Core Viewpoint - The financial performance of Weiguang Biological (002880) shows a slight decline in net profit and total revenue for the first half of 2025 compared to the previous year, indicating a need for strategic adjustments to enhance growth and profitability [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 is 518 million yuan, a decrease of 0.92% year-on-year [1]. - Net profit attributable to shareholders is 108 million yuan, down 2.02% year-on-year [1]. - Gross margin improved to 43.32%, an increase of 3.63% year-on-year, while net margin decreased to 20.76%, down 1.05% year-on-year [1]. - Operating cash flow per share decreased significantly by 48.09% to 0.17 yuan [1]. - The company’s total expenses (selling, administrative, and financial) amounted to 62.16 million yuan, accounting for 12.0% of revenue, a slight decrease of 0.5% year-on-year [1]. Business Model and Market Position - The company relies heavily on capital expenditure for its performance, necessitating careful evaluation of capital projects and their financial viability [3]. - The company operates 9 plasma collection stations, maintaining a leading position in average plasma collection volume within the industry [4]. - The company has a diverse product portfolio, including human albumin, immunoglobulin, and coagulation factors, with a high comprehensive utilization rate of plasma [4]. Research and Development Focus - The company has several ongoing research projects, including human coagulation factor VIII and new intravenous immunoglobulin, with a strategic approach to determine annual R&D investment [5]. - The company is committed to enhancing its R&D capabilities to introduce more new products to the market [4][5]. Market Strategy and Brand Competitiveness - The company adopts a market-oriented approach to develop sales strategies tailored to different products, aiming to strengthen its marketing system and expand sales channels [6]. - The company is actively pursuing international collaboration and product exports to enhance its global brand recognition and influence [6].

Group 1 - The core viewpoint of the news is that Weiguang Bio has seen an increase in shareholder accounts and a rise in stock price over the specified period, indicating positive investor sentiment [1][2] - As of June 30, 2025, Weiguang Bio had 12,584 shareholder accounts, an increase of 2,044 accounts or 19.39% compared to March 31, 2025 [1][2] - The average shareholding value per account for Weiguang Bio was 513,800 yuan, which is higher than the industry average of 453,900 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Weiguang Bio's stock price increased by 5.63%, while the number of shareholder accounts rose by 19.39% during this period [1][2] - The company experienced a net outflow of 127 million yuan from main funds and 54.73 million yuan from speculative funds, while retail investors contributed a net inflow of 181 million yuan [2] - The average number of shares held per account decreased from 21,500 shares to 18,000 shares during the same period [1][2]

Core Viewpoint - Weigao Bio (002880.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 518 million yuan, a year-on-year decrease of 0.92% [1] - The net profit attributable to shareholders of the listed company was 108 million yuan, reflecting a year-on-year decrease of 2.02% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 106 million yuan, down 1.36% year-on-year [1] - Basic earnings per share were reported at 0.4746 yuan [1]

Core Viewpoint - Weigao Bio (002880.SZ) reported a slight decline in revenue and net profit for the first half of 2025, indicating potential challenges in maintaining growth [1] Financial Performance - The company achieved operating revenue of 518 million yuan, a year-on-year decrease of 0.92% [1] - Net profit attributable to shareholders was 108 million yuan, down 2.02% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 106 million yuan, reflecting a year-on-year decline of 1.36% [1] - Basic earnings per share stood at 0.4746 yuan [1]

深圳市卫光生物制品股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 企业负责人：张战 主管会计工作负责人：陈冠群 会计机构负责人：黄悝 | 非经营性资 | 资金占用 | 占用方与上 | 上市公司核算 | 年期初 2025 | 2025 年 1-6 占用累计发生 | 月 | 年 2025 1-6 | 月 | 年 2025 | 1-6 | 年 2025 1-6 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金占用 | 方名称 | 市公司的关 | 的会计科目 | 占用资金余 | 金额（不含利 | | 占用资金的利 | | 月偿还累计 | | 月期末占用 | 占用形成原因 | 占用性质 | | | | 联关系 | | 额 | 息） | | 息(如有) | | 发生金额 | | 资金余额 | | | | 现大股东及 | | | | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | | | | 小计 ...

深圳市卫光生物制品股份有限公司 2025 年半年度财务报告 深圳市卫光生物制品股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 深圳市卫光生物制品股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：深圳市卫光生物制品股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 135,985,076.18 | 274,763,226.74 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 91,304,952.99 | 151,400,054.78 | | 应收账款 | 170,043,461.98 | 132,861,636.40 | | 应收款项融资 | | | | 预付款项 | 4,122,965.71 | 2,133,760.33 | | ...

Section I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=重要提示) The board and senior management guarantee the report's accuracy, while noting uncertainties in a share transfer agreement and no planned interim dividend distribution - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Uncertainties exist regarding the share transfer agreement signed in June 2023 between the controlling shareholder and China National Biotec Group Co., Ltd., with no supplementary agreement, joint venture, or approval process initiated, and no change in company control[4](index=4&type=chunk) - The company plans no cash dividend distribution, bonus share issuance, or capital reserve to share capital conversion for this semi-annual period[8](index=8&type=chunk) [Table of Contents](index=4&type=section&id=目录) This chapter lists the report's overall structure, covering nine main sections including company profile, financial indicators, management discussion, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data [Definitions](index=6&type=section&id=释义) This chapter provides definitions for common terms used in the report, ensuring clear understanding of the content - "Weiguang Bio", "Company", "the Company" refers to Shenzhen Weiguang Biological Products Co., Ltd[15](index=15&type=chunk) - "Guangming SASAC" refers to Shenzhen Guangming District State-owned Assets Supervision and Administration Commission, the company's controlling shareholder and actual controller[15](index=15&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators This section presents the company's basic information and key financial performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=一、公司简介) The company's stock name is "Weiguang Bio", stock code 002880, listed on the Shenzhen Stock Exchange, with Zhang Zhan as its legal representative - Company stock abbreviation: Weiguang Bio, stock code: **002880**[17](index=17&type=chunk) - The company is listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's legal representative is Zhang Zhan[17](index=17&type=chunk) [II. Contact Person and Contact Information](index=7&type=section&id=二、联系人和联系方式) This chapter provides contact information for the company's Board Secretary Jin Jianjun and Securities Affairs Representative Hong Jiehui, facilitating investor communication - Board Secretary: Jin Jianjun, Securities Affairs Representative: Hong Jiehui[18](index=18&type=chunk) - Contact address: No. 3402 Guangqiao Avenue, Biyan Community, Guangming Street, Guangming District, Shenzhen[18](index=18&type=chunk) - Phone: 0755-27402880, Email: zhengquanbu@szwg.com[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's registered address, office address, postal code, website, email, or information disclosure and placement locations - The company's contact information remained unchanged during the reporting period, refer to the 2024 annual report for details[19](index=19&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period, refer to the 2024 annual report for details[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=四、主要会计数据和财务指标) During this reporting period, the company's operating revenue and net profit attributable to shareholders slightly decreased year-on-year, while net cash flow from operating activities significantly reduced; total assets and net assets attributable to shareholders both increased at period-end Key Accounting Data and Financial Indicators Year-on-Year Change | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 518,095,318.12 | 522,902,745.97 | -0.92% | | Net Profit Attributable to Shareholders of Listed Company | 107,646,345.47 | 109,861,719.65 | -2.02% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 106,303,706.91 | 107,771,762.61 | -1.36% | | Net Cash Flow from Operating Activities | 39,591,374.04 | 76,273,713.83 | -48.09% | | Basic Earnings Per Share (Yuan/share) | 0.4746 | 0.4844 | -2.02% | | Diluted Earnings Per Share (Yuan/share) | 0.4746 | 0.4844 | -2.02% | | Weighted Average Return on Net Assets | 4.78% | 5.43% | -0.65% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Change from Prior Year-End** | | Total Assets | 3,342,456,527.36 | 3,297,444,233.19 | 1.37% | | Net Assets Attributable to Shareholders of Listed Company | 2,273,711,676.61 | 2,211,425,331.14 | 2.82% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[23](index=23&type=chunk) - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[24](index=24&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses for this reporting period primarily include government subsidies recognized in current profit or loss, other non-operating income and expenses, totaling 1,342,638.56 Yuan after deducting income tax and minority interest impacts Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 1,977,837.04 | | Other non-operating income and expenses apart from the above items | -396,209.74 | | Less: Income tax impact | 239,388.74 | | Minority interest impact (after tax) | -400.00 | | **Total** | **1,342,638.56** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[26](index=26&type=chunk) Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, core competitiveness, and risk factors during the reporting period [I. Main Business Activities of the Company During the Reporting Period](index=10&type=section&id=一、报告期内公司从事的主要业务) The company's main business is blood products, covering albumin, immunoglobulins, and coagulation factors; it achieved approximately 518 million Yuan in operating revenue and 108 million Yuan in net profit attributable to shareholders by focusing on "Four Enhancements" - The company's main business is blood products, primarily including three major categories: albumin, immunoglobulin, and coagulation factors[28](index=28&type=chunk) - The company's main raw material is healthy human plasma, supplied "one-to-one" by 9 plasma collection stations in which the company holds no less than 80% equity[31](index=31&type=chunk) - During the reporting period, the company achieved operating revenue of approximately **518 million Yuan**, net profit attributable to shareholders of approximately **108 million Yuan**, and earnings per share of approximately **0.47 Yuan**[32](index=32&type=chunk) [(I) Main Business](index=10&type=section&id=(一)%20主营业务) The company's main business focuses on blood products, with key product lines including human albumin, immunoglobulins, and coagulation factors, forming a vital part of the biopharmaceutical sector - The company's main business is blood products, with products primarily including three major categories: albumin, immunoglobulin, and coagulation factors[28](index=28&type=chunk) [(II) Main Products and Uses](index=10&type=section&id=(二)%20主要产品及用途) The company offers a rich product line, including human albumin, intravenous immunoglobulin (pH4), human rabies immunoglobulin, human fibrinogen, human coagulation factor VIII, and human prothrombin complex, widely used in treating various conditions such as shock, edema, immune deficiencies, infection prevention, and coagulation disorders - Main products include human albumin, intravenous human immunoglobulin (pH4), human rabies immunoglobulin, human fibrinogen, human coagulation factor VIII, and human prothrombin complex[29](index=29&type=chunk) - Human albumin is used for shock, cerebral edema, edema caused by liver cirrhosis and nephrotic syndrome, and hypoproteinemia[29](index=29&type=chunk) - Intravenous human immunoglobulin (pH4) is used for primary/secondary immunoglobulin deficiency and autoimmune diseases[29](index=29&type=chunk) [(III) Business Model](index=11&type=section&id=(三)%20经营模式) The company employs a "one-to-one" plasma station procurement model with 9 operational plasma stations, adheres strictly to GMP standards for production, and sells primarily through distributors to medical institutions and pharmacies, with some direct sales to CDCs or for export - Procurement model: The company's main raw material, healthy human plasma, is supplied "one-to-one" by 9 plasma collection stations in which the company holds no less than 80% equity for production[31](index=31&type=chunk) - Production model: Raw and auxiliary materials are put into production after passing inspection, strictly following product manufacturing and inspection procedures, quality standards, and quality control requirements for testing, inspection, and quality auditing[31](index=31&type=chunk) - Sales model: Primarily sold through qualified distributors to hospitals, community health centers, clinics, pharmacies, and other medical institutions and drug retailers, with some products directly sold to CDCs or exported[31](index=31&type=chunk) [(IV) Key Performance Drivers](index=11&type=section&id=(四)%20主要业绩驱动因素) During the reporting period, the company drove performance growth by implementing "Four Enhancements" strategies, continuously advancing plasma source expansion, refined production management, market development, and promotion of key products - The company focuses on its established development strategy, implementing "Four Enhancements" actions: scale enhancement, efficiency enhancement, benefit enhancement, and market value enhancement[32](index=32&type=chunk) - It adheres to plasma expansion strategies of tapping existing potential and cultivating new sources, with solid progress in plasma source development[32](index=32&type=chunk) - It strengthens market development efforts, continuously promotes market expansion in key hospitals and teaching hospitals, and increases the promotion of products such as human coagulation factor VIII and human prothrombin complex[32](index=32&type=chunk) [II. Core Competitiveness Analysis](index=11&type=section&id=二、核心竞争力分析) The company's core competitiveness lies in plasma source expansion, production quality, technological R&D, brand, and platform, laying a solid foundation for sustained high-quality development - The company possesses 3 major categories and 11 varieties of products, including human albumin, human immunoglobulin, and coagulation factors, making it one of the few domestic enterprises qualified to establish new plasma stations[33](index=33&type=chunk) - The company boasts a stable technical and management team, technologically advanced blood product manufacturing facilities, mastery of advanced production processes, and a comprehensive quality management system[34](index=34&type=chunk) - The company has 8 major scientific research and talent innovation platforms, actively undertakes over 40 national, provincial, and municipal scientific research and technological projects, and has obtained **74 authorized patents**[35](index=35&type=chunk) - The company leverages its own scientific research platform, equity investment company, and Weiguang Life Science Park to build advantageous technology platforms, capital operation platforms, and achievement transformation platforms[37](index=37&type=chunk) [(I) Plasma Source Expansion Advantage](index=11&type=section&id=(一)%20浆源拓展优势) The company continuously increases plasma collection from existing stations and actively seeks new ones through strategies of tapping existing potential and cultivating new sources, possessing 3 major categories and 11 varieties of products, making it one of the few domestic enterprises qualified to establish new plasma stations, with growing plasma collection scale - The company adheres to plasma source expansion strategies of tapping existing potential and cultivating new sources, with average plasma collection per station ranking among the top in the industry[33](index=33&type=chunk) - The company possesses human albumin, human immunoglobulin, and coagulation factor 3 major categories and 11 varieties of products, making it one of the few domestic enterprises with qualifications to establish new plasma stations[33](index=33&type=chunk) [(II) Production Quality Advantage](index=12&type=section&id=(二)%20生产质量优势) With decades of experience in the blood products industry, the company boasts a stable technical and management team, advanced production facilities and processes, and a comprehensive quality management system, continuously improving product yield and quality through lean management - The company possesses a stable technical team, management team, and technologically advanced blood product manufacturing facilities, mastering advanced production processes[34](index=34&type=chunk) - It has established a comprehensive quality management system, vigorously implemented lean management, continuously improved the company's efficiency and benefits, and steadily enhanced product yield and quality[34](index=34&type=chunk) [(III) Technical R&D Advantage](index=12&type=section&id=(三)%20技术研发优势) The company is driven by technology and R&D innovation, boasting 8 major scientific research and talent innovation platforms, undertaking over 40 national, provincial, and municipal scientific research projects, recognized as a "National High-tech Enterprise," and holding 74 authorized patents, focusing on rare diseases and major infectious diseases - The company possesses 8 major scientific research and talent innovation platforms, including the "Guangdong Protein (Peptide) Engineering Research and Development Center"[35](index=35&type=chunk) - It actively undertakes over 40 national, provincial, and municipal scientific research and technological projects, including the National "863 Program"[35](index=35&type=chunk) - As of the end of the reporting period, the company has obtained **74 authorized patents**, including **31 invention patents** and **43 utility model patents**[35](index=35&type=chunk) [(IV) Brand Advantage](index=12&type=section&id=(四)%20品牌优势) The company is committed to building the "Weiguang" brand, adhering to the principle of "survival by quality, development by brand, and market by service," establishing a comprehensive quality management system and customer service mechanism, and fostering a strong brand and social image among the market and patients - The company is committed to the construction and maintenance of the "Weiguang" brand, implementing the business philosophy of "survival by quality, development by brand, and market by service"[36](index=36&type=chunk) - It has established a comprehensive quality management system and an all-round customer service mechanism, with product quality and service level recognized by the market, establishing a good brand and social image[36](index=36&type=chunk) [(V) Platform Advantage](index=12&type=section&id=(五)%20平台优势) The company's strategic goal is to become "a pioneer in differentiated blood products in China and a new force in platform-based biopharmaceuticals globally," building technology, capital, and achievement transformation platforms through its own scientific research platforms, equity investment companies, and Weiguang Life Science Park to accelerate industrial agglomeration and scientific achievement transformation - The company's strategic goal is to become "a pioneer in differentiated blood products in China and a new force in platform-based biopharmaceuticals globally"[37](index=37&type=chunk) - The company leverages its own scientific research platform, equity investment company, and Weiguang Life Science Park to build advantageous technology platforms, capital operation platforms, and achievement transformation platforms[37](index=37&type=chunk) - Weiguang Life Science Park, located in the core area of Shenzhen Guangming Science City, has attracted major institutions like Shenzhen Medical Academy and Shenzhen Bay Laboratory, along with a number of biopharmaceutical enterprises, accelerating industrial agglomeration[37](index=37&type=chunk) [III. Main Business Analysis](index=12&type=section&id=三、主营业务分析) During this reporting period, the company's main business revenue slightly decreased year-on-year, but operating costs decreased more significantly, leading to an increase in gross profit margin; blood products still account for a high proportion of revenue, but property leasing business grew significantly, and the regional revenue structure changed considerably, with a substantial increase in revenue from the South China region Major Financial Data Year-on-Year Change | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 518,095,318.12 | 522,902,745.97 | -0.92% | - | | Operating Cost | 293,635,521.83 | 304,291,620.64 | -3.50% | - | | Selling Expenses | 11,402,709.71 | 12,668,145.68 | -9.99% | - | | R&D Investment | 23,834,474.58 | 20,867,745.90 | 14.22% | - | | Net Cash Flow from Operating Activities | 39,591,374.04 | 76,273,713.83 | -48.09% | Due to decreased cash received related to other operating activities, and increased cash paid for goods and services, and to and for employees | | Net Cash Flow from Financing Activities | -25,351,345.14 | 129,515,409.79 | -119.57% | Due to decreased cash received from borrowings and increased cash paid for debt repayment | Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Blood Products | 444,405,520.20 | 85.78% | 458,068,846.60 | 87.60% | -2.98% | | Property Leasing | 73,674,739.43 | 14.22% | 57,548,169.38 | 11.01% | 28.02% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Human Albumin | 193,345,171.37 | 37.32% | 197,584,194.82 | 37.79% | -2.15% | | Intravenous Human Immunoglobulin | 187,352,577.01 | 36.16% | 175,377,784.39 | 33.54% | 6.83% | | Other Blood Products | 63,707,771.82 | 12.30% | 85,106,867.39 | 16.28% | -25.14% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | South China | 407,278,110.30 | 78.61% | 322,854,690.50 | 61.74% | 26.15% | | East China | 45,356,491.14 | 8.75% | 89,563,410.97 | 17.13% | -49.36% | | Southwest China | 23,681,664.18 | 4.57% | 34,812,479.13 | 6.66% | -31.97% | | Central China | 29,875,398.44 | 5.77% | 44,996,126.94 | 8.61% | -33.60% | | Other Regions | 11,903,654.06 | 2.30% | 30,676,038.43 | 5.87% | -61.20% | [IV. Non-Main Business Analysis](index=14&type=section&id=四、非主营业务分析) The company's non-main business income primarily stems from investment income (large-denomination deposit interest and bank acceptance bill discount interest) and non-operating income (gains from disposal of scrapped assets and government subsidies), alongside non-operating expenses (public welfare donations and retirement benefits), all of which are non-recurring and unsustainable Non-Main Business Gains and Losses | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,022,539.02 | 1.58% | Interest income from large-denomination deposits and discount expenses for bank acceptance bills | No | | Non-operating Income | 28,853.93 | 0.02% | Gains from disposal of scrapped assets and government subsidies unrelated to daily operations | No | | Non-operating Expenses | 425,063.67 | 0.33% | Public welfare donations and retirement benefits paid | No | [V. Analysis of Assets and Liabilities](index=15&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both increased; in terms of asset structure, monetary funds decreased while inventories and fixed assets increased, mainly due to reclassification of large-denomination deposits and transfer of construction in progress to fixed assets; long-term borrowings decreased due to repayment Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 135,985,076.18 | 4.07% | 274,763,226.74 | 8.33% | -4.26% | Mainly due to the purchase of large-denomination deposits with monetary funds, resulting in reclassification of balance sheet items | | Inventories | 898,157,234.32 | 26.87% | 793,462,099.62 | 24.06% | 2.81% | Mainly due to an increase in finished goods | | Fixed Assets | 677,025,810.27 | 20.26% | 633,893,005.81 | 19.22% | 1.04% | Mainly due to the transfer of construction in progress to fixed assets | | Construction in Progress | 10,082,725.05 | 0.30% | 42,231,714.38 | 1.28% | -0.98% | Mainly due to the transfer of construction in progress to fixed assets | | Long-term Borrowings | 506,502,651.42 | 15.15% | 554,097,313.52 | 16.80% | -1.65% | Mainly due to repayment of borrowings | - The company had no major overseas assets during the reporting period[50](index=50&type=chunk) - Assets measured at fair value primarily consist of other non-current financial assets, with a period-end balance of **77,669,283.18 Yuan**, and no significant changes in asset measurement attributes during the reporting period[51](index=51&type=chunk)[52](index=52&type=chunk) - As of the end of the reporting period, restricted assets primarily included monetary funds of **32,789.68 Yuan**, which were deposits[52](index=52&type=chunk) [VI. Investment Analysis](index=16&type=section&id=六、投资状况分析) During the reporting period, the company's total investment increased by 102.20% year-on-year, but no significant equity or non-equity investments occurred, nor were there any securities investments, derivative investments, or use of raised funds Investment Amount Change During Reporting Period | Indicator | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 307,679,440.57 | 152,167,618.26 | 102.20% | - The company had no securities investments or derivative investments during the reporting period[54](index=54&type=chunk)[56](index=56&type=chunk) - The company had no use of raised funds during the reporting period[57](index=57&type=chunk) [VII. Major Asset and Equity Sales](index=17&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not engage in any significant asset sales or major equity sales - The company did not sell any major assets during the reporting period[58](index=58&type=chunk) - The company did not sell any major equity during the reporting period[59](index=59&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=八、主要控股参股公司分析) The company's main holding subsidiaries include several plasma collection companies, an equity investment management company, a life science park development company, and a biotechnology company; most plasma station subsidiaries achieved profitability, though Pingguo Guangming Plasma Collection Co., Ltd. incurred losses during the reporting period, while Shenzhen Weiguang Life Science Park Development Co., Ltd. achieved operating revenue of 73,678,042.18 Yuan and net profit of 2,890,435.26 Yuan - The company owns multiple plasma collection subsidiaries, such as Luoding Weiguang, XinXing Weiguang, Zhongshan Guangming, etc., primarily engaged in plasma collection business[60](index=60&type=chunk) - Pingguo Guangming Plasma Collection Co., Ltd. reported negative operating profit and net profit during the reporting period, at **-1,260,119.26 Yuan** and **-1,328,221.32 Yuan** respectively[60](index=60&type=chunk) - Shenzhen Weiguang Life Science Park Development Co., Ltd. is primarily engaged in resident services and property leasing, achieving operating revenue of **73,678,042.18 Yuan** and net profit of **2,890,435.26 Yuan** during the reporting period[62](index=62&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=18&type=section&id=九、公司控制的结构化主体情况) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[63](index=63&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=18&type=section&id=十、公司面临的风险和应对措施) The company faces risks such as insufficient raw plasma supply, new product R&D, product safety, and intensifying market competition; to address these, it plans to enhance existing plasma stations, actively develop new ones, improve R&D management, upgrade processes, and optimize marketing strategies to ensure sustainable development - The company faces risks of insufficient raw plasma supply due to the special nature of plasma sources and strict controls on establishing new plasma stations[63](index=63&type=chunk) - The company faces new product R&D risks, as drug R&D cycles are long, with potential for delays or failures[64](index=64&type=chunk) - The company faces risks of intensifying market competition, as improved production processes and the emergence of gene recombination technologies may heighten competition[67](index=67&type=chunk) [1. Risk of Insufficient Raw Plasma Supply](index=18&type=section&id=1.原料血浆供应不足风险) Healthy human plasma, the raw material for blood products, is scarce, and the approval process for new plasma stations is increasingly difficult, potentially leading to insufficient raw plasma supply; the company plans to address this by maximizing the potential of existing stations, developing new ones, and improving processes and R&D - Healthy human plasma, the raw material for blood products, has a special and scarce source, and the difficulty of establishing new plasma collection stations has significantly increased[63](index=63&type=chunk) - Countermeasures include continuously tapping the plasma collection potential of existing stations, actively developing new plasma stations and seeking M&A opportunities, and improving process levels and technological R&D to enhance comprehensive plasma utilization[63](index=63&type=chunk) [2. New Product R&D Risk](index=18&type=section&id=2.新产品研发风险) Drug R&D cycles are long and influenced by various factors, posing risks of R&D progress falling short of expectations or outright failure; the company will mitigate these risks by improving R&D management mechanisms, strengthening R&D talent teams, and optimizing R&D models - Drug R&D cycles are relatively long, and the R&D process is influenced by various factors such as technical level, clinical efficacy, budget investment, and national policies, potentially leading to R&D progress falling short of expectations or R&D failure[64](index=64&type=chunk) - Countermeasures include improving R&D management mechanisms, strengthening the R&D talent team, and optimizing the R&D model, combining independent R&D with collaborative R&D[64](index=64&type=chunk)[65](index=65&type=chunk) [3. Potential Product Safety Risks](index=19&type=section&id=3.产品潜在的安全风险) Despite strict screening, removal, and virus inactivation measures during plasma collection and production, blood products theoretically still carry potential risks from unknown pathogens; the company will continuously improve its quality management system, enhance process levels, and strengthen control over all aspects to address this - Blood products use healthy human plasma as raw material; despite strict screening, removal, and virus inactivation measures, there may theoretically still be potential risks from certain unknown pathogens[66](index=66&type=chunk) - Countermeasures include continuously improving the quality management system, constantly enhancing process levels, and continuously optimizing the entire production chain's process management to ensure compliance in all production stages[66](index=66&type=chunk) [4. Risk of Intensifying Market Competition](index=19&type=section&id=4.市场竞争加剧风险) With increased market development efforts, improved production processes, and the emergence of gene recombination products within the industry, competition in the blood products market may intensify; the company will enhance its competitiveness by optimizing marketing strategies, exploring international markets, and increasing brand promotion - Increased market development efforts by industry players, improved production processes and purification levels, and the emergence of gene recombination technology applications may lead to intensified market competition for related products[67](index=67&type=chunk) - Countermeasures include continuously optimizing marketing strategies, actively exploring international markets, increasing the promotion of products such as human coagulation factor VIII and human prothrombin complex, and enhancing the company's product reputation[32](index=32&type=chunk)[67](index=67&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has not disclosed whether it has formulated a market value management system or a valuation enhancement plan - The company has not disclosed whether it has formulated a market value management system[68](index=68&type=chunk) - The company has not disclosed whether it has released a valuation enhancement plan[68](index=68&type=chunk) [XII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=19&type=section&id=十二、%22质量回报双提升%22行动方案贯彻落实情况) The company has not disclosed the "Quality and Return Dual Improvement" action plan announcement - The company has not disclosed the "Quality and Return Dual Improvement" action plan announcement[68](index=68&type=chunk) Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=20&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with specific information available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[70](index=70&type=chunk) [II. Profit Distribution and Capital Reserve to Share Capital Conversion During This Reporting Period](index=20&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[71](index=71&type=chunk) [III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=20&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company's third phase employee stock ownership plan completed stock purchases on July 3, 2024, accumulating 787,000 shares, representing 0.35% of the total share capital, covering directors, supervisors, senior management, and key employees, funded by legal salaries and self-raised funds - The company implemented its third phase employee stock ownership plan, having cumulatively purchased **787,000 shares** of the company's stock through the secondary market as of July 3, 2024[72](index=72&type=chunk) - This stock ownership plan accounts for **0.35%** of the company's total share capital, covering directors, supervisors, senior management, and key employees of the company or its controlled subsidiaries[72](index=72&type=chunk) - Funds for the employee stock ownership plan originated from employees' legal salaries, self-raised funds, and other methods permitted by laws and regulations[72](index=72&type=chunk) [IV. Environmental Information Disclosure](index=21&type=section&id=四、环境信息披露情况) The company and its main subsidiaries, Shenzhen Weiguang Biological Products Co., Ltd. and Shenzhen Weiguang Life Science Park Development Co., Ltd., are both included in the list of enterprises required to disclose environmental information by law, and have publicly disclosed relevant reports on the Guangdong Provincial Department of Ecology and Environment system - The listed company and its main subsidiaries, Shenzhen Weiguang Biological Products Co., Ltd. and Shenzhen Weiguang Life Science Park Development Co., Ltd., are both included in the list of enterprises required to disclose environmental information by law[73](index=73&type=chunk) - Environmental information disclosure reports can be queried on the Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System[73](index=73&type=chunk) [V. Social Responsibility](index=21&type=section&id=五、社会责任情况) The company actively fulfills its social responsibilities in customer service, product quality, employee rights, sustainable supply chain construction, and social welfare, demonstrating corporate responsibility through standardized customer service, strict quality management, employee development and welfare, optimized procurement management, and regular volunteer services and rural revitalization assistance - The company is customer-oriented, establishing customer service management procedures, resulting in high customer satisfaction[74](index=74&type=chunk) - The company has established an internal management system and quality assurance system covering the entire process of raw plasma collection to ensure product quality meets legal and regulatory requirements[74](index=74&type=chunk) - The company is committed to building a respectful, equal, and inclusive corporate culture, providing employees with diversified career development options and systematic learning resources, and organizing various cultural activities[74](index=74&type=chunk) - The company has established a procurement leadership group, implemented a procurement management system with checks and balances, and promoted the addition of new material suppliers to enhance material supply security[75](index=75&type=chunk)[76](index=76&type=chunk) - During the reporting period, the company's volunteer team grew to nearly **180 people**, with cumulative participation in volunteer activities exceeding **150 person-times**, and invested approximately **237,000 Yuan** to consolidate poverty alleviation achievements and support rural revitalization[76](index=76&type=chunk) Section V Significant Matters This section details significant events, commitments, related party transactions, and other important disclosures during the reporting period [I. Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, and Commitments Overdue and Unfulfilled as of the End of the Reporting Period](index=23&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[78](index=78&type=chunk) [II. Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company](index=23&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company[79](index=79&type=chunk) [III. Irregular External Guarantees](index=23&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[80](index=80&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=23&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[81](index=81&type=chunk) [V. Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=23&type=section&id=五、董事会、监事会对会计师事务所本报告期%22非标准审计报告%22的说明) The company had no non-standard audit report during the reporting period, thus the board of directors and supervisory board do not need to provide explanations [VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=23&type=section&id=六、董事会对上年度%22非标准审计报告%22相关情况的说明) The company had no non-standard audit report during the reporting period, thus the board of directors does not need to provide explanations for the previous year [VII. Bankruptcy and Reorganization Matters](index=23&type=section&id=七、破产重整相关事项) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[82](index=82&type=chunk) [VIII. Litigation Matters](index=23&type=section&id=八、诉讼事项) The company had no significant litigation, arbitration, or other litigation matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[83](index=83&type=chunk) [IX. Penalties and Rectification](index=24&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[84](index=84&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During this reporting period, the company, its controlling shareholder, and actual controller did not fail to fulfill obligations determined by effective legal documents of the court or have large overdue debts, maintaining a good integrity status - During this reporting period, the company, its controlling shareholder, and actual controller did not fail to fulfill obligations determined by effective legal documents of the court or have large overdue debts, etc[85](index=85&type=chunk) [XI. Major Related Party Transactions](index=24&type=section&id=十一、重大关联交易) During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, nor did it engage in deposit, loan, credit, or other financial business with affiliated financial companies - The company had no significant related party transactions related to daily operations during the reporting period[86](index=86&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[87](index=87&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[89](index=89&type=chunk) - The company had no deposit, loan, credit, or other financial business with affiliated financial companies that have related party relationships[90](index=90&type=chunk) [XII. Major Contracts and Their Performance](index=25&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no trusteeship, contracting, major guarantees, entrusted wealth management, or other major contracts; its wholly-owned subsidiary signed a 10-year house lease contract with Shenzhen Medical Academy for Weiguang Life Science Park, covering an area of 42,425.01 square meters, with the profit or loss from this lease not exceeding 10% of the company's total profit for the reporting period - The company had no trusteeship, contracting, major guarantees, or entrusted wealth management during the reporting period[93](index=93&type=chunk)[94](index=94&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company's wholly-owned subsidiary signed a house lease contract with Shenzhen Medical Academy for Weiguang Life Science Park, with a total leased area of **42,425.01 square meters** and a lease term of **10 years**[95](index=95&type=chunk) - The profit or loss generated by this lease project did not exceed **10%** of the company's total profit for the reporting period[95](index=95&type=chunk) [XIII. Explanation of Other Significant Matters](index=25&type=section&id=十三、其他重大事项的说明) During the reporting period, the company disclosed a series of important matters, including its 2024 annual profit distribution, obtaining medical device production record certificates, board re-election and senior management appointments, revisions to the Articles of Association and related systems, and the proposal for issuing A-shares to specific targets and related announcements - The company disclosed its 2024 annual profit distribution matters, including resolutions from the board of directors, supervisory board, and general meeting of shareholders[100](index=100&type=chunk) - The company obtained medical device production record certificates and issued relevant announcements[100](index=100&type=chunk) - The company completed the re-election of its board of directors and appointed senior management and other related personnel[100](index=100&type=chunk) - The company revised its "Articles of Association" and related systems[100](index=100&type=chunk) - The company disclosed the proposal for issuing A-shares to specific targets, dilution of immediate shareholder returns, compensatory measures, and commitments from relevant parties[100](index=100&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=26&type=section&id=十四、公司子公司重大事项) The company had no significant subsidiary matters during the reporting period - The company had no significant subsidiary matters during the reporting period[101](index=101&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in holdings by directors, supervisors, and senior management [I. Share Capital Changes](index=27&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital remained unchanged at 226,800,000 shares, with restricted shares totaling 787,000 shares (0.35% of total capital) and unrestricted shares at 226,013,000 shares (99.65% of total capital) Share Capital Changes | Share Type | Quantity Before Change (shares) | Proportion | Increase/Decrease in This Change (＋,－) | Quantity After Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 787,000 | 0.35% | 0 | 787,000 | 0.35% | | II. Unrestricted Shares | 226,013,000 | 99.65% | 0 | 226,013,000 | 99.65% | | III. Total Shares | 226,800,000 | 100.00% | 0 | 226,800,000 | 100.00% | - During the reporting period, the company's total share capital remained unchanged[104](index=104&type=chunk) [II. Securities Issuance and Listing](index=28&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[104](index=104&type=chunk) [III. Number of Shareholders and Shareholding Structure](index=28&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, the company had 12,584 common shareholders; Shenzhen Guangming District State-owned Assets Supervision and Administration Commission is the controlling shareholder with a 65.25% stake; among the top ten shareholders, Wuhan Institute of Biological Products Co., Ltd. holds 7.25%, and the company's third phase employee stock ownership plan holds 0.35% of shares - Total number of common shareholders at the end of the reporting period: **12,584**[105](index=105&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Guangming District State-owned Assets Supervision and Administration Commission | State-owned Legal Person | 65.25% | 147,987,000 | 147,987,000 | | Wuhan Institute of Biological Products Co., Ltd. | State-owned Legal Person | 7.25% | 16,443,000 | 16,443,000 | | Guangzhou Jiahe Biotechnology Co., Ltd. | Domestic Non-state-owned Legal Person | 2.26% | 5,133,736 | 5,133,736 | | Shenzhen Weiguang Biological Products Co., Ltd. - Third Phase Employee Stock Ownership Plan | Other | 0.35% | 787,000 | 0 | - Company shareholder Xu Yongming holds **810,000 shares** of the company through a credit trading margin securities account[107](index=107&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=四、董事、监事和高级管理人员持股变动) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with specific information available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[108](index=108&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=五、控股股东或实际控制人变更情况) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[109](index=109&type=chunk) - The company's actual controller remained unchanged during the reporting period[109](index=109&type=chunk) [VI. Preferred Shares Information](index=31&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[111](index=111&type=chunk) Section VII Bond-Related Information This section provides an overview of the company's bond-related activities during the reporting period [Overview of Bond-Related Information](index=32&type=section&id=债券相关情况概述) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[113](index=113&type=chunk) Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies, taxes, and other financial details [I. Audit Report](index=33&type=section&id=一、审计报告) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[115](index=115&type=chunk) [II. Financial Statements](index=33&type=section&id=二、财务报表) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position at the end of the reporting period, operating results, and cash flow during the reporting period - Financial statements include consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[116](index=116&type=chunk)[120](index=120&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk)[142](index=142&type=chunk) [1、Consolidated Balance Sheet](index=33&type=section&id=1、合并资产负债表) As of June 30, 2025, the company's consolidated total assets were 3,342,456,527.36 Yuan, with total current assets of 1,327,810,838.89 Yuan and total non-current assets of 2,014,645,688.47 Yuan; total liabilities were 1,036,006,564.53 Yuan, and total owners' equity was 2,306,449,962.83 Yuan Consolidated Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,327,810,838.89 | 1,527,590,386.50 | | Total Non-Current Assets | 2,014,645,688.47 | 1,769,853,846.69 | | Total Assets | 3,342,456,527.36 | 3,297,444,233.19 | | Total Current Liabilities | 455,320,366.33 | 422,753,404.48 | | Total Non-Current Liabilities | 580,686,198.20 | 630,454,363.54 | | Total Liabilities | 1,036,006,564.53 | 1,053,207,768.02 | | Total Owners' Equity Attributable to Parent Company | 2,273,711,676.61 | 2,211,425,331.14 | | Total Owners' Equity | 2,306,449,962.83 | 2,244,236,465.17 | [2、Parent Company Balance Sheet](index=35&type=section&id=2、母公司资产负债表) As of June 30, 2025, the parent company's total assets were 3,240,224,234.46 Yuan, with total current assets of 1,315,101,853.46 Yuan and total non-current assets of 1,925,122,381.00 Yuan; total liabilities were 953,637,264.95 Yuan, and total owners' equity was 2,286,586,969.51 Yuan Parent Company Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 1,315,101,853.46 | 1,494,192,401.66 | | Total Non-Current Assets | 1,925,122,381.00 | 1,676,520,578.15 | | Total Assets | 3,240,224,234.46 | 3,170,712,979.81 | | Total Current Liabilities | 406,064,093.39 | 344,609,987.07 | | Total Non-Current Liabilities | 547,573,171.56 | 597,365,461.61 | | Total Liabilities | 953,637,264.95 | 941,975,448.68 | | Total Owners' Equity | 2,286,586,969.51 | 2,228,737,531.13 | [3、Consolidated Income Statement](index=38&type=section&id=3、合并利润表) For the first half of 2025, the company achieved total operating revenue of 518,095,318.12 Yuan, a slight year-on-year decrease; net profit was 107,575,098.85 Yuan, net profit attributable to parent company shareholders was 107,646,345.47 Yuan, and basic earnings per share was 0.4746 Yuan Consolidated Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 518,095,318.12 | 522,902,745.97 | | Total Operating Costs | 382,125,542.04 | 392,463,709.82 | | Operating Profit | 128,624,117.48 | 131,796,653.83 | | Total Profit | 128,227,907.74 | 131,335,735.48 | | Net Profit | 107,575,098.85 | 109,727,347.83 | | Net Profit Attributable to Parent Company Shareholders | 107,646,345.47 | 109,861,719.65 | | Basic Earnings Per Share (Yuan/share) | 0.4746 | 0.4844 | | Diluted Earnings Per Share (Yuan/share) | 0.4746 | 0.4844 | [4、Parent Company Income Statement](index=40&type=section&id=4、母公司利润表) For the first half of 2025, the parent company achieved operating revenue of 508,480,211.70 Yuan, with net profit of 103,209,438.38 Yuan, a slight year-on-year decrease Parent Company Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 508,480,211.70 | 504,689,635.75 | | Operating Profit | 121,605,977.91 | 126,384,169.62 | | Total Profit | 121,284,240.63 | 126,237,962.56 | | Net Profit | 103,209,438.38 | 107,511,374.05 | [5、Consolidated Cash Flow Statement](index=41&type=section&id=5、合并现金流量表) For the first half of 2025, the company's net cash flow from operating activities was 39,591,374.04 Yuan, a significant year-on-year decrease of 48.09%; net cash flow from investing activities was -153,018,179.46 Yuan, net cash flow from financing activities was -25,351,345.14 Yuan, and the net increase in cash and cash equivalents was -138,778,150.56 Yuan Consolidated Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 39,591,374.04 | 76,273,713.83 | | Net Cash Flow from Investing Activities | -153,018,179.46 | -152,040,777.06 | | Net Cash Flow from Financing Activities | -25,351,345.14 | 129,515,409.79 | | Net Increase in Cash and Cash Equivalents | -138,778,150.56 | 53,748,346.56 | | Period-End Cash and Cash Equivalents Balance | 135,952,286.50 | 305,194,028.07 | [6、Parent Company Cash Flow Statement](index=42&type=section&id=6、母公司现金流量表) For the first half of 2025, the parent company's net cash flow from operating activities was 31,432,002.58 Yuan, net cash flow from investing activities was -147,934,278.93 Yuan, net cash flow from financing activities was -24,727,645.14 Yuan, and the net increase in cash and cash equivalents was -141,229,921.49 Yuan Parent Company Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 31,432,002.58 | 52,489,423.47 | | Net Cash Flow from Investing Activities | -147,934,278.93 | -151,815,528.83 | | Net Cash Flow from Financing Activities | -24,727,645.14 | 140,035,159.79 | | Net Increase in Cash and Cash Equivalents | -141,229,921.49 | 40,709,054.43 | | Period-End Cash and Cash Equivalents Balance | 65,505,326.85 | 191,870,770.75 | [7、Consolidated Statement of Changes in Owners' Equity](index=43&type=section&id=7、合并所有者权益变动表) As of June 30, 2025, the company's consolidated owners' equity totaled 2,306,449,962.83 Yuan, an increase of 62,213,497.66 Yuan from the beginning of the period, primarily due to an increase in total comprehensive income and a decrease in profit distribution during the current period - Total comprehensive income attributable to parent company owners for the current period was **107,646,345.47 Yuan**[136](index=136&type=chunk) - Distribution to owners (or shareholders) for the current period was **45,360,000.00 Yuan**[137](index=137&type=chunk) - Total owners' equity attributable to parent company at period-end was **2,273,711,676.61 Yuan**[137](index=137&type=chunk) [8、Parent Company Statement of Changes in Owners' Equity](index=48&type=section&id=8、母公司所有者权益变动表) As of June 30, 2025, the parent company's total owners' equity was 2,286,586,969.51 Yuan, an increase of 57,849,438.38 Yuan from the beginning of the period, primarily due to an increase in total comprehensive income and a decrease in profit distribution during the current period - Total comprehensive income for the current period was **103,209,438.38 Yuan**[143](index=143&type=chunk) - Distribution to owners (or shareholders) for the current period was **45,360,000.00 Yuan**[144](index=144&type=chunk) - Total owners' equity at period-end was **2,286,586,969.51 Yuan**[144](index=144&type=chunk) [III. Company Basic Information](index=51&type=section&id=三、公司基本情况) Shenzhen Weiguang Biological Products Co., Ltd. was listed on the Shenzhen Stock Exchange in June 2017, with a registered capital of 226.8 million Yuan; the company's main business is pharmaceutical manufacturing, producing and operating blood products, while some subsidiaries engage in investment management, property leasing, and gene engineering drugs/vaccine manufacturing - Shenzhen Weiguang Biological Products Co., Ltd. was listed and traded on the Shenzhen Stock Exchange on June 16, 2017[149](index=149&type=chunk) - The company's registered capital is **226.8 million Yuan**, and its legal representative is Zhang Zhan[149](index=149&type=chunk) - The company operates in the pharmaceutical manufacturing industry, producing and operating blood products, with some subsidiaries engaged in investment management, property leasing, and gene engineering drugs and vaccine manufacturing businesses[149](index=149&type=chunk) [IV. Basis for Preparation of Financial Statements](index=51&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and significant accounting policies and estimates; the company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting this ability - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance, based on actual transactions and events[151](index=151&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting this ability[152](index=152&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=52&type=section&id=五、重要会计政策及会计估计) This chapter details the company's specific accounting policies and estimates for bad debt provisions for receivables, depreciation of fixed assets, amortization of intangible assets, and capitalization of R&D expenses; the company adheres to enterprise accounting standards, uses the calendar year as its accounting period, and considers a 12-month period as its normal operating cycle, with no significant changes in accounting policies or estimates during the reporting period - The financial statements prepared by the company comply with the requirements of the "Enterprise Accounting Standards" and truly and completely reflect the financial position, operating results, and cash flows, among other relevant information[154](index=154&type=chunk) - The company's accounting year is the calendar year, with a 12-month period considered as its normal operating cycle, and RMB as the functional currency[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - The company had no significant changes in accounting policies or significant changes in accounting estimates during the reporting period[214](index=214&type=chunk) [VI. Taxes](index=65&type=section&id=六、税项) The company's main taxes include urban maintenance and construction tax, enterprise income tax, and value-added tax, subject to different rates; the company and some subsidiaries enjoy simplified VAT collection policies and preferential enterprise income tax rates due to high-tech enterprise certification and small-profit enterprise conditions Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Urban Maintenance and Construction Tax | Payable Turnover Tax Amount | 7%, 5% | | Enterprise Income Tax | Taxable Income | 15%, 20%, 25% | | Value-Added Tax | Current Sales Amount | 3% | | Value-Added Tax | Value Added from Sales of Goods or Services | 6%, 9%, 13% | - The company and 9 subsidiaries have been calculating and paying VAT at a simplified rate of **3%** since July 1, 2014[216](index=216&type=chunk) - The company was recognized as a national high-tech enterprise on December 25, 2023, and will pay enterprise income tax at a reduced rate of **15%** from January 1, 2023, to December 31, 2025[217](index=217&type=chunk)[218](index=218&type=chunk) - Some subsidiaries meeting the conditions for small-profit enterprises actually pay enterprise income tax at a rate of **5%**[218](index=218&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=66&type=section&id=七、合并财务报表项目注释) This chapter provides detailed disclosures of the period-end balances, period-beginning balances, and current period changes for each major item in the consolidated financial statements, including assets, liabilities, owners' equity, income, costs, expenses, and profits, with explanations for significant changes - Monetary funds period-end balance was **135,985,076.18 Yuan**, period-beginning balance was **274,763,226.74 Yuan**, mainly due to reclassification from purchasing large-denomination deposits with monetary funds[220](index=220&type=chunk) - Accounts receivable period-end balance was **170,043,461.98 Yuan**, period-beginning balance was **132,861,636.40 Yuan**, with bad debt provision of **13,663,816.75 Yuan** recognized in the current period[238](index=238&type=chunk)[247](index=247&type=chunk) - Inventory period-end balance was **898,157,234.32 Yuan**, period-beginning balance was **793,462,099.62 Yuan**, mainly due to an increase in finished goods[292](index=292&type=chunk) - Other non-current assets period-end balance was **260,413,085.29 Yuan**, period-beginning bal

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].

（文章来源：证券日报） 证券日报网讯 8月15日晚间，卫光生物发布公告称，公司第四届董事会第二次会议审议通过了《关于拟 参与竞拍国有建设用地使用权的议案》。 ...

2024年1至12月份，卫光生物的营业收入构成为：血液制品占比89.07%，物业出租占比10.05%，其他业 务占比0.88%。 （文章来源：每日经济新闻） 卫光生物（SZ 002880，收盘价：29.18元）8月15日晚间发布公告称，公司第四届第二次董事会会议于 2025年8月15日在公司办公楼四楼会议室以现场结合通讯方式召开。会议审议了《关于拟参与竞拍国有 建设用地使用权的议案》等文件。 ...