证券代码：300858 证券简称：科拓生物 公告编号：2025-031 北京科拓恒通生物技术股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据中国证监会发布的《上市公司募集资金监管规则》和深圳证券交易所发 布的《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等有关规定，北京科拓恒通生物技术股份有限公司（以下简称"公司"）董 事会编制了 2025 年半年度募集资金存放与使用情况的专项报告。 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、首次公开发行股票 经中国证券监督管理委员会《关于核准北京科拓恒通生物技术股份有限公司 首次公开发行股票的批复》（证监许可[2020]1337号）核准，公司首次公开发行 人民币普通股（A股）2,063.00万股，每股面值为人民币1.00元，每股发行价格为 23.70元，募集资金总额为人民币48,893.10万元，扣除不含税的发行费用5,274.95 万元后，公司本次募集资金净额为人民币43,618.15万元。上述募 ...

证券代码：300858 证券简称：科拓生物 公告编号：2025-033 北京科拓恒通生物技术股份有限公司 关于续聘 2025 年度审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4号）的规定。 北京科拓恒通生物技术股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召开的第三届董事会第十四次会议和第三届监事会第十三次会议，审议通 过《关于续聘 2025 年度审计机构的议案》，拟续聘中审众环会计师事务所（特殊 普通合伙）（以下简称"中审众环"）作为公司 2025 年度财务报表及内部控制审 计机构，本议案尚需提交公司 2025 年第二次临时股东大会审议。现将相关事宜 公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：中审众环始创于 1987 年，是全国首批取得国家批准具有从 事证券、期货相关业务资格及金融业 ...

证券代码：300858 证券简称：科拓生物 公告编号：2025-034 北京科拓恒通生物技术股份有限公司 关于修订《公司章程》并办理工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京科拓恒通生物技术股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召开第三届董事会第十四次会议，审议通过《关于修订<公司章程>并办理 工商变更登记的议案》。 为贯彻落实最新法律法规要求，进一步完善公司治理，提升公司规范运作水 平，根据《公司法》《上市公司章程指引》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等相关规定，公司拟对《公司章程》进 行修订，具体情况如下： | 序号 | 修订前 第一条 为维护北京科拓恒通生物技术 | 修订后 第一条 为维护北京科拓恒通生物技术 | | --- | --- | --- | | | 股份有限公司（简称"公司"或"本公 | 股份有限公司（简称"公司"或"本公 | | | 司"）、股东及债权人的合法权益，规范 | 司"）、股东、职工和债权人的合法权益， | | 1 | 公司的组织 ...

北京科拓恒通生物技术股份有限公司 第二章 离职情形与程序 第三条 董事可以在任期届满以前辞任。董事辞任应向董事会提交书面辞职 报告，公司收到辞职报告之日辞任生效，公司将在两个交易日内披露有关情况。 如存在下列情形，在改选出的董事就任前，原董事仍应当依照法律、行政法规、 部门规章和公司章程规定，履行董事职务，但存在相关法规另有规定的除外： （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低 于法定最低人数； （二）审计委员会成员辞任导致审计委员会成员低于法定最低人数，或者欠 缺会计专业人士； （三）独立董事辞任导致公司董事会或者其专门委员会中独立董事所占比例 不符合法律法规或者公司章程的规定，或者独立董事中欠缺会计专业人士。 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范北京科拓恒通生物技术股份有限公司（以下简称"公司"）董 事、高级管理人员离职管理，保障公司治理稳定性及股东合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《深圳证券 交易所创业板股票上市规则》《上市公司章程指引》等相关法律法规以及《北京 科拓恒通生物技术股份有限公司章程》（以下简 ...

证券代码：300858 证券简称：科拓生物 公告编号：2025-035 北京科拓恒通生物技术股份有限公司 关于召开 2025 年第二次临时股东大会的通知 一、本次股东大会召开的基本情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京科拓恒通生物技术股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召开了第三届董事会第十四次会议，公司董事会决定于 2025 年 9 月 10 日 以现场投票与网络投票相结合的方式召开公司 2025 年第二次临时股东大会（以 下简称"会议"或"本次股东大会"），现将会议的有关情况通知如下： 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律、 行政法规、部门规章、其他规范性文件及《公司章程》的有关规定。 4、会议召开的日期与时间 （1）现场会议召开时间：2025年9月10日（星期三）14:30 （2）网络投票时间：2025年9月10日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2025年9月10日， ...

经审议，监事会认为：董事会编制和审议公司《2025 年半年度报告》及《2025 年半年度报告摘要》的程序符合法律、行政法规和中国证监会的规定，报告内容 能够真实、准确、完整地反映公司的实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。 具体内容详见公司同日刊载于中国证监会指定信息披露网站巨潮资讯网 （www.cninfo.com.cn）上的《2025 年半年度报告》（公告编号：2025-029）、《2025 年半年度报告摘要》（公告编号：2025-030）。 证券代码：300858 证券简称：科拓生物 公告编号：2025-028 北京科拓恒通生物技术股份有限公司 第三届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 北京科拓恒通生物技术股份有限公司（以下简称"公司"）第三届监事会第 十三次会议通知于2025年8月8日以邮件通知方式向各位监事发出，会议于2025 年 8 月 18 日以通讯表决方式进行。本次会议由监事会主席陈杰先生召集并主持， 会议应出席监事 3 人，实际出席监事 3 人。公司董事会秘书列 ...

证券代码：300858 证券简称：科拓生物 公告编号：2025-027 北京科拓恒通生物技术股份有限公司 第三届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、北京科拓恒通生物技术股份有限公司（以下简称"公司"）第三届董事会 第十四次会议通知于 2025 年 8 月 8 日以邮件通知方式向各位董事发出，同时列 明了会议的召开时间、内容和方式。 2、本次会议于 2025 年 8 月 18 日以通讯表决方式进行。 3、本次会议应出席董事 7 人，实际出席董事 7 人。 4、本次董事会由董事长孙天松女士召集和主持，公司监事和高级管理人员 列席了本次董事会。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》（以下 简称"公司法"）等法律法规和《北京科拓恒通生物技术股份有限公司章程》（以 下简称"公司章程"）的有关规定，会议合法、有效。 二、董事会会议审议情况 经全体与会董事认真审议，形成决议如下： （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 董事会认为公司《2025 年半年度报告》 ...

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's Board, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness and completeness, assuming legal responsibility, and plan no cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3](index=3&type=chunk) - Liu Xiaojun, the company's head, Yu Ziying, the person in charge of accounting, and Yu Ziying, the head of the accounting department, declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiaries, associates, and industry concepts like food additives, probiotics, and postbiotics, ensuring accurate understanding - Full company name: Beijing Scitop Bio-tech Co., Ltd., abbreviated as Scitop Bio-tech[10](index=10&type=chunk) - Probiotic definition: According to FAO and WHO, live microorganisms that, when administered in adequate amounts, confer a health benefit on the host[11](index=11&type=chunk) - Postbiotic definition: A preparation of inanimate microorganisms and/or their components that confers a health benefit on the host, with a defined genetic background, including or not including their metabolites[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock abbreviation is Scitop Bio-tech, stock code 300858, listed on the Shenzhen Stock Exchange, with Liu Xiaojun as the legal representative Basic Company Information | Metric | Content | | :--- | :--- | | Stock Abbreviation | Scitop Bio-tech | | Stock Code | 300858 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Liu Xiaojun | [Contact Persons and Information](index=7&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) The company's Board Secretary is Zhang Lingyu, and the Securities Affairs Representative is Xie Ling, both located at Building 1-2, No. 31 Mangniuhe Road, Yanqi Economic Development Zone, Huairou District, Beijing, with phone number 010-69667389 and email zqb@scitop.cn Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Lingyu | Building 1-2, No. 31 Mangniuhe Road, Yanqi Economic Development Zone, Huairou District, Beijing | 010-69667389 | 010-69667381 | zqb@scitop.cn | | Securities Affairs Representative | Xie Ling | Building 1-2, No. 31 Mangniuhe Road, Yanqi Economic Development Zone, Huairou District, Beijing | 010-69667389 | 010-69667381 | zqb@scitop.cn | [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, information disclosure and placement location, and registration status remained unchanged during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - The information disclosure and placement location remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%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 the first half of 2025, the company's operating revenue increased by **18.32%** to **RMB 163.35 million**, but net profit attributable to shareholders decreased by **5.31%** to **RMB 41.21 million**, with non-recurring net profit down **6.67%**. Net cash flow from operating activities significantly decreased by **44.47%**, while total assets and net assets attributable to shareholders slightly increased Key Accounting Data and Financial Indicators for H1 2025 | Metric | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 163,345,625.11 | 138,050,858.07 | 18.32% | | Net Profit Attributable to Shareholders | 41,205,063.04 | 43,514,985.46 | -5.31% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 35,126,939.95 | 37,636,699.24 | -6.67% | | Net Cash Flow from Operating Activities | 27,882,992.28 | 50,213,593.81 | -44.47% | | Basic Earnings Per Share (RMB/share) | 0.16 | 0.17 | -5.88% | | Diluted Earnings Per Share (RMB/share) | 0.16 | 0.17 | -5.88% | | Weighted Average Return on Net Assets | 2.28% | 2.48% | -0.20% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets (RMB) | 1,943,592,311.49 | 1,915,597,694.39 | 1.46% | | Net Assets Attributable to Shareholders (RMB) | 1,791,248,601.12 | 1,789,567,795.89 | 0.09% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=%E4%BA%94%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) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards, overseas accounting standards, and Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%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) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 6.08 million**, primarily from government subsidies, fair value changes in financial assets, individual income tax handling fee refunds, and VAT additional deductions Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Government subsidies recognized in current profit or loss (excluding recurring government subsidies) | 4,362,421.62 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and investment gains or losses from disposal | 2,314,032.82 | | Other non-operating income and expenses apart from the above | 9,314.79 | | Other income and expense items that meet the definition of non-recurring gains and losses | 192,396.91 | | Less: Income tax impact | 800,043.05 | | **Total** | **6,078,123.09** | - Other income and expense items that meet the definition of non-recurring gains and losses include individual income tax handling fee refunds of **RMB 54,211.33** and VAT additional deductions of **RMB 138,185.58**[23](index=23&type=chunk)[574](index=574&type=chunk) Management Discussion and Analysis [Principal Businesses Engaged by the Company During the Reporting Period](index=10&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 the R&D, production, and sales of edible probiotic products, animal and plant micro-ecological preparations, and compound food additives, aiming to become the 'No. 1 brand for lactic acid bacteria and probiotics in China'. During the reporting period, there were no significant changes in its main business, with edible probiotic products being the largest and most profitable segment, animal and plant micro-ecological preparations experiencing high growth, and compound food additives maintaining stable scale - The company's main business involves the R&D, production, and sales of edible probiotic products, animal and plant micro-ecological preparations, and compound food additives[25](index=25&type=chunk) - The company's long-term strategic goal is to become the 'No. 1 brand for lactic acid bacteria and probiotics in China'[25](index=25&type=chunk) - During the reporting period, there were no significant changes in the company's main business[25](index=25&type=chunk) [(I) Industry Overview](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the food manufacturing industry, specifically in other unlisted food manufacturing (edible probiotic products) and food and feed additive manufacturing (compound food additives and animal and plant micro-ecological preparations). The global probiotic market is steadily growing, with the Asia-Pacific region having the highest consumption, and China showing immense market potential. The animal and plant micro-ecological preparations and compound food additives industries also exhibit trends of green development and technological innovation - The company's industry is food manufacturing (C14), with edible probiotic products classified under C1499, and compound food additives and animal and plant micro-ecological preparations under C1495[26](index=26&type=chunk) - The global probiotic market size was estimated at **USD 61.1 billion** in 2021, projected to reach **USD 91.1 billion** by 2026, with a CAGR of **8.3%**. The Asia-Pacific region accounts for the highest global consumption, approximately **44.4%**[29](index=29&type=chunk) - China's probiotic consumption market has surpassed Italy, ranking second globally, and is growing at an annual rate of **11-12%**[29](index=29&type=chunk) [(II) Company Business Overview](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E5%86%B5) During the reporting period, the company's operating revenue increased by **18.32%** to **RMB 163.35 million**, but net profit attributable to the parent company decreased by **5.31%** to **RMB 41.21 million**. Edible probiotic products business grew steadily, animal and plant micro-ecological preparations business grew rapidly by **83.12%**, and compound food additives business remained stable. The company actively pursued product innovation, market expansion, participated in national standard setting, published white papers, strategically invested in Qinghe Shixiang to expand the ToC market, established an overseas business unit to explore international markets, upgraded its ERP system, and advanced the construction of fundraising projects Company Operating Performance for H1 2025 | Metric | Amount (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 16,334.56 | 18.32% | | Net Profit Attributable to Parent Company Shareholders | 4,120.51 | -5.31% | - The edible probiotic products business has become the company's largest and most profitable core business segment[44](index=44&type=chunk) - Operating revenue from animal and plant micro-ecological preparations business increased by **83.12%** year-on-year, primarily due to capacity release and market recognition[45](index=45&type=chunk) - The company strategically invested **RMB 20 million** in Qinghe Shixiang, holding **7.14%** equity, to expand into the ToC probiotic market[48](index=48&type=chunk) - The company established an overseas business unit to actively explore international markets and participated in the European International Health Food Exhibition[50](index=50&type=chunk) - Phase I civil engineering for the Food Sector R&D and Production Base project is nearing completion, interior decoration is largely finished, and major production equipment installation and debugging are complete, with trial operation expected within 2025[52](index=52&type=chunk) [(III) Company's Main Products and Their Uses](index=14&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company's main products include edible probiotic products (raw bacterial powder and 'Yishiyou' brand consumer products), animal and plant micro-ecological preparations (feed additives, silage preparations, crop planting preparations), and compound food additives (thickeners, thickening emulsifiers). The company possesses a lactic acid bacteria strain resource library of over 50,000 strains, with core strains like Lactobacillus casei Zhang having broad application efficacy - Edible probiotic products include food-grade probiotic raw bacterial powder and the 'Yishiyou' brand series of probiotic consumer products[53](index=53&type=chunk) - The company possesses a strain resource library containing over **50,000** lactic acid bacteria (including probiotics) and has mastered the complete set of technologies for probiotic isolation, screening, evaluation, cultivation, freeze-drying, and preservation[54](index=54&type=chunk) - Animal and plant micro-ecological preparations are primarily applied in animal husbandry (micro-ecological feed additives, silage micro-ecological preparations) and crop cultivation (plant micro-ecological preparations)[57](index=57&type=chunk) - Compound food additives mainly include compound thickeners and compound thickening emulsifiers, used in yogurt, dairy drinks, plant-based protein beverages, baked goods, etc., for thickening, emulsifying, and improving texture[59](index=59&type=chunk) [(IV) Company Business Model](index=16&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company primarily generates profit through the sale of self-produced products and expands into customized probiotic strain development and transfer services. The procurement model is mainly 'production-driven procurement' to ensure food safety. Production for proprietary probiotic consumer products follows market plans, while products for enterprise clients, animal and plant micro-ecological preparations, and compound food additives are 'sales-driven production'. The sales model is primarily direct sales, with proprietary probiotic consumer products adopting a distribution model, and deep R&D collaborations established with leading downstream enterprises - The company primarily generates profit through the sale of self-produced products and conducts technical cooperation businesses such as customized probiotic strain development and transfer[60](index=60&type=chunk) - The procurement model is 'production-driven procurement', prioritizing food safety, with strict supplier management and inspection[61](index=61&type=chunk) - Production for proprietary probiotic consumer products follows market plans, while products for enterprise clients, animal and plant micro-ecological preparations, and compound food additives are 'sales-driven production'[62](index=62&type=chunk) - The sales model is primarily direct sales, with proprietary probiotic consumer products mainly adopting a distribution model (online platforms like Tmall, Xiaohongshu, and offline mother-and-baby stores, pharmacies)[64](index=64&type=chunk) [(V) Key Business Qualifications](index=17&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E8%B5%84%E8%B4%A8) As of June 30, 2025, the company and its subsidiaries hold multiple qualifications including quality management, food safety management, intellectual property management, organic certification, BRC Global Food Safety Standard, HACCP, and GMP, as well as business licenses such as food production permits, feed production permits, and fertilizer registration certificates, comprehensively covering their main businesses and product types - Jinhua Yinhe holds Quality Management System Certification, Food Safety Management System Certification, FSSC 22000 Certificate, Halal Certificate, BRC Global Food Safety Certificate, HACCP Certification, and GMP Certificate[66](index=66&type=chunk) - Neimeng Hemei holds organic certification and multiple fertilizer registration certificates[66](index=66&type=chunk) - Scitop Micro-ecology holds feed production licenses, feed additive production licenses, and multiple fertilizer registration certificates[67](index=67&type=chunk) - The company and its subsidiaries have obtained all necessary qualifications to conduct business, fully covering the types, scope, and operating periods of their main businesses and all products[67](index=67&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=%E4%BA%8C%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 competitiveness lies in its strong R&D and technological advantages, including a rich strain resource library, core strain functional development, clinical evidence data, and the formulation of multiple industry standards. The company holds **106** invention patents and has built Asia's largest commercial lactic acid bacteria strain resource library. R&D is organically integrated with marketing, establishing long-term partnerships with major clients like Mengniu Dairy and Bright Dairy, while ensuring product quality and efficiency through a stringent food safety and quality management system and advanced production processes and equipment - As of June 30, 2025, the company has a professional, multi-disciplinary R&D team of **67** personnel, including **28** with master's or doctoral degrees[75](index=75&type=chunk) - The company has led and participated in the formulation of multiple group and national standards for the probiotic industry, such as 'Probiotic Foods' and 'General Technical Specification for Food Production Traceability System'[76](index=76&type=chunk) - The company holds **106** invention patents (including **2** foreign patents), **30** utility model patents, and **1** design patent related to probiotics, and has built Asia's largest commercial lactic acid bacteria strain resource library, containing over **50,000** lactic acid bacteria strains[78](index=78&type=chunk) - The company has established long-term and stable strategic partnerships with leading domestic enterprises such as Mengniu Dairy, Bright Dairy, Wandashan Dairy, New Hope Dairy, Jiangzhong Pharmaceutical, Shanghai Pharma Xinyi, and Shengmu Gaoke[80](index=80&type=chunk) - The company has passed certifications such as ISO 9001, ISO 22000, Halal, and BRC Global Food Safety Standard, and possesses advanced production processes and equipment, including bacterial cell enrichment and concentration control technology, and low-temperature raw granule packaging technology[81](index=81&type=chunk)[83](index=83&type=chunk) [Main Business Analysis](index=21&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by **18.32%**, but operating costs increased by **33.41%**, primarily due to increased depreciation and amortization from the capitalization of the animal and plant micro-ecological preparations production base. Net profit attributable to the parent company decreased by **5.31%**. Edible probiotic products remained the main source of revenue, animal and plant micro-ecological preparations revenue grew by **83.12%**, and compound food additives revenue remained largely flat. Selling expenses decreased by **13.14%** year-on-year, mainly due to reduced advertising and promotional expenses Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 163,345,625.11 | 138,050,858.07 | 18.32% | | | Operating Cost | 82,916,596.70 | 62,151,307.27 | 33.41% | Primarily due to increased depreciation and amortization from the capitalization of the animal and plant micro-ecological preparations production base | | Selling Expenses | 13,832,941.70 | 15,925,717.01 | -13.14% | | | Income Tax Expense | 8,676,597.42 | 6,562,520.14 | 32.21% | Primarily due to deductible temporary differences from deferred income tax | | Net Cash Flow from Operating Activities | 27,882,992.28 | 50,213,593.81 | -44.47% | Primarily due to increased procurement payments in the current period | | Net Cash Flow from Investing Activities | -70,299,317.05 | -122,842,820.41 | 42.77% | Primarily due to wealth management investments | | Net Cash Flow from Financing Activities | -658,865.00 | -26,282,505.96 | 97.49% | Primarily due to dividend distribution in the prior period | | Credit Impairment Loss (Losses indicated by "-") | -377,431.90 | 1,850,804.34 | -120.39% | Primarily due to increased customer receivables from higher sales in the current period | By Product or Service | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Edible Probiotic Products | 116,016,938.77 | 46,378,075.56 | 60.02% | 13.85% | 25.49% | -3.72% | | Animal and Plant Micro-ecological Preparations | 27,709,791.52 | 22,521,202.11 | 18.72% | 83.12% | 113.36% | -11.53% | | Compound Food Additives | 18,204,152.55 | 13,693,335.86 | 24.78% | -0.49% | 0.13% | -0.47% | - Selling expenses decreased by **13.14%** year-on-year, primarily due to a **28.39%** decrease in advertising and promotional expenses[90](index=90&type=chunk) [Non-Principal Business Analysis](index=22&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's non-principal business income primarily stemmed from wealth management product gains and government subsidies. Investment income was **RMB 1.30 million**, fair value change gains were **RMB 0.96 million**, and other income was **RMB 4.55 million**. Wealth management product gains and fair value change gains have some sustainability, while non-operating income and government subsidies do not Composition of Non-Principal Business Income | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,298,927.79 | 2.60% | Primarily from wealth management product gains | Has some sustainability | | Fair Value Change Gains/Losses | 956,219.16 | 1.92% | Primarily due to fair value changes in unexpired bank wealth management products | Has some sustainability | | Other Income | 4,554,818.53 | 9.13% | Primarily from government subsidies | No | [Analysis of Assets and Liabilities](index=22&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets were **RMB 1.94 billion**, an increase of **1.46%** from the end of the previous year. Construction in progress significantly increased by **6.40%**, mainly due to investment in the Food Sector R&D and Production Base project. Monetary funds and trading financial assets decreased, while non-current assets due within one year and dividends payable significantly increased. Total liabilities amounted to **RMB 0.15 billion**, a **20.88%** increase from the end of the previous year Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Percentage of Total Assets | Amount at End of Prior Year (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 62,560,187.59 | 3.22% | 108,635,367.47 | 5.67% | -2.45% | Primarily due to cash management and implementation of fundraising projects during the current period | | Construction in Progress | 298,862,799.55 | 15.38% | 172,069,465.90 | 8.98% | 6.40% | Primarily due to increased investment in the Food Sector R&D and Production Base project's construction in progress during the current period | | Trading Financial Assets | 201,319,515.59 | 10.36% | 296,731,399.24 | 15.49% | -5.13% | Primarily due to rolling purchases of bank wealth management products during the current period | | Non-current Assets Due Within One Year | 611,792,841.34 | 31.48% | 425,496,669.38 | 22.21% | 9.27% | Primarily due to an increase in bank time deposits due within one year | | Other Non-current Assets | 163,655,281.42 | 8.42% | 350,715,598.55 | 18.31% | -9.89% | Primarily due to a decrease in bank time deposits exceeding one year and prepaid engineering款项 | | Dividends Payable | 39,524,267.70 | 2.03% | 0 | 0 | 2.03% | Primarily due to accrued but unpaid dividend payments | - As of June 30, 2025, the company's restricted monetary funds were deposits, amounting to **RMB 50,000.00**[97](index=97&type=chunk) [Analysis of Investment Status](index=24&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amounted to **RMB 676 million**, a year-on-year decrease of **50.34%**. The main non-equity investment was the Food Sector R&D and Production Base project, with **RMB 143 million** invested in the current period, cumulative investment of **RMB 420 million**, and a progress of **53.92%**, though the project is slightly behind schedule, with the estimated completion date adjusted to December 31, 2026. The micro-ecological preparations production base project's returns did not meet expectations. The company's entrusted wealth management balance was **RMB 853 million**, comprising **RMB 509 million** in own funds and **RMB 344 million** in raised funds Investment Amount During the Reporting Period | Metric | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Investment Amount During Reporting Period | 675,793,345.02 | -50.34% | | Investment Amount in Prior Period | 1,360,888,125.31 | | Significant Non-Equity Investment Status | Project Name | Investment Method | Amount Invested in Current Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Investment Progress as of End of Reporting Period | Estimated Date of Reaching Usable Condition | | :--- | :--- | :--- | :--- | :--- | :--- | | Food Sector R&D and Production Base Project | Self-built | 142,939,004.89 | 419,835,629.92 | 53.92% | 2026年12月31日 | - The Food Sector R&D and Production Base project is slightly behind schedule, with the estimated date of reaching usable condition adjusted from June 30, 2025, to December 31, 2026[109](index=109&type=chunk)[114](index=114&type=chunk) - The micro-ecological preparations production base project's returns did not meet expectations, primarily due to slowing product demand caused by operational pressure in the animal husbandry industry[109](index=109&type=chunk)[114](index=114&type=chunk) Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Unexpired Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 50,882.00 | 50,882.00 | | Bank Wealth Management Products | Raised Funds | 52,426.29 | 34,443.46 | | **Total** | | **103,308.29** | **85,325.46** | [Significant Asset and Equity Sales](index=33&type=section&id=%E4%B8%83%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 experience any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[119](index=119&type=chunk) - The company did not sell significant equity during the reporting period[120](index=120&type=chunk) [Analysis of Major Holding and Associated Companies](index=33&type=section&id=%E5%85%AB%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) Jinhua Yinhe, a wholly-owned subsidiary, primarily engages in edible probiotic products, with semi-annual operating revenue increasing by **9.24%** to **RMB 104 million**, and net profit decreasing by **4.86%** to **RMB 37.56 million**. Neimeng Hemei, mainly involved in animal and plant micro-ecological preparations, saw its semi-annual operating revenue grow by **28.44%** to **RMB 18.05 million**, and net profit surge by **803.61%** to **RMB 5.89 million** Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinhua Yinhe | Subsidiary | Edible Probiotic Products | 103,767,356.42 | 43,141,212.86 | 37,560,395.77 | | Neimeng Hemei | Subsidiary | Animal and Plant Micro-ecological Preparations | 18,054,534.22 | 7,800,300.61 | 5,888,996.81 | - Jinhua Yinhe's operating revenue for H1 2025 increased by **9.24%** year-on-year, while net profit decreased by **4.86%**[121](index=121&type=chunk) - Neimeng Hemei's operating revenue for H1 2025 increased by **28.44%** year-on-year, and net profit increased by **803.61%**[122](index=122&type=chunk) [Status of Structured Entities Controlled by the Company](index=33&type=section&id=%E4%B9%9D%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 had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[123](index=123&type=chunk) [Risks Faced by the Company and Countermeasures](index=34&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces market competition, downstream market fluctuations, core technology leakage, profit decline due to increased fixed asset depreciation, and management risks arising from fundraising project construction and company expansion. The company plans to address these risks by strengthening product innovation, market promotion, technological leadership, prudent investment planning, enhanced internal management, and talent development - The company faces intense market competition across its three major product series: edible probiotic products, animal and plant micro-ecological preparations, and compound food additives[124](index=124&type=chunk)[125](index=125&type=chunk) - Changes in consumer preferences, product upgrades in the downstream fast-moving consumer goods industry, and cyclical fluctuations in animal husbandry may lead to volatility in the company's product sales[127](index=127&type=chunk) - Leakage of core technologies, product formulations, and critical data could result in the company losing its technological advantage and market opportunities[129](index=129&type=chunk) - A significant increase in fixed assets after the fundraising projects become operational will lead to a corresponding increase in depreciation expenses, potentially resulting in a decline in net profit[130](index=130&type=chunk) - The company will address risks by strengthening product innovation, market promotion, technological leadership, prudent investment planning, enhanced internal management, and talent development[126](index=126&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=35&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%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) During the reporting period, on May 8, 2025, the company held its 2024 annual performance briefing via the 'Cloud Interview' section of the Shenzhen Stock Exchange's 'Interactive Easy' platform, engaging in online communication with all investors - On May 8, 2025, the company held its 2024 annual performance briefing via the 'Cloud Interview' section of the Shenzhen Stock Exchange's 'Interactive Easy' platform[134](index=134&type=chunk) - The performance briefing was conducted online remotely, targeting all investors[134](index=134&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=35&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[135](index=135&type=chunk) - The company has not disclosed a valuation enhancement plan[135](index=135&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[135](index=135&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=36&type=section&id=%E4%B8%80%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) During the reporting period, Ma Jie was elected as a company director due to the resignation of a former director, with an appointment date of January 15, 2025 Changes in Directors | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Ma Jie | Director | Elected | 2025年01月15日 | Former director resigned, new director elected | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=36&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%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) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[138](index=138&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=36&type=section&id=%E4%B8%89%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 launched its 2024 Restricted Stock Incentive Plan in February 2024, with an initial grant of **2.6 million** restricted shares to **17** incentive recipients in May 2024. During the reporting period, the company adjusted the grant price twice and disclosed the expiration of reserved equity in April 2025, invalidating some granted but unvested restricted shares - On February 2, 2024, the company reviewed and approved the '2024 Restricted Stock Incentive Plan (Draft)' and its summary[139](index=139&type=chunk) - On May 15, 2024, the company initially granted **2.6 million** restricted shares to **17** incentive recipients at a grant price of **RMB 13.00/share**[141](index=141&type=chunk) - On August 19, 2024, the grant price was adjusted to **RMB 12.85/share**; on August 18, 2025, the grant price was adjusted to **RMB 12.70/share**[141](index=141&type=chunk)[143](index=143&type=chunk) - On April 9, 2025, the company disclosed that the **400,000** restricted shares reserved under the 2024 Restricted Stock Incentive Plan had expired[141](index=141&type=chunk) [Environmental Information Disclosure](index=37&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[144](index=144&type=chunk) [Social Responsibility](index=37&type=section&id=%E4%BA%94%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 social responsibilities, committed to building China's national probiotic industry system, establishing Asia's largest commercial lactic acid bacteria strain resource library, participating in industry standard formulation, and maintaining industry norms. The company strictly protects the rights and interests of shareholders, investors, employees, suppliers, customers, and consumers, and prioritizes environmental protection and sustainable development - Since 2016, the company has collaborated with various scientific research institutions to establish the 'Chinese Gut Microbiota Gene Bank'. As of June 30, 2025, the company's lactic acid bacteria strain resource library preserves over **50,000** strains, making it Asia's largest commercial lactic acid bacteria strain resource library[144](index=144&type=chunk) - The group standards 'Probiotic Foods' and 'Lactic Acid Bacteria Postbiotics in Probiotic Products', led and participated in by the company, have been officially released and implemented, promoting high-quality industry development[144](index=144&type=chunk) - The company strictly fulfills its information disclosure obligations, establishes diversified investor communication mechanisms, and protects the rights and interests of shareholders and investors[145](index=145&type=chunk) - The company strictly adheres to the 'Labor Law', legally pays social insurance and housing provident fund for employees, improves compensation and incentive mechanisms, and protects employees' legitimate rights and interests[146](index=146&type=chunk) - The company upholds honesty and trustworthiness, establishing win-win cooperative relationships with suppliers and customers, and protecting their legitimate rights and interests[147](index=147&type=chunk) - The company considers environmental protection a crucial part of its sustainable development strategy, strictly implementing environmental laws and regulations[148](index=148&type=chunk) Significant Matters [Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, and Those Overdue and Unfulfilled as of the End of the Reporting Period](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company and relevant incentive recipients fulfilled their commitments under the equity incentive plan on time, with no overdue or unfulfilled commitments - The company and all directors and supervisors guarantee the truthfulness, accuracy, and completeness of the equity incentive plan and its summary, and assume legal responsibility, with commitments fulfilled by February 6, 2025[150](index=150&type=chunk) - All incentive recipients committed to returning all benefits if information disclosure documents contain false records, misleading statements, or major omissions leading to non-compliance with grant or exercise arrangements, with commitments fulfilled by February 6, 2025[150](index=150&type=chunk)[151](index=151&type=chunk) - The company committed not to provide loans or any other form of financial assistance to incentive recipients for acquiring restricted shares under this incentive plan, with commitments fulfilled by February 6, 2025[150](index=150&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=39&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%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) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[152](index=152&type=chunk) [Irregular External Guarantees](index=39&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[153](index=153&type=chunk) [Appointment and Dismissal of Accounting Firms](index=39&type=section&id=%E5%9B%9B%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's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[154](index=154&type=chunk)[196](index=196&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=39&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%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[155](index=155&type=chunk) [Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=39&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no explanations regarding a non-standard audit report for the previous year during the reporting period - The company had no explanations regarding a non-standard audit report for the previous year during the reporting period[155](index=155&type=chunk) [Bankruptcy and Reorganization Matters](index=39&type=section&id=%E4%B8%83%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 had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[155](index=155&type=chunk) [Litigation Matters](index=40&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters. Other litigation matters include a case where a company subsidiary was the plaintiff, with an involved amount of **RMB 0.70 million**. The first-instance judgment has become effective and is currently under enforcement, with no significant impact on the company - The company had no significant litigation or arbitration matters during the current reporting period[156](index=156&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether a Provision is Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Enforcement Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation not meeting the disclosure threshold for significant litigation (company subsidiary as plaintiff) | 69.53 | No | First-instance judgment has become effective | No significant impact | Under compulsory enforcement | [Penalties and Rectification](index=40&type=section&id=%E4%B9%9D%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[157](index=157&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=40&type=section&id=%E5%8D%81%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) During the reporting period, there were no integrity issues concerning the company, its controlling shareholders, or actual controllers - During the reporting period, there were no integrity issues concerning the company, its controlling shareholders, or actual controllers[158](index=158&type=chunk) [Significant Related Party Transactions](index=40&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in ordinary related party transactions with Chief Scientist Professor Zhang Heping, receiving **RMB 0.60 million** in technical consulting fees, which did not exceed the approved limit of **RMB 1.50 million**. There were minor related party transactions for commodity procurement and sales with Zhongfeng Bio. The company had no related party transactions involving asset or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships during the reporting period Ordinary Related Party Transactions | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount Incurred in Current Period (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Heping | Acceptance of services provided by related party | Technical consulting fees | 60 | 150 | No | | Zhongfeng Bio | Purchase of goods | Purchase of goods | 1.04 | | No | | Zhongfeng Bio | Sale of goods/Provision of services | Edible probiotic products | 0.21 | | | - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[160](index=160&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[161](index=161&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[162](index=162&type=chunk) [Significant Contracts and Their Performance](index=42&type=section&id=%E5%8D%81%E4%BA%8C%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) During the reporting period, the company had no trusteeship, contracting, or significant guarantee situations. Lease matters are detailed in the financial report notes. The company signed the 'Integrated R&D and Pilot Production Base Project Investment Contract', constructing a food sector R&D and production base and a micro-ecological preparations production base, with the project ongoing. A probiotic new drug technology development (cooperation) contract was signed with Jiangzhong Pharmaceutical, with the project progressing orderly but the completion date extended. A probiotic licensing agreement was signed with Centro Sperimentale del Latte S.r.l., which is being performed normally - The company had no trusteeship or contracting situations during the reporting period[166](index=166&type=chunk)[167](index=167&type=chunk) - The company had no significant guarantee situations during the reporting period[169](index=169&type=chunk) - The company signed the 'Integrated R&D and Pilot Production Base Project Investment Contract' with the Hohhot Shengle Modern Service Industry Cluster Management Committee, constructing a food sector R&D and production base and a micro-ecological preparations production base, with the project ongoing[173](index=173&type=chunk) - The company signed a 'Technology Development (Cooperation) Contract' with Jiangzhong Pharmaceutical to jointly develop a probiotic new drug project for treating Irritable Bowel Syndrome and Inflammatory Bowel Disease. Due to research complexity, the completion date has been extended, and cooperation continues[174](index=174&type=chunk) - The company signed a probiotic licensing agreement with Centro Sperimentale del Latte S.r.l., authorizing it to exclusively produce, market, and sell the company's Lactobacillus plantarum P-8 strain in Europe and North America, with the agreement being performed normally[172](index=172&type=chunk) [Explanation of Other Significant Matters](index=45&type=section&id=%E5%8D%81%E4%B8%89%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 disclosed announcements regarding the by-election of non-independent directors, the 2024 Restricted Stock Incentive Plan, the 2024 annual profit distribution plan, and the adjustment of fundraising project investment scale, structure, and estimated completion time, as well as the permanent replenishment of working capital with surplus raised funds - The company disclosed announcements regarding the by-election of non-independent directors[175](index=175&type=chunk) - The company disclosed announcements regarding the expiration of reserved equity under the 2024 Restricted Stock Incentive Plan and the invalidation of some granted but unvested restricted shares[176](index=176&type=chunk) - The company disclosed announcements regarding the 2024 annual profit distribution plan[177](index=177&type=chunk) - The company disclosed announcements regarding the adjustment of fundraising project investment scale, structure, and estimated completion time, and the permanent replenishment of working capital with surplus raised funds[178](index=178&type=chunk) [Significant Matters of Company Subsidiaries](index=45&type=section&id=%E5%8D%81%E5%9B%9B%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) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[179](index=179&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=46&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) During the reporting period, the company's restricted shares decreased by **4,211,123** shares, while unrestricted shares increased by **4,211,123** shares, with total share capital remaining unchanged. The primary reason was the recalculation of lock-up for shares held by former director Mr. Lin Wei, leading to the release of some restricted shares. As of the end of the period, total restricted shares amounted to **69,730,541** shares, accounting for **26.46%** of the total share capital Share Change Status | Share Type | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 73,941,664 | 28.06% | -4,211,123 | 69,730,541 | 26.46% | | II. Unrestricted Shares | 189,553,454 | 71.94% | 4,211,123 | 193,764,577 | 73.54% | | III. Total Shares | 263,495,118 | 100.00% | 0 | 263,495,118 | 100.00% | - The main reason for the share change was the recalculation of lock-up for shares held by former director Mr. Lin Wei, resulting in a decrease of **4,211,123** locked shares[183](index=183&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Tiansong | 39,404,116 | 0 | 0 | 39,404,116 | Restricted shares after IPO, senior management lock-up shares | | Lin Wei | 16,844,490 | 4,211,123 | 0 | 12,633,367 | Senior management lock-up shares (resigned, still subject to restriction rules) | [Securities Issuance and Listing](index=48&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) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[186](index=186&type=chunk) [Number of Shareholders and Shareholding Status](index=48&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the total number of common shareholders was **16,170**. Among the top ten shareholders, Sun Tiansong held **19.94%** as the largest shareholder, and Ningbo Shunyi Venture Capital Partnership (Limited Partnership) held **9.08%**. The company is unaware of any related party relationships or concerted actions among the shareholders - At the end of the reporting period, the total number of common shareholders was **16,170**[187](index=187&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Tiansong | Domestic Natural Person | 19.94% | 52,538,822 | 39,404,116 | 13,134,706 | | Ningbo Shunyi Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 9.08% | 23,925,966 | 0 | 23,925,966 | | Lin Wei | Domestic Natural Person | 6.39% | 16,844,490 | 12,633,367 | 4,211,123 | | Qiao Xiangqian | Domestic Natural Person | 4.51% | 11,888,100 | 8,916,075 | 2,972,025 | | Liu Xiaojun | Domestic Natural Person | 4.37% | 11,510,495 | 8,632,871 | 2,877,624 | | Zhang Liebing | Domestic Natural Person | 4.18% | 11,004,613 | 0 | 11,004,613 | - The company is unaware of any related party relationships among the aforementioned shareholders, nor whether they are concerted parties[188](index=188&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=%E5%9B%9B%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 shareholdings of some directors, supervisors, and senior management changed, with Ma Jie, Chen Jie, and Qimuge Sudu reducing their shares, while others' holdings remained unchanged. Some senior executives hold granted restricted shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | Number of Restricted Shares Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Tiansong | Chairman | Current | 52,538,822 | 0 | 0 | 52,538,822 | 320,000 | | Liu Xiaojun | Director, General Manager | Current | 11,510,495 | 0 | 0 | 11,510,495 | 320,000 | | Qiao Xiangqian | Director, Deputy General Manager | Current | 11,888,100 | 0 | 0 | 11,888,100 | 160,000 | | Ma Jie | Director | Current | 1,656,720 | 0 | 162,000 | 1,494,720 | 96,000 | | Chen Jie | Chairman of Supervisory Board | Current | 1,323,000 | 0 | 160,697 | 1,162,303 | 0 | | Yu Ziying | Deputy General Manager, CFO | Current | 27,000 | 0 | 0 | 27,000 | 160,000 | | Zhang Lingyu | Deputy General Manager, Board Secretary | Current | 6,121,125 | 0 | 0 | 6,121,125 | 128,000 | | Qimuge Sudu | Deputy General Manager | Current | 1,393,743 | 0 | 162,000 | 1,231,743 | 96,000 | | Zhang Jianjun | Deputy General Manager | Current | 2,837,429 | 0 | 0 | 2,837,429 | 128,000 | | Bao Weichen | Deputy General Manager | Current | 15,750 | 0 | 0 | 15,750 | 160,000 | | **Total** | | | **89,312,184** | **0** | **484,697** | **88,827,487** | **1,568,000** | [Changes in Controlling Shareholder or Actual Controller](index=50&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[191](index=191&type=chunk) - The company's actual controller did not change during the reporting period[191](index=191&type=chunk) [Preferred Share Information](index=50&type=section&id=%E5%85%AD%E3%80%81%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[192](index=192&type=chunk) Bond Information [Bond Information](index=51

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New Stock Listings - Tianfu Long (603406) issued at a price of 23.60[1] - Youli Intelligent (920007) issued at a price of 23.99[1] Rights Issues and Announcements - China Heavy Industry (601989) cash option declaration period from August 13, 2025[1] - China Shipbuilding (600150) acquisition request period from August 13 to August 15, 2025[1] - Shenkai Co., Ltd. (002633) offer declaration period from July 29 to August 27, 2025[1] - ST Kelly (300326) offer period from July 17 to August 15, 2025[1] - Fushun Special Steel (600399) offer period from August 12 to September 10, 2025[1] Abnormal Fluctuations - Multiple stocks reported abnormal fluctuations, including *ST Yushun (002289) and Changcheng Military Industry (601606)[2][3] - Notable fluctuations also reported for companies like Li De Man (300289) and Dongjie Intelligent (300486)[3]