[Important Notice](index=2&type=section&id=Item%201%20Important%20Notice) This chapter serves as the company's standard disclaimer, with management assuring the truthfulness, accuracy, and completeness of this quarterly report and assuming legal responsibility; all directors attended the board meeting to review this report - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[5](index=5&type=chunk) - Company head Ma Biao, chief accountant Ma Li, and head of accounting department Li Jianhua declare that the financial statements in the quarterly report are true, accurate, and complete[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=Item%202%20Company%20Profile) This chapter outlines the company's core financial indicators and shareholder structure, showing significant Q3 revenue and net profit growth, but slight year-to-date net profit decline and substantial operating cash flow reduction, with concentrated equity controlled by Ma Biao and Ma Li [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q3, revenue grew by 33.25% and net profit by 35.72%, but year-to-date cumulative revenue only increased by 3.22%, net profit decreased by 0.81%, and operating cash flow significantly dropped by 56.86%, with non-recurring gains primarily from wealth management income Key Accounting Data and Financial Indicators (Year-to-Date) | Item | Year-to-Date | Year-to-Date vs. Prior Year Change | | :--- | :--- | :--- | | Operating Revenue (Yuan) | 484,166,000.26 | 3.22% | | Net Profit Attributable to Shareholders (Yuan) | 199,822,588.57 | -0.81% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan) | 185,898,283.70 | -7.49% | | Net Cash Flow from Operating Activities (Yuan) | 79,356,742.12 | -56.86% | | Basic Earnings Per Share (Yuan/Share) | 0.83 | -1.19% | | Weighted Average Return on Net Assets | 9.10% | -1.14% | Key Accounting Data and Financial Indicators (Current Period) | Item | Current Period | Current Period vs. Prior Year Change | | :--- | :--- | :--- | | Operating Revenue (Yuan) | 220,064,423.13 | 33.25% | | Net Profit Attributable to Shareholders (Yuan) | 94,515,154.26 | 35.72% | - Year-to-date, the company's total non-recurring gains and losses amounted to **13,924,304.87 Yuan**, primarily consisting of **16,100,739.58 Yuan** from entrusted investment or asset management income[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%20at%20Period-End) As of the end of the reporting period, the company had 21,006 common shareholders, with the top two shareholders, Ma Biao and Ma Li, collectively holding over 61%, indicating a highly concentrated equity structure with no related parties or concerted actions among the top ten - At the end of the reporting period, the company had **21,006** common shareholders[13](index=13&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held (Shares) | | :--- | :--- | :--- | | Ma Biao | 49.68% | 119,232,000 | | Ma Li | 11.88% | 28,512,000 | | Liu Shuqin | 3.24% | 7,776,000 | [Significant Events](index=6&type=section&id=Item%203%20Significant%20Events) This chapter details significant financial data changes primarily influenced by the "Two-Invoice System" policy, raw material reserve strategy, and cash management activities, while confirming no overdue unfulfilled commitments or illegal guarantees during the period [Analysis of Significant Changes in Financial Data and Their Causes](index=6&type=section&id=I.%20Significant%20Changes%20in%20Key%20Financial%20Data%20and%20Indicators%20During%20the%20Reporting%20Period%20and%20Their%20Causes) Several financial indicators significantly changed from the year's beginning due to the "Two-Invoice System" policy increasing accounts receivable by 313.63% and sales expenses by 54.32%, increased raw material reserves boosting inventory by 51.35%, and idle cash invested in wealth management products causing cash to drop by 89.40% while other current assets rose by 172.25%, collectively leading to a 56.86% decrease in net operating cash flow - Accounts receivable significantly increased by **313.63%** from the beginning of the year, primarily due to an increase in credit customers under the "Two-Invoice System" policy[17](index=17&type=chunk) - Cash and cash equivalents decreased by **89.40%** from the beginning of the year, while other current assets increased by **172.25%**, mainly because the company invested idle funds in short-term bank wealth management products[17](index=17&type=chunk) - Sales expenses increased by **54.32%** year-on-year, primarily due to increased promotional expenses under the "Two-Invoice System" policy[20](index=20&type=chunk) - Net cash flow from operating activities decreased by **56.86%** year-on-year, mainly due to reduced cash inflows from increased accounts receivable and increased cash outflows from higher raw material reserves[20](index=20&type=chunk) - Inventory increased by **51.35%** from the beginning of the year, mainly due to increased reserves of raw materials such as GM1[17](index=17&type=chunk) [Other Significant Matters](index=7&type=section&id=II.%20Other%20Significant%20Matters) During the reporting period, the company had no significant event progress, overdue unfulfilled commitments, illegal external guarantees, or non-operating fund occupation by controlling shareholders, and did not forecast cumulative net profit from the year's beginning to the next reporting period's end - During the reporting period, the company had no overdue unfulfilled commitments from the actual controller, shareholders, or other related parties[21](index=21&type=chunk) - During the reporting period, the company had no illegal external guarantees, nor any non-operating fund occupation by the controlling shareholder or its related parties on the listed company[22](index=22&type=chunk)[23](index=23&type=chunk) [Financial Statements](index=8&type=section&id=Item%204%20Financial%20Statements) This chapter presents the unaudited Q3 2017 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, showing stable asset growth but significant shifts from cash to financial investments, strong Q3 profitability but flat year-to-date net profit, and substantial deterioration in operating cash flow with large investment outflows [Consolidated Balance Sheet](index=8&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2017, total assets were **2.333 billion Yuan**, up 5.23% from year-end, with significant asset structure changes including cash decreasing from **1.039 billion Yuan** to **110 million Yuan**, other current assets (mainly wealth management products) increasing from **505 million Yuan** to **1.375 billion Yuan**, accounts receivable rising from **13 million Yuan** to **55 million Yuan**, and total liabilities at **95 million Yuan** indicating a low debt-to-asset ratio Consolidated Balance Sheet Data | Item | Period-End Balance (Yuan) | Year-Start Balance (Yuan) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 110,158,143.85 | 1,039,147,197.76 | -89.40% | | Accounts Receivable | 55,119,281.37 | 13,325,601.85 | +313.63% | | Other Current Assets | 1,375,000,000.00 | 505,055,233.18 | +172.25% | | Total Assets | 2,332,577,540.61 | 2,216,587,575.58 | +5.23% | | Total Liabilities | 94,852,957.35 | 118,627,708.17 | -20.04% | | Total Equity Attributable to Parent Company Owners | 2,236,399,973.81 | 2,096,569,039.06 | +6.67% | [Consolidated Income Statement](index=13&type=section&id=3.%20Consolidated%20Income%20Statement%20for%20the%20Current%20Period) In Q3 2017, the company achieved **220 million Yuan** in operating revenue, a 33.25% increase, and **95 million Yuan** in net profit attributable to parent company owners, up 35.72%; year-to-date, cumulative operating revenue reached **484 million Yuan**, up 3.22%, while cumulative net profit attributable to parent company owners slightly decreased by 0.81% to **200 million Yuan**, with significant sales expense growth being a key factor impacting cumulative net profit Consolidated Income Statement Data (Year-to-Date) | Item (Year-to-Date) | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 484,166,000.26 | 469,065,025.46 | +3.22% | | Sales Expenses | 100,236,223.00 | 64,951,445.27 | +54.32% | | Net Profit Attributable to Parent Company Owners | 199,822,588.57 | 201,452,213.84 | -0.81% | | Basic Earnings Per Share | 0.83 | 0.84 | -1.19% | [Consolidated Cash Flow Statement](index=20&type=section&id=7.%20Consolidated%20Cash%20Flow%20Statement%20from%20Year-Start%20to%20Period-End) Year-to-date, net cash flow from operating activities was **79 million Yuan**, a significant 56.86% decrease due to slower sales collection and increased raw material purchases; net cash outflow from investing activities reached **952 million Yuan**, primarily for wealth management products (**870 million Yuan**) and long-term asset acquisition; net cash outflow from financing activities was **56 million Yuan**, mainly for dividend distribution Consolidated Cash Flow Statement Data (Year-to-Date) | Item (Year-to-Date) | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 79,356,742.12 | 183,953,925.41 | -56.86% | | Net Cash Flow from Investing Activities | -952,242,142.21 | -855,905,754.93 | -11.26% | | Net Cash Flow from Financing Activities | -56,103,653.82 | -43,200,000.00 | -29.87% | | Net Increase in Cash and Cash Equivalents | -928,989,053.91 | -715,151,829.52 | -29.90% | [Audit Report](index=24&type=section&id=II.%20Audit%20Report) The company's 2017 third-quarter report is unaudited - The company's third-quarter report is unaudited[56](index=56&type=chunk)

北京赛升药业股份有限公司 2017 年半年度报告全文 北京赛升药业股份有限公司 2017 年半年度报告 2017-031 2017 年 08 月 1 北京赛升药业股份有限公司 2017 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。 （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、一致性评价等医药改革政策的相继出台，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 ...

Part I [Important Notes, 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) This section provides crucial disclaimers, the report's structural overview, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the annual report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report, free from false statements, misleading representations, or major omissions, and assume legal responsibility[5](index=5&type=chunk) - Company representative Ma Biao, head of accounting Ma Li, and head of accounting department Li Jianhua declare that the financial report in the annual report is true, accurate, and complete[5](index=5&type=chunk) [Risk Factors](index=2&type=section&id=%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company faces multiple risks including tightening industry policies, product price declines, quality issues, new drug R&D uncertainties, and core personnel loss - Increasing national regulation on the pharmaceutical industry, including policies on hierarchical diagnosis and treatment, new medical insurance catalogs, payment control, and drug tendering, raises policy risks for the company[7](index=7&type=chunk) - Key products like "Saibai" Fibrinolysin for Injection and "Saisheng" Polysaccharide Peptide for Injection are in the medical insurance catalog, but new tendering and payment changes may reduce prices and impact profitability[8](index=8&type=chunk) - New drug R&D is lengthy and complex, susceptible to unpredictable factors, posing risks of technical failure or registration inability, potentially increasing operating costs and affecting profitability and growth[12](index=12&type=chunk) - As a high-tech enterprise, the loss of core management and technical personnel could lead to core technology leakage, negatively impacting R&D[13](index=13&type=chunk) [Table of Contents](index=4&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the detailed chapter structure of the annual report, covering business, financial, governance, shareholder, and significant matters [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, controlling shareholders, subsidiaries, product names, regulatory bodies, and reporting periods Part II [Company Profile and Key Financial Indicators](index=6&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) This section provides the company's basic information and a summary of its key financial performance and indicators for the reporting period [I. Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration details, including stock ticker, code, legal representative, and addresses - Company stock abbreviation: Saisheng Pharmaceutical, stock code: **300485**[19](index=19&type=chunk) - The company's legal representative is Ma Biao, with both registered and office addresses at No. 8 Xingsheng Street, Beijing Economic-Technological Development Area, Beijing[19](index=19&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact details for the Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is Wang Xuefeng, and the Securities Affairs Representative is Ma Shengnan, both reachable at **010-67862500**[20](index=20&type=chunk) [III. Information Disclosure and Document Availability](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9) This section specifies the company's designated information disclosure media and the location for annual report availability, ensuring transparency - The company's designated information disclosure media include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[21](index=21&type=chunk) - The company's designated website is Juchao Information Network (http://www.cninfo.com.cn)[21](index=21&type=chunk) [IV. Other Relevant Information](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section discloses information about the company's appointed accounting firm and sponsor institution, including their names, addresses, and signing professionals - The company's appointed accounting firm is Grant Thornton (Special General Partnership), with signing accountants Tong Dengshu and Zhang Zaiqiang[23](index=23&type=chunk) - The company's appointed sponsor institution is China Great Wall Securities Co., Ltd., with sponsor representatives Chen Guangming and Gan Yankun, for a continuous supervision period from June 26, 2015, to December 31, 2018[23](index=23&type=chunk) [V. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%BA%94%E3%80%81%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 2016, the company's operating revenue increased by 1.50% to CNY 616.24 million, net profit attributable to shareholders grew by 23.48% to CNY 258.41 million, and operating cash flow increased by 25.71% 2016 Key Accounting Data and Financial Indicators | Indicator | 2016 (CNY) | 2015 (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 616,238,487.47 | 607,138,310.74 | 1.50% | | Net Profit Attributable to Shareholders of Listed Company | 258,405,896.27 | 209,273,984.37 | 23.48% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 239,368,778.69 | 208,686,902.58 | 14.70% | | Net Cash Flow from Operating Activities | 212,893,474.60 | 169,357,075.56 | 25.71% | | Basic Earnings Per Share (CNY/share) | 1.080 | 0.995 | 8.54% | | Diluted Earnings Per Share (CNY/share) | 1.080 | 0.995 | 8.54% | | Weighted Average Return on Net Assets | 13.04% | 16.75% | -3.71% | | Total Assets | 2,216,587,575.58 | 1,944,810,335.19 | 13.97% | | Net Assets Attributable to Shareholders of Listed Company | 2,096,569,039.06 | 1,881,363,142.79 | 11.44% | [VI. Quarterly Key Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%88%86%E5%AD%A3%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's 2016 quarterly operating revenue, net profit, non-recurring net profit, and net cash flow from operating activities, showing quarterly operational fluctuations 2016 Quarterly Key Financial Indicators | Indicator | Q1 (CNY) | Q2 (CNY) | Q3 (CNY) | Q4 (CNY) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 136,878,278.12 | 167,040,176.95 | 165,146,570.39 | 147,173,462.01 | | Net Profit Attributable to Shareholders of Listed Company | 58,854,650.80 | 72,955,689.06 | 69,641,873.98 | 56,953,682.43 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 58,737,403.77 | 72,567,476.29 | 69,829,575.96 | 38,234,322.67 | | Net Cash Flow from Operating Activities | 46,124,217.00 | 90,142,081.84 | 47,687,626.57 | 28,939,549.19 | [VII. Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=%E4%B8%83%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[26](index=26&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[27](index=27&type=chunk) [VIII. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) In 2016, total non-recurring gains and losses amounted to CNY 19.04 million, primarily from entrusted investment gains and government subsidies, positively impacting net profit 2016 Non-Recurring Gains and Losses and Amounts | Item | 2016 Amount (CNY) | 2015 Amount (CNY) | 2014 Amount (CNY) | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 134,538.99 | 8,735.06 | -7,392.15 | | Government Subsidies Recognized in Current Profit/Loss | 1,437,518.42 | 667,908.28 | 1,973,915.49 | | Gains/Losses from Entrusted Investment or Asset Management | 21,202,760.92 | | | | Other Non-Operating Income and Expenses Apart from the Above | -333,747.19 | 21,714.70 | 205,865.66 | | Less: Income Tax Impact | 3,422,928.64 | 104,958.50 | 324,569.85 | | Impact on Minority Interests (After Tax) | -18,975.08 | 6,317.75 | 757.15 | | Total | 19,037,117.58 | 587,081.79 | 1,847,062.00 | Part III [Business Overview](index=9&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) This section outlines the company's core business activities, significant asset changes, and key competitive advantages during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in R&D, production, and sales of injectable biological and biochemical drugs, focusing on cardiovascular, immune (anti-tumor), and nervous system diseases - The company's main business is the R&D, production, and sales of injectable preparations, with leading products being biological and biochemical drugs, covering three major therapeutic areas: cardiovascular, immune (anti-tumor), and nervous system diseases[31](index=31&type=chunk) - Key products include Polysaccharide Peptide for Injection, Deoxyribonucleotide Sodium Injection, Thymosin for Injection, Fibrinolysin for Injection, and GM-1, with no change in main business during the reporting period[31](index=31&type=chunk) - The company's cardiovascular product Fibrinolysin for Injection, and immunomodulator products Deoxyribonucleotide Sodium Injection and Polysaccharide Peptide for Injection maintain high market shares, while the market share of nervous system product GM-1 is gradually increasing[36](index=36&type=chunk) [II. Significant Changes in Major Assets](index=10&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) During the reporting period, the company's equity investments increased due to an investment in Beijing E-Town Bio-pharmaceutical M&A Investment Center, and construction projects progressed significantly - In terms of equity assets, the company invested in Beijing E-Town Bio-pharmaceutical M&A Investment Center (Limited Partnership)[38](index=38&type=chunk) - For construction in progress, the main structures of the pharmaceutical production base and cardiovascular & immune product industrialization projects have been completed[38](index=38&type=chunk) - No significant changes occurred in fixed assets and intangible assets[38](index=38&type=chunk) [III. Analysis of Core Competencies](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include product assurance, R&D and patent technology advantages, advanced process technology, and a comprehensive industry chain - The technology for the company's five main products is self-developed, holding national invention patents, with a rational product structure mitigating single-product dependency risks[40](index=40&type=chunk) - The company possesses strong R&D capabilities in biological and biochemical drugs, holding **36 national patent technologies** (including **28 invention patents**), forming a biomacromolecule purification technology platform[41](index=41&type=chunk) - The company has established specialized biomacromolecule separation and purification technology platforms for proteins (peptides), polysaccharides, nucleotides, and functional lipids, with proprietary process technologies maturely applied in injectable product preparation[43](index=43&type=chunk) - The company and its controlled subsidiaries hold multi-dosage form production licenses, possessing a complete product industry chain capable of R&D, production, and sales of APIs, oral preparations, and injectable preparations[44](index=44&type=chunk) Part IV [Management Discussion and Analysis](index=14&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) This section discusses the company's operational performance, financial condition, and future outlook, including revenue, costs, R&D, cash flow, and investment activities [I. Overview](index=14&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In 2016, the company achieved stable main business growth amidst pharmaceutical policy reforms, making progress in marketing, R&D, project construction, strategic investment, and intellectual property - In 2016, the company achieved total operating revenue of **CNY 616 million**, a **1.5% year-on-year increase**; total profit of **CNY 300 million**, a **23.41% year-on-year increase**; and net profit attributable to shareholders of **CNY 258 million**, a **23.48% year-on-year increase**[48](index=48&type=chunk) 2016 Main Product Revenue Share and Gross Margin | Product | Revenue Share | Gross Margin | | :--- | :--- | :--- | | Deoxyribonucleotide Sodium Injection | 28.40% | 74.70% | | Polysaccharide Peptide for Injection | 24.63% | 63.87% | | GM1 | 20.06% | 67.13% | | Fibrinolysin for Injection | 16.98% | 70.12% | | Thymosin for Injection | 2.40% | 34.67% | | Company's Overall Gross Margin | - | 67.49% | - During the reporting period, the company's R&D expenses amounted to **CNY 88.90 million**, a **109.15% increase** year-on-year, with R&D investment accounting for **14.43% of operating revenue**[52](index=52&type=chunk) - The main structure of the pharmaceutical production base project, a fundraising project, was topped out in October 2016, and the HM-3 (Anti-Angiogenesis Peptide) project is in clinical Phase I research[56](index=56&type=chunk) - The company participated in establishing an M&A fund through related parties, investing in the next-generation biopharmaceutical industry, focusing on biomacromolecule technology, biological drugs, and cell engineering to accelerate external expansion[58](index=58&type=chunk)[59](index=59&type=chunk) - During the reporting period, the company obtained **2 authorized invention patents**, accumulating **36 patents** (including **28 invention patents**), and received honors such as "Beijing Patent Demonstration Unit" and "Beijing Biopharmaceutical Industry Leapfrog Development G20 Project Industry Leader"[60](index=60&type=chunk)[61](index=61&type=chunk) [II. Analysis of Main Business](index=19&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business revenue increased by 1.50%, with growth in immune system and cardiovascular drugs, while nervous system drug revenue declined, and R&D investment significantly increased [Revenue and Cost](index=19&type=section&id=%E6%94%B6%E5%85%A5%E4%B8%8E%E6%88%90%E6%9C%AC) In 2016, operating revenue grew by 1.50% to CNY 616.24 million, driven by immune system and cardiovascular drugs, with significant growth in the East China region 2016 Operating Revenue Composition (by Product) | Product Category | 2016 Amount (CNY) | Share of Operating Revenue | 2015 Amount (CNY) | Share of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Immune System Drugs | 341,944,606.01 | 55.49% | 324,839,402.60 | 53.50% | 5.27% | | Nervous System Drugs | 123,600,480.78 | 20.06% | 153,891,444.12 | 25.35% | -19.68% | | Cardiovascular and Cerebrovascular Drugs | 139,548,718.82 | 22.65% | 119,431,630.50 | 19.67% | 16.84% | | Other | 11,144,681.86 | 1.81% | 8,975,833.52 | 1.48% | 24.16% | | Total Operating Revenue | 616,238,487.47 | 100% | 607,138,310.74 | 100% | 1.50% | 2016 Operating Revenue Composition (by Region) | Region | 2016 Amount (CNY) | Share of Operating Revenue | 2015 Amount (CNY) | Share of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | East China | 227,108,959.22 | 36.85% | 177,114,295.34 | 29.17% | 28.23% | | Northeast China | 120,086,862.25 | 19.49% | 138,334,323.68 | 22.78% | -13.19% | | Central China | 96,947,388.99 | 15.73% | 109,031,235.29 | 17.96% | -11.08% | | North China | 109,632,070.97 | 17.79% | 108,408,444.44 | 17.86% | 1.13% | | Southwest China | 40,082,305.75 | 6.50% | 44,038,475.21 | 7.25% | -8.98% | | South China | 15,039,741.18 | 2.44% | 16,532,020.05 | 2.72% | -9.03% | | Northwest China | 7,341,159.11 | 1.19% | 13,656,875.22 | 2.25% | -46.25% | | Other | | | 22,641.51 | 0.00% | -100.00% | 2016 Main Product Gross Margin Changes | Product Category | 2016 Gross Margin | 2015 Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | | Immune System Drugs | 68.11% | 60.07% | 8.04% | | Nervous System Drugs | 67.12% | 68.02% | -0.90% | | Cardiovascular and Cerebrovascular Drugs | 66.29% | 55.29% | 11.00% | - Sales to the top five customers accounted for **45.31% of total annual sales**, and purchases from the top five suppliers accounted for **22.53% of total annual purchases**[74](index=74&type=chunk) [Expenses](index=23&type=section&id=%E8%B4%B9%E7%94%A8) In 2016, sales and administrative expenses showed stable growth, while financial expenses significantly decreased due to increased short-term bank wealth management 2016 Key Expenses | Item | 2016 (CNY) | 2015 (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 88,828,723.74 | 78,253,670.98 | 13.51% | | Administrative Expenses | 69,879,075.86 | 68,019,543.97 | 2.73% | | Financial Expenses | -1,279,604.98 | -4,867,914.99 | -73.71% | - Financial expenses decreased by **73.71%** year-on-year, primarily due to increased short-term bank wealth management[76](index=76&type=chunk) [R&D Investment](index=23&type=section&id=%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5) The company's R&D investment surged by 109.15% to CNY 88.90 million in 2016, with a significant increase in capitalized R&D expenditures, reflecting a strong focus on innovation 2016 R&D Investment | Indicator | 2016 | 2015 | 2014 | | :--- | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 88 | 97 | 98 | | R&D Personnel Share | 18.00% | 22.00% | 25.00% | | R&D Investment Amount (CNY) | 88,902,351.85 | 42,506,452.69 | 32,511,677.33 | | R&D Investment as % of Operating Revenue | 14.43% | 7.00% | 5.51% | | Capitalized R&D Expenditures (CNY) | 74,250,002.65 | 12,818,941.13 | 0.00 | | Capitalized R&D Expenditures as % of R&D Investment | 83.52% | 30.16% | 0.00% | | Capitalized R&D Expenditures as % of Current Net Profit | 28.74% | 6.13% | 0.00% | - The proportion of total R&D investment to operating revenue significantly changed from the previous year, mainly due to the acquisition of new drug approvals for HM-3 (Anti-Angiogenesis Peptide), Nafamostat Mesylate, and Angiostatin, allowing for capitalization of technology transfer fees and subsequent development expenditures[78](index=78&type=chunk)[80](index=80&type=chunk) - The company terminated R&D for Ornithine Aspartate, Inosine Pranobex, and Calf Blood Protein Extract Enteric-Coated Tablets, with related capitalized R&D expenditures transferred to current profit and loss[81](index=81&type=chunk) [Cash Flow](index=24&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81) In 2016, net cash flow from operating activities increased by 25.71%, while investment cash flow saw significant changes due to wealth management and construction, and financing cash flow decreased due to the prior year's IPO 2016 Cash Flow | Item | 2016 (CNY) | 2015 (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Subtotal Cash Inflows from Operating Activities | 729,266,580.24 | 679,718,936.43 | 7.29% | | Subtotal Cash Outflows from Operating Activities | 516,373,105.64 | 510,361,860.87 | 1.18% | | Net Cash Flow from Operating Activities | 212,893,474.60 | 169,357,075.56 | 25.71% | | Subtotal Cash Inflows from Investing Activities | 122,050,671.88 | 28,728,777.01 | 324.84% | | Subtotal Cash Outflows from Investing Activities | 252,001,236.64 | 711,652,813.27 | -64.59% | | Net Cash Flow from Investing Activities | -129,950,564.76 | -682,924,036.26 | -80.97% | | Subtotal Cash Inflows from Financing Activities | | 1,095,840,700.00 | -100.00% | | Subtotal Cash Outflows from Financing Activities | 43,200,000.00 | 64,996,000.00 | -33.53% | | Net Cash Flow from Financing Activities | -43,200,000.00 | 1,030,844,700.00 | -104.19% | | Net Increase in Cash and Cash Equivalents | 39,742,909.84 | 517,277,739.30 | -92.32% | - Cash inflows from investing activities increased by **324.84%**, primarily due to gains from wealth management products and collection of project deposits for the production base construction[84](index=84&type=chunk) - Net cash flow from financing activities decreased by **104.19%**, mainly due to the increase in IPO proceeds in 2015[85](index=85&type=chunk) [III. Non-Core Business Activities](index=25&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's non-core business income primarily stemmed from wealth management product interest, accounting for 17.27% of total profit, while other items were minor and non-recurring 2016 Non-Core Business Activities | Item | Amount (CNY) | Share of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 51,831,245.83 | 17.27% | | | Asset Impairment | -22,066.31 | -0.01% | No | | Non-Operating Income | 1,687,032.78 | 0.56% | No | | Non-Operating Expenses | 448,722.56 | 0.15% | No | - Investment income primarily consists of interest gains from wealth management products[86](index=86&type=chunk) [IV. Asset and Liability Status](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) At the end of 2016, total assets increased by 13.97% to CNY 2.22 billion, with significant growth in long-term equity investments and construction in progress, and no asset restrictions 2016 Year-End Significant Changes in Asset Composition | Item | 2016 Year-End Amount (CNY) | Share of Total Assets | 2015 Year-End Amount (CNY) | Share of Total Assets | Change in Share | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,039,147,197.76 | 46.88% | 999,404,287.92 | 51.39% | -4.51% | | Long-Term Equity Investments | 210,094,911.61 | 9.48% | 105,000,551.25 | 5.40% | 4.08% | | Construction in Progress | 131,442,789.60 | 5.93% | 12,780,903.48 | 0.66% | 5.27% | - The increase in long-term equity investments is primarily due to the company's investment in an industry M&A fund[89](index=89&type=chunk) - The increase in construction in progress is primarily due to the construction of the production base[89](index=89&type=chunk) - As of the end of the reporting period, the company had no restricted assets[90](index=90&type=chunk) [V. Analysis of Investment Status](index=26&type=section&id=%E4%BA%94%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's total investment remained stable, with a major equity investment in Beijing E-Town Bio-pharmaceutical M&A Investment Center, and a significant portion of raised funds used for construction projects and wealth management 2016 Total Investment | Indicator | Investment Amount During Reporting Period (CNY) | Investment Amount in Prior Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 105,000,000.00 | 105,000,000.00 | 0.00% | - The company made an equity investment in Beijing E-Town Bio-pharmaceutical M&A Investment Center (Limited Partnership), holding a **26.25% stake**, with an investment gain/loss of **CNY 94,360.36** for the current period[93](index=93&type=chunk)[95](index=95&type=chunk) 2016 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (CNY 10k) | Total Raised Funds Used in Current Period (CNY 10k) | Total Raised Funds Cumulatively Used (CNY 10k) | Total Unused Raised Funds (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2015 | Public Offering of Shares | 108,094.47 | 10,681.85 | 20,942.23 | 91,315.81 | - As of the end of 2016, of the unused raised funds, **CNY 413.16 million** was held in dedicated bank accounts, and **CNY 500 million** was used to purchase wealth management products[98](index=98&type=chunk) 2016 Status of Projects Pledged with Raised Funds | Pledged Investment Project | Total Pledged Investment from Raised Funds (CNY 10k) | Amount Invested in Current Reporting Period (CNY 10k) | Cumulative Investment as of Period End (CNY 10k) | Investment Progress as of Period End | | :--- | :--- | :--- | :--- | :--- | | New Pharmaceutical Production Base Project | 68,085.41 | 6,497.83 | 16,068.21 | 23.60% | | New Cardiovascular and Immunomodulatory Product Industrialization Project | 28,352.17 | 630.33 | 630.33 | 2.22% | | Marketing Network Construction Project | 5,656.89 | 543.69 | 733.69 | 12.97% | | HM-Type Peptide Product Project | 6,000 | 3,010 | 3,510 | 58.50% | [VI. Significant Asset and Equity Sales](index=29&type=section&id=%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[103](index=103&type=chunk) - The company did not sell any significant equity during the reporting period[104](index=104&type=chunk) [VII. Analysis of Major Controlled and Invested Companies](index=30&type=section&id=%E4%B8%83%E3%80%81%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) Beijing Sai'er Bio-pharmaceutical Co., Ltd., a controlled subsidiary, primarily develops, produces, and sells tablets, capsules, powders, granules, and APIs, reporting a net loss in 2016 Financial Status of Major Controlled Subsidiary Beijing Sai'er Bio-pharmaceutical Co., Ltd. | Company Name | Company Type | Main Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Sai'er Bio-pharmaceutical Co., Ltd. | Subsidiary | Tablets, Capsules, Powders, Granules, APIs | 28,000,000 | 27,499,524.51 | 18,859,030.33 | 11,087,299.39 | -380,924.73 | -687,535.69 | [VIII. Status of Structured Entities Controlled by the Company](index=30&type=section&id=%E5%85%AB%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[105](index=105&type=chunk) [IX. Outlook on the Company's Future Development](index=30&type=section&id=%E4%B9%9D%E3%80%81%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) The company anticipates growth from an aging population and chronic disease management, focusing on R&D, product innovation, management optimization, and M&A for external expansion [Industry Landscape and Trends](index=30&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A0%BC%E5%B1%80%E5%92%8C%E8%B6%8B%E5%8A%BF) The pharmaceutical industry is driven by an aging population and chronic diseases, with significant potential in cardiovascular, oncology, and neurological markets, especially for peptide drugs - In 2015, the cardiovascular drug market in public hospitals was **CNY 16.77 billion**, a **5.45% year-on-year increase**, with continuous growth in medication expenditure[108](index=108&type=chunk) - Cancer incidence in China is rising annually, with lung cancer being the most common malignant tumor, and the top **10 malignant tumors accounting for 76.39% of all cases**[109](index=109&type=chunk) - The peptide drug market is in a rapid growth phase, with broad development prospects for prevention, diagnosis, and treatment of diseases like cancer, diabetes, and hepatitis[112](index=112&type=chunk) - In 2016, the expenditure on Ganglioside Sodium in key public hospitals in China was **CNY 1.57 billion**, demonstrating outstanding performance in the nervous system drug sector[113](index=113&type=chunk) [Company Development Strategy](index=33&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%91%E5%B1%95%E6%88%98%E7%95%A5) The company aims to become a leading listed company with core competitiveness by enhancing R&D, product innovation, and management, while expanding through M&A funds - The company's development strategy aims to establish an excellent listed company with core competitiveness, characterized by continuously improving R&D, ensuring product innovation and continuity, advanced technology, superior management, leading market share and sales, and maximizing shareholder and employee interests[116](index=116&type=chunk) - The company will focus on optimizing governance and management, innovating technology and products, and conducting in-depth research into peptide biopharmaceuticals, biomaterials, and chronic disease prevention and management[116](index=116&type=chunk) - By participating in M&A funds, the company actively seeks investment opportunities in excellent biopharmaceutical enterprises to achieve strategic expansion and capital appreciation[116](index=116&type=chunk) [2017 Operating Plan](index=33&type=section&id=2017%E5%B9%B4%E7%BB%8F%E8%90%A5%E8%AE%A1%E5%88%92) For 2017, the company plans to enhance product promotion, optimize production, increase R&D investment, develop talent, upgrade IT systems, and pursue M&A, targeting 0-15% revenue growth - The company will continue to strengthen market promotion for key products, expand market development and promotion of existing approved products, and introduce new drug varieties through independent R&D, collaborative R&D, and acquisitions[118](index=118&type=chunk) - The fundraising projects, including the new pharmaceutical production base and the cardiovascular and immunomodulatory product industrialization project, will be fully advanced to significantly increase the company's production capacity[118](index=118&type=chunk) - In marketing, the company will continue to adhere to the "resident investment promotion + academic promotion" marketing model, strengthen strategic cooperation with distributors, improve marketing team building, and accumulate clinical evidence[119](index=119&type=chunk)[120](index=120&type=chunk)[122](index=122&type=chunk) - R&D plans include innovating investment and financing methods, increasing talent investment, strengthening cooperation with research institutions, adjusting and improving product structure, and concentrating efforts on key R&D projects[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - Talent plans include improving scientific talent management systems, adhering to the principle of both integrity and ability in recruitment, strengthening talent training, and timely advancing equity incentive plans[126](index=126&type=chunk) - Informationization plans involve upgrading and fully implementing the ERP system to enhance the informatization level of production processes and operational management efficiency[128](index=128&type=chunk) - M&A plans involve actively participating in M&A fund operations to seek appropriate acquisitions and mergers of companies in the same or upstream/downstream industries, expanding the company's scale and strength[129](index=129&type=chunk) - For 2017, the company has set a preliminary operating target of **0-15% year-on-year growth**[129](index=129&type=chunk) [Potential Risks](index=36&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from tightening pharmaceutical policies, potential product price reductions, complex manufacturing quality issues, R&D uncertainties, and the loss of core personnel - Increasing national regulation on the pharmaceutical industry, with policies like hierarchical diagnosis, new medical insurance catalogs, payment control, and drug tendering, heightens policy risks for enterprises[130](index=130&type=chunk) - Changes in new drug tendering systems, medical insurance payment conditions and drug scope, coupled with intensified market competition, pose a risk of varying degrees of price reduction for the company's main products[131](index=131&type=chunk) - The company's main products are lyophilized powder injections and small volume injections, involving complex production processes where each step can affect product quality, posing product quality risks[133](index=133&type=chunk) - New drug R&D is lengthy and complex, susceptible to unpredictable factors, posing risks of technical failure or registration inability, potentially adversely affecting the company's profitability and growth capabilities[134](index=134&type=chunk) - The loss of core management and technical personnel could lead to the leakage of the company's core technologies, negatively impacting its R&D efforts[135](index=135&type=chunk) [X. Registration Form for Investor Relations Activities](index=38&type=section&id=%E5%8D%81%E3%80%81%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) This section records the company's investor relations activities during the reporting period, including institutional investor site visits - On November 22, 2016, the company hosted a site visit for institutional investors, with relevant information disclosed on the Shenzhen Stock Exchange's Interactive Easy platform[137](index=137&type=chunk) Part V [Significant Matters](index=39&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) This section details the company's profit distribution, capital reserve conversion, fulfillment of commitments, related party transactions, and other significant events during the reporting period [I. Profit Distribution of Common Shares and Capital Reserve to Share Capital Conversion](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) In 2016, the company implemented its 2015 profit distribution plan, distributing a cash dividend of CNY 3.6 per 10 shares and converting capital reserves to increase share capital by 10 shares per 10, raising total share capital to 240 million shares - On April 26, 2016, the company implemented its 2015 profit distribution plan, distributing a cash dividend of **CNY 3.6 per 10 shares** (tax inclusive) based on a total share capital of **120 million shares**, and converting capital reserves to increase share capital by **10 shares per 10**, raising the total share capital to **240 million shares**[140](index=140&type=chunk) 2016 Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (CNY) (tax inclusive) | 2.50 | | Capital Reserve to Share Capital Conversion per 10 Shares (shares) | 0 | | Share Capital Base for Distribution Plan (shares) | 240,000,000 | | Total Cash Dividend (CNY) (tax inclusive) | 60,000,000.00 | | Distributable Profit (CNY) | 258,405,896.27 | | Cash Dividend as % of Total Profit Distribution | 100.00% | Company's Cash Dividends for Common Shares in the Last Three Years | Dividend Year | Cash Dividend Amount (tax inclusive) (CNY) | Net Profit Attributable to Common Shareholders of Listed Company in Consolidated Report for Dividend Year (CNY) | Share of Net Profit Attributable to Common Shareholders of Listed Company in Consolidated Report | | :--- | :--- | :--- | :--- | | 2016 | 60,000,000.00 | 258,405,896.27 | 23.22% | | 2015 | 43,200,000.00 | 209,273,984.37 | 20.64% | | 2014 | 54,000,000.00 | 202,571,532.22 | 26.66% | [II. Fulfillment of Commitments](index=40&type=section&id=%E4%BA%8C%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, actual controller, directors, senior management, and other shareholders fulfilled all commitments made during the initial public offering or refinancing, including share reduction, lock-up, dividend, and IPO price stabilization - Controlling shareholder Ma Biao, director Ma Li, and shareholder Liu Shuqin committed that the transfer price of their shares would not be less than the offering price within **24 months** after the lock-up period expires[146](index=146&type=chunk) - Ma Biao, Ma Li, and Liu Shuqin committed not to transfer shares issued before the initial public offering within **36 months** from the date of the company's stock listing[146](index=146&type=chunk) - The company committed that, under compliance with regulations, if profitable in the listing year and the subsequent two years, it would distribute cash dividends to shareholders annually at no less than **20% of the distributable profit** for that year[147](index=147&type=chunk) - The company, its controlling shareholder, directors, and senior management committed that if the company's stock price falls below net asset value per share for **20 consecutive trading days** within **three years** of listing, they will activate a price stabilization plan, fulfilling buyback or增持 obligations[148](index=148&type=chunk) - Controlling shareholder Ma Biao, director Ma Li, and shareholder Liu Shuqin committed that if the company's stock closing price falls below the offering price within **6 months** of listing, the lock-up period will automatically extend by **6 months**[149](index=149&type=chunk) [III. Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=46&type=section&id=%E4%B8%89%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reported no non-operating fund occupation by its controlling shareholder or related parties during the reporting period - The company reported no non-operating fund occupation by its controlling shareholder or related parties during the reporting period[153](index=153&type=chunk) [IV. Board of Directors' Explanation on the Latest "Non-Standard Audit Report"](index=46&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E6%9C%80%E8%BF%91%E4%B8%80%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company's Board of Directors did not issue any explanation regarding a "non-standard audit report" for the latest period - The company's Board of Directors did not issue any explanation regarding a "non-standard audit report" for the latest period[154](index=154&type=chunk) [V. Board of Directors, Supervisory Board, Independent Directors' Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=46&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E7%8B%AC%E7%AB%8B%E8%91%A3%E4%BA%8B%EF%BC%88%E5%A6%82%E6%9C%89%EF%BC%89%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company's Board of Directors, Supervisory Board, and independent directors did not issue any explanation regarding a "non-standard audit report" from the accounting firm for the current period - The company's Board of Directors, Supervisory Board, and independent directors did not issue any explanation regarding a "non-standard audit report" from the accounting firm for the current period[154](index=154&type=chunk) [VI. Board of Directors' Explanation on Changes in Accounting Policies, Estimates, or Major Accounting Error Corrections During the Reporting Period](index=46&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%85%B3%E4%BA%8E%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E3%80%81%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1%E5%8F%98%E6%9B%B4%E6%88%96%E9%87%8D%E5%A4%A7%E4%BC%9A%E8%AE%A1%E5%B7%AE%E9%94%99%E6%9B%B4%E6%AD%A3%E7%9A%84%E8%AF%B4%E6%98%8E) The company adjusted its accounting policy in accordance with VAT accounting regulations, reclassifying "Business Tax and Surcharges" to "Taxes and Surcharges" in the income statement - The company adjusted its accounting policy according to the "VAT Accounting Treatment Regulations," reclassifying "Business Tax and Surcharges" to "Taxes and Surcharges" in the income statement[154](index=154&type=chunk) - Property tax, land use tax, vehicle and vessel use tax, stamp duty, and other related taxes originally included in administrative expenses were reclassified to "Taxes and Surcharges" starting from May 1, 2016[154](index=154&type=chunk) [VII. Explanation of Changes in Consolidated Financial Statement Scope Compared to Prior Year](index=47&type=section&id=%E4%B8%83%E3%80%81%E4%B8%8E%E4%B8%8A%E5%B9%B4%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9B%B8%E6%AF%94%EF%BC%8C%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E5%8F%91%E7%94%9F%E5%8F%98%E5%8C%96%E7%9A%84%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's consolidated financial statement scope remained unchanged during the reporting period - The company's consolidated financial statement scope remained unchanged during the reporting period[155](index=155&type=chunk) [VIII. Appointment and Dismissal of Accounting Firms](index=47&type=section&id=%E5%85%AB%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company currently employs Grant Thornton (Special General Partnership) as its domestic accounting firm, paying CNY 600,000, with signing accountants Tong Dengshu and Zhang Zaiqiang, and no change occurred during the reporting period - The company currently employs Grant Thornton (Special General Partnership) as its domestic accounting firm, with a remuneration of **CNY 600,000**, having served for **5 consecutive years**[156](index=156&type=chunk) - The signing accountants are Tong Dengshu and Zhang Zaiqiang[156](index=156&type=chunk) - No change in accounting firms occurred during the reporting period[156](index=156&type=chunk) [IX. Facing Suspension and Termination of Listing After Annual Report Disclosure](index=47&type=section&id=%E4%B9%9D%E3%80%81%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%8A%AB%E9%9C%B2%E5%90%8E%E9%9D%A2%E4%B8%B4%E6%9A%82%E5%81%9C%E4%B8%8A%E5%B8%82%E5%92%8C%E7%BB%88%E6%AD%A2%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not face suspension or termination of listing after the annual report disclosure during the reporting period - The company did not face suspension or termination of listing after the annual report disclosure during the reporting period[156](index=156&type=chunk) [X. Bankruptcy and Reorganization Related Matters](index=47&type=section&id=%E5%8D%81%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not have any bankruptcy and reorganization related matters during the reporting period - The company did not have any bankruptcy and reorganization related matters during the reporting period[156](index=156&type=chunk) [XI. Significant Litigation and Arbitration Matters](index=47&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the current year - The company had no significant litigation or arbitration matters during the current year[157](index=157&type=chunk) [XII. Penalties and Rectification Status](index=47&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[158](index=158&type=chunk) [XIII. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=48&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period[159](index=159&type=chunk) [XIV. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=48&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[159](index=159&type=chunk) [XV. Significant Related Party Transactions](index=48&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no significant related party transactions concerning daily operations, asset/equity sales, joint investments, or creditor/debtor relationships, but invested in an M&A fund through related parties - The company had no related party transactions concerning daily operations, asset or equity acquisitions/sales, joint external investments, or related party creditor/debtor relationships during the reporting period[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - The company's related parties, Saiding Fangde and Saideruibo, jointly established Yitang Saiying with Botai Fangde; Yitang Saiying invested **CNY 10 million** in the M&A fund as its general partner[164](index=164&type=chunk) - The company's related party, Saideruibo, invested **CNY 130 million** in the M&A fund as a limited partner, aiming to reserve resources for the company's future development by investing in promising companies[164](index=164&type=chunk) [XVI. Significant Contracts and Their Fulfillment](index=49&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no significant entrustment, contracting, leasing, or guarantee matters, but utilized idle raised funds to purchase multiple principal-protected bank wealth management products, enhancing capital efficiency - The company had no entrustment, contracting, leasing, or significant guarantee matters during the reporting period[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) 2016 Entrusted Wealth Management | Trustee Name | Product Type | Entrusted Wealth Management Amount (CNY 10k) | Actual Gain/Loss During Reporting Period (CNY 10k) | Actual Recovery of Gain/Loss During Reporting Period | | :--- | :--- | :--- | :--- | :--- | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 58,000 | 398.52 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 56,000 | 93.28 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 55,500 | 1,116.91 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 3,000 | 17.74 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 20,000 | 177.04 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 20,000 | 57.86 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 20,000 | 58.84 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 20,000 | 8.55 | Fully Recovered | | China Merchants Bank Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 50,000 | 14.38 | Not Recovered | | CITIC Bank Beijing Economic-Technological Development Area Sub-branch | Principal-Protected Wealth Management Product | 20,000 | 232.22 | Fully Recovered | | CITIC Bank Beijing Economic-Technological Development Area Sub-branch | Principal-Protected Wealth Management Product | 7,000 | 96.3 | Fully Recovered | | CITIC Bank Beijing Economic-Technological Development Area Sub-branch | Principal-Protected Wealth Management Product | 20,000 | 152.08 | Fully Recovered | | CITIC Bank Beijing Economic-Technological Development Area Sub-branch | Principal-Protected Wealth Management Product | 7,000 | 32.68 | Fully Recovered | | Bank of Beijing Economic-Technological Development Area Sub-branch | Notice Deposit | 2,000 | 31.23 | Fully Recovered | | Bank of Beijing Yizhuang Sub-branch | Principal-Protected Wealth Management Product | 27,000 | 513.67 | Fully Recovered | | Huaxia Bank Beijing Zhichun Sub-branch | Principal-Protected Wealth Management Product | 5,000 | 49.15 | Fully Recovered | | Huaxia Bank Beijing Zhichun Sub-branch | Principal-Protected Wealth Management Product | 4,800 | 17.04 | Fully Recovered | | Total | - | 395,300 | 3,053.11 | - | - The company used idle raised funds to purchase principal-protected bank wealth management products, aiming to generate investment income and improve capital utilization efficiency[173](index=173&type=chunk) [XVII. Social Responsibility Status](index=52&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its corporate social responsibility through sound internal controls, transparent information disclosure, investor returns, employee rights, quality products, and tax compliance - The company actively fulfills its corporate social responsibility by establishing sound internal control systems, standardizing corporate governance, timely and accurate information disclosure, prioritizing investor returns, safeguarding employee rights, providing quality products, and complying with tax laws[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - The company is not listed as a key polluting entity by environmental protection authorities and has not published a social responsibility report[179](index=179&type=chunk) [XVIII. Explanation of Other Significant Matters](index=53&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[179](index=179&type=chunk) [XIX. Significant Matters of Company Subsidiaries](index=53&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Sai'er Bio-pharmaceutical, a controlled subsidiary, experienced GMP certificate revocation and subsequent restoration, and received an environmental administrative penalty during the reporting period - On June 29, 2016, the GMP certificate of Sai'er Bio-pharmaceutical, a controlled subsidiary, was revoked[180](index=180&type=chunk) - On August 18, 2016, Sai'er Bio-pharmaceutical received an administrative penalty from environmental authorities[180](index=180&type=chunk) - Sai'er Bio-pharmaceutical has received its "Drug GMP Certificate" back from the Beijing Food and Drug Administration, resuming normal production and sales[62](index=62&type=chunk) Part VI [Share Changes and Shareholder Information](index=54&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) This section details changes in the company's share capital, securities issuance, and information about shareholders and the actual controller [I. Share Change Status](index=54&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) In 2016, the company's total share capital increased from 120 million to 240 million shares due to capital reserve conversion, and some IPO restricted shares were unlocked - On April 26, 2016, the company's total share capital increased from **120 million shares to 240 million shares**, primarily due to the 2015 profit distribution plan converting capital reserves to increase share capital by **10 shares per 10**[183](index=183&type=chunk)[184](index=184&type=chunk) - Some of the company's initial public offering (IPO) restricted shares were unlocked on June 27, 2016[184](index=184&type=chunk) 2016 Year-End Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Unlocked in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Ma Biao | 59,616,000 | 0 | 59,616,000 | 119,232,000 | IPO Restriction | | Ma Li | 14,256,000 | 0 | 14,256,000 | 28,512,000 | IPO Restriction | | Liu Shuqin | 3,888,000 | 0 | 3,888,000 | 7,776,000 | IPO Restriction | | Wang Guang | 3,240,000 | 6,480,000 | 3,240,000 | 0 | IPO Restriction | | Beijing Aerospace Industry Investment Fund (Limited Partnership) | 8,100,000 | 16,200,000 | 8,100,000 | 0 | IPO Restriction | | Harbin Yuheng Group Co., Ltd. | 900,000 | 1,800,000 | 900,000 | 0 | IPO Restriction | | Zhang Fan | 200 | 400 | 200 | 0 | Senior Management Lock-up | [II. Securities Issuance and Listing Status](index=56&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No new securities were issued during the reporting period, but total share capital increased due to capital reserve conversion, and some IPO restricted shares were unlocked - The company's total share capital increased from **120 million shares to 240 million shares**, primarily due to the 2015 profit distribution plan converting capital reserves to increase share capital by **10 shares per 10**[187](index=187&type=chunk) - Some of the company's initial public offering (IPO) restricted shares were unlocked on June 27, 2016[188](index=188&type=chunk) - The company has no existing internal employee shares[189](index=189&type=chunk) [III. Shareholders and Actual Controller Status](index=56&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of the reporting period end, the company had 22,841 common shareholders, with Ma Biao as the controlling shareholder and actual controller, holding 49.68% of shares - The total number of common shareholders at the end of the reporting period was **22,841**[190](index=190&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders at Period End | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Ma Biao | Domestic Natural Person | 49.68% | 119,232,000 | 119,232,000 | | Ma Li | Domestic Natural Person | 11.88% | 28,512,000 | 28,512,000 | | Liu Shuqin | Domestic Natural Person | 3.24% | 7,776,000 | 7,776,000 | | Wang Guang | Domestic Natural Person | 1.45% | 3,480,000 | 0 | | Zhongrong Life Insurance Co., Ltd. - Participating Insurance Product | Domestic Non-State-Owned Legal Person | 0.99% | 2,378,814 | 0 | | Zhongrong Life Insurance Co., Ltd. - Universal Insurance Product | Domestic Non-State-Owned Legal Person | 0.75% | 1,789,124 | 0 | | Zhongrong Life Insurance Co., Ltd. - Traditional Insurance Product | Domestic Non-State-Owned Legal Person | 0.48% | 1,159,936 | 0 | | Industrial and Commercial Bank of China Ltd. - Fullgoal Healthcare Industry Mixed Securities Investment Fund | Domestic Non-State-Owned Legal Person | 0.43% | 1,020,951 | 0 | | Zhang Hongmei | Domestic Natural Person | 0.42% | 1,000,000 | 0 | | Zhang Hongjie | Domestic Natural Person | 0.42% | 1,000,000 | 0 | - The controlling shareholder and actual controller is Ma Biao, whose main profession and positions are Chairman and General Manager of Beijing Saisheng Pharmaceutical Co., Ltd[193](index=193&type=chunk)[194](index=194&type=chunk) - Ma Biao and Ma Li are siblings, and Liu Shuqin is their mother[192](index=192&type=chunk) - The company's controlling shareholder and actual controller remained unchanged during the reporting period[193](index=193&type=chunk)[195](index=195&type=chunk) Part VII [Preferred Shares Related Matters](index=60&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) This section confirms that the company had no preferred shares during the reporting period [Preferred Shares Related Matters](index=60&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[197](index=197&type=chunk) Part VIII [Directors, Supervisors, Senior Management, and Employees](index=61&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) This section details the shareholding changes, appointments, remuneration, and overall status of the company's directors, supervisors, senior management, and employees [I. Shareholding Changes of Directors, Supervisors, and Senior Management](index=61&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, the total shareholdings of the company's directors, supervisors, and senior management doubled due to capital reserve conversion Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Other Changes (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Ma Biao | Chairman and General Manager | 59,616,000 | 59,616,000 | 119,232,000 | | Ma Li | Director, Deputy General Manager, and CFO | 14,256,000 | 14,256,000 | 28,512,000 | | Wang Xuefeng | Director, Deputy General Manager, and Board Secretary | 0 | 0 | 0 | | Li Jianhua | Director | 0 | 0 | 0 | | Ma Shaojing | Director | 0 | 0 | 0 | | Fu Hongzheng | Independent Director | 0 | 0 | 0 | | He Naixin | Independent Director | 0 | 0 | 0 | | Sun Yanhong | Independent Director | 0 | 0 | 0 | | Li Zhibing | Chairman of Supervisory Board | 0 | 0 | 0 | | Song Mengwei | Supervisor | 0 | 0 | 0 | | Peng Xinghua | Supervisor | 0 | 0 | 0 | | Jiang Guirong | Chief Engineer | 0 | 0 | 0 | | Zhang Fan | Marketing Director | 200 | 200 | 400 | | Total | - | 73,872,200 | 73,872,200 | 147,744,000 | [II. Changes in Company Directors, Supervisors, and Senior Management](index=62&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%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%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's directors, supervisors, and senior management remained unchanged during the reporting period - The company's directors, supervisors, and senior management remained unchanged during the reporting period[200](index=200&type=chunk) [III. Appointment Status](index=62&type=section&id=%E4%B8%89%E3%80%81%E4%BB%BB%E8%81%8C%E6%83%85%E5%86%B5) This section details the professional backgrounds, work experience, and internal/external positions of the company's current directors, supervisors, and senior management, noting no recent regulatory penalties - Ma Biao, the company's Chairman and General Manager, holds a Ph.D. in Biochemistry, possesses multiple invention patents, and also serves as Chairman and General Manager of Sai'er Bio-pharmaceutical[200](index=200&type=chunk) - The company's directors, supervisors, and senior management hold key internal positions, such as Ma Li as Deputy General Manager and CFO, Wang Xuefeng as Deputy General Manager and Board Secretary, and Song Mengwei as Head of R&D Center[201](index=201&type=chunk)[206](index=206&type=chunk) - Several senior executives hold concurrent positions in other entities, such as Ma Shaojing as General Manager and Director at Guoxin Venture Capital Management (Shenzhen) Co., Ltd., Fu Hongzheng as a professor at Peking University, and Sun Yanhong as an independent director at multiple companies[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[209](index=209&type=chunk) - The company's current and departed directors, supervisors, and senior management have not been penalized by securities regulatory agencies in the past three years[209](index=209&type=chunk) [IV. Remuneration of Directors, Supervisors, and Senior Management](index=65&type=section&id=%E5%9B%9B%E3%80%81%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%E6%8A%A5%E9%85%AC%E6%83%85%E5%86%B5) The remuneration plan for directors, supervisors, and senior management is determined by the Board's Compensation and Assessment Committee, approved by relevant bodies, and based on performance, with Chairman Ma Biao receiving the highest pre-tax remuneration of CNY 811,700 - The remuneration plan for directors, supervisors, and senior management is drafted by the Board's Compensation and Assessment Committee and implemented after approval by the Board of Directors, Supervisory Board, and Shareholders' Meeting[210](index=210&type=chunk) - Remuneration is determined based on the company's "Board of Directors Compensation and Assessment Committee Work Rules," considering operating performance and work ability assessments[210](index=210&type=chunk) 2016 Total Pre-Tax Remuneration of Directors, Supervisors, and Senior Management | Name | Position | Total Pre-Tax Remuneration from Company (CNY 10k) | | :--- | :--- | :--- | | Ma Biao | Chairman and General Manager | 81.17 | | Ma Li | Deputy General Manager and CFO | 61.17 | | Wang Xuefeng | Deputy General Manager and Board Secretary | 61.17 | | Li Jianhua | Director | 19.64 | | Fu Hongzheng | Independent Director | 4 | | He Naixin | Independent Director | 4 | | Sun Yanhong | Independent Director | 4 | | Li Zhibing | Chairman of Supervisory Board | 4 | | Song Mengwei | Supe

北京赛升药业股份有限公司 2017 年第一季度报告全文 北京赛升药业股份有限公司 2017 年第一季度报告 2017-016 2017 年 04 月 1 北京赛升药业股份有限公司 2017 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 2017 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 公司是否因会计政策变更及会计差错更正等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） | 108,205,025.96 | 136,878,278.12 | -20.95% | | 归属于上市公司股东的净利润（元） | ...

北京赛升药业股份有限公司 2016 年第三季度报告全文 北京赛升药业股份有限公司 2016 年第三季度报告 2016-057 2016 年 10 月 1 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资 料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 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告的真实、完整。 2 北京赛升药业股份有限公司 2016 年第三季度报告全文 北京赛升药业股份有限公司 2016 年第三季度报告全文 第一节 重要提示 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等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） | 2,102,454,581.76 | 1,944,810,335.19 | | 8.11% | | 归属 ...

北京赛升药业股份有限公司 2016 年半年度报告 2016-047 2016 年 08 月 北京赛升药业股份有限公司 2016 年半年度报告全文 释义 | 释义项 | 指 | 释义内容 | | --- | --- | --- | | 本公司、公司、赛升药业 | 指 | 北京赛升药业股份有限公司 | | 控股股东、实际控制人 | 指 马骉 | | | 赛而生物 | 指 | 北京赛而生物药业有限公司，系公司控股子公司 | | GM1 | 指 | 单唾液酸四己糖神经节苷脂钠注射液 | | 保荐机构 | 指 | 信达证券股份有限公司 | | 审计机构 | 指 | 致同会计师事务所（特殊普通合伙） | | 公司法 | 指 | 《中华人民共和国公司法》 | | 证券法 | 指 | 《中华人民共和国证券法》 | | 《上市规则》 | 指 | 《深圳证券交易所创业板股票上市规则》 | | 《规范运作指引》 | 指 | 《深圳证券交易所创业板上市公司规范运作指引》 | | 《公司章程》 | 指 | 《北京赛升药业股份有限公司章程》 | | 证监会 | 指 | 中国证券监督管理委员会 | | 深交所 | 指 | 深圳证券交易所 ...

北京赛升药业股份有限公司 北京赛升药业股份有限公司 2016 年第一季度报告全文 2016 年第一季度报告 2016-024 2016 年 04 月 1 北京赛升药业股份有限公司 2016 年第一季度报告全文 第一节 重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资 料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 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告的真实、完整。 2 北京赛升药业股份有限公司 2016 年第一季度报告全文 √ 适用 □ 不适用 单位：元 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 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 | 117,647.07 | | | 一标准定额或定量享受的政府补助除外） | | | | 除上述各项之外的其他营业外收入和支出 | -400.04 | | | 合计 | 117,247.03 | -- | 对公司根 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides the company's key disclosures, including risk warnings, the report's structure, and definitions of terms used [Important Notice and Risk Statement](index=2&type=section&id=Important%20Notice) The board ensures report accuracy, highlights key risks like policy changes, price declines, R&D uncertainty, and personnel loss, and proposes the 2015 profit distribution plan - The company faces five core risks - **Industry Policy Risk**: New GMP, GSP, medical insurance cost control, and drug bidding policies raise industry requirements, increasing enterprise policy risk[6](index=6&type=chunk) - **Product Price Decline Risk**: The company's main products face price reduction risks in the new round of drug bidding and medical insurance payment reforms[7](index=7&type=chunk)[8](index=8&type=chunk) - **Product Quality Risk**: The company's product processes are complex, with multiple环节 (stages) potentially affecting product quality, posing potential quality risks[9](index=9&type=chunk) - **New Drug R&D Uncertainty**: New drug R&D has long cycles and multiple stages, carrying risks of development failure or market non-acceptance[11](index=11&type=chunk) - **Core Personnel Loss Risk**: Intense talent competition in the industry means the loss of core technical and management personnel could adversely affect the company's R&D and stable development[12](index=12&type=chunk) - The Board of Directors approved the 2015 profit distribution plan: based on **120 million shares**, a cash dividend of **3.60 yuan** (tax inclusive) per 10 shares will be distributed, and 10 bonus shares for every 10 shares will be converted from capital reserve[13](index=13&type=chunk)[14](index=14&type=chunk) [Table of Contents](index=6&type=section&id=Table%20of%20Contents) The report's main structure includes eleven chapters covering company profile, business overview, management discussion, significant events, share changes, corporate governance, and financial reports [Definitions](index=7&type=section&id=Definitions) This section defines key terms and abbreviations used in the report, such as "Saisheng Pharmaceutical" and "Sai'er Bio," and specifies the reporting period as January 1 to December 31, 2015 [Company Profile and Key Financial Indicators](index=8&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, disclosure channels, and core financial data for the past three years, highlighting 2015 revenue and net profit growth, cash flow decline, and significant asset growth due to IPO [Company Basic Information](index=8&type=section&id=Company%20Information) Beijing Saisheng Pharmaceutical Co., Ltd. (stock code: 300485), registered in Beijing Economic-Technological Development Area, is a pharmaceutical company with Ma Biao as legal representative, disclosing information via China Securities Journal and Cninfo | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Saisheng Pharmaceutical | | **Stock Code** | 300485 | | **Chinese Name** | 北京赛升药业股份有限公司 | | **Legal Representative** | Ma Biao | | **Registered Address** | No. 8 Xingsheng Street, Beijing Economic-Technological Development Area, Beijing | | **Information Disclosure Website** | Cninfo (http://www.cninfo.com.cn) | [Key Accounting Data and Financial Indicators](index=9&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2015, the company achieved operating revenue of 607.14 million yuan, up 2.93%; net profit attributable to shareholders was 209.27 million yuan, up 3.31%; operating cash flow decreased by 20.94% to 169.36 million yuan; total assets surged 170.73% to 1.94 billion yuan due to IPO | Key Financial Indicators | 2015 (Yuan) | 2014 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 607,138,310.74 | 589,846,385.90 | 2.93% | | **Net Profit Attributable to Listed Company Shareholders** | 209,273,984.37 | 202,571,532.22 | 3.31% | | **Net Cash Flow from Operating Activities** | 169,357,075.56 | 214,225,147.96 | -20.94% | | **Basic Earnings Per Share** | 1.990 | 2.25 | -11.56% | | **Weighted Average Return on Net Assets** | 16.75% | 36.15% | -19.40% | | **Total Assets** | 1,944,810,335.19 | 718,347,837.61 | 170.73% | | **Net Assets Attributable to Listed Company Shareholders** | 1,881,363,142.79 | 645,144,458.42 | 191.62% | | Quarter | Operating Revenue (Yuan) | Net Profit Attributable to Listed Company Shareholders (Yuan) | | :--- | :--- | :--- | | **Q1** | 132,310,908.29 | 45,942,072.21 | | **Q2** | 158,542,195.96 | 59,452,898.64 | | **Q3** | 165,749,504.59 | 50,568,060.85 | | **Q4** | 150,535,701.90 | 53,310,952.67 | - The company's 2015 non-recurring gains and losses totaled **587,100 yuan**, primarily from government subsidies[28](index=28&type=chunk)[30](index=30&type=chunk) [Company Business Overview](index=12&type=section&id=Item%20III.%20Company%20Business%20Overview) The company primarily researches, develops, produces, and sells injectable biological and biochemical drugs, focusing on cardiovascular, immune, and nervous system diseases, possessing core competencies in R&D, process technology, and integrated supply chain [Main Business](index=12&type=section&id=Main%20Business) The company's core business involves R&D, production, and sales of injectable biological and biochemical drugs for cardiovascular, immune, and nervous system diseases, with no significant changes in the reporting period, though immune system drugs were affected by policy - The company is the original drafter for national drug standards of **5 varieties**, including Fibrinolysin and Polysaccharide Peptide Injection, with several products being the first to be manufactured nationwide[33](index=33&type=chunk) - The company's products are primarily applied in three major therapeutic areas - **Immunomodulatory**: Polysaccharide Peptide Injection, Deoxyribonucleotide Sodium Injection, Thymosin Injection - **Cardiovascular and Cerebrovascular**: Fibrinolysin Injection - **Nervous System**: Monosialotetrahexosylganglioside Sodium Injection (GM-1)[34](index=34&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies lie in its balanced product portfolio, strong R&D capabilities including a postdoctoral research station, mastery of core biopharmaceutical purification technologies, and a comprehensive supply chain from raw materials to finished products - During the reporting period, the company acquired two projects, **HM-3 (Anti-Angiopeptin)** and **Nafamostat Mesylate**, through technology transfer, with the former's patent rights transferred to Saisheng Pharmaceutical, enhancing its intellectual property advantage[38](index=38&type=chunk) - The company's core competencies are reflected in four aspects - **Product Advantage**: Five leading products cover high-growth therapeutic areas, with a balanced structure and high market share[39](index=39&type=chunk)[40](index=40&type=chunk) - **R&D Advantage**: Possesses a postdoctoral research station, with key product technologies derived from independent development and numerous invention patents[41](index=41&type=chunk) - **Process Technology Advantage**: Established specialized technology platforms for the separation and purification of biological macromolecules like proteins (peptides) and polysaccharides, mastering core processes[42](index=42&type=chunk) - **Industrial Chain Layout Advantage**: Owns a complete industrial chain from active pharmaceutical ingredients to multi-dosage form preparations, effectively dispersing risks[43](index=43&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Item%20IV.%20Management%20Discussion%20and%20Analysis) In 2015, the company achieved stable growth with approximately 3% increases in revenue and net profit amidst industry slowdown and policy reforms, significantly boosting R&D investment, advancing IPO-funded projects, and establishing an industry M&A fund for external expansion [Overview of Operations](index=15&type=section&id=Overview) Facing industry challenges in 2015, the company achieved stable growth with total operating revenue of 607.14 million yuan (up 2.93%) and net profit attributable to shareholders of 209.27 million yuan (up 3.31%), making progress in R&D, IPO projects, and strategic development | Financial Indicators | 2015 Amount (Yuan) | YoY Growth | | :--- | :--- | :--- | | **Total Operating Revenue** | 607,138,310.74 | 2.93% | | **Total Profit** | 243,242,292.54 | 3.03% | | **Net Profit Attributable to Listed Company Shareholders** | 209,273,984.37 | 3.31% | | Main Product | Revenue Share | Gross Margin | | :--- | :--- | :--- | | **Deoxyribonucleotide Sodium Injection** | 30.85% | 66.59% | | **GM1** | 25.35% | 68.02% | | **Polysaccharide Peptide Injection** | 20.19% | 52.94% | | **Fibrinolysin Injection** | 14.49% | 58.74% | | **Thymosin Injection** | 2.36% | 37.95% | - The company listed on June 26, 2015, and partnered with E-Town Capital to establish the Beijing E-Town Biopharmaceutical Industry M&A Fund, aiming for industrial expansion in areas like biomacromolecule technology and cell engineering[54](index=54&type=chunk) [Analysis of Main Business](index=18&type=section&id=Analysis%20of%20Main%20Business) The company's main revenue sources are immune, nervous, and cardiovascular system drugs, with cardiovascular showing the fastest growth at 16.77% in 2015; sales in Central and North China grew significantly, while East China and Southwest declined; top five customers accounted for 43.46% of sales **Operating Revenue Composition (by Product)** | Product Category | 2015 Revenue (Yuan) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | **Immunomodulatory Drugs** | 324,839,402.60 | 53.50% | -1.23% | | **Nervous System Drugs** | 153,891,444.12 | 25.35% | 1.50% | | **Cardiovascular and Cerebrovascular Drugs** | 119,431,630.50 | 19.67% | 16.77% | | **Other** | 8,975,833.52 | 1.48% | 26.83% | **Operating Revenue Composition (by Region)** | Region | 2015 Revenue (Yuan) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | **East China** | 177,114,295.34 | 29.17% | -9.00% | | **Northeast China** | 138,334,323.68 | 22.78% | 2.41% | | **Central China** | 109,031,235.29 | 17.96% | 20.78% | | **North China** | 108,408,444.44 | 17.86% | 2.97% | - The company's top five customers accounted for **43.46%** of total annual sales, with the largest customer contributing **18.40%**[69](index=69&type=chunk)[71](index=71&type=chunk) - Financial expenses significantly decreased by **69.97%** year-on-year, primarily because short-term bank wealth management product income was recognized as investment income instead of interest income[73](index=73&type=chunk) [R&D Investment](index=22&type=section&id=R%26D%20Investment) In 2015, R&D investment reached 42.51 million yuan, a 30.74% increase, representing 7.00% of operating revenue, with 12.82 million yuan capitalized due to projects like Anti-Angiopeptin entering clinical or preclinical stages | R&D Investment Indicator | 2015 | 2014 | Change | | :--- | :--- | :--- | :--- | | **R&D Investment Amount (Yuan)** | 42,506,452.69 | 32,511,677.33 | +30.74% | | **R&D Investment as % of Operating Revenue** | 7.00% | 5.51% | +1.49pp | | **Capitalized R&D Expenditure Amount (Yuan)** | 12,818,941.13 | 0.00 | N/A | | **Capitalized R&D Expenditure as % of R&D Investment** | 30.16% | 0.00% | N/A | - The significant change in R&D capitalization rate is due to the **Anti-Angiopeptin** project entering Phase I clinical trials and the **Nafamostat Mesylate** project being in the preclinical stage, with their development expenditures meeting capitalization criteria[75](index=75&type=chunk) [Cash Flow Analysis](index=23&type=section&id=Cash%20Flow) In 2015, operating cash flow decreased by 20.94% to 169.36 million yuan, while investing cash outflow surged to 682.92 million yuan due to wealth management and M&A fund investments, and financing cash inflow reached 1.03 billion yuan primarily from the IPO, resulting in a net cash increase of 517.28 million yuan | Cash Flow Item | 2015 (Yuan) | 2014 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 169,357,075.56 | 214,225,147.96 | -20.94% | | **Net Cash Flow from Investing Activities** | -682,924,036.26 | -7,046,625.80 | -9,591.50% | | **Net Cash Flow from Financing Activities** | 1,030,844,700.00 | -50,130,000.00 | 2,156.34% | | **Net Increase in Cash and Cash Equivalents** | 517,277,739.30 | 157,048,522.16 | 229.37% | - Key reasons for significant cash flow changes - **Sharp increase in investing outflow**: Primarily due to the purchase of wealth management products and investment in the industry M&A fund[82](index=82&type=chunk) - **Sharp increase in financing inflow**: Primarily due to the company's IPO proceeds[83](index=83&type=chunk) [Assets and Liabilities](index=24&type=section&id=Assets%20and%20Liabilities) As of year-end 2015, total assets reached 1.95 billion yuan, a 170.73% increase, with cash and equivalents at 999.40 million yuan (51.39% of total assets) due to IPO proceeds, and a new long-term equity investment of 105 million yuan in an industry M&A fund, while total liabilities remained stable | Main Asset Item | 2015 Year-end Amount (Yuan) | % of Total Assets | Explanation for Change from Previous Year-end | | :--- | :--- | :--- | :--- | | **Cash and Equivalents** | 999,404,287.92 | 51.39% | Increase due to IPO proceeds | | **Long-term Equity Investments** | 105,000,551.25 | 5.40% | Company's investment in industry M&A fund | | **Construction in Progress** | 12,780,903.48 | 0.66% | Construction of production base commenced | [Investment Analysis](index=25&type=section&id=Investment%20Analysis) In 2015, the company made a significant equity investment of 105 million yuan in the Beijing E-Town Biopharmaceutical Industry M&A Fund (26.25% stake) for external expansion, and utilized 103 million yuan of its 1.08 billion yuan IPO proceeds for committed projects like the new pharmaceutical production base, also investing idle funds in wealth management products - During the reporting period, the company invested **105 million yuan** to co-establish the Beijing E-Town Biopharmaceutical M&A Fund (Limited Partnership) with E-Town Capital and other partners, holding a **26.25%** stake, aiming for industrial expansion[91](index=91&type=chunk) | Raised Funds Committed Project | Committed Investment Total (10,000 Yuan) | Cumulative Investment Amount (10,000 Yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | **New Pharmaceutical Production Base Project** | 68,085.41 | 9,570.38 | 14.06% | | **New Cardiovascular and Immunomodulatory Product Industrialization Project** | 28,352.17 | 0 | 0.00% | | **Marketing Network Construction Project** | 5,656.89 | 190 | 3.36% | | **Peptide-like Product HM Project** | 6,000 | 500 | 8.33% | | **Total** | **108,094.47** | **10,260.38** | **-** | - The company used up to **950 million yuan** of idle raised funds to purchase principal-protected bank wealth management products, with a balance of **270 million yuan** as of year-end 2015[98](index=98&type=chunk) [Outlook on Company's Future Development](index=29&type=section&id=Outlook%20on%20Company%27s%20Future%20Development) The company anticipates continued growth in oncology, cardiovascular, and nervous system drug markets, aiming to be a technologically advanced and well-managed listed company, with 2016 plans including maintaining product growth, increasing R&D investment, expanding marketing, and seeking M&A opportunities, targeting 0-15% revenue growth - The company anticipates an upward trend in oncology and immunomodulators, cardiovascular drugs, and nervous system drugs, benefiting from an aging population and increased healthcare investment[102](index=102&type=chunk)[103](index=103&type=chunk) - Key points of the 2016 operating plan - **Products**: Maintain stable growth for the five main products and introduce new varieties - **Technology Development**: R&D investment to exceed **5%** of main business revenue, focusing on biomacromolecules and derivative products - **Marketing**: Improve the "resident investment attraction + academic promotion" model and strengthen dealer alliances - **Mergers and Acquisitions**: Seize industry development opportunities to seek M&A of peer or upstream/downstream enterprises[107](index=107&type=chunk)[108](index=108&type=chunk)[113](index=113&type=chunk) - The company has preliminarily set its 2016 operating target for operating revenue growth between **0% and 15%**, emphasizing that this target does not constitute a performance commitment[115](index=115&type=chunk) [Significant Events](index=35&type=section&id=Item%20V.%20Significant%20Events) This section details the company's significant events, including the 2015 profit distribution plan (3.6 yuan cash dividend and 10 bonus shares per 10 shares), fulfillment of IPO commitments, absence of major litigation or related-party transactions, subsidiary Sai'er Bio's new GMP certification, and the use of idle raised funds for wealth management [Profit Distribution and Capital Reserve to Share Capital Conversion](index=35&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion) The company proposed a 2015 profit distribution plan of 3.6 yuan cash dividend per 10 shares (totaling 43.2 million yuan) and 10 bonus shares per 10 shares from capital reserve, based on 120 million shares, with cash dividends consistently exceeding 20% of net profit over the past three years | Item | Content | | :--- | :--- | | **Number of Bonus Shares per 10 Shares** | 0 | | **Cash Dividend per 10 Shares (Yuan) (Tax Inclusive)** | 3.60 | | **Number of Shares Converted from Capital Reserve per 10 Shares** | 10 | | **Share Capital Base for Distribution Plan (Shares)** | 120,000,000 | | **Total Cash Dividend (Yuan) (Tax Inclusive)** | 43,200,000.00 | **Cash Dividend Situation Over the Past Three Years** | Dividend Year | Cash Dividend Amount (Yuan) | % of Net Profit Attributable to Parent Company Shareholders | | :--- | :--- | :--- | | **2015** | 43,200,000.00 | 20.64% | | **2014** | 54,000,000.00 | 26.66% | | **2013** | 49,500,000.00 | 30.79% | [Fulfillment of Commitments](index=36&type=section&id=Fulfillment%20of%20Commitments) The company, controlling shareholder, directors, supervisors, and senior management have strictly fulfilled all commitments made during the initial public offering regarding share lock-up, share price stability, information disclosure accuracy, and dividend policy, with no violations reported during the period - The company's controlling shareholder **Ma Biao** and related parties **Ma Li** and **Liu Shuqin** committed not to transfer their pre-IPO shares for **36 months** from the company's listing date[133](index=133&type=chunk) - The company and related parties committed to activate a share price stabilization plan, including company buybacks and shareholder share increases, if the share price falls below net asset value per share for **20 consecutive trading days** within three years of listing[135](index=135&type=chunk)[137](index=137&type=chunk) [Wealth Management](index=50&type=section&id=Wealth%20Management) During the reporting period, the company used 1.08 billion yuan of raised funds for four short-term principal-protected bank wealth management products, realizing 10.43 million yuan in investment income by year-end, with 270 million yuan still outstanding, and plans to continue using idle funds for wealth management - The company used raised funds to purchase short-term wealth management products from Huaxia Bank, CITIC Bank, Bank of Beijing, and China Merchants Bank, totaling **1.08 billion yuan**[170](index=170&type=chunk) - During the reporting period, wealth management generated **10.43 million yuan** in income, with total expected income of **13.75 million yuan**[170](index=170&type=chunk) [Significant Events of Company Subsidiaries](index=51&type=section&id=Significant%20Events%20of%20Company%20Subsidiaries) During the reporting period, the company's subsidiary, Beijing Sai'er Bio-Pharmaceutical Co., Ltd., obtained the new version of the GMP certificate for tablets and capsules, valid until November 16, 2020, and also passed the high-tech enterprise re-certification - Subsidiary **Sai'er Bio** obtained the new version of the **Drug GMP Certificate**, valid until November 16, 2020, which will enhance product quality and production capacity[175](index=175&type=chunk) [Share Changes and Shareholder Information](index=53&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share structure changes due to its 2015 initial public offering, increasing total share capital from 90 million to 120 million shares, with 30 million new shares being unrestricted, and identifies the controlling shareholder and related parties [Share Change Information](index=53&type=section&id=Share%20Change%20Information) Due to the initial public offering of 30 million new shares, the company's total share capital increased from 90 million to 120 million shares, with restricted shares remaining at 90 million (75%) and unrestricted shares now at 30 million (25%) | Share Class | Quantity Before Change (Shares) | Increase/Decrease in This Change (Shares) | Quantity After Change (Shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | | **I. Restricted Shares** | 90,000,000 | 0 | 90,000,000 | 75.00% | | **II. Unrestricted Shares** | 0 | +30,000,000 | 30,000,000 | 25.00% | | **III. Total Shares** | **90,000,000** | **+30,000,000** | **120,000,000** | **100.00%** | [Shareholders and Actual Controller Information](index=55&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of the reporting period end, the company had 19,457 shareholders; controlling shareholder and actual controller Ma Biao held 49.68% of shares, with Ma Li (11.88%) and Liu Shuqin (3.24%) being related parties, and Beijing Aerospace Industry Investment Fund as the third largest shareholder (6.75%) **Top Five Shareholders' Shareholding** | Shareholder Name | Shareholder Nature | Shareholding % | Number of Restricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | | **Ma Biao** | Domestic Natural Person | 49.68% | 59,616,000 | | **Ma Li** | Domestic Natural Person | 11.88% | 14,256,000 | | **Beijing Aerospace Industry Investment Fund (Limited Partnership)** | Domestic Non-State-Owned Legal Person | 6.75% | 8,100,000 | | **Liu Shuqin** | Domestic Natural Person | 3.24% | 3,888,000 | | **Wang Guang** | Domestic Natural Person | 2.70% | 3,240,000 | - Shareholders **Ma Biao** and **Ma Li** are siblings, and **Liu Shuqin** is their mother, constituting related parties or parties acting in concert[187](index=187&type=chunk) [Preferred Shares Information](index=59&type=section&id=Item%20VII.%20Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[193](index=193&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=60&type=section&id=Item%20VIII.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) This section outlines the composition of the company's directors, supervisors, senior management, and employees, noting no changes in personnel or their shareholdings during the period, with Chairman and General Manager Ma Biao as a key figure, and technical personnel comprising the largest employee group [Changes in Shareholdings and Composition of Directors, Supervisors, and Senior Management](index=60&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with Chairman Ma Biao holding 59.616 million shares and Director Ma Li holding 14.256 million shares, and their total annual remuneration amounting to 3.9356 million yuan - During the reporting period, there were no increases or decreases in the shareholdings of any directors, supervisors, or senior management personnel[195](index=195&type=chunk)[197](index=197&type=chunk) | Name | Position | Total Pre-tax Remuneration from Company (10,000 Yuan) | | :--- | :--- | :--- | | **Ma Biao** | Chairman and General Manager | 79.3 | | **Ma Li** | Deputy General Manager and CFO | 59.3 | | **Wang Xuefeng** | Deputy General Manager and Board Secretary | 59.3 | | **Jiang Guirong** | Chief Engineer | 60 | | **Zhang Fan** | Marketing Director | 50 | [Company Employee Information](index=66&type=section&id=Company%20Employee%20Information) As of year-end 2015, the company had 442 employees, with approximately 54.75% holding college degrees or higher, and technical and production personnel forming the largest groups at 33.71% and 33.03% respectively, with total employee compensation amounting to 43.0254 million yuan, or 7.09% of operating revenue | Professional Division | Number of Employees | % of Total Employees | | :--- | :--- | :--- | | **Production Personnel** | 146 | 33.03% | | **Sales Personnel** | 65 | 14.71% | | **Technical Personnel** | 149 | 33.71% | | **Financial Personnel** | 12 | 2.71% | | **Management Personnel** | 37 | 8.37% | | **Other Personnel** | 33 | 7.47% | | **Total** | **442** | **100.00%** | [Corporate Governance](index=68&type=section&id=Item%20IX.%20Corporate%20Governance) During the reporting period, the company maintained a compliant corporate governance structure in accordance with relevant laws and regulations, ensuring independent operations, timely information disclosure, and effective internal controls, as confirmed by both self-assessment and external audit reports [Basic Corporate Governance Status](index=68&type=section&id=Basic%20Corporate%20Governance%20Status) The company adheres strictly to the Company Law and Securities Law, maintaining a sound governance structure that complies with regulatory requirements, ensuring independent operations from the controlling shareholder, transparent information disclosure, and effective performance evaluation and incentive mechanisms - The actual corporate governance status of the company does not materially differ from the normative documents on corporate governance issued by the China Securities Regulatory Commission[233](index=233&type=chunk) - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing complete autonomous operating capabilities[234](index=234&type=chunk)[235](index=235&type=chunk) [Performance of Board Special Committees](index=71&type=section&id=Performance%20of%20Board%20Special%20Committees%20During%20the%20Reporting%20Period) During the reporting period, the Audit, Remuneration and Appraisal, and Strategy Committees of the Board diligently performed their duties, holding multiple meetings to review annual financial reports, internal controls, remuneration plans, R&D projects, and the establishment of the industry M&A fund - The Audit Committee reviewed the company's internal control status for 2015, concluding that the established internal control system complies with regulations and effectively controls risks[238](index=238&type=chunk) - The Strategy Committee approved significant matters, including the **Proposal on the Company's 2015 R&D Project Initiation** and the **Proposal on Establishing the Beijing E-Town Biopharmaceutical Industry M&A Fund**[240](index=240&type=chunk) [Internal Control Evaluation Report](index=72&type=section&id=Internal%20Control%20Evaluation%20Report) The Board's internal control self-evaluation report confirmed a sound and effective internal control system, with no material or significant deficiencies in financial or non-financial reporting identified during the period, a conclusion consistent with the standard unqualified assurance report issued by the accounting firm - According to the company's internal control evaluation report, total assets and operating revenue included in the evaluation scope both accounted for **100%** of the consolidated financial statements[245](index=245&type=chunk) - During the reporting period, the company found no material or significant deficiencies in financial or non-financial reporting[247](index=247&type=chunk) - The accounting firm issued a standard unqualified assurance report on the company's internal controls related to financial statements as of December 31, 2015[249](index=249&type=chunk)[250](index=250&type=chunk) [Financial Report](index=76&type=section&id=Item%20X.%20Financial%20Report) This section presents the audited 2015 financial report, including the standard unqualified audit opinion from Grant Thornton, consolidated and parent company financial statements (balance sheet, income statement, cash flow statement, and statement of changes in equity), and detailed notes providing comprehensive disclosures on financial position, operating results, and cash flows [Audit Report](index=76&type=section&id=Audit%20Report) Grant Thornton (Special General Partnership) audited the company's 2015 financial statements and issued a standard unqualified audit opinion (Zhi Tong Shen Zi (2016) No. 110ZA0774), affirming that the financial statements fairly present the company's financial position, operating results, and cash flows in all material respects, in accordance with enterprise accounting standards - Auditor: **Grant Thornton (Special General Partnership)**[253](index=253&type=chunk) - Audit Opinion Type: **Standard Unqualified Audit Opinion**[253](index=253&type=chunk)[259](index=259&type=chunk) [Financial Statements](index=77&type=section&id=Financial%20Statements) This section includes the company's 2015 consolidated and parent company's four primary financial statements, showing consolidated total assets of 1.95 billion yuan, total liabilities of 61.997 million yuan, and total equity attributable to parent company shareholders of 1.88 billion yuan as of year-end 2015, with consolidated operating revenue of 607.14 million yuan and net profit attributable to parent company shareholders of 209.27 million yuan for the year **Consolidated Balance Sheet Key Items (2015-12-31)** | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | 1,944,810,335.19 | | **Total Liabilities** | 61,997,156.37 | | **Total Equity Attributable to Parent Company Shareholders** | 1,881,363,142.79 | **Consolidated Income Statement Key Items (2015)** | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | 607,138,310.74 | | **Operating Profit** | 242,543,934.50 | | **Total Profit** | 243,242,292.54 | | **Net Profit Attributable to Parent Company Shareholders** | 209,273,984.37 | [Notes to Financial Statements](index=97&type=section&id=Notes%20to%20Financial%20Statements) The notes provide detailed information on the company's background, financial statement preparation basis, significant accounting policies and estimates, including its high-tech enterprise status enjoying a 15% corporate income tax rate, and comprehensive analysis of key consolidated financial statement items, related party transactions, and contingencies - The company listed on the Shenzhen Stock Exchange on June 26, 2015, publicly issuing **30 million shares**, increasing total share capital to **120 million shares**[312](index=312&type=chunk) - The company and its subsidiary **Sai'er Bio** are both high-tech enterprises, enjoying a **15%** corporate income tax preferential rate[437](index=437&type=chunk) - The company's 2015 non-recurring gains and losses totaled **587,100 yuan**, primarily including government subsidies and non-current asset disposal gains/losses[617](index=617&type=chunk) [Documents Available for Inspection](index=158&type=section&id=Item%20XI.%20Documents%20Available%20for%20Inspection) This section lists documents available for review, including the annual report text signed by the legal representative, the financial report text, and originals of all publicly disclosed documents during the reporting period

北京赛升药业股份有限公司 2015 年年度报告全文 北京赛升药业股份有限公司 2015 年年度报告 2016-010 2016 年 03 月 北京赛升药业股份有限公司 2015 年年度报告全文 第一节 重要提示、目录和释义 本公司董事会、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。 2 北京赛升药业股份有限公司 2015 年年度报告全文 品招标唯低价中标发展趋越演越烈，公司主要产品均为独家、或两家生产企业 生产，具有抵御价格竞争的风险，但在药品招投标体制变化、医保支付条件和 范围发生变化及同类产品市场竞争加剧等情况下，存在公司产品价格不同程度 下降的风险，对公司盈利能力可能造成不利影响。 针对该类风险，公司将积极 采取下列措施，应对未来的药品价格风险：（1）不断提高和优化工艺水平，完 善提高产品质量，降低成本，保持较高的毛利率水平；（2）加强市场推广力度， 增加销售量，提高市场占有率；加快新药的研发，不断推出新产品。3、产品质 量风险公司主要产品为冻干粉针注射剂和小容量注射剂，生产过程工艺流程复 杂，原料采购检验、原 ...

北京赛升药业股份有限公司 2015 年第三季度报告全文 北京赛升药业股份有限公司 2015 年第三季度报告 2015-026 2015 年 10 月 1 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资料不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 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 报告中财务报告的真实、完整。 2 北京赛升药业股份有限公司 2015 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 公司是否因会计政策变更及会计差错更正等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） | 1,878,261,460.57 | | 718,347,837.61 | 161.47% | | 归属于上市公司普通股股东的股 | 1,835,080, ...