Financial Performance - The company reported a total revenue of 934,966,878 RMB for the year 2020, with no cash dividends or bonus shares distributed to shareholders [7]. - The company's operating revenue for 2020 was ¥2,363,785,855.34, representing a 14.11% increase compared to ¥2,071,479,809.92 in 2019 [23]. - The net profit attributable to shareholders for 2020 was ¥252,842,315.01, up 12.23% from ¥225,285,377.10 in 2019 [23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥251,731,831.72, reflecting a 16.32% increase from ¥216,409,072.76 in 2019 [23]. - The company's total assets at the end of 2020 were ¥4,572,556,783.14, a 15.98% increase from ¥3,942,592,048.87 at the end of 2019 [23]. - The company's low molecular weight heparin products achieved significant results in centralized procurement, winning bids for 8 specifications across Shanxi, Shandong, and Henan provinces, with Shanxi and Henan being exclusive wins [60]. - The total operating revenue for 2020 was CNY 2.36 billion, a 14.11% increase from CNY 2.07 billion in 2019, with the biopharmaceutical sector contributing CNY 2.32 billion, up 12.66% [69]. - The net cash flow from operating activities for 2020 was -¥183,581,174.22, a decline of 215.83% compared to -¥58,127,157.71 in 2019 [23]. Market Position and Product Development - The company has a leading position in the domestic low molecular weight heparin market, with a focus on upstream product development and export [38]. - The company is recognized as one of the few domestic enterprises with a complete heparin product industry chain, engaging in the R&D, production, and sales of heparin products [39]. - The core product, low molecular weight heparin calcium injection, accounts for over 10% of the company's main business revenue [40]. - The company is currently developing a Class I new drug for the treatment of type II diabetes, which has entered the clinical phase III [40]. - The company is also developing and producing citrulline sildenafil and other products [41]. - The company has established a comprehensive heparin product industry chain, enhancing its competitive position in the market [46]. - The company plans to focus on R&D for heparin series products and new drug development in the coming years, increasing investment in innovation [54]. Governance and Compliance - The company’s financial report has been verified for accuracy and completeness by its board and accounting personnel, ensuring transparency for investors [5]. - The company’s governance structure includes a board of directors and a supervisory board, ensuring oversight and accountability [6]. - The company’s financial advisor and accounting firm have been retained for ongoing compliance and reporting duties, ensuring adherence to regulatory standards [22]. - The company has established a governance structure to ensure compliance with dividend distribution policies and protect minority shareholders' rights [159]. - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period [169]. Risks and Challenges - The company has acknowledged potential risks in production and operations, including policy and industry risks, intensified market competition, and new product development risks [7]. - The company faces risks from intensified market competition in the heparin raw material sector and is enhancing its capabilities across R&D, production, and marketing to mitigate these risks [137]. - The company recognizes the risk of rising procurement costs for heparin crude products and plans to monitor market prices closely while increasing self-supply capabilities [141]. - The company acknowledges the potential for increased period expenses due to market competition and diversified R&D, which may pressure its cost control capabilities [142]. Investment and Capital Management - The company has ongoing projects requiring significant capital investment, including clinical trials and facility construction, which will utilize retained earnings [168]. - The total investment amount for the reporting period was 6,560,000.00, a decrease of 88.30% compared to the previous year [101]. - The company plans to use RMB 40,000 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months [109]. - The company invested RMB 2,307.23 million in the polysaccharide and peptide product industrialization project during the reporting period, with a cumulative investment of RMB 16,648.82 million, achieving an investment progress of 28.54% [106]. Shareholder Returns and Dividends - The company implemented a cash dividend policy for 2019, distributing RMB 0.13 per 10 shares based on a total of 934,966,878 shares, amounting to a total cash dividend of RMB 120,010,884.81 [158]. - In 2020, the company repurchased 15,906,000 shares for a total amount of RMB 120,010,884.81, which is considered as cash dividend for the purpose of calculating the dividend ratio [165]. - The cash dividend total for 2020, including repurchase amounts, accounted for 47.88% of the net profit attributable to ordinary shareholders, which was RMB 252,842,315.01 [164]. - The company did not distribute cash dividends for 2020, focusing instead on share repurchase to ensure cash flow and sustainable development [165]. Subsidiaries and External Relations - The company has a total of 71 subsidiaries, including fully-owned subsidiaries and joint ventures, indicating a broad operational footprint [13]. - The subsidiary Hebei Changshan Jiukang Biotechnology Co., Ltd. reported a net loss of RMB 45,619,005.55 [117]. - The subsidiary Changshan Pharmaceutical (Hong Kong) Co., Ltd. achieved an operating income of RMB 141,160,880.03 with a net profit of RMB 9,515,544.76 [118]. - The company achieved a net profit of 27,672,336.34 CNY from its Jiangsu subsidiary, primarily from the sale of low molecular heparin raw materials and exports of heparin sodium raw materials [128]. - The Hong Kong subsidiary generated a net profit of 9,515,544.76 CNY from exporting raw materials [128]. Future Outlook and Strategic Goals - The company aims to become a leading domestic biopharmaceutical enterprise by 2025 and an internationally renowned biopharmaceutical enterprise by 2030 [134]. - The company plans to increase production and sales of low molecular weight heparin preparations while expanding into overseas developed markets [135]. - The company intends to enhance its export business's contribution to revenue and profit through the construction of a raw material base and international market expansion [135]. - The company is focusing on developing new products, including bovine heparin raw materials and low molecular preparations, to tap into the global Muslim market [135]. - The company aims to accelerate the clinical and market progress of new drugs, including Abenetide and anti-tumor drugs, to enter the diabetes and anti-tumor markets within 5 to 6 years [135]. - The company will pursue opportunities for mergers, technical cooperation, and joint ventures to enhance its innovation capabilities and sustainable growth [135].

Financial Performance - Operating revenue for the reporting period was ¥627,763,709.10, representing a year-on-year increase of 19.40%[8] - Net profit attributable to shareholders of the listed company was ¥73,967,718.67, up 4.24% year-on-year[8] - Basic earnings per share for the reporting period was ¥0.08, unchanged from the previous year[8] - The company reported a net profit of ¥1,377,130,848.91, up from ¥1,184,663,530.00, reflecting an increase of approximately 16.3% in retained earnings[44] - Total operating revenue for the current period reached ¥627,763,709.10, an increase from ¥525,781,826.50 in the previous period, representing a growth of approximately 19.4%[53] - Net profit for the current period was ¥73,643,135.86, compared to ¥70,301,795.02 in the previous period, reflecting a growth of approximately 3.3%[59] - The company reported a total comprehensive income of ¥59,423,573.09 for the current period, down from ¥71,612,311.36 in the previous period[62] - The total profit for the current period was ¥261,965,048.70, an increase of 15.8% compared to ¥226,204,755.78 in the previous period[80] Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,619,090,027.38, an increase of 17.16% compared to the end of the previous year[8] - Non-current assets totaled ¥1,500,728,079.13, compared to ¥1,408,374,015.80, reflecting an increase of about 6.5%[41] - Current liabilities rose to ¥1,495,085,908.86 from ¥1,188,124,516.75, marking an increase of approximately 26%[41] - The company's total liabilities reached ¥1,802,944,043.11, up from ¥1,220,317,707.40, reflecting a growth of about 47.7%[41] - Total liabilities increased to ¥1,857,496,020.17 from ¥1,264,625,864.56, marking a rise of approximately 47%[51] - The equity attributable to shareholders increased to ¥2,809,960,907.54 from ¥2,714,925,009.49, a rise of approximately 3.5%[44] Cash Flow - The net cash flow from operating activities was ¥13,995,074.21, a decrease of 70.22% compared to the same period last year[8] - Cash flow from operating activities showed a net outflow of ¥402,681,670.92, worsening from a net outflow of ¥195,091,069.12 in the previous period[86] - Cash inflow from financing activities totaled 2,317,391,878.90, significantly up from 1,164,522,532.50 in the prior period, reflecting increased financing efforts[96] - The cash outflow from financing activities was 1,888,848,097.38, compared to 1,162,896,313.14 previously, showing a rise in cash used for financing[96] Shareholder Information - The total number of common shareholders at the end of the reporting period was 30,949[13] - The largest shareholder, Gao Shuhua, holds 35.69% of the shares, totaling 333,644,728 shares[13] Expenses - Total operating costs amounted to ¥543,883,902.09, up from ¥446,080,632.07, indicating an increase of about 21.9%[56] - Research and development expenses decreased to ¥27,992,355.94 from ¥38,973,977.21, a reduction of approximately 28.2%[56] - Sales expenses increased to ¥294,566,909.48 from ¥260,519,818.46, reflecting a rise of about 13%[56] - Financial expenses increased by 40.92% compared to the same period last year, mainly due to increased interest expenses and fees[24] Inventory and Receivables - Accounts receivable financing decreased by 53.93% compared to the beginning of the period, mainly due to the endorsement transfer of bank acceptance bills[24] - Prepayments increased by 31.11% compared to the beginning of the period, primarily due to increased prepayments for raw materials and marketing expenses[24] - Other receivables increased by 161.91% compared to the beginning of the period, mainly due to the increase in procurement deposits for biological raw materials[24] - Inventory increased by 33.44% compared to the beginning of the period, primarily due to rising raw material prices and increased procurement of biological raw materials[24] Strategic Developments - There were no significant changes in the company's strategy or new product developments mentioned in the report[8]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,009,847,609.95, representing an increase of 11.84% compared to CNY 902,972,590.90 in the same period last year[25]. - The net profit attributable to shareholders of the listed company was CNY 130,654,169.65, up 5.98% from CNY 123,277,277.94 in the previous year[25]. - The net profit after deducting non-recurring gains and losses was CNY 130,437,911.69, reflecting an increase of 11.71% compared to CNY 116,769,849.74 in the same period last year[25]. - The basic earnings per share for the reporting period were CNY 0.14, an increase of 7.69% compared to CNY 0.13 in the same period last year[25]. - The diluted earnings per share were also CNY 0.14, reflecting a 7.69% increase from CNY 0.13 in the previous year[25]. - The total revenue from the biopharmaceutical segment reached 1,000,723,780.72, with a year-on-year growth of 10.85%[78]. - The sales revenue from low molecular weight heparin calcium injection was 465.73 million CNY, maintaining the leading market position for ten consecutive years[62]. - Heparin raw material revenue amounted to CNY 404.45 million, representing a year-on-year growth of 42.90%[67]. Cash Flow and Assets - The net cash flow from operating activities was CNY -416,676,745.13, which is a decline of 72.11% compared to CNY -242,092,537.36 in the previous year[25]. - The total assets at the end of the reporting period were CNY 4,393,088,517.65, an increase of 11.43% from CNY 3,942,592,048.87 at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company were CNY 2,855,190,247.64, up 5.17% from CNY 2,714,925,009.49 at the end of the previous year[25]. - The company's total inventory value rose to 1,763,666,907.84, accounting for 40.15% of total assets, reflecting increased raw material costs[82]. - The net increase in cash and cash equivalents was -85,455,053.52, a decrease of 77.65% compared to the previous year[78]. Market Position and Products - The company has a leading position in the domestic low molecular weight heparin market, with significant exports to countries including the USA, Germany, and Japan[35]. - The company is one of the few in China with a complete heparin product supply chain, including raw heparin, active pharmaceutical ingredients, and finished products[36]. - The heparin market is experiencing stable growth, with increasing demand in both domestic and international markets[44]. - The company has developed multiple proprietary heparin technologies, enhancing its competitive edge in the market[45]. - The production process and product quality of the company's heparin products are at the industry-leading level, with some standards exceeding those of peers[52]. Research and Development - The company is currently developing Class I new drugs, including a GLP-1 long-acting formulation for type 2 diabetes and a C-met inhibitor for lung cancer[36]. - The company has been recognized as a national high-tech enterprise and has established a drug research institute to enhance its innovation capabilities[36]. - Research and development investment remained stable at approximately CNY 71.14 million, reflecting the company's commitment to innovation[74]. - The company plans to focus on the R&D and registration of heparin series products and other new drug developments in the coming years[54]. - The company has initiated Phase III clinical trials for the GLP-1 long-acting drug, aiming for timely clinical submissions for innovative drugs[71]. Financial Management and Risks - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[7]. - The company plans to enhance its internal control systems and management levels to support sustainable growth amid expansion[73]. - The company faces major risks including policy and industry risks, intensified market competition risks, and new product development risks[152][156]. - The company will strengthen cooperation with domestic and foreign research institutions to mitigate risks associated with new product development[156]. - The company will closely monitor the market price trends of heparin raw materials to control procurement costs[157]. Subsidiaries and Other Financial Matters - The subsidiary Hebei Changshan Jiukang Biotechnology Co., Ltd. reported a net loss of CNY 15,850,237.97[141]. - The subsidiary Changshan Pharmaceutical (Hong Kong) Co., Ltd. reported a net loss of CNY 522,297.55[144]. - The subsidiary Changshan Biochemical (Jiangsu) Co., Ltd. reported a net profit of CNY 12,983,748.00[144]. - The company has not engaged in entrusted financial management, derivative investments, or entrusted loans during the reporting period[137][138][139]. - The company did not experience any major environmental protection issues during the reporting period[186]. Shareholding and Corporate Governance - There were no significant changes in shareholding structure during the reporting period, with total shares remaining at 934,966,878[194]. - The company did not implement any employee stock ownership plans or incentive measures during the reporting period[172]. - The total number of restricted shares at the beginning was 253,271,828, with no shares released during the period, and an increase of 224,675 restricted shares, resulting in a total of 253,496,503 restricted shares at the end[198]. - Gao Shuhua holds 250,233,546 restricted shares, which are locked due to executive departure, with a transfer limit of 25% of total shares held per year after the term ends[198].

Financial Performance - The company reported a total revenue of 934,966,878 CNY for the year 2019, with a cash dividend of 0.13 CNY per 10 shares distributed to shareholders[7]. - The company's operating revenue for 2019 was ¥2,071,479,809.92, representing a 25.34% increase compared to ¥1,652,633,921.48 in 2018[5]. - The net profit attributable to shareholders for 2019 was ¥225,285,377.10, a 60.93% increase from ¥139,987,092.37 in 2018[5]. - The net profit after deducting non-recurring gains and losses was ¥216,409,072.76, up 59.57% from ¥135,621,640.42 in 2018[5]. - The company's total assets at the end of 2019 were ¥3,942,592,048.87, a 2.54% increase from ¥3,844,836,970.34 at the end of 2018[5]. - The company reported a net cash flow from operating activities of -¥58,127,157.71, a significant decrease of 119.85% compared to ¥292,806,829.23 in 2018[5]. - The company reported a total of ¥8,876,304.34 in non-recurring gains for 2019, compared to ¥4,365,451.95 in 2018[28]. - The net profit attributable to shareholders reached CNY 225.29 million, an increase of 60.93% year-on-year[53]. - Total operating revenue for 2019 was CNY 2,071.48 million, representing a year-on-year increase of 25.34%[63]. - The revenue from low molecular weight heparin preparations was CNY 1,383.30 million, accounting for 66.78% of total revenue, with a year-on-year growth of 22.29%[63]. - The total revenue for heparin raw materials reached ¥252,754,493.78, showing a slight increase from ¥235,728,478.66, with a percentage change of 0.00%[74]. - The total revenue for water injection preparations was ¥286,109,245.38, up from ¥231,882,762.10, reflecting a percentage change of 0.00%[74]. Risk Management - The company emphasizes the importance of recognizing potential risks in production and operations, including policy and industry risks, intensified market competition, and new product development risks[7]. - The company’s future plans and forecasts are subject to risks, and investors are advised to maintain sufficient risk awareness regarding these forward-looking statements[6]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its board of directors and senior management[5]. - The company operates under the regulatory frameworks of the Company Law and Securities Law of the People's Republic of China[14]. - The company has not faced any major litigation or arbitration matters during the reporting period[171]. - The company has not engaged in any significant related party transactions during the reporting period[177]. - The company has actively fulfilled its social responsibilities and maintained transparent communication with investors[192]. Research and Development - The company is focusing on R&D for heparin series products and new drug development, with plans to increase investment in R&D[48]. - Research and development expenses increased to ¥135,911,581.80, a rise of 37.44% compared to ¥98,887,103.73 from the previous year[79]. - The company is currently developing multiple projects, including CS001 for type 2 diabetes and CSD020 for treating acute deep vein thrombosis, with the goal of obtaining drug registration certificates[80]. - The company is developing new drugs, including a GLP-1 long-acting formulation for type 2 diabetes and a C-met inhibitor for lung cancer, which are expected to enter clinical trials soon[34]. - The clinical trial for the GLP-1 long-acting formulation, aimed at treating type 2 diabetes, has completed phase II trials with positive results, and preparations for phase III trials are underway[61]. Market Position and Strategy - The company is a leading enterprise in the domestic heparin product industry, with a complete heparin product supply chain[33]. - The company has received FDA and EU certifications for its heparin products, enhancing its international market presence[34]. - The company aims to leverage the policy and geographical advantages of the Hebei Free Trade Zone to expand its upstream product production and exports[33]. - The company plans to expand its production and sales of low molecular weight heparin formulations while increasing its market share in developed countries[121]. - The company intends to develop new products, including bovine heparin raw materials and low molecular weight formulations, targeting the global Muslim market to significantly boost revenue and net profit within 3-5 years[121]. - The company is focused on external growth through mergers, acquisitions, and partnerships to enhance its innovation capabilities and sustainable growth[122]. - The company has a well-established domestic and international marketing network, reducing dependency on a single market[47]. Subsidiaries and Investments - The company has established several wholly-owned subsidiaries, including Changshan Biochemical (Jiangsu) Co., Ltd. and Changshan Jiukang Biotechnology Co., Ltd.[14]. - The subsidiary Kaikede achieved nearly CNY 50 million in revenue from heparin crude products in its first year of operation, with plans to expand into international markets[55]. - The total committed investment amount for polysaccharide and peptide products is CNY 583.35 million, with an adjusted total investment amount also at CNY 583.35 million[101]. - The cumulative investment amount reached CNY 143.42 million, representing 24.58% of the total committed investment[101]. Cash Flow and Financial Management - The total cash inflow from operating activities was ¥2,256,615,792.75, an increase of 20.34% from ¥1,875,134,281.94[84]. - Cash inflow from investment activities increased by CNY 330.40 million, a growth of 138.23% compared to the previous year, mainly due to an increase in cash received from investment recoveries[88]. - Cash outflow from financing activities increased by CNY 341.96 million, a growth of 261.71%, primarily due to higher cash payments for debt repayment compared to the same period last year[88]. - The net increase in cash and cash equivalents was -¥177,452,553.08, a decline of 194.64% from the previous year[87]. - Total assets composition showed a significant change, with cash and cash equivalents decreasing from 26.55% to 14.29% of total assets, a reduction of 12.26%[88]. Future Outlook - The company aims to become a leading domestic biopharmaceutical enterprise by 2025 and an internationally renowned biopharmaceutical enterprise by 2030[120]. - The company plans to enhance its management capabilities to control rising operational costs due to increased competition and R&D expenses[128]. - The company is implementing new digital marketing strategies aimed at increasing online sales by 30% over the next year[200]. - Strategic acquisitions are being considered to enhance product offerings and expand distribution channels, with a budget of 500 million RMB allocated for potential deals[200].

Financial Performance - Total revenue for Q1 2020 was ¥398,337,913.55, a decrease of 13.17% compared to ¥458,732,011.25 in the same period last year[8] - Net profit attributable to shareholders was ¥48,781,306.45, down 13.90% from ¥56,655,872.70 year-on-year[8] - Basic earnings per share decreased by 16.67% to ¥0.05 from ¥0.06 in the same period last year[8] - The company achieved operating revenue of 398.34 million yuan in the first quarter, a decrease of 13.17% compared to the same period last year[26] - Net profit attributable to shareholders was 48.78 million yuan, a decrease of 13.90% year-on-year[26] - The company's net profit for the period is projected to show significant changes compared to the same period last year, although specific figures are not disclosed[36] - Net profit for the period was CNY 48,391,484.27, a decline of 13.36% from CNY 55,770,916.88 in the same period last year[63] - The net profit for the current period is ¥44,080,297.75, a decline of 5.8% from ¥46,788,945.60 in the previous period[70] Cash Flow - Net cash flow from operating activities was -¥307,050,623.24, representing a decline of 138.53% compared to -¥128,727,834.88 in the previous year[8] - Net cash outflow from operating activities increased by 138.53% year-on-year, primarily due to increased cash payments related to operating activities[25] - The net cash flow from operating activities is negative at -¥307,050,623.24, worsening from -¥128,727,834.88 in the previous period[77] - The cash inflow from operating activities totaled ¥441,729,202.70, compared to ¥479,857,852.40 in the previous period[74] - The net cash flow from financing activities was $135,786,763.83, compared to a negative cash flow of $67,665,261.13 in the previous period, indicating a significant improvement[80] - The cash outflow for operating activities increased to $762,177,383.21 from $619,070,253.93, reflecting higher operational costs[81] - The company reported a cash flow from investment activities of -$18,113,171.42, an improvement from -$47,720,842.45 in the previous year[84] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,076,214,649.61, an increase of 3.39% from ¥3,942,592,048.87 at the end of the previous year[8] - The company's total assets amounted to CNY 4,076,214,649.61, an increase from CNY 3,942,592,048.87 at the end of 2019, representing a growth of approximately 3.4%[41] - Total liabilities increased to CNY 1,302,030,408.98 from CNY 1,220,317,707.40, representing a growth of about 6.7%[47] - The company's total liabilities stood at approximately $1.19 billion, reflecting ongoing financial obligations[88] - Total liabilities amounted to CNY 1,220,317,707.40, with total equity at CNY 2,722,274,341.47, resulting in total assets of CNY 3,942,592,048.87[91] - Current assets totaled CNY 2,526,499,869.01, while non-current assets were CNY 1,479,492,355.03, leading to a total asset figure of CNY 4,005,992,224.04[95] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,183[12] - The largest shareholder, Gao Shuhua, holds 35.69% of the shares, totaling 333,644,728 shares[12] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[19] - The total equity attributable to shareholders increased to CNY 2,767,224,730.83 from CNY 2,714,925,009.49, reflecting a growth of approximately 1.9%[50] Operational Metrics - Operating costs decreased by 30.53% year-on-year, mainly due to reduced sales of heparin raw materials and low molecular weight heparin preparations[25] - The top five suppliers accounted for 38.18% of total purchases, amounting to 114.41 million yuan[28] - The top five customers accounted for 21.47% of total sales, amounting to 85.51 million yuan[28] - The company plans to continue expanding product varieties and improving product quality in line with its strategic goals[28] - The company reported a decrease in sales expenses to CNY 187,118,366.48, down from CNY 204,790,122.62[60] - Research and development expenses were CNY 23,722,505.21, slightly down from CNY 23,932,784.13[60] - Research and development expenses increased to ¥23,614,703.22, up from ¥22,737,595.31 in the previous period, indicating a focus on innovation[67] Inventory and Receivables - Cash and cash equivalents decreased by 32.65% compared to the beginning of the period, mainly due to the payment of deferred taxes from the previous year and increased raw material prices[24] - Accounts receivable financing decreased by 36.19% compared to the beginning of the period, primarily due to the endorsement transfer of high-credit bank acceptance bills[24] - Prepayments increased by 52.22% compared to the beginning of the period, mainly due to increased prepayments for raw material purchases and marketing expenses[24] - The company reported a decrease in accounts receivable to CNY 290,259,210.06 from CNY 296,770,247.07, a decline of about 2%[41] - The company holds cash and cash equivalents of CNY 534,684,295.86 and accounts receivable of CNY 297,427,381.25[91] - The company has a total of CNY 1,348,688,368.14 in inventory, reflecting its operational capacity[91] Financial Structure - The company's equity totaled CNY 2,785,446,657.23, an increase from CNY 2,741,366,359.48[57] - The total comprehensive income attributable to the parent company is ¥52,299,721.33, down from ¥58,802,105.75 in the previous period[66] - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[37] - The company has a retained earnings balance of CNY 1,184,663,530.00, indicating strong profitability retention[91] - The company has not undergone an audit for the first quarter report, which may affect the reliability of the financial data presented[98]

Financial Performance - Operating revenue for the period reached CNY 525,781,826.50, a 20.54% increase year-on-year[8] - Net profit attributable to shareholders increased by 29.28% to CNY 70,957,328.87 compared to the same period last year[8] - Basic earnings per share rose by 33.33% to CNY 0.08[8] - Total operating revenue for the current period reached ¥525,781,826.50, an increase of 20.5% compared to ¥436,193,853.25 in the previous period[53] - Net profit for the current period was ¥70,301,795.02, representing a 29.5% increase from ¥54,237,565.19 in the previous period[56] - The total comprehensive income for the current period was ¥72,267,845.21, compared to ¥45,313,897.55 in the previous period, showing a significant increase of 59.6%[60] - The total comprehensive income for the current period was ¥78,709,598.32, up from ¥54,571,569.91 in the previous period[66] - Net profit for the current period was ¥202,475,165.19, compared to ¥161,169,675.84 in the previous period, representing a growth of 25.6%[79] Assets and Liabilities - Total assets increased by 4.97% to CNY 4,035,875,603.02 compared to the end of the previous year[8] - Total liabilities amounted to ¥1,345,900,837.11, up from ¥1,321,811,944.11, indicating a growth of around 1.8%[39] - Current liabilities increased to ¥1,112,139,440.56 from ¥1,087,225,065.94, showing a rise of about 2.3%[39] - The total assets amounted to ¥3,844,836,970.34, remaining stable compared to the previous reporting period[101] - Total liabilities amounted to CNY 1,321,811,944.11, with current liabilities at CNY 1,087,225,065.94[108] - The total assets of the company were CNY 3,920,311,564.94, with non-current assets at CNY 1,355,388,161.77[114] Cash Flow - Cash flow from operating activities showed a significant decline, with a net cash outflow of CNY -195,091,069.12, a decrease of 618.23% compared to the previous year[8] - Net cash inflow from operating activities decreased by 618.23% compared to the same period last year, mainly due to increased cash payments related to operating activities[22] - Cash flow from operating activities generated a net outflow of ¥195,091,069.12, compared to a net inflow of ¥37,645,343.75 in the previous period[85] - Net cash flow from operating activities was -¥138,149,438.86, compared to -¥3,987,833.92 in the previous period, indicating a significant decline[94] Shareholder Information - The total number of shareholders at the end of the reporting period was 28,086[12] - The largest shareholder, Gao Shuhua, holds 35.69% of the shares, amounting to 333,644,728 shares[12] Expenses - Sales expenses increased by 40.90% compared to the same period last year, primarily due to increased marketing expenses[22] - Research and development expenses for the current period were ¥38,973,977.21, up from ¥31,137,192.57, reflecting a growth of 25.2%[53] - The company’s sales expenses rose to ¥259,976,993.84, reflecting a 37% increase from ¥189,661,423.92 in the previous period[63] - Financial expenses for the current period were ¥9,233,747.09, which is a 45.5% increase from ¥6,362,291.90 in the previous period[63] Government Subsidies - The company received government subsidies amounting to CNY 7,926,708.03 during the reporting period[8] - Other income increased by 95.75% compared to the same period last year, mainly due to an increase in government subsidies related to operating activities[22] Inventory and Receivables - Accounts receivable decreased by 51.65% compared to the beginning of the period, mainly due to a reduction in the company's bill settlement business[22] - Prepayments increased by 81.21% compared to the beginning of the period, primarily due to prepaid goods and market development expenses[22] - Inventory increased from CNY 1,083,154,292.88 at the end of 2018 to CNY 1,352,992,132.71 by September 30, 2019[33] - The pre-receivable amount increased to ¥252,275,168.80 from ¥223,454,598.51, a rise of 12.9%[52]

Financial Performance - Total revenue for the first half of 2019 reached ¥902,972,590.90, an increase of 26.29% compared to ¥715,007,627.98 in the same period last year[26] - Net profit attributable to shareholders of the listed company was ¥123,277,277.94, up 16.20% from ¥106,092,937.56 year-on-year[26] - Net profit after deducting non-recurring gains and losses was ¥116,769,849.74, reflecting a 12.28% increase from ¥104,000,350.27 in the previous year[26] - Basic earnings per share increased to ¥0.13, up 18.18% from ¥0.11 in the previous year[26] - Operating profit reached RMB 138.16 million, reflecting an 11.15% growth compared to the previous year[50] - Net profit attributable to the parent company was RMB 123.28 million, up 16.20% year-on-year[50] - The company reported a total comprehensive income of CNY 121,516,500.91 for the first half of 2019, compared to CNY 108,305,179.71 in the same period of 2018[186] - The net profit for the first half of 2019 was CNY 123,765,566.87, an increase from CNY 106,598,105.93 in the same period of 2018, representing a growth of approximately 16.5%[190] Cash Flow - The net cash flow from operating activities was -¥242,092,537.36, a significant decrease of 3,117.05% compared to ¥8,024,142.96 in the same period last year[26] - Cash flow from operating activities showed a net outflow of CNY -242,092,537.36, a significant decline from a positive cash flow of CNY 8,024,142.96 in the first half of 2018[197] - Cash inflow from operating activities totaled CNY 1,014,509,096.01, up from CNY 936,376,216.44 in the previous year, marking an increase of approximately 8.3%[194] - Cash outflow from operating activities increased to CNY 1,256,601,633.37, compared to CNY 928,352,073.48 in the first half of 2018, reflecting a rise of about 35.3%[194] - The cash and cash equivalents at the end of the period were CNY 346,215,725.14, down from CNY 690,847,451.47 at the end of the first half of 2018[197] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,870,831,361.54, a slight increase of 0.68% from ¥3,844,836,970.34 at the end of the previous year[26] - Total liabilities decreased to CNY 1,226,289,834.40 from CNY 1,321,811,944.11, a reduction of about 7.2%[168] - Non-current assets increased to CNY 1,332,613,311.41 from CNY 1,241,278,558.44, representing a growth of approximately 7.4%[168] - Cash and cash equivalents decreased to CNY 633,224,227.69 from CNY 974,769,688.24, a decline of about 35.1%[169] - Accounts receivable increased to CNY 320,114,254.40 from CNY 314,014,507.14, a growth of approximately 2.0%[169] Research and Development - The company invested RMB 71.08 million in R&D, a 12.23% increase compared to the same period last year[55] - Research and development expenses for the first half of 2019 were CNY 54,237,820.08, compared to CNY 49,980,449.18 in the same period of 2018, marking an increase of 8.5%[179] Market Position and Products - The company maintains a leading position in the heparin industry, benefiting from a complete industrial chain and lower production costs compared to international competitors[39] - The company’s core product, low molecular weight heparin calcium injection, is widely recognized in the market and continues to drive revenue growth[37] - The company is focusing on expanding its product lines, including heparin series and hyaluronic acid products, in the coming years[50] - The company received drug registration approval for enoxaparin sodium injection, enhancing its core product offerings[51] Risks and Challenges - The company faces risks including policy and industry risks, intensified market competition, and rising procurement costs[7] - The market price of heparin raw materials is on the rise due to the African swine fever outbreak, which may significantly impact the company's operating costs[92] Shareholder Information - The company reported a total of 27,344 shareholders at the end of the reporting period[128] - The largest shareholder, Gao Shuhua, holds 35.69% of the shares, totaling 333,644,728[128] - The second-largest shareholder, Hebei Huaxu Chemical Co., Ltd., holds 12.56% of the shares, totaling 117,403,020[128] Miscellaneous - The company has not distributed cash dividends or bonus shares for the half-year period[96] - The company has not experienced any major litigation or arbitration matters during the reporting period[101] - The company has not engaged in any significant related-party transactions during the reporting period[104] - The company is committed to complying with environmental protection laws and has not faced any violations or penalties[114]

Financial Performance - Total revenue for Q1 2019 reached ¥458,732,011.25, an increase of 39.68% compared to ¥328,413,253.38 in the same period last year[8] - Net profit attributable to shareholders was ¥56,655,872.70, up 24.85% from ¥45,379,800.76 year-on-year[8] - Net profit after deducting non-recurring gains and losses was ¥53,797,594.86, reflecting a 21.59% increase from ¥44,244,873.83 in the previous year[8] - Basic earnings per share increased by 20.00% to ¥0.06 from ¥0.05 year-on-year[8] - The company's operating revenue for Q1 2019 reached 458.73 million CNY, a year-on-year increase of 39.68% driven by market promotion and increased sales of heparin products[24] - The net profit attributable to shareholders for Q1 2019 was 56.66 million CNY, reflecting a 24.85% increase compared to the same period last year[26] - The company's total comprehensive income attributable to the parent company was ¥58,802,105.75, up from ¥45,379,800.76 in the previous year, indicating strong overall performance[72] Cash Flow - The net cash flow from operating activities was -¥128,727,834.88, a decline of 54.07% compared to -¥83,550,267.88 in the same period last year[8] - The company's cash flow from operating activities showed a net outflow of 54.07% compared to the same period last year, primarily due to increased cash payments related to operating activities[25] - Cash inflow from operating activities totaled CNY 479,857,852.40, compared to CNY 442,711,438.05 in the prior period, indicating an increase of about 8.4%[82] - Net cash flow from operating activities was negative at CNY -128,727,834.88, worsening from CNY -83,550,267.88 in the previous period[82] - Cash outflow from operating activities reached CNY 608,585,687.28, up from CNY 526,261,705.93, representing an increase of approximately 15.6%[82] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,880,761,932.36, a slight increase of 0.93% from ¥3,844,836,970.34 at the end of the previous year[8] - Net assets attributable to shareholders rose to ¥2,571,620,233.27, up 2.34% from ¥2,512,818,127.52 at the end of the last year[8] - The total amount of procurement from the top five suppliers was 81.39 million CNY, accounting for 54.87% of total procurement, indicating normal fluctuations without significant impact on future operations[28] - The total amount of sales to the top five customers was 88.38 million CNY, representing 19.27% of total sales revenue, with no significant reliance on any single customer[28] - The total liabilities decreased from 1,321,811,944.11 to 1,299,819,756.23, a reduction of approximately 1.4%[52] - The total owner's equity increased from 2,523,025,026.23 to 2,580,942,176.13, reflecting a growth of about 2.3%[55] Research and Development - The company's research and development expenses increased by 32.11% year-on-year, reflecting a commitment to enhancing R&D investment[24] - Research and development expenses increased to ¥23,932,784.13, up 32.3% from ¥18,115,124.71 in the prior period, indicating a focus on innovation[66] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,530[11] - The largest shareholder, Gao Shuhua, holds 35.69% of the shares, totaling 333,644,728 shares[11] Government Subsidies - The company received government subsidies amounting to ¥3,553,780.96 during the reporting period[8] - The company reported a significant increase of 138.45% in other income, mainly due to increased government subsidies related to operating activities[25] Inventory and Receivables - Accounts receivable increased to approximately CNY 374 million from CNY 345 million, reflecting a growth of about 8.5%[46] - Inventory levels rose to approximately CNY 1.15 billion, up from CNY 1.08 billion, indicating an increase of about 6.3%[46] Financial Management - The company experienced a tax expense of ¥9,479,060.22, slightly down from ¥10,215,198.75 in the previous period, suggesting effective tax management[69] - The company has not encountered any violations regarding external guarantees during the reporting period[41] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[42] Financial Standards and Audits - The company has not yet audited its first-quarter report, indicating that the figures are preliminary[102] - The company has implemented new financial instrument and revenue recognition standards, affecting the financial statements[93]

Financial Performance - The company's operating revenue for 2018 was CNY 1,652,633,921.48, an increase of 16.37% compared to CNY 1,420,161,448.21 in 2017[33]. - The net profit attributable to shareholders for 2018 was CNY 139,987,092.37, a decrease of 28.91% from CNY 196,919,210.54 in 2017[33]. - The net cash flow from operating activities for 2018 was CNY 292,806,829.23, representing an increase of 80.44% compared to CNY 162,275,728.18 in 2017[33]. - The total assets at the end of 2018 were CNY 3,844,836,970.34, an increase of 8.92% from CNY 3,530,047,343.32 at the end of 2017[33]. - The net assets attributable to shareholders at the end of 2018 were CNY 2,512,818,127.52, up 6.05% from CNY 2,369,451,288.32 at the end of 2017[33]. - The basic earnings per share for 2018 was CNY 0.15, a decrease of 28.57% from CNY 0.21 in 2017[33]. - The diluted earnings per share for 2018 was also CNY 0.15, reflecting the same decrease of 28.57% from CNY 0.21 in 2017[33]. - The company reported a total of CNY 4,365,451.95 in non-recurring gains and losses for 2018, down from CNY 6,249,403.44 in 2017[39]. - The weighted average return on net assets for 2018 was 5.73%, down from 8.56% in 2017[33]. - The company experienced a significant increase in quarterly revenue, with Q4 2018 revenue reaching CNY 501,432,440.25[34]. Dividend Distribution - The company plans to distribute a cash dividend of 0.28 RMB per 10 shares, based on a total of 934,966,878 shares[17]. - In 2018, the company distributed cash dividends of RMB 0.20 per share, totaling RMB 26,179,072.58, which represents 100% of the distributable profit[130]. - The cash dividend for 2017 was RMB 18,699,337.56, which accounted for 9.50% of the net profit attributable to the company's ordinary shareholders[134]. - The cash dividend for 2016 was RMB 14,024,503.17, representing 7.99% of the net profit attributable to the company's ordinary shareholders[134]. - The profit distribution plan for 2017 included a cash dividend of RMB 0.20 per 10 shares, which was implemented on June 22, 2018[134]. - The profit distribution plan for 2016 included a cash dividend of RMB 0.15 per 10 shares, which was implemented on June 29, 2017[134]. - In 2018, the total cash dividend amounted to RMB 26,179,072.58, representing 18.70% of the net profit attributable to the company's ordinary shareholders[134]. Market Position and Strategy - The company holds a leading position in the domestic heparin raw material and formulation market, benefiting from a complete heparin product supply chain[8]. - The company is a leading enterprise in the heparin industry, possessing a complete heparin product supply chain, including both raw materials and formulations, with key products being heparin sodium raw materials and low molecular weight heparin calcium injections, which contribute over 10% to the main business revenue[46]. - The production of low molecular weight heparin calcium injection is widely recognized in the market and is a core product driving continuous revenue growth[46]. - The company has established a mature domestic and international marketing network, reducing dependency on a single market, with heparin products certified by multiple international standards[51]. - The company aims to expand its market presence by actively exploring overseas markets and accelerating mergers and acquisitions within the pharmaceutical industry[51]. - The company plans to focus on the R&D and registration of heparin series products, hyaluronic acid series products, and new drugs like Aibennapeptide in the coming years[54]. - The company is committed to improving product quality and management standards in response to tightening regulations in the pharmaceutical industry[117]. - The biopharmaceutical market is expected to grow rapidly due to increasing demand for heparin and its derivatives, with new clinical indications anticipated to receive approval[118]. - The company plans to continue focusing on heparin products while actively expanding into overseas markets and enhancing its export capabilities[119]. Research and Development - The company is committed to improving its R&D capabilities and launching higher-quality products in response to market demand[11]. - The company is adopting a dual approach to drug development, balancing generic and innovative drug research to mitigate risks associated with new product development[12]. - Research and development expenses increased by 30.25% to CNY 98,887,103.73 from CNY 75,921,713.91 in 2017[81]. - The number of R&D personnel increased to 185, accounting for 20.00% of the total workforce[85]. - R&D investment accounted for 7.20% of total revenue, up from 6.52% in 2017[85]. - The company is currently developing 12 projects, with several aimed at obtaining drug registration certificates[83]. - The company will increase R&D investment to enhance its capabilities, focusing on clinical trials and the registration of new products, including innovative drugs[122]. Operational Challenges - The company is facing risks from rising procurement costs, particularly for heparin raw materials, which have shown an upward price trend[13]. - The company emphasizes the importance of adapting to national policy changes and enhancing internal management to ensure a safe operating environment[7]. - The company acknowledges the risks associated with its non-public stock issuance projects, which could impact expected benefits if market conditions change[17]. - The company is expanding its scale through the establishment of multiple subsidiaries focused on different products, which may lead to management coordination challenges[16]. - The company has implemented a rigorous internal control system to mitigate management risks and ensure compliance with regulations[120]. Investment and Financial Management - The total investment during the reporting period was ¥101,500,000.00, a significant increase of 2,751.12% compared to the previous year[97]. - The company utilized CNY 170 million of idle fundraising temporarily to supplement working capital, which was fully returned within the specified period[105]. - The company has not encountered any issues or other situations regarding the use and disclosure of fundraising[105]. - The company has not made any changes to the fundraising projects during the reporting period[106]. - The company has not engaged in entrusted financial management or loans during the reporting period[175][176]. - The net cash flow from financing activities was ¥130,666,896.08, a decrease of 4.33% compared to the previous year[88]. - The company reported a net cash outflow from investment activities of ¥239,014,266.86, a reduction of 2.84% year-on-year[88]. Corporate Governance and Compliance - The company has not experienced any major litigation or arbitration matters during the reporting period[153]. - The company has not implemented any stock incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[158]. - The company has not engaged in any related party transactions concerning daily operations during the reporting period[159]. - The company has not conducted any asset or equity acquisitions or sales related party transactions during the reporting period[160]. - The company has not had any major penalties or corrective actions during the reporting period[156]. - The company has maintained compliance with all court judgments and has no significant debts due that remain unpaid during the reporting period[157]. - The company has made changes to its accounting policies in accordance with new financial reporting standards effective from January 1, 2019[146]. - The company has ongoing commitments regarding non-competition and related transactions with its controlling shareholders[138]. - The company has made commitments regarding the use of research and development resources and the ownership of patents generated from its R&D activities[138]. Social Responsibility - The company has actively engaged in social responsibility, contributing 100 million CNY to poverty alleviation projects[181]. - The company has not faced any penalties for environmental violations during the reporting period[182].

Financial Performance - Operating revenue for the reporting period was ¥436,193,853.25, representing a year-on-year growth of 19.08%[7] - Net profit attributable to shareholders was ¥54,886,990.11, up 11.41% from the same period last year[7] - The net profit after deducting non-recurring gains and losses was ¥54,533,237.82, reflecting an increase of 11.16% year-on-year[7] - The basic earnings per share for the reporting period was ¥0.06, a rise of 20.00% compared to the previous year[7] - The weighted average return on equity was 2.24%, an increase of 0.12% from the previous year[7] - The net profit for the year-to-date was ¥160,979,927.67, which is a 21.18% increase compared to the same period last year[7] - The total operating profit for the year-to-date period reached ¥186,320,694.72, a rise of 18.3% from ¥157,511,971.82[43] - The net profit attributable to the parent company for the year-to-date period was ¥160,979,927.67, compared to ¥132,838,657.04 in the previous year, marking a growth of 21.1%[44] - The net profit for the third quarter of 2018 was CNY 161,169,675.84, an increase of 22.4% compared to CNY 131,708,968.38 in the same period last year[48] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,672,437,842.11, an increase of 4.03% compared to the end of the previous year[7] - The company's total assets reached CNY 3,711,882,727.14, an increase from CNY 3,467,406,055.61 at the beginning of the year, marking a growth of 7.0%[32] - The total liabilities increased to CNY 1,159,050,565.85 from CNY 1,057,044,232.60, indicating a rise of 9.7%[32] - The total equity attributable to shareholders rose to CNY 2,552,832,161.29 from CNY 2,410,361,823.01, an increase of 5.9%[32] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥37,645,343.75, a significant increase of 129.57%[7] - The cash flow from operating activities generated a net amount of CNY 37,645,343.75, a significant improvement from a net outflow of CNY -127,322,370.22 in the previous year[52] - Cash inflow from sales of goods and services reached CNY 1,440,067,402.98, compared to CNY 896,541,109.53 in the prior period, indicating a growth of 60.8%[51] - The total cash outflow from operating activities was CNY 1,409,921,853.73, which is an increase from CNY 1,040,339,551.29 year-over-year[52] - The company reported a cash and cash equivalents balance of CNY 421,877,962.78 at the end of the period, down from CNY 541,121,017.71 at the beginning of the period[53] - The company incurred a total of CNY 159,430,574.59 in cash outflows for investment activities, compared to CNY 108,752,727.22 in the previous year[52] - The cash flow from financing activities resulted in a net inflow of CNY 1,639,175.91, a decrease from CNY 109,293,764.77 in the same period last year[53] Expenses - Operating revenue increased by 30.71% year-on-year, primarily due to increased sales volume of heparin sodium raw materials and water injection preparations[15] - Research and development expenses rose by 37.53% year-on-year, reflecting the company's increased investment in R&D[15] - Financial expenses increased by 33.54% year-on-year, mainly due to increased borrowings and interest expenses[15] - Sales expenses increased by 43.87% year-on-year, primarily due to higher marketing expenses[15] - Research and development expenses were CNY 31,137,192.57, up from CNY 22,307,856.88, reflecting an increase of 39.7% year-over-year[35] - The financial expenses for the year-to-date period were ¥24,943,123.16, an increase of 33.5% from ¥18,678,040.84[43] Shareholder Information - The company reported a total of 35,490 common shareholders at the end of the reporting period[11] - The largest shareholder, Gao Shuhua, holds 35.69% of the shares, with 255,296,046 shares pledged[11] Production and Operations - The company has not experienced any significant changes in production and operation, and all work including R&D, production, and sales is proceeding in an orderly manner[17]