北京赛升药业股份有限公司 2019 年第三季度报告全文 北京赛升药业股份有限公司 2019 年第三季度报告 2019-068 2019 年 10 月 1 北京赛升药业股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人马骉、主管会计工作负责人马丽及会计机构负责人(会计主管人 员)栗建华声明：保证季度报告中财务报表的真实、准确、完整。 √ 适用 □ 不适用 单位：人民币元 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备的冲销部分） | 7,908.77 | | | 计入当期损益的政府补助（与企业业务密切相关，按照国家统 一标准定额或定量享受的政府补助除外） | 10,706.00 | | | 委托他人投资或管理资产的损益 | 14,869,979.57 | | | 除上述各项之外的其他营业外收入和支出 | ...

北京赛升药业股份有限公司 2019 年半年度报告全文 北京赛升药业股份有限公司 2019 年半年度报告 2019-045 2019 年 08 月 1 北京赛升药业股份有限公司 2019 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人马骉、主管会计工作负责人马丽及会计机构负责人(会计主管人 员)栗建华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 1、 医药行业政策风险 近年来，国家对医药行业的监管力度不断加强，医疗与医药体制改革持续 深化。受药品集中采购、医保政策、注册审核、"两票制"、带量采购、一致性 评价、药品谈判、价格管理、药占比管理、重点监控目录等政策或措施相继出 台的影响，对整个行业在行业准入、生产与质量管理、销售、研发与注册等方 面的要求均大幅提升，企业需要快速达到并适应新的要求，客观上使得企业政 策风险增加。 2、 市场开拓及产品价格下降风险 目前公司的营销网络体系覆盖全国主要城市 ...

北京赛升药业股份有限公司 2019 年第一季度报告全文 北京赛升药业股份有限公司 2019 年第一季度报告 2019-023 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 2019 年 04 月 1 北京赛升药业股份有限公司 2019 年第一季度报告全文 公司负责人马骉、主管会计工作负责人马丽及会计机构负责人(会计主管人 员)栗建华声明：保证季度报告中财务报表的真实、准确、完整。 2 北京赛升药业股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 195,202,444.15 | 270,473,451.39 | -27.83% | | 归属于上市公司股东的净利润（元） | 44,784,087.10 ...

北京赛升药业股份有限公司 2019 年第一季度报告全文 北京赛升药业股份有限公司 2019 年第一季度报告 2019-021 2019 年 04 月 1 北京赛升药业股份有限公司 2019 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人马骉、主管会计工作负责人马丽及会计机构负责人(会计主管人 员)栗建华声明：保证季度报告中财务报表的真实、准确、完整。 2 北京赛升药业股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 195,202,444.15 | 270,473,451.39 | -27.83% | | 归属于上市公司股东的净利润（元） | 44,784,087.10 ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Risk Factors](index=2&type=section&id=1.1%20%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company faces key risks from pharmaceutical policy shifts, market competition, product quality, R&D failures, and core talent loss, potentially impacting its performance - The company faces five core risks - **Pharmaceutical Industry Policy Risk**: Policies such as centralized drug procurement, medical insurance policies, 'two-invoice system', and volume-based procurement increase compliance and operational risks for the company[6](index=6&type=chunk) - **Market Expansion and Price Decline Risk**: Drug tendering, medical insurance payment reforms, and intensified market competition may lead to a decrease in the company's product prices, affecting profitability[7](index=7&type=chunk) - **Product Quality Risk**: The company's main products are injections with complex production processes, where issues at any stage could lead to quality risks[8](index=8&type=chunk) - **New Drug R&D Risk**: New drug development involves long cycles and multiple stages, with risks of development failure or market rejection, potentially impacting the company's growth[10](index=10&type=chunk) - **Core Personnel Turnover Risk**: As a high-tech enterprise, the loss of core technical and management personnel could adversely affect the company's R&D and stable development[11](index=11&type=chunk) [Profit Distribution Plan](index=3&type=section&id=1.2%20%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The company's board of directors approved the 2018 profit distribution plan, proposing a cash dividend of 1.20 Yuan (tax inclusive) per 10 shares to all shareholders, with no bonus shares or capital reserve conversions 2018 Annual Profit Distribution Plan | Distribution Method | Per 10 Shares Distribution Plan | | :--- | :--- | | Cash Dividend | 1.20 Yuan (tax inclusive) per 10 shares | | Bonus Shares | 0 shares | | Capital Reserve Conversion | 0 shares | [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Key Accounting Data and Financial Indicators](index=8&type=section&id=2.1%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2018, the company's operating revenue significantly grew by **90.37%** to **1.428 billion Yuan**, while net profit attributable to shareholders slightly increased by **0.53%** to **283 million Yuan**, with basic earnings per share remaining flat, and net cash flow from operating activities increasing by **35.40%** Key Financial Indicators for 2018 | Indicator | 2018 | 2017 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,427,750,943.80 | 749,986,848.13 | 90.37% | | Net Profit Attributable to Shareholders (Yuan) | 283,107,048.21 | 281,604,133.53 | 0.53% | | Net Cash Flow from Operating Activities (Yuan) | 146,516,272.45 | 108,212,673.95 | 35.40% | | Basic Earnings Per Share (Yuan/share) | 0.590 | 0.590 | 0.00% | | Weighted Average Return on Net Assets | 11.66% | 12.79% | -1.13% | | Total Assets (Yuan) | 2,760,559,359.20 | 2,453,403,315.15 | 12.52% | 2018 Quarterly Key Financial Indicators (Unit: Yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 270,473,451.39 | 302,671,052.82 | 366,543,603.57 | 488,062,836.02 | | Net Profit Attributable to Shareholders | 59,865,789.84 | 71,938,904.25 | 78,361,425.99 | 72,940,928.13 | - The company's 2018 non-recurring gains and losses totaled **20.79 million Yuan**, primarily from gains and losses on entrusted investments or asset management, amounting to **23.23 million Yuan**[30](index=30&type=chunk) [Company Business Overview](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) [Main Business and Core Competencies](index=10&type=section&id=3.1%20%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E4%B8%8E%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B) The company's main business involves R&D, production, and sales of injectable preparations, focusing on cardiovascular, immune, and nervous system diseases, with revenue growth driven by the 'two-invoice system' and optimized customer structure, maintaining market leadership through balanced product portfolio, strong R&D, unique processes, and integrated supply chain - The company's main business is injectable preparations, with leading biochemical products covering cardiovascular, immune (anti-tumor), and nervous system therapeutic areas[32](index=32&type=chunk) - Performance growth was primarily driven by the implementation of the 'two-invoice system' policy, shifting the customer structure from small and medium distributors to large distribution partners, leading to significantly accelerated operating revenue growth[35](index=35&type=chunk) - The company holds a market leadership position with over **50%** market share in several product categories, including cardiovascular and immunomodulators[37](index=37&type=chunk) - Core competencies include - **Product Portfolio Stability**: Five leading products are developing in a balanced manner with high market shares, mitigating single-product dependency risk[39](index=39&type=chunk) - **R&D and Patents**: Possessing **42** national patent technologies, including **31** invention patents, with high proficiency in biomacromolecule purification technology[40](index=40&type=chunk)[41](index=41&type=chunk) - **Integrated Supply Chain**: Possessing a complete industrial chain from raw materials to multi-dosage form preparations, effectively diversifying risks[45](index=45&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Overview](index=15&type=section&id=4.1%20%E6%A6%82%E8%BF%B0) In 2018, the company advanced its operational management, strategic layout, and R&D innovation, completing the acquisition of Junyuan Pharmaceutical, participating in a pharmaceutical industry investment fund, achieving phased results in key R&D projects like 'Angiogenesis Inhibitor Peptide for Injection' and 'Nafamostat Mesylate for Injection', implementing equity incentives for core personnel, and steadily progressing with fundraising projects - The company's five main products maintained market competitive advantages, with **Deoxyribonucleotide Sodium Injection** having the highest revenue share at **35.76%** and the highest gross margin at **91.34%**[50](index=50&type=chunk) - In R&D, 'Nafamostat Mesylate for Injection' entered Phase III clinical trials, and 'Angiogenesis Inhibitor Peptide for Injection' entered Phase I clinical trials[54](index=54&type=chunk) - Strategic initiatives included acquiring **100%** equity of Junyuan Pharmaceutical to extend the industrial chain, and investing **100 million Yuan** to establish Suzhou Danqing Phase II Innovative Pharmaceutical Industry Investment Partnership, leveraging a 'industry + capital' platform advantage[58](index=58&type=chunk)[59](index=59&type=chunk) - Construction of fundraising projects progressed steadily, but projects like the 'New Pharmaceutical Production Base' had their estimated completion time adjusted to **end of 2019** due to external factors[57](index=57&type=chunk) [Main Business Analysis](index=23&type=section&id=4.2%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue grew by **90.37%**, primarily from pharmaceutical manufacturing, with immune system drugs seeing the fastest growth at **121.40%**, and Central and Southern China regions experiencing explosive revenue growth of **202.92%** and **407.15%** respectively, while overall gross margin increased from **76.95%** to **86.46%**, sales expenses surged by **274.82%** due to increased market promotion, and R&D investment rose by **96.38%** Operating Revenue Composition (by Product) | Product Category | 2018 Revenue (Yuan) | Revenue Share | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Immune System Drugs | 769,371,111.40 | 53.89% | 121.40% | | Nervous System Drugs | 207,689,792.42 | 14.55% | 65.39% | | Cardiovascular and Cerebrovascular Drugs | 439,946,037.30 | 30.81% | 63.75% | Gross Margin by Product | Product Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Gross Margin Change from Previous Year | | :--- | :--- | :--- | :--- | :--- | | Immune System Drugs | 769,371,111.40 | 88,917,804.96 | 88.44% | 11.79% | | Nervous System Drugs | 207,689,792.42 | 39,685,832.48 | 80.89% | 10.26% | | Cardiovascular and Cerebrovascular Drugs | 439,946,037.30 | 63,250,090.60 | 85.62% | 5.34% | Period Expense Changes | Expense Item | 2018 (Yuan) | 2017 (Yuan) | Year-on-Year Change | Main Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Sales Expenses | 828,431,196.33 | 221,019,934.30 | 274.82% | Increase in marketing conference fees, academic promotion fees, etc | | Administrative Expenses | 58,946,022.99 | 41,715,830.38 | 41.30% | Increase in equity incentive expenses and intangible asset amortization | | R&D Expenses | 31,927,796.80 | 16,258,343.92 | 96.38% | Increased R&D investment in pipeline products | - Net cash flow from operating activities was **147 million Yuan**, a **35.40%** year-on-year increase, primarily due to higher sales revenue, while net cash flow from investing activities was **-1.025 billion Yuan**, a significant **364.50%** year-on-year decrease, mainly due to reduced short-term bank wealth management investments[87](index=87&type=chunk)[88](index=88&type=chunk) [Assets and Liabilities Status](index=29&type=section&id=4.3%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) As of year-end 2018, the company's total assets reached **2.761 billion Yuan**, a **12.52%** increase from the beginning of the year, with a significant shift in asset structure as monetary funds decreased from **60.11%** to **20.76%** of total assets due to investments in short-term wealth management products, while accounts receivable increased from **3.26%** to **8.84%**, and construction in progress rose from **10.23%** to **14.49%** Significant Changes in Asset Composition | Asset Item | Year-end 2018 Amount (Yuan) | Percentage of Total Assets | Year-end 2017 Amount (Yuan) | Percentage of Total Assets | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 573,089,214.77 | 20.76% | 1,474,817,657.53 | 60.11% | Due to short-term bank wealth management investments not matured at period-end | | Accounts Receivable | 243,999,879.73 | 8.84% | 80,062,742.49 | 3.26% | Due to sales growth | | Construction in Progress | 399,957,617.82 | 14.49% | 250,964,292.65 | 10.23% | Continued investment in fundraising projects | [Investment Status Analysis](index=29&type=section&id=4.4%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total external equity investment was **83.286 million Yuan**, a **278.57%** year-on-year increase, including the acquisition of **100%** equity in Shenyang Junyuan Pharmaceutical for **53.286 million Yuan** and a **30 million Yuan** investment in Suzhou Danqing Phase II Innovative Pharmaceutical Industry Investment Partnership, with **545 million Yuan** of raised funds cumulatively invested and **631 million Yuan** remaining unused for ongoing production base and industrialization projects 2018 Significant Equity Investments | Investee Company | Investment Method | Investment Amount (Yuan) | Shareholding Ratio | | :--- | :--- | :--- | :--- | | Shenyang Junyuan Pharmaceutical Co., Ltd | Acquisition | 53,286,000.00 | 100.00% | | Suzhou Danqing Phase II Innovative Pharmaceutical Industry Investment Partnership | New Establishment | 30,000,000.00 | 4.46% | - As of the end of the reporting period, the company had cumulatively invested **544.59 million Yuan** of raised funds, with an unused balance of **630.65 million Yuan**, primarily held in special accounts and used for time deposits and wealth management products[99](index=99&type=chunk) - The progress of some fundraising projects fell short of expectations, with the 'New Pharmaceutical Production Base Project' and 'New Cardiovascular and Immunomodulatory Product Industrialization Project' having their estimated completion dates extended to **December 31, 2019**, due to external factors[102](index=102&type=chunk) [Analysis of Major Holding and Participating Companies](index=33&type=section&id=4.5%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, Shenyang Junyuan was added to the company's consolidated scope, while key subsidiary Sai'er Bio achieved **10.744 million Yuan** in operating revenue and **1.178 million Yuan** in net profit, and the newly acquired Shenyang Junyuan, still in integration, reported no operating revenue and a net loss of **0.557 million Yuan** Operating Performance of Major Subsidiaries | Company Name | Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Sai'er Bio | Subsidiary | 10,744,002.68 | 1,177,645.69 | | Shenyang Junyuan | Subsidiary | 0.00 | -557,009.45 | [Outlook on Company's Future Development](index=34&type=section&id=4.6%20%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) Facing a slowing and stricter pharmaceutical industry, the company aims to become a 'big health enterprise group' by strategically developing high-end, oral, and traditional Chinese medicine preparations, enriching its product line, expanding scale, and enhancing core competitiveness through R&D, collaborations, and M&A, with 2019 plans focusing on fundraising project completion, refined marketing, R&D team building, and active acquisition pursuits - Industry Trend: The pharmaceutical industry is entering a new cycle of low growth, strict regulation, and high entry barriers, highlighting the value of products and R&D[109](index=109&type=chunk) - Company Development Strategy: Establish four major platforms—R&D innovation, pharmaceutical industrial chain, collaboration, and industrial finance—to advance towards a 'big health enterprise group' while pursuing external expansion[117](index=117&type=chunk) - 2019 Operating Plan - **Production**: Promote the completion of fundraising projects and advance GMP certification for subsidiaries[118](index=118&type=chunk) - **Marketing**: Strengthen regional management, optimize resource allocation, and intensify academic promotion efforts[119](index=119&type=chunk)[121](index=121&type=chunk) - **R&D**: Strengthen re-evaluation of core products, promote new product development, and enhance external collaborations[122](index=122&type=chunk) - **Talent**: Recruit personnel for the new production base and improve the talent management system[123](index=123&type=chunk) - **M&A**: Actively utilize M&A funds to seek acquisition opportunities with peer or upstream/downstream enterprises[123](index=123&type=chunk) [Significant Matters](index=40&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Profit Distribution and Equity Incentives](index=40&type=section&id=5.1%20%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1) In 2018, the company implemented its 2017 profit distribution plan and proposed the 2018 plan, with cash dividends exceeding **20%** of net profit for the past three years, and launched a 2018 restricted stock incentive plan, granting **4.166 million** restricted shares to **88** core employees to incentivize and retain key talent Cash Dividend Situation Over the Past Three Years | Dividend Year | Cash Dividend Amount (Yuan) | Ratio of Net Profit Attributable to Ordinary Shareholders of the Listed Company in Consolidated Financial Statements | | :--- | :--- | :--- | | 2018 | 58,099,920.00 | 20.52% | | 2017 | 57,600,000.00 | 20.45% | | 2016 | 60,000,000.00 | 23.22% | - The company implemented the 2018 Restricted Stock Incentive Plan, granting **4.166 million** restricted shares (out of **4.1982 million** initially planned) to **88** (out of **91** initially planned) incentive recipients on **August 21, 2018**[152](index=152&type=chunk)[153](index=153&type=chunk) [Significant Contracts and Transactions](index=53&type=section&id=5.2%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant entrustment, contracting, leasing, guarantee, or related party transactions, actively engaging in entrusted wealth management with idle raised and own funds totaling **1.115 billion Yuan**, primarily in bank wealth management products, while completing the acquisition of Shenyang Dongang Pharmaceutical Co., Ltd., renamed Shenyang Junyuan Pharmaceutical Co., Ltd., and its subsidiary Sai'er Bio established a Tianjin branch and obtained an expanded drug production license Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Fund Source | Amount Incurred (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 51,500 | 51,500 | | Bank Wealth Management Products | Own Funds | 60,000 | 27,000 | | **Total** | | **111,500** | **78,500** | - Significant Subsidiary Matters - **Shenyang Junyuan**: Completed the bidding, acquisition, and business registration change for **100%** equity of Shenyang Dongang Pharmaceutical, renaming it 'Shenyang Junyuan Pharmaceutical Co., Ltd'[177](index=177&type=chunk)[178](index=178&type=chunk) - **Sai'er Bio**: Established a branch in Tianjin and obtained an expanded 'Drug Production License' from the Beijing Municipal Drug Administration[179](index=179&type=chunk) [Share Changes and Shareholder Information](index=60&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Change Status](index=60&type=section&id=6.1%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from **240 million** to **484 million** shares, primarily due to the lifting of lock-up on pre-IPO shares, a 10-for-10 capital reserve to share transfer, and the issuance of **4.166 million** restricted shares under an equity incentive plan, reducing restricted shares from **64.80%** to **49.04%** of total shares Summary of Share Changes | Share Class | Quantity Before Change | Quantity After Change | Reason for Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 155,520,000 | 237,446,000 | Equity incentive issuance, capital reserve conversion, executive lock-up | | Unrestricted Shares | 84,480,000 | 246,720,000 | Restricted share release, capital reserve conversion | | **Total Share Capital** | **240,000,000** | **484,166,000** | Capital reserve conversion and equity incentive issuance | - Main reasons for share changes include - In **June 2018**, **155.52 million** pre-IPO shares became tradable[182](index=182&type=chunk) - In **June 2018**, the capital reserve to share transfer plan of '10 shares for every 10 shares' was implemented, increasing total share capital to **480 million** shares[183](index=183&type=chunk) - In **September 2018**, the initial grant of the restricted stock incentive plan was completed, adding **4.166 million** shares[183](index=183&type=chunk) [Shareholder Information](index=63&type=section&id=6.2%20%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of year-end 2018, the company had **20,599** shareholders, with controlling shareholder and de facto controller Mr. Ma Biao holding **49.25%** of shares, and Mr. Ma Biao, Ms. Ma Li (**11.78%**), and Ms. Liu Shuqin (**3.21%**) acting in concert (mother-son, sibling relationship), collectively holding over **64%** of shares - As of the end of the reporting period, the company had **20,599** common shareholders[193](index=193&type=chunk) Top Three Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Ma Biao | Domestic Natural Person | 49.25% | 238,464,000 | | Ma Li | Domestic Natural Person | 11.78% | 57,024,000 | | Liu Shuqin | Domestic Natural Person | 3.21% | 15,552,000 | - The company's controlling shareholder and de facto controller is Mr. Ma Biao, who is a sibling to Ms. Ma Li, and Ms. Liu Shuqin is their mother[194](index=194&type=chunk)[196](index=196&type=chunk) [Preferred Shares Related Information](index=67&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Overview of Preferred Shares](index=67&type=section&id=7.1%20%E4%BC%98%E5%85%88%E8%82%A1%E6%A6%82%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[201](index=201&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=68&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) [Changes in Directors, Supervisors, Senior Management and Their Shareholdings](index=68&type=section&id=8.1%20%E8%91%A3%E7%9B%91%E9%AB%98%E5%8F%98%E5%8A%A8%E4%B8%8E%E6%8C%81%E8%82%A1) During the reporting period, some directors, supervisors, and senior management personnel changed due to term expiration, while their shareholdings increased due to capital reserve to share transfer and equity incentive plans, with Chairman Ma Biao's holdings reaching **238 million** shares at period-end, and executive compensation determined by the Remuneration and Assessment Committee based on performance - On **February 1, 2018**, several company directors, independent directors, supervisors, and the chief engineer resigned due to term expiration[206](index=206&type=chunk) - Some directors and senior executives increased their shareholdings through the 2018 Restricted Stock Incentive Plan, with Vice General Manager Wang Xuefeng and Marketing Director Zhang Fan each receiving **150,000** shares[222](index=222&type=chunk) [Employee Information](index=74&type=section&id=8.2%20%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **512** employees, with production and technical personnel constituting the majority at **32.6%** and **30.1%** respectively, and approximately **67%** of employees holding college degrees or higher, while the company has established a market-aligned and performance-based compensation policy and implemented employee training programs including internal and external training Employee Professional Composition | Professional Category | Number of People | Percentage | | :--- | :--- | :--- | | Production Personnel | 167 | 32.6% | | Sales Personnel | 73 | 14.3% | | Technical Personnel | 154 | 30.1% | | Financial Personnel | 25 | 4.9% | | Administrative Personnel | 93 | 18.1% | | **Total** | **512** | **100.0%** | - The company's compensation policy ensures alignment with market levels, combining job analysis and performance appraisal to balance efficiency and fairness[225](index=225&type=chunk) [Corporate Governance](index=77&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Overview of Corporate Governance](index=77&type=section&id=9.1%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%A6%82%E5%86%B5) The company operates strictly in accordance with laws and regulations like the 'Company Law' and 'Securities Law', with its corporate governance meeting regulatory requirements, maintaining independence from the controlling shareholder in business, personnel, assets, organization, and finance, holding **4** shareholder meetings, **8** board meetings, and **8** supervisory board meetings during the reporting period, and its specialized committees (Audit, Remuneration, Strategy, Nomination) actively fulfilled their duties by reviewing financial matters, executive compensation, major investments, and personnel nominations - The company's corporate governance structure is sound, with its actual status complying with normative documents on listed company governance issued by the China Securities Regulatory Commission[230](index=230&type=chunk)[238](index=238&type=chunk) - The company is independent of its controlling shareholder in business, personnel, assets, organization, and finance, possessing autonomous operational capabilities[239](index=239&type=chunk)[240](index=240&type=chunk) - The Board of Directors' four special committees (Audit, Remuneration and Assessment, Strategy, Nomination) held multiple meetings during the reporting period, fulfilling their respective duties by reviewing significant matters including annual financial reports, executive compensation, equity incentives, external investments, and director re-elections[245](index=245&type=chunk)[246](index=246&type=chunk)[248](index=248&type=chunk) - Based on the '2018 Internal Control Self-Assessment Report', the company believes its internal controls are effective, with no material weaknesses or significant deficiencies in financial or non-financial reporting[252](index=252&type=chunk)[253](index=253&type=chunk) [Corporate Bonds Related Information](index=84&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Overview of Corporate Bonds](index=84&type=section&id=10.1%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%A6%82%E5%86%B5) The company has no publicly issued and listed corporate bonds on stock exchanges that are either unmatured or have not been fully redeemed as of the approval date of the annual report - The company has no outstanding or unredeemed corporate bonds[256](index=256&type=chunk) [Financial Report](index=85&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=85&type=section&id=11.1%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Grant Thornton (Special General Partnership) issued a standard unqualified audit opinion on the company's 2018 financial statements, affirming that they fairly present the company's financial position and operating results in all material respects, with key audit matters being 'provision for impairment of accounts receivable' and 'goodwill impairment' due to significant management judgments involved - The audit opinion type is a standard unqualified opinion[258](index=258&type=chunk) - Key Audit Matter One: Provision for impairment of accounts receivable; as of year-end 2018, accounts receivable balance was **257 million Yuan**, with a bad debt provision of **13.086 million Yuan**, listed as a key audit matter due to its materiality and complex judgment involved in assessment[263](index=263&type=chunk) - Key Audit Matter Two: Goodwill impairment; as of year-end 2018, the book balance of goodwill was **21.8651 million Yuan**, listed as a key audit matter due to its materiality and the significant management judgment required for impairment testing[267](index=267&type=chunk) [Financial Statements](index=90&type=section&id=11.2%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Financial statements show the company's total assets increased from **2.453 billion Yuan** to **2.761 billion Yuan**, operating revenue significantly grew to **1.428 billion Yuan**, but total profit slightly decreased from **331 million Yuan** to **330 million Yuan** due to sharp increases in sales and other costs, while operating cash flow remained positive at **147 million Yuan**, and share capital expanded from **240 million** to **484 million** shares through capital reserve conversion and restricted stock issuance Consolidated Balance Sheet Summary (Unit: Yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 2,760,559,359.20 | 2,453,403,315.15 | | Total Liabilities | 205,073,804.97 | 133,912,073.01 | | Total Equity Attributable to Parent Company Owners | 2,554,113,066.35 | 2,318,173,172.59 | Consolidated Income Statement Summary (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 1,427,750,943.80 | 749,986,848.13 | | Total Operating Cost | 1,141,768,392.65 | 465,921,176.21 | | Total Profit | 330,618,035.25 | 331,386,637.47 | | Net Profit | 283,161,466.54 | 281,531,374.73 | Consolidated Cash Flow Statement Summary (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 146,516,272.45 | 108,212,673.95 | | Net Cash Flow from Investing Activities | -1,024,806,875.21 | 387,457,785.82 | | Net Cash Flow from Financing Activities | -23,437,840.00 | -60,000,000.00 | | Net Increase in Cash and Cash Equivalents | -901,728,442.76 | 435,670,459.77 | [Reference Documents Catalog](index=172&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) [Reference Documents](index=172&type=section&id=12.1%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) Reference documents for this report include the original annual report signed by the legal representative, original signed and sealed financial statements and audit report, and originals of all publicly disclosed documents and announcements during the reporting period - Reference documents include - Original Annual Report - Original Financial Statements - Original Audit Report - All publicly disclosed documents during the reporting period[665](index=665&type=chunk)[666](index=666&type=chunk)

北京赛升药业股份有限公司 2018 年第三季度报告全文 北京赛升药业股份有限公司 2018 年第三季度报告 2018-069 2018 年 10 月 1 北京赛升药业股份有限公司 2018 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人马骉、主管会计工作负责人马丽及会计机构负责人(会计主管人 员)栗建华声明：保证季度报告中财务报表的真实、准确、完整。 2 北京赛升药业股份有限公司 2018 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,595,953,143.26 | 2,453,403,315.15 | | 5.81% | | 归属于上市公司股东的净资产 | 2,471 ...

北京赛升药业股份有限公司 2018 年半年度报告全文 2018-054 2018 年 08 月 1 北京赛升药业股份有限公司 2018 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人马骉、主管会计工作负责人马丽及会计机构负责人(会计主管人 员)栗建华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本公司请投资者认真阅读本报告，公司在本报告第四节"经营情况讨论与 分析"中"十、公司面临的风险和应对措施"部分，描述了公司未来经营可能面临 的主要风险，敬请广大投资者注意风险。 北京赛升药业股份有限公司 2018 年半年度报告 | 股票简称 | 赛升药业 | 股票代码 | 300485 | | --- | --- | --- | --- | | 股票上市证券交易所 | 深圳证券交易所 | | | | 公司的中文名称 | 北京赛升药业股份有限公司 | | | | 公司的中文简称（如有） | 赛升药业 | ...

[Important Notice](index=2&type=section&id=Section%20I.%20Important%20Notice) The Board of Directors, Supervisory Board, and all senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, while key financial officers ensure the financial statements' integrity[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=Section%20II.%20Company%20Profile) [Key Accounting Data and Financial Indicators](index=3&type=section&id=II.I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2018, the company reported significant growth in total operating revenue and net profit, with operating cash flow turning positive and slight increases in total assets and net assets 2018 Q1 Key Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 270,473,451.39 | 108,205,025.96 | 149.96% | | Net Profit Attributable to Shareholders | 59,865,789.84 | 45,291,597.80 | 32.18% | | Net Cash Flow from Operating Activities | 53,370,306.12 | -792,832.91 | -6,831.60% | | Basic Earnings Per Share (RMB/share) | 0.250 | 0.190 | 31.58% | | Total Assets | 2,537,116,357.33 | - | 3.41% (vs. prior year-end) | | Net Assets Attributable to Shareholders | 2,378,038,962.43 | - | 2.58% (vs. prior year-end) | - During the reporting period, non-recurring gains and losses totaled **1.08 million yuan**, primarily from government subsidies and wealth management income[10](index=10&type=chunk) [Significant Risk Warnings](index=4&type=section&id=II.II.%20Significant%20Risk%20Warnings) The company faces significant risks including evolving industry policies, product price erosion, complex manufacturing quality control, high uncertainty in new drug development, and potential loss of key personnel - Industry policy risk: National pharmaceutical industry regulation is strengthening, with policies like tiered diagnosis and treatment, new medical insurance catalogs, and the two-invoice system raising industry entry barriers and operational requirements[11](index=11&type=chunk) - Product price decline risk: Under the new round of drug bidding and medical insurance payment reforms, even products from exclusive or few manufacturers face downward price pressure[11](index=11&type=chunk) - New drug R&D uncertainty: New drug development involves multiple stages and long cycles, posing risks of development failure or market rejection, which could adversely affect the company's profitability[14](index=14&type=chunk) [Shareholder Information](index=5&type=section&id=II.III.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) As of the reporting period end, the company had 22,214 common shareholders, with a highly concentrated equity structure where the top three related parties hold nearly 65% of shares Top Three Shareholders' Holdings | Shareholder Name | Shareholder Type | Holding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Ma Biao | Domestic Natural Person | 49.68% | 119,232,000 | | Ma Li | Domestic Natural Person | 11.88% | 28,512,000 | | Liu Shuqin | Domestic Natural Person | 3.24% | 7,776,000 | - The top three shareholders have related party relationships: Ma Biao and Ma Li are siblings, and Liu Shuqin is their mother[19](index=19&type=chunk) [Significant Matters](index=8&type=section&id=Section%20III.%20Significant%20Matters) [Major Financial Data Changes and Reasons](index=8&type=section&id=III.I.%20Major%20Financial%20Data%20and%20Indicator%20Changes%20and%20Reasons%20During%20the%20Reporting%20Period) The company experienced significant financial indicator changes driven by the "two-invoice system" policy, leading to substantial revenue growth and a sharp increase in sales expenses, alongside a shift of cash into wealth management products - Operating revenue increased by **149.96%** year-on-year, primarily due to the expansion of "two-invoice system" implementation provinces and sales volume growth[25](index=25&type=chunk) - Sales expenses increased by **885.23%** year-on-year, mainly due to a significant rise in the company's marketing expenses influenced by the "two-invoice system"[25](index=25&type=chunk) - Cash and cash equivalents decreased by **85.43%** from the beginning of the year, while other current assets surged, primarily because the company invested idle funds in short-term bank wealth management products not yet matured at period-end[23](index=23&type=chunk) - Administrative expenses increased by **122.69%** year-on-year, mainly due to increased R&D expenses during the period[25](index=25&type=chunk) [Business Review and Outlook](index=10&type=section&id=III.II.%20Business%20Review%20and%20Outlook) Business growth during the period was primarily driven by the "two-invoice system" and increased sales, leading to higher revenue and profit, with no significant new orders or R&D updates disclosed 2018 Q1 Performance Review | Indicator | Amount (RMB 10k) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 27,047.35 | 149.96% | | Net Profit Attributable to Parent | 5,986.58 | 32.18% | | Net Profit Attributable to Parent (Excluding Non-recurring Items) | 5,878.59 | 31.14% | [Use of Raised Funds](index=11&type=section&id=III.V.%20Comparison%20Table%20of%20Raised%20Funds%20Utilization) The company's total raised funds are 1.081 billion yuan, with 33.24 million yuan invested this quarter, primarily in production and marketing, and 710 million yuan of idle funds used for bank wealth management products Overview of Raised Funds Utilization (Unit: RMB 10k) | Item | Amount | | :--- | :--- | | Total Raised Funds | 108,094.47 | | Total Investment This Quarter | 3,323.75 | | Cumulative Total Investment | 38,539.4 | | Cumulative Investment Progress | Approximately 35.65% | - As of March 31, 2018, the company held **710 million yuan** in bank wealth management products purchased with idle raised funds[36](index=36&type=chunk) [Other Significant Matters](index=11&type=section&id=Other%20Significant%20Matters) The company reported no significant unfulfilled commitments, policy issues, illegal guarantees, or fund occupation during the period, and did not provide future performance forecasts - During the reporting period, the company had no significant commitments, illegal guarantees, or fund occupation requiring disclosure[33](index=33&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Financial Statements](index=14&type=section&id=Section%20IV.%20Financial%20Statements) [Original Financial Statements](index=14&type=section&id=IV.I.%20Financial%20Statements) This section presents the company's unaudited Q1 2018 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, as the primary data source - This section includes the following financial statements: - Consolidated Balance Sheet[42](index=42&type=chunk) - Parent Company Balance Sheet[48](index=48&type=chunk) - Consolidated Income Statement[54](index=54&type=chunk) - Parent Company Income Statement[61](index=61&type=chunk) - Consolidated Cash Flow Statement[64](index=64&type=chunk) - Parent Company Cash Flow Statement[69](index=69&type=chunk) [Audit Report](index=27&type=section&id=II.%20Audit%20Report) The company's 2018 first-quarter financial report remains unaudited - The company's first-quarter report is unaudited[75](index=75&type=chunk)

Section I: Important Notice, Table of Contents, and Definitions [Important Notice and Risk Statement](index=2&type=section&id=Important%20Notice%20and%20Risk%20Statement) The board guarantees the annual report's truthfulness and completeness, highlighting key risks like policy changes, product price declines, quality control, R&D uncertainties, and core personnel loss - Increased regulatory scrutiny on the pharmaceutical industry, with policies like hierarchical diagnosis and treatment, new medical insurance catalog, and 'two-invoice system' raising requirements for market access, production, and sales, increasing policy risks for enterprises[5](index=5&type=chunk) - Under new drug bidding rounds, changes in medical insurance payment conditions, and intensified market competition, the company's main products face price reduction risks, which may adversely affect profitability[6](index=6&type=chunk) - The company's main products are injections with complex production processes; various stages from raw material procurement to product sales may affect product quality, posing potential product quality risks[8](index=8&type=chunk) - New drug R&D has long cycles and multiple stages, susceptible to unpredictable factors, with risks of development failure or inability to complete registration, potentially adversely affecting the company's profitability[9](index=9&type=chunk) - As a high-tech enterprise, the loss of core technical and management personnel may lead to leakage of core technologies, adversely affecting the company's R&D and stable development[10](index=10&type=chunk) [Profit Distribution Plan](index=3&type=section&id=Profit%20Distribution%20Plan) The board approved the 2017 profit distribution plan, proposing a cash dividend of 2.40 yuan (incl. tax) per 10 shares and a capital reserve transfer of 10 shares per 10 shares, based on 240 million shares 2017 Annual Profit Distribution Plan | Distribution Item | Specific Plan | | :--- | :--- | | Cash Dividend | 2.40 yuan (incl. tax) per 10 shares | | Bonus Shares | 0 shares per 10 shares | | Capital Reserve Transfer | 10 shares per 10 shares | | Distribution Base | 240,000,000 shares | Section II: Company Profile and Key Financial Indicators [Company Basic Information](index=6&type=section&id=Company%20Basic%20Information) This section provides the company's basic business registration information, including stock abbreviation 'Saisheng Pharmaceutical', stock code '300485', legal representative Ma Biao, and registered/office addresses and contact details - The company's stock abbreviation is **'Saisheng Pharmaceutical'**, code is **300485**, and legal representative is Ma Biao[16](index=16&type=chunk) [Overview of Key Financial Data](index=7&type=section&id=Overview%20of%20Key%20Financial%20Data) In 2017, the company achieved operating revenue of **750 million yuan**, up **21.70%** year-on-year, and net profit attributable to shareholders of **282 million yuan**, up **8.98%**, while net cash flow from operating activities significantly decreased by **49.17%** 2017 Key Financial Indicators | Indicator | 2017 (yuan) | 2016 (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 749,986,848.13 | 616,238,487.47 | 21.70% | | Net Profit Attributable to Shareholders | 281,604,133.53 | 258,405,896.27 | 8.98% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 263,531,176.54 | 239,368,778.69 | 10.09% | | Net Cash Flow from Operating Activities | 108,212,673.95 | 212,893,474.60 | -49.17% | | Basic Earnings Per Share (yuan/share) | 1.170 | 1.080 | 8.33% | | Total Assets (Year-end) | 2,453,403,315.15 | 2,216,587,575.58 | 10.68% | | Net Assets Attributable to Shareholders (Year-end) | 2,318,173,172.59 | 2,096,569,039.06 | 10.57% | [Non-recurring Gains and Losses](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses) In 2017, the company's non-recurring gains and losses totaled **18.07 million yuan**, primarily from gains/losses on entrusted investments, amounting to **21.02 million yuan**, a slight decrease from 2016 Non-recurring Gains and Losses Items and Amounts | Item | 2017 Amount (yuan) | 2016 Amount (yuan) | | :--- | :--- | :--- | | Gains/losses from entrusted investments or asset management | 21,020,977.11 | 21,202,760.92 | | Government grants recognized in current profit/loss | 1,072,843.61 | 1,437,518.42 | | Other non-operating net income/expenses | -852,759.56 | -199,208.20 | | **Total (after tax)** | **18,072,956.99** | **19,037,117.58** | Section III: Company Business Overview [Main Business and Operating Model](index=9&type=section&id=Main%20Business%20and%20Operating%20Model) The company's main business is R&D, production, and sales of injectable preparations, focusing on cardiovascular, immune (anti-tumor), and nervous system fields, employing a marketing-oriented production model and a 'resident investment promotion + academic promotion' marketing strategy - The company's main business is biological and biochemical injectable preparations, covering cardiovascular, immune regulation, and nervous system therapeutic areas[30](index=30&type=chunk)[31](index=31&type=chunk) - The company adopts a **'resident investment promotion (R) + academic promotion (S)'** marketing model, distributing products to hospital terminals through a dealer network[34](index=34&type=chunk) [Core Competencies](index=11&type=section&id=Core%20Competencies) The company's core competencies include a balanced product structure, strong R&D and patent advantages, unique process technology platforms, and a complete industrial chain, holding **40 national patents**, **30** of which are invention patents - Product advantages: Five major products are independently developed, hold high market shares, and feature a balanced product structure, mitigating single-product dependency risk[38](index=38&type=chunk) - R&D and patent advantages: As of the reporting period, the company has obtained **40 national patent technologies**, including **30 invention patents**, with core technologies extensively applied in major products[38](index=38&type=chunk) - Process technology advantages: The company possesses unique advantages in biological macromolecule separation and purification technology, establishing specialized technology platforms for proteins, polysaccharides, and nucleotides[41](index=41&type=chunk) - Industrial chain advantages: The company and its controlled subsidiaries hold multi-dosage form production licenses, featuring a complete product industrial chain that effectively mitigates raw material and preparation price fluctuation risks[42](index=42&type=chunk) Section IV: Management Discussion and Analysis [I. Overview](index=13&type=section&id=I.%20Overview) During the reporting period, the company maintained stable operations amidst intensive pharmaceutical policy changes, with **100%** product ex-factory qualification rate, deepened its marketing model, advanced new drug R&D, and acquired **45%** equity in Huada Protein - Production status: The annual product ex-factory qualification rate was **100%**, with no safety, pollution, or product quality incidents[46](index=46&type=chunk) - Marketing status: Deepened the **'resident investment promotion + academic promotion'** model, organized or participated in over **400 academic conferences** throughout the year, and actively expanded into tertiary markets[49](index=49&type=chunk)[50](index=50&type=chunk) - R&D progress: Pre-clinical research for two Class I anti-tumor new drugs, HM-3 and Angiogenesis Inhibitor Peptide, progressed orderly, with the HM-3 project in clinical research Phase Ia[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - External investment: Successfully bid for **45% equity** in Beijing Huada Protein Research Center Co., Ltd. for **22 million yuan**[59](index=59&type=chunk)[60](index=60&type=chunk) [II. Main Business Analysis](index=19&type=section&id=II.%20Main%20Business%20Analysis) In 2017, pharmaceutical manufacturing revenue grew by **21.70%**, with cardiovascular drug revenue up **92.53%**, and strong regional growth in Northwest, South, and Southwest China, while sales expenses surged **148.82%** due to the 'two-invoice system' and cash flow from operations declined **49.17%** Operating Revenue Composition (by Product) | Product Category | 2017 Revenue (yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Immune System Drugs | 347,508,562.80 | 46.34% | 1.63% | | Nervous System Drugs | 125,574,359.12 | 16.74% | 1.60% | | Cardiovascular and Cerebrovascular Drugs | 268,676,054.17 | 35.82% | 92.53% | Operating Revenue Composition (by Region) | Region | 2017 Revenue (yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Northeast Region | 181,502,894.83 | 24.20% | 51.14% | | North China Region | 149,026,698.16 | 19.87% | 35.93% | | Southwest Region | 76,353,789.01 | 10.18% | 90.49% | | South China Region | 29,124,742.59 | 3.88% | 93.65% | | Northwest Region | 23,265,730.61 | 3.10% | 216.92% | - Sales expenses increased by **148.82%** year-on-year, primarily due to increased promotion expenses influenced by the 'two-invoice system' policy[77](index=77&type=chunk) - Net cash flow from operating activities decreased by **49.17%** year-on-year, mainly due to increased raw material reserves and promotion expenses[83](index=83&type=chunk) [V. Analysis of Investment Status](index=25&type=section&id=V.%20Analysis%20of%20Investment%20Status) During the reporting period, the company made an equity investment of **22 million yuan** to acquire **45%** of Beijing Huada Protein Research Center Co., Ltd., and cumulatively invested **352 million yuan** in raised funds for production base and industrialization projects, which are progressing steadily - During the reporting period, the company successfully bid for **45% equity** in Beijing Huada Protein Research Center Co., Ltd. using **22 million yuan** of its own funds[93](index=93&type=chunk)[95](index=95&type=chunk) Progress of Committed Investment Projects with Raised Funds | Project Name | Committed Investment (10,000 yuan) | Cumulative Investment as of Period End (10,000 yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | New Pharmaceutical Production Base Project | 68,085.41 | 24,253.08 | 35.62% | | New Cardiovascular and Immune Regulation Product Industrialization Project | 28,352.17 | 5,859.11 | 20.67% | | Marketing Network Construction Project | 5,656.89 | 1,579.07 | 27.91% | | HM Class Polypeptide Product Project | 6,000.00 | 3,524.39 | 58.74% | [IX. Outlook on Company's Future Development](index=29&type=section&id=IX.%20Outlook%20on%20Company%27s%20Future%20Development) The company anticipates continued challenges and opportunities in the pharmaceutical industry due to environmental restrictions and policy changes, planning to expand its industrial scale and enhance core competitiveness through R&D, collaborations, and M&A, focusing on cardiovascular, immuno-oncology, and nervous system drugs - The company's development strategy will focus on its existing five major products, increase market development for other approved products, introduce new varieties through independent R&D, cooperation, and acquisitions, and pursue a diversified strategy for external expansion[116](index=116&type=chunk) - 2018 Operating Plan Highlights: - **Production**: Advance construction of fundraising projects to ensure capacity for sustainable growth - **Marketing**: Continue the **'resident investment promotion + academic promotion'** model, strengthen market penetration, and expand into tertiary markets - **R&D**: Increase investment, optimize core product processes, and promote new product R&D - **Talent**: Improve talent management systems, build talent pipeline, and timely implement equity incentives - **M&A**: Actively seek acquisitions and mergers of peer or upstream/downstream enterprises to expand company scale[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) Section V: Significant Matters [I. Profit Distribution of Ordinary Shares and Capital Reserve to Share Capital Conversion](index=35&type=section&id=I.%20Profit%20Distribution%20of%20Ordinary%20Shares%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion) During the reporting period, the company executed the 2016 profit distribution plan of **2.5 yuan** cash per **10 shares** and proposed a 2017 plan of **2.4 yuan** cash per **10 shares** plus **10 bonus shares** from capital reserve, while strictly fulfilling all IPO commitments Dividend Distribution Plans for the Past Three Years | Year | Cash Dividend Plan | Capital Reserve to Share Capital Conversion Plan | | :--- | :--- | :--- | | 2017 Proposal | 2.4 yuan (incl. tax) per 10 shares | 10 shares per 10 shares | | 2016 | 2.5 yuan (incl. tax) per 10 shares | - | | 2015 | 3.6 yuan (incl. tax) per 10 shares | 10 shares per 10 shares | - The company's actual controller, shareholders, and the company itself fulfilled all commitments made during the initial public offering, including share lock-up, dividend distribution, and share price stabilization, within the reporting period[137](index=137&type=chunk)[139](index=139&type=chunk)[141](index=141&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk) [XV. Significant Related Party Transactions](index=46&type=section&id=XV.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions related to daily operations or asset/equity acquisitions, but engaged in large-scale entrusted wealth management totaling **8.047 billion yuan**, all in bank wealth management products with no outstanding balance at period-end - The company had no significant related party transactions related to daily operations, or asset/equity acquisitions or disposals during the reporting period[161](index=161&type=chunk)[162](index=162&type=chunk) Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Fund Source | Entrusted Wealth Management Amount (10,000 yuan) | Unmatured Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised and Own Funds | 804,700 | 0 | [XVII. Social Responsibility](index=48&type=section&id=XVII.%20Social%20Responsibility) The company actively fulfilled its social responsibilities during the reporting period through various public welfare activities, including student aid, drug donations to children's hospitals, and a **1 million yuan** donation to Jilin University, and is not classified as a key polluting unit - The company actively participates in public welfare initiatives, including student aid, drug donations, and university contributions[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - Neither the company nor its subsidiaries are classified as key polluting units by environmental protection authorities[181](index=181&type=chunk) Section VI: Share Changes and Shareholder Information [I. Share Changes](index=50&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **240 million shares**, with restricted shares accounting for **64.80%** and unrestricted shares for **35.20%** Share Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 155,520,000 | 64.80% | | Unrestricted Shares | 84,480,000 | 35.20% | | **Total Share Capital** | **240,000,000** | **100.00%** | [III. Shareholders and Actual Controller Information](index=51&type=section&id=III.%20Shareholders%20and%20Actual%20Controller%20Information) As of the reporting period, the company had **20,129** shareholders, with Mr. Ma Biao as the controlling shareholder and actual controller, holding **49.68%** of shares, and his mother Liu Shuqin and sister Ma Li also being major shareholders and acting in concert - As of the reporting period, the total number of ordinary shareholders was **20,129**[187](index=187&type=chunk) - The company's controlling shareholder and actual controller is Ma Biao, holding **49.68%** of shares; he is related to shareholder Ma Li (holding **11.88%**) as siblings and to shareholder Liu Shuqin (holding **3.24%**) as mother and son[187](index=187&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) Section VIII: Directors, Supervisors, Senior Management, and Employees [Overview of Directors, Supervisors, Senior Management, and Employees](index=56&type=section&id=Overview%20of%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) This section details the shareholdings, resumes, and remuneration of the company's directors, supervisors, and senior management, along with employee composition, noting **494** employees with technical personnel being the largest group, and outlining performance-linked compensation and training - Chairman and General Manager Ma Biao held **119,232,000 shares** at period-end, Director and Deputy General Manager Ma Li held **28,512,000 shares**, while other directors, supervisors, and senior management did not directly hold company shares[199](index=199&type=chunk)[201](index=201&type=chunk) 2017 Remuneration of Selected Senior Executives | Name | Position | Total Pre-tax Remuneration from Company (10,000 yuan) | | :--- | :--- | :--- | | Ma Biao | Chairman and General Manager | 81.45 | | Ma Li | Deputy General Manager and CFO | 61.45 | | Wang Xuefeng | Deputy General Manager and Board Secretary | 61.45 | | Jiang Guirong | Chief Engineer (Resigned) | 62.40 | Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 181 | | Sales Personnel | 68 | | Technical Personnel | 166 | | Financial Personnel | 22 | | Administrative Personnel | 57 | | **Total** | **494** | Section IX: Corporate Governance [Corporate Governance and Internal Control](index=64&type=section&id=Corporate%20Governance%20and%20Internal%20Control) During the reporting period, the company operated in strict compliance with regulations, maintaining independence from the controlling shareholder in all aspects, with diligent special committees, and received an unqualified opinion from auditors on the effectiveness of its financial reporting internal controls as of December 31, 2017 - The company's actual corporate governance status complies with the normative documents on corporate governance issued by the China Securities Regulatory Commission, with no significant discrepancies[226](index=226&type=chunk)[229](index=229&type=chunk) - The company maintains independence from the controlling shareholder in business, personnel, assets, organization, and finance, possessing complete independent operating capabilities[230](index=230&type=chunk)[231](index=231&type=chunk) - The accounting firm issued a standard unqualified attestation report on the company's 2017 internal control, stating that the company effectively maintained internal controls related to financial statements in all material respects as of December 31, 2017[246](index=246&type=chunk)[247](index=247&type=chunk) Section XI: Financial Report [I. Audit Report](index=71&type=section&id=I.%20Audit%20Report) Grant Thornton (Special General Partnership) issued a standard unqualified audit opinion on the company's 2017 financial statements, affirming fair presentation of financial position and operating results, with key audit matters being 'provision for impairment of accounts receivable' and 'capitalization of R&D expenses' - The auditing firm issued a standard unqualified audit opinion[251](index=251&type=chunk)[252](index=252&type=chunk) - Key Audit Matters: - **Provision for impairment of accounts receivable**: Due to the significant balance of accounts receivable and the complex management judgment involved in assessing impairment provisions - **Capitalization of R&D expenses**: Due to the significant amount of R&D expenses and the substantial management judgment involved in assessing whether they meet capitalization criteria[255](index=255&type=chunk)[258](index=258&type=chunk) [VII. Notes to Consolidated Financial Statements](index=116&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) Financial statement notes detail account composition and changes: cash increased to **1.475 billion yuan**, accounts receivable surged to **80.06 million yuan**, construction in progress rose to **251 million yuan** for production base and industrialization projects, and sales expenses jumped to **221 million yuan**, mainly for promotion and conference fees - Cash and bank balances at period-end were **1.475 billion yuan**, a significant increase from **1.039 billion yuan** at the beginning of the period[445](index=445&type=chunk) - Accounts receivable at period-end had a book value of **80.06 million yuan**, a significant increase from **13.33 million yuan** at the beginning of the period[452](index=452&type=chunk) - Construction in progress at period-end was **251 million yuan**, an increase of **120 million yuan** from **131 million yuan** at the beginning of the period, primarily invested in the production base and cardiovascular and immune regulation product industrialization projects[486](index=486&type=chunk)[488](index=488&type=chunk) - Sales expenses increased from **88.83 million yuan** in the prior period to **221 million yuan** in the current period, with promotional and conference fees rising from **72.31 million yuan** to **199 million yuan**[536](index=536&type=chunk) Section XII: Documents Available for Inspection [Documents Available for Inspection](index=151&type=section&id=Documents%20Available%20for%20Inspection) This section lists documents available for inspection, including the original annual report signed by the legal representative, original signed and sealed financial statements and audit report, and original copies of all publicly disclosed documents and announcements during the reporting period - Documents available for inspection include the original signed annual report, financial statements, audit report, and all previously disclosed announcements[626](index=626&type=chunk)[627](index=627&type=chunk)

北京赛升药业股份有限公司 2017 年年度报告全文 北京赛升药业股份有限公司 2017 年年度报告 2018-021 2018 年 03 月 1 北京赛升药业股份有限公司 2017 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人马骉、主管会计工作负责人马丽及会计机构负责人(会计主管人员)栗建华声明：保证年度 报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 （一） 行业政策风险 近年来，国家对医药行业的监管力度不断加强。分级诊疗、国家新医保目录、医保支付控费、药品招 投标、药占比、医药分家、两保合一、一致性评价、两票制等政策的相继出台，对整个行业在行业准入、 生产与质量管理、销售等方面的要求均大幅提升，企业需要快速达到并适应新的要求，客观上使得企业政 策风险增加。 （二） 主要产品价格下降的风险 公司主要产品"赛百"注射用纤溶酶、"赛百"纤溶酶注射液产品进入国家医保目录和部分地方新农 合目录。"赛升"薄芝糖肽注射液和"赛威 ...