Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The Board guarantees report accuracy, highlights key risks, and confirms no dividend distribution or capital reserve conversion. - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The report's forward-looking statements are based on current conditions, do not constitute substantive commitments, and caution investors about risks including raw material supply, rising plasma costs, product safety, and goodwill impairment[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the complete report directory, comprising nine main chapters covering company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data. - The report directory includes nine main chapters, ranging from the company profile to financial reports and other submitted data[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section lists reference documents including the full text of the 2025 semi-annual report, financial statements, original announcements, and all documents publicly disclosed on designated media and websites. - Reference documents include the full report signed by the legal representative, financial statements, original disclosure documents from designated media, and other materials[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms and company names used in the report, including regulatory bodies, exchanges, the company itself, major related parties (e.g., Haier Group, Grifols), and key product names. - The definitions section clarifies regulatory bodies, exchanges, company names, major related parties (e.g., Haier Group, Grifols), and product names mentioned in the report[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) Shanghai RAAS Blood Products Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code "002252", with Jun Xu as its legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shanghai RAAS | | Stock Code | 002252 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Jun Xu (徐俊) | [2. Contact Persons and Information](index=6&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Liu Zheng and Securities Affairs Representative is Qiu Hong, both sharing the same contact address, phone, fax, and email. Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Zheng | No. 2009 Wangyuan Road, Fengxian District, Shanghai | 021-22130888-217 | 021-37515869 | raas@raas-corp.com | | Securities Affairs Representative | Qiu Hong | No. 2009 Wangyuan Road, Fengxian District, Shanghai | 021-22130888-217 | 021-37515869 | raas@raas-corp.com | [3. Other Information](index=6&type=section&id=3.%20Other%20Information) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period. - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue decreased by 7.06% to **3.95 billion yuan**, and net profit attributable to shareholders fell by 17.00% to **1.03 billion yuan**, while operating cash flow significantly improved to **739 million yuan**. Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,952,191,668.60 | 4,252,338,864.23 | -7.06% | | Net Profit Attributable to Shareholders of Listed Company | 1,029,892,162.06 | 1,240,798,423.17 | -17.00% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 1,040,256,033.97 | 1,128,729,566.55 | -7.84% | | Net Cash Flow from Operating Activities | 739,253,135.43 | -47,549,432.62 | N/A | | Basic Earnings Per Share (RMB/share) | 0.155 | 0.187 | -17.11% | | Diluted Earnings Per Share (RMB/share) | 0.155 | 0.187 | -17.11% | | Weighted Average Return on Net Assets | 3.19% | 4.10% | Decrease of 0.91 percentage points | | **End of Current Period vs. End of Prior Year** | | | | | Total Assets | 38,135,693,552.05 | 33,631,225,254.06 | 13.39% | | Net Assets Attributable to Shareholders of Listed Company | 32,408,939,858.40 | 31,926,258,696.02 | 1.51% | [5. Accounting Data Differences Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Accounting%20Data%20Differences%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards. - The company has no accounting data differences under domestic and international accounting standards[20](index=20&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses amounted to **-10.36 million yuan**, primarily from non-current asset disposal, government grants, and other non-operating income/expenses. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions) | 48,613.79 | | Government grants recognized in current profit or loss (excluding those closely related to the company's ordinary activities, compliant with national policies, enjoyed according to fixed standards, and with a sustained impact on the company's profit or loss) | 2,764,083.85 | | Other non-operating income and expenses apart from the above | -14,848,742.71 | | Less: Income tax impact | -1,680,496.01 | | Impact on minority interests (after tax) | 8,322.85 | | **Total** | **-10,363,871.91** | Section III Management Discussion and Analysis [1. Main Business Activities During the Reporting Period](index=9&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company produces and sells blood products, distributes Grifols' imports, and advances innovative drug R&D, with coagulation factor sales and plasma collection growing. [(I) Company's Main Business](index=9&type=section&id=(I)%20Company's%20Main%20Business) The company's main business is the production and sale of blood products, including albumin, immunoglobulins, and coagulation factors, and it also exclusively distributes Grifols' imported albumin and blood screening products. - The company's main business is the production and sale of blood products, making it one of China's largest blood product manufacturers[24](index=24&type=chunk) - Key products include human albumin, intravenous human immunoglobulin, specific human immunoglobulin, and coagulation factor products[24](index=24&type=chunk) - The company exclusively distributes imported human albumin and blood screening related products from its related party, Grifols[24](index=24&type=chunk) [(II) Company's Main Products and Uses](index=9&type=section&id=(II)%20Company's%20Main%20Products%20and%20Uses) The company produces three major categories of blood products—albumin, immunoglobulin, and coagulation factors—totaling up to nine products, essential for medical emergencies and specific disease treatments. Product Categories and Quantities of the Company and its Subsidiaries | Product Category | Product Name | Shanghai RAAS | Zhengzhou RAAS | Tonglu Bio | Zhejiang Haikang | Guangxi RAAS | Nanyue Bio | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Albumin Products | Human Albumin | √ | √ | √ | √ | √ | √ | | Immunoglobulin Products | Human Immunoglobulin | | √ | √ | √ | √ | √ | | | Intravenous Human Immunoglobulin (pH4) | √ | √ | √ | √ | √ | √ | | | Lyophilized Intravenous Human Immunoglobulin (pH4) | | | √ | | | | | | Hepatitis B Human Immunoglobulin | | √ | √ | √ | | √ | | | Tetanus Human Immunoglobulin | | | √ | |

Group 1 - The core point of the article is that Haier Group became the actual controller of Shanghai Laishi on July 30, 2024, and the company held its first board meeting on the same day to discuss the new compensation and assessment committee [2] - The new board's compensation plan will be developed by the compensation and assessment committee based on the annual performance and target responsibility completion of the executives [2]

Core Viewpoint - The demand for tetanus passive immunization agents in China is increasing due to rising injury cases from industrial accidents and traffic incidents, alongside a growing public awareness of health and preventive vaccinations [1][6][7]. Market Overview - The market size of China's tetanus passive immunization agents reached 3.23 billion yuan in 2022, with a year-on-year growth of 17.45% [1][7]. - However, the market is projected to decline to 2.66 billion yuan by 2024 due to a slowdown in real estate development and a decrease in the number of construction workers, who are the primary consumers of these immunization agents [1][7]. Industry Policies - The Chinese government has implemented various policies to support the development of the biological products industry, including tetanus passive immunization agents, creating a favorable environment for industry growth [4]. Industry Chain - The upstream of the tetanus passive immunization agents industry includes plasma, cell culture media, and other biological materials, while the midstream focuses on research and production, and the downstream involves medical institutions and consumers [4][5]. Competitive Landscape - The tetanus passive immunization agents market is divided into four segments, with Jiangxi Biological Products Research Institute holding a significant market share of 65.8% in the tetanus antitoxin sector [7][8]. - The market for tetanus human immunoglobulin is more competitive, with numerous companies including Shenzhen Weiguang Biological Products Co., Ltd. and Hualan Biological Engineering Co., Ltd. [8]. Development Trends - Future advancements in the tetanus passive immunization agents field are expected to include the application of monoclonal antibodies and recombinant DNA technology, leading to more efficient production methods and improved product safety [10][11]. - The increasing coverage of cold chain logistics and the promotion of hierarchical medical policies will enhance the role of grassroots medical institutions in tetanus prevention and treatment, unlocking further market potential [10][11].

Core Viewpoint - Shanghai Laishi Blood Products Co., Ltd. has received acceptance from the National Medical Products Administration for a clinical trial application for the new indication of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease [1][2]. Group 1: Clinical Trial Application Details - The drug name is SR604 injection, with a specification of 30mg (1mL) per bottle, and the acceptance number is CXSL2500733, received on August 22, 2025 [1]. - The application is for a clinical trial to be conducted domestically, classified as a Class 1 therapeutic biological product [1]. - The existing clinical trial indications include the prevention of bleeding episodes in patients with Hemophilia A/B and congenital factor VII deficiency [1]. Group 2: Drug Characteristics and Market Potential - SR604 injection is a humanized monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1]. - The new application targets the prevention of bleeding episodes in patients with von Willebrand disease, which is a hereditary bleeding disorder caused by abnormalities in von Willebrand factor [2]. - There are currently no products on the market targeting the same mechanism as SR604, nor have any antibody drugs been approved for the prevention of bleeding in von Willebrand disease [2]. Group 3: Future Development Plans - The company plans to conduct a Phase II dose-exploration trial with dosing regimens of 0.2mg/kg every 4 weeks and 0.4mg/kg every 4, 6, or 8 weeks [2]. - The new indication's clinical trial application will not affect the ongoing trials for the original indications [3].

Group 1 - The blood products industry has a promising development outlook according to the company [1] - The company is implementing strategies focused on plasma collection and processing as part of its operational activities [1] - The specific performance details will be disclosed in the company's semi-annual report for the first half of 2025 [1]

Group 1 - The company Shanghai Laishi (002252) reported that as of August 20, 2025, the total number of shareholders is 103,944 [1]

Group 1 - The core point of the article is that Shanghai Laishi has received approval from the National Medical Products Administration for clinical trials of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease, marking a significant development in the treatment landscape as there are currently no products on the market targeting the same mechanism [1] Group 2 - SR604 injection is a humanized high-affinity monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1] - As of the date of the announcement, there are no other products with the same target approved globally, and no antibody drugs have been approved for the prevention treatment of von Willebrand disease [1]

Core Viewpoint - The company has received a notice from the National Medical Products Administration, approving the clinical trial application for the SR604 injection to treat bleeding episodes in patients with vascular hemophilia [1] Group 1 - The SR604 injection is a humanized high-affinity monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1]

Core Viewpoint - Shanghai Raist (002252.SZ) has received a notice from the National Medical Products Administration, approving the clinical trial application for the new indication of SR604 injection for the prevention of bleeding episodes in patients with vascular hemophilia [1] Company Summary - The company announced that it has submitted an application for clinical trials of SR604 injection, which is a humanized high-affinity monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1] - As of the date of the announcement, there are no products on the market globally that target the same mechanism as SR604, and no antibody drugs have been approved for the prevention of bleeding in vascular hemophilia [1]

Core Viewpoint - Shanghai RAAS has received the acceptance notice from the National Medical Products Administration for the clinical trial application of SR604 injection for the indication of "prevention of bleeding episodes in patients with von Willebrand disease" [1] Company Summary - The SR604 injection is a humanized high-affinity monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1] - The application for clinical trials is based on previous studies related to hemophilia, aiming to conduct a Phase II dose-exploration trial for patients with von Willebrand disease [1] - The trial will include multiple dosing intervals, with groups receiving 0.2 mg/kg every 4 weeks and 0.4 mg/kg every 4, 6, or 8 weeks [1] - If successful, this product is expected to significantly improve the medication experience for patients with von Willebrand disease [1] Industry Summary - As of the announcement date, there are no products on the market targeting the same mechanism as SR604, and no antibody drugs have been approved for the prevention treatment of von Willebrand disease [1]