证券代码：002788 证券简称：鹭燕医药 公告编号：2021-038 鹭燕医药股份有限公司 关于参加 2021 年度厦门辖区上市公司投资者网上集 体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 鹭燕医药股份有限公司（以下简称"公司"）为进一步加强与投资者的互动交流，使广 大投资者能更深入全面地了解公司情况，公司将参加由厦门证监局指导、厦门上市公司协会 与深圳市全景网络有限公司联合举办的"2021 年度厦门辖区上市公司投资者网上集体接待 日"活动，现将相关事项公告如下： 一、活动召开时间和方式 1、召开时间：2021 年 9 月 7 日（星期二）15:00-17:00。 2、召开方式：本次活动将通过深圳市全景网络有限公司提供的网上平台进行，投资者 可以登录"全景网投资者关系互动平台"（http://ir.p5w.net）参与本次互动交流。 二、参加人员 出席本次网上集体接待日活动的人员有：公司董事长兼总经理吴金祥先生、董事、副总 经理兼财务总监杨聪金女士、董事会办公室主任兼董事会秘书叶泉青先生。 欢迎广大投资者积极参与。 特此公告。 鹭燕医 ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥8,474,180,571.65, representing a 17.45% increase compared to ¥7,214,832,652.33 in the same period last year[20]. - The net profit attributable to shareholders was ¥153,140,313.21, up 17.77% from ¥130,029,913.14 in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥150,932,099.04, reflecting an 18.94% increase from ¥126,900,039.34[20]. - The basic earnings per share for the reporting period was ¥0.39, a 5.41% increase compared to ¥0.37 in the previous year[20]. - The diluted earnings per share for the reporting period was also ¥0.39, reflecting a 5.41% increase from ¥0.37[20]. - The total operating revenue for the first half of 2021 reached ¥8,474,180,571.65, an increase from ¥7,214,832,652.33 in the same period of 2020[154]. - The total profit for the first half of 2021 was CNY 200,676,471.04, compared to CNY 178,845,302.60 in the same period of 2020, indicating an increase of 12.2%[156]. - The total comprehensive income for the first half of 2021 was CNY 149,286,760.49, compared to CNY 130,420,115.10 in the same period of 2020, representing an increase of 14.4%[157]. - The company reported a net income of 990 million for the first half of 2021, compared to 500 million in the previous year, representing an increase of 98%[111]. Cash Flow and Financial Position - The net cash flow from operating activities was -¥296,848,523.55, a decline of 164.26% compared to -¥112,330,291.44 in the previous year[20]. - The company's cash and cash equivalents decreased to ¥393,138,413.60, accounting for 4.34% of total assets, down from 7.06% in the previous year[59]. - The total liabilities increased to CNY 6,600,794,889.83 from CNY 6,028,634,871.80, which is an increase of approximately 9.5%[148]. - The company's short-term borrowings rose to CNY 3,863,810,473.18, up from CNY 3,344,974,411.97, reflecting an increase of about 15.5%[148]. - The total cash and cash equivalents at the end of the period were 165,023,575.97 yuan, down from 230,215,627.79 yuan year-over-year[168]. - The total liabilities reached CNY 2,367,085,543.91, compared to CNY 2,029,650,794.26 at the end of 2020[153]. - The company reported a significant increase in accounts receivable, which rose to CNY 218,163,069.38 from CNY 185,467,126.00[151]. - The total equity attributable to the parent company at the end of the first half of 2021 was 2,406 million yuan, a decrease of 9,927 million yuan compared to the previous period[170]. Market and Operational Developments - The company maintained a leading position in the pharmaceutical distribution market in Fujian Province, with a 14.66% year-on-year increase in revenue from its operations in the province[34]. - Revenue from the company's operations outside Fujian Province grew by 26.72% during the reporting period[34]. - The company is actively expanding its pharmaceutical distribution network in Sichuan, Jiangxi, and Hainan provinces through mergers and acquisitions[30]. - The company is focusing on enhancing its capabilities in pharmaceutical services, access, and terminal marketing to strengthen its core competitiveness in the distribution sector[34]. - The company is constructing modern pharmaceutical logistics centers in Sichuan and Jiangxi to enhance storage and distribution capabilities[39]. - The company has established a distribution and logistics network covering over 90% of medical institutions in Sichuan, Jiangxi, and Hainan provinces[40]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio, with a budget of 3,000 million earmarked for strategic acquisitions[110]. Risks and Challenges - The company faces risks from intensified market competition and potential loss of its leading position in the pharmaceutical distribution industry in Fujian Province[71]. - The company has a risk of inventory loss due to the need for maintaining sufficient stock levels and strict expiration date management[73]. - The company faces significant risks related to product quality compliance, which could lead to substantial administrative fines or loss of production qualifications if regulatory requirements are not met[76]. - Operating cash flow is lower than net profit due to long collection cycles from medical institutions and short credit terms from suppliers, which may pressure the company's liquidity and expansion capabilities[76]. - The company has established a strict accounts receivable management system, but faces risks if major clients delay payments[72]. Legal and Compliance Matters - Chengdu Hechuang Pharmaceutical Group Co., Ltd. is involved in a lawsuit with Guizhou Mingrun Construction Engineering Co., Ltd. regarding a claim for the return of a performance bond of 15 million yuan and interest, along with a penalty of 8 million yuan and compensation for losses of 100,000 yuan (tentative)[92]. - The company has a contingent liability of 266.2449 million yuan related to the ongoing litigation[92]. - The court has ruled that Guizhou Mingrun Construction Engineering Co., Ltd. is liable for breach of contract, and the case is currently in the second instance of appeal[93]. - The company is appealing a court decision regarding a payment of CNY 1,000 million related to a share transfer[126]. Shareholder and Equity Information - The total number of shares is 388,516,736, with 9,851,962 shares subject to limited sale conditions, representing 2.54% of total shares[129]. - The largest shareholder, Xiamen Maidi Kenke Technology Co., Ltd., holds 35.53% of the shares, totaling 138,030,674 shares[134]. - The company has not reported any changes in the number of shares or any share repurchase progress during the reporting period[129]. - The total number of ordinary shareholders at the end of the reporting period is 29,559[134]. Strategic Initiatives - The company plans to invest 560 million RMB in a modern Chinese medicine production project in Bozhou, with a total construction area of approximately 296,000 square meters[37]. - The company is focusing on sustainable development strategies and has implemented effective operational systems and internal control mechanisms to manage risks[47]. - The company has adopted a merger and acquisition strategy for regional expansion, enhancing operational efficiency and reducing management costs through resource sharing[46]. - The company plans to enhance its online sales platform, aiming for a 30% increase in e-commerce revenue by the end of 2021[114].

Financial Performance - The company's operating revenue for 2020 was CNY 15,531,278,461, representing a 3.48% increase compared to CNY 15,008,876,118 in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 267,525,983.23, which is a 4.55% increase from CNY 255,888,916.51 in 2019[17]. - The net profit after deducting non-recurring gains and losses was CNY 256,390,986.49, reflecting a 6.47% increase from CNY 240,799,649.76 in 2019[17]. - The basic earnings per share for 2020 was CNY 0.74, a 1.37% increase compared to CNY 0.73 in 2019[18]. - The weighted average return on equity for 2020 was 12.93%, down from 14.34% in 2019[18]. - The net cash flow from operating activities for 2020 was CNY 77,222,645.26, a significant improvement of 112.27% compared to a negative cash flow of CNY -629,139,618.04 in 2019[17]. - The company reported a total of CNY 11.13 million in non-recurring gains for the year, with significant contributions from government subsidies and asset disposals[23]. - The company achieved continuous growth in operating performance through both internal growth and external expansion strategies[33]. Assets and Liabilities - The company's total assets at the end of 2020 were CNY 8,434,883,342, marking an 11.90% increase from CNY 7,537,992,116.5 at the end of 2019[18]. - The net assets attributable to shareholders increased by 30.63% to CNY 2,340,474,590 at the end of 2020, up from CNY 1,791,688,831.1 at the end of 2019[18]. - The total cash and cash equivalents increased by 280.36% to ¥193,201,169.58, reflecting improved cash management[72]. - The total amount of committed investment projects is approximately 87,312.08 million, with a cumulative investment of 94,470.02 million, achieving a progress rate of 84,667.2 million, which is about 90% completion[90]. - The company completed a share placement, raising a net amount of CNY 332 million, which reduced the asset-liability ratio[53]. Market Position and Strategy - The company ranked 16th among the top 100 pharmaceutical wholesale enterprises in China based on main business income in 2019, maintaining its position as the largest pharmaceutical distribution company in Fujian Province[30]. - The company has expanded its distribution network across multiple provinces, including Sichuan, Jiangxi, and Hainan, and is actively developing its national Chinese medicine distribution business[30]. - The pharmaceutical distribution market in China is projected to grow steadily, driven by factors such as economic growth, increased health service demand, and an aging population[31]. - The company is focusing on integrating its wholesale and retail operations in Fujian Province to enhance market coverage and operational efficiency[32]. - The company has developed e-commerce sales channels and is exploring applications of artificial intelligence and big data in healthcare services[29]. - The company has established a comprehensive distribution network in Fujian Province, achieving 100% coverage of secondary and higher medical institutions since 2009[30]. Investments and Acquisitions - The company invested 11 million in the acquisition of a new subsidiary, Shangrao Luyan Pharmaceutical Co., Ltd., accounting for 100% of the investment cost[34]. - The company acquired 100% equity of a subsidiary and established a new subsidiary during the reporting period, indicating ongoing market expansion efforts[65]. - The company has expanded its pharmaceutical distribution market share in Fujian Province while acquiring businesses in Sichuan, Jiangxi, Hainan, and Hong Kong, and has also purchased a traditional Chinese medicine processing plant in Bozhou, Anhui[108]. Research and Development - Research and development expenses decreased by 25.58% to ¥3,860,574.43, representing only 0.02% of operating revenue[68][71]. - The company has invested in research and development, allocating significant resources to innovate new products[158]. - The company achieved a significant increase in R&D investment, totaling 800 million in 2020, which is a 20% increase from the previous year[160]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares to all shareholders[4]. - The cash dividend amount for 2020 was 77,703,347.20 CNY, representing 29.05% of the net profit attributable to shareholders[118]. - The cash dividend for 2019 was 49,024,566.00 CNY, which was 19.16% of the net profit attributable to shareholders[117]. - The cash dividend for 2018 was 38,450,640.00 CNY, representing 21.32% of the net profit attributable to shareholders[117]. Risk Management - The company has established a strict accounts receivable management system, ensuring no significant bad debts have occurred, but faces risks if it cannot manage accounts effectively[107]. - The company is committed to controlling guarantee risks and has implemented a risk management system for external guarantees[106]. - The company has acknowledged the potential for administrative penalties and loss of production qualifications if it fails to meet regulatory quality standards in drug production[109]. Corporate Governance - The company has not experienced any changes in its controlling shareholder during the reporting period, maintaining stability in ownership[197]. - The actual controller, Wu Jinxiang, is also the chairman and general manager of the company, with significant influence over its operations[198]. - The company has committed to not engaging in any business that competes directly or indirectly with its main operations[124]. Social Responsibility - The company actively participated in pandemic prevention efforts, ensuring a stable supply chain for medical products during the COVID-19 outbreak[169]. - The company donated medical supplies such as masks and protective clothing to local medical institutions during the pandemic[169]. - The company’s subsidiary provided monthly assistance to two patients with uremia and one impoverished student[171]. Future Outlook - The company plans to enhance its logistics capabilities and information technology to drive business innovation and maintain rapid growth in traditional business areas[104]. - Future guidance indicates a positive outlook with expected revenue growth driven by strategic initiatives and market expansion efforts[157]. - The company has set a performance guidance for 2021, aiming for a revenue growth of at least 20% year-over-year[158].

Financial Performance - The company's operating revenue for Q1 2021 was ¥4,165,230,014.41, representing a 23.93% increase compared to the same period last year[8]. - Net profit attributable to shareholders was ¥64,700,746.54, reflecting a 26.32% year-over-year growth[8]. - The net profit after deducting non-recurring gains and losses was ¥64,624,978.47, which is a 31.46% increase from the previous year[8]. - The basic earnings per share (EPS) increased to ¥0.17, up 13.33% from ¥0.15 in the same quarter last year[8]. - The total profit for the quarter was CNY 83,805,463.91, an increase of 23.5% from CNY 67,836,575.86 year-on-year[46]. - Net profit for the quarter reached CNY 61,189,804.43, representing a 24.2% increase from CNY 49,260,498.13 in the previous year[46]. - The company reported a total comprehensive income of CNY 61,336,866.01, up from CNY 49,895,800.78 in the previous year[47]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,908,751,620.19, a 5.62% increase from the end of the previous year[8]. - The company's total liabilities amounted to CNY 6,434,966,283.73, up from CNY 6,028,634,871.80 year-over-year, indicating a growth of approximately 7%[39]. - The total owner's equity rose to CNY 2,473,785,336.46, up from CNY 2,406,248,470.45, which is an increase of approximately 2.8%[39]. - Total current liabilities were CNY 5,815,299,887.25, remaining unchanged from the previous period[60]. - Total non-current liabilities increased to CNY 213,334,984.55, with an adjustment of CNY 105,302,597.44[61]. Cash Flow - The cash flow from operating activities showed a net outflow of ¥509,771,160.96, a decrease of 36.30% compared to the previous year[8]. - The total cash inflow from operating activities was CNY 4,540,455,694.72, an increase of 23.6% compared to CNY 3,671,739,573.99 in the previous period[53]. - The net cash outflow from operating activities was CNY -509,771,160.96, worsening from CNY -374,020,009.96 in the previous period[53]. - Cash inflow from financing activities totaled CNY 2,392,346,797.48, a slight decrease of 3.9% from CNY 2,490,391,985.12 in the previous period[54]. - The cash and cash equivalents at the end of the period were CNY 407,616,675.44, a decrease from CNY 413,284,226.01 in the previous period[54]. Investments and Projects - The construction in progress increased by 41.77% to ¥80,916,000, mainly due to investments in the logistics center project of Chengdu Hechuang Pharmaceutical Technology Co., Ltd.[16]. - The intangible assets rose by 42.63% to ¥161,504,900, attributed to the acquisition of land use rights for the Luyan Bozhou Modern Chinese Medicine Project[16]. - The company allocated RMB 12,633.36 million to the Fuzhou warehousing center project and RMB 11,008.86 million to the Putian logistics center project[26]. - The retail chain expansion project has completed construction with a total investment of CNY 8,000 million, achieving a progress rate of 71.89%[27]. - The company has made significant investments in expanding its warehousing and logistics capabilities, including projects in Xiamen and Fuzhou[26]. Legal and Compliance - The company signed a settlement agreement with multiple parties to prioritize project sales revenue for debt repayment[18]. - The company has initiated litigation against the equity transferor and guarantor of Chengdu Hechuang Pharmaceutical Group for breach of contract, claiming a total of RMB 43,623.1 million in damages[19]. - The company has received a court ruling requiring Guizhou Mingrun Construction Engineering Co., Ltd. to return a performance deposit of RMB 15 million[20]. - The company is currently in the process of appealing a court decision regarding a claim for remaining equity transfer payments of RMB 10 million[20]. Future Outlook - Future outlook includes potential market expansion and new product development, although specific figures or timelines were not provided in the report[44]. - The company has not reported any new product developments or market expansions in this quarter[68].

Financial Performance - Operating revenue for the reporting period was ¥4,188,190,309.50, representing a year-on-year increase of 5.90%[7] - Net profit attributable to shareholders of the listed company was ¥82,519,565.51, up 10.08% compared to the same period last year[7] - Basic earnings per share for the reporting period was ¥0.25, an increase of 8.70% year-on-year[7] - Total operating revenue for the third quarter reached CNY 4,188,190,309.50, an increase from CNY 3,954,712,910.02 in the previous period[46] - Net profit for the quarter was CNY 82,111,449.42, up from CNY 74,567,103.22 year-over-year, representing a growth of approximately 7.3%[48] - The net profit for the period was ¥311,090,759.75, compared to ¥106,342,637.93 in the same period last year, indicating a significant increase[61] - The total profit amounted to ¥310,272,035.69, up from ¥104,005,073.83 in the previous year[59] Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,375,256,952.27, an increase of 11.11% compared to the end of the previous year[7] - The total liabilities increased to CNY 6,011,732,549.66 from CNY 5,649,973,377.86, representing a growth of about 6.4%[40] - Current liabilities rose to CNY 5,864,727,193.84, compared to CNY 5,507,022,117.55, reflecting an increase of about 6.5%[40] - The company reported a total non-current asset value of CNY 1,165,443,250.68, up from CNY 1,120,372,674.75, reflecting a growth of about 4%[43] - The total amount of entrusted financial management is CNY 34,200 million, with no overdue amounts reported[29] - The total cash and cash equivalents at the end of the period were ¥354,059,041.08, an increase from ¥284,247,816.73 at the beginning of the period[65] Cash Flow - The net cash flow from operating activities for the reporting period was -¥238,364,012.10, a decline of 196.60% compared to the previous year[7] - The cash flow from operating activities showed a net outflow of ¥350,694,303.54, an improvement from a net outflow of ¥728,811,581.82 in the previous period[64] - The cash flow from investing activities resulted in a net outflow of ¥75,336,083.40, compared to a net outflow of ¥166,319,314.32 in the same period last year[65] - The cash outflow for purchasing goods and services was 1,829,379,551.19 CNY, down from 1,974,091,131.52 CNY, indicating better cost management[66] Shareholder Information - Net assets attributable to shareholders of the listed company amounted to ¥2,286,670,252.67, reflecting a growth of 27.63% year-on-year[7] - The number of ordinary shareholders at the end of the reporting period was 31,280[11] - The largest shareholder, Xiamen Maidi Technology Co., Ltd., held 35.34% of the shares, totaling 115,506,840 shares[11] Legal and Compliance - The company is involved in a legal dispute regarding a civil lawsuit for RMB 1,000 million in remaining equity transfer payments and RMB 182.50 million in delayed performance fees[18] - The company has initiated litigation to hold the equity transferors and guarantors of its subsidiary accountable for breach of contract, claiming damages of RMB 43.62 million[17] - The company has signed a settlement agreement with multiple parties to prioritize the use of project sales revenue for debt repayment[17] Investment and Projects - The company raised a total of RMB 338,657,765.04 through a rights issue, with a subscription rate of 96.79% for 61,686,296 shares at a price of RMB 5.49 per share[16] - The company has allocated RMB 12,633.36 million for the Fuzhou warehousing center project and RMB 11,008.86 million for the Putian logistics center project[24] - The total committed investment amount for projects is CNY 54,130.05 million, with a total adjusted investment amount of CNY 61,287.99 million, achieving an investment progress of 82.84%[25] Research and Development - Research and development expenses for the quarter were CNY 981,081.10, a decrease from CNY 1,278,053.76 in the previous year[47] - Research and development expenses were CNY 2,742,498.28, down from CNY 3,284,649.64 in the previous year, reflecting a reduction of approximately 16.5%[55] - Research and development expenses remained at ¥0.00, indicating no investment in R&D during this period[59] Financial Management - The company has no idle fundraising temporarily for working capital as of September 30, 2020[27] - The company has not experienced significant changes in its investment projects or any major changes in the feasibility of projects[25] - The company has not undergone an audit for the third-quarter report[78]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 7,214,832,652.33, representing a year-on-year increase of 0.58% compared to CNY 7,173,060,502.15 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 130,029,913.14, an increase of 7.22% from CNY 121,278,842.42 in the previous year[17]. - Basic earnings per share increased to CNY 0.40, up 8.11% from CNY 0.37 in the previous year[17]. - Operating profit reached 18,176.22 million CNY, up 6.50% compared to the previous year[45]. - The total comprehensive income attributable to the parent company was CNY 130,029,913.14, up from CNY 121,278,842.42, indicating a growth of approximately 7.2%[165]. - The company reported a net loss of CNY 38.45 million for the first half of 2020[182]. - The total revenue for the first half of 2020 was 1,454,323,300 CNY, showing a significant increase compared to the previous year[188]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net outflow of CNY -112,330,291.44, a 82.68% reduction compared to CNY -648,446,091.34 in the same period last year[17]. - The cash flow from financing activities showed a net outflow of -156,760,877.64 yuan, a decrease from a net inflow of 301,403,025.58 yuan in the same period last year[177]. - The cash and cash equivalents increased by 265.23% to ¥126,726,095.79 from -¥76,698,639.26 in the previous year[52]. - The ending cash and cash equivalents balance was 407,301,510.72 yuan, up from 310,996,937.84 yuan at the end of the first half of 2019[174]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,978,956,955.87, reflecting a growth of 5.85% from CNY 7,537,992,116.58 at the end of the previous year[17]. - Total liabilities rose by 6.36% to 600,915.66 million CNY, indicating a strategic increase in leverage[50]. - The company's total assets at the end of the reporting period were 1,674,416,000 CNY, reflecting a stable asset base[185]. - The total amount of guarantees provided by the company is 244,941.13 million, which accounts for 130.70% of the company's net assets[118]. Market Position and Expansion - The company operates as the largest pharmaceutical distribution enterprise in Fujian Province, focusing on the distribution and retail of pharmaceuticals, traditional Chinese medicine pieces, and medical devices[25]. - The company expanded its distribution network in Sichuan, Jiangxi, and Hainan, achieving a revenue growth of 16.44% in these regions[46]. - The company is actively pursuing mergers and acquisitions to expand its regional presence and improve operational efficiency[37]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2021[113]. Research and Development - The company's R&D investment decreased by 12.22% to ¥1,761,417.18 from ¥2,006,595.88 in the previous year[52]. - New product development includes a focus on innovative healthcare solutions, with an investment of 1,000 million allocated for R&D in 2020[112]. - The company has set a strategic focus on enhancing its research and development capabilities[183]. Risks and Challenges - The company faces intensified market competition due to the consolidation of the pharmaceutical distribution industry, which may impact its competitive advantage in Fujian Province[82]. - The company is responding to industry policy risks, including price reductions and centralized procurement, which may lead to continuous declines in drug prices[82]. - The company is experiencing cash flow challenges as operating cash flow is lower than net profit due to long payment cycles from medical institutions and the need to maintain inventory[87]. Corporate Governance and Compliance - The company's semi-annual financial report has not been audited[93]. - The company has not faced any penalties or rectification requirements during the reporting period[98]. - The company has fulfilled its commitment regarding shareholding reduction as per the new regulations issued by the China Securities Regulatory Commission[92]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 28,620[137]. - The top ten shareholders include Xiamen Mingyuan Hongqiao and Xiamen San Tai Technology, with holdings of 4,921,500 shares and 3,735,750 shares respectively[138]. - The actual controller, Wu Jinxiang, indirectly holds 11,924,259 shares of the company as of June 30, 2020[147].

Financial Performance - The company's operating revenue for 2019 was CNY 15,008,876,118.81, representing a 30.50% increase compared to CNY 11,500,890,955.23 in 2018[16]. - The net profit attributable to shareholders for 2019 was CNY 255,888,916.51, up 41.90% from CNY 180,324,647.17 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 240,799,649.76, a 36.54% increase from CNY 176,361,814.93 in 2018[16]. - The basic earnings per share for 2019 was CNY 0.78, compared to CNY 0.94 in 2018, reflecting a decrease of 17.02%[16]. - The total assets at the end of 2019 were CNY 7,537,992,116.58, which is a 24.17% increase from CNY 6,070,516,641.66 at the end of 2018[16]. - The net assets attributable to shareholders increased by 14.17% to CNY 1,791,688,831.15 from CNY 1,569,385,019.24 in 2018[16]. - The net cash flow from operating activities for 2019 was negative CNY 629,139,618.04, a significant decrease from positive CNY 126,770,170.25 in 2018, representing a decline of 596.28%[16]. - The weighted average return on equity for 2019 was 14.34%, an increase from 11.72% in 2018[16]. Revenue Sources and Market Position - The main revenue source for the company is pharmaceutical wholesale sales, which is characterized by stable market demand and strong control over end customers[28]. - The company is the largest pharmaceutical distribution enterprise in Fujian Province, primarily engaged in the wholesale and retail of pharmaceuticals, traditional Chinese medicine, and medical devices[28]. - The company ranked 20th in the top 100 pharmaceutical wholesale enterprises in China for 2018, maintaining its position as the leading pharmaceutical distribution company in Fujian Province for ten consecutive years[30]. - The company achieved 100% coverage of secondary and above medical institutions in Fujian Province since 2009, enhancing its competitive advantage in the pharmaceutical distribution market[30]. Operational Developments - The company has opened 220 retail stores in nine cities in Fujian Province, positioning itself as a leader in the retail pharmacy sector[34]. - The company has established a distribution network covering 17 companies across 14 cities in Sichuan, 10 companies in 9 cities in Jiangxi, and 2 companies in Hainan, enhancing its market presence[34]. - The company completed significant asset acquisitions, including a CNY 13.76 million investment in Leshan Huaxin Pharmaceutical Co., and a CNY 18.5 million investment in Xiamen Huli Huaxing Hospital Co.[33]. - The company has implemented a supply chain management-based operational system to optimize resource allocation and improve operational efficiency[39]. Financial Management and Investments - The company has committed to investing ¥11,300.05 million for working capital, which has been fully utilized[88]. - The total amount of raised funds was ¥59,773.25 million, with a net amount of ¥54,130.05 million after deducting issuance costs of ¥5,643.20 million[84]. - The company has established a special management system for the raised funds to ensure compliance with relevant laws and regulations[85]. - The company has signed agreements with multiple banks for the supervision of the special fund accounts[85]. Research and Development - The company is actively developing artificial intelligence and big data technologies to enhance its strategic capabilities and market responsiveness[36]. - R&D expenses rose by 96.30% to ¥5.19 million, focusing on AI projects related to cardiology[70]. - The number of R&D personnel decreased by 13.04% to 20, while R&D investment amounted to ¥5.22 million, maintaining a 0.03% ratio to revenue[71]. Shareholder and Dividend Policies - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares, totaling CNY 489,745.66 based on 326,830,440 shares[4]. - The company's net profit attributable to shareholders for 2019 was 255,888,916.51 CNY, with a cash dividend payout ratio of 19.16%[115]. - The cash dividend for 2018 was 2.00 CNY per 10 shares, with a total cash dividend of 38,450,640 CNY, representing 21.32% of the net profit attributable to shareholders[115]. - The company has maintained a consistent dividend policy over the past three years, reflecting its commitment to returning value to shareholders[116]. Market Outlook and Growth Strategies - The company plans to enhance its distribution network in provinces like Sichuan, Jiangxi, and Hainan, while also exploring new markets to achieve stable growth in revenue and profits[99]. - The pharmaceutical distribution market is expected to grow steadily, with a projected sales growth rate of 25% in the coming years despite a slowdown due to price reductions from policies like "4+7 volume-based procurement"[96]. - The company aims to complete the construction of the Xiamen Modern Pharmaceutical Logistics Center to improve logistics efficiency and reduce costs[100]. Compliance and Risk Management - The company has committed to enhancing its financial management and compliance systems to mitigate investment and operational risks[100]. - The company has established a strict external guarantee risk management system, but there are ongoing external guarantees from a subsidiary that may negatively impact operational performance if not managed properly[103]. - The company has implemented a comprehensive quality control system for drug procurement and distribution, but it cannot control the quality of drugs produced, which poses a risk of regulatory penalties[106]. Community Engagement and Social Responsibility - The company engaged in social responsibility initiatives, including donations to local communities and support for poverty alleviation projects[173]. - The company provided assistance to impoverished students, contributing CNY 0.6 million for educational support, benefiting one student[174]. - The company’s subsidiaries have been involved in various community support activities, including providing winter clothing for impoverished students[173].

Financial Performance - The company's operating revenue for Q1 2020 was ¥3,360,924,808.34, representing a decrease of 1.94% compared to the same period last year[7]. - Net profit attributable to shareholders was ¥51,218,000.58, an increase of 15.33% year-on-year[7]. - The net profit after deducting non-recurring gains and losses was ¥49,160,920.56, reflecting a year-on-year growth of 12.68%[7]. - Basic and diluted earnings per share were both ¥0.16, up 14.29% from the previous year[7]. - The company reported a total comprehensive income of CNY 49,895,800.78 for Q1 2020, an increase from CNY 44,218,057.67 in the previous year[41]. - The net profit for the first quarter of 2020 was CNY 5,316,133.00, compared to CNY 3,548,283.75 in the same period last year, representing a significant increase[44]. - Operating profit decreased to CNY 2,985,427.28 from CNY 4,948,545.00 year-over-year[44]. Cash Flow - The net cash flow from operating activities improved to -¥374,020,009.96, a 41.67% increase compared to the previous year[7]. - Cash inflow from operating activities totaled CNY 3,671,739,573.99, an increase from CNY 3,558,103,932.73 in the previous year[47]. - The net cash flow from operating activities was negative at CNY -374,020,009.96, improving from CNY -641,202,280.14 year-over-year[48]. - The company reported a decrease in cash outflow from operating activities, totaling CNY 4,211,201,487.83, compared to CNY 3,765,749,858.32 in the previous year[51]. - The company received CNY 3,526,970,329.39 from other operating activities, up from CNY 2,763,965,720.21 year-over-year[51]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,725,839,139.33, an increase of 2.49% from the end of the previous year[7]. - Total liabilities increased to CNY 5,787,924,599.84 from CNY 5,649,973,377.86, which is an increase of about 2.45%[32]. - The company's equity attributable to shareholders reached CNY 1,843,542,134.37, up from CNY 1,791,688,831.15, indicating a growth of approximately 2.9%[33]. - Current assets totaled CNY 6,465,291,359.34, up from CNY 6,290,725,815.62, indicating an increase of about 2.77%[30]. - The inventory balance as of March 31, 2020, was CNY 1,809,678,746.12, compared to CNY 1,758,700,452.97, reflecting an increase of about 2.3%[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,148[12]. - The largest shareholder, Xiamen Maidi Ken Technology Co., Ltd., held 35.34% of the shares, amounting to 115,506,840 shares[12]. Expenses - Sales expenses increased by 35.69% year-on-year, mainly due to the company's optimization of the management system and adjustments to internal management structure[16]. - Research and development expenses for Q1 2020 were CNY 867,248.30, a slight increase from CNY 818,182.33 in Q1 2019[39]. - The company’s financial expenses for Q1 2020 were CNY 43,587,763.41, up from CNY 36,070,489.34 in the same period last year[39]. Other Financial Metrics - The company reported non-operating income of ¥3,988,251.11 from government subsidies during the reporting period[9]. - The company’s deferred income tax liabilities were not reported in the current period, indicating a potential area for future financial assessment[39]. - The first quarter report was not audited, which may affect the reliability of the financial data presented[54]. - The company has not adopted the new revenue and leasing standards for the current year, indicating a potential impact on future financial reporting[53].

Financial Performance - Net profit attributable to shareholders was ¥74,964,101, representing a 37.43% increase year-over-year[7]. - Operating revenue for the period was ¥3,954,712,910.02, up 27.95% from the same period last year[7]. - Basic earnings per share were ¥0.23, reflecting a 35.29% increase compared to the same period last year[7]. - The weighted average return on equity was 4.39%, an increase of 0.74% from the previous year[7]. - The net profit attributable to shareholders of the listed company increased by 44.15% year-on-year, reflecting strong sales growth and improved profitability[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 43.47% year-on-year, indicating enhanced operational efficiency[17]. - The company reported a net profit of CNY 531,357,048.23, compared to CNY 463,474,120.86, reflecting a growth of about 14.6%[35]. - Net profit for the current period was ¥74,567,103.22, an increase of 42.5% compared to ¥52,339,011.89 in the prior period[38]. - Net profit for the period was ¥196,603,331.38, representing a 42.2% increase from ¥138,263,001.61 in the same period last year[46]. Revenue and Costs - Total operating revenue for the current period reached ¥3,954,712,910.02, an increase of 27.9% compared to ¥3,090,768,311.28 in the previous period[37]. - Total operating costs amounted to ¥3,852,071,215.13, up 27.2% from ¥3,025,758,272.08 in the prior period[37]. - Total operating revenue for the period reached ¥11,127,773,412.17, an increase of 32.4% compared to ¥8,405,134,384.26 in the previous period[44]. - Total operating costs amounted to ¥10,841,019,180.87, up 32.0% from ¥8,208,125,465.69 in the prior period[44]. Cash Flow - The net cash flow from operating activities was -¥80,365,490.59, a decrease of 156.29% compared to the previous year[7]. - The cash inflow from operating activities totaled CNY 11,802,238,688.34, an increase from CNY 9,301,159,908.08 in the previous period, representing a growth of approximately 27%[54]. - The net cash flow from operating activities was negative at CNY -728,811,581.82, worsening from CNY -80,389,688.28 in the prior period[54]. - The cash outflow for purchasing goods and services was CNY 11,700,553,448.87, up from CNY 8,849,662,528.97, indicating a rise of about 32.9%[54]. - The net cash flow from investing activities was CNY -166,319,314.32, compared to CNY -261,623,692.63 in the previous period, showing an improvement of approximately 36.4%[55]. - The cash inflow from financing activities was CNY 3,861,097,947.06, an increase from CNY 2,912,166,429.18, reflecting a growth of about 32.5%[55]. - The net cash flow from financing activities was CNY 771,227,714.28, significantly higher than CNY 194,096,360.85 in the previous period, marking an increase of approximately 297%[55]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,296,943,859.49, an increase of 20.20% compared to the previous year[7]. - The company's accounts receivable at the end of the reporting period amounted to RMB 3,724.51 million, an increase of 33.66% compared to the end of the previous year[16]. - Total liabilities increased to CNY 5,455,224,369.36, up from CNY 4,416,939,154.54, representing a growth of approximately 23.5% year-over-year[30]. - Current liabilities totaled CNY 5,280,095,580.94, compared to CNY 4,214,739,692.90, indicating a rise of about 25.3%[30]. - Owner's equity amounted to CNY 1,841,719,490.13, up from CNY 1,653,577,487.12, marking an increase of around 11.4%[30]. - The company's current assets totaled approximately CNY 6.07 billion, up from CNY 4.98 billion at the end of 2018, indicating a growth of approximately 21.8%[27][28]. - Total liabilities reached CNY 4,416,939,154.54, with current liabilities at CNY 4,214,739,692.90 and non-current liabilities at CNY 202,199,461.64[64]. Shareholder Information - The total number of shareholders at the end of the reporting period was 26,705[10]. - The largest shareholder, Xiamen Maidi Ken Technology Co., Ltd., holds 35.34% of shares, totaling 115,506,840 shares[10]. - The company implemented a capital increase, raising total shares from 192,253,200 to 326,830,440[8]. - The company has committed to gradually reducing its shareholdings after the lock-up period, with plans to complete this within 24 months[19]. Research and Development - Research and development expenses increased significantly to ¥1,278,053.76 from ¥506,175.35, reflecting a growth of 152.5%[37]. - Research and development expenses increased to ¥3,284,649.64, up from ¥1,604,911.79, reflecting a focus on innovation[44]. Other Financial Metrics - The company reported non-operating income of ¥665,826.68 for the period[9]. - The company reported a credit impairment loss of ¥4,888,935.11, compared to no losses in the previous period[38]. - The company experienced a significant increase in sales expenses, which rose to ¥76,626,591.59 from ¥56,861,732.04, marking a 34.8% increase[37]. - The company reported an investment loss of ¥94,863.03, a decline from an investment gain of ¥276,944.54 in the previous period[37]. - Other comprehensive income after tax was ¥1,011,522.17, slightly down from ¥1,210,219.69 in the previous year[46].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥7,173,060,502.15, representing a 34.97% increase compared to ¥5,314,366,072.98 in the same period last year[17]. - The net profit attributable to shareholders was ¥121,278,842.42, up 48.65% from ¥81,585,590.26 year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥120,045,327.42, reflecting a 46.51% increase compared to ¥81,935,235.04 in the previous year[17]. - The basic earnings per share for the reporting period were ¥0.37, an increase of 48.00% compared to ¥0.25 in the same period last year[17]. - The diluted earnings per share were also ¥0.37, reflecting the same growth of 48.00% from ¥0.25 year-on-year[17]. - The weighted average return on net assets was 7.46%, an increase of 1.98% from 5.48% in the previous year[17]. - The company achieved a sales revenue of 7.173 billion yuan, representing a year-on-year growth of 34.97%[43]. - The net profit for the period was 122 million yuan, an increase of 42.03% compared to the previous year[43]. - The total profit for the first half of 2019 was CNY 170,493,930.62, up from CNY 110,264,952.13 in the same period of 2018, marking a growth of approximately 54.7%[158]. - The company's total comprehensive income for the first half of 2019 was CNY 122,335,539.66, compared to CNY 86,144,189.45 in the previous year, representing an increase of approximately 42%[159]. Cash Flow and Assets - The net cash flow from operating activities was -¥648,446,091.34, a decline of 190.56% from -¥223,169,925.54 in the same period last year[17]. - The total assets at the end of the reporting period were ¥7,034,084,380.90, an increase of 15.87% from ¥6,070,516,641.66 at the end of the previous year[17]. - The net assets attributable to shareholders at the end of the reporting period were ¥1,668,555,572.68, up 6.32% from ¥1,569,385,019.24 at the end of the previous year[17]. - The company's total liabilities increased by 19.37% to RMB 527,242.21 million, while shareholders' equity rose by 6.54% to RMB 176,166.23 million[46]. - The company's cash and cash equivalents decreased to approximately CNY 399.58 million from CNY 516.72 million, a decline of 22.7%[147]. - The total cash outflow for operating activities increased by approximately 34.4% from the previous year, indicating rising operational costs[167]. Market Position and Expansion - The company is the largest pharmaceutical distributor in Fujian Province, with a focus on drug distribution and retail, primarily generating revenue from pharmaceutical wholesale sales[26]. - The company has established a comprehensive distribution network covering all levels of public medical institutions in Fujian Province, achieving 100% coverage of secondary and above medical institutions since 2009[28]. - The company has expanded its pharmaceutical distribution business through acquisitions in Sichuan, Jiangxi, and Hainan provinces, and is also developing its traditional Chinese medicine business nationwide[28]. - The company has opened 204 retail stores in Fujian Province, ranking first in the province's retail pharmacy sector[33]. - The company maintained its leading position in the pharmaceutical distribution market in Fujian Province, with continuous growth in market share and profitability[45]. - The company is expanding its market presence outside Fujian province through acquisitions in regions such as Sichuan, Jiangxi, Hainan, and Hong Kong[80]. Research and Development - Research and development investment surged by 82.63% to RMB 2,006,595.88, focusing on AI and wearable devices[50]. - The company is actively developing health care artificial intelligence and big data technologies[35]. - Research and development investments have increased by 25% year-over-year, totaling 200 million RMB, aimed at enhancing product offerings and technological advancements[90]. - The company's research and development expenses for the first half of 2019 were reported as CNY 0.00, indicating no investment in R&D during this period[161]. Corporate Governance and Compliance - The company has established a governance structure that includes a shareholders' meeting, board of directors, and supervisory board, enhancing its operational transparency[188]. - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy in reporting[189]. - The company has fulfilled its commitments regarding stock repurchase resolutions passed at the shareholders' meeting[92]. - The company has not encountered any issues in the use and disclosure of raised funds[69]. Future Outlook - The company provided a positive outlook for the second half of 2019, projecting a revenue increase of 15% to 20% compared to the first half[89]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2019, driven by the introduction of two innovative healthcare products[90]. - The company is focusing on market expansion, with new product launches and technology development planned for the upcoming quarters[111]. - The overall financial health of the company remains stable, with no major fluctuations in equity reported[182]. Related Party Transactions - The company reported a rental transaction with a related party, leasing office space at a market price of 40 RMB per square meter, totaling 81.52 million RMB, which accounts for 2.76% of similar transaction amounts[100]. - The company reported no related party debt or credit transactions during the reporting period[104]. Legal and Regulatory Matters - The company reported a total of 202.45 million yuan involved in two contract dispute lawsuits, with no expected liabilities arising from these cases[96]. - The company has not experienced any major litigation or arbitration matters during the reporting period[96]. - There are no significant penalties or rectification measures during the reporting period[98].