Core Viewpoint - The company, Hunan Jingfeng Pharmaceutical Co., Ltd., has reported no cash dividends or stock bonuses for the current reporting period, and it has acknowledged accounting errors that require adjustments to previous financial statements [3][4]. Company Overview - Hunan Jingfeng Pharmaceutical Co., Ltd. has not experienced significant changes in its operational status during the reporting period [6]. Financial Data and Indicators - The company issued "16 Jingfeng 01" bonds with a principal of 800 million yuan, of which 505.36 million yuan has been repaid, leaving 294.64 million yuan overdue as of December 31, 2023. The latest extension agreement for repayment is set until June 30, 2024 [4]. - The company has calculated that it needs to accrue additional penalties of 20.96 million yuan for 2023 and 9.26 million yuan for the first half of 2024 due to the default situation triggered by the inability to repay the principal [4]. Shareholder Information - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [6].

Core Viewpoint - The report highlights the financial performance and operational strategies of Hunan Jingfeng Pharmaceutical Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit, while emphasizing the company's focus on key therapeutic areas and ongoing product development [1][5][22]. Company Overview and Financial Indicators - Hunan Jingfeng Pharmaceutical Co., Ltd. is listed on the Shenzhen Stock Exchange under the stock code 000908, with a focus on pharmaceutical manufacturing [2][3]. - The company reported a revenue of approximately 183.39 million yuan, a decrease of 9.47% compared to the previous year [4][22]. - The net profit attributable to shareholders was approximately -32.57 million yuan, reflecting a decline of 1.47% [4][22]. - The total assets at the end of the reporting period were approximately 939.98 million yuan, down 3.82% from the previous year [4]. Business Operations - The company operates primarily in the pharmaceutical manufacturing sector, with a focus on cardiovascular diseases, orthopedic pain, oncology, and pediatric medicine [5][6]. - The product pipeline includes key medications such as heart and brain capsules, sodium hyaluronate injections, and various oncology drugs [6][13]. - The company has established a comprehensive marketing network covering all 31 provinces and regions in China, focusing on both public and private hospitals [18][19]. Financial Performance Analysis - The company's operating costs decreased by 15.29% to approximately 63.59 million yuan, while sales expenses increased by 7.72% to approximately 82.71 million yuan [22]. - The gross margin for the pharmaceutical segment was reported at 66.82%, with a notable decrease in the gross margin for injection products [22]. - The company experienced a significant drop in cash flow from operating activities, reporting a net outflow of approximately -1.67 million yuan, a decline of 110.18% [22]. Market Position and Competitive Advantage - The company has successfully secured multiple bids in the orthopedic and oncology sectors, demonstrating strong market influence and competitive strength [15][16]. - The focus on innovative drug development and adherence to Good Manufacturing Practices (GMP) ensures high-quality production standards [10][12]. - The company is actively involved in government procurement programs, which enhances its market presence and sales performance [18][19]. Future Outlook - The company aims to diversify its product pipeline, focusing on high-end formulations and expanding its presence in the hyaluronic acid market [17]. - Ongoing research and development efforts are directed towards enhancing existing products and introducing new therapies to meet market demands [12][19].

Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and a need for strategic adjustments [2][5]. Financial Performance - The company's operating revenue for the reporting period was approximately 202.58 million yuan, a decrease of 9.47% compared to the same period last year [2][3]. - The net profit attributable to shareholders was approximately -33.05 million yuan, reflecting a slight improvement of 1.47% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses was approximately -26.50 million yuan, down by 12.50% from the previous year [2][3]. - The basic and diluted earnings per share were both -0.0370 yuan, showing a 1.60% increase compared to the previous period [3]. Cash Flow and Assets - The net cash flow from operating activities was -1.67 million yuan, a significant decline of 110.18% compared to the previous year [3]. - Total assets at the end of the reporting period were approximately 939.98 million yuan, down 3.82% from the previous year [3]. - The net assets attributable to shareholders decreased by 39.79% to approximately 81.80 million yuan [3]. Debt and Compliance - The company has faced issues with bond repayments, with overdue principal amounting to approximately 29.46 million yuan, triggering a default situation [3][4]. - The company has entered into multiple extension agreements with bondholders, with the latest extension set until June 30, 2024 [3][4]. Shareholder Information - The top ten shareholders include individuals and state-owned entities, with the largest shareholder holding 13.74% of the shares [4]. - There were no changes in the controlling shareholder or actual controller during the reporting period [4][5]. Important Matters - No significant changes in the company's operational situation were reported during the period [5].

截至发稿，ST景峰市值为52亿元。 每经AI快讯，ST景峰（SZ 000908，收盘价：5.86元）8月24日晚间发布半年度业绩报告称，2025年上半 年营业收入约1.83亿元，同比减少9.47%；归属于上市公司股东的净利润亏损约3257万元；基本每股收 益亏损0.037元。2024年同期营业收入约2.03亿元；归属于上市公司股东的净利润亏损约3305万元；基本 每股收益亏损0.0376元。 （记者 张喜威） 每经头条（nbdtoutiao）——鲍威尔"认错"，释放最强降息信号，美股狂欢！37万亿美元压顶，美国"债 务死亡螺旋"如何破解？ ...

湖南景峰医药股份有限公司 2025 年半年度财务报告 湖南景峰医药股份有限公司 2025 年半年度财务报告 (未经审计) 2025 年 8 月 1 湖南景峰医药股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：湖南景峰医药股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 25,625,164.60 | 85,523,763.96 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 100,000.00 | 8,729,861.68 | | 应收账款 | 68,178,281.27 | 61,404,601.27 | | 应收款项融资 | | | | 预付款项 | 5,477,354.27 | 5,016,762.01 | | 应收保费 | | | | ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：湖南景峰医药股份有限公司 单位：人民币万元 | | 公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 四川高华企业管理有 | 本公司之子公司 | 其他应收款 | 59.30 | | | | 59.30 | 项目开发费 | 经营性往来 | | 限公司 | 之小股东 | | | | | | | | | | 马鹰军 | 本公司之子公司 | 其他应收款 | 1,930.00 | | | | 1,930.00 | 股权转让款 | 经营性往来 | | | 之小股东 | | | | | | | | | | 总计 | | | 15,083.29 | 6,308.61 | 0 | 6,104.7 | 15,287.2 | | | 法定代表人：刘树林 主管会计工作负责人：马学红 会计机构负责人：汤艳 | | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的会 | 2025 年期初占 | 2025 年半年度占用累 | 2025 年半 ...

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important disclaimers, the report's table of contents, and definitions of key terms [Important Notice](index=2&type=section&id=1.1%20Important%20Notice) The company's board, supervisory board, and management guarantee the report's accuracy, while also noting forward-looking statements and no dividend plan - The company's board of directors, supervisory board, 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) - Liu Shulin, the company's responsible person, Ma Xuehong, the person in charge of accounting work, and Tang Yan, the head of the accounting department, declare the financial report's truthfulness, accuracy, and completeness[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=1.2%20Table%20of%20Contents) Lists the nine main chapters of the report and their starting page numbers - The report comprises nine main chapters, from "Part I Important Notice, Table of Contents, and Definitions" to "Part IX Other Submitted Data"[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=1.3%20Reference%20Documents) Discloses the financial statements signed by key personnel and original announcements as reference documents - Reference documents include financial statements signed and sealed by the company's responsible person, the person in charge of accounting work, and the accounting manager, as well as originals of all company documents and announcements disclosed on media designated by the China Securities Regulatory Commission during the reporting period[10](index=10&type=chunk) [Definitions](index=5&type=section&id=1.4%20Definitions) Provides definitions for common terms used in the report, including company names and industry regulations - "Company, the Company, Group, Jingfeng Pharmaceutical" refers to Hunan Jingfeng Pharmaceutical Co, Ltd[11](index=11&type=chunk) - Multiple subsidiary names are listed, such as Shanghai Jingfeng, Guizhou Jingfeng, and Hainan Jinrui[11](index=11&type=chunk) - Industry-related terms are explained, such as GMP (Good Manufacturing Practice), NMPA (National Medical Products Administration), and CDE (Center for Drug Evaluation)[11](index=11&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, key financial performance, and accounting adjustments [Company Profile](index=6&type=section&id=2.1%20Company%20Profile) Introduces the company's stock information, legal representative, and contact details, confirming no changes during the reporting period - The company's stock abbreviation is **ST Jingfeng**, stock code **000908**, listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The company's legal representative is Liu Shulin, and the board secretary is Zhang Li (acting)[14](index=14&type=chunk)[15](index=15&type=chunk) - The company's registered address, office address, website, email, and information disclosure location remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Presents key accounting data and financial indicators, detailing year-over-year changes and accounting error corrections - The company corrected and retrospectively adjusted accounting errors for 2023 and the first half of 2024, primarily involving insufficient provision for "16 Jingfeng 01" bond default penalties[19](index=19&type=chunk) Key Accounting Data and Financial Indicators Year-over-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Same Period Adjusted (yuan) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 183,387,863.53 | 202,578,140.48 | -9.47% | | Net Profit Attributable to Shareholders of Listed Company | -32,567,439.43 | -33,051,832.95 | 1.47% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -29,812,673.11 | -26,500,450.01 | -12.50% | | Net Cash Flow from Operating Activities | -1,673,405.84 | 16,431,363.76 | -110.18% | | Basic Earnings Per Share (yuan/share) | -0.0370 | -0.0376 | 1.60% | | Diluted Earnings Per Share (yuan/share) | -0.0370 | -0.0376 | 1.60% | | Weighted Average Return on Net Assets | -49.70% | -43.20% | -6.50% | | Total Assets (yuan) | 904,093,267.00 | 939,983,853.40 | -3.82% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 49,252,735.18 | 81,796,189.16 | -39.79% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=2.3%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) States that there are no differences in net profit and net assets under domestic and international accounting standards - The company's financial report for the reporting period shows no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[20](index=20&type=chunk) - The company's financial report for the reporting period shows no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=2.4%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Lists non-recurring gains and losses, totaling **-2.75 million yuan**, primarily from government subsidies and asset disposals Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -157,855.19 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 3,789,427.63 | | Other non-operating income and expenses apart from the above items | -5,827,890.53 | | Impact on minority interests (after tax) | 558,448.23 | | **Total** | **-2,754,766.32** | Part III [Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, financial performance, and risk factors [Principal Business Activities During the Reporting Period](index=9&type=section&id=3.1%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) Details the company's core business in the pharmaceutical manufacturing industry, product lines, and operational models - The company operates in the pharmaceutical manufacturing industry (C27), with the national pharmaceutical manufacturing industry achieving **2,976.27 billion yuan** in operating revenue in 2024, a **18% year-over-year increase** from 2023[25](index=25&type=chunk) - The company's current product pipeline primarily covers cardiovascular diseases, orthopedic pain, oncology, and maternal and child health[26](index=26&type=chunk) - The company's business model includes: procurement (centralized management, tender pricing), production (production based on sales, GMP compliant), sales (combination of direct sales and distribution, academic marketing, expanding to third-tier and OTC markets), and R&D (self-developed and co-developed, focusing on incremental innovation, striving for first generic approvals)[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=3.2%20Analysis%20of%20Core%20Competencies) Highlights the company's strengths in product focus, R&D, marketing, and cost efficiency - The company's core products are concentrated in three major areas: cardiovascular and cerebrovascular (Xinnaoning Capsules, Shenxiong Glucose Injection), orthopedics (Sodium Hyaluronate Injection), and anti-tumor (Pemetrexed Disodium for Injection, Irinotecan Hydrochloride Injection, etc)[33](index=33&type=chunk) - **Sodium Hyaluronate Injection** successfully won bids as the sole or successful bidder in volume-based procurement in five southwestern provinces, eleven Guangdong provinces, and Anhui province; **Irinotecan Hydrochloride Injection** ranked first in the national seventh batch of volume-based procurement[35](index=35&type=chunk) - The company holds **54 drug production approvals** and **1 Class III medical device registration certificate**, including **7 exclusive varieties**; **24 varieties** are listed in the National Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug Catalog, and **10 varieties** are listed in the National Essential Drug List[39](index=39&type=chunk) - The company has a rich pipeline of R&D products covering cardiovascular and cerebrovascular, orthopedics, anti-tumor, anti-infective, analgesic, and antiemetic fields, with the Class 1.1 new drug cross-linked sodium hyaluronate injection having received Phase III clinical ethics approval[40](index=40&type=chunk) - The company continuously reduces costs and increases efficiency by optimizing production processes, strengthening process control, deepening resource integration, and improving management effectiveness[41](index=41&type=chunk) [Analysis of Principal Business](index=13&type=section&id=3.3%20Analysis%20of%20Principal%20Business) Reviews the financial performance of the principal business, showing a decline in revenue and significant regional shifts Key Financial Data Year-over-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Same Period (yuan) | Year-over-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 183,387,863.53 | 202,578,140.48 | -9.47% | No significant change | | Net Cash Flow from Operating Activities | -1,673,405.84 | 16,431,363.76 | -110.18% | Primarily due to decreased company revenue | | Net Cash Flow from Investing Activities | -29,799,730.10 | -661,388.50 | -4,405.63% | Primarily due to the company's investment in Changde Jingze this period | | Net Increase in Cash and Cash Equivalents | -39,197,945.76 | 3,135,683.11 | -1,350.06% | Primarily due to the company's investment in Changde Jingze this period | Operating Revenue Composition | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (yuan) | Proportion of Operating Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **183,387,863.53** | **100%** | **202,578,140.48** | **100%** | **-9.47%** | | By Industry: Pharmaceutical Manufacturing | 172,020,868.82 | 93.80% | 191,080,179.21 | 94.32% | -9.97% | | By Product: Injections | 66,651,437.37 | 36.35% | 95,011,888.93 | 46.90% | -29.85% | | By Product: Solid Preparations | 99,491,103.74 | 54.25% | 96,068,290.28 | 47.42% | 3.56% | | By Region: North China | 68,538,727.36 | 37.38% | 24,906,441.74 | 12.29% | 175.18% | | By Region: Central China | 13,983,141.38 | 7.63% | 35,246,802.81 | 17.40% | -60.33% | | By Region: East China | 61,295,035.09 | 33.42% | 80,566,643.59 | 39.77% | -23.92% | | By Region: Export Sales | 9,888,200.52 | 5.39% | 2,417,287.33 | 1.19% | 309.06% | [Analysis of Non-Principal Business](index=14&type=section&id=3.4%20Analysis%20of%20Non-Principal%20Business) States that there was no analysis of non-principal business during the reporting period - The company had no non-principal business analysis during the reporting period[49](index=49&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) Analyzes the company's asset and liability structure, noting decreases in total assets and net assets, and changes in specific accounts Asset and Liability Composition Change | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 25,625,164.60 | 2.83% | 85,523,763.96 | 9.10% | -6.27% | | Accounts Receivable | 68,178,281.27 | 7.54% | 61,404,601.27 | 6.53% | 1.01% | | Long-term Equity Investments | 73,150,976.53 | 8.09% | 42,780,836.59 | 4.55% | 3.54% | | Short-term Borrowings | 166,006,659.77 | 18.36% | 191,672,546.72 | 20.39% | -2.03% | | Net Assets Attributable to Shareholders of Listed Company | 49,252,735.18 | 5.45% | 81,796,189.16 | 8.70% | -3.25% | - The company's total assets at the end of the period were **904.09 million yuan**, a **3.82% decrease** from the end of the previous year[19](index=19&type=chunk)[50](index=50&type=chunk) - The company's net assets attributable to shareholders at the end of the period were **49.25 million yuan**, a **39.79% decrease** from the end of the previous year[19](index=19&type=chunk)[50](index=50&type=chunk) [Analysis of Investment Status](index=15&type=section&id=3.6%20Analysis%20of%20Investment%20Status) Reports a significant increase in investment due to the investment in Changde Jingze, with no securities or derivative investments Investment Amount During the Reporting Period | Investment Amount During Reporting Period (yuan) | Investment Amount in Prior Year Same Period (yuan) | Change Percentage | | :--- | :--- | :--- | | 32,015,054.67 | 839,288.50 | 3,714.55% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Major Asset and Equity Disposals](index=16&type=section&id=3.7%20Major%20Asset%20and%20Equity%20Disposals) Confirms no major asset or equity disposals occurred during the reporting period - The company did not dispose of major assets during the reporting period[56](index=56&type=chunk) - The company did not dispose of major equity during the reporting period[57](index=57&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=3.8%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Provides financial data for key subsidiaries, which are major contributors to revenue and net profit in pharmaceutical production and sales Major Subsidiary Financial Data (Unit: yuan) | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Jingfeng Pharmaceutical Co, Ltd | 2,874,161,003.82 | 2,022,370,607.49 | 29,938,809.53 | -8,130,635.92 | 8,071,364.86 | | Guizhou Jingfeng Injection Co, Ltd | 686,218,713.14 | 426,080,861.24 | 4,664,650.62 | -13,310,737.82 | 13,462,545.42 | | Hainan Jinrui Pharmaceutical Co, Ltd | 83,157,668.81 | -3,763,242.44 | 38,772,988.26 | 4,233,419.78 | 4,258,928.72 | | Guizhou Jingcheng Pharmaceutical Co, Ltd | 294,261,209.60 | 181,884,971.14 | 98,173,350.64 | 7,712,776.37 | 6,512,571.51 | [Structured Entities Controlled by the Company](index=16&type=section&id=3.9%20Structured%20Entities%20Controlled%20by%20the%20Company) States that the company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[59](index=59&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=3.10%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) Outlines risks related to reorganization, policy changes, raw material prices, human resources, and R&D, along with mitigation strategies - The company has initiated pre-reorganization procedures, and whether it can enter formal reorganization remains highly uncertain; if reorganization fails, the company faces the risk of being declared bankrupt[59](index=59&type=chunk)[60](index=60&type=chunk) - The company will actively promote reorganization matters and diligently carry out production and operation work during this period to gradually return to a path of sustainable development[60](index=60&type=chunk) - The company faces risks from increasingly strict pharmaceutical industry regulations, adjustments to medical insurance policies, and centralized drug procurement, and will closely monitor policy changes, strengthen interpretation and analysis, and actively adapt[60](index=60&type=chunk) - The company faces raw material price fluctuation risks and will classify materials in multiple dimensions, constantly monitor upstream raw material prices, and conduct strategic procurement for reserves[61](index=61&type=chunk) - The company faces R&D risks and will actively organize and implement product R&D work, establish scientific R&D project initiation and tracking mechanisms, and improve the R&D organizational structure and incentive system[62](index=62&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=3.11%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not established a market value management system or disclosed a valuation enhancement plan - The company has not established a market value management system, nor has it disclosed a valuation enhancement plan[63](index=63&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=18&type=section&id=3.12%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[64](index=64&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=19&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance, profit distribution, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Reports changes in the board, supervisory board, and senior management, including new appointments and resignations - Liu Shulin was elected as a director (May 28, 2025) and appointed as president (May 28, 2025)[66](index=66&type=chunk) - Ji Gang was elected as a supervisor (April 24, 2025) and appointed as chairman of the supervisory board (April 27, 2025)[66](index=66&type=chunk) - Yang Dong's appointment as president was terminated on May 27, 2025, due to work division adjustments[66](index=66&type=chunk) - Teng Xiaoqing resigned as chairman of the supervisory board on April 24, 2025, due to reaching statutory retirement age[66](index=66&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=19&type=section&id=4.2%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year[67](index=67&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=4.3%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) States that there were no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[68](index=68&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=4.4%20Environmental%20Information%20Disclosure) Identifies two major subsidiaries included in the list of enterprises required to disclose environmental information - Two of the company's major subsidiaries, Guizhou Jingfeng Injection Co, Ltd and Hainan Jinrui Pharmaceutical Co, Ltd, are included in the list of enterprises required to disclose environmental information by law[69](index=69&type=chunk) [Social Responsibility](index=19&type=section&id=4.5%20Social%20Responsibility) Details the company's commitment to social responsibility, including protecting stakeholder rights, environmental protection, and public welfare - The company continuously improves corporate governance in accordance with the law, safeguarding the interests of shareholders, especially small and medium-sized shareholders, protecting the legitimate rights and interests of creditors, and strictly fulfilling information disclosure obligations in accordance with the law[70](index=70&type=chunk) - Adhering to a people-oriented philosophy, the company builds a development platform for employees, creates a good working environment, and fully protects employees' legitimate rights and interests in accordance with laws and regulations[71](index=71&type=chunk) - The company highly values environmental protection and sustainable development, advocating for efficient resource utilization and reduced energy consumption, and actively carrying out energy-saving and emission-reduction activities[71](index=71&type=chunk) - The company actively participates in social welfare undertakings, fulfilling its corporate social responsibility through practical actions[72](index=72&type=chunk) Part V [Significant Matters](index=21&type=section&id=Part%20V%20Significant%20Matters) This section addresses key commitments, related party transactions, litigation, and other material events affecting the company [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company](index=21&type=section&id=5.1%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) States that there were no fulfilled or overdue unfulfilled commitments by related parties during the reporting period - The company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[74](index=74&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=21&type=section&id=5.2%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) Confirms no non-operating funds were occupied by controlling shareholders or other related parties during the reporting period - The company had no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[75](index=75&type=chunk) [Irregular External Guarantees](index=21&type=section&id=5.3%20Irregular%20External%20Guarantees) States that there were no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[76](index=76&type=chunk) [Appointment and Dismissal of Accounting Firms](index=21&type=section&id=5.4%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[77](index=77&type=chunk) [Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period](index=21&type=section&id=5.5%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) States that there was no non-standard audit report for the current reporting period - The company had no non-standard audit report during the reporting period[78](index=78&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=21&type=section&id=5.6%20Board%20of%20Directors%27%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The board acknowledges the auditor's opinion on significant uncertainties regarding the company's going concern, actively addressing the issues - Da Hua Certified Public Accountants (Special General Partnership) issued an unqualified audit report with a material uncertainty paragraph regarding going concern for the company's 2024 annual financial report[78](index=78&type=chunk) - The board believes the audit report reflects the company's actual situation and is actively taking effective measures to mitigate the impact of the matters mentioned in the audit report[78](index=78&type=chunk) - The emphasis of matter paragraph in the "2024 Annual Audit Report" concerning "material uncertainty regarding going concern" has not yet been eliminated, and investors are advised to be aware of investment risks[78](index=78&type=chunk) [Bankruptcy Reorganization Related Matters](index=22&type=section&id=5.7%20Bankruptcy%20Reorganization%20Related%20Matters) The company has initiated pre-reorganization, selected a lead investor, and signed an agreement, but formal entry into reorganization remains uncertain - On July 2, 2024, the company received a decision from the Changde Intermediate People's Court of Hunan Province to initiate pre-reorganization procedures for the company[79](index=79&type=chunk) - After commercial negotiations between the interim administrator and potential investors, a consortium led by CSPC Group was selected as the reorganization investor, and the company and interim administrator have signed a "Reorganization Investment Agreement"[79](index=79&type=chunk) - As of the disclosure date of this announcement, the company has not yet received court documents regarding the acceptance of the reorganization application, and whether the company can enter formal reorganization remains highly uncertain[79](index=79&type=chunk) [Litigation Matters](index=22&type=section&id=5.8%20Litigation%20Matters) The company is involved in multiple significant lawsuits and contract disputes with substantial amounts, some ongoing, potentially impacting operations - The company's bill damage liability dispute with Industrial and Commercial Bank of China has been concluded, with the company losing the case, involving an amount of **12.92 million yuan**[80](index=80&type=chunk) - The construction project contract dispute between Shanghai Jingfeng Construction Group Co, Ltd and the company, Shanghai Jingfeng, is in the first instance court stage, involving an amount of **31.37 million yuan**[80](index=80&type=chunk) - The equity transfer dispute between Wuyi Huijun Investment Partnership (Limited Partnership) and the company, Shanghai Jingfeng, and Ye Xiangwu is in the enforcement stage, requiring Shanghai Jingfeng to pay a deposit of **45.00 million yuan** and losses of **6.43 million yuan**[80](index=80&type=chunk) - The company is involved in **12 contract disputes** with a total amount of **11.34 million yuan**, of which 3 cases have been concluded and 9 cases are still in litigation[81](index=81&type=chunk) [Penalties and Rectification](index=23&type=section&id=5.9%20Penalties%20and%20Rectification) States that there were no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[82](index=82&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=23&type=section&id=5.10%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company has significant overdue debts totaling **1.40 billion yuan**, and the controlling shareholder has provided substantial guarantees Overdue Debt Situation (Unit: 10,000 yuan) | Creditor | Debtor | Overdue Principal | | :--- | :--- | :--- | | 112468 Bondholders | Jingfeng Pharmaceutical | 18,463.92 | | Hainan Bank Haikou Binhai Branch | Hainan Jinrui | 440.21 | | Industrial and Commercial Bank of China Guiyang Yunyan Branch | Guizhou Jingfeng | 3,455.36 | | Huaxia Bank Shanghai Branch | Shanghai Jingfeng | 117,000.00 | - As of the end of this reporting period, Mr Ye Xiangwu, the company's controlling shareholder, provided guarantees for the company and its subsidiaries' financing, totaling **242.01 million yuan**[83](index=83&type=chunk) [Significant Related Party Transactions](index=24&type=section&id=5.11%20Significant%20Related%20Party%20Transactions) Details various daily related party transactions with CSPC Group, including R&D, sales, sale-and-leaseback, and subsidiary capital increases - The company engaged in entrusted R&D related party transactions with CSPC Zhongqi Pharmaceutical Technology (Shijiazhuang) Co, Ltd, with **0 yuan** incurred this period and an approved transaction limit of **10.00 million yuan**[84](index=84&type=chunk) - The company sold sodium hyaluronate and other drugs to CSPC Hebei Zhongcheng Pharmaceutical Co, Ltd, with **38.60 million yuan** incurred this period, accounting for **13.64%** of similar transactions, and an approved transaction limit of **180.00 million yuan**[84](index=84&type=chunk)[85](index=85&type=chunk) - Shanghai Jingfeng, a wholly-owned subsidiary of the company, conducted a sale-and-leaseback financing lease business with Shanghai Shiwei Financial Leasing Co, Ltd, a wholly-owned subsidiary of CSPC Group, a related party of the company, with a financing limit of **6.80 million yuan**[91](index=91&type=chunk) - Changde Jingcheng Pharmaceutical Technology Co, Ltd, a subsidiary of the company, along with CSPC Holdings Group Co, Ltd and others, jointly increased capital in Changde Jingcheng's subsidiary, Changde Jingze Pharmaceutical Technology Co, Ltd, and Changde Jingze participated in the bidding for Dalian Deze assets[91](index=91&type=chunk) - Changde Jingze successfully bid for part of Dalian Deze's assets for **312.86 million yuan**, reducing Changde Jingze's equity stake in Changde Jingze to **10%**, thus losing control, and Changde Jingze is no longer included in the company's consolidated financial statements[92](index=92&type=chunk) [Significant Contracts and Their Performance](index=26&type=section&id=5.12%20Significant%20Contracts%20and%20Their%20Performance) No custody, contracting, or leasing situations, but significant guarantees for subsidiaries, posing high risk due to large proportion of net assets - The company had no custody, contracting, or leasing situations during the reporting period[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) Company Guarantees for Subsidiaries (Unit: 10,000 yuan) | Name of Guaranteed Party | Guarantee Limit | Actual Guarantee Amount | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Guizhou Jingfeng | 7,600 | 7,600 | Joint and several liability guarantee | June 30, 2022 to December 05, 2026 | No | | Shanghai Jingfeng | 11,700 | 11,700 | Joint and several liability guarantee | September 11, 2020 to July 27, 2025 | No | | Hainan Jinrui | 700 | 465.31 | Joint and several liability guarantee | May 07, 2024 to May 07, 2025 | No | | Jingcheng Pharmaceutical | 980 | 980 | Joint and several liability guarantee | July 28, 2023 to July 27, 2026 | No | - As of the end of the reporting period, the total actual guarantee amount was **444.81 million yuan**, accounting for **903.11%** of the company's net assets[98](index=98&type=chunk) [Explanation of Other Significant Matters](index=28&type=section&id=5.13%20Explanation%20of%20Other%20Significant%20Matters) States that there were no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[101](index=101&type=chunk) [Significant Matters of Company Subsidiaries](index=28&type=section&id=5.14%20Significant%20Matters%20of%20Company%20Subsidiaries) States that there were no significant matters concerning company subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[102](index=102&type=chunk) Part VI [Share Changes and Shareholder Information](index=29&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, shareholder structure, and the holdings of directors, supervisors, and senior management [Share Capital Changes](index=29&type=section&id=6.1%20Share%20Capital%20Changes) The company's total share capital remained unchanged, with all shares being unrestricted Share Capital Changes | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (＋,－) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 879,774,351 | 100.00% | 0 | 879,774,351 | 100.00% | | III. Total Shares | 879,774,351 | 100.00% | 0 | 879,774,351 | 100.00% | [Issuance and Listing of Securities](index=30&type=section&id=6.2%20Issuance%20and%20Listing%20of%20Securities) States that there was no issuance or listing of securities during the reporting period - The company had no issuance or listing of securities during the reporting period[106](index=106&type=chunk) [Number of Shareholders and Shareholding Status](index=30&type=section&id=6.3%20Number%20of%20Shareholders%20and%20Shareholding%20Status) Reports the total number of shareholders and the shareholding status of major shareholders, including the controlling shareholder's pledged and frozen shares - The total number of common shareholders at the end of the reporting period was **31,622**[107](index=107&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ye Xiangwu | Domestic Natural Person | 13.74% | 120,902,286 | Pledged | 118,130,000 | | | | | | Frozen | 2,760,886 | | China Great Wall Asset Management Co, Ltd | State-owned Legal Person | 12.92% | 113,680,665 | Not Applicable | 0 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=6.4%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) States that there were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[111](index=111&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=6.5%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) Confirms no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[112](index=112&type=chunk) - The company's actual controller did not change during the reporting period[112](index=112&type=chunk) [Preferred Shares Related Information](index=32&type=section&id=6.6%20Preferred%20Shares%20Related%20Information) States that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[113](index=113&type=chunk) Part VII [Bond Related Information](index=33&type=section&id=Part%20VII%20Bond%20Related%20Information) This section provides details on the company's bonds, including outstanding amounts, repayment status, and financial indicators related to debt [Enterprise Bonds](index=33&type=section&id=7.1%20Enterprise%20Bonds) States that the company had no enterprise bonds during the reporting period - The company had no enterprise bonds during the reporting period[115](index=115&type=chunk) [Corporate Bonds](index=33&type=section&id=7.2%20Corporate%20Bonds) Details the overdue "16 Jingfeng 01" corporate bond, debt forgiveness agreements, and the risk of delisting due to reorganization uncertainty - The company's corporate bond "16 Jingfeng 01" has an outstanding balance of **184.64 million yuan**, with an interest rate of **7.50%**, and matured on July 1, 2024, with principal and interest unpaid[117](index=117&type=chunk) - The company has signed "Debt Forgiveness Agreements" with representatives of **5 fund managers**, cumulatively forgiving bond principal totaling **110.00 million yuan**, and all outstanding fees (excluding principal) up to December 31, 2024[117](index=117&type=chunk)[118](index=118&type=chunk) - The company has entered pre-reorganization procedures, and whether it can enter formal reorganization remains uncertain, posing a risk of bond delisting[117](index=117&type=chunk) [Debt Financing Instruments for Non-Financial Enterprises](index=34&type=section&id=7.3%20Debt%20Financing%20Instruments%20for%20Non-Financial%20Enterprises) States that the company had no debt financing instruments for non-financial enterprises during the reporting period - The company had no debt financing instruments for non-financial enterprises during the reporting period[119](index=119&type=chunk) [Convertible Corporate Bonds](index=34&type=section&id=7.4%20Convertible%20Corporate%20Bonds) States that the company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[120](index=120&type=chunk) [Consolidated Loss Exceeding 10% of Net Assets at Year-End](index=34&type=section&id=7.5%20Consolidated%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Year-End) States that the consolidated loss did not exceed 10% of net assets at the end of the previous year - The company's consolidated loss during the reporting period did not exceed **10%** of net assets at the end of the previous year[121](index=121&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=34&type=section&id=7.6%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Presents key financial indicators for the past two years, indicating declining liquidity and weak solvency Key Accounting Data and Financial Indicators for the Past Two Years (Unit: 10,000 yuan) | Item | End of Current Reporting Period | End of Prior Year | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Current Ratio | 0.19 | 0.25 | -24.00% | | Debt-to-Asset Ratio | 105.23% | 101.61% | 3.62% | | Quick Ratio | 0.14 | 0.20 | -30.00% | | Net Profit After Non-Recurring Gains and Losses | -2,981.27 | -2,650.05 | -12.50% | | EBITDA to Total Debt | -0.86% | 0.67% | -1.53% | | Interest Coverage Ratio | -1.19 | -0.69 | -72.07% | | Cash Interest Coverage Ratio | 3.72 | 4.52 | -17.70% | | EBITDA Interest Coverage Ratio | -0.26 | 0.23 | -213.04% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Part VIII [Financial Report](index=36&type=section&id=Part%20VIII%20Financial%20Report) This section includes the audit report, detailed financial statements, company background, accounting policies, and notes to the financial statements [Audit Report](index=36&type=section&id=8.1%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[126](index=126&type=chunk) [Financial Statements](index=36&type=section&id=8.2%20Financial%20Statements) Provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the half-year Major Data from Consolidated Balance Sheet (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 904,093,267.00 | 939,983,853.40 | | Total Liabilities | 951,358,131.75 | 955,113,140.50 | | Total Equity Attributable to Parent Company Owners | 49,252,735.18 | 81,796,189.16 | | Total Owners' Equity | -47,264,864.75 | -15,129,287.10 | Major Data from Consolidated Income Statement (Unit: yuan) | Item | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Total Operating Revenue | 183,387,863.53 | 202,578,140.48 | | Operating Profit | -25,236,177.06 | -19,615,809.90 | | Net Profit | -32,182,607.94 | -30,061,011.61 | | Net Profit Attributable to Parent Company Shareholders | -32,567,439.43 | -33,051,832.95 | | Basic Earnings Per Share | -0.0370 | -0.0376 | Major Data from Consolidated Cash Flow Statement (Unit: yuan) | Item | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,673,405.84 | 16,431,363.76 | | Net Cash Flow from Investing Activities | -29,799,730.10 | -661,388.50 | | Net Cash Flow from Financing Activities | -7,678,469.57 | -12,655,536.82 | | Net Increase in Cash and Cash Equivalents | -39,197,945.76 | 3,135,683.11 | [Company Basic Information](index=57&type=section&id=8.3%20Company%20Basic%20Information) Describes the company's registration, headquarters, business activities, legal representative, and financial report approval - The company's registered address and headquarters address are both at No 661 Taolin Road, Shuanggang Community, Zhangmuqiao Street, Changde Economic and Technological Development Zone, Hunan Province (Shuangchuang Building)[166](index=166&type=chunk) - The company's principal business activities are in pharmaceutical manufacturing, involving drug research and development, production, and sales[166](index=166&type=chunk)[167](index=167&type=chunk) - This financial report was approved for issuance on August 21, 2025, by the company's Eighth Board of Directors at its Forty-First Meeting[167](index=167&type=chunk) [Basis of Financial Statement Preparation](index=57&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) States that financial statements are prepared on a going concern basis under accounting standards, despite reorganization uncertainties, with measures to maintain operations - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, based on actual transactions and events[168](index=168&type=chunk) - The company has initiated pre-reorganization procedures and has identified a consortium led by CSPC Group as the selected investor, with a "Reorganization Investment Agreement" already signed[169](index=169&type=chunk)[171](index=171&type=chunk) - The company has effectively resolved some debts and improved its operating conditions through measures such as debt forgiveness, disposal of inefficient assets, diversification of financing tools, and optimization of management structure[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - While these measures are expected to help the company maintain its going concern ability, if they cannot be fully implemented, the company may not be able to continue as a going concern, thus its going concern ability still faces significant uncertainty[173](index=173&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=58&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) Details the company's adherence to accounting standards, accounting period, functional currency, and policies for various financial items - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truthfully and completely reflecting the financial position as of June 30, 2025, operating results and cash flows for January to June 2025, and other relevant information[175](index=175&type=chunk) - The company uses a 12-month period as its normal operating cycle and uses Renminbi as its functional currency[177](index=177&type=chunk)[178](index=178&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[188](index=188&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method, with depreciation periods of **10-45 years** for buildings and structures, and **3-15 years** for machinery and equipment[207](index=207&type=chunk) - Expenditures for internal research and development projects in the research phase are recognized as current expenses when incurred; expenditures in the development phase that meet the conditions for recognition as intangible assets are transferred to intangible asset accounting[214](index=214&type=chunk) [Taxation](index=72&type=section&id=8.6%20Taxation) Discloses major tax types, rates, and tax incentives for high-tech enterprise subsidiaries Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting current allowable input tax, the difference is VAT payable | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Based on actual turnover tax paid | 7%, 5% | | Enterprise Income Tax | Based on taxable income | 25%, 15%, 30% | - The company's subsidiaries, Shanghai Jingfeng Pharmaceutical Co, Ltd, Guizhou Jingfeng Injection Co, Ltd, Guizhou Jingcheng Pharmaceutical Co, Ltd, and Hainan Jinrui Pharmaceutical Co, Ltd, are all recognized as high-tech enterprises and enjoy a **15%** preferential enterprise income tax rate[239](index=239&type=chunk)[240](index=240&type=chunk) [Notes to Consolidated Financial Statement Items](index=73&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Provides detailed notes for various consolidated financial statement items, including cash, receivables, fixed assets, and liabilities - Monetary funds at period-end totaled **25.63 million yuan**, of which **6.04 million yuan** were restricted funds[242](index=242&type=chunk) - Notes receivable at period-end totaled **0.10 million yuan**, with an impairment provision of **10.02 million yuan** already made[244](index=244&type=chunk)[246](index=246&type=chunk) - Accounts receivable at period-end had a carrying value of **68.18 million yuan**, with an impairment provision of **47.44 million yuan**[254](index=254&type=chunk)[255](index=255&type=chunk) - Fixed assets at period-end had a carrying value of **244.23 million yuan**, including administrative training and warehousing centers and expert buildings, with a total carrying value of **72.82 million yuan** for which property certificates have not yet been obtained[293](index=293&type=chunk)[297](index=297&type=chunk) - Short-term borrowings at period-end totaled **166.01 million yuan**, of which **39.21 million yuan** were overdue and unpaid short-term borrowings[329](index=329&type=chunk)[336](index=336&type=chunk) - Estimated liabilities at period-end totaled **31.09 million yuan**, primarily including pending litigation, onerous contracts, accounts payable for returns, and bond default penalties payable[375](index=375&type=chunk) - Undistributed profits at period-end were **-1,078.52 million yuan**, further expanding the loss from **-1,045.95 million yuan** at the beginning of the period[388](index=388&type=chunk) [Foreign Currency Monetary Items](index=102&type=section&id=8.8%20Foreign%20Currency%20Monetary%20Items) Discloses foreign currency monetary items, primarily in USD, and identifies significant overseas operating entities - Period-end USD monetary funds balance was **1,783,865.81 USD**, equivalent to **12,769,981.79 yuan**[426](index=426&type=chunk) - Period-end USD accounts receivable balance was **1,061,502.00 USD**, equivalent to **7,598,868.22 yuan**[426](index=426&type=chunk) - The significant overseas operating entity, Praxgen Pharma, LLC, primarily operates in New Jersey, USA, with USD as its functional currency[429](index=429&type=chunk) [Leases](index=103&type=section&id=8.9%20Leases) Explains the company's accounting treatment for leases, including simplified approaches for short-term and low-value asset leases - For short-term leases not exceeding 12 months and leases of low-value assets, the company opts not to recognize right-of-use assets and lease liabilities, instead recognizing related lease payments as current period expenses or asset costs on a straight-line basis over the lease term[234](index=234&type=chunk) [Research and Development Expenses](index=103&type=section&id=8.10%20Research%20and%20Development%20Expenses) Reports R&D expenditures, including expensed and capitalized amounts, and details a significant capitalized R&D project R&D Expenditures (Unit: yuan) | Item | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Total | 5,405,122.49 | 6,029,664.83 | | Of which: Expensed R&D Expenditures | 5,012,902.67 | 4,570,002.98 | | Capitalized R&D Expenditures | 392,219.82 | 1,459,661.85 | - The significant capitalized R&D project **JZC11** is in Phase III clinical research, expected to be completed by January 1, 2028, generating economic benefits through production and sales[434](index=434&type=chunk) - The **JZB01** project has fully provided an impairment allowance of **22.33 million yuan** due to expired approval[435](index=435&type=chunk) [Interests in Other Entities](index=104&type=section&id=8.11%20Interests%20in%20Other%20Entities) Outlines the company's group structure, including subsidiaries and associates, and provides financial details for key non-wholly owned subsidiaries - The company owns multiple wholly-owned and controlled subsidiaries, with business activities covering industrial investment, hospital management, pharmaceutical R&D, production, and sales[436](index=436&type=chunk)[437](index=437&type=chunk) - Shanghai Juanbaofeng Biotechnology Co, Ltd has a **35%** equity stake, but the company influences **51%** of its voting rights and actual operations through other shareholders and key management, thus it is included in the consolidated scope[439](index=439&type=chunk) Major Financial Information of Important Non-Wholly Owned Subsidiaries (Current Period Amount, Unit: yuan) | Subsidiary Name | Minority Shareholding Percentage | Net Profit Attributable to Minority Shareholders for Current Period | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Hainan Jinrui Pharmaceutical Co, Ltd | 13.00% | 553,660.73 | 38,772,988.26 | 4,258,928.72 | | Jiangxi Yanhua Pharmaceutical Co, Ltd | 49.00% | -352,657.07 | 0.00 | -719,708.30 | | Yibin Zhonglian Pharmaceutical Co, Ltd | 49.00% | -677,900.83 | 4,402,961.32 | -1,383,471.08 | - Shanghai Jinyu Venture Capital Partnership (Limited Partnership), an important associate, has a **19.80%** equity stake held by the company and is accounted for using the equity method[446](index=446&type=chunk)[449](index=449&type=chunk) [Government Grants](index=107&type=section&id=8.12%20Government%20Grants) Discloses government grants, including liability items and amounts recognized in profit or loss, categorized by asset or income related Liability Items Involving Government Grants (Unit: yuan) | Accounting Account | Beginning Balance | New Grants for Current Period | Amount Recognized in Non-Operating Income for Current Period | Amount Transferred to Other Income for Current Period | Ending Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 17,153,358.18 | 0.00 | 0.00 | 1,788,544.62 | 15,364,813.56 | Asset Related | Government Grants Recognized in Current Profit or Loss (Unit: yuan) | Accounting Account | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Income Related | 2,000,883.01 | 2,717,608.40 | | Asset Related | 1,788,544.62 | 1,788,544.62 | | **Total** | **3,789,427.63** | **4,506,153.02** | [Risks Related to Financial Instruments](index=108&type=section&id=8.13%20Risks%20Related%20to%20Financial%20Instruments) Discusses market risks (foreign exchange, liquidity) and risk management policies, highlighting liquidity challenges and financing strategies - The company's main financial instruments include equity investments, borrowings, accounts receivable, and accounts payable[454](index=454&type=chunk) - The company is exposed to foreign exchange risk primarily related to the US dollar, with foreign currency balances in monetary funds, accounts receivable, other receivables, accounts payable, and other payables at period-end[455](index=455&type=chunk)[456](index=456&type=chunk) - The company faces certain liquidity risks, with short-term borrowings of **166.01 million yuan** and other non-current liabilities due within one year of **262.68 million yuan** at period-end, while monetary funds totaled **25.63 million yuan**[457](index=457&type=chunk) - The company will actively diversify financing channels and tools, maintain close cooperation with existing banking partners and bondholder institutions, and actively introduce strategic partners in the equity market to discuss cooperation plans and provide financial support for the company's development[457](index=457&type=chunk) - Bank acceptance bills endorsed or discounted by the company and not yet due at the balance sheet date amounted to **13.96 million yuan**, which have been derecognized[459](index=459&type=chunk)[462](index=462&type=chunk) [Disclosure of Fair Value](index=109&type=section&id=8.14%20Disclosure%20of%20Fair%20Value) Discloses the fair value of assets and liabilities measured at fair value, primarily derivative financial liabilities, and valuation techniques Period-End Fair Value Measurement Items (Unit: yuan) | Item | Period-End Fair Value | | :--- | :--- | | Total Liabilities Measured at Fair Value on a Recurring Basis | 34,031,375.63 | | Derivative Financial Liabilities | 34,031,375.63 | - The fair value of derivative financial liabilities is calculated using an option pricing model, with implied volatility as an unobservable input[465](index=465&type=chunk) [Related Parties and Related Party Transactions](index=110&type=section&id=8.15%20Related%20Parties%20and%20Related%20Party%20Transactions) Identifies related parties and details various transactions, including sales, guarantees, fund borrowings, and key management compensation - The ultimate controlling party of the enterprise is Ye Xiangwu, with a shareholding ratio of **13.74%**[466](index=466&type=chunk) - During the reporting period, sales of goods to CSPC Hebei Zhongcheng Pharmaceutical Co, Ltd amounted to **38.60 million yuan**[471](index=471&type=chunk) - Ye Xiangwu provided multiple guarantees for the company, totaling **345.54 million yuan**, all of which remain unfulfilled[473](index=473&type=chunk) - The company borrowed **4.30 million yuan** from Ye Xiangwu, with a start date of December 27, 2024, and a maturity date of December 26, 2025[475](index=475&type=chunk) - Key management personnel compensation for the current period amounted to **0.58 million yuan**[477](index=477&type=chunk) - Among other payables at period-end, Wuyi Huijun Investment Partnership (Limited Partnership) accounted for **45.00 million yuan**, and Ye Xiangwu for **15.04 million yuan**[481](index=481&type=chunk) [Commitments and Contingencies](index=112&type=section&id=8.16%20Commitments%20and%20Contingencies) Discloses unfulfilled capital contribution commitments in subsidiaries totaling **38.32 million yuan** Important Commitments (Unit: 10,000 yuan) | No | Subsidiary | Subscribed Amount | Paid-in Amount | Unpaid Capital Contribution | | :--- | :--- | :--- | :--- | :--- | | 1 | Shanghai Qijing Investment Management Co, Ltd | 1,000.00 | 300.00 | 700.00 | | 2 | Jiangxi Yanhua Pharmaceutical Co, Ltd | 200.00 | 20.00 | 180.00 | | 3 | Shanghai Jingyanhe Biotechnology Co, Ltd | 100.00 | 80.00 | 20.00 | | 4 | Shandong Jingfeng Pharmaceutical Co, Ltd | 500.00 | 0.00 | 500.00 | | 5 | Shanghai Juanbaofeng Biotechnology Co, Ltd | 3,000.00 | 1,068.47 | 1,931.53 | | 6 | Changde Jingcheng Pharmaceutical Technology Co, Ltd | 500.00 | 0.00 | 500.00 | | **Total** | | **5,300.00** | **1,468.47** | **3,831.53** | [Notes to Parent Company Financial Statement Items](index=112&type=section&id=8.17%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Provides detailed notes for key parent company financial statement items, including other receivables, long-term equity investments,营业收入 and 营业成本, and investment income - Parent company's other receivables at period-end totaled **119.43 million yuan**, primarily intercompany balances[484](index=484&type=chunk)[486](index=486&type=chunk) - Parent company's long-term equity investments at period-end had a carrying value of **1,017.69 million yuan**, including **994.95 million yuan** in investments in subsidiaries and **22.74 million yuan** in investments in associates and joint ventures[498](index=498&type=chunk) - Parent company's operating revenue for the current period was **0.00 yuan**, compared to **3,773.58 yuan** in the prior period[504](index=504&type=chunk) - Parent company's investment income for the current period was **-0.38 million yuan**, primarily from long-term equity investments accounted for using the equity method[506](index=506&type=chunk) [Supplementary Information](index=116&type=section&id=8.18%20Supplementary%20Information) Includes a detailed statement of non-recurring gains and losses, return on net assets, earnings per share, and no differences in accounting data Statement of Non-Recurring Gains and Losses (Unit: yuan) | Item | Amount | | :--- | :--- | | Gains or losses from disposal of non-current assets | -157,855.19 | | Government grants recognized in current profit or loss | 3,789,427.63 | | Other non-operating income and expenses apart from the above items | -5,827,890.53 | | Impact on minority interests (after tax) | 558,448.23 | | **Total** | **-2,754,766.32** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | -49.70% | -0.0370 | -0.0370 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | -45.50% | -0.0339 | -0.0339 | - The company has no differences in accounting data under domestic and international accounting standards[509](index=509&type=chunk) Part IX [Other Submitted Data](index=118&type=section&id=Part%20IX%20Other%20Submitted%20Data) This section covers other significant social safety issues, investor relations activities, and related party fund movements [Other Significant Social Safety Issues](index=118&type=section&id=9.1%20Other%20Significant%20Social%20Safety%20Issues) States that the company and its subsidiaries had no other significant social safety issues or administrative penalties - The listed company and its subsidiaries had no other significant social safety issues, nor were they subject to administrative penalties[511](index=511&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=118&type=section&id=9.2%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) Details investor relations activities, primarily telephone communications with individual investors on company operations and risks - During the reporting period, the company engaged with individual investors via telephone communication[511](index=511&type=chunk) - The main topics discussed and materials provided included the company's operational status, development strategy, risk control, delisting risks, pre-reorganization, and investor protection[511](index=511&type=chunk) [Fund Movements Between Listed Company and Controlling Shareholder and Other Related Parties](index=118&type=section&id=9.3%20Fund%20Movements%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) States that there were no fund movements between the listed company and its controlling shareholder or other related parties - The company had no fund movements with its controlling shareholder or other related parties during the reporting period[512](index=512&type=chunk)

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of ST Jingfeng, indicating a current stock price of 5.85 yuan with a PE ratio of 36.37 times, which is lower than the industry average of 65.80 times [1][3] - The company has a total market capitalization of 5.147 billion yuan, ranking 89th in the chemical pharmaceutical industry based on PE ratio [1][3] - Recent capital flow data shows a net inflow of 16.38 million yuan on August 20, but a total outflow of 15.88 million yuan over the past five days, indicating a mixed sentiment among investors [1] Group 2 - Hunan Jingfeng Pharmaceutical Co., Ltd. specializes in the research, manufacturing, and sales of pharmaceutical products, with key products including various injection solutions and capsules, many of which are unique to the market and covered by national insurance [2] - The company is actively expanding its product line, with several products already having received clinical approval or currently undergoing clinical research [2] - The latest quarterly report for Q1 2025 shows a revenue of 100 million yuan, a slight decrease of 0.46% year-on-year, and a net loss of approximately 11.90 million yuan, reflecting a significant decline of 960.04% year-on-year [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000908 证券简称：ST景峰 公告编号：2025-066 湖南景峰医药股份有限公司 关于控股股东所持部分公司股份被司法强制执行完毕的公告 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。 特别提示： 1、湖南景峰医药股份有限公司（以下简称"公司"）于2025年7月17日披露了《关于控股股东所持部分公 司股份将被司法强制执行的提示性公告》（公告编号：2025-059），因金融借款合同纠纷，贵州省贵阳 市云岩区人民法院将通过集中竞价方式处置公司控股股东叶湘武先生所持有的公司股份，强制执行期间 为2025年7月22日至2025年10月21日。 2、叶湘武先生是公司的控股股东，本次股份变动不会导致公司实际控制权发生变化，不会对公司的治 理结构和经营情况产生影响。 一、股东所持股份被司法处置的情况 1、叶湘武先生被司法处置的股份情况 ■ 2、叶湘武先生及其一致行动人在本次司法处置前后持股情况 ■ 二、其他相关说明 1、截至本公告披露日，叶湘武先生本次因司法强制执行而处置的股份已执行完毕，本次叶湘武先生被 司法 ...

证券代码：000908 证券简称：ST 景峰 公告编号：2025-066 湖南景峰医药股份有限公司 关于控股股东所持部分公司股份被司法强制执行完毕 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。 特别提示： 1、湖南景峰医药股份有限公司（以下简称"公司"）于 2025 年 7 月 17 日 披露了《关于控股股东所持部分公司股份将被司法强制执行的提示性公告》（公 告编号：2025-059），因金融借款合同纠纷，贵州省贵阳市云岩区人民法院将通 过集中竞价方式处置公司控股股东叶湘武先生所持有的公司股份，强制执行期间 为 2025 年 7 月 22 日至 2025 年 10 月 21 日。 2、叶湘武先生是公司的控股股东，本次股份变动不会导致公司实际控制权 发生变化，不会对公司的治理结构和经营情况产生影响。 近日，公司收到控股股东叶湘武先生出具的《关于股份被强制执行完毕的告 知函》，叶湘武先生于 2025 年 8 月 18 日接到贵州省贵阳市云岩区人民法院通知， 截至本公告披露日，本次司法强制执行所涉及的共计 865 万股公司股份已被处置 完毕，现将有关情况公 ...