亨迪药业(301211) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions This section provides important disclaimers, a table of contents, and definitions of key terms used throughout the report Important Notice The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility, and the report details risks, countermeasures, and the 2025 semi-annual profit distribution plan - The company's 2025 semi-annual profit distribution plan is: based on 288,000,000 shares, no cash dividends will be distributed, no bonus shares will be issued, and capital reserves will be converted into 4.5 shares for every 10 shares to all shareholders[3] - The company's responsible person, chief financial officer, and head of accounting department all declare to guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[3] Definitions of Professional Terms This section defines key business, technical, and regulatory terms used in the report, including Active Pharmaceutical Ingredients (API), Non-Steroidal Anti-Inflammatory Drugs (NSAID), various drug registration certifications (e.g., CEP, DMF, cGMP), and Contract Development and Manufacturing Organization (CDMO) services, providing a foundation for understanding the company's business and industry background - The report explains several core pharmaceutical industry terms, such as Active Pharmaceutical Ingredients (API), Non-Steroidal Anti-Inflammatory Drugs (NSAID), current Good Manufacturing Practices (cGMP), and Contract Development and Manufacturing Organization (CDMO) services, which helps investors understand the company's business[12][13] Company Profile and Key Financial Indicators This section presents the company's fundamental information and key financial performance indicators for the reporting period Company Basic Information This section provides the company's basic registration information, including its stock abbreviation 'Hengdi Pharmaceutical', stock code '301211', full Chinese and English names, and legal representative, among other core identity details | Item | Content | | :--- | :--- | | Stock Abbreviation | Hengdi Pharmaceutical | | Stock Code | 301211 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Cheng Zhigang | Key Accounting Data and Financial Indicators During the reporting period, the company experienced a significant performance decline, with operating revenue slightly decreasing by 2.93% year-on-year, while net profit attributable to shareholders plummeted by 72.92%, and non-recurring adjusted net profit sharply fell by 93.21%, with net cash flow from operating activities also decreasing by 73.71%, indicating considerable pressure on the company's profitability and cash flow | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue(RMB) | 234,768,347.93 | 241,866,955.11 | -2.93% | | Net Profit Attributable to Parent(RMB) | 18,547,082.58 | 68,496,011.31 | -72.92% | | Non-recurring Adjusted Net Profit Attributable to Parent(RMB) | 4,416,152.74 | 65,041,920.42 | -93.21% | | Net Cash Flow from Operating Activities(RMB) | 8,401,294.23 | 31,957,787.67 | -73.71% | | Basic EPS(RMB/share) | 0.06 | 0.24 | -75.00% | | Weighted Average ROE | 0.80% | 2.95% | -2.15% | | Total Assets(RMB) | 2,392,174,132.73 | 2,488,655,694.01 | -3.88% (vs. Prior Year-End) | | Net Assets Attributable to Parent(RMB) | 2,256,889,033.97 | 2,309,688,533.16 | -2.29% (vs. Prior Year-End) | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 14,130,900, significantly impacting net profit, primarily comprising RMB 14,854,300 in fair value changes from financial assets held and RMB 1,671,300 in government grants | Item | Amount(RMB) | | :--- | :--- | | Fair Value Change Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 14,854,328.10 | | Government Grants Included in Current Period P&L | 1,671,322.76 | | Total Non-Recurring Gains and Losses | 14,130,929.84 | Management Discussion and Analysis (MD&A) This section provides a comprehensive analysis of the company's operations, financial condition, and future outlook, as discussed by management Overview of Main Businesses The company primarily engages in the research, development, production, and sales of Active Pharmaceutical Ingredients (API) and preparations, also offering CDMO services, with core products including ibuprofen and other non-steroidal anti-inflammatory APIs, while also expanding into cardiovascular and anti-tumor fields; during the reporting period, the company achieved RMB 235 million in revenue, a 2.93% year-on-year decrease, and RMB 18.55 million in net profit, a significant 72.92% year-on-year decrease, with R&D investment of RMB 15.88 million, down 17.72% year-on-year, yet several new drug projects made progress - The company's main business involves the R&D, production, and sales of Active Pharmaceutical Ingredients (API) and preparations, as well as CDMO services, forming a product system centered on non-steroidal anti-inflammatory APIs, supplemented by specialty APIs for cardiovascular and anti-tumor applications[36] | Financial Indicator | Amount(RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 234,768,347.93 | -2.93% | | Net Profit Attributable to Parent | 18,547,082.58 | -72.92% | | R&D Investment | 15,876,209.56 | -17.72% | - During the reporting period, products such as Ibuprofen Sustained-Release Capsules and Torasemide Injection obtained drug registration certificates, and multiple R&D projects progressed smoothly[42] Analysis of Core Competencies The company's core competencies are evident in four key areas: R&D, through continuous process innovation to reduce ibuprofen costs and expand specialty API product lines; Production, possessing modern, automated manufacturing capabilities and a stringent quality management system; Registration, with products certified by multiple countries' GMP standards and becoming qualified suppliers to international giants like Sanofi and GlaxoSmithKline; and the integrated 'API + Preparation' model, ensuring supply chain stability, cost advantages, and enhanced risk resilience - The company continuously innovates processes for ibuprofen API to reduce production costs, develops derivative products like dexibuprofen, and expands into specialty APIs for anti-tumor and cardiovascular applications[44][45] - The company's main API products have passed GMP certifications and drug registrations in multiple countries and regions, including China, the United States, and the European Union, successfully entering the supply chains of global pharmaceutical giants such as Sanofi, GlaxoSmithKline, and Abbott[47] - The integrated "API + Preparation" layout is one of the company's core advantages, ensuring raw material supply, reducing preparation costs, and securing market position through cost and quality control in the context of centralized procurement[48][49] Analysis of Main Business During the reporting period, the company's main business costs increased by 18.45%, primarily due to a decline in API product gross margin, leading the company to adopt a volume-for-value strategy; financial expenses significantly decreased by 85.51% mainly due to reduced interest income; by product segment, non-steroidal anti-inflammatory drugs remained the largest revenue source but saw both revenue and gross margin decline, while anti-tumor products' revenue grew by 42.67% but their gross margin turned negative at -11.32%, indicating cost control challenges | Financial Item | Current Period(RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Cost | 183,347,719.02 | 18.45% | Gross margin of API products decreased, and the company increased sales volume to maintain sales revenue | | Financial Expenses | -6,011,409.88 | -85.51% | Interest income decreased in this period | | Income Tax Expense | 1,974,604.33 | -84.06% | Total profit decreased in this period | | Product Category | Operating Revenue(RMB) | Revenue YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Non-Steroidal Anti-Inflammatory | 159,778,817.35 | -9.35% | 15.27% | -12.58% | | Cardiovascular | 37,760,622.99 | 14.57% | 71.83% | -5.20% | | Anti-Tumor | 16,419,201.42 | 42.67% | -11.32% | -35.59% | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were RMB 2.392 billion, a 3.88% decrease from the beginning of the year, with no significant changes in asset composition; financial assets measured at fair value had an ending balance of RMB 1.039 billion, primarily trading financial assets (wealth management products), generating RMB 10.57 million in fair value change gains for the period; additionally, RMB 8.9 million in monetary funds were restricted as collateral - The company's financial assets measured at fair value are primarily trading financial assets (wealth management products), with an ending balance of approximately RMB 1.03 billion, generating RMB 10.57 million in fair value change gains for the current period[57][58] - As of the end of the reporting period, RMB 8.9 million of the company's monetary funds were restricted as collateral[59] Analysis of Investment Status During the reporting period, the company's investment amounted to RMB 70 million, a significant 87.32% year-on-year decrease, with a cumulative utilization rate of 40.96% for raised funds; the company adjusted some fundraising projects, terminating the 'Annual Production of 5,000 Tons of Ibuprofen API Project' due to market oversupply and low prices, and extending the construction period for several other projects, including the 'High-End Pharmaceutical Preparation Internationalization Project' - Given the saturated supply and demand and low prices in the international ibuprofen API market, the company decided to terminate the "Annual Production of 5,000 Tons of Ibuprofen API Project" and reallocate part of the corresponding raised funds to other R&D and technical renovation projects[68] - Due to longer approval times and changes in market conditions, the company extended the estimated ready-for-use date for the "High-End Pharmaceutical Preparation Internationalization Project" to December 2026, and also extended two other API projects[67] Risks and Countermeasures The company identified five major operational risks: production safety (involving hazardous chemicals and high-temperature environments), product quality (high drug safety requirements), exchange rate fluctuations (overseas sales affected by RMB exchange rates), international trade environment (e.g., changes in China-India economic and trade relations), and pharmaceutical industry policy (e.g., centralized drug procurement); the company stated it will closely monitor and actively respond - The company faces multiple risks including production safety, product quality, exchange rate fluctuations, international trade environment, and industry policies[77][78][79][81][82] - Regarding international trade risks, one of the company's main raw material suppliers for isobutylbenzene is from India, and some ibuprofen products are also sold to India; changes in China-India economic and trade relations could adversely affect the company's operations[81] Corporate Governance, Environment and Society (ESG) This section details the company's corporate governance practices, environmental initiatives, and social responsibility efforts Profit Distribution and Capital Reserve Conversion The company's 2025 semi-annual profit distribution plan proposes no cash dividends or bonus shares, but a capital reserve transfer of 4.5 shares for every 10 shares to all shareholders, based on a total share capital of 288,000,000 shares | Distribution/Conversion Item | Quantity | | :--- | :--- | | Bonus Shares per 10 Shares(Shares) | 0 | | Dividend per 10 Shares(RMB)(Tax Included) | 0 | | Capital Reserve Conversion per 10 Shares(Shares) | 4.5 | | Share Capital Base for Distribution Plan(Shares) | 288,000,000 | Environmental Information Disclosure The company and its main subsidiaries have been included in the list of enterprises required to disclose environmental information by law, indicating their production and operation activities are under key supervision by environmental protection authorities, and the company must publicly disclose its environmental information as required - Hubei Hengdi Pharmaceutical Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[89] Social Responsibility The company has implemented various social responsibility measures, including protecting investor rights, caring for employees, safeguarding customer interests, and emphasizing environmental protection; the company promotes a 'low-carbon, energy-saving, green, and healthy' philosophy, achieving clean production through technological transformation and full-process control, and entrusting qualified third parties to handle its 'three wastes', with no environmental violations or irregularities reported during the period - The company emphasizes environmental protection, entrusting qualified third parties to handle its "three wastes" and strictly adhering to emission standards, with no environmental pollution incidents occurring during the reporting period[92] Significant Matters This section highlights significant events and commitments during the reporting period, including their fulfillment status Fulfillment of Commitments During the reporting period, all commitments made by the company's related parties during its initial public offering, including share lock-up and share price stabilization, were fulfilled, with no overdue unfulfilled commitments - The company's controlling shareholder, actual controller, directors, supervisors, and senior management, among other related parties, have fulfilled their share lock-up commitments and IPO share price stabilization commitments made during the initial public offering[95][96] Other Significant Matters During the reporting period, the company had no significant matters requiring special disclosure, such as non-operating fund occupation by controlling shareholders, illegal external guarantees, major litigation or arbitration, significant related-party transactions, or major contracts - During the reporting period, the company had no instances of controlling shareholder fund occupation, illegal guarantees, major litigation, or significant related-party transactions[104][105][107][108][121] Share Changes and Shareholder Information This section outlines changes in the company's share capital and provides details on its shareholder structure Share Change Status During the reporting period, the company's total share capital of 288,000,000 shares remained unchanged, with the main change being the lifting of restrictions on 216,000,000 pre-IPO restricted shares, representing 75% of the total share capital, converting them into unrestricted shares - During the reporting period, 216,000,000 restricted shares of the company were released from lock-up, accounting for 75.00% of the company's total share capital, increasing the proportion of unrestricted shares from 25% to 100%[126][127] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had a total of 17,134 common shareholders, with the top three being Shanghai Yongdasheng Business Consulting Co., Ltd. (38.25% stake), Liu Tianchao (12.00% stake), and Jingmen Ningkang Enterprise Management Center (Limited Partnership) (5.63% stake) - As of the end of the reporting period, the company had a total of 17,134 shareholders[130] | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Shanghai Yongdasheng Business Consulting Co., Ltd. | 38.25% | 110,160,000 | | Liu Tianchao | 12.00% | 34,560,000 | | Jingmen Ningkang Enterprise Management Center (Limited Partnership) | 5.63% | 16,200,000 | Financial Report This section contains the audited financial statements, key accounting policies, and detailed notes to the financial statements Audit Report This semi-annual financial report has been audited by Daxin Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion (Daxin Audit [2025] No. 2-01167) - The company's 2025 semi-annual financial report was audited by Daxin Certified Public Accountants, which issued a standard unqualified opinion[138] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, serving as core bases for analyzing the company's financial position, operating results, and cash flows - The consolidated and parent company balance sheets as of June 30, 2025, and the income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 are provided[138][142][145][150][155] Significant Accounting Policies and Estimates This section elaborates on the company's fundamental accounting principles, accounting period, and functional currency, and highlights significant accounting policies such as revenue recognition, financial instruments, long-term equity investments, and fixed assets; during the reporting period, the company made a significant change in accounting estimates, adjusting the capitalization point for R&D expenditures to more accurately reflect the value of R&D investments - On April 23, 2025, the company changed its accounting estimate for the capitalization point of R&D expenditures; after the change, expenditures for drugs requiring clinical trials are capitalized after entering Phase III clinical trials, and for other drugs, expenditures are capitalized after obtaining human bioequivalence clinical filing; this change resulted in an increase of RMB 623,600.00 in development expenditures and a corresponding decrease in R&D expenses[240][241] Notes to Consolidated Financial Statements This section provides detailed notes on key items in the consolidated financial statements, including: ending monetary funds of RMB 540 million, of which RMB 8.9 million is restricted; trading financial assets (wealth management products) of RMB 1.03 billion; accounts receivable ending balance of RMB 76.03 million, with a bad debt provision of RMB 7.81 million; inventory of RMB 116 million, with an impairment provision of RMB 2.03 million; and major construction in progress projects primarily being the High-End Pharmaceutical Preparation Internationalization Project and the Ibuprofen Technical Renovation Project - Ending trading financial assets amounted to RMB 1.03 billion, primarily consisting of bank wealth management products[248] - The top five accounts receivable balances at period-end totaled RMB 18.48 million, accounting for 24.30% of the total[261] - Significant construction in progress projects include the "High-End Pharmaceutical Preparation Internationalization Project" with a budget of RMB 332 million and the "Ibuprofen API Wastewater Hydrolysis Acidification Project" with a budget of RMB 86 million[296] Supplementary Information This section provides a detailed statement of non-recurring gains and losses and calculations for return on net assets and earnings per share; during the reporting period, non-recurring gains and losses totaled RMB 14.13 million, primarily from fair value changes of financial assets; after deducting non-recurring gains and losses, net profit attributable to common shareholders was RMB 4.42 million, weighted average return on net assets decreased to 0.19%, and basic earnings per share was RMB 0.020 | Profit for the Period | Weighted Average ROE | Basic EPS(RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 0.80% | 0.06 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.19% | 0.020 |