[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)

厦门厦钨新能源材料股份有限公司 2025 年半年度报告 公司代码：688778 公司简称：厦钨新能 厦门厦钨新能源材料股份有限公司 2025 年半年度报告 1 / 190 厦门厦钨新能源材料股份有限公司 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、 重大风险提示 本公司已在本报告中详细描述存在的风险因素，具体详见第三节"管理层讨论与分析"中 "四、风险因素"。 三、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 曾新平 | 工作原因 | 钟可祥 | | 独立董事 | 陈菡 | 工作原因 | 何燕珍 | 四、 本半年度报告未经审计。 五、 公司负责人杨金洪、主管会计工作负责人张瑞程及会计机构负责人（会计主管人员）张瑞程 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 ...

西安高压电器研究院股份有限公司2025 年半年度报告 公司代码：688334 公司简称：西高院 西安高压电器研究院股份有限公司 2025 年半年度报告 1 / 184 西安高压电器研究院股份有限公司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、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司在经营过程中可能 面临的各种风险，敬请查阅本报告"第三节 管理层讨论与分析"之"四、风险因素"部分，敬请 投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张晋波、主管会计工作负责人王辉及会计机构负责人（会计主管人员）郑重声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 经公司第二届董事会第三次会议及第二届监事会第三次会议审议，公司拟以实施权益分派股 权登记日的总股本为基数，向全体股东每 10 股派发现金红利 2.3 ...

[Glossary](index=4&type=section&id=Section%201%20Glossary) This chapter defines professional terms and company entity abbreviations used in the report, covering key products such as trichlorosilane, silicon tetrachloride, silane coupling agents, and potassium hydroxide, providing a foundation for understanding the report content - This chapter primarily explains the professional terms and company entity abbreviations used in the report, covering the company's main products like trichlorosilane, silicon tetrachloride, silane coupling agents, and potassium hydroxide, providing a basis for understanding the report content[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and a summary of its key financial performance during the reporting period [Company Basic Information](index=5&type=section&id=I.%20Company%20Information) This chapter provides the company's basic business registration information, including its Chinese and English names, legal representative, contact details, and registered and office addresses Company Basic Information | Item | Information | | :--- | :--- | | **Company Name** | Tangshan Sanfu Siyuan Co., Ltd. (Sanfu Stock) | | **Stock Code** | 603938 (A-share, Shanghai Stock Exchange) | | **Legal Representative** | Sun Renjing | | **Registered Address** | No. 512, Xiwang Road, Nanpu Development Zone, Tangshan City | [Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased year-on-year, but net profit attributable to shareholders slightly declined, while net cash flow from operating activities significantly grew, indicating improved operational quality 2025 H1 Key Financial Data | Key Accounting Data | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,008,037,828.70 | 906,641,480.21 | 11.18% | | **Net Profit Attributable to Shareholders** | 38,458,409.75 | 40,741,068.73 | -5.60% | | **Net Profit Attributable to Shareholders (Excl. Non-recurring Items)** | 33,350,884.72 | 29,794,983.20 | 11.93% | | **Net Cash Flow from Operating Activities** | 22,305,655.87 | 9,903,698.49 | 125.23% | | **Basic Earnings Per Share (yuan/share)** | 0.10 | 0.11 | -9.09% | | **Weighted Average Return on Net Assets (%)** | 1.57 | 1.69 | Decrease of 0.12 percentage points | - Non-recurring gains and losses totaled **5.11 million yuan** during the reporting period, primarily from government subsidies and wealth management income[21](index=21&type=chunk)[23](index=23&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, core competencies, and financial performance during the reporting period [Industry and Main Business](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the chemical raw materials and chemical products manufacturing industry, having established a circular economy model centered on silicon series products and supplemented by potassium series products - The company's business core is a circular economy model, where silicon and potassium series product production systems mutually support each other, enabling closed-loop material circulation, effectively reducing production costs, and enhancing environmental benefits[24](index=24&type=chunk) - The company offers a diverse product line covering multiple high-growth sectors: - **Trichlorosilane**: Primarily used in photovoltaic polysilicon and silane coupling agents[25](index=25&type=chunk) - **High-purity Silicon Tetrachloride**: Used for optical fiber preforms, having achieved import substitution and exports to Europe[26](index=26&type=chunk) - **Electronic Specialty Gases**: Including electronic-grade dichlorosilane, these are crucial materials for the semiconductor industry and are gradually achieving scaled supply[27](index=27&type=chunk) - **Silane Coupling Agents**: Widely applied downstream, the company aims to be a leading domestic producer[29](index=29&type=chunk) - **Potassium Hydroxide**: A new project with an annual capacity of **120,000 tons** has commenced production, further completing the circular economy chain[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In the first half of 2025, facing a complex market environment, the company achieved operating revenue of **1.008 billion yuan**, a year-on-year increase of **11.18%**, with net profit attributable to shareholders decreasing by **5.60%** to **38.46 million yuan** - The company's new **120,000 tons/year** potassium hydroxide (100% basis) project officially entered production in May 2025, with rapid capacity ramp-up, leading to a **70%** year-on-year increase in potassium hydroxide product output to **64,300 tons** during the reporting period[33](index=33&type=chunk) - By leveraging its circular economy advantages, the company achieved efficient production of other products despite weakening downstream demand for trichlorosilane and similar products; silane coupling agent output increased by **20%** year-on-year, sales increased by **30%** year-on-year; potassium sulfate capacity utilization exceeded **90%**; and fumed silica products reached full production[34](index=34&type=chunk)[35](index=35&type=chunk) - The company actively practices green development, enhancing resource recovery rates and reducing raw material consumption through technological upgrades, with some silane coupling agent products obtaining ISO 14067 product carbon footprint certification[36](index=36&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies are primarily reflected in its unique circular economy model, advanced technology and processes, stringent quality control system, significant logistics and location advantages, stable raw material supply, and prominent scale and brand advantages - **Circular Economy Model**: A core competitive advantage, extending the industrial chain to enable efficient material utilization across production systems, achieving cost reduction, efficiency improvement, and environmental benefits[37](index=37&type=chunk) - **Technology and Quality Advantages**: Employs various advanced production processes with high automation levels; the company participates in revising multiple national standards and has obtained ISO9001, IATF16949, and other quality system certifications[38](index=38&type=chunk)[39](index=39&type=chunk) - **Logistics and Supply Advantages**: Possesses a subsidiary with hazardous chemical transportation qualifications, reducing transportation costs; located in Tangshan Nanpu Development Zone, close to three major ports, facilitating raw material imports and product exports[39](index=39&type=chunk)[40](index=40&type=chunk) [Analysis of Key Operating Conditions](index=12&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) This chapter provides a detailed analysis of the company's operating performance in the first half of the year, covering financial data changes, asset-liability structure, and investment status [Analysis of Financial Statement Item Changes](index=12&type=section&id=1.%20Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) During the reporting period, both the company's revenue and costs increased, but cost growth outpaced revenue growth, leading to pressure on gross margins Profit Statement and Cash Flow Statement Key Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,008,037,828.70 | 906,641,480.21 | 11.18 | - | | **Operating Cost** | 863,195,888.83 | 756,696,785.83 | 14.07 | - | | **Selling Expenses** | 27,052,220.14 | 15,536,298.27 | 74.12 | Primarily due to increased technical service fees in the current period | | **Financial Expenses** | -1,256,044.70 | 3,958,822.04 | -131.73 | Primarily due to repayment of borrowings at the end of the prior year, leading to reduced interest expenses in the current period | | **Net Cash Flow from Operating Activities** | 22,305,655.87 | 9,903,698.49 | 125.23 | Primarily due to increased cash received from sales of goods and provision of services | [Analysis of Assets and Liabilities](index=12&type=section&id=1.%20Assets%20and%20Liabilities%20Status) At the end of the reporting period, the company's total assets increased by **3.61%** compared to the end of the previous year, with a significant change in asset structure as construction in progress substantially decreased by **83.03%** due to the capitalization of the potassium hydroxide project Balance Sheet Key Item Changes | Item Name | Current Period End (yuan) | Prior Year End (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 158,578,042.27 | 119,449,387.45 | 32.76 | Primarily due to increased sales of silane coupling agents and longer collection cycles for some | | **Prepayments** | 43,992,117.26 | 26,306,809.72 | 67.23 | Primarily due to increased prepayments for raw materials at period-end | | **Construction in Progress** | 66,780,199.70 | 393,415,853.07 | -83.03 | Primarily due to the capitalization of the new potassium hydroxide project in the current period | | **Taxes Payable** | 10,894,159.05 | 4,294,150.92 | 153.70 | Primarily due to increased VAT and corporate income tax payable at period-end | [Risk Analysis](index=17&type=section&id=(I)%20Potential%20Risks) The company faces key risks including intensified market competition, raw material price fluctuations, exchange rate volatility, production safety, and tightening environmental policies - The company faces key operational risks including: - **Market Competition Risk**: Main product markets are highly competitive, potentially leading to price and gross margin declines[51](index=51&type=chunk) - **Raw Material Price Fluctuation Risk**: Key raw materials constitute a high proportion of costs, and price fluctuations significantly impact gross margins[52](index=52&type=chunk) - **Exchange Rate Fluctuation Risk**: Export business is primarily settled in USD, exposing the company to exchange rate volatility[53](index=53&type=chunk) - **Production Safety Risk**: Inherent risk in the chemical industry, involving hazardous chemicals[53](index=53&type=chunk) - **Environmental Protection Risk**: Stricter environmental standards may increase the company's operating costs[53](index=53&type=chunk) ["Quality Improvement, Efficiency Enhancement, and High Returns" Action Plan Progress](index=18&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively responded to the "Quality Improvement, Efficiency Enhancement, and High Returns" initiative, making progress in focusing on its main business, investor returns, corporate governance, and investor relations management - The company prioritizes investor returns, completing the 2024 annual equity distribution on June 13, 2025, with a cash dividend of **6.48 million yuan**[54](index=54&type=chunk) - To protect investor interests and establish a long-term incentive mechanism, the company completed a share repurchase, accumulating **1.41 million shares**, representing **0.37%** of total share capital, with a total payment of **17.01 million yuan**[56](index=56&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in the company's senior management and its environmental information disclosure practices [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, the company experienced personnel changes in its senior management, with Mr. Wan Baofeng resigning from his positions and Mr. Dong Liqiang being appointed as the new General Manager - Mr. Wan Baofeng resigned from his positions as company director, general manager, and member of the Board's Strategic Development Committee due to personal reasons[59](index=59&type=chunk)[60](index=60&type=chunk) - The company appointed Mr. Dong Liqiang as General Manager and elected Mr. Dai Shuai as a worker director to the Fifth Board of Directors[59](index=59&type=chunk)[60](index=60&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and two of its main subsidiaries (Tangshan Sanfu Electronic Materials Co., Ltd. and Tangshan Sanfu New Materials Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law, demonstrating the company's transparency and social responsibility in environmental protection - The company and two subsidiaries are included in the list of enterprises required to disclose environmental information by law, with relevant reports available on the Hebei Enterprise Environmental Information Disclosure System[62](index=62&type=chunk) [Significant Matters](index=22&type=section&id=Section%205%20Significant%20Matters) This section covers the fulfillment of commitments by related parties and the company's significant guarantee situations [Fulfillment of Commitments](index=22&type=section&id=(I)%20Commitments%20by%20the%20Company's%20Actual%20Controller,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20Other%20Committed%20Parties%20During%20or%20Continuing%20into%20the%20Reporting%20Period) During the reporting period, the company's controlling shareholder, actual controller, directors, supervisors, and senior management strictly fulfilled their commitments made during the initial public offering regarding avoiding horizontal competition and regulating related-party transactions - The "Commitment Letter to Avoid Horizontal Competition" and "Commitment Letter Regarding Regulation of Related-Party Transactions" issued by the company's controlling shareholder, actual controller Mr. Sun Renjing, and other related parties are still in effect, with no violations during the reporting period[66](index=66&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) [Significant Guarantees](index=27&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) During the reporting period, all of the company's external guarantees were provided to its controlled subsidiary, Sanfu New Materials, with a period-end guarantee balance of **110 million yuan** for the subsidiary, representing **4.47%** of the company's net assets, indicating controllable risk Company Guarantee Total | Item | Amount (ten thousand yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 6,000 | | Total outstanding guarantees to subsidiaries at period-end (B) | 11,000 | | Total Guarantees (A+B) | 11,000 | | Ratio of total guarantees to company net assets (%) | 4.47 | [Share Changes and Shareholder Information](index=28&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on the company's shareholder structure and changes in shareholdings of directors, supervisors, and senior management [Shareholder Information](index=28&type=section&id=(II)%20Table%20of%20Shareholdings%20of%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Non-Restricted%20Shareholders)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had **24,770** shareholders, with the top two shareholders, Sun Renjing and Tangshan Yuanheng Technology Co., Ltd., acting in concert and holding a combined **66.55%** of shares, indicating a highly concentrated equity structure - As of the end of the reporting period, the total number of common shareholders was **24,770**[81](index=81&type=chunk) Top Two Shareholders' Shareholdings | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Sun Renjing | 153,649,738 | 40.16 | Domestic Natural Person | | Tangshan Yuanheng Technology Co., Ltd. | 100,964,261 | 26.39 | Domestic Non-State-Owned Legal Person | | **Total** | **254,613,999** | **66.55** | **Concerted Parties** | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=(I)%20Changes%20in%20Shareholdings%20of%20Current%20and%20Departed%20Directors,%20Supervisors,%20and%20Senior%20Management%20During%20the%20Reporting%20Period) During the reporting period, the company's Chairman, Mr. Sun Renjing, increased his shareholding by **134,542** shares through centralized bidding, demonstrating management's confidence in the company's future development - Company Chairman Sun Renjing increased his shareholding by **134,542 shares** through centralized bidding during the reporting period, bringing his total shares held at period-end to **153,649,738 shares**[87](index=87&type=chunk) [Bond-Related Information](index=31&type=section&id=Section%207%20Bond-Related%20Information) This section provides an overview of the company's corporate bond situation [Corporate Bond Information](index=31&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company had no corporate bonds or non-financial enterprise debt financing instruments during this reporting period[89](index=89&type=chunk) [Financial Report](index=32&type=section&id=Section%208%20Financial%20Report) This section presents the company's financial statements, significant accounting policies, taxation details, and notes to the consolidated financial statement items [Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This chapter provides unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Consolidated Balance Sheet](index=32&type=section&id=Consolidated%20Balance%20Sheet) As of the end of the reporting period, the company's total assets were **3.218 billion yuan**, an increase of **3.61%** from the end of the previous year, with net assets attributable to shareholders of **2.459 billion yuan**, up **1.32%** Balance Sheet Key Items | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | 3,217,582,846.03 | 3,105,380,127.91 | 3.61% | | **Total Liabilities** | 756,929,583.45 | 676,596,069.16 | 11.87% | | **Total Equity Attributable to Parent Company Owners** | 2,458,611,229.39 | 2,426,616,338.97 | 1.32% | [Consolidated Income Statement](index=36&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of **1.008 billion yuan**, a year-on-year increase of **11.18%**, but profit before tax decreased by **6.79%** and net profit attributable to shareholders decreased by **5.60%** to **38.46 million yuan** Income Statement Core Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 1,008,037,828.70 | 906,641,480.21 | 11.18% | | **Total Operating Costs** | 964,679,243.82 | 860,228,421.31 | 12.14% | | **Total Profit** | 44,855,439.68 | 48,124,566.94 | -6.79% | | **Net Profit Attributable to Parent Company Shareholders** | 38,458,409.75 | 40,741,068.73 | -5.60% | [Consolidated Cash Flow Statement](index=40&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **22.31 million yuan**, a significant year-on-year increase of **125.23%**, primarily due to increased cash received from sales Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 22,305,655.87 | 9,903,698.49 | 125.23% | | **Net Cash Flow from Investing Activities** | 40,234,496.89 | 113,139,544.48 | -64.44% | | **Net Cash Flow from Financing Activities** | 7,426,988.63 | -91,394,616.86 | Not Applicable | | **Net Increase in Cash and Cash Equivalents** | 70,803,789.30 | 33,574,580.88 | 110.89% | [Significant Accounting Policies and Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's fundamental accounting principles, accounting period, and functional currency, along with specific accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, revenue recognition, and government grants - Financial statements are prepared on a going concern basis, with the accounting year from January 1 to December 31 of the Gregorian calendar, and the functional currency is Renminbi[123](index=123&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk) - Revenue recognition policy: The company recognizes revenue when customers obtain control of the related goods, specifically detailing recognition points for delivery, customer pickup, and export sales models[193](index=193&type=chunk)[194](index=194&type=chunk) - Financial instrument impairment: The company accrues loss provisions for financial assets like accounts receivable based on expected credit losses; for accounts receivable without significant financing components, the simplified approach is used, accruing expected credit losses over the entire lifetime[144](index=144&type=chunk)[145](index=145&type=chunk) [Taxation](index=74&type=section&id=VI.%20Taxation) The company's main taxes include Value-Added Tax and Corporate Income Tax; the parent company and two subsidiaries (Sanfu Electronic Materials, Sanfu New Materials) enjoy a **15%** preferential corporate income tax rate due to their high-tech enterprise certifications - The parent company and its subsidiaries, Tangshan Sanfu Electronic Materials Co., Ltd. and Tangshan Sanfu New Materials Co., Ltd., are high-tech enterprises, and their corporate income tax is levied at a reduced rate of **15%**[207](index=207&type=chunk) - Some subsidiaries qualify as small-scale profit-making enterprises or small-scale taxpayers, enjoying various tax reductions and exemptions for income tax, urban maintenance and construction tax, and education surcharges[208](index=208&type=chunk)[209](index=209&type=chunk) [Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes and explanations for key items in the consolidated financial statements, with significant changes in construction in progress reflecting the progress of major projects - **Construction in Progress**: Period-end balance of **53.41 million yuan**, a significant decrease from **384 million yuan** at the beginning of the period, primarily due to the "New 120,000 tons/year Potassium Hydroxide Project" and "110KVA Two-Way Power Line and Substation Renovation" project being capitalized into fixed assets, totaling approximately **354 million yuan**[275](index=275&type=chunk)[277](index=277&type=chunk) - **Accounts Receivable**: Period-end book balance of **173 million yuan**, with a bad debt provision of **14.80 million yuan**; accounts within 1 year of aging constitute **95.76%**[224](index=224&type=chunk)[225](index=225&type=chunk) - **Assets with Restricted Ownership or Use Rights**: Period-end book value totaled **186 million yuan**, primarily including **25.95 million yuan** in margin deposits for bill acceptance and **160 million yuan** in notes receivable and accounts receivable financing pledged, endorsed, or discounted for bill pools[297](index=297&type=chunk)

公司代码：601179 公司简称：中国西电 中国西电电气股份有限公司 2025 年半年度报告 2025 年 8 月 中国西电电气股份有限公司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、 公司负责人赵永志、主管会计工作负责人郑高潮及会计机构负责人（会计主管人员）陈旺 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 公司第五届董事会第三次会议审议通过的2025年度中期利润分配方案为：拟以实施权益分派 股权登记日登记的总股本为基数，向全体股东每10股派发现金红利0.47元（含税），至本次董事 会召开日，公司总股本5,125,882,352股，以此为基数计算共计派发现金红利240,916,470.54元（含 税）。在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总额不变，相应调整 每股分配比例，并将另行公告具体调整情 ...

公司代码：603199 公司简称：九华旅游 安徽九华山旅游发展股份有限公司 2025 年半年度报告 安徽九华山旅游发展股份有限公司2025 年半年度报告 重要提示 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、 公司负责人高政权、主管会计工作负责人张先进及会计机构负责人（会计主管人员） 王华民声明：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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺， 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 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本报告"管理层讨论与分析"一节中已经详细描述公司可能面对的 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms, including company entities, shareholders, and specific biomedical industry terminology like IVD and HPV vaccines, crucial for understanding the report - Company full name: "Beijing Wantai Biological Pharmacy Enterprise Co., Ltd.", abbreviated as **"Wantai Bio"**[12](index=12&type=chunk) - Reporting period refers to **January 1, 2025 to June 30, 2025**[12](index=12&type=chunk) - In vitro diagnostics (IVD) refers to in vitro testing of human samples for disease prevention, diagnosis, treatment monitoring, etc[12](index=12&type=chunk) - HPV vaccine, also known as cervical cancer vaccine, is used to prevent human papillomavirus infection[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - Company's Chinese name is Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., abbreviated as **Wantai Bio**[16](index=16&type=chunk) - The company's legal representative is **Qiu Zixin**[16](index=16&type=chunk) [II. Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary Yu Tao and Securities Affairs Representative Zhao Shuling, facilitating communication for investors and relevant parties - Board Secretary is **Yu Tao**, Securities Affairs Representative is **Zhao Shuling**[17](index=17&type=chunk) - Company contact address is No. 31, Science Park Road, Changping District, Beijing, phone **010-59528820**[17](index=17&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section states that the company's registered and office addresses remain unchanged at No. 31, Science Park Road, Changping District, Beijing, and provides the company's website and email address - Company's registered and office addresses remain unchanged, both at **No. 31, Science Park Road, Changping District, Beijing**[18](index=18&type=chunk) - Company website is **https://www.ystwt.com**[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's designated information disclosure newspapers and the website address for semi-annual reports, ensuring transparency and accessibility of information disclosure - Company's designated information disclosure newspapers include **"China Securities Journal"**, **"Shanghai Securities News"**, **"Securities Daily"**, **"Securities Times"**[19](index=19&type=chunk) - Semi-annual report website address is **http://www.sse.com.cn**[19](index=19&type=chunk) [V. Company Stock Overview](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code - Company stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[20](index=20&type=chunk) - Stock abbreviation is **Wantai Bio**, stock code is **603392**[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's key financial indicators significantly declined, with operating revenue down **38.25%** and net profit turning to loss, primarily due to lower-than-expected vaccine sales 2025 H1 Key Accounting Data | Major Accounting Data | This Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 843,561,860.09 | 1,366,045,101.74 | -38.25 | | Total Profit | -145,682,857.91 | 258,148,383.72 | -156.43 | | Net Profit Attributable to Shareholders of Listed Company | -144,038,127.02 | 260,480,462.16 | -155.30 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -242,605,985.91 | 63,520,625.14 | -481.93 | | Net Cash Flow from Operating Activities | -66,553,405.56 | 128,547,517.42 | -151.77 | | Net Assets Attributable to Shareholders of Listed Company (Period End) | 12,118,763,891.64 | 12,262,802,018.66 | -1.17 | | Total Assets (Period End) | 14,240,506,057.02 | 14,689,396,309.47 | -3.06 | 2025 H1 Key Financial Indicators | Major Financial Indicators | This Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.11 | 0.21 | -152.38 | | Diluted Earnings Per Share (Yuan/share) | -0.11 | 0.21 | -152.38 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | -0.19 | 0.05 | -480.00 | | Weighted Average Return on Net Assets (%) | -1.18 | 2.05 | Decreased by 3.23 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -1.99 | 0.50 | Decreased by 2.49 percentage points | - Operating revenue and net profit decline primarily due to the vaccine segment being affected by market adjustments, government centralized procurement, and the expanded age range for the nine-valent HPV vaccine, leading to lower-than-expected sales[23](index=23&type=chunk) - Net cash flow from operating activities decreased, mainly due to reduced cash received from product sales[24](index=24&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **98.57 million yuan**, primarily including government subsidies and fair value changes from financial assets and liabilities 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -950,957.47 | | Government grants included in current profit or loss | 52,650,778.92 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and disposal gains and losses | 61,948,902.43 | | Other non-operating income and expenses apart from the above | -5,535,035.74 | | Less: Income tax impact | 7,608,686.20 | | Impact on minority interests (after tax) | 1,937,143.05 | | Total | 98,567,858.89 | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the market development, main business, products, operating model, and industry position of the company's in vitro diagnostics and vaccine segments [(I) Industry Development](index=9&type=section&id=(%E4%B8%80)%20%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The global in vitro diagnostics market exceeds **$100 billion**, with China's IVD sector experiencing golden growth driven by policy, technology, and demographic shifts, while the vaccine industry sees accelerated development but faces geopolitical and economic challenges - Global in vitro diagnostics market size has exceeded **$100 billion**, with immunodiagnostics and molecular diagnostics leading innovation[31](index=31&type=chunk) - China's IVD industry is entering a golden development period under "Healthy China 2030" and "innovation-driven development" strategies, with policies focusing on resource optimization, cost reduction, and efficiency improvement, technology driving import substitution and AI applications, and the market benefiting from expanded grassroots medical care and aging population demand[32](index=32&type=chunk) - The vaccine industry has entered a fast lane since 2020, with China achieving breakthroughs in R&D innovation, a diversified market structure, and increased public vaccination willingness, but facing geopolitical, regulatory, and global economic challenges[33](index=33&type=chunk)[34](index=34&type=chunk) [(II) Company's Main Business and Products](index=10&type=section&id=(%E4%BA%8C)%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%92%8C%E4%BA%A7%E5%93%81) The company's main business spans in vitro diagnostics and vaccines, offering a rich product portfolio including various diagnostic reagents and instruments, and core vaccines like the world's only hepatitis E vaccine and China's first bivalent and nine-valent HPV vaccines - Company's main business is divided into two major areas: in vitro diagnostics and vaccines, providing integrated health solutions[35](index=35&type=chunk) - In vitro diagnostic products cover chemiluminescence, enzyme-linked immunoassay, biochemistry, colloidal gold, nucleic acid diagnostic reagents, and fully automatic diagnostic instruments, with advantageous products in AIDS, liver disease, thyroid function, cardiovascular and cerebrovascular, tuberculosis, and tumor marker diagnostics[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - The vaccine segment is centered on HPV vaccines, possessing the world's only hepatitis E vaccine, China's first bivalent and nine-valent HPV vaccines, and multiple new pipelines under development, such as the 20-valent pneumococcal conjugate vaccine[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - During the reporting period, the company's nine-valent HPV vaccine, Xinkening®9, received approval for market launch from the National Medical Products Administration, becoming the **first domestic and second global approved nine-valent HPV vaccine**[43](index=43&type=chunk) [(III) Operating Model](index=17&type=section&id=(%E4%B8%89)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a full-chain "R&D-procurement-production-sales" model for in vitro diagnostics, emphasizing innovation and efficiency, while the vaccine segment focuses on strategic R&D, stringent production, and market expansion through public procurement and international partnerships - The R&D model in the in vitro diagnostics sector focuses on product innovation, quality improvement, full-chain R&D, and building smart laboratories[47](index=47&type=chunk) - The in vitro diagnostics sales model adopts a **"combination of distribution and direct sales"**, with international markets expanded through an agent network[51](index=51&type=chunk) - The vaccine R&D model is based on national strategy, building a diversified R&D system through independent R&D, external cooperation, and technology introduction, integrating artificial intelligence technology[52](index=52&type=chunk)[53](index=53&type=chunk) - The vaccine sales model primarily involves procurement through provincial public resource trading platforms, direct supply to disease control agencies, and cooperation with promotion service providers; international markets are expanded through GAVI and PQ certification[56](index=56&type=chunk) [(IV) Industry Position](index=20&type=section&id=(%E5%9B%9B)%20%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) As a high-tech enterprise, the company has become a leading domestic and internationally renowned R&D enterprise in in vitro diagnostic reagents and vaccines, establishing leadership in infectious disease diagnostics and breaking international monopolies with its innovative HPV vaccines - The company has established a **leading position in infectious disease diagnostics** in the in vitro diagnostics field, with internationally pioneering products such as hepatitis E urine antigen detection technology and hepatitis D chemiluminescence immunoassay reagents[58](index=58&type=chunk) - The company's globally first-launched P85-Ab detection kit significantly changed nasopharyngeal carcinoma screening and early diagnosis pathways, solidifying the company's **leading position in nasopharyngeal carcinoma early screening**[58](index=58&type=chunk) - In the vaccine field, the company, relying on its independently developed E. coli prokaryotic expression virus-like particle vaccine technology system, successfully launched the **world's first hepatitis E vaccine** and **China's first bivalent and nine-valent HPV vaccines**, breaking international monopolies[60](index=60&type=chunk) - The company's bivalent HPV vaccine has passed WHO-PQ certification and gained market access in **23 overseas countries**; the nine-valent HPV vaccine was approved for market launch, becoming the **first domestic and second global product**[60](index=60&type=chunk) [II. Discussion and Analysis of Operations](index=21&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Management discusses the reporting period's operations, emphasizing quality and innovation, driving nine-valent HPV vaccine market entry and internationalization, and accelerating IVD domestic substitution [(I) In Vitro Diagnostics Segment](index=21&type=section&id=(%E4%B8%80)%20%E4%BD%93%E5%A4%96%E8%AF%8A%E6%96%AD%E9%A2%86%E5%9F%9F) In the in vitro diagnostics segment, the company prioritizes innovation, building a "raw materials, reagents, and instruments" driven product development chain, launching new high-speed analyzers and diagnostic reagents, and enhancing market competitiveness - The company has built a **"raw materials, reagents, and instruments" triple-driven** product development and production chain in the in vitro diagnostics segment[63](index=63&type=chunk)[64](index=64&type=chunk) - The high-speed chemiluminescence immunoassay analyzer **Wan600** has obtained a medical device registration certificate, with a constant speed of **600 tests per hour**, capable of seamless integration into smart laboratory systems[65](index=65&type=chunk) - During the reporting period, diagnostic reagents for myocardial series (Hs-cTnI II), thrombosis series (D-Dimer, FDP), liver fibrosis series (CHI3L1), and TORCH series obtained medical device registration certificates[65](index=65&type=chunk) - The company improved operational efficiency through lean management, conducting nearly **40 lean training sessions** covering over **800 person-times** and implementing **18 cross-departmental lean improvement projects** during the reporting period[69](index=69&type=chunk) [(II) Vaccine Segment](index=25&type=section&id=(%E4%BA%8C)%20%E7%96%AB%E8%8B%97%E9%A2%86%E5%9F%9F) In the vaccine segment, the company focuses on the nine-valent HPV vaccine, which received market approval and began male clinical trials, while advancing other high-value vaccine pipelines, expanding market access internationally, and deepening lean and quality management - The nine-valent HPV vaccine received market approval and initiated male Phase III clinical trials[76](index=76&type=chunk) - The 20-valent pneumococcal conjugate vaccine Phase III clinical trials are progressing as planned, and the lyophilized attenuated varicella vaccine Phase III clinical study has completed its primary endpoint and is preparing for market application[76](index=76&type=chunk) - The bivalent HPV vaccine has gained market access in **23 countries and regions**, including Nepal and Pakistan, and has been included in the immunization programs of **8 countries**[77](index=77&type=chunk)[78](index=78&type=chunk) - The hepatitis E vaccine was officially approved for market launch in India on February 28, 2025, and received its **first batch of procurement orders in June 2025**[79](index=79&type=chunk) - The company actively participates in national key R&D programs, such as "New Strategies for Clinical Cure of Chronic Hepatitis B and Key Diagnostic Technology Development", and screening projects in high-incidence areas of nasopharyngeal carcinoma[89](index=89&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=30&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from innovation, product excellence, brand strength, marketing prowess, stringent quality control, and a robust talent strategy [(I) Innovation Advantage](index=30&type=section&id=(%E4%B8%80)%20%E5%88%9B%E6%96%B0%E4%BC%98%E5%8A%BF) The company's innovation advantage lies in its continuous investment in raw material R&D and multi-technology platform construction, achieving breakthroughs in AIDS, tuberculosis, thyroid function diagnostics, and vaccine development, leveraging proprietary technology and AI integration - The company continuously improves prokaryotic/eukaryotic expression, various animal antibody, and raw material application platforms, achieving stable supply of core raw materials for AIDS, syphilis, hepatitis C, hepatitis B, tuberculosis, etc., with over **40 raw material projects under development**[94](index=94&type=chunk) - In the in vitro diagnostics field, the company globally pioneered AIDS urine diagnostic reagents, WHO-certified high-throughput tuberculosis diagnostic reagents, and TRAb conformational antigen technology developed jointly with Xiamen University[96](index=96&type=chunk) - In the vaccine field, the company has established a front-end evaluation and design platform covering the entire R&D cycle of candidate molecule screening, as well as a cluster of mainstream and cutting-edge R&D platforms for virus-like particle assembly, eukaryotic cell expression, attenuated/inactivated vaccines, polysaccharide conjugate vaccines, and mRNA vaccines[97](index=97&type=chunk)[98](index=98&type=chunk) [(II) Product Advantage](index=32&type=section&id=(%E4%BA%8C)%20%E4%BA%A7%E5%93%81%E4%BC%98%E5%8A%BF) The company boasts significant product advantages, including a full range of TORCH series chemiluminescence products, the globally pioneering EB virus P85-Ab serum biomarker, and new high-sensitivity cardiac troponin I products, alongside the newly launched Wan600 and WanBC2800 analyzers, and a robust vaccine pipeline featuring China's first bivalent and nine-valent HPV vaccines - In the in vitro diagnostics field, the TORCH series chemiluminescence products are fully launched, and the globally pioneering EB virus BNLF2b antibody detection reagent (P85-Ab) serum biomarker has been included in the expert consensus for clinical application of nasopharyngeal carcinoma biomarkers[100](index=100&type=chunk) - The newly launched **Wan600** fully automatic chemiluminescence immunoassay analyzer achieves a stable output of **600 tests/hour**, and the **WanBC2800** fully automatic biochemical analyzer single module can reach a throughput of **2000+900 tests/hour**[100](index=100&type=chunk) - In the vaccine field, China's first bivalent HPV vaccine "Xinkening®" has gained market access in **23 countries**, and the nine-valent HPV vaccine has been successfully launched, making the company the **first domestic and second global producer**[101](index=101&type=chunk) - The lyophilized attenuated varicella vaccine (VZV-7D) has been upgraded from traditional varicella vaccines and is expected to be applied to immunocompromised populations, with Phase III clinical trials already initiated[102](index=102&type=chunk) [(III) Brand Advantage](index=33&type=section&id=(%E4%B8%89)%20%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) With over thirty years of development, the company has established a strong brand through innovative R&D, industry-academia collaboration, and resource integration, enhancing its influence via product promotion, a "prevention+diagnosis+service" model, and active participation in global health initiatives - The company's independently developed HIV urine antibody detection kit (colloidal gold method) passed WHO pre-qualification, becoming the **world's first HIV antibody urine self-test product** to receive this certification[105](index=105&type=chunk) - The bivalent HPV vaccine Xinkening® was selected as one of the "Top Ten Advances in China's Pharmaceutical Biotechnology", and the nine-valent HPV vaccine Xinkening®9 was approved for market launch, breaking the monopoly of foreign products[105](index=105&type=chunk)[108](index=108&type=chunk) - The company actively participates in global cervical cancer elimination efforts, delivering approximately **2.13 million doses of HPV vaccine to Angola** and collaborating with the Nepalese Ministry of Health to provide HPV immunization protection for **1.6 million eligible girls**[106](index=106&type=chunk)[107](index=107&type=chunk) - The globally pioneering nasopharyngeal carcinoma P85 antibody detection kit received the **National Science and Technology Progress Second Prize** and was selected as one of the Top Ten Advances in China's Pharmaceutical Biotechnology in 2024[108](index=108&type=chunk) [(IV) Marketing Advantage](index=34&type=section&id=(%E5%9B%9B)%20%E8%90%A5%E9%94%80%E4%BC%98%E5%8A%BF) With over 30 years of experience, the company has built a robust marketing network covering most of China and over 80 overseas countries, optimizing distribution, leveraging data analytics for precise decisions, and expanding market penetration for its bivalent and nine-valent HPV vaccines globally - The company has a marketing channel network in the in vitro diagnostics field covering most provinces and cities nationwide and over **80 countries and regions overseas**[109](index=109&type=chunk) - The company's Wind ESG rating improved from BBB to **AA (second in the Biotechnology III industry)**, and its Huazheng ESG rating improved from BB to **AA**[110](index=110&type=chunk) - The bivalent HPV vaccine has successfully entered bidding and supplementary bidding procedures in all provinces, autonomous regions, and municipalities nationwide, achieving full coverage in **31 provinces**[111](index=111&type=chunk) - After passing WHO PQ certification, the bivalent HPV vaccine has gained market access in **23 countries**, with registration applications underway in **7 additional countries**[112](index=112&type=chunk) [(V) Quality Advantage](index=35&type=section&id=(%E4%BA%94)%20%E8%B4%A8%E9%87%8F%E4%BC%98%E5%8A%BF) The company maintains a stringent, continuously improving quality management system across R&D, production, and market launch, integrating international best practices, lean methodologies, and smart manufacturing to ensure compliance and data-driven quality decisions - The company continuously improves its full-process quality management system from R&D, production to product launch, and introduces international advanced concepts and methods to deepen its quality culture[113](index=113&type=chunk) - The company's quality system successfully passed multiple international official audits by WHO, Congo (DRC), Kazakhstan, etc[84](index=84&type=chunk) - During the reporting period, the company successfully completed the market authorization for the nine-valent HPV vaccine, obtaining the drug registration certificate and the GMP compliance inspection notice[85](index=85&type=chunk) [(VI) Talent Advantage](index=35&type=section&id=(%E5%85%AD)%20%E4%BA%BA%E6%89%8D%E4%BC%98%E5%8A%BF) The company views talent as a core asset, implementing a full-cycle "attract, cultivate, utilize, retain" management strategy to build high-performing teams, fostering R&D and marketing professionals through academic partnerships and diverse career development paths - The company widely recruits talent through multiple channels, attracting fresh graduates and PhDs from renowned universities such as Zhejiang University, Sichuan University, and Xiamen University to join its R&D team[73](index=73&type=chunk) - The company focuses on building a professional marketing team and establishes diversified career development paths through cross-departmental rotations, cultivating versatile talents[73](index=73&type=chunk) - The company co-established the National Engineering Research Center for Infectious Disease Diagnostic Reagents and Vaccines with Xiamen University, promoting industry-academia collaborative innovation and high-end talent cultivation[114](index=114&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=36&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, the company reported operating revenue of **844 million yuan**, a **38.25% year-on-year decrease**, and a net loss of **144 million yuan**, primarily due to lower-than-expected vaccine sales [(I) Analysis of Main Business](index=36&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue decreased by **38.25% to 844 million yuan**, mainly due to lower-than-expected vaccine sales, with R&D expenses also declining by **42.39%** and net cash flow from operating activities decreasing by **151.77%** 2025 H1 Major Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 843,561,860.09 | 1,366,045,101.74 | -38.25 | | Operating Cost | 334,452,600.67 | 416,843,030.57 | -19.77 | | Selling Expenses | 217,080,093.66 | 264,672,680.05 | -17.98 | | Administrative Expenses | 192,690,508.21 | 153,840,741.76 | 25.25 | | Financial Expenses | -11,025,688.19 | -37,407,283.12 | Not applicable | | R&D Expenses | 276,466,361.42 | 479,931,276.60 | -42.39 | | Net Cash Flow from Operating Activities | -66,553,405.56 | 128,547,517.42 | -151.77 | | Net Cash Flow from Investing Activities | -499,358,952.29 | -440,394,112.81 | Not applicable | | Net Cash Flow from Financing Activities | -46,782,572.16 | -489,357,417.34 | Not applicable | - Operating revenue decline primarily due to the vaccine segment being affected by market adjustments, government centralized procurement, and the expanded age range for the nine-valent HPV vaccine, leading to lower-than-expected sales[117](index=117&type=chunk) - R&D expenses decreased mainly due to reduced R&D expenses related to the transfer of production for the nine-valent HPV vaccine[118](index=118&type=chunk) - Net cash flow from operating activities decreased mainly due to reduced cash received from product sales[118](index=118&type=chunk) [(III) Analysis of Assets and Liabilities](index=36&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets decreased by **3.06% to 14.24 billion yuan**, and net assets attributable to shareholders decreased by **1.17% to 12.12 billion yuan**, with significant increases in prepayments and other receivables, and a decrease in development expenditures due to capitalization 2025 H1 Asset and Liability Status Changes | Item | Amount at End of Current Reporting Period (Yuan) | Amount at End of Prior Year (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,781,206,799.02 | 2,387,852,812.94 | -25.41 | | Trading Financial Assets | 2,067,138,504.90 | 2,510,052,256.14 | -17.65 | | Prepayments | 27,681,701.66 | 13,182,655.91 | 109.99 | | Other Receivables | 65,677,004.84 | 13,366,972.40 | 391.34 | | Non-Current Assets Due Within One Year | 1,160,000,000.00 | 480,000,000.00 | 141.67 | | Intangible Assets | 819,946,906.13 | 512,463,495.36 | 60.00 | | Development Expenditures | 16,712,601.32 | 200,400,327.54 | -91.66 | | Taxes Payable | 15,687,636.06 | 23,504,473.32 | -33.26 | | Other Current Liabilities | 2,772,570.12 | 847,377.79 | 227.19 | - Prepayments increased mainly due to increased prepayments for raw and auxiliary materials procurement[121](index=121&type=chunk) - Development expenditures decreased mainly due to capitalization of expenditures into intangible assets[123](index=123&type=chunk) Restricted Assets at Period End | Item | Book Value at Period End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 15,346,843.88 | Letter of guarantee deposits, letter of credit deposits | | Fixed Assets | 42,238,797.28 | Due to loan collateral and maximum amount mortgage contracts | | Intangible Assets | 62,093,076.34 | Due to loan collateral and maximum amount mortgage contracts | | Total | 119,678,717.50 | / | [(IV) Analysis of Investment Status](index=38&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company had no significant equity investments during the reporting period, but non-equity investment projects, including the nine-valent HPV vaccine second-phase expansion and diagnostic base construction, progressed as planned with cumulative investments totaling **2.16 billion yuan**, while financial assets measured at fair value amounted to **2.10 billion yuan** 2025 H1 Major Non-Equity Investment Projects | Project Name | Total Project Amount (10,000 Yuan) | Actual Investment Amount in Reporting Period (10,000 Yuan) | Cumulative Actual Investment Amount (10,000 Yuan) | Source of Funds | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Nine-valent HPV Vaccine Phase II Expansion Project | 124,918.85 | 4,571.35 | 63,316.92 | Own funds, raised funds | Progressing as planned | | 20-valent Pneumococcal Conjugate Vaccine Industrialization Project | 157,762.66 | 4,200.31 | 42,609.56 | Own funds, raised funds | Progressing as planned | | Yangshengtang Xiamen Wantai Diagnostic Base Construction Project | 131,620.55 | 10,494.98 | 70,863.98 | Own funds, raised funds | Progressing as planned | | Hangzhou Vaccine Base Construction | 52,787.00 | 758.60 | 38,858.04 | Own funds | Progressing as planned | | Total | 467,089.06 | 20,025.24 | 215,648.50 | / | / | 2025 H1 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses in Current Period (Yuan) | Purchase Amount in Current Period (Yuan) | Sale/Redemption Amount in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Funds | 71,806,665.70 | 779,286.96 | 50,000,000.00 | 51,494,120.09 | 71,091,832.57 | | Equity Instrument Investments | 11,295,433.26 | - | - | - | 11,295,433.26 | | Bank-issued Wealth Management Products | 2,438,245,590.44 | 16,811,986.82 | 4,096,500,000.00 | 4,555,510,904.93 | 1,996,046,672.33 | | Accounts Receivable Financing | 18,997,056.30 | - | 145,639,446.70 | 145,201,430.26 | 19,435,072.74 | | Total | 2,540,344,745.70 | 17,591,273.78 | 4,292,139,446.70 | 4,752,206,455.28 | 2,097,869,010.90 | [(VI) Analysis of Major Holding and Participating Companies](index=40&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial status of the company's major holding subsidiaries, noting that Xiamen Wantai Canghai Bio-pharmaceutical Technology Co., Ltd. and Hangzhou Wantai Bio-pharmaceutical Technology Co., Ltd. incurred losses, negatively impacting the company's overall net profit, while other diagnostic subsidiaries remained profitable 2025 H1 Financial Performance of Major Holding Subsidiaries | Company Name | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Wantai Derui Diagnostic Technology Co., Ltd. | R&D, production, and sales of diagnostic reagents | 20,000,000.00 | 119,826,679.72 | 109,631,929.97 | 27,530,024.29 | 1,812,544.45 | 2,132,905.98 | | Beijing Kangchesitan Biotechnology Co., Ltd. | R&D, production, and sales of diagnostic reagents | 10,000,000.00 | 267,018,522.34 | 255,254,905.48 | 58,284,522.35 | 38,111,230.46 | 33,106,105.50 | | Xiamen Wantai Canghai Bio-pharmaceutical Technology Co., Ltd. | R&D, production, and sales of vaccines | 1,200,000,000.00 | 6,807,608,091.78 | 5,823,600,258.26 | 172,973,364.12 | -134,039,529.88 | -111,011,228.61 | | Xiamen Wantai Kairui Biotechnology Co., Ltd. | R&D, production, and sales of diagnostic reagents | 500,000,000.00 | 1,511,111,115.79 | 1,063,027,999.58 | 307,759,974.75 | 54,916,677.38 | 54,538,216.41 | | Hangzhou Wantai Biotechnology Co., Ltd. | R&D, production, and sales of vaccines | 10,000,000.00 | 185,213,746.91 | -271,058,793.48 | - | -13,970,143.52 | -13,970,143.52 | - Xiamen Wantai Canghai Bio-pharmaceutical Technology Co., Ltd. and Hangzhou Wantai Bio-pharmaceutical Technology Co., Ltd. both incurred losses during the reporting period, negatively impacting the company's overall net profit[131](index=131&type=chunk) [V. Other Disclosure Matters](index=41&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details the company's potential policy, competition, R&D, talent, and financial risks, along with mitigation strategies, and outlines its "Quality Improvement, Efficiency Enhancement, and High Returns" action plan [(I) Potential Risks](index=41&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces policy risks from evolving regulations, intense competition in IVD and vaccine markets, R&D risks due to long cycles and low success rates, talent competition, and financial risks from unrecoverable R&D investments and accounts receivable - Policy risks: Intensive release of pharmaceutical industry policies, continuous improvement of regulations, and strengthened supervision to combat illegal activities[133](index=133&type=chunk)[134](index=134&type=chunk) - Competition risks: Intensified competition in the in vitro diagnostics and vaccine industries, product homogenization, price wars, and international competition[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) - R&D risks: Long development cycles, high technical difficulty, low success rates for vaccines, pathogen mutation, regulatory policy adjustments, and lower-than-expected commercialization[139](index=139&type=chunk) - Financial risks: Asset loss risk due to unrecoverable R&D investments, accounts receivable risk, and impairment risk of inventory and fixed assets[144](index=144&type=chunk)[145](index=145&type=chunk) [(II) Other Disclosure Matters](index=45&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively implements its "Quality Improvement, Efficiency Enhancement, and High Returns" action plan through share buybacks and cash dividends, totaling **1.51 billion yuan** from 2022-2024, while enhancing investor relations, establishing a market value management system, and improving its ESG ratings to AA - The company completed two share buybacks in December 2022 and September 2024, with **3,084,225 shares** repurchased and cancelled in September 2024[146](index=146&type=chunk) - From 2022 to 2024, the company's cumulative cash dividends and share buybacks totaled **1.51 billion yuan**, accounting for **74.43%** of the average net profit over these three years[148](index=148&type=chunk) - The company strengthens investor relations management through diversified channels such as information disclosure, performance briefings, shareholder meetings, and the SSE E-interaction platform[149](index=149&type=chunk) - The company formulated and approved the "Market Value Management System" to strengthen market value management efforts[150](index=150&type=chunk) - The company adjusted its "Board Strategy Committee" to the "Board Strategy and Sustainable Development Committee" and released its first ESG report, with Wind ESG and Huazheng ESG ratings both improving to **AA**[151](index=151&type=chunk)[152](index=152&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=48&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's directors and senior management, with independent director Mr. Zhao Zhigang resigning and Mr. Wang Yutao taking over, and Mr. Pan Huirong being appointed as Vice General Manager - Independent director Mr. Zhao Zhigang resigned, and Mr. Wang Yutao was elected as an independent director of the company's Sixth Board of Directors[154](index=154&type=chunk)[155](index=155&type=chunk) - Mr. Pan Huirong was appointed as the company's Vice General Manager[155](index=155&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Plan](index=48&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's board of directors resolved that there would be no profit distribution or capital reserve to share capital plan for this semi-annual period - There is no profit distribution plan or capital reserve to share capital plan for this reporting period[156](index=156&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=50&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, actual controller, directors, supervisors, and senior management all timely and strictly fulfilled their commitments during the reporting period, including avoiding horizontal competition, shareholding intentions, and measures to mitigate dilution of immediate returns - Controlling shareholder Yangshengtang and actual controller Zhong Shanshan have issued a "Commitment Letter to Avoid Horizontal Competition", pledging not to engage in business activities that compete with the company's main business[162](index=162&type=chunk) - Shareholders holding **over 5%** of shares, Yangshengtang and Zhong Shanshan, committed that any share reductions would comply with laws and regulations, with prices not lower than the initial public offering price, and would be announced in advance[164](index=164&type=chunk)[165](index=165&type=chunk) - The company's controlling shareholder, actual controller, directors, and senior management committed not to overstep their authority in intervening in company operations, not to infringe upon company interests, and to restrain job-related consumption, ensuring the effective implementation of measures to mitigate dilution of immediate returns[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[171](index=171&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=55&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity record, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or significant overdue debts, maintaining a good integrity status[173](index=173&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=56&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no significant litigation or arbitration matters, with external guarantees primarily for subsidiaries totaling **85.19 million yuan**, and the board approved a **2.24 billion yuan** guarantee limit for subsidiaries - The company had no significant litigation or arbitration matters during the reporting period[173](index=173&type=chunk) Total Company Guarantees at Period End | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total guarantees to subsidiaries at period end (B) | 8,519.16 | | Total guarantees (A+B) | 8,519.16 | | Ratio of total guarantees to company's net assets (%) | 0.69 | - The company has approved a resolution to provide a guarantee limit of up to **RMB 2.24 billion** for its subsidiaries in 2025[178](index=178&type=chunk) [XII. Explanation of Progress in the Use of Raised Funds](index=58&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) As of the end of the reporting period, the company had cumulatively invested **2.107 billion yuan**, or **60.90%** of the net raised funds, into projects like the nine-valent HPV vaccine expansion and diagnostic base construction, with the nasal spray vaccine project terminated and remaining funds used for working capital or debt repayment Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) (10,000 Yuan) | Total Committed Investment of Raised Funds in Prospectus or Offering Memorandum (2) (10,000 Yuan) | Cumulative Raised Funds Invested at End of Reporting Period (4) (10,000 Yuan) | Cumulative Investment Progress of Raised Funds at End of Reporting Period (%) (6) | | :--- | :--- | :--- | :--- | :--- | | Issuance of shares to specific objects | 346,015.57 | 346,015.57 | 210,732.34 | 60.90 | Details of Raised Fund Investment Projects | Project Name | Planned Investment Amount of Raised Funds (1) (10,000 Yuan) | Cumulative Raised Funds Invested at End of Reporting Period (2) (10,000 Yuan) | Cumulative Investment Progress at End of Reporting Period (%) (3) | Date Project Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Nine-valent HPV Vaccine Phase II Expansion Project | 106,015.57 | 62,415.04 | 58.87 | 2025 | | 20-valent Pneumococcal Conjugate Vaccine Industrialization Project | 70,000.00 | 25,861.29 | 36.94 | 2027 | | Yangshengtang Xiamen Wantai Diagnostic Base Construction Project | 110,000.00 | 62,456.01 | 56.78 | 2025 | | Nasal Spray Vaccine Industrial Base Construction Project | 60,000.00 | - | Terminated | Terminated | - The completion date for the Yangshengtang Xiamen Wantai Diagnostic Base Construction Project has been extended from December 2024 to **December 2025**[181](index=181&type=chunk) - The nasal spray vaccine industrial base construction project has been terminated, and the remaining raised funds of **538 million yuan**, along with accrued interest and income, have been fully used to permanently supplement working capital or repay borrowings[183](index=183&type=chunk) Cash Management of Idle Raised Funds | Board of Directors Review Date | Effective Approved Amount for Cash Management (100 million Yuan) | Cash Management Balance at End of Reporting Period (100 million Yuan) | | :--- | :--- | :--- | | January 14, 2025 | 15.00 | 12.79 | Section VI Changes in Share Capital and Shareholder Information [I. Changes in Share Capital](index=62&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[189](index=189&type=chunk) [II. Shareholder Information](index=62&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **38,385** common shareholders, with Yangshengtang Co., Ltd. and Zhong Shanshan holding **55.79%** and **17.70%** respectively as the controlling shareholder and actual controller, while some individual shareholders reduced their holdings - As of the end of the reporting period, the total number of common shareholders was **38,385**[190](index=190&type=chunk) Top Ten Shareholders' Shareholding at Period End | Shareholder Name | Number of Shares Held at Period End (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yangshengtang Co., Ltd. | 705,807,928 | 55.79 | Domestic Non-State-Owned Legal Person | | Zhong Shanshan | 223,951,071 | 17.70 | Domestic Natural Person | | Qiu Zixin | 44,846,760 | 3.54 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 22,754,423 | 1.80 | Other | | Hong Weigang | 15,625,716 | 1.24 | Domestic Natural Person | | Ding Jinglin | 10,341,678 | 0.82 | Domestic Natural Person | | Li Shayan | 9,119,563 | 0.72 | Domestic Natural Person | | Li Xia | 8,100,000 | 0.64 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | 6,724,396 | 0.53 | Other | | China Construction Bank Co., Ltd. - E Fund CSI 300 Pharmaceutical and Healthcare ETF | 6,222,982 | 0.49 | Other | - Zhong Shanshan directly holds **98.38%** of Yangshengtang's equity, making him the controlling shareholder and actual controller of Yangshengtang[192](index=192&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=63&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were changes in the shareholdings of some senior management, with Vice General Managers Ye Xiangzhong and Zhao Lingzhi reducing their company shares by **99,300** and **400,000** respectively Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Shares Held at End of Period (Shares) | Change in Shares During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ye Xiangzhong | Vice General Manager | 462,079 | 362,779 | -99,300 | Share reduction | | Zhao Lingzhi | Vice General Manager | 1,695,308 | 1,295,308 | -400,000 | Share reduction | Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=64&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[196](index=196&type=chunk) [II. Convertible Corporate Bonds](index=64&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[196](index=196&type=chunk) Section VIII Financial Report [I. Audit Report](index=65&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [II. Financial Statements](index=65&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, reflecting a net loss and negative operating cash flow Consolidated Balance Sheet (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 14,240,506,057.02 | | Total Liabilities | 1,938,038,421.03 | | Total Owners' Equity Attributable to Parent Company | 12,118,763,891.64 | | Minority Interests | 183,703,744.35 | | Total Owners' Equity | 12,302,467,635.99 | Consolidated Income Statement (January-June 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 843,561,860.09 | | Total Operating Costs | 1,020,748,464.07 | | Total Profit | -145,682,857.91 | | Net Profit | -145,492,229.78 | | Net Profit Attributable to Parent Company Shareholders | -144,038,127.02 | | Basic Earnings Per Share (Yuan/share) | -0.11 | Consolidated Cash Flow Statement (January-June 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -66,553,405.56 | | Net Cash Flow from Investing Activities | -499,358,952.29 | | Net Cash Flow from Financing Activities | -46,782,572.16 | | Net Increase in Cash and Cash Equivalents | -613,586,671.36 | [III. Company Basic Information](index=85&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's history, share capital changes, and main business, established in 1991 and listed in 2020, focusing on R&D, production, and sales of in vitro diagnostic reagents, instruments, and vaccines - The company was established in 1991 and first publicly offered A-shares on the Shanghai Stock Exchange in April 2020[228](index=228&type=chunk) - As of June 30, 2025, the company's registered capital was **RMB 1,265,122,774**[231](index=231&type=chunk) - The company's main business is the R&D, production, and sales of in vitro diagnostic reagents, in vitro diagnostic instruments, and vaccines[234](index=234&type=chunk) [IV. Basis of Preparation of Financial Statements](index=86&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant disclosure rules, with no identified issues affecting its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards[235](index=235&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period and found no matters affecting this ability[236](index=236&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=86&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, revenue recognition, and R&D capitalization, ensuring accurate and complete financial reporting - At initial recognition, the company classifies financial assets as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income, based on the business model for managing financial assets and their contractual cash flow characteristics[283](index=283&type=chunk) - The company recognizes loss provisions for financial assets measured at amortized cost and debt investments measured at fair value through other comprehensive income, based on expected credit losses[296](index=296&type=chunk) - The company recognizes revenue when it has satisfied its performance obligations in the contract, i.e., when the customer obtains control of the relevant goods[408](index=408&type=chunk) - All directly attributable R&D expenditures for drug development entering Phase III clinical trial stage are capitalized[376](index=376&type=chunk) [VI. Taxation](index=131&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, with most entities, including the parent company, qualifying as high-tech enterprises and applying a **15%** corporate income tax rate, while others apply **25%** or a preferential **20%** rate for small low-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value added of taxable products/services | 13%, 6%, 5%, 3%, 0% | | Urban Maintenance and Construction Tax | Based on actual turnover tax paid | 5%, 7% | | Education Surcharge | Based on actual turnover tax paid | 3% | | Local Education Surcharge | Based on actual turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 15% | - Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. and several subsidiaries, as national high-tech enterprises, are subject to a **15%** corporate income tax rate[457](index=457&type=chunk) - Beijing Wantai Biological Pharmacy Co., Ltd. qualifies for preferential corporate income tax policies for small low-profit enterprises, paying corporate income tax at a **20%** rate on **25%** of its taxable income[457](index=457&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=132&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each item in the consolidated financial statements, explaining the composition and changes in assets, liabilities, equity, revenue, expenses, and cash flows Composition of Monetary Funds (June 30, 2025) | Item | Ending Balance (Yuan) | | :--- | :--- | | Bank Deposits | 1,765,859,955.14 | | Other Monetary Funds | 15,346,843.88 | | Total | 1,781,206,799.02 | - Other monetary funds include **7,596,843.88 yuan** for letter of guarantee deposits and **7,750,000.00 yuan** for letter of credit deposits, which have restrictions on use[459](index=459&type=chunk) Inventory Classification (June 30, 2025) | Item | Book Value (Yuan) | | :--- | :--- | | Raw Materials | 196,279,401.07 | | Goods in Transit | 365,064.08 | | Inventory Goods | 464,130,783.56 | | Revolving Materials | 100,724,107.12 | | Contract Performance Costs | 12,892,017.63 | | Consigned Processing Materials | 667,283.04 | | Semi-finished Products | 171,936,924.88 | | Total | 946,995,581.38 | - The internal R&D amount for the nine-valent HPV vaccine is **321,650,437.89 yuan**, accounting for **32.23%** of the intangible assets balance[531](index=531&type=chunk) Operating Revenue and Operating Costs (January-June 2025) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 827,683,909.35 | 326,926,233.54 | | Other Businesses | 15,877,950.74 | 7,526,367.13 | | Total | 843,561,860.09 | 334,452,600.67 | Composition of R&D Expenses (January-June 2025) | Item | Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Employee Compensation | 127,110,859.35 | | Material Consumption | 57,997,782.37 | | Entrusted Development Expenses | 20,895,182.47 | | Testing and Laboratory Processing Fees | 8,496,801.00 | | Depreciation and Amortization | 34,216,098.44 | | Expert Consulting Fees | 12,060,659.59 | | Fuel and Power Costs | 8,038,720.22 | | Office Expenses | 6,230,054.21 | | Lease Fees | 47,606.10 | | Maintenance and Repair Fees | 1,372,597.67 | | Total | 276,466,361.42 | [VIII. R&D Expenditures](index=186&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section details the company's R&D expenditures, totaling **414 million yuan** for the reporting period, with **276 million yuan** expensed and **138 million yuan** capitalized R&D Expenditures by Nature of Expense (January-June 2025) | Item | Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Employee Compensation | 130,349,658.95 | | Material Consumption | 160,366,366.84 | | Entrusted Development Expenses | 18,895,182.47 | | Testing and Laboratory Processing Fees | 12,988,133.93 | | Depreciation and Amortization | 34,411,051.51 | | Expert Consulting Fees | 46,040,224.51 | | Fuel and Power Costs | 8,223,123.31 | | Office Expenses | 1,459,128.25 | | Lease Fees | 323,573.87 | | Maintenance and Repair Fees | 1,372,629.45 | | Total | 414,429,073.09 | | Of which: Expensed R&D Expenditures | 276,466,361.42 | | Capitalized R&D Expenditures | 137,962,711.67 | Development Expenditures for Capitalized R&D Projects (June 30, 2025) | Project | Beginning Balance (Yuan) | Increase in Current Period (Internal Development Expenditures) (Yuan) | Recognized as Intangible Assets (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Nine-valent HPV Vaccine Phase III Clinical Trials | 198,783,349.40 | 122,867,088.49 | 321,650,437.89 | - | | Nine-valent HPV Vaccine Male Clinical Trials | 1,616,978.14 | 13,493,375.68 | - | 15,110,353.82 | | Lyophilized Attenuated Varicella Vaccine Phase III Clinical Trials | - | 1,602,247.50 | - | 1,602,247.50 | - All directly attributable R&D expenditures for drug development entering Phase III clinical trial stage are capitalized[376](index=376&type=chunk) [IX. Changes in Consolidation Scope](index=187&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company experienced no changes in its consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or loss of control over subsidiaries - During the reporting period, the company experienced no non-same control business combinations, same control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control[631](index=631&type=chunk)[632](index=632&type=chunk) [X. Interests in Other Entities](index=188&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section outlines the company's enterprise group structure, comprising various wholly-owned and controlled subsidiaries in diagnostics, vaccines, and technology incubation, over which the company exercises control with varying equity percentages Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (10,000 Yuan) | Business Nature | Shareholding Ratio (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | | Beijing Wantai Derui Diagnostic Technology Co., Ltd. | Beijing | 2,000.00 | R&D, production, and sales of diagnostic reagents | 100.00 | | Xiamen Youmaike Medical Instrument Co., Ltd. | Xiamen, Fujian | 8,000.00 | R&D, production, and sales of diagnostic instruments | 63.50 | | Xiamen Wantai Canghai Bio-pharmaceutical Technology Co., Ltd. | Xiamen, Fujian | 120,000.00 | R&D, production, and sales of vaccines | 100.00 | | Beijing Tairun Innovation Technology Incubator Co., Ltd. | Beijing | 5,000.00 | Technology enterprise incubation, technology development | 60.00 | | Xiamen Yingbomai Biotechnology Co., Ltd. | Xiamen, Fujian | 2,500.00 | Sales of active raw materials | 60.00 | - The company holds control over all listed subsidiaries, with shareholding percentages ranging from **60% to 100%**[633](index=633&type=chunk) [XI. Government Grants](index=190&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the company's government grants, with deferred income related to income totaling **18.30 million yuan** and asset-related grants totaling **41.91 million yuan** at period-end, and **55.99 million yuan** recognized in current profit or loss Liability Items Involving Government Grants (June 30, 2025) | Financial Statement Item | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Ending Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 23,371,620.00 | 790,900.00 | 5,861,663.00 | 18,300,857.00 | Related to income | | Deferred Income | 30,825,048.13 | 14,400,463.60 | 3,317,164.00 | 41,908,347.73 | Related to assets | | Total | 54,196,668.13 | 15,191,363.60 | 9,178,827.00 | 60,209,204.73 | / | Government Grants Recognized in Current Profit or Loss (January-June 2025) | Type | Amount Incurred in Current Period (Yuan) | | :--- | :--- | | Related to income | 52,678,097.92 | | Related to assets | 3,317,164.00 | | Total | 55,995,261.92 | [XII. Risks Related to Financial Instruments](index=191&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section analyzes the company's financial instrument risks, including credit risk from various receivables, liquidity risk managed by monitoring cash flows, and market risks such as foreign exchange (USD, EUR, JPY) and interest rate fluctuations, with no current hedging for currency risk - The financial instrument-related risks faced by the company include credit risk, liquidity risk, and market risk[637](index=637&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, accounts receivable financing, other receivables, debt investments, and long-term receivables[638](index=638&type=chunk) Maturity of Financial Liabilities (June 30, 2025) | Item | Within 1 Year (Yuan) | 1-2 Years (Yuan) | 2-3 Years (Yuan) | Over 3 Years (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 120,156,251.84 | - | - | - | | Notes Payable | 28,926,700.83 | - | - | - | | Accounts Payable | 344,873,016.40 | - | - | - | | Other Payables | 968,227,907.20 | - | - | - | | Long-term Borrowings | - | 77,077,803.02 | 11,140,000.00 | - | | Lease Liabilities | 20,885,919.70 | 12,475,951.78 | 30,134,159.82 | - | | Non-current Liabilities Due Within One Year | 61,237,592.20 | - | - | - | | Total | 1,523,421,468.47 | 97,963,722.72 | 23,615,951.78 | 30,134,159.82 | - If the RMB appreciates or depreciates by **10%** against the USD, the company's net profit for the year will increase or decrease by **40.47 million yuan**[650](index=650&type=chunk) - If floating-rate loan interest rates rise or fall by **50 basis points**, the company's net profit for the year will decrease or increase by **0.24 million yuan**[650](index=650&type=chunk) [XIII. Disclosure of Fair Value](index=195&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of the company's assets and liabilities measured at fair value, totaling **2.10 billion yuan** at period-end, primarily comprising transactional financial assets and accounts receivable financing, with fair value measurements using various input levels Fair Value of Assets and Liabilities Measured at Fair Value at Period End (June 30, 2025) | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 71,091,832.57 | 1,996,046,672.33 | 11,295,433.26 | 2,078,433,938.16 | | Of which: Funds | 71,091,832.57 | - | - | 71,091,832.57 | | Of which: Bank-issued Wealth Management Products | - | 1,996,046,672.33 | - | 1,996,046,672.33 | | Of which: Equity Instrument Investments | - | - | 11,295,433.26 | 11,295,433.26 | | Accounts Receivable Financing | - | - | 19,435,072.74 | 19,435,072.74 | | Total Assets Measured at Fair Value on a Recurring Basis | 71,091,832.57 | 1,996,046,672.33 | 30,730,506.00 | 2,097,869,010.90 | - The carrying amounts of financial assets and liabilities not measured at fair value are very close to their fair values[658](index=658&type=chunk)[659](index=659&type=chunk) [XIV. Related Parties and Related Party Transactions](index=197&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's related parties and transactions, with Zhong Shanshan as the ultimate actual controller, detailing purchases and sales of goods/services with various related entities, intercompany loans, and period-end balances of receivables and payables

重庆再升科技股份有限公司2025 年半年度报告 1 / 204 公司代码：603601 公司简称：再升科技 重庆再升科技股份有限公司 2025 年半年度报告 重庆再升科技股份有限公司2025 年半年度报告 重要提示 四、公司负责人郭茂、主管会计工作负责人刘正琪及会计机构负责人（会计主管人员）文逸声明： 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 公司2025年半年度利润分配预案：公司拟以实施利润分配方案时股权登记日的总股本为基数 ，以未分配利润向全体股东每10股派发现金股利人民币0.20元（含税）。 在实施权益分派的股权登记日前，公司总股本发生变动的，拟维持每股分配金额不变，相应 调整分配总额，剩余未分配利润结转以后年度分配。 以上利润分配预案尚待公司股东会审议批准。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告包含若干公司对未来发展战略、业务发展、经营计划、财务状况等前瞻性描述。这些 描述乃基于当前能够掌握的信息与数据对未来所做出的估计或预测，不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 ...

北京海量数据技术股份有限公司 2025 年半年度报告 1 / 173 北京海量数据技术股份有限公司2025 年半年度报告 重要提示 北京海量数据技术股份有限公司2025 年半年度报告 公司代码：603138 公司简称：海量数据 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、 公司负责人闫忠文、主管会计工作负责人赵轩及会计机构负责人（会计主管人员）赵 轩声明：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 本报告所涉公司未来计划、发展战略等前瞻性陈述，不构成公司对任何投资者及相关人士的 实质承诺，敬请广大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 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 ...

济民健康管理股份有限公司2025 年半年度报告 公司代码：603222 公司简称：济民健康 济民健康管理股份有限公司 2025 年半年度报告 1 / 155 济民健康管理股份有限公司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、 公司负责人李丽莎、主管会计工作负责人杨国伟及会计机构负责人（会计主管人员）王合 微声明：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 报告期，公司不进行利润分配及资本公积转增股本。 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、发展战略等前瞻性陈述，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 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的 ...