龙源电力集团股份有限公司 2025 年半年度报告全文 龙源电力集团股份有限公司 2025 年半年度报告 2025 年 8 月 19 日 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 33 | | 第五节 | 重要事项 35 | | 第六节 | 股份变动及股东情况 43 | | 第七节 | 债券相关情况 49 | | 第八节 | 财务报告 53 | | 第九节 | 其他报送数据 259 | 龙源电力集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人宫宇飞、主管会计工作负责人杨文静及会计机构负责人(会计主管人员)刘 勇声明：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。 本报告涉及未来计划等前瞻性陈述，不构成本公司对投资者的实质承诺，请投资者注 意投资风险。 公司于 2 ...

江苏长海复合材料股份有限公司 2025 年半年度报告全文 江苏长海复合材料股份有限公司 Jiangsu Changhai Composite Materials Co., Ltd 江苏长海复合材料股份有限公司 2025 年半年度报告全文 2025 年半年度报告 证券代码：3 0 0 1 9 6 证券简称：长海股份 2025年08月 1 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。 公司负责人杨国文、主管会计工作负责人周熙旭及会计机构负责人(会计 主管人员)周熙旭声明：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、宏观经济波动风险 公司下游行业涵盖建筑建材、轨道交通、石油化工、汽车制造等行业。 上述行业大多属于国家战略性基础行业，与国家宏观经济政策及产业政策导 向关联性较高，对经济社会长远发展有着重要的影响。当前全球经济增速趋 缓，全球贸易动能转弱，叠加通货膨胀、贸易保护主义、局部地缘冲突等潜 在风险，宏观政策变化，宏观经济风险加剧， ...

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[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, a comprehensive table of contents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[5](index=5&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the current reporting period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents is divided into nine chapters, offering a comprehensive index to company information, financial indicators, management discussion, governance, and significant matters - The report comprises nine main chapters, covering various aspects of the company's operations, finance, governance, and significant matters[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including the company, its main subsidiaries, associates, the reporting period, and relevant legal and monetary units - "The Company," "Company," and "Guizhou Bailing" all refer to Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Several wholly-owned and controlled subsidiaries, including Zhengxin Pharmaceutical, Guiyang Diabetes Hospital, and Tibet Jinling, are listed[11](index=11&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd., with stock ticker "Guizhou Bailing" and stock code 002424, is listed on the Shenzhen Stock Exchange, and its legal representative is Jiang Wei Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Guizhou Bailing | | Stock Code | 002424 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | 贵州百灵企业集团制药股份有限公司 | | Legal Representative | Jiang Wei | [2. Contact Persons and Information](index=6&type=section&id=2.%20Contact%20Persons%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties Company Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Jiang Wei | Chen Zhi | | Contact Address | Guizhou Bailing Group, No. 212 Xihang Road, Economic and Technological Development Zone, Anshun City, Guizhou Province | Guizhou Bailing Group, No. 212 Xihang Road, Economic and Technological Development Zone, Anshun City, Guizhou Province | | Phone | 0851-33415126 | 0851-33415126 | | Fax | 0851-33412296 | 0851-33412296 | | Email | GZBLZQB@163.com | chenzhibl@126.com | [3. Other Information](index=6&type=section&id=3.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and document storage locations, consistent with the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue and net profit attributable to listed company shareholders both decreased by 31.77% and 40.73% respectively, while net cash flow from operating activities significantly increased by 921.03% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,461,977,449.93 | 2,142,835,969.60 | -31.77% | | Net Profit Attributable to Listed Company Shareholders | 51,834,649.77 | 87,461,409.09 | -40.73% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 13,845,766.20 | 32,563,183.46 | -57.48% | | Net Cash Flow from Operating Activities | 249,349,377.36 | -30,370,447.37 | 921.03% | | Basic Earnings Per Share (yuan/share) | 0.04 | 0.06 | -33.33% | | Diluted Earnings Per Share (yuan/share) | 0.04 | 0.06 | -33.33% | | Weighted Average Return on Net Assets | 1.62% | 2.50% | -0.88% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End** | | | Total Assets | 6,863,503,681.25 | 7,134,925,658.08 | -3.80% | | Net Assets Attributable to Listed Company Shareholders | 3,258,088,252.10 | 3,181,166,740.26 | 2.42% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards - The company had 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 had 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) [6. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **37,988,883.57 yuan**, primarily from government subsidies recognized in current profit or loss, after deducting non-current asset disposal losses and other non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Non-current asset disposal gains and losses (including reversal of impairment provisions) | -147,319.76 | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on company profit or loss) | 51,036,916.86 | | Other non-operating income and expenses apart from the above | -6,321,455.50 | | Less: Income tax impact | 6,579,644.16 | | Minority interest impact (after tax) | -386.13 | | Total | 37,988,883.57 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[23](index=23&type=chunk) - The company has not classified non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[23](index=23&type=chunk) [Part III Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's main business, core competencies, financial performance, investment activities, and risk management strategies during the reporting period [1. Company's Main Business During the Reporting Period](index=9&type=section&id=1.%20Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily engages in pharmaceutical manufacturing, focusing on Miao medicine R&D, production, and sales, achieving "delisting from ST" with **1.462 billion yuan** in revenue and **51.8346 million yuan** in net profit - The company's industry is "Pharmaceutical Manufacturing (C27)," with the traditional Chinese medicine industry maintaining a favorable development trend under national policy support[25](index=25&type=chunk) - In the first half of 2025, domestic pharmaceutical production and downstream sales faced significant pressure, with above-scale pharmaceutical manufacturing enterprises experiencing a **1.2% decrease in operating revenue** and a **2.8% decrease in total profit** year-on-year[27](index=27&type=chunk) - The company has successfully completed its core task of "delisting from ST," with its stock ticker changing from "ST Bailing" to "Guizhou Bailing"[32](index=32&type=chunk)[33](index=33&type=chunk) [1.1 Industry Development During the Reporting Period](index=9&type=section&id=1.1%20Industry%20Development%20During%20the%20Reporting%20Period) The pharmaceutical industry, a strategic basic industry, shows good development driven by aging population and health awareness, with strong policy support for TCM, despite a slight decline in H1 2025 revenue and profit for manufacturing enterprises - The pharmaceutical industry, as a strategic basic industry safeguarding national health, maintains high-quality development under national policy guidance[25](index=25&type=chunk) - The traditional Chinese medicine industry receives high attention from the Party Central Committee and the State Council, with the nation outlining development goals, tasks, and key measures through a series of policy documents and plans[25](index=25&type=chunk) - In the first half of 2025, above-scale pharmaceutical manufacturing enterprises experienced a **1.2% year-on-year decrease in operating revenue** and a **2.8% year-on-year decrease in total profit**[27](index=27&type=chunk) [1.2 Company's Main Business During the Reporting Period](index=10&type=section&id=1.2%20Company%27s%20Main%20Business%20During%20the%20Reporting%20Period) The company focuses on Miao medicine R&D, production, and sales, with core products like Yindan Xinnaotong Soft Capsules and Kesuting Syrup, and promotes the Tangning Tongluo integrated project, achieving **1.462 billion yuan** in revenue and **51.8346 million yuan** in net profit - The company's main business involves the R&D, production, and sales of Miao medicine, with core products including Yindan Xinnaotong Soft Capsules, Kesuting Syrup and Capsules, and Tangning Tongluo[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - The company was honored as the **13th** in the "2024 China OTC Pharmaceutical Manufacturers List" and ranked **29th** for two consecutive years in the "China Pharmaceutical Market (TCM) Top 100 Pharmaceutical Companies List"[31](index=31&type=chunk) 2025 H1 Company Operating Performance | Indicator | Amount | | :--- | :--- | | Operating Revenue | 1.462 billion yuan | | Net Profit Attributable to Listed Company Shareholders | 51.8346 million yuan | [2. Analysis of Core Competencies](index=12&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company's core competencies remain unchanged, primarily driven by strong brand influence, a diverse product portfolio, leading intellectual property and R&D capabilities, a comprehensive marketing network, and advanced production technology - The company's core competencies have not undergone significant changes and have not been affected by equipment technology upgrades, resignations of key technical personnel, or loss of exclusive operating rights[34](index=34&type=chunk) - The company owns the "Bailing Bird and Image" China Well-known Trademark, and Yindan Xinnaotong Soft Capsules was approved as the first Class II protected traditional Chinese medicine[35](index=35&type=chunk) - The company's R&D projects cover numerous therapeutic areas, with Tangning Tongluo Tablets approved for direct Phase 3 clinical trials, significantly shortening the R&D cycle[42](index=42&type=chunk) [2.1 Brand, Product Variety, and Product Structure Advantages](index=12&type=section&id=2.1%20Brand%2C%20Product%20Variety%2C%20and%20Product%20Structure%20Advantages) The company has established strong brand influence with "Bailing Bird and Image" as a China Well-known Trademark, and its core product Yindan Xinnaotong Soft Capsules is the first Class II protected traditional Chinese medicine, supported by a diversified product structure that mitigates operational risks - The company's "Bailing Bird and Image" trademark is a China Well-known Trademark, and Yindan Xinnaotong Soft Capsules was approved as the first Class II protected traditional Chinese medicine[35](index=35&type=chunk) - The company has a rational product structure, with stable sales growth for its flagship product Yindan Xinnaotong Soft Capsules, and rapid compound sales growth for its second and third-tier products covering various markets[36](index=36&type=chunk) [2.2 Company Intellectual Property Status](index=12&type=section&id=2.2%20Company%20Intellectual%20Property%20Status) In the first half of 2025, the company applied for **5 patents** and was granted **11**, bringing its total effective patents to **92**, recognized as a "National Intellectual Property Demonstration Enterprise" and ranked **31st** in "2025 China TCM R&D Strength TOP50" 2025 H1 Intellectual Property Status | Indicator | Quantity | | :--- | :--- | | Patent Applications | 5 items (4 invention patents, 1 utility model patent) | | Patents Granted | 11 items | | Effective Patents as of Reporting Period End | 92 items (60 domestic invention patents, 13 design patents, 19 utility model patents) | - The company was recognized as a "2023 Newly Designated National Intellectual Property Demonstration Enterprise" and passed the "Enterprise Intellectual Property Compliance Management System Requirements" certification[38](index=38&type=chunk) - The company ranked **31st** in the "2025 China Traditional Chinese Medicine R&D Strength Ranking" TOP50[39](index=39&type=chunk) [2.3 R&D Advantages and Research Project Status](index=13&type=section&id=2.3%20R%26D%20Advantages%20and%20Research%20Project%20Status) The company prioritizes R&D, with multiple platforms like a National Enterprise Technology Center, and is developing new drugs such as Huanglian Jiedu Pills and Tangning Tongluo, with the latter approved for direct Phase 3 clinical trials, accelerating its market entry - The company has established multiple R&D platforms, including a National Enterprise Technology Center, a National Post-doctoral Research Workstation, and an Academician Workstation[40](index=40&type=chunk) - The company's ongoing new drug projects include Huanglian Jiedu Pills, Yishen Huozhuo Granules, Bingliancao Lozenges, Shaoling Tablets, the Class 1.1 chemical drug Tifentai project, and the Tangning Tongluo project[42](index=42&type=chunk) - The Class 1.1 new traditional Chinese medicine drug Tangning Tongluo Tablets was approved for direct Phase 3 clinical trials, making it the first new traditional Chinese medicine drug to waive Phase 1 and 2 clinical trials based on human use experience since the implementation of the "Special Provisions for Traditional Chinese Medicine Registration Management"[42](index=42&type=chunk) [2.4 Continuous Improvement of Marketing Network Construction](index=14&type=section&id=2.4%20Continuous%20Improvement%20of%20Marketing%20Network%20Construction) The company has a nationwide marketing team covering 32 provinces, actively promoting OTC and prescription drugs, establishing business relationships with over **600,000 terminal customers**, including **4,500+ secondary hospitals** and **260,000+ chain pharmacies**, and expanding OEM products - The company has established a marketing network covering 32 provinces, municipalities, and autonomous regions nationwide, with a professional marketing team[44](index=44&type=chunk) - The company has established business relationships with over **80%** of terminal customers, exceeding **600,000**, and has signed over **100,000 VIP customers**[45](index=45&type=chunk) - The company has developed over **4,500 secondary hospitals** and over **1,600 tertiary hospitals**, and has established partnerships with over **95%** of national chain pharmacies[45](index=45&type=chunk) [2.5 Production Capacity and Technology Advantages](index=15&type=section&id=2.5%20Production%20Capacity%20and%20Technology%20Advantages) The company possesses industry-leading production lines for various dosage forms, with its capacity expansion and technical upgrade project completed, increasing raw material pre-processing capacity from **25,000 to 60,000 tons/year**, and its Granule Workshop renovation project is supported by national special long-term bonds - The company's production lines include tablets, hard capsules, granules, syrups, and soft capsules, with production capacity ranking among the industry leaders[46](index=46&type=chunk) - The capacity expansion and technical upgrade project has been completed and put into operation, increasing the raw material pre-processing capacity from **25,000 tons/year to 60,000 tons/year**[47](index=47&type=chunk) - The Granule Workshop renovation project in Building 1 received **15 million yuan** in national special long-term bond funding, which will enhance large-scale production and intelligent transformation[47](index=47&type=chunk) [3. Analysis of Main Business](index=16&type=section&id=3.%20Analysis%20of%20Main%20Business) In the first half of 2025, the company's main business revenue decreased by **31.77%** due to market demand, while operating costs, sales, administrative, and income tax expenses also declined, and net cash flow from operating activities significantly increased by **921.03%** due to improved sales collection Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,461,977,449.93 | 2,142,835,969.60 | -31.77% | Operating revenue decreased due to market demand | | Operating Cost | 694,500,847.12 | 828,533,238.61 | -16.18% | Decrease in operating revenue scale | | Sales Expenses | 498,689,834.19 | 975,192,780.48 | -48.86% | Decrease in revenue scale, leading to lower related promotion expenses | | Administrative Expenses | 101,565,881.38 | 108,570,496.01 | -6.45% | Impact of overall scale reduction | | Financial Expenses | 33,228,557.46 | 45,418,455.54 | -26.84% | Lower interest expenses due to reduced interest rates | | Income Tax Expenses | 58,584,689.05 | 78,122,511.92 | -25.01% | Impact of lower profit | | R&D Investment | 24,232,869.62 | 26,197,053.74 | -7.50% | Minor change | | Net Cash Flow from Operating Activities | 249,349,377.36 | -30,370,447.37 | 921.03% | Company enhanced sales collection in current period | | Net Cash Flow from Investing Activities | -36,530,479.50 | -770,400.16 | 4,641.75% | Increased investment in long-term assets | | Net Cash Flow from Financing Activities | -66,179,221.14 | -60,862,676.71 | 8.74% | Impact of loan repayment scale | | Net Increase in Cash and Cash Equivalents | 146,639,589.93 | -92,003,531.25 | 259.38% | Company enhanced sales collection in current period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Industrial | 823,121,873.13 | 56.30% | 1,140,430,096.89 | 53.22% | -27.82% | | | Commercial | 595,118,100.12 | 40.71% | 957,379,592.78 | 44.68% | -37.84% | | | Medical Institutions | 33,130,122.43 | 2.27% | 32,415,160.11 | 1.51% | 2.21% | | **By Product** | Traditional Chinese Medicine | 1,271,416,424.48 | 86.97% | 2,020,485,196.99 | 94.29% | -37.07% | | | Traditional Chinese Medicinal Materials | 6,100,820.82 | 0.42% | 1,527,214.99 | 0.07% | 299.47% | | | Western Medicine | 123,390,774.66 | 8.44% | 75,797,277.69 | 3.54% | 62.79% | | **By Region** | Southwest Region | 464,992,788.89 | 31.81% | 542,748,449.06 | 25.33% | -14.33% | | | North China Region | 320,950,328.02 | 21.95% | 449,458,165.04 | 20.97% | -28.59% | | | East China Region | 272,309,215.05 | 18.63% | 324,967,514.99 | 15.17% | -16.20% | [4. Analysis of Non-Core Business](index=17&type=section&id=4.%20Analysis%20of%20Non-Core%20Business) The company had no significant non-core business analysis items during the reporting period - The company had no non-core business analysis during the reporting period[54](index=54&type=chunk) [5. Analysis of Assets and Liabilities](index=17&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets decreased by **3.80%**, while net assets attributable to shareholders increased by **2.42%**; monetary funds increased, accounts receivable and inventory decreased, and both short-term and long-term borrowings increased, with certain assets pledged or mortgaged Significant Changes in Asset Composition | Item | Amount at Period-End (yuan) | Proportion of Total Assets | Amount at Prior Year-End (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 491,625,070.63 | 7.16% | 395,631,213.54 | 5.54% | 1.62% | Increase in operating cash flow in current period | | Accounts Receivable | 1,395,584,301.02 | 20.33% | 1,595,703,216.08 | 22.36% | -2.03% | Increased collections in current period | | Inventory | 871,435,318.25 | 12.70% | 1,111,261,175.58 | 15.57% | -2.87% | Inventory reduction due to destocking in current period | | Short-term Borrowings | 1,523,264,184.22 | 22.19% | 1,432,241,882.40 | 20.07% | 2.12% | Due to changes in financing structure | | Long-term Borrowings | 140,120,555.56 | 2.04% | 49,056,245.14 | 0.69% | 1.35% | Due to changes in financing structure | Asset Restrictions as of Reporting Period End | Item | Carrying Amount (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 11,600,000.00 | Pledge | Bill deposit | | Fixed Assets | 233,320,054.28 | Mortgage | Provided as mortgage for borrowings | | Intangible Assets | 117,220,198.97 | Mortgage | Provided as mortgage for borrowings | | Long-term Equity Investments | 638,803,526.91 | Pledge | Provided as pledge for borrowings | | Investment Properties | 18,560,978.78 | Mortgage | Provided as mortgage for borrowings | | Total | 1,029,504,758.94 | | | [6. Analysis of Investment Status](index=19&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, the company had no significant equity, non-equity, securities, or derivative investments. IPO proceeds of **1.511 billion yuan** have been cumulatively used, exceeding the net proceeds by **8.86%**, with some projects not meeting expected returns - The company had no securities investments or derivative investments during the reporting period[61](index=61&type=chunk)[62](index=62&type=chunk) Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (1) (million yuan) | Total Raised Funds Cumulatively Used (2) (million yuan) | Raised Funds Utilization Ratio (3)=(2)/(1) | | :--- | :--- | :--- | :--- | :--- | | 2010 | Initial Public Offering | 138,790.46 | 151,087.34 | 108.86% | - Some raised fund projects, such as the GAP planting base construction project and the 5 billion soft capsule production line expansion project, did not achieve planned returns, mainly due to incomplete promotion conditions or phased completion of construction[69](index=69&type=chunk) [6.1 Use of Raised Funds](index=19&type=section&id=6.1%20Use%20of%20Raised%20Funds) The company's net IPO proceeds were **1.381 billion yuan**, with **1.511 billion yuan** cumulatively used by the end of the reporting period (**108.86%**), primarily for equity acquisitions, GAP planting bases, GMP production lines, and working capital, though some projects did not meet expected returns - Raised fund commitment projects include GMP production line construction, GAP planting base construction, technology center construction, and marketing network construction[66](index=66&type=chunk)[67](index=67&type=chunk) - Over-raised funds were invested in acquiring equity in Guizhou Shixi Pharmaceutical Co., Ltd., Guizhou Bailing Huerzao GAP planting base, traditional Chinese medicine decoction piece production line and warehouse construction, 5 billion soft capsule production line expansion, diabetes hospital expansion, and permanent replenishment of working capital[67](index=67&type=chunk)[68](index=68&type=chunk) - Some projects, such as the GAP planting base and soft capsule expansion projects, did not achieve planned returns, while the technology center and marketing network projects cannot be separately accounted for in terms of benefits[69](index=69&type=chunk)[70](index=70&type=chunk) [7. Significant Asset and Equity Sales](index=26&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[74](index=74&type=chunk) - The company did not sell any significant equity during the reporting period[75](index=75&type=chunk) [8. Analysis of Major Holding and Associate Companies](index=26&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries include Tibet Jinling and Zhengxin Pharmaceutical, which significantly impact the company's net profit. During the reporting period, the company deregistered its subsidiary Chengdu Bailing TCM Diabetes Hospital Co., Ltd., with no impact on overall production, operations, or performance Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tibet Jinling | Subsidiary | Pharmaceutical sales | 20,000,000 yuan | 909,630,597.05 yuan | 601,212,260.66 yuan | 417,494,496.86 yuan | 92,335,463.71 yuan | 57,144,952.44 yuan | | Zhengxin Pharmaceutical | Subsidiary | Pharmaceutical production, sales | 30,000,000 yuan | 536,346,535.15 yuan | 37,499,163.71 yuan | 79,414,941.31 yuan | 20,528,762.29 yuan | 17,453,532.29 yuan | - During the reporting period, the company deregistered its subsidiary Chengdu Bailing TCM Diabetes Hospital Co., Ltd., which had no impact on overall production, operations, or performance[77](index=77&type=chunk) [9. Structured Entities Controlled by the Company](index=27&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[77](index=77&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=27&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks, including changes in industry regulatory policies, intensified market competition, unexpected R&D outcomes, quality control issues, and rising costs. To address these, the company will closely monitor policies, enhance R&D capabilities, strengthen its sales network, implement strict quality management, and optimize procurement and production cost controls - The company faces risks from industry regulation and policy changes and will closely monitor policy trends to adjust its business and management models[77](index=77&type=chunk)[78](index=78&type=chunk) - Due to fierce market competition, the company will maintain its competitive advantage by improving product quality, developing new products, strengthening its sales network, and building its brand[79](index=79&type=chunk) - R&D is characterized by long cycles, high investment, and significant risks; the company will scientifically manage ongoing projects, optimize its R&D structure, and enhance in-depth development of existing drugs[80](index=80&type=chunk)[81](index=81&type=chunk) - Quality control risks are addressed by strengthening process quality control, establishing a strict quality management system, and controlling the origin of medicinal materials[82](index=82&type=chunk) - Cost risks are controlled by strengthening internal management, strategic procurement and reserves, establishing planting bases, and promoting automated and intelligent production[83](index=83&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not disclose a market value management system or a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[84](index=84&type=chunk) - The company has not disclosed a valuation enhancement plan[84](index=84&type=chunk) [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=28&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[84](index=84&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=29&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, including changes in key personnel, profit distribution, and incentive plans, alongside its environmental information disclosure and social responsibility initiatives [1. Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes during the reporting period[86](index=86&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period[87](index=87&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[88](index=88&type=chunk) [4. Environmental Information Disclosure](index=29&type=section&id=4.%20Environmental%20Information%20Disclosure) The company and its main subsidiary, Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd., are included in the list of enterprises required to disclose environmental information, with a provided query index for their environmental information disclosure reports - The company and its main subsidiary are included in the list of enterprises required to disclose environmental information in accordance with the law[89](index=89&type=chunk) Environmental Information Disclosure Enterprise List | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd. | https://222.85.128.186:8081/eps/index/enterprise%20more?code=91520400215650676U&uniqueCode=04acb84e8aef6ef8&date=2024&type=true&isSearch=true | [5. Social Responsibility](index=29&type=section&id=5.%20Social%20Responsibility) The company actively fulfills social responsibilities by protecting shareholder and creditor rights, caring for employees, ensuring product quality, engaging in environmental protection (wastewater reuse, emissions compliance, waste utilization), and participating in social welfare and poverty alleviation through medicinal material planting bases - The company has established a sound corporate governance structure and internal control system, communicating with investors through various channels to safeguard shareholder rights[90](index=90&type=chunk)[91](index=91&type=chunk) - The company complies with labor laws and regulations, values talent development, provides career planning and incentive programs, and cares for employee health and safety[91](index=91&type=chunk) - The company places high importance on quality management, has established a comprehensive quality assurance system, and strictly controls raw and auxiliary materials and production processes to ensure drug quality and safety[92](index=92&type=chunk) - The company has been awarded honors such as "National Green Factory" and "Water-Saving Enterprise," achieving full wastewater reuse after treatment, compliant exhaust emissions, and converting medicinal residue into organic fertilizer for utilization[92](index=92&type=chunk) - The company actively participates in social welfare and industrial poverty alleviation, establishing traditional Chinese medicinal material planting bases in various impoverished areas of Guizhou Province to help farmers increase their income[93](index=93&type=chunk)[94](index=94&type=chunk) [Part V Significant Matters](index=32&type=section&id=Significant%20Matters) This section addresses significant matters including commitments by related parties, non-operating fund occupation, external guarantees, accounting firm appointments, audit report explanations, bankruptcy, litigation, penalties, integrity, related party transactions, and major contracts [1. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=32&type=section&id=1.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The controlling shareholder, actual controller Jiang Wei, and the company's directors, supervisors, and senior management have strictly fulfilled their commitments made during IPO or refinancing, including avoiding competition and ensuring independent operation, with no overdue unfulfilled commitments - Controlling shareholder Jiang Wei committed to avoiding horizontal competition, ensuring the company's independent operation, and bearing losses from employee social security make-up payments[97](index=97&type=chunk) - The company's directors, supervisors, and senior management committed to diligently and faithfully performing their duties, not seeking personal gain through their positions, and not engaging in businesses that compete with the company[97](index=97&type=chunk)[98](index=98&type=chunk) - All commitment matters were strictly fulfilled during the reporting period[98](index=98&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=33&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - The company had no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[99](index=99&type=chunk) [3. Irregular External Guarantees](index=33&type=section&id=3.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[100](index=100&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=33&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[101](index=101&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=33&type=section&id=5.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanations%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) There were no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current reporting period - The company had no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" for the current reporting period[102](index=102&type=chunk) [6. Board of Directors' Explanations on the "Non-Standard Audit Report" for the Previous Year](index=33&type=section&id=6.%20Board%20of%20Directors%27%20Explanations%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The Board of Directors reviewed and agreed with Tianjian Certified Public Accountants' qualified opinion with emphasis-of-matter paragraph for the 2024 annual audit report, acknowledging its alignment with the company's actual situation and committing to actively address the issues to protect company and investor interests - Tianjian Certified Public Accountants issued a qualified opinion with an emphasis-of-matter paragraph for the company's 2024 annual audit report[103](index=103&type=chunk) - The Board of Directors reviewed and agreed with the audit report, deeming the matters involved consistent with the company's actual situation[103](index=103&type=chunk) - The company will actively take effective measures to eliminate the impact of the qualified opinion with an emphasis-of-matter paragraph on the company[103](index=103&type=chunk) [7. Bankruptcy and Reorganization Matters](index=34&type=section&id=7.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[104](index=104&type=chunk) [8. Litigation Matters](index=34&type=section&id=8.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[105](index=105&type=chunk) [9. Penalties and Rectification Status](index=34&type=section&id=9.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[105](index=105&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[106](index=106&type=chunk) [11. Significant Related Party Transactions](index=34&type=section&id=11.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships, nor financial business with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[106](index=106&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[107](index=107&type=chunk) - The company had no related party creditor/debtor relationships during the reporting period[109](index=109&type=chunk) [12. Significant Contracts and Their Performance](index=35&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant contracts for trusteeship, contracting, or leasing. In terms of significant guarantees, the company provided a **24.5 million yuan** pledge guarantee for Anshun PetroChina Kunlun Bailing Gas Co., Ltd., an **80 million yuan** joint liability guarantee for Tibet Jinling Pharmaceutical Technology Development Co., Ltd., and a **108.9 million yuan** joint liability guarantee for Anshun Big Health Pharmaceutical Industry Operation Co., Ltd. The total actual guarantee amount at the end of the reporting period was **213.4 million yuan**, accounting for **6.55%** of the company's net assets - The company had no significant contracts for trusteeship, contracting, leasing, or other major contracts during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[120](index=120&type=chunk) External Guarantees by the Company and its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Type of Guarantee | Collateral/Counter-guarantee Status | | :--- | :--- | :--- | :--- | :--- | | Anshun PetroChina Kunlun Bailing Gas Co., Ltd. | 2,450 | 2,450 | Pledge | 49% equity held by the company in Anshun PetroChina Kunlun Bailing Gas Co., Ltd. | | Tibet Jinling Pharmaceutical Technology Development Co., Ltd. | 8,000 | 8,000 | Joint liability guarantee | None | | Anshun Big Health Pharmaceutical Industry Operation Co., Ltd. | 10,890 | 10,750 | Joint liability guarantee | None | | **Total** | **21,340** | **21,200** | | | - The total actual guarantee amount at the end of the reporting period was **213.4 million yuan**, accounting for **6.55%** of the company's net assets[118](index=118&type=chunk) [13. Explanation of Other Significant Matters](index=37&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[121](index=121&type=chunk) [14. Significant Matters of Company Subsidiaries](index=37&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[122](index=122&type=chunk) [Part VI Share Changes and Shareholder Information](index=38&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, changes in shareholdings, and information regarding its shareholders, directors, supervisors, and senior management [1. Share Change Status](index=38&type=section&id=1.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at **1,397,598,400 shares**. The structure of restricted and unrestricted shares also remained stable at **13.19%** and **86.81%** respectively Share Change Status | Share Type | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (＋,－) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 184,383,888.00 | 13.19% | 0 | 184,383,888.00 | 13.19% | | II. Unrestricted Shares | 1,213,214,512.00 | 86.81% | 0 | 1,213,214,512.00 | 86.81% | | III. Total Shares | 1,397,598,400.00 | 100.00% | 0 | 1,397,598,400.00 | 100.00% | - Reasons for share changes, approval status, transfer status, and progress of share repurchase implementation are not applicable during the reporting period[126](index=126&type=chunk) [2. Securities Issuance and Listing Status](index=39&type=section&id=2.%20Securities%20Issuance%20and%20Listing%20Status) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[126](index=126&type=chunk) [3. Number of Shareholders and Shareholding Status](index=39&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **86,733 common shareholders**. Controlling shareholder Jiang Wei holds **17.55%** of shares, all of which are pledged. Among the top ten shareholders, Huachuang Securities asset management plans hold a significant proportion of shares. The company's dedicated share repurchase account holds **32,588,712 shares**, representing **2.33%** of the total share capital - The total number of common shareholders at the end of the reporting period was **86,733** households[127](index=127&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Wei | Domestic Natural Person | 17.55% | 245,346,284.00 | 184,009,713 | 61,336,571.00 | Pledged/245,346,161 | | Huachuang Securities - Securities Industry Support Private Enterprises Series Huachuang Securities No. 1 FOF Single Asset Management Plan - Huachuang Securities Co., Ltd. Support Private Enterprises No. 14 Single Asset Management Plan | Other | 6.21% | 86,805,500.00 | 0 | 86,805,500.00 | Not applicable/0 | | Huachuang Securities - Industrial and Commercial Bank of China - Huachuang Securities Co., Ltd. Support Private Enterprises No. 1 Collective Asset Management Plan | Other | 5.33% | 74,541,000.00 | 0 | 74,541,000.00 | Not applicable/0 | - As of the end of the reporting period, the company's dedicated share repurchase account held **32,588,712 common shares**, with a shareholding ratio of **2.33%**[129](index=129&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management experienced no changes in their shareholdings during the reporting period[130](index=130&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=41&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[131](index=131&type=chunk) - The company's actual controller did not change during the reporting period[132](index=132&type=chunk) [6. Preferred Share Status](index=42&type=section&id=6.%20Preferred%20Share%20Status) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[133](index=133&type=chunk) [Part VII Bond-Related Information](index=43&type=section&id=Bond-Related%20Information) This section provides information regarding the company's bond-related activities [Bond-Related Information](index=43&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[135](index=135&type=chunk) [Part VIII Financial Report](index=44&type=section&id=Financial%20Report) This section presents the company's financial statements, including the audit report, balance sheets, income statements, cash flow statements, and notes to the financial statements [1. Audit Report](index=44&type=section&id=1.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[137](index=137&type=chunk) [2. Financial Statements](index=44&type=section&id=2.%20Financial%20Statements) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively illustrating the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet Key Data (Period-End) | Item | Amount at Period-End (yuan) | | :--- | :--- | | Total Assets | 6,863,503,681.25 | | Total Liabilities | 3,586,778,548.57 | | Total Owners' Equity Attributable to Parent Company | 3,258,088,252.10 | Consolidated Income Statement Key Data (Current Period) | Item | Amount for Current Period (yuan) | | :--- | :--- | | Total Operating Revenue | 1,461,977,449.93 | | Net Profit | 52,435,926.96 | | Net Profit Attributable to Parent Company Shareholders | 51,834,649.77 | Consolidated Cash Flow Statement Key Data (Current Period) | Item | Amount for Current Period (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 249,349,377.36 | | Net Cash Flow from Investing Activities | -36,530,479.50 | | Net Cash Flow from Financing Activities | -66,179,221.14 | | Net Increase in Cash and Cash Equivalents | 146,639,589.93 | [3. Company Basic Information](index=62&type=section&id=3.%20Company%20Basic%20Information) Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd., registered in 1999 and listed in 2010, has a registered capital of **1.398 billion yuan** and **1.398 billion shares**, primarily engaged in R&D, production, and sales of traditional Chinese medicine tablets, capsules, and syrups - The company was listed and traded on the Shenzhen Stock Exchange on June 3, 2010[169](index=169&type=chunk) - The company's current registered capital is **1,397,598,400.00 yuan**, with a total of **1,397,598,400 shares**[169](index=169&type=chunk) - The company belongs to the pharmaceutical manufacturing industry, with its main business activities being the R&D, production, and sales of traditional Chinese medicine tablets, capsules, and syrups[170](index=170&type=chunk) [4. Basis of Financial Statement Preparation](index=62&type=section&id=4.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[171](index=171&type=chunk) - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern for the next 12 months from the end of the reporting period[172](index=172&type=chunk) [5. Significant Accounting Policies and Estimates](index=62&type=section&id=5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to enterprise accounting standards for financial statement preparation, covering accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency translation, financial instruments, receivables, contract assets, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, biological assets, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, revenue recognition, contract costs, government grants, deferred tax assets/liabilities, and leases, with no changes in significant accounting policies or estimates during the reporting period - The company's financial statements comply with the requirements of enterprise accounting standards and accurately and completely reflect its financial position, operating results, and cash flows[174](index=174&type=chunk) - The company has formulated specific accounting policies and estimates for financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition based on its actual production and operating characteristics[173](index=173&type=chunk) - There were no changes in significant accounting policies or significant accounting estimates during the reporting period[333](index=333&type=chunk) [6. Taxation](index=85&type=section&id=6.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharges, local education surcharges, land use tax, and environmental protection tax. The company and some subsidiaries enjoy corporate income tax preferential policies, such as the Western Development 15% tax rate, and medical services provided by Guiyang and Changsha Diabetes Hospitals are exempt from VAT Main Tax Types and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 9%, 6%, 5%, 3%, Exempt | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 24%, 20%, 15% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Land Use Tax | 14 yuan/㎡ | | Environmental Protection Tax | 2.40 yuan per pollution equivalent | - The company, Zhengxin Pharmaceutical, Herentang Pharmaceutical, and Da Health enjoy the **15%** corporate income tax preferential policy for Western Development[295](index=295&type=chunk) - Tibet Jinling enjoys a **15%** corporate income tax rate and is exempt from the local share of corporate income tax[296](index=296&type=chunk) - Medical services provided by Guiyang Diabetes Hospital and Changsha Diabetes Hospital are exempt from Value-Added Tax[293](index=293&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=87&type=section&id=7.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on the consolidated financial statement items, including assets, liabilities, owners' equity, revenue, costs, and expenses. Key changes include increased monetary funds, decreased accounts receivable and inventory, increased short-term and long-term borrowings, and significantly improved net cash flow from operating activities Overview of Significant Changes in Consolidated Financial Statement Items | Item | Amount at Period-End/Current Period (yuan) | Amount at Period-Beginning/Prior Period (yuan) | Explanation of Change | | :--- | :--- | :--- | :--- | | Monetary Funds | 491,625,070.63 | 395,631,213.54 | Increase in operating cash flow | | Accounts Receivable | 1,395,584,301.02 | 1,595,703,216.08 | Increased collections | | Inventory | 871,435,318.25 | 1,111,261,175.58 | Inventory reduction due to destocking | | Short-term Borrowings | 1,523,264,184.22 | 1,432,241,882.40 | Changes in financing structure | | Long-term Borrowings | 140,120,555.56 | 49,056,245.14 | Changes in financing structure | | Operating Revenue | 1,461,977,449.93 | 2,142,835,969.60 | Impact of market demand | | Sales Expenses | 498,689,834.19 | 975,192,780.48 | Decrease in revenue scale, lower promotion expenses | | Net Cash Flow from Operating Activities | 249,349,377.36 | -30,370,447.37 | Enhanced sales collection | - At the end of the reporting period, the total carrying amount of assets with restricted ownership or use rights was **1,301,861,659.29 yuan**, primarily consisting of pledged or mortgaged monetary funds, fixed assets, intangible assets, long-term equity investments, and investment properties[406](index=406&type=chunk) - The capital reserve increased by **25,129,355.82 yuan** due to the dilution of Chengdu Zeling's equity in an associate[440](index=440&type=chunk) [8. R&D Expenses](index=128&type=section&id=8.%20R%26D%20Expenses) Total R&D expenses for the reporting period were **24,232,869.62 yuan**, a **7.50%** decrease year-on-year. This included **12,247,303.94 yuan** in expensed R&D and **11,985,565.68 yuan** in capitalized R&D, with significant capitalized projects including recombinant human endostatin injection and Huanglian Jiedu Pills R&D Expense Status | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Consulting, Research Collaboration, and Technical Service Fees | 19,127,654.52 | 23,934,952.26 | | Employee Compensation | 2,758,461.98 | 463,547.54 | | Materials and Fuel Costs | 2,008,836.97 | 1,726,297.33 | | Other | 337,916.15 | 72,256.61 | | Total | 24,232,869.62 | 26,197,053.74 | | Of which: Expensed R&D | 12,247,303.94 | 13,987,331.53 | | Capitalized R&D | 11,985,565.68 | 12,209,722.21 | - Significant capitalized R&D projects include recombinant human endostatin injection, Huanglian Jiedu Pills, new drug Yishen Huozhuo Granules, chemical drug consistency evaluation, Bingliancao Lozenges, Tifentai, and Shaoling Tablets[496](index=496&type=chunk) [9. Changes in Consolidation Scope](index=129&type=section&id=9.%20Changes%20in%20Consolidation%20Scope) The company deregistered its subsidiary Chengdu Bailing TCM Diabetes Hospital Co., Ltd. on April 17, 2025, resulting in a change in the consolidation scope - The company deregistered its subsidiary Chengdu Bailing TCM Diabetes Hospital Co., Ltd. on April 17, 2025[497](index=497&type=chunk) [10. Interests in Other Entities](index=130&type=section&id=10.%20Interests%20in%20Other%20Entities) The company holds interests in various subsidiaries, including wholly-owned ones like Guizhou Lingquan Kangyang Co., Ltd. and Guizhou Bailing Enterprise Group Zhengxin Pharmaceutical Co., Ltd., and controlled ones like Guizhou Zhongling Guanghui Pharmaceutical Health Industry Development Co., Ltd. and Inner Mongolia Jinling Pharmaceutical Co., Ltd. Herentang Pharmaceutical is a significant non-wholly-owned subsidiary. The company also has interests in associates like Plant Pharmaceutical, Chongqing Haifu, and Chengdu Zeling, and their key financial information is disclosed - The company owns multiple wholly-owned subsidiaries, such as Guizhou Lingquan Kangyang Co., Ltd. and Guizhou Bailing Enterprise Group Zhengxin Pharmaceutical Co., Ltd[498](index=498&type=chunk) - The company owns multiple controlled subsidiaries, such as Guizhou Zhongling Guanghui Pharmaceutical Health Industry Development Co., Ltd. and Inner Mongolia Jinling Pharmaceutical Co., Ltd[498](index=498&type=chunk) Financial Information of Significant Non-Wholly-Owned Subsidiary (Herentang Pharmaceutical) | Indicator | Amount at Period-End (yuan) | Amount for Current Period (yuan) | | :--- | :--- | :--- | | Minority Shareholding Ratio | 20.00% | | | Profit or Loss Attributable to Minority Shareholders | 248,045.61 | | | Operating Revenue | 49,914,002.82 | | | Net Profit | 1,240,228.03 | | - The company holds interests in associates such as Plant Pharmaceutical, Chongqing Haifu, and Chengdu Zeling, and their key financial information is disclosed[503](index=503&type=chunk)[504](index=504&type=chunk)[505](index=505&type=chunk)[506](index=506&type=chunk) [11. Government Grants](index=134&type=section&id=11.%20Government%20Grants) At the end of the reporting period, government grants recognized as receivables totaled **15,310,000.00 yuan**. Deferred income from government grants had an opening balance of **61,290,734.10 yuan**, with **6,700,000.00 yuan** added and **2,691,437.54 yuan** transferred to other income during the period, resulting in a closing balance of **65,299,296.56 yuan**, primarily asset-related - Government grants recognized as receivables at the end of the reporting period totaled **15,310,000.00 yuan**[509](index=509&type=chunk) Liability Items Involving Government Grants (Deferred Income) | Accounting Account | Opening Balance (yuan) | New Grant Amount for Current Period (yuan) | Amount Transferred to Other Income for Current Period (yuan) | Closing Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 61,290,734.10 | 6,700,000.00 | 2,691,437.54 | 65,299,296.56 | Asset-related | [12. Risks Related to Financial Instruments](index=134&type=section&id=12.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk). To manage credit risk, the company conducts credit assessments of customers and monitors accounts receivable balances. Liquidity risk is controlled through various financing methods and optimized financing structures. Interest rate risk is primarily associated with floating-rate bank borrowings, but a hypothetical 50 basis point change is not expected to have a significant impact. Foreign exchange risk is not material as most activities are denominated in RMB - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[512](index=512&type=chunk) - Credit risk primarily arises from monetary funds and accounts receivable, which the company controls through credit assessment and monitoring[518](index=518&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and adopting an appropriate combination of long-term and short-term financing[522](index=522&type=chunk) - Interest rate risk is mainly related to floating-rate bank borrowings, but a hypothetical 50 basis point change is not expected to significantly impact total profit and shareholders' equity[526](index=526&type=chunk) - Foreign exchange risk is not material as the company's main activities are denominated in RMB[527](index=527&type=chunk) [13. Disclosure of Fair Value](index=137&type=section&id=13.%20Disclosure%20of%20Fair%20Value) At period-end, total assets measured at fair value were **739,541,268.00 yuan**, mainly comprising financial assets measured at fair value through profit or loss and accounts receivable financing. Equity instrument investments are valued using market or asset-based approaches, while bank acceptance bills are valued at face value Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yu

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