公司代码：603199 公司简称：九华旅游 安徽九华山旅游发展股份有限公司 2025 年半年度报告 安徽九华山旅游发展股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人高政权、主管会计工作负责人张先进及会计机构负责人（会计主管人员） 王华民声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺， 敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本报告"管理层讨论与分析"一节中已经详细描述公司可能面对的 ...

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

重庆再升科技股份有限公司2025 年半年度报告 1 / 204 公司代码：603601 公司简称：再升科技 重庆再升科技股份有限公司 2025 年半年度报告 重庆再升科技股份有限公司2025 年半年度报告 重要提示 四、公司负责人郭茂、主管会计工作负责人刘正琪及会计机构负责人（会计主管人员）文逸声明： 保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度利润分配预案：公司拟以实施利润分配方案时股权登记日的总股本为基数 ，以未分配利润向全体股东每10股派发现金股利人民币0.20元（含税）。 在实施权益分派的股权登记日前，公司总股本发生变动的，拟维持每股分配金额不变，相应 调整分配总额，剩余未分配利润结转以后年度分配。 以上利润分配预案尚待公司股东会审议批准。 六、前瞻性陈述的风险声明 √适用 □不适用 本报告包含若干公司对未来发展战略、业务发展、经营计划、财务状况等前瞻性描述。这些 描述乃基于当前能够掌握的信息与数据对未来所做出的估计或预测，不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, including company names, reporting periods, currency units, and core technical concepts and certifications, to ensure clear understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, covering company names, reporting periods, currency units, and key technical concepts and certifications - Reporting period defined as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - "Third Nine-Year Plan" refers to **2026-2034**, dedicated to enhancing revenue scale and industry position[11](index=11&type=chunk) - Database is a core foundational software for computer systems, specialized in organizing, storing, managing, maintaining, and efficiently retrieving data[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, changes in fundamental status, information disclosure, stock summary, and key financial data and indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic identification information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - Company's Chinese name is Beijing Vastdata Technology Co., Ltd., abbreviated as **Vastdata**[13](index=13&type=chunk) - Company's legal representative is **Yan Zhongwen**[13](index=13&type=chunk) [II. Contacts and Contact Information](index=4&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides the company's main contact information, including names, address, phone, fax, and email, for investors and relevant parties - Contacts include Han Yurui and Liu Tao, both at Room 01, 6th Floor, Building B, Keda Tiangong Building, No. 30 Xueyuan Road, Haidian District, Beijing[15](index=15&type=chunk) - Company's email address is **ir@vastdata.com.cn**[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details changes in the company's registered and office addresses, noting no historical changes during the reporting period - Company's registered and office address is Room 01, 6th Floor, Building B, Keda Tiangong Building, No. 30 Xueyuan Road, Haidian District, Beijing[16](index=16&type=chunk) - Historical changes to the company's registered address are "None"[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section describes the company's designated newspapers, website address for information disclosure, and the location for semi-annual report custody, with no changes during the reporting period - Company's selected newspapers for information disclosure are **"Shanghai Securities News"** and **"Securities Daily"**[17](index=17&type=chunk) - Website address for publishing the semi-annual report is **www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, exchange, stock abbreviation, and stock code - Company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation **Vastdata** and stock code **603138**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue increased by **13.98%** year-on-year, but total profit, net profit attributable to shareholders, and non-recurring net profit losses widened, mainly due to increased business promotion and R&D investment; net cash flow from operating activities significantly grew by **138.70%** Key Accounting Data (Jan-Jun 2025 vs. Prior Year) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 232,435,978.34 | 203,930,030.01 | 13.98 | | Total Profit (yuan) | -48,025,773.28 | -30,233,044.64 | - | | Net Profit Attributable to Shareholders (yuan) | -44,707,380.47 | -24,119,061.04 | - | | Net Profit Attributable to Shareholders After Deducting Non-Recurring Gains and Losses (yuan) | -48,704,118.58 | -30,155,195.11 | - | | Net Cash Flow from Operating Activities (yuan) | 22,947,514.02 | 9,613,624.15 | 138.70 | | Net Assets Attributable to Shareholders (Period-end) (yuan) | 790,295,422.67 | 816,079,979.23 | -3.16 | | Total Assets (Period-end) (yuan) | 1,079,661,730.99 | 1,056,120,056.01 | 2.23 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.152 | -0.086 | - | | Diluted Earnings Per Share (yuan/share) | -0.152 | -0.083 | - | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.165 | -0.107 | - | | Weighted Average Return on Net Assets (%) | -5.60 | -2.94 | - | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -6.10 | -3.68 | - | - Losses in total profit, net profit attributable to shareholders, and net profit attributable to shareholders after deducting non-recurring gains and losses increased, mainly due to increased sales and R&D expenses from intensified business promotion and R&D investment in the current period[23](index=23&type=chunk) - Net cash flow from operating activities increased, mainly due to increased cash received from sales of goods and provision of services in the current period[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This chapter details the non-recurring gains and losses and their amounts for the reporting period, totaling **3,996,738.11 yuan**, primarily including disposal gains/losses of non-current assets, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 7,956.84 | | Government grants recognized in current profit or loss | 1,354,927.22 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 3,630,909.96 | | Other non-operating income and expenses | -147,747.11 | | Less: Income tax impact | 385,098.47 | | Impact on minority interests (after tax) | 464,210.33 | | **Total** | **3,996,738.11** | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This chapter discloses the net profit after deducting the impact of share-based payments, which was **-28,042,820.86 yuan** for this reporting period, a significant increase in loss compared to the prior year Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact (yuan) | -28,042,820.86 | -2,995,858.81 | Not Applicable | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, main business operations, financial performance, core competitiveness, and risk factors during the reporting period [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This chapter elaborates on the current status, market size, and development opportunities of the database basic software industry, and comprehensively introduces the company's core main business focused on database product R&D, sales, and services, including its "five highs, one multi, two easies" product features, integrated hardware-software solutions, and a combined endogenous and demand-driven R&D model [(I) Industry Overview](index=8&type=section&id=(I)%20Industry%20Overview) China's database market continues to grow, projected to reach **83.742 billion yuan** by 2027 with an **11.99% CAGR**; the company, as a leading domestic database technology enterprise, is committed to independent innovation, with products widely applied across key industries, facing both challenges and opportunities China Database Market Size and Forecast | Indicator | Data | | :--- | :--- | | 2025 China Database Market Size | 8.37 billion USD (approx. 59.616 billion yuan) | | Share of Global Market | 7.3% | | Estimated 2027 Total Market Size | 83.742 billion yuan | | Market Compound Annual Growth Rate (CAGR) | 11.99% | - Database is one of the three major foundational platform software for computers, with high technical barriers and multiple cross-technical fields; the domestic market was long dominated by foreign giants, but the domestic database market has boomed in recent years[31](index=31&type=chunk) - Company's self-developed Vastbase database, a pure domestic enterprise-grade relational database with full independent intellectual property rights, has been widely applied in key sectors such as government, finance, telecommunications, manufacturing, energy, national defense, and transportation[32](index=32&type=chunk) [(II) Main Business Operations Overview](index=8&type=section&id=(II)%20Main%20Business%20Operations%20Overview) The company is a major domestic database product manufacturer, focusing on R&D, sales, and services of database products, offering "five highs, one multi, two easies" features and ecosystem tools; it provides integrated hardware-software solutions for critical national infrastructure data centers, using a combined endogenous and demand-driven R&D model, and expanding market through direct and distribution channels with standardized, digital, and simplified flat management - Company focuses on the R&D, sales, and services of database products, launching database products and ecosystem tools with "five highs, one multi, two easies" characteristics: high performance, high concurrency, high availability, high security, high compatibility, multi-modal, easy migration, and easy O&M[33](index=33&type=chunk)[154](index=154&type=chunk) - Company primarily targets data centers in critical national economy and livelihood sectors, offering integrated hardware-software solutions with database software products as the core, supplemented by data computing and data storage products[34](index=34&type=chunk)[35](index=35&type=chunk) - Company's R&D model combines endogenous (proactive goal setting) and demand-driven (improving based on user needs) approaches, ensuring product autonomy, foresight, and usability[35](index=35&type=chunk) - Sales model includes direct contracts with end-customers and agreements with distributors, with significant emphasis on cooperation with ecosystem partners[37](index=37&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's main business revenue increased by **14.23%** to **231 million yuan**, with database proprietary products and services revenue growing by **66.28%** to **92.6437 million yuan**, achieving a gross profit margin of **66.70%**; the company continued to invest **108 million yuan** in R&D, a **10.39%** year-on-year increase, making significant progress in core technology, market expansion, ecosystem, and brand building, despite net profit remaining negative Main Business Revenue and Gross Profit Margin (Jan-Jun 2025) | Business Type | Revenue (10,000 yuan) | Year-on-Year Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | Main Business Revenue | 23,100 | 14.23 | - | | Database Proprietary Products and Services | 9,264.37 | 66.28 | 66.70 | - Company's R&D investment was **108 million yuan**, a **10.39% year-on-year increase**, with product capabilities comprehensively enhanced in time-series data processing engine, vector engine, high availability, and compatibility[41](index=41&type=chunk) - Company's marketing and service network covers nationwide and all industries; core product Vastbase achieved continuous breakthroughs in key sectors like party and government, manufacturing, finance, telecommunications, energy, transportation, medical, and education[43](index=43&type=chunk) - As of the end of the reporting period, company's Vastbase database products completed compatibility adaptation with nearly **1,500 partners** and over **2,000 products**, building a "product-ecosystem-community-talent" collaborative system[45](index=45&type=chunk) - Company received multiple national and industry honors, including "2024 Information Technology Product Service Assurance Typical Demonstration Case," continuously enhancing brand influence[47](index=47&type=chunk)[48](index=48&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in technology, market, ecosystem, and team; technologically, it possesses independently developed Vastbase database, continuously enhancing its "five highs, one multi, two easies" advantages and keeping pace with AI frontier technologies; market-wise, products cover nationwide and all industries with high customer stickiness; ecologically, it has completed compatibility adaptation with nearly **1,500 partners**; team-wise, it has built a highly cohesive and efficient team through equity incentives and talent development - Company has eighteen years of technological accumulation; Vastbase database continuously deepens its "five highs, one multi, two easies" core technical advantages, achieving comprehensive upgrades in time-series data processing engine and vector capabilities, evolving into a multi-modal, intelligent-driven new paradigm for general-purpose databases[49](index=49&type=chunk) - Vastbase product user base fully covers all regions and industries nationwide, gaining widespread recognition in core systems of critical sectors like party and government, manufacturing, finance, telecommunications, energy, and transportation, with extremely high customer stickiness[50](index=50&type=chunk) - Company's Vastbase database products have completed compatibility adaptation with nearly **1,500 partners** and over **2,000 products**, building a full-stack ecosystem covering chips, operating systems, middleware, cloud platforms, and ISVs[51](index=51&type=chunk)[52](index=52&type=chunk) - Company has built a self-challenging, highly collaborative team through employee equity incentive plans and talent development models, providing strong assurance for the company's high-quality development[53](index=53&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This chapter analyzes the company's financial statement item changes, main business composition, asset and liability status, and investment activities during the reporting period; operating revenue increased, but increased sales and R&D expenses led to wider losses; net cash flow from operating activities significantly grew; asset and liability structure adjusted, with intangible assets notably increasing; the company actively engaged in equity investments and cash management [(I) Main Business Analysis](index=13&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by **13.98%**, but sales and R&D expenses significantly grew, leading to wider losses in total profit and net profit; main business revenue primarily came from software and information technology services, with database proprietary products and services revenue growing by **66.28%** and achieving a gross profit margin of **66.70%** Financial Statement Item Variation Analysis (Jan-Jun 2025 vs. Prior Year) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 232,435,978.34 | 203,930,030.01 | 13.98 | | Operating Cost | 145,669,667.05 | 137,029,651.32 | 6.31 | | Selling Expenses | 68,825,388.78 | 48,007,442.38 | 43.36 | | Administrative Expenses | 21,693,890.99 | 20,522,976.29 | 5.71 | | Financial Expenses | -839,767.35 | -2,224,847.60 | - | | R&D Expenses | 53,347,739.71 | 41,408,032.00 | 28.83 | | Net Cash Flow from Operating Activities | 22,947,514.02 | 9,613,624.15 | 138.70 | | Net Cash Flow from Investing Activities | -265,817,388.87 | -418,633,125.77 | - | | Net Cash Flow from Financing Activities | -6,589,834.66 | 98,643,303.44 | -106.68 | - Sales expense variation mainly due to continued increase in business promotion and personnel costs in the current period[55](index=55&type=chunk) - Net cash flow from operating activities increased, mainly due to increased cash received from sales of goods and provision of services in the current period[55](index=55&type=chunk) Main Business by Product (Jan-Jun 2025) | By Product | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Profit Margin Year-on-Year Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Database Proprietary Products and Services | 92,643,721.15 | 30,853,228.36 | 66.70 | 66.28 | 96.56 | Decrease 5.13 | | Data Infrastructure Solutions | 138,821,288.83 | 114,429,034.93 | 17.57 | -5.51 | -5.27 | Decrease 0.21 | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds decreased by **38.61%** mainly due to unexpired wealth management products; trading financial assets significantly increased by **124,015.74%** due to an increase in unexpired wealth management products; intangible assets increased by **60.38%** due to capitalized R&D expenditures; notes and accounts payable increased by **91.98%** due to increased unexpired payments; deferred income increased by **59.19%** due to increased government grants related to assets; restricted monetary funds totaled **5,962,896.43 yuan** at period-end Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Current Period End vs. Prior Year End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 390,401,621.38 | 36.16 | 635,892,761.26 | 60.21 | -38.61 | Mainly due to unexpired wealth management products, funds not yet recovered | | Trading Financial Assets | 218,020,843.28 | 20.19 | 175,659,30 | 0.02 | 124,015.74 | Mainly due to an increase in unexpired wealth management products | | Intangible Assets | 155,634,430.01 | 14.42 | 97,041,278.01 | 9.19 | 60.38 | Mainly due to capitalized R&D expenditures completing projects, increasing proprietary intangible assets | | Notes and Accounts Payable | 51,614,195.67 | 4.78 | 26,885,090.56 | 2.55 | 91.98 | Mainly due to an increase in unexpired payments for goods | | Deferred Income | 25,575,026.68 | 2.37 | 16,066,050.00 | 1.52 | 59.19 | Mainly due to an increase in government grants related to assets | - At the end of the reporting period, restricted monetary funds totaled **5,962,896.43 yuan**, comprising **3,791,770.40 yuan** for letter of guarantee deposits and **2,171,126.03 yuan** for accrued interest on deposits[65](index=65&type=chunk)[425](index=425&type=chunk) [(IV) Investment Status Analysis](index=17&type=section&id=(IV)%20Investment%20Status%20Analysis) During the reporting period, the company undertook 4 equity investment projects, establishing four wholly-owned subsidiaries in Guizhou, Shaanxi, Chongqing, and Suzhou; additionally, it increased capital by **2.5 million yuan** in its associate Wuhan Tianyuanshi Technology Co., Ltd. and transferred part of its equity in Beijing Shuzhi Yinhang Technology Co., Ltd.; the company also held financial assets measured at fair value, such as stocks and bank wealth management products - Company established four wholly-owned subsidiaries: Guizhou Vastbase Data Technology Co., Ltd., Shaanxi Vastbase Data Technology Co., Ltd., Chongqing Vastbase Data Technology Co., Ltd., and Suzhou Vastbase Data Technology Co., Ltd., with registered capital of **1 million yuan** or **5 million yuan**, all **100%** owned[66](index=66&type=chunk) - Company increased capital by **2.5 million yuan** in associate Wuhan Tianyuanshi Technology Co., Ltd., with its shareholding increasing to **3.33%** after the capital increase[66](index=66&type=chunk) - Company transferred **6.80%** equity in Beijing Shuzhi Yinhang Technology Co., Ltd., with its shareholding becoming **27.20%** after the transfer[67](index=67&type=chunk) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (yuan) | | :--- | :--- | | Stocks | 189,436.50 | | Other (including bank wealth management products) | 266,231,406.78 | | **Total** | **266,420,843.28** | [V. Other Disclosures](index=19&type=section&id=V.%20Other%20Disclosures) This chapter discloses potential technical, market, and talent risks faced by the company and outlines strategies to address them; additionally, the company actively responded to the "Quality Improvement, Efficiency Enhancement, and High Returns" special action, promoting high-quality development by enhancing core competitiveness, strengthening investor communication, and improving corporate governance [(I) Potential Risks](index=19&type=section&id=(I)%20Potential%20Risks) The company faces technical risks from rapid technology iteration and fragmented domestic database technology routes leading to "bottleneck" issues; market risks from customer reliance on international brands, intense domestic competition, and strong policy dependence; and talent risks due to a large shortage of domestic database professionals - Technical risks: Rapid iteration of database basic software technology, fragmented domestic database industry technical routes, R&D investment-output time lag, and trial-and-error costs leading to R&D loss risks[69](index=69&type=chunk) - Market risks: Need to overcome customer reliance on international brands, face intense competition from domestic manufacturers leading to compressed profit margins, and policy fluctuations in domestic substitution[70](index=70&type=chunk) - Talent risks: Basic software industry is knowledge-intensive, with a large shortage of domestic database professionals; failure to continuously attract and retain high-quality talent would hinder long-term company development[70](index=70&type=chunk) [(II) Other Disclosure Items](index=19&type=section&id=(II)%20Other%20Disclosure%20Items) The company actively implemented the "Quality Improvement, Efficiency Enhancement, and High Returns" action, enhancing core competitiveness through technological innovation and market-driven strategies, achieving a **66.28%** year-on-year growth in database proprietary products and services revenue; concurrently, the company strengthened investor communication, disclosing **2 regular reports** and **36 interim reports** during the reporting period, and conveying company value through multi-platform interaction mechanisms; the company also adhered to standardized operations, improved corporate governance, approved multiple significant matters, and abolished the supervisory board, transferring its powers to the board's audit committee - Company, driven by "technological innovation" and "market drive," achieved **92.6437 million yuan** in database proprietary products and services revenue, a **66.28% year-on-year increase**, with steadily rising market share[72](index=72&type=chunk) - During the reporting period, company disclosed **2 regular reports** and **36 interim reports**, strengthening investor communication through analyst conferences, performance briefings, and investor hotlines[72](index=72&type=chunk) - Company submitted a proposal to the shareholders' meeting in June 2025 to abolish the supervisory board (approved), transferring its original powers to the audit committee under the board of directors, and revised the "Articles of Association" and related systems[73](index=73&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=21&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's profit distribution plan, capital reserve conversion plan, and the status and impact of its equity incentive plans, employee stock ownership plans, or other employee incentive measures [II. Profit Distribution or Capital Reserve Conversion Plan](index=21&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not carry out profit distribution or capital reserve conversion into share capital for the first half of 2025 - Company will not carry out profit distribution or capital reserve conversion into share capital for the first half of 2025[75](index=75&type=chunk) [III. Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On April 16, 2025, the company approved the repurchase and cancellation of **290,000 restricted shares** not yet unlocked from the "2023 Restricted Stock Incentive Plan" for 4 departed employees, and terminated the employee equity incentive plan framework at the subsidiary level - Company repurchased and canceled **290,000 restricted shares** not yet unlocked from the "2023 Restricted Stock Incentive Plan" for 4 departed employees[76](index=76&type=chunk) - Company terminated the equity incentive frameworks at three subsidiary levels: Guangzhou Vastdata Database Technology Co., Ltd., Hangzhou Vastdata Storage Technology Co., Ltd., and Nanjing Vastdata Security Technology Co., Ltd[76](index=76&type=chunk) [Section V Significant Matters](index=23&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, integrity status of the company and its controlling shareholders, significant related-party transactions, major contracts, and the progress of raised funds utilization [I. Fulfillment of Commitments](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments) This chapter details the fulfillment of commitments by the company's actual controllers, shareholders, directors, supervisors, and senior management regarding share lock-up, avoidance of horizontal competition, truthfulness of information disclosure, and non-public issuance of shares; all commitments are strictly fulfilled and long-term effective - Directors and senior management, including Zhu Huawei and Chen Zhimin, committed to transferring no more than **25%** of their total shares annually during their tenure, no transfers within six months after resignation, and no more than **50%** transferred between 6 and 12 months after resignation[80](index=80&type=chunk)[81](index=81&type=chunk) - Controlling shareholders and actual controllers Chen Zhimin and Zhu Huawei issued a "Commitment to Avoid Horizontal Competition," pledging that they and their invested enterprises will not engage in businesses or activities directly or indirectly competing with the company's main business[80](index=80&type=chunk) - Company, controlling shareholders, and directors, supervisors, and senior management committed to repurchasing new shares, buying back shares, and compensating investors for losses if the prospectus contains false records, misleading statements, or major omissions[81](index=81&type=chunk)[82](index=82&type=chunk) - Controlling shareholders and actual controllers committed to maintaining stable control of the company, ensuring pledged shares do not affect their position, and actively monitoring stock price fluctuations to take measures to reduce liquidation risks[83](index=83&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=28&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled obligations from effective court judgments or overdue large debts - Company, its controlling shareholders, and actual controllers maintained good integrity during the reporting period[86](index=86&type=chunk) - No unfulfilled obligations from effective court judgments or overdue large debts[86](index=86&type=chunk) [X. Significant Related-Party Transactions](index=29&type=section&id=X.%20Significant%20Related-Party%20Transactions) This chapter discloses the termination of the company's investment in a fund and related-party transaction during the reporting period, which was mutually agreed upon by all parties due to changes in market environment and the company's strategic development plan - Proposal to terminate investment in a fund and related-party transaction approved by the board of directors and supervisory board[88](index=88&type=chunk) - Termination of fund establishment was due to current market environment changes and the company's strategic development plan, to effectively safeguard the interests of the company and all shareholders[88](index=88&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=31&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This chapter discloses the company's significant guarantees during the reporting period, primarily performance guarantees for subsidiaries, totaling **50.6151 million yuan**, accounting for **6.20%** of the company's net assets, all provided for guaranteed entities with asset-liability ratios exceeding **70%** Company Guarantee Total (Jan-Jun 2025) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 5,061.51 | | Total Guarantee (A+B) | 5,061.51 | | Total Guarantee as % of Company's Net Assets | 6.20 | | Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 5,061.51 | | Total of Above Three Guarantee Amounts (C+D+E) | 5,061.51 | - **20.6151 million yuan** of the guarantee was for performance guarantees for Guangzhou Vastdata Database Technology Co., Ltd. and Shenzhen Vastdata Technology Co., Ltd. jointly participating in a key Guangdong provincial project, which has completed final acceptance[92](index=92&type=chunk) - Another **30 million yuan** was for a performance guarantee for Guangzhou Vastdata Database Technology Co., Ltd. for product and service listing on Huawei Cloud Mall, with the project still in normal performance[92](index=92&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=32&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This chapter details the overall use of the company's raised funds and specific investment projects; as of the end of the reporting period, cumulative raised funds invested totaled **231.4801 million yuan**, with an investment progress of **65.70%**; the company also used idle raised funds for cash management and decided to extend the expected completion date for the "Database Technology R&D Upgrade Project" and "Database Security Product Project" to October 2026 Overall Use of Raised Funds (As of Reporting Period End) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Net Raised Funds (1) | 36,054.05 | | Total Raised Funds Pledged for Investment in Prospectus or Offering Document (2) | 35,234.24 | | Cumulative Raised Funds Invested as of Reporting Period End (4) | 23,148.01 | | Cumulative Raised Funds Investment Progress (%) (6) | 65.70 | | Amount Invested This Year (8) | 4,478.25 | | Percentage of Amount Invested This Year (%) (9) | 12.71 | Details of Raised Fund Investment Projects (As of Reporting Period End) | Project Name | Planned Investment Amount from Raised Funds (10,000 yuan) | Amount Invested This Year (10,000 yuan) | Cumulative Amount Invested as of Reporting Period End (10,000 yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Database Technology R&D Upgrade Project | 30,000.00 | 3,912.23 | 20,161.66 | 67.21 | | Database Security Product Project | 5,234.24 | 566.02 | 2,986.35 | 57.05 | | **Total** | **35,234.24** | **4,478.25** | **23,148.01** | **65.70** | - On April 16, 2025, company approved using idle raised funds not exceeding **150 million yuan** for cash management, purchasing highly secure and liquid principal-protected products[99](index=99&type=chunk) - On June 26, 2025, company approved extending the expected completion date for the "Database Technology R&D Upgrade Project" and "Database Security Product Project" from August 2025 to October 2026[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=35&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes and shareholder structure, including the total number of shareholders, top ten shareholders, and restricted share holders [I. Share Capital Changes](index=35&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged; after the reporting period, based on the adjusted total share capital of **293,872,710 shares**, earnings per share were **-0.152 yuan**, and net assets per share were **2.69 yuan** - Company's total share capital and share structure remained unchanged during the reporting period[103](index=103&type=chunk) - After the reporting period, based on the adjusted total share capital of **293,872,710 shares**, earnings per share were **-0.152 yuan**, and net assets per share were **2.69 yuan**[104](index=104&type=chunk) [II. Shareholder Information](index=35&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **31,243 common shareholders**; among the top ten shareholders, Chen Zhimin and Zhu Huawei are the controlling shareholders and actual controllers, holding over **43%** combined, with no pledged, marked, or frozen shares; the top ten shareholders with restricted shares are primarily equity incentive recipients - Total common shareholders as of the end of the reporting period: **31,243 accounts**[105](index=105&type=chunk) Top Ten Shareholders' Shareholding (As of Reporting Period End) | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Zhimin | 64,740,723 | 22.00 | - | None | 0 | | Zhu Huawei | 63,385,330 | 21.54 | - | None | 0 | | Duanmuxiaoyi | 5,000,000 | 1.70 | - | None | 0 | | Hu Weina | 2,716,500 | 0.92 | 930,000 | None | 0 | | Geng Juanhua | 2,128,400 | 0.72 | - | None | 0 | | He Ronghua | 2,007,000 | 0.68 | - | None | 0 | | Cai Dekai | 1,709,028 | 0.58 | - | None | 0 | | Luo Bin | 1,649,100 | 0.56 | - | None | 0 | | Xiao Feng | 1,443,416 | 0.49 | 970,000 | None | 0 | | Zhu Baiqing | 1,433,000 | 0.49 | 875,000 | None | 0 | - Company's controlling shareholders and actual controllers, Chen Zhimin and Zhu Huawei, are a married couple[108](index=108&type=chunk) - Top ten shareholders with restricted shares are primarily holders of restricted shares granted under the equity incentive plan, such as Xiao Feng, Wang Zhenwei, and Hu Weina[109](index=109&type=chunk) [Section VII Bond-Related Information](index=37&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of company bonds (including corporate bonds) and non-financial enterprise debt financing instruments, as well as convertible corporate bonds, during the reporting period [I. Company Bonds (Including Corporate Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=37&type=section&id=I.%20Company%20Bonds%20(Including%20Corporate%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During this reporting period, the company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments - Company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[111](index=111&type=chunk) [II. Convertible Corporate Bonds](index=37&type=section&id=II.%20Convertible%20Corporate%20Bonds) During this reporting period, the company had no convertible corporate bonds - Company had no convertible corporate bonds[111](index=111&type=chunk) [Section VIII Financial Report](index=38&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, providing a comprehensive view of its financial position, operating results, and cash flows [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[3](index=3&type=chunk)[113](index=113&type=chunk) [II. Financial Statements](index=38&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 presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=38&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **1,079,661,730.99 yuan**, total liabilities were **301,652,931.14 yuan**, and owners' equity attributable to the parent company was **790,295,422.67 yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 1,079,661,730.99 | | Total Liabilities | 301,652,931.14 | | Total Owners' Equity Attributable to Parent Company | 790,295,422.67 | | Minority Interests | -12,286,622.82 | | Total Owners' Equity | 778,008,799.85 | [Parent Company Balance Sheet](index=40&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **1,123,715,622.07 yuan**, total liabilities were **245,239,643.37 yuan**, and total owners' equity was **878,475,978.70 yuan** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 1,123,715,622.07 | | Total Liabilities | 245,239,643.37 | | Total Owners' Equity | 878,475,978.70 | [Consolidated Income Statement](index=42&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company's consolidated total operating revenue was **232,435,978.34 yuan**, total profit was **-48,025,773.28 yuan**, net profit attributable to parent company shareholders was **-44,707,380.47 yuan**, and basic earnings per share were **-0.152 yuan/share** Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 232,435,978.34 | | Total Operating Costs | 290,326,191.00 | | Total Profit | -48,025,773.28 | | Net Profit | -46,924,569.18 | | Net Profit Attributable to Parent Company Shareholders | -44,707,380.47 | | Basic Earnings Per Share (yuan/share) | -0.152 | [Parent Company Income Statement](index=44&type=section&id=Parent%20Company%20Income%20Statement) For January-June 2025, the parent company's operating revenue was **213,893,110.02 yuan**, total profit was **-30,994,085.78 yuan**, and net profit was **-29,944,683.38 yuan** Parent Company Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 213,893,110.02 | | Operating Cost | 171,854,338.72 | | Total Profit | -30,994,085.78 | | Net Profit | -29,944,683.38 | [Consolidated Cash Flow Statement](index=46&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's consolidated net cash flow from operating activities was **22,947,514.02 yuan**, net cash flow from investing activities was **-265,817,388.87 yuan**, and net cash flow from financing activities was **-6,589,834.66 yuan** Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 22,947,514.02 | | Net Cash Flow from Investing Activities | -265,817,388.87 | | Net Cash Flow from Financing Activities | -6,589,834.66 | | Net Increase in Cash and Cash Equivalents | -249,469,066.23 | | Cash and Cash Equivalents Balance at Period-end | 384,358,724.95 | [Parent Company Cash Flow Statement](index=47&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For January-June 2025, the parent company's net cash flow from operating activities was **-9,075,060.42 yuan**, net cash flow from investing activities was **-251,789,664.65 yuan**, and net cash flow from financing activities was **-5,740,415.81 yuan** Parent Company Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -9,075,060.42 | | Net Cash Flow from Investing Activities | -251,789,664.65 | | Net Cash Flow from Financing Activities | -5,740,415.81 | | Net Increase in Cash and Cash Equivalents | -266,605,140.88 | | Cash and Cash Equivalents Balance at Period-end | 347,687,092.36 | [Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For January-June 2025, the company's consolidated total owners' equity decreased by **24,817,884.12 yuan**, primarily due to net loss attributable to parent company owners and the amount of share-based payments recognized in owners' equity Consolidated Statement of Changes in Owners' Equity Key Data (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Current Period Change Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 294,332,710.00 | 0 | 294,332,710.00 | | Capital Reserve | 582,060,680.67 | 20,984,679.06 | 603,045,359.73 | | Less: Treasury Stock | 101,502,266.00 | 0 | 101,502,266.00 | | Other Comprehensive Income | 3,751,000.64 | -8,955.15 | 3,742,045.49 | | Surplus Reserve | 37,743,477.10 | 0 | 37,743,477.10 | | Retained Earnings | -305,623.18 | -46,760,280.47 | -47,065,903.65 | | Total Owners' Equity Attributable to Parent Company | 816,079,979.23 | -25,784,556.56 | 790,295,422.67 | | Minority Interests | -13,253,295.26 | 966,672.44 | -12,286,622.82 | | Total Owners' Equity | 802,826,683.97 | -24,817,884.12 | 778,008,799.85 | [Parent Company Statement of Changes in Owners' Equity](index=52&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For January-June 2025, the parent company's total owners' equity decreased by **5,888,643.17 yuan**, primarily due to net profit loss and the amount of share-based payments recognized in owners' equity Parent Company Statement of Changes in Owners' Equity Key Data (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Current Period Change Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 294,332,710.00 | 0 | 294,332,710.00 | | Capital Reserve | 584,948,870.74 | 24,056,040.21 | 609,004,910.95 | | Less: Treasury Stock | 101,502,266.00 | 0 | 101,502,266.00 | | Surplus Reserve | 37,743,477.10 | 0 | 37,743,477.10 | | Retained Earnings | 68,841,830.03 | -29,944,683.38 | 38,897,146.65 | | Total Owners' Equity | 884,364,621.87 | -5,888,643.17 | 878,475,978.70 | [III. Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) This chapter details the company's historical evolution, changes in registered capital, equity structure, corporate governance, and main business nature and operations; the company's registered capital has gradually increased through multiple capital injections and equity incentives, and it focuses on R&D, sales, and services of database basic software, providing integrated hardware-software solutions - Company's predecessor was Beijing Vast Intelligent Data Technology Co., Ltd., restructured into a joint-stock company in **May 2014**[143](index=143&type=chunk) - Company's registered capital increased from an initial **60 million yuan** to **294.33271 million yuan** as of August 21, 2024, through multiple capital injections, capital reserve conversions, and equity incentives[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - Company established a corporate governance structure with a general meeting of shareholders, board of directors, and senior management, comprising business units for databases, data computing, data storage, and various functional departments[154](index=154&type=chunk) - Company's main business is software and information technology services, focusing on the R&D, sales, and services of database basic software, offering "five highs, one multi, two easies" database products and ecosystem tools, and providing integrated hardware-software solutions to users[154](index=154&type=chunk) [IV. Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This chapter explains that the company's financial statements are prepared in accordance with the accounting standards for business enterprises issued by the Ministry of Finance and relevant regulations, and comply with the information disclosure requirements of the China Securities Regulatory Commission; accounting is based on the accrual basis, measured at historical cost except for financial instruments, and presented on a going concern basis - Financial statements prepared in accordance with accounting standards for business enterprises issued by the Ministry of Finance and relevant application guidelines, interpretations, and other regulations[156](index=156&type=chunk) - Company's accounting is based on the accrual basis, with historical cost as the measurement basis for all items except certain financial instruments[156](index=156&type=chunk) - Financial statements presented on a going concern basis; no significant doubts about the company's ability to continue as a going concern within 12 months from the end of the reporting period[157](index=157&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=60&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as financial instruments, revenue recognition, long-term equity investments, intangible assets, and R&D expenditure capitalization, and explains the basis for judgments and estimates in these areas - Company classifies financial assets at initial recognition into three categories based on the business model for managing financial assets and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[182](index=182&type=chunk) - Company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, and recognizes revenue based on the nature of the performance obligation (over time or at a point in time)[273](index=273&type=chunk)[274](index=274&type=chunk) - Company distinguishes internal research and development project expenditures into research phase expenditures and development phase expenditures, capitalizing development phase expenditures when specific conditions are met simultaneously[248](index=248&type=chunk)[249](index=249&type=chunk) - Significant judgments and estimates are involved in the classification of financial assets, measurement of expected credit losses for accounts receivable, recognition of deferred income tax assets, and determination of fair value for unlisted equity investments[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) [VI. Taxation](index=89&type=section&id=VI.%20Taxation) This chapter discloses the main tax categories and rates for the company and its subsidiaries, including value-added tax, urban maintenance and construction tax, and enterprise income tax; the company and its subsidiaries enjoy high-tech enterprise income tax preferential policies, paying enterprise income tax at a reduced rate of **15%**, and also benefit from the immediate refund policy for value-added tax on software products Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | 7% | | Enterprise Income Tax | Taxable Income | 25% | | Education Surcharge | Actual Paid Turnover Tax Amount | 3% | | Local Education Surcharge | Actual Paid Turnover Tax Amount | 2% | Taxable Entities with Different Enterprise Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Beijing Vastdata Technology Co., Ltd. | 15 | | Hong Kong Vastdata Technology Co., Ltd. | 16.50 | | Guangzhou Vastdata Database Technology Co., Ltd. | 15 | - Company recognized as a high-tech enterprise in 2024, enjoying a preferential enterprise income tax rate of **15%** from 2024-2026[309](index=309&type=chunk) - Company sells self-developed and produced software products, subject to a **13%** VAT rate, with an immediate refund policy for the portion of actual VAT burden exceeding **3%**[311](index=311&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, contract assets, intangible assets, deferred income tax assets/liabilities, owners' equity, operating revenue and costs, various expenses, and investment income; restricted monetary funds totaled **5,962,896.43 yuan**, trading financial assets significantly increased to **218,020,843.28 yuan** at period-end, and intangible assets had a book value of **155,634,430.01 yuan** at period-end Monetary Funds Composition and Restricted Status (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Cash on Hand | 36,338.06 | | Bank Deposits | 384,402,386.89 | | Other Monetary Funds | 3,791,770.40 | | Accrued Interest on Deposits | 2,171,126.03 | | **Total** | **390,401,621.38** | | Of which: Total Funds Deposited Overseas | 498,532.61 | | Total Restricted Monetary Funds | 5,962,896.43 | Trading Financial Assets (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Equity Instrument Investments | 189,436.50 | | Bank Wealth Management Products | 217,831,406.78 | | **Total** | **218,020,843.28** | Intangible Assets Book Value (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Purchased Software | 10,130,330.49 | | Self-Developed Software | 145,504,099.52 | | **Total** | **155,634,430.01** | Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 231,465,009.98 | 145,282,263.29 | | Other Business | 970,968.36 | 387,403.76 | | **Total** | **232,435,978.34** | **145,669,667.05** | [VIII. R&D Expenditures](index=142&type=section&id=VIII.%20R%26D%20Expenditures) This chapter details R&D expenditures during the reporting period, totaling **108,376,756.10 yuan**, with **53,422,888.86 yuan** expensed and **54,953,867.24 yuan** capitalized; the company has several important capitalized R&D projects underway, expected to generate economic benefits through the sale of corresponding products and services R&D Expenditures by Expense Nature (Jan-Jun 2025) | Item | Current Period Amount (yuan) | | :--- | :--- | | Personnel Costs | 91,568,826.52 | | Direct Input | 987,572.45 | | Depreciation Expense | 4,355,739.51 | | Intangible Asset Amortization | 1,617,038.84 | | Equity Incentive | 7,591,828.43 | | Office Expenses | 149,914.75 | | Other | 2,105,835.60 | | **Total** | **108,376,756.10** | | Of which: Expensed R&D Expenditures | 53,422,888.86 | | Capitalized R&D Expenditures | 54,953,867.24 | - Intangible assets formed through internal R&D accounted for **93.49%** of the intangible assets balance at the end of the current period[404](index=404&type=chunk) - Company has several important capitalized R&D projects underway, expected to generate economic benefits through the sale of corresponding products and services, and have passed technical and economic feasibility studies, leading to project initiation[532](index=532&type=chunk) [IX. Changes in Consolidation Scope](index=145&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This chapter explains the changes in the company's consolidation scope during the reporting period, primarily due to the establishment of four new wholly-owned subsidiaries - Four new wholly-owned subsidiaries established during the current period: Suzhou Vastbase Data Technology Co., Ltd., Guizhou Vastbase Data Technology Co., Ltd., Shaanxi Vastbase Data Technology Co., Ltd., and Chongqing Vastbase Data Technology Co., Ltd[535](index=535&type=chunk) [X. Interests in Other Entities](index=145&type=section&id=X.%20Interests%20in%20Other%20Entities) This chapter details the company's interests in subsidiaries, including each subsidiary's main operating location, registered capital, business nature, shareholding percentage, and acquisition method; Guangzhou Vastdata Database Technology Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **48%** Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Percentage (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Vastdata Technology Research Institute Co., Ltd. | Beijing | 30,000,000 yuan | Data Technology Research and Development | 100 (Direct) | Establishment | | Guangzhou Vastdata Database Technology Co., Ltd. | Guangzhou, Guangdong Province | 6,000,000 yuan | Database Related Technology and Product Development and Operation | 52 (Indirect) | Establishment | | Hong Kong Vastdata Technology Co., Ltd. | Hong Kong | 30,000,000 HKD | Data Technology Product Development and Sales | 100 (Direct) | Establishment | | Suzhou Vastbase Data Technology Co., Ltd. | Suzhou, Jiangsu Province | 1,000,000 yuan | Data Technology Product Development and Sales | 100 (Indirect) | Establishment | | Chongqing Vastbase Data Technology Co., Ltd. | Chongqing | 5,000,000 yuan | Data Technology Product Development and Sales | 100 (Indirect) | Establishment | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Guangzhou Vastdata Database Technology Co., Ltd.) | Item | Minority Shareholding Percentage (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Minority Interests Balance at Period-end (yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Vastdata Database Technology Co., Ltd. | 48 | -493,806.01 | -5,807,355.94 | Guangzhou Vastdata Database Technology Co., Ltd. Current Period Amounts | Item | Operating Revenue (yuan) | Net Profit (yuan) | Total Comprehensive Income (yuan) | Cash Flow from Operating Activities (yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Vastdata Database Technology Co., Ltd. | 31,083,137.67 | -1,028,762.52 | -1,028,762.52 | 11,237,510.59 | [XI. Government Grants](index=149&type=section&id=XI.%20Government%20Grants) This chapter discloses the company's government grant liability items and government grants recognized in profit or loss for the reporting period; at period-end, the deferred income balance for government grants was **25,575,026.68 yuan**; total government grants recognized in profit or loss for the current period were **4,941,994.04 yuan**, mainly including VAT immediate refunds, employment stabilization subsidies, and industrial support Liability Items Involving Government Grants (Period-end) | Financial Statement Item | Beginning Balance (yuan) | New Grants Added This Period (yuan) | Transferred to Other Income This Period (yuan) | Ending Balance (yuan) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 16,066,050.00 | 9,844,850.00 | 335,873.32 | 25,575,026.68 | Formed from government grants related to assets | | **Total** | **16,066,050.00** | **9,844,850.00** | **335,873.32** | **25,575,026.68** | / | Government Grants Recognized in Profit or Loss (Jan-Jun 2025) | Type | Category | Current Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | VAT Immediate Refund | 3,587,066.82 | | Income-related | Employment Stabilization Subsidy | 581,675.25 | | Income-related | Industrial Support | 437,378.65 | | Asset-related | Key Project Special Funds | 335,873.32 | | **Total** | **-** | **4,941,994.04** | [XII. Risks Related to Financial Instruments](index=150&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This chapter analyzes the credit risk, liquidity risk, and market risk (including interest rate risk and exchange rate risk) faced by the company, and outlines corresponding risk management objectives and policies; the company controls risks through diversified investments, monitoring customer credit, maintaining sufficient cash flow, and prudent management of interest-bearing debt; as of June 30, 2025, the company's asset-liability ratio was **27.94%** - Company's main financial instruments include monetary funds, notes receivable, accounts receivable, other receivables, trading financial assets, notes payable, accounts payable, other payables, non-current liabilities due within one year, and lease liabilities[549](index=549&type=chunk) - Company's main risks are credit risk (primarily from bank deposits, notes receivable, accounts receivable, other receivables), liquidity risk, and market risk (interest rate risk, exchange rate risk)[550](index=550&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk)[557](index=557&type=chunk) - Company manages risks by assessing customer creditworthiness, regularly monitoring credit records, maintaining sufficient cash and cash equivalents, monitoring bank loan utilization, and closely observing interest rate and exchange rate fluctuations[552](index=552&type=chunk)[553](index=553&type=chunk)[558](index=558&type=chunk)[560](index=560&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **27.94%** (December 31, 2024: 23.98%)[561](index=561&type=chunk) [XIII. Disclosure of Fair Value](index=154&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This chapter discloses the fair value of the company's assets and liabilities measured at fair value at period-end, classified by fair value measurement hierarchy; trading financial assets are primarily measured using Level 1 market prices, while other equity instrument investments are measured using Level 3 valuation techniques Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 1 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 218,020,843.28 | - | 218,020,843.28 | | Of which: Equity Instrument Investments | 189,436.50 | - | 189,436.50 | | Of which: Bank Wealth Management Products | 217,831,406.78 | - | 217,831,406.78 | | Other Equity Instrument Investments | - | 48,400,000.00 | 48,400,000.00 | | **Total Assets Continuously Measured at Fair Value** | **218,020,843.28** | **48,400,000.00** | **266,420,843.28** | - Basis for determining Level 1 fair value measurement items' market price is unadjusted quoted prices for identical assets or liabilities in active markets[566](index=566&type=chunk) - Level 3 fair value measurement items adopt valuation techniques; as there were no significant changes in the investee's operating environment or financial condition, the company measures them based on investment cost as the fair value estimate[568](index=568&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=157&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This chapter discloses the compensation of key management personnel during the reporting period, totaling **1.7908 million yuan** for the current period Key Management Personnel Compensation | Item | Current Period Amount (10,000 yuan) | Prior Period Amount (10,000 yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 179.08 | 197.13 | [XV. Share-Based Payments](index=158&type=section&id=XV.%20Share-Based%20Payments) This chapter discloses the company's equity-settled share-based payments, with grantees including directors, senior management, and core business (technical) personnel; the fair value of equity instruments on the grant date is calculated based on the closing price, and the number of exercisable shares is determined based on performance completion and employee turnover rate; total share-based payment expense for the current period was **24,056,040.21 yuan** - Equity-settled share-based payment grantees include company directors, senior management, and core business (technical) personnel[577](index=577&type=chunk) - Fair value of equity instruments on the grant date determined by closing price; number of exercisable equity instruments determined by performance completion and employee turnover rate[577](index=577&type=chunk) Current Period Share-Based Payment Expense | Grantee Category | Equity-Settled Share-Based Payment Expense (yuan) | | :--- | :--- | | Restricted Stock | 24,056,040.21 | | **Total** | **24,056,040.21** | [XIX. Notes to Parent Company Financial Statement Key Items](index=160&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Key%20Items) This chapter provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cos

济民健康管理股份有限公司2025 年半年度报告 公司代码：603222 公司简称：济民健康 济民健康管理股份有限公司 2025 年半年度报告 1 / 155 济民健康管理股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李丽莎、主管会计工作负责人杨国伟及会计机构负责人（会计主管人员）王合 微声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期，公司不进行利润分配及资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的 ...

上海伟测半导体科技股份有限公司2025 年半年度报告 公司代码：688372 公司简称：伟测科技 转债代码：118055 转债简称：伟测转债 上海伟测半导体科技股份有限公司 2025 年半年度报告 1 / 168 上海伟测半导体科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本半年度报告中详细阐述公司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"管理层讨论与分析"中"四、风险因素"相关内容。 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、 公司负责人骈文胜、主管会计工作负责人王沛及会计机构负责人（会计主管人员）徐芳声 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 本半年度报告所涉及的公司未来计划、发 ...

天融信科技集团股份有限公司 2025 年半年度报告全文 天融信科技集团股份有限公司 2025 年半年度报告 2025 年 08 月 天融信科技集团股份有限公司 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。 公司负责人李雪莹、主管会计工作负责人孔继阳及会计机构负责人(会计 主管人员)戴芳平声明：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。 半年度报告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当对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异。 公司存在原材料价格及供应风险、因下游行业采购特点造成的季节性收入 和盈利波动的风险、技术人才流失风险及税收优惠政策变化风险，敬请广大投 资者注意投资风险。详细内容请见本报告"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"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一 ...

江苏华信新材料股份有限公司 2025 年半年度报告全文 江苏华信新材料股份有限公司 2025 年半年度报告 公告编号：2025-027 二○二五年八月 1 江苏华信新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人李振斌、主管会计工作负责人杨希颖及会计机构负责人(会计 主管人员)丁帅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划，发展战略、经营业绩的预计等前瞻性描述不 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，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。 公司存在的风险因素及应对措施详见本报告第三节"管理层讨论与分析" 中"十、公司面临的风险和应对措施"，敬请投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | | | 第二节 公司简介和主要财务指标 江苏华信 ...

丽珠医药集团股份有限公司 2025 年半年度报告 2025 年 8 月 丽珠医药集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 重要提示 丽珠医药集团股份有限公司董事会、监事会及董事、监事、高级管理人员保证半年度报告（"本报告"）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。 本公司负责人朱保国先生、主管会计工作负责人及会计机构负责人（会计主管人员）司燕霞女士声明：保 证本报告中二零二五年中期财务报表及附注（"财务报告"）的真实、准确、完整。 本报告已经本公司第十一届董事会第二十六次会议及本公司审计委员会审议通过。所有董事均已出席了审 议本报告的董事会会议。 本集团按《中国企业会计准则》编制的财务报告未经审计。 本报告第三节"管理层讨论与分析"中分析了公司未来发展可能面临的风险因素和应对策略情况，敬请投资 者留意查阅。 本报告涉及若干基于对未来政策和经济的主观假定和判断而作出的前瞻性陈述，不构成本公司对投资者的 实质承诺，该等陈述会受到风险、不明朗因素及假设的影响，实际结果可能与该等陈述有重大差异。投资 者应注意不恰当信赖或使用此类信 ...

广东鼎泰高科技术股份有限公司 2025 年半年度报告全文 2025-039 广东鼎泰高科技术股份有限公司 2025 年半年度报告 2025 年 8 月 1 广东鼎泰高科技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人王馨、主管会计工作负责人徐辉及会计机构负责人(会计主管 人员)陈玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划等前瞻性陈述不构成公司对投资者的实质承 诺，敬请广大投资者理性投资，注意风险。 本公司在本报告"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"部分详细描述了公司未来经营中可能存在的风险，敬请投资者 关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | | ...