盛达金属资源股份有限公司 2025 年半年度报告全文 盛达金属资源股份有限公司 2025 年半年度报告 二〇二五年八月 1 盛达金属资源股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人赵庆、主管会计工作负责人孙延庆及会计机构负责人(会计主 管人员)孙延庆声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划等前瞻性陈述，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、预测与承诺之间的差异，敬请投资者注意投资风险。 公司的主营业务为有色金属矿采选业，公司在经营管理中可能面临的风 险已在本报告中第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分予以描述，敬请广大投资者关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | -- ...

湖南天雁机械股份有限公司2025 年半年度报告 公司代码：600698 900946 公司简称：湖南天雁 天雁 B 股 湖南天雁机械股份有限公司 2025 年半年度报告 二零二五年八月 1 / 141 湖南天雁机械股份有限公司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、 公司负责人杨宝全、主管会计工作负责人叶芬及会计机构负责人（会计主管人员）龚莉声 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 本报告期不进行利润分配或公积金转增股本 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投资 风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策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 ...

哈药集团股份有限公司2025 年半年度报告 1 / 195 哈药集团股份有限公司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、 公司负责人芦传有、主管会计工作负责人孟晓东及会计机构负责人（会计主管人员）毓帼 声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：600664 公司简称：哈药股份 哈药集团股份有限公司 2025 年半年度报告 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 本半年度报告涉及未来计划等前瞻性描述，该陈述不构成对投资者的实质承诺，请投资者注 意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 是 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 报告期内，不存在对公 ...

证券代码：300595 证券简称：欧普康视 公告编号：2025-068 欧普康视科技股份有限公司 2025 年半年度报告 股票代码：300595 2025 年 8 月 23 日 中国 ▪ 合肥 欧普康视科技股份有限公司 2025 年半年度报告全文 一、国家行业政策的变化和产品法律风险 1、医疗改革政策影响的风险 当前，国家正在推动降低角膜塑形镜的使用成本，部分公立医院已经实施降低角膜塑形 镜的产品零售价格的政策，这一政策导向对公司主营产品角膜塑形镜的销售收入可能产生影 响。此外，河北省牵头三明采购联盟已于 2023 年举办了角膜塑形镜的集中带量采购并在参 与的区域实施，公司为中标企业之一。不过，实施一年多来的销售规模很小，未对公司业绩 产生明显影响，后续的影响具有不确定性。 2、产品使用法律风险 欧普康视科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人陶悦群、主管会计工作负责人卫立治及会计机构负责人(会计主管人员)王 畅 ...

安徽黄山胶囊股份有限公司 2025 年半年度报告全文 安徽黄山胶囊股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 安徽黄山胶囊股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李合军、主管会计工作负责人刘清科及会计机构负责人(会计 主管人员)褚洪欢声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告"第三节-管理层讨论与分析"中"十、公司面临的风险和 应对措施"中部分详细描述了公司未来经营中可能存在的风险及应对措施， 敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 17 | | 第五节 | 重要事 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management ensure the semi-annual report's accuracy, with a proposed cash dividend of CNY 2 per 10 shares. - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[6](index=6&type=chunk) - The company's head, chief accountant, and head of the accounting department declare the financial report is true, accurate, and complete[6](index=6&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution Base (shares) | 834,092,481 | | Cash Dividend per 10 Shares (tax incl.) (CNY) | 2 | | Bonus Shares (tax incl.) (shares) | 0 | | Capital Reserve to Share Capital | No | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, providing comprehensive information navigation for investors. - The report's table of contents includes nine main chapters, clearly structured for easy reference[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, ensuring accurate understanding of its content. - The report provides clear definitions for key terms such as the company, subsidiaries, currency units, and reporting period[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Luolai Lifestyle Technology Co., Ltd., stock code 002293, is listed on the Shenzhen Stock Exchange with Xue Jiachen as its legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Luolai Lifestyle | | Stock Code | 002293 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 罗莱生活科技股份有限公司 | | Legal Representative | Xue Jiachen | [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) Ding Wei serves as the Board Secretary and Zhang Peng as the Securities Affairs Representative, both located at Luolai Lifestyle Building, No. 3, Lane 339, Tongpu Road, Putuo District, Shanghai. Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Ding Wei | Luolai Lifestyle Building, No. 3, Lane 339, Tongpu Road, Putuo District, Shanghai | 021-23138999 | 021-23138770 | ir@luolai.com.cn | | Securities Affairs Representative | Zhang Peng | Luolai Lifestyle Building, No. 3, Lane 339, Tongpu Road, Putuo District, Shanghai | 021-23138999 | 021-23138770 | ir@luolai.com.cn | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure, or document storage locations. - The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, operating revenue grew by **3.60%** to **CNY 2.181 billion**, and net profit attributable to shareholders increased by **16.97%** to **CNY 185 million**. 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Same Period Last Year (CNY) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,181,225,983.82 | 2,105,531,277.76 | 3.60% | | Net Profit Attributable to Shareholders of Listed Company | 185,490,847.45 | 158,574,317.24 | 16.97% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 154,291,481.91 | 140,559,735.39 | 9.77% | | Net Cash Flow from Operating Activities | 377,264,766.12 | 292,606,683.68 | 28.93% | | Basic Earnings Per Share (CNY/share) | 0.2232 | 0.1900 | 17.47% | | Diluted Earnings Per Share (CNY/share) | 0.2232 | 0.1900 | 17.47% | | Weighted Average Return on Net Assets | 4.39% | 3.68% | 0.71% | | **End of Period Indicators** | **End of Current Reporting Period (CNY)** | **End of Last Fiscal Year (CNY)** | **Change from End of Last Fiscal Year to End of Current Reporting Period (%)** | | Total Assets | 6,514,089,729.95 | 6,166,022,812.07 | 5.64% | | Net Assets Attributable to Shareholders of Listed Company | 4,043,702,385.15 | 4,185,331,172.85 | -3.38% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards. - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) The company's 2025 semi-annual non-recurring gains and losses totaled **CNY 31.199 million**, primarily from government subsidies, fair value changes, and other non-operating income and expenses. 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 84,863.20 | | Government Subsidies Included in Current Profit and Loss (excluding those with continuous impact) | 27,957,875.89 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises | 7,002,825.87 | | Other Non-operating Income and Expenses Apart from the Above | 5,472,092.73 | | Less: Income Tax Impact | 9,134,783.16 | | Impact on Minority Shareholders' Equity (after tax) | 183,508.99 | | Total | 31,199,365.54 | - The company has no other profit and loss items meeting the definition of non-recurring gains and losses, nor has it classified items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-recurring Gains and Losses" as recurring gains and losses[24](index=24&type=chunk) Part III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) In the first half of 2025, the home textile industry faced macroeconomic pressure, with the company achieving **CNY 2.181 billion** in operating revenue and **CNY 185 million** in net profit attributable to shareholders. - In the first half of 2025, the home textile industry's operating revenue for enterprises above designated size decreased by **2.63%** year-on-year, with total profits experiencing the first negative growth in five years, a decrease of **10.05%**[26](index=26&type=chunk) - The bedding sub-industry maintained stable growth, with operating revenue increasing by **1.34%** year-on-year and total profits increasing by **4.96%**, driven by leading brands[30](index=30&type=chunk) 2025 First Half Company's Main Business Financial Performance | Indicator | Amount (CNY billion) | Year-on-year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 2.181 | 3.60% | | Net Profit Attributable to Shareholders | 0.185 | 16.97% | | Domestic Home Textile Business Operating Revenue | 1.789 | 6.49% | | Domestic Home Textile Business Net Profit Attributable to Shareholders | 0.212 | 18.35% | | US Furniture Business Revenue | 0.392 | -7.81% | | US Furniture Business Net Profit Attributable to Shareholders | -0.02875 | -31.72% | [(I) Overall Performance of the Home Textile Industry During the Reporting Period](index=9&type=section&id=(I)%20Overall%20Performance%20of%20the%20Home%20Textile%20Industry%20During%20the%20Reporting%20Period) In the first half of 2025, the home textile industry faced macroeconomic complexities and weak consumer demand, leading to a decline in revenue and profit for large-scale enterprises. - In the first half of 2025, operating revenue for home textile enterprises above designated size decreased by **2.63%** year-on-year, with total profits experiencing the first negative growth in five years, a decrease of **10.05%**[26](index=26&type=chunk) - The bedding industry maintained stable overall performance, with operating revenue for enterprises above designated size increasing by **1.34%** and total profits increasing by **4.96%** in the first half of the year[30](index=30&type=chunk) - The domestic consumer market faced structural adjustment pressure, with CPI decreasing by **0.1%** year-on-year and PPI falling by **2.8%**, leading to a "volume increase, price decrease" dilemma for enterprises and a **4.69%** decline in domestic sales[31](index=31&type=chunk) [(II) Company's Main Business Activities](index=10&type=section&id=(II)%20Company's%20Main%20Business%20Activities) Luolai Lifestyle, a leading home textile enterprise, focuses on bedding products, operating through multiple brands and omni-channel sales, while actively promoting retail innovation and digital transformation. - The company focuses on bedding-centric home textile business, operating through multiple brands (covering ultra-high-end, high-end, and mass markets) and various online and offline sales channels[32](index=32&type=chunk) - During the reporting period, the company achieved operating revenue of **CNY 2.181 billion**, a year-on-year increase of **3.60%**, and net profit attributable to shareholders of **CNY 185 million**, a year-on-year increase of **16.97%**[33](index=33&type=chunk) - US furniture business revenue was **CNY 392 million**, a year-on-year decrease of **7.81%**, with net profit attributable to shareholders of **-CNY 28.7534 million**, a year-on-year decrease of **31.72%**, primarily due to high US loan interest rates and insufficient demand[35](index=35&type=chunk) - The company vigorously promotes retail innovation, comprehensively advancing refined and data-driven management through a terminal retail data system, and optimizes channel layout by increasing direct store openings and expanding into shopping malls and outlets[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The Luolai brand maintains its ultra-soft positioning, building the Texsoft ultra-soft technology system, and collaborating with the Cotton Research Institute of the Chinese Academy of Agricultural Sciences to achieve independent innovation breakthroughs across the entire industry chain, from cotton seed cultivation to end products[38](index=38&type=chunk) - The company invested in building the Luolai Smart Industrial Park, introducing German fully automated equipment, significantly shortening production cycles, and achieving daily order processing capacity of up to 15,000 orders (peak 70,000 orders), greatly enhancing supply chain efficiency[41](index=41&type=chunk) - The company continues to increase investment and application of AI technology, achieving significant results in pattern design, knowledge base construction, intelligent customer service, consumer insights, R&D design, and digital human live streaming[42](index=42&type=chunk) [(III) Company's Business Model](index=12&type=section&id=(III)%20Company's%20Business%20Model) The company's business model encompasses design, R&D, procurement, production, sales, and brand building, focusing on consumer insights, efficient supply chain, intelligent manufacturing, and omni-channel sales. - The design and R&D model is based on online and offline consumer data insights, conducting two-season new product development annually, focusing on user sleep pain points, and collaborating with international institutions to build an international R&D network[43](index=43&type=chunk) - The procurement model revolves around the strategic deployment of "process innovation, quality improvement and efficiency enhancement, rapid response," strengthening comprehensive supply chain capabilities, and utilizing a digital supply chain platform to improve response speed and production efficiency[44](index=44&type=chunk) - The production model combines independent production with outsourced processing, implementing lean production and TOC constraint theory, and enhancing efficiency and reducing costs through intelligent equipment and automated processes[45](index=45&type=chunk) - The sales model adopts a combination of online and offline channels, with offline primarily consisting of "franchise chains + direct-operated chains + centralized procurement," and online closely collaborating with platforms such as Tmall, JD.com, and Douyin, while also developing influencer live streaming and proprietary platforms[46](index=46&type=chunk) - Brand building is centered on "ultra-soft bedding," with Luolai bedding holding the top market share for 20 consecutive years and Luolai Kids for 5 consecutive years, strengthening brand influence through precise marketing and IP collaborations[47](index=47&type=chunk)[48](index=48&type=chunk) [II. Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its integrated "culture, mechanism, and talent," strong multi-brand reputation, extensive sales network, leading R&D capabilities, and advanced digital supply chain management. - The company's core competitiveness is composed of "culture, mechanism, and talent," fostering an AI innovation and campaign culture, building a self-driven mechanism, and developing a professional, vibrant talent team[49](index=49&type=chunk) - The company employs a multi-brand strategy, covering ultra-high-end to mass consumer markets, with Luolai bedding holding the top market share for 20 consecutive years and Luolai Kids bedding for 5 consecutive years[50](index=50&type=chunk) - The company possesses a strong sales network, with 2,523 terminal stores in the domestic market as of June 30, 2025, and continuously optimizes online channels to enhance refined operational capabilities[51](index=51&type=chunk) - The company has first-class design and R&D capabilities, developing new products based on consumer data insights, building the Texsoft core ultra-soft technology barrier, and applying for 50 new patents in the first half of 2025, accumulating 604 authorized patents[52](index=52&type=chunk)[53](index=53&type=chunk) - Phase I of the Luolai Smart Industrial Park was completed in April 2025, introducing approximately 150 sets of AI intelligent fabric inspection and fully automated production equipment, achieving full-process automation in fabric AI inspection, flexible intelligent manufacturing, smart logistics, and warehousing, significantly improving supply chain efficiency[54](index=54&type=chunk) - The company's digital transformation strategy has achieved significant results, widely applying AI technology in intelligent manufacturing, smart office, and retail businesses, with plans to deepen intelligent manufacturing, innovate smart office, build a retail intelligent decision-making system, and deeply leverage data asset value in 2026[56](index=56&type=chunk) [III. Main Business Analysis](index=15&type=section&id=III.%20Main%20Business%20Analysis) In the first half of 2025, the company's main business operating revenue increased by **3.60%** to **CNY 2.181 billion**, but net cash flow from investing activities significantly decreased by **124.63%** to **-CNY 1.289 billion**. Key Financial Data Year-on-year Changes | Indicator | Current Reporting Period (CNY) | Same Period Last Year (CNY) | Year-on-year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,181,225,983.82 | 2,105,531,277.76 | 3.60% | - | | Operating Cost | 1,138,090,733.24 | 1,121,410,724.08 | 1.49% | - | | Selling Expenses | 572,516,432.38 | 548,547,621.00 | 4.37% | - | | Administrative Expenses | 171,746,009.89 | 134,457,875.44 | 27.73% | - | | Financial Expenses | -8,199,372.15 | -19,781,291.22 | 58.55% | Decrease in interest income this period | | R&D Investment | 60,692,488.57 | 74,006,250.46 | -17.99% | - | | Net Cash Flow from Operating Activities | 377,264,766.12 | 292,606,683.68 | 28.93% | - | | Net Cash Flow from Investing Activities | -1,288,614,270.17 | -573,661,829.30 | -124.63% | More investment expenditures on wealth management products | | Net Cash Flow from Financing Activities | 110,809,482.97 | -612,288,081.13 | 118.10% | Increase in financing inflows | | Net Increase in Cash and Cash Equivalents | -802,674,218.62 | -892,300,248.92 | 10.04% | - | Operating Revenue Composition (by Product and Region) | Category | Item | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue (%) | Same Period Last Year Amount (CNY) | Proportion of Operating Revenue (%) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Standard Bedding Sets | 654,974,712.95 | 30.03% | 638,396,979.27 | 30.32% | 2.60% | | | Quilts | 701,522,423.20 | 32.16% | 654,332,830.92 | 31.08% | 7.21% | | | Pillows | 150,778,371.89 | 6.91% | 96,466,124.23 | 4.58% | 56.30% | | | Summer Products | 143,626,883.57 | 6.59% | 134,714,297.08 | 6.40% | 6.62% | | | Other | 138,043,233.50 | 6.33% | 156,087,985.43 | 7.41% | -11.56% | | | Furniture | 392,280,358.71 | 17.98% | 425,533,060.83 | 20.21% | -7.81% | | **By Region** | East China | 891,312,637.17 | 40.87% | 855,428,231.02 | 40.62% | 4.19% | | | Central China | 189,528,665.64 | 8.69% | 183,624,073.78 | 8.72% | 3.22% | | | Northeast China | 89,095,660.97 | 4.08% | 88,601,720.59 | 4.21% | 0.56% | | | North China | 207,068,506.11 | 9.49% | 194,699,543.38 | 9.25% | 6.35% | | | Southwest China | 194,948,898.71 | 8.94% | 178,736,510.24 | 8.49% | 9.07% | | | South China | 146,973,162.01 | 6.74% | 120,840,152.02 | 5.74% | 21.63% | | | Northwest China | 61,381,739.38 | 2.81% | 49,375,268.50 | 2.35% | 24.32% | | | United States | 392,280,358.71 | 17.98% | 425,533,060.83 | 20.21% | -7.81% | | | Overseas & Hong Kong, Macau, Taiwan (excluding US) | 8,636,355.12 | 0.40% | 8,692,717.40 | 0.41% | -0.65% | - As of June 30, 2025, the company had 381 domestic direct-operated stores with a total area of 46,999 sqm, and the average monthly sales revenue per store was **CNY 83,200**, with direct-operated stores open for more than 12 months showing a **14.93%** increase in average monthly operating revenue compared to last year[64](index=64&type=chunk) [IV. Other Information Required by Textile and Apparel Industry Disclosure Guidelines](index=18&type=section&id=IV.%20Other%20Information%20Required%20by%20Textile%20and%20Apparel%20Industry%20Disclosure%20Guidelines) In the first half of 2025, the company's total production capacity was **6.247 million units/sets** with a utilization rate of **95.00%**, and online sales accounted for **33.82%** of total revenue. 2025 First Half Production Capacity | Indicator | Current Reporting Period | Same Period Last Year | | :--- | :--- | :--- | | Total Production Capacity | 6.247 million units/sets | 5.204 million units/sets | | Capacity Utilization Rate | 95.00% | 90.27% | | Overseas Production Capacity | 0.0093 million units | - | | Overseas Capacity Utilization Rate | 55.00% | - | - The company's sales model includes offline (franchise, direct-operated, group buying) and online (primarily e-commerce direct sales), with online sales channels generating operating revenue of **CNY 738 million**, accounting for **33.82%** of the company's total operating revenue[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[77](index=77&type=chunk) 2025 First Half Selling Expenses Composition | Item | Current Period Amount (CNY) | Year-on-year Change (%) | | :--- | :--- | :--- | | Advertising and Business Promotion Fees | 153,829,778.95 | 24.14% | | Promotion Fees | 113,813,564.69 | 10.45% | | Transportation Fees | 5,623,803.15 | 39.67% | | Total | 572,516,432.38 | 4.37% | 2025 First Half Inventory Situation | Main Product | Inventory Turnover Days | Inventory Quantity | Inventory Age (days) | Year-on-year Change in Inventory Balance (%) | | :--- | :--- | :--- | :--- | :--- | | Standard Bedding Sets | 138 | 1,350,909 | 283 | -0.53% | | Quilts | 139 | 1,227,439 | 235 | -7.99% | | Pillows | 96 | 565,613 | 184 | -1.06% | | Summer Products | 98 | 221,439 | 261 | -16.58% | | Other Accessories | 221 | 2,670,835 | 747 | 0.20% | | Furniture | 268 | 94,095 | 379 | -1.02% | | Total | 169 | 6,130,330 | 340 | -3.18% | - As of June 30, 2025, the inventory impairment provision balance was **CNY 101.803 million**, with **CNY 55.092 million** accrued and **CNY 56.546 million** reversed or written off during the year[81](index=81&type=chunk) - The company owns proprietary brands such as "Luolai," "Luolai Kids," "LAVIE HOME," "Uchino," "LOVO," and "Lexington," and also acts as an authorized agent for several international brands including "SHERIDAN," "ZUCCHI," "BASSETTI," "SCHLOSSBERG," "GRACCIOZA," "Millefiori," "DURANCE," and "IITTALA"[83](index=83&type=chunk)[84](index=84&type=chunk) [V. Non-Main Business Analysis](index=25&type=section&id=V.%20Non-Main%20Business%20Analysis) During the reporting period, the company had no non-main business analysis content. - The company had no non-main business analysis during the reporting period[93](index=93&type=chunk) [VI. Analysis of Assets and Liabilities](index=25&type=section&id=VI.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **CNY 6.514 billion**, an increase of **5.64%** from the end of the previous year, with significant changes in monetary funds, other debt investments, and short-term liabilities. Significant Changes in Asset Composition | Item | End of Current Reporting Period Amount (CNY) | Proportion of Total Assets (%) | End of Last Fiscal Year Amount (CNY) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 380,112,705.11 | 5.84% | 1,142,577,755.96 | 18.53% | -12.69% | Increased purchase of wealth management products | | Accounts Receivable | 246,722,585.99 | 3.79% | 334,032,381.60 | 5.42% | -1.63% | - | | Inventory | 1,051,935,665.85 | 16.15% | 1,086,618,634.27 | 17.62% | -1.47% | - | | Other Debt Investments | 1,104,449,052.68 | 16.96% | 170,832,291.66 | 2.77% | 14.19% | - | | Non-current Assets Due Within One Year | 277,712,115.55 | 4.26% | 70,903,420.00 | 1.15% | 3.11% | - | | Short-term Borrowings | 333,708,451.56 | 5.12% | 250,216,645.53 | 4.06% | 1.06% | - | | Notes Payable | 703,943,779.59 | 10.81% | 279,836,989.13 | 4.54% | 6.27% | - | Key Overseas Asset Information | Specific Asset Content | Reason for Formation | Asset Scale (CNY billion) | Location | Operating Model | Profit/Loss Status | Proportion of Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lexington Holding | Acquisition | 0.965 | United States | Independent Operation | -CNY 28.7534 million | 23.75% | - As of the end of the reporting period, **CNY 49.554 million** of the company's monetary funds were judicially frozen, and **CNY 251,101.65** of other monetary funds were bank acceptance bill deposits, both with usage restrictions[99](index=99&type=chunk)[465](index=465&type=chunk) [VII. Investment Analysis](index=26&type=section&id=VII.%20Investment%20Analysis) During the reporting period, the company's total investment was **CNY 48.44 million**, a significant year-on-year decrease of **63.27%**, with no major equity investments but ongoing significant non-equity investment in the Luolai Smart Industrial Park. Investment Amount During the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount During the Reporting Period | 48,440,167.95 | | Investment Amount in Same Period Last Year | 131,885,137.07 | | Change Rate | -63.27% | - The company had no significant equity investments, securities investments, or derivative investments during the reporting period[101](index=101&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The Luolai Smart Industrial Park construction project is a significant non-equity investment, with **CNY 48.4402 million** invested in the current reporting period, and a cumulative investment of **CNY 598 million** as of the end of the reporting period, with project progress at **69.07%**[102](index=102&type=chunk) [VIII. Major Asset and Equity Sales](index=28&type=section&id=VIII.%20Major%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any major asset or equity sales. - The company did not sell any major assets or equity during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk) [IX. Analysis of Major Holding and Participating Companies](index=28&type=section&id=IX.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries, including Shanghai Luolai Home Textiles Co., Ltd. and Hong Kong Home Life Investment Management Co., Ltd., play crucial roles in textile production, sales, and investment management. Major Holding Subsidiary Financial Performance (2025 Semi-Annual) | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Luolai Home Textiles Co., Ltd. | Subsidiary | Production, sales of textiles, apparel, footwear, hats, arts and crafts, import and export of goods and technology | 291,895,000.00 | 2,211,927,591.32 | 6,199,222.35 | | Hong Kong Home Life Investment Management Co., Ltd. | Subsidiary | Investment | 500,000,000.00 | 1,073,486,408.78 | 28,753,356.81 | | Shanghai Luolai Lifestyle Technology Co., Ltd. | Subsidiary | Production, sales of textiles, apparel, footwear, hats, arts and crafts, import and export of goods and technology | 298,000,000.00 | 1,103,526,314.05 | 41,841,491.61 | - During the reporting period, the company established two new subsidiaries, Shaoxing Laicui and Luolai Zhishu, which are small in scale and have minor impact on overall production, operations, and performance[110](index=110&type=chunk) [X. Information on Structured Entities Controlled by the Company](index=29&type=section&id=X.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities. - The company did not control any structured entities during the reporting period[110](index=110&type=chunk) [XI. Risks Faced by the Company and Countermeasures](index=29&type=section&id=XI.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic fluctuations, rising raw material prices, intensified market competition, and inventory management, which it addresses through strategic initiatives and digital transformation. - The company faces macroeconomic fluctuation risks, with slowing domestic economic growth and the US furniture business affected by a sluggish overseas real estate market[110](index=110&type=chunk) - Fluctuations in raw material prices (cotton, down, etc.) and rising production factor costs (labor, energy, logistics) may impact the company's operations[111](index=111&type=chunk) - Market competition in the home textile industry is intensifying, with accelerating technological updates; a lack of innovation capability could lead to market share decline and squeezed profit margins[112](index=112&type=chunk) - Inventory accounts for a relatively high proportion of current assets, and abnormal changes in the sales market could lead to inventory impairment or difficulty in realization[113](index=113&type=chunk) - The company's countermeasures include continuously enhancing brand product power, channel power, and operational power, investing heavily in digitalization, accelerating supply chain response speed, and optimizing inventory structure through strengthened merchandise planning, product R&D, and inventory management[114](index=114&type=chunk)[115](index=115&type=chunk) [XII. Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan. - The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period[116](index=116&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=30&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) During the reporting period, the company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[116](index=116&type=chunk) Part IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Xue Xia resigned as Board Secretary due to personal reasons, and Ding Wei was appointed as the new Board Secretary. Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xue Xia | Board Secretary | Dismissal | July 23, 2025 | Personal reasons | | Ding Wei | Board Secretary | Appointment | July 25, 2025 | Work requirements | [II. Profit Distribution and Capital Reserve to Share Capital During the Reporting Period](index=30&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **CNY 2** (tax inclusive) per 10 shares, totaling **CNY 166.818 million**. 2025 Semi-Annual Profit Distribution | Indicator | Amount/Quantity | | :--- | :--- | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (CNY) (tax incl.) | 2 | | Share Capital Base for Distribution Plan (shares) | 834,092,481 | | Total Cash Dividend (CNY) (tax incl.) | 166,818,496.20 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | | Parent Company Distributable Profit (CNY) | 1,641,940,008.18 | - The company's 2025 semi-annual consolidated net profit attributable to shareholders was **CNY 185.491 million**, while the parent company's net profit was **CNY 123.595 million**[120](index=120&type=chunk) - The profit distribution plan complies with the "Articles of Association" and relevant laws and regulations, fully considering the company's operating conditions, future development needs, and shareholder returns, and will not cause a shortage of the company's working capital[121](index=121&type=chunk) [III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=31&type=section&id=III.%20Implementation%20of%20Company's%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company completed the registration of its 2024 restricted stock and stock option incentive plan on January 16, 2025, granting restricted stock and stock options to eligible individuals. - The company completed the registration of its 2024 restricted stock and stock option incentive plan on January 16, 2025[122](index=122&type=chunk) - There were no employee stock ownership plans or other employee incentive measures during the reporting period[122](index=122&type=chunk) [IV. Environmental Information Disclosure](index=32&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, and no environmental incidents occurred during the reporting period. - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, and no environmental incidents occurred during the reporting period[123](index=123&type=chunk) [V. Social Responsibility](index=32&type=section&id=V.%20Social%20Responsibility) Luolai Lifestyle actively fulfills its social responsibilities, having donated **CNY 5.755 million** in the first half of 2025 for disaster relief and social welfare projects. - The company is a member of the "Humanitarian Aid Enterprise Strategy" cooperation circle of the China Foundation for Rural Development and has been awarded the title of "Caring Enterprise" for over ten consecutive years[123](index=123&type=chunk) - In the first half of 2025, the company cumulatively donated **CNY 5.755 million** for earthquake relief in Shigatse, Tibet, nursing homes, and medical assistance projects[123](index=123&type=chunk) Part V Important Matters [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=33&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company had no overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself. - The company had no overdue unfulfilled commitments during the reporting period[125](index=125&type=chunk) [II. Non-operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=33&type=section&id=II.%20Non-operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company. - The company had no non-operating funds occupied by the controlling shareholder or other related parties during the reporting period[126](index=126&type=chunk) [III. Irregular External Guarantees](index=33&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees. - The company had no irregular external guarantees during the reporting period[127](index=127&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[128](index=128&type=chunk)[169](index=169&type=chunk) [V. Board of Directors' and Supervisory Board's Explanation of "Non-standard Audit Report" for the Current Reporting Period](index=33&type=section&id=V.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanation%20of%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) During the reporting period, the company did not have a non-standard audit report. - The company had no non-standard audit report during the reporting period[129](index=129&type=chunk) [VI. Board of Directors' Explanation of "Non-standard Audit Report" for the Previous Year](index=33&type=section&id=VI.%20Board%20of%20Directors'%20Explanation%20of%20%22Non-standard%20Audit%20Report%22%20for%20the%20Previous%20Year) During the reporting period, the company did not have a non-standard audit report. - The company had no non-standard audit report during the reporting period[129](index=129&type=chunk) [VII. Matters Related to Bankruptcy and Reorganization](index=33&type=section&id=VII.%20Matters%20Related%20to%20Bankruptcy%20and%20Reorganization) During the reporting period, the company did not experience any matters related to bankruptcy and reorganization. - The company did not experience any matters related to bankruptcy and reorganization during the reporting period[129](index=129&type=chunk) [VIII. Litigation Matters](index=34&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters. - The company had no significant litigation or arbitration matters during the reporting period[130](index=130&type=chunk) [IX. Penalties and Rectification](index=34&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations. - The company had no penalties or rectification situations during the reporting period[131](index=131&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status. - The company, its controlling shareholder, and actual controller maintained a good integrity status[132](index=132&type=chunk) [XI. Material Related Party Transactions](index=34&type=section&id=XI.%20Material%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine operational related party transactions totaling **CNY 45.7203 million**, primarily for procurement and leasing services, all within approved limits. Related Party Transactions Related to Routine Operations (Procurement of Goods/Acceptance of Services) | Related Party | Related Transaction Content | Current Period Amount (CNY ten thousand) | Approved Transaction Limit (CNY ten thousand) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Nantong Lailuo Packaging Decoration Co., Ltd. | Procurement of printed packaging materials | 1,407.05 | 2,200 | No | | Nantong Haiya Packaging Co., Ltd. | Procurement of printed packaging materials | 2,291.98 | 3,700 | No | | Luolai Gift (Shanghai) Co., Ltd. | Procurement of gifts and promotional items | 711.64 | 2,500 | No | | Shanghai Luolai Smart Home Ecological Technology (Group) Co., Ltd. | Procurement of small home items like fragrances | 156.85 | 600 | No | | Shanghai Luolai Smart Home Ecological Technology (Group) Co., Ltd. | House leasing to related party | 137.12 | 300 | No | | Mingde Inheritance Business Consulting Co., Ltd. | House leasing to related party | 8.97 | 20 | No | | Shanghai Luolai Smart Home Ecological Technology (Group) Co., Ltd. | Related party use of registered trademark | 145.38 | 300 | No | | Xue Weicheng, Xue Weibin | Shareholder lease of property | 4.50 | 18 | No | | Total | - | 4,863.49 | 9,638 | No | - The company had no other material related party transactions during the reporting period, such as asset or equity acquisitions/disposals, joint external investments, non-operating related party creditor-debtor relationships, or dealings with affiliated financial companies[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [XII. Material Contracts and Their Performance](index=37&type=section&id=XII.%20Material%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no material contracts related to trusteeship, contracting, or significant guarantees, but engaged in wealth management with an outstanding balance of **CNY 198 million**. - The company had no trusteeship or contracting situations during the reporting period, nor any leasing projects that generated profits exceeding **10%** of total profit[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - The company had no material guarantee situations during the reporting period[144](index=144&type=chunk) Wealth Management Situation | Specific Type | Source of Wealth Management Funds | Wealth Management Amount (CNY ten thousand) | Outstanding Balance (CNY ten thousand) | Overdue Unrecovered Amount (CNY ten thousand) | | :--- | :--- | :--- | :--- | :--- | | Other | Own Funds | 42,200 | 19,800 | 0 | - The company had no other material contracts during the reporting period[147](index=147&type=chunk) [XIII. Explanation of Other Material Matters](index=38&type=section&id=XIII.%20Explanation%20of%20Other%20Material%20Matters) During the reporting period, the company had no other material matters requiring explanation. - The company had no other material matters requiring explanation during the reporting period[148](index=148&type=chunk) [XIV. Material Matters of Company Subsidiaries](index=38&type=section&id=XIV.%20Material%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company's subsidiaries had no material matters. - The company's subsidiaries had no material matters during the reporting period[149](index=149&type=chunk) Part VI Share Changes and Shareholder Information [I. Share Changes](index=39&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital increased by **3.11 million shares** to **834.092 million shares** due to the implementation of the 2024 restricted stock and stock option incentive plan. Share Changes | Share Type | Quantity Before Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 4,374,412 | 3,110,000 | 7,484,412 | | 3. Other Domestic Shares | 4,374,412 | 3,110,000 | 7,484,412 | | Shares Held by Domestic Natural Persons | 4,374,412 | 3,110,000 | 7,484,412 | | II. Unrestricted Shares | 826,608,069 | 0 | 826,608,069 | | 1. RMB Ordinary Shares | 826,608,069 | 0 | 826,608,069 | | III. Total Shares | 830,982,481 | 3,110,000 | 834,092,481 | - The reason for the share change was the company's implementation of the 2024 restricted stock and stock option incentive plan[152](index=152&type=chunk) - The registration of restricted stock and stock options was completed on January 16, 2025[156](index=156&type=chunk) Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Equity Incentive Recipients | 0 | 3,110,000 | 3,110,000 | Grant of restricted stock | [II. Securities Issuance and Listing](index=41&type=section&id=II.%20Securities%20Issuance%20and%20Listing) On January 20, 2025, the company issued **3.11 million restricted shares** at **CNY 3.66 per share**, which were listed for trading on January 21, 2025. Securities Issuance and Listing | Stock Name | Issuance Date | Issuance Price (CNY) | Issuance Quantity (shares) | Listing Date | Quantity Approved for Listing (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Stock | January 20, 2025 | 3.66 | 3,110,000 | January 21, 2025 | 3,110,000 | [III. Company Shareholder Numbers and Shareholding](index=41&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, the company had **23,178 ordinary shareholders**, with Weijia International Enterprise Co., Ltd. and Nantong Luolai Lifestyle Technology Development Group Co., Ltd. being major shareholders. - The total number of ordinary shareholders at the end of the reporting period was **23,178**[161](index=161&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Shares Held at End of Reporting Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Weijia International Enterprise Co., Ltd. | Overseas Legal Person | 16.48% | 137,500,000 | 0 | 137,500,000 | 0 | | Nantong Luolai Lifestyle Technology Development Group Co., Ltd. | Domestic Non-state-owned Legal Person | 15.37% | 128,202,869 | 0 | 128,202,869 | 16,000,000 (Pledged) | | Xue Junteng | Domestic Natural Person | 5.99% | 49,954,639 | 0 | 49,954,639 | 0 | | Wang Chen | Domestic Natural Person | 4.62% | 38,522,652 | 0 | 38,522,652 | 0 | | Xue Jinchen | Domestic Natural Person | 4.62% | 38,522,652 | 0 | 38,522,652 | 0 | - The actual controller of the company is Mr. Xue Weicheng, who controls the company through Nantong Luolai Lifestyle Technology Development Group Co., Ltd. (holding **55%**) and its wholly-owned subsidiary Weijia International Enterprise Co., Ltd[161](index=161&type=chunk)[162](index=162&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Vice Presidents Wang Liang and Leng Zhimin, CFO Chen Xiaodong, and former Board Secretary Xue Xia increased their shareholdings due to the equity incentive plan. Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | Restricted Shares Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Liang | Vice President | Current | 1,445,000 | 600,000 | 2,045,000 | 600,000 | | Leng Zhimin | Vice President | Current | 1,094,125 | 600,000 | 1,694,125 | 600,000 | | Chen Xiaodong | CFO | Current | 2,000 | 150,000 | 152,000 | 150,000 | | Xue Xia | Board Secretary | Resigned | 100,000 | 150,000 | 250,000 | 150,000 | | Total | - | - | 2,641,125 | 1,500,000 | 4,141,125 | 1,500,000 | - The increase in shares held in the current period is due to the grant of restricted stock[163](index=163&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller. - The company's controlling shareholder or actual controller did not change during the reporting period[164](index=164&type=chunk) [VI. Preferred Shares Information](index=44&type=section&id=VI.%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares. - The company had no preferred shares during the reporting period[165](index=165&type=chunk) Part VII Bond-Related Information During the reporting period, the company had no bond-related information. - The company had no bond-related information during the reporting period[167](index=167&type=chunk) Part VIII Financial Report This unaudited financial report presents the company's 2025 semi-annual consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity. - The company's semi-annual financial report was not audited[169](index=169&type=chunk) - The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission[215](index=215&type=chunk)[216](index=216&type=chunk) - The company's main tax categories include VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge, with corporate income tax rates varying based on the taxpayer and high-tech enterprise certification (e.g., **15%** or **25%**)[461](index=461&type=chunk)[462](index=462&type=chunk) - The company faces credit risk, liquidity risk, and market risk (foreign exchange risk, interest rate risk), which are managed through policy setting, regular monitoring, and assessment[685](index=685&type=chunk)[686](index=686&type=chunk)[694](index=694&type=chunk)[696](index=696&type=chunk)[698](index=698&type=chunk) [I. Audit Report](index=46&type=section&id=I.%20Audit%20Report) The company's 2025 semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[169](index=169&type=chunk) [II. Financial Statements](index=46&type=section&id=II.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity. - This section includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[170](index=170&type=chunk)[173](index=173&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk)[180](index=180&type=chunk)[182](index=182&type=chunk)[184](index=184&type=chunk)[191](index=191&type=chunk) [1. Consolidated Balance Sheet](index=46&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **CNY 6.514 billion**, with total current liabilities of **CNY 2.190 billion** and total owners' equity attributable to the parent company of **CNY 4.044 billion**. Consolidated Balance Sheet Key Data | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 6,514,089,729.95 | 6,166,022,812.07 | | Total Current Assets | 2,826,090,358.10 | 3,393,484,128.40 | | Total Non-current Assets | 3,687,999,371.85 | 2,772,538,683.67 | | Total Liabilities | 2,450,104,862.11 | 1,960,902,983.88 | | Total Current Liabilities | 2,190,318,624.19 | 1,670,140,431.01 | | Total Non-current Liabilities | 259,786,237.92 | 290,762,552.87 | | Total Owners' Equity Attributable to Parent Company | 4,043,702,385.15 | 4,185,331,172.85 | [2. Parent Company Balance Sheet](index=49&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **CNY 5.299 billion**, with total current liabilities of **CNY 1.409 billion** and total owners' equity of **CNY 3.791 billion**. Parent Company Balance Sheet Key Data | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 5,299,064,485.47 | 5,366,991,005.29 | | Total Current Assets | 2,202,392,953.47 | 2,517,942,450.73 | | Total Non-current Assets | 3,096,671,532.00 | 2,849,048,554.56 | | Total Liabilities | 1,508,130,854.71 | 1,375,961,160.25 | | Total Current Liabilities | 1,409,194,703.69 | 1,268,238,604.69 | | Total Non-current Liabilities | 98,936,151.02 | 107,722,555.56 | | Total Owners' Equity | 3,790,933,630.76 | 3,991,029,845.04 | [3. Consolidated Income Statement](index=51&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **CNY 2.181 billion**, a **3.60%** increase, with net profit of **CNY 186 million**, up **16.90%**. Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 2,181,225,983.82 | 2,105,531,277.76 | | Total Operating Costs | 1,955,084,074.63 | 1,868,869,148.62 | | Operating Profit | 208,894,224.25 | 188,796,026.26 | | Total Profit | 214,718,421.64 | 186,052,892.93 | | Net Profit | 185,984,674.80 | 158,919,068.90 | | Net Profit Attributable to Parent Company Shareholders | 185,490,847.45 | 158,574,317.24 | | Basic Earnings Per Share | 0.2232 | 0.1900 | | Diluted Earnings Per Share | 0.2232 | 0.1900 | [4. Parent Company Income Statement](index=53&type=section&id=4.%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was **CNY 1.073 billion**, a **5.47%** increase, with net profit of **CNY 124 million**, up **117.02%**. Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Operating Revenue | 1,072,535,464.14 | 1,016,855,021.05 | | Operating Costs | 759,938,356.12 | 783,998,583.43 | | Operating Profit | 135,115,357.06 | 63,550,388.07 | | Total Profit | 137,567,567.61 | 64,683,821.11 | | Net Profit | 123,595,140.64 | 56,952,291.71 | [5. Consolidated Cash Flow Statement](index=54&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities was **CNY 377 million**, up **28.93%**, while net cash flow from investing activities was **-CNY 1.289 billion** due to increased wealth management product purchases. Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 377,264,766.12 | 292,606,683.68 | | Net Cash Flow from Investing Activities | -1,288,614,270.17 | -573,661,829.30 | | Net Cash Flow from Financing Activities | 110,809,482.97 | -612,288,081.13 | | Net Increase in Cash and Cash Equivalents | -802,674,218.62 | -892,300,248.92 | - Net cash flow from investing activities decreased by **124.63%**, primarily due to increased investment expenditures on wealth management products in the current period[58](index=58&type=chunk) - Net cash flow from financing activities increased by **118.10%**, primarily due to increased financing inflows in the current period[58](index=58&type=chunk) [6. Parent Company Cash Flow Statement](index=55&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **CNY 230 million**, up **48.66%**, with net cash flow from investing activities at **-CNY 786 million**. Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 229,986,631.73 | 154,702,246.27 | | Net Cash Flow from Investing Activities | -785,559,448.38 | -1,110,741,654.91 | | Net Cash Flow from Financing Activities | -352,406,367.43 | -339,258,194.08 | | Net Increase in Cash and Cash Equivalents | -907,979,184.08 | -1,295,297,602.72 | [7. Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the company's consolidated owners' equity totaled **CNY 4.064 billion**, a **3.36%** decrease from the beginning of the period, mainly due to profit distribution. Consolidated Statement of Changes in Owners' Equity (2025 Semi-Annual) | Item | Beginning of Period Balance (CNY) | Change Amount in Current Period (CNY) | End of Period Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 830,982,481.00 | 3,110,000.00 | 834,092,481.00 | | Capital Reserve | 740,605,023.33 | 18,218,237.48 | 758,823,260.81 | | Less: Treasury Stock | 0.00 | 11,382,600.00 | 11,382,600.00 | | Other Comprehensive Income | 89,933,934.95 | -5,129,479.80 | 84,804,455.15 | | Retained Earnings | 2,048,221,134.74 | -146,444,945.38 | 1,901,776,189.36 | | Total Owners' Equity Attributable to Parent Company | 4,185,331,172.85 | -141,628,787.70 | 4,043,702,385.15 | | Minority Interests | 19,788,655.34 | 493,827.35 | 20,282,482.69 | | Total Owners' Equity | 4,205,119,828.19 | -141,134,960.35 | 4,063,984,867.84 | [8. Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's owners' equity totaled **CNY 3.791 billion**, a **5.01%** decrease from the beginning of the period, mainly due to profit distribution. Parent Company Statement of Changes in Owners' Equity (2025 Semi-Annual) | Item | Beginning of Period Balance (CNY) | Change Amount in Current Period (CNY) | End of Period Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 830,982,481.00 | 3,110,000.00 | 834,092,481.00 | | Capital Reserve | 832,476,905.27 | 18,218,237.48 | 850,695,142.75 | | Less: Treasury Stock | 0.00 | 11,382,600.00 | 11,382,600.00 | | Retained Earnings | 1,851,981,859.94 | -210,041,851.76 | 1,641,940,008.18 | | Total Owners' Equity | 3,991,029,845.04 | -200,096,214.28 | 3,790,933,630.76 | [III. Company Basic Information](index=64&type=section&id=III.%20Company%20Basic%20Information) Luolai Lifestyle Technology Co., Ltd., established in 1992 and listed on the Shenzhen Stock Exchange in 2009, primarily engages in home textile business with its headquarters in Nantong, Jiangsu. - Luolai Lifestyle Technology Co., Ltd., founded in 1992 as Nantong Luolai Home Furnishings Co., Ltd., was listed on the Shenzhen Stock Exchange in September 2009[198](index=198&type=chunk)[202](index=202&type=chunk) - The company's share capital has undergone multiple changes due to capital reserve transfers, restricted stock issuances, and repurchases and cancellations, with a total share capital of **834,092,481 shares** as of June 30, 2025[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk) - The company's main business activities focus on bedding-centric home textile products, integrating R&D, design, production, and sales through various online and offline channels[213](index=213&type=chunk) [IV. Basis of Financial Statement Preparation](index=67&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant disclosure regulations. - The company prepares its financial statements on a going concern basis, adhering to enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission[215](index=215&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[216](index=216&type=chunk) [V. Significant Accounting Policies and Estimates](index=67&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including business combinations, financial instruments, inventory, revenue recognition, and employee compensation. - The company adheres to enterprise accounting standards to truthfully and completely reflect its financial position, operating results, and cash flows[218](index=218&type=chunk) - In business combinations, the company measures at book value for common control and at fair value for non-common control[223](index=223&type=chunk)[225](index=225&type=chunk) - 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 contractual cash flow characteristics[272](index=272&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, distinguishing between revenue recognized over time or at a point in time based on the type of performance obligation[397](index=397&type=chunk) - Significant accounting judgments and estimates include the measurement of expected credit losses on accounts receivable, goodwill impairment, recognition of deferred income tax assets, and determination of fair value for unlisted equity investments[457](index=457&type=chunk)[458](index=458&type=chunk)[459](index=459&type=chunk) [VI. Taxes](index=109&type=section&id=VI.%20Taxes) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge, with corporate income tax rates varying by entity. Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Revenue | 0%, 6%, 13% | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7% | | Corporate Income Tax | Taxable Income | 15.00%, 16.5%, 22.027%, 25% | | Education Surcharge | Payable Turnover Tax | 3% | | Local Education Surcharge | Payable Turnover Tax | 2% | - The company was re-certified as a high-tech enterprise in October 2022 and enjoys a **15%** corporate income tax preferential rate for 2025[462](index=462&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=109&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the consolidated financial statement items, showing significant changes in monetary funds, notes payable, short-term borrowings, and inventory impairment provisions. Monetary Funds Changes | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 380,112,705.11 | 1,142,577,755.96 | | Reason for Change | Increased purchase of other debt investments | - | Notes Payable and Short-term Borrowings Changes | Item | End of Period Balance (CNY) | Beginning of Period Balance (CNY) | | :--- | :--- | :--- | | Notes Payable | 703,943,779.59 | 279,836,989.13 | | Short-term Borrowings | 333,708,451.56 | 250,216,645.53 | Inventory Impairment Provision Changes | Item | Beginning of Period Balance (CNY) | Accrued in Current Period (CNY) | Reversed or Written Off in Current Period (CNY) | End of Period Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Inventory Impairment Provision | 103,560,059.78 | 55,091,786.05 | 56,545,585.70 | 101,803,212.54 | Operating Revenue and Operating Costs | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,163,549,734.55 | 1,134,612,669.65 | 2,066,623,905.55 | 1,097,188,615.45 | | Other Business | 17,676,249.27 | 3,478,063.59 | 38,907,372.21 | 24,222,108.63 | | Total | 2,181,225,983.82 | 1,138,090,733.24 | 2,105,531,277.76 | 1,121,410,724.08 | Financial Expenses Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Interest Expense | 9,488,329.73 | 12,088,131.81 | | Less: Interest Income | 20,101,791.69 | 34,680,653.98 | | Total | -8,199,372.15 | -19,781,291.22 | Asset Impairment Losses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Inventory Impairment Losses and Contract Performance Cost Impairment Losses | -55,091,786.05 | -81,621,868.05 | | Total | -55,091,786.05 | -81,621,868.05 | [VIII. R&D Expenses](index=142&type=section&id=VIII.%20R%26D%20Expenses) In the first half of 2025, the company's R&D expenses totaled **CNY 60.6925 million**, a **17.99%** year-on-year decrease, all of which were expensed. R&D Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | R&D Expenses | 60,692,488.57 | 74,006,250.46 | | Expensed R&D Expenses | 60,692,488.57 | 74,006,250.46 | [IX. Changes in Consolidation Scope](index=143&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company added two new subsidiaries, Shaoxing Laicui and Luolai Zhishu, through establishment, with minor impact on overall operations. Changes in Consolidation Scope | Company Name | Method of Acquisition and Disposal of Subsidiaries in Current Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shaoxing Laicui | Newly established | Small scale, minor impact | | Luolai Zhishu | Newly established |

鲁银投资集团股份有限公司2025 年半年度报告 公司代码：600784 公司简称：鲁银投资 鲁银投资集团股份有限公司 2025 年半年度报告 1 / 140 鲁银投资集团股份有限公司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、 公司负责人杨耀东、主管会计工作负责人李方及会计机构负责人（会计主管人员）王晓霞 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述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。 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 无 十一、 其他 □适用 √不适用 2 / 140 七、 是否存在被控股 ...

[Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) [Common Term Definitions](index=5&type=section&id=Common%20Term%20Definitions) This section defines key terms, including company entities, regulatory bodies, and drug classifications, for report clarity - Full company name: **Suzhou Zelgen Biopharmaceutical Co., Ltd.**, abbreviated as Zelgen Biopharma[13](index=13&type=chunk) - **National Medical Products Administration (NMPA)**: The national drug regulatory body under the State Administration for Market Regulation[13](index=13&type=chunk) - **Donafenib Tosylate Tablets (Zepsun®)**: The company's marketed Class 1 anti-tumor targeted small molecule new drug for unresectable hepatocellular carcinoma and radioactive iodine-refractory differentiated thyroid cancer[14](index=14&type=chunk) - **Jicacaxtinib Hydrochloride Tablets (Zepuping®)**: The company's marketed Class 1 JAK small molecule new drug for treating myelofibrosis[14](index=14&type=chunk) - **ZG006**: The company's investigational CD3/DLL3/DLL3 trispecific antibody, a Class 1 therapeutic biological product, approved for clinical trials by China and the FDA[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Overview](index=7&type=section&id=I.%20Company%20Overview) This section outlines basic information about Suzhou Zelgen Biopharmaceutical Co., Ltd., including its name, registered address, and legal representative - Company Chinese name: **Suzhou Zelgen Biopharmaceutical Co., Ltd.**, abbreviated as Zelgen Biopharma[16](index=16&type=chunk) - Legal Representative: **ZELIN SHENG**[16](index=16&type=chunk) - Company Registered Address: **No. 209 Chenfeng Road, Yushan Town, Kunshan City, Jiangsu Province**[16](index=16&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative for investor communication - Board Secretary: **Gao Qingping**, contact number 0512-57011882[17](index=17&type=chunk) - Securities Affairs Representative: **Ma Weihao**, contact number 0512-57011882[17](index=17&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the company's semi-annual report disclosure channels and custody locations for timely investor access - Designated information disclosure newspaper: **Shanghai Securities News**[18](index=18&type=chunk) - Website for semi-annual report: **www.sse.com.cn**[18](index=18&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=7&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) This section briefly introduces the company's stock listing, including stock type, exchange, board, ticker symbol, and code - Stock Type: **A-shares**[19](index=19&type=chunk) - Stock Exchange and Board: **Shanghai Stock Exchange STAR Market**[19](index=19&type=chunk) - Stock Abbreviation: **Zelgen Biopharma**, Stock Code: **688266**[19](index=19&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew **56.07%** to **375.65 million yuan**, but net loss widened and operating cash flow significantly declined Key Accounting Data (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 375,650,273.55 | 240,696,731.58 | 56.07 | | Total Profit (yuan) | -77,414,988.02 | -79,493,376.06 | N/A | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -72,803,538.99 | -66,536,070.99 | N/A | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) (yuan) | -102,641,422.42 | -72,371,226.25 | N/A | | Net Cash Flow from Operating Activities (yuan) | -17,020,276.08 | 112,553,063.11 | -115.12 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) (yuan) | 1,176,615,436.44 | 1,253,857,931.48 | -6.16 | | Total Assets (End of Period) (yuan) | 2,999,203,352.04 | 3,004,614,283.98 | -0.18 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.28 | -0.25 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.28 | -0.25 | N/A | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (yuan/share) | -0.39 | -0.27 | N/A | | Weighted Average Return on Net Assets (%) | -5.98 | -4.16 | N/A | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | -8.43 | -4.52 | N/A | | R&D Investment as % of Operating Revenue (%) | 52.31 | 75.26 | Decrease of 22.95 percentage points | - Operating revenue increased by **56.07%**, primarily due to increased drug sales, with recombinant human thrombin showing significant sales growth after its inclusion in the National Medical Insurance Drug List[22](index=22&type=chunk) - Net loss attributable to shareholders of the listed company slightly increased, mainly due to rising sales and R&D expenses alongside revenue growth[23](index=23&type=chunk) - Net cash flow from operating activities decreased by **115.12%**, primarily due to differences in installment payments for thrombin marketing authorization fees[23](index=23&type=chunk) [VIII. Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses, totaling **29.84 million yuan**, primarily from government grants and terminated equity incentives Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 810.44 | | Government grants recognized in profit or loss for the current period | 22,817,064.89 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 800,771.56 | | Share-based payment expenses recognized due to cancellation or modification of equity incentive plans | 10,242,297.78 | | Other non-operating income and expenses | -683,818.74 | | Less: Income tax impact | 3,295,251.89 | | Impact on minority interests (after tax) | 43,990.61 | | **Total** | **29,837,883.43** | - Total non-recurring gains and losses amounted to **29,837,883.43 yuan**, primarily comprising government grants and one-time share-based payment expenses from the termination of an equity incentive plan[25](index=25&type=chunk) [IX. Net Profit Excluding Share-based Payment Impact (Optional Disclosure)](index=9&type=section&id=IX.%20Net%20Profit%20Excluding%20Share-based%20Payment%20Impact%20(Optional%20Disclosure)) This section discloses net profit after excluding share-based payments, which was **-64.74 million yuan**, a narrowed loss year-over-year Net Profit Excluding Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Excluding Share-based Payment Impact (yuan) | -64,741,191.14 | -76,794,876.67 | N/A | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Industry Overview and Principal Business Operations During the Reporting Period](index=10&type=section&id=I.%20Industry%20Overview%20and%20Principal%20Business%20Operations%20During%20the%20Reporting%20Period) The company's core business involves R&D, production, and sales of chemical and biological new drugs, focusing on oncology, bleeding, hematological, and immune-inflammatory diseases [(I) Industry Overview](index=10&type=section&id=(I)%20Industry%20Overview) The company operates in pharmaceutical manufacturing, with a pipeline covering oncology and autoimmune diseases, driven by policy and patient needs, facing high technical barriers - The company operates in the 'Pharmaceutical Manufacturing (C27)' sub-category within the 'C Manufacturing' industry[29](index=29&type=chunk) - China's oncology drug market is projected to reach **USD 129.3 billion by 2034**, with a **CAGR of 13.7%** between 2024 and 2034[31](index=31&type=chunk) - China's bispecific antibody drug market is expected to grow rapidly to **USD 39.3 billion by 2034**, with a **CAGR of 59.4%**[31](index=31&type=chunk) - China's autoimmune disease drug market is projected to grow to **USD 35.2 billion by 2034**, with a **CAGR of 22.7%** between 2024 and 2034[34](index=34&type=chunk) - The global bispecific antibody market is projected to reach **USD 192.6 billion by 2033**, with a **CAGR of 37.5%**[36](index=36&type=chunk) - Technical and commercial barriers in the biopharmaceutical industry primarily include R&D innovation, process development and clinical uncertainty, large-scale production, and intellectual property and patent barriers[42](index=42&type=chunk) [(II) Principal Business Operations](index=14&type=section&id=(II)%20Principal%20Business%20Operations) Marketed products like Donafenib Tosylate Tablets and Recombinant Human Thrombin are covered by national medical insurance, while the R&D pipeline shows significant progress and international development - **Donafenib Tosylate Tablets** are approved for first-line treatment of advanced hepatocellular carcinoma and progressive, locally advanced or metastatic radioactive iodine-refractory differentiated thyroid cancer, with both indications included in the **National Medical Insurance Drug List (2023)**[53](index=53&type=chunk) - **Recombinant Human Thrombin** is marketed and included in the **National Medical Insurance Drug List (2024)**, being the only recombinant human thrombin produced using recombinant gene technology in China[54](index=54&type=chunk) - **Jicacaxtinib Hydrochloride Tablets** are approved for treating myelofibrosis, marking the first domestically approved JAK inhibitor innovative drug for this indication[55](index=55&type=chunk) - Jicacaxtinib for severe alopecia areata is under new drug application technical review; indications for moderate-to-severe atopic dermatitis and ankylosing spondylitis are in **Phase III clinical trials**[56](index=56&type=chunk) - **Recombinant Human Thyroid Stimulating Hormone (rhTSH) for injection** is under new drug marketing review, potentially becoming the first domestically approved new drug for this indication[57](index=57&type=chunk) - **ZG006 for injection** received **CDE Breakthrough Therapy Designation** for advanced small cell lung cancer and is about to enter pivotal clinical studies[58](index=58&type=chunk) - **ZG005**, a PD-1/TIGIT bispecific antibody, is among the global leaders in clinical development, with potential indications including hepatocellular carcinoma, neuroendocrine tumors, and cervical cancer[58](index=58&type=chunk) [(III) Key Operating Models](index=17&type=section&id=(III)%20Key%20Operating%20Models) The company employs independent R&D, procurement, production, and sales models, combining in-house R&D with outsourcing, and utilizing both distribution and exclusive marketing partnerships - R&D Model: Operates **3 new drug R&D centers** in Kunshan (Jiangsu), Zhangjiang (Shanghai), and California (USA), combining in-house R&D with outsourcing services[60](index=60&type=chunk) - Production Model: Possesses **two GMP-certified production facilities** (4 workshops) capable of producing chemical tablets, capsules, and recombinant protein drug substances and formulations, with a new biopharmaceutical industrialization base expected to be operational by **end of 2025**[61](index=61&type=chunk) - Sales Model: **Donafenib Tosylate Tablets** and **Jicacaxtinib Hydrochloride Tablets** use a distribution model; **Recombinant Human Thrombin** is exclusively marketed by Grand Life Science (Shandong) Co., Ltd.; **Recombinant Human Thyroid Stimulating Hormone for injection** is exclusively marketed by ATSA, a Swiss subsidiary of Merck KGaA (Germany)[62](index=62&type=chunk)[63](index=63&type=chunk) [II. Discussion and Analysis of Operations](index=19&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **56.07%** revenue growth to **375.65 million yuan**, driven by drug sales and R&D milestones, alongside enhanced corporate governance - During the reporting period, the company achieved operating revenue of **375.65 million yuan**, a **56.07% increase** year-over-year, primarily due to increased drug sales[64](index=64&type=chunk) - Net profit attributable to shareholders of the listed company was **-72.80 million yuan**, a slight increase in loss compared to the prior period[64](index=64&type=chunk) - **Donafenib Tosylate Tablets** have entered over **1,200 hospitals**, covered over **2,200 hospitals**, and over **1,000 pharmacies**[64](index=64&type=chunk) - **Recombinant Human Thrombin** sales significantly increased after its inclusion in the **2024 National Medical Insurance Drug List**, with cumulative access to over **590 hospitals**[65](index=65&type=chunk) - **Jicacaxtinib Hydrochloride Tablets** were approved for treating myelofibrosis in **May 2025**, and its new drug application for severe alopecia areata was also accepted in **May 2025**[65](index=65&type=chunk)[66](index=66&type=chunk) - Pre-marketing work for **Recombinant Human Thyroid Stimulating Hormone (rhTSH) for injection** continues, with supplementary research completed and technical review ongoing; an exclusive marketing agreement was signed with Merck KGaA (Germany)[66](index=66&type=chunk) - At the **2025 American Society of Clinical Oncology (ASCO) Annual Meeting**, the company presented **28 sets of latest clinical research data**, including products like ZG006 and ZG005[67](index=67&type=chunk) - The company completed the re-election of its third board of directors and the appointment of senior management, revised and improved governance documents like the Articles of Association, and formulated a **Market Value Management System**[70](index=70&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=20&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core strengths include a differentiated product pipeline, advanced R&D platforms, active international development, and a strong team with independent production capabilities - The company possesses a differentiated and competitive product pipeline, focusing on oncology, bleeding and hematological diseases, and immune-inflammatory diseases, dedicated to developing best-in-class or first-in-class drugs[71](index=71&type=chunk) - **Donafenib Tosylate Tablets** and **Recombinant Human Thrombin** are both included in the medical insurance catalog; **Jicacaxtinib Hydrochloride Tablets** is China's first approved domestic JAK inhibitor new drug for myelofibrosis[74](index=74&type=chunk)[75](index=75&type=chunk) - The company has R&D and industrialization platforms for small molecule drugs and complex recombinant protein biologics/antibody new drugs, with **ZG006** and **ZG005** showing best-in-class potential in clinical studies[76](index=76&type=chunk)[77](index=77&type=chunk) - The company actively pursues international product development, with multiple products including **ZG005, ZGGS18, ZGGS15, ZG006, ZG2001, ZG0895, and ZGGS34** having received **FDA clinical trial approvals**[77](index=77&type=chunk) - The company boasts an excellent R&D, industrialization, and sales team, along with independent commercial production capabilities and a superior clinical collaboration system[78](index=78&type=chunk) [(III) Core Technologies and R&D Progress](index=23&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company achieved significant R&D progress with Jicacaxtinib Hydrochloride Tablets approval, ZG006 breakthrough therapy designation, and rhTSH regulatory advancements, supported by a **196.50 million yuan** R&D investment - The company's core technology platforms include small molecule drug R&D and industrialization, and complex recombinant protein biologic and antibody new drug R&D and industrialization[80](index=80&type=chunk) - On **May 29, 2025**, the company's self-developed **Jicacaxtinib Hydrochloride Tablets (Zepuping)** were approved for marketing to treat myelofibrosis[80](index=80&type=chunk) - The New Drug Application (NDA) for **Jicacaxtinib Hydrochloride Tablets** for severe alopecia areata was accepted by the National Medical Products Administration[81](index=81&type=chunk) - **ZG006 for injection** was included in the **CDE Breakthrough Therapy Designation** list for the indication of monotherapy for advanced small cell lung cancer[81](index=81&type=chunk) - IND applications for the trispecific antibody **ZGGS34** were submitted to CDE and FDA, with the **FDA IND application already approved**[81](index=81&type=chunk) R&D Investment Table | Indicator | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 196,503,538.35 | 181,154,578.04 | 8.47 | | Capitalized R&D Investment | 0 | 0 | N/A | | Total R&D Investment | 196,503,538.35 | 181,154,578.04 | 8.47 | | Total R&D Investment as % of Operating Revenue (%) | 52.31 | 75.26 | Decrease of 22.95 percentage points | - As of **June 30, 2025**, the company held **135 authorized invention patents** (**35 domestic, 100 international**), with a cumulative total of **343 invention patent applications**[84](index=84&type=chunk) - The company's R&D personnel numbered **299**, accounting for **30.48%** of total employees, including **24 PhDs (8.03%)** and **101 Master's degree holders (33.78%)**[93](index=93&type=chunk) [IV. Risk Factors](index=29&type=section&id=IV.%20Risk%20Factors) The company faces financial risks from sustained losses and high R&D costs, operational risks from market competition, and industry risks from policy changes and IP protection - The company is not yet profitable and has accumulated uncompensated losses, potentially facing continued losses in the future, unable to distribute cash dividends in the short term, with most working capital relying on external financing[94](index=94&type=chunk)[95](index=95&type=chunk) - The company faces risks of significant performance decline or losses, primarily influenced by various factors in drug R&D, listing, production, marketing, and sales, with the marketing team still under development[97](index=97&type=chunk) - Core competency risks include inability to successfully identify or screen new drug candidates, clinical trial progress or results of investigational drugs falling short of expectations, reliance on third parties for contractual obligations, and inability to complete the review and approval process for investigational drugs[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - Operating risks include intense competition in the pharmaceutical market, underperforming market development for marketed products, and inability to achieve rapid sales volume or market acceptance[105](index=105&type=chunk) - Financial risks primarily manifest as the company's continuous reliance on external financing due to high R&D investment and marketing costs[106](index=106&type=chunk) - Industry risks include adjustments in pharmaceutical industry regulatory policies, intense competition in innovative drug development, and technological upgrades and iterations[107](index=107&type=chunk)[108](index=108&type=chunk) - Other significant risks include insufficient intellectual property protection or alleged infringement of third-party patents, and the loss of core R&D technical personnel[110](index=110&type=chunk)[113](index=113&type=chunk) [V. Key Operating Performance During the Reporting Period](index=34&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Revenue increased **56.07%** to **375.65 million yuan**, but net loss widened to **-72.80 million yuan**; operating cash flow decreased **115.12%** due to marketing authorization payment differences - During the current reporting period, the company achieved operating revenue of **375.65 million yuan**, a **56.07% increase** year-over-year, primarily due to increased drug sales[114](index=114&type=chunk) - During the current reporting period, net profit attributable to shareholders of the listed company was **-72.80 million yuan**, a slight increase in loss compared to the prior period, mainly due to increased sales and R&D expenses[114](index=114&type=chunk) - At the end of the reporting period, net cash flow from operating activities was **-17.02 million yuan**, a **115.12% decrease** year-over-year, primarily due to differences in installment payments for thrombin marketing authorization fees[114](index=114&type=chunk) [(I) Analysis of Principal Business Operations](index=34&type=section&id=(I)%20Analysis%20of%20Principal%20Business%20Operations) Revenue grew **56.07%**, but operating costs surged **121.88%**; sales and administrative expenses rose, while R&D expenses increased **8.47%**; all cash flow activities saw significant decreases Analysis Table of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 375,650,273.55 | 240,696,731.58 | 56.07 | | Operating Cost | 38,820,914.93 | 17,495,980.98 | 121.88 | | Sales Expenses | 211,258,113.88 | 120,194,067.03 | 75.76 | | Administrative Expenses | 38,686,242.34 | 26,420,304.17 | 46.43 | | Financial Expenses | -14,026,864.62 | -15,357,661.08 | N/A | | R&D Expenses | 196,503,538.35 | 181,154,578.04 | 8.47 | | Net Cash Flow from Operating Activities | -17,020,276.08 | 112,553,063.11 | -115.12 | | Net Cash Flow from Investing Activities | -62,342,600.36 | 35,587,827.78 | -275.18 | | Net Cash Flow from Financing Activities | 25,912,835.49 | 44,364,792.88 | -41.59 | - Change in operating revenue was primarily due to year-over-year growth in drug sales[116](index=116&type=chunk) - Change in operating costs was primarily due to increased sales volume and a higher proportion of thrombin sales, which has a lower gross profit margin[117](index=117&type=chunk) - Change in sales expenses was primarily due to increased marketing service fees[118](index=118&type=chunk) - Change in administrative expenses was primarily due to increased expenses from the termination of employee equity incentives at US subsidiary GENSUN[118](index=118&type=chunk) - Change in net cash flow from operating activities was primarily due to differences in installment payments for exclusive marketing authorization fees for thrombin[118](index=118&type=chunk) [(III) Analysis of Assets and Liabilities](index=35&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, and net assets attributable to shareholders decreased **6.16%**; other non-current assets significantly increased **737.57%**, while long-term borrowings rose **183.42%** Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item | Current Period-end Amount (yuan) | Prior Year-end Amount (yuan) | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | | Notes Receivable | 0 | 324,131.60 | -100.00 | | Right-of-use Assets | 19,141,912.99 | 34,655,845.75 | -44.77 | | Other Non-current Assets | 32,525,329.50 | 3,883,301.93 | 737.57 | | Notes Payable | 17,637,650.00 | 10,208,204.80 | 72.78 | | Advances from Customers | 0 | 15,290.52 | -100.00 | | Contract Liabilities | 524,982.09 | 0 | 100.00 | | Other Payables | 45,457,064.72 | 106,347,910.54 | -57.26 | | Non-current Liabilities Due Within One Year | 23,376,316.37 | 16,166,597.35 | 44.60 | | Long-term Borrowings | 125,699,999.96 | 44,350,969.43 | 183.42 | | Lease Liabilities | 13,140,162.19 | 26,861,235.30 | -51.08 | | Deferred Income Tax Liabilities | 3,673,860.67 | 5,701,419.80 | -35.56 | - Other non-current assets significantly increased by **737.57%**, primarily due to increased prepayments for infrastructure and equipment projects[120](index=120&type=chunk) - Long-term borrowings increased by **183.42%**, primarily due to new acquisition loans[120](index=120&type=chunk) - Other payables decreased by **57.26%**, primarily due to installment payments for equity transfer fees to minority shareholders of subsidiary GENSUN[120](index=120&type=chunk) - Overseas assets amounted to **USD 17,392,914.58**, accounting for **4.15%** of total assets[122](index=122&type=chunk) [(IV) Analysis of Investment Status](index=37&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) This section analyzes the company's investment status, disclosing financial assets measured at fair value, with an ending balance of **33.97 million yuan** Financial Assets Measured at Fair Value (Unit: yuan) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Cumulative Fair Value Changes Recognized in Equity | Impairment Provision for Current Period | Amount Purchased for Current Period | Amount Sold/Redeemed for Current Period | Other Changes | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Derivatives | 40,500,717.30 | 7,158,600.00 | 0 | 0 | 0 | 0 | 630,575.35 | 33,972,692.65 | | Total | 40,500,717.30 | 7,158,600.00 | 0 | 0 | 0 | 0 | 630,575.35 | 33,972,692.65 | [(VI) Analysis of Major Holding and Participating Companies](index=38&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists financial information for Shanghai Zelgen and GENSUN, showing losses for both subsidiaries during the period Major Holding and Participating Companies (Unit: 10,000 yuan) | Company Name | Company Type | Principal Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Zelgen | Subsidiary | New drug R&D technical consulting, services | 1,000.00 | 6,609.99 | -9.89 | 5,029.34 | -145.45 | -144.71 | | GENSUN | Subsidiary | Innovative antibody drug research | USD 588.8838 | 12,147.61 | -5,122.14 | - | -3,732.01 | -3,533.09 | [Section IV Corporate Governance, Environment, and Social Responsibility](index=40&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Social%20Responsibility) [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=40&type=section&id=I.%20Changes%20in%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company completed board re-election and senior management appointments, with several directors and supervisors departing, and the supervisory board abolished - **JISHENG WU** and **Zhang Menghang** resigned as directors; **RUYI HE**, **Zhang Binghui**, and **Huang Fanzhi** resigned as independent directors[128](index=128&type=chunk) - **Cheng Zengjiang**, **Guan Yamei**, and **Yuan Hongchang** were elected as independent directors[128](index=128&type=chunk) - **Yi Bihui**, **Zhang Junchao**, and **Ren Yuanqi** resigned as supervisors; **Yi Bihui** was elected as an employee representative director, and **Zhang Junchao** was elected as a director[128](index=128&type=chunk) - The company completed adjustments to its corporate governance structure, abolishing the supervisory board, with its functions now exercised by the Board's Audit Committee[70](index=70&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=40&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that there is **no profit distribution or capital reserve conversion plan** for the current reporting period - There is **no profit distribution plan or capital reserve conversion plan** for the current reporting period[129](index=129&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries](index=41&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries) The company and its Yuanfeng Road plant are included in the list of enterprises required to disclose environmental information by law - The number of enterprises included in the list of those required to disclose environmental information by law is **1** (referring to the company entity)[131](index=131&type=chunk) - **Suzhou Zelgen Biopharmaceutical Co., Ltd.** and its Yuanfeng Road plant are both included in the list of enterprises required to disclose environmental information by law[131](index=131&type=chunk) [Section V Significant Matters](index=42&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=42&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments by the company, its actual controllers, shareholders, and related parties, including share lock-ups and non-competition, were strictly fulfilled - Controlling shareholder, actual controller, chairman, general manager, and core technical personnel **ZELIN SHENG** committed not to transfer shares within **36 months** from the company's stock listing date, and not to transfer shares within the **first 3 full fiscal years before the company achieves profitability**[133](index=133&type=chunk) - The company and its actual controller committed that the prospectus contains no false records, misleading statements, or material omissions, and will bear compensation liabilities and share repurchase obligations[141](index=141&type=chunk)[142](index=142&type=chunk) - The actual controller, core technical personnel, and employee shareholding platforms committed to resolve horizontal competition, refraining from engaging in businesses or activities that constitute or may constitute direct or indirect competition with the company's principal business[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - The actual controller and employee shareholding platforms committed to resolve related party transactions, minimizing and avoiding related party transactions with the company and its controlled entities, and ensuring they are conducted on fair, equitable, and arm's-length principles[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - The actual controller committed to bear supplementary payments for social insurance and housing provident funds, fines, late fees, and other expenses, as well as tax补缴 and related costs[149](index=149&type=chunk)[150](index=150&type=chunk) - The company's directors, senior management, controlling shareholders, and actual controllers committed to diligently implement the company's return enhancement measures, refraining from transferring benefits to other entities or individuals without compensation or under unfair conditions[150](index=150&type=chunk)[151](index=151&type=chunk) [VII. Material Litigation and Arbitration Matters](index=61&type=section&id=VII.%20Material%20Litigation%20and%20Arbitration%20Matters) The company had **no material litigation or arbitration matters** during the current reporting period - The company had **no material litigation or arbitration matters** during the current reporting period[153](index=153&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=63&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) Raised funds were utilized smoothly, with **2.08 billion yuan** invested; however, the R&D and Production Center Phase II project was extended to **December 2026** Overall Use of Raised Funds (Unit: 10,000 yuan) | Source of Raised Funds | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Cumulative Raised Funds Invested as of Period-end (10,000 yuan) | Cumulative Investment Progress as of Period-end (%) | Amount Invested in Current Year (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 202,560.00 | 190,822.08 | 167,780.57 | 87.93 | 6,351.68 | | Private Placement of Shares to Specific Objects | 120,000.00 | 118,193.32 | 40,625.21 | 34.37 | 7,933.61 | | Total | 322,560.00 | 309,015.39 | 208,405.78 | - | 14,285.30 | - The completion date for the 'New Drug R&D and Production Center Phase II Project' has been extended to **December 2026**[160](index=160&type=chunk) - On **April 18, 2025**, the company's board of directors approved the 'Proposal on Changes, Amount Adjustments, and Addition of Sub-projects for Certain Fundraising Investment Projects,' modifying and adjusting the amounts for some sub-projects within the 'New Drug R&D Project' from both the initial public offering and the 2021 private placement of A-shares[158](index=158&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - At the end of the reporting period, the company managed idle raised funds as cash, with an ending balance of **1.148 billion yuan**[167](index=167&type=chunk) [Section VI Share Changes and Shareholder Information](index=68&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Changes in Share Capital](index=68&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were **no changes** in the company's total ordinary shares or share capital structure - During the reporting period, there were **no changes** in the company's total ordinary shares or share capital structure[169](index=169&type=chunk) [II. Shareholder Information](index=69&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **8,795** ordinary shareholders; **ZELIN SHENG** was the largest shareholder, with related party relationships disclosed - Total number of ordinary shareholders at the end of the reporting period: **8,795**[171](index=171&type=chunk) Top Ten Shareholders' Shareholdings (Excluding Shares Lent via Securities Lending) | Shareholder Name | Shares Held at Period-end | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | ZELIN SHENG | 49,910,527 | 18.85 | Overseas Natural Person | | Ningbo Zeao Venture Capital Partnership (Limited Partnership) | 16,500,600 | 6.23 | Other | | Lu Huiping | 12,631,644 | 4.77 | Domestic Natural Person | | JACKIE ZEGI SHENG | 12,292,164 | 4.64 | Overseas Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Zhong Ou Medical and Health Mixed Securities Investment Fund | 8,166,341 | 3.09 | Other | | Bank of China Co., Ltd. - GF Medical and Healthcare Stock Investment Fund | 5,274,465 | 1.99 | Other | | China Construction Bank Co., Ltd. - ICBC Credit Suisse Frontier Medical Stock Investment Fund | 4,700,000 | 1.78 | Other | | China Construction Bank Co., Ltd. - Huitianfu Innovative Medicine Theme Mixed Securities Investment Fund | 4,268,948 | 1.61 | Other | | Ningbo Jingchen Investment Partnership (Limited Partnership) | 3,904,740 | 1.48 | Other | | China Construction Bank Co., Ltd. - Fullgoal Precision Medicine Flexible Allocation Mixed Securities Investment Fund | 3,424,532 | 1.29 | Other | - **ZELIN SHENG** and **Lu Huiping** are parties acting in concert; **ZELIN SHENG** and **JACKIE ZEGI SHENG** are siblings[174](index=174&type=chunk) [III. Information on Directors, Senior Management, and Core Technical Personnel](index=71&type=section&id=III.%20Information%20on%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) There were **no changes** in the shareholdings of current and departed directors, senior management, and core technical personnel during the reporting period - There were **no changes** in the shareholdings of current and departed directors, senior management, and core technical personnel during the reporting period[175](index=175&type=chunk) [Section VII Bond-Related Information](index=73&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=73&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had **no corporate bonds** or non-financial enterprise debt financing instruments during the current reporting period - The company had **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[179](index=179&type=chunk) [II. Convertible Corporate Bonds](index=73&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had **no convertible corporate bonds** during the current reporting period - The company had **no convertible corporate bonds**[179](index=179&type=chunk) [Section VIII Financial Report](index=74&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=74&type=section&id=I.%20Audit%20Report) This semi-annual report is **unaudited** - This semi-annual report is **unaudited**[6](index=6&type=chunk) [II. Financial Statements](index=74&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for H1 2025, reflecting financial position and operating results - The consolidated balance sheet shows that as of **June 30, 2025**, total assets were **2,999,203,352.04 yuan**, total liabilities were **1,822,587,915.60 yuan**, and total equity attributable to parent company owners was **1,176,615,436.44 yuan**[183](index=183&type=chunk) - The consolidated income statement shows that for **January-June 2025**, total operating revenue was **375,650,273.55 yuan**, and net profit attributable to parent company shareholders was **-72,803,538.99 yuan**[190](index=190&type=chunk) - The consolidated cash flow statement shows that for **January-June 2025**, net cash flow from operating activities was **-17,020,276.08 yuan**[195](index=195&type=chunk) - The parent company balance sheet shows that as of **June 30, 2025**, total assets were **3,375,115,029.06 yuan**, total liabilities were **1,792,223,444.26 yuan**, and total owner's equity was **1,582,891,584.80 yuan**[186](index=186&type=chunk) - The parent company income statement shows that for **January-June 2025**, operating revenue was **388,593,125.25 yuan**, and net profit was **-37,049,880.95 yuan**[192](index=192&type=chunk)[193](index=193&type=chunk) [III. Company Profile](index=91&type=section&id=III.%20Company%20Profile) This section outlines Suzhou Zelgen Biopharmaceutical Co., Ltd.'s profile, including establishment, listing, registered capital, and business scope - The company was initially established on **March 18, 2009**, and made its initial public offering and listed on the **STAR Market of the Shanghai Stock Exchange in January 2020**[209](index=209&type=chunk) - As of **December 31, 2024**, the company's registered capital was **264,708,186.00 yuan**[209](index=209&type=chunk) - Business scope includes R&D of new drugs, related technical consulting and services; drug production, and sales of self-produced products[209](index=209&type=chunk) [IV. Basis of Financial Statement Preparation](index=91&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a **going concern basis**, expecting continued operations due to marketed drugs, R&D pipeline, and strong financing - The company's financial statements are prepared on a **going concern basis**[210](index=210&type=chunk) - The company has **three new drugs approved for marketing**, multiple innovative drugs in R&D, sufficient working capital, and strong financing capabilities, indicating an expectation of **continued operations**[211](index=211&type=chunk) [V. Significant Accounting Policies and Estimates](index=91&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing financial statements, covering financial instruments, receivables, inventory, R&D, revenue, and leases - The company adheres to the requirements of enterprise accounting standards to accurately and completely reflect its financial position[213](index=213&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[227](index=227&type=chunk) - For accounts receivable, the simplified approach is adopted, consistently measuring loss allowances at an amount equal to the lifetime expected credit losses[242](index=242&type=chunk) - R&D expenditures are divided into research phase expenditures and development phase expenditures; research phase expenditures are expensed as incurred, while development phase expenditures are capitalized when specific conditions are met[271](index=271&type=chunk) - Revenue is recognized using the five-step model; drug sales are recognized when customers receive and sign for the drugs, while intellectual property licensing revenue is recognized based on milestone payments and sales royalties[286](index=286&type=chunk)[292](index=292&type=chunk) - Government grants are classified as asset-related or income-related based on relevant government regulations and are recognized and accounted for separately[296](index=296&type=chunk) [VI. Taxation](index=114&type=section&id=VI.%20Taxation) This section details the company's and its subsidiaries' main tax types and rates, along with applicable tax incentives, including preferential corporate income tax rates Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount | 13% (sales of goods), 9% (real estate leasing services), 6% (technical services), 3% (small-scale taxpayers), 7.25% (GENSUN sales tax) | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% (Company, Zelgen Biotech, Zhejiang Zelgen), 5% (Shanghai Zelgen) | | Corporate Income Tax | Taxable income | 15% (Company), 20% (Shanghai Zelgen, Zelgen Biotech, Zhejiang Zelgen), 29.84% (GENSUN), 16.5% (Hong Kong Zelgen) | | Education Surcharge | Amount of turnover tax payable | 3% (Company, Zelgen Biotech, Shanghai Zelgen, Zhejiang Zelgen) | | Local Education Surcharge | Amount of turnover tax payable | 2% (Company, Zelgen Biotech, Shanghai Zelgen, Zhejiang Zelgen) | - The company is exempt from VAT for providing technology transfer, technology development, and related technical consulting and services[311](index=311&type=chunk) - From **January 1, 2023, to December 31, 2027**, advanced manufacturing enterprises are allowed to deduct an additional **5%** of current deductible input VAT from their payable VAT amount[312](index=312&type=chunk) - As a high-tech enterprise, the company enjoys a preferential corporate income tax rate of **15%**[313](index=313&type=chunk) - Shanghai Zelgen, Zelgen Biotech, and Zhejiang Zelgen qualify as small-profit enterprises, with their taxable income calculated at **25%** and corporate income tax paid at a **20%** rate[314](index=314&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=115&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for consolidated financial statement items, explaining balances, changes, and key influencing factors across various accounts - Cash and bank balances at period-end totaled **2,117,480,591.46 yuan**, with **6,206,693.04 yuan** held overseas[317](index=317&type=chunk) - Trading financial assets at period-end totaled **33,972,692.65 yuan**, entirely comprising short-term bank wealth management products of US subsidiary GENSUN[318](index=318&type=chunk) - Accounts receivable book value at period-end was **175,399,720.05 yuan**, with a bad debt provision rate of **5.00%**[325](index=325&type=chunk) - Inventory book value at period-end was **164,215,169.54 yuan**, with a new inventory impairment provision of **3,358,109.26 yuan** for the period, mainly due to trial-produced thrombin nearing its expiration date[350](index=350&type=chunk)[353](index=353&type=chunk) - Construction in progress at period-end totaled **152,531,961.67 yuan**, primarily including the R&D and Production Center Phase II project and the post-marketing expansion and outsourced technology transfer project for thrombin[366](index=366&type=chunk) - Intangible assets book value at period-end was **40,178,060.57 yuan**, including land use rights, patent rights, non-patent technology, and software[373](index=373&type=chunk) - Short-term borrowings at period-end totaled **976,363,228.04 yuan**, primarily credit loans[392](index=392&type=chunk) - Other non-current liabilities at period-end totaled **330,188,680.29 yuan**, primarily exclusive marketing authorization fees for recombinant human thrombin[420](index=420&type=chunk) - Capital surplus at period-end totaled **3,116,344,427.97 yuan**, with the decrease primarily due to a reduction in share premium from the repurchase of shares upon termination of subsidiary GENSUN's employee equity incentive plan[424](index=424&type=chunk)[425](index=425&type=chunk) - Retained earnings at period-end were **-2,189,546,023.06 yuan**[429](index=429&type=chunk) - Operating revenue for the current period was **375,650,273.55 yuan**, and operating cost was **38,820,914.93 yuan**[432](index=432&type=chunk) - Sales expenses for the current period were **211,258,113.88 yuan**, a **75.76% increase** year-over-year, primarily due to increased marketing service fees[438](index=438&type=chunk) - Administrative expenses for the current period were **38,686,242.34 yuan**, primarily due to expenses from the termination of employee equity incentives at subsidiary GENSUN[439](index=439&type=chunk) - R&D expenses for the current period were **196,503,538.35 yuan**, an **8.47% increase** year-over-year[440](index=440&type=chunk) - Other income for the current period was **27,082,192.48 yuan**, primarily government grants[442](index=442&type=chunk) - Non-operating expenses for the current period were **683,818.74 yuan**, including fines and civil compensation[452](index=452&type=chunk) [VIII. R&D Expenditures](index=170&type=section&id=VIII.%20R%26D%20Expenditures) This section details the company's R&D expenditures, totaling **196.50 million yuan** (all expensed), with employee compensation and clinical research as primary components R&D Expenditures by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 62,480,818.52 | 57,078,660.05 | | Raw Materials, Reagents, and Consumables | 24,730,510.78 | 22,491,358.94 | | Preclinical and Clinical Research | 82,093,653.70 | 75,605,896.74 | | Depreciation and Amortization | 15,942,611.48 | 15,277,833.39 | | Other | 11,255,943.87 | 10,700,828.92 | | **Total** | **196,503,538.35** | **181,154,578.04** | | Of which: Expensed R&D Investment | 196,503,538.35 | 181,154,578.04 | | Capitalized R&D Investment | 0 | 0 | [IX. Changes in Consolidation Scope](index=171&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the current reporting period, there were **no changes** in the company's consolidation scope, involving no business combinations or disposals - During the current reporting period, there were **no changes** in the company's consolidation scope[472](index=472&type=chunk) [X. Interests in Other Entities](index=172&type=section&id=X.%20Interests%20in%20Other%20Entities) This section outlines the company's equity interests in its wholly-owned subsidiaries, noting the termination of GENSUN's employee equity incentive plan Composition of Enterprise Group (Unit: 10,000 yuan) | Subsidiary Name | Principal Place of Business | Registered Capital (10,000 yuan) | Registered Address | Business Nature | Shareholding Ratio (%) Direct | Shareholding Ratio (%) Indirect | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zelgen Biotech | Jiangsu | 100.00 | Suzhou | Drug R&D | 100 | - | Newly Established | | Shanghai Zelgen | Shanghai | 1,000.00 | Shanghai | Drug R&D | 100 | - | Acquisition | | Zhejiang Zelgen | Zhejiang | 500.00 | Lishui | Drug R&D | 100 | - | Newly Established | | Hong Kong Zelgen | Hong Kong | USD 1,270 | Hong Kong | Investment Holding | 100 | - | Newly Established | | GENSUN | California, USA | USD 588.8838 | Delaware, USA | Drug R&D | - | 100 | Acquisition | - On **June 25, 2025**, subsidiary GENSUN's board of directors approved the termination of GENSUN's 2016 employee equity incentive plan, and the company indirectly holds **100% equity** in GENSUN through Hong Kong Zelgen[473](index=473&type=chunk) [XI. Government Grants](index=173&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grants, with deferred income from grants totaling **7.66 million yuan** and **25.18 million yuan** recognized as other income Liability Items Involving Government Grants (Unit: yuan) | Financial Statement Item | Beginning Balance | New Grants for Current Period | Amount Recognized as Non-operating Income for Current Period | Amount Transferred to Other Income for Current Period | Other Changes for Current Period | Ending Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 5,100,000.00 | 23,642,064.89 | 0 | 22,817,064.89 | 0 | 5,925,000.00 | Income Related | | Deferred Income | 4,101,753.31 | 0 | 0 | 2,365,187.22 | 0 | 1,736,566.09 | Asset Related | | Total | 9,201,753.31 | 23,642,064.89 | 0 | 25,182,252.11 | 0 | 7,661,566.09 | - | Government Grants Recognized in Profit or Loss for the Current Period (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset Related | 2,365,187.22 | 2,630,582.94 | | Income Related | 22,817,064.89 | 2,335,211.22 | | Total | 25,182,252.11 | 4,965,794.16 | - Total government grants recognized in profit or loss for the current period amounted to **25,182,252.11 yuan**, primarily including subsidies for the Blood Center Public Platform and Kunshan Biopharmaceutical Technology Innovation (policy-based funding)[443](index=443&type=chunk)[477](index=477&type=chunk) [XII. Risks Related to Financial Instruments](index=174&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (currency, interest rate), credit risk, and liquidity risk, all managed to be immaterial or low impact - The company's foreign exchange risk primarily relates to its USD bank deposits, but management considers it **immaterial**[477](index=477&type=chunk) - As of **June 30, 2025**, if the RMB appreciates or depreciates by **10%** against foreign currencies, the company's net profit would increase or decrease by **771,247.07 yuan**[478](index=478&type=chunk) - The company's interest rate risk arises from interest-bearing debts such as bank borrowings and lease liabilities; management believes a **50 basis point change** in interest rates would not materially impact total profit and shareholder equity[479](index=479&type=chunk)[481](index=481&type=chunk) - Credit risk primarily stems from losses on financial assets due to the counterparty's failure to fulfill obligations; the company mitigates this risk through credit limit control, credit approval, and provision for bad debts[481](index=481&type=chunk) - The company's management believes the liquidity risk undertaken is **low** and does not materially impact operations and financial statements[482](index=482&type=chunk) [XIII. Disclosure of Fair Value](index=176&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, with trading financial assets totaling **33.97 million yuan** Fair Value of Assets and Liabilities Measured at Fair Value at Period-end (Unit: yuan) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | - | - | - | - | | (I) Trading Financial Assets | - | - | 33,972,692.65 | 33,972,692.65 | | 1. Financial assets measured at fair value through profit or loss | - | - | - | - | | (1) Debt instrument investments | - | - | 33,972,692.65 | 33,972,692.65 | | Total assets measured at recurring fair value | - | - | 33,972,692.65 | 33,972,692.65 | [XIV. Related Parties and Related Party Transactions](index=178&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's related parties and transactions, including procurement, leases, key management compensation, and the acquisition of GENSUN minority shares - Key related parties include the **Small Nucleic Acid Research Institute** (associate shareholder), **JACKIE ZEGI SHENG** (sibling of ZELIN SHENG), and **MIKE C SHENG** (son of ZELIN SHENG)[489](index=489&type=chunk) - Purchases of goods from the Small Nucleic Acid Research Institute for the current period amounted to **3,072,233.16 yuan**[490](index=490&type=chunk) - As a lessee, the company leased buildings from the Small Nucleic Acid Research Institute, paying **67,503.80 yuan** in rent and incurring **496,351.91 yuan** in lease liability interest expenses for the current period[493](index=493&type=chunk) - Key management personnel compensation for the current period amounted to **5.16 million yuan**[496](index=496&type=chunk) - The Small Nucleic Acid Research Institute invested **30 million yuan** to purchase relevant instruments and equipment for the Blood Center Public Platform; as of **June 30, 2025**, the original value of installed and accepted equipment was **26,305,829.08 yuan**[497](index=497&type=chunk) - The company's wholly-owned subsidiary, Hong Kong Zelgen, acquired a combined **36.43% stake in GENSUN** from **JACKIE ZEGI SHENG** and **MIKE C SHENG** for a total of **USD 32.8887 million**, which was fully paid as of **June 30, 2025**[497](index=497&type=chunk) - At period-end, accounts payable to the Small Nucleic Acid Research Institute were **145,177.44 yuan**, other payables were **5,293,250.00 yuan**, and lease liabilities were **7,160,940.88 yuan**[502](index=502&type=chunk) [XV. Share-based Payment](index=182&type=section&id=XV.%20Share-based%20Payment) This section discloses equity-settled share-based payments, primarily related to GENSUN's terminated employee equity incentive plan, resulting in a **10.83 million yuan** expense - Equity-settled share-based payments are granted to **company employees**[504](index=504&type=chunk) - On **June 25, 2025**, subsidiary GENSUN's board of directors approved the termination of its 2016 employee equity incentive plan, repurchasing **129,450 vested options** for a total of **USD 1,508,351.12** (equivalent to **10,828,754.36 yuan**)[508](index=508&type=chunk) - Equity-settled share-based payment expense recognized for the current period was **10,828,754.36 yuan**[508](index=508&type=chunk) [XVI. Commitments and Contingencies](index=183&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had **no significant commitments or contingent matters** requiring disclosure during the current reporting period - The company had **no significant contingent matters** requiring disclosure[510](index=510&type=chunk) [XVII. Post-Balance Sheet Events](index=184&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) The company had **no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events** - The company had **no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events**[511](index=511&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=185&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, and operating revenue - Parent company accounts receivable book value at period-end was **239,096,151.72 yuan**[514](index=514&type=chunk) - Parent company other receivables at period-end totaled **380,868,780.63 yuan**, primarily intercompany balances[521](index=521&type=chunk)[524](index=524&type=chunk) - Parent company long-term equity investments at period-end totaled **340,723,685.01 yuan**, primarily investments in subsidiaries[534](index=534&type=chunk)[536](index=536&type=chunk) - Parent company operating revenue for the current period was **388,593,125.25 yuan**, and operating cost was **49,606,624.68 yuan**[538](index=538&type=chunk) [XX. Supplementary Information](index=195&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including non-recurring gains and losses totaling **29.84 million yuan** and basic/diluted EPS of **-0.28 yuan/share** Detailed Statement of Non-recurring Gains and Losses for the Current Period (Unit: yuan) | Item | Amount | | :--- | :--- | | Gains or losses on disposal of non-current assets | 810.44 | | Government grants recognized in profit or loss for the current period | 22,817,064.89 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 800,771.56 | | Share-based payment expenses recognized due to cancellation or modification of equity incentive plans | 10,242,297.78 | | Other non-operating income and expenses | -683,818.74 | | Less: Income tax impact | 3,295,251.89 | | Impact on minority interests (after tax) | 43,990.61 | | **Total** | **29,837,883.43** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share Basic EPS | Earnings Per Share Diluted EPS | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | -5.98 | -0.28 | -0.28 | | Net profit attributable to ordinary shareholders of the company (excluding non-recurring gains and losses) | -8.43 | -0.39 | -0.39 |

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