湖南启元律师事务所 关于湖南达嘉维康医药产业股份有限公司 2023年限制性股票与股票期权激励计划调整价格 相关事项 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 致：湖南达嘉维康医药产业股份有限公司 湖南启元律师事务所（以下简称"启元"或"本所"）接受湖南达嘉维康医 药产业股份有限公司（以下简称"达嘉维康""公司"或"上市公司"）的委托， 担任达嘉维康 2023 年限制性股票与股票期权激励计划（以下简称"本次激励计 划""本激励计划"或"激励计划"）的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理 办法》（以下简称"《管理办法》"）等现行法律、法规和规范性文件的有关规 定以及《湖南达嘉维康医药产业股份有限公司章程》（以下简称"《公司章程》"）、 《湖南达嘉维康医药产业股份有限公司 2023 年限制性股票与股票期权激励计划 （草案）》（以下简称"《激 ...

Group 1 - The company, Dajia Weikang (301126.SZ), reported a revenue of 2.708 billion yuan for the first half of 2025, representing a year-on-year growth of 4.16% [1] - The net profit attributable to shareholders of the listed company was 893,500 yuan, showing a significant decline of 97.19% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -724,400 yuan, indicating a loss [1] - The basic earnings per share were reported at 0.004 yuan [1]

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, senior management, and accounting department head guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with forward-looking statements not constituting substantial commitments. - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[5](index=5&type=chunk) - Company Chairman Wang Yiqing, Head of Accounting Hu Shengli, and Head of Accounting Department Qin Hao declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for this half-year period[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report outlines sections six to eight and lists reference documents, including signed financial statements and original disclosure files, available at the company's securities department. - The report includes Section VI Share Changes and Shareholder Information, Section VII Bond-Related Matters, and Section VIII Financial Report[9](index=9&type=chunk) - Reference documents include financial statements signed and sealed by the company's chairman, head of accounting, and head of accounting department[11](index=11&type=chunk) - Reference documents are available at Hunan Dajiaweikang Pharmaceutical Industry Co., Ltd. Securities Department[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and abbreviations used in the report, covering company entities, regulatory bodies, and industry-specific terms like pharmaceutical distribution, prescription drugs, DTP, and dual-channel, ensuring clarity. - The full company name "Hunan Dajiaweikang Pharmaceutical Industry Co., Ltd." is abbreviated as "Company, this Company, Dajiaweikang"[14](index=14&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - "Pharmaceutical Distribution" specifically refers to the process where pharmaceutical distribution enterprises purchase drugs from upstream manufacturers and sell them to retail terminals such as hospitals and pharmacies[15](index=15&type=chunk) - DTP (Direct to Patients) is an innovative sales model where pharmacies deliver medicines based on prescriptions and provide professional services like medication consultation[16](index=16&type=chunk) Part II Company Profile and Key Financial Indicators [1. Company Profile](index=8&type=section&id=1.%20Company%20Profile) Hunan Dajiaweikang Pharmaceutical Industry Co., Ltd., stock ticker "Dajiaweikang" and code 301126, is listed on the Shenzhen Stock Exchange, with Wang Yiqing as its legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Dajiaweikang | | Stock Code | 301126 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 湖南达嘉维康医药产业股份有限公司 | | Legal Representative | Wang Yiqing | [2. Contact Persons and Information](index=8&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Jiang Qian and Securities Affairs Representative is Luo Ziyuan, both located at No. 30 Fuling Road, Yuelu District, Changsha City, Hunan Province, with contact numbers 0731-84170075, fax 0731-88911758, and email djwkzqb@djwk.com.cn. Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Jiang Qian | No. 30 Fuling Road, Yuelu District, Changsha City, Hunan Province | 0731-84170075 | 0731-88911758 | djwkzqb@djwk.com.cn | | Securities Affairs Representative | Luo Ziyuan | No. 30 Fuling Road, Yuelu District, Changsha City, Hunan Province | 0731-84170075 | 0731-88911758 | djwkzqb@djwk.com.cn | [3. Other Information](index=8&type=section&id=3.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status, but a change in business scope and articles of association was approved and registered. - The company's registered address, office address, website, email, etc., remained unchanged during the reporting period[20](index=20&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[21](index=21&type=chunk) - The company approved and completed business scope change and articles of association revision on March 6 and March 24, 2025[24](index=24&type=chunk) [4. Key Accounting Data and Financial Indicators](index=9&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period saw a 4.16% increase in operating revenue, but a significant decline in net profit attributable to shareholders and non-recurring net profit, while operating cash flow improved, and total assets and net assets slightly grew. Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year) | Indicator | Current Reporting Period (yuan) | Prior Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,708,337,434.78 | 2,600,161,766.99 | 4.16% | | Net Profit Attributable to Listed Company Shareholders | 893,533.16 | 31,834,027.67 | -97.19% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -724,381.93 | 31,110,646.04 | -102.33% | | Net Cash Flow from Operating Activities | -155,437,309.27 | -219,195,936.35 | 29.09% | | Basic Earnings Per Share (yuan/share) | 0.004 | 0.15 | -97.33% | | Diluted Earnings Per Share (yuan/share) | 0.004 | 0.15 | -97.33% | | Weighted Average Return on Net Assets | 0.05% | 1.81% | -1.76% | | **Period-End Current Reporting Period vs. Prior Year-End** | | | | | Total Assets (yuan) | 6,562,830,656.96 | 6,178,190,385.57 | 6.23% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 1,757,675,632.75 | 1,756,782,099.59 | 0.05% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=9&type=section&id=5.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards for the reporting period. - The company's reporting period shows 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) - The company's reporting period shows 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) [6. Non-Recurring Gains and Losses and Amounts](index=10&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to 1,617,915.09 yuan, primarily from disposal of non-current assets, government grants, and other non-operating income/expenses, net of income tax and minority interest impacts. Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 782,434.02 | | Government grants recognized in current profit or loss | 3,339,912.79 | | Other non-operating income and expenses apart from the above | -827,513.06 | | Less: Income tax impact | 807,073.25 | | Minority interest impact (after tax) | 869,845.41 | | Total | 1,617,915.09 | Part III Management Discussion and Analysis [1. Principal Business Activities During the Reporting Period](index=11&type=section&id=1.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company operates in a consolidating and innovating pharmaceutical industry, with its own business encompassing pharmaceutical distribution, retail pharmacy chains, pharmaceutical manufacturing, reproductive and genetic specialty technical services, and regenerative medicine R&D and clinical translation. [(I) Industry Overview During the Reporting Period](index=11&type=section&id=%28I%29%20Industry%20Overview%20During%20the%20Reporting%20Period) The pharmaceutical distribution industry is shifting towards high-quality development with increased concentration, while retail pharmacies are professionalizing to handle prescription outflow, supported by policies for innovative drugs, medical AI, and comprehensive drug traceability. - The pharmaceutical distribution industry is transitioning from M&A expansion to high-quality development, with market concentration continuously increasing, aiming to cultivate 1-3 enterprises exceeding **500 billion yuan** and 5-10 enterprises exceeding **100 billion yuan** in scale, characterized by digitalization and comprehensive operations[31](index=31&type=chunk) - Retail pharmacies are gradually transforming into specialized pharmacies, actively integrating digital and intelligent solutions, offering chronic disease management and health monitoring, and serving as key platforms for prescription outflow[32](index=32&type=chunk) - National policies explicitly support the development of innovative drugs, optimizing the review and approval process for clinical trials, and issuing "Several Measures to Support the High-Quality Development of Innovative Drugs" to promote their high-quality development[33](index=33&type=chunk) - Medical AI is entering a new phase, with policies accelerating the implementation of AI technology in medical institutions and, for the first time, including AI-assisted diagnosis in pricing, driving the digital and intelligent transformation of the pharmaceutical industry[34](index=34&type=chunk) - By the end of June 2025, drug traceability codes will achieve "full collection, full scanning, and full connection," covering the entire chain of production, distribution, and sales, strengthening supply chain management[35](index=35&type=chunk) [(II) Principal Business Activities of the Company During the Reporting Period](index=12&type=section&id=%28II%29%20Principal%20Business%20Activities%20of%20the%20Company%20During%20the%20Reporting%20Period) Dajiaweikang is a modern pharmaceutical enterprise with a comprehensive "full-chain layout" across pharmaceutical distribution, retail pharmacy chains, manufacturing, reproductive and genetic services, and regenerative medicine R&D and clinical translation. - The company's business covers pharmaceutical distribution, retail pharmacy chains, pharmaceutical manufacturing, reproductive and genetic specialty technical services, and regenerative medicine R&D and clinical translation, achieving integrated development across all business segments[37](index=37&type=chunk) - The distribution business, conducted by subsidiary Dajia Pharmaceutical, primarily uses a pure sales model supplemented by an allocation model, establishing a distribution network covering Hunan province, operating over 10,000 drug specifications, with revenue of **1,199.6518 million yuan** during the reporting period, accounting for **44.29%** of operating revenue, a year-on-year increase of **2.37%**[38](index=38&type=chunk)[39](index=39&type=chunk) - As of June 30, 2025, the retail business operates 1,505 pharmacies nationwide, expanding through a "direct operation + M&A + franchise" model, specializing in DTP pharmacies and "special outpatient service" pharmacies, with DTP sales of **545.44 million yuan**, a year-on-year increase of **19.71%**. Pharmaceutical retail business revenue was **1,404.0352 million yuan**, accounting for **51.84%** of operating revenue, a year-on-year increase of **10.78%**[40](index=40&type=chunk)[41](index=41&type=chunk) - The pharmaceutical manufacturing segment, comprising Dajia Bio-Pharmaceutical and Tianji Caotang, focuses on R&D of original chemical drugs, innovative traditional Chinese medicines, first-generic drugs, and health products, achieving revenue of **80.5956 million yuan** during the reporting period, accounting for **2.98%** of operating revenue[42](index=42&type=chunk)[43](index=43&type=chunk) - The medical services segment, under Jiachen Hospital, is actively preparing for assisted reproduction business and collaborates with Dajiaweikang Regenerative Medicine Research Institute, focusing on practical clinical technologies in regenerative medicine, with Jiachen Hospital's business revenue of **5.1853 million yuan** during the reporting period, accounting for **0.19%** of operating revenue[44](index=44&type=chunk) [2. Analysis of Core Competencies](index=13&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core strengths lie in its synergistic distribution and retail operations, pioneering specialized pharmacy services, digital transformation, patient-centric pharmaceutical care, replicable cross-regional models, intelligent logistics, pharmaceutical manufacturing, and strategic regenerative medicine layout. - The company integrates distribution resources, promotes deep integration of wholesale and retail businesses, develops a specialized pharmacy "new retail" model, and increases out-of-hospital product development and online-to-offline (O2O) business, building a diversified sales network[45](index=45&type=chunk) - The company has a first-mover advantage in specialized pharmacies, being Hunan Province's first special disease outpatient service agreement pharmacy, and has been consistently rated as an excellent DTP specialized pharmacy, accumulating mature chronic disease management experience and patient data systems[46](index=46&type=chunk)[47](index=47&type=chunk) - The company established a "patient-centric" professional pharmaceutical care service system through regular training of licensed pharmacists, improving prescription review and follow-up systems, cold chain delivery, and connecting with medical insurance and internet hospitals[47](index=47&type=chunk) - With over two decades of experience in specialized pharmacies, the company's operational management system is mature, having opened retail pharmacies in Hunan, Ningxia, Shanxi, Hainan, and Beijing, demonstrating cross-regional replicability[48](index=48&type=chunk) - The company's raised fund project, "Dajiaweikang Pharmaceutical Industrial Base Project," has been completed, relying on "intelligent warehousing hardware + digital system" technology, significantly improving storage, sorting, and logistics efficiency[48](index=48&type=chunk) - The company's subsidiaries, Dajia Bio-Pharmaceutical and Tianji Caotang, focus on R&D of original chemical drugs, innovative traditional Chinese medicines, etc., leveraging commercial channel advantages to accelerate the national presence of their own brands in pharmaceutical terminals[49](index=49&type=chunk) - The company established Dajiaweikang Regenerative Medicine Research Institute, focusing on product and technology development in key areas such as disease diagnosis and treatment in regenerative medicine, achieving scientific innovation and clinical translation, and enhancing medical service technology reserves[49](index=49&type=chunk) [3. Analysis of Principal Business](index=15&type=section&id=3.%20Analysis%20of%20Principal%20Business) Operating revenue increased by 4.16%, but cost of sales grew by 7.57%, leading to a decline in gross margin; sales and administrative expenses decreased, while financial and income tax expenses varied. Operating cash flow improved, investment cash flow significantly increased, and financing cash flow significantly decreased. Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,708,337,434.78 | 2,600,161,766.99 | 4.16% | | | Operating Cost | 2,260,232,104.72 | 2,101,082,194.30 | 7.57% | | | Selling Expenses | 288,336,879.13 | 299,876,147.61 | -3.85% | | | Administrative Expenses | 79,045,453.00 | 83,709,154.55 | -5.57% | | | Financial Expenses | 53,489,803.37 | 48,364,818.44 | 10.60% | | | Income Tax Expenses | -873,645.56 | 10,397,265.11 | -108.40% | Primarily due to a decrease in the company's total profit for the current period, leading to a reduction in income tax expenses | | Net Cash Flow from Operating Activities | -155,437,309.27 | -219,195,936.35 | 29.09% | | | Net Cash Flow from Investing Activities | -78,054,701.84 | -496,139,795.22 | 84.27% | Primarily due to reduced payments for M&A and construction of the intelligent logistics park in the current period | | Net Cash Flow from Financing Activities | 212,198,602.25 | 548,227,934.01 | -61.29% | Primarily due to payments for matured notes payable in the current period | | Net Increase in Cash and Cash Equivalents | -21,293,408.86 | -167,107,797.56 | 87.26% | Primarily due to improved collections and increased cash flow from operating activities in the current period | Products or Services Accounting for Over 10% of Revenue | Category | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product or Service** | | | | | | | | Pharmaceuticals | 2,503,937,120.16 | 2,124,488,452.22 | 15.15% | 3.16% | 6.88% | -2.96% | | **By Industry** | | | | | | | | Retail | 1,404,035,189.41 | 1,128,576,254.75 | 19.62% | 10.78% | 13.59% | -1.99% | | Wholesale | 1,199,651,767.79 | 1,065,171,719.25 | 11.21% | 2.37% | 2.83% | -0.40% | | **By Region** | | | | | | | | Within Province | 1,652,712,057.47 | 1,465,195,842.76 | 11.35% | 7.71% | 7.66% | 0.05% | | Outside Province | 1,036,755,774.50 | 790,404,767.44 | 23.76% | -2.73% | 6.94% | -6.89% | | **By Sales Model** | | | | | | | | Pharmacy Retail | 1,404,035,189.41 | 1,128,576,254.75 | 19.62% | 10.78% | 13.59% | -1.99% | | Pharmaceutical Distribution | 1,199,651,767.79 | 1,065,171,719.25 | 11.21% | 2.37% | 2.73% | -0.32% | [4. Analysis of Non-Principal Business](index=16&type=section&id=4.%20Analysis%20of%20Non-Principal%20Business) Non-principal business contributed minimally to total profit, with investment income at 1.15%, asset impairment losses at -0.56%, non-operating income at 3.91%, and non-operating expenses at 16.92%, primarily due to external donations, none of which are sustainable. Non-Principal Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 160,278.00 | 1.15% | Primarily equity dividends | No | | Asset Impairment | -77,783.92 | -0.56% | Primarily inventory depreciation losses | No | | Non-Operating Income | 542,585.13 | 3.91% | | No | | Non-Operating Expenses | 2,349,990.16 | 16.92% | Primarily external donations | No | [5. Analysis of Assets and Liabilities](index=16&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 6.23% year-on-year, with significant increases in accounts receivable and short-term and long-term borrowings, while inventory, fixed assets, and construction in progress slightly decreased. Fair value financial assets totaled 97.6249 million yuan, and restricted assets were 466.4213 million yuan, mainly for pledged/mortgaged loans. Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 637,932,550.33 | 9.72% | 619,852,981.99 | 10.03% | -0.31% | | Accounts Receivable | 1,880,878,747.58 | 28.66% | 1,689,115,776.88 | 27.34% | 1.32% | | Inventory | 822,936,450.84 | 12.54% | 858,286,712.28 | 13.89% | -1.35% | | Short-Term Borrowings | 2,183,360,060.54 | 33.27% | 1,884,495,548.57 | 30.50% | 2.77% | | Long-Term Borrowings | 1,077,663,128.65 | 16.42% | 885,846,727.60 | 14.34% | 2.08% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Notes Receivable Financing | 32,903,806.98 | 32,137,545.86 | | Other Equity Instrument Investments | 65,487,354.16 | 65,487,354.16 | | Total Above | 98,391,161.14 | 97,624,900.02 | Asset Restrictions as of the End of the Reporting Period | Item | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 137,754,000.00 | 137,754,000.00 | Pledge | Bill deposits, POS machine deposits | | Notes Receivable | 57,730,902.79 | 57,730,902.79 | Endorsed or Discounted | Endorsed or discounted and not yet derecognized | | Fixed Assets | 242,217,518.26 | 159,677,929.66 | Mortgage | Mortgage loans | | Intangible Assets | 28,718,906.00 | 23,035,134.39 | Mortgage | Mortgage loans | | Total | 466,421,327.05 | 378,197,966.84 | | | [6. Analysis of Investment Status](index=18&type=section&id=6.%20Analysis%20of%20Investment%20Status) The company acquired Hunan Cili Dajiaweikang Pharmacy Chain Co., Ltd. and Hunan Yaowangtang, adding 36.9674 million yuan in equity investments to expand its pharmacy network. Total raised capital utilization was 101.01%, primarily for pharmacy expansion, the Dajiaweikang Pharmaceutical Industrial Base, and loan repayment, with no entrusted wealth management, derivative investments, or entrusted loans. Significant Equity Investments Acquired During the Reporting Period | Name of Investee Company | Principal Business | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Estimated Income (yuan) | Current Period Investment Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Cili Dajiaweikang Pharmacy Chain Co., Ltd. | Retail | Acquisition | 18,232,000.00 | 80.00% | 1,250,000.00 | -460,122.73 | | Hunan Yaowangtang | Retail | Acquisition | 18,735,377.26 | 100.00% | 1,380,000.00 | -67,044.82 | | Total | -- | -- | 36,967,377.26 | -- | 2,630,000.00 | -527,167.55 | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (ten thousand yuan) | Net Raised Funds (ten thousand yuan) | Total Raised Funds Used in Current Period (ten thousand yuan) | Total Raised Funds Used Cumulatively (ten thousand yuan) | Raised Funds Utilization Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering | 63,861.89 | 56,946.99 | 3,156.3 | 57,524.17 | 101.01% | - On October 24, 2022, the company approved the "Proposal on Changing the Use of Part of Raised Funds, Adjusting Total Investment Amount, Implementation Location, and Using Remaining Over-Raised Funds to Provide Loans to Wholly-Owned Subsidiaries for Implementing Raised Fund Projects," changing the original "Intelligent Logistics Center Project" to the "Dajiaweikang Pharmaceutical Industrial Base Project"[71](index=71&type=chunk)[74](index=74&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [7. Significant Asset and Equity Sales](index=24&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period. - The company did not sell significant assets during the reporting period[78](index=78&type=chunk) - The company did not sell significant equity during the reporting period[79](index=79&type=chunk) [8. Analysis of Major Holding and Participating Companies](index=24&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Hunan Dajiaweikang Pharmaceutical Co., Ltd., Ningxia Delixin Pharmaceutical Co., Ltd., Hunan Tianji Caotang Pharmaceutical Co., Ltd., Dajiaweikang Bio-Pharmaceutical Co., Ltd., and Shanxi Simaile Pharmaceutical Chain Co., Ltd., with recent acquisitions further strengthening its Hunan market presence. Major Subsidiaries and Participating Companies with Over 10% Impact on Net Profit | Company Name | Company Type | Principal Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Dajiaweikang Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical Distribution | 330,200,005.00 | 3,699,776,984.63 | 1,020,013,520.49 | 1,468,292,764.88 | -7,751,466.92 | -6,375,814.77 | | Ningxia Delixin Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical Retail | 8,000,000.00 | 537,351,270.67 | 76,206,633.85 | 226,700,271.08 | 11,389,214.48 | 9,997,354.92 | | Hunan Tianji Caotang Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical Manufacturing | 70,000,000.00 | 547,868,089.62 | 210,401,647.93 | 51,310,938.92 | 11,652,480.31 | 11,102,124.25 | | Dajiaweikang Bio-Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical Manufacturing | 213,150,000.00 | 480,305,865.13 | 185,179,311.93 | 40,915,096.24 | 4,465,635.77 | 6,461,289.15 | | Shanxi Simaile Pharmaceutical Chain Co., Ltd. | Subsidiary | Pharmaceutical Retail | 45,000,000.00 | 353,208,335.85 | 96,197,681.21 | 411,025,369.26 | 30,969,998.57 | 23,109,383.08 | - During the reporting period, the company acquired Hunan Cili Dajiaweikang Pharmacy Chain Co., Ltd., 8 pharmacies and 109 franchised pharmacies under Hunan Yaowangtang Pharmaceutical Chain Management Co., Ltd., further expanding its presence in Hunan Province[82](index=82&type=chunk) [9. Structured Entities Controlled by the Company](index=26&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period. - The company did not control any structured entities during the reporting period[83](index=83&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=26&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from intensifying market competition, regional business concentration, challenges in new and old industry integration, and potential underperformance of M&A and investments, addressed by deepening pharmaceutical manufacturing, integrating pharmacy resources, innovating O2O services, and optimizing M&A and management strategies. - The company faces the risk of intensified competition in the pharmaceutical distribution industry, including the expansion of large chain enterprises and the entry of new competitors such as cross-regional pharmaceutical e-commerce platforms[83](index=83&type=chunk) - Countermeasures include deepening pharmaceutical manufacturing expansion, integrating pharmacy chain resources, innovating online-to-offline (O2O) service models, building an internet hospital + prescription transfer sharing platform, and leveraging the Regenerative Medicine Research Institute and Reproductive and Genetic Specialty Hospital to enhance comprehensive competitiveness[84](index=84&type=chunk) - The company's pharmaceutical distribution business is primarily concentrated within Hunan Province, and cross-regional retail operations pose uncertainties and risks[84](index=84&type=chunk) - Countermeasures involve transforming the pharmaceutical distribution business towards digitalization, platformization, and internet-based operations, while retail stores develop regional operating strategies, deepen integration, and enhance market coverage and competitiveness[85](index=85&type=chunk) - The company faces risks from the integration of new and old industries, such as potential adverse effects if existing businesses do not integrate well with pharmaceutical manufacturing, healthcare, and distribution channels[85](index=85&type=chunk) - Countermeasures include establishing and acquiring quality assets to increase production capacity and intelligence, increasing R&D investment, introducing excellent sales teams, cultivating professional talents, and promoting diversified integration and development across various segments[85](index=85&type=chunk) - The company's mergers and acquisitions and investments may face risks of unsuccessful integration, unrealized synergistic effects, unmet profit commitments, and goodwill impairment[86](index=86&type=chunk)[87](index=87&type=chunk) - Countermeasures include introducing third-party auditors and legal advisors, optimizing M&A strategies, setting performance-based clauses or buyback mechanisms, strengthening post-M&A integration management, optimizing asset structure, and continuously conducting impairment tests[87](index=87&type=chunk) [11. Registration Form for Investor Relations Activities During the Reporting Period](index=27&type=section&id=11.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) On April 28, 2025, the company hosted its 2024 annual online performance briefing via the Value Online platform, engaging all investors in discussions on industry policies, company development, and 2024 performance. Registration Form for Investor Relations Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 28, 2025 | Value Online (https://www.ir-online.cn/) Network Interaction | Online platform online communication | Other | All investors participating in the company's 2024 annual online performance briefing | Industry policies, company development, 2024 performance | For specific content, please refer to the "Hunan Dajiaweikang Pharmaceutical Industry Co., Ltd. Investor Relations Activity Record Form" disclosed by the company on April 28, 2025, on Juchao Information Network | [12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&type=section&id=12.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a market value management system to maximize corporate value and shareholder wealth through compliant information disclosure, strategic development, corporate governance, operational improvements, core competency cultivation, capital operations, and investor relations management, approved by the board on July 11, 2025. - The company has established a market value management system aimed at maximizing overall corporate interests and shareholder wealth through information disclosure, development strategy, corporate governance, operational management, core competency cultivation, capital operations, and investor relations management[89](index=89&type=chunk) - On July 11, 2025, the company's Fourth Board of Directors' Fifteenth Meeting approved the "Proposal on Establishing a Market Value Management System"[89](index=89&type=chunk) [13. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=27&type=section&id=13.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company did not disclose any "Quality and Return Dual Enhancement" action plan announcements during the reporting period. - The company did not disclose any "Quality and Return Dual Enhancement" action plan announcements during the reporting period[90](index=90&type=chunk) Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[92](index=92&type=chunk) [2. Profit Distribution and Capital Reserve to Share Capital Conversion for the Reporting Period](index=28&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20for%20the%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period. - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[93](index=93&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company is implementing its 2023 restricted stock and stock option incentive plan, with initial stock option grants completed in March 2024, and adjustments to prices, forfeiture of restricted stock, and cancellation of stock options approved and completed in July 2025. - The company is implementing its 2023 restricted stock and stock option incentive plan, proposing to grant **3.44 million** stock options and **1.26 million** restricted shares[94](index=94&type=chunk) - On March 4, 2024, the initial grant registration of **2.94 million** stock options for 33 individuals was completed[96](index=96&type=chunk) - On July 11, 2025, the company approved proposals to adjust incentive plan prices, forfeit some second-class restricted shares, and cancel some stock options[97](index=97&type=chunk) - On July 21, 2025, the company completed the cancellation of **1,344,000** stock options[97](index=97&type=chunk) [4. Environmental Information Disclosure](index=29&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its key subsidiaries, Hunan Tianji Caotang Pharmaceutical Co., Ltd. and Dajiaweikang Bio-Pharmaceutical Co., Ltd., are listed as legally required environmental information disclosure enterprises, with their reports accessible on relevant government websites. - The company and its major subsidiaries, Hunan Tianji Caotang Pharmaceutical Co., Ltd. and Dajiaweikang Bio-Pharmaceutical Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[98](index=98&type=chunk) - Hunan Tianji Caotang Pharmaceutical Co., Ltd.'s environmental information disclosure reports are available on the Changsha City and Changde City environmental supervision key unit directories[98](index=98&type=chunk) - Dajiaweikang Bio-Pharmaceutical Co., Ltd.'s environmental information disclosure reports are available on the Enterprise Environmental Information Disclosure System (Hunan) and the National Pollutant Discharge Permit Management Information Platform public portal[98](index=98&type=chunk) [5. Social Responsibility](index=29&type=section&id=5.%20Social%20Responsibility) The company actively fulfills its social responsibilities by establishing the "Dajiaweikang Inspirational Scholarship" with Hunan University of Chinese Medicine to foster talent and industry upgrades, and by providing medical services and supplies to elderly care homes through its pharmacies. - On June 13, 2025, the company partnered with Hunan University of Chinese Medicine to establish the "Dajiaweikang Inspirational Scholarship - Spring Fills Apricot Grove Growth Plan," promoting university-enterprise collaboration and industrial upgrading[99](index=99&type=chunk)[100](index=100&type=chunk) - The company continuously focuses on the elderly, conducting free clinics and public welfare activities through Dajiaweikang Pharmacy and Hainan Hongchuntang Pharmacy, providing services and supplies to nursing home residents[100](index=100&type=chunk) Part V Significant Matters [1. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=31&type=section&id=1.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reported no commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during or as of the end of the reporting period. - The company's reporting period shows no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue as of the end of the reporting period[102](index=102&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=31&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period. - The company's reporting period shows no non-operating funds occupied by the controlling shareholder and other related parties from the listed company[103](index=103&type=chunk) [3. Irregular External Guarantees](index=31&type=section&id=3.%20Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[104](index=104&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=31&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited. - The company's semi-annual report was unaudited[105](index=105&type=chunk) [5. Board of Directors, Supervisory Board, and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period](index=31&type=section&id=5.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company reported no non-standard audit report for the current period. - The company's reporting period shows no non-standard audit report[106](index=106&type=chunk) [6. Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year](index=31&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company reported no explanation regarding a non-standard audit report for the previous year. - The company's reporting period shows no explanation regarding a non-standard audit report for the previous year[106](index=106&type=chunk) [7. Bankruptcy and Reorganization Matters](index=31&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) The company reported no bankruptcy and reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[106](index=106&type=chunk) [8. Litigation Matters](index=31&type=section&id=8.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period; other litigation totaled 18.7958 million yuan, with some cases concluded and executed, others pending, but none having a material impact. - The company had no significant litigation or arbitration matters during this reporting period[107](index=107&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Whether Expected Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation not meeting the disclosure standard for significant litigation | 1,879.58 | No | Some cases have been concluded and executed according to the judgment, while some cases are still in progress | No significant impact | Cases with final judgments are executed according to the judgment | [9. Penalties and Rectification](index=32&type=section&id=9.%20Penalties%20and%20Rectification) The company reported no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[109](index=109&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no issues regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period. - The company's reporting period shows no issues regarding the integrity status of the company, its controlling shareholder, or actual controller[110](index=110&type=chunk) [11. Significant Related Party Transactions](index=32&type=section&id=11.%20Significant%20Related%20Party%20Transactions) The company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, or related party receivables/payables, but approved a 120 million yuan finance lease with a related party guarantee from Chairman Wang Yiqing on March 6, 2025. - The company's reporting period shows no related party transactions related to daily operations, asset or equity acquisition/disposal, joint external investment, or related party receivables and payables[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - On March 6, 2025, the company approved a finance lease business with a principal of **120 million yuan**, accepting an irrevocable joint and several liability guarantee from Mr. Wang Yiqing, the chairman, controlling shareholder, and one of the actual controllers, constituting a related party transaction[116](index=116&type=chunk) [12. Significant Contracts and Their Performance](index=33&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment or contracting matters, but engaged in a 120 million yuan finance lease for 13 months and provided guarantees totaling 1,571.0312 million yuan to subsidiaries, representing 89.38% of net assets, with no other significant operating or other contracts. - The company had no entrustment or contracting situations during the reporting period[117](index=117&type=chunk)[118](index=118&type=chunk) - The company and its wholly-owned subsidiaries, Hunan Dajiaweikang Pharmaceutical Co., Ltd. and Dajiaweikang Bio-Pharmaceutical Co., Ltd., plan to jointly act as lessees for a sale-and-leaseback finance lease business with Industrial Bank Financial Leasing Co., Ltd., with a lease principal of **120 million yuan** and a lease term of 13 months[119](index=119&type=chunk) - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **3,000 million yuan**, with the actual guarantee balance for subsidiaries totaling **1,571.0312 million yuan**, accounting for **89.38%** of the company's net assets[139](index=139&type=chunk) - The company had no significant operating contracts or other significant contracts during the reporting period[139](index=139&type=chunk)[140](index=140&type=chunk) [13. Explanation of Other Significant Matters](index=43&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) The company's "Dajiaweikang Pharmaceutical Industrial Base Project" has reached its intended usable state and is closed, significantly enhancing logistics efficiency and competitiveness, and the 2024 profit distribution plan of 0.818 yuan (tax inclusive) per 10 shares, totaling 16.80198176 million yuan, was completed on July 7, 2025. - On January 24, 2025, the company's Initial Public Offering (IPO) raised fund project "Dajiaweikang Pharmaceutical Industrial Base Project" reached its intended usable state and was closed, which will significantly enhance the company's product storage capacity, sorting capacity, and logistics and distribution efficiency, consolidating and improving the company's competitiveness in the pharmaceutical industry[141](index=141&type=chunk) - On July 7, 2025, the company completed its 2024 profit distribution plan, distributing a cash dividend of **0.818 yuan (tax inclusive)** per 10 shares based on a total share capital of 205,403,200 shares, totaling **16,801,981.76 yuan**[142](index=142&type=chunk) [14. Significant Matters of Company Subsidiaries](index=43&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) On January 7, 2025, Hunan Tianji Caotang Pharmaceutical Co., Ltd., a controlled subsidiary, received a "Drug Registration Certificate" for Oseltamivir Phosphate Granules from the National Medical Products Administration. - The company's controlled subsidiary, Hunan Tianji Caotang Pharmaceutical Co., Ltd., received a "Drug Registration Certificate" for Oseltamivir Phosphate Granules from the National Medical Products Administration on January 7, 2025[143](index=143&type=chunk) Part VI Share Changes and Shareholder Information [1. Share Capital Changes](index=44&type=section&id=1.%20Share%20Capital%20Changes) As of the reporting period end, total shares were 205,403,200, with 67,519,931 restricted shares (32.87%) and 137,883,269 unrestricted shares (67.13%), with no changes in total shares or structure, and restricted shares primarily being executive lock-up shares. Share Capital Changes | Share Type | Number of Shares Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 67,519,931 | 32.87% | 0 | 67,519,931 | 32.87% | | 3. Other Domestic Holdings | 67,519,931 | 32.87% | 0 | 67,519,931 | 32.87% | | Of which: Domestic Natural Person Holdings | 67,519,931 | 32.87% | 0 | 67,519,931 | 32.87% | | II. Unrestricted Shares | 137,883,269 | 67.13% | 0 | 137,883,269 | 67.13% | | 1. RMB Ordinary Shares | 137,883,269 | 67.13% | 0 | 137,883,269 | 67.13% | | III. Total Shares | 205,403,200 | 100.00% | 0 | 205,403,200 | 100.00% | Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Wang Yiqing | 52,608,164 | 52,608,164 | Executive lock-up shares | | Zhong Xuesong | 14,466,267 | 14,466,267 | Executive lock-up shares | | Li Yulan | 150,000 | 150,000 | Executive lock-up shares | | Chen Shanhu | 150,000 | 150,000 | Executive lock-up shares | | Tang Juan | 145,500 | 145,500 | Executive lock-up shares | | Total | 67,519,931 | 67,519,931 | -- | [2. Securities Issuance and Listing](index=45&type=section&id=2.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period. - The company had no securities issuance or listing activities during the reporting period[149](index=149&type=chunk) [3. Number of Shareholders and Shareholding](index=45&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding) As of the reporting period end, the company had 15,883 common shareholders. Top ten shareholders include Wang Yiqing (34.15%), Zhong Xuesong (9.39%), and Changsha Tongjia Investment Management Partnership (Limited Partnership) (4.77%), with related party relationships disclosed. - The total number of common shareholders at the end of the reporting period was **15,883**[150](index=150&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Yiqing | Domestic Natural Person | 34.15% | 70,144,219 | 52,608,164 | 17,536,055 | | Zhong Xuesong | Domestic Natural Person | 9.39% | 19,288,356 | 14,466,267 | 4,822,089 | | Changsha Tongjia Investment Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.77% | 9,800,000 | 0 | 9,800,000 | | Tongxiang Jiawo Yunfeng Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.78% | 5,714,285 | 0 | 5,714,285 | | Ningbo Meishan Bonded Port Area Liangji Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.65% | 5,446,194 | 0 | 5,446,194 | | Ningbo Meishan Bonded Port Area Chunkang Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.44% | 2,959,921 | 0 | 2,959,921 | | Liu Jianqiang | Domestic Natural Person | 0.86% | 1,766,453 | 0 | 1,766,453 | | Ming Hui | Domestic Natural Person | 0.68% | 1,400,000 | 0 | 1,400,000 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.59% | 1,204,054 | 0 | 1,204,054 | | China Construction Bank Corporation - Noah Multi-Strategy Stock Fund | Other | 0.46% | 939,800 | 0 | 939,800 | - Wang Yiqing and Ming Hui are a married couple; Wang Yiqing serves as the executive partner of Changsha Tongjia Investment Management Partnership (Limited Partnership). The executive partners and fund managers of Ningbo Meishan Bonded Port Area Liangji Equity Investment Partnership (Limited Partnership) and Ningbo Meishan Bonded Port Area Chunkang Equity Investment Partnership (Limited Partnership) are both Shanghai Chunyuan Private Equity Fund Management Co., Ltd.[151](index=151&type=chunk)[152](index=152&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=47&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Supervisory Board Chairman Tang Juan reduced her holdings by 27,000 shares to 167,000 shares, and Deputy General Manager Li Yulan reduced hers by 5,000 shares to 195,000 shares, with no changes for other directors, supervisors, and senior management. Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Reduced in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Tang Juan | Chairman of Supervisory Board | 194,000 | 27,000 | 167,000 | | Li Yulan | Deputy General Manager | 200,000 | 5,000 | 195,000 | | Total | -- | 394,000 | 32,000 | 362,000 | [5. Changes in Controlling Shareholder or Actual Controller](index=48&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder did not change during the reporting period[154](index=154&type=chunk) - The company's actual controller did not change during the reporting period[154](index=154&type=chunk) [6. Preferred Shares Related Matters](index=48&type=section&id=6.%20Preferred%20Shares%20Related%20Matters) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[155](index=155&type=chunk) Part VII Bond-Related Matters [Bond-Related Matters](index=49&type=section&id=Bond-Related%20Matters) The company had no bond-related matters during the reporting period. - The company had no bond-related matters during the reporting period[157](index=157&type=chunk) Part VIII Financial Report [1. Audit Report](index=50&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was unaudited. - The company's semi-annual financial report was unaudited[159](index=159&type=chunk) [2. Financial Statements](index=50&type=section&id=2.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025, showing total assets of 6.563 billion yuan, total liabilities of 4.703 billion yuan, and net profit attributable to parent company shareholders of 0.8935 million yuan. Consolidated Balance Sheet Key Data (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Monetary Funds | 637,932,550.33 | | Accounts Receivable | 1,880,878,747.58 | | Inventory | 822,936,450.84 | | Total Assets | 6,562,830,656.96 | | Short-Term Borrowings | 2,183,360,060.54 | | Long-Term Borrowings | 1,077,663,128.65 | | Total Liabilities | 4,702,636,210.37 | | Total Equity Attributable to Parent Company Owners | 1,757,675,632.75 | | Total Owners' Equity | 1,860,194,446.59 | Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | | :--- | :--- | | Total Operating Revenue | 2,708,337,434.78 | | Total Operating Costs | 2,698,969,731.24 | | Total Profit | 13,890,728.54 | | Net Profit | 14,764,374.10 | | Net Profit Attributable to Parent Company Shareholders | 893,533.16 | | Basic Earnings Per Share (yuan/share) | 0.004 | | Diluted Earnings Per Share (yuan/share) | 0.004 | Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -155,437,309.27 | | Net Cash Flow from Investing Activities | -78,054,701.84 | | Net Cash Flow from Financing Activities | 212,198,602.25 | | Net Increase in Cash and Cash Equivalents | -21,293,408.86 | | Cash and Cash Equivalents at Period-End | 499,269,569.20 | [3. Company Basic Information](index=75&type=section&id=3.%20Company%20Basic%20Information) Hunan Dajiaweikang Pharmaceutical Industry Co., Ltd., formerly Changsha Tongjian Pharmacy, was restructured into a joint-stock company in 2014 and listed on the Shenzhen Stock Exchange on December 7, 2021, operating a comprehensive "full-chain layout" in the pharmaceutical and health industry. - The company, formerly Changsha Tongjian Pharmacy, was restructured into a joint-stock company in 2014 and listed on the Shenzhen Stock Exchange on December 7, 2021[208](index=208&type=chunk) - The company's business covers pharmaceutical distribution, retail pharmacy chains, pharmaceutical manufacturing, reproductive and genetic specialty technical services, and regenerative medicine R&D and clinical translation, forming a comprehensive "full-chain layout of pharmaceutical R&D and manufacturing, high-efficiency pharmaceutical distribution channels, innovative development of specialized pharmacies, and distinctive expansion of medical services" in the pharmaceutical and health industry[209](index=209&type=chunk) [4. Basis of Financial Statement Preparation](index=75&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no events or circumstances raising significant doubt about its ability to continue as a going concern for the next 12 months from the end of the reporting period. - The company's financial statements are prepared on a going concern basis[210](index=210&type=chunk) - There are no events or circumstances that raise significant doubt about the company's ability to continue as a going concern for the next 12 months from the end of the reporting period[211](index=211&type=chunk) [5. Significant Accounting Policies and Estimates](index=76&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) The financial statements comply with accounting standards, accurately reflecting financial status, with a calendar year accounting period, a short operating cycle, and RMB as the functional currency, detailing policies for financial instrument impairment, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition. - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flows[213](index=213&type=chunk) - The accounting year runs from January 1 to December 31 of the Gregorian calendar, with a short operating cycle, and 12 months are used as the liquidity classification standard for assets and liabilities, with RMB as the functional currency[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) Materiality Standards Determination Methods and Selection Basis | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired accounts receivable | Single amount exceeding 0.3% of total assets or single amount exceeding **1 million yuan** | | Significant construction in progress projects | Single project investment exceeding 0.3% of total assets | | Significant cash flow from investing activities | Single amount exceeding 5% of total assets | | Significant subsidiaries, non-wholly-owned subsidiaries | Total assets/total revenue/total profit exceeding 15% of group's total assets/total revenue/total profit | - The company's financial assets and financial liabilities are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, with detailed recognition criteria, measurement methods, and derecognition conditions[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk) - The company performs impairment on various financial assets based on expected credit losses, measuring loss provisions based on 12-month or lifetime expected credit losses depending on whether credit risk has significantly increased[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - The company's revenue recognition principle involves identifying performance obligations within contracts, determining if they are fulfilled over time or at a point in time, and measuring revenue based on transaction prices allocated to each performance obligation[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) [6. Taxation](index=95&type=section&id=6.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, land value-added tax, property tax, education surcharges, and local education surcharges, with the company and some subsidiaries benefiting from various tax incentives such as VAT exemptions for small-scale taxpayers, preferential corporate income tax for small low-profit enterprises, Western Development tax incentives, and high-tech enterprise tax rates. Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, deducting current deductible input VAT, the difference is payable VAT | 13%, 9%, 6%, 5%, 3%, 1%, exempt, exempted | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | Tax Subjects with Different Corporate Income Tax Rates | Tax Subject Name | Corporate Income Tax Rate | | :--- | :--- | | Ningxia Delixin Pharmaceutical Co., Ltd., Yinchuan Meihetai Pharmaceutical Chain Co., Ltd., Hunan Tianji Caotang Pharmaceutical Co., Ltd., Dajiaweikang Bio-Pharmaceutical Co., Ltd. | 15% | | Loudi Dajiaweikang Pharmacy Co., Ltd., Hunan Jianpingyuan Pharmacy Chain Co., Ltd., etc. | 20% | | Other tax subjects not listed above | 25% | - The company's subsidiaries enjoy VAT exemption policies for small-scale taxpayers, with sales below **100,000 yuan** per month exempt from VAT, and a 3% levy rate reduced to 1%[326](index=326&type=chunk) - Some of the company's subsidiaries are small low-profit enterprises, enjoying a policy of calculating taxable income at 25% and paying corporate income tax at a 20% rate[327](index=327&type=chunk) - Subsidiaries Ningxia Delixin Pharmaceutical Co., Ltd. and its grandchild company Yinchuan Meihetai Pharmaceutical Chain Co., Ltd. enjoy Western Development corporate income tax preferential policies, applying a **15%** corporate income tax rate[328](index=328&type=chunk) - Subsidiaries Hunan Tianji Caotang Pharmaceutical Co., Ltd. and Dajiaweikang Bio-Pharmaceutical Co., Ltd. have obtained high-tech enterprise certificates, enjoying a **15%** corporate income tax preferential policy[328](index=328&type=chunk) - Subsidiary Hunan Tianji Caotang Pharmaceutical Co., Ltd. enjoys the advanced manufacturing enterprise VAT additional deduction policy, deducting 5% of the current deductible input VAT from the payable VAT amount[329](index=329&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=96&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including 638 million yuan in monetary funds (138 million yuan restricted), 2.018 billion yuan in notes and accounts receivable (with impairment provisions), 823 million yuan in inventory (with impairment provisions), 701 million yuan in fixed assets, 132 million yuan in intangible assets, 1.153 billion yuan in goodwill, 2.183 billion yuan in short-term borrowings, 1.078 billion yuan in long-term borrowings, 2.708 billion yuan in operating revenue, 2.260 billion yuan in operating costs, and 14.7644 million yuan in net profit. Monetary Funds | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 369,252.82 | 1,488,966.29 | | Bank Deposits | 497,912,398.02 | 513,070,981.80 | | Other Monetary Funds | 139,650,899.49 | 105,293,033.90 | | Total | 637,932,550.33 | 619,852,981.99 | - Restricted monetary funds at period-end amounted to **137.754 million yuan**, primarily for bill deposits and POS machine deposits[331](index=331&type=chunk)[62](index=62&type=chunk) Notes Receivable Classified | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 23,398,457.51 | 31,728,932.79 | | Commercial Acceptance Bills | 114,094,127.87 | 62,848,818.59 | | Total | 137,492,585.38 | 94,577,751.38 | Accounts Receivable by Aging | Aging | Period-End Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 1,673,779,322.93 | 1,483,001,586.80 | | 1 to 2 years | 173,803,290.12 | 185,467,345.25 | | 2 to 3 years | 66,748,692.51 | 58,850,116.78 | | Over 3 years | 51,345,799.24 | 37,205,582.83 | | Total | 1,965,677,104.80 | 1,764,524,631.66 | Inventory Classification | Item | Period-End Book Balance (yuan) | Period-End Inventory Impairment Provision (yuan) | Period-End Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 7,605,192.72 | 63,051.22 | 7,542,141.50 | | Merchandise Inventory | 795,173,709.10 | 4,897,794.44 | 790,275,914.66 | | Total | 827,897,296.50 | 4,960,845.66 | 822,936,450.84 | Fixed Assets (Period-End Book Value) | Item | Period-End Book Value (yuan) | | :--- | :--- | | Buildings and Structures | 597,381,441.83 | | Machinery and Equipment | 80,686,236.08 | | Electronic Equipment | 11,062,593.08 | | Transportation Vehicles | 4,805,712.29 | | Medical Equipment | 1,976,178.76 | | Other Equipment | 5,512,385.84 | | Total | 701,424,547.88 | Goodwill Original Book Value | Name of Investee or Goodwill-Forming Event | Beginning Balance (yuan) | Increase in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Ningxia Delixin Pharmaceutical Co., Ltd. | 133,507,508.40 | | 133,507,508.40 | | Hunan Tianji Caotang Pharmaceutical Co., Ltd. | 239,786,284.00 | | 239,786,284.00 | | Shanxi Simaile Pharmaceutical Chain Co., Ltd. | 299,920,940.66 | | 299,920,940.66 | | Hunan Yaowangtang | | 17,615,377.26 | 17,615,377.26 | | Hunan Cili Dajiaweikang Pharmacy Chain Co., Ltd. | | 17,727,379.13 | 17,727,379.13 | | T

8月27日，达嘉维康跌3.81%，成交额1.24亿元。两融数据显示，当日达嘉维康获融资买入额1785.89万 元，融资偿还1562.88万元，融资净买入223.01万元。截至8月27日，达嘉维康融资融券余额合计9596.30 万元。 分红方面，达嘉维康A股上市后累计派现3807.21万元。近三年，累计派现3105.09万元。 融资方面，达嘉维康当日融资买入1785.89万元。当前融资余额9596.18万元，占流通市值的3.85%，融 资余额超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 资料显示，湖南达嘉维康医药产业股份有限公司位于湖南省长沙市岳麓区茯苓路30号，成立日期2002年 10月24日，上市日期2021年12月7日，公司主营业务涉及药品、生物制品、医疗器械等产品的分销及零 售。主营业务收入构成为：药品93.08%，医疗器械3.76%，其他3.17%。 截至8月20日，达嘉维康股东户数1.78万，较上期减少9.99%；人均流通股7734股，较上期增加11.10%。 2025年1月-3月，达嘉维康实现营业收入13.00亿元，同比增长1.51%；归母净利润314.44万元，同比减少 83.82% ...

Group 1 - The company, Dajia Weikang, has confirmed the sale of mosquito repellent products through its retail pharmacies, including mosquito repellent bracelets, patches, and sprays [2]

Core Insights - The company, Dajia Weikang (301126), reported that as of August 20, 2025, the number of shareholders reached 17,827 [1] Company Summary - Dajia Weikang has engaged with investors through an interactive platform, providing updates on shareholder numbers [1] - The company is actively monitoring its shareholder base, indicating a focus on investor relations and transparency [1]

Market Overview - The pharmaceutical commercial sector experienced a decline of 2.71% on August 27, with Saily Medical leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Saily Medical (603716) closed at 33.15, down 8.93% with a trading volume of 484,700 shares and a transaction value of 1.671 billion [1] - Other notable declines included HeLiang China (603122) down 5.15%, YaoYigou (300937) down 5.10%, and Guofa Shares (600538) down 4.98% [1] - The overall net outflow of main funds from the pharmaceutical commercial sector was 543 million, while retail investors saw a net inflow of 361 million [1] Fund Flow Analysis - Jiuzhoutong (600998) had a main fund net inflow of 11.8 million, accounting for 18.23% of its total [2] - Dacilin (603233) saw a main fund net inflow of 29.97 million, representing 15.70% [2] - The overall trend indicates a mixed sentiment with main funds withdrawing while retail investors are actively buying [2]

达嘉维康8月25日报收12.61元，较前一交易日下跌0.06元，跌幅0.47%。当日成交量为71729手，成交金 额达0.91亿元。该股开盘报12.67元，盘中最高触及12.76元，最低下探至12.52元。 8月25日主力资金净流出1718.12万元，占流通市值的0.99%。近五个交易日累计净流出3400.34万元，占 流通市值的1.96%。 风险提示：股市有风险，投资需谨慎。 达嘉维康是一家医药商业企业，业务涉及药品批发、零售及物流配送服务。公司智能物流中心采用"智 能化仓储硬件+数字化系统"技术，实现了药品流转全流程的一体化管理。 公司在投资者互动平台表示，目前业务板块暂未接入DeepSeek、ChatGPT等人工智能大模型端口，但正 在积极推进与人工智能公司、高校及科研院所的合作，探索新技术与现有业务的结合点。 ...

Core Viewpoint - Dajiahui Kang's stock price closed at 12.67 yuan on August 22, 2025, reflecting a decline of 1.17% from the previous trading day, with a trading volume of 79,260 hands and a transaction amount of 100 million yuan [1] Company Overview - Dajiahui Kang is a pharmaceutical commercial enterprise engaged in the wholesale and retail of drugs and medical devices, with a product range that includes both traditional Chinese medicine and Western pharmaceuticals, as well as medical equipment [1] Financial Health - On the evening of August 22, Dajiahui Kang announced that neither the company nor its controlling subsidiaries provided guarantees to entities outside the consolidated financial statements, nor are there overdue guarantee matters or litigation-related guarantees [1] - On August 22, the net outflow of main funds was 16.8841 million yuan, with a cumulative net outflow of 33.0618 million yuan over the past five days [1]

（编辑 楚丽君） 证券日报网讯 8月22日晚间，达嘉维康发布公告称，公司及公司控股子公司不存在对合并报表外单位提 供担保的情形、不存在逾期担保、无涉及诉讼的担保事项，不存在因担保被判决败诉而应承担损失的情 形。 ...