events including unfulfilled commitments, related party transactions, litigation, and other material developments impacting the company [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=26&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, Meilin Holdings' performance and Changjiangmai compensation commitments remained overdue and unfulfilled, involving substantial amounts and now in arbitration, while Hantai Bio's performance-based agreement completion is still under negotiation - Meilin Holdings committed to achieving a cumulative net profit of no less than **RMB 1.24 billion** for 2021-2023, but the actual cumulative net profit was **RMB -21.2188 million**, requiring Meilin Holdings to compensate approximately **RMB 1.261 billion**[99](index=99&type=chunk)[100](index=100&type=chunk)[503](index=503&type=chunk)[504](index=504&type=chunk) - Meilin Holdings failed to fulfill its Changjiangmai matter compensation commitment on time, involving **RMB 428 million** in equity acquisition payments and liquidated damages[99](index=99&type=chunk)[100](index=100&type=chunk) - Due to disagreements, both Meilin Holdings' performance commitment and Changjiangmai matter compensation commitment have led Kaidi Investment to submit arbitration applications to the China International Economic and Trade Arbitration Commission, with no arbitration results yet as of the end of the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk)[504](index=504&type=chunk) - Hantai Bio's net profit commitment for three fiscal years (2020-2022) was no less than **RMB 350 million**, and the completion status of this performance-based agreement is currently still under negotiation[99](index=99&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=28&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[102](index=102&type=chunk) [Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period, but was sued for **RMB 132 million** due to a contract dispute involving Meilin Holdings' related party Tianbao Jialin, for which the company requested official seal authenticity verification, and the first-instance court dismissed the plaintiff's claim, which the plaintiff has appealed - The company reported no irregular external guarantees during the reporting period[103](index=103&type=chunk) - The company was sued by Beijing Huaxin for **RMB 132 million** due to a contract dispute involving Meilin Holdings' related party Tianbao Jialin[103](index=103&type=chunk) - The company's self-inspection found no relevant contract archives, approval procedures, or official seal usage records, and it applied to the court for official seal authenticity verification[103](index=103&type=chunk) - The court of first instance ruled to dismiss Beijing Huaxin's lawsuit, and Beijing Huaxin has filed an appeal[103](index=103&type=chunk) [Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[104](index=104&type=chunk) [Board of Directors' and Board of Supervisors' Explanations on 'Non-Standard Audit Report' for the Current Period](index=28&type=section&id=V.%20Board%20of%20Directors'%20and%20Board%20of%20Supervisors'%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company reported no non-standard audit report for the period, thus no explanation from the Board of Directors or Board of Supervisors is required [Board of Directors' Explanations on 'Non-Standard Audit Report' for the Prior Year](index=28&type=section&id=VI.%20Board%20of%20Directors'%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company reported no non-standard audit report for the period, thus no explanation from the Board of Directors is required [Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company reported no bankruptcy and reorganization matters during the reporting period - The company reported no bankruptcy and reorganization matters during the reporting period[105](index=105&type=chunk) [Litigation Matters](index=28&type=section&id=VIII.%20Litigation%20Matters) The company is involved in multiple lawsuits, including a contract dispute with Dai Yanzhen (**RMB 478 million**, enforcement applied), a contract dispute involving Meilin Holdings' related party Tianbao Jialin (**RMB 132 million**, first-instance dismissal, plaintiff appealed), and other lawsuits not meeting major disclosure thresholds Major Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (RMB 10,000 Yuan) | Whether a Provision for Liabilities is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Due to a contract dispute with Dai Yanzhen, the company sued him in March 2022 at the Beijing Third Intermediate People's Court | 47,778.24 | No | The court issued a 'Civil Mediation Document', and the company applied for compulsory enforcement in August 2024, which was accepted | The court has accepted the company's application for compulsory enforcement, which is ongoing | | Due to a contract dispute between Meilin Holdings' related party Tianbao Jialin and Beijing Huaxin, Beijing Huaxin sued the company as one of the defendants at the Beijing Third Intermediate People's Court | 13,204.06 | No | The court issued a 'Civil Ruling', deeming the plaintiff unqualified and dismissing the plaintiff's claims. The plaintiff appealed the first-instance ruling | The court dismissed the plaintiff's claims. The plaintiff appealed the first-instance ruling | Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (RMB 10,000 Yuan) | Whether a Provision for Liabilities is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Zhang Rong filed a creditor's subrogation lawsuit against the company as a defendant at the Urumqi Tianshan District People's Court in Xinjiang due to an equity transfer contract dispute with third party Dai Yanzhen | 3,087.25 | No | The court issued a 'Civil Judgment', dismissing all of Zhang Rong's claims. The plaintiff appealed the judgment, and the second instance hearing is currently underway | Second instance hearing | | Jialin Huikang sued Shouhui Pharmaceutical in May 2023 at the Beijing Chaoyang District People's Court due to a loan contract dispute | 2,597.02 | No | The court issued a 'Civil Mediation Document', and Jialin Huikang applied for compulsory enforcement in October 2023, which was accepted | The court has accepted Jialin Huikang's application for compulsory enforcement, which is ongoing | | Summary of Other Litigation (Arbitration) Matters Not Meeting Major Disclosure Standards | 327.98 | No | Not yet heard/Under trial/Concluded, etc. | No significant impact, some cases have executed judgments | [Penalties and Rectification](index=29&type=section&id=IX.%20Penalties%20and%20Rectification) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[108](index=108&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company did not disclose the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period [Significant Related Party Transactions](index=30&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company reported no related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies, nor any other significant related party transactions during the reporting period - The company reported no related party transactions related to daily operations during the reporting period[110](index=110&type=chunk) - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[111](index=111&type=chunk) - The company reported no related party transactions involving joint external investments during the reporting period[112](index=112&type=chunk) - The company reported no related party creditor-debtor relationships during the reporting period[113](index=113&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company's affiliated financial companies and related parties[114](index=114&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company's controlled financial companies and related parties[115](index=115&type=chunk) - The company reported no other significant related party transactions during the reporting period[116](index=116&type=chunk) [Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company reported no significant contracts, including entrustment, contracting, leasing, major guarantees, entrusted wealth management, or other significant contracts, during the reporting period - The company reported no entrustment situations during the reporting period[117](index=117&type=chunk) - The company reported no contracting situations during the reporting period[118](index=118&type=chunk) - The company reported no leasing situations during the reporting period[119](index=119&type=chunk) - The company reported no significant guarantee situations during the reporting period[120](index=120&type=chunk) - The company reported no entrusted wealth management during the reporting period[121](index=121&type=chunk) - The company reported no other significant contracts during the reporting period[122](index=122&type=chunk) [Explanation of Other Significant Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, shareholder Shanghai Yeyu's shares were repeatedly judicially auctioned, with some transferred, while controlling shareholder Meilin Holdings' shares saw passive reductions and new judicial freezes; the company changed its share repurchase funding source to own funds and borrowings, continuing repurchases; it also signed a strategic cooperation framework agreement with Baoshihua Pharmaceutical Technology, was approved to establish an academician expert workstation, saw the resignation of its Vice General Manager and Board Secretary, and changed its office address - Shares held by Shanghai Yeyu in the company were repeatedly judicially auctioned, with some successfully bid and transferred[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - Controlling shareholder Meilin Holdings' shares experienced passive reductions reaching **1%**, with new judicial rotation freezes added[125](index=125&type=chunk) - The company's source of funds for share repurchases changed from 'company's own funds' to 'company's own funds and financial institution borrowings', and share repurchases continued[125](index=125&type=chunk)[33](index=33&type=chunk) - The company signed a 'Strategic Cooperation Framework Agreement' with Baoshihua Pharmaceutical Technology to advance its medical and health care business development[126](index=126&type=chunk) - The company signed a 'Cooperation Framework Agreement' with Academician Yang Baofeng of the Chinese Academy of Engineering, and was approved to establish an academician expert workstation[127](index=127&type=chunk) - Vice General Manager and Board Secretary Xiao Jianfeng resigned, with Chairman Wei Zhiming temporarily assuming his duties[127](index=127&type=chunk) - The company's office address changed to 7th Floor, Block C, First Shanghai Center, No. 39 Liangma Bridge Road, Chaoyang District, Beijing[127](index=127&type=chunk) [Significant Matters of Company Subsidiaries](index=35&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Holding grandson company Wuhan Weilikang obtained its 'Medical Institution Practice License' and commenced operations; associate company Oriental Strategy's co-developed project **VGX-3100** received clinical trial approval for new indications; holding subsidiary Deyu Pharmaceutical's Cannabidiol new drug project for pulmonary hypertension received acceptance; Hainan Decheng transferred **19%** equity in Wuhan Weilikang but retained control; and Hantai Bio initiated a new round of capital increase and share expansion - Holding grandson company Wuhan Weilikang obtained the 'Medical Institution Practice License' issued by the Hubei Provincial Health Commission and commenced operations[128](index=128&type=chunk) - Associate company Oriental Strategy's co-developed project **VGX-3100** received approval for its Phase II clinical trial application targeting HPV-16/18 related vaginal precancerous lesions[128](index=128&type=chunk) - Holding subsidiary Deyu Pharmaceutical's Cannabidiol suspension new drug project for the treatment of rare disease pulmonary hypertension received an acceptance notice from the National Medical Products Administration[129](index=129&type=chunk) - Hainan Decheng transferred **19%** equity in Wuhan Weilikang to Shenzhen Weilikang, with Hainan Decheng retaining **51%** equity after the transfer[129](index=129&type=chunk) - Hantai Bio initiated a capital increase and share expansion through the Xinjiang Property Rights Exchange starting **June 24, 2025**, aiming to raise no less than **RMB 50 million**[129](index=129&type=chunk) [Share Changes and Shareholder Information](index=36&type=section&id=Item%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section outlines changes in the company's share capital, details shareholder structure, and reports on shareholding changes among directors and senior management [Share Change Status](index=36&type=section&id=I.%20Share%20Change%20Status) During the reporting period, restricted shares decreased by **10,725** and unrestricted shares increased by **10,725**, with total shares unchanged, primarily due to the unlocking of shares held by former director Fu Peng; the company continued share repurchases, accumulating **61,777,950** shares by period-end, representing **2.85%** of pre-cancellation total share capital, with cancellation completed post-period Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change (%) | Net Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 355,725 | 0.02% | -10,725 | 345,000 | 0.02% | | III. Total Shares | 2,164,955,990 | 100.00% | 0 | 2,164,955,990 | 100.00% | - The reason for share change was the full unlocking of restricted shares held by former director Fu Peng[132](index=132&type=chunk) - As of **June 30, 2025**, the company had cumulatively repurchased **61,777,950** shares, accounting for **2.85%** of the total share capital before cancellation, with a total transaction amount of **RMB 180,369,604.50**[134](index=134&type=chunk) - As of **July 17, 2025**, the company's share repurchase plan was completed, with a cumulative repurchase of **67,850,450** shares, accounting for **3.13%** of the total share capital before cancellation, and the cancellation procedures were completed on **July 30, 2025**, changing the total share capital to **2,097,105,540** shares[135](index=135&type=chunk) Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fu Peng | 10,725 | 10,725 | 0 | 0 | Restricted due to resignation as director | Restricted shares of resigned director unlocked as per regulations | [Securities Issuance and Listing](index=37&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company reported no securities issuance or listing during the reporting period [Number of Shareholders and Shareholding Status](index=37&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **58,252**; among the top ten shareholders, Xinjiang Kaidi Investment Co., Ltd. held **18.93%** as the largest shareholder, Shanghai Yeyu Equity Investment Management Partnership (Limited Partnership) held **9.20%**, and Meilin Holdings Group Co., Ltd. held **8.59%**, with the company's special share repurchase account holding **2.85%** of shares - Total number of common shareholders at period-end: **58,252**[139](index=139&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Number of Shares Held at Period-End (shares) | Changes in Shareholding During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Kaidi Investment Co., Ltd. | State-owned legal person | 18.93% | 409,748,445 | 0 | 409,748,445 | Pledged **143,000,000** | | Shanghai Yeyu Equity Investment Management Partnership (Limited Partnership) | Domestic non-state-owned legal person | 9.20% | 199,199,990 | -214,938,076 | 199,199,990 | N/A **0** | | Meilin Holdings Group Co., Ltd. | Domestic non-state-owned legal person | 8.59% | 186,038,682 | -21,363,800 | 186,038,682 | Frozen **186,038,682** | | Chen Zhiwenlong | Domestic natural person | 5.06% | 109,500,000 | 109,500,000 | 109,500,000 | N/A **0** | - Xinjiang Jintou and its wholly-owned subsidiary Kaidi Investment and wholly-owned grandson company Kaidi Mining are parties acting in concert[140](index=140&type=chunk) - At the end of the reporting period, the company's special share repurchase securities account held **61,777,950** shares, with a shareholding proportion of **2.85%**[140](index=140&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=39&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[142](index=142&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=39&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[144](index=144&type=chunk) - The company's actual controller remained unchanged during the reporting period[144](index=144&type=chunk) [Preferred Share Information](index=41&type=section&id=VI.%20Preferred%20Share%20Information) The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[145](index=145&type=chunk) [Bond Information](index=42&type=section&id=Item%20VII%20Bond%20Information) The company reported no bond-related information during the reporting period [Financial Report](index=43&type=section&id=Item%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, along with detailed notes on accounting policies, taxation, and financial instrument risks [Audit Report](index=43&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[149](index=149&type=chunk) [Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating its financial position, operating results, and cash flow [Consolidated Balance Sheet](index=43&type=section&id=1%E3%80%81Consolidated%20Balance%20Sheet) As of **June 30, 2025**, the company's consolidated total assets were **RMB 5.273 billion**, a slight decrease from the beginning of the period, with total current assets of **RMB 3.244 billion**, total non-current assets of **RMB 2.029 billion**, total liabilities of **RMB 262 million**, and total owners' equity of **RMB 5.011 billion**, of which **RMB 5.015 billion** was attributable to parent company owners Key Data from Consolidated Balance Sheet | Item | Ending Balance (RMB Yuan) | Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Total Assets | 5,273,462,989.16 | 5,319,833,620.49 | | Total Current Assets | 3,244,305,342.79 | 3,350,825,305.95 | | Total Non-Current Assets | 2,029,157,646.37 | 1,969,008,314.54 | | Total Liabilities | 262,102,715.20 | 154,884,054.36 | | Total Owners' Equity | 5,011,360,273.96 | 5,164,949,566.13 | | Total Owners' Equity Attributable to Parent Company | 5,014,817,025.73 | 5,158,023,472.59 | [Parent Company Balance Sheet](index=46&type=section&id=2%E3%80%81Parent%20Company%20Balance%20Sheet) As of **June 30, 2025**, the parent company's total assets were **RMB 10.059 billion**, an increase from the beginning of the period, with total current assets of **RMB 720 million**, total non-current assets of **RMB 9.338 billion**, total liabilities of **RMB 385 million**, and total owners' equity of **RMB 9.674 billion** Key Data from Parent Company Balance Sheet | Item | Ending Balance (RMB Yuan) | Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Total Assets | 10,058,518,075.63 | 9,945,132,513.84 | | Total Current Assets | 720,226,723.62 | 622,570,988.49 | | Total Non-Current Assets | 9,338,291,352.01 | 9,322,561,525.35 | | Total Liabilities | 384,746,221.52 | 132,536,735.50 | | Total Owners' Equity | 9,673,771,854.11 | 9,812,595,778.34 | [Consolidated Income Statement](index=49&type=section&id=3%E3%80%81Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **RMB 166 million**, a **33.01%** year-on-year decrease, resulting in an operating loss of **RMB 53.0765 million**, a total loss of **RMB 53.3628 million**, a net loss of **RMB 59.7733 million**, and a net loss attributable to parent company shareholders of **RMB 42.9265 million**, turning from profit to loss year-on-year Key Data from Consolidated Income Statement | Item | First Half of 2025 (RMB Yuan) | First Half of 2024 (RMB Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 166,356,232.73 | 248,317,627.03 | | II. Total Operating Costs | 204,976,889.22 | 225,262,951.49 | | III. Operating Profit (Loss indicated by '-') | -53,076,453.85 | 6,858,823.83 | | IV. Total Profit (Total Loss indicated by '-') | -53,362,756.77 | 5,901,308.67 | | V. Net Profit (Net Loss indicated by '-') | -59,773,293.16 | -650,758.06 | | Net Profit Attributable to Parent Company Shareholders | -42,926,483.17 | 10,152,636.38 | | VIII. Earnings Per Share: Basic Earnings Per Share | -0.0201 | 0.0047 | [Parent Company Income Statement](index=51&type=section&id=4%E3%80%81Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company reported **RMB 0** operating revenue, an operating loss of **RMB 31.7079 million**, and a net loss of **RMB 31.7079 million**, with the loss expanding compared to the prior year Key Data from Parent Company Income Statement | Item | First Half of 2025 (RMB Yuan) | First Half of 2024 (RMB Yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 0.00 | 0.00 | | II. Operating Profit (Loss indicated by '-') | -31,707,949.63 | -27,319,406.50 | | III. Total Profit (Total Loss indicated by '-') | -31,707,925.22 | -27,319,405.81 | | IV. Net Profit (Net Loss indicated by '-') | -31,707,925.22 | -27,319,405.81 | [Consolidated Cash Flow Statement](index=52&type=section&id=5%E3%80%81Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **RMB 27.8029 million**, a significant **370.36%** year-on-year increase, while net cash flow from investing activities was **RMB -135 million**, and from financing activities was **RMB 6.6921 million**, resulting in a net decrease in cash and cash equivalents of **RMB -100 million** Key Data from Consolidated Cash Flow Statement | Item | First Half of 2025 (RMB Yuan) | First Half of 2024 (RMB Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 27,802,889.38 | -10,283,661.83 | | Net Cash Flow from Investing Activities | -134,606,216.62 | -39,304,032.50 | | Net Cash Flow from Financing Activities | 6,692,086.55 | -1,450,494.28 | | Net Increase in Cash and Cash Equivalents | -100,111,169.73 | -51,038,146.00 | | Ending Balance of Cash and Cash Equivalents | 2,357,467,372.40 | 2,678,594,571.07 | [Parent Company Cash Flow Statement](index=54&type=section&id=6%E3%80%81Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **RMB -28.6432 million**, from investing activities was **RMB -95.1263 million**, and from financing activities was **RMB 157 million**, resulting in a net increase in cash and cash equivalents of **RMB 33.6462 million** Key Data from Parent Company Cash Flow Statement | Item | First Half of 2025 (RMB Yuan) | First Half of 2024 (RMB Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -28,643,232.29 | -18,835,612.73 | | Net Cash Flow from Investing Activities | -95,126,251.20 | -66,648,838.25 | | Net Cash Flow from Financing Activities | 157,415,702.65 | 0.00 | | Net Increase in Cash and Cash Equivalents | 33,646,219.16 | -85,484,450.98 | | Ending Balance of Cash and Cash Equivalents | 47,508,503.11 | 125,202,735.48 | [Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=7%E3%80%81Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the company's consolidated total owners' equity decreased by **RMB 154 million**, primarily due to the net loss attributable to parent company owners and an increase in treasury stock Key Data from Consolidated Statement of Changes in Owners' Equity | Item | First Half of 2025 Ending Balance (RMB Yuan) | First Half of 2025 Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Share Capital | 869,084,133.00 | 869,084,133.00 | | Capital Reserve | 462,068,139.98 | 455,232,104.66 | | Less: Treasury Stock | 180,391,021.92 | 73,275,022.91 | | Retained Earnings | 3,870,641,697.38 | 3,913,568,180.55 | | Total Owners' Equity Attributable to Parent Company | 5,014,817,025.73 | 5,158,023,472.59 | | Minority Interests | -3,456,751.77 | 6,926,093.54 | | Total Owners' Equity | 5,011,360,273.96 | 5,164,949,566.13 | [Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=8%E3%80%81Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's total owners' equity decreased by **RMB 139 million**, mainly due to retained earnings losses and an increase in treasury stock Key Data from Parent Company Statement of Changes in Owners' Equity | Item | First Half of 2025 Ending Balance (RMB Yuan) | First Half of 2025 Beginning Balance (RMB Yuan) | | :--- | :--- | :--- | | Share Capital | 2,164,955,990.00 | 2,164,955,990.00 | | Capital Reserve | 8,090,641,240.80 | 8,090,641,240.80 | | Less: Treasury Stock | 180,391,021.92 | 73,275,022.91 | | Retained Earnings | -472,790,268.76 | -441,082,343.54 | | Total Owners' Equity | 9,673,771,854.11 | 9,812,595,778.34 | [Company Basic Information](index=63&type=section&id=III.%20Company%20Basic%20Information) Dezhan Healthcare Co., Ltd., established in 1980 and listed on the Shenzhen Stock Exchange in 1998, changed its name in 2016 to 'Dezhan Healthcare', primarily engaging in pharmaceutical R&D, production, and sales, with its registered address in Urumqi, Xinjiang, and headquarters in Beijing - Dezhan Healthcare Co., Ltd. was established on **June 23, 1980**, and listed on the Shenzhen Stock Exchange in **May 1998** (stock code **000813**)[181](index=181&type=chunk) - The company's name changed from 'Xinjiang Tianshan Wool Textile Co., Ltd.' to 'Dezhan Healthcare Co., Ltd.' on **October 11, 2016**, with its stock abbreviation changing from 'Tianshan Textile' to **'Dezhan Healthcare'**[182](index=182&type=chunk) - The company's main business is pharmaceutical R&D, production, and sales, with a broad business scope including chemical raw materials, preparations, traditional Chinese medicine, food, health food, and cosmetics[186](index=186&type=chunk) - Company registered address: Room 1611, Financial Building, No. 53 Jinyin Road, Tianshan District, Urumqi, Xinjiang; Headquarters address: 7th Floor, Block C, First Shanghai Center, No. 39 Liangma Bridge Road, Chaoyang District, Beijing[186](index=186&type=chunk) [Basis of Financial Statement Preparation](index=64&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant CSRC disclosure regulations, using the accrual basis and historical cost measurement, and demonstrating the ability to continue as a going concern - The company's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and in compliance with the 'Enterprise Accounting Standards' issued by the Ministry of Finance and the 'No. 15 Rules for Information Disclosure by Companies Issuing Securities Publicly – General Provisions on Financial Reports (Revised 2023)' issued by the China Securities Regulatory Commission[187](index=187&type=chunk) - The company's accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[188](index=188&type=chunk) - The company possesses the ability to continue as a going concern for **12 months** from the end of the reporting period, with no significant doubts affecting its going concern ability[189](index=189&type=chunk) [Significant Accounting Policies and Estimates](index=65&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including statements on Enterprise Accounting Standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency translation, financial instruments, various receivables, inventories, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, income tax, and leases, with no significant changes during the reporting period - The company's financial statements comply with 'Enterprise Accounting Standards' requirements, truthfully and completely reflecting its financial position, operating results, and cash flows[190](index=190&type=chunk) - The company's fiscal year follows the calendar year, with a **12-month** operating cycle, and the functional currency is RMB[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) - Significant provisions for liabilities are **RMB 500,000** or more, and significant investment transactions involve total assets or transaction amounts exceeding **5%** of net assets or **RMB 100 million**[194](index=194&type=chunk) - Financial instrument classification and subsequent measurement depend on the business model and contractual cash flow characteristics, including those measured at amortized cost, at fair value with changes recognized in other comprehensive income, and at fair value with changes recognized in profit or loss[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - The company accounts for financial instrument impairment based on expected credit losses, recognizing loss provisions, and measures loss provisions for notes receivable, accounts receivable, other receivables, and contract assets based on expected credit losses over their entire lifetime[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - The company depreciates fixed assets using the straight-line method, with depreciation periods of **20-30 years** for buildings and structures, and **3-10 years** for machinery and equipment[241](index=241&type=chunk) - Intangible assets with finite useful lives are amortized over their estimated useful lives, while those with indefinite useful lives are not amortized; R&D expenditures are categorized into research phase expenditures (expensed in current profit or loss) and development phase expenditures (capitalized when conditions are met)[246](index=246&type=chunk)[247](index=247&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, distinguishing between performance obligations satisfied over time or at a point in time[262](index=262&type=chunk)[263](index=263&type=chunk) - The company reported no significant changes in accounting policies and estimates during the reporting period[38](index=38&type=chunk) [Taxation](index=82&type=section&id=VI.%20Taxation) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, and Corporate Income Tax; several subsidiaries enjoy a **15%** Corporate Income Tax preferential rate as high-tech enterprises, with some technology development contracts and medical services provide