Financial Performance - The company's operating revenue for Q1 2017 was ¥78,461,064.68, representing a 6.89% increase compared to ¥73,401,318.83 in the same period last year[8] - The net profit attributable to shareholders for Q1 2017 was ¥7,835,931.73, a 1.64% increase from ¥7,709,611.51 in the previous year[8] - The net profit attributable to shareholders for the first half of 2017 decreased by 5.91% to a range of 1,500 to 1,594 million CNY[20] - The net profit for the first half of 2016 was 1,594.25 million CNY[20] Cash Flow and Assets - The net cash flow from operating activities was negative at -¥15,249,516.29, a decline of 98.20% compared to -¥7,693,968.13 in the same period last year[8] - Cash received from operating activities increased by ¥4,750,800, an increase of 884.40%, mainly due to increased market deposits received by Jinsan Pharmaceutical[17] - Total assets at the end of the reporting period were ¥1,086,378,951.16, down 1.17% from ¥1,099,254,401.78 at the end of the previous year[8] Investment and Income - Investment income decreased by ¥703,400, a decline of 366.89%, primarily due to a decrease in net profit from the associated enterprise Huqingyuan Bio[16] - Other receivables increased by ¥39,806,600, a 185.36% rise, mainly due to increased petty cash at the office of Jinsan Pharmaceutical[15] Expectations and Commitments - The company expects a positive net profit attributable to shareholders for the first half of 2017, without a turnaround from losses[19] - The company did not report any overdue commitments from actual controllers, shareholders, or related parties during the reporting period[18] Performance Decline Factors - The decline in performance is attributed to increased market investment and promotional efforts, leading to higher sales expenses[20] - The weighted average return on net assets was 0.79%, a decrease of 0.04% from 0.83% in the previous year[8]

Financial Performance - The company's operating revenue for 2016 was ¥449,950,868.63, a decrease of 5.43% compared to ¥475,805,044.29 in 2015[17] - The net profit attributable to shareholders for 2016 was ¥55,172,042.10, down 16.85% from ¥66,354,921.06 in 2015[17] - The basic earnings per share for 2016 was ¥0.1087, a decrease of 16.83% from ¥0.1307 in 2015[17] - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was ¥55,214,007.63 in 2016, down 13.38% from ¥63,739,521.99 in 2015[17] - The company achieved a total revenue of 449,950,868.63 yuan in 2016, representing a decrease of 5.43% compared to the previous year[36] - The net profit attributable to shareholders was 5,517.20 million yuan, down 16.85% year-on-year[36] Cash Flow and Investments - The net cash flow from operating activities increased by 25.56% to ¥53,126,869.00 in 2016, compared to ¥42,312,921.81 in 2015[17] - Total cash inflow from operating activities decreased by 9.94% to CNY 469,674,626.90 from CNY 521,511,683.81 in 2015[58] - Cash outflow from operating activities decreased by 13.07% to CNY 416,547,757.90 from CNY 479,198,762.00 in 2015[58] - Investment cash inflow significantly dropped by 99.56% to CNY 76,834.95 from CNY 17,342,296.49 in 2015, primarily due to the recovery of financial products in the previous year[59] - The net cash flow from investment activities was CNY -14,404,025.81, an improvement of 37.59% compared to CNY -23,078,365.20 in 2015[59] Assets and Liabilities - Total assets at the end of 2016 were ¥1,099,254,401.78, reflecting a 4.89% increase from ¥1,047,997,444.15 at the end of 2015[17] - The net assets attributable to shareholders increased by 5.93% to ¥984,872,497.95 at the end of 2016, compared to ¥929,700,455.85 at the end of 2015[17] - As of the end of 2016, cash and cash equivalents increased to CNY 73,334,124.78, representing 6.67% of total assets, up from 4.41% in 2015[64] - The company's total assets included CNY 152,903,709.02 in accounts receivable, which accounted for 13.91% of total assets, an increase from 13.53% in 2015[64] - The company's fixed assets decreased to CNY 257,669,405.70, representing 23.44% of total assets, down from 26.25% in 2015[64] Market and Product Development - The pharmaceutical industry in China showed a recovery in 2016, with a year-on-year increase of 10.6% in the added value of the pharmaceutical industry, up 0.8% from the previous year[28] - The company has a portfolio of over 70 products, primarily in the throat, cold, orthopedic, and rheumatology categories, with many being unique or patented products[26] - The company is actively expanding its product coverage in hospitals and grassroots medical markets, particularly for its unique products[37] - The company is collaborating with universities on innovative drug development projects, including a preclinical study on an anti-tumor nano-drug[40] - The company is investing in new drug development projects, including a new type 2 diabetes treatment and an anti-tumor nano drug, while managing associated risks[78] Risks and Challenges - The company faces risks related to industry policy changes, concentrated main products, intensified market competition, and new drug development[4] - The company faces risks related to policy changes in the pharmaceutical industry, which may increase compliance costs and impact profitability[76] - The company is addressing the risk of product concentration by developing new products and expanding its market presence with existing offerings[77] Governance and Compliance - The company has established a legal commitment to maintain fair and equitable transactions with its subsidiaries, ensuring no unfair advantages or conflicts of interest arise[95] - The company has committed to avoiding any business competition with its subsidiaries, ensuring no direct or indirect involvement in competing activities within China[94] - The current auditor, Lixin Accounting Firm, has been engaged for six years, with an audit fee of 700,000 CNY for the period[103] - The company has not reported any changes in the actual controller during the reporting period[137] - The company has implemented various channels for communication with shareholders, including phone calls and online meetings[167] Shareholder Relations and Dividends - The company plans to pursue external growth opportunities through acquisitions and partnerships to enhance its market competitiveness and profitability[76] - The company has decided not to distribute cash dividends for the reporting period, citing macroeconomic slowdown, increased market competition, and rising costs as contributing factors[89] - The company committed to distributing cash dividends of no less than 10% of the distributable profits each year for the next three years, with a cumulative distribution of at least 30% of the average annual distributable profits over the same period[96] - The company has not proposed any cash dividend distribution plan for the reporting period, indicating a focus on sustainable development and meeting operational cash flow needs[90] Employee and Management Structure - The company employed a total of 1,292 staff, with 635 in sales, 356 in production, and 157 in technical roles[156][157] - The salary structure includes basic salary, position salary, performance salary, allowances, and benefits, closely linked to company performance and individual contributions[158] - The company has a training program focusing on enhancing overall employee capabilities and specific skills for middle and senior management[159] - The company has maintained a consistent leadership structure, with key executives serving in their roles for several years, contributing to operational stability[149] Audit and Financial Reporting - The audit opinion issued was a standard unqualified opinion, confirming that the financial statements fairly represent the company's financial position[191] - The company has maintained effective internal controls, with no major deficiencies identified in the internal control audit[187] - The total amount of important deficiencies in financial reporting was reported as zero, indicating strong compliance with accounting standards[188] - The company’s financial statements were prepared in accordance with the applicable accounting standards, ensuring transparency and accuracy in reporting[197]

Financial Performance - Operating revenue for the reporting period was ¥108,586,740.62, representing a year-on-year increase of 10.57%[8]. - Net profit attributable to shareholders was ¥4,474,726.28, a decrease of 53.98% compared to the same period last year[8]. - The net profit after deducting non-recurring gains and losses was ¥4,464,069.45, down 50.08% year-on-year[8]. - Basic earnings per share were ¥0.0088, a decline of 54.17% compared to the previous year[8]. - The weighted average return on net assets was 0.47%, down 0.61 percentage points year-on-year[8]. - Total profit decreased by 23,128,200 yuan, a decline of 45.10%, primarily due to decreased profits from the pharmaceutical distribution business and government subsidies[18]. - Net profit decreased by 21,158,400 yuan, a decline of 50.89%, mainly due to reduced profits from the pharmaceutical distribution business and government subsidies[18]. - The estimated net profit attributable to shareholders for 2016 is projected to be between 51 million and 60 million CNY, representing a decrease of 23.14% to 9.58% compared to the previous year's net profit of approximately 66.35 million CNY[27]. - The decline in net profit is primarily attributed to adjustments in the subsidiary's pharmaceutical distribution business, reduced revenue from trade pharmaceuticals, and a decrease in sales revenue from Jinsan Pharmaceutical[27]. Cash Flow and Expenses - The net cash flow from operating activities decreased by 88.15% to ¥1,884,956.60 for the year-to-date[8]. - Cash received from other operating activities increased by 9,565,400 yuan, a growth of 176.88%, mainly due to increased receivables[19]. - Cash paid for purchasing goods and receiving services decreased by 51,050,100 yuan, a decline of 44.15%, primarily due to reduced payments for pharmaceutical distribution business[19]. - Cash received from investment income decreased by 297,000 yuan, a decline of 100%, mainly due to last year's investment income from financial products[20]. - Cash paid for acquiring fixed assets, intangible assets, and other long-term assets decreased by 10,969,100 yuan, a decline of 68.58%, mainly due to increased investment in the second phase of Jinsan Pharmaceutical last year[21]. - Cash paid for debt repayment decreased by 15,700,000 yuan, a decline of 48.76%, mainly due to reduced bank loan repayments this period[21]. - Financial expenses decreased by 880,000 yuan, a decline of 45.69%, mainly due to reduced interest from loans and bank acceptance bill discounts[18]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,055,935,473.41, an increase of 0.76% compared to the previous year[8]. - Prepaid accounts increased by 420.82% compared to the beginning of the year, mainly due to increased material prepayments[16]. - Other receivables rose by 407.22%, primarily due to increased market development funds paid to various offices[16]. - Accounts payable decreased by 33.85%, mainly due to repayments of raw material payments[17]. Profit Distribution Policy - The company reported a profit distribution policy where cash dividends should not be less than 30% of the average distributable profit over the past three years[25]. - The company plans to actively distribute profits in cash, with a minimum of 10% of distributable profits allocated for the next three years[25]. - In the case of a mature development stage without significant capital expenditure, cash dividends should constitute at least 80% of the profit distribution[25]. - For a mature stage with significant capital expenditures, cash dividends should be at least 40% of the profit distribution[25]. - The company plans to implement cash dividends annually for the next three years, subject to conditions, to align with capital expansion and performance growth[26]. Corporate Governance and Commitments - The company has committed to avoiding any transactions that may harm its interests during the tenure of its directors and senior management[25]. - The company has established a commitment to ensure fair and equitable transactions with related parties[24]. - The company has no plans to engage in any competitive business activities that may conflict with its interests[24]. - The company has a commitment to maintain a minimum of 25% limit on share transfers by directors and senior management during their tenure[25]. - The company has no arrangements for concerted actions with other parties involved in the current issuance[25]. - The company will ensure that any related party transactions are conducted at fair market prices to protect its interests[24]. Investment Income - Investment income from associates and joint ventures increased by 1,380,400 yuan, a growth of 160.81%, primarily due to increased equity investment income from Huqingyuan[18]. Operating Profit - Operating profit decreased by 18,958,100 yuan, a decline of 40.29%, mainly due to reduced profits from the pharmaceutical distribution business[18].

Financial Performance - The company reported a revenue of CNY 166,110,936.93 for the first half of 2016, a decrease of 24.64% compared to CNY 220,430,538.40 in the same period last year[20]. - Net profit attributable to shareholders was CNY 15,942,470.88, down 49.95% from CNY 31,852,480.32 year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 15,813,537.87, a decrease of 46.23% compared to CNY 29,406,980.32 in the previous year[20]. - Basic and diluted earnings per share were both CNY 0.0314, reflecting a 50% decrease from CNY 0.0628 in the previous year[20]. - The weighted average return on equity was 1.70%, down from 3.62% year-on-year, indicating a decline in profitability[20]. - The company's operating revenue for the reporting period was ¥166,110,936.93, a decrease of 24.64% compared to the same period last year, primarily due to adjustments in the pharmaceutical distribution business of its subsidiary, Jia Ying Pharmaceutical, and a decline in sales revenue from Jinsha Pharmaceutical[30]. - The net profit for the period was ¥15,942,470.88, down 49.95% year-on-year, attributed to the same factors affecting revenue[31]. - The company's operating profit decreased to CNY 19,047,283.72, down 46.6% from CNY 35,515,837.42 in the same period last year[117]. - The company reported a total profit of CNY 19,199,002.24, down 50.5% from CNY 38,745,837.42 in the same period last year[117]. Cash Flow and Investments - The company experienced a net cash flow from operating activities of CNY -5,296,722.14, an improvement of 15.23% from CNY -6,248,424.50 in the same period last year[20]. - The company reported a significant decline in cash flow from investment activities, with a net cash outflow of ¥6,745,112.35, a decrease of 403.08% year-on-year[31]. - The net cash flow from investing activities was -6,745,112.35 yuan, a decline from a positive 2,225,530.13 yuan in the previous period[125]. - Cash inflow from financing activities totaled 19,294,285.37 yuan, while cash outflow was 7,338,864.93 yuan, resulting in a net cash flow of -7,338,864.93 yuan[126]. - The ending balance of cash and cash equivalents was 26,835,701.89 yuan, down from 29,700,291.40 yuan in the previous period[126]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,036,540,489.19, a decrease of 1.09% from CNY 1,047,997,444.15 at the end of the previous year[20]. - Current liabilities decreased from CNY 83,550,252.54 to CNY 56,150,826.70, a reduction of about 32.8%[109]. - The total liabilities decreased from CNY 118,296,988.30 to CNY 90,897,562.46, a reduction of approximately 23.1%[109]. - The company's cash and cash equivalents decreased from 46,216,401.31 RMB to 26,835,701.89 RMB during the reporting period[107]. - Accounts receivable decreased from 141,831,187.28 RMB to 108,992,224.40 RMB[107]. - Inventory increased from 47,369,982.96 RMB to 55,182,850.07 RMB[107]. - The total current assets decreased from CNY 293,842,935.29 to CNY 289,489,017.54, a decline of approximately 1.2%[110]. Shareholder Information - The company plans not to distribute cash dividends or issue new shares from capital reserves for the half-year period[53]. - The company plans to distribute cash dividends amounting to no less than 10% of the distributable profits achieved each year over the next three years, with a cumulative cash distribution of at least 30% of the average distributable profits over these three years[81]. - The cash dividend proportion will be at least 80% if the company is in a mature stage without significant capital expenditure, and at least 40% if there are major capital expenditures planned[81]. - The total number of shares before the change was 507,509,800, with 20.49% being restricted shares[88]. - The number of unrestricted shares increased from 403,542,000 (79.51%) to 405,247,313 (79.85%) due to the release of 1,705,313 shares[88]. - The company released 1,705,313 shares from lock-up on January 4, 2016, which corresponds to 25% of the total shares held by directors and executives[88]. - The largest shareholder, Huang Xiaobiao, holds 11.44% of the shares, totaling 58,083,001 shares[95]. - The second-largest shareholder, Chen Yonghong, holds 10.94% of the shares, totaling 13,885,250 shares, which are pledged[95]. Operational Strategy - The company plans to enhance its marketing system and brand development, focusing on core products such as Shuangliao Houfeng San and Zhonggan Ling Pian[28]. - The decline in revenue and profit was primarily due to adjustments in the pharmaceutical distribution business of its subsidiary, Jiaying Pharmaceutical, and a decrease in sales from Jinsha Pharmaceutical[28]. - The company has a strong competitive advantage with its proprietary products, including patented traditional Chinese medicines, which have established brand recognition and market share[37]. Compliance and Governance - The company confirms its ability to continue as a going concern for the next 12 months from the reporting date[149]. - The financial statements are prepared based on the going concern principle and comply with the accounting standards issued by the Ministry of Finance[148][151]. - The company aims to maintain compliance with legal and regulatory requirements in all transactions[79]. - The company has committed to avoiding any business competition with its subsidiaries during the shareholder period[79]. Accounting Policies - The company adopts Renminbi as its functional currency for accounting purposes[154]. - The company’s consolidated financial statements include all subsidiaries under its control, reflecting the overall financial status and performance of the group[157][158]. - Cash and cash equivalents are defined as cash on hand and deposits that can be used for payment at any time, with investments meeting specific criteria classified as cash equivalents[164]. - Financial instruments include financial assets, financial liabilities, and equity instruments, classified at initial recognition based on their nature[167].

广东嘉应制药股份有限公司 2016 年第一季度报告正文 证券代码：002198 证券简称：嘉应制药 公告编号：2016-013 广东嘉应制药股份有限公司 2016 年第一季度报告正文 广东嘉应制药股份有限公司 2016 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈泳洪、主管会计工作负责人黄利兵及会计机构负责人(会计主 管人员)钟苑苑声明：保证季度报告中财务报表的真实、准确、完整。 2 广东嘉应制药股份有限公司 2016 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 1 对公司根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》定义界定的非经常性损益项目，以及把《公 开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应 说明原因 ...

Financial Performance - The company's operating revenue for 2015 was CNY 475,805,044.29, a decrease of 15.91% compared to CNY 565,820,205.51 in 2014[17]. - The net profit attributable to shareholders for 2015 was CNY 66,354,921.06, down 9.91% from CNY 73,653,927.00 in the previous year[17]. - The net cash flow from operating activities decreased by 59.06% to CNY 42,312,921.81 from CNY 103,362,813.35 in 2014[17]. - Basic earnings per share for 2015 were CNY 0.1307, a decline of 9.92% from CNY 0.1451 in 2014[17]. - The company reported a significant decrease in non-operating income, totaling CNY 2,615,399.07 in 2015 compared to CNY 9,226,114.78 in 2014[22]. - The weighted average return on equity for 2015 was 7.40%, down from 8.84% in 2014[17]. - The net profit attributable to shareholders was CNY 66.35 million, down 9.91% year-on-year, primarily due to adjustments in the subsidiary's pharmaceutical distribution business and reduced government subsidies[37]. - The company's self-produced pharmaceuticals accounted for 92.55% of total revenue, with sales amounting to CNY 440.35 million, reflecting a growth of 5.06%[44]. - Trade pharmaceuticals saw a significant decline in revenue, dropping 75.83% to CNY 35.45 million[44]. - The gross profit margin for the pharmaceutical sector was 73.37%, an increase of 12.47% compared to the previous year[47]. Assets and Investments - Total assets at the end of 2015 were CNY 1,047,997,444.15, representing a 1.23% increase from CNY 1,035,283,718.38 at the end of 2014[17]. - The net assets attributable to shareholders increased by 7.69% to CNY 929,700,455.85 from CNY 863,345,534.79 in 2014[17]. - The company transferred 100% equity of its subsidiary, Renkang Pharmaceutical, for ¥10.99 million, resulting in its exclusion from the consolidated financial statements[51]. - Long-term equity investments increased by 0.73% to CNY 165.32 million, reflecting a growing investment strategy[63]. - Fixed assets increased by 7.78% to CNY 2.75 billion, indicating expansion in operational capacity[63]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company aims to expand its market presence in rural and community healthcare sectors, leveraging its cost-effective and high-quality products to capture a larger market share[33]. - The company has invested in the second phase of the Jinsan Pharmaceutical Technology Park, which has been transferred to fixed assets, reflecting ongoing infrastructure development[32]. - The company is actively developing new products based on natural camphor, with six new products currently in the small-scale testing phase[40]. - The company plans to optimize its marketing system and enhance brand development in 2016, focusing on increasing product distribution rates and promoting high-margin products[70]. Market and Industry Trends - The pharmaceutical industry in China experienced a slowdown in growth, with the overall market size reaching CNY 1,377.5 billion in 2015, reflecting a year-on-year growth of only 7.6%, a decline of 5.6% compared to 2014[29]. - The overall pharmaceutical industry is undergoing structural adjustments, with policies encouraging innovation, mergers, and the integration of internet technologies into the sector[30]. - The market for throat, cold, and gastrointestinal medications remains predominantly in the mid-to-low-end segment, presenting opportunities for growth as healthcare investments increase in rural areas[33]. - The company highlighted risks related to product concentration, rising operating costs, intensified industry competition, and changes in industry policies[4]. Research and Development - The company has developed several new drugs, including the innovative TCM drug Sangpi Capsule, which has completed Phase II clinical trials, and the anti-influenza drug Lianzhijiedu Capsule, which is currently on the market[34]. - The company filed for three patents and published five papers related to its research projects during the reporting period[40]. - Collaboration with South China University of Technology and other research institutions will be strengthened to enhance R&D innovation and accelerate the development of existing products[72]. Governance and Compliance - The company has established principles for fair transactions with related parties, ensuring equal and voluntary agreements to protect the interests of all parties involved[94]. - The company has committed to ensuring that the compensation obligations are fulfilled in accordance with the audit reports issued by qualified accounting firms[91]. - The company has maintained a consistent governance structure with a focus on accountability and transparency[162]. - The independent directors attended all board meetings and did not raise any objections to company matters during the reporting period[187]. Shareholder Relations - The company has a strong commitment to protecting the rights of minority investors through improved governance practices[172]. - The company has established a policy to propose mid-term cash distributions based on its financial status[96]. - The company has committed to distributing at least 30% of the annual distributable profit in cash for the next three years, ensuring a minimum cash dividend of 10% over three consecutive years[96]. Risks and Challenges - The company faces risks related to raw material supply and price fluctuations, particularly for traditional Chinese medicine materials, and will implement strategies to mitigate these risks[74]. - The concentration of revenue from key products, such as Shuangliao Houfeng San and Jiekou Qiqi Pian, poses a risk to future profitability, prompting the company to diversify its product offerings[75]. - The company faces increasing competition in the traditional Chinese medicine industry, with over 1,000 manufacturers and a risk of declining average profit margins due to blind expansion[77].

Financial Performance - Operating revenue for the reporting period was CNY 98,206,877.54, a decrease of 25.86% year-on-year, while revenue for the year-to-date period was CNY 318,637,415.94, down 19.32%[7] - Net profit attributable to shareholders for the reporting period was CNY 9,723,109.26, a decline of 48.44% year-on-year, with year-to-date net profit at CNY 41,575,589.58, down 17.80%[7] - The basic earnings per share for the reporting period was CNY 0.0192, a decrease of 48.39% compared to the same period last year[7] - The net profit attributable to shareholders for 2015 is expected to range from 58 million to 70 million CNY, representing a decrease of 21.25% to 4.96% compared to the previous year[26] - The net profit for 2014 was reported at 73.65 million CNY, indicating a decline in performance primarily due to adjustments in the pharmaceutical distribution business and a reduction in government subsidies received[27] Assets and Liabilities - Total assets at the end of the reporting period decreased by 3.00% to CNY 1,004,230,532.01 compared to the end of the previous year[7] - Accounts receivable decreased by 33.33% compared to the beginning of the year, primarily due to the recovery of receivables from pharmaceutical distribution[14] - Other receivables increased by 266.02% compared to the beginning of the year, mainly due to increased advances for market development[14] - Long-term equity investments increased by 60.78% compared to the beginning of the year, attributed to additional investments in Huqingyuan and increased investment income[14] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 15,905,091.08, down 80.32%[7] - Cash received from operating activities decreased by CNY 26.07 million, a decline of 82.82%, mainly due to a reduction in receivables[17] - Cash paid for purchasing goods and services increased by CNY 38.63 million, a growth of 50.18%, mainly due to increased payments for pharmaceutical distribution[17] - Cash received from investment activities increased by CNY 16 million, a growth of 100.00%, mainly from the recovery of principal from financial products[18] - Cash paid for fixed assets and other long-term assets decreased by CNY 54.37 million, a decline of 77.27%, mainly due to reduced investment in the second phase of the project[18] - Cash paid for debt repayment increased by CNY 17.20 million, a growth of 114.67%, mainly due to increased bank loan repayments[19] - Cash paid for dividends and interest decreased by CNY 18.93 million, a decline of 92.15%, mainly due to last year's cash dividend distribution[19] - Cash received from financing activities increased by CNY 3.31 million, a growth of 64.07%, mainly due to increased recovery of bank acceptance bill deposits[19] - Cash paid for other financing activities decreased by CNY 16.37 million, a decline of 100.00%, as there were no bank acceptance bills issued this period[19] Shareholder Commitments and Governance - The company has committed to avoiding any competition with its subsidiaries during the shareholder period[23] - Transactions with related parties will follow principles of equality, voluntariness, and fairness[23] - The company will ensure that no illegal transfer of funds or profits occurs through transactions[23] - Shareholders have pledged not to engage in any competing business activities during their tenure[23] - The company will adhere to legal procedures and disclosure obligations for related transactions[23] - The commitment letter from shareholders is legally binding and ensures compensation for any economic losses caused[23] - The company has committed to a legal obligation to ensure fair pricing in transactions with independent third parties to protect the interests of shareholders[24] - The company will not engage in any business activities that may harm its interests during the tenure of its directors and senior management[24] Dividend Policy - The company commits to distributing at least 10% of the annual distributable profit in cash dividends over the next three years, with a cumulative cash distribution not less than 30% of the average annual distributable profit for the three years[25] - In mature development stages without significant capital expenditure plans, the cash dividend proportion should be at least 80% of the profit distribution[25] - The company plans to actively pursue cash profit distribution in accordance with relevant laws and regulations, ensuring a sustainable return to shareholders[25] Other Financial Information - The company received government subsidies totaling CNY 3,530,000 during the reporting period[8] - Operating costs decreased by CNY 69.34 million, a decline of 42.12%, mainly due to the decrease in pharmaceutical distribution business[16] - Investment income increased by CNY 2.447 million, a growth of 942.27%, primarily from the disposal of Renkang Pharmaceutical and equity investment income from Huqingyuan[16] - The stock price for the current issuance is set at 8.31 CNY per share[22] - The compensation obligation for shareholders is based on the net profit after deducting non-recurring gains and losses[22] - A impairment test will be conducted on the equity of Jinsha Pharmaceutical at the end of the compensation period[22] - If the impairment amount exceeds the compensation shares ratio, cash compensation will be required[22] - The company has no securities investments or holdings in other listed companies during the reporting period[28][29] - There are no instances of non-operating fund occupation by controlling shareholders or their affiliates reported during the period[31] - The company has not reported any violations regarding external guarantees during the reporting period[30]

Financial Performance - The company reported a revenue of CNY 220,430,538.40 for the first half of 2015, a decrease of 16.02% compared to the same period last year[20]. - The net profit attributable to shareholders was CNY 31,852,480.32, reflecting a slight increase of 0.41% year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 29,406,980.32, down 7.25% from the previous year[20]. - The total operating revenue for the first half of 2015 was CNY 220,430,538.40, a decrease of 16.06% compared to CNY 262,464,778.41 in the same period of 2014[121]. - Net profit for the first half of 2015 was CNY 31,852,480.32, slightly up by 0.41% from CNY 31,721,790.87 in the previous year[122]. - The company reported a total profit of CNY 38,745,837.42, a decrease of 1.13% from CNY 39,189,501.19 in the same period of 2014[121]. - The expected net profit for the first nine months of 2015 is projected to be between 3,500,000 and 4,500,000 yuan, reflecting a decrease of 30.80% to 11.03% compared to the previous year[52]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -6,248,424.50, a decline of 111.59% compared to the same period last year[20]. - Cash flow from operating activities showed a significant decline, with a net outflow of ¥6,248,424.50, down 111.59% from the previous year[30]. - The cash and cash equivalents at the end of the period amounted to 29,700,291.40 CNY, compared to 54,075,881.40 CNY at the end of the previous period, showing a decrease in liquidity[130]. - The company reported a net increase in cash and cash equivalents of 4,887,758.89 CNY, contrasting with a decrease of 1,119,724.08 CNY in the previous period, suggesting a slight recovery in cash position[130]. - The total cash inflow from investment activities was 17,294,970.60 CNY, compared to 0 CNY in the previous period, indicating a positive shift in investment cash flows[129]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,009,238,968.93, a decrease of 2.52% from the end of the previous year[20]. - The company's total liabilities decreased from CNY 171,938,183.59 to CNY 114,040,953.82, a decrease of around 33.8%[113]. - Owner's equity increased from CNY 863,345,534.79 to CNY 895,198,015.11, reflecting a growth of about 3.7%[114]. - The total current assets increased from CNY 56,856,316.36 to CNY 63,900,020.82, an increase of approximately 12.0%[116]. Investments and Subsidiaries - The company transferred 100% equity of its wholly-owned subsidiary, RenKang Pharmaceutical, in June 2015 to optimize its strategic layout and improve operational efficiency[28]. - The company’s long-term equity investments rose by 61.29% to ¥14,219,629.81, reflecting increased investment in Huqingyuan Biotechnology[31]. - The company has subsidiaries including Guangdong Jiaying Pharmaceutical Co., Ltd. and Hunan Jinsha Pharmaceutical Co., Ltd. as of June 30, 2015[152]. Research and Development - The company continues to focus on the development of its leading products, including Shuangliao Houfeng San and Zhonggan Ling Pian, while optimizing product structure[28]. - Research and development expenses decreased by 11.31% to ¥5,687,430.69, reflecting a focus on cost management[30]. - The company has developed several new drugs, including a diabetes innovation drug and an anti-influenza new drug, enhancing its product portfolio[38]. Shareholder and Governance Matters - The company did not distribute cash dividends or issue bonus shares during this period[5]. - The company has committed to ensuring that the transaction prices with related parties are fair and will not use transactions to illegally transfer funds or profits from its subsidiaries[86]. - The total number of ordinary shareholders at the end of the reporting period was 41,593[96]. - The shareholding structure shows that Huang Xiaobiao holds 11.23% (57,000,000 shares) and Chen Yonghong holds 10.94% (55,541,000 shares) of the company[97]. Compliance and Regulatory Matters - The financial statements comply with the accounting standards and accurately reflect the company's financial position, operating results, and cash flows[156]. - The company has not undergone any penalties or rectifications during the reporting period[90]. - There were no significant litigation or arbitration matters during the reporting period[60]. Future Outlook and Strategy - The company plans to expand its market presence in rural and community healthcare sectors, leveraging its cost-effective and high-quality products[37]. - The company plans to distribute cash dividends amounting to no less than 10% of the annual distributable profits for the next three years, with a cumulative cash distribution of at least 30% of the average distributable profits over these three years[87]. - The company aims to leverage its capital reserves for future growth and expansion strategies[150].

广东嘉应制药股份有限公司 2015 年第一季度报告正文 广东嘉应制药股份有限公司 2015 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈泳洪、主管会计工作负责人黄利兵及会计机构负责人(会计主 管人员)方钦雄声明：保证季度报告中财务报表的真实、准确、完整。 2 广东嘉应制药股份有限公司 2015 年第一季度报告正文 证券代码：002198 证券简称：嘉应制药 公告编号：2015-018 广东嘉应制药股份有限公司 2015 年第一季度报告正文 1 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 103,997,545.96 | 126,234,428.13 | -17.62% ...

Financial Performance - Operating revenue for the period reached CNY 132,457,775.83, a significant increase of 321.04% year-on-year [7]. - Net profit attributable to shareholders rose by 106.14% to CNY 18,856,297.26 for the period [7]. - The net cash flow from operating activities surged by 3,298.59% to CNY 80,803,371.94 year-to-date [7]. - The company reported a basic earnings per share of CNY 0.0372, up 66.82% compared to the same period last year [7]. - The weighted average return on equity improved to 2.27%, compared to -0.95% in the previous year [7]. - The company received government subsidies totaling CNY 10,552,268.38, contributing positively to its financial performance [8]. - The net profit attributable to shareholders for 2014 is expected to range from 68 million to 73 million RMB, representing a year-on-year decline of 51.25% to 47.67% [28]. - The decline in net profit is primarily due to a non-recurring gain of 104.24 million RMB from the acquisition of Jinsha Pharmaceutical last year [28]. - Excluding non-recurring gains, the net profit attributable to ordinary shareholders is projected to increase by 81.29% to 96.61% compared to the previous year, driven by the consolidation of Jinsha Pharmaceutical and new pharmaceutical distribution business [28]. Asset and Investment Changes - Total assets increased by 10.80% to CNY 1,018,289,379.88 compared to the end of the previous year [7]. - Accounts receivable increased by CNY 37,163,000, a growth of 39.13%, due to the expansion of pharmaceutical distribution business [15]. - Long-term equity investments rose by CNY 7,490,300, marking a 100.00% increase, attributed to acquiring 45% equity in Guangdong Huqingyuan Biotechnology Co., Ltd. [15]. - The company is continuing the construction of the second phase of the project at 金沙药业, leading to an increase in construction in progress by 226.88% to CNY 28,979,600 [15]. Liabilities and Borrowings - Short-term borrowings increased by CNY 14.20 million, a growth of 94.67%, mainly due to new bank loans during the period [16]. - Accounts payable increased by CNY 30.83 million, a growth of 189.10%, primarily due to the expansion of pharmaceutical distribution business [16]. Revenue and Cost Analysis - Operating revenue increased by CNY 302.06 million, a growth of 325.29%, mainly due to the consolidation of Jinsan Pharmaceutical and the development of pharmaceutical distribution business [17]. - Operating costs increased by CNY 118.68 million, a growth of 258.14%, attributed to the same reasons as the revenue increase [17]. - Sales expenses increased by CNY 108.91 million, a growth of 506.98%, primarily due to the consolidation of Jinsan Pharmaceutical [17]. - Cash received from sales of goods and services increased by CNY 293.27 million, a growth of 279.85%, mainly due to the consolidation of Jinsan Pharmaceutical [19]. - Cash paid for purchasing goods and services increased by CNY 20.32 million, a growth of 35.86%, attributed to the consolidation of Jinsan Pharmaceutical [19]. - Cash paid for taxes increased by CNY 55.54 million, a growth of 715.01%, mainly due to the consolidation of Jinsan Pharmaceutical [19]. - Cash paid for fixed assets increased by CNY 66.33 million, a growth of 1,644.07%, primarily due to land purchases and continued investment in Jinsan Pharmaceutical's second-phase project [20]. - Investment income decreased by CNY 12.96 million, a decline of 102.04%, due to the consolidation of Jinsan Pharmaceutical into the financial statements [18]. Compensation and Shareholder Commitments - The total number of shares to be compensated is capped at 48,754,924 shares based on the issuance obtained by the subscription party [23]. - The forecasted net profit for the compensation period (2013-2015) sums up to 184.46 million yuan, while the actual net profit will be verified by a special audit report [23]. - The compensation amount in cash for each subscription party is calculated based on the difference between the compensated shares and the already compensated shares multiplied by the stock price of 8.31 yuan per share [23]. - If the company issues additional shares, the compensation shares will be adjusted according to the formula involving the increase or bonus share ratio [23]. - A impairment test will be conducted on the equity of Jinsan Pharmaceutical at the end of the compensation period, with specific conditions for additional cash compensation if impairment exceeds a certain threshold [23]. - The company has received commitments from related parties to avoid competition and ensure fair transactions during the shareholding period [24]. - The commitments include not engaging in any business that competes with the main business of the company or its subsidiaries [24]. - The company will ensure that any unavoidable transactions are conducted on an equal, voluntary, and fair basis to protect the interests of all stakeholders [24]. - The compensation implementation procedures will be initiated after the special audit report on the profit forecast realization is disclosed [24]. - The board will propose a buyback plan to the shareholders' meeting after determining the number of shares and cash amounts to be compensated [24].