华东医药股份有限公司 2025 年半年度报告全文 华东医药股份有限公司 2025 年半年度报告 2025 年 08 月 20 日 1 华东医药股份有限公司 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。 公司负责人吕梁、主管会计工作负责人吕梁及会计机构负责人(会计主管 人员)邱仁波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的未来计划、发展战略等前瞻性描述，不构成公司对 投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并 应当理解计划、预测与承诺之间的差异。 公司在经营中，面对有行业政策变化及产品降价风险、新药研发风险、 投资并购风险、汇率波动风险等，详细内容见本报告"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"。敬请广大投资者关注，并注意投 资风险。 公司经本次董事会审议通过的利润分配预案为：以公司现有总股本 1,754,077,048.00 股剔除尚 ...

2025 年半年度报告 2025 年 08 月 中建西部建设股份有限公司 2025 年半年度报告全文 1 中建西部建设股份有限公司 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。 公司负责人章维成、主管会计工作负责人邵举洋及会计机构负责人(会计 主管人员)章军华声明：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。 报告期内，公司不存在重大风险事项。公司已在本报告中详细描述了可能 存在的相关风险，敬请参阅本报告"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"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 | | | 中建西部建设股份有限公司 2025 年半年度报告全文 | ...

广州万孚生物技术股份有限公司 2025 年半年度报告全文 广州万孚生物技术股份有限公司 2025 年半年度报告 2025-040 【2025 年 8 月】 1 广州万孚生物技术股份有限公司 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、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。 公司负责人王继华、主管会计工作负责人余芳霞及会计机构负责人(会计 主管人员)彭彩媚声明：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。 1、分销商管理风险：公司在产品销售环节主要采用分销模式。POCT 行业 的终端客户主要包括各级医院和门急诊检验、医师办公室、疾控中心、执法 机关、个人消费者等，较为分散。采用分销模式，公司可利用分销商在当地 的资源优势，迅速打开局面，占领新的空白市场，提升市场占有率。在公司 的分销体系下，分销商主要负责与终端客户的商务谈判、合同签订、关系维 护等；而公司则主要负责产品的学术推广、技术支持、持续服务等。随着公 司销售规模和销售区域的不 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential information, including the table of contents and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=1.1%20Important%20Notice) This chapter includes the company's board of directors, supervisory board, and senior management's assurance statement regarding the truthfulness, accuracy, and completeness of the report content, along with warnings about risks related to forward-looking statements and the profit distribution plan for the current period - The company's directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume corresponding legal responsibilities[5](index=5&type=chunk) - Forward-looking statements regarding future plans in the report do not constitute a substantive commitment to investors, and investors are advised to be aware of related risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period[6](index=6&type=chunk) [Definitions](index=5&type=section&id=1.2%20Definitions) This chapter provides detailed explanations of key terms and abbreviations used in the report, including the full names of the company, its major subsidiaries, related parties, and regulatory bodies, ensuring consistency and clarity of the report content - The report clearly defines abbreviations for the company's internal business entities (e.g., Department Store, Gulou Commercial Building, Hejiafu Supermarket, Zhougudui Market) and external related parties (e.g., Jiantou Group, Hefei State-owned Assets Supervision and Administration Commission)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics [Company Profile and Contact Information](index=6&type=section&id=2.1%20Company%20Profile%20and%20Contact%20Information) This chapter provides the company's basic business information, including stock abbreviation 'Hefei Department Store Group' and code '000417', along with contact details for the Board Secretary and Securities Affairs Representative; the company's registered address and office address remained unchanged during the reporting period Item Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Hefei Department Store Group | | Stock Code | 000417 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Hefei Department Store Group Co., Ltd | | Legal Representative | Zhang Tongxiang (Acting) | [Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue remained largely flat with a **0.02%** year-on-year increase, but net profit attributable to shareholders decreased by **9.93%**; net profit after deducting non-recurring gains and losses significantly declined by **64.78%**; net cash flow from operating activities was **-444 million RMB**, a **242.58%** year-on-year decrease, indicating significant pressure on core business profitability and cash flow Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,700,478,969.52 | 3,699,910,495.40 | 0.02% | | Net Profit Attributable to Shareholders (RMB) | 170,861,149.51 | 189,701,108.35 | -9.93% | | Net Profit Attributable to Parent Company after Non-recurring Items (RMB) | 54,992,284.10 | 156,135,927.55 | -64.78% | | Net Cash Flow from Operating Activities (RMB) | -444,113,903.30 | -129,638,696.09 | -242.58% | | Basic Earnings Per Share (RMB/share) | 0.2191 | 0.2432 | -9.91% | | Weighted Average Return on Net Assets | 3.57% | 4.04% | -0.47% | - Total non-recurring gains and losses for the reporting period amounted to **116 million RMB**, primarily due to a change in accounting method for associate company Ningyin Consumer Finance, reclassifying **83.9751 million RMB** from capital reserves to investment income, and fair value changes in financial assets[25](index=25&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, and strategic outlook during the reporting period [Principal Businesses During the Reporting Period](index=9&type=section&id=3.1%20Principal%20Businesses%20During%20the%20Reporting%20Period) The company's principal businesses are retail and agricultural product trading markets; retail accounts for **90.89%** of total revenue, covering department stores, home appliances, and supermarkets with **240** physical stores; during the reporting period, physical store operations faced challenges, with significant declines in net profit for department store and supermarket formats, while the home appliance format grew due to favorable policies; total online sales GMV reached **497 million RMB**; the company continued to optimize its store network, opening **8** new stores and closing **20** - The company's principal businesses are retail and agricultural product trading markets, with retail revenue accounting for **90.89%** and agricultural product trading market revenue accounting for **7.85%**[28](index=28&type=chunk) Operating Performance by Physical Store Format | Operating Format | Operating Revenue (RMB) | Revenue YoY | Net Profit (RMB) | Net Profit YoY | | :--- | :--- | :--- | :--- | :--- | | Department Store | 500,826,700.00 | -8.96% | 28,731,900.00 | -50.11% | | Supermarket | 1,704,206,400.00 | 0.66% | 12,517,240.89 | -60.71% | | Home Appliance | 506,724,937.65 | 7.77% | 6,031,962.17 | 33.55% | - During the reporting period, the company's self-built online platform transaction volume (GMV) was **107 million RMB**, and third-party sales platform transaction volume was **391 million RMB**[36](index=36&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=3.2%20Analysis%20of%20Core%20Competencies) The company's core competencies are primarily reflected in four aspects: multi-format synergistic group advantages, a sound and comprehensive regional chain network system, scarce and high-quality self-owned property resources, and long-term accumulated talent, brand, reputation, and local advantages - The company operates multiple formats including department stores, supermarkets, home appliances, e-commerce, and agricultural wholesale, forming synergistic linkages and resource overlay advantages[41](index=41&type=chunk) - The company has established a chain network in Anhui Province, based in the provincial capital and radiating across the province, with numerous and widely distributed stores capable of meeting diverse regional market demands[42](index=42&type=chunk) - Many of the company's stores are located in core business districts, and a high proportion of self-owned properties ensures operational stability and builds competitive barriers[42](index=42&type=chunk) [Analysis of Principal Business](index=13&type=section&id=3.3%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue slightly increased by **0.02%**, but operating costs rose by **3.84%**, leading to a decline in gross profit margin; financial expenses significantly increased by **51.84%** due to lower deposit interest rates reducing interest income; net cash flow from operating activities saw a substantial outflow, decreasing by **242.58%** year-on-year; by industry, retail revenue grew by **6.22%** but gross profit margin decreased by **3.35** percentage points, while real estate business revenue and costs both significantly contracted, declining by over **79%** year-on-year Key Financial Data Year-on-Year Changes | Item | Current Period | Prior Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | 31,026,367.79 | 20,433,319.18 | 51.84% | Primarily due to lower deposit interest rates and reduced interest income in the current period | | Net Cash Flow from Operating Activities | -444,113,903.30 | -129,638,696.09 | -242.58% | Primarily due to reduced cash receipts from sales of goods in the current period | Operating Performance by Industry | Industry Segment | Operating Revenue | Operating Cost | Gross Profit Margin | Operating Revenue YoY Change | Operating Cost YoY Change | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Retail | 3,363,135,393.48 | 2,649,338,665.02 | 21.22% | 6.22% | 10.93% | -3.35% | | Agricultural Product Trading Market | 290,606,801.94 | 93,340,037.09 | 67.88% | -5.49% | -3.45% | -0.68% | | Real Estate | 46,736,774.10 | 30,288,617.52 | 35.19% | -79.33% | -83.67% | 17.20% | [Analysis of Non-Principal Business](index=15&type=section&id=3.4%20Analysis%20of%20Non-Principal%20Business) Non-principal businesses significantly impacted the company's profit; during the reporting period, investment income reached **127 million RMB**, accounting for **42.50%** of total profit, primarily due to a change in accounting method for associate company Ningyin Consumer Finance; additionally, fair value change gains were **21.68 million RMB**, mainly from changes in the value of other non-current financial assets Non-Principal Business Profit and Loss | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 126,605,522.02 | 42.50% | Primarily due to changes in accounting method for equity in associate company Ningyin Consumer Finance, etc | | Fair Value Change Gains/Losses | 21,683,405.40 | 7.28% | Primarily due to fair value changes in other non-current financial assets | [Analysis of Assets and Liabilities](index=15&type=section&id=3.5%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **12.486 billion RMB**, a **5.49%** decrease from the end of the previous year; within the asset structure, monetary funds and long-term equity investments significantly decreased, while long-term borrowings increased; the company had **1.917 billion RMB** in restricted assets, primarily monetary funds, inventories, fixed assets, and investment properties used as collateral for borrowings - Total assets decreased by **5.49%** from the end of the previous year, with monetary funds decreasing by **2.97** percentage points and long-term equity investments decreasing by **1.67** percentage points[51](index=51&type=chunk) - As of the end of the reporting period, the company had **1.917 billion RMB** in restricted assets, primarily used as collateral and guarantees for borrowings[56](index=56&type=chunk) [Analysis of Investment Status](index=16&type=section&id=3.6%20Analysis%20of%20Investment%20Status) During the reporting period, the company significantly reduced investment activities, with investment amount of only **10 million RMB**, a **96.57%** year-on-year sharp decrease; the company did not undertake significant equity or non-equity investments, nor did it have securities investments, derivative investments, or use of raised funds Investment Amount Change | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | | 10,000,000.00 | 291,793,128.55 | -96.57% | [Analysis of Major Holding and Participating Companies](index=17&type=section&id=3.8%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This chapter analyzes the operating performance of major subsidiaries; Zhougudui Agricultural Wholesale Market is a core profit source, achieving **87.33 million RMB** in net profit; Hejiafu Supermarket's net profit significantly declined due to market diversion and new store investments; Baida Home Appliances benefited from national home appliance subsidy policies, with net profit increasing by **33.55%** year-on-year; Lu'an Baida Jinshangdu's net profit decreased by **29.93%** due to the overall department store industry environment Major Subsidiary Financial Performance (H1 2025) | Company Name | Principal Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Zhougudui Agricultural Wholesale Market | Agricultural Products | 254,460,743.46 | 87,327,607.69 | | Hejiafu Supermarket | Supermarket | 1,704,206,406.31 | 12,517,240.89 | | Gulou Commercial Building | Department Store | 133,769,277.00 | 10,743,450.41 | | Baida Home Appliances | Home Appliances | 506,724,937.65 | 6,031,962.17 | - Baida Home Appliances' net profit increased by **33.55%** year-on-year, primarily benefiting from the continuation of national home appliance subsidy policies, which boosted sales and reduced procurement costs[65](index=65&type=chunk) [Risks Faced by the Company and Countermeasures](index=18&type=section&id=3.10%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces five major risks: macroeconomic environment, industry transformation, market competition, product safety, and corporate operations; a slowing macroeconomic environment may suppress consumer demand; the retail industry needs to accelerate online-offline integration and transformation; regional market competition is fierce, with continuous e-commerce impact; product safety issues may trigger multiple risks; and company expansion also brings higher operational management requirements; the company will address risks by accelerating transformation and innovation and improving operational quality - The company's main risks include: macroeconomic environment risk, industry transformation risk, market competition risk, product safety risk, and corporate operational risk[66](index=66&type=chunk)[67](index=67&type=chunk) - Countermeasures include: seizing policy opportunities to support consumption, accelerating transformation and innovation, improving operational quality and core competitiveness, and strictly preventing various risks[67](index=67&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental initiatives, and social responsibility efforts [Corporate Governance](index=20&type=section&id=4.1%20Corporate%20Governance) During the reporting period, there were no changes in the company's directors, supervisors, or senior management; the company plans no semi-annual profit distribution or capital reserve conversion into share capital, and no implementation of equity incentive or employee stock ownership plans - There were no changes in the company's directors, supervisors, and senior management during the reporting period[71](index=71&type=chunk) - The company will not distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[72](index=72&type=chunk) [Social Responsibility](index=20&type=section&id=4.2%20Social%20Responsibility) The company actively fulfills its social responsibilities, leveraging its advantages in agricultural product circulation to support rural revitalization through production-sales matching and direct sourcing from bases; during the reporting period, its Zhougudui Market achieved a transaction volume of **2.5558 million tons** and a transaction value of **18.932 billion RMB**, Hejiakang Company's direct sourcing amounted to **29.47 million RMB**, and new models like online live streaming expanded agricultural product sales channels, yielding significant social benefits - Leveraging its six major advantages including brand and production-sales platforms, the company promotes agricultural product circulation as a key initiative for rural revitalization, exploring the 'Baida Model'[74](index=74&type=chunk) - During the reporting period, Zhougudui Market achieved a transaction volume of **2.5558 million tons** and a transaction value of **18.932 billion RMB**[74](index=74&type=chunk) - Through Hejiakang direct sourcing platform, Hejiafu Supermarket sales platform, and online live streaming matrix, agricultural product sales channels were effectively expanded, helping farmers increase their income[75](index=75&type=chunk) [Significant Matters](index=22&type=section&id=Significant%20Matters) This section covers important events and transactions that occurred during the reporting period, including related party transactions, contracts, and other significant disclosures [Significant Related Party Transactions](index=23&type=section&id=5.1%20Significant%20Related%20Party%20Transactions) During the reporting period, significant related party transactions related to daily operations primarily involved sales of goods to the controlling shareholder, Hefei Construction Investment Holding (Group) Co., Ltd., and some of its controlled enterprises, with a transaction amount of **46.4444 million RMB**, which did not exceed the annual estimated limit of **95 million RMB**; the company did not engage in other significant related party transactions such as asset or equity acquisitions or disposals Performance of Routine Related Party Transactions | Related Party | Related Party Transaction Content | Amount in Current Period (RMB) | Approved Transaction Limit (RMB) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Hefei Construction Investment Holding (Group) Co., Ltd. and some of its controlled enterprises | Sales of Goods | 46,444,400.00 | 95,000,000.00 | No | [Significant Contracts and Their Performance](index=24&type=section&id=5.2%20Significant%20Contracts%20and%20Their%20Performance) The company has no significant trusteeship, contracting, or leasing matters; regarding significant guarantees, the company primarily provides phased mortgage loan guarantees for customers purchasing commercial properties and residences in its development projects, with the actual external guarantee balance at the end of the reporting period being **28.8266 million RMB**, accounting for **0.60%** of the company's net assets, indicating controllable risk - The company provides phased mortgage loan guarantees for property buyers of projects such as Zhougudui New Market and Feixi Agricultural Product Market[99](index=99&type=chunk) Summary of Guarantees | Item | Amount (RMB) | | :--- | :--- | | Total Approved External Guarantee Limit at Period End | 1,334,000,000.00 | | Total Actual External Guarantee Balance at Period End | 28,826,600.00 | | Proportion of Total Actual Guarantees to Company's Net Assets | 0.60% | [Other Significant Matters](index=27&type=section&id=5.3%20Other%20Significant%20Matters) This chapter discloses other significant matters during the reporting period; the core matter is the company's decision in June 2025 to change the accounting method for its associate company Zhejiang Ningyin Consumer Finance Co., Ltd., from equity method to fair value measurement; additionally, subsidiary Baida Home Appliances invested externally to establish a renewable resource recycling technology company, holding **60%** equity - The company changed the accounting method for its associate company Zhejiang Ningyin Consumer Finance Co., Ltd. from the equity method to a financial asset measured at fair value with changes recognized in current profit or loss[102](index=102&type=chunk) - Subsidiary Baida Home Appliances, along with Hefei Chengkuang Supply and Marketing Company and others, jointly invested to establish Anhui Renewable Resources Recycling Technology Co., Ltd., with Baida Home Appliances contributing **12 million RMB** and holding a **60%** stake[106](index=106&type=chunk) - The company used its own funds for bank wealth management product investments, with **370 million RMB** incurred during the reporting period and a zero outstanding balance at period end[105](index=105&type=chunk) [Share Changes and Shareholder Information](index=29&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=29&type=section&id=6.1%20Share%20Changes) During the reporting period, the company's total share capital remained unchanged at **779,884,200 shares**; restricted shares totaled **856,749 shares**, accounting for **0.11%**, while unrestricted shares totaled **779,027,451 shares**, accounting for **99.89%**; restricted shares are due to historical share reform, with an uncertain lifting date Share Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 856,749 | 0.11% | | II. Unrestricted Shares | 779,027,451 | 99.89% | | III. Total Shares | 779,884,200 | 100.00% | [Shareholder Information](index=30&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the company had **30,221 shareholders**; the largest shareholder is Hefei Construction Investment Holding (Group) Co., Ltd., holding **38.00%** as a state-owned legal entity; among the top ten shareholders, except for the largest shareholder and Central Huijin, the rest are domestic natural persons; the company's controlling shareholder and actual controller remained unchanged during the reporting period - Total number of common shareholders at the end of the reporting period was **30,221**[113](index=113&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Proportion | Number of Shares Held | | :--- | :--- | :--- | :--- | | Hefei Construction Investment Holding (Group) Co., Ltd | State-owned Legal Entity | 38.00% | 296,390,467 | | Liang Jianhui | Domestic Natural Person | 2.56% | 20,000,967 | | Central Huijin Investment Ltd | State-owned Legal Entity | 1.58% | 12,326,500 | - Both the company's controlling shareholder and actual controller remained unchanged during the reporting period[117](index=117&type=chunk) [Bond-Related Information](index=35&type=section&id=Bond-Related%20Information) This section provides details on the company's bond-related activities and status [Bond Information](index=35&type=section&id=7.1%20Bond%20Information) There are no bond-related matters requiring disclosure for the company in the current reporting period - The company has no bond-related information during the reporting period[120](index=120&type=chunk) [Financial Report](index=36&type=section&id=Financial%20Report) This section presents the company's financial statements and related notes for the reporting period [Audit Report](index=36&type=section&id=8.1%20Audit%20Report) The company's H1 2025 financial report is unaudited - The company's semi-annual financial report is unaudited[122](index=122&type=chunk) [Financial Statements](index=36&type=section&id=8.2%20Financial%20Statements) This chapter provides the company's unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the period [Consolidated Balance Sheet](index=36&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) Key Items from Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | **Assets** | | | | Monetary Funds | 1,092,307,201.31 | 1,548,250,965.22 | | Inventories | 2,402,764,648.62 | 2,594,730,926.19 | | Investment Properties | 1,805,432,396.65 | 1,919,518,201.15 | | **Total Assets** | **12,486,047,387.19** | **13,211,334,136.52** | | **Liabilities** | | | | Contract Liabilities | 2,073,805,032.09 | 2,385,225,441.09 | | Long-term Borrowings | 606,966,518.04 | 436,780,980.63 | | **Total Liabilities** | **6,618,770,301.22** | **7,465,531,509.51** | | **Owners' Equity** | | | | Total Owners' Equity Attributable to Parent Company | 4,789,625,830.93 | 4,700,036,882.28 | | **Total Owners' Equity** | **5,867,277,085.97** | **5,745,802,627.01** | [Consolidated Income Statement](index=41&type=section&id=8.2.2%20Consolidated%20Income%20Statement) Key Items from Consolidated Income Statement (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,700,478,969.52 | 3,699,910,495.40 | | Total Operating Cost | 3,558,642,419.78 | 3,460,321,173.36 | | Investment Income | 126,605,522.02 | 38,725,008.38 | | Total Profit | 297,864,336.86 | 310,598,423.20 | | Net Profit | 208,420,152.28 | 233,579,488.23 | | Net Profit Attributable to Parent Company Shareholders | 170,861,149.51 | 189,701,108.35 | [Consolidated Cash Flow Statement](index=44&type=section&id=8.2.3%20Consolidated%20Cash%20Flow%20Statement) Key Items from Consolidated Cash Flow Statement (H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -444,113,903.30 | -129,638,696.09 | | Net Cash Flow from Investing Activities | -55,485,668.52 | -438,090,555.95 | | Net Cash Flow from Financing Activities | 16,530,843.13 | -364,247,435.29 | | Net Increase in Cash and Cash Equivalents | -483,055,789.72 | -931,965,641.67 | [Notes to Financial Statements](index=53&type=section&id=8.3%20Notes%20to%20Financial%20Statements) The notes to the financial statements detail the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, and taxes, with detailed annotations for major items in the consolidated financial statements; key policies include revenue recognition methods for self-operated (gross method) and concessionaire (net method) retail businesses; the notes provide detailed breakdowns, reasons for changes, and risk disclosures for key financial statement items such as monetary funds, accounts receivable, inventories, investment properties, long-term equity investments, borrowings, and contract liabilities - The company's retail business operates under two models: self-operated, which recognizes revenue using the gross method, and concessionaire, which recognizes revenue using the net method[284](index=284&type=chunk) - The company's main taxes are Value-Added Tax and Corporate Income Tax, with a Corporate Income Tax rate of **25%**, and some small and micro enterprise subsidiaries applying a preferential tax rate of **20%**[298](index=298&type=chunk)[301](index=301&type=chunk) - The notes provide detailed disclosures on the composition and changes of key financial statement items such as monetary funds, accounts receivable, inventories, investment properties, long-term equity investments, borrowings, and contract liabilities[305](index=305&type=chunk)[318](index=318&type=chunk)[385](index=385&type=chunk) [Other Submitted Data](index=174&type=section&id=Other%20Submitted%20Data) This section includes additional information and disclosures not covered in the main financial report [Other Important Information](index=174&type=section&id=9.1%20Other%20Important%20Information) This chapter provides other supplementary information, including the absence of significant social security issues or administrative penalties for the company; it details records of institutional research and communication activities during the reporting period, showing interactions with Haitong Securities, Tianfeng Securities, Guotai Junan, and other institutions; it also discloses non-operating fund transfers between the company and its subsidiaries, all of which are for normal business needs and have undergone internal approval procedures - During the reporting period, the company hosted multiple research and communication sessions with institutional investors including Haitong Securities, Tianfeng Securities, and Guotai Junan, primarily discussing the development of its retail main business, supermarket adjustments, and agricultural wholesale market operations[781](index=781&type=chunk)[782](index=782&type=chunk) - Disclosed non-operating fund transfers between the listed company and its controlled subsidiaries, with an outstanding balance of **130 million RMB** at period-end, which are normal intercompany balances with controllable risk[783](index=783&type=chunk)

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The board and senior management guarantee report accuracy, highlight risks, and confirm no half-year dividends or bonus shares are planned - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - All directors attended the board meeting to review this semi-annual report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the complete report structure, including nine main chapters and their starting page numbers, for quick navigation - The report contains nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, company entities, and related parties to ensure clear understanding of the report content - "Company, the Company, Weiming Pharmaceutical" refers to Shandong Weiming Biopharmaceutical Co., Ltd[12](index=12&type=chunk) - "This Reorganization/Major Asset Reorganization" refers to the Company's acquisition of 100% equity in Weiming Biopharmaceutical Co., Ltd. held by 20 transaction parties, including Beijing Peking University Weiming Bioengineering Group Co., Ltd., through share issuance and cash payment[12](index=12&type=chunk) - Listed names and shareholding percentages of several subsidiaries and associated companies, such as Xiamen Weiming (wholly-owned subsidiary), Tianjin Weiming (controlled subsidiary, **60.57%** stake), and Beijing Sinovac (associate, **26.91%** stake)[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Listed as 'ST Weiming' (002581) on the Shenzhen Stock Exchange, the company's basic information and contact details remain unchanged Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | ST Weiming | | Stock Code | 002581 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shandong Weiming Biopharmaceutical Co., Ltd. | | Legal Representative | Yue Jialin | - The company's contact information (registered address, office address, website, email) changed during the reporting period, and an announcement has been disclosed[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **66.42%**, net profit and non-recurring net profit showed significant losses, and operating cash flow was negative Key Accounting Data and Financial Indicators (Current Period vs. Prior Period) | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 70,771,540.88 | 210,782,004.46 | -66.42% | | Net Profit Attributable to Shareholders of Listed Company | -67,302,664.90 | -29,614,917.07 | -127.26% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -67,192,431.81 | -26,993,371.81 | -148.92% | | Net Cash Flow from Operating Activities | -143,553,691.90 | -50,634,778.10 | -183.51% | | Basic Earnings Per Share (yuan/share) | -0.1020 | -0.0449 | -127.17% | | Diluted Earnings Per Share (yuan/share) | -0.1020 | -0.0449 | -127.17% | | Weighted Average Return on Net Assets | -3.55% | -1.45% | -2.10% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Change from Prior Year-End** | | Total Assets | 2,050,202,194.41 | 2,195,918,588.20 | -6.64% | | Net Assets Attributable to Shareholders of Listed Company | 1,864,941,323.24 | 1,923,634,393.24 | -3.05% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) No differences were reported in net profit or net assets between international/overseas and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **-110,233.09 yuan**, mainly from asset disposal, government grants, and other non-operating items Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 691,122.32 | | Government Grants Included in Current Profit and Loss | 135,820.51 | | Other Non-operating Income and Expenses Apart from the Above | -890,684.86 | | Less: Income Tax Impact | 14,372.90 | | Impact of Minority Interests (After Tax) | 32,118.16 | | **Total** | **-110,233.09** | Section III Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company primarily engages in pharmaceutical manufacturing, producing biopharmaceutical products such as nerve growth factor, interferon, and vaccines - The company belongs to the pharmaceutical manufacturing industry, with industry classification code C27[24](index=24&type=chunk) - The company's business segments include biopharmaceutical products such as murine nerve growth factor, interferon, and vaccines[24](index=24&type=chunk) - The company conducts business through controlling and investing in enterprises or production bases such as Weiming Biopharmaceutical Co., Ltd., Tianjin Weiming Biopharmaceutical Co., Ltd., and Beijing Sinovac Biotech Co., Ltd[24](index=24&type=chunk) [Analysis of Core Competitiveness](index=9&type=section&id=Analysis%20of%20Core%20Competitiveness) Core competencies include mature market channels, strong R&D capabilities, a nationwide sales network, and active innovation in product development - The company possesses a nationwide sales network and a mature marketing model, demonstrating strong control over terminal hospitals[25](index=25&type=chunk) - The company closely follows national policies, researches innovative biopharmaceuticals, optimizes its product pipeline, and advances innovative drug R&D and clinical trials[26](index=26&type=chunk) - Wholly-owned subsidiary Shandong Yandu, relying on its high-expression recombinant protein platform, has established multiple biopharmaceutical drug R&D systems, with an innovative ophthalmic biopharmaceutical in preparation for Phase III clinical trials[26](index=26&type=chunk) [Analysis of Main Business](index=9&type=section&id=Analysis%20of%20Main%20Business) Main business revenue declined **66.42%** due to a subsidiary's production halt, with interferon revenue down **95.41%**, while nerve growth factor dominated sales Major Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 70,771,540.88 | 210,782,004.46 | -66.42% | Due to subsidiary's production and sales suspension | | Operating Cost | 21,096,695.93 | 40,782,935.75 | -48.27% | Due to subsidiary's production and sales suspension | | Selling Expenses | 74,269,430.94 | 128,147,734.83 | -42.04% | Due to subsidiary's production and sales suspension | | Income Tax Expense | -8,010,372.70 | 1,495,427.18 | -635.66% | Due to subsidiary's production and sales suspension losses | | Net Cash Flow from Operating Activities | -143,553,691.90 | -50,634,778.10 | -183.51% | Due to subsidiary's production and sales suspension | Operating Revenue Composition (by Product) | Product | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Murine Nerve Growth Factor | 64,225,246.64 | 90.75% | 68,699,239.70 | 32.59% | -6.51% | | Interferon | 6,521,002.68 | 9.21% | 142,062,698.74 | 67.40% | -95.41% | - The gross profit margin for the biopharmaceutical manufacturing industry decreased by **10.46%** year-on-year to **70.19%**, with interferon's gross profit margin at **-16.10%**, a significant year-on-year decrease of **97.11%**[31](index=31&type=chunk)[32](index=32&type=chunk) [Analysis of Non-Core Business](index=11&type=section&id=Analysis%20of%20Non-Core%20Business) The company had no non-core business operations during the reporting period - The company had no non-core business operations during the reporting period[32](index=32&type=chunk) [Analysis of Assets and Liabilities](index=11&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets decreased, long-term equity investments declined, while construction in progress and right-of-use assets increased Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 456,022,275.73 | 22.24% | 506,403,730.00 | 23.06% | -0.82% | | Long-term Equity Investments | 919,844,080.77 | 44.87% | 1,055,730,183.04 | 48.08% | -3.21% | | Construction in Progress | 51,285,053.72 | 2.50% | 38,109,424.71 | 1.74% | 0.76% | | Right-of-Use Assets | 4,314,976.69 | 0.21% | 262,200.06 | 0.01% | 0.20% | | Short-term Borrowings | 0 | 0.00% | 2,766,405.84 | 0.13% | -0.13% | | Contract Liabilities | 3,129,568.38 | 0.15% | 10,459,681.65 | 0.48% | -0.33% | | Lease Liabilities | 3,072,288.31 | 0.15% | 0 | 0.00% | 0.15% | - As of June 30, 2025, Weiming Biopharmaceutical Co., Ltd. had bank deposits of **7.69 yuan** frozen due to a dormant account and **1,366,982.68 yuan** restricted due to inability to change payment functions[34](index=34&type=chunk) - Weiming Biopharmaceutical (Hong Kong) Co., Ltd. had frozen bank deposits of **7,620.40 yuan**[35](index=35&type=chunk) [Analysis of Investment Status](index=12&type=section&id=Analysis%20of%20Investment%20Status) Investment decreased by **15.49%** year-on-year, with no significant equity, non-equity, securities, or derivative investments reported Investment Amount During the Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 919,844,080.77 | | Investment Amount for the Prior Period | 1,088,381,252.18 | | Change Percentage | -15.49% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Major Asset and Equity Sales](index=12&type=section&id=Major%20Asset%20and%20Equity%20Sales) No significant asset or equity sales occurred during the reporting period - The company did not sell major assets during the reporting period[40](index=40&type=chunk) - The company did not sell major equity during the reporting period[41](index=41&type=chunk) [Analysis of Major Controlled and Invested Companies](index=13&type=section&id=Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) Key subsidiaries and associates, including Weiming Biopharmaceutical and Beijing Sinovac, all reported negative net profits Financial Data of Major Controlled and Invested Companies | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Weiming Biopharmaceutical Co., Ltd. | Subsidiary | R&D, production, and sales of biopharmaceuticals such as nerve growth factor | 131,369,000 | 246,736,787.87 | -164,356,848.05 | 64,680,979.10 | -3,495,436.17 | -5,397,007.60 | | Tianjin Weiming Biopharmaceutical Co., Ltd. | Subsidiary | R&D, production, and sales of biopharmaceuticals such as interferon | 228,234,104.70 | 246,059,193.65 | 197,663,601.46 | 6,521,002.68 | -61,912,790.55 | -52,890,111.26 | | Beijing Sinovac Biotech Co., Ltd. | Associate | R&D, production, and sales of human vaccines | 141,210,000 | 4,891,943,892.74 | 3,016,247,413.60 | 698,600,492.86 | -3,995,105.77 | -4,965,077.23 | - The company did not acquire or dispose of any subsidiaries during the reporting period[42](index=42&type=chunk) [Structured Entities Controlled by the Company](index=13&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[43](index=43&type=chunk) [Risks Faced by the Company and Countermeasures](index=13&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses R&D, safety, market, production, and natural disaster risks through R&D investment, safety measures, and market competitiveness - New drug R&D is characterized by long cycles, high risks, and high investment; the company will strengthen R&D team building and prudently evaluate projects to mitigate risks[43](index=43&type=chunk) - Pharmaceutical manufacturing enterprises face dual risks in safety and environmental protection; the company has established safety production management systems to strengthen safety production management and emergency response capabilities[44](index=44&type=chunk)[45](index=45&type=chunk) - Intensified market competition may impact the company's performance; the company will continuously enhance competitiveness through brand communication, product quality, channel promotion, sales models, marketing networks, and operational management[46](index=46&type=chunk) - Controlling subsidiary Tianjin Weiming's production and sales were suspended due to non-compliance with GMP requirements, leading to "other risk warnings" for the company's stock; the company is actively cooperating with rectification efforts to resume production as soon as possible[47](index=47&type=chunk) - Natural disasters and force majeure events may damage the company's assets and profitability; the company will closely monitor asset conditions, timely accrue impairment provisions, and strengthen asset management[48](index=48&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=15&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) A 'Market Value Management System' is in place to boost shareholder value, but a specific valuation improvement plan is pending - The company has formulated a "Market Value Management System" aimed at promoting the continuous enhancement of company value and shareholder equity, and standardizing market value management practices[49](index=49&type=chunk) - The company has not yet disclosed a valuation enhancement plan[49](index=49&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=15&type=section&id=Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) The company has not yet disclosed its 'Quality and Return Dual Enhancement' action plan - The company has not yet disclosed its "Quality and Return Dual Enhancement" action plan announcement[50](index=50&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The board and senior management saw significant changes, with several directors departing and new executive appointments made - Yu Xiuyuan, Yu Wenjie, Zhao Hui, Yue Ying, and other directors resigned due to the expiration of their terms[51](index=51&type=chunk) - Xu Junxiong was appointed as Vice Chairman, Director, and Deputy General Manager[51](index=51&type=chunk) - Zhou Ting was appointed as Director and Chief Financial Officer, Shi Xiaoru as Director and Board Secretary, and Chen Xing as Director and Deputy General Manager[51](index=51&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=15&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[52](index=52&type=chunk) [Implementation of Share Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=15&type=section&id=Implementation%20of%20Share%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The 2023 stock option plan saw cancellations due to unmet targets and departures; an incentive fund was established to boost employee motivation - The second exercise period of the company's 2023 stock option incentive plan did not meet the exercise conditions, and some incentive recipients resigned; the company plans to cancel a total of **29,715,486 stock options** for 76 individuals[54](index=54&type=chunk) - The company established an incentive fund and formulated the "Incentive Fund Management Measures" to fully mobilize employee enthusiasm, initiative, and creativity, thereby enhancing the company's core competitiveness[55](index=55&type=chunk) [Environmental Information Disclosure](index=16&type=section&id=Environmental%20Information%20Disclosure) The company and its two main subsidiaries are legally required to disclose environmental information, with reports available online - The company and its two main subsidiaries (Tianjin Weiming Biopharmaceutical Co., Ltd. and Weiming Biopharmaceutical Co., Ltd.) have been included in the list of enterprises required to disclose environmental information by law[56](index=56&type=chunk) - Environmental information disclosure reports can be accessed through designated websites[56](index=56&type=chunk) [Social Responsibility](index=16&type=section&id=Social%20Responsibility) The company actively fulfills social responsibilities, protecting stakeholder rights, enhancing safety, and engaging in significant charitable donations - The company strictly adheres to laws and regulations, improves its corporate governance structure, safeguards shareholders' rights to information and participation, and communicates with investors[58](index=58&type=chunk) - The company complies with the "Labor Law," respects and protects employee rights, pays various insurances and housing provident funds for employees, improves working conditions, and provides humanistic care[59](index=59&type=chunk) - The company has intensified its efforts in safety and environmental protection, establishing a sound safety production responsibility system, and reported no safety production accidents during the period[60](index=60&type=chunk) - The company actively participates in public welfare activities, collaborating with several foundations to donate a total of **40,800 units** of Enjingfu medicine and **250,000 yuan** in cash to patients with neurological disorders[61](index=61&type=chunk)[62](index=62&type=chunk) Section V Significant Matters [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=19&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Controlling parties fulfilled commitments on control stability, governance, competition avoidance, and related party transactions, including asset restructuring performance pledges - Shenzhen Yilian Technology Co., Ltd. and Liu Xiang committed to maintaining control over the listed company through legal means for 36 months from July 25, 2022, including not voluntarily waiving board and shareholder meeting rights, not assisting other parties in seeking control, and potentially increasing shareholdings to stabilize control under legal compliance[64](index=64&type=chunk) - Shenzhen Yilian Technology Co., Ltd. and Shenzhen Jialian Private Securities Investment Fund Management Co., Ltd. - Jialian No. 1 Securities Investment Fund committed to ensuring the listed company's sound corporate governance structure and independent operation, maintaining independence in personnel, assets, business, finance, and organization[65](index=65&type=chunk) - The committing parties pledged to avoid horizontal competition, offering similar business opportunities to the listed company or its wholly-owned/controlled subsidiaries first[65](index=65&type=chunk)[66](index=66&type=chunk) - The committing parties pledged to minimize related party transactions, conducting unavoidable ones on "equivalent, fair, and mutually beneficial" principles, strictly adhering to approval procedures and disclosure obligations, and not harming the legitimate interests of the listed company and its shareholders through such transactions[66](index=66&type=chunk)[67](index=67&type=chunk) - Beijing Peking University Weiming Bioengineering Group Co., Ltd. and other committing parties' performance commitments and compensation arrangements for 2014-2017 have been strictly implemented as pledged[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company](index=30&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) No non-operating funds were occupied by controlling shareholders or other related parties during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[76](index=76&type=chunk) [Irregular External Guarantees](index=30&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[77](index=77&type=chunk) [Appointment and Dismissal of Accounting Firms](index=30&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[78](index=78&type=chunk) [Board of Directors' and Supervisory Committee's Explanation on "Non-Standard Audit Report" for the Current Reporting Period](index=30&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Committee%27s%20Explanation%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Current%20Reporting%20Period) No non-standard audit report was issued for the company during this reporting period - The company reported no non-standard audit report during the reporting period[79](index=79&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Prior Year](index=30&type=section&id=Board%20of%20Directors%27%20Explanation%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Prior%20Year) The board acknowledged the 2024 qualified audit opinion, committing to mitigate risks and protect shareholder interests - Shenzhen Guangchen Certified Public Accountants (General Partnership) issued a qualified audit report with an emphasis-of-matter paragraph on the company's 2024 financial statements[79](index=79&type=chunk) - The company's board of directors believes the audit opinion is objective and truthful, and pledges to actively take measures to eliminate risks and protect the interests of the company and all shareholders[79](index=79&type=chunk) [Bankruptcy Reorganization Matters](index=30&type=section&id=Bankruptcy%20Reorganization%20Matters) No bankruptcy reorganization matters occurred during the reporting period - The company reported no bankruptcy reorganization matters during the reporting period[81](index=81&type=chunk) [Litigation Matters](index=31&type=section&id=Litigation%20Matters) The company is involved in multiple lawsuits, including a criminal judgment for illegal equity acquisition and a contractual dispute with partial liability - Regarding Hangzhou Qiangxinsheng's investment in Xiamen Weiming, the court ruled that Pan Aihua and Luo Deshun committed crimes of embezzlement and misappropriation of funds, ordering the recovery of **34%** of Xiamen Weiming's equity illegally occupied by Hangzhou Qiangxin and its return to the company[82](index=82&type=chunk) - In a contractual fault dispute with Shen Xiangxin, the company was ordered in the second instance to bear half of the compensation liability for Beijing Peking University Weiming Bioengineering Group Co., Ltd.'s inability to return **60,960,436.85 yuan** to Shen Xiangxin[84](index=84&type=chunk) - The company's application for retrial filed with the Zhejiang Provincial High People's Court was rejected[84](index=84&type=chunk) - The company is also involved in multiple other litigation matters not meeting the threshold for major litigation, including cases as a defendant with an involved amount of **703,500 yuan** and as a plaintiff with an involved amount of **262,200 yuan**, all currently under trial[85](index=85&type=chunk) [Penalties and Rectification Status](index=34&type=section&id=Penalties%20and%20Rectification%20Status) No penalties or rectification situations occurred during the reporting period - The company reported no penalties or rectification situations during the reporting period[86](index=86&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) No undisclosed integrity issues were found for the company, its controlling shareholder, or actual controller - The company reported no undisclosed integrity issues during the reporting period[87](index=87&type=chunk) [Significant Related Party Transactions](index=34&type=section&id=Significant%20Related%20Party%20Transactions) No significant related party transactions, including daily operations, asset/equity sales, or debt/credit, occurred during the period - The company reported no related party transactions related to daily operations during the reporting period[87](index=87&type=chunk) - The company reported no related party transactions involving asset or equity acquisition/disposal during the reporting period[88](index=88&type=chunk) - The company reported no related party credit and debt transactions during the reporting period[90](index=90&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies[91](index=91&type=chunk) [Significant Contracts and Their Performance](index=35&type=section&id=Significant%20Contracts%20and%20Their%20Performance) No significant contracts, including custodianship, leasing, guarantees, or wealth management, were in effect during the period - The company reported no custodianship situations during the reporting period[94](index=94&type=chunk) - The company reported no significant guarantee situations during the reporting period[97](index=97&type=chunk) - The company reported no entrusted wealth management during the reporting period[98](index=98&type=chunk) - The company reported no other significant contracts during the reporting period[100](index=100&type=chunk) [Explanation of Other Significant Matters](index=36&type=section&id=Explanation%20of%20Other%20Significant%20Matters) Key events include board elections, option cancellations, a **134.55 million yuan** dividend, a 51% acquisition of Sichuan Gukang, and 'other risk warnings' due to a subsidiary's production halt - The company completed the election of its Sixth Board of Directors, with Yue Jialin elected as Chairman and Xu Junxiong as Vice Chairman, and new senior management personnel were appointed[101](index=101&type=chunk)[102](index=102&type=chunk) - The second exercise period of the company's 2023 stock option incentive plan saw **29,715,486 stock options** canceled due to unmet performance targets and the departure of some incentive recipients[103](index=103&type=chunk) - In the lawsuit between the company and Shen Xiangxin, the Zhejiang Provincial High People's Court rejected the company's application for retrial, requiring the company to bear partial compensation liability[103](index=103&type=chunk)[104](index=104&type=chunk) - The company received a cash dividend of **134.55 million yuan** from its associate, Beijing Sinovac Biotech Co., Ltd[104](index=104&type=chunk) - The company's wholly-owned subsidiary, Peking University Weiming (Shanghai) Biopharmaceutical Co., Ltd., increased its capital by **45 million yuan** to acquire **51%** equity in Sichuan Gukang Pharmaceutical Co., Ltd., making Gukang Pharmaceutical a controlled subsidiary[105](index=105&type=chunk) - The company's controlling subsidiary, Tianjin Weiming Biopharmaceutical Co., Ltd., is expected to be unable to resume normal production and operation activities within three months, leading to the implementation of "other risk warnings" for the company's stock starting from July 8, 2025, and the stock abbreviation changing to "ST Weiming"[106](index=106&type=chunk) - The company signed a settlement agreement with Hangzhou Qiangxin Biotechnology Co., Ltd., recovering **34%** equity in Xiamen Weiming, making Xiamen Weiming **100%** owned by the company[107](index=107&type=chunk)[108](index=108&type=chunk) [Significant Matters of Subsidiaries](index=38&type=section&id=Significant%20Matters%20of%20Subsidiaries) Subsidiary Shandong Yandu signed a Phase III clinical trial agreement and received a **290 million yuan** capital increase; Tianjin Weiming faced production suspension and lost procurement eligibility - Wholly-owned subsidiary Shandong Yandu Biotechnology Co., Ltd. signed a technical service agreement for Phase III clinical trials of recombinant human nerve growth factor eye drops[109](index=109&type=chunk) - The company increased capital in its wholly-owned subsidiary Shandong Yandu Biotechnology Co., Ltd. by **290 million yuan**, raising its registered capital to **300 million yuan**[110](index=110&type=chunk) - Shandong Yandu Biotechnology Co., Ltd. signed a contract for the cleanroom and M&E general contracting project for the Shandong Weiming Biopharmaceutical Industrial Park, and procured the liquid preparation and chromatography systems required for the production workshop[111](index=111&type=chunk)[112](index=112&type=chunk) - The company increased capital in its wholly-owned subsidiary Shandong Weiming Tianan Biotechnology Co., Ltd. by **7 million yuan**, raising its registered capital to **10 million yuan**[114](index=114&type=chunk) - Controlling subsidiary Tianjin Weiming Biopharmaceutical Co., Ltd. had its production and sales suspended by the Tianjin Municipal Drug Administration due to non-compliance with GMP requirements[115](index=115&type=chunk) - Tianjin Weiming Biopharmaceutical Co., Ltd.'s human interferon a2b nasal spray was disqualified from the inter-provincial alliance procurement selection[116](index=116&type=chunk) Section VI Changes in Shares and Shareholder Information [Changes in Shares](index=40&type=section&id=Changes%20in%20Shares) Total share capital remained at **659,735,586 shares**; restricted and unrestricted share proportions were stable, with some releases and new additions Changes in Shares | Share Type | Number Before Change (shares) | Proportion | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 258,944,425 | 39.25% | 0 | 258,944,425 | 39.25% | | II. Unrestricted Shares | 400,791,161 | 60.75% | 0 | 400,791,161 | 60.75% | | III. Total Shares | 659,735,586 | 100.00% | 0 | 659,735,586 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Released This Period (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen Hengxing Group Co., Ltd. | 49,400,000 | 0 | 0 | 49,400,000 | Restricted Stock Vesting | | Shenzhen Juyunlai Investment Partnership (Limited Partnership) | 0 | 0 | 16,609,418 | 16,609,418 | Restricted Stock Vesting | | Yang Yan | 0 | 0 | 7,163,837 | 7,163,837 | Restricted Stock Vesting | | Other Restricted Shareholders | 94,817,386 | -23,773,255 | 0 | 71,044,131 | Restricted shares for individuals after IPO, Restricted Stock Vesting | [Issuance and Listing of Securities](index=42&type=section&id=Issuance%20and%20Listing%20of%20Securities) No securities issuance or listing occurred during the reporting period - The company reported no securities issuance or listing during the reporting period[123](index=123&type=chunk) [Shareholder Numbers and Shareholding Information](index=42&type=section&id=Shareholder%20Numbers%20and%20Shareholding%20Information) The company had **41,002 common shareholders**; Gao Baolin is the largest at **11.19%**, with Shenzhen Yilian and Shenzhen Jialian acting in concert - The total number of common shareholders at the end of the reporting period was **41,002**[124](index=124&type=chunk) Shareholding of Shareholders with 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gao Baolin | Overseas Natural Person | 11.19% | 73,822,800 | 0 | 73,822,800 | 0 | | Xiamen Hengxing Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.49% | 49,400,000 | 49,400,000 | 0 | 39,220,000 (Pledged) | | Shenzhen Jialian Private Securities Investment Fund Management Co., Ltd. - Jialian No. 1 Securities Investment Fund | Domestic Non-State-Owned Legal Person | 4.85% | 32,000,000 | 32,000,000 | 0 | 0 | | Shenzhen Yilian Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.82% | 25,204,000 | 25,204,000 | 0 | 0 | | Liu Kaili | Domestic Natural Person | 3.64% | 24,000,000 | 24,000,000 | 0 | 0 | | Yang Yan | Domestic Natural Person | 3.04% | 20,051,267 | 7,163,837 | 12,887,430 | 0 | | Shenzhen Juyunlai Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.52% | 16,609,418 | 16,609,418 | 0 | 16,609,418 (Pledged) | | Beijing Peking University Weiming Bioengineering Group Co., Ltd. | State-Owned Legal Person | 1.52% | 10,000,000 | 10,000,000 | 0 | 10,000,000 (Pledged), 10,000,000 (Frozen) | | Zheng Zuoping | Domestic Natural Person | 1.30% | 8,600,000 | 8,600,000 | 0 | 0 | | Shi Tingbo | Domestic Natural Person | 1.30% | 8,571,800 | 0 | 8,571,800 | 0 | - Shenzhen Yilian Technology Co., Ltd. and Shenzhen Jialian Private Securities Investment Fund Management Co., Ltd. - Jialian No. 1 Securities Investment Fund signed a "Supplementary Clause to the Authorization Letter," agreeing to form a concerted action relationship[125](index=125&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes in shareholdings of directors, supervisors, and senior management occurred during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[128](index=128&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes in the controlling shareholder or actual controller occurred during the reporting period - The company's controlling shareholder did not change during the reporting period[129](index=129&type=chunk) - The company's actual controller did not change during the reporting period[129](index=129&type=chunk) [Preferred Shares Related Information](index=45&type=section&id=Preferred%20Shares%20Related%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[130](index=130&type=chunk) Section VII Bond Related Information [Bond Related Information](index=46&type=section&id=Bond%20Related%20Information) This section provides information regarding the company's bond-related matters - The company reported no bond-related matters during the reporting period[132](index=132&type=chunk) Section VIII Financial Report [Audit Report](index=47&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[134](index=134&type=chunk) [Financial Statements](index=47&type=section&id=Financial%20Statements) This section presents the 2025 semi-annual consolidated and parent company financial statements, detailing financial position, operating results, and cash flows [Consolidated Balance Sheet](index=47&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **2.05 billion yuan** (**-6.64%**), with total liabilities at **107 million yuan** and owner's equity at **1.94 billion yuan** Major Data of Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 2,050,202,194.41 | 2,195,918,588.20 | | Total Current Assets | 706,821,025.29 | 747,007,338.19 | | Total Non-current Assets | 1,343,381,169.12 | 1,448,911,250.01 | | Total Liabilities | 107,312,815.27 | 173,612,003.09 | | Total Owner's Equity | 1,942,889,379.14 | 2,022,306,585.11 | | Total Owner's Equity Attributable to Parent Company | 1,864,941,323.24 | 1,923,634,393.24 | [Parent Company Balance Sheet](index=49&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **3.99 billion yuan**, liabilities **527 million yuan**, and owner's equity **3.46 billion yuan** Major Data of Parent Company Balance Sheet | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,986,132,039.71 | 3,905,056,737.71 | | Total Current Assets | 774,526,347.80 | 848,594,349.95 | | Total Non-current Assets | 3,211,605,691.91 | 3,056,462,387.76 | | Total Liabilities | 526,877,750.41 | 429,607,252.79 | | Total Owner's Equity | 3,459,254,289.30 | 3,475,449,484.92 | [Consolidated Income Statement](index=52&type=section&id=Consolidated%20Income%20Statement) For H1 2025, consolidated operating revenue was **70.77 million yuan** (**-66.42%**), net profit **-88.16 million yuan**, and basic EPS **-0.1020 yuan/share** Major Data of Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 70,771,540.88 | 210,782,004.46 | | Total Operating Costs | 163,798,158.53 | 235,965,383.68 | | Operating Profit | -95,279,409.67 | -24,256,926.20 | | Total Profit | -96,170,094.53 | -23,319,213.24 | | Net Profit | -88,159,721.83 | -24,814,640.42 | | Net Profit Attributable to Parent Company Shareholders | -67,302,664.90 | -29,614,917.07 | | Basic Earnings Per Share (yuan/share) | -0.1020 | -0.0449 | [Parent Company Income Statement](index=54&type=section&id=Parent%20Company%20Income%20Statement) For H1 2025, parent company operating revenue was zero, net profit was **-24.94 million yuan**, a narrowed loss due to management expenses and investment income Major Data of Parent Company Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 0.00 | 0.00 | | Administrative Expenses | 20,505,189.01 | 27,561,541.91 | | Investment Income | -1,336,102.27 | 300,608.11 | | Operating Profit | -24,934,259.87 | -27,857,512.90 | | Net Profit | -24,937,711.48 | -27,860,556.93 | [Consolidated Cash Flow Statement](index=55&type=section&id=Consolidated%20Cash%20Flow%20Statement) For H1 2025, operating cash flow was **-144 million yuan**, investing cash flow **94.46 million yuan**, and net cash increase **-49.69 million yuan** Major Data of Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -143,553,691.90 | -50,634,778.10 | | Net Cash Flow from Investing Activities | 94,459,838.10 | 294,336,399.08 | | Net Cash Flow from Financing Activities | -595,869.63 | -1,111,718.82 | | Net Increase in Cash and Cash Equivalents | -49,689,723.43 | 242,590,176.59 | [Parent Company Cash Flow Statement](index=56&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, parent company operating cash flow was **167 million yuan**, investing cash flow **-155 million yuan**, and net cash increase **11.32 million yuan** Major Data of Parent Company Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 166,808,763.28 | -203,604,678.19 | | Net Cash Flow from Investing Activities | -155,489,467.91 | 269,016,839.01 | | Net Cash Flow from Financing Activities | 0 | -944,745.34 | | Net Increase in Cash and Cash Equivalents | 11,319,295.37 | 64,467,415.48 | [Consolidated Statement of Changes in Owner's Equity](index=57&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) As of June 30, 2025, consolidated owner's equity was **1.94 billion yuan**, a **79.42 million yuan** decrease, primarily due to net losses Consolidated Owner's Equity Changes | Item | Period-Start Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owner's Equity Attributable to Parent Company | 1,923,634,393.24 | -58,693,070.00 | 1,864,941,323.24 | | Minority Interests | 98,672,191.87 | -20,724,135.97 | 77,948,055.90 | | Total Owner's Equity | 2,022,306,585.11 | -79,417,205.97 | 1,942,889,379.14 | [Parent Company Statement of Changes in Owner's Equity](index=61&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owner%27s%20Equity) As of June 30, 2025, parent company owner's equity was **3.46 billion yuan**, a **16.20 million yuan** decrease, due to reduced retained earnings and increased capital reserves Parent Company Owner's Equity Changes | Item | Period-Start Balance (yuan) | Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owner's Equity | 3,475,449,484.92 | -16,195,195.62 | 3,459,254,289.30 | | Capital Reserve | 2,471,678,708.18 | 8,742,515.86 | 2,480,421,224.04 | | Retained Earnings | 254,349,719.71 | -24,937,711.48 | 229,412,008.23 | [Company Basic Information](index=65&type=section&id=Company%20Basic%20Information) Renamed in 2015, the company has a registered capital of **659,735,586.00 yuan**, with Shenzhen Yilian as controlling shareholder and Liu Xiang as actual controller - The company's name was changed to "Shandong Weiming Biopharmaceutical Co., Ltd." in October 2015[166](index=166&type=chunk) - The company's registered capital is **659,735,586.00 yuan**[170](index=170&type=chunk) - Shenzhen Yilian is the controlling shareholder, and Liu Xiang became the actual controller[169](index=169&type=chunk)[170](index=170&type=chunk) - The company's business scope includes biotechnology research, biological products, pharmaceutical intermediates, biopharmaceuticals, traditional Chinese medicine, chemical drugs, and the R&D, production, and sales of medical devices[170](index=170&type=chunk) - As of the end of the reporting period, a total of **8 subsidiaries** were included in the scope of consolidated financial statements[171](index=171&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to Chinese Accounting Standards, with no significant doubts about future operations - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure and Reporting Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission[172](index=172&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability[173](index=173&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details accounting policies and estimates for fixed assets, revenue recognition, and financial instruments, adhering to Chinese Accounting Standards - The company adheres to Enterprise Accounting Standards, uses the calendar year as its accounting period, a 12-month operating cycle, and RMB as its functional currency[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss, based on business model and contractual cash flow characteristics[194](index=194&type=chunk) - For financial assets measured at amortized cost, debt investments measured at fair value with changes recognized in other comprehensive income, etc., the company recognizes loss provisions based on expected credit losses[201](index=201&type=chunk) - The company recognizes revenue when customers obtain control of the related goods and uses different revenue recognition methods based on the nature of the performance obligation (satisfied over time or at a point in time)[259](index=259&type=chunk)[265](index=265&type=chunk) - The company's fixed assets are categorized into buildings and structures, machinery and equipment, transportation vehicles, and office electronic equipment, with depreciation calculated using the straight-line method[230](index=230&type=chunk)[232](index=232&type=chunk) [Taxes](index=97&type=section&id=Taxes) The company's main taxes include VAT, corporate income tax, and property tax, with varying rates for subsidiaries based on qualifications Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods, taxable sales services income | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual paid turnover tax amount | 7% | | Corporate Income Tax | Taxable income | 15%, 16.50%, 25% | | Education Surcharge | Actual paid turnover tax amount | 3% | | Local Education Surcharge | Actual paid turnover tax amount | 2% | | Property Tax | 70% of original property value as tax base | 1.2% | - Tianjin Weiming Biopharmaceutical Co., Ltd. obtained a high-tech enterprise certificate, enjoying a **15%** corporate income tax rate from 2022 to 2024[279](index=279&type=chunk) - Weiming Biopharmaceutical Co., Ltd. changed its corporate income tax rate to **25%** in 2024 due to non-compliance of R&D personnel with relevant regulations[279](index=279&type=chunk) - The company's grandchild company, Weiming Biopharmaceutical (Hong Kong) Co., Ltd., is subject to a **16.50%** profits tax[280](index=280&type=chunk) [Notes to Consolidated Financial Statement Items](index=98&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details consolidated financial statement items, including cash, revenue, costs, and expenses, reflecting operational challenges and significant changes Monetary Funds Information | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 456,022,275.73 | 506,403,730.00 | | Total | 456,022,275.73 | 506,403,730.00 | - As of June 30, 2025, Weiming Biopharmaceutical Co., Ltd. had bank deposits of **7.69 yuan** frozen due to a dormant account and **1,366,982.68 yuan** restricted due to inability to change payment functions[283](index=283&type=chunk) Operating Revenue and Operating Costs | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 70,746,249.33 | 21,093,690.09 | 210,761,938.44 | 40,762,869.73 | | Other Business | 25,291.55 | 3,005.84 | 20,066.02 | 20,066.02 | | Total | 70,771,540.88 | 21,096,695.93 | 210,782,004.46 | 40,782,935.75 | Administrative Expenses and Selling Expenses | Item | Current Period Administrative Expenses (yuan) | Prior Period Administrative Expenses (yuan) | Current Period Selling Expenses (yuan) | Prior Period Selling Expenses (yuan) | | :--- | :--- | :--- | :--- | :--- | | Human Resources Costs | 20,566,369.27 | 16,142,492.67 | 7,593,123.14 | 9,597,911.38 | | Market Development and Academic Promotion Fees | - | - | 64,159,994.86 | 113,938,489.70 | | Professional Agency Service Fees | 5,041,713.85 | 16,383,415.90 | - | - | | Inventory Write-off Losses | 19,193,670.76 | - | - | - | | Total | 58,694,658.23 | 52,561,938.92 | 74,269,430.94 | 128,147,734.83 | Net Profit Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Operating Profit | -95,279,409.67 | -24,256,926.20 | | Total Profit | -96,170,094.53 | -23,319,213.24 | | Net Profit | -88,159,721.83 | -24,814,640.42 | | Net Profit Attributable to Parent Company Owners | -67,302,664.90 | -29,614,917.07 | | Minority Interest Income/Loss | -20,857,056.93 | 4,800,276.65 | [Research and Development Expenses](index=150&type=section&id=Research%20and%20Development%20Expenses) Total R&D expenditure was **9.26 million yuan**, fully expensed, a **22.88% decrease**, mainly for outsourced R&D, testing, and personnel costs R&D Expenditure Information | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | R&D Expenditure | 9,257,790.47 | 12,003,697.01 | | Of which: Expensed R&D Expenditure | 9,257,790.47 | 12,003,697.01 | - R&D expenditure primarily comprises outsourced R&D fees, testing and experimentation fees, human resources costs, material costs, and depreciation and amortization expenses[517](index=517&type=chunk) [Changes in Consolidation Scope](index=151&type=section&id=Changes%20in%20Consolidation%20Scope) The consolidated financial statement scope remained unchanged, with no business combinations or loss of subsidiary control during the period - The scope of consolidated financial statements did not change during this reporting period[171](index=171&type=chunk) - The company reported no non-common control business combinations during the reporting period[561](index=561&type=chunk) - The company reported no common control business combinations during the reporting period[564](index=564&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries during this period[568](index=568&type=chunk) [Interests in Other Entities](index=154&type=section&id=Interests%20in%20Other%20Entities) The company holds interests in 8 subsidiaries and an associate, Beijing Sinovac, with Tianjin Weiming being a significant non-wholly owned subsidiary - The company owns **8 subsidiaries**, including Weiming Biopharmaceutical Co., Ltd., Tianjin Weiming Biopharmaceutical Co., Ltd., and Shandong Weiming Tianyuan Biotechnology Co., Ltd[171](index=171&type=chunk)[569](index=569&type=chunk) - Tianjin Weiming Biopharmaceutical Co., Ltd. is a significant non-wholly owned subsidiary, with a minority shareholder stake of **39.43%**, and the loss attributable to minority shareholders for this period was **-20.86 million yuan**[573](index=573&type=chunk) - The company's associate, Beijing Sinovac Biotech Co., Ltd., has a **26.91%** shareholding and is accounted for using the equity method[579](index=579&type=chunk) Major Financial Information of Beijing Sinovac Biotech Co., Ltd | Item | Period-End Balance/Current Period Amount (yuan) | Period-Start Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Assets | 4,891,943,892.74 | 5,539,714,038.16 | | Total Liabilities | 1,875,696,479.14 | 2,060,311,783.23 | | Equity Attributable to Parent Company Shareholders | 3,016,247,413.60 | 3,479,402,254.93 | | Operating Revenue | 698,600,492.86 | 742,714,669.03 | | Net Profit | -4,965,077.23 | 1,117,086.99 | | Dividends Received from Associates This Year | 134,550,000.00 | 269,100,000.00 | [Government Grants](index=160&type=section&id=Government%20Grants) Government grants include **3.29 million yuan** in asset-related deferred income and **2.20 million yuan** in income-related deferred income, with **135,820.51 yuan** recognized as other income Liability Items Involving Government Grants | Accounting Account | Period-Start Balance (yuan) | Period-End Balance (yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | | Deferred Income | 3,293,692.10 | 3,293,692.10 | Related to Assets | | Deferred Income | 2,200,000.00 | 2,200,000.00 | Related to Income | Government Grants Included in Current Profit and Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 135,820.51 | 589,435.65 | - Current period government grants primarily originated from handling fees for withholding individual income tax, employment internship stabilization subsidies, and Tianjin Binhai New Area Finance Bureau's social and job subsidies[519](index=519&type=chunk)[520](index=520&type=chunk) [Risks Related to Financial Instruments](index=160&type=section&id=Risks%20Related%20to%20Financial%20Instruments) Financial instruments face credit, liquidity, and market risks, managed through bank selection, debtor monitoring, and cash flow forecasting - The company's main financial instruments are monetary funds, accounts receivable, and accounts payable, with primary risks being credit risk, liquidity risk, and market risk[588](index=588&type=chunk) - The company manages the credit risk of bank deposits by placing them in state-owned banks and other large and medium-sized listed banks, and controls the credit risk of accounts receivable by regularly monitoring debtor credit records[592](index=592&type=chunk) - The interest rate risk faced by the company primarily arises from bank borrowings, managed by determining the relative proportion of fixed-rate and floating-rate contracts[593](index=593&type=chunk) - The company's main business does not involve overseas markets, so there is no foreign exchange risk[594](index=594&type=chunk) - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of future cash flows to ensure sufficient funds to repay debts[594](index=594&type=chunk) [Fair Value Disclosure](index=164&type=section&id=Fair%20Value%20Disclosure) Assets measured at fair value continuously totaled **3.60 million yuan**, all Level 3, primarily accounts receivable financing Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Accounts Receivable Financing | 3,596,789.44 | 3,596,789.44 | | Total Assets Measured at Fair Value Continuously | 3,596,789.44 | 3,596,789.44 | - The book value of financial assets and liabilities not measured at fair value differs very little from their fair value[599](index=599&type=chunk) [Related Parties and Related Party Transactions](index=165&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) Shenzhen Yilian is the parent, Liu Xiang the ultimate controller; no significant related party transactions occurred with other identified affiliates - The company's parent company is Shenzhen Yilian Technology Co., Ltd., with a shareholding ratio of **3.82%** and voting rights ratio of **8.67%**, and the ultimate controlling party is Liu Xiang[600](index=600&type=chunk)[601](index=601&type=chunk) - Other related parties include Xiamen Hengxing Group Co., Ltd. (shareholder), Gao Baolin (major individual shareholder), Beijing Sinovac Biotech Co., Ltd. (associate), and directors, supervisors, and other senior management personnel[602](index=602&type=chunk) - During the reporting period, the company had no related party transactions involving the purchase and sale of goods or the provision and acceptance of labor services[603](index=603&type=chunk) - During the reporting period, the company had no related party entrusted management/contracting or entrusted management/outsourcing situations[606](index=606&type=chunk) - During the reporting period, the company had no related party leases, related party guarantees, related party fund transfers, related party asset transfers, debt restructuring, or other related party transactions[607](index=607&type=chunk)[610](index=610&type=chunk)[611](index=611&type=chunk)[612](index=612&type=chunk) [Share-Based Payment](index=169&type=section&id=Share-Based%20Payment) The 2023 stock option plan saw **1,250,000 options** expire (**15.44 million yuan**); equity-settled share-based payment expenses were **8.74 million yuan** Overall Share-Based Payment Information | Grantee Category | Number Granted This Period (shares) | Amount Granted This Period (yuan) | Number Exercised This Period (shares) | Amount Exercised This Period (yuan) | Number Unlocked This Period (shares) | Amount Unlocked This Period (yuan) | Number Expired This Period (shares) | Amount Expired This Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Certain Senior Management, Middle Management, and Core Technical (Business) Personnel (2024 Stock Option Incentive Plan) | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 1,250,000 | 15,437,500.00 | | Total | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 1,250,000 | 15,437,500.00 | - The fair value of equity instruments on the grant date is determined using the Black-Scholes model, with key parameters including the share price on the grant date, exercise price, historical volatility, risk-free interest rate, and dividend yield[620](index=620&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserve for this period is **15.59 million yuan**, and the total expense recognized for this period is **8.74 million yuan**[620](index=620&type=chunk)[622](index=622&type=chunk) [Commitments and Contingencies](index=170&type=section&id=Commitments%20and%20Contingencies) No significant commitments or contingent liabilities requiring disclosure existed during the reporting period - The company reported no significant commitments requiring disclosure[622](index=622&type=chunk) - The company reported no significant contingent liabilities requiring disclosure[623](index=623&type=chunk) [Post-Balance Sheet Events](index=170&type=section&id=Post-Balance%20Sheet%20Events) Post-balance sheet, subsidiary北大未名（上海） completed a **45 million yuan** capital increase in Sichuan Gukang, acquiring **51%** equity, with registration finalized - The company's wholly-owned subsidiary, Peking University Weiming (Shanghai) Biopharmaceutical Co., Ltd., increased its capital in Gukang Pharmaceutical by **45 million yuan**, acquiring **51%** equity in Gukang Pharmaceutical[171](index=171&type=chunk) - Gukang Pharmaceutical has completed the relevant industrial and commercial change registration and filing procedures[171](index=171&type=chunk) [Other Significant Matters](index=171&type=section&id=Other%20Significant%20Matters) No prior accounting errors, debt restructurings, or discontinued operations occurred; operating segments include chemical and pharmaceutical businesses - The company reported no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations[626](index=626&type=chunk)[628](index=628&type=chunk)[629](index=629&type=chunk)[630](index=630&type=chunk) - The company's operating segments include the chemical business segment and the pharmaceutical business segment[631](index=631&type=chunk)[634](index=634&type=chunk) - The company's former chairman Pan Aihua and others, without due deliberation, changed Hangzhou Qiangxin Biotechnology Co., Ltd. to a shareholder of subsidiary Xiamen Weiming, despite Hangzhou Qiangxin not actually contributing capital; the company has reported the case and received a criminal judgment[635](index=635&type=chunk) [Notes to Major Items in Parent Company Financial Statements](index=173&type=section&id=Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section details parent company financial items, including receivables and long-term equity investments; the parent company reported no revenue and a net loss - The parent company had no operating revenue and operating costs[679](index=679&type=chunk) Parent Company Long-term Equity Investment Information | Item | Period-End Book Value (yuan) | Period-Start Book Value (yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 2,266,088,925.88 | 1,974,460,778.43 | | Investments in Associates and Joint Ventures | 919,844,080.77 | 1,055,730,183.04 | | Total | 3,185,933,006.65 | 3,030,190,961.47 | - The parent company's investment income was **-1,336,102.27 yuan**, primarily from long-term equity investments accounted for using the equity method[684](index=684&type=chunk) Top Five Other Receivables of Parent Company | Unit Name | Nature of Amount | Period-End Balance (yuan) | Proportion of Total Other Receivables at Period End | | :--- | :--- | :--- | :--- | | Weiming Biopharmaceutical Co., Ltd. | Related party within consolidation scope | 374,376,768.70 | 47.97% | | Peking University Weiming (Hefei) Biopharmaceutical Co., Ltd. | Related party within consolidation scope | 218,815,914.75 | 28.04% | | Shandong Qiying Industrial Investment Development Co., Ltd. | Project cooperation deposit | 100,000,000.00 | 12.81% | [Supplementary Information](index=182&type=section&id=Supplementary%20Information) This section provides supplementary information, including non-recurring gains and losses totaling **-110,233.09 yuan** and key profitability metrics Non-recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 691,122.32 | | Government Grants Included in Current Profit and Loss | 135,820.51 | | Other Non-operating Income and Expenses Apart from the Above | -890,684.86 | | Less: Income Tax Impact | 14,372.90 | | Impact of Minority Interests (After Tax) | 32,118.16 | | Total | -110,233.09 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weigh

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