[Definitions](index=4&type=section&id=Section%20I.%20Definitions) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Overview](index=5&type=section&id=Section%20II.1.%20Company%20Overview) This chapter provides Beijing Kingsoft Office Software Co., Ltd.'s basic corporate information, including its name, legal representative, addresses, and contact details Company Basic Information | Item | Information | | :--- | :--- | | **Company Chinese Name** | 北京金山办公软件股份有限公司 | | **Company Abbreviation** | Kingsoft Office | | **Legal Representative** | Zou Tao | | **Registered Address** | 2nd Floor, No. 33 Xiaoying West Road, Haidian District, Beijing | | **Office Address** | Kingsoft Software Building, No. 33 Xiaoying West Road, Haidian District, Beijing | | **Company Website** | www.wps.cn | [Key Accounting Data and Financial Indicators](index=5&type=section&id=Section%20II.6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company achieved **2.657 billion Yuan** revenue (+**10.12%**) and **747 million Yuan** net profit (+**3.57%**), reflecting strong operational quality and R&D commitment Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,657,121,733.79 | 2,412,993,928.06 | 10.12% | | **Net Profit Attributable to Shareholders of Listed Company** | 747,204,516.37 | 721,437,815.34 | 3.57% | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items)** | 727,320,191.45 | 687,649,317.05 | 5.77% | | **Net Cash Flow from Operating Activities** | 738,347,612.83 | 628,328,299.09 | 17.51% | | | **End of Current Reporting Period (Yuan)** | **End of Prior Year (Yuan)** | **Period-end vs. Prior Year-end Change (%)** | | **Net Assets Attributable to Shareholders of Listed Company** | 11,636,356,266.29 | 11,355,557,559.61 | 2.47% | | **Total Assets** | 16,426,714,814.02 | 15,912,888,756.23 | 3.23% | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (Yuan/share)** | 1.62 | 1.56 | 3.85% | | **Diluted Earnings Per Share (Yuan/share)** | 1.61 | 1.56 | 3.21% | | **Weighted Average Return on Net Assets (%)** | 6.35% | 7.03% | Decreased by 0.68 percentage points | | **R&D Investment as Percentage of Operating Revenue (%)** | 36.07% | 33.47% | Increased by 2.60 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **19.88 million Yuan**, primarily from changes in fair value of financial assets, government subsidies, and other non-operating income and expenses[22](index=22&type=chunk) - Excluding the impact of share-based payment expenses, the company's net profit for the first half of 2025 was **826 million Yuan**, a **1.88% decrease** compared to **842 million Yuan** in the prior period[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%20III.%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview](index=9&type=section&id=Section%20III.1.%20Industry%20and%20Main%20Business%20Overview) As a leading domestic office software provider, the company's industry benefits from digital economy, AI, and cloud collaboration trends, with core products like WPS Office, WPS 365, and WPS AI serving global users through 'freemium' and subscription models - The office software industry is driven by digital economy, AI technology upgrades, and cloud collaboration trends, with the global market size projected to reach **$29.51 billion** by 2025 according to Statista[28](index=28&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) - As of June 2025, the company's WPS global monthly active devices reached **651 million**, an **8.56% year-on-year increase**, with PC MAU at **305 million** (+**12.29%**) and mobile MAU at **346 million** (+**5.48%**), solidifying its leading position in the domestic office software market[34](index=34&type=chunk) - The company's main business is divided into personal and institutional segments, with personal business offering WPS Personal, Kingsoft Docs, and WPS AI Office Assistant, while institutional business provides WPS 365, WPS AI Enterprise, and Government editions, forming comprehensive office solutions[36](index=36&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - The company's personal business adopts a freemium model, while institutional business primarily generates revenue through annual or multi-year contracts for WPS 365 subscription services or software licenses[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=Section%20III.2.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved robust growth with **2.657 billion Yuan** revenue (+**10.12%**) and **747 million Yuan** net profit (+**3.57%**), driven by its 'AI, Collaboration, Internationalization' strategy and WPS AI 3.0 H1 2025 Revenue by Business Segment | Business Segment | Revenue (Million Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | **WPS Personal Business** | 1,748.45 | 8.38% | | **WPS 365 Business** | 308.79 | 62.27% | | **WPS Software Business** | 541.61 | -2.08% | | **Total Operating Revenue** | **2,657.12** | **10.12%** | - The company launched WPS AI 3.0, introducing 'WPS Lingxi,' a native Office AI agent, achieving deep integration of AI with office software through 'software AI-fication' and 'AI software-fication,' marking a shift from tool-based AI applications to collaborative intelligent agents[47](index=47&type=chunk)[49](index=49&type=chunk) - For personal business, cumulative domestic annual paying individual users reached **41.79 million**, a **9.54% year-on-year increase**, with WPS AI monthly active users reaching **29.51 million**, projected for rapid growth in the second half of the year[59](index=59&type=chunk) - WPS 365 business maintained high growth, adding notable enterprise clients such as China Unicom, China Three Gorges Corporation, and China Baowu, continuously enhancing its market influence[63](index=63&type=chunk) [Analysis of Core Competencies](index=20&type=section&id=Section%20III.3.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in its strong R&D, comprehensive product offerings, nationwide service network, and effective operational strategies, leveraging 37 years of R&D, a **36.07%** R&D expense ratio, AI-integrated products, and a multi-platform ecosystem for user growth - The company demonstrates significant R&D advantages, with **959 million Yuan** invested in R&D in H1 2025, accounting for **36.07%** of revenue, and a team of **3,533 R&D employees**, representing approximately **66%** of total staff[67](index=67&type=chunk)[90](index=90&type=chunk)[95](index=95&type=chunk) - Product advantages include full platform coverage (Windows, Mac, Linux, iOS, Android, HarmonyOS), AI-powered intelligent collaboration, and deep localization for the domestic market, such as the 'Daoke' platform offering country-specific template resources[70](index=70&type=chunk)[71](index=71&type=chunk) - The company boasts a nationwide service guarantee system, with product adaptations completed with over **400** ecosystem partners, providing localized and timely service responses for government and enterprise clients[72](index=72&type=chunk) Core Technology Overview | Technology Area | Core Technology Examples | Technology Level | | :--- | :--- | :--- | | **Multi-platform Office** | Multi-platform OS adaptation technology, unified kernel technology | Domestic leading | | **Document Cloud and Security** | Document encryption and permission control technology, data synchronization and secure storage technology | Domestic leading | | **Mobile and Collaboration** | Cloud-based mobile sharing technology, multi-platform collaborative editing technology | Internationally advanced/Domestic leading | | **Intelligent Office** | Large model training and inference optimization technology, training-inference integration technology | Domestic leading | [Risk Factors](index=34&type=section&id=Section%20III.4.%20Risk%20Factors) The company faces risks from macroeconomic conditions, market competition, and the increasing demands on its strategic planning, internal control, and operational management as its business scales, potentially impacting its operations and profitability - The company notes that as its operating scale expands, higher demands are placed on strategic planning, organizational structure, internal control, and operational management, with the inability to continuously enhance management capabilities posing a significant risk[97](index=97&type=chunk) [Financial Analysis of Key Operating Performance](index=34&type=section&id=Section%20III.5.%20Financial%20Analysis%20of%20Key%20Operating%20Performance) This chapter explains financial statement item changes, including an **18.70%** increase in R&D expenses due to personnel and AI investments, significant shifts in investment cash flow from fixed deposit purchases, and a **50.94%** rise in fixed assets due to the Wuhan park's construction completion Analysis of Major Financial Statement Item Changes (H1 2025 vs H1 2024) | Item | Change (%) | Main Reason | | :--- | :--- | :--- | | **R&D Expenses** | 18.70% | Increased personnel compensation and R&D AI investment | | **Net Cash Flow from Operating Activities** | 17.51% | Increased cash inflow from sales of goods and services | | **Net Cash Flow from Investing Activities** | Not applicable | Due to reduced new purchases of time deposits in the current period | | **Net Cash Flow from Financing Activities** | Not applicable | Due to cash dividends paid in the prior period | Analysis of Major Balance Sheet Item Changes (Period-end vs. Period-start) | Item Name | Change (%) | Main Reason | | :--- | :--- | :--- | | **Fixed Assets** | 50.94% | Due to the capitalization of construction in progress for the Wuhan park | | **Construction in Progress** | -100.00% | Due to the capitalization of construction in progress for the Wuhan park | | **Employee Compensation Payable** | -32.94% | Due to payment of prior year's annual bonus | | **Other Payables** | 332.18% | Due to unpaid 2024 dividends | [Corporate Governance, Environment, and Society](index=40&type=section&id=Section%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=40&type=section&id=Section%20IV.1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company completed the re-election of its Board of Directors and Supervisory Board, appointed new senior management, with Mr. Zou Tao elected Chairman and Mr. Zhang Qingyuan appointed General Manager - On June 4, 2025, the company completed the re-election of its Board of Directors and Supervisory Board, with Mr. Zou Tao elected Chairman and Mr. Zhang Qingyuan appointed General Manager[115](index=115&type=chunk)[116](index=116&type=chunk) [Equity Incentive Plans](index=40&type=section&id=Section%20IV.3.%20Equity%20Incentive%20Plans) During the reporting period, the company launched its '2025 Restricted Stock Incentive Plan (Draft),' proposing to grant up to **3.46 million** restricted shares, while also reviewing and implementing vesting conditions for prior incentive plans - In April 2025, the company approved the '2025 Restricted Stock Incentive Plan (Draft),' proposing to grant up to **3.46 million** restricted shares, with **2.791 million** shares initially granted to **198** incentive recipients on June 4[118](index=118&type=chunk) [Social Responsibility and Rural Revitalization](index=42&type=section&id=Section%20IV.5.%20Social%20Responsibility%20and%20Rural%20Revitalization) The company actively fulfills social responsibility by leveraging its technology for rural digitalization and education, investing **800,000 Yuan** in rural revitalization and launching the 'Spring Bud Program' to support digital education transformation in western regions - The company invested **800,000 Yuan** in rural revitalization, with its AI education project in Huize County, Yunnan, successfully selected as an 'Outstanding Smart Education Case for 2025' by the Ministry of Education[120](index=120&type=chunk) - In May 2025, the company launched the 'Spring Bud Program,' utilizing smart office technology to provide a comprehensive, localized, and intelligent education platform for users in western regions, promoting balanced regional educational development[121](index=121&type=chunk) [Significant Matters](index=43&type=section&id=Section%20V.%20Significant%20Matters) [Fulfillment of Commitments](index=43&type=section&id=Section%20V.1.%20Fulfillment%20of%20Commitments) During the reporting period, the company's controlling shareholder, actual controller, related parties, and the company itself strictly fulfilled all commitments made during the IPO, including share lock-ups, non-compete clauses, and related party transaction regulations - The company's controlling shareholder, actual controller, directors, supervisors, and senior management strictly adhered to all commitments made since the IPO, including those regarding share lock-ups, non-compete clauses, and related party transactions[123](index=123&type=chunk) [Major Litigation and Arbitration Matters](index=47&type=section&id=Section%20V.7.%20Major%20Litigation%20and%20Arbitration%20Matters) The computer software copyright infringement case with Beijing Guanqun Information Technology Co., Ltd. is ongoing, with the plaintiff seeking retrial at the Supreme People's Court after initial dismissals, making the final outcome uncertain - In the computer software copyright infringement case with Beijing Guanqun Company, after the company won both the first and second instances, the opposing party has applied for a retrial with the Supreme People's Court, which has been accepted for review, making the case outcome uncertain[128](index=128&type=chunk) [Share Changes and Shareholder Information](index=50&type=section&id=Section%20VI.%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=50&type=section&id=Section%20VI.1.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by **653,650 shares** to **463,179,293 shares** due to the implementation of restricted stock incentive plans, primarily from partial vesting of 2021, 2022, and 2023 plans - During the reporting period, the company's total share capital increased by **653,650 shares** due to the implementation of multiple restricted stock incentive plans, reaching **463,179,293 shares** at period-end[135](index=135&type=chunk)[136](index=136&type=chunk) [Shareholder Information](index=51&type=section&id=Section%20VI.2.%20Shareholder%20Information) As of the end of the reporting period, the company had **30,514** common shareholders, with Kingsoft WPS Corporation Limited holding **51.47%** as the controlling shareholder, and Hong Kong Securities Clearing Company Limited increasing its stake to **3.71%** Top Ten Shareholders' Holdings as of Period-end | Shareholder Name | Shares Held at Period-end | Proportion (%) | | :--- | :--- | :--- | | Kingsoft WPS Corporation Limited | 238,387,351 | 51.47 | | Tianjin Qiwen Wuwei Enterprise Management Consulting Partnership | 17,932,710 | 3.87 | | Hong Kong Securities Clearing Company Limited | 17,200,078 | 3.71 | | China Merchants Bank - Huaxia SSE STAR Market 50 ETF | 12,807,676 | 2.77 | | Industrial and Commercial Bank of China - E Fund SSE STAR Market 50 ETF | 9,586,153 | 2.07 | [Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel](index=53&type=section&id=Section%20VI.3.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, some directors, supervisors, and senior management experienced changes in their shareholdings due to Kingsoft Software's capital changes, indirect reductions, or equity incentive vesting, with Directors Ge Ke and Zhang Qingyuan seeing decreases from indirect reductions - Some directors, supervisors, and senior management experienced changes in their shareholdings due to Kingsoft Software's capital changes, personal reductions, indirect reductions (via Qiwenv N-dimensional inquiry transfer), and equity incentive vesting[145](index=145&type=chunk)[146](index=146&type=chunk) - During the reporting period, the company granted shares from the 2025 Restricted Stock Incentive Plan to Vice General Managers Bi Xiaocun, Luo Yan, and Wang Dong[147](index=147&type=chunk) [Bond-Related Information](index=56&type=section&id=Section%20VII.%20Bond-Related%20Information) [Corporate Bond Information](index=56&type=section&id=Section%20VII.1.%20Corporate%20Bond%20Information) As of the end of the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - During the reporting period, the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[150](index=150&type=chunk) [Financial Report](index=57&type=section&id=Section%20VIII.%20Financial%20Report) [Financial Statements](index=57&type=section&id=Section%20VIII.2.%20Financial%20Statements) This chapter presents unaudited consolidated and parent company financial statements, showing total assets increased to **16.427 billion Yuan**, owner's equity to **11.636 billion Yuan**, operating revenue of **2.657 billion Yuan**, and net profit attributable to parent company shareholders of **747 million Yuan** Consolidated Balance Sheet Summary (2025-06-30) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | 16,426,714,814.02 | | **Total Liabilities** | 4,790,358,547.73 | | **Owner's Equity Attributable to Parent Company** | 11,636,356,266.29 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | 2,657,121,733.79 | | **Total Operating Costs** | 2,075,474,798.81 | | Of which: R&D Expenses | 958,530,996.22 | | **Total Profit** | 779,853,810.38 | | **Net Profit Attributable to Parent Company Shareholders** | 747,204,516.37 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | 738,347,612.83 | | **Net Cash Flow from Investing Activities** | -259,983,418.71 | | **Net Cash Flow from Financing Activities** | -297,832,047.78 | | **Net Increase in Cash and Cash Equivalents** | 181,315,873.91 | [Notes to Consolidated Financial Statements](index=105&type=section&id=Section%20VIII.7.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter details key consolidated financial statement items, including **1.079 billion Yuan** in monetary funds, **1.606 billion Yuan** in financial assets, **594 million Yuan** in accounts receivable, and **54.81 million Yuan** in bad debt provisions, with personal business contributing **1.748 billion Yuan** to revenue and personnel compensation being the largest R&D expense at **753 million Yuan** - As of period-end, the company's monetary funds totaled **1.079 billion Yuan**, including **2.737 million Yuan** in restricted performance bonds[333](index=333&type=chunk) - Accounts receivable had a book balance of **594 million Yuan**, with approximately **60%** being less than one year old; the company uses individual and portfolio (aging analysis) methods for bad debt provisions, with an ending balance of **54.81 million Yuan**[338](index=338&type=chunk)[340](index=340&type=chunk) H1 2025 Main Business Revenue Composition | Product Type | Operating Revenue (Yuan) | Operating Cost (Yuan) | | :--- | :--- | :--- | | **WPS Personal Business** | 1,748,454,415.66 | 339,006,957.35 | | **WPS 365 Business** | 308,795,330.57 | 26,181,102.32 | | **WPS Software Business** | 541,607,125.44 | 28,758,365.56 | | **Other** | 58,264,862.12 | 3,773,649.33 | H1 2025 R&D Expense Composition | Item | Amount (Yuan) | | :--- | :--- | | **Personnel Compensation Expenses** | 753,353,317.19 | | **Lease and Service Fees** | 65,082,727.06 | | **Third-Party Service Fees** | 43,893,407.53 | | **Share-based Payment Expenses** | 42,140,797.61 | | **Other** | 54,051,546.83 | | **Total** | **958,530,996.22** |

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[Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines company and subsidiary names, key customer names, pharmaceutical industry terms, drug types, and development stages - Defined company and subsidiary names, such as **Nuotai Bio**, **Aosainuo**, and **Pharmaceutical Technology Company**[10](index=10&type=chunk) - Explained major customer names, including **Incyte US**, **Gilead US**, and **Vertex Pharmaceuticals US**[10](index=10&type=chunk) - Clarified key pharmaceutical industry terms, such as **CRO** (Contract Research Organization), **CDMO/CMO** (Contract Development and Manufacturing Organization/Contract Manufacturing Organization), **CDE** (Center for Drug Evaluation, NMPA), **FDA** (U.S. Food and Drug Administration), and **GMP/cGMP** (Good Manufacturing Practice/current Good Manufacturing Practice)[10](index=10&type=chunk)[11](index=11&type=chunk) - Distinguished different drug types, including **innovative drugs/new drugs/originator drugs**, **generic drugs**, **small molecule chemical drugs**, **peptides**, and **oligonucleotides**[11](index=11&type=chunk) - Defined drug research and development and commercialization stages, including **preclinical research**, **clinical research**, and **commercialization stage**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, information disclosure, stock details, and key financial performance [Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) Nuotai Bio is a biopharmaceutical company with Tong Ziquan as legal representative, registered in Lianyungang, and offices in Hangzhou - Company Chinese name: Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd., abbreviation: **Nuotai Bio**[14](index=14&type=chunk) - Legal Representative: **Tong Ziquan**[14](index=14&type=chunk) - Registered Address: No. 28 Linpu Road, Lianyungang Economic and Technological Development Zone[14](index=14&type=chunk) - Office Address: Room 1201, Building E, Hangzhou Normal University Science Park, No. 1378 Wenyi West Road, Yuhang District, Hangzhou[14](index=14&type=chunk) [Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section discloses contact details for the Board Secretary Zhou Hua and Securities Affairs Representative Wu Le'er for investor and public communication - Board Secretary: **Zhou Hua**, Contact Number: **0571-86297893**, Email: **ir@sinopep.com**[15](index=15&type=chunk) - Securities Affairs Representative: **Wu Le'er**, Contact Number: **0571-86297893**, Email: **ir@sinopep.com**[15](index=15&type=chunk) [Brief Introduction to Information Disclosure and Document Placement Changes](index=7&type=section&id=III.%2E%20Brief%20Introduction%20to%20Information%20Disclosure%20and%20Document%20Placement%20Changes) The company designates specific newspapers for information disclosure, publishes semi-annual reports on the SSE website, and keeps them at the Board Office - Information Disclosure Newspapers: **China Securities Journal**, **Shanghai Securities News**, **Securities Times**, **Securities Daily**[16](index=16&type=chunk) - Report Publication Website: **www.sse.com.cn**[16](index=16&type=chunk) - Report Placement Location: **Board Office**[16](index=16&type=chunk) [Brief Introduction to Company Shares/Depositary Receipts](index=7&type=section&id=IV.%20Brief%20Introduction%20to%20Company%20Shares%2FDepositary%20Receipts) The company's shares are RMB ordinary shares (A-shares) listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "ST Nuotai" and code "688076" - Share Type: **RMB ordinary shares (A-shares)**[17](index=17&type=chunk) - Listing Exchange and Board: **Shanghai Stock Exchange STAR Market**[17](index=17&type=chunk) - Stock Abbreviation: **ST Nuotai**, Stock Code: **688076**[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew 26.07% to **1.048 billion RMB**, net profit attributable to parent grew 36.49% to **310 million RMB**, and operating cash flow increased significantly Major Accounting Data (H1 2025 vs Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,048,273,770.16 | 831,498,746.79 | 26.07 | | Total Profit | 339,765,178.72 | 256,962,652.74 | 32.22 | | Net Profit Attributable to Shareholders of Listed Company | 310,047,663.19 | 227,161,523.34 | 36.49 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 306,208,950.72 | 229,389,895.66 | 33.49 | | Net Cash Flow from Operating Activities | 316,156,545.09 | 198,432,642.81 | 59.33 | Major Financial Indicators (H1 2025 vs Prior Year) | Indicator | Current Period | Prior Year | Period-on-Period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.99 | 0.76 | 30.26% | | Diluted Earnings Per Share (RMB/share) | 0.99 | 0.73 | 35.62% | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (RMB/share) | 0.98 | 0.77 | 27.27% | | Weighted Average Return on Net Assets (%) | 11.03 | 9.94 | Increased by 1.09 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 10.89 | 10.04 | Increased by 0.85 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 20.19 | 17.96 | Increased by 2.23 percentage points | - Operating revenue growth primarily due to increased sales of **peptide APIs**[20](index=20&type=chunk) - Net cash flow from operating activities growth primarily due to significantly higher collection of **accounts receivable** compared to the prior year[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **3.84 million RMB**, mainly from government subsidies and disposal of financial assets Non-recurring Gains and Losses Items and Amounts (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains or losses from disposal of non-current assets | -467,971.62 | | Government grants recognized in current profit or loss | 4,117,522.02 | | Gains or losses from disposal of financial assets and financial liabilities | 13,419.23 | | Gains or losses from debt restructuring | 50,281.01 | | Other non-operating income and expenses | 838,429.38 | | Less: Income tax impact | 667,935.32 | | Minority interest impact (after tax) | 45,032.24 | | **Total** | **3,838,712.47** | - Non-recurring gains and losses mainly from **government subsidies** and **disposal of financial assets**[23](index=23&type=chunk) [Net Profit After Deducting Share-based Payment Impact](index=10&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) Net profit after deducting share-based payment impact was **309.16 million RMB**, a **20.95%** increase year-on-year Net Profit After Deducting Share-based Payment Impact (Unit: RMB) | Indicator | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 309,157,973.31 | 255,612,791.56 | 20.95 | - This indicator reflects the impact of excluding **equity incentive expenses** on net profit[25](index=25&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business, operational performance, core competitiveness, and risk factors [Company's Industry and Main Business Overview](index=11&type=section&id=I.%20Company%27s%20Industry%20and%20Main%20Business%20Overview) The company focuses on peptide and small molecule chemical drugs, strategically expanding into oligonucleotide business, using an "independent R&D + CDMO" model across the entire value chain - Company's Industry: **Biopharmaceutical industry**, specifically **biopharmaceutical services** and **chemical drug & API manufacturing**[29](index=29&type=chunk) - Main Business Model: **"Independent R&D + Customized R&D and Manufacturing"**, covering advanced intermediates, APIs, and formulations across the entire value chain[28](index=28&type=chunk) - Independent Selection Business: Focuses on **anti-diabetic**, **weight loss**, **antiviral**, **lipid-lowering** fields, with a rich product pipeline including **Semaglutide**, **Liraglutide**, **Tirzepatide** and other blockbuster peptide drugs, possessing large-scale production capacity for long-chain peptides, with single batch output exceeding **10 kilograms**[30](index=30&type=chunk)[31](index=31&type=chunk) - Customized Business (CDMO): Provides customized R&D and manufacturing services for innovative drug advanced pharmaceutical intermediates and APIs to global innovative drug companies, covering clinical Phase I, II, III to commercialization, having established partnerships with renowned pharmaceutical companies such as **Incyte** and **Gilead**[32](index=32&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, Nuotai Bio achieved **1.048 billion RMB** in revenue and **310 million RMB** in net profit, leveraging platform strategy, international BD, proactive capacity layout, and strategic partnerships H1 2025 Operating Performance | Indicator | Amount (Billion RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1.048 | 26.07 | | Net Profit Attributable to Parent Company Owners | 0.310 | 36.49 | | Net Profit Attributable to Parent Company Owners After Deducting Non-recurring Gains and Losses | 0.306 | 33.49 | Asset and Liability Structure | Indicator | End of June 2025 (Billion RMB) | Growth from Year-End (%) | | :--- | :--- | :--- | | Total Assets | 5.897 | 16.13 | | Owners' Equity Attributable to Parent Company | 2.961 | 11.31 | | Net Cash Flow from Operating Activities | 0.316 | - | - Platform Strategy and Interdisciplinary Integration: R&D competitiveness through interdisciplinary integration, dynamic application of emerging technologies, active layout in **synthetic biology**, **photochemistry**, **electrochemistry**, and **AI-driven process chemistry** and other cutting-edge technologies[34](index=34&type=chunk) - International Matrix and Global Coverage: BD team covers global serious medical markets, deep cooperation with leading enterprises, expanding into Europe, America, Latin America, and Asia-Pacific emerging markets, building second growth curves in **oligonucleotide** and **conjugation** businesses[35](index=35&type=chunk) - Proactive Layout and Capacity Building: Lianyungang factory's fourth-generation ton-level peptide production workshop (Workshop 601) is operational, peptide capacity reaches **5 tons/year**; ton-level oligonucleotide commercial production workshop expected to be completed by **October 2025**, forming a capacity of **1000 kg/year** for oligonucleotides, **100 kg/year** for PMO, and **200 kg/year** for PEG-conjugated cyclic peptides[36](index=36&type=chunk) - Strategic Partnerships: Achieved comprehensive strategic cooperation with **DeepMotion Technology** focusing on AI technology empowering biopharmaceutical industry transformation; partnered with **Vazyme** to build a synthetic biology technology platform[37](index=37&type=chunk) - Talent Cultivation: R&D personnel reached **459**, with **47%** holding master's or doctoral degrees, continuously improving talent selection, training, and incentive mechanisms[38](index=38&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness lies in interdisciplinary R&D, full-chain service capabilities, efficient operations, quality systems, and a globally covered BD team [Core Competitiveness Analysis](index=13&type=section&id=%28I%29%20Core%20Competitiveness%20Analysis) The company's core competitiveness is driven by interdisciplinary R&D, full-chain service, efficient operations, quality systems, and a global BD team, with leading peptide and small molecule technologies and FDA cGMP compliance - Interdisciplinary R&D Empowerment, Platform Strategy Advantages: Possesses a high-quality, international, multidisciplinary R&D team, established a **solid-liquid fusion peptide large-scale production technology platform**, capable of large-scale production (over **ten kilograms per batch**) for side-chain chemically modified peptides and long-chain modified peptides, significantly improving yield, efficiency, and reducing costs[40](index=40&type=chunk) - Full-Chain Service Capability, Meeting Diverse Needs: Owns two modern production bases in **Lianyungang** and **Jiande**, providing production services from clinical Phase I to commercialization; Jiande factory offers small molecule CDMO customized production, Lianyungang factory has **ton-level peptide API capacity**[41](index=41&type=chunk) - Efficient Operation and Quality System, Safeguarding Enterprise Development: Established a comprehensive and systematic quality management system and EHS management system compliant with international regulatory market standards, repeatedly passed **GMP inspections** by China, US, EU, and on-site audits by renowned pharmaceutical companies[42](index=42&type=chunk) - Global BD Team Coverage, Building a Pharmaceutical Ecosystem: International BD team drives business expansion in global serious medical markets, establishing good cooperative relationships with leading global pharmaceutical companies such as **Krka**, **Chemo**, **Cipla**, **Apotex**, **Incyte**, **Gilead**, **Vertex**, and **MSD**[43](index=43&type=chunk) [Core Technologies and R&D Progress](index=13&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company has established five industry-leading core technology platforms for peptide, oligonucleotide, and small molecule chemical drug R&D and production, addressing multiple global technical challenges [Core Technologies and Their Advanced Nature and Changes](index=13&type=section&id=1.%20Core%20Technologies%20and%20Their%20Advanced%20Nature%20and%20Changes) The company has five industry-leading core technology platforms for peptide, oligonucleotide, and small molecule chemical drug R&D and production, solving multiple global technical challenges - Solid-Liquid Fusion Peptide Large-Scale Production Technology Platform: Successfully developed multiple solid-liquid synthesis technologies, solving challenges like difficult sequences, peptide segment synthesis, and complex impurity profiles, achieving multi-kilogram scale production capacity, with single batch output exceeding **10 kg**[45](index=45&type=chunk) - Precision-Controlled Chiral Drug Technology Platform: Developed homogeneous catalytic asymmetric synthesis technology based on transition metal complexes and immobilized enzyme catalysis technology, achieving efficient, low-cost, and environmentally friendly production of chiral drugs[45](index=45&type=chunk)[46](index=46&type=chunk) - Inherently Safe Green Process Technology Platform: Mastered cascade condensation synthesis technology, highly selective metallation reaction technology, large-scale separation and purification technology for molecular distillation and rectification, high-pressure amination reaction technology, continuous flow reaction technology, and large-scale synthesis technology for organic alkynes, achieving green and safe production[46](index=46&type=chunk)[47](index=47&type=chunk) - Formulation and Drug Delivery Technology Platform: Mastered sustained/controlled release technology for peptide and small molecule drugs, precision and efficient excipient powder engineering and control technology, peptide drug formulation production and sterility assurance technology, peptide formulation compatibility research technology, and QbD-based efficient formulation development technology[47](index=47&type=chunk)[48](index=48&type=chunk) - Solid-Liquid Fusion Oligonucleotide Large-Scale Production Technology Platform: Introduced **Cytiva solid-phase synthesizer**, established solid-liquid combined oligonucleotide synthesis technology, GalNAc-oligonucleotide conjugation technology, purification technology, structural elucidation analysis technology, starting material quality control analysis technology, and oligonucleotide API quality research and process key parameter control technology[48](index=48&type=chunk)[49](index=49&type=chunk) - The company was recognized as a national **"Specialized, Refined, and New" Little Giant enterprise**[49](index=49&type=chunk) [R&D Achievements](index=18&type=section&id=2.%20R%26D%20Achievements) During the reporting period, the company obtained drug registration certificates for Ezetimibe Atorvastatin Calcium Tablets and Fluvoxamine Maleate Tablets, and filed 12 new invention patent applications, with 5 granted - Obtained drug registration certificates for **Ezetimibe Atorvastatin Calcium Tablets** and **Fluvoxamine Maleate Tablets**[50](index=50&type=chunk) Intellectual Property List | Type | New Applications This Period (units) | New Grants This Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 12 | 5 | 191 | 72 | | Utility Model Patents | 0 | 0 | 34 | 34 | | Software Copyrights | 0 | 0 | 5 | 5 | | **Total** | **12** | **5** | **230** | **111** | [R&D Investment Table](index=18&type=section&id=3.%20R%26D%20Investment%20Table) Total R&D investment was **211.63 million RMB**, a **41.74%** increase, with R&D capitalization ratio significantly rising to **41.60%** due to projects like Semaglutide injection meeting capitalization criteria R&D Investment (Unit: RMB) | Indicator | Current Period | Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 123,591,710.64 | 112,494,851.21 | 9.86 | | Capitalized R&D Investment | 88,038,376.65 | 36,810,598.61 | 139.17 | | **Total R&D Investment** | **211,630,087.29** | **149,305,449.82** | **41.74** | | Total R&D Investment as Percentage of Operating Revenue (%) | 20.19 | 17.96 | Increased by 2.23 percentage points | | Capitalization Ratio of R&D Investment (%) | 41.60 | 24.65 | Increased by 16.95 percentage points | - R&D investment growth mainly due to the company's continuous increase in R&D investment, expansion of product layout, and enhanced innovation[53](index=53&type=chunk) - Increase in R&D capitalization ratio mainly due to projects such as **Ezetimibe Atorvastatin Calcium Tablets**, **Semaglutide Injection**, and **Fluvoxamine Maleate Tablets** meeting capitalization criteria[54](index=54&type=chunk) [R&D Project Status](index=19&type=section&id=4.%20R%26D%20Project%20Status) The company has multiple R&D projects in diabetes, weight loss, influenza, lipid-lowering, hypercholesterolemia, chronic idiopathic constipation, acromegaly, and depression, with Semaglutide and Liraglutide injections in confirmatory clinical trials, and Ezetimibe Atorvastatin Calcium Tablets in registration application Overview of Selected R&D Projects (Unit: Ten Thousand RMB) | No. | Project Name | Estimated Total Investment Scale | Amount Invested This Period | Cumulative Investment Amount | Progress or Stage Achievements | Intended Goal | Technical Level | Specific Application Prospects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Semaglutide Injection | 18,300.00 | 4,652.35 | 15,395.54 | Confirmatory clinical trial stage | Obtain drug registration certificate | Reaching technical level of similar products | Diabetes and weight loss | | 2 | Oseltamivir Phosphate Granules | 10,283.30 | 200.09 | 3,672.89 | Obtained drug registration certificate | Obtain product manufacturing approval and launch | Reaching technical level of similar products | Treating influenza | | 4 | Ezetimibe Atorvastatin Calcium Tablets (II) | 4,000.00 | 1,475.55 | 3,897.42 | Registration application stage | Obtain drug registration certificate | Reaching technical level of similar products | Lipid-lowering | | 6 | Liraglutide Injection | 8,100.00 | 659.22 | 4,402.34 | Confirmatory clinical trial stage | Obtain drug registration certificate | Reaching technical level of similar products | Diabetes and weight loss | | 11 | Tirzepatide API | 2,390.00 | 303.47 | 1,755.61 | Registration application stage | Obtain marketing approval | Reaching technical level of similar products | Lowering blood sugar | | 15 | Fluvoxamine Maleate Tablets | 1,200.00 | 1,163.97 | 1,163.97 | Obtained drug registration certificate | Obtain drug registration certificate | Reaching technical level of similar products | Depression, obsessive-compulsive disorder | - The company's R&D projects cover various drug types including **peptides**, **small molecule chemical drugs**, and **oligonucleotides**[55](index=55&type=chunk)[56](index=56&type=chunk) [5、R&D Personnel Status](index=20&type=section&id=5.%20R%26D%20Personnel%20Status) As of H1 2025, R&D personnel increased to **459**, accounting for **20.43%** of total staff, with **47%** holding master's or doctoral degrees. Total R&D personnel compensation was **40.74 million RMB** R&D Personnel Basic Information (Unit: Ten Thousand RMB) | Indicator | Current Period | Prior Year | | :--- | :--- | :--- | | Number of R&D personnel (persons) | 459 | 323 | | R&D personnel as percentage of total company staff (%) | 20.43 | 18.16 | | Total R&D personnel compensation | 4,074.35 | 2,886.20 | | Average R&D personnel compensation | 8.88 | 8.94 | R&D Personnel Education Level | Education Level | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Doctoral | 29 | 6.31 | | Master's | 185 | 40.30 | | Bachelor's | 218 | 47.49 | | Associate Degree | 26 | 5.70 | | High School and Below | 1 | 0.20 | | **Total** | **459** | **100.00** | R&D Personnel Age Structure | Age Range | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Under 30 | 234 | 50.98 | | 30-40 | 190 | 41.39 | | 40-50 | 29 | 6.32 | | 50-60 | 4 | 0.87 | | 60 and Above | 2 | 0.44 | | **Total** | **459** | **100.00** | - R&D team characterized by **youthful structure** and a **high proportion of highly educated talent**[58](index=58&type=chunk)[59](index=59&type=chunk) [Risk Factors](index=21&type=section&id=IV.%20Risk%20Factors) The company faces operational, core competitiveness, financial, industry, environmental, and macroeconomic risks [Operational Risks](index=21&type=section&id=%28I%29%20Operational%20Risks) The company faces uncertainties in obtaining registration approvals for self-developed formulations, volatility in API sales, and impacts on CDMO business from innovative drug R&D progress and market competition - Uncertainty in timely obtaining **registration approvals** and **commercial sales** for self-developed formulations[60](index=60&type=chunk) - **API sales revenue** is volatile, influenced by customer formulation R&D, registration, and commercialization progress[61](index=61&type=chunk) - **CDMO business sales revenue** is uncertain, affected by downstream innovative drug R&D progress, results, market launch scale, and competition[61](index=61&type=chunk) [Core Competitiveness Risks](index=21&type=section&id=%28II%29%20Core%20Competitiveness%20Risks) Drug R&D is challenging, long-cycle, high-investment, and uncertain in approval, posing risks of R&D failure or uncompetitive outcomes; loss of core technical personnel could also adversely affect projects and intellectual property - Drug R&D (including APIs and formulations) faces risks such as inability to overcome key technical difficulties, clinical trial failure, or failure to pass review and approval[62](index=62&type=chunk) - **CDMO business** requires strong R&D capabilities, technical systems, and experience, posing risks of R&D failure or outcomes lacking competitiveness[62](index=62&type=chunk) - Loss of **core technical personnel** may adversely affect the progress of R&D projects and the confidentiality of intellectual property[63](index=63&type=chunk) [Financial Risks](index=22&type=section&id=%28III%29%20Financial%20Risks) High proportion of overseas business, with products priced and settled in foreign currencies, exposes the company to exchange rate fluctuations that could lead to losses and impact price competitiveness and operating performance - Company's operating revenue has a **high proportion from overseas**, with product exports primarily priced and settled in foreign currencies such as USD[64](index=64&type=chunk) - Fluctuations in the **RMB exchange rate** against USD and other foreign currencies may lead to exchange losses and affect product price competitiveness, thereby impacting operating performance[64](index=64&type=chunk) [Industry Risks](index=22&type=section&id=%28IV%29%20Industry%20Risks) The pharmaceutical industry is strictly regulated, with policy changes potentially impacting market supply, business models, and product prices. CDMO business faces competition, while self-selected products face increasing market competition and formulation sales face challenges in market expansion and policy - Changes in national pharmaceutical industry policies (e.g., medical reform, volume-based procurement) may adversely affect the company's operating performance[65](index=65&type=chunk)[66](index=66&type=chunk) - **CDMO business** faces risks of being replaced by other suppliers or losing market share[65](index=65&type=chunk) - Market competition for **self-selected products** is intensifying; failure to accelerate R&D and commercialization progress may adversely affect operating performance[65](index=65&type=chunk) - **Formulation sales** are in their initial stage, lacking market expansion experience, posing risks of sales falling short of expectations[66](index=66&type=chunk) [Environmental Risks](index=22&type=section&id=%28V%29%20Environmental%20Risks) The pharmaceutical manufacturing industry is highly polluting, with rising environmental standards increasing costs. Improper pollutant treatment or non-compliance could lead to penalties, shutdowns, or closures, affecting operating performance - Pharmaceutical manufacturing is a **high-pollution industry**, and rising environmental standards increase environmental protection costs[67](index=67&type=chunk) - Improper pollutant treatment may lead to penalties, orders to close or suspend production by environmental authorities, affecting operating performance[67](index=67&type=chunk) [Macroeconomic Environment Risks](index=22&type=section&id=%28VI%29%20Macroeconomic%20Environment%20Risks) The company's high proportion of overseas customers exposes it to uncertainties in political, economic, legal, trade policies, and international trade environment changes, which could significantly impact operating performance - Company's customers are mainly **overseas multinational pharmaceutical companies**, and overseas market business faces uncertainties from changes in political, economic, legal, trade industrial policies, and the overall international trade environment[68](index=68&type=chunk) - Deterioration of political environment, unfavorable trade environment, or implementation of adverse legal policies in relevant countries may significantly impact the company's operating performance[68](index=68&type=chunk) [Key Operating Performance During the Reporting Period](index=22&type=section&id=V.%20Key%20Operating%20Performance) This section analyzes the company's main business, asset and liability situation, and cash flow during the reporting period [Main Business Analysis](index=22&type=section&id=%28I%29%20Main%20Business%20Analysis) Revenue grew **26.07%** driven by peptide API sales. Sales, administrative, and financial expenses increased, with financial expenses rising significantly due to increased bank loan interest. Operating cash flow increased **59.33%** due to higher collections Analysis of Financial Statement Items Changes (Unit: RMB) | Item | Current Period | Prior Year | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,048,273,770.16 | 831,498,746.79 | 26.07 | Increased sales revenue of peptide APIs and others | | Operating Cost | 319,007,268.92 | 271,763,389.66 | 17.38 | Increase in operating revenue | | Selling Expenses | 44,761,899.94 | 28,667,949.96 | 56.14 | Increase in commissions, marketing expenses, and sales personnel compensation | | Administrative Expenses | 176,528,443.73 | 130,667,954.41 | 35.10 | Increase in administrative personnel compensation and depreciation | | Financial Expenses | 19,036,302.21 | 5,102,228.60 | 273.10 | Increase in bank loan interest expenses | | Net Cash Flow from Operating Activities | 316,156,545.09 | 198,432,642.81 | 59.33 | Significant increase in collection of accounts receivable compared to prior year | | Net Cash Flow from Investing Activities | -598,657,971.90 | -551,669,268.57 | Not applicable | Increase in purchase of fixed assets and other long-term assets | | Net Cash Flow from Financing Activities | 293,928,347.71 | 213,195,696.89 | 37.87 | Increase in bank borrowings | - Operating revenue growth primarily due to increased sales of **peptide APIs** and others[72](index=72&type=chunk) - Financial expenses significantly increased mainly due to increased **bank loan interest expenses** during the current period[72](index=72&type=chunk) - Net cash flow from operating activities growth primarily due to significantly higher **collection of accounts receivable** compared to the prior year[73](index=73&type=chunk) [Analysis of Assets and Liabilities](index=23&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by **16.13%** due to growth in construction in progress, fixed assets, and intangible assets. Liabilities saw significant increases in notes payable, long-term borrowings, and deferred income, with long-term borrowings up **173.64%**. Bonds payable decreased **100%** due to conversion or redemption Changes in Assets and Liabilities (Unit: RMB) | Item Name | Current Period End | Prior Year End | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 676,678,104.65 | 571,391,578.32 | 18.43 | Redemption of structured deposits purchased during the period | | Financial Assets Held for Trading | 93,500,000.00 | 208,000,000.00 | -55.05 | Redemption of structured deposits purchased during the period | | Inventories | 716,190,032.86 | 584,040,572.40 | 22.63 | Increase in inventory preparation | | Investments in Other Equity Instruments | 82,888,000.00 | 52,888,000.00 | 56.72 | New investments during the period | | Fixed Assets | 1,722,128,464.44 | 1,516,535,046.87 | 13.56 | Multiple projects transferred to fixed assets | | Construction in Progress | 606,770,708.41 | 339,919,158.99 | 78.50 | Multiple projects under construction | | Intangible Assets | 154,057,838.06 | 108,193,280.07 | 42.39 | Oseltamivir Phosphate Granules, Fluvoxamine Maleate Tablets transferred to intangible assets | | Development Expenditures | 206,902,206.05 | 167,232,442.64 | 23.72 | Semaglutide Injection capitalized | | Deferred Income Tax Assets | 114,672,550.50 | 88,265,182.53 | 29.92 | Increase in deductible losses and unrealized profits from internal transactions | | Notes Payable | 327,943,364.13 | 133,762,275.64 | 145.17 | Issuance of bank acceptance bills for material and equipment payments | | Contract Liabilities | 24,040,234.94 | 61,214,172.28 | -60.73 | Decrease in advance receipts for goods | | Taxes Payable | 45,166,604.24 | 24,316,801.09 | 85.74 | Increase in corporate income tax and value-added tax payable | | Other Payables | 41,036,746.95 | 14,831,536.61 | 176.69 | Receipt of deposits, guarantees, and equity incentive contributions | | Long-term Borrowings | 771,798,962.79 | 282,044,220.88 | 173.64 | Increase in long-term bank borrowings | | Bonds Payable | - | 163,166,991.61 | -100.00 | All convertible corporate bonds converted to shares or redeemed | | Deferred Income | 125,778,438.06 | 55,992,325.24 | 124.64 | Increase in government grants received and transfer from long-term payables | | Share Capital | 314,819,281.00 | 219,780,048.00 | 43.24 | Capital reserve capitalization and convertible corporate bond conversion | | Other Equity Instruments | - | 69,834,692.18 | -100.00 | All convertible corporate bonds converted to shares or redeemed | Restricted Assets (Unit: RMB) | Item | Book Value | Reason for Restriction | | :--- | :--- | :--- | | Bank Deposits | 133,539.00 | Supervision fund for temporary land reclamation | | Cash and Cash Equivalents - Other Cash and Cash Equivalents | 171,079,918.42 | Bill margin | | Cash and Cash Equivalents - Accrued Deposit Interest | 955,631.43 | Accrued bank deposit interest | | Notes Receivable | 3,028,132.82 | Bank acceptance bills endorsed but not yet due, with lower credit rating | | **Total** | **175,197,221.67** | - | - Significant growth in **construction in progress** and **fixed assets** reflects the orderly advancement of the company's capacity building[76](index=76&type=chunk) - Increase in **notes payable** and **long-term borrowings** is related to the expansion of the company's operating scale and financing needs[77](index=77&type=chunk) - The full conversion or redemption of **convertible corporate bonds** led to a decrease in bonds payable and other equity instruments[77](index=77&type=chunk)[78](index=78&type=chunk) [Corporate Governance, Environment and Society](index=32&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in directors, supervisors, senior management, and core technical personnel, profit distribution plans, equity incentive plans, and environmental information disclosure [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=32&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) The company completed the re-election of the Board of Directors and Supervisory Board, with several former members departing and new ones appointed, including Tong Ziquan as President - Completed the re-election of the Fourth Board of Directors, electing **Tong Ziquan**, **Zhao Shubin**, **Zhao Zhenyuan**, **Fang Weiguo**, **Jiang Yan** as non-independent directors, **Sun Meilu** as employee representative director, and **Shou Junhua**, **Liu Jian**, **Xu Dongjuan** as independent directors[91](index=91&type=chunk) - Former Vice Chairman **Jin Fuqiang**, directors **Zhao Deyu**, **Zhao Dezhong**, **Pan Yuming**, **Shi Guoqiang**, and independent directors **Xu Qiangguo**, **Gao Jifu**, **Qu Feng**, **Hu Wenyan** left due to term expiration[91](index=91&type=chunk)[92](index=92&type=chunk) - Completed the re-election of the Fourth Supervisory Board, electing **Yin Xinbo** as Chairman of the Supervisory Board, **Qin Xiping** as non-employee representative supervisor, and **Qi Fangfei** as employee representative supervisor[91](index=91&type=chunk) - Completed the appointment of the Fourth Senior Management, appointing **Tong Ziquan** as President, **Shi Guoqiang**, **Li Xiaohua** as Senior Vice Presidents, **Jiang Jianjun** as Vice President, **Ding Wei** as CFO, and **Zhou Hua** as Board Secretary[91](index=91&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=32&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not formulate a semi-annual profit distribution or capital reserve conversion plan during the reporting period - Whether to distribute or convert: **No**[91](index=91&type=chunk) - Number of bonus shares per 10 shares (shares): **Not applicable**[91](index=91&type=chunk) - Dividend per 10 shares (RMB) (tax inclusive): **Not applicable**[91](index=91&type=chunk) - Number of shares converted from capital reserve per 10 shares (shares): **Not applicable**[91](index=91&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=33&type=section&id=III.%20Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plans) The second vesting period of the company's 2023 Restricted Stock Incentive Plan met vesting conditions, approving the vesting of **1,232,616 shares** to 62 incentive recipients, which became tradable on July 9, 2025 - The **second vesting period** of the 2023 Restricted Stock Incentive Plan met vesting conditions[93](index=93&type=chunk) - Approved the vesting of **1,232,616 shares** to 62 incentive recipients[93](index=93&type=chunk) - These equity incentive shares became tradable on **July 9, 2025**[93](index=93&type=chunk) [Environmental Information Disclosure](index=33&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its wholly-owned subsidiary, Hangzhou Aosainuo Biotechnology Co., Ltd., are both on the list of enterprises required to disclose environmental information and have published their reports - Number of enterprises included in the list for environmental information disclosure: **2**[94](index=94&type=chunk) - Enterprise Names: **Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd.**, **Hangzhou Aosainuo Biotechnology Co., Ltd.**[94](index=94&type=chunk) - Query index for environmental information disclosure reports provided[94](index=94&type=chunk) [Significant Matters](index=34&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, non-operating fund occupation, illegal guarantees, changes in non-standard audit opinions, major litigations, violations, related party transactions, significant contracts, and use of raised funds [Fulfillment of Commitments](index=34&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controllers, shareholders, directors, supervisors, senior management, and the company itself have timely and strictly fulfilled various commitments made during IPO and refinancing, including share lock-up, share repurchase, diluted immediate return compensation, profit distribution policies, and resolution of horizontal competition and related party transactions - Actual controllers **Zhao Deyu** and **Zhao Dezhong** committed to a **36-month share lock-up**, with a reduction price not lower than the issue price within 2 years after expiration, and compliance with reduction regulations[99](index=99&type=chunk)[100](index=100&type=chunk) - **Nuotai Investment**, **Fulong Trading**, **Pengting Trading** committed to a **36-month share lock-up**, with a reduction price not lower than the issue price within 2 years after expiration, and compliance with reduction regulations[101](index=101&type=chunk) - Directors, supervisors, senior management, and core technical personnel holding shares, **Gu Haitao** and **Liu Biao**, committed to a **12-month share lock-up**, with a reduction price not lower than the issue price within 2 years after expiration, transferring no more than **25%** annually during their tenure, and no transfers within six months after leaving; core technical personnel transfer no more than **25%** annually within four years after the lock-up period expires[104](index=104&type=chunk) - The company committed that the prospectus contains no false records, misleading statements, or major omissions; otherwise, it will **repurchase new shares** and compensate investors according to law[116](index=116&type=chunk) - Controlling shareholders and actual controllers committed to resolving **horizontal competition**, not engaging in or participating in any business or activities that compete with the company[128](index=128&type=chunk) - Controlling shareholders and actual controllers committed to resolving **related party transactions**, not using related party relationships to harm company interests, minimizing related party transactions, and conducting them under fair and reasonable terms[129](index=129&type=chunk) - All commitment matters were **timely and strictly fulfilled** during the reporting period[97](index=97&type=chunk)[98](index=98&type=chunk) [Non-operating Fund Occupation](index=44&type=section&id=II.%20Non-operating%20Fund%20Occupation) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - No non-operating fund occupation by controlling shareholders or other related parties[6](index=6&type=chunk) [Illegal Guarantees](index=44&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - No external guarantees provided in violation of prescribed decision-making procedures[6](index=6&type=chunk) [Changes and Handling of Non-standard Audit Opinions](index=45&type=section&id=V.%20Changes%20and%20Handling%20of%20Non-standard%20Audit%20Opinions) Regarding the 2024 audit report's emphasis paragraph on the company and actual controller Zhao Dezhong being investigated for alleged information disclosure violations, the company received the CSRC's "Administrative Penalty Pre-notification Letter" on July 18, 2025, and will continue to monitor and disclose progress - Zhongtianyun Certified Public Accountants issued an unqualified audit report with an emphasis paragraph on the company's 2024 financial statements, highlighting the company and actual controller **Zhao Dezhong** being investigated for alleged information disclosure violations[139](index=139&type=chunk) - The company received the China Securities Regulatory Commission's **"Administrative Penalty Pre-notification Letter"** (Penalty Letter [2025] No. 59) on **July 18, 2025**[140](index=140&type=chunk) - The company will continue to monitor the progress of the aforementioned matters and strictly fulfill its information disclosure obligations[140](index=140&type=chunk) [Major Litigations and Arbitrations](index=45&type=section&id=VII.%20Major%20Litigations%20and%20Arbitrations) During the reporting period, the company had no major litigations or arbitrations - No major litigations or arbitrations during the reporting period[141](index=141&type=chunk) [Alleged Violations, Penalties, and Rectification](index=45&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification) The company and actual controller Zhao Dezhong were investigated by the CSRC in October 2024 for alleged information disclosure violations, receiving an "Administrative Penalty Pre-notification Letter" in July 2025. The company will continue to monitor and disclose progress - On **October 24, 2024**, the company and actual controller **Zhao Dezhong** received a **"Notice of Case Filing"** from the China Securities Regulatory Commission for alleged information disclosure violations[141](index=141&type=chunk) - On **July 18, 2025**, the company received the China Securities Regulatory Commission's **"Administrative Penalty Pre-notification Letter"** (Penalty Letter [2025] No. 59)[142](index=142&type=chunk) - The company will continue to monitor the progress of the aforementioned matters and strictly fulfill its information disclosure obligations[142](index=142&type=chunk) [Major Related Party Transactions](index=46&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company purchased goods worth **6,637.17 RMB** from Sichuan Duorui Pharmaceutical Co., Ltd., and sold goods to Zhejiang Huabei Pharmaceutical Co., Ltd. (**1.24 million RMB**) and Sichuan Duorui Pharmaceutical Co., Ltd. (**1.61 million RMB**) - The company purchased goods worth **6,637.17 RMB** from Sichuan Duorui Pharmaceutical Co., Ltd[144](index=144&type=chunk) - The company's subsidiary sold goods worth **1,238,938.05 RMB** to Zhejiang Huabei Pharmaceutical Co., Ltd[144](index=144&type=chunk) - The company's subsidiary sold goods worth **1,613,982.30 RMB** to Sichuan Duorui Pharmaceutical Co., Ltd[144](index=144&type=chunk) [Significant Contracts and Their Fulfillment](index=47&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company provided several joint liability guarantees for subsidiaries totaling **250 million RMB**, representing **8.44%** of net assets. A major service and supply contract with a customer, totaling approximately **102.1 million USD**, had **16.50 million USD** fulfilled during the period Company and Its Subsidiaries' Guarantees for Subsidiaries (Unit: RMB) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Aosainuo Biotechnology Co., Ltd. | 80,000,000.00 | 2024/2/28 | 2025/8/26 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Aosainuo Biotechnology Co., Ltd. | 100,000,000.00 | 2024/7/10 | 2026/1/8 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd. | 30,000,000.00 | 2024/5/16 | 2025/4/21 | Joint and several liability guarantee | Yes | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd. | 10,000,000.00 | 2025/5/19 | 2026/5/25 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd. | 10,000,000.00 | 2024/11/14 | 2025/12/3 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuotai Nuohe Biopharmaceutical Technology Co., Ltd. | 20,000,000.00 | 2024/12/10 | 2025/9/12 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuotai Nuohe Biopharmaceutical Technology Co., Ltd. | 10,000,000.00 | 2025/2/25 | 2026/2/19 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuotai Nuohe Biopharmaceutical Technology Co., Ltd. | 20,000,000.00 | 2025/2/18 | 2026/5/27 | Joint and several liability guarantee | No | - Total guarantee amount for subsidiaries during the reporting period: **280,000,000.00 RMB**[150](index=150&type=chunk) - Total outstanding guarantee amount for subsidiaries at the end of the reporting period: **250,000,000.00 RMB**[150](index=150&type=chunk) - Ratio of total guarantee amount to the company's net assets: **8.44%**[151](index=151&type=chunk) - The company's wholly-owned subsidiary, Hangzhou Aosainuo Biotechnology Co., Ltd., signed a master service and supply contract with a customer for a cumulative amount of approximately **102.1 million USD** (tax inclusive), with **16.50 million USD** fulfilled during the reporting period[152](index=152&type=chunk) [Progress in Use of Raised Funds](index=51&type=section&id=XII.%20Progress%20in%20Use%20of%20Raised%20Funds) IPO raised funds totaled **655 million RMB** (**90.33%** of commitment), and convertible bond funds totaled **333 million RMB** (**78.08%** of commitment). Some projects were completed or changed, and idle funds were temporarily used for working capital and later returned Overall Use of Raised Funds (Unit: RMB) | Source of Raised Funds | Committed Investment Amount of Raised Funds | Cumulative Investment Amount as of Reporting Period End | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 725,162,993.16 | 655,052,045.34 | 90.33 | | Convertible Corporate Bonds | 426,248,396.23 | 332,793,686.20 | 78.08 | | **Total** | **1,151,411,389.39** | **987,845,731.35** | **85.79** | Use of Over-raised Funds (Unit: RMB) | Purpose | Total Over-raised Funds Intended for Investment | Cumulative Over-raised Funds Invested as of Reporting Period End | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Repayment of bank loans or permanent replenishment of working capital with over-raised funds | 175,162,993.16 | 174,042,003.72 | 99.36 | - The IPO raised fund investment project **"Workshop 106 Peptide API Product Technical Transformation Project"** has reached its intended usable state and been completed[169](index=169&type=chunk) - The **"Peptide Drugs and High-end Formulation R&D Center Project"** was completed, with remaining raised funds of **40 million RMB** used for the new **"Fulvestrant Production Project"** and the rest for permanent replenishment of working capital[161](index=161&type=chunk) - The **"API Manufacturing and Green Production Enhancement Project"** was changed to **"Workshops 601, 602 Peptide API Production Project"**[162](index=162&type=chunk) - Idle raised funds were temporarily used to supplement working capital, not exceeding **100 million RMB**, and were fully returned ahead of schedule on **January 15, 2025**[166](index=166&type=chunk) - On **January 21, 2025**, it was approved to use idle raised funds not exceeding **70 million RMB** to temporarily supplement working capital; as of **June 30, 2025**, this amount was not exceeded[167](index=167&type=chunk) - The company managed idle raised funds through cash management, with a cash management balance of **13.50 million RMB** at the end of the reporting period[169](index=169&type=chunk) [Share Changes and Shareholder Information](index=60&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, shareholder structure, and shareholdings of directors, supervisors, senior management, and core technical personnel [Changes in Share Capital](index=60&type=section&id=I.%20Changes%20in%20Share%20Capital) Share capital increased from **219,780,048 shares** to **314,819,281 shares**, mainly due to "Nuotai Convertible Bonds" conversion and capital reserve capitalization Share Capital Change Table (Unit: Shares) | Category | Quantity Before This Change | Percentage Before This Change (%) | Increase/Decrease This Change (Capital Reserve Conversion) | Increase/Decrease This Change (Other) | Total Increase/Decrease This Change | Quantity After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Unrestricted Shares | 219,780,048 | 100 | 89,948,366 | 5,090,867 | 95,039,233 | 314,819,281 | 100 | | Total Shares | 219,780,048 | 100 | 89,948,366 | 5,090,867 | 95,039,233 | 314,819,281 | 100 | - **"Nuotai Convertible Bonds"** conversion resulted in **10,168,365 shares**[174](index=174&type=chunk) - The 2024 profit distribution plan capitalized capital reserves by **0.40 shares per share** to all shareholders, totaling **89,948,366 shares**[174](index=174&type=chunk) - The increase in share capital led to a corresponding dilution of **basic earnings per share** and **net assets per share attributable to ordinary shareholders**[175](index=175&type=chunk) [Shareholder Information](index=61&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, there were **18,770** ordinary shareholders. Lianyungang Nuotai Investment Management Partnership (Limited Partnership) was the largest shareholder with **8.89%**, while actual controllers Zhao Deyu and Zhao Dezhong each held **5.97%** - Total number of ordinary shareholders at the end of the reporting period: **18,770**[176](index=176&type=chunk) Top Ten Shareholders' Shareholdings (Excluding shares lent through securities lending) (Unit: Shares) | Shareholder Name | Change During Reporting Period | Shares Held at Period End | Percentage (%) | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lianyungang Nuotai Investment Management Partnership (Limited Partnership) | 8,000,000 | 28,000,000 | 8.89 | Unrestricted | 0 | Other | | Zhao Deyu | 5,365,600 | 18,779,600 | 5.97 | Unrestricted | 0 | Domestic Natural Person | | Zhao Dezhong | 5,365,600 | 18,779,600 | 5.97 | Unrestricted | 0 | Domestic Natural Person | | Jiande City Xinglian Enterprise Management Co., Ltd. | 4,096,243 | 14,336,851 | 4.55 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Hangzhou Fulong Trading Co., Ltd. | 3,802,768 | 13,309,687 | 4.23 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Hangzhou Pengting Trading Co., Ltd. | 3,802,768 | 13,309,687 | 4.23 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Jiande City Shangjiang Enterprise Management Co., Ltd. | 3,227,562 | 11,296,466 | 3.59 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Jiande City Yuxin Enterprise Management Co., Ltd. | 2,723,472 | 9,532,151 | 3.03 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | National Social Security Fund 110 Portfolio | 1,633,146 | 5,716,011 | 1.82 | Unrestricted | 0 | Other | | Jiande City Ruixin Enterprise Management Co., Ltd. | 1,439,996 | 5,039,986 | 1.60 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | - **Zhao Deyu** and **Zhao Dezhong** are the controlling shareholders and actual controllers of the company, brothers, and jointly control Lianyungang Nuotai Investment Management Partnership (Limited Partnership), Hangzhou Fulong Trading Co., Ltd., and Hangzhou Pengting Trading Co., Ltd[179](index=179&type=chunk) [Directors, Supervisors, Senior Management, and Core Technical Personnel Information](index=63&type=section&id=III.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) Shareholdings of directors, supervisors, senior management, and core technical personnel generally increased due to the capital reserve capitalization in June 2025. Some key management also hold Class II restricted shares, with the second vesting period meeting conditions Shareholding Changes of Current and Former Directors, Supervisors, Senior Management, and Core Technical Personnel During the Reporting Period (Unit: Shares) | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Tong Ziquan | Chairman, President, Core Technical Personnel | 50,000 | 70,000 | 20,000 | Capital reserve capitalization in June 2025 | | Shi Guoqiang | Senior Vice President, Core Technical Personnel | 37,500 | 52,500 | 15,000 | Capital reserve capitalization in June 2025 | | Li Xiaohua | Senior Vice President | 25,000 | 35,000 | 10,000 | Capital reserve capitalization in June 2025 | | Jiang Jianjun | Vice President, Core Technical Personnel | 25,000 | 35,000 | 10,000 | Capital reserve capitalization in June 2025 | | Ding Wei | CFO | 20,000 | 28,000 | 8,000 | Capital reserve capitalization in June 2025 | | Zhou Hua | Board Secretary | 20,000 | 28,000 | 8,000 | Capital reserve capitalization in June 2025 | | Zhao Deyu | Director (Resigned) | 13,414,000 | 18,779,600 | 5,365,600 | Capital reserve capitalization in June 2025 | | Zhao Dezhong | Director (Resigned) | 13,414,000 | 18,779,600 | 5,365,600 | Capital reserve capitalization in June 2025 | Class II Restricted Stock Information (Unit: Shares) | Name | Position | Number of Restricted Shares Granted at Beginning of Period | Number of Shares Eligible for Vesting | Number of Shares Vested | Number of Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | | Tong Ziquan | Chairman, President, Core Technical Personnel | 140,000 | 28,000 | 112,000 | 140,000 | | Shi Guoqiang | Senior Vice President, Core Technical Personnel | 105,000 | 21,000 | 84,000 | 105,000 | | Li Xiaohua | Senior Vice President | 70,000 | 14,000 | 56,000 | 70,000 | | Jiang Jianjun | Vice President, Core Technical Personnel | 70,000 | 14,000 | 56,000 | 70,000 | | Ding Wei | CFO | 56,000 | 11,200 | 44,800 | 56,000 | | Zhou Hua | Board Secretary | 56,000 | 11,200 | 44,800 | 56,000 | | Zhao Chengqing | Core Technical Personnel | 70,000 | 14,000 | 56,000 | 70,000 | | **Total** | **/** | **567,000** | **113,400** | **453,600** | **567,000** | - The **second vesting period** of the 2023 Restricted Stock Incentive Plan met vesting conditions, approving the vesting of **1,232,616 shares** to 62 incentive recipients, which became tradable on **July 9, 2025**[184](index=184&type=chunk) - The implementation of the 2024 profit distribution plan for **capital reserve capitalization** led to an increase in shareholdings[185](index=185&type=chunk) [Bond-Related Information](index=66&type=section&id=Section%20VII%20Bond-Related%20Information) This section details the status of convertible corporate bonds, including their redemption and conversion, and the company's solvency [Convertible Corporate Bonds Information](index=66&type=section&id=II.%20Convertible%20Corporate%20Bonds%20Information) "Nuotai Convertible Bonds" were delisted from the Shanghai Stock Exchange on April 25, 2025, due to conditional redemption. During the period, **215 million RMB** was converted into **5,090,867 shares**, with cumulative conversion of **10,168,365 shares**. The company maintains good credit and strong solvency - **"Nuotai Convertible Bonds"** were issued on **December 15, 2023**, and listed on **January 18, 2024**[188](index=188&type=chunk) - Due to triggering the conditional redemption clause, the company decided to early redeem **"Nuotai Convertible Bonds"** and delisted them on **April 25, 2025**[189](index=189&type=chunk) Convertible Bond Changes During the Reporting Period (Unit: RMB) | Convertible Corporate Bond Name | Before This Change | Increase/Decrease This Change (Conversion) | Increase/Decrease This Change (Redemption) | After This Change | | :--- | :--- | :--- | :--- | :--- | | Nuotai Convertible Bonds | 219,060,000 | 215,016,000 | 4,044,000 | 0 | Cumulative Convertible Bond Conversion During the Reporting Period | Indicator | Value | | :--- | :--- | | Conversion Amount This Period (RMB) | 215,016,000 | | Number of Shares Converted This Period (shares) | 5,090,867 | | Cumulative Number of Shares Converted (shares) | 10,168,365 | | Cumulative Number of Shares Converted as Percentage of Total Shares Issued Before Conversion (%) | 4.7698 | | Unconverted Amount (RMB) | 0 | | Unconverted Convertible Bonds as Percentage of Total Convertible Bonds Issued (%) | 0 | - Conversion price adjustments: Adjusted from **42.73 RMB/share** to **42.33 RMB/share** on **June 17, 2024**; adjusted from **42.33 RMB/share** to **42.23 RMB/share** on **September 10, 2024**[196](index=196&type=chunk) - The company's business maintains a continuous and stable development trend, with relatively sufficient operating cash flow, possessing **strong solvency** and **risk resistance capabilities**[197](index=197&type=chunk) [Financial Report](index=68&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [Financial Statements](index=68&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting financial position, operating results, and cash flow Consolidated Balance Sheet (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 5,897,041,710.14 | | Total Liabilities | 2,921,054,022.14 | | Total Owners' Equity Attributable to Parent Company | 2,961,275,434.63 | Consolidated Income Statement (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 1,048,273,770.16 | | Total Profit | 339,765,178.72 | | Net Profit Attributable to Parent Company Shareholders | 310,047,663.19 | | Basic Earnings Per Share (RMB/share) | 0.99 | Consolidated Cash Flow Statement (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 316,156,545.09 | | Net Cash Flow from Investing Activities | -598,657,971.90 | | Net Cash Flow from Financing Activities | 293,928,347.71 | | Net Increase in Cash and Cash Equivalents | 11,953,496.87 | - Parent company financial statements are also disclosed, reflecting the parent company's financial performance[70](index=70&type=chunk)[74](index=74&type=chunk)[78](index=78&type=chunk)[90](index=90&type=chunk) [Company Basic Information](index=94&type=section&id=III.%20Company%20Basic%20Information) The company was established on September 30, 2015, listed on the STAR Market on May 20, 2021. Share capital increased due to convertible bond conversion and capital reserve capitalization. It primarily engages in R&D and CDMO of peptide and small molecule chemical drugs - The company was established on **September 30, 2015**, and listed on the STAR Market of the Shanghai Stock Exchange on **May 20, 2021**[235](index=235&type=chunk) - As of **June 30, 2025**, the company's share capital was **314,819,281.00 RMB**, mainly due to the conversion of convertible corporate bonds into **10,168,365 shares** and capital reserve capitalization of **89,948,366 shares**[236](index=236&type=chunk)[237](index=237&type=chunk) - Company's main business: Focuses on independent R&D and customized R&D and manufacturing of **peptide drugs** and **small molecule chemical drugs**, belonging to the **biopharmaceutical industry**[237](index=237&type=chunk) [Basis of Financial Statement Preparation](index=94&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue as a going concern for the next 12 months - Financial statements are prepared on a **going concern basis**[239](index=239&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period, and there are no significant doubts or matters[240](index=240&type=chunk) [Significant Accounting Policies and Estimates](index=94&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency translation, financial instrument classification and measurement, receivables, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue recognition, government grants, deferred tax assets/liabilities, and leases. New standards like "Interpretation No. 17" and "Interim Provisions for Accounting Treatment of Enterprise Data Resources" were implemented without significant impact - Adheres to **enterprise accounting standards**, accurately and completely reflecting financial information[243](index=243&type=chunk) - Detailed explanation of classification, recognition, measurement, and impairment provision methods for **financial instruments**, including financial assets measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - Clear **revenue recognition principles** and measurement methods, including specific conditions for recognizing revenue at a point in time and over time[119](index=119&type=chunk)[120](index=120&type=chunk) - New accounting policies, such as **"Interpretation No. 17"** and **"Interim Provisions for Accounting Treatment of Enterprise Data Resources,"** were implemented during the reporting period but did not have a significant impact on financial position and operating results[125](index=125&type=chunk)[126](index=126&type=chunk) [Taxation](index=127&type=section&id=VI.%20Taxation) The company's main taxes include VAT, corporate inc

苏州春秋电子科技股份有限公司2025 年半年度报告 公司代码：603890 公司简称：春秋电子 债券代码：113577 债券简称：春秋转债 债券代码：113667 债券简称：春23转债 2025 年半年度报告 1 / 160 苏州春秋电子科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人薛革文、主管会计工作负责人陆秋萍及会计机构负责人（会计主管人员）陆金 花声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 苏州春秋电子科技股份有限公司 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的发展战略、经营计划等前瞻性陈述受市场变化等多方面因素影响，并不构成公 司对投资者的实质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策 ...

广西桂冠电力股份有限公司2025 年半年度报告 公司代码：600236 公司简称：桂冠电力 广西桂冠电力股份有限公司 2025 年半年度报告 1 / 192 广西桂冠电力股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人赵大斌、主管会计工作负责人孙银钢及会计机构负责人（会计主管人员）赖小 陆声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 广西桂冠电力股份有限公司（以下简称"公司"）2025年半年度实现归属于上市公司股东净 利润1,187,733,386.44元，2025年6月末公司累计未分配利润5,997,797,099.12元。以上财务数据 未经审计。 根据《广西桂冠电力股份有限公司章程》关于利润分配的有关规定及2025年半年度利润实现 情况，公司2025年度中期利润分配方案如下： 以公司2025年6 ...

公司代码：603906 公司简称：龙蟠科技 江苏龙蟠科技集团股份有限公司 2025 年半年度报告 1 / 201 江苏龙蟠科技集团股份有限公司2025 年半年度报告 重要提示 江苏龙蟠科技集团股份有限公司2025 年半年度报告 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人石俊峰、主管会计工作负责人沈志勇及会计机构负责人（会计主管人员）周林声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述因存在不确定性，不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 □适用 √不适用 2 / 201 | 第一节 | 释义 | 4 | | --- | --- | ...

TBEA Co., Ltd. 2025 Semi-Annual Performance Express Report [Key Financial Data and Indicators](index=1&type=section&id=Item%201.%20Key%20Financial%20Data%20and%20Indicators) In the first half of 2025, the company achieved stable growth in total operating revenue, increasing by 1.12%, with operating profit and total profit seeing significant increases of 17.04% and 15.62% respectively, while net profit attributable to shareholders slowed to 5.00% and net profit excluding non-recurring gains and losses decreased by 5.30% year-on-year, indicating pressure on core profitability, though total assets and shareholders' equity maintained steady growth Key Financial Data for H1 2025 (Unit: Billion CNY) | Item | Current Period | Prior Period (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 484.01 | 478.63 | 1.12% | | **Operating Profit** | 43.84 | 37.46 | 17.04% | | **Total Profit** | 44.23 | 38.25 | 15.62% | | **Net Profit Attributable to Shareholders of the Listed Company** | 31.84 | 30.32 | 5.00% | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Items** | 27.87 | 29.44 | -5.30% | | **Basic Earnings Per Share (CNY)** | 0.6342 | 0.6040 | 5.00% | | **Total Assets (Period-end)** | 2,207.99 | 2,079.68 (Period-start) | 6.17% | | **Equity Attributable to Shareholders (Period-end)** | 717.88 | 674.99 (Period-start) | 6.35% | - The company retrospectively adjusted prior period financial statement data due to a business combination under common control[3](index=3&type=chunk) - When calculating indicators such as earnings per share, the total share capital has excluded **32,543,837 shares** cumulatively repurchased[4](index=4&type=chunk) [Explanation of Operating Performance and Financial Position](index=2&type=section&id=Item%202.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company leveraged the synergistic advantages of its four major industries—power transmission and transformation, new energy, new materials, and energy—to successfully navigate challenges from declining polysilicon and coal prices, achieving stable overall performance, and plans to further deepen its industrial layout, expand domestic and international markets, and foster new growth points through major projects like coal-to-gas initiatives - The company achieved stable development by leveraging synergistic growth across its four major industries, seizing opportunities in new power system construction and international markets, and overcoming adverse impacts from declining polysilicon and coal prices[5](index=5&type=chunk) - Company strategic outlook: Adhere to synergistic development across four major industries, vigorously expand domestic and international markets, and build future growth poles by accelerating major project construction, such as the **2 billion Nm³/year coal-to-gas project**[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=Item%203.%20Risk%20Warning) The report emphasizes that the financial data presented in this performance express report are preliminary and unaudited, with final figures subject to the company's officially disclosed 2025 semi-annual report, cautioning investors about associated risks - The financial data contained in this announcement are preliminary and unaudited by an accounting firm, with specific figures subject to the company's 2025 semi-annual periodic report[6](index=6&type=chunk)

[Definitions](index=5&type=section&id=Item%201.%20Definitions) This chapter defines key terms and abbreviations used in the report, such as "the Company" referring to Sleemon Furniture Co., Ltd., and "Controlling Shareholder" referring to Zhejiang Huayi Intelligent Manufacturing Co., Ltd - This chapter defines key terms and abbreviations used in the report, such as **"the Company"** referring to Sleemon Furniture Co., Ltd., and **"Controlling Shareholder"** referring to Zhejiang Huayi Intelligent Manufacturing Co., Ltd[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of Sleemon Furniture Co., Ltd., including its basic information and key financial performance metrics for the first half of 2025 [Company Basic Information](index=6&type=section&id=Company%20Information) This chapter provides basic information about Sleemon Furniture Co., Ltd., including its Chinese and English names, legal representative, contact details, registered address, and information disclosure channels Company Information | Item | Information | | :--- | :--- | | **Company Chinese Name** | 喜临门家具股份有限公司 | | **Stock Abbreviation** | 喜临门 | | **Stock Code** | 603008 | | **Legal Representative** | 陈阿裕 | | **Registered Address** | 浙江省绍兴市越城区灵芝镇二环北路1号 | | **Company Website** | http://www.sleemon.cn/ | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company achieved operating revenue of 4.021 billion CNY, a 1.59% year-on-year increase, with net profit attributable to shareholders rising 14.04% to 266 million CNY. Basic earnings per share increased by 14.29% to 0.72 CNY/share, and net cash flow from operating activities significantly improved despite remaining negative Key Accounting Data for H1 2025 (Unit: CNY) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 4,020,509,915.07 | 3,957,601,195.25 | 1.59 | | **Net Profit Attributable to Shareholders of Listed Company** | 266,491,172.67 | 233,677,195.79 | 14.04 | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items)** | 259,560,008.85 | 222,899,255.22 | 16.45 | | **Net Cash Flow from Operating Activities** | -39,624,133.07 | -173,790,428.97 | Not Applicable | | **Total Assets (Period-end)** | 8,642,870,981.43 | 8,904,781,941.06 | -2.94 (Compared to prior year-end) | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (CNY/share)** | 0.72 | 0.63 | 14.29 | | **Diluted Earnings Per Share (CNY/share)** | 0.72 | 0.63 | 14.29 | | **Weighted Average Return on Net Assets (%)** | 6.87 | 6.13 | Increased by 0.74 percentage points | | **Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%)** | 6.69 | 5.85 | Increased by 0.84 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **6.9312 million CNY**, primarily from government subsidies and fair value changes in financial assets[27](index=27&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's industry, business operations, core competencies, and financial performance during the reporting period, along with risk analysis and mitigation strategies [Industry and Main Business Overview](index=8&type=section&id=Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the upholstered furniture manufacturing sector, focusing on mattresses, and despite industry pressures, benefits from consumption upgrades and "trade-in" policies, maintaining its leadership with extensive production bases and stores while investing in AI technology - The company operates in the **furniture manufacturing industry (C21)**, specifically the upholstered furniture sector, with products primarily including mattresses, upholstered beds, and sofas[30](index=30&type=chunk) - In the first half of 2025, China's furniture industry continued to exhibit characteristics of **"overall pressure with structural optimization"**, with revenue for large-scale furniture manufacturers decreasing by **4.9% year-on-year**, though the decline narrowed compared to Q1, showing marginal improvement[32](index=32&type=chunk) - The company is a leader in China's mattress industry, boasting **eight domestic production bases**, one overseas base in Thailand, **over 5,000 offline stores**, and continuous investment in AI smart sleep product R&D[36](index=36&type=chunk) - The company's sales models include **own-brand retail** (online and offline), **own-brand engineering channels** (hotels, apartments), and **OEM business channels** (manufacturing for leading domestic and international brands)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, designated as "AI Year One," the company strategically transformed into a technology-driven sleep solution provider, achieving robust growth by optimizing online and offline retail, upgrading "Net-Sleep Formaldehyde Removal Technology," expanding its "aise Baobao" AI product matrix, and integrating AI into internal operations for efficiency gains - The company designated **2025 as "AI Year One"**, committing to transform from a traditional furniture manufacturer into a technology-driven sleep solution provider[60](index=60&type=chunk) - In technological innovation, the company upgraded its **"Net-Sleep Formaldehyde Removal Technology"**, launched new Net-Sleep M series and zero-glue mattresses; the AI product matrix continues to improve with the addition of **aise Baobao Cloud Enjoy series** and **Sleemon AI Net-Sleep E series** product lines[63](index=63&type=chunk) - The company deepened industry-academia-research collaboration, co-establishing a **Smart Sleep Technology Joint Research Center with Tsinghua University**, and forming an exclusive strategic partnership with **Strong Brain Technology** to launch co-branded AI mattresses and jointly develop brain-computer interface-based sleep solutions[63](index=63&type=chunk) - AI technology has been applied in various scenarios, including human resources, quality inspection, intelligent customer service, and in-store smart bed selection systems, effectively **improving operational efficiency and service conversion rates**[64](index=64&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies remained stable, highlighted by strong design and R&D, a leading brand position as "China's first mattress stock," extensive online and offline marketing networks, efficient manufacturing and digitalized supply chains, and robust quality control systems - **Design and R&D Advantage**: The company is a national high-tech enterprise, possessing provincial-level key enterprise research institutes and academician expert workstations, forming a virtuous cycle of independent R&D complemented by industry-academia-research collaboration[66](index=66&type=chunk)[67](index=67&type=chunk) - **Brand Advantage**: Known as "China's first mattress stock," the company has built a pyramid-shaped brand matrix centered on its main brand "Sleemon" and high-end sofa brands "Chateaux" and "M&D," continuously reinforcing its brand positioning of "spinal protection" and "deep quality sleep"[68](index=68&type=chunk)[69](index=69&type=chunk) - **Marketing Network Advantage**: A comprehensive multi-channel marketing network has been established, with **over 5,000 offline exclusive stores** and full coverage across mainstream e-commerce platforms like Tmall, JD.com, and Douyin[70](index=70&type=chunk) - **Manufacturing and Supply Chain Advantage**: The company operates **eight domestic production bases**, achieving full coverage across China, and an overseas production base in Thailand, integrating CRM, SAP, MES, and other systems to streamline order-to-production processes for efficient and intelligent supply chain management[72](index=72&type=chunk) - **Quality Control Advantage**: The company was among the first to pass the **ISO9001, ISO14001, ISO45001 "three-in-one" management system certification**, and has served as a primary drafting unit for multiple national and industry standards[73](index=73&type=chunk)[74](index=74&type=chunk) [Analysis of Main Operating Performance](index=16&type=section&id=Main%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's main business financial indicators remained stable, with sales expenses increasing by 8.42% while management, financial, and R&D expenses decreased; significant increases in prepayments, construction in progress, notes payable, and long-term borrowings were noted, alongside strategic investments in Milan Image and new sales subsidiaries Financial Statement Item Variation Analysis | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 4,020,509,915.07 | 3,957,601,195.25 | 1.59 | | **Selling Expenses** | 833,673,502.19 | 768,947,186.99 | 8.42 | | **Administrative Expenses** | 208,718,414.85 | 222,087,357.78 | -6.02 | | **Financial Expenses** | 13,403,476.65 | 17,418,988.01 | -23.05 | | **R&D Expenses** | 82,333,831.16 | 90,105,586.15 | -8.63 | Analysis of Asset and Liability Status Changes | Item Name | Current Period End Amount (CNY) | Prior Period End Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | **Prepayments** | 183,832,686.93 | 98,580,621.33 | 86.48 | Increase in prepaid material costs, brand promotion fees, etc | | **Construction in Progress** | 126,296,504.20 | 47,025,497.41 | 168.57 | Factory intelligent transformation, Jiangxi factory phase II construction, etc | | **Notes Payable** | 1,006,389,191.34 | 494,047,735.17 | 103.70 | Increase in settlement by notes | | **Accounts Payable** | 978,153,322.07 | 1,713,925,134.40 | -42.93 | Payment for goods, equipment | | **Long-term Borrowings** | 694,414,900.00 | 261,265,558.33 | 165.79 | Increase in borrowings | - During the reporting period, the company acquired a **30% equity stake** in Jiaxing Milan Image Furniture Co., Ltd. for **97.5 million CNY**, increasing its shareholding from 51% to 81%, aiming to strengthen its sofa product category and overseas business[80](index=80&type=chunk)[89](index=89&type=chunk) [Risk Analysis and Response](index=22&type=section&id=Potential%20Risks%20and%20Countermeasures) The company faces risks from raw material price fluctuations, market competition, demand volatility, international trade friction, operational management, and brand management, addressed through diversified procurement, enhanced competitiveness, market monitoring, adjusted overseas layouts, improved internal controls, and brand protection - The company identified six major risks: **raw material price fluctuations, intensified market competition, market demand volatility, international trade friction, operational management risks, and brand operation and management risks**[91](index=91&type=chunk)[92](index=92&type=chunk)[94](index=94&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Countermeasures include: managing raw material costs through centralized procurement and price locking; leveraging brand and channel advantages to capture market share; establishing a sensitive market monitoring system to respond to demand changes; adjusting overseas factory layouts to mitigate trade friction; improving internal organizational structure and risk control systems; and establishing dedicated departments for brand maintenance and crisis public relations[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's profit distribution plan, adjustments to its equity incentive plan, and the proposed cancellation of employee stock ownership plan shares due to unfulfilled performance targets [Profit Distribution Plan](index=24&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The board approved a H1 2025 profit distribution plan to pay a cash dividend of 2.80 CNY (tax inclusive) per 10 shares, totaling approximately 104 million CNY, representing 39.03% of half-year net profit attributable to the parent company, pending shareholder approval H1 2025 Profit Distribution Plan | Distribution/Conversion Item | Plan | | :--- | :--- | | **Number of Bonus Shares per 10 Shares** | 0 shares | | **Dividend per 10 Shares (tax inclusive)** | 2.80 CNY | | **Number of Shares Converted from Capital Reserve per 10 Shares** | 0 shares | | **Total Proposed Cash Dividend (tax inclusive)** | 104,003,614.40 CNY | | **Percentage of Half-Year Net Profit Attributable to Parent Company** | 39.03% | [Equity Incentive and Employee Stock Ownership Plans](index=24&type=section&id=Company%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan) During the reporting period, the company adjusted and partially canceled its 2021 stock option incentive plan due to unachieved 2024 performance targets, leading to the cancellation of 872,820 stock options and a proposal to repurchase and cancel 3,149,045 unvested shares from the 2021 employee stock ownership plan - Due to the company's failure to meet its 2024 performance targets, the third exercise period conditions for the 2021 stock option incentive plan were not met, and the company **canceled all remaining 872,820 stock options** on May 29, 2025[103](index=103&type=chunk)[455](index=455&type=chunk) - As performance targets for 2022-2024 were not met, none of the three vesting periods for the 2021 employee stock ownership plan were achieved; the company proposes to **repurchase and cancel all remaining 3,149,045 unvested shares** from the plan at a price of **23.65 CNY/share**[105](index=105&type=chunk)[106](index=106&type=chunk) [Significant Matters](index=28&type=section&id=Item%205.%20Significant%20Matters) This section details the fulfillment of commitments, significant related-party transactions, and major guarantees during the reporting period [Fulfillment of Commitments](index=28&type=section&id=Fulfillment%20of%20Commitments) During and continuing into the reporting period, the company's actual controller, shareholders, and related parties strictly fulfilled all commitments made during major asset restructurings, initial public offerings, and equity incentives, including those concerning avoiding horizontal competition, regulating related-party transactions, and share lock-ups, with no breaches reported - The company's controlling shareholder, actual controller, and related parties strictly fulfilled all commitments during the reporting period regarding **avoiding horizontal competition, regulating related-party transactions, and share lock-ups**[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) [Significant Related-Party Transactions](index=31&type=section&id=Significant%20Related-Party%20Transactions) The company projected its 2025 annual routine related-party transactions and is currently preparing and refining materials for a proposed non-public issuance of A-shares to Anhui Xinhong Equity Investment Co., Ltd., a wholly-owned subsidiary of the controlling shareholder, which constitutes a related-party transaction - The company approved the **"Proposal on Estimated Routine Related-Party Transactions for 2025"** in April 2025[113](index=113&type=chunk) - The company plans to privately issue **66,354,410 A-shares** to Anhui Xinhong Equity Investment Co., Ltd., a wholly-owned subsidiary of the controlling shareholder, which constitutes a related-party transaction and is currently in progress[115](index=115&type=chunk)[116](index=116&type=chunk) [Significant Guarantees](index=33&type=section&id=Significant%20Guarantees) During the reporting period, all external guarantees were provided to wholly-owned subsidiaries to support their operations and business expansion; as of the period-end, the total guarantee balance for subsidiaries was 221 million CNY, representing 5.85% of the company's net assets, with no irregular guarantees Company Guarantee Total (Unit: Ten Thousand CNY) | Item | Amount | | :--- | :--- | | **Total Guarantees Provided to Subsidiaries During the Reporting Period** | 21,750.00 | | **Total Guarantee Balance for Subsidiaries at Period-End (B)** | 22,060.00 | | **Total Guarantees (A+B)** | 22,060.00 | | **Percentage of Total Guarantees to Company's Net Assets (%)** | 5.85 | [Share Changes and Shareholder Information](index=34&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to share repurchases and cancellations, along with an overview of its shareholder structure, including the top ten shareholders and their respective holdings [Share Capital Changes](index=34&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital changed due to share repurchases and cancellations, with 7,550,400 shares repurchased and canceled in May 2025, reducing the total share capital from 378,991,880 shares to 371,441,480 shares - The company completed share repurchases and cancellations in May 2025, resulting in a reduction of **7,550,400 shares** in its total share capital[122](index=122&type=chunk) Total Share Capital Changes | Item | Quantity Before Change (Shares) | Current Change (Shares) | Quantity After Change (Shares) | | :--- | :--- | :--- | :--- | | **Total Shares** | 378,991,880 | -7,550,400 | 371,441,480 | [Shareholder Information](index=35&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 15,699 common shareholders, with the controlling shareholder, Zhejiang Huayi Intelligent Manufacturing Co., Ltd., holding 22.83%, and the actual controller, Chen Ayu, along with his concerted parties, holding a combined 36.05% - As of the end of the reporting period, the company had a total of **15,699 common shareholders**[124](index=124&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shares Held at Period-End (Shares) | Percentage (%) | | :--- | :--- | :--- | | **Zhejiang Huayi Intelligent Manufacturing Co., Ltd.** | 84,799,659 | 22.83 | | **Shaoxing Yuecheng Huahan Equity Investment Partnership (Limited Partnership)** | 36,807,950 | 9.91 | | **National Social Security Fund 413 Portfolio** | 10,897,147 | 2.93 | - Controlling shareholder Zhejiang Huayi Intelligent Manufacturing Co., Ltd., Shaoxing Yuecheng Huahan Equity Investment Partnership (Limited Partnership), actual controller Chen Ayu, and Shaanxi Guotou · Jinyu No. 201 Trust Plan are **parties acting in concert**[127](index=127&type=chunk) [Bond-Related Information](index=38&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms that the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Convertible Corporate Bonds](index=38&type=section&id=Corporate%20Bonds%20and%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company had **no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds** during this reporting period[131](index=131&type=chunk) [Financial Report](index=39&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Financial Statements](index=39&type=section&id=Financial%20Statements) This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The financial report in this semi-annual report is **unaudited**[7](index=7&type=chunk)[133](index=133&type=chunk) Key Items from Consolidated Balance Sheet (June 30, 2025) (Unit: CNY) | Item | Period-End Balance (CNY) | Prior Year-End Balance (CNY) | | :--- | :--- | :--- | | **Total Assets** | 8,642,870,981.43 | 8,904,781,941.06 | | **Total Liabilities** | 4,823,048,333.35 | 4,983,821,714.47 | | **Total Owners' Equity Attributable to Parent Company** | 3,772,795,790.72 | 3,767,736,426.88 | Key Items from Consolidated Income Statement (Jan-Jun 2025) (Unit: CNY) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | **Total Operating Revenue** | 4,020,509,915.07 | 3,957,601,195.25 | | **Operating Profit** | 299,604,165.85 | 286,300,305.51 | | **Total Profit** | 297,144,153.02 | 276,020,944.13 | | **Net Profit** | 261,653,850.49 | 235,881,318.19 | | **Net Profit Attributable to Parent Company Shareholders** | 266,491,172.67 | 233,677,195.79 | Key Items from Consolidated Cash Flow Statement (Jan-Jun 2025) (Unit: CNY) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -39,624,133.07 | -173,790,428.97 | | **Net Cash Flow from Investing Activities** | -234,195,718.43 | -39,527,543.50 | | **Net Cash Flow from Financing Activities** | -211,767,908.96 | 12,724,612.36 | | **Net Increase in Cash and Cash Equivalents** | -485,587,760.46 | -200,593,360.11 | [Notes to Financial Statements](index=57&type=section&id=Notes%20to%20Financial%20Statements) This chapter details the basis of financial statement preparation, accounting standards followed, significant accounting policies and estimates, and provides comprehensive notes on major consolidated financial statement items, related-party relationships and transactions, share-based payments, contingent liabilities, and post-balance sheet events - The financial statements are prepared on a **going concern basis** and comply with the requirements of **Enterprise Accounting Standards**[160](index=160&type=chunk)[163](index=163&type=chunk) - The company's principle for revenue recognition is to recognize revenue when the customer obtains control of the related goods or services; for domestic sales, revenue is recognized upon product delivery to the buyer, and for export sales, upon customs declaration and receipt of the bill of lading[221](index=221&type=chunk)[222](index=222&type=chunk) - As of the period-end, the total book value of assets with restricted ownership or use rights amounted to **1.14 billion CNY**, primarily comprising monetary funds, fixed assets, and intangible assets used for secured borrowings and issuing bank acceptance bills[332](index=332&type=chunk)