Group 1 - The company, Hualan Biological (002007.SZ), reported a revenue of 1.798 billion yuan for the first half of 2025, representing a year-on-year growth of 8.80% [2] - The net profit attributable to shareholders of the listed company was 516 million yuan, showing a year-on-year increase of 17.19% [2] - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares to all shareholders [2]

Market Overview - The biopharmaceutical sector experienced a decline of 2.85% on August 27, with Kanghua Biotech leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Wuwei Biotech (300357) saw a significant increase of 5.38%, closing at 30.95 with a trading volume of 299,000 shares and a transaction value of 915 million yuan [1] - Kanghua Biotech (300841) reported a notable decline of 8.89%, closing at 76.60 with a trading volume of 125,200 shares and a transaction value of 993 million yuan [2] - Anke Biotech (300009) also faced a drop of 5.59%, closing at 11.14 with a trading volume of 862,300 shares and a transaction value of 990 million yuan [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 1.853 billion yuan from institutional investors, while retail investors saw a net inflow of 1.543 billion yuan [2] - The capital flow for individual stocks indicates that Hualan Biotech (002007) had a net inflow of 32.28 million yuan from institutional investors, while it faced a net outflow of 40.67 million yuan from speculative funds [3] - The overall trend shows that retail investors are actively investing in the sector despite the institutional outflows [2][3]

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board guarantees the report's authenticity and proposes a cash dividend of RMB 5 per 10 shares - The company's Board of Directors, Supervisory Committee, and senior management guarantee that the content of this semi-annual report is true, accurate, and complete, and assume joint and several legal liability[5](index=5&type=chunk) - The person in charge of the company, An Kang, the person in charge of accounting, Xie Junmin, and the head of the accounting department, Li Ping, declare that the financial statements in this semi-annual report are true, accurate, and complete[5](index=5&type=chunk) - The profit distribution plan approved by the Board of Directors is to distribute a cash dividend of **RMB 5 (tax included) per 10 shares** to all shareholders, based on a total of 1,827,456,666 shares[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the main chapters of the report and their corresponding starting page numbers [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms used throughout the report to ensure clarity Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section outlines the company's basic identification information, including its stock ticker and name Company Basic Information | Item | Content | | :--- | :--- | | Stock Ticker | Hualan Bio | | Stock Code | 002007 | | Stock Exchange | Shenzhen Stock Exchange | | Company Name (Chinese) | 华兰生物工程股份有限公司 | | Legal Representative | An Kang | [Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative Contact Persons and Methods | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xie Junmin | No. A1, Hualan Avenue, Xinxiang City, Henan Province | 0373-3559989 | 0373-3559991 | hualan@hualanbio.com | | Securities Affairs Rep | Lou Yuancheng | No. A1, Hualan Avenue, Xinxiang City, Henan Province | 0373-3559989 | 0373-3559991 | hualan@hualanbio.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registration, office addresses, and information disclosure venues remained unchanged - The company's registered address, office address, postal code, website, and email address did not change during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - The stock exchange website and media for disclosing the semi-annual report, as well as the location for report inspection, remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company shows strong profit growth, but operating cash flow and total assets have declined Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,798,197,926.21 | 1,652,707,481.28 | 8.80% | | Net Profit Attributable to Shareholders | 515,859,492.79 | 440,196,094.59 | 17.19% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 484,042,073.21 | 362,817,057.50 | 33.41% | | Net Cash Flow from Operating Activities | 230,506,958.78 | 321,336,215.70 | -28.27% | | Basic Earnings Per Share (Yuan/share) | 0.2824 | 0.2406 | 17.37% | | Diluted Earnings Per Share (Yuan/share) | 0.2821 | 0.2400 | 17.54% | | Weighted Average Return on Equity | 4.30% | 3.86% | 0.44% | | Total Assets (End of Period) | 15,535,440,400.51 | 16,309,951,355.29 | -4.75% | | Net Assets Attributable to Shareholders (End of Period) | 12,013,171,120.84 | 11,858,784,465.45 | 1.30% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) No discrepancies exist between financial reports prepared under Chinese and international accounting standards - The company has no differences in net profit or net assets between financial reports disclosed under International Financial Reporting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - The company has no differences in net profit or net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled RMB 31.82 million, mainly from fair value changes and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -1,493,344.83 | | Government Grants Recognized in Current P&L (excluding those closely related to normal business operations) | 8,910,847.15 | | Fair Value Gains/Losses from Financial Assets/Liabilities Held by Non-financial Enterprises | 64,944,081.84 | | Other Non-operating Income and Expenses | -22,187,211.38 | | Other P&L Items Defined as Non-recurring (Fee Rebates) | 262,288.65 | | Less: Income Tax Effect | 7,475,806.33 | | Less: Minority Interest Effect (After Tax) | 11,143,435.52 | | Total | 31,817,419.58 | Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business covers blood products, vaccines, and genetic engineering products [Industry Development and Company's Position](index=9&type=section&id=%28%E4%B8%80%29%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The blood products industry is highly regulated, and the company leads in plasma collection and processing capacity - Blood products are strategic materials subject to strict regulation, high entry barriers, and an oligopolistic market structure[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The company is one of the largest plasma collectors in China, with **34 plasma collection stations** and a portfolio of 11 products across three major categories[36](index=36&type=chunk)[37](index=37&type=chunk) - The global vaccine industry is highly concentrated, while China's market has significant growth potential, with flu vaccine penetration at only around **3%**[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Company's Main Business](index=11&type=section&id=%28%E4%BA%8C%29%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main business includes blood products, vaccines, and genetic engineering products - The company's main business comprises blood products, vaccines, innovative drugs, and biosimilars, with one of the highest plasma utilization rates and product varieties in the domestic industry[39](index=39&type=chunk) - The company's subsidiary, Hualan Biological Vaccine Inc., has launched several vaccine products, including influenza virus split vaccine and quadrivalent influenza virus split vaccine[40](index=40&type=chunk) - The company's affiliate, Hualan Genetic Engineering Co., Ltd., received approval for its **Bevacizumab** in November 2024, with several other monoclonal antibody products in late-stage clinical trials or under review[41](index=41&type=chunk) [Business Model](index=12&type=section&id=%28%E4%B8%89%29%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates under strict procurement, production, sales, and R&D models - The primary raw material, human plasma, is collected by the company's own plasma stations under a comprehensive quality management system[41](index=41&type=chunk) - Production strictly adheres to national regulations and GMP standards, ensuring product quality and safety through rigorous testing and quarantine management[42](index=42&type=chunk) - The marketing department manages sales to distributors, medical institutions, and pharmacies, while also expanding into overseas markets through authorized distributors[42](index=42&type=chunk) - The company prioritizes R&D and technological innovation, strengthening project management and quality control to accelerate the industrialization of key products[43](index=43&type=chunk) [Main Products and Their Uses](index=12&type=section&id=%28%E5%9B%9B%29%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's products include various blood products and vaccines for medical treatment and disease prevention - The company's blood products include human albumin, IVIG (pH4), human coagulation factor VIII, and others, used to treat shock, immunodeficiency, and coagulation disorders[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The company's vaccine products include influenza, hepatitis B, and rabies vaccines, primarily used for the prevention of infectious diseases[46](index=46&type=chunk)[47](index=47&type=chunk) - Many of the company's blood products are included in the **National Basic Medical Insurance, Work-Related Injury Insurance, and Maternity Insurance Drug Catalog (2024 Edition)**[47](index=47&type=chunk) [Key Performance Drivers](index=13&type=section&id=%28%E4%BA%94%29%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance is driven by increased plasma collection, strong product sales, and R&D advancements - In H1 2025, plasma collection reached **803.66 tons**, a **5.23% YoY increase**; blood products revenue grew **7.49%** to RMB 1.74 billion, with net profit up **18.51%** to RMB 501.89 million[47](index=47&type=chunk) - The affiliate Hualan Gene's Bevacizumab product achieved sales revenue of **RMB 58.90 million** in the first half of the year[49](index=49&type=chunk) - New process IVIG (10%) is in the registration review stage; Human Coagulation Factor IX (FIX) is in Phase III clinical trials; Recombinant Exendin-4-FC fusion protein is preparing for Phase III trials[50](index=50&type=chunk) - Hualan Gene's Rituximab, Adalimumab, Denosumab, and Trastuzumab have all completed Phase III clinical studies and are preparing for market application submission[51](index=51&type=chunk) - The company has successfully implemented key business platforms such as ERP, MES, and LIMS, significantly enhancing automation and informatization in blood product manufacturing[53](index=53&type=chunk)[54](index=54&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7% 경쟁%E5%8A%9B%E5%88%86%E6%9E%90) The company maintains a leading position through its clear strategy, R&D strength, and brand advantages - The company was the first domestic blood products enterprise to pass GMP certification, with its production scale, product variety, and market share ranking among the top in the industry[55](index=55&type=chunk) - The company is the largest producer of influenza virus split vaccine in China, and the approval of Hualan Gene's Bevacizumab provides a new profit growth point[56](index=56&type=chunk) - The company has established a comprehensive R&D platform system, including multiple joint laboratories and key labs, focusing on recombinant protein expression, bioinformatics, and genetic engineering[56](index=56&type=chunk) - The company's two production bases have a combined annual plasma processing capacity of **3,100 tons**, and its vaccine subsidiary can produce **100 million doses** of quadrivalent influenza vaccine annually[58](index=58&type=chunk)[59](index=59&type=chunk) - A robust quality management system, strictly adhering to GMP, ensures product safety, efficacy, and quality control[59](index=59&type=chunk) - The successful implementation of key IT systems like ERP, MES, and LIMS has significantly improved the automation and informatization level of blood product manufacturing[60](index=60&type=chunk) [Analysis of Main Business Operations](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue grew 8.80%, driven by blood products and a significant increase in vaccine sales Key Financial Data YoY Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,798,197,926.21 | 1,652,707,481.28 | 8.80% | | | Operating Costs | 852,704,797.25 | 814,929,187.59 | 4.64% | | | Selling Expenses | 151,069,877.18 | 122,308,324.35 | 23.52% | | | Administrative Expenses | 126,062,364.68 | 165,209,089.59 | -23.70% | | | Finance Expenses | 456,021.57 | -8,264,041.75 | 105.52% | Mainly due to a decrease in interest income | | R&D Investment | 161,428,005.56 | 145,832,852.69 | 10.69% | | | Net Cash Flow from Operating Activities | 230,506,958.78 | 321,336,215.70 | -28.27% | | | Net Cash Flow from Investing Activities | 507,850,755.56 | 1,170,760,914.36 | -56.62% | Mainly due to a decrease in cash received from investments | | Net Cash Flow from Financing Activities | -941,944,824.12 | -455,564,374.61 | -106.76% | Mainly due to an increase in cash paid for debt repayment | | Net Increase in Cash and Cash Equivalents | -203,397,417.77 | 1,036,435,604.45 | -119.62% | | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Blood Products | 1,736,546,355.29 | 96.57% | 7.57% | | | Vaccine Products | 56,699,778.67 | 3.15% | 92.63% | | | Other | 4,951,792.25 | 0.28% | -44.23% | | **By Product** | Human Albumin | 695,272,656.42 | 38.66% | 7.95% | | | IVIG | 453,091,508.95 | 25.20% | -1.36% | | | Other Blood Products | 588,182,189.92 | 32.71% | 15.10% | | | Influenza Vaccine | 26,107,058.55 | 1.45% | 132.94% | | | Other | 35,544,512.37 | 1.98% | 31.13% | | **By Region** | Domestic | 1,798,197,926.21 | 100.00% | 8.90% | | | Overseas | 0 | 0.00% | -100.00% | Gross Margin YoY Changes | Category | Item | Gross Margin | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | **By Industry** | Blood Products | 51.69% | 1.59% | | **By Product** | Human Albumin | 52.53% | 3.27% | | | IVIG | 40.62% | -10.51% | | | Other Blood Products | 59.21% | 8.98% | | **By Region** | Domestic | 52.58% | 1.89% | [Analysis of Non-main Business Operations](index=17&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-main business operations during the reporting period - The company had no non-main business operations during the reporting period[66](index=66&type=chunk) [Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by 4.75% to RMB 15.54 billion, with a significant drop in short-term borrowings Major Changes in Asset Composition | Item | End of Period (Yuan) | % of Total Assets | Beginning of Year (Yuan) | % of Total Assets | Change in % | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,160,346,064.35 | 7.47% | 1,366,659,508.49 | 8.38% | -0.91% | | Accounts Receivable | 1,581,262,799.13 | 10.18% | 1,798,428,848.41 | 11.03% | -0.85% | | Inventories | 2,303,490,511.79 | 14.83% | 2,028,565,707.69 | 12.44% | 2.39% | | Fixed Assets | 2,382,511,896.99 | 15.34% | 2,401,604,027.30 | 14.72% | 0.62% | | Construction in Progress | 584,891,844.39 | 3.76% | 552,479,848.58 | 3.39% | 0.37% | | Short-term Borrowings | 280,000,000.00 | 1.80% | 899,730,000.00 | 5.52% | -3.72% | | Contract Liabilities | 21,687,891.80 | 0.14% | 13,461,361.08 | 0.08% | 0.06% | Assets and Liabilities Measured at Fair Value | Item | End of Period (Yuan) | Beginning of Year (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 1,767,147,237.15 | 1,888,018,536.66 | | Receivables Financing | 145,854,393.56 | 253,783,518.89 | | Total | 1,913,001,630.71 | 2,141,802,055.55 | - As of the end of the reporting period, the company had restricted assets of **RMB 5,483,260.44** for letter of credit deposits[71](index=71&type=chunk) [Investment Analysis](index=19&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company did not engage in any significant investment activities during the reporting period - The company had no securities investments during the reporting period[72](index=72&type=chunk) - The company had no derivatives investments during the reporting period[73](index=73&type=chunk) - The company had no use of raised funds during the reporting period[74](index=74&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period[75](index=75&type=chunk) - The company did not sell any major equity stakes during the reporting period[76](index=76&type=chunk) [Analysis of Major Holding and Associated Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main subsidiary, Hualan Bioengineering Chongqing, reported revenue of RMB 675.17 million Financial Data of Major Holding and Associated Companies (Hualan Bioengineering Chongqing Co., Ltd.) | Company Name | Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hualan Bioengineering Chongqing Co., Ltd. | Subsidiary | Pharmaceutical Manufacturing | 250,000,000.00 | 3,437,586,513.83 | 3,149,974,504.65 | 675,170,467.89 | 240,171,267.85 | 199,799,438.66 | - During the reporting period, the company deregistered its subsidiary Shaanxi Hualan Biomedical Technology Co., Ltd., which had no significant impact on overall operations and performance[77](index=77&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company does not control any structured entities - The company did not control any structured entities during the reporting period[77](index=77&type=chunk) [Risks and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks related to product safety, regulation, and market competition - The company faces **product safety risks**, particularly the potential for unknown virus transmission in blood products and adverse reactions to vaccines[78](index=78&type=chunk) - The company faces **regulatory risks** at its plasma collection stations; countermeasures include strengthening management, ensuring 100% ownership, and implementing IT-based process control[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - The company faces the risk of **declining gross margins** due to rising plasma costs and increased market competition; countermeasures include cost control and sales expansion[80](index=80&type=chunk) - New product development faces risks from technical difficulties and market factors; countermeasures include focusing on independent R&D and improving project management[80](index=80&type=chunk)[81](index=81&type=chunk) - Vaccine products are subject to **public opinion risks** influenced by policy and public perception; countermeasures include compliant operations and academic promotion of vaccine safety[81](index=81&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has implemented a market value management system to enhance shareholder returns - The company has formulated a "Market Value Management System" to enhance its value through M&A activities that strengthen its core business[82](index=82&type=chunk) - The company actively implements dividend distributions, with a cumulative payout of **RMB 5.34 billion**, which is **8.53 times** its total financing amount of RMB 626 million[82](index=82&type=chunk) - The company strengthens investor relations through analyst meetings, earnings calls, and roadshows to enhance communication[82](index=82&type=chunk) - The company conducts share buybacks when appropriate to boost investor confidence and maintain market value stability[83](index=83&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has disclosed and is implementing its "Dual Improvement in Quality and Returns" action plan - The company has disclosed its "Dual Improvement in Quality and Returns" action plan to enhance its quality and investment value[84](index=84&type=chunk) - To enhance shareholder returns, the company proposes a H1 2025 cash dividend of **RMB 5 per 10 shares**, totaling **RMB 914 million**[85](index=85&type=chunk) - The company standardizes information disclosure and optimizes investor communication mechanisms to strengthen two-way interaction[85](index=85&type=chunk) - The company published its **2024 Environmental, Social, and Governance (ESG) Report**, emphasizing social responsibility and sustainable development[85](index=85&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's directors, supervisors, and senior management remained stable with no changes - There were no changes to the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report[88](index=88&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=23&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company proposes a cash dividend of RMB 5 per 10 shares for H1 2025 H1 2025 Profit Distribution Proposal | Indicator | Amount/Ratio | | :--- | :--- | | Dividend per 10 Shares (Yuan) (tax included) | 5 | | Share Base for Distribution (shares) | 1,827,456,666.00 | | Cash Dividend Amount (Yuan) (tax included) | 913,728,333.00 | | Ratio of Cash Dividend to Total Profit Distribution | 100% | | Ratio of Cash Dividend to H1 2025 Net Profit Attributable to Shareholders | 177.13% | [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company repurchased and cancelled 1.32 million restricted shares due to unmet performance targets - The vesting conditions for the second tranche of the 2023 Restricted Stock Incentive Plan were not met[90](index=90&type=chunk) - The company repurchased and cancelled **1.32426 million** restricted shares from 83 incentive participants at the grant price, for a total of **RMB 14,023,913.40**[90](index=90&type=chunk) - The cancellation of these repurchased restricted shares was completed on May 19, 2025[90](index=90&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its key subsidiary are included in the list for mandatory environmental information disclosure Companies on the Mandatory Environmental Information Disclosure List | No. | Company Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Hualan Biological Engineering Inc. | http://222.143.24.250:8247/home/home | | 2 | Hualan Biological Vaccine Inc. | http://222.143.24.250:8247/home/home | [Social Responsibility](index=24&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities through charitable activities and community support - The company's social responsibility mission is to reward shareholders with good performance, society with high-quality biological products, and employees with a better life[92](index=92&type=chunk) - As a co-founder, the company helped establish the Xinxiang Hualan Charity Foundation to assist hemophilia patients with financial difficulties and carry out other charitable work[94](index=94&type=chunk) - The company offers a "one donor, whole family benefits" policy and has provided educational grants to the children of plasma donors since 2007[94](index=94&type=chunk) Important Matters [Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) No commitments were fulfilled or overdue during the reporting period - The company reports no fulfilled or overdue commitments from its actual controller, shareholders, related parties, or acquirers during the reporting period[96](index=96&type=chunk) [Non-operating Fund Occupation](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating occupation of funds by controlling shareholders or other related parties - The company reports no non-operating occupation of its funds by the controlling shareholder or other related parties[97](index=97&type=chunk) [Irregular External Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firm](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) This section is not applicable as the semi-annual financial report is unaudited - The company's semi-annual report has not been audited[99](index=99&type=chunk) [Board and Supervisory Committee's Explanation on "Non-standard Audit Report" for the Current Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as the semi-annual financial report is unaudited [Board's Explanation on "Non-standard Audit Report" from the Previous Year](index=25&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable for the current reporting period [Bankruptcy and Reorganization Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company was not involved in any bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[100](index=100&type=chunk) [Litigation Matters](index=25&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters during the reporting period[101](index=101&type=chunk) [Penalties and Rectifications](index=26&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications - The company had no penalties or rectifications during the reporting period[102](index=102&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) This section is not applicable for the current reporting period [Major Related-Party Transactions](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) No major related-party transactions occurred during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[103](index=103&type=chunk) - The company had no related-party transactions involving the acquisition or sale of assets or equity[104](index=104&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[106](index=106&type=chunk) [Major Contracts and Their Performance](index=27&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company engaged in entrusted wealth management with an outstanding balance of RMB 1.33 billion - The company had no custody arrangements during the reporting period[110](index=110&type=chunk) - The company had no major guarantee situations during the reporting period[113](index=113&type=chunk) Entrusted Wealth Management | Type | Source of Funds | Amount Incurred (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 93,714.32 | 29,714.32 | 0 | | Bank Wealth Management Products | Raised Funds | 50,000 | 46,000 | 0 | | Brokerage Wealth Management Products | Own Funds | 82,107.16 | 33,800 | 0 | | Brokerage Wealth Management Products | Raised Funds | 53,000 | 23,000 | 0 | | Total | | 278,821.48 | 132,514.32 | 0 | - The company had no other major contracts during the reporting period[115](index=115&type=chunk) [Explanation of Other Major Matters](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) There were no other major matters to be explained during the reporting period - The company has no other major matters to disclose for the reporting period[116](index=116&type=chunk) [Major Matters Concerning Subsidiaries](index=28&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) No major matters concerning subsidiaries occurred during the reporting period - The company reports no major matters concerning its subsidiaries during the reporting period[117](index=117&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=29&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital decreased by 1.32 million shares due to the cancellation of restricted stock [Changes in Share Capital](index=29&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased by 1,324,260 shares following the repurchase of restricted stock Changes in Share Capital (shares) | Item | Pre-change Quantity | Pre-change Ratio | Change (+/-) | Post-change Quantity | Post-change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 255,078,047 | 13.95% | -1,324,260 | 253,753,787 | 13.89% | | II. Unrestricted Shares | 1,573,702,879 | 86.05% | 0 | 1,573,702,879 | 86.11% | | III. Total Shares | 1,828,780,926 | 100.00% | -1,324,260 | 1,827,456,666 | 100.00% | - The change in shares was due to the failure to meet the 2024 performance targets set in the 2023 Restricted Stock Incentive Plan, leading to the non-vesting of the second tranche of initially granted shares[121](index=121&type=chunk) [Changes in Restricted Shares](index=30&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The total number of restricted shares decreased by 1,324,260 due to the repurchase and cancellation Changes in Restricted Shares (shares) | Shareholder Name | Beginning Restricted Shares | Shares Released | Shares Added | Ending Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | An Kang | 245,840,554 | 0 | 0 | 245,840,554 | Director/Supervisor/Senior Mgmt Lock-up | | Fan Bei | 2,026,224 | 120,000 | 0 | 1,906,224 | Director/Supervisor/Senior Mgmt Lock-up | | Zhang Baoxian | 1,064,583 | 105,000 | 0 | 959,583 | Director/Supervisor/Senior Mgmt Lock-up | | Pan Ruowen | 1,423,551 | 75,000 | 0 | 1,348,551 | Director/Supervisor/Senior Mgmt Lock-up | | Ma Xiaowei | 1,217,633 | 90,000 | 0 | 1,127,633 | Director/Supervisor/Senior Mgmt Lock-up | | Xie Junmin | 1,030,035 | 60,000 | 0 | 970,035 | Director/Supervisor/Senior Mgmt Lock-up | | Chen Zhengyue | 67,500 | 24,000 | 0 | 43,500 | Director/Supervisor/Senior Mgmt Lock-up | | Liu Jun | 212,662 | 45,000 | 0 | 167,662 | Director/Supervisor/Senior Mgmt Lock-up | | Other | 1,878,940 | 805,260 | 0 | 1,073,680 | Equity Incentive Plan | | Total | 255,078,047 | 1,324,260 | 0 | 253,753,787 | | [Securities Issuance and Listing](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities were issued or listed during the reporting period - The company had no securities issuance or listing activities during the reporting period[126](index=126&type=chunk) [Number of Shareholders and Shareholding Status](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period end, the company had 145,719 common shareholders - The total number of common shareholders at the end of the reporting period was **145,719**[127](index=127&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End | Restricted Shares Held | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | An Kang | Domestic Individual | 17.94% | 327,787,406 | 245,840,554 | 81,946,852 | | Chongqing Shengkang Biotech Dev Co., Ltd. | Domestic Non-SOE | 15.02% | 274,438,679 | 0 | 274,438,679 | | Hong Kong Kekang Co., Ltd. | Foreign Entity | 13.13% | 239,893,954 | 0 | 239,893,954 | | China Securities Finance Co., Ltd. | Domestic Non-SOE | 2.92% | 53,290,197 | 0 | 53,290,197 | - The top three shareholders (An Kang, Chongqing Shengkang, Hong Kong Kekang) are related parties and act in concert[128](index=128&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of several directors and senior managers decreased due to the cancellation of restricted stock Changes in Shareholdings of Directors, Supervisors, and Senior Management (shares) | Name | Position | Beginning Shares | Shares Decreased | Ending Shares | | :--- | :--- | :--- | :--- | :--- | | Fan Bei | Director, General Manager | 2,701,632 | 120,000 | 2,581,632 | | Zhang Baoxian | Director, Deputy GM | 1,419,444 | 105,000 | 1,314,444 | | Pan Ruowen | Director | 1,898,068 | 75,000 | 1,823,068 | | Ma Xiaowei | Executive Deputy GM | 1,623,511 | 90,000 | 1,533,511 | | Xie Junmin | CFO, Board Secretary | 1,373,380 | 60,000 | 1,313,380 | | Chen Zhengyue | Deputy GM | 90,000 | 24,000 | 66,000 | | Liu Jun | Deputy GM | 283,550 | 45,000 | 238,550 | | Total | | 9,389,585 | 519,000 | 8,870,585 | - The decrease in shareholdings was mainly due to the repurchase and cancellation of restricted stock[131](index=131&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged - The company's controlling shareholder did not change during the reporting period[132](index=132&type=chunk) - The company's actual controller did not change during the reporting period[132](index=132&type=chunk) [Preferred Stock Information](index=34&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no preferred stock - The company had no preferred stock during the reporting period[133](index=133&type=chunk) Bond-related Matters [Bond-related Matters](index=35&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no bond-related matters to report - The company had no bond-related matters during the reporting period[135](index=135&type=chunk) Financial Report [Audit Report](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report is unaudited - The company's semi-annual financial report has not been audited[137](index=137&type=chunk) [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2025 [Consolidated Balance Sheet](index=36&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Consolidated total assets stood at RMB 15.54 billion, a decrease of 4.75% from the beginning of the year Consolidated Balance Sheet Key Data (End of Period vs Beginning of Year) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 15,535,440,400.51 | 16,309,951,355.29 | | Total Current Assets | 9,336,064,233.90 | 9,616,191,068.19 | | Total Non-current Assets | 6,199,376,166.61 | 6,693,760,287.10 | | Total Liabilities | 1,565,136,523.83 | 2,463,225,371.87 | | Total Current Liabilities | 1,465,892,254.06 | 2,360,122,055.57 | | Total Equity Attributable to Parent Company | 12,013,171,120.84 | 11,858,784,465.45 | [Parent Company Balance Sheet](index=38&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Parent company total assets were RMB 5.96 billion, with a significant decrease in current liabilities Parent Company Balance Sheet Key Data (End of Period vs Beginning of Year) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 5,964,662,003.68 | 6,076,545,698.27 | | Total Current Assets | 2,862,279,208.96 | 2,765,168,756.25 | | Total Non-current Assets | 3,102,382,794.72 | 3,311,376,942.02 | | Total Liabilities | 324,201,798.25 | 722,858,423.69 | | Total Current Liabilities | 306,367,949.50 | 705,041,818.07 | | Total Equity | 5,640,460,205.43 | 5,353,687,274.58 | [Consolidated Income Statement](index=40&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, total operating revenue reached RMB 1.80 billion, an increase of 8.80% YoY Consolidated Income Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,798,197,926.21 | 1,652,707,481.28 | | Total Operating Costs | 1,310,025,664.46 | 1,256,230,119.09 | | Operating Profit | 635,103,212.79 | 538,957,923.71 | | Total Profit | 611,444,107.03 | 533,917,453.50 | | Net Profit | 522,691,390.04 | 448,775,270.53 | | Net Profit Attributable to Parent Company | 515,859,492.79 | 440,196,094.59 | | Basic Earnings Per Share (Yuan/share) | 0.2824 | 0.2406 | | Diluted Earnings Per Share (Yuan/share) | 0.2821 | 0.2400 | [Parent Company Income Statement](index=42&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) Parent company operating revenue grew 10.94% to RMB 1.08 billion, with net profit up 18.85% Parent Company Income Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,077,575,999.89 | 971,346,825.58 | | Operating Costs | 528,577,279.41 | 492,089,386.61 | | Operating Profit | 727,514,495.24 | 601,527,787.95 | | Total Profit | 706,383,673.45 | 597,584,009.18 | | Net Profit | 651,478,786.33 | 548,176,565.63 | | Investment Income | 352,264,849.46 | 253,388,521.31 | [Consolidated Cash Flow Statement](index=44&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities was RMB 230.51 million, a decrease of 28.27% YoY Consolidated Cash Flow Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 230,506,958.78 | 321,336,215.70 | | Net Cash Flow from Investing Activities | 507,850,755.56 | 1,170,760,914.36 | | Net Cash Flow from Financing Activities | -941,944,824.12 | -455,564,374.61 | | Net Increase in Cash and Cash Equivalents | -203,397,417.77 | 1,036,435,604.45 | | Ending Balance of Cash and Cash Equivalents | 1,154,862,803.91 | 2,025,760,219.96 | - Net cash flow from financing activities decreased by **106.76%** YoY, mainly due to an increase in cash paid for debt repayment[62](index=62&type=chunk) [Parent Company Cash Flow Statement](index=45&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Parent company operating cash flow increased significantly by 426.28% YoY Parent Company Cash Flow Statement Key Data (Current Period vs Prior Period) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 254,021,044.62 | 48,283,066.95 | | Net Cash Flow from Investing Activities | 477,877,848.02 | 670,466,395.72 | | Net Cash Flow from Financing Activities | -761,011,484.15 | -538,200,134.14 | | Net Increase in Cash and Cash Equivalents | -29,092,906.92 | 180,562,698.22 | | Ending Balance of Cash and Cash Equivalents | 346,814,532.31 | 377,036,361.43 | [Consolidated Statement of Changes in Equity](index=46&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Total equity attributable to the parent company increased by 1.30% to RMB 12.01 billion Consolidated Statement of Changes in Equity (Current Period) | Item | Share Capital (Yuan) | Capital Reserve (Yuan) | Less: Treasury Stock (Yuan) | Retained Earnings (Yuan) | Equity Attributable to Parent (Yuan) | Minority Interest (Yuan) | Total Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 1,828,780,926.00 | 1,429,993,625.13 | 32,723,064.60 | 7,734,911,875.63 | 11,858,784,465.45 | 1,987,941,517.97 | 13,846,725,983.42 | | Change in Period | -1,324,260.00 | -9,431,571.60 | -14,774,327.40 | 150,368,159.59 | 154,386,655.39 | -30,808,762.13 | 123,577,893.26 | | Ending Balance | 1,827,456,666.00 | 1,420,562,053.53 | 17,948,737.20 | 7,885,280,035.22 | 12,013,171,120.84 | 1,957,132,755.84 | 13,970,303,876.68 | [Parent Company Statement of Changes in Equity](index=50&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Parent company total equity increased by 5.35% to RMB 5.64 billion Parent Company Statement of Changes in Equity (Current Period) | Item | Share Capital (Yuan) | Capital Reserve (Yuan) | Less: Treasury Stock (Yuan) | Retained Earnings (Yuan) | Total Equity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beginning Balance | 1,828,780,926.00 | 184,697,716.88 | 32,723,064.60 | 2,475,118,989.40 | 5,353,687,274.58 | | Change in Period | -1,324,260.00 | -12,664,589.68 | -14,774,327.40 | 285,987,453.13 | 286,772,930.85 | | Ending Balance | 1,827,456,666.00 | 172,033,127.20 | 17,948,737.20 | 2,761,106,442.53 | 5,640,460,205.43 | [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company operates in the biopharmaceutical industry with An Kang as the ultimate actual controller - As of June 30, 2025, the company's total issued share capital is **1,827,456,666 shares**, with a registered capital of RMB 1,827.46 million, and the ultimate actual controller is An Kang[171](index=171&type=chunk) - The company belongs to the biopharmaceutical industry, primarily engaged in the production and sale of human albumin, IVIG (PH4), and other blood products[172](index=172&type=chunk) - A total of **40 subsidiaries** were included in the consolidated financial statements for the current period, a decrease of one from the previous period[174](index=174&type=chunk) [Basis of Preparation for Financial Statements](index=55&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises - Basic Standard" and other related regulations issued by the Ministry of Finance[176](index=176&type=chunk) - These financial statements are prepared on a going concern basis, with no significant doubts found regarding the company's ability to continue operating for the next 12 months[177](index=177&type=chunk) - The company uses the accrual basis of accounting and measures most items at historical cost, except for certain financial instruments measured at fair value[178](index=178&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates applied in the financial statements - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, providing a true and complete view of the company's financial position and performance[179](index=179&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[203](index=203&type=chunk) - The company accounts for impairment of financial assets measured at amortized cost based on an **expected credit loss (ECL)** model[217](index=217&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to the performance obligation[288](index=288&type=chunk) [Taxes](index=80&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company and some subsidiaries benefit from preferential tax policies such as the 15% rate for high-tech enterprises Main Taxes and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sale of materials | 13% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, Exempt | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | Entities with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Hualan Biological Vaccine Inc. | 15% | | Hualan Bioengineering Chongqing Co., Ltd. and its subsidiaries (excluding Wushan, Medical Research, Fengdu) | 15% | | Hualan Bio (Huishui) Plasma Co., Ltd. | 20% | | Hualan Biomedical Marketing Co., Ltd. | 20% | | Xinxiang Taihang Poultry Co., Ltd. | Exempt | - The company and its subsidiary Hualan Biological Vaccine Inc. are certified as high-tech enterprises, subject to a **15% corporate income tax rate** for three years starting from 2023/2024[311](index=311&type=chunk) - Subsidiary Hualan Bioengineering Chongqing Co., Ltd. and its subsidiaries qualify for the Western Development preferential tax policy, paying at a **15% rate**[312](index=312&type=chunk) - Some subsidiaries are classified as small and micro enterprises, benefiting from a reduced corporate income tax rate of **20%** on 25% of their taxable income[313](index=313&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the items presented in the consolidated financial statements Cash and Cash Equivalents | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 1,082,290.89 | 2,995,398.33 | | Bank Deposits | 1,148,666,476.95 | 1,350,252,802.86 | | Other Monetary Funds | 10,597,296.51 | 13,411,307.30 | | Total | 1,160,346,064.35 | 1,366,659,508.49 | Operating Revenue and Costs (Consolidated) | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,793,714,824.96 | 850,773,760.69 | 1,645,669,697.48 | 814,008,655.39 | | Other Business | 4,483,101.25 | 1,931,036.56 | 7,037,783.80 | 920,532.20 | | Total | 1,798,197,926.21 | 852,704,797.25 | 1,652,707,481.28 | 814,929,187.59 | R&D Expenses (Consolidated) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Input | 80,297,310.76 | 99,303,015.33 | | Depreciation and Amortization | 21,363,669.24 | 27,538,864.03 | | Clinical Trial Fees | 42,023,038.61 | 8,880,790.67 | | Outsourced R&D Fees | 10,032,373.51 | 300,000.00 | | Total | 161,354,978.40 | 144,659,398.85 | Investment Income (Consolidated) | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Investment income from trading financial assets held | 2,719,941.05 | 3,707,046.94 | | Investment income from disposal of trading financial assets | 11,011,662.10 | 19,244,521.44 | | Gain (loss) on derecognition of financial assets measured at amortized cost | -3,511,892.73 | -2,046,624.07 | | Other | 68,208,285.60 | 59,972,979.43 | | Total | 78,427,996.02 | 67,879,421.27 | [R&D Expenditure](index=108&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D investment for the period was RMB 161.43 million, a 10.69% YoY increase R&D Expenditure Details | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Direct Input | 80,367,689.01 | 100,276,339.29 | | Clinical Trial Fees | 42,023,038.61 | 8,880,790.67 | | Outsourced R&D Fees | 10,032,373.51 | 300,000.00 | | Total | 161,428,005.56 | 145,832,852.69 | | Of which: Expensed R&D | 161,354,978.40 | 144,659,398.85 | | Capitalized R&D | 73,027.16 | 1,173,453.84 | - The Freeze-dried Group A and C Meningococcal Conjugate Vaccine project is **70% complete** and expected to be finished by December 31, 2025[498](index=498&type=chunk) [Changes in Consolidation Scope](index=109&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope decreased by one subsidiary due to deregistration Subsidiaries No Longer in Consolidation Scope | Name | Reason for Change | | :--- | :--- | | Shaanxi Hualan Biomedical Technology Co., Ltd. | Deregistration | [Interests in Other Entities](index=109&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has interests in 40 subsidiaries and one key associate, Hualan Genetic Engineering Co., Ltd - The company's consolidation scope includes **40 subsidiaries**, covering vaccine production, plasma collection, and biopharmaceutical manufacturing[174](index=174&type=chunk)[501](index=501&type=chunk)[502](index=502&type=chunk)[503](index=503&type=chunk)[504](index=504&type=chunk) - Important non-wholly-owned subsidiaries include Hualan Biological Vaccine Inc. (32.62% minority interest) and Hualan Biomedical Marketing Co., Ltd. (20.00% minority interest)[506](index=506&type=chunk) Key Financial Information of Important Associate (Hualan Genetic Engineering Co., Ltd.) | Item | Ending Balance / Current Period Amount (Yuan) | | :--- | :--- | | Current Assets | 199,279,247.54 | | Non-current Assets | 1,477,800,863.92 | | Total Assets | 1,677,080,111.46 | | Current Liabilities | 1,149,475,838.89 | | Non-current Liabilities | 528,828,500.00 | | Total Liabilities | 1,678,304,338.89 | | Net Profit | 7,637,341.17 | | Total Comprehensive Income | 7,637,341.17 | - Hualan Genetic Engineering Co., Ltd. is an associate of the company, with a **40.00%** shareholding accounted for using the equity method[511](index=511&type=chunk) [Government Grants](index=114&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized RMB 8.91 million in government grants in the current period's profit and loss Liability Items Related to Government Grants | Account | Beginning Balance (Yuan) | New Grants (Yuan) | Recognized in Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 54,181,974.00 | 0 | 0 | 3,361,070.26 | 50,820,903.74 | Asset-related | Government Grants Recognized in Current P&L | Account | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Other Income | 8,910,847.15 | 12,791,915.48 | | Non-operating Income | 0 | 200,000.00 | | Total | 8,910,847.15 | 12,991,915.48 | - Government grants recognized in the current period mainly include asset-related grants for industrial revitalization and income-related grants for job stabilization and R&D projects[521](index=521&type=chunk) [Risks Related to Financial Instruments](index=116&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through established policies and monitoring - The company's main financial instruments expose it to **credit risk, liquidity risk, and market risk**[522](index=522&type=chunk) - Credit risk is managed by setting credit policies and continuously monitoring the collection of receivables, with impairment losses assessed based on aging[523](index=523&type=chunk)[524](index=524&type=chunk) - Liquidity risk is managed through cash flow forecasting and maintaining sufficient credit facilities; as of June 30, 2025, the company had **RMB 1.2 billion** in credit lines, with RMB 283 million utilized[527](index=527&type=chunk) - The company faces foreign exchange risk (mainly USD and EUR) and interest rate risk (from bank borrowings), which are mitigated by monitoring currency transactions and interest rate levels[528](index=528&type=chunk)[529](index=529&type=chunk) [Fair Value Disclosure](index=118&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Assets measured at fair value primarily consist of trading financial assets and receivables financing Ending Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 1,767,147,237.15 | 0 | 1,767,147,237.15 | | (II) Receivables Financing | 0 | 145,854,393.56 | 145,854,393.56 | | Total Assets | 1,767,147,237.15 | 145,854,393.56 | 1,913,001,630.71 | - The carrying amounts of financial assets and liabilities not measured at fair value (e.g., receivables, short-term borrowings) approximate their fair values[533](index=533&type=chunk) [Related Parties and Transactions](index=118&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The actual controller, Mr. An Kang, controls 46.09% of the company's shares - Mr. An Kang is the actual controller, holding a combined **46.09%** of the company's shares directly and indirectly[534](index=534&type=chunk) - The company's associate is Hualan Genetic Engineering Co., Ltd[537](index=537&type=chunk) Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | :--- | | Hualan Genetic Engineering Co., Ltd. | Purchase of services | 10,811,328.20 | 706,864.00 | | Hualan Genetic Engineering Co., Ltd. | Sale of products | 0 | 222.50 | Related-Party Leases (as Lessor) | Lessee Name | Leased Asset Type | Current Period Lease Income (Yuan) | Prior Period Lease Income (Yuan) | | :--- | :--- | :--- | :--- | | Hualan Genetic Engineering Co., Ltd. | Buildings | 108,095.24 | 116,190.48 | - Compensation for key management personnel in the current period amounted to **RMB 3,772,090.35**[547](index=547&type=chunk) Payables to Related Parties | Item Name | Related Party | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | CYBER CREATOR LIMITED | 58,778,790.80 | 93,931,367.58 | [Share-based Payments](index=120&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company recognized RMB 4.02 million in expenses for equity-settled share-based payments - The total expense recognized for equity-settled share-based payments in the current period was **RMB 4,024,707.02**[551](index=551&type=chunk)[552](index=552&type=chunk) - The fair value of equity instruments for the Hualan Bio 2023 Restricted Stock Incentive Plan was determined by the closing price on the grant date[550](index=550&type=chunk) - The fair value of equity instruments for the Hualan Vaccine 2022 Restricted Stock Incentive Plan was determined using the **Black-Scholes option pricing model**[550](index=550&type=chunk) [Commitments and Contingencies](index=121&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has significant commitments related to bank credit facilities - The company has a credit facility agreement with China Merchants Bank for **RMB 200 million**, with RMB 80 million drawn down for bill discounting this year[553](index=553&type=chunk) - The company has a credit facility agreement with China Construction Bank for **RMB 200 million**, with RMB 200 million drawn down for bill discounting this year[553](index=553&type=chunk) - The company has outstanding letters of credit, including **EUR 267,119.42** issued by Hualan Bio and **EUR 382,421.74** issued by Hualan Chongqing[554](index=554&type=chunk) - As of June 30, 2025, the company has no other significant undisclosed commitments or contingencies[553](index=553&type=chunk)[555](index=555&type=chunk) [Post-Balance Sheet Events](index=121&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) The company has proposed a profit distribution plan for H1 2025 Profit Distribution Plan | Item | Content | | :--- | :--- | | Proposed Dividend per 10 Shares (Yuan) | 5 | | Profit Distribution Plan | Based on the total share capital of 1,827,456,666.00 shares as of June 30, 2025, a cash dividend of RMB 5 (tax included) per 10 shares will be distributed, totaling RMB 913,728,333.00. No bonus shares or capitalization of reserves. | - As of the financial report's approval date, the company has no other significant undisclosed post-balance sheet events[558](index=558&type=chunk) [Other Important Matters](index=122&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company operates as a single business segment, so no segment information is presented - The company's business is singular, focusing on the production and sale of biological products, which management treats as a single integrated segment; therefore, no segment information is presented[559](index=559&type=chunk) [Notes to Parent Company Financial Statement Items](index=122&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the items presented in the parent company's financial statements Parent Company Accounts Receivable | Aging | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 412,173,020.29 | 235,767,733.76 | | 1 to 2 years | 11,628,833.50 | 2,916,050.26 | | Total | 424,034,153.79 | 238,992,184.02 | Parent Company Other Receivables | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Dividends Receivable | 81,000,000.00 | 0 | | Other Receivables | 11,466,658.80 | 22,260,598.53 | | Total | 92,466,658.80 | 22,260,598.53 | Parent Company Long-term Equity Investments (in Subsidiaries) | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 1,024,496,209.24 | 1,024,496,209.24 | | Total | 1,024,496,209.24 | 1,024,496,209.24 | Parent Company Operating Revenue and Costs | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,076,318,872.48 | 528,295,978.72 | 966,966,299.30 | 491,602,106.00 | | Other Business | 1,257,127.41 | 281,300.69 | 4,380,526.28 | 487,280.61 | | Total | 1,077,575,999.89 | 528,577,279.41 | 971,346,825.58 | 492,089,386.61 | Parent Company Investment Income | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Income from long-term equity investments (cost method) | 331,000,000.00 | 241,657,030.28 | | Income from long-term equity investments (equity method) | 0 | -13,449,864.42 | | Investment income from tradi

天眼查工商信息显示，8月14日，华兰基因工程有限公司发生工商变更，注册资本由2亿人民币增至3亿 人民币，增幅50%。 该公司成立于2013年6月，法定代表人为安康，经营范围为生物制品的研究、开发、生产、销售，技术 转让，检验检测，代理加工服务；生物医药技术咨询，货物或技术进出口。股东信息显示，该公司由安 康、华兰生物（002007）分别持股60%、40%。 ...

Core Viewpoint - The announcement details the lifting of restrictions on a significant number of shares of Hualan Biological Engineering Co., Ltd., allowing for the circulation of 459 million shares, which accounts for 76.37% of the company's total share capital, effective from August 18, 2025 [2][5][23]. Group 1: Share Circulation Details - The restricted shares being released are part of the shares issued before the initial public offering (IPO) [2]. - The total number of shareholders involved in this release is two: Hualan Biological Engineering Co., Ltd. and Hong Kong Kecang Co., Ltd. [2][24]. - The total number of shares being released is 459,000,000, which represents 76.37% of the total share capital of the company [5][25]. Group 2: Share Capital Structure - As of the announcement date, the total share capital of the company is 601,027,500 shares, with 141,648,150 shares being unrestricted, accounting for 23.57% of the total [5]. - The company underwent a capital increase through a stock dividend distribution, resulting in an increase in total share capital from 400,010,000 shares to 600,015,000 shares [4]. Group 3: Compliance and Commitments - The shareholders lifting the restrictions have fulfilled their commitments made during the IPO process, ensuring compliance with relevant regulations [22]. - The commitments include not transferring or managing the shares for a specified period and adhering to regulations regarding share reduction [6][11]. Group 4: Clinical Trial Approval - Hualan Biological has received approval for clinical trials of its freeze-dried Hib vaccine, which is a significant step in its product development strategy [33]. - The vaccine aims to provide protection against invasive infections caused by Haemophilus influenzae type b, which is a major pathogen in children [34].

Industry Overview - On August 14, the medical device industry experienced a decline of 2.45% with a net outflow of 1.74 billion yuan in principal funds [1] - Among the component stocks, 13 increased while 87 decreased [1] Major Fund Outflows - The companies with the highest net outflows of principal funds included: - Kehua Bio (29.96 million yuan) - Baolait (29.32 million yuan) - Shangrong Medical (28.74 million yuan) - Weisi Medical (26.93 million yuan) - ST Kelly (26.25 million yuan) [1] Notable Stock Performance - Key stocks with significant movements included: - Sainuo Medical: Latest price 30.43, up 3.05%, with a net inflow of 164 million yuan (7.25% of total) [1] - Botao Bio: Latest price 45.13, up 19.99%, with a net inflow of 543.74 thousand yuan (12.47% of total) [1] - Yuyue Medical: Latest price 35.67, down 0.17%, with a net inflow of 49.30 thousand yuan (12.91% of total) [1] - Kefu Medical: Latest price 40.58, up 6.99%, with a net inflow of 470.40 thousand yuan (14.3% of total) [1] - Huatai Medical: Latest price 290.99, down 2.03%, with a net inflow of 297.47 thousand yuan (9.99% of total) [1] - Aohua Endoscopy: Latest price 49.14, down 7.79%, with a net inflow of 2363.53 thousand yuan (10.09% of total) [1] - Meihua Medical: Latest price 20.94, up 3.05%, with a net inflow of 2316.72 thousand yuan (4.81% of total) [1] - Wanfu Bio: Latest price 24.28, down 0.92%, with a net inflow of 184.26 thousand yuan (5.48% of total) [1] - Zhijiang Bio: Latest price 25.24, up 4.87%, with a net inflow of 1420.31 thousand yuan (5.07% of total) [1] - Mairande: Latest price 51.64, up 1.06%, with a net inflow of 1335.64 thousand yuan (2.42% of total) [1]

Core Viewpoint - Hualan Biological Vaccine Co., Ltd. has received implied approval for clinical trials of its "Lyophilized Haemophilus influenzae type b Conjugate Vaccine" aimed at preventing invasive diseases caused by Haemophilus influenzae type b [1] Company Overview - Hualan Biological Vaccine Co., Ltd. was established in 2005 and is located in Xinxiang City, primarily engaged in the pharmaceutical manufacturing industry [1] - The company has a registered capital of 601.0275 million RMB and a paid-in capital of 360 million RMB [1] - Hualan Biological has made investments in 2 companies and participated in 980 bidding projects, holding 41 patents and 138 administrative licenses [1] Shareholder Information - Major shareholders include Hualan Biological Engineering Co., Ltd. with a 75% stake, Kecang Co., Ltd. with 10%, Henan Huaying Enterprise Management Consulting Partnership (Limited Partnership) with 9%, and Xinxiang Chenyi Qiming Management Consulting Partnership (Limited Partnership) with 6% [1]

Group 1 - The company, Hualan Biological Engineering Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of its "lyophilized type b Haemophilus influenzae conjugate vaccine" [1] - The vaccine aims to prevent invasive infections caused by type b Haemophilus influenzae, including meningitis, pneumonia, sepsis, cellulitis, arthritis, and epiglottitis [2] - The Hib vaccine is developed using purified Hib capsular polysaccharide combined with tetanus toxoid protein, and it is expected to induce an immune response against Hib [2] Group 2 - The company is also developing a combination vaccine based on the DTP (diphtheria, tetanus, and pertussis) vaccine, with the Hib vaccine as one of its components [2] - Following the approval of the clinical trial, the company must conduct clinical trials and obtain further approval from the National Medical Products Administration before the vaccine can be marketed [3] - The drug development process is lengthy and involves multiple stages, which may be affected by uncertainties [3]

Core Viewpoint - The company has received approval for clinical trials of its "lyophilized Haemophilus influenzae type b (Hib) conjugate vaccine," which is aimed at preventing invasive infections caused by Hib bacteria [1][2]. Group 1: Clinical Trial Approval - The company's subsidiary, Hualan Biological Vaccine Co., Ltd., has obtained the "Drug Clinical Trial Approval Notice" from the National Medical Products Administration for the Hib vaccine [1]. - The clinical trial application for the vaccine was accepted on May 21, 2025, and has met the requirements for drug registration [1]. - The vaccine is intended to prevent invasive infections such as meningitis, pneumonia, sepsis, cellulitis, arthritis, and epiglottitis caused by Hib [1]. Group 2: Vaccine Development - The Hib vaccine is developed using purified Hib capsular polysaccharide combined with tetanus toxoid protein, and it is in a lyophilized form [2]. - The vaccine is expected to induce an immune response against Hib, providing protection to the vaccinated individuals [2]. - The company is also developing a combination vaccine based on the DTP (diphtheria, tetanus, and pertussis) framework, with the Hib vaccine as one of its components [2].

（文章来源：证券日报） 证券日报网讯 8月13日晚间，华兰疫苗发布关于部分首次公开发行前已发行股份上市流通的提示性公告 称，本次上市流通的限售股为公司部分首次公开发行前已发行股份；本次解除限售股东户数共计2户， 为华兰生物工程股份有限公司和科康有限公司，解除限售的股份数量共计459，000，000股，占公司总 股本的76.37%。本次解除限售的股份上市流通日期为2025年8月18日（星期一）。 ...