Financial Performance - The company's revenue for Q1 2022 was ¥123,340,760.08, representing a 6.83% increase compared to ¥115,456,600.40 in the same period last year[4] - The net profit attributable to shareholders was -¥24,409,475.07, a decrease of 22.61% from -¥19,908,114.39 year-on-year[4] - The company's basic earnings per share decreased by 25.00% to -¥0.05 from -¥0.04 in the same period last year[4] - Net loss for Q1 2022 was CNY 24,409,475.07, compared to a net loss of CNY 19,908,114.39 in Q1 2021, indicating a deterioration in financial performance[28] - The comprehensive income attributable to the parent company's owners for Q1 2022 was -73,058,069.38 CNY, compared to -45,349,095.05 CNY in the same period last year, reflecting a decline[29] Cash Flow - The net cash flow from operating activities was -¥36,899,357.21, reflecting a 21.18% decline compared to -¥30,451,157.09 in the previous year[4] - Cash inflow from operating activities totaled 169,602,753.13 CNY, up from 131,836,228.43 CNY year-over-year, indicating a growth of approximately 28.6%[31] - Cash outflow from operating activities was 206,502,110.34 CNY, compared to 162,287,385.52 CNY in the previous year, resulting in a net cash flow from operating activities of -36,899,357.21 CNY, worsening from -30,451,157.09 CNY[31] - The net increase in cash and cash equivalents for the period was 18,306,773.64 CNY, down from 35,851,527.92 CNY year-over-year[32] - The ending balance of cash and cash equivalents was 103,317,418.33 CNY, compared to 176,425,786.25 CNY at the end of the same period last year[32] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,737,202,545.50, down 4.91% from ¥1,826,985,153.57 at the end of the previous year[5] - Total liabilities decreased to CNY 259,521,481.24 from CNY 276,246,019.93 in the previous year[25] - The company's trading financial assets decreased to ¥301,522,904.80 from ¥381,456,190.48, reflecting a decline of about 21%[23] - The total equity attributable to shareholders decreased to CNY 1,477,681,064.26 from CNY 1,550,739,133.64 in the previous year[26] Research and Development - The company's R&D expenses increased by 35.68% to ¥1,824,098.27 due to new capitalized R&D projects[9] - Research and development expenses for Q1 2022 were CNY 58,460,631.70, slightly up from CNY 58,287,906.19 in the same period last year[26] Other Financial Metrics - The company's cash received from other operating activities increased by 454.92% to ¥8,912,476.53, primarily due to funding from a key project in Beijing[12] - The company reported a significant increase in other current assets by 1942.99%, totaling an increase of ¥15,347,225.35, attributed to fixed-income financial products purchased during the period[8] - The company's accounts receivable decreased by 33.34%, amounting to a reduction of ¥39,717,041.88, mainly due to improved sales collections[8] - The company's accounts receivable notes increased from ¥38,759,245.44 to ¥43,667,923.97, showing an increase of about 12.5%[23] - Other comprehensive loss for Q1 2022 was CNY 48,648,594.31, compared to a loss of CNY 25,440,980.66 in Q1 2021[28] Shareholder Information - The total number of restricted shares at the end of the period was 5,744,193, with 5,213,820 shares released during the period[17] - The company was unable to complete the issuance of shares to specific targets within the approval period, leading to the expiration of the registration approval[19] Clinical Trials - The company completed the first administration of the STSA-1002 injection in a Phase I clinical trial for severe COVID-19 on January 13, 2022[18] - The first administration of the BDB-001 injection for ANCA-associated vasculitis was completed on February 25, 2022[20] - The company received a drug production license change approval on March 18, 2022, allowing for an increase in production scope and address[20] Audit Status - The first quarter report was not audited[33]

Financial Performance - The company achieved a sales revenue of 584 million yuan in 2021, representing a significant increase of 37.41% compared to the previous year[5]. - The company's operating revenue for 2021 was CNY 584,291,440.90, representing a 37.41% increase compared to CNY 425,212,063.31 in 2020[29]. - The net profit attributable to shareholders for 2021 was a loss of CNY 137,400,196.24, a slight increase in loss of 3.29% from a loss of CNY 133,018,778.36 in 2020[29]. - The net cash flow from operating activities was a negative CNY 162,071,000.83, which is a 41.43% decline compared to a negative CNY 114,597,698.41 in 2020[29]. - The total assets at the end of 2021 were CNY 1,826,985,153.57, a decrease of 1.57% from CNY 1,856,205,798.74 at the end of 2020[30]. - The basic earnings per share for 2021 was -CNY 0.29, a decrease of 3.57% from -CNY 0.28 in 2020[30]. - The company reported a total of CNY 3,045,180.72 in non-recurring gains and losses for 2021, down from CNY 11,292,379.97 in 2020[36]. - The gross profit margin for the pharmaceutical manufacturing industry was 80.90%, a decrease of 0.84% from the previous year[75]. - The company reported a total revenue of 12.33 billion in 2021, an increase from 11.69 billion in 2020, representing a growth of approximately 5.5%[181]. - The company reported a total revenue of 1.5 billion RMB for the year 2021, representing a year-on-year growth of 20%[189]. Research and Development - Research and development expenses reached 363 million yuan, a substantial increase of 48.76% year-on-year[5]. - The company plans to maintain a high level of R&D investment in the near future to support the advancement of clinical projects and commercialization efforts[6]. - The company is focusing on the development of innovative drugs, particularly in the fields of infectious diseases, autoimmune diseases, and neurological disorders[45]. - The company has a comprehensive R&D pipeline that includes monoclonal antibodies, gene therapy, and chemical drugs[44]. - The R&D team consists of 316 members, accounting for 36.20% of total employees, with 53.48% holding master's degrees and 14.87% holding doctoral degrees, ensuring a strong foundation for continuous innovation[61]. - The company is actively advancing clinical trials for multiple innovative biological drugs, including BDB-001 and STSA-1002, with ongoing projects in various stages of development[67]. - The company is committed to continuous innovation and providing safe and effective therapeutic drugs to contribute to human health[45]. - The company plans to accelerate its R&D efforts, focusing on advancing pipeline projects currently in Phase I and II/III clinical trials, with an emphasis on innovative drug development[123]. - The company invested 200 million RMB in research and development, which is 13% of total revenue, to support new technology advancements[189]. - The R&D expenditure for new products and technologies was 300 million RMB, accounting for 20% of total revenue[199]. Market and Product Development - The company is focusing on expanding its market presence in the biopharmaceutical sector, which is considered a strategic emerging industry in China[40]. - The company has experienced a continuous increase in healthcare demand due to rising living standards and an aging population[40]. - The company aims to expand its market presence by transitioning from generic drugs to innovative drugs, driven by new procurement policies[41]. - The marketing system has resumed orderly operations, leading to a significant recovery in sales for the main products, Shutaqing and Sutai Sheng, which have moved away from the sales lows of 2020[55]. - The company is exploring new retail models and preparing for the commercialization of potential new products, which may further enrich its revenue structure in the future[55]. - The company is focusing on expanding its market presence in the bowel preparation and constipation treatment sectors, with ongoing product development in these areas[64]. - The company is exploring potential mergers and acquisitions to strengthen its market position and enhance its operational capabilities[181]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[189]. - The company is focusing on the development of a new cancer treatment, with clinical trials expected to commence in Q3 2022[199]. Challenges and Risks - The net profit for the reporting period was negative, primarily due to increased R&D expenses associated with ongoing projects[5]. - The pharmaceutical industry faces challenges from external policies such as centralized procurement and medical reform, which may impact production and sales[6]. - The company acknowledges the inherent risks in drug development, including long development cycles and market acceptance challenges[7]. - The company recognizes the risks associated with innovative drug development, including high investment and long development cycles, which could impact business and financial conditions[125]. - There is a significant risk of talent shortages in the biopharmaceutical industry, which could hinder the company's growth as it requires a large number of skilled technical and management personnel[125]. - The company faces market expansion and competition risks, relying on accurate estimates of disease prevalence and market acceptance for its drug development strategy[128]. - Continuous innovation in drug development is crucial; failure to launch new drugs or improve existing products may lead to a decline in market share and financial performance[128]. Governance and Management - The governance structure includes a board of directors with seven members, three of whom are independent directors, ensuring objective and fair decision-making[139]. - The company has established various specialized committees within the board, with independent directors holding a majority in most committees, enhancing decision-making quality[139]. - The supervisory board consists of three members, ensuring compliance and effective oversight of major transactions and financial conditions[140]. - The company adheres to legal and regulatory requirements in its governance practices, ensuring transparency and accountability in shareholder meetings[136]. - The company maintains independence from its controlling shareholder, ensuring no interference in decision-making or operational activities[138]. - The company emphasizes accurate and timely information disclosure, with the chairman as the primary responsible person for information disclosure[141]. - The company has established a dedicated team for investor relations, facilitating extensive communication and feedback from investors[141]. - The company has implemented a framework for related party transactions, ensuring transparency and compliance with regulations[149]. - The company has made adjustments to its fundraising projects and investment amounts, reflecting a proactive approach to financial management[148]. - The company has consistently approved the use of idle raised funds for purchasing principal-protected bank financial products or broker income certificates, maintaining a limit of RMB 60 million from 2018 to 2020[114][115]. Strategic Initiatives - The company aims to enhance its internal management mechanisms and core competitiveness to create conditions for long-term development in the face of challenges and opportunities in 2022[122]. - The company plans to enhance its market efforts, focusing on specialized promotion of innovative drugs and improving brand recognition and academic promotion levels[128]. - The company aims to innovate and improve its management model and incentive mechanisms to strengthen internal processes and reduce management risks[129]. - The company has established a new expert committee to guide its strategic initiatives and ensure compliance with industry standards[185]. - The company plans to allocate 18,300 million for supplementary working capital, fully utilizing the amount[106]. - The company is focusing on long-term strategic planning to ensure sustainable development while advancing R&D projects[172].

Revenue and Profitability - Revenue for Q3 2021 reached ¥153,679,651.05, an increase of 18.02% year-over-year, and cumulative revenue for the year-to-date was ¥426,311,803.88, up 43.93% compared to the same period last year[3] - Net profit attributable to shareholders was -¥65,999,771.49, a decrease of 183.87% year-over-year, with year-to-date net profit at -¥125,811,196.48, down 28.08%[3] - Basic earnings per share for Q3 2021 was -¥0.14, a decline of 180.00% year-over-year, and year-to-date basic earnings per share was -¥0.27, down 28.57%[4] - The net loss for the quarter was CNY 125,811,196.48, compared to a net loss of CNY 98,228,383.78 in the same quarter last year, reflecting a decline of 28.1%[35] - The total comprehensive loss for the quarter was CNY 180,407,452.82, compared to a loss of CNY 87,256,275.87 in the previous year[36] Research and Development - Research and development expenses increased by ¥98,133,251.60, representing a 69.47% rise year-over-year, due to ongoing R&D projects[10] - Research and development expenses totaled 241.75 million yuan in the first nine months of 2021, reflecting a significant increase of 65.00% compared to the previous year[19] - Research and development expenses surged to CNY 239,384,890.17, representing an increase of 69.5% compared to CNY 141,251,638.57 in the previous year[35] - The company announced that the injection of STSP-0601 entered Phase II clinical trials after successfully completing Phase I trials in August 2021[20] - The Phase I clinical trial results for STSP-0601 indicated good safety and tolerability in hemophilia patients with inhibitors, showing a dose-dependent effect on coagulation function[20] - BDB-001 injection received new drug clinical trial approval for ANCA-associated vasculitis in August 2021[21] - STSA-1005 injection obtained FDA clinical trial permission for severe COVID-19 treatment in September 2021[22] - STSA-1002 injection is the first project to achieve dual submission and approval in both China and the US for severe COVID-19 treatment[22] - The first subject in the STSA-1002 injection Phase I clinical trial was dosed in the US in September 2021[24] - The company plans to accelerate clinical development and commercialization of products in key areas such as infectious diseases and autoimmune diseases[25] - The company is actively promoting clinical research and development of drugs to meet unmet clinical needs[25] Cash Flow and Financial Position - Cash flow from operating activities showed a net outflow of -¥115,519,046.54, a decrease of 44.49% year-to-date[3] - Cash inflows from operating activities totaled CNY 431,388,799.42, compared to CNY 360,351,589.34 in the previous year[39] - The net cash flow from operating activities was -115,519,046.54 CNY, compared to -79,947,970.04 CNY in the previous year, indicating a decline in operational cash generation[40] - The net cash flow from investment activities improved to 130,725,769.58 CNY from -129,044,834.01 CNY year-over-year, reflecting a positive turnaround in investment returns[40] - Total cash and cash equivalents at the end of the period were 120,533,483.86 CNY, down from 191,141,624.02 CNY in the same quarter last year, showing a decrease of approximately 37%[41] - Cash inflow from financing activities was -35,203,488.77 CNY, a significant decrease from 47,665,466.66 CNY in the prior year, indicating challenges in raising funds[40] - The company received 18,312,960.00 CNY from investment absorption, marking a new source of cash inflow[40] - The cash outflow for investment activities totaled 668,249,297.02 CNY, down from 972,132,836.86 CNY, reflecting a reduction in capital expenditures[40] - The company experienced a foreign exchange loss of -44,008.74 CNY, which impacted the overall cash position[41] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥1,674,624,141.61, a decrease of 9.78% from the end of the previous year[4] - As of September 30, 2021, total current assets decreased to CNY 741.12 million from CNY 903.32 million at the end of 2020, a decline of approximately 17.96%[30] - Total assets decreased to CNY 1.67 billion as of September 30, 2021, down from CNY 1.86 billion at the end of 2020, a reduction of about 9.79%[30] - Total current liabilities decreased to CNY 167.51 million from CNY 208.20 million at the end of 2020, a decrease of approximately 19.54%[31] - Non-current liabilities totaled CNY 62.05 million as of September 30, 2021, compared to CNY 60.50 million at the end of 2020, an increase of about 2.56%[31] - The company's total equity attributable to shareholders decreased to CNY 1,445,056,936.91 from CNY 1,587,506,217.45 year-over-year[32] - The total liabilities and equity amounted to CNY 1,674,624,141.61, down from CNY 1,856,205,798.74 in the previous year[32] - Total liabilities increased to 268,699,581.29 CNY from 278,742,164.28 CNY, indicating a slight reduction in overall debt levels[45] - The company’s equity attributable to shareholders was 1,587,506,217.45 CNY, remaining stable compared to the previous year[46]

R&D Investment and Strategy - The company reported a significant increase in R&D investment, focusing on strategic new product development and exploratory research to enhance its pipeline [6]. - The company plans to optimize its R&D structure and prioritize key projects to improve efficiency and reduce risks associated with drug development [6]. - The company aims to improve its financial performance by aligning R&D projects with market demand to ensure better returns on investment [6]. - The company continues to focus on expanding its research capabilities through collaborations and partnerships in the biopharmaceutical sector [6]. - The company’s R&D model combines internal innovation with outsourced collaboration, ensuring steady and high-quality progress in ongoing projects [39]. - The company is focusing on enhancing R&D capabilities and optimizing project selection to mitigate risks associated with drug development and market acceptance [106]. - The company is exploring new product development and strategic acquisitions to expand its R&D pipeline [106]. Financial Performance - The company's operating revenue for the reporting period was ¥272,632,152.83, representing a 64.25% increase compared to ¥165,982,292.47 in the same period last year [23]. - The net profit attributable to shareholders was -¥59,811,424.99, an improvement of 20.23% from -¥74,978,074.17 in the previous year [23]. - The net cash flow from operating activities was -¥70,713,657.22, which is a decline of 31.63% compared to -¥53,720,421.08 in the same period last year [23]. - The total assets at the end of the reporting period were ¥1,716,470,817.35, down 7.53% from ¥1,856,205,798.74 at the end of the previous year [24]. - The net assets attributable to shareholders decreased by 6.02%, from ¥1,587,506,217.45 to ¥1,491,890,221.24 [24]. - The company reported a total revenue of 4,038.8 million yuan for the first half of 2021, with a year-on-year increase of 23.59% [142]. - The company reported a net profit margin improvement, although specific figures were not disclosed in the provided content [190]. Market Expansion and Acquisitions - The company is actively exploring mergers and acquisitions to expand its market presence and enhance its product offerings [6]. - The company is preparing for market expansion and new retail models through the establishment of a new subsidiary focused on health management [40]. - The company has completed a strategic acquisition of a smaller biotech firm for 300 million RMB, enhancing its R&D capabilities [116]. Product Development and Clinical Trials - The company is advancing several key research projects, including BDB-001 injection for COVID-19, which is currently in international multi-center II/III clinical trials with over 300 participants enrolled [33]. - The company has completed Phase I clinical trials for BDB-001 injection for moderate to severe hidradenitis suppurativa and is now in Phase II trials [33]. - The company has submitted new drug clinical trial applications for STSA-1002 and STSA-1005 in both China and the United States, with approvals received from the FDA and NMPA [33]. - The company is in the process of submitting clinical trial applications for additional products, indicating ongoing development efforts [49]. - The company has received approval for multiple clinical trials, including for treatments related to hidradenitis suppurativa and ANCA-associated vasculitis [49]. Financial Management and Investments - The company has established advanced drug development technology systems and intellectual property protections, enhancing its competitive edge in the industry [60]. - The total amount of raised funds is CNY 83,159.29 million, with CNY 22,018.88 million invested during the reporting period [80]. - The company has committed to various investment projects, with a total commitment of CNY 22,128 million [83]. - The company has not made any significant equity investments during the reporting period [76]. - The company is committed to low-risk investment strategies, ensuring the safety of its financial assets [97]. Environmental Compliance and Social Responsibility - Environmental compliance is being maintained, with all emissions below the regulatory limits, including a total CODcr discharge of 1.992 tons [121]. - The company actively engages in social responsibility, providing health education and material donations to vulnerable groups [130]. - The company adheres to environmental monitoring regulations, ensuring compliance with waste water and air pollution standards [126]. Corporate Governance and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting, as stated by its management team [4]. - The semi-annual financial report has not been audited [138]. - There were no significant litigation or arbitration matters during the reporting period [140]. - The company confirmed the timely fulfillment of commitments related to equity incentives for minority shareholders [141].

Financial Performance - In 2020, the company's total sales revenue was 425 million yuan, reflecting a significant decline due to the pandemic and the removal of a key product from the medical insurance catalog [5]. - The company's operating revenue for 2020 was ¥425,212,063.31, a decrease of 35.72% compared to ¥661,490,407.23 in 2019 [23]. - The net profit attributable to shareholders was -¥133,018,778.36, representing a decline of 587.26% from a profit of ¥27,299,424.22 in the previous year [23]. - The basic earnings per share were -¥0.28, down 566.67% from ¥0.06 in 2019 [23]. - The company achieved a total revenue of 425.21 million yuan, with a net profit attributable to shareholders of -133.02 million yuan, marking the first negative net profit since its listing [40]. - The company reported a significant decline in quarterly performance, with the fourth quarter revenue at ¥129,009,428.58, compared to ¥54,881,413.35 in the first quarter [26]. - The company experienced a negative net profit in all four quarters, with the highest loss in the second quarter at -¥50,240,076.64 [26]. Research and Development - R&D investment increased by over 50% as the company responded to the pandemic and advanced multiple clinical projects, including international multi-center clinical trials for BDB-001 [5]. - The ongoing R&D projects are expected to lead to a sustained increase in R&D investment in the near future [7]. - The company plans to focus on strategic new product development and exploratory research to expand its R&D pipeline [10]. - R&D investment reached 250.23 million yuan, accounting for 58.85% of total revenue, representing a year-on-year increase of 50.95% [40]. - The company has several innovative biological and chemical drugs in the early research and clinical pre-research stages, indicating a robust pipeline for future growth [40]. - The company employs a diverse R&D team of 299 members, with 58.53% holding master's degrees and 15.72% holding doctoral degrees, ensuring a strong foundation for continuous innovation [52]. - The company is actively engaged in technology cooperation with third-party institutions to accelerate new product development and technology transfer [51]. Market and Sales - The company continues to strengthen its marketing capabilities to effectively advance clinical projects into the next phase of commercialization [7]. - Sales revenue for Shutaqing (复方聚乙二醇电解质散) increased by 60% compared to the first half of the year, totaling 286 million yuan, which accounted for 67.30% of total revenue [36]. - Sales revenue for Sutaiseng (苏肽生) grew nearly 50% compared to the first half of the year, reaching 134 million yuan, contributing 31.50% to total revenue [36]. - The marketing system has intensified frontline sales efforts, despite the overall impact of the pandemic on drug sales [41]. - The company is focusing on expanding its market presence in the constipation treatment area while continuing to build its market in the bowel cleansing sector [55]. Financial Management - The company does not plan to distribute cash dividends or issue bonus shares for the year [12]. - The company has not identified any non-recurring gains or losses that would affect its financial reporting [30]. - The company has a diverse R&D pipeline focusing on treatments for neurological diseases, infectious diseases, and autoimmune diseases, with multiple proprietary Class I protein drugs and gene/cell therapies [48]. - The company has received government subsidies of RMB 2.6 million for the clinical research of "BDB-001 injection for the treatment of (2019-nCoV) infected patients" and RMB 9.8 million for the "Key technology achievement transformation of monoclonal antibody original innovative drugs" project [183]. - The company has consistently increased the limit for purchasing low-risk financial products, from RMB 2 billion in 2014 to RMB 6 billion in 2020 [170]. Strategic Initiatives - The company aims for a revenue target of no less than 471.5 million yuan in 2021, alongside obtaining at least three drug registration or clinical trial approvals, including two for innovative biological drugs [7]. - The company is focusing on enhancing its research and development capabilities to drive future growth and innovation [99]. - The company plans to expand its market presence through strategic acquisitions and investments in new technologies [99]. - The company is committed to leveraging the favorable environment created by the STAR Market to accelerate the development of the domestic pharmaceutical industry [116]. - The company is exploring the implementation of stock incentive mechanisms to motivate core personnel and align with strategic development goals [118]. Risks and Challenges - The innovative biopharmaceutical industry faces complex challenges due to policy changes and market dynamics, necessitating a focus on clinical value and differentiated competition strategies [7]. - The company emphasizes the importance of risk awareness regarding the lengthy and high-risk nature of drug development processes [9]. - The company is facing risks related to the development and market acceptance of innovative drugs, which may impact business and financial conditions [120]. - There is a risk of talent shortages in the biopharmaceutical industry, which could affect the company's ability to attract and retain high-quality technical and management personnel [120]. Corporate Governance - The company aims to enhance its governance structure and internal control systems to improve risk management capabilities [118]. - The company has maintained a continuous relationship with Tianheng Accounting Firm for 9 years, with an audit fee of CNY 700,000 for the current year [143]. - The company has not faced any major litigation or arbitration matters during the reporting period [145]. - The company has complied with the new revenue recognition standards effective from January 1, 2020, as mandated by the Ministry of Finance [140].

Financial Performance - The company's revenue for Q1 2021 was CNY 115,456,600.40, representing a 110.37% increase compared to CNY 54,881,413.35 in the same period last year[7] - The net profit attributable to shareholders was a loss of CNY 19,908,114.39, an improvement of 19.52% from a loss of CNY 24,737,997.53 in the previous year[7] - The basic earnings per share for the period was CNY -0.04, an improvement of 20.00% from CNY -0.05 in the same period last year[7] - The total comprehensive loss for Q1 2021 was CNY 45,349,095.05, compared to CNY 27,819,865.53 in the previous period[58] - The net profit for the first quarter of 2021 was -4,779,574.38 CNY, compared to -15,804,391.03 CNY in the same period last year, indicating an improvement in performance[61] - The total comprehensive income for the period was -4,779,574.38 CNY, compared to -15,804,391.03 CNY in the same quarter last year, indicating a significant reduction in losses[62] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -30,451,157.09, a decline of 213.12% compared to CNY 26,920,229.52 in the same period last year[7] - The company's cash received from investment recovery increased by 190.17 million yuan, a rise of 126.44% compared to the previous year[20] - The cash and cash equivalents at the end of the period increased to 176,425,786.25 CNY from 117,189,478.52 CNY, showing a positive change of approximately 50.5%[66] - The total cash outflow from operating activities was 162,287,385.52 CNY, which is an increase from 129,005,417.13 CNY in the previous year, reflecting a rise of approximately 25.8%[65] - The total assets at the end of the reporting period were CNY 1,798,103,861.17, down 3.13% from CNY 1,856,205,798.74 at the end of the previous year[7] - Current assets totaled CNY 850,927,684.98, down 5.79% from CNY 903,322,306.07 at the end of 2020[46] Research and Development - R&D expenses increased by 24.66 million yuan, a rise of 73.32% year-on-year, due to ongoing R&D projects[19] - The company is advancing multiple R&D projects, including STSA-1002 and STSA-1005 injections for COVID-19, with significant progress reported[22] - R&D investment increased significantly by 73.32% year-on-year, reflecting the company's commitment to advancing its pipeline projects[24] - The company completed Phase I clinical trials for BDB-001 injection and initiated Phase II clinical trials across four countries[22] - The company completed Phase I clinical trials for several key products, including BDB-001 injection and STSP-0601 injection, and is advancing to Phase II trials[25] Shareholder Information - The total number of shareholders at the end of the reporting period was 15,990[11] - The largest shareholder, Yizhao (Beijing) Pharmaceutical Technology Co., Ltd., held 37.21% of the shares, amounting to 177,152,363 shares[11] - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period[12] Investment and Funding - The total amount of raised funds is CNY 83,159.29 million, with CNY 1,686.61 million invested in the current quarter[36] - Cumulative investment of raised funds reached CNY 54,564.06 million[36] - The company has made significant investments in subsidiaries, including CNY 10,000 million for establishing a wholly-owned subsidiary in Sichuan[36] - The company has allocated 18,300 million RMB for permanent working capital supplementation, with no funds utilized for this purpose as of March 31, 2021[38] Financial Stability - The total liabilities decreased to CNY 255,946,738.77, down 4.83% from CNY 268,699,581.29[48] - The company’s total liabilities to equity ratio stands at approximately 16.61%, indicating a stable financial structure[48] - The company has not faced any overdue commitments from actual controllers, shareholders, or related parties during the reporting period[33] - The company has not reported any violations regarding external guarantees during the reporting period[39] Market Strategy - The company plans to enhance its market efforts and strengthen specialized promotion of innovative drugs[31] - The company emphasizes the importance of continuous innovation in the pharmaceutical market to maintain market share[31] - The company aims to improve its management model and incentive mechanisms to reduce management risks[32] - The company is focused on improving brand and product recognition to meet clinical needs[31] Compliance and Standards - The company has established a quality management system that meets EU standards for the production of monoclonal antibodies, facilitating clinical trials in Europe[28] - The company has adopted new leasing standards, impacting the financial statements starting from 2021[70] - The company has not adjusted the comparative financial statements for 2020 under the new leasing standards[78]

Financial Performance - Operating revenue for the reporting period was CNY 130,220,342.26, down 27.42% year-on-year, and year-to-date revenue decreased by 43.48% to CNY 296,202,634.73[7] - Net profit attributable to shareholders was a loss of CNY 23,250,309.61, representing a decline of 530.15% compared to the same period last year[7] - Basic earnings per share were -CNY 0.05, a decrease of 600.00% year-on-year[7] - The net cash flow from operating activities was -CNY 26,227,548.96, down 200.26% compared to the same period last year[7] - Total operating revenue for Q3 2020 was CNY 130,220,342.26, a decrease from CNY 179,423,521.70 in the previous period[50] - The net profit for the third quarter was a loss of CNY 23,250,309.61, compared to a profit of CNY 5,405,223.77 in the same period last year[52] - The total comprehensive income for the third quarter was a loss of CNY 42,300,785.63, compared to a loss of CNY 892,816.59 in the previous period[53] - The company reported a significant increase in financial expenses, with interest expenses recorded at -CNY 90,986.28 compared to CNY 345,452.39 in the previous year[55] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,816,487,572.34, a decrease of 2.47% compared to the end of the previous year[7] - Cash and cash equivalents decreased by CNY 161,472,268.08, a decline of 45.79% compared to the end of the previous year, primarily due to the purchase of financial products[17] - Trading financial assets increased by CNY 276,442,698.40, an increase of 100.52% compared to the end of the previous year, mainly due to the purchase of broker income certificates[17] - The total current assets decreased to CNY 980,699,957.86 from CNY 1,021,175,041.32, reflecting a reduction of about 4.0%[42] - Total liabilities increased to CNY 261,744,862.51 from CNY 239,614,599.32 year-over-year, reflecting a rise in financial obligations[48] - The total equity attributable to shareholders decreased to CNY 1,813,236,827.31 from CNY 1,882,331,772.71[48] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,050[11] - The largest shareholder, Yizhao (Beijing) Medical Technology Co., Ltd., held 37.21% of the shares, totaling 177,152,363 shares[11] - The company reported no changes in share capital due to new share issuance or other reasons during the reporting period[7] Research and Development - R&D expenses increased to CNY 52,928,009.10 from CNY 42,566,287.03 year-over-year, indicating a focus on innovation[51] - Research and development expenses increased to CNY 46,455,548.99, up from CNY 36,808,100.03 in the previous year, reflecting a focus on innovation[55] Government Support and Compliance - The company received government subsidies amounting to CNY 11,126,716.59 during the reporting period[9] - The company has ongoing compliance with commitments made during its initial public offering and subsequent financing[31] - The company is committed to maintaining transparency and compliance with regulatory requirements throughout its operations[30] Strategic Initiatives - The company is actively working on expanding its market presence and product offerings through strategic investments and partnerships[30] - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[55] Cash Flow - The net cash flow from operating activities was -79,947,970.04 CNY, compared to 65,927,669.33 CNY in the previous year, indicating a significant decline[68] - Total cash inflow from investment activities was 843,088,002.85 CNY, down from 1,741,050,665.60 CNY year-over-year[69] - The net cash flow from investment activities was -129,044,834.01 CNY, contrasting with a positive 94,955,346.07 CNY in the same period last year[69] Financial Health - The company’s retained earnings decreased to CNY 674,301,422.09 from CNY 746,286,909.87, reflecting challenges in profitability[48] - The company reported a decrease in cash flow from operating activities, with a net cash flow of -60,778,134.41 CNY for the year-to-date period[70] - The company incurred a tax expense of ¥12.12 million, up from ¥10.47 million in the previous year, reflecting increased tax obligations despite losses[61]

R&D Investment and Strategy - The company reported a significant increase in R&D investment, focusing on strategic new product development and exploratory research to enhance its pipeline [6]. - The company plans to optimize its R&D structure and prioritize key projects to improve efficiency and reduce risks associated with drug development [6]. - The company is actively exploring acquisition and collaboration opportunities to expand its R&D capabilities and product offerings [6]. - The company is committed to improving its R&D capabilities to align with market demands and enhance profitability [6]. - The company maintains a full industry chain model for drug development, from early exploratory research to commercialization, ensuring a steady and high-quality supply of products [30]. - The company’s R&D model combines internal innovation with outsourced collaboration, ensuring high-quality progress in ongoing projects [30]. - The company has a diverse and competitive R&D pipeline, including multiple proprietary Class I protein drugs and gene/cell therapy drugs, with several projects in clinical phases [37]. - The R&D team consists of 260 members, accounting for 33.51% of total employees, with 55.77% holding master's degrees and 13.85% holding doctoral degrees [38]. - The company has made significant progress in R&D, with several new drug candidates expected to enter IND registration in 2021, including STSP-0902 and other monoclonal antibody drugs [33]. - The company is focusing on improving R&D capabilities and optimizing project selection to mitigate risks associated with drug development [92]. Financial Performance - The company's operating revenue for the reporting period was ¥165,982,292.47, a decrease of 51.84% compared to the same period last year [19]. - The net profit attributable to shareholders was -¥74,978,074.17, representing a decline of 310.03% year-over-year [19]. - The net cash flow from operating activities was -¥53,720,421.08, a decrease of 235.08% compared to the previous year [19]. - The basic and diluted earnings per share were both -¥0.16, down 328.57% from ¥0.07 in the same period last year [19]. - Total assets at the end of the reporting period were ¥1,839,675,195.99, a decrease of 1.22% from the end of the previous year [19]. - The net assets attributable to shareholders were ¥1,590,494,347.32, down 2.74% from the previous year [19]. - The company reported a significant increase in financing cash flow, amounting to ¥47,822,333.33, compared to -¥385,652,064.33 in the previous year, mainly due to the absence of cash dividends paid in 2019 [52]. - The company reported a total revenue of 37,000 million RMB for the first half of 2020, with a net profit of -333,164.94 RMB [89]. - The company reported a total of 30,241 million yuan in comprehensive income for the current period, with a notable loss of 74.97 million yuan [189]. Market and Product Development - The company aims to enhance its market presence through strategic partnerships and new product launches in the upcoming periods [6]. - The company is advancing multiple innovative biological drugs and chemical drugs into clinical and preclinical stages, with three I-class innovative biological drugs in clinical phase I and one in international multi-center phase II/III [33]. - The company is focused on developing treatments for severe infections and autoimmune diseases, with multiple innovative drugs in the pipeline [38]. - The company aims to accelerate clinical research and commercialization of its products, including BDB-001 and STSP-0601, in response to the competitive domestic R&D environment [42]. - The company is exploring strategic new product development and partnerships to expand its R&D pipeline [92]. - The company plans to enhance its marketing efforts for innovative drugs, focusing on professional promotion and increasing brand awareness to meet clinical needs [95]. Risk Management - The company emphasizes the high risks associated with innovative drug development, including long development cycles and market acceptance challenges [6]. - The company is focused on addressing potential risks and implementing measures to mitigate them, ensuring sustainable growth [6]. - The company is addressing the risk of talent shortages by enhancing its human resource management and developing a talent cultivation system [93]. - The company estimates market opportunities based on disease prevalence and may face risks if these estimates are inaccurate [93]. - The company faces multiple competitive challenges in the innovative drug market, emphasizing the need for continuous new drug launches and improvements to maintain market share [94]. Corporate Governance and Transparency - The financial report indicates a commitment to maintaining transparency and accuracy in financial disclosures, with all board members present for the report's approval [4]. - The company is committed to avoiding conflicts of interest and ensuring fair pricing in any related transactions [101]. - The company has ensured timely, accurate, and complete disclosure of fundraising usage information without any violations [72]. - The company is actively engaging with institutional investors to discuss its overall situation and research projects [96]. Shareholder and Equity Management - No cash dividends or stock bonuses will be distributed, and no capital reserves will be converted into additional shares [6]. - The company will not distribute cash dividends or issue bonus shares for the half-year period, maintaining its capital for development [99]. - The company has initiated a stock issuance to specific targets, which is currently under review by the Shenzhen Stock Exchange, introducing uncertainty regarding its completion [95]. - The company plans to issue shares to specific targets, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [145]. - Major shareholder Yizhao (Beijing) Pharmaceutical Technology Co., Ltd. holds 37.21% of shares, totaling 75,133,908 shares, all of which are pledged [148]. Compliance and Regulatory Matters - The company continues to monitor regulatory changes and adapt its strategies accordingly to ensure compliance and operational efficiency [6]. - The company has not reported any major changes in the measurement attributes of its main assets during the reporting period [61]. - The company has not faced any media scrutiny during the reporting period [108]. - There were no penalties or rectification situations reported during the period [109]. Environmental and Social Responsibility - The company has established a wastewater treatment facility with a capacity of 30 tons per day, which is operating well [127]. - The company is a key pollutant discharge unit, with specific emissions monitored and reported [125]. - The company has not conducted any poverty alleviation work or plans during the reporting period [129].

Financial Performance - Total revenue for Q1 2020 was ¥54,881,413.35, a decrease of 68.19% compared to ¥172,527,399.28 in the same period last year[7] - Net profit attributable to shareholders was -¥24,737,997.53, representing a decline of 188.57% from ¥27,931,418.29 in the previous year[7] - Basic and diluted earnings per share were both -¥0.05, down 183.33% from ¥0.06 in the same period last year[7] - The company reported a net loss attributable to shareholders of 24.74 million yuan, a significant decline from a profit of 27.93 million yuan in the same period last year[21] - The company reported a total comprehensive loss of CNY 27,819,865.53 for Q1 2020, compared to a comprehensive income of CNY 35,037,209.26 in the same period last year[50] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 67.72% to ¥26,920,229.52 from ¥83,395,180.33 year-on-year[7] - Cash and cash equivalents decreased by 235.42 million yuan, a reduction of 66.77%, mainly due to the maturity of financial management funds from the previous period[17] - The company experienced a net cash decrease of 235,424,413.58 CNY during the quarter, compared to a decrease of 98,555,055.01 CNY in the previous year[58] - The company reported a cash and cash equivalents balance of 117,189,478.52 CNY at the end of the quarter, down from 266,646,312.52 CNY at the end of the previous year[58] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,794,619,414.79, a decrease of 3.64% from ¥1,862,413,759.94 at the end of the previous year[7] - Total liabilities decreased from CNY 227,182,478.72 to CNY 187,207,999.10, a decline of approximately 17.6%[41] - The total equity attributable to shareholders decreased from CNY 1,635,231,281.22 to CNY 1,607,411,415.69, a decline of about 1.7%[42] Research and Development - The company's research and development expenses increased compared to the previous year, despite the challenges posed by the pandemic[21] - Research and development expenses for Q1 2020 were CNY 33,630,508.18, slightly up from CNY 31,376,207.58 year-over-year[48] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,025[11] - The largest shareholder, Yizhao (Beijing) Pharmaceutical Technology Co., Ltd., held 37.21% of the shares, totaling 177,152,363 shares[11] Government Support and Other Income - The company reported non-recurring gains and losses totaling ¥9,922,293.19, primarily from government subsidies of ¥10,022,500.00[8] - The company's other income increased by 9.85 million yuan, a rise of 5709.81%, mainly due to receiving support funds from the Zhongguancun National Independent Innovation Demonstration Zone[18] Investment Activities - The total amount of raised funds is 83,159.29 million yuan, with 2,360.08 million yuan invested in the current quarter[29] - Cumulative investment of raised funds reached 50,223.06 million yuan, with a project completion rate of 92.14% for the first phase of the Shutaishen Pharmaceutical Industrial Base project[29] Market and Operational Risks - The company is facing risks related to the acceptance of new drugs in the market, which could impact financial performance if the drugs do not meet market demand[23] - There is a risk of talent shortage in the biopharmaceutical industry, prompting the company to enhance its human resource management and talent retention strategies[23] Management and Strategy - The company plans to strengthen market efforts and improve brand recognition to maintain competitiveness in the innovative drug market[24] - The company is committed to improving its management model and internal processes to mitigate management risks as it expands its operations[25] Compliance and Reporting - The company has not reported any violations regarding external guarantees during the reporting period[34] - The company has disclosed fundraising usage information accurately and completely without any violations[32] - The first quarter report for 2020 was not audited[70] - The company implemented new revenue and lease standards starting from 2020, with retrospective adjustments to prior comparative data[70]

R&D Investment and Strategy - The company reported a significant increase in R&D investment, focusing on strategic new product development and exploratory research to enhance its pipeline [6]. - The company plans to optimize its R&D structure and prioritize key projects to improve efficiency and effectiveness in drug development [6]. - The company emphasizes the high risks associated with innovative drug development, including long development cycles and potential market acceptance issues [6]. - The company is actively exploring acquisition and collaboration opportunities to expand its R&D capabilities and product offerings [6]. - The company aims to continue its commitment to innovation and providing safe and effective drugs for human health [28]. - The company is committed to expanding its market presence and enhancing its product portfolio through strategic research and development initiatives [31]. - The company has established a comprehensive R&D, procurement, production, and sales system to support its operations [37]. - The R&D investment increased by 27.56% year-on-year, reflecting the company's commitment to innovation and development [42]. - The company has a rich pipeline of projects, including multiple Class I protein drugs and gene therapy/cell therapy drugs [50]. - The R&D team consists of 273 members, accounting for 31.52% of total employees, with 54.95% holding master's degrees and 12.45% holding doctoral degrees [53]. Financial Performance - The company's operating revenue for 2019 was CNY 661,490,407.23, a decrease of 17.94% compared to CNY 806,079,311.12 in 2018 [19]. - The net profit attributable to shareholders for 2019 was CNY 27,299,424.22, down 79.64% from CNY 134,058,351.18 in 2018 [19]. - The net profit after deducting non-recurring gains and losses was CNY 13,638,863.70, representing an 88.62% decline from CNY 119,875,825.45 in the previous year [19]. - The net cash flow from operating activities was CNY 44,341,908.25, a decrease of 73.14% compared to CNY 165,081,972.72 in 2018 [19]. - The total assets at the end of 2019 were CNY 1,862,413,759.94, down 32.82% from CNY 2,772,144,318.90 at the end of 2018 [19]. - The net assets attributable to shareholders decreased by 33.47% to CNY 1,635,231,281.22 from CNY 2,457,842,852.72 in 2018 [19]. - The company achieved total operating income of 661.49 million yuan and a net profit attributable to shareholders of 27.30 million yuan, with R&D investment amounting to 165.77 million yuan, which is 25.06% of operating income [41]. - The company reported a total revenue of RMB 27,034.59 million for the year, with a slight increase from RMB 26,966.98 million in the previous year [165]. Product Development and Clinical Trials - The company has ongoing research projects, including BDB-001 for treating severe pneumonia caused by coronavirus infections, with clinical trial applications submitted [29]. - The clinical trial application for BDB-001 injection was accepted on February 2, 2020, and received approval for treating severe pneumonia caused by COVID-19 [30]. - As of the report date, the clinical trial for BDB-001 injection is ongoing, with significant progress in other key research products [30]. - The clinical trial for STSG-0002 injection has received ethical committee approval, indicating progress in gene therapy research [30]. - The company is advancing several key projects, including BDB-001 monoclonal antibody for various indications, currently in clinical trials [132]. - The company has several drugs in the clinical trial phase, including BDB-001 for hidradenitis suppurativa and COVID-19 related pneumonia, with some trials already having completed patient enrollment [115]. Market Performance and Sales - Sales revenue for the product SuTaisan decreased by 37.22% compared to the same period in 2018, totaling 343 million yuan [34]. - The sales revenue of Shutaqing reached 317 million yuan, representing a 22.72% increase compared to the same period in 2018, accounting for 47.91% of total operating income [35]. - The sales revenue of Sutai Sheng (Injectable Mouse Nerve Growth Factor) was 342.70 million yuan in 2019, a decline of 37.22% compared to the previous year, making up 51.81% of the company's total revenue [107]. - The sales volume of injectable mouse nerve growth factor (Sutai Sheng) decreased by 35.78% to 1,990,941 bottles in 2019 [124]. - The sales volume of aspirin enteric-coated tablets decreased by 22.37% to 644,000 boxes in 2019 [124]. - The company’s main product, Shutaqing, has maintained a leading market share in the bowel preparation field and has shown consistent high growth over the past decade [97]. Governance and Compliance - The company has established a dedicated investor relations team to enhance communication with stakeholders [17]. - The company emphasizes continuous innovation and aims to provide safe and effective therapeutic drugs for human health [62]. - The company is committed to improving its governance structure and internal control systems to enhance its risk management capabilities [169]. - The company has adhered to all commitments made by shareholders and related parties during the reporting period [183]. - The company has not issued any non-standard audit reports for the reporting period [187]. Cash Dividends and Shareholder Returns - No cash dividends or stock bonuses will be distributed to shareholders for the reporting period [7]. - The company did not distribute any cash dividends, stock dividends, or capital reserve transfers for the 2019 fiscal year, pending shareholder approval [181]. - The company executed a share buyback totaling CNY 65,298,805.42 in 2019, which is considered equivalent to cash dividends for that year [182]. - The company plans to roll over the undistributed profits from 2019 to the next year to support long-term and sustainable development [182]. - The cash dividend distribution plan is consistent with the company's operational growth and future development needs [182].