Financial Performance - The company's revenue for 2017 was CNY 2,187,317,438.23, representing a 17.47% increase compared to CNY 1,862,087,873.63 in 2016[22]. - The net profit attributable to shareholders for 2017 was CNY 65,939,178.02, a slight decrease of 0.13% from CNY 66,024,144.96 in 2016[22]. - The net profit after deducting non-recurring gains and losses was CNY -152,002,443.89, a significant decline of 1,069.45% compared to CNY 15,679,252.48 in 2016[22]. - The company's total assets increased by 18.18% to CNY 9,440,686,910.78 at the end of 2017, up from CNY 7,988,726,909.74 at the end of 2016[22]. - The net assets attributable to shareholders rose by 1.92% to CNY 3,461,903,105.18 at the end of 2017, compared to CNY 3,396,595,812.82 at the end of 2016[22]. - The operating cash flow for 2017 was CNY 109,533,184.46, a decrease of 44.81% from CNY 198,481,275.01 in 2016[22]. - The basic earnings per share remained unchanged at CNY 0.10 in 2017, consistent with 2016[22]. - The company reported quarterly revenues of CNY 481,854,780.37, CNY 635,596,455.87, CNY 514,177,780.69, and CNY 555,688,421.30 for Q1, Q2, Q3, and Q4 respectively[24]. - The net profit attributable to shareholders in Q4 was CNY -4,448,579.30, indicating a loss compared to profits in the earlier quarters[24]. Research and Development - The company's R&D expenditure for the reporting period amounted to 102.97 million yuan, with a capitalization amount of 62.92 million yuan, resulting in a capitalization rate of 61.11%[9]. - The capitalized R&D expenditure accounted for 56.12% of the net profit for the period, indicating potential financial risk if these intangible assets do not generate expected economic benefits[171]. - The company plans to optimize its R&D processes and financial management to ensure accurate accounting of R&D expenses, including salaries, materials, and other related costs[171]. - The company has made significant investments in research and development, focusing on innovative pharmaceutical technologies and products[56]. - The company is developing several new drugs, including KX02 for glioma treatment and STP705 for scar-free healing[62]. Market and Product Strategy - The company aims to enhance its marketing model and expand sales outside its home province to revive core product growth[4]. - The company is transitioning its sales model from a distributor-based approach to direct self-managed sales, focusing on key end customers like hospitals and chain pharmacies[39]. - The company has established a full industry chain layout in the "healthcare" sector, focusing on upstream herbal material cultivation and downstream pharmaceutical distribution[33]. - The company is actively pursuing market expansion through international patent registrations, including in Japan, Mexico, and Hong Kong[56]. - The company aims to enhance its core competitiveness by focusing on market-oriented strategies and technological innovation in the traditional Chinese medicine sector[48]. Subsidiaries and Acquisitions - The company has established 58 subsidiaries across various provinces, expanding its business into traditional Chinese medicine, health products, and medical circulation[6]. - The total investment cost for acquiring subsidiaries and joint ventures was recorded at ¥115.12 million[29]. - The company expanded its consolidation scope by acquiring 90% of Beijing Yinuoqin Biotechnology Co., Ltd. and increasing its stake in Guangdong Hengyi Medical Co., Ltd. to 51%[94]. - The company established three new secondary subsidiaries and seven tertiary subsidiaries during the reporting period[96]. Financial Risks and Management - The company faces risks related to accounts receivable management, particularly with hospital clients, which may lead to liquidity risks if not managed effectively[5]. - The company has committed to optimizing its strategic investments and improving internal controls to mitigate financial risks associated with R&D expenditure capitalization[9]. - The company has ongoing litigation risks, including a pending lawsuit related to asset transactions and two resolved lawsuits concerning investment and loan disputes, with a total claim of 145.66 million CNY[173]. - The company will strengthen its internal control system and governance structure in 2018 to improve risk management and cost control[160]. Product Performance - The company's core products, antiviral oral liquid and Banlangen granules, have experienced a decline in revenue due to intensified market competition and rising raw material costs, leading to a gradual decrease in performance over recent years[4]. - The traditional Chinese medicine (TCM) segment generated revenue of CNY 81,159.93 million, marking a 32.34% increase year-on-year[69]. - The pharmaceutical manufacturing segment reported a revenue of CNY 47,036.46 million, a decline of 14.65% due to various market pressures[68]. - The company’s proprietary orange series product, based on local medicinal materials, has a high market recognition and effectiveness[47]. Corporate Governance and Compliance - The company has maintained its commitment to not invest in financial products that do not align with its operational strategy[186]. - The company ensured compliance with various commitments made by its shareholders and related parties during the reporting period[186]. - The company has not engaged in any business activities that would constitute competition with its subsidiaries[186]. - The company has successfully adhered to all commitments made during its initial public offering and subsequent financing activities[186]. Future Outlook - The company anticipates that ongoing healthcare reforms will lead to a restructuring of the pharmaceutical market, presenting both challenges and opportunities for growth[145]. - In 2018, the company aims to enhance brand construction and marketing innovation to increase market share, focusing on consumer-centered strategies and precise marketing events[151]. - The company plans to deepen marketing management reforms in its core Chinese medicine business and explore new drug development models[148]. - The company is committed to expanding new medical service models, including telemedicine and mobile healthcare, to enhance the integration of traditional and modern medicine[148].

Financial Performance - Operating revenue for the reporting period was approximately ¥658.41 million, representing a year-on-year increase of 7.80%[7] - Net profit attributable to shareholders of the listed company was approximately ¥36.29 million, a decrease of 4.71% compared to the same period last year[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥32.25 million, down 9.25% year-on-year[7] - Basic earnings per share for the reporting period were ¥0.05, a decrease of 16.67% compared to the same period last year[7] - The weighted average return on net assets was 1.03%, a decrease of 0.06% compared to the previous year[7] - The company reported a 40.85% increase in operating profit due to sales growth and improved accounts receivable management[19] - Total operating revenue for the third quarter reached ¥658,406,837.77, an increase of 7.9% compared to ¥610,748,633.75 in the same period last year[45] - Net profit for the period was ¥53,267,033.97, representing a 9.5% increase from ¥48,578,221.25 in the previous year[46] - The company reported a significant increase in profit attributable to minority shareholders, which rose to CNY 45,730,604.61 from CNY 26,232,000.75 in the previous period[56] Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥8.56 billion, a decrease of 0.74% compared to the end of the previous year[7] - The company's total assets decreased to ¥6,306,018,933.22 from ¥7,035,376,302.26, indicating a decline of approximately 10.3%[46] - Total liabilities reached CNY 4,613,340,454.43, with current liabilities at CNY 3,222,436,154.01, including short-term borrowings of CNY 1,463,100,000.00[73] - The company's total equity rose to CNY 4,157,046,962.54 from CNY 4,012,268,597.38, indicating an increase of approximately 3.6%[38] - Current liabilities decreased to CNY 2,682,544,926.43 from CNY 3,222,436,154.01, reflecting a reduction of approximately 16.7%[37] - Non-current liabilities increased to CNY 1,722,218,496.14 from CNY 1,390,904,300.42, representing an increase of about 23.8%[37] Cash Flow - The net cash flow from operating activities for the year-to-date was approximately ¥47.82 million, an increase of 118.29%[7] - The company’s cash flow from operating activities increased by 118.29% due to improved sales collections and government subsidies received[19] - The net cash flow from operating activities was ¥47,819,131.97, a recovery from a negative cash flow of -¥261,507,905.95 in the previous period[64] - Cash inflows from investment activities totaled ¥1,175,812,251.71, while cash outflows were ¥777,465,495.33, resulting in a net cash flow of ¥398,346,756.38 from investment activities[65] - The company raised ¥1,934,786,952.53 from financing activities, compared to ¥1,582,281,000.00 in the previous period, marking an increase of approximately 22.3%[65] Shareholder Information - Net assets attributable to shareholders of the listed company increased by 2.07% to approximately ¥3.50 billion[7] - The total number of ordinary shareholders at the end of the reporting period was 30,935[12] - The company completed the 2018 annual profit distribution, distributing cash dividends of 0.34 yuan per 10 shares, totaling 22,192,096.85 yuan[29] - The company repurchased a total of 8,767,604 shares, accounting for 1.33% of the total share capital, with a total payment of 71,886,299.96 yuan[23] Research and Development - The company’s research and development expenses rose by 88.62% due to increased investment in ongoing projects[18] - Research and development expenses surged to ¥17,801,899.97, a significant increase of 388.5% compared to ¥3,636,719.75 in the same quarter last year[45] - Research and development expenses increased significantly to CNY 36,952,245.85, up 88.66% from CNY 19,590,456.03 in the prior period[53] Strategic Developments - The company received a medical institution practice license for its subsidiary, enhancing its capabilities in internet medical services[21] - The company transferred 100% equity of its subsidiary for a price of 10 million yuan to another subsidiary, indicating strategic restructuring[22] - The company plans to continue expanding its market presence and invest in new product development to drive future growth[55] Financial Adjustments - The adjustment of financial assets resulted in a decrease of CNY 23,337,013.63 in financial assets measured at fair value through profit or loss[75] - The reclassification of available-for-sale financial assets led to a reduction of CNY 251,296,578.30 in that category, while increasing other equity instruments by the same amount[76]

Financial Performance - Total operating revenue for the first half of 2019 was CNY 1,324,792,550.99, representing a 7.43% increase compared to CNY 1,233,202,328.91 in the same period last year[17]. - Net profit attributable to shareholders of the listed company was CNY 55,902,758.23, up 3.90% from CNY 53,805,501.60 year-on-year[17]. - The total profit amounted to 75.10 million CNY, showing a decline of 2% compared to the previous year[43]. - The net profit attributable to shareholders reached 55.90 million CNY, with a year-on-year increase of 3.9%[43]. - The pharmaceutical manufacturing segment generated revenue of 331.04 million CNY, up by 8.72% year-on-year[43]. - The traditional Chinese medicine segment reported revenue of 552.54 million CNY, reflecting a growth of 24.41% compared to the same period last year[43]. - The pharmaceutical distribution segment's revenue totaled 315.25 million CNY, which is a decrease of 5.96% year-on-year[43]. - The company achieved a total revenue of 1,324.79 million CNY, representing a year-on-year growth of 7.43%[43]. Cash Flow and Assets - Net cash flow from operating activities improved significantly to CNY 6,235,720.26, a 101.97% increase from a negative cash flow of CNY -316,205,985.36 in the previous year[17]. - The company's cash and cash equivalents decreased by 80.77% to CNY 70,990,551.62, down from CNY 369,230,817.86 in the previous year due to increased bank loan repayments[49]. - The company's equity assets increased by 28.61% compared to the beginning of the year, primarily due to investments and equity transfers[34]. - The company's fixed assets increased by 1.48%, mainly due to the conversion of construction in progress[34]. - The total assets at the end of the reporting period were CNY 8,261,817,573.45, down 4.22% from CNY 8,625,609,051.81 at the end of the previous year[17]. - Total current assets amounted to CNY 3,209,349,809.12, a decrease of 18.1% from CNY 3,918,585,866.96 as of December 31, 2018[197]. - Total non-current assets increased to CNY 5,052,467,764.33, up by 7.3% from CNY 4,707,023,184.85[198]. Investments and Development - The company has established a full industry chain layout from Chinese herbal planting to production and distribution, aiming to enhance its presence in the precision medicine sector, particularly in developing specific T-cell immunotherapy methods for cancer[25]. - The company received the first clinical trial approval for the TAEST16001 injection, marking a significant milestone in its TCR-T immunotherapy development[46]. - The company has completed basic research on a broad-spectrum peptide drug for respiratory virus infections and is preparing for clinical trials[46]. - The company is currently involved in several lawsuits, including one regarding an investment dispute and another concerning overdue loans, which could impact its financial position depending on the outcomes[102]. - The company has made commitments regarding the use of raised funds, ensuring they will not be invested in financial assets or entrusted financial management[109]. Market and Operational Strategy - The company is actively expanding its market presence through a shift from a distributor model to direct sales management of terminal customers, enhancing control over sales channels[30]. - The company is adapting to changes in the pharmaceutical environment and policy adjustments to ensure stable and healthy development[43]. - The company has outlined potential risks and countermeasures in its operational analysis section, emphasizing the importance of investor awareness regarding future plans[4]. - The company is actively monitoring policy changes in the pharmaceutical industry to mitigate risks associated with regulatory reforms[94]. - The company faces risks of intensified market competition due to rapid industry expansion and the emergence of new business models, necessitating a strategic upgrade from product marketing to value marketing[95]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[5]. - The total number of ordinary shareholders at the end of the reporting period is 31,672[161]. - The largest shareholder, Guangzhou Kunlun Investment Co., Ltd., holds 34.24% of the shares, totaling 226,488,046 shares[161]. - The company has repurchased a total of 8,767,604 shares, accounting for 1.33% of the total share capital, which will be used for the employee stock incentive plan[121]. - The first phase of the employee stock ownership plan has been extended by 36 months, now set to terminate on January 19, 2020[120]. Risk Management - New drug development involves long cycles and multiple stages, presenting risks related to funding, technology investment, and regulatory approval, which could adversely affect profitability if new products fail to meet market needs[98]. - The company implements a "pay first, deliver later" policy for its traditional Chinese medicine business, minimizing the risk of bad debts, although longer receivable cycles with hospital clients could pose liquidity risks[100]. - The company has not reported any significant changes in the feasibility of its investment projects during the reporting period[77]. - The company has not encountered any major changes in the expected benefits from its investment projects[77]. Environmental and Social Responsibility - The company has established a wastewater treatment facility with a design capacity of 360 m³/d, utilizing A/O biological contact oxidation technology[141]. - The company’s emissions of major pollutants have not exceeded the national standards, including COD at 18 mg/L and nitrogen oxides at 191 mg/L[141]. - The company has set up six specialized environmental emergency response teams and conducts regular training for staff[143]. Corporate Governance - The company’s board of directors and supervisory board have undergone re-election, with new appointments made for key management positions[147]. - The company appointed new management, including a new CFO and general managers for various departments, effective June 28, 2019[173]. - The company has maintained its stock option grants, with no new grants issued during the reporting period[171].

Financial Performance - Total revenue for Q1 2019 reached ¥652,959,215.50, an increase of 11.41% compared to ¥586,077,858.98 in the same period last year[7] - Net profit attributable to shareholders was ¥30,931,158.89, up 18.87% from ¥26,020,104.70 year-on-year[7] - Net profit excluding non-recurring gains and losses was ¥10,409,195.73, representing a significant increase of 43.20% from ¥7,268,932.20 in the previous year[7] - Basic earnings per share increased by 25.00% to ¥0.05 from ¥0.04 year-on-year[7] - The total profit for the quarter was 48.89 million CNY, up 41.29% compared to the same period last year[41] - The company reported a total comprehensive income of CNY 42,974,449.63 for Q1 2019, compared to CNY 29,555,716.87 in Q1 2018, marking a growth of 45.5%[87] Cash Flow and Assets - The net cash flow from operating activities improved to -¥127,987,505.12, a 48.27% reduction in losses compared to -¥247,423,957.18 in the same period last year[7] - The company's cash and cash equivalents at the end of the period increased by 77.03% year-on-year, primarily due to reduced procurement and project cooperation payments[40] - As of March 31, 2019, cash and cash equivalents amounted to CNY 517,020,227.95, down from CNY 650,107,401.81 at the end of 2018[75] - Total assets at the end of the reporting period were ¥8,773,329,208.41, reflecting a 1.71% increase from ¥8,625,609,051.81 at the end of the previous year[7] - The total liabilities increased to CNY 4,718,086,161.40 from CNY 4,613,340,454.43, representing a growth of about 2.27%[77] Investments and R&D - Research and development expenses increased by 47.81% year-on-year, driven by higher investment in R&D[25] - The company is advancing several new drug research projects, including KX02 for malignant glioma and STP705 for skin wound healing, which are crucial for future product development[50] - The company reported an investment income of CNY 17,268,247.39, significantly higher than CNY 6,292,500.00 in Q1 2018[84] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,181[11] - The largest shareholder, Guangzhou Kunlun Investment Co., Ltd., held 34.24% of the shares, amounting to 226,488,046 shares[11] Operational Developments - The company has established a "1234 management system" to enhance operational efficiency, including monthly financial analysis meetings and daily sales progress reports[45] - Multiple traditional Chinese medicine GAP planting bases have been established across several provinces, with production in Sichuan and Ningxia now operational, contributing to business scale expansion[46] - The company is exploring the "Smart Traditional Chinese Medicine" concept, integrating big data, IoT, AI, and cloud computing technologies[48] Financial Obligations and Liabilities - Short-term borrowings increased by 32.12% compared to the beginning of the year, indicating a rise in short-term funding needs[22] - Current liabilities rose to CNY 3,324,131,586.17 compared to CNY 3,222,436,154.01, an increase of about 3.16%[77] - The company has no overdue commitments or guarantees during the reporting period[71] Legal and Regulatory Matters - The company is currently involved in an ongoing lawsuit regarding investment rights, with the court hearings having commenced but no verdict reached as of the report date, indicating a degree of uncertainty[56] Strategic Partnerships - The company has entered into agreements with ATHENEX, INC. for the TCRT cell therapy technology, which includes receiving $5 million worth of ATHENEX stock and a 45% equity stake in AXIS THERAPEUTICS LIMITED, along with potential milestone payments of up to $11 million[60] - The company has approved an investment of CNY 100 million in Guangzhou Huacheng Venture Capital Partnership and acquired an 18% stake in Guangzhou Jiade Equity Investment Fund Management Co., Ltd. for CNY 5.4 million[61]

Financial Performance - The company's operating revenue for 2018 was CNY 2,504,252,347.86, representing a 14.49% increase compared to CNY 2,187,317,438.23 in 2017[13] - The net profit attributable to shareholders decreased by 14.41% to CNY 56,439,310.90 from CNY 65,939,178.02 in the previous year[13] - The net profit after deducting non-recurring gains and losses improved by 69.71%, reaching CNY -46,041,461.71, compared to CNY -152,002,443.89 in 2017[13] - The net cash flow from operating activities was CNY 91,238,235.40, down 16.70% from CNY 109,533,184.46 in 2017[13] - The total assets at the end of 2018 were CNY 8,625,609,051.81, a decrease of 6.66% from CNY 9,240,686,910.78 at the end of 2017[13] - The net assets attributable to shareholders were CNY 3,430,590,952.90, down 0.90% from CNY 3,461,903,105.18 in 2017[13] - The basic earnings per share for 2018 were CNY 0.09, a decrease of 10.00% from CNY 0.10 in 2017[13] - The company reported a significant quarterly fluctuation in net profit, with a loss of CNY 35,448,843.53 in Q4 2018, contrasting with profits in the first three quarters[15] - The weighted average return on net assets was 1.64%, down from 1.92% in 2017[13] - The company reported a net profit of ¥102,480,772.61 for the year 2018, a decrease from ¥217,941,621.91 in 2017[20] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.34 per 10 shares, totaling CNY 22,000,000.00 based on 652,708,731 shares[4] - The total cash dividend for 2018 was 94,078,396.81, representing 166.70% of the net profit attributable to ordinary shareholders[166] - In 2018, the cash dividend amount was 22,192,096.85, which accounted for 39.32% of the net profit attributable to ordinary shareholders[166] - The cash dividend payout ratio increased from 30.09% in 2017 to 39.32% in 2018[166] - The company did not propose a cash dividend distribution plan for the year despite having positive distributable profits[166] Business Operations and Strategy - The company’s main business includes the research, production, and sales of modern traditional Chinese medicine, with a focus on four major product series: antiviral oral liquid, Banlangen granules, Qihong series traditional Chinese medicine, and traditional Chinese medicine pieces[23] - The company has established a full industry chain layout in the "healthcare industry," focusing on upstream ecological planting bases and downstream pharmaceutical distribution enterprises[23] - The company plans to develop new methods for specific T-cell adoptive immunotherapy targeting tumors, aiming for a comprehensive clinical precision treatment system[23] - The company’s sales model is shifting from a distributor model to direct management of end customers, enhancing control over sales terminals[30] - The company has established a stable supplier base for raw materials through strategic procurement and long-term partnerships[28] - The company’s production strictly adheres to national GMP standards, ensuring compliance with quality regulations[29] - The company has a strong research and development capability, recognized as a high-tech enterprise by various government bodies, and collaborates with prestigious institutions such as Tsinghua University and Hong Kong University[48] - The company has developed a unique fingerprinting technology for antiviral oral liquids, contributing to national standards in this area[49] - The company aims to modernize traditional Chinese medicine and enhance core product marketing management, focusing on sustainable development of proprietary Chinese medicine[133] - The strategic plan includes expanding the precision medicine industry chain and collaborating with top-tier hospitals for clinical research[134] Research and Development - The company emphasizes R&D as a key driver for growth, actively engaging in technology innovation and collaboration with research institutions[31] - The company has a dedicated R&D department with an academician workstation, a postdoctoral workstation, and an engineering technology research center[48] - The company plans to strengthen its R&D innovation system and increase investment in key products, including specific T-cell therapy and broad-spectrum antiviral agents, to accelerate the commercialization of these projects[140] - The company’s R&D investment amounted to ¥112,868,911.75, accounting for 4.51% of total revenue[88] - The number of R&D personnel increased to 634, representing 17.80% of the total workforce[89] Market Performance - The pharmaceutical manufacturing industry achieved a revenue of 2,426.47 billion yuan in 2018, with a year-on-year growth of 12.4%[35] - The profit margin for the pharmaceutical manufacturing industry was 12.90%, an increase of 1.14 percentage points compared to the previous year[35] - The company’s revenue from traditional Chinese medicine antiviral oral liquid increased compared to the same period last year due to the impact of the flu pandemic[32] - The pharmaceutical manufacturing segment generated revenue of 57,783.33 million RMB, up 22.85% year-on-year, while the traditional Chinese medicine segment reported revenue of 92,485.25 million RMB, an increase of 13.95%[52] - The sales of antiviral oral liquid increased by 21.30%, and the sales of orange peel products rose by 18.21%[53] - The company is focusing on expanding its market presence, particularly in the Southwest region, which saw a revenue increase of 48.52%[73] Financial Health and Investments - The company’s cash and cash equivalents decreased by 54.02% year-on-year, primarily due to the repayment of short-term financing bonds[39] - The company’s total investment in 2018 was ¥553,455,643.13, a decrease of 45.27% from the previous year[103] - The company raised a total of RMB 1,588,905,442.76 through a rights issue, with a net amount of RMB 1,557,653,539.76 after deducting related issuance costs[113] - The company reported an interest income of RMB 11.70 million from the funds raised, which was used to supplement working capital[116] - The company has a 100% ownership stake in the investment of CNY 50,000,000.00 in Maoming Hengyi Investment Co., Ltd.[107] - The company has a related party loan with a balance of 5,691.35 million CNY, which is classified as a business loan[192] Risks and Challenges - The company faces risks from policy changes in the healthcare sector, which could impact its operations and market dynamics[145] - The company is also exposed to intensified market competition due to the rapid expansion of the industry and the emergence of new business models[146] - Fluctuations in the prices of traditional Chinese medicinal materials pose a risk to the company's trading and production operations, although strategic measures have been implemented to mitigate this[147] - The lengthy and uncertain process of new drug development presents significant risks, including potential failures in clinical trials and regulatory approvals[149] - The increase in asset impairment losses poses a risk to the company's profits, prompting a focus on optimizing strategic investment management[151] Corporate Governance and Compliance - The company is committed to improving internal controls and investor relations, enhancing transparency and governance practices[67] - The company will improve its internal control systems and governance structures to ensure compliance and risk management, while optimizing asset structures and financing channels[144] - The company has adhered to all commitments made by its controlling shareholders and related parties during the reporting period[170] - The company has faced litigation risks, including a pending lawsuit regarding investment rights and two concluded lawsuits related to overdue loans totaling 70 million RMB[155] - The company is involved in several ongoing litigation cases, including a dispute with Changbai Mountain Ginseng Market involving a claim of RMB 70 million, where the company has won the case[181]

广州市香雪制药股份有限公司 2018 年第三季度报告全文 证券代码：300147 证券简称：香雪制药 公告编号：2018-071 广州市香雪制药股份有限公司 2018 年第三季度报告 2018 年 10 月 1 广州市香雪制药股份有限公司 2018 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王永辉、主管会计工作负责人陈炳华及会计机构负责人(会计主 管人员)卢锋声明：保证季度报告中财务报表的真实、准确、完整。 2 广州市香雪制药股份有限公司 2018 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末 | | --- | --- | --- | --- | --- | | | | | | 增减 | | 总资产（元） | 8,836,380,075.36 | | 9,240 ...

Financial Performance - Total revenue for the reporting period was ¥1,233,202,328.91, representing a 10.36% increase compared to ¥1,117,451,236.24 in the same period last year[22]. - Net profit attributable to shareholders was ¥53,805,501.60, up 10.75% from ¥48,581,702.58 year-on-year[22]. - Net profit after deducting non-recurring gains and losses decreased by 69.82% to ¥7,842,166.94 from ¥25,981,822.50 in the previous year[22]. - The net cash flow from operating activities was negative at -¥316,205,985.36, a decline of 600.56% compared to -¥45,136,067.13 last year[22]. - Total assets increased by 4.95% to ¥9,697,766,342.90 from ¥9,240,686,910.78 at the end of the previous year[22]. - The net assets attributable to shareholders decreased by 0.23% to ¥3,453,774,655.99 from ¥3,461,903,105.18 at the end of the previous year[22]. - The company achieved operating revenue of 1,233.20 million RMB in the first half of 2018, representing a year-on-year growth of 10.36%[48]. - The total profit reached 76.62 million RMB, with a slight increase of 0.06% compared to the previous year[48]. - The pharmaceutical manufacturing segment generated revenue of 304.49 million RMB, up 16.33% year-on-year[48]. Investment and Expansion - The company has expanded its business operations across multiple provinces, including Hong Kong and various regions in mainland China, enhancing its strategic layout in the traditional Chinese medicine industry[7]. - The company is actively expanding its precision medical industry chain through acquisitions and investments, including a 45% stake in Guangzhou Dudes Biotechnology Co., Ltd. for 45 million RMB[53]. - The company is developing a new traditional Chinese medicine product for coronary heart disease, which has received clinical trial approval[51]. - The company has invested RMB 182,306,414.23 in various projects, with a cumulative actual investment of RMB 1,028,216,694.62[78]. - The company has invested in ecological planting bases in Ningxia, Yunnan, and Huazhou to secure the supply and quality of raw materials, mitigating risks related to supply shortages and price fluctuations[107]. - The company has established a wholly-owned subsidiary, Guangzhou Xiangxue Health Industry Equity Investment Management Co., Ltd., with an investment of RMB 10 million to serve as an investment management platform for mergers and acquisitions in the pharmaceutical and medical industry[170]. Research and Development - The company focuses on the research, production, and sales of modern traditional Chinese medicine and has expanded its product line to include antiviral oral liquids and other traditional Chinese medicine products[29]. - Future strategies include deep research in precision medicine and the development of specific T-cell adoptive immunotherapy methods targeting tumors[29]. - The company has established a high-level research team and has partnerships with prestigious institutions to enhance its R&D capabilities[45]. - The company’s R&D investment increased by 7.35% to ¥48,977,315.39 from ¥45,622,768.44 in the previous year[62]. - The company received approval for clinical trials of its newly developed compound traditional Chinese medicine, Shuanglong Baoxin Fang, from the National Medical Products Administration[171]. Market Strategy - The company reported a significant impact on growth due to intensified market competition, particularly for its core products, with a focus on enhancing marketing strategies and expanding sales outside its home province[5]. - The company's sales model is shifting from a distributor model to a self-operated sales model, aiming for direct management of end customers, which will enhance market control significantly[36]. - The company’s sales model is expected to further enhance its market control as the concentration of domestic chains continues to rise[36]. - The company aims to expand its sales scale beyond provincial boundaries and develop new product categories to drive growth[109]. - The company has a competitive advantage with exclusive products like the orange phlegm cough syrup and children's digestive oral liquid, while its antiviral oral liquid is a nationally recognized traditional Chinese medicine for cold treatment[111]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares for the reporting period, indicating a focus on reinvestment[10]. - The company has committed to not directly or indirectly invest in financial assets or companies primarily engaged in trading securities, ensuring compliance with its fundraising usage plan[123]. - The company has a commitment from its major shareholder to bear any tax liabilities arising from corporate income tax adjustments, ensuring financial stability[125]. - The company has reported restricted assets totaling CNY 954,189,239.49 due to various collateral arrangements[71]. - The company has ongoing litigation with a claim of 30 million yuan, which is yet to be heard in court, indicating potential future financial implications[130]. Legal and Compliance - The company is currently involved in several lawsuits, including one for 14.566 million RMB related to investment losses and another for 70 million RMB in overdue loans[117]. - The company has not undergone any bankruptcy reorganization during the reporting period, indicating financial health[129]. - The half-year financial report has not been audited, which may affect the perception of financial transparency[128]. - The company has no significant litigation or arbitration matters affecting its financial position[135]. - The company has no significant changes in the integrity status of its controlling shareholders[134]. Assets and Liabilities - The company has a total of 187 trademarks and 140 patents, including 64 invention patents, indicating strong intellectual property capabilities[41]. - The company’s goodwill stood at CNY 646,660,524.20, which is 6.67% of total assets, slightly down from CNY 635,814,977.14 (7.44%) last year, indicating a decrease of 0.77%[69]. - The company has accounts payable to related parties totaling 23,575 million yuan and 7,150 million yuan, with a remaining balance of 10,075 million yuan and 3,575 million yuan respectively[142]. - The total loan balance for the company is 260,469,000 CNY, with a total of 257,149,000 CNY in loans from various banks[159]. Corporate Governance - The company has made commitments to avoid any direct or indirect competition with its subsidiaries, ensuring a clear operational focus[125]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[188][189]. - The total number of common shareholders at the end of the reporting period was 35,030[186]. - The largest shareholder, Guangzhou Kunlun Investment Co., Ltd., holds 34.11% of shares, totaling 225,649,476 shares, all of which are pledged[186]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[162]. - The wastewater discharge concentration is 7.23 mg/L, compliant with the discharge standards[162].

Financial Performance - Total revenue for Q1 2018 reached ¥586,077,858.98, an increase of 21.63% compared to ¥481,854,780.37 in the same period last year[7] - Net profit attributable to shareholders was ¥26,020,104.70, up 15.51% from ¥22,525,853.85 year-on-year[7] - The net profit after deducting non-recurring gains and losses was ¥7,268,932.20, a significant increase of 270.30% compared to a loss of ¥4,268,432.53 in the previous year[7] - Basic earnings per share rose to ¥0.04, reflecting a 33.33% increase from ¥0.03 in the same period last year[7] - The total profit for the period was CNY 34.60 million, a slight decrease of 0.83% compared to the previous year[50] - The net profit attributable to shareholders was CNY 26.02 million, reflecting a year-on-year growth of 15.51%[50] - The profit attributable to the parent company's shareholders was CNY 26,020,104.70, compared to CNY 22,525,853.85 in the same period last year, marking an increase of 15.6%[99] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥247,423,957.18, a decline of 634.96% compared to -¥33,665,157.42 in the previous year[7] - Cash flow from operating activities decreased significantly by 634.96% due to increased prepayments for herbal medicine procurement and business-related payments[43] - The company reported a cash inflow from investment activities of 425,000,000.00 CNY, up from 110,113,219.18 CNY year-over-year[110] - The cash flow from operating activities showed a significant decline, indicating potential challenges in operational efficiency[110] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,254,947,286.28, a slight increase of 0.15% from ¥9,240,686,910.78 at the end of the previous year[7] - The company's total assets increased to CNY 7,909,982,223.65 from CNY 7,631,748,037.96, reflecting a growth of 3.7%[96] - Total liabilities rose to CNY 4,744,681,519.40, up from CNY 4,432,436,994.42, indicating an increase of 7.0%[96] - The company's cash and cash equivalents decreased from RMB 1.41 billion at the beginning of the period to RMB 806.24 million[90] Investments and Development - The company plans to expand its market share by reforming its marketing model and developing new product categories[10] - The company signed a strategic cooperation framework agreement with GE Healthcare to enhance its cell therapy production capabilities[53] - The company invested CNY 45 million to acquire a 45% stake in Guangzhou Dudes Biotechnology Co., which specializes in cell storage technology[55] - The company has made significant progress in the development of new drugs, including KX02 for glioblastoma treatment, which has received clinical trial approval and is preparing for clinical trials[57] - The company is conducting preclinical research for a new peptide drug aimed at preventing respiratory viral infections, which is part of its new drug development strategy[57] Risks and Challenges - The company is facing risks from industry policy changes and increasing market competition, which may impact its market position[9][10] - The company is facing potential risks and difficulties that may adversely affect future operations, as detailed in the report[61] - The company is involved in a lawsuit regarding investment rights with Kangxiang Co., Ltd., which is currently being processed by the Guangdong High People's Court[63] Shareholder and Equity Information - The company has not made significant adjustments to its 2018 annual business plan and is steadily progressing with its key work plans[60] - The cash dividend distribution plan for 2017 was approved, with a total cash dividend of CNY 19,844,290.05, distributing CNY 0.3 per 10 shares based on a total share capital of 66,147.6335 million shares[74] - The actual controller of the company increased her shareholding by 482,600 shares at an average price of 7.98 CNY per share[83] Operational Efficiency - The company has implemented a "group control" management model to enhance operational efficiency amid rapid business expansion[13] - The company reported a total operating profit of CNY -11.09 million, an improvement from a loss of CNY 29.89 million in the same period last year[102] - The company incurred sales expenses of CNY 27.41 million, significantly higher than CNY 10.13 million in the same period last year, reflecting an increase of approximately 170.5%[102]

广州市香雪制药股份有限公司 1 广州市香雪制药股份有限公司 2017 年第三季度报告全文 2017 年第三季度报告 2017 年 10 月 第一节 重要提示 广州市香雪制药股份有限公司 2017 年第三季度报告全文 证券代码：300147 证券简称：香雪制药 公告编号：2017-093 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王永辉、主管会计工作负责人陈炳华及会计机构负责人(会计主 管人员)卢锋声明：保证季度报告中财务报表的真实、准确、完整。 2 广州市香雪制药股份有限公司 2017 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 8,626,667,814.27 | 7,988,726,909.74 | | ...

Financial Performance - Total revenue for the reporting period was ¥1,117,451,236.24, representing a 37.23% increase compared to ¥814,319,507.15 in the same period last year[24]. - Net profit attributable to shareholders decreased by 8.70% to ¥48,581,702.58 from ¥53,208,206.94 year-on-year[24]. - Net profit after deducting non-recurring gains and losses fell by 46.36% to ¥25,981,822.50 compared to ¥48,438,391.28 in the previous year[24]. - The net cash flow from operating activities improved by 58.17%, reaching -¥45,136,067.13, compared to -¥107,893,020.80 in the same period last year[24]. - Total assets increased by 6.92% to ¥8,541,767,201.47 from ¥7,988,726,909.74 at the end of the previous year[24]. - Net assets attributable to shareholders rose by 1.39% to ¥3,443,945,556.67 from ¥3,396,595,812.82 at the end of the previous year[24]. - The total profit for the period was CNY 76.57 million, reflecting a slight increase of 0.28% year-on-year, while net profit attributable to shareholders decreased by 8.7% to CNY 48.58 million[57]. - The gross profit margin for the pharmaceutical manufacturing segment was 42.14%, a decrease of 5.74% year-on-year[74]. - The gross margin for the last quarter was reported at 42%, a slight increase from 40% in the previous quarter[109]. Investment and Projects - The company has initiated multiple construction projects in regions such as Ningxia, Yunnan, Sichuan, and Guangdong, focusing on traditional Chinese medicine and health industry parks, although there are uncertainties regarding project selection and profitability[6]. - The company is focusing on the feasibility of projects to ensure they can be implemented quickly and will control investment scales to mitigate risks[7]. - The company’s fixed asset scale is gradually increasing, and there is a risk that these assets may not generate the expected returns, impacting profitability[7]. - The company has successfully completed the transfer of land use rights and related assets for the Guangzhou Biological Island project, with a total investment of RMB 157.28 million[123]. - The company’s total investment during the reporting period was CNY 462,635,808.70, reflecting a 5.11% increase compared to CNY 440,157,413.71 in the same period last year[83]. - The company is expanding its pharmaceutical health industry projects across various regions, which may carry risks related to project selection and execution[120]. Risk Management - The company reported significant risks related to accounts receivable, with a large amount outstanding as of June 30, 2017, potentially leading to liquidity or bad debt risks if not managed effectively[5]. - There are ongoing litigation risks, including two pending loan-related lawsuits and one concluded investment-related lawsuit, with a low expected risk of losing[8]. - The company is facing risks related to the potential impairment of assets if the complete transfer of assets is not finalized, which could negatively impact financial performance[124]. - The company is exposed to raw material price fluctuations due to the natural growth characteristics of traditional Chinese medicine materials, which can impact production and operational stability[116]. - The company is at risk of increased competition in the market, particularly for its non-exclusive products, which may lead to sustained performance declines[115]. Research and Development - The company focuses on the research, production, and sales of modern traditional Chinese medicine and has expanded its product line to include various health products and medical devices[32]. - The company is actively investing in upstream ecological planting bases and downstream pharmaceutical distribution enterprises, forming a complete industrial chain in the healthcare sector[32]. - The company obtained clinical trial approval for two key projects: KX02 for treating glioblastoma and STP705 for scar-free healing of skin wounds[70]. - Research and development expenses slightly decreased by 2.07% to ¥45,622,768.44, indicating a focus on optimizing resource allocation[72]. - The company is investing in new drug research and development, facing risks related to funding, technology, and regulatory approvals[118]. Corporate Governance - The company’s management has confirmed the accuracy and completeness of the financial report, ensuring accountability for any misstatements[3]. - The company will not distribute cash dividends or issue bonus shares for the reporting period[9]. - The company has not reported any changes in its registered address or contact information during the reporting period[20]. - The company has not reported any significant litigation issues during the reporting period[100]. - The company has not encountered any issues or other situations in the disclosure of raised fund usage[96]. Market Strategy - The sales model has shifted from a distributor model to a self-operated sales model, enhancing direct control over sales terminals[39]. - The company plans to focus on precision medicine and explore market potential in specific segments[32]. - The company plans to enhance its core competitiveness by focusing on market-oriented strategies and technological innovation[45]. - The company is expanding its market presence in Asia, targeting a 15% increase in market share by the end of the fiscal year[109]. - The company plans to increase its marketing budget by 25% to support the launch of new products and enhance brand visibility[109]. Shareholder Information - The total number of shareholders at the end of the reporting period was 38,384, with 10 shareholders holding more than 5%[188]. - The largest shareholder, Guangzhou Kunlun Investment Co., Ltd., holds 34.11% of the shares, totaling 225,649,476 shares[188]. - The company’s stock options for executives were unlocked at a rate of 25% at the beginning of the year[182]. - The company has not conducted any repurchase transactions among the top ten ordinary shareholders during the reporting period[190]. - The company has not reported any new product or technology developments in the provided documents[196].