赛恩斯环保股份有限公司 2025 年半年度报告 公司代码：688480 公司简称：赛恩斯 赛恩斯环保股份有限公司 2025 年半年度报告 二〇二五年八月 1 / 185 赛恩斯环保股份有限公司 2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 详见本报告第三节"管理层讨论与分析"之"四、风险因素" 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人高伟荣、主管会计工作负责人王朝晖及会计机构负责人（会计主管人员）郭彩辉 声明：保证半年度报告中财务报告的真实、准确、完整。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、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 十、是否存在违反规定决策 ...

赞宇科技集团股份有限公司 2025 年半年度报告全文 赞宇科技集团股份有限公司 2025 年半年度报告 赞宇科技集团股份有限公司 2025 年半年度报告全文 2025-037 二○二五年八月 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。 公司负责人邹欢金、主管会计工作负责人马晗及会计机构负责人(会计主 管人员)卫松枝声明：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。 本半年度报告中如果有涉及未来计划等前瞻性的描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，敬请投 资者注意投资风险。 公司在本半年度报告第三节"管理层讨论与分析"中的"公司面临的风 险和应对措施"部分，描述了公司未来经营可能面临的主要风险，敬请广大 投资者注意风险。 1 三、载有法定代表人签字、公司盖章的 2025 年半年度报告文本； 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 | 目录 | | --- | | ...

江苏沙钢股份有限公司 2025 年半年度报告全文 江苏沙钢股份有限公司 2025 年半年度报告 2025 年 8 月 21 日 1 江苏沙钢股份有限公司 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。 公司负责人季永新、主管会计工作负责人张兆斌及会计机构负责人(会计 主管人员)孙亚红声明：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。 本半年度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，投资者及相关人士均应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。 公司已在本报告第三节"管理层讨论与分析"之"十、公司面临的风险 和应对措施"中描述了对公司未来发展战略和经营目标可能存在的风险及对 策措施，敬请广大投资者注意查阅。 公司经本次董事会审议通过的利润分配预案为：以截止 2025 年 6 月 30 日总股本 2,193,825,445 股为基数，向全体股东每 10 ...

山东三维化学集团股份有限公司 2025 年半年度报告全文 所有董事均已出席了审议本次半年报的董事会会议。 2025 年半年度报告 公司负责人曲思秋、主管会计工作负责人王文旭及会计机构负责人（会 计主管人员）李秀冰声明：保证本半年度报告中财务报告的真实、准确、完 整。 2025 年 08 月 1 山东三维化学集团股份有限公司 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。 山东三维化学集团股份有限公司 备查文件目录 本报告中涉及未来计划等前瞻性陈述，均不构成公司对投资者及相关人 士的实质承诺，投资者及相关人士均应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"部分，分析了公司经营过程中可能存在的风险及应对措施，敬请投资者 关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 648,862,630 股为基 数，向全体股东每 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and confirms no profit distribution plan for the period - The company's responsible person, chief accountant, and head of the accounting department declare the authenticity, accuracy, and completeness of the financial report[5](index=5&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the current semi-annual period[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key corporate entities, regulations, and technical terms used throughout the report - The reporting period is defined as January 1, 2025, to June 30, 2025[16](index=16&type=chunk) - Key polymer materials such as PA (Polyamide), PP (Polypropylene), LFT (Long Fiber Reinforced Thermoplastics), and TPE (Thermoplastic Elastomer) are technically defined[17](index=17&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Nanjing Julong Technology Co, Ltd's total share capital increased due to the conversion of convertible bonds - Due to the conversion of convertible corporate bonds, the company's total share capital increased from 107,800,400 shares to **109,951,598 shares**, with a corresponding increase in registered capital[25](index=25&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Revenue and net profit grew significantly, while net cash flow from operating activities turned negative Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,257,326,218.04 | 999,881,534.83 | 25.75% | | Net Profit Attributable to Shareholders (RMB) | 57,364,356.57 | 40,763,307.56 | 40.73% | | Net Profit Attributable to Shareholders (Non-recurring Items Deducted) (RMB) | 55,640,445.74 | 38,825,618.70 | 43.31% | | Net Cash Flow from Operating Activities (RMB) | -53,156,308.45 | 117,349,142.78 | -145.30% | | Basic Earnings Per Share (RMB/Share) | 0.5310 | 0.3812 | 39.30% | | Weighted Average Return on Equity | 5.87% | 4.50% | 1.37% | | Total Assets (RMB) | 2,385,909,281.50 | 2,382,511,337.42 | 0.14% (vs. Prior Year-End) | | Net Assets Attributable to Shareholders (RMB) | 986,114,107.94 | 965,806,570.71 | 2.10% (vs. Prior Year-End) | [Non-recurring Gains and Losses](index=9&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled RMB 1.72 million, primarily from government subsidies and fair value changes Details of Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -252,745.60 | | Government Subsidies Included in Current Profit/Loss | 1,423,229.70 | | Fair Value Changes & Disposal Gains/Losses on Financial Assets/Liabilities | 316,053.54 | | Other Non-operating Income and Expenses | 778,586.69 | | Less: Income Tax Impact | 409,510.91 | | Less: Minority Interest Impact (After Tax) | 131,702.59 | | **Total** | **1,723,910.83** | [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) Performance was driven by the modified plastics segment, while the carbon fiber composites segment declined Business Segment Performance in H1 2025 | Business Segment | Operating Revenue (RMB 10,000) | Y-o-Y Growth | Net Profit (RMB 10,000) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | :--- | | Modified Plastics | 113,449.70 | 30.50% | - | - | | Thermoplastic Elastomers | 2,638.55 | 9.15% | - | - | | Carbon Fiber Composites | 1,027.77 | -14.02% | -217.94 | - | | Plastic-Wood Composites | 8,112.56 | 10.64% | 355.41 | -20.18% | - The automotive modified materials business, accounting for **over 70% of revenue**, grew by over 30% Y-o-Y, driven by partnerships with leading NEV companies like BYD, XPeng, and Xiaomi[76](index=76&type=chunk) - The company's Mexico plant, with a designed annual capacity of **40,000 tons**, began production in H2 2024 to meet overseas demand and is currently ramping up capacity[77](index=77&type=chunk) [Core Competitiveness Analysis](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's strengths lie in its technology, innovation platforms, talent, and extensive customer base - The company has won **two National Science and Technology Progress Second Prizes** and is recognized as a national "Little Giant" enterprise for its specialization and innovation[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk) - As of the reporting period, the company has participated in drafting **9 national and industry standards** and holds **155 authorized patents**, including 76 invention patents[90](index=90&type=chunk)[92](index=92&type=chunk) - The company operates multiple technology platforms, including a national postdoctoral research station and a CNAS-accredited laboratory[93](index=93&type=chunk) - Its customer base includes leading NEV manufacturers like **BYD, Xiaomi, and NIO**, joint ventures such as SAIC-VW, and major high-speed rail projects[99](index=99&type=chunk) [Analysis of Principal Business](index=23&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue and costs rose due to increased sales, while operating cash flow declined sharply Y-o-Y Changes in Key Financial Data | Item | Current Period (RMB) | Prior Year Period (RMB) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,257,326,218.04 | 999,881,534.83 | 25.75% | | Operating Costs | 1,051,609,021.03 | 853,625,135.84 | 23.19% | | Selling Expenses | 24,528,526.66 | 18,594,472.50 | 31.91% | | Administrative Expenses | 57,841,801.17 | 42,639,172.90 | 35.65% | | R&D Investment | 47,470,306.06 | 36,701,023.21 | 29.34% | | Net Cash Flow from Operating Activities | -53,156,308.45 | 117,349,142.78 | -145.30% | Operating Revenue by Major Product | Product Category | Operating Revenue (RMB) | Operating Costs (RMB) | Gross Margin | Revenue Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | | Modified Engineering Plastics | 570,059,900.46 | 456,106,963.24 | 19.99% | 18.75% | | Modified General Plastics | 447,480,940.65 | 395,482,057.57 | 11.62% | 42.92% | [Analysis of Non-Principal Business](index=24&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal business activities had a minor impact on total profit Non-Principal Business Profit and Loss | Item | Amount (RMB) | % of Total Profit | Explanation | | :--- | :--- | :--- | :--- | | Investment Income | 992,480.66 | 1.47% | Mainly from matured wealth management products | | Fair Value Change Gains/Losses | -703,689.99 | -1.05% | Mainly reclassification of matured wealth product income | | Asset Impairment | -3,439,984.00 | -5.11% | Mainly provision for inventory write-down | | Non-operating Income | 1,014,573.76 | 1.51% | Mainly compensation and tax rebates | [Analysis of Assets and Liabilities](index=24&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets remained stable, while construction in progress and long-term debt increased - The increase in **construction in progress** was mainly due to new ongoing projects[109](index=109&type=chunk) - **Long-term borrowings and lease liabilities** increased primarily due to new long-term loans and property leases[109](index=109&type=chunk) - As of the period end, **RMB 67.06 million** in assets were restricted, mainly consisting of security deposits and endorsed commercial acceptance bills[113](index=113&type=chunk) [Investment Analysis](index=26&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment increased significantly for new material production lines, though some fundraising projects were delayed - Total investment during the reporting period was **RMB 70.61 million**, a significant increase of **269.39%** from RMB 19.11 million in the prior year period[114](index=114&type-chunk) - The expected completion dates for the "50,000-ton/year Specialty Engineering Plastics Production Line" and "30-ton/year Carbon Fiber Composite Production Line" projects have been extended to **December 31, 2025**[122](index=122&type=chunk) - The company used up to **RMB 50 million** of idle raised funds to supplement working capital and invested **RMB 150 million** of raised funds in bank wealth management products[123](index=123&type=chunk)[126](index=126&type=chunk) [Risks and Countermeasures](index=32&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, raw material prices, and international operations - The company mitigates the risk of volatile raw material prices by securing long-term supply contracts and engaging in strategic procurement[134](index=134&type=chunk) - To attract and retain key technical personnel, the company has established a comprehensive compensation, benefits, and equity incentive system[135](index=135&type=chunk) - The establishment of subsidiaries in the **US and Mexico** exposes the company to operational risks arising from different legal, political, and business environments[137](index=137&type=chunk) [Corporate Governance, Environment, and Society](index=36&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Implementation of Equity Incentive Plans](index=36&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company advanced its 2024 and 2025 restricted stock incentive plans for eligible employees - Under the **2024 Restricted Stock Incentive Plan**, the company granted 195,000 reserved shares to 6 participants and completed the vesting of 1,385,200 shares for 81 participants[144](index=144&type=chunk)[145](index=145&type=chunk) - The company launched the **2025 Restricted Stock Incentive Plan**, granting an initial 1,200,000 shares to 30 participants at a price of RMB 12.40 per share[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) [Significant Matters](index=39&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Significant Related-Party Transactions](index=43&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's main related-party transaction involved selling products to a research institute within approved limits Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Content | Amount (RMB 10,000) | % of Similar Transactions | Approved Credit Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Nanjing Dongju Carbon Fiber Composite Material Research Institute Co, Ltd | Sale of products | 1,167.19 | 1.01% | 3,400 | [Significant Contracts and Their Performance](index=45&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided guarantees for its subsidiaries totaling RMB 59.70 million Summary of Guarantees for Subsidiaries | Item | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in the Period | 51,000 | | Total Actual Guarantees Provided to Subsidiaries in the Period | 7,341.16 | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 51,000 | | Total Outstanding Guarantee Balance for Subsidiaries at Period-End | 5,969.84 | | Ratio of Actual Guarantee Balance to Company's Net Assets | 6.05% | [Changes in Share Capital and Shareholders](index=49&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=49&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital increased due to convertible bond conversions, and the company executed a share buyback plan - Share capital changes were primarily driven by the unlocking of shares for departed executives, vesting of equity incentives, and conversion of convertible bonds[188](index=188&type=chunk) - As of June 30, 2025, the company had repurchased **1,263,000 shares** via centralized bidding for a total of **RMB 29,579,027.23**, intended for employee stock ownership or equity incentive plans[189](index=189&type=chunk) [Shareholders and Shareholdings](index=50&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 13,455 shareholders, with the top two holding a combined 28.72% stake Top Ten Shareholders | Shareholder Name | Shareholding Ratio | Shares Held at Period-End | | :--- | :--- | :--- | | Liu Yue | 14.51% | 15,956,458 | | Jiangsu Sainty Corp, Ltd | 14.21% | 15,624,770 | | Wu Jinsong | 6.61% | 7,274,041 | | Liu Shuyang | 5.37% | 5,909,608 | | Yan Yuyin | 1.76% | 1,935,781 | | Chen Wenjian | 1.64% | 1,800,000 | | Cai Jing | 0.87% | 962,106 | | BARCLAYS BANK PLC | 0.85% | 934,553 | | Lu Xiaohui | 0.85% | 930,000 | | Chen Guiyang | 0.71% | 785,000 | - Shareholders Liu Yue, Liu Shuyang, and Wu Jinsong are the company's actual controllers and have a related-party relationship (father-daughter, mother-son)[191](index=191&type=chunk) [Bond-Related Matters](index=54&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Convertible Corporate Bonds](index=54&type=section&id=%E5%9B%9B%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The "Julong Convertible Bond" balance decreased due to conversions, with the conversion price adjusted for dividends - During the period, the "Julong Convertible Bond" balance decreased by **RMB 336,000** due to conversions, with a remaining balance of **RMB 179,359,500.00** at period-end[205](index=205&type=chunk) - As of period-end, a cumulative **RMB 39,140,500.00** of bonds had been converted into **2,169,061 shares**, representing 2.01% of the pre-conversion total share capital[206](index=206&type=chunk) - Following the 2024 annual dividend distribution, the conversion price was adjusted from RMB 18.02 to **RMB 17.77 per share**, effective July 18, 2025[208](index=208&type=chunk) - The convertible bond's credit rating remains **A+**, indicating a stable and sound credit status[209](index=209&type=chunk) [Financial Report](index=57&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=57&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The unaudited financial statements show stable assets and profit growth but negative operating cash flow Consolidated Balance Sheet Summary (2025-06-30) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,385,909,281.50 | 2,382,511,337.42 | | Total Liabilities | 1,380,101,850.78 | 1,398,369,040.31 | | Total Equity Attributable to Parent Company | 986,114,107.94 | 965,806,570.71 | | Total Liabilities and Equity | 2,385,909,281.50 | 2,382,511,337.42 | Consolidated Income Statement Summary (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,257,326,218.04 | 999,881,534.83 | | Operating Profit | 66,503,482.14 | 45,844,904.06 | | Total Profit | 67,294,793.97 | 45,792,252.85 | | Net Profit | 58,383,584.72 | 42,848,672.48 | | Net Profit Attributable to Parent Company Shareholders | 57,364,356.57 | 40,763,307.56 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -53,156,308.45 | 117,349,142.78 | | Net Cash Flow from Investing Activities | 21,361,177.65 | 30,960,827.79 | | Net Cash Flow from Financing Activities | 35,263,535.05 | -58,285,361.32 | | Net Increase in Cash and Cash Equivalents | 4,233,317.20 | 90,298,273.67 | [Notes to Consolidated Financial Statements](index=91&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key financial statement items, including receivables, inventory, and R&D expenses - At period-end, the carrying amount of **accounts receivable was RMB 724 million**, with a gross amount of RMB 811 million and a provision for bad debts of RMB 86.77 million[352](index=352&type=chunk) - The carrying amount of **inventory was RMB 452 million**, with a provision for write-down of RMB 11.60 million[396](index=396&type=chunk) - **Construction in progress** balance was RMB 23.45 million, mainly for the Anhui plant's Phase II project (RMB 20.93 million)[418](index=418&type=chunk) - Total **R&D expenses** for the period were **RMB 47.47 million**, a Y-o-Y increase of 29.34%, primarily invested in employee compensation and materials[512](index=512&type=chunk)

江西国泰集团股份有限公司2025 年半年度报告 公司代码：603977 公司简称：国泰集团 江西国泰集团股份有限公司 2025 年半年度报告 1 / 172 江西国泰集团股份有限公司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、 公司负责人洪余和、主管会计工作负责人李仕民及会计机构负责人（会计主管人员） 程敏声明：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 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 公司结合自身特点，已在本半年度报告第三节其他披露事项"可能面对的风险"中对公 司经营和未来发展中可能产生的不利因素和存在风险进行了详细描述，敬请查阅。 十一、 其他 □适用 √不适用 2 / 172 七、 是否存在被 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, ensuring accurate understanding of company names, subsidiaries, reporting periods, and specialized biopharmaceutical terminology [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines frequently used terms in the report, including company names, subsidiaries, reporting periods, and specialized biopharmaceutical terms like cytokines, PEGylation, clinical research, Class 1 new biological products, innovative drugs, chronic hepatitis B, PEG-interferon (Peginterferon), and hematopoietic growth factors, to ensure accurate understanding of the report's content - The reporting period is defined as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - **Peginterferon** (Peginterferon alfa-2b injection) is the company's long-acting interferon product[11](index=11&type=chunk) - An innovative drug is defined as a drug with a chemical structure, composition, and pharmacological action different from existing drugs, or one not yet marketed in China or abroad[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, information disclosure, stock summary, and key financial performance indicators for the reporting period [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) Xiamen Amoytop Biotech Co., Ltd. (Amoytop Biotech) is registered at No. 330 Wengjiao Road, Xinyang Industrial Zone, Haicang District, Xiamen, with Sun Li as its legal representative and www.amoytop.com as its official website - The company's full Chinese name is Xiamen Amoytop Biotech Co., Ltd., abbreviated as **Amoytop Biotech**[14](index=14&type=chunk) - The company's legal representative is **Sun Li**[14](index=14&type=chunk) - The company's registered address has been **No. 330 Wengjiao Road, Xinyang Industrial Zone, Haicang District, Xiamen** since July 21, 2000[14](index=14&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) Yang Yiling and Liu Peiyu serve as the Board Secretary (domestic information disclosure representative) and Securities Affairs Representative, respectively, sharing the same contact address, email (ir@amoytop.com), and phone number (0592-6889118) - The Board Secretary (domestic information disclosure representative) is **Yang Yiling**, and the Securities Affairs Representative is **Liu Peiyu**[15](index=15&type=chunk) - The contact phone number is **0592-6889118**, and the email address is **ir@amoytop.com**[15](index=15&type=chunk) [III. Information Disclosure and Document Availability Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Availability%20Changes) The company designates "Securities Times," "China Securities Journal," and "Shanghai Securities News" for information disclosure, www.sse.com.cn as the official website, and the Board of Directors' Office as the location for semi-annual report availability - The company's information disclosure newspapers include **"Securities Times," "China Securities Journal," and "Shanghai Securities News"**[16](index=16&type=chunk) - The website address for publishing the semi-annual report is **www.sse.com.cn**[16](index=16&type=chunk) - The company's semi-annual report is available at the **Company's Board of Directors' Office**[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Amoytop Biotech" and stock code "688278" - The company's stock type is **A-shares**, and the listing exchange and board is the **STAR Market of the Shanghai Stock Exchange**[17](index=17&type=chunk) - The stock abbreviation is **Amoytop Biotech**, and the stock code is **688278**[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 26.96% to 1.51 billion yuan, net profit attributable to parent company increased by 40.60% to 428 million yuan, and net cash flow from operating activities surged by 397.97% to 361 million yuan, driven by core product sales growth and improved operational efficiency 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,510,615,117.77 yuan | 1,189,805,069.91 yuan | 26.96 | | Total Profit | 476,272,103.72 yuan | 365,597,546.98 yuan | 30.27 | | Net Profit Attributable to Listed Company Shareholders | 427,894,111.21 yuan | 304,341,868.43 yuan | 40.60 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 431,339,041.81 yuan | 330,063,876.52 yuan | 30.68 | | Net Cash Flow from Operating Activities | 360,545,412.47 yuan | 72,403,455.12 yuan | 397.97 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 2,755,386,861.85 yuan | 2,553,316,291.75 yuan | 7.91 | | Total Assets (Period-End) | 3,209,367,094.56 yuan | 3,050,414,835.58 yuan | 5.21 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 1.05 | 0.75 | 40.00 | | Diluted Earnings Per Share (yuan/share) | 1.05 | 0.75 | 40.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 1.06 | 0.81 | 30.86 | | Weighted Average Return on Net Assets (%) | 15.61 | 15.21 | Increased by 0.40 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 15.74 | 16.50 | Decreased by 0.76 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 13.39 | 11.43 | Increased by 1.96 percentage points | - Operating revenue growth is primarily due to the **continuous increase in patients treated with the core product Peginterferon**[20](index=20&type=chunk) - Net profit attributable to the parent company increased mainly due to **steady sales revenue growth and improved operational management quality and efficiency**[21](index=21&type=chunk) - The significant increase in net cash flow from operating activities is primarily due to a **substantial increase in cash received from product sales**[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to -3.44 million yuan, primarily including non-current asset disposal gains/losses, government grants, fair value changes of financial assets, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -213,130.33 | | Government grants recognized in current profit or loss (excluding those closely related to the company's business and granted in accordance with national policies at a fixed standard) | 6,857,825.66 | | Gains and losses from changes in fair value of financial assets and liabilities, and investment income from disposal of financial assets and liabilities | 2,463,832.42 | | Other non-operating income and expenses apart from the above | -20,650,149.81 | | Less: Income tax impact | -8,096,691.46 | | Total | -3,444,930.60 | [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=IX.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) The company disclosed net profit after deducting the impact of share-based payments as 448.34 million yuan, a 47.31% increase year-on-year, which is higher than the net profit growth rate before deducting share-based payments Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 448,337,319.59 yuan | 304,341,868.43 yuan | 47.31 | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business, operational performance, core competencies, and risk factors during the reporting period, highlighting strategic focus, R&D advancements, and management efficiency [I. Industry and Main Business Overview During the Reporting Period](index=9&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) As an innovative biopharmaceutical enterprise, the company primarily engages in the R&D, production, and sales of recombinant proteins and their long-acting modified drugs, focusing on immune-related cytokine drugs for liver diseases, oncology, and metabolic diseases, maintaining a leading position in PEGylated protein long-acting drugs - The company's main business is the **R&D, production, and sales of recombinant proteins and their long-acting modified drugs**, with immune-related cytokine drugs as the primary R&D direction[26](index=26&type=chunk) - The company has launched **six drugs and one electronic pen injector**, including Peginterferon, Yipesheng, Peijin, Terlipressin, Terjin, Tercon, and Yusida[26](index=26&type=chunk) - The company's industry is **"Biological Product Manufacturing (C2761)"** within the pharmaceutical manufacturing sector; global drug expenditure is projected to reach **$2.4 trillion by 2029**, and China's biopharmaceutical market size is expected to reach **1,149.1 billion yuan by 2030**[48](index=48&type=chunk)[51](index=51&type=chunk) [(I) Main Business, Key Products, and Their Applications](index=9&type=section&id=(I)%20Main%20Business%2C%20Key%20Products%2C%20and%20Their%20Applications) The company focuses on the R&D, production, and sales of recombinant proteins and their long-acting modified drugs, with immune-related cytokine drugs at its core, having launched six drugs including Peginterferon (first-line treatment for liver disease), Yipesheng (long-acting growth hormone), and Peijin (long-acting human granulocyte-stimulating factor), and one smart electronic injection pen, Yusida, covering multiple therapeutic areas - **Peginterferon** is the world's first Y-shaped 40kD PEG-interferon α-2b injection, a first-line antiviral treatment for chronic hepatitis B, with a new indication for "Essential Thrombocythemia" approved for clinical trials[26](index=26&type=chunk)[28](index=28&type=chunk) - **Yipesheng** is the company's self-developed once-weekly long-acting growth hormone, suitable for children aged 3 and above with growth hormone deficiency, accompanied by the smart electronic injection pen **Yusida**[28](index=28&type=chunk)[29](index=29&type=chunk)[41](index=41&type=chunk) - **Peijin** is the company's self-developed long-acting human granulocyte-stimulating factor, used to reduce the incidence of febrile neutropenia caused by tumor chemotherapy, with a new indication for "reducing the incidence of preeclampsia" approved for clinical trials, and a pre-filled injection pen packaging launched in **June 2025**[31](index=31&type=chunk)[33](index=33&type=chunk) - **Terlipressin** (human granulocyte-macrophage stimulating factor), **Terjin** (human granulocyte-stimulating factor), and **Tercon** (human interleukin-11) are the company's mature products in the hematology/oncology field, all included in the National Medical Insurance Catalog[34](index=34&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) [(II) Business Model](index=13&type=section&id=(II)%20Business%20Model) The company adopts an R&D model combining independent and collaborative development, supported by core technology platforms, while optimizing supply chain management, implementing dynamic production plans, upgrading quality management to GMP standards, and establishing a nationwide marketing network through professional academic promotion and self-operated/authorized commercialization - **R&D Model**: Clinically-driven, adopting a combination of independent R&D and collaborative development, and has established a comprehensive innovative drug R&D system[43](index=43&type=chunk) - **Procurement and Production Model**: Optimized supply chain management, broadened material supply channels, actively conducted domestic substitution research; implemented dynamic production plans, adhering to lean production concepts; benchmarked against European and American GMP standards, integrating QbD concepts to upgrade quality management; deeply implemented digital and intelligent upgrades[44](index=44&type=chunk)[45](index=45&type=chunk) - **Marketing Model**: Established a nationwide marketing network and professional team, formulated marketing strategies through market research; highly emphasized professional academic promotion; adopted a combination of self-operated and authorized commercial promotion, with direct sales and distribution[46](index=46&type=chunk)[47](index=47&type=chunk) [(III) Industry Development Status](index=15&type=section&id=(III)%20Industry%20Development%20Status) The company operates in the pharmaceutical manufacturing industry, within a global drug market experiencing continuous growth, particularly in biologics, with China's biopharmaceutical market projected to reach 1,149.1 billion yuan by 2030, driven by supportive policies for innovation and digital transformation - The company's industry is **"Biological Product Manufacturing (C2761)"** within the pharmaceutical manufacturing sector[48](index=48&type=chunk) - IQVIA predicts global drug expenditure will reach **$2.4 trillion by 2029**, and Evaluate Pharma predicts global prescription drug sales will reach **$1.75 trillion by 2030**[48](index=48&type=chunk) - Frost & Sullivan predicts China's biopharmaceutical market size will reach **1,149.1 billion yuan by 2030**, with a compound annual growth rate of approximately **11.2% from 2025-2030**[51](index=51&type=chunk) - During the reporting period, the state issued multiple policies, such as "Opinions on Comprehensively Deepening the Reform of Drug and Medical Device Regulation and Promoting High-Quality Development of the Pharmaceutical Industry" and "Implementation Plan for Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030)," to support innovative drug development and industrial upgrading[51](index=51&type=chunk)[52](index=52&type=chunk) - The pharmaceutical industry is characterized by **high technology, high investment, long cycles, and strict regulation**, facing multiple barriers in technology, capital, policy, and talent[53](index=53&type=chunk) [(IV) Company's Industry Position and Development Trends](index=17&type=section&id=(IV)%20Company%27s%20Industry%20Position%20and%20Development%20Trends) The company is a leading enterprise in China's PEGylated protein long-acting drug field, with core competitiveness in antiviral, hematology/oncology, and endocrine drugs, with Peginterferon leading the market in chronic hepatitis B clinical cure, and new products like Peijin and Yipesheng strengthening its market position - The company is a **leading enterprise in China's PEGylated protein long-acting drug field**, having established and built various innovative platforms for protein drug expression, long-acting modification, and industrialization[55](index=55&type=chunk) - **Peginterferon** is the first long-acting interferon product with independent intellectual property rights in China, a first-line antiviral treatment for chronic hepatitis B, and its value in improving clinical cure rates and reducing liver cancer risk is recognized by experts[55](index=55&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Approximately **75 million HBV infected individuals in China**, with a relatively low antiviral treatment rate, indicating that the number of treated patients will increase with expanded indications in the future[56](index=56&type=chunk) - The company has **four listed products** in the hematology/oncology drug field (rhG-CSF, YPEG-rhG-CSF, rhGM-CSF, rhIL-11), forming a "short-acting + long-acting" synergistic portfolio, all included in the National Medical Insurance Catalog[61](index=61&type=chunk)[62](index=62&type=chunk) - **Yipesheng** is the company's self-developed new generation long-acting growth hormone, providing a "safe, effective, and convenient" treatment solution for children with growth hormone deficiency, consolidating the company's leading edge in PEGylated long-acting protein drugs[64](index=64&type=chunk) [II. Discussion and Analysis of Operations](index=20&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company focused on immunology and metabolism, achieving robust growth with operating revenue of 1.51 billion yuan (up 26.96%) and net profit attributable to parent company of 428 million yuan (up 40.60%) through increased R&D investment and improved management efficiency, while expanding technology platforms and R&D pipelines - In the first half of 2025, the company's operating revenue was **1.51 billion yuan**, a year-on-year increase of **26.96%**; net profit attributable to listed company shareholders was **428 million yuan**, a year-on-year increase of **40.60%**[65](index=65&type=chunk) - Net cash flow from operating activities was **361 million yuan**, a year-on-year increase of **397.97%**[65](index=65&type=chunk) - The company focuses on the **immunology and metabolism fields**, with the core mission of solving clinical disease problems and strengthening product differentiation[64](index=64&type=chunk)[65](index=65&type=chunk) [(I) Focusing on Clinical Needs, Continuously Exploring Treatment Solutions for Major Diseases](index=20&type=section&id=(I)%20Focusing%20on%20Clinical%20Needs%2C%20Continuously%20Exploring%20Treatment%20Solutions%20for%20Major%20Diseases) The company continues to focus on chronic hepatitis B clinical cure, conducting multiple research and public welfare projects based on Peginterferon, such as "Everest" and "Strong Shield," to accumulate evidence, enhance recognition of Peginterferon's role in improving cure rates and reducing liver cancer risk, and drive sales and profit growth, while also launching the self-developed long-acting growth hormone Yipesheng - The company continuously focuses on chronic hepatitis B clinical cure, conducting multiple research and public welfare projects such as **"Everest," "Oasis," and "Strong Shield"** to explore optimal treatment regimens[66](index=66&type=chunk) - Research evidence on the core product **Peginterferon's** role in improving chronic hepatitis B clinical cure rates and significantly reducing liver cancer incidence risk has been further recognized by experts and patients, driving **both revenue and profit growth**[67](index=67&type=chunk) - The self-developed National Class 1 new drug, long-acting growth hormone product **Yipesheng** (Yipesheng Growth Hormone Injection), was approved for marketing at the **end of May 2025**, completing the company's product matrix[68](index=68&type=chunk) [(II) Deploying Innovative Technologies, Expanding Technology Platforms and R&D Pipeline](index=21&type=section&id=(II)%20Deploying%20Innovative%20Technologies%2C%20Expanding%20Technology%20Platforms%20and%20R%26D%20Pipeline) Adhering to a "customer-centric, clinical-need-oriented" innovation philosophy, the company expanded multiple technology platforms, including gene therapy, through the acquisition of certain assets from Jiutian Bio, establishing three core technology platforms for PEGylated recombinant protein modification, protein drug production, and drug screening/optimization, with several R&D projects progressing steadily - The company, through its wholly-owned subsidiary Bosai Gene, acquired certain assets from gene therapy company **Jiutian Bio**, expanding multiple technology platforms including gene therapy[70](index=70&type=chunk) - Three core technology platforms have been established: **PEGylated recombinant protein modification, protein drug production, and drug screening and optimization**, with expansion into nucleic acid drugs and adeno-associated virus (AAV) gene therapy[70](index=70&type=chunk) - **Yipesheng Growth Hormone Injection** has been approved for marketing; **YPEG-EPO** is preparing for Phase III clinical trials; **Human Interferon α2b Nasal Spray** and **ACT300** have completed Phase I clinical trials; **AK0706** and **ACT500** are in Phase I clinical trials; **ACT50** and **ACT60** projects are undergoing pharmaceutical and preclinical research[85](index=85&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [(III) Enhancing Management Efficiency, Driving High-Quality Enterprise Development](index=22&type=section&id=(III)%20Enhancing%20Management%20Efficiency%2C%20Driving%20High-Quality%20Enterprise%20Development) The company promotes high-quality development by strengthening strategic management, optimizing organizational efficiency, and improving its risk prevention and control system, building a full-process closed-loop management system for strategy, focusing on process construction and digital transformation for organizational efficiency, and deepening company-wide risk and compliance management - At the strategic management level, the company, with the **"Lighthouse" project** as its抓手, builds and improves a full-process closed-loop management system for strategic planning, decoding, execution, and evaluation[73](index=73&type=chunk) - At the organizational efficiency level, the company focuses on **process construction and digital transformation**, actively promoting digital and intelligent upgrades, and exploring the application of AI in the biopharmaceutical field[73](index=73&type=chunk) - At the risk prevention and control level, the company deepens company-wide risk management and compliance management concepts, building a full-chain closed-loop risk management system, with a focus on production safety, information security, and compliant operations[74](index=74&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=23&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in its innovation, organizational strength, product portfolio, and brand influence, driven by continuous R&D investment, advanced technology platforms, efficient management, a competitive product pipeline in key therapeutic areas, and a strong market reputation built over nearly three decades - The company's core competencies include **innovation, organizational strength, product portfolio, and brand influence**[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - **Innovation**: Guided by "clinical value orientation," building an "innovation-driven—resource assurance—achievement transformation" system, possessing three core technology platforms: **PEGylated recombinant protein modification, drug screening and optimization, and protein drug production**[76](index=76&type=chunk) - **Product portfolio**: In the liver disease field, **Peginterferon** is the world's first Y-shaped 40kD PEGylated long-acting interferon α-2b injection; in the metabolic disease field, **Yipesheng** is a new generation long-acting growth hormone; in the oncology field, **Peijin** has a longer drug half-life and lower drug dosage[79](index=79&type=chunk)[80](index=80&type=chunk) - **Brand influence**: Nearly **three decades of deep cultivation** in the biopharmaceutical field, with multiple products widely recognized in clinical applications, earning numerous honors such as **"First Prize of Fujian Provincial Science and Technology Progress Award"** and **"Top 50 Biopharmaceutical Companies in China's Pharmaceutical Market 2024"**[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) [(I) Core Competency Analysis](index=23&type=section&id=(I)%20Core%20Competency%20Analysis) The company's core competencies are innovation, organizational strength, product portfolio, and brand influence, with innovation stemming from continuous R&D and three core technology platforms; organizational strength enhanced by process, digitalization, and talent development; product portfolio reflected in differentiated offerings across liver disease, oncology, and metabolic diseases; and brand influence accumulated through years of dedication and numerous accolades - **Innovation**: Guided by "clinical value orientation," building an "innovation-driven—resource assurance—achievement transformation" system, possessing three core technology platforms: **PEGylated recombinant protein modification, drug screening and optimization, and protein drug production**[76](index=76&type=chunk) - **Organizational strength**: Focused on process construction, empowered by digitalization, talent supply chain, and incentive mechanisms, to enhance organizational efficiency[77](index=77&type=chunk)[78](index=78&type=chunk) - **Product portfolio**: Built a core competitive product portfolio in liver disease, oncology, metabolic diseases, etc., such as **Peginterferon, Yipesheng, and Peijin**[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - **Brand influence**: Nearly **three decades of deep cultivation** in the biopharmaceutical field, with multiple products widely recognized in clinical applications, and winning numerous honors, enhancing industry influence and market recognition[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) [(III) Core Technologies and R&D Progress](index=24&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company has established and maintained advanced core technology platforms for PEGylated recombinant protein modification, protein drug production, and drug screening/optimization, focusing on R&D and industrialization of recombinant proteins and their long-acting modified drugs. During the reporting period, Yipesheng Growth Hormone Injection was approved, YPEG-EPO entered Phase III clinical preparation, and R&D investment totaled 202.29 million yuan, a 48.77% increase year-on-year - The company's core technologies include **PEGylated recombinant protein modification platform technology, protein drug production platform technology, and drug screening and optimization platform technology**, all maintaining advanced levels[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - During the reporting period, **Yipesheng Growth Hormone Injection** has been approved for marketing; **YPEG-EPO** is preparing for Phase III clinical trials; **Human Interferon α2b Nasal Spray** and **ACT300** have completed Phase I clinical trials; **AK0706** and **ACT500** are in Phase I clinical trials; **ACT50** and **ACT60** projects are undergoing pharmaceutical and preclinical research[85](index=85&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) R&D Investment | Indicator | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 174,802,367.14 | 113,910,835.09 | 53.46 | | Capitalized R&D Investment | 27,493,627.34 | 22,065,251.23 | 24.60 | | Total R&D Investment | 202,295,994.48 | 135,976,086.32 | 48.77 | | Total R&D Investment as Percentage of Operating Revenue (%) | 13.39 | 11.43 | Increased by 1.96 percentage points | | Capitalization Ratio of R&D Investment (%) | 13.59 | 16.23 | Decreased by 2.64 percentage points | - This period, **2 new invention patent applications**, **1 design patent**, and **9 trademarks** were obtained[86](index=86&type=chunk)[87](index=87&type=chunk) [IV. Risk Factors](index=31&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including core competency risks (technological upgrades, insufficient patent exclusivity, R&D failure, ineffective technology commercialization), operational risks (drug bidding/price reduction, raw material supply, Peginterferon sales growth below expectations, quality control, production safety), financial risks (tax policy changes, increased bad debt from accounts receivable), and industry risks (talent loss, policy changes) - Core competency risks include **technological upgrades and iterations, insufficient exclusivity of technology licenses or authorizations, R&D failure, and inability to effectively commercialize technological achievements**[97](index=97&type=chunk)[98](index=98&type=chunk) - Operational risks include **failure to win drug bids or price reductions, raw material supply risks, risk of Peginterferon sales not growing as expected, drug quality control risks, and production safety risks**[100](index=100&type=chunk)[101](index=101&type=chunk) - Financial risks include **tax incentive policy changes and increased bad debt from accounts receivable**[103](index=103&type=chunk) - Industry risks include **talent loss risk and industry policy risk**[104](index=104&type=chunk) - The company will continue to **increase R&D investment, improve intellectual property protection, optimize supply chain management, and strengthen product quality control** to mitigate risks[99](index=99&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [(I) Core Competency Risks](index=31&type=section&id=(I)%20Core%20Competency%20Risks) The company faces core competency risks such as rapid technological upgrades, insufficient patent exclusivity, R&D failures, and ineffective technology commercialization, which could lead to reduced product competitiveness and lower-than-expected returns on R&D investment - Life science and drug research fields are rapidly advancing, and **revolutionary technologies may emerge to impact existing drugs**[97](index=97&type=chunk) - Technology patent licenses or authorizations may be **invalid or lack exclusivity**, failing to effectively protect core technologies and products[97](index=97&type=chunk) - New drug R&D is **long, capital-intensive, and high-risk**, potentially failing due to key technical challenges, clinical study failures, or regulatory changes[98](index=98&type=chunk) - R&D achievements may **not be timely commercialized** or listed products may fail to meet market access thresholds, affecting returns on prior R&D investment[98](index=98&type=chunk) [(II) Operational Risks](index=32&type=section&id=(II)%20Operational%20Risks) The company's operations face risks including failure to win drug centralized procurement bids or price reductions, raw material supply disruptions, Peginterferon sales growth below expectations, improper drug quality control, and production safety incidents, all of which could directly impact sales revenue, production operations, and market position - Failure to win bids or price reductions in centralized drug procurement may lead to **decreased sales revenue and net profit**[100](index=100&type=chunk) - Disruption or quality issues with key raw material supplies may **impact business**[100](index=100&type=chunk) - Sales of core product **Peginterferon** may not grow continuously if the clinical cure concept for hepatitis B is not widely adopted or if evidence for combination therapies is insufficient[100](index=100&type=chunk) - Drug production processes are complex, and **quality incidents** may occur in raw material procurement, production control, storage, and transportation[101](index=101&type=chunk) - **Safety production incidents** may occur during production due to natural disasters, equipment failures, or operational errors[102](index=102&type=chunk) [(III) Financial Risks](index=33&type=section&id=(III)%20Financial%20Risks) The company faces financial risks from changes in tax incentive policies and increased bad debt from accounts receivable; adjustments to high-tech enterprise tax incentives or failure to maintain certification would impact future performance, while expanding sales may increase accounts receivable and bad debt risk if customer credit deteriorates - The company and its wholly-owned subsidiaries enjoy **high-tech enterprise tax incentives**, applying a **15% corporate income tax rate**; changes in policy or failure to maintain certification will impact performance[103](index=103&type=chunk) - As sales scale expands, total accounts receivable may increase, potentially leading to **bad debt risk** if customer credit deteriorates[103](index=103&type=chunk) [(IV) Industry Risks](index=33&type=section&id=(IV)%20Industry%20Risks) The company faces industry risks from talent loss and policy changes; intense competition for talent in the biopharmaceutical sector could lead to technical staff turnover, while reforms and adjustments in healthcare policies may significantly impact market supply/demand, business models, R&D, and drug pricing - Intense talent competition in the biopharmaceutical industry may lead to **loss of technical personnel and instability in R&D teams** if the company cannot maintain competitiveness[104](index=104&type=chunk) - National healthcare system reforms and industry policy adjustments may significantly impact **market supply and demand, business models, R&D, and drug prices**[104](index=104&type=chunk) [(V) Macro-Environmental Risks](index=33&type=section&id=(V)%20Macro-Environmental%20Risks) The company's industry is influenced by macroeconomic and pharmaceutical industry policies, with economic cycle fluctuations, industry policy changes, and international political situations (especially US-China trade uncertainties) potentially adversely affecting its operations - The company's industry is comprehensively influenced by **macroeconomic policies and pharmaceutical industry policies**[105](index=105&type=chunk) - Cyclical fluctuations in economic development, changes in industry policies, and international political situations (especially **US-China trade uncertainties**) may impact the company's production and operations[105](index=105&type=chunk) [(VI) Other Significant Risks](index=34&type=section&id=(VI)%20Other%20Significant%20Risks) As the company expands, there is a risk of management and internal control issues if operational management, financial management, and internal control systems fail to adapt to the increased scale - Company expansion may lead to **management and internal control risks** if operational management, financial management, and internal control systems do not adapt in a timely manner[106](index=106&type=chunk) [V. Key Operating Performance During the Reporting Period](index=34&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In the first half of 2025, the company achieved operating revenue of 1.51 billion yuan (up 26.96%) and net profit attributable to parent company of 428 million yuan (up 40.60%), primarily driven by core product Peginterferon sales growth and improved operational management efficiency, maintaining a stable asset-liability structure and positive investment and subsidiary operations 2025 Semi-Annual Key Operating Data | Indicator | Amount (10,000 yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 151,061.51 | 26.96 | | Net Profit Attributable to Listed Company Shareholders | 42,789.41 | 40.60 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 43,133.90 | 30.68 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 275,538.69 | 7.91 (compared to end of previous year) | - Operating revenue growth is primarily due to the **continuous increase in patients treated with the core product Peginterferon**[109](index=109&type=chunk) - Net cash flow from operating activities increased by **397.97%** year-on-year, mainly due to a **significant increase in cash received from product sales**[109](index=109&type=chunk) [(I) Main Business Analysis](index=34&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 26.96%, and operating costs increased by 34.27%. Sales, administrative, and R&D expenses all increased, with R&D expenses showing the largest increase at 53.46%. Net cash flow from operating activities significantly grew by 397.97% Analysis of Changes in Financial Statement Items | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,510,615,117.77 | 1,189,805,069.91 | 26.96 | | Operating Cost | 106,031,437.95 | 78,969,264.18 | 34.27 | | Selling Expenses | 598,906,025.59 | 499,725,604.87 | 19.85 | | Administrative Expenses | 140,327,604.73 | 119,448,645.33 | 17.48 | | Financial Expenses | -2,622,877.31 | -1,424,410.08 | Not applicable | | R&D Expenses | 174,802,367.14 | 113,910,835.09 | 53.46 | | Net Cash Flow from Operating Activities | 360,545,412.47 | 72,403,455.12 | 397.97 | | Net Cash Flow from Investing Activities | 53,217,700.92 | -30,207,891.89 | Not applicable | | Net Cash Flow from Financing Activities | -246,782,310.72 | -170,183,806.98 | Not applicable | - Operating revenue growth is primarily due to the **continuous increase in patients treated with the core product Peginterferon**[109](index=109&type=chunk) - R&D expense growth is mainly due to the **orderly progress of various R&D projects, increased personnel costs and patent licensing fees, and increased share-based payment expenses**[109](index=109&type=chunk) [(III) Analysis of Assets and Liabilities](index=35&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds and notes receivable significantly increased, with total assets growing by 5.21%. Trading financial assets and accounts receivable decreased. Intangible assets substantially increased due to Yipesheng's marketing approval, with a corresponding decrease in development expenditures. On the liability side, short-term borrowings and lease liabilities increased, while taxes payable decreased Changes in Asset and Liability Status | Item Name | Period-End Balance (yuan) | Period-End Balance as % of Total Assets | Prior Period-End Balance (yuan) | Prior Period-End Balance as % of Total Assets | Period-End Amount Change vs. Prior Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 528,973,264.73 | 16.48 | 371,821,698.43 | 12.19 | 42.27 | | Trading Financial Assets | 150,590,535.23 | 4.69 | 289,963,952.73 | 9.51 | -48.07 | | Notes Receivable | 116,918,551.61 | 3.64 | 37,027,868.80 | 1.21 | 215.76 | | Prepayments | 85,322,794.70 | 2.66 | 38,768,166.49 | 1.27 | 120.08 | | Construction in Progress | 249,974,576.13 | 7.79 | 181,556,607.69 | 5.95 | 37.68 | | Intangible Assets | 294,393,826.70 | 9.17 | 170,848,518.30 | 5.6 | 72.31 | | Development Expenditures | 94,002,988.54 | 2.93 | 208,891,692.66 | 6.85 | -55.00 | | Short-Term Borrowings | 9,904,541.66 | 0.31 | - | - | Not applicable | | Accounts Payable | 87,785,897.27 | 2.74 | 60,140,756.18 | 1.97 | 45.97 | | Taxes Payable | 31,443,277.65 | 0.98 | 69,764,523.07 | 2.29 | -54.93 | | Lease Liabilities | 14,142,678.24 | 0.44 | 3,268,065.07 | 0.11 | 332.75 | - The increase in monetary funds is primarily due to **increased cash collection and redemption of matured wealth management products** during the reporting period[111](index=111&type=chunk) - The significant increase in intangible assets is primarily due to **Yipesheng's marketing approval**, with its related development expenditures transferred to intangible assets[111](index=111&type=chunk) [(IV) Investment Status Analysis](index=37&type=section&id=(IV)%20Investment%20Status%20Analysis) During the reporting period, the company's investment amounted to 29.99 million yuan, a year-on-year decrease of 40.83%. Key investment activities included increasing the registered capital of Xiamen Zhimou Investment Co., Ltd. and Xiamen Songyi Health Management Co., Ltd., and establishing a new wholly-owned subsidiary, Beijing Anmuduo Kang Internal Medicine Clinic Co., Ltd. Fair value measured financial assets totaled 207 million yuan at period-end Investment Amount During the Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment amount for the current period | 29,990,000.00 | | Investment amount for the prior period | 50,684,348.29 | | Change (%) | -40.83% | - The company and its subsidiaries made external investments or capital increases, including increasing the registered capital of **Xiamen Zhimou Investment Co., Ltd.** and **Xiamen Songyi Health Management Co., Ltd.**[117](index=117&type=chunk) - A new wholly-owned subsidiary, **Beijing Anmuduo Kang Internal Medicine Clinic Co., Ltd.**, was established with a registered capital of **9.99 million yuan**[117](index=117&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (yuan) | | :--- | :--- | | Other | 207,353,420.16 | | Total | 207,353,420.16 | [(VI) Analysis of Major Holding and Participating Companies](index=38&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries include Xiamen Bosai Gene Transcription Technology Co., Ltd., Xiamen Zhimou Investment Co., Ltd., and Xiamen Songyi Health Management Co., Ltd., with Bosai Gene showing outstanding performance in medical research and experimentation, achieving a net profit of 93.30 million yuan. Beijing Anmuduo Kang Internal Medicine Clinic Co., Ltd. was newly established during the reporting period Financial Performance of Major Subsidiaries | Company Name | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen Bosai Gene Transcription Technology Co., Ltd. | Medical research and experimentation | 42,000,000.00 | 493,626,908.13 | 481,179,028.82 | 122,177,476.75 | 93,299,482.70 | | Xiamen Zhimou Investment Co., Ltd. | Investment activities with own funds | 40,000,000.00 | 26,895,402.83 | 26,895,402.83 | / | -133,233.21 | | Xiamen Songyi Health Management Co., Ltd. | Health consulting services | 40,000,000.00 | 21,289,436.55 | 21,207,258.33 | / | -559,905.63 | | Beijing Anmuduo Kang Internal Medicine Clinic Co., Ltd. | Medical services; pharmaceutical retail, etc. | 9,990,000.00 | 12,511,315.30 | 2,049,143.73 | / | -950,856.27 | - **Beijing Anmuduo Kang Internal Medicine Clinic Co., Ltd.** was newly established during the reporting period[123](index=123&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=40&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, senior management, and core technical personnel, profit distribution plans, equity incentive plans, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=40&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel - During the reporting period, there were **no changes** in the company's directors, supervisors, senior management, and core technical personnel[126](index=126&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 has not proposed any profit distribution or capital reserve conversion to share capital plan for this semi-annual period - The proposed profit distribution or capital reserve conversion to share capital plan for this semi-annual period is **"None"**[126](index=126&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=40&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company approved and implemented the 2024 Restricted Stock Incentive Plan in August and September 2024, granting restricted shares to incentive recipients, with relevant details disclosed in temporary announcements - On **August 21, 2024**, the company's Board of Directors and Supervisory Board approved the "Proposal on the Company's <2024 Restricted Stock Incentive Plan (Draft)> and its Summary" and other related proposals[127](index=127&type=chunk) - On **September 25, 2024**, the company's Board of Directors and Supervisory Board approved the "Proposal on Granting Restricted Shares to Incentive Recipients of the 2024 Restricted Stock Incentive Plan for the First Time" and other related proposals[127](index=127&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=41&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is included in the list of enterprises required to disclose environmental information by law, and its environmental information has been disclosed on the Fujian Provincial Department of Ecology and Environment system - The company is included in the list of enterprises required to disclose environmental information by law, with **1 enterprise** listed[129](index=129&type=chunk) - The environmental information disclosure report can be found on the **Fujian Provincial Department of Ecology and Environment - Fujian Provincial Enterprise Environmental Information Disclosure System**[129](index=129&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=41&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company actively fulfills its social responsibilities through various public welfare projects, including educational assistance ("Qizhen Education Micro-Fund") and health assistance (chronic hepatitis B clinical cure projects like "Everest," "Oasis," "Sprout," "Bamboo Shoot"), contributing to poverty alleviation and rural revitalization, with the "Everest" project exceeding its target by achieving 10,240 clinical cures - The company supports the **"Qizhen Education Micro-Fund"** to carry out educational assistance in the Liangshan Yi Autonomous Prefecture, Sichuan[129](index=129&type=chunk) - The company continuously focuses on the diagnosis and treatment of chronic hepatitis B patients, supporting multiple public welfare projects such as **"Everest," "Oasis," "Weiming," and "Sprout"** for chronic hepatitis B treatment research[129](index=129&type=chunk) - As of the end of May 2025, the **"China Chronic Hepatitis B Clinical Cure (Everest) Project"** has achieved **10,240 clinical cures**, with a **33.8% HBsAg clearance rate at 48 weeks** for patients treated for over 36 weeks, exceeding the target[129](index=129&type=chunk) - The company supports the **"Little Bamboo Shoot" Children's Health Care Public Welfare Project**, aiming to improve scientific understanding of children's growth and development and provide medical assistance[130](index=130&type=chunk) [Section V Significant Matters](index=42&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, absence of illegal guarantees, integrity status of the company and its controlling shareholders, major related-party transactions, significant contracts, and the progress of raised funds utilization [I. Fulfillment of Commitments](index=42&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controllers, directors, senior management, and shareholders holding 5% or more of shares have strictly fulfilled all commitments related to the initial public offering, including share lock-up, reduction, price stabilization, fraudulent issuance repurchase, immediate return compensation, information disclosure authenticity, avoidance of horizontal competition, and standardization of related-party transactions, with no violations during the reporting period - Actual controllers **Yang Ying, Sun Li, and Lan Chun**, as well as company directors, senior management, and core technical personnel, committed to share lock-up periods before the initial public offering, with clear provisions on reduction prices, quantities, and information disclosure[132](index=132&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk)[138](index=138&type=chunk) - The company and actual controllers committed to a **price stabilization plan**, including company share repurchases, actual controller share increases, and director/senior management share increases[147](index=147&type=chunk) - The company and actual controllers committed to initiating **share repurchase procedures** in case of fraudulent issuance[147](index=147&type=chunk) - The company committed to measures such as strengthening raised fund management, actively implementing fundraising projects, strengthening operational efficiency, reducing operating costs, and strengthening investor return mechanisms to **compensate for diluted immediate returns**[147](index=147&type=chunk)[148](index=148&type=chunk) - Actual controllers committed to **avoiding horizontal competition** and **standardizing related-party transactions**[151](index=151&type=chunk)[152](index=152&type=chunk) [III. Illegal Guarantees](index=63&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, the company had no illegal guarantees - During the reporting period, the company had **no illegal guarantees**[154](index=154&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=64&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company and its actual controllers operated with integrity and complied with laws and regulations, with no unfulfilled obligations from effective court judgments or overdue large debts - During the reporting period, the company and its actual controllers **operated with integrity and complied with laws and regulations**[155](index=155&type=chunk) - There were **no unfulfilled obligations** from effective court judgments or overdue large debts[155](index=155&type=chunk) [X. Significant Related-Party Transactions](index=64&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, the company had no significant related-party transactions related to daily operations, asset/equity acquisitions or disposals, joint external investments, or related-party creditor-debtor relationships - During the reporting period, the company had **no related-party transactions related to daily operations**[156](index=156&type=chunk) - During the reporting period, the company had **no related-party transactions involving asset or equity acquisition or disposal**[156](index=156&type=chunk) - During the reporting period, the company had **no significant related-party transactions involving joint external investments**[157](index=157&type=chunk) - During the reporting period, the company had **no related-party creditor-debtor relationships**[157](index=157&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=65&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company fulfilled several significant contracts during the reporting period, including R&D cooperation agreements with Aligos Therapeutics, Inc. for nucleic acid technology in hepatitis treatment, an exclusive license agreement with Suzhou Connect Biopharmaceuticals Co., Ltd. for a biologic product, a technology license and development cooperation agreement with Tengji (Xiamen) Biomedical Technology Co., Ltd. for NM6606, and an asset acquisition agreement by wholly-owned subsidiary Bosai Gene with Skyline Therapeutics Limited, all aimed at expanding treatment solutions for hepatitis, non-alcoholic fatty liver disease, and liver fibrosis - The company signed a nucleic acid technology research cooperation and development agreement with **Aligos Therapeutics, Inc.** for hepatitis treatment, obtaining exclusive option for the China region, and has paid **$7 million** in advance and research cooperation funds[157](index=157&type=chunk)[158](index=158&type=chunk) - The company signed an exclusive license agreement with **Suzhou Connect Biopharmaceuticals Co., Ltd.**, obtaining permanent exclusive license rights for a biologic product (KN069) in the non-alcoholic fatty liver disease field, and has paid an upfront payment of **20 million yuan**[159](index=159&type=chunk) - The company signed an NM6606 technology license and development cooperation agreement with **Tengji (Xiamen) Biomedical Technology Co., Ltd.**, obtaining an exclusive license to develop, register, and commercialize a single drug product for liver fat metabolism and liver fibrosis-related diseases in China, and has paid an upfront payment and development milestone payments totaling **20 million yuan**[160](index=160&type=chunk) - Wholly-owned subsidiary **Bosai Gene** signed an asset acquisition agreement with **Skyline Therapeutics Limited (Jiutian Cayman)**, with a transaction price including a merger consideration of **$15 million** and development and sales milestone payments up to **$43 million**, completed on **July 29, 2025**[161](index=161&type=chunk) [XII. Progress of Raised Funds Utilization](index=67&type=section&id=XII.%20Progress%20of%20Raised%20Funds%20Utilization) The company's initial public offering raised a total of 383.16 million yuan, with a net amount of 330.45 million yuan. As of the end of the reporting period, a cumulative 332.41 million yuan has been invested, reaching 100.60% of the planned investment. The funds were primarily used for protein drug production expansion and R&D center construction, new drug R&D projects, and chronic hepatitis B clinical cure research projects, all of which are under construction or R&D, with actual investments exceeding committed amounts Overall Utilization of Raised Funds | Source of Raised Funds | Total Raised Funds (yuan) | Net Raised Funds (yuan) | Total Committed Investment in Prospectus or Offering Document (yuan) | Cumulative Raised Funds Invested as of Period-End (yuan) | Cumulative Raised Funds Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 383,160,000.00 | 330,446,320.00 | 330,446,320.00 | 332,413,775.64 | 100.60 | Detailed Utilization of Fundraising Projects | Project Name | Committed Investment (yuan) | Cumulative Raised Funds Invested as of Period-End (yuan) | Investment Progress (%) | Date Project Expected to Reach Usable State | | :--- | :--- | :--- | :--- | :--- | | Protein Drug Production Expansion and R&D Center Construction Project | 199,400,920.00 | 205,206,157.72 | 102.91 | December 2025 | | New Drug R&D Project | 101,685,400.00 | 97,457,585.89 | 95.84 | December 2025 | | Chronic Hepatitis B Clinical Cure Research Project | 29,360,000.00 | 29,750,032.03 | 101.33 | December 2025 | - Funds for the **"Protein Drug Production Expansion and R&D Center Construction Project"** and **"Chronic Hepatitis B Clinical Cure Research Project"** exceeding committed investment came from interest income and cash management gains generated by raised funds[165](index=165&type=chunk) [Section VI Share Changes and Shareholder Information](index=70&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, shareholder structure, top ten shareholders, actual controllers, and the shareholding status of directors, supervisors, senior management, and core technical personnel [I. Share Capital Changes](index=70&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were **no changes** in the company's total ordinary share capital or share capital structure[169](index=169&type=chunk) [II. Shareholder Information](index=70&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 8,439 ordinary shareholders. Among the top ten shareholders, Yang Ying held 33.94%, Tonghua Dongbao Pharmaceutical Co., Ltd. held 16.03%, and Sun Li held 8.00%. The actual controllers are Yang Ying and Sun Li, with Sun Li and Cai Zhihua being a married couple, and Yang Ying's daughter married to Sun Li's son - As of the end of the reporting period, the total number of ordinary shareholders was **8,439 households**[170](index=170&type=chunk) Top Ten Shareholders' Shareholdings | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Yang Ying | 138,077,266 | 33.94 | Domestic Natural Person | | Tonghua Dongbao Pharmaceutical Co., Ltd. | 65,200,114 | 16.03 | Domestic Non-State-Owned Legal Person | | Sun Li | 32,539,237 | 8.00 | Domestic Natural Person | | Cai Zhihua | 11,428,121 | 2.81 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Huaxia SSE STAR Market 50 ETF | 8,948,945 | 2.20 | Other | | Zheng Shanxian | 7,505,000 | 1.84 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - E Fund SSE STAR Market 50 ETF | 6,737,726 | 1.66 | Other | | Zuo Zhonghong | 5,073,884 | 1.25 | Domestic Natural Person | | Yang Yinxiang | 3,501,834 | 0.86 | Domestic Natural Person | | Zhang Chao | 3,466,759 | 0.85 | Domestic Natural Person | - The company's actual controllers are **Yang Ying and Sun Li**; Sun Li and Cai Zhihua are a married couple, and Yang Ying's daughter is married to Sun Li's son[175](index=175&type=chunk) - **Tonghua Dongbao Pharmaceutical Co., Ltd.** transferred some shares via agreement on **May 22, 2025**, with a shareholding ratio of **10.33%** after the transfer[175](index=175&type=chunk) [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=73&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, no changes in shareholdings of the company's directors, supervisors, senior management, and core technical personnel were disclosed, nor were they granted any equity incentives - During the reporting period, **no changes in shareholdings** for the company's directors, supervisors, senior management, and core technical personnel were disclosed[177](index=177&type=chunk) - During the reporting period, the company's directors, supervisors, senior management, and core technical personnel were **not granted any equity incentives**[177](index=177&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=73&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were **no changes** in the company's controlling shareholder or actual controller[177](index=177&type=chunk) [Section VII Bond-Related Information](index=74&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of company bonds (including corporate bonds), non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Company Bonds (Including Corporate Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=74&type=section&id=I.%20Company%20Bonds%20(Including%20Corporate%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had **no company bonds** (including corporate bonds) or non-financial enterprise debt financing instruments[179](index=179&type=chunk) [II. Convertible Corporate Bonds](index=74&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had **no convertible corporate bonds**[179](index=179&type=chunk) [Section VIII Financial Report](index=75&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements for 2025, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items [I. Audit Report](index=75&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is **unaudited**[4](index=4&type=chunk) [II. Financial Statements](index=75&type=section&id=II.%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period - Financial statements include the **consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity**[181](index=181&type=chunk)[184](index=184&type=chunk)[188](index=188&type=chunk)[192](index=192&type=chunk)[194](index=194&type=chunk)[198](index=198&type=chunk)[201](index=201&type=chunk)[211](index=211&type=chunk) [Consolidated Balance Sheet](index=75&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 3.21 billion yuan, a 5.21% increase from the end of the previous year; consolidated total liabilities were 454 million yuan, a 9.08% decrease; and owners' equity attributable to the parent company was 2.76 billion yuan, a 7.91% increase Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 528,973,264.73 | 371,821,698.43 | | Trading Financial Assets | 150,590,535.23 | 289,963,952.73 | | Notes Receivable | 116,918,551.61 | 37,027,868.80 | | Accounts Receivable | 635,184,771.86 | 771,496,539.39 | | Inventories | 321,192,181.10 | 263,546,426.51 | | Total Current Assets | 1,869,679,350.53 | 1,827,090,165.08 | | Fixed Assets | 518,267,612.47 | 496,526,291.01 | | Construction in Progress | 249,974,576.13 | 181,556,607.69 | | Intangible Assets | 294,393,826.70 | 170,848,518.30 | | Total Assets | 3,209,367,094.56 | 3,050,414,835.58

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

明冠新材料股份有限公司2025 年半年度报告 公司代码：688560 公司简称：明冠新材 明冠新材料股份有限公司 2025 年半年度报告 1/ 291 明冠新材料股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告第三 节"管理层讨论和分析"之"四、风险因素"。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人闫洪嘉 、主管会计工作负责人赖锡安 及会计机构负责人（会计主管人员） 赖锡安声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 是否存在被控股 ...

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