公告文件 证券代码：000989 证券简称：九芝堂 公告编号：2025-061 九芝堂股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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、召开会议基本情况 1、股东大会届次：2025 年第二次临时股东大会 2、会议召集人：九芝堂股份有限公司董事会 3、会议召开的合法、合规性： 本次股东大会召集、召开的程序符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 4、会议召开的日期、时间： 5、会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 6、会议的股权登记日：2025 年 9 月 3 日 7、会议出席对象： （1）凡在股权登记日 15:00 收市时在中国证券登记结算有限责任公司深圳 分公司登记在册的公司全体股东均有权出席股东大会，并可以以书面形式委托代 理人出席会议和参加表决，该股东代理人不必是本公司股东； （2）本公司董事、监事、高级管理人员； （3）本公司聘请的律师； （4）根据相关法规应当出席股东大会的其他人员。 （1）现场会议召开时间：2025 年 9 月 10 ...

公告文件 证券代码：000989 证券简称：九芝堂 公告编号：2025-059 九芝堂股份有限公司 第九届董事会第九次会议决议公告 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 九芝堂股份有限公司第九届董事会第九次会议通知于 2025 年 8 月 8 日以电 子邮件方式发出，会议于 2025 年 8 月 19 日在公司管理中心第一会议室以现场方 式召开。会议应出席董事 9 名，实际出席董事 9 名。会议由董事长王立峰先生主 持，公司监事、高级管理人员列席本次会议。本次董事会会议的召开符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 在公司董事充分理解会议议案并表达意见后，本次会议一致审议通过了以下 议案： 1、2025 年半年度报告及摘要 本议案已经公司第九届董事会审计委员会第八次会议审议通过。半年度报告 全文请参看公告在巨潮资讯网的《九芝堂股份有限公司 2025 年半年度报告》（公 告编号：2025-057），摘要请参看公告在《中国证券报》《证券时报》《证券日报》 《上海证券报》及巨潮资讯网的 ...

Core Viewpoint - The company, Jiuzhitang, reported a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Financial Performance - The company achieved operating revenue of 1.265 billion yuan, representing a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders of the listed company was 144 million yuan, down 29.71% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 136 million yuan, a decrease of 28.45% year-on-year [1] - The basic earnings per share were 0.1699 yuan [1]

九芝堂公告，2025年上半年营业收入12.65亿元，同比下降24.71%。净利润1.44亿元，同比下降 29.71%。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides essential disclaimers, outlines the report structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=重要提示) The company's board and management assure report accuracy, caution on forward-looking statements, and announce no interim dividend or capital increase - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=目录) This chapter lists the overall structure of the semi-annual report, including nine main sections and their corresponding page numbers, providing quick navigation for readers [Definitions](index=5&type=section&id=释义) This chapter defines common terms and company-related entities used in the report, ensuring consistent understanding for readers [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section presents the company's basic information and a summary of its key financial performance and position during the reporting period [Company Profile](index=6&type=section&id=一、公司简介) This chapter provides the company's basic information, including stock abbreviation, code, listing exchange, company names, and legal representative - The company's stock abbreviation is **"Jiuzhitang"**, stock code **"000989"**, listed on the Shenzhen Stock Exchange[12](index=12&type=chunk) - The company's legal representative is Wang Lifeng[12](index=12&type=chunk) [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) This chapter provides contact details for the Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Han Chenxiao, and the Securities Affairs Representative is Huang Ke[13](index=13&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) This chapter states that the company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged during the reporting period - The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, refer to the 2024 annual report for details[14](index=14&type=chunk)[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=四、主要会计数据和财务指标) During the reporting period, the company's operating revenue and net profit attributable to shareholders both decreased, while net cash flow from operating activities significantly improved Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,512,369.54 | 1,679,430,180.36 | -24.71% | | Net Profit Attributable to Shareholders of Listed Company | 143,773,631.42 | 204,545,737.13 | -29.71% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 135,904,121.39 | 189,943,084.34 | -28.45% | | Net Cash Flow from Operating Activities | 213,061,017.36 | -232,303,029.43 | 191.72% | | Basic Earnings Per Share (RMB/share) | 0.1699 | 0.2399 | -29.18% | | Diluted Earnings Per Share (RMB/share) | 0.1699 | 0.2399 | -29.18% | | Weighted Average Return on Net Assets | 3.84% | 5.15% | -1.31% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets | 5,025,993,962.59 | 5,211,440,858.19 | -3.56% | | Net Assets Attributable to Shareholders of Listed Company | 3,643,101,446.80 | 3,753,212,418.98 | -2.93% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) This chapter lists non-recurring gains and losses for the reporting period, totaling RMB 7.87 million, primarily from non-current asset disposal, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off of impairment provisions) | 570,809.17 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on company profit or loss) | 8,007,009.80 | | Other non-operating income and expenses apart from the above | 378,648.01 | | Less: Income tax impact | 776,082.27 | | Impact on minority interests (after tax) | 310,874.68 | | Total | 7,869,510.03 | [Management Discussion and Analysis](index=8&type=section&id=第三节%20管理层讨论与分析) This section provides an overview of the company's operations, financial performance, and key strategic initiatives, along with an analysis of risks and opportunities [Principal Businesses Engaged by the Company During the Reporting Period](index=8&type=section&id=一、报告期内公司从事的主要业务) In the first half of 2025, the company navigated industry opportunities and challenges, focusing on traditional Chinese medicine innovation and new ventures like stem cells, despite a decline in revenue and net profit [Industry Development](index=8&type=section&id=（一）公司所属行业的发展情况) In 2025, the pharmaceutical industry faces both high-quality development opportunities driven by an aging population and health awareness, and challenges from centralized procurement and rising costs - The pharmaceutical industry is embracing high-quality development opportunities in the final year of the "14th Five-Year Plan", with broad market demand driven by an aging population and increased health awareness[23](index=23&type=chunk) - The industry faces drug price reductions due to normalized centralized procurement and medical insurance negotiations, along with cost pressures from rising commodity and traditional Chinese medicine material prices[23](index=23&type=chunk) - The state has intensively introduced supportive policies for traditional Chinese medicine, promoting its inheritance and innovative development, with traditional Chinese medicine showing prominent advantages in preventing and treating chronic diseases[24](index=24&type=chunk) - Innovative R&D is a core engine, with biotechnology (gene therapy, cell therapy) and new technologies (AI, big data) deeply integrated into the pharmaceutical field, enhancing R&D efficiency and competitiveness[25](index=25&type=chunk) [Company Business Introduction](index=8&type=section&id=（二）公司业务介绍) Established in 1650 and listed in 2000, Jiuzhitang focuses on traditional Chinese medicine R&D, production, and sales, expanding into stem cells, TCM healthcare, and health products - Jiuzhitang, founded in 1650, established in 1999, and listed in 2000, focuses on traditional Chinese medicine R&D, production, and sales, while exploring innovative businesses such as stem cells, TCM medical health services, and health products based on food and medicine homology[26](index=26&type=chunk) - The company owns two **"China Well-Known Trademarks"**, "Jiuzhitang" and "Youbo", with "Jiuzhitang" recognized as a **"China Time-Honored Brand"** and its traditional Chinese medicine culture listed as a national intangible cultural heritage[26](index=26&type=chunk) - The company holds **418 national drug registration approvals**, including **35 exclusive varieties**, with **252 varieties** listed in the 2024 National Medical Insurance Catalog[27](index=27&type=chunk) - The company's products cover OTC categories (e.g., Liuwei Dihuang Pills, Ejiao Buxue Granules), prescription drug categories (e.g., Shuxuetong Injection, Angong Niuhuang Pills, Scikang), and a large health series (e.g., Ejiao series, precious herbal slices)[27](index=27&type=chunk)[28](index=28&type=chunk) - The company's production strictly adheres to national GMP requirements, adopting an efficient operation model of production based on sales and production-sales collaboration[29](index=29&type=chunk) - The procurement model integrates tender procurement, increased supplier introduction, reasonable strategic reserves, and direct sourcing from production areas[30](index=30&type=chunk) - The sales model combines self-operation and agency recruitment, building a national sales network, and enhancing capabilities through optimizing marketing activities, strengthening professional academic promotion, and exploring online sales models[31](index=31&type=chunk) [Company's Industry Position](index=9&type=section&id=（三）公司所处的行业地位) The company is recognized as a National Key High-tech Enterprise and a National Intellectual Property Demonstration Enterprise, highlighting its leading position and innovation capabilities in the industry - The company is a **National Key High-tech Enterprise**, a **National Innovative Pilot Enterprise**, a Key Discipline Construction Unit for Traditional Chinese Medicine Engineering by the State Administration of Traditional Chinese Medicine, a **National Enterprise Technology Center**, and a **National Intellectual Property Demonstration Enterprise**[32](index=32&type=chunk) [Performance Drivers During the Reporting Period](index=9&type=section&id=（四）报告期内业绩驱动因素) This chapter directs readers to the "Management Discussion and Analysis - II. Analysis of Core Competitiveness" section for details on performance drivers [Overview of Operations During the Reporting Period](index=9&type=section&id=（五）报告期内经营情况概述) In H1 2025, the company focused on core business, marketing reform, and product optimization, advancing R&D projects despite revenue and net profit declines, while enhancing internal management - The company, guided by the principle of "innovation and breakthroughs to boost vitality, increasing revenue and reducing expenditure to promote development", focused on its main business, optimized organizational structure, promoted marketing reforms, optimized product structure, and deepened channel potential[34](index=34&type=chunk) - Innovative R&D made positive progress, with stem cell projects and projects like YB209, YB211 advancing in an orderly manner, and secondary development research for already marketed varieties continuing[34](index=34&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) 2025 H1 Key Financial Indicators | Indicator | Amount (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 126,451.24 | -24.71% | | Net Profit Attributable to Shareholders of Listed Company | 14,377.36 | -29.71% | - Subsidiaries in the pharmaceutical industry segment (Changsha Base of the joint-stock company, Youbo Pharmaceutical, Chengdu Jinding Pharmaceutical, Hainan Pharmaceutical, Scikang Bio, Medical Trade Headquarters, and Dilong Pharmaceutical) all made progress in optimizing marketing models, market expansion, academic promotion, and channel development[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The health industry and medical health segments broke new ground through brand innovation and scenario extension; Hunan Health Management expanded marketing channels, Beijing Medical Health promoted "TCM+" corporate health promotion services, the Health Industry company built a diversified large health product matrix, and the Biotechnology company optimized product quality and explored new media marketing[40](index=40&type=chunk)[41](index=41&type=chunk) - The company continuously optimized internal control management, improved systems and processes, strengthened budget execution supervision, enhanced team building, and raised management levels[42](index=42&type=chunk) - During the reporting period, the company and its subsidiaries received multiple honors, including "National Enterprise for Product and Service Quality Integrity Commitment", "Typical Case of Key Core Technologies in Traditional Chinese Medicine Industry Development", and "Heilongjiang Provincial Green Factory"[43](index=43&type=chunk) [Analysis of Core Competitiveness](index=11&type=section&id=二、核心竞争力分析) The company's core competitiveness stems from its rich brand history, diverse product portfolio, innovative marketing, advanced technology, strong R&D, and professional management team - The company owns the **300-year-old "Jiuzhitang"** and **"Youbo" China Well-Known Trademarks**, recognized as **"China Time-Honored Brands"** and national intangible cultural heritage, demonstrating significant brand advantages[44](index=44&type=chunk) - The company is a leading brand in the domestic traditional Chinese medicine sector, holding **418 drug approvals**, covering cardiovascular, cerebrovascular, tonic, and sedative areas, with exclusive varieties and traditional Chinese medicine injections having strong market advantages[44](index=44&type=chunk) - The company's marketing model combines cultural marketing and academic promotion, with a national sales network covering various medical institutions and retail pharmacies, and actively exploring online sales[45](index=45&type=chunk) - The company possesses strong process technology advantages, strictly adhering to GMP requirements, with its intelligent factory for traditional Chinese medicine solid preparations enhancing intelligent management, and the production process for Shuxuetong Injection being scientifically sound[45](index=45&type=chunk) - The company has multiple scientific research platforms, including a postdoctoral research station and a national enterprise technology center, undertaking major national and provincial scientific and technological projects, demonstrating strong R&D capabilities[46](index=46&type=chunk) - The company's management team is professional, young, specialized, and international, possessing rich R&D and enterprise management experience, providing impetus for the company's development[46](index=46&type=chunk) [Analysis of Principal Business](index=12&type=section&id=三、主营业务分析) Operating revenue decreased by 24.71% due to lower sales, but net cash flow from operating activities significantly improved by 191.72% due to stronger collections and reduced cash outflows Major Financial Data YoY Changes | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,264,512,369.54 | 1,679,430,180.36 | -24.71% | Primarily due to a decrease in sales of some company products during this period | | Operating Cost | 514,049,049.25 | 692,100,097.67 | -25.73% | Primarily due to a decrease in operating revenue during this period | | Selling Expenses | 406,879,852.15 | 606,766,723.80 | -32.94% | Primarily due to a decrease in operating revenue during this period | | Administrative Expenses | 94,516,566.71 | 102,052,820.03 | -7.38% | Primarily due to reductions in maintenance fees, consulting fees, inventory losses, partnership management fees, etc., during this period | | Financial Expenses | -1,672,145.49 | -2,676,935.86 | 37.54% | Primarily due to a decrease in interest income during this period | | Income Tax Expense | 33,908,461.98 | 39,733,269.68 | -14.66% | Primarily due to a decrease in total profit during this period | | R&D Investment | 65,053,900.00 | 65,853,921.33 | -1.21% | No significant change | | Net Cash Flow from Operating Activities | 213,061,017.36 | -232,303,029.43 | 191.72% | Primarily due to stronger collections and reduced cash payments for goods and services during this period | | Net Cash Flow from Investing Activities | -282,971,008.20 | 31,953,340.29 | -985.58% | Primarily due to increased purchases of wealth management products during this period | | Net Cash Flow from Financing Activities | -229,507,233.21 | -125,322,678.53 | -83.13% | Primarily due to a decrease in unconfirmed discounted notes received during this period | | Net Increase in Cash and Cash Equivalents | -299,436,580.20 | -325,612,011.29 | 8.04% | Primarily due to changes in net cash flows from operating, investing, and financing activities as mentioned above | Operating Revenue Composition | Category | Amount for Current Period (RMB) | % of Operating Revenue | Amount for Prior Period (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **1,264,512,369.54** | **100%** | **1,679,430,180.36** | **100%** | **-24.71%** | | **By Industry** | | | | | | | Pharmaceutical Manufacturing | 1,228,695,224.11 | 97.17% | 1,639,581,705.25 | 97.62% | -25.06% | | Pharmaceutical Commercial | 33,297,654.36 | 2.63% | 34,369,615.64 | 2.05% | -3.12% | | Other Businesses | 2,519,491.07 | 0.20% | 5,478,859.47 | 0.33% | -54.01% | | **By Product** | | | | | | | OTC | 583,123,160.08 | 46.11% | 911,826,139.85 | 54.29% | -36.05% | | Prescription Drugs | 635,662,283.18 | 50.27% | 711,552,603.45 | 42.37% | -10.67% | | Health Products | 11,587,956.61 | 0.92% | 14,645,781.33 | 0.87% | -20.88% | | Other | 31,619,478.60 | 2.50% | 35,926,796.26 | 2.14% | -11.99% | | Other Businesses | 2,519,491.07 | 0.20% | 5,478,859.47 | 0.33% | -54.01% | | **By Region** | | | | | | | Northeast Region | 229,471,653.60 | 18.15% | 257,260,669.48 | 15.32% | -10.80% | | North China Region | 137,492,507.80 | 10.87% | 177,078,526.86 | 10.54% | -22.36% | | Northwest Region | 84,527,702.06 | 6.68% | 100,479,351.93 | 5.98% | -15.88% | | East China Region | 223,226,498.67 | 17.65% | 344,950,844.21 | 20.54% | -35.29% | | Central China Region | 264,939,573.87 | 20.96% | 463,470,847.68 | 27.59% | -42.84% | | Southwest Region | 98,000,423.29 | 7.75% | 113,618,545.51 | 6.77% | -13.75% | | South China Region | 224,334,519.18 | 17.74% | 217,092,535.22 | 12.93% | 3.34% | [Analysis of Non-Principal Business](index=13&type=section&id=四、非主营业务分析) Non-principal business primarily impacted total profit through investment income, accounting for 6.92% and demonstrating sustainability, while asset impairment and non-operating income/expenses had minor, non-sustainable effects Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason for Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 12,965,087.42 | 6.92% | Primarily from investment income from long-term equity investments accounted for by equity method, wealth management product investment income, note discount interest expenses, and investment income from disposal of long-term equity investments | Yes | | Asset Impairment | 240.21 | 0.00% | Primarily due to provision for inventory depreciation | No | | Non-Operating Income | 461,315.83 | 0.25% | Primarily from scrap and penalty income | No | | Non-Operating Expenses | 82,667.82 | 0.04% | Primarily from late payment fees | No | [Analysis of Assets and Liabilities](index=13&type=section&id=五、资产及负债状况分析) Total assets and net assets attributable to shareholders decreased, with changes in cash, receivables, inventory, and financial assets, while restricted assets primarily comprised bank acceptance bill deposits [1、Significant Changes in Asset Composition](index=13&type=section&id=1、资产构成重大变动情况) At period-end, cash decreased due to dividend payments and increased wealth management products; accounts receivable and trading financial assets rose, while inventory and short-term borrowings declined Significant Changes in Asset and Liability Composition | Item | Amount at End of Current Period (RMB) | % of Total Assets | Amount at End of Prior Year (RMB) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 297,134,857.34 | 5.91% | 592,879,984.54 | 11.38% | -5.47% | Primarily due to dividend payments and increased wealth management products held at period-end | | Accounts Receivable | 575,007,829.24 | 11.44% | 392,917,167.25 | 7.54% | 3.90% | Primarily due to accounts receivable from sales during this period and stronger collections at prior year-end | | Inventory | 832,268,050.25 | 16.56% | 1,061,844,268.00 | 20.38% | -3.82% | Primarily due to a decrease in inventory balance at period-end | | Investment Properties | 33,675,387.54 | 0.67% | 33,940,778.00 | 0.65% | 0.02% | Primarily due to depreciation and amortization during this period | | Long-term Equity Investments | 235,757,154.61 | 4.69% | 228,782,281.05 | 4.39% | 0.30% | Primarily due to increased investment income recognized under the equity method during this period | | Fixed Assets | 1,218,534,147.54 | 24.24% | 1,262,670,332.34 | 24.23% | 0.01% | Primarily due to depreciation expenses accrued during this period | | Construction in Progress | 381,072.59 | 0.01% | 207,998.34 | 0.00% | 0.01% | Primarily due to new engineering project investments during this period | | Right-of-Use Assets | 24,173,948.94 | 0.48% | 8,479,902.38 | 0.16% | 0.32% | Primarily due to increased leases during this period | | Short-term Borrowings | 24,512,060.90 | 0.49% | 43,862,237.75 | 0.84% | -0.35% | Primarily due to a decrease in discounted unexpired notes receivable during this period | | Contract Liabilities | 46,880,599.60 | 0.93% | 53,119,457.45 | 1.02% | -0.09% | Primarily due to recognition of revenue from related contract liabilities at prior period-end after fulfilling performance obligations in this period | | Lease Liabilities | 9,031,690.03 | 0.18% | 7,640,306.20 | 0.15% | 0.03% | Primarily due to increased leases during this period | | Trading Financial Assets | 560,000,000.00 | 11.14% | 300,000,000.00 | 5.76% | 5.38% | Primarily due to increased wealth management products held at period-end | | Prepayments | 44,613,669.25 | 0.89% | 33,268,841.21 | 0.64% | 0.25% | Primarily due to increased prepayments for goods during this period | | Development Expenditures | 5,083,680.79 | 0.10% | 1,963,686.41 | 0.04% | 0.06% | Primarily due to increased capitalized R&D expenditures during this period | | Long-term Deferred Expenses | 4,865,147.61 | 0.10% | 6,990,453.35 | 0.13% | -0.03% | Primarily due to expense amortization during this period | | Notes Payable | 12,304,836.00 | 0.24% | 0.00 | 0.00% | 0.24% | Primarily due to an increase in bank acceptance notes payable during this period | | Accounts Payable | 39,047,795.45 | 0.78% | 59,118,623.45 | 1.13% | -0.35% | Primarily due to payment of accounts payable for goods during this period | | Employee Benefits Payable | 39,117,962.14 | 0.78% | 79,472,261.35 | 1.52% | -0.74% | Primarily due to payment of employee salaries accrued at prior year-end | | Taxes Payable | 36,854,997.00 | 0.73% | 23,797,497.30 | 0.46% | 0.27% | Primarily due to increased VAT and corporate income tax payable at period-end | | Non-current Liabilities Due Within One Year | 4,479,922.71 | 0.09% | 1,508,825.91 | 0.03% | 0.06% | Primarily due to an increase in lease liabilities due within one year during this period | | Other Current Liabilities | 45,160,406.32 | 0.90% | 87,255,525.52 | 1.67% | -0.77% | Primarily due to a decrease in unconfirmed endorsed unexpired notes receivable during this period | [2、Major Overseas Assets](index=14&type=section&id=2、主要境外资产情况) The company had no major overseas assets during the reporting period [3、Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3、以公允价值计量的资产和负债) At period-end, the company's financial assets measured at fair value totaled RMB 919 million, primarily comprising trading financial assets, other equity instrument investments, and notes receivable financing Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Trading financial assets (excluding derivative financial assets) | 300,000,000.00 | 2,456,000,000.00 | 2,196,000,000.00 | 560,000,000.00 | | Other equity instrument investments | 199,305,400.00 | 0.00 | 0.00 | 199,305,400.00 | | Notes receivable financing | 163,974,271.95 | 651,420,806.70 | 655,274,647.53 | 160,120,431.12 | | **Total above** | **663,279,671.95** | **3,107,420,806.70** | **2,851,274,647.53** | **919,425,831.12** | [4、Asset Restrictions at the End of the Reporting Period](index=15&type=section&id=4、截至报告期末的资产权利受限情况) At period-end, the company's restricted assets primarily consisted of bank acceptance bill deposits within cash and cash equivalents, totaling RMB 3.69 million Asset Restrictions | Item | Carrying Amount (RMB) | Book Value (RMB) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,691,453.00 | 3,691,453.00 | Bank acceptance bill deposit | [Analysis of Investment Status](index=15&type=section&id=六、投资状况分析) During the reporting period, the company did not undertake significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize raised funds - The company reported no securities investments, derivative investments, or use of raised funds during the reporting period[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Major Asset and Equity Sales](index=16&type=section&id=七、重大资产和股权出售) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=八、主要控股参股公司分析) This chapter details the financial status and operating results of major subsidiaries and associates significantly impacting net profit, including changes in the company's investment portfolio Major Holding and Participating Companies | Company Name | Principal Business | Registered Capital (RMB 10,000) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mudanjiang Youbo Pharmaceutical Co., Ltd. | Small volume injections (including pre-treatment), lyophilized powder injections (including anti-tumor drugs) | 45000 | 1,516,325,927.17 | 1,318,628,338.36 | 425,294,915.43 | 122,837,433.74 | 103,480,897.98 | | Jiuzhitang Pharmaceutical Trade Co., Ltd. | Sales of traditional Chinese patent medicines, chemical preparations, antibiotic preparations, biochemical drugs, biological products (non-refrigerated drugs only) | 5000 | 799,968,750.29 | 369,596,496.17 | 235,807,243.54 | 34,991,091.59 | 26,154,860.65 | | Chengdu Jiuzhitang Jinding Pharmaceutical Co., Ltd. | Production of traditional Chinese patent medicines, sales of company products, property leasing | 8400 | 376,068,983.17 | 311,623,933.94 | 174,867,259.29 | 36,676,664.50 | 30,186,690.18 | | Hunan Scikang Biopharmaceutical Co., Ltd. | Production and sales of immune preparations; R&D of biopharmaceuticals and biological preparations; self-operated and agency import and export of various goods and technologies | 5200 | 203,336,610.49 | 181,294,751.50 | 23,490,314.77 | 1,691,522.67 | 304,450.51 | | Hainan Jiuzhitang Pharmaceutical Co., Ltd. | Production and sales of tablets, capsules, granules, suppositories, main product is Luohuazizhu Tablets | 5200 | 109,879,805.26 | 95,712,605.73 | 27,637,892.68 | 1,314,863.58 | 390,186.69 | | Zhuhai Hengqin Jiuzhitang Yonghe Qihang Equity Investment Fund (Limited Partnership) | Equity investment | 70000 | 136,979,557.05 | -110,469,890.21 | 1,351,338.97 | -23,433,871.47 | -23,427,067.47 | - During the reporting period, the company's wholly-owned subsidiary, Jiuzhitang Medical Health Industry Development (Beijing) Co., Ltd., transferred its **70% equity** in Beijing Yuerutang Traditional Chinese Medicine Clinic Co., Ltd., recognizing an investment income of **RMB 649,700**, and the company is no longer included in the consolidated financial statements[67](index=67&type=chunk) - During the reporting period, the company deregistered Hunan Jiuzhitang Traditional Chinese Medicine Prescription Engineering Research Co., Ltd., and established Hunan Jiuzhitang Herbal Non-Tea Commercial Operation Management Co., Ltd. and Gansu Jiuzhitang Pharmaceutical Co., Ltd., none of which had a significant impact[67](index=67&type=chunk) [Structured Entities Controlled by the Company](index=18&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period [Risks Faced by the Company and Countermeasures](index=18&type=section&id=十、公司面临的风险和应对措施) The company faces risks from policy changes, drug price reductions, raw material fluctuations, R&D uncertainties, and external investments, addressed by policy monitoring, value enhancement, strategic reserves, and strict R&D/investment management - The company faces industry policy risks such as deepening healthcare system reform, normalized centralized procurement, and medical insurance negotiations, which will be addressed by closely monitoring policies, adjusting management models and operating strategies, and improving the quality management system[67](index=67&type=chunk)[68](index=68&type=chunk) - The continuous trend of drug price reductions may adversely affect the company's profitability; the company will respond by improving product quality standards, obtaining patents, conducting secondary development of core products, and leveraging brand value[69](index=69&type=chunk) - Risks of insufficient supply and price fluctuations of traditional Chinese medicine raw materials will be addressed by strengthening market monitoring, timely strategic reserves, and standardizing tender procurement[70](index=70&type=chunk) - Drug R&D involves uncertainties, potentially facing risks of increased R&D investment, extended cycles, and R&D failure; the company will strictly adhere to regulations, control key node risks, and optimize R&D investment[71](index=71&type=chunk) - External investments in innovative drug R&D companies carry uncertainty risks; the company will urge investees and M&A funds to monitor external environment, internal management, and fund utilization, anticipating and resolving adverse factors in advance[72](index=72&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[73](index=73&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=19&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[73](index=73&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance, profit distribution, environmental disclosures, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, the board saw changes with the resignation of former chairman Sun Guangyuan and directors, followed by the election of Wang Lifeng as the new chairman and legal representative - Former Chairman Sun Guangyuan and former Directors Lü Ming and Bo Jinfeng resigned due to job reassignments[75](index=75&type=chunk) - Wang Lifeng, Wu Qiang, and Yu Zhongfei were elected as non-independent directors of the company's Ninth Board of Directors[75](index=75&type=chunk) - Wang Lifeng was elected as the Chairman of the company's Ninth Board of Directors and serves as the legal representative[75](index=75&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=20&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[76](index=76&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented 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[77](index=77&type=chunk) [Environmental Information Disclosure](index=20&type=section&id=四、环境信息披露情况) The company and four major subsidiaries are listed as legally required environmental information disclosure enterprises and have publicly released their environmental reports - The company and its **4 subsidiaries** are included in the list of enterprises legally required to disclose environmental information[78](index=78&type=chunk) - Subsidiaries included in the list are Jiuzhitang Co., Ltd. Jinzhou Base, Hunan Scikang Biopharmaceutical Co., Ltd., Hainan Jiuzhitang Pharmaceutical Co., Ltd., and Heilongjiang Dilong Pharmaceutical Co., Ltd[78](index=78&type=chunk) [Social Responsibility](index=20&type=section&id=五、社会责任情况) The company is committed to social responsibility, safeguarding stakeholder rights, ensuring product quality, protecting employee welfare, promoting safety, engaging in philanthropy, and pursuing sustainable development through environmental management - The company ensures the legitimate rights and interests of creditors by improving corporate governance and internal control systems[80](index=80&type=chunk) - The company safeguards supplier interests by strengthening budget management, improving procurement processes, and enhancing the supplier evaluation system; it protects consumer rights by establishing a sound quality management system to ensure product quality and customer satisfaction[80](index=80&type=chunk) - The company strictly adheres to labor laws and regulations, improves its compensation, incentive, and welfare systems to protect employees' legitimate rights and interests, and leverages the role of the labor union to establish a hardship relief fund[80](index=80&type=chunk) - The company adheres to the policy of "safety first, prevention foremost, comprehensive management", promotes the construction of safety management systems and standardization, and enhances safety awareness among all employees[81](index=81&type=chunk) - The company upholds the philosophy of "mutual assistance across regions, shared prosperity", pays taxes according to law, and actively participates in local economic development and social welfare initiatives[81](index=81&type=chunk) - The company prioritizes environmental protection, with solid waste disposal, wastewater treatment, exhaust gas emissions, and noise control all meeting national standards, and achieves energy conservation and emission reduction through scientific management and technological innovation, promoting sustainable development[81](index=81&type=chunk) [Significant Matters](index=22&type=section&id=第五节%20重要事项) This section details key commitments, related party transactions, litigation, and other significant events impacting the company during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=22&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) This chapter details the controlling shareholder's commitments regarding independence, competition avoidance, and related party transactions, which were fulfilled, while the former controlling shareholder's commitments are no longer applicable after the change in control - Controlling shareholder Chenneng Venture Capital committed to maintaining the listed company's independence in personnel, assets, business, finance, and organization, and to operate in a standardized manner[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - Chenneng Venture Capital committed to avoiding horizontal competition with the listed company and its controlled subsidiaries, and to offer business opportunities for the listed company's priority selection[84](index=84&type=chunk) - Chenneng Venture Capital committed to reducing and standardizing related party transactions with the listed company, ensuring fair transaction prices, and not harming the interests of the listed company and other shareholders[84](index=84&type=chunk)[85](index=85&type=chunk) - After the former controlling shareholder Li Zhenguo transferred shares via agreement on January 10, 2025, his commitments regarding avoiding horizontal competition, related party transactions, and maintaining independence are no longer required to be observed[85](index=85&type=chunk)[86](index=86&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=25&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[87](index=87&type=chunk) [Irregular External Guarantees](index=25&type=section&id=三、违规对外担保情况) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[88](index=88&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[89](index=89&type=chunk) [Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Period](index=26&type=section&id=五、董事会、监事会对会计师事务所本报告期“非标准审计报告”的说明) The company reported no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current period [Board of Directors' Explanations on "Non-Standard Audit Report" for the Prior Year](index=26&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) The company reported no explanations from the Board of Directors regarding a "non-standard audit report" for the prior year [Bankruptcy and Reorganization Matters](index=26&type=section&id=七、破产重整相关事项) The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[90](index=90&type=chunk) [Litigation Matters](index=26&type=section&id=八、诉讼事项) The company had no major litigation or arbitration matters during the reporting period, with minor cases totaling RMB 2.19 million having no significant impact - The company reported no major litigation or arbitration matters during the reporting period[91](index=91&type=chunk) - There were other litigation (arbitration) matters not meeting the threshold for major disclosure, with a total involved amount of **RMB 2.19 million**, having no significant impact on the company[91](index=91&type=chunk) [Penalties and Rectification](index=26&type=section&id=九、处罚及整改情况) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[92](index=92&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled court judgments or overdue significant debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or significant overdue debts[93](index=93&type=chunk) [Major Related Party Transactions](index=26&type=section&id=十一、重大关联交易) The company engaged in routine related party transactions with Yifeng Pharmacy and its subsidiaries, within approved limits, and reported no other major related party transactions [1、Related Party Transactions Related to Daily Operations](index=26&type=section&id=1、与日常经营相关的关联交易) The company conducted routine related party transactions with Yifeng Pharmacy and its subsidiaries, involving sales and purchases of products/goods, both within approved annual limits Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Content | Transaction Amount (RMB 10,000) | % of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Yifeng Pharmacy and its controlled subsidiaries | Sales of products, goods | 3,641.17 | 2.88% | 13,500 | | Yifeng Pharmacy and its controlled subsidiaries | Purchases of products, goods | 644.93 | 1.25% | 2,300 | - The total amount of routine related party transactions between the company and Yifeng Pharmacy and its controlled subsidiaries did not exceed the annual estimated **RMB 158 million**[95](index=95&type=chunk) [2、Related Party Transactions Involving Asset or Equity Acquisition/Disposal](index=28&type=section&id=2、资产或股权收购、出售发生的关联交易) The company reported no related party transactions involving asset or equity acquisition or disposal during the reporting period - The company reported no related party transactions involving asset or equity acquisition or disposal during the reporting period[96](index=96&type=chunk) [3、Related Party Transactions Involving Joint External Investment](index=28&type=section&id=3、共同对外投资的关联交易) The company reported no related party transactions involving joint external investment during the reporting period - The company reported no related party transactions involving joint external investment during the reporting period[97](index=97&type=chunk) [4、Related Party Receivables and Payables](index=28&type=section&id=4、关联债权债务往来) The company reported no related party receivables or payables during the reporting period - The company reported no related party receivables or payables during the reporting period[98](index=98&type=chunk) [5、Dealings with Related Financial Companies](index=28&type=section&id=5、与存在关联关系的财务公司的往来情况) The company had no deposit, loan, credit, or other financial dealings with related financial companies - The company had no deposit, loan, credit, or other financial dealings with related financial companies[99](index=99&type=chunk) [6、Dealings of Company-Controlled Financial Companies with Related Parties](index=28&type=section&id=6、公司控股的财务公司与关联方的往来情况) The company's controlled financial companies had no deposit, loan, credit, or other financial dealings with related parties - The company's controlled financial companies had no deposit, loan, credit, or other financial dealings with related parties[100](index=100&type=chunk) [7、Other Major Related Party Transactions](index=28&type=section&id=7、其他重大关联交易) The company reported no other major related party transactions during the reporting period - The company reported no other major related party transactions during the reporting period[101](index=101&type=chunk) [Major Contracts and Their Performance](index=28&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no major entrustment, contracting, leasing, or guarantee matters, but engaged in wealth management with an outstanding balance of RMB 560 million [1、Entrustment, Contracting, and Leasing Matters](index=28&type=section&id=1、托管、承包、租赁事项情况) The company reported no entrustment, contracting, or leasing situations during the reporting period - The company reported no entrustment, contracting, or leasing situations during the reporting period[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk) [2、Major Guarantees](index=29&type=section&id=2、重大担保) The company reported no major guarantees during the reporting period - The company reported no major guarantees during the reporting period[106](index=106&type=chunk) [3、Entrusted Wealth Management](index=29&type=section&id=3、委托理财) The company engaged in bank wealth management products using its own funds, with a transaction amount of RMB 875 million and an outstanding balance of RMB 560 million at period-end Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Unexpired Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 87,500 | 56,000 | 0 | [4、Other Major Contracts](index=29&type=section&id=4、其他重大合同) The company reported no other major contracts during the reporting period - The company reported no other major contracts during the reporting period[109](index=109&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=十三、其他重大事项的说明) This chapter explains three significant matters: changes in the controlling shareholder and actual controller, completion of the share repurchase plan, and removal of the "other risk warning" for the company's stock - On January 10, 2025, the company's largest shareholder changed from Li Zhenguo to Heilongjiang Chenneng Gongda Venture Capital Co., Ltd., resulting in a change of control, with the actual controller becoming Heilongjiang Provincial People's Government State-owned Assets Supervision and Administration Commission[109](index=109&type=chunk) - As of March 17, 2025, the company had cumulatively repurchased **9,660,000 shares**, accounting for **1.13%** of the total share capital, with a total transaction amount of **RMB 76,200,959.71**, and the share repurchase plan has been completed[110](index=110&type=chunk)[111](index=111&type=chunk) - The company's stock had its "other risk warning" removed starting from the opening of trading on May 7, 2025, which was previously imposed due to a negative opinion in the 2023 annual internal control audit report[112](index=112&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=十四、公司子公司重大事项) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[113](index=113&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, shareholder structure, and the controlling shareholder, including the completion of a share repurchase program [Share Change Status](index=31&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged, with minor adjustments in restricted and unrestricted shares due to executive share lock-up variations, and the share repurchase plan was completed Share Change Status | Item | Number Before This Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 161,788,659 | -400 | 161,788,259 | | II. Unrestricted Shares | 694,153,353 | 400 | 694,153,753 | | III. Total Shares | 855,942,012 | 0 | 855,942,012 | - Share changes were primarily due to corresponding changes in executive lock-up shares[117](index=117&type=chunk) - As of March 17, 2025, the company had cumulatively repurchased **9,660,000 shares**, accounting for **1.13%** of the total share capital, with a total transaction amount of **RMB 76,200,959.71**, and the repurchase plan has been completed[117](index=117&type=chunk)[118](index=118&type=chunk) Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Zhenguo | 161,548,778 | 0 | 0 | 161,548,778 | Executive lock-up shares | | Xu Xiangping | 85,500 | 0 | 0 | 85,500 | Executive lock-up shares | | Gao Yansong | 42,450 | 0 | 0 | 42,450 | Executive lock-up shares | | Wu Yongsheng | 111,531 | 0 | 0 | 111,531 | Executive lock-up shares | | **Total** | **161,788,259** | **0** | **0** | **161,788,259** | | [Securities Issuance and Listing](index=32&type=section&id=二、证券发行与上市情况) The company reported no securities issuance or listing during the reporting period [Number of Shareholders and Shareholding Status](index=32&type=section&id=三、公司股东数量及持股情况) At period-end, the company had 50,523 common shareholders, with Heilongjiang Chenneng Gongda Venture Capital as the largest shareholder (24.04%) and Li Zhenguo as the second largest (18.91%), with some shares pledged - The total number of common shareholders at the end of the reporting period was **50,523**[122](index=122&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Heilongjiang Chenneng Gongda Venture Capital Co., Ltd. | State-owned legal person | 24.04% | 205,730,587 | 53,500,000 | 0 | 205,730,587 | Not applicable | | Li Zhenguo | Domestic natural person | 18.91% | 161,898,371 | -53,500,000 | 161,548,778 | 349,593 | Pledged 80,470,000 | | Hunan Yifeng Pharmaceutical Co., Ltd. | Domestic non-state-owned legal person | 4.99% | 42,710,000 | 0 | 0 | 42,710,000 | Not applicable | - The company's special share repurchase securities account held **9,660,000 shares**, accounting for **1.13%** of the company's total share capital[123](index=123&type=chunk) [Shareholding Changes of Directors, Supervisors, and Senior Management](index=34&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, Vice Chairman and General Manager Li Zhenguo's shareholding decreased by 53.5 million shares due to a transfer, ending with 161.90 million shares Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Number of Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Li Zhenguo | Vice Chairman, General Manager | 215,398,371 | 53,500,000 | 161,898,371 | [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=五、控股股东或实际控制人变更情况) Both the company's controlling shareholder and actual controller changed during the reporting period, with Heilongjiang Chenneng Gongda Venture Capital becoming the new controlling shareholder and Heilongjiang Provincial SASAC the new actual controller - The new controlling shareholder is Heilongjiang Chenneng Gongda Venture Capital Co., Ltd., with the change date being **January 10, 2025**[126](index=126&type=chunk) - The new actual controller is Heilongjiang Provincial People's Government State-owned Assets Supervision and Administration Commission, with the change date being **January 10, 2025**[126](index=126&type=chunk) - The reason for the change was Li Zhenguo's transfer of **53,500,000 shares** to Chenneng Venture Capital, leading to a change in the company's control[126](index=126&type=chunk)[127](index=127&type=chunk) [Preferred Share Information](index=35&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[128](index=128&type=chunk) [Bond Information](index=36&type=section&id=第七节%20债券相关情况) The company reported no bond-related information during the reporting period [Bond Information](index=36&type=section&id=债券相关情况) The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[130](index=130&type=chunk) [Financial Report](index=37&type=section&id=第八节%20财务报告) This section includes the unaudited financial statements, company background, accounting policies, tax information, and detailed notes to the consolidated and parent company financial statements [Audit Report](index=37&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[132](index=132&type=chunk) [Financial Statements](index=37&type=section&id=二、财务报表) This chapter provides 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 [1、Consolidated Balance Sheet](index=37&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets were RMB 5.03 billion, total liabilities RMB 1.18 billion, and net assets attributable to parent company shareholders RMB 3.64 billion Consolidated Balance Sheet Key Data | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 5,025,993,962.59 | 5,211,440,858.19 | | Total Liabilities | 1,178,361,326.43 | 1,263,509,520.45 | | Total Equity Attributable to Parent Company Owners | 3,643,101,446.80 | 3,753,212,418.98 | [2、Parent Company Balance Sheet](index=39&type=section&id=2、母公司资产负债表) As of June 30, 2025, parent company total assets were RMB 10.40 billion, total liabilities RMB 1.48 billion, and total owners' equity RMB 8.93 billion Parent Company Balance Sheet Key Data | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 10,402,638,635.47 | 10,421,604,259.65 | | Total Liabilities | 1,475,882,616.99 | 1,398,615,590.73 | | Total Owners' Equity | 8,926,756,018.48 | 9,022,988,668.92 | [3、Consolidated Income Statement](index=41&type=section&id=3、合并利润表) In H1 2025, consolidated total operating revenue was RMB 1.26 billion, a 24.71% decrease, with net profit attributable to parent company shareholders at RMB 144 million, a 29.71% decrease Consolidated Income Statement Key Data | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,264,512,369.54 | 1,679,430,180.36 | | Operating Profit | 187,051,538.01 | 242,586,577.71 | | Net Profit | 153,521,724.04 | 204,088,697.72 | | Net Profit Attributable to Parent Company Shareholders | 143,773,631.42 | 204,545,737.13 | | Basic Earnings Per Share (RMB/share) | 0.1699 | 0.2399 | [4、Parent Company Income Statement](index=43&type=section&id=4、母公司利润表) In H1 2025, parent company operating revenue was RMB 470 million, a 48.99% decrease, with net profit at RMB 158 million, a 48.95% decrease Parent Company Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 470,075,455.83 | 921,759,623.77 | | Operating Profit | 155,705,963.43 | 314,799,456.13 | | Net Profit | 157,651,953.16 | 308,893,726.36 | [5、Consolidated Cash Flow Statement](index=45&type=section&id=5、合并现金流量表) In H1 2025, net cash flow from operating activities was RMB 213 million, a 191.72% increase, while net cash flow from investing activities was -RMB 283 million due to increased wealth management product purchases Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 213,061,017.36 | -232,303,029.43 | | Net Cash Flow from Investing Activities | -282,971,008.20 | 31,953,340.29 | | Net Cash Flow from Financing Activities | -229,507,233.21 | -125,322,678.53 | | Net Increase in Cash and Cash Equivalents | -299,436,580.20 | -325,612,011.29 | [6、Parent Company Cash Flow Statement](index=46&type=section&id=6、母公司现金流量表) In H1 2025, parent company net cash flow from operating activities was RMB 251 million, turning positive from the prior year, with net cash flow from investing activities at -RMB 4.94 million and financing activities at -RMB 235 million Parent Company Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 251,407,050.99 | -369,494,564.91 | | Net Cash Flow from Investing Activities | -4,937,049.54 | 277,417,247.75 | | Net Cash Flow from Financing Activities | -234,805,194.52 | -124,570,364.97 | | Net Increase in Cash and Cash Equivalents | 11,664,806.93 | -216,647,682.13 | [7、Consolidated Statement of Changes in Owners' Equity](index=47&type=section&id=7、合并所有者权益变动表) In H1 2025, consolidated total owners' equity was RMB 3.85 billion, a 2.54% decrease, with parent company owners' equity decreasing by RMB 110 million due to profit distribution and comprehensive income changes Consolidated Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 3,753,212,418.98 | -110,110,972.18 | 3,643,101,446.80 | | Minority Interests | 194,718,918.76 | 9,812,270.60 | 204,531,189.36 | | Total Owners' Equity | 3,947,931,337.74 | -100,298,701.58 | 3,847,632,636.16 | [8、Parent Company Statement of Changes in Owners' Equity](index=51&type=section&id=8、母公司所有者权益变动表) In H1 2025, parent company total owners' equity was RMB 8.93 billion, a 1.07% decrease, primarily due to a RMB 96.23 million reduction in undistributed profits from profit distribution Parent Company Statement of Changes in Owners' Equity Key Data | Item | Beginning Balance (RMB) | Amount of Change in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 9,022,988,668.92 | -96,232,650.44 | 8,926,756,018.48 | [Company Basic Information](index=54&type=section&id=三、公司基本情况) Jiuzhitang, established in 1999 and listed in 2000, focuses on traditional Chinese medicine R&D, production, and sales, expanding into stem cells and health products, with 23 subsidiaries - Jiuzhitang Co., Ltd. was established in 1999, listed on the Shenzhen Stock Exchange in 2000, with a registered capital of **RMB 855,942,012**[167](index=167&type=chunk) - The company focuses on traditional Chinese medicine R&D, production, and sales, gradually exploring innovative businesses such as stem cells, traditional Chinese medicine healthcare services, and health products based on food and medicine homology[167](index=167&type=chunk) - As of the end of the reporting period, the company's consolidated subsidiaries included 22 entities such as Jiuzhitang Pharmaceutical Trade, Hunan Scikang Biopharmaceutical, Mudanjiang Youbo Pharmaceutical, and Zhuhai Hengqin Jiuzhitang Yonghe Qihang Equity Investment Fund[168](index=168&type=chunk)[169](index=169&type=chunk) [Basis of Financial Statement Preparation](index=55&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and the CSRC's disclosure rules for financial reports - The company prepares its financial statements on a going concern basis, complying with enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission[170](index=170&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting this ability[171](index=171&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=五、重要会计政策及会计估计) This chapter details the company's significant accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, inventory, revenue recognition, and government grants - The company adheres to enterprise accounting standards, with the accounting year from January 1 to December 31, and the recording currency being RMB[173](index=173&type=chunk)[174](index=174&type=chunk)[176](index=176&type=chunk) - The company exercises significant accounting judgments and estimates in areas such as financial asset classification, measurement of expected credit losses for accounts receivable, goodwill impairment, and recognition of deferred income tax assets[391](index=391&type=chunk)[392](index=392&type=chunk) - The company uses valuation techniques such as market approach, income approach, and cost approach to determine fair value, which is classified into three levels for disclosure[393](index=393&type=chunk)[394](index=394&type=chunk) - The company has standardized and clarified the accounting treatment for guarantee-type quality assurances not constituting a single performance obligation, effective from December 31, 2024[396](index=396&type=chunk) [Taxes](index=89&type=section&id=六、税项) This chapter lists the company's applicable tax types and rates, along with detailed tax incentives, including high-tech enterprise income tax, western development, small low-profit enterprise, and advanced manufacturing VAT policies Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods, provision of labor and services | 13%、9%、6%、5%、3%、1%、0% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 7%、5% | | Corporate Income Tax | Ta

章程附件 九芝堂股份有限公司 股东会议事规则 （2025 年修订草案） (2001 年 4 月 27 日 2000 年年度股东大会通过； 2001 年 12 月 27 日 2000 年第 2 次临时股东大会修正； 2002 年 5 月 9 日 2002 年年度股东大会修正； 2003 年 5 月 9 日 2002 年年度股东大会修正； 2005 年 6 月 28 日 2005 年第 1 次临时股东大会修正； 2006 年 9 月 2 日 2006 年第 3 次临时股东大会修订； 2007 年 11 月 7 日 2007 年第 5 次临时股东大会修正； 2014 年 2 月 28 日 2014 年第 1 次临时股东大会修正； 2016 年 1 月 15 日 2016 年第 1 次临时股东大会修正； 2016 年 5 月 12 日 2015 年年度股东大会修正； 2017 年 5 月 11 日 2016 年年度股东大会修正； 2017 年 11 月 2 日 2017 年第 1 次临时股东大会修正； 2018 年 1 月 18 日 2018 年第 1 次临时股东大会修正； 2019 年 5 月 29 日 2018 ...

公司章程 九芝堂股份有限公司章程 （2025 年修订草案） （1999 年 11 月 8 日第 1 次临时股东大会会议通过； 2000 年 6 月 5 日第 1 次临时股东大会修正； 2001 年 12 月 27 日第 2 次临时股东大会修正； 2003 年 5 月 9 日 2002 年年度股东大会修正； 2003 年 6 月 25 日 2003 年第 1 次临时股东大会修正； 2004 年 4 月 22 日 2003 年度股东大会修正； 2005 年 4 月 4 日 2004 年股东大会修正； 2005 年 6 月 28 日 2005 年第 1 次临时股东大会修正； 2006 年 4 月 19 日 2005 年年度股东大会修正； 2006 年 9 月 2 日 2006 年第 3 次临时股东大会修订； 2007 年 8 月 16 日 2007 年第 3 次临时股东大会修正； 2007 年 11 月 7 日 2007 年第 5 次临时股东大会修正； 2008 年 9 月 19 日 2008 年第 1 次临时股东大会修正； 2009 年 4 月 22 日 2008 年年度股东大会修正； 2010 年 1 月 15 ...

Group 1 - The core viewpoint of the article highlights the decline in the production of traditional Chinese medicine (TCM) in China, with a projected decrease in output and significant year-on-year reductions [1][3] - According to data from the National Bureau of Statistics, the production of TCM in China is expected to be 156,000 tons by June 2025, representing a year-on-year decrease of 6.6% [1] - In the first half of 2025, the cumulative production of TCM in China reached 875,000 tons, showing a cumulative decline of 13% [1] Group 2 - The article lists several publicly listed companies in the TCM sector, including Yunnan Baiyao, Tongrentang, and others, indicating the key players in the industry [1] - The report referenced is the "2025-2031 China Traditional Chinese Medicine Industry Development Situation Analysis and Industry Prospect Planning Report" published by Zhiyan Consulting, which provides insights into the future of the TCM industry [1][2]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11][12]. Core Insights - The company is entering a new development phase with the actual controller being the Heilongjiang State-owned Assets Supervision and Administration Commission, following a significant share transfer agreement [8][20]. - The company has a well-established product portfolio in both prescription and OTC drugs, with a strong brand presence in various therapeutic areas [2][9][40]. - The company is actively developing stem cell drugs targeting ischemic stroke, pulmonary alveolar proteinosis, and autism, indicating a promising competitive landscape [10][25]. Summary by Sections Company Overview - The company has a history of over 300 years and has evolved into a large modern pharmaceutical enterprise with 23 subsidiaries, focusing on R&D, production, and sales [20][25]. Product Portfolio - The company’s OTC products focus on tonics and cover multiple fields, including traditional Chinese medicine, with notable products like Liuwei Dihuang Wan and Donkey-hide Gel Blood Granules [2][40][41]. - The prescription drug segment is centered around cardiovascular and neurological products, with key offerings such as Xuexitong Injection and Angong Niuhuang Wan [9][62][66]. Financial Projections - Revenue forecasts for 2025-2027 are projected at CNY 2.481 billion, CNY 2.716 billion, and CNY 2.976 billion, respectively, with net profits expected to be CNY 231 million, CNY 299 million, and CNY 375 million [11][12]. Market Position - The company has a strong market presence, with several products achieving over CNY 100 million in sales, including Xuexitong Injection and Angong Niuhuang Wan, which are among the top in their respective categories [25][66][67].

Industry Overview - The number of registered companies in China's Ejiao industry has shown a growth trend, with over 600 companies registered as of June 2025, and nearly 200 new companies added between 2016 and 2020 [1][3] - The production of Ejiao blocks in China is projected to increase, with an estimated production of 4,379 tons in 2024 [3] Supply Situation - The sales-to-production ratio of Dong'e Ejiao has been declining over the past three years, dropping from 100.9% in 2022 to 97.9% in 2024, indicating increased inventory pressure [5] Demand Scale - The market size of the Ejiao industry in China is expected to reach approximately 29.1 billion yuan in 2024, driven by rising disposable income and increased health awareness among consumers [7] Price Trends - The prices of Ejiao products from major brands like Dong'e Ejiao and Fupai Ejiao have remained stable, with Dong'e Ejiao priced at 2,700 yuan per kilogram and Fupai Ejiao at approximately 1,260 yuan per kilogram [9]