天士力(600535) - 2025 Q2 - 季度财报

Section 1. Glossary Definitions of Common Terms This chapter defines common terms used in the report, ensuring readers clearly understand professional terminology and company-specific designations - The terms "Company/This Company/Tasly" refer to Tasly Pharmaceutical Group Co., Ltd[12] - "Yuan/Ten Thousand Yuan/Hundred Million Yuan" in the report refer to RMB Yuan/Ten Thousand Yuan/Hundred Million Yuan, respectively[12] Section 2. Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period Item 1. Company Information This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Tasly Pharmaceutical Group Co., Ltd., abbreviated as Tasly[14] - The company's legal representative is Cai Jinyong[14] Item 2. Contact Persons and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is Yu Jie, and the Securities Affairs Representative is Zhao Ying[15] - The company's contact address is Tasly Modern Traditional Chinese Medicine City, No. 2 Pujihedong Road, Beichen District, Tianjin[15] Item 3. Brief Introduction to Changes in Basic Information This section outlines the company's registered address, office address, and postal code, noting no changes during the reporting period - The company's registered and office addresses are both Tasly Modern Traditional Chinese Medicine City, No. 2 Pujihedong Road, Beichen District, Tianjin[16] - There were no historical changes to the company's registered address during the reporting period[16] Item 4. Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section specifies the company's designated newspapers for information disclosure, website address, and locations for report availability - The company's selected newspapers for information disclosure are China Securities Journal, Shanghai Securities News, and Securities Times[17] - The website address for publishing the semi-annual report is www.sse.com.cn[17](index=17&type=chunk) Item 5. Brief Introduction to Company Shares This section provides information on the company's stock listing exchange, abbreviation, and code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Tasly and stock code 600535[18] Item 7. Company's Key Accounting Data and Financial Indicators This section summarizes the company's key accounting data and financial indicators for the current reporting period and the same period last year, including year-on-year changes (1) Key Accounting Data During the reporting period, the company's operating revenue slightly decreased year-on-year, but total profit and net profit attributable to shareholders both achieved significant growth Key Accounting Data Comparison (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4.29 billion Yuan | 4.37 billion Yuan | -1.91 | | Total Profit | 904.62 million Yuan | 792.55 million Yuan | 14.14 | | Net Profit Attributable to Shareholders of Listed Company | 774.70 million Yuan | 662.31 million Yuan | 16.97 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 640.05 million Yuan | 734.59 million Yuan | -12.87 | | Net Cash Flow from Operating Activities | 789.59 million Yuan | 886.71 million Yuan | -10.95 | Asset and Liability Data Comparison (End of Current Period vs. End of Last Year) | Indicator | End of Current Period | End of Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 12.38 billion Yuan | 11.90 billion Yuan | 3.98 | | Total Assets | 15.45 billion Yuan | 14.98 billion Yuan | 3.15 | (2) Key Financial Indicators During the reporting period, the company's basic and diluted earnings per share increased, and the weighted average return on net assets improved, though metrics excluding non-recurring gains and losses slightly declined Key Financial Indicators Comparison (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.52 | 0.44 | 18.18 | | Diluted Earnings Per Share (Yuan/share) | 0.52 | 0.44 | 18.18 | | Basic Earnings Per Share (Excluding Non-recurring Gains and Losses) (Yuan/share) | 0.43 | 0.49 | -12.24 | | Weighted Average Return on Net Assets (%) | 6.38 | 5.29 | Increased by 1.09 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains and Losses) (%) | 5.27 | 5.86 | Decreased by 0.59 percentage points | - Operating revenue decreased by 1.91% year-on-year, with pharmaceutical manufacturing revenue down 0.45% and pharmaceutical commercial revenue down 14.88%[22] Item 9. Non-recurring Gains and Losses Items and Amounts This section lists the specific items and amounts of the company's non-recurring gains and losses during the reporting period, totaling 134.65 million Yuan Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 41,010,593.90 | | Government Grants Recognized in Current Profit or Loss | 19,643,700.49 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities and Disposal Gains and Losses | 84,206,975.84 | | Fund Occupation Fees Received from Non-financial Enterprises Recognized in Current Profit or Loss | 13,219.15 | | Other Non-operating Income and Expenses | -5,470,390.29 | | Less: Income Tax Impact | 4,220,436.18 | | Impact on Minority Interests (After Tax) | 535,594.54 | | Total | 134,648,068.37 | Section 3. Management Discussion and Analysis This section provides an in-depth discussion and analysis of the company's industry, business operations, financial performance, and future plans during the reporting period Item 1. Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section details the company's pharmaceutical manufacturing industry, its core business of drug R&D, production, and sales, along with its operating model, performance drivers, industry position, and overall industry conditions during the reporting period (1) Main Business The company's main business involves drug R&D, production, and sales, focusing on cardiovascular and metabolic, neurological/psychiatric, and digestive diseases, with a product portfolio spanning modern traditional Chinese medicine, biologics, and chemical drugs - The company's main business is the research, development, production, and sales of pharmaceuticals, focusing on three major disease areas: cardiovascular and metabolic, neurological/psychiatric, and digestive[28] - The company's listed products include Compound Danshen Dropping Pills, Yangxue Qingnao Pills (Granules), Qishen Yiqi Dropping Pills, Temozolomide Capsules, Yiqi Fumai Injection (Lyophilized), Shuilingjia, Recombinant Human Urokinase Proactivator for Injection (Puyouk), and others[29] - The company has 83 R&D pipeline projects, including 31 innovative drug projects[30] (2) Operating Model The company operates a dual-business model encompassing self-operated pharmaceutical manufacturing sales and third-party pharmaceutical commercial product sales, with a nationwide distribution network and retail chain operations - The company adopts a dual-business sales model: self-operated pharmaceutical manufacturing sales and third-party pharmaceutical commercial product sales[31] - Pharmaceutical manufacturing procurement methods include bidding, competitive negotiation, inquiry, negotiation, and direct procurement; production follows a make-to-order model strictly adhering to GMP standards; and sales are primarily through distribution[32][33] - Pharmaceutical commercial business primarily consists of retail chain operations, selling OTC drugs, prescription drugs, medical devices, traditional Chinese medicine decoction pieces, and health foods through online and offline channels (chain pharmacies in Liaoning, Tianjin, Shandong, etc.)[34] (3) Key Performance Drivers Key performance drivers include continuous R&D innovation, enhancing product scientific value to boost brand influence, and advancing intelligent manufacturing centered on "quality digitalization" - Continuously increasing R&D innovation, advancing "product tree" and "disease tree" innovation strategies, and optimizing R&D layout[35] - Deepening the scientific connotation of products, enhancing product coverage and brand value through academic promotion and terminal management[35] - Centering on "quality digitalization," promoting the application of key intelligent manufacturing technologies, and strengthening the integration of digitalization, intelligence, and traditional Chinese medicine manufacturing[35] (4) Company's Industry Position The company has consistently received numerous industry accolades, including "Top 100 Chinese Pharmaceutical Industrial Enterprises" and "Top 50 Chinese Pharmaceutical R&D Comprehensive Strength," recognizing its brand influence, competitiveness, R&D, and intelligent manufacturing in traditional Chinese medicine - The company has been continuously awarded titles such as "Top 100 Chinese Pharmaceutical Industrial Enterprises," "Top 50 Chinese Pharmaceutical R&D Comprehensive Strength," and "Top 10 Chinese Traditional Chinese Medicine R&D Strength" for many years[36] - The company ranked 7th among the top 20 enterprises in the 2024 Traditional Chinese Medicine Brand Influence Award and received multiple awards for comprehensive competitiveness in pharmaceutical manufacturing and proprietary Chinese medicine manufacturing[36] - The national intelligent manufacturing demonstration factory "Modern Traditional Chinese Medicine Intelligent Manufacturing Demonstration Factory" successfully passed acceptance, and the "Modern Traditional Chinese Medicine Full-Chain Collaborative Intelligent Factory" was recognized as an advanced intelligent factory by Tianjin Municipality[37] (5) Explanation of Industry Conditions During the Reporting Period In H1 2025, the pharmaceutical industry faced pressures from policy adjustments, market competition, and drug price controls, limiting revenue and profit growth, yet long-term drivers include aging populations, rising health awareness, policy support, and technological integration - In H1 2025, pharmaceutical manufacturing enterprises above designated size achieved operating revenue of 1,227.52 billion Yuan, a year-on-year decrease of 1.2%[38] - In H1 2025, pharmaceutical manufacturing achieved a total profit of 176.69 billion Yuan, a year-on-year decrease of 2.8%[38] - In the long term, an aging population, increased health awareness, national policy support for pharmaceutical innovation, and the deep integration of new-generation information technology with biomedicine are key drivers for industry growth[38] Item 2. Discussion and Analysis of Operations This section details the company's key operating achievements during the reporting period, including equity transfer to China Resources Sanjiu, stable business performance, R&D pipeline progress, enhanced brand influence, and integration with China Resources Sanjiu, along with H2 operating plans (1) Key Operating Achievements During the Reporting Period In H1 2025, the company's actual controller changed to China Resources Co., Ltd., becoming a member of China Resources Sanjiu, with stable operating performance, a 16.97% increase in net profit attributable to the parent, and a reduced asset-liability ratio - On March 27, 2025, the company's actual controller changed to China Resources Co., Ltd., officially becoming a member of China Resources Sanjiu[38] Key Operating Achievements in H1 2025 | Indicator | Amount/Ratio | Change | | :--- | :--- | :--- | | Operating Revenue | 4.29 billion Yuan | - | | Pharmaceutical Manufacturing Revenue | 3.88 billion Yuan | Remained stable | | Pharmaceutical Commercial Revenue | 386 million Yuan | - | | Net Profit Attributable to Shareholders of Listed Company | 775 million Yuan | Increased by 16.97% year-on-year | | Asset-Liability Ratio | 18.43% | Decreased by 0.7 percentage points (19.13% at year-start) | - The company continuously increased R&D innovation, focusing on three core areas: cardiovascular and metabolic, neurological/psychiatric, and digestive, with 8 new project initiations and 83 R&D pipeline projects, including 31 innovative drugs[39] - During the reporting period, the company obtained 3 clinical approvals for Human Umbilical Cord Mesenchymal Stem Cell Injection, Adipose-derived Mesenchymal Stromal Cell Injection, and Dual-target CAR-T Cell Injection[39][40] - The company actively promoted core products into relevant disease treatment guidelines and expert consensuses, with 6 products, including Compound Danshen Dropping Pills and Shuilingjia, entering 12 guidelines and consensuses[41] - The company collaborated with China Resources Sanjiu to empower, integrate online and offline channel resources, innovate new pharmaceutical retail models, expand key account customers, and introduce key products into Sanjiu flagship stores[41] - The company completed the reorganization of its Board of Directors and Board of Supervisors on April 16, 2025, and promptly advanced the "Hundred-Day Integration" work with China Resources Sanjiu, initiating the formulation of the "15th Five-Year Plan" strategic plan[42][43] 2. Introduction to Each Business Segment The company achieved concrete results across R&D, marketing, and intelligent manufacturing, advancing innovative drug clinical trials, enhancing brand influence through academic promotion and channel synergy, and upgrading digitalization and intelligence in traditional Chinese medicine, biologics, and chemical drugs 2.1 R&D Aspects The company's R&D focuses on cardiovascular and metabolic, neurological/psychiatric, and digestive diseases, optimizing its product R&D layout through "disease tree" and "product tree" innovation strategies, with multiple innovative drug clinical studies progressing - R&D focuses on cardiovascular and metabolic, neurological/psychiatric, and digestive disease areas, guided by "disease tree" and "product tree" innovation strategies[44] - In the cardiovascular and metabolic field, Qishen Yiqi Dropping Pills for chronic heart failure Phase II and diabetic kidney disease Phase II completed subject unblinding; Human Umbilical Cord Mesenchymal Stem Cell Injection entered Phase I clinical trials[45] - In the neurological/psychiatric field, Puyouk for acute ischemic stroke Phase III completed CDE review; Adipose-derived Mesenchymal Stromal Cell Injection received domestic clinical approval[50][51][61] - In the digestive field, B1344 Injection entered clinical Ib for MASH treatment; PD-L1/VEGF bispecific antibody for solid tumors Phase IIa and colorectal cancer Phase IIb clinical trials successfully enrolled subjects[52][58][59] - The company possesses a complete system from preclinical to clinical research, forming four core R&D capabilities: druggability validation, clinical translation, international registration application, and integrated R&D[53] - Puyouk for acute ischemic stroke has completed clinical verification and CDE review, with research results published in "Lancet Neurology"[55] - Anshen Dropping Pills have submitted a new drug registration application, with Phase III clinical results showing significant improvement in insomnia and good safety[56] - PXT3003 has submitted a new drug registration application, being the world's first and only drug for Charcot-Marie-Tooth disease type 1A, with Phase III clinical trials showing significant improvement in patients' daily activity limitations[57] 2.2 Marketing Aspects The company deepens product value with a patient-centric approach, enhancing brand influence and market conversion through evidence-based medical research and academic promotion, while expanding new retail models and comprehensive health management - The company high-quality advanced real-world studies and evidence-based medical research, with Compound Danshen Dropping Pills participating in a major scientific research project on "effectively reducing the annual laser treatment rate for diabetic retinopathy"[63] - During the reporting period, 6 of the company's products, including Compound Danshen Dropping Pills, Puyouk, and Shuilingjia, entered 12 guidelines and consensuses[64] - The medical segment overcame the impact of declining medical insurance prices, with Compound Danshen Dropping Pills sales steadily rising, and Qishen Yiqi Dropping Pills, Shuilingjia, and Shaoma Zhijing Granules experiencing rapid growth[65] - The company collaborated with China Resources Sanjiu, achieving market cooperation for target products like Minodronic Acid, establishing a synergistic mechanism for new product terminal development, and resolving some market terminal distribution issues[66] - Retail business focuses on comprehensive health management, establishing chronic disease management processes for chain members, launching projects like "Runyao Clinic" and "Grassroots Procurement to Rural Areas," and expanding instant retail[67][68] - The company optimized labor costs and rent negotiations through the "One Store, One Policy" project, improved operational management quality, and collaborated with Zhongkang Technology to strengthen digital management of store members[70] 2.3 Intelligent Manufacturing Aspects The company continuously advances intelligent manufacturing across modern traditional Chinese medicine, biologics, and chemical drugs, centered on "quality digitalization" to enhance production efficiency, quality control, and cost optimization, while building smart factories and continuous cell production platforms - The company, centered on "quality digitalization," promotes research and application of key intelligent manufacturing technologies, contributing to core product quality improvement, efficiency optimization, and cost control[72] - In the modern traditional Chinese medicine segment, the intelligent manufacturing line for Compound Danshen Dropping Pills achieved new progress, with the high-speed dropping pill intelligent production system going online and approval for a national key R&D program topic[73] - In the biologics segment, Tasly Biologics implemented MES and LIMS systems based on its perfusion technology mammalian cell long-term continuous culture platform, enhancing production efficiency and quality control[74] - In the chemical drug segment, Diyi Pharmaceutical optimized its energy management system, was awarded the "2025 Jiangsu Province Advanced Intelligent Factory" title, and advanced the green intelligent API factory construction project[75][76] (2) Operating Plan for H2 2025 In H2 2025, the company will fully advance its first year of integration with China Resources Sanjiu, systematically upgrading its management system across R&D, marketing, and production, while focusing on the "15th Five-Year Plan" strategic planning to achieve strong strategic synergy - In R&D, focus on three major disease areas, accelerate clinical research and achievement transformation, and advance the registration and review of innovative drugs such as Puyouk (acute ischemic stroke), Anshen Dropping Pills, and PXT3003[77] - In marketing, academic leadership will strengthen brand building, all channels will promote in-depth development of core products, and key efforts will be made in essential drug catalog, medical insurance catalog access, and centralized volume-based procurement[78] - In production, focus on quality improvement and efficiency enhancement, promote comprehensive intelligent manufacturing, and accelerate the construction of the second intelligent packaging line and high-speed dropping pill line for Compound Danshen Dropping Pills[80] - The company will comprehensively advance the systematic upgrade of its management system with China Resources Sanjiu across four dimensions: "value reshaping," "business reshaping," "organizational reshaping," and "spirit reshaping," and effectively formulate the "15th Five-Year Plan" strategic plan[81] Item 3. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in clinical-demand-oriented full-lifecycle innovative R&D, extensive terminal market and marketing network advantages, intelligent manufacturing and international standard systems, and a multi-dimensional intellectual property protection system (1) Clinical-Demand-Oriented Full-Lifecycle Innovative R&D Adhering to the "research institute without walls" philosophy, the company leads innovative traditional Chinese medicine R&D through national key laboratories, strengthens industry-academia-research-medicine integration, focuses on new technology and product development, and has built four core R&D capabilities covering the entire lifecycle of innovative drugs - The company has 83 R&D pipeline projects, including 31 innovative drug projects[84] - Puyouk (for acute ischemic stroke) completed CDE review, and Anshen Dropping Pills and PXT3003 applications for production were accepted[84] - Qishen Yiqi Dropping Pills for chronic heart failure Phase II and diabetic kidney disease Phase II completed subject unblinding[84] (2) Extensive Terminal Market and Marketing Network Advantages The company has established a robust nationwide marketing network with 29 regions and 584 offices, actively responding to national hierarchical diagnosis and treatment policies, and will further leverage China Resources' advantages to expand its terminal market - The company has 29 major regions and 584 offices, forming a strong marketing network covering all levels of the national market[85] - After becoming a member of China Resources, the company will engage in continuous business integration with China Resources, leveraging China Resources Sanjiu's advantages in health consumer products and prescription drugs to expand its terminal market[85] - During the reporting period, 6 products, including Compound Danshen Dropping Pills, entered 12 guidelines and consensuses, strengthening academic brand promotion for the products[85] (3) Intelligent Manufacturing and International Standard System The company integrates digital technology across the entire drug lifecycle to enhance production efficiency, reduce costs, and establish an intelligent manufacturing technology system centered on modern traditional Chinese medicine, while optimizing the entire industry chain to international standards - The company drives and supports industrialization with digitalization, effectively integrating information technology, big data operations, and advanced traditional Chinese medicine manufacturing technologies[86] - The independently developed fifth-generation high-speed dropping pill machine innovatively integrates multiple technologies, achieving dual optimization in production efficiency and output value energy consumption[86] - The company optimizes industrial links such as raw material cultivation, processing, extraction, preparation, and circulation, managing them according to international standards to form a full-chain international standard competitive advantage[87] (4) Multi-dimensional Intellectual Property Protection System The company has established a multi-dimensional intellectual property protection system, including core, peripheral, defensive, and competitive patents, integrating IP utilization with business operations and shifting from primarily domestic to international patent protection - The company has built a multi-dimensional intellectual property protection system, including core patents, peripheral patents, defensive patents, and competitive patents[88] - As of the end of the reporting period, the company and its main subsidiaries owned 1,084 patents, including 967 invention patents[88] - The company's main product, Compound Danshen Dropping Pills, holds 162 patents, and Yangxue Qingnao Granules holds 50 patents[88] Item 4. Key Operating Conditions During the Reporting Period This section analyzes the company's main business financial statement item changes, asset and liability status, investment situation, and operating performance of major controlled and associated companies during the reporting period (1) Main Business Analysis During the reporting period, the company's operating revenue decreased by 1.91% year-on-year, but total profit, net profit attributable to the parent, and net cash flow from financing activities all increased, while financial expenses significantly declined due to reduced interest payments Analysis of Financial Statement Item Changes (Current Period vs. Same Period Last Year) | Item | Current Period Amount (Yuan) | Same Period Last Year Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,288,208,856.32 | 4,371,739,444.62 | -1.91 | | Total Profit | 904,618,663.39 | 792,547,289.21 | 14.14 | | Net Profit Attributable to Shareholders of Listed Company | 774,696,532.98 | 662,308,440.34 | 16.97 | | Financial Expenses | -7,768,243.90 | -1,466,053.07 | -429.87 | | Net Cash Flow from Investment Activities | -581,803,625.50 | -1,238,287,937.53 | 53.02 | | Net Cash Flow from Financing Activities | 235,762,593.95 | 125,847,790.47 | 87.34 | - The change in financial expenses was primarily due to lower interest expenses during the reporting period compared to the same period last year[90] - The change in net cash flow from investment activities was mainly due to higher redemptions of wealth management products and proceeds from the transfer of Yongtai Biological convertible bonds compared to the same period last year[90] (3) Analysis of Assets and Liabilities At the end of the reporting period, the company's trading financial assets, receivables, and construction in progress significantly increased, while other non-current financial assets, notes payable, and long-term borrowings decreased Changes in Asset and Liability Status (End of Current Period vs. End of Last Year) | Item Name | End of Current Period Amount (Yuan) | End of Last Year Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,436,333,591.75 | 524,719,705.87 | 173.73 | Increase in wealth management product balance | | Accounts Receivable | 1,139,743,693.18 | 780,136,942.44 | 46.10 | Sales growth higher than collections | | Other Non-current Financial Assets | 258,699,216.43 | 511,874,379.25 | -49.46 | Transfer of Yongtai Biological convertible bonds | | Construction in Progress | 312,751,887.19 | 221,757,157.63 | 41.03 | Progress in construction projects | | Notes Payable | 110,345,716.96 | 188,038,180.24 | -41.32 | Decrease in bank acceptance bills | | Long-term Borrowings | 139,570,640.50 | 253,756,391.88 | -45.00 | Transferred to non-current liabilities due within one year | - Overseas assets amounted to 1.12 billion Yuan, accounting for 7.25% of total assets[93] Restricted Major Assets at Period-End | Item | Period-End Carrying Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 46,210,788.71 | Bank acceptance bill deposits, letter of guarantee deposits, and other deposits | | Intangible Assets | 39,616,396.29 | Provided as collateral for bank financing | | Total | 85,827,185.00 | / | (4) Analysis of Investment Status As of the end of the reporting period, the company's long-term equity investment balance slightly decreased, primarily due to the recognition of equity method losses, while holding securities investments in companies like Carsgen Therapeutics, I-Mab, and Brainaurora Medical Technology Long-term Equity Investment Status (As of June 30, 2025) | Indicator | Amount (Ten Thousand Yuan) | Change | | :--- | :--- | :--- | | Long-term Equity Investment Balance | 128,448.24 | Decreased by 1.90% (130,933.51 million Yuan at period-start) | - Long-term equity investments primarily include Shanghai Yanshi Traditional Chinese Medicine Technology Co., Ltd., Tianjin Shanghui Investment (Holdings) Co., Ltd., and Tasly International Gene Network Drug Innovation Center Co., Ltd[97] Securities Investment Status (Current Period vs. Beginning of Period) | Asset Category | Beginning of Period Amount (Yuan) | Period-End Amount (Yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 524,719,705.87 | 1,436,333,591.75 | | Other Non-current Financial Assets | 511,874,379.25 | 258,699,216.43 | | Receivables Financing | 1,185,502,912.38 | 1,119,927,287.54 | | Total | 2,222,096,997.50 | 2,814,960,095.72 | - Securities investments include Carsgen Therapeutics, I-Mab, Brainaurora Medical Technology, etc., with changes in I-Mab including the impact of exchange rate fluctuations[99][100] (6) Analysis of Major Controlled and Associated Companies This section analyzes the operating performance of the company's major controlled subsidiaries: Tianjin Tasly Pharmaceutical Commercial Co., Ltd., Tianjin Tasly Modern Traditional Chinese Medicine Resources Co., Ltd., Shaanxi Tasly Botanical Pharmaceutical Co., Ltd., and Jiangsu Tasly Diyi Pharmaceutical Co., Ltd Operating Performance of Major Controlled Subsidiaries (Jan-Jun 2025) | Subsidiary Name | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Tianjin Tasly Pharmaceutical Commercial Co., Ltd. | 153,717.86 | 45,809.55 | 905.85 | | Tianjin Tasly Modern Traditional Chinese Medicine Resources Co., Ltd. | 147,697.33 | 128,272.23 | 4,276.13 | | Shaanxi Tasly Botanical Pharmaceutical Co., Ltd. | 14,250.92 | 12,364.69 | 32.20 | | Jiangsu Tasly Diyi Pharmaceutical Co., Ltd. | 133,641.37 | 125,550.10 | 7,125.18 | Item 5. Other Disclosures This section discloses potential industry and operational management risks faced by the company, along with corresponding countermeasures to ensure sustainable development (1) Potential Risks Faced The company faces industry risks such as pharmaceutical policy adjustments, new product development, and raw material price fluctuations, as well as operational management risks including credit and customer management, subsidiary management, talent retention, and investment cooperation - Pharmaceutical industry policy risks: intensified anti-corruption efforts, improved industry regulatory systems, normalized medical insurance fund supervision, and no restrictions on volume-based drug procurement[104][106] - Countermeasures: establish a marketing compliance management system, implement smart marketing, formulate market strategies, increase scientific research and innovation, and enhance market competitiveness[107] - New product development risks: long R&D cycles, high investment, high risk, susceptible to uncertainties such as technical bottlenecks, market demand, and policy regulations[108] - Countermeasures: continuously advance precise R&D, build large product groups in core therapeutic areas, deepen IPD integrated R&D processes, and accelerate product launch[108][109] - Raw material price risks: significant fluctuations in traditional Chinese medicine material prices, influenced by cultivation costs, processing costs, weather, speculation, and other factors[110][111] - Countermeasures: establish GAP-certified traditional Chinese medicine cultivation bases, implement strategic reserves, improve lean production, and strengthen cost management[111] - Operational management risks include credit and customer management risks, subsidiary management risks, talent reserve risks, and investment cooperation risks[112][113][114][116] - Countermeasures include strengthening credit management, improving subsidiary management systems, advancing talent pipeline development, clarifying annual investment strategies, and strengthening post-investment management[112][113][115][117] Section 4. Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including board and senior management personnel, profit distribution plans, employee incentive programs, environmental information disclosure, and contributions to poverty alleviation and rural revitalization Item 1. Changes in Company Directors, Supervisors, and Senior Management During the reporting period, significant changes occurred in the company's directors, supervisors, and senior management, with former Chairman Yan Kaijing and others resigning, new directors elected, Shao Jinfeng elected Chairman of the Board of Supervisors, and Cai Jinyong appointed General Manager - Yan Kaijing resigned as Chairman and Director of the company, and Jiang Xiaomeng and Sun He resigned as Vice Chairmen and Directors[121] - Zhou Hui, Mai Yi, Wang Liang, Wang Ke, Yu Xiang, Zhong Jiang, Yuan Jing, and Cai Jinyong were elected as non-independent directors of the company's Ninth Board of Directors[122] - Shao Jinfeng, Li Ling, and Lin Lifang were elected as non-employee supervisors of the company's Ninth Board of Supervisors, and Ma Yue and Gao Zhan were elected as employee representative supervisors[122] - Cai Jinyong was appointed General Manager; Xi Kai, Zhou Shuiping, Ju Aichun, Zhang Shunnan, Lu Zhen, Li Jiangshan, and Wang Zhen were appointed Deputy General Managers; Wei Jie was appointed Chief Financial Officer; and Yu Jie was appointed Board Secretary and Deputy General Manager[123] Item 2. Profit Distribution or Capital Reserve Conversion Plan The Board of Directors approved the H1 2025 profit distribution plan, proposing a cash dividend of 2.1 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 313.73 million Yuan, representing 40.50% of the semi-annual net profit attributable to the parent - For H1 2025, a cash dividend of 2.1 Yuan (tax inclusive) per 10 shares is proposed to all shareholders[125][127] - The total proposed cash dividend is 313,729,501.05 Yuan (tax inclusive)[127] - This dividend accounts for 40.50% of the company's H1 2025 consolidated net profit attributable to shareholders[127] Item 3. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's first and second employee stock ownership plans expired and terminated on July 24, 2025, with all company shares held under the plans fully sold, and asset liquidation and distribution to follow - The company's first and second employee stock ownership plans expired and terminated on July 24, 2025[128] - All company shares held under the employee stock ownership plans have been sold[128] Item 4. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company and 8 major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding environmental information disclosure report inquiry indexes provided - The company and 8 major subsidiaries are included in the list of enterprises required to disclose environmental information by law[130] - Disclosing enterprises include Tasly Pharmaceutical Group Co., Ltd., Tianjin Tasly Modern Traditional Chinese Medicine Resources Co., Ltd., Jiangsu Tasly Diyi Pharmaceutical Co., Ltd., and others[130] Item 5. Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc. The company actively supports national rural revitalization by leveraging its expertise in traditional Chinese medicine cultivation, collaborating with local partners in Yunnan and Shaanxi through contract farming and new variety promotion to boost local incomes and promote industrial revitalization and ecological protection - The company actively participates in the "Ten Thousand Enterprises Supporting Ten Thousand Villages" initiative, carrying out rural revitalization work in multiple locations in Yunnan and Shaanxi, leveraging its advantages in traditional Chinese medicine cultivation technology[131] - Shaanxi Tasly and Shuanghe Town Central Village in Shiquan County jointly established a "company + village collective economy + base" model for the "breeding, propagation, and promotion" production technology system of new traditional Chinese medicine varieties[131] - Yunnan Tasly collaborates with local agricultural planting companies, cooperatives, and large growers in various locations within Yunnan Province through contract farming to enhance local economic benefits[131] Section 5. Significant Matters This section details the company's fulfillment of commitments, absence of unauthorized fund occupation or guarantees, audit status, major litigation, related party transactions, and significant contracts Item 1. Fulfillment of Commitments The company's Board of Directors, China Resources Sanjiu, its controlling shareholder China Resources Pharmaceutical Holdings, and the actual controller China Resources Co., Ltd. have all made long-term effective commitments regarding resolving horizontal competition, regulating related party transactions, and maintaining company independence, which were strictly fulfilled during the reporting period - The Board of Directors committed to maintaining the company's asset independence, regulating related party transactions, independently using raised funds, and timely and fully disclosing related party transactions[133] - China Resources Sanjiu and its controlling shareholder committed to resolving horizontal competition issues within five years and preventing future horizontal competition[133][134] - The actual controller, China Resources Co., Ltd., committed to minimizing and regulating related party transactions with Tasly, and ensuring separation from Tasly in terms of assets, personnel, finance, organization, and business[134][135] - All commitments were strictly fulfilled during the reporting period[133][134][135] Item 2. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[136] Item 3. Illegal Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - There were no instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period[136] Item 4. Semi-Annual Report Audit Status This semi-annual report has not been audited - This semi-annual report has not been audited[3] Item 7. Major Litigation and Arbitration Matters During the reporting period, the company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters during the reporting period[136] Item 10. Significant Related Party Transactions During the reporting period, the company engaged in related party transactions related to daily operations, including commodity purchases and sales, provision and acceptance of services, related party leases, and asset transfers, but no significant non-ordinary course transactions were disclosed - During the reporting period, the company engaged in commodity purchase and sales transactions with related parties such as China Resources Liaoning Pharmaceutical Co., Ltd. and Guizhou Guotai Liquor Sales Co., Ltd[138][139][140] - The company, as lessor, recognized lease income from related parties such as Liaoning Tasly Ginseng & Antler Co., Ltd. and Tasly Sainaikang Medical Engineering Technology Co., Ltd[141] - The company, as lessee, paid rent to related parties such as Tianjin Baoshili Real Estate Development Co., Ltd. and Wenshan Sanqi Digital Herbal Inspection Center Co., Ltd[141] - The company engaged in transfer transactions of fixed assets, intangible assets, and equity with related parties such as Shanghai Jingeng Asset Management Co., Ltd. and Tianjin Tasly Health Products Co., Ltd[143] Item 11. Significant Contracts and Their Fulfillment During the reporting period, the company had no trusteeship, contracting, or leasing matters, but significant guarantees were provided to subsidiaries, with a total outstanding guarantee balance of 862 million Yuan, representing 6.96% of the company's net assets - The company had no trusteeship, contracting, or leasing matters during the reporting period[138] Total Company Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (Yuan) | Ratio (%) | | :--- | :--- | :--- | | Total Guarantees (A+B) | 862,000,000.00 | 6.96 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 862,000,000.00 | - | | Total of the Above Three Guarantee Amounts (C+D+E) | 862,000,000.00 | - | - The guarantee amount refers to the amount specified in the guarantee contract[140] Section 6. Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and the change in controlling shareholder and actual controller during the reporting period Item 1. Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[143] Item 2. Shareholder Information As of the end of the reporting period, the company had 60,444 common shareholders, with China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. as the largest shareholder (28.00%) and Tasly Biopharmaceutical Industry Group Co., Ltd. as the second largest (17.21%) - As of the end of the reporting period, the total number of common shareholders was 60,444[144] Top Ten Shareholders' Holdings (As of the End of the Reporting Period) | Shareholder Name | Period-End Shareholding (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. | 418,306,002 | 28.00 | State-owned Legal Person | | Tasly Biopharmaceutical Industry Group Co., Ltd. | 257,164,534 | 17.21 | Domestic Non-state-owned Legal Person | | Guoxin Investment Co., Ltd. | 74,697,501 | 5