Financial Performance - The company's revenue for Q3 2022 reached ¥1,658,020,093.78, representing a 28.45% increase year-over-year[3] - Net profit attributable to shareholders was ¥542,739,578.90, an increase of 11.73% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥542,048,671.13, up by 9.92% year-over-year[3] - The company's operating income for the year-to-date reached ¥4,951,543,979.15, a significant increase of 62.53% year-over-year, driven by growth in imported albumin sales[6] - Total revenue for the current period reached ¥4,951,543,979.15, a significant increase from ¥3,046,522,817.78 in the previous period, representing a growth of approximately 62.5%[15] - Operating profit for the current period was ¥1,900,857,794.52, compared to ¥1,588,850,419.93 in the previous period, indicating an increase of about 19.6%[16] - Net profit attributable to shareholders of the parent company was ¥1,603,811,643.64, up from ¥1,396,174,488.18, reflecting a growth of approximately 14.9%[16] - The comprehensive income attributable to the parent company for the current period was ¥3,072,458,542.24, compared to ¥1,305,441,786.15 in the same period last year[17] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥30,228,237,255.47, reflecting a 10.98% increase from the end of the previous year[3] - Total assets increased to ¥30,228,237,255.47 from ¥27,236,582,048.82, marking a rise of about 11.6%[15] - Non-current assets totaled ¥22,287,466,066.89, up from ¥20,364,331,133.06, which is an increase of approximately 9.4%[15] - Current liabilities rose to ¥1,422,394,257.08 from ¥1,306,625,745.51, representing an increase of about 8.9%[15] - Total liabilities increased to ¥1,422,394,257.08 from ¥1,306,625,745.51, indicating a rise of about 8.9%[34] - The total equity attributable to shareholders of the parent company rose to ¥28,786,765,664.31 from ¥25,902,445,517.58, indicating an increase of approximately 11.1%[15] Cash Flow - Cash flow from operating activities for the year-to-date was ¥1,203,356,366.64, showing a slight increase of 1.96% compared to the previous year[3] - The company's cash and cash equivalents as of September 30, 2022, amounted to approximately ¥3.17 billion, an increase from ¥2.75 billion at the beginning of the year[13] - The company reported a net cash increase of ¥-68,862,752.42 in cash and cash equivalents for the current period[19] - The net increase in cash and cash equivalents was CNY -68,862,752.42, compared to a positive increase of CNY 159,074,397.72 in the prior year, indicating liquidity challenges[39] Shareholder Information - The total number of common shareholders at the end of the reporting period was 121,818[7] - GRIFOLS, S.A. is the largest shareholder, holding 26.20% of shares, equivalent to 1,766,165,808 shares[7] - The second largest shareholder, RAAS CHINA LIMITED, holds 5.83% of shares, totaling 392,878,676 shares[7] Research and Development - Research and development expenses increased by 31.32% to ¥102,089,434.95, indicating a focus on enhancing project development[6] - Research and development expenses for the current period were ¥102,089,434.95, compared to ¥77,743,274.40 in the previous period, showing an increase of approximately 31.3%[16] Operating Costs - The company experienced a 93.00% increase in operating costs, amounting to ¥2,716,933,294.97, largely due to the higher proportion of imported albumin sales[6] - The total operating costs for the current period were ¥3,352,262,703.29, up from ¥1,899,585,559.02, indicating an increase of about 76.7%[36] Other Financial Metrics - The company's basic earnings per share for the period was ¥0.081, a 12.50% increase compared to the same period last year[3] - The company's weighted average return on net assets was 5.86%, an increase of 0.43 percentage points year-on-year[23] - Other comprehensive income after tax for the current period was ¥1,468,646,898.60, a significant improvement from -¥90,732,702.03 in the previous period[16]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 3,293,523,885.37, representing an increase of 87.59% compared to CNY 1,755,724,588.09 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 1,061,072,064.74, up 16.55% from CNY 910,429,461.76 year-on-year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,058,972,524.69, reflecting a 14.60% increase from CNY 924,079,257.01 in the previous year[13]. - The net cash flow from operating activities was CNY 764,952,685.41, which is a 33.88% increase compared to CNY 571,392,608.76 in the same period last year[13]. - Basic earnings per share were CNY 0.157, an increase of 16.30% from CNY 0.135 in the previous year[13]. - The total assets at the end of the reporting period were CNY 28,998,624,640.89, a 6.47% increase from CNY 27,236,582,048.82 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company were CNY 27,460,676,505.19, up 6.02% from CNY 25,902,445,517.58 at the end of the previous year[13]. - The weighted average return on net assets was 3.96%, an increase of 0.39 percentage points from 3.57% in the previous year[13]. - The company reported a comprehensive income of CNY -555,535,423.29 for the first half of 2022, an improvement from CNY -1,240,845,030.34 in the same period of 2021[131]. - The total profit for the first half of 2022 was CNY 1,263,803,505.79, up 23.4% from CNY 1,024,465,706.37 in the same period of 2021[134]. Revenue Sources - Revenue from blood products production and sales was ¥3,292,768,512.38, accounting for 99.97% of total revenue, with a year-on-year increase of 87.60%[31]. - Albumin sales surged to ¥2,144,745,502.59, representing a 207.26% increase year-on-year[31]. - Import of albumin saw a dramatic rise to ¥1,409,961,396.69, marking an increase of 1,748.42% compared to the previous year[32]. - The East China region generated ¥1,172,307,264.26 in revenue, reflecting an 87.90% increase year-on-year[32]. Investment and Acquisitions - The company has successfully integrated acquisitions, enhancing its core competitiveness and significantly increasing raw plasma collection volume[27]. - The company has completed the acquisition of Zhejiang Haikang's equity using RMB 24,522.05 million from the remaining fundraising[46]. - The acquisition of Zhejiang Haikang equity was completed on December 26, 2016, with a total transaction price of CNY 369 million for 90% of the equity[56]. - The company has a 45% stake in GDS, with an asset scale of 13.905 billion RMB, located in Europe and the United States, focusing on procurement, manufacturing, and sales of medical and blood testing products[36]. Research and Development - Research and development investment increased by 46.03% to CNY 64.23 million, reflecting the company's commitment to project development[30]. - Research and development expenses increased to CNY 64,231,731.95, up 46.0% from CNY 43,985,695.12 in the prior period[134]. Risk Management - The management has highlighted potential risks and corresponding measures in the report, which investors are advised to review[2]. - The company faces risks related to the supply of raw materials, with a focus on enhancing management of plasma collection stations to increase supply capacity[61]. - The company has a risk of goodwill impairment due to the consolidation of subsidiaries, which requires annual impairment testing[63]. Environmental Compliance - The company’s wastewater treatment process includes regulation, acid hydrolysis, aerobic treatment, contact oxidation, and disinfection[70]. - The company has implemented noise reduction measures in its facilities to ensure compliance with noise standards[74]. - All companies reported no administrative penalties due to environmental issues during the reporting period, reflecting strong compliance[87]. - Shanghai Laishi obtained the "2019 Annual Environmental Protection Advanced Collective" award in April 2020[91]. Shareholder Information - Grifols, S.A. holds 1,766,165,808 shares, representing 26.20% of the total shares, and is the largest shareholder[115]. - The second-largest shareholder, RAAS China Limited, holds 495,769,852 shares, accounting for 7.35% of the total[115]. - The company has a total of 126,480 common shareholders at the end of the reporting period[115]. - The report indicates that 484,528,274 shares held by Grifols, S.A. are pledged[115]. Financial Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure proper use and storage of funds[47]. - The total amount of raised funds is 638.7271 million RMB, with 170.10 thousand RMB used in the current period and a cumulative usage of 578.7344 million RMB[43]. - The company has not changed the purpose of the raised funds during the reporting period, with 7.71387 million RMB remaining unused[43]. Operational Efficiency - The company aims to enhance its quality assurance system to address potential safety risks associated with blood products[60]. - The company plans to continue expanding its market presence and invest in new product development[149]. - The company aims to enhance its operational efficiency and explore potential mergers and acquisitions to drive growth[149]. Accounting Policies - The financial statements comply with the accounting standards set by the Ministry of Finance, accurately reflecting the company's consolidated financial position as of June 30, 2022[163]. - The company has implemented new financial instrument standards and revenue recognition standards since 2019, ensuring compliance with the Ministry of Finance's regulations[161]. - The company categorizes receivables into groups based on historical experience and aging to estimate expected credit losses[185].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 1,685,498,423.72, representing a 97.32% increase compared to RMB 854,205,643.53 in the same period last year[4]. - Net profit attributable to shareholders was RMB 548,033,363.89, up 28.63% from RMB 426,048,265.01 year-on-year[4]. - The net cash flow from operating activities increased by 44.25% to RMB 415,302,906.87, compared to RMB 287,898,726.08 in the previous year[4]. - The basic and diluted earnings per share were both RMB 0.081, reflecting a 28.57% increase from RMB 0.063 in the same period last year[4]. - The net profit margin improved to approximately 32.4% in Q1 2022, compared to 49.7% in the same period last year, indicating a shift in profitability dynamics[17]. - The total profit for Q1 2022 was CNY 645,212,896.49, an increase of 35.6% from CNY 475,740,853.68 in Q1 2021[39]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 27,698,268,156.38, a 1.70% increase from RMB 27,236,582,048.82 at the end of the previous year[4]. - The total assets of Shanghai RAAS Blood Products Co., Ltd. reached approximately CNY 27.70 billion as of March 31, 2022, an increase from CNY 27.24 billion at the beginning of the year, reflecting a growth of about 1.68%[12][13]. - The company's total liabilities decreased slightly to ¥1,314,844,595.07 from ¥1,332,415,396.48, showing a reduction of approximately 1.3%[15]. - The company's accounts payable decreased to CNY 933.69 million from CNY 966.05 million, a reduction of approximately 3.35%[13]. Cash Flow - The company's cash and cash equivalents amounted to CNY 3.02 billion, up from CNY 2.75 billion at the beginning of the year, representing an increase of approximately 10.05%[12]. - The cash flow from operating activities netted CNY 415,302,906.87, compared to CNY 287,898,726.08 in the previous year, indicating a rise of 44.3%[42]. - The company reported a net cash outflow from investing activities of ¥66,788,256.17, an improvement from a net outflow of ¥85,298,102.62 in the same period last year[26]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 132,064, with the largest shareholder, GRIFOLS, S.A., holding 26.20% of the shares[10]. - The total equity attributable to shareholders increased to ¥26,383,748,240.39 from ¥25,902,445,517.58, reflecting a growth of about 1.8%[36]. Research and Development - Research and development expenses rose by 62.59% to RMB 34,400,140.41, driven by increased R&D activities[9]. - The company is actively engaged in research and development of new products and technologies to enhance its market position[11]. - The company reported R&D expenses of ¥34,400,140.41 for Q1 2022, an increase from ¥21,157,204.66 in the same period last year, representing a growth of approximately 62.3%[38]. Investment Income - The company reported a decrease in investment income by 30.15% to RMB 110,489,501.71, attributed to reduced investment income from associated companies[9]. - The company's investment income decreased by 30.15% to CNY 110,489,501.71, primarily due to reduced investment returns from associated companies[31]. Future Outlook - Future outlook includes plans for market expansion and potential mergers and acquisitions to drive growth[11].

Financial Performance - The company's operating revenue for 2021 was ¥4,287,726,749.67, representing a 55.26% increase compared to ¥2,761,682,036.39 in 2020[14]. - The net profit attributable to shareholders for 2021 was ¥1,294,510,050.46, a decrease of 2.21% from ¥1,323,711,055.48 in 2020[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,368,820,159.04, an increase of 3.96% from ¥1,316,680,599.25 in 2020[14]. - The net cash flow from operating activities for 2021 was ¥1,294,013,219.19, a 10.71% increase from ¥1,168,847,146.49 in 2020[14]. - The total assets at the end of 2021 were ¥27,236,582,048.82, a 6.84% increase from ¥25,493,798,616.93 at the end of 2020[14]. - The net assets attributable to shareholders at the end of 2021 were ¥25,902,445,517.58, a 3.10% increase from ¥25,122,780,033.73 at the end of 2020[14]. - The company reported a basic earnings per share of ¥0.19 for 2021, down 9.52% from ¥0.21 in 2020[14]. - In 2021, the company achieved operating revenue of 4.288 billion yuan, a 55.26% increase from 2.762 billion yuan in the previous year, and a net profit attributable to shareholders of 1.295 billion yuan, a decrease of 2.21% from 1.324 billion yuan[31]. - The revenue from blood products was ¥4,284,719,023.99, accounting for 99.93% of total revenue, with a year-on-year growth of 55.20%[40]. Dividend Distribution - The company plans to distribute a cash dividend of 0.28 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[3]. - The cash dividend distribution represents 100% of the total profit distribution amount, adhering to the company's policy of a minimum of 80% cash dividend in mature stages[125]. - The total cash dividend paid in 2021 was RMB 168,519,697.68 (including tax) for the previous year's profit distribution[125]. - The company's net profit for the year 2021 was RMB 773,898,460.31, with a distributable profit of RMB 2,564,671,592.65 after accounting for a 10% legal reserve[125]. Market and Industry Trends - The blood products industry experienced continuous growth in raw plasma supply, maintaining a tight balance between supply and demand[20]. - The company anticipates that the market concentration in the blood products industry will increase as leading enterprises gain advantages due to differentiated technology and optimized product structures[20]. - The blood product industry in China is experiencing a high demand, with a significant gap between supply and demand expected to persist in the short term[22]. - The industry is characterized by high entry barriers and strict regulations, with only about 30 operational blood product companies in China[21]. - The company is benefiting from the ongoing consolidation in the blood product industry, which is expected to increase market concentration[23]. Product and Technology Development - The company is focused on expanding its market presence and developing new products and technologies[3]. - The company is actively restructuring its marketing system to enhance channel coverage and strengthen its market share in key academic regions[24]. - The company has established a long-term cooperative mechanism with key opinion leaders (KOLs) to boost its sales channels[24]. - The company is focusing on improving technology and increasing the comprehensive utilization rate of plasma to enhance its competitive advantage[22]. - The company is in the pre-clinical development stage for several new products, including subcutaneous human immunoglobulin and activated prothrombin complex, aimed at enhancing product variety and competitiveness[53]. - The company is preparing for the registration of several new products, including human hepatitis B immunoglobulin and rabies immunoglobulin, which are expected to enhance the product line[53]. Risks and Challenges - The company faces risks including raw material supply risks, rising plasma costs, potential product safety risks, and goodwill impairment risks[3]. - There is a risk of insufficient raw material supply for plasma, which directly impacts production scale; the company plans to enhance management of plasma collection stations and increase their capacity[86]. - Rising costs of plasma collection are a concern due to increased labor income and inflation; the company aims to optimize technology and improve donor retention rates[86]. - The company has recognized goodwill impairment risks following the acquisition of Zhengzhou Laisai, Tonglu Biology, and Zhejiang Haikang, which may affect financial performance if these subsidiaries face significant operational challenges[87]. Governance and Management - The company has a diverse board with members holding various significant positions in other organizations, enhancing its governance[98]. - The company’s governance structure includes a remuneration and assessment committee responsible for evaluating senior management performance[108]. - The company has established a mechanism for profit distribution decisions, requiring board proposals to be submitted for shareholder approval[170]. - The company is committed to improving its governance structure and ensuring that independent directors fulfill their responsibilities to protect the legal rights of minority shareholders[167]. Environmental and Social Responsibility - The company has established a wastewater treatment facility with a capacity of 600m³/d, which operates continuously[136]. - The company utilizes a natural gas boiler for low nitrogen emissions and has installed noise reduction facilities in its boiler room[136]. - The company has constructed a new anaerobic reactor with a capacity of approximately 200 cubic meters for wastewater treatment[137]. - The company has established proper waste storage facilities for medical, hazardous, and general industrial waste in compliance with regulations[136]. - All companies reported no administrative penalties due to environmental issues during the reporting period[155]. Strategic Partnerships and Acquisitions - The company completed the acquisition of 45% equity in GDS, a global leader in blood testing instruments and reagents, enhancing its capabilities in quality control and product safety[38]. - Following the completion of overseas mergers and acquisitions, the company established a strategic partnership with its major shareholder, enhancing its market share and industry position through various collaborative mechanisms[34]. - The company has a robust merger and acquisition strategy, having successfully integrated three domestic blood product companies between 2014 and 2016, significantly increasing raw plasma collection and optimizing product structure[37]. Research and Development - The company increased its R&D investment, focusing on both blood products and other biopharmaceutical fields, and expanded its R&D projects during the reporting period[33]. - The company's R&D investment amounted to ¥129,019,787.36 in 2021, a decrease of 0.52% compared to ¥129,692,987.55 in 2020, with R&D expenditure accounting for 3.01% of operating revenue, down from 4.70%[54]. - The company aims to improve product quality through ongoing research, including studies on the quality of intravenous immunoglobulin and human albumin[53]. Employee and Management Practices - The total number of employees at the end of the reporting period was 2,966, with 3,204 employees receiving salaries during the period[119]. - The company has 1,141 technical personnel, 501 production personnel, and 242 sales personnel, indicating a strong focus on technical expertise[119]. - In 2021, the company implemented various training programs, including leadership training for frontline managers and skills training for all employees[121]. - The company aims to maintain a leading position in employee income within the industry through performance-based salary adjustments and bonuses[120].

Financial Performance - The company's revenue for Q3 2021 reached ¥1,290,798,229.69, representing a 77.12% increase year-over-year[4] - Net profit attributable to shareholders was ¥485,745,026.42, up 21.78% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥493,141,228.70, reflecting a 31.00% increase year-over-year[4] - Total operating revenue for Q3 2021 reached ¥3,046,522,817.78, a significant increase of 49.5% compared to ¥2,038,065,381.23 in the same period last year[34] - Net profit attributable to the parent company was ¥1,396,174,488.18, up 27.5% from ¥1,095,585,062.50 in Q3 2020[35] - The total comprehensive income for the quarter was ¥1,302,063,087.04, compared to ¥1,143,009,910.62 in Q3 2020, reflecting a growth of 13.9%[36] - Basic and diluted earnings per share were both ¥0.207, an increase from ¥0.173 in the same quarter last year[36] Assets and Liabilities - The total assets at the end of the reporting period were ¥27,674,138,664.36, an increase of 8.55% from the end of the previous year[4] - The company's total liabilities amounted to ¥1,408,825,920.90, an increase of 287.5% from ¥363,735,006.80 year-on-year[32] - The company's current assets reached CNY 6,874,982,757.45, up from CNY 5,012,129,176.45, indicating a significant increase of about 37.2% year-over-year[75] - The company's non-current assets totaled CNY 20,799,155,906.91, an increase from CNY 20,481,669,440.48, reflecting a growth of approximately 1.6%[75] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥1,180,273,101.83, showing a significant increase of 65.02% compared to the previous year[7] - The cash inflow from operating activities for the current period is CNY 3,074,672,754.43, compared to CNY 2,186,506,603.25 in the previous period, representing an increase of approximately 40.5%[38] - The net cash flow from operating activities is CNY 1,180,273,101.83, up from CNY 715,225,594.02 in the previous period, indicating a growth of about 65%[38] - The cash outflow from financing activities totals CNY 554,057,332.69, compared to CNY 68,393,592.20 in the previous period, showing a substantial increase of approximately 707%[39] Shareholder Information - Grifols, S.A. is the largest shareholder, holding 26.20% of shares, equivalent to 1,766,165,808 shares[8] - Kory Tiancheng Investment Holding Co., Ltd. holds 13.18% of shares, totaling 888,731,326 shares, with 888,196,426 shares frozen[8] - RAAS China Limited owns 8.13% of shares, amounting to 548,158,853 shares, all of which are frozen[8] - The top ten shareholders collectively hold significant stakes, with the largest three shareholders accounting for over 47.51% of total shares[8] - The company has verified that there are no related party relationships among the top ten shareholders, except for Kory Tiancheng and RAAS China[11] Strategic Agreements and Projects - The company has entered into an exclusive agency agreement with Grifols International, with an estimated total amount of approximately $282.92 million for 2021[13] - The agreement allows Shanghai Laishi and its subsidiaries to act as exclusive distributors for Grifols products in designated areas[13] - The planned total investment for the Southern Headquarters and Inspection Center project is 2 billion RMB, aimed at enhancing production operations and long-term business development[16] - The company has received approval for the production of human albumin and is set to resume sales following the issuance of the relevant production license[18] - The strategic cooperation agreement with Grifols aims to resolve industry competition issues and enhance market share[15] Inventory and Accounts Receivable - The company reported a significant increase in accounts receivable, totaling ¥598,243,053.83, a rise of 48.30% year-over-year, attributed to a substantial increase in sales revenue[6] - The company’s inventory increased by 34.12% due to a rise in imported albumin product stock during the reporting period[6] Legal and Financial Issues - The company has filed a lawsuit seeking repayment of CNY 197,029,490, including principal and late fees, from Shenzhen Xifeng and its controlling parties[28] - The company has fully recognized bad debt losses related to the aforementioned contract dispute, indicating no significant impact on the current year's performance[27] - The court has initiated enforcement proceedings against Shenzhen Xifeng for the outstanding equity transfer payment, with the assessed value of the equity at 50.36 million RMB[69] Research and Development - Research and development expenses for the quarter were ¥77,743,274.40, representing an increase of 12.5% from ¥69,389,351.35 in the previous year[35]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,755,724,588.09, representing a 34.10% increase compared to CNY 1,309,311,248.48 in the same period last year[13]. - The net profit attributable to shareholders for the first half of 2021 was CNY 910,429,461.76, up 30.67% from CNY 696,718,848.23 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 924,079,257.01, reflecting a 30.09% increase from CNY 710,338,364.39 year-on-year[13]. - The net cash flow from operating activities was CNY 571,392,608.76, which is a 4.39% increase compared to CNY 547,374,618.81 in the same period last year[13]. - The basic earnings per share for the first half of 2021 was CNY 0.135, an increase of 19.47% from CNY 0.113 in the previous year[13]. - The total assets at the end of the reporting period were CNY 26,535,519,271.28, a 4.09% increase from CNY 25,493,798,616.93 at the end of the previous year[13]. - The net assets attributable to shareholders at the end of the reporting period were CNY 25,736,211,965.32, up 2.44% from CNY 25,122,780,033.73 at the end of the previous year[13]. - The weighted average return on net assets increased to 3.57%, up 0.20 percentage points from 3.37% in the previous year[13]. Business Operations - The main business of the company is the production and sale of blood products, including human albumin and immunoglobulins, making it one of the largest blood product manufacturers in China[16]. - The company currently produces 11 types of blood products across its subsidiaries, with a total of 7 products from Shanghai Laishi and 9 from Tonglu Biology[18]. - Human albumin is used for treating shock from blood loss and edema caused by liver cirrhosis, among other medical conditions[18]. - The company employs a backward integration procurement strategy, ensuring stable supply of raw materials, primarily healthy human plasma[21]. - The production management system is designed to control product quality and production costs effectively, with advanced production equipment and automated control systems in place[21]. - The company has established long-term strategic partnerships with qualified suppliers to secure the supply of raw materials[21]. - The sales model includes a mix of commissioned distributors and direct academic promotion to medical institutions, tailored to the characteristics of different blood product markets[21]. - The company is actively involved in the research and development of new blood products to enhance its market position and product offerings[17]. - The company has a comprehensive quality monitoring system in place to ensure compliance with regulatory requirements and product efficacy[21]. Market and Investment - The company holds a 45% stake in GDS, which saw a significant increase in demand for testing services due to the overseas COVID-19 pandemic, contributing CNY 297 million in investment income[31]. - The company operates four production bases and has 41 plasma collection stations, leading the industry in terms of scale and plasma utilization[24]. - The company has established a strong brand image recognized for safety and quality, being one of the largest exporters of blood products in China[26]. - The company completed a strategic merger with global leader Grifols, acquiring 45% of GDS, enhancing its core competitiveness and market opportunities[28]. - The demand for coagulation factor products has shown sustained high growth, particularly for fibrinogen, indicating a robust market trend[30]. - The company has successfully integrated acquisitions, improving raw plasma collection and product structure, which has significantly enhanced profitability[28]. - The company is actively promoting academic initiatives to improve the understanding and rational use of blood products among medical professionals[29]. Financial Risks and Challenges - The company faces risks including raw material supply risks and rising plasma costs, which may impact future performance[4]. - The company reported a non-operating loss of ¥13,649,795.25, primarily due to losses from the disposal of non-current assets and fair value changes of financial instruments[14]. - The company has a risk of goodwill impairment due to the acquisition of subsidiaries, which requires annual testing for impairment[53]. - The company has a performance risk associated with its acquisition of GDS, with a commitment to a minimum cumulative EBITDA of 1.3 billion USD from 2019 to 2023[54]. - The company is addressing rising plasma costs by increasing R&D investment and optimizing production processes[51]. - The company faces risks related to raw material supply, particularly the collection of plasma, which is critical for blood product production[50]. Environmental Compliance - Shanghai Laishi has constructed a wastewater treatment plant with a capacity of 600 m³/d, operating continuously[61]. - Tonglu Biology has built a new set of IC anaerobic reactors with a capacity of approximately 200 m³, which meets discharge standards[62]. - Zhejiang Haikang has completed a gas boiler transformation project, achieving nitrogen oxide emissions of 32 mg/m³, compliant with standards[64]. - Shanghai Laishi's wastewater discharge includes CODcr at 138 mg/L, SS at 78 mg/L, and NH3-N at 1.2 mg/L, all within regulatory limits[60]. - Tonglu Biology's wastewater treatment plant has a capacity of 150 m³/d and operates intermittently after pre-treatment[62]. - The company has received multiple environmental impact approvals for its projects since 2009, ensuring compliance with environmental regulations[65][66][68]. - The company has implemented noise reduction measures in its facilities to meet standard noise levels[61][64]. - The company has established proper waste disposal systems for medical and hazardous waste, complying with relevant regulations[61]. - Shanghai Laishi has established an emergency response plan for environmental incidents, with the latest revision filed in September 2020, under registration number 02-310120-2020-046-L[69]. - Tonglu Bio has a comprehensive emergency response plan for environmental incidents, first filed in July 2015, with registration number 340105-2015-001-L[70]. - Zhejiang Hikang has implemented an emergency response plan for environmental incidents since March 2017[71]. - Shanghai Laishi plans daily sampling and testing of wastewater emissions, with annual third-party assessments for water, air, and noise[72]. - Tonglu Bio conducts daily self-sampling of wastewater and has installed online monitoring for COD, ammonia nitrogen, and pH at discharge points[73]. - Zhejiang Hikang has installed a real-time online monitoring system for wastewater, which began operation in March 2021[74]. - All three companies reported no administrative penalties due to environmental issues during the reporting period[75]. - Shanghai Laishi has received multiple environmental compliance certifications, including the "2019 Environmental Protection Advanced Collective" award in April 2020[78]. - Tonglu Bio was recognized as an "Advanced Unit in Environmental Emergency" by the Hefei Environmental Protection Bureau in January 2018[79]. Shareholder and Governance Issues - The company held a temporary shareholders' meeting with a participation rate of 66.14% on January 21, 2021[56]. - The company reported a total investment of 334,415,255.37 CNY in financial assets, with a fair value change loss of -38,362,368.00 CNY[46]. - The company has no stock incentive plans or employee stock ownership plans during the reporting period[58]. - The company received a public reprimand for failing to disclose important information in a timely manner, which has led to increased compliance efforts[96]. - The company is actively seeking strategic investors to help resolve its debt crisis and maintain operational independence[97]. - The company emphasizes the importance of adhering to securities laws and improving the quality of information disclosure to protect shareholder interests[96]. - The company distributed cash dividends of 0.25 RMB per 10 shares, totaling 168,519,697.68 RMB (including tax) based on a total share capital of 6,740,787,907 shares[109]. - The company has undergone significant asset restructuring, including the acquisition of GDS, which has contributed to its current shareholder composition[122]. Strategic Development - The company plans to participate in a land auction in Shanghai with a budget of up to ¥100 million for the construction of a global production and operation base[106]. - The company has allocated ¥520,200,000 for the investment in the global production and operation base, although the project has faced delays due to external uncertainties and the pandemic[106]. - The exclusive agency agreement with Grifols International is expected to generate a total contract amount of approximately $282,920,000 for 2021[107]. - The company is investing 2 billion RMB in the construction of a southern headquarters and testing center in Changsha, which is crucial for its long-term business development and operational efficiency[110]. - The company is focusing on overseas mergers and acquisitions as part of its strategic development since the second half of 2018[106]. - The company is actively working on the approval process for its immunoglobulin product, which is pending review by the National Medical Products Administration[112]. - The company’s strategic planning includes the establishment of a new production base to ensure its competitive edge in the blood products industry[110]. - The company is actively pursuing market expansion strategies to enhance its competitive position in the blood products industry[164]. Financial Management - The company has implemented new financial instrument standards since January 1, 2019, and revenue recognition standards since January 1, 2020, ensuring compliance with the Ministry of Finance's requirements[165]. - The accounting period for the company runs from January 1 to December 31, with a business cycle defined as 12 months[166]. - The company's functional currency is Renminbi, and financial statements are prepared in this currency, with foreign subsidiaries converting their financials accordingly[167]. - The company follows specific accounting treatments for business combinations, distinguishing between those under common control and those not, impacting how assets and liabilities are measured[169][170]. - The company recognizes goodwill in non-common control mergers when the purchase price exceeds the fair value of identifiable net assets acquired[170]. - The consolidated financial statements include all subsidiaries controlled by the company, with adjustments made for any inconsistencies in accounting periods or policies[171]. - The group recognizes foreign currency capital contributions at the spot exchange rate on the date of transaction, with other foreign currency transactions converted at the approximate average exchange rate for the period[176]. - The group’s management of financial assets is based on the objective of generating cash flows from either collecting contractual cash flows or selling financial assets[180]. - The company applies expected credit loss accounting for receivables, measuring losses based on historical credit loss experience and adjusting for current and future economic conditions[189]. - The company recognizes impairment losses for financial assets when adverse events affecting expected future cash flows occur, such as significant financial difficulties of the debtor[191].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.25 per 10 shares, totaling RMB 168,519,697.68 (including tax) to all shareholders[3]. - The total number of shares for the dividend distribution is based on the total share capital of 6,740,787,907 shares[3]. - The cash dividend for 2020 represents 12.73% of the net profit attributable to shareholders, which is RMB 1,323,711,055.48[97]. - In 2019, the company distributed a cash dividend of RMB 0.10 per 10 shares, totaling RMB 67,407,879.07, which was 11.09% of the net profit[97]. - The company did not distribute any dividends in 2018 due to a net loss of RMB 1,518,397,022.03[97]. - The actual distributable profit for 2020 is RMB 2,036,679,717.41 after accounting for legal reserves and previous dividends[98]. - The company has a policy to ensure that cash dividends account for at least 80% of the profit distribution when in a mature development stage[98]. - The independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy[95]. Financial Performance - The company's operating revenue for 2020 was ¥2,761,682,036.39, representing a 6.84% increase from ¥2,584,983,982.36 in 2019[15]. - The net profit attributable to shareholders for 2020 was ¥1,323,711,055.48, a significant increase of 117.75% compared to ¥607,893,711.51 in 2019[15]. - The net cash flow from operating activities for 2020 was ¥1,168,847,146.49, up 33.94% from ¥872,694,470.49 in 2019[15]. - The total assets at the end of 2020 reached ¥25,493,798,616.93, a 115.08% increase from ¥11,853,051,145.30 at the end of 2019[15]. - The diluted earnings per share for 2020 was ¥0.21, reflecting a 75.00% increase from ¥0.12 in 2019[15]. - The weighted average return on equity for 2020 was 5.83%, an increase of 0.40 percentage points from 5.43% in 2019[15]. - The company reported a total of ¥7,030,456.23 in non-recurring gains and losses for 2020, compared to ¥9,750,924.67 in 2019[18]. Business Operations - The company has maintained its main business operations without any changes since its listing[12]. - The company has not experienced any changes in its controlling shareholders since its listing[12]. - The company produced a total of 11 product varieties, including human albumin and immunoglobulin, across its subsidiaries[20]. - The company has ongoing research and development efforts for new products, including various immunoglobulin formulations and coagulation factor products[20]. - The company achieved a total plasma collection of over 1,200 tons during the reporting period, maintaining a leading position in the industry[25]. - The company successfully restructured its marketing system, resulting in some product sales reaching historical highs during the reporting period[25]. - The company has established 41 plasma collection stations across 11 provinces, ensuring a high plasma utilization rate and a comprehensive product range[25]. Strategic Partnerships and Acquisitions - The company completed a significant asset restructuring project in March 2020, acquiring a 45% stake in Grifols, S.A., which increased long-term equity investments by 3,618.51% compared to the beginning of the period[27]. - The company is committed to a strategic partnership with Grifols, which includes a performance compensation agreement ensuring a cumulative EBITDA of no less than $1.3 billion from 2019 to 2023[28]. - The strategic merger with global blood product leader Grifols was completed, with Grifols acquiring a 26.20% stake in the company, enhancing collaboration in multiple fields[33]. - The company has signed a quality agreement with Grifols, which is expected to enhance product quality and operational efficiency[25]. Research and Development - The company has increased its R&D investment and improved its innovation capabilities, with a focus on developing new products and enhancing existing processes[36]. - The company is developing several new products, including human coagulation factor VIII and human immunoglobulin for hepatitis B, to enhance its product line[53]. - The company is preparing for clinical trials for the activated prothrombin complex, aimed at improving the quality of life for hemophilia patients[52]. - Research and development expenses increased by 26.61% to ¥129,692,987.55, indicating a focus on innovation[51]. - The number of R&D personnel rose by 31.34% to 176, representing 5.91% of the total workforce[55]. Risk Management - The company has not identified any significant risk factors that could adversely affect its production, financial status, or ongoing profitability[3]. - The company emphasizes a management philosophy centered on safety, quality, and efficiency, aiming to enhance operational effectiveness and management efficiency[26]. - The company has implemented a new management model to improve risk management and quality control at plasma collection stations[25]. - The company faces potential safety risks related to blood products due to the nature of raw materials, despite implementing pathogen screening and virus inactivation measures[89]. - There is a risk of rising plasma costs due to increased labor income and inflation, prompting the company to optimize production processes and enhance donor retention[90]. Compliance and Governance - The company has confirmed that there have been no false records in financial documents or violations of securities laws in the past 36 months, fulfilling its commitments related to the major asset restructuring[101]. - The company has not faced any significant administrative penalties or criminal charges in the last three years[103]. - The company has maintained a good operational status and has not faced any legal issues that would affect its continued operation[103]. - The company guarantees the authenticity and completeness of the materials provided for the major asset restructuring[103]. - The company has committed to improving its governance structure to ensure shareholder rights are upheld and management decisions are made prudently[105]. Environmental Responsibility - The company has established a wastewater treatment plant with a capacity of 600 m³/d, which operates continuously[139]. - The company has received multiple environmental approvals, including the environmental impact report for the new plant construction in 2009 and various approvals for production phases up to 2020[141][142]. - The company has implemented a daily sampling plan for wastewater emissions and conducts quarterly third-party assessments for water, air, and noise[145]. - The company was awarded the title of "Water-saving Enterprise" in November 2020, highlighting its commitment to environmental sustainability[148]. - The company has made significant investments in pollution control technologies, including advanced odor treatment systems for wastewater and gas emissions[140]. Shareholder Structure - Grifols, S.A. became the largest shareholder, holding 26.20% of the company's shares after the acquisition[188]. - The total number of common shareholders at the end of the reporting period was 122,362, an increase from 117,986 at the end of the previous month[190]. - The second largest shareholder, Keri Tiancheng Investment Holdings Co., Ltd., holds 20.13% of shares, totaling 1,356,825,353 shares, with a decrease of 225,704,211 shares during the reporting period[190]. - The company has confirmed that there are no related party transactions among the top 10 shareholders, ensuring compliance with regulations[194]. - The company has a diverse shareholder base, with significant holdings from various investment entities, enhancing its financial stability[196]. Debt and Financial Challenges - The company has established a debt committee in Q3 2020 to address its financial challenges[126]. - The company emphasizes that the debt issues of its controlling shareholders will not significantly impact its operations and development[126]. - Kairuitiancheng is involved in 44 lawsuits with a total disputed amount of RMB 4.73 billion, filed by various securities firms[126]. - The company is actively negotiating debt resolution with creditors, which is expected to mitigate any potential impact on operations[197]. - The company has committed to improving compliance with information disclosure regulations following warnings issued to its executives[125].

Financial Performance - The company's revenue for Q1 2021 was CNY 854,205,643.53, representing a 16.71% increase compared to CNY 731,878,768.03 in the same period last year[3]. - Net profit attributable to shareholders was CNY 426,048,265.01, up 37.14% from CNY 310,662,433.63 year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 461,625,113.24, reflecting a 41.36% increase from CNY 326,564,932.05 in the previous year[3]. - The basic earnings per share for the period was CNY 0.063, up 12.50% from CNY 0.056 in the same period last year[3]. - The diluted earnings per share also stood at CNY 0.063, reflecting the same 12.50% increase year-on-year[3]. - The total comprehensive income for the first quarter was CNY 506,836,496.44, compared to CNY 322,819,022.03 in the previous year, marking a 57.0% increase[44]. - The company's operating profit was CNY 477,334,653.54, representing a growth of 26.6% compared to CNY 376,826,408.28 in the previous year[43]. - The total operating costs were CNY 499,989,358.04, up from CNY 378,965,393.94 in the previous year, reflecting a 32.0% increase[45]. Cash Flow and Investments - The net cash flow from operating activities decreased by 43.35% to CNY 287,898,726.08, down from CNY 508,223,559.58 in the same period last year[3]. - The net cash flow from investing activities showed a significant outflow of CNY 85,298,102.62, largely due to increased cash payments for fixed asset acquisitions[12]. - Cash inflow from operating activities totaled CNY 829,644,570.86, while cash outflow was CNY 541,745,844.78, resulting in a net cash flow from operations[49]. - The company reported a decrease in cash received from sales of goods and services, amounting to CNY 818,663,663.67, compared to CNY 913,107,557.17 in the previous period, a decline of about 10.4%[49]. - The company's cash and cash equivalents reached CNY 2,137,572,229.47, up from CNY 1,951,212,753.04 at the end of 2020, indicating a growth of approximately 9.5%[34]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 25,921,616,315.96, a 1.68% increase from CNY 25,493,798,616.93 at the end of the previous year[3]. - The total liabilities decreased to CNY 955,270,164.51 from CNY 1,039,263,924.94, reflecting a reduction of approximately 8.08%[40]. - The net assets attributable to shareholders increased by 2.02% to CNY 25,631,058,974.80 from CNY 25,122,780,033.73 at the end of the previous year[3]. - The total equity attributable to shareholders of the parent company rose to CNY 25,631,058,974.80 from CNY 25,122,780,033.73, marking an increase of about 2.02%[37]. Shareholder Information - The top shareholder, Grifols, S.A., holds 26.20% of the shares, while the second-largest shareholder, Koryo Tiancheng Investment Holdings Co., Ltd., holds 20.08%[7]. - The total number of common shareholders at the end of the reporting period is 117,986[66]. - The company confirmed no related party transactions among the top 10 shareholders[67]. Operational Developments - The company plans to invest CNY 2 billion in the construction of a new southern headquarters and testing center, which is crucial for enhancing production capabilities and supporting long-term business development[14]. - The company completed the construction of the immunoglobulin production line and resumed production on March 23, 2021, after receiving the necessary approvals[15]. - The company is currently in the process of enforcing the settlement agreement through the court, seeking the full amount of CNY 116.62 million plus penalties[19]. - The company has faced delays in the construction of the new plasma station due to pending approvals from provincial authorities[16]. Research and Development - Research and development expenses amounted to CNY 21,157,204.66, slightly increasing from CNY 20,612,772.27 in the previous year[45]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[106]. Agency Agreements - Shanghai Laisai signed an exclusive agency agreement with Grifols International, with an estimated total amount of approximately 282.92 million USD for 2021[22]. - The exclusive agency agreement became effective on January 1, 2021, and aims to enhance market share and industry position[22]. - Grifols International transferred all rights and obligations under the agency agreement to Grifols Worldwide Operations Limited, effective 30 days after the notice[23].