生物股份(600201) - 2025 Q2 - 季度财报

Definitions Definitions of Common Terms This chapter provides definitions for common terms, company names, key subsidiaries, industry terminology, and specifies the reporting period from January 1 to June 30, 2025 - Company Abbreviation: Jinyu Bio[13] - Reporting Period: January 1, 2025, to June 30, 2025[13] - Major Subsidiaries: Jinyu Baoling Biopharmaceutical Co., Ltd., Yangzhou Youbang Biopharmaceutical Co., Ltd., Liaoning Yikang Biotechnology Co., Ltd[13] Company Profile and Key Financial Indicators I. Company Information This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - Company's Chinese Name: Jinyu Bio-Technology Co., Ltd.[15] - Company's Chinese Abbreviation: Jinyu Bio[15] - Company's Legal Representative: Zhang Chongyu[15] II. Contact Person and Information This section lists the detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - Board Secretary: Gu Ruiyuan, contact number 0471-6539434, email guruiyuan@jinyu.com.cn[16] - Securities Affairs Representative: Liu Yikun, contact number 0471-6539434, email liuyikun@jinyu.com.cn[16] III. Brief Introduction to Changes in Basic Information This section outlines the historical changes in the company's registered address, which has been adjusted multiple times since 1998, finally settling at No. 1 Jinyu Street, Saarqin Industrial Park, Hohhot Economic and Technological Development Zone, Inner Mongolia Autonomous Region - Company's Registered Address: No. 1 Jinyu Street, Saarqin Industrial Park, Hohhot Economic and Technological Development Zone, Inner Mongolia Autonomous Region[17] - The company's registered address was changed to the current location on December 22, 2015[17] IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section specifies the designated newspaper and website for company information disclosure, as well as the location for storing semi-annual reports, ensuring timely access to public information for investors - Designated Newspaper for Information Disclosure: "Shanghai Securities News"[18] - Website Address for Semi-Annual Report Publication: **www.sse.com.cn**[18](index=18&type=chunk) - Location for Semi-Annual Report Storage: Company Board Secretary's Office[18] V. Company Stock Overview This section provides basic information about the company's stock, including its type, listing exchange, stock abbreviation, code, and previous abbreviation - Stock Type: A-share[19] - Stock Listing Exchange: Shanghai Stock Exchange[19] - Stock Abbreviation: Jinyu Bio, Stock Code: 600201[19] VII. Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a slight increase in operating revenue but a significant year-on-year decrease in total profit and net profit attributable to shareholders, primarily due to increased R&D expenses and intensified industry competition (I) Key Accounting Data This subsection details the company's key accounting data for the first half of 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, with a comparison to the same period last year | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 619,568,676.18 | 611,731,208.51 | 1.28 | | Total Profit | 74,149,513.86 | 147,059,963.85 | -49.58 | | Net Profit Attributable to Shareholders of the Listed Company | 60,424,024.24 | 122,918,629.44 | -50.84 | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-recurring Gains and Losses | 32,190,604.29 | 107,863,778.98 | -70.16 | | Net Cash Flow from Operating Activities | 88,943,343.59 | 130,730,764.81 | -31.96 | | Net Assets Attributable to Shareholders of the Listed Company (End of Current Period) | 5,370,774,245.95 | 5,314,336,328.75 | 1.06 | | Total Assets (End of Current Period) | 6,571,033,631.07 | 6,764,669,055.34 | -2.86 | (II) Key Financial Indicators This subsection provides the company's key financial indicators for the first half of 2025, including basic earnings per share, diluted earnings per share, basic earnings per share after deducting non-recurring gains and losses, and weighted average return on net assets, explaining the impact of the decrease in net profit on these indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.11 | -45.45 | | Diluted Earnings Per Share (yuan/share) | 0.06 | 0.11 | -45.45 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (yuan/share) | 0.03 | 0.10 | -70.00 | | Weighted Average Return on Net Assets (%) | 1.14 | 2.28 | Decrease of 1.14 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 0.60 | 2.00 | Decrease of 1.40 percentage points | - Net profit attributable to shareholders decreased by 50.84% year-on-year, and net profit excluding non-recurring gains and losses decreased by 70.16% year-on-year, primarily due to increased R&D expenses and intensified industry competition[21] - Net profit decreased year-on-year mainly due to a significant increase in R&D expenses for human antibody drugs and amortization of intangible assets, as well as intensified competition in the animal health industry leading to product price reductions and gross margin decline[21] IX. Non-recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 28,233,419.95 yuan, primarily comprising government grants and gains from investment costs in subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets Non-recurring Gains and Losses Items (January-June 2025) | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -51,912.84 | | Government grants recognized in current profit/loss | 24,111,618.28 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | -109,404.99 | | Gains from investment costs in subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets at the time of acquisition | 12,022,033.33 | | Other non-operating income and expenses apart from the above | -215,987.43 | | Less: Income tax impact | 7,453,055.17 | | Minority interest impact (after tax) | 69,871.23 | | Total | 28,233,419.95 | Management Discussion and Analysis I. Industry and Main Business Operations During the Reporting Period This section details the development of the veterinary pharmaceutical manufacturing industry (animal health industry) to which the company belongs, its main businesses and products, and its operating model - The company operates in the pharmaceutical manufacturing industry, specifically the veterinary pharmaceutical manufacturing (animal health) sector[26] - From 2013 to 2023, China's animal health market size increased from 41.213 billion yuan to 69.651 billion yuan, with the veterinary biological products market growing from 9.4 billion yuan to 16.276 billion yuan[26] - The company primarily engages in the R&D, production, and sales of veterinary biological products, with a product range covering over a hundred animal vaccines across four major series: swine, poultry, ruminant, and pet categories[28] (I) Company's Industry and Development Status This subsection elaborates on the development trends of the animal health industry, which benefits from scaled farming and national policy support, leading to continuous market growth, and provides livestock inventory data for the first half of 2025 - The company operates in the veterinary pharmaceutical manufacturing (animal health) industry, with veterinary biological products being the fastest-growing segment in the animal health market[26] - From 2013 to 2023, China's animal health market size continuously increased from 41.213 billion yuan to 69.651 billion yuan, with the veterinary biological products market growing from 9.4 billion yuan to 16.276 billion yuan[26] - As of the end of June 2025, national pig inventory was 424.47 million heads, a year-on-year increase of 2.2%; breeding sow inventory was 40.43 million heads, a year-on-year increase of 0.12%[27] (II) Main Business This subsection clarifies the company's primary engagement in the R&D, production, and sales of veterinary biological products, covering four major series and holding designated production qualifications for key mandatory immunization vaccines - The company primarily engages in the R&D, production, and sales of veterinary biological products, with a product range covering over a hundred animal vaccines across four major series: swine, poultry, ruminant, and pet categories[28] - The company holds designated production qualifications from the Ministry of Agriculture and Rural Affairs for four mandatory immunization vaccines: Foot-and-Mouth Disease, Highly Pathogenic Avian Influenza, Brucellosis, and Peste des Petits Ruminants[28] - The company leverages platforms such as the Animal Biosafety Level 3 Laboratory (ABSL-3) and the National Engineering Laboratory for Veterinary Vaccines to provide comprehensive animal disease prevention and control solutions[28][29] (III) Main Products This subsection details the company's main products in swine, ruminant, poultry, and pet vaccines, outlining their characteristics and uses to address various common and critical disease prevention needs - The company operates three intelligent animal vaccine manufacturing bases: Jinyu Baoling, Yangzhou Youbang, and Liaoning Yikang[29] - Key products include Foot-and-Mouth Disease O-type and A-type bivalent inactivated vaccine for pigs, Porcine Circovirus Type 2 baculovirus vector inactivated vaccine, Brucellosis live vaccine (Rev.1 strain), Avian Influenza (H9) inactivated vaccine, Rabies inactivated vaccine, and Feline Panleukopenia, Rhinotracheitis, Calicivirus trivalent inactivated vaccine[29][30][31][32] (IV) Business Model This subsection describes the company's management, R&D, production, and sales models, emphasizing decentralized management, joint innovation, demand-oriented production, and a diversified sales approach - Management Model: Decentralized management and horizontal integration across departments to maximize resource input-output efficiency[32] - R&D Model: Relies on three major laboratory platforms, adheres to independent innovation, and establishes a flexible and efficient joint innovation mechanism[33] - Production Model: Demand-oriented production combined with reasonable safety stock, adopting a "produce-to-order with appropriate inventory" approach, strictly adhering to national veterinary GMP standards[33] - Sales Model: Comprises three types: direct sales (to large-scale farms), distribution (to small and medium-sized farms), and government procurement (for mandatory immunization diseases)[33][34] (V) Performance Drivers During the Reporting Period This subsection analyzes the factors driving the company's performance growth during the reporting period, including the recovery of the downstream pig farming industry, precise market strategies, and comprehensive technical service capabilities - Downstream pig farming industry gradually recovered, beef cattle farming turned profitable, and competition in the animal health industry intensified[35] - The swine vaccine segment maintained stable growth, with swine non-Foot-and-Mouth Disease product revenue increasing by over 20%[35] - Poultry vaccine direct sales channel revenue increased by nearly 40% year-on-year, and pet direct sales channel performance increased by over 4 times year-on-year[35] - International business segment experienced rapid growth, with Foot-and-Mouth Disease vaccine sales in Vietnam doubling year-on-year, and active expansion into other overseas markets[35] II. Discussion and Analysis of Operations This section discusses the company's operational performance during the reporting period, focusing on core technology breakthroughs, intelligent manufacturing empowerment, and deepening customer needs - During the reporting period, the company's R&D investment was 84 million yuan, accounting for 13.51% of operating revenue[36] - The African Swine Fever subunit vaccine and Feline Infectious Peritonitis mRNA vaccine received clinical trial approvals in July 2025, and the Bovine Foot-and-Mouth Disease (O-type, A-type), Bovine Viral Diarrhea, and Infectious Bovine Rhinotracheitis trivalent inactivated vaccine received clinical trial approval in April 2025[36][37][38] - The company obtained 4 new veterinary drug certificates, including the Bovine Mycoplasma live vaccine (HB150 strain, Class I new veterinary drug)[38] - Jinyu Baoling successfully passed the National AAA-level Integration of Informatization and Industrialization Management System certification and was recognized as a benchmark for industrial digital transformation in Inner Mongolia Autonomous Region[38] - The company's cooperation coverage with leading large-scale farming groups in the industry has exceeded 90%, with channel performance increasing by over 50% compared to the same period in 2024[39] (I) Focusing on Core Technology Breakthroughs to Overcome Industry Development Bottlenecks This subsection highlights the company's continuous increase in R&D investment, focusing on cutting-edge areas such as African Swine Fever vaccines, novel mRNA vaccines, and multivalent vaccines, achieving multiple clinical trial approvals and new veterinary drug certificates - During the reporting period, the company's R&D investment was 84 million yuan, accounting for 13.51% of operating revenue[36] - The African Swine Fever subunit vaccine received clinical trial approval from the Ministry of Agriculture and Rural Affairs in July 2025, marking the first ASF vaccine clinical trial approval in China[36] - The Feline Infectious Peritonitis mRNA vaccine received clinical trial approval in July 2025, filling a technological gap in domestic feline infectious peritonitis prevention[37] - The Bovine Foot-and-Mouth Disease (O-type, A-type), Bovine Viral Diarrhea, and Infectious Bovine Rhinotracheitis trivalent inactivated vaccine received clinical trial approval in April 2025, achieving "one shot, three protections"[38] - The company obtained 4 new veterinary drug certificates, including the Bovine Mycoplasma live vaccine (HB150 strain, Class I new veterinary drug, domestically and internationally pioneering)[38] (II) Empowering High-Quality Development with Intelligent Manufacturing This subsection describes how the company, through its digital and intelligent strategy, deeply integrates AI and big data to build a comprehensive digital intelligent control system, significantly improving operational efficiency and product quality stability, and achieving national-level certifications - The company, guided by its digital and intelligent strategy, deeply integrates cutting-edge technologies such as artificial intelligence and big data to build an industry-leading digital and intelligent comprehensive platform[38] - The company has achieved interconnected production and quality data, establishing a comprehensive digital intelligent control system covering the entire process, significantly enhancing operational efficiency and product quality stability[38] - Jinyu Baoling successfully passed the National AAA-level Integration of Informatization and Industrialization Management System certification and was recognized as a benchmark for industrial digital transformation in Inner Mongolia Autonomous Region[38] (III) Deepening Customer Needs to Continuously Activate Market Growth Engines This subsection introduces the company's customer-centric approach, providing integrated solutions and customized plans, resulting in significant channel performance growth and strong market response for several products - The company promotes an integrated solution of "vaccine + diagnostic testing + disease prevention and control + scenario application" to provide customers with comprehensive, one-stop services[39] - The company's cooperation coverage with leading large-scale farming groups in the industry has exceeded 90%, with channel performance increasing by over 50% compared to the same period in 2024[39] - Swine diarrhea vaccine achieved doubled growth year-on-year; bovine lumpy skin disease vaccine ranked first in market share after its launch; feline trivalent vaccine received strong market response, with rapid market share increase[40] III. Analysis of Core Competitiveness During the Reporting Period This section analyzes the company's core competitiveness, primarily reflected in its rich product portfolio, leading R&D platforms, cutting-edge production processes, intelligent manufacturing lines, and comprehensive sales and technical service system - The company possesses a rich product portfolio covering over a hundred animal vaccines across four major series (swine, poultry, ruminant, and pet), and holds designated production qualifications from the Ministry of Agriculture for three mandatory immunization vaccines[42] - The company boasts three leading R&D platforms: the National Engineering Laboratory for Veterinary Vaccines, the Ministry of Agriculture's Key Laboratory for Ruminant Biological Products, and the Animal Biosafety Level 3 Laboratory (ABSL-3), enabling research and development of critical veterinary vaccines such as African Swine Fever and Foot-and-Mouth Disease[42][43] - The company is the first domestic enterprise to achieve breakthroughs in cell suspension culture and antigen purification and concentration technologies for Foot-and-Mouth Disease vaccine production, and owns the first biological industrial park in China to fully implement intelligent manufacturing[43][44] - The company pioneered the market-oriented promotion and sales of Foot-and-Mouth Disease vaccines, introduced innovative "combination immunization" and "needle-free injection" solutions, forming a comprehensive disease prevention and control service system[44] IV. Key Operating Performance During the Reporting Period This section analyzes the company's key operating performance during the reporting period, including changes in financial statement items, asset and liability status, investment status, and the operating performance of major holding and participating companies Financial Statement Related Item Fluctuation Analysis (January-June 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 619,568,676.18 | 611,731,208.51 | 1.28 | Stable market share for key products like Foot-and-Mouth Disease, steady increase in market share for new and important non-Foot-and-Mouth Disease products | | Total Profit | 74,149,513.86 | 147,059,963.85 | -49.58 | Significant year-on-year increase in R&D expenses for human antibody drugs and amortization of intangible assets, intensified competition in the animal health industry leading to product price reductions and gross margin decline | | Net Profit Attributable to Shareholders of the Listed Company | 60,424,024.24 | 122,918,629.44 | -50.84 | Same as above | | R&D Expenses | 73,427,942.73 | 58,451,141.65 | 25.62 | Increased investment in key R&D projects | | Net Cash Flow from Operating Activities | 88,943,343.59 | 130,730,764.81 | -31.96 | Decrease in collections compared to prior period and increase in operating expenses | | Net Cash Flow from Investing Activities | 112,049,076.04 | -275,522,948.24 | Not applicable | Decrease in large-denomination certificate of deposit purchases compared to prior period, and recovery of project investments | | Net Cash Flow from Financing Activities | -256,358,801.06 | -5,094,350.10 | Not applicable | Repurchase of unvested shares from employee stock ownership plan | (I) Analysis of Main Business This subsection analyzes the changes in financial statement items related to the company's main business, noting a slight increase in operating revenue but varying increases in operating costs, selling expenses, administrative expenses, and R&D expenses, leading to a significant decrease in total profit and net profit (III) Analysis of Assets and Liabilities This subsection analyzes the changes in the company's assets and liabilities at the end of the period, showing significant increases in notes receivable and prepayments, substantial decreases in long-term equity investments and provisions, an increase in treasury stock due to share repurchases, and a minimal proportion of overseas assets Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period End (yuan) | Prior Year End (yuan) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 46,520,865.78 | 15,531,481.68 | 199.53 | Mainly due to increased customer acceptance payments | | Prepayments | 33,399,276.90 | 7,335,231.64 | 355.33 | Mainly due to prepayments for materials and services | | Long-term Equity Investments | 62,186,636.82 | 272,122,685.41 | -77.15 | Mainly due to withdrawal from associate equity investment | | Provisions | 0 | 268,294,850.00 | -100.00 | Mainly due to settlement of litigation cases during the reporting period | | Treasury Stock | 315,254,716.61 | 209,669,254.40 | 50.36 | Mainly due to share repurchases during the reporting period | - Overseas assets amounted to 15,279.90 yuan, accounting for 0.00% of total assets[51] (IV) Analysis of Investment Status This subsection analyzes the company's investment status, noting a significant decrease in the value of long-term equity investments at period-end, and disclosing financial assets measured at fair value, including trading financial assets and other equity instrument investments - As of the end of the reporting period, the company's long-term equity investment value was 62.1866 million yuan, a decrease of 209.9360 million yuan from the beginning of the period[52] Financial Assets Measured at Fair Value (January-June 2025) | Asset Category | Beginning of Period (yuan) | Fair Value Change in Current Period (yuan) | Purchases in Current Period (yuan) | Sales/Redemptions in Current Period (yuan) | End of Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 36,827,672.01 | -110,945.37 | 0 | 140,574.28 | 36,576,152.36 | | Other Equity Instrument Investments | 181,038,317.66 | 0 | 16,000,000.00 | 153,091,836.87 | 134,464,117.92 | | Total | 217,865,989.67 | -110,945.37 | 16,000,000.00 | 153,232,411.15 | 171,040,270.28 | - The company's holdings in Zhengda Technology shares resulted from debt-to-equity conversion during the restructuring of a debtor unit[56] (VI) Analysis of Major Holding and Participating Companies This subsection lists the financial information of the company's major holding and participating companies, including Jinyu Baoling, Yangzhou Youbang, and Liaoning Yikang, highlighting their significant impact on the company's overall performance in terms of total assets, net assets, operating revenue, and net profit Major Holding and Participating Companies (January-June 2025) | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinyu Baoling | Subsidiary | R&D, production, and sales of Foot-and-Mouth Disease cell suspension culture inactivated vaccines, cell toxin live vaccines, bacterial live vaccines, etc | 50,000.00 | 280,225.10 | 209,446.17 | 37,353.93 | 5,910.65 | 5,464.70 | | Yangzhou Youbang | Subsidiary | R&D, production, and sales of cell toxin inactivated vaccines, embryo toxin live vaccines, embryo toxin inactivated vaccines, bacterial inactivated vaccines, etc | 10,000.00 | 57,592.34 | 43,958.46 | 11,980.98 | 4,125.41 | 3,531.01 | | Liaoning Yikang | Subsidiary | R&D, production, and sales of cell toxin live vaccines, tissue toxin live vaccines, etc | 11,500.00 | 59,646.98 | 53,446.69 | 11,053.88 | 642.63 | 544.86 | V. Other Disclosure Matters This section discloses five major risks the company may face, including market competition, changes in regulatory policies for the veterinary biological products industry, product quality control, biosafety, and technological innovation, along with the company's measures to address these risks - The company faces market competition risks, requiring continuous R&D innovation and improvement of its sales and service system[58] - Changes in regulatory policies for the veterinary biological products industry, particularly the implementation of the "vaccinate first, subsidize later" policy, demand higher comprehensive service capabilities from the company[58] - Product quality control risks and biosafety risks (improper operation of ABSL-3 laboratories) could impact the company's operating performance and reputation[60] - Technological innovation risks exist, as R&D for veterinary biological products has long cycles and high difficulty, potentially leading to R&D failure or loss of market opportunity[60][61] Corporate Governance, Environment, and Society I. Changes in Directors and Senior Management This section discloses significant changes in the company's board of directors and senior management, including the expiration of terms for the eleventh board and supervisory board, the election of the twelfth board, and the appointment of new senior management - The terms of the company's eleventh Board of Directors and eleventh Supervisory Board expired in May 2025[64] - On May 28, 2025, the company elected directors for the twelfth Board of Directors and appointed Zhang Chongyu as Chairman, Zhang Jing as Vice Chairman and President, Zhao Lixia as Vice President, Li Kai as Chief Financial Officer, and Gu Ruiyuan as Board Secretary[64] II. Profit Distribution or Capital Reserve Conversion Plan This section clarifies that the company will not undertake any profit distribution or capital reserve conversion into share capital for the current semi-annual period - The proposed profit distribution plan or capital reserve conversion plan for the current semi-annual period is "none"[65] III. Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section discloses the progress of the company's 2023 employee stock ownership plan, noting the failure to meet performance targets for the second vesting period and employee departures, leading to the repurchase and cancellation of unvested shares - The company-level performance assessment for the second vesting period of the 2023 employee stock ownership plan's initial grant failed to be met, and some incentive recipients resigned[66] - The company decided to repurchase and cancel 8.6214 million shares of target stock corresponding to the granted but unvested equity interests[67] - The company completed the repurchase and cancellation of the aforementioned shares on July 31, 2025[67] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information This section lists the three subsidiaries included in the company's environmental information disclosure list and provides access to their environmental information disclosure reports, demonstrating the company's commitment to environmental transparency - The company has 3 subsidiaries included in the list of enterprises required to disclose environmental information[68] - The included subsidiaries are Jinyu Baoling, Yangzhou Youbang, and Liaoning Yikang[68] - Environmental information disclosure reports for each subsidiary can be accessed through the respective provincial enterprise environmental information disclosure systems[68] Significant Matters I. Fulfillment of Commitments This section details the fulfillment of various commitments made by the company's actual controllers, shareholders, and the company itself in the context of acquisition reports and refinancing, confirming strict adherence to all commitments - Jinyu Bio-Holding, Zhang Chongyu, and Zhang Jing committed to maintaining the independence of the listed company in personnel, finance, organization, assets, and business, and strictly fulfilled these commitments[71][72] - Jinyu Bio-Holding, Zhang Chongyu, and Zhang Jing committed to avoiding horizontal competition, and strictly fulfilled these commitments[72][73][74] - Jinyu Bio-Holding, Zhang Chongyu, and Zhang Jing committed to reducing and standardizing related party transactions, and strictly complied with relevant regulations[74] - Jinyu Bio-Holding, Zhang Chongyu, and Zhang Jing committed that the subscription funds were legitimate and did not involve improper shareholding, and strictly fulfilled these commitments[74][75][76] - Jinyu Bio-Holding, Zhang Chongyu, and Zhang Jing committed not to transfer shares within 18 months after the acquisition and not to reduce their shareholdings in the listed company during specific periods, and strictly fulfilled these commitments[75][76] - Jinyu Bio directors and senior management, Jinyu Bio-Holding, Zhang Chongyu, and Zhang Jing committed that the return compensation measures would be effectively implemented, and strictly fulfilled these commitments[76][77] - Jinyu Bio-Holding committed that the proceeds from this issuance would not be invested in real estate business, and strictly fulfilled this commitment[77][78] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period This section explicitly states that there was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - During the reporting period, the company was not subject to non-operating fund occupation by controlling shareholders or other related parties[79] III. Irregular Guarantees This section explicitly states that there were no instances of the company providing external guarantees in violation of prescribed decision-making procedures during the reporting period - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[79] VII. Major Litigation and Arbitration Matters This section explicitly states that there were no major litigation or arbitration matters involving the company during the reporting period - There were no major litigation or arbitration matters for the company during this reporting period[79] Share Changes and Shareholder Information I. Changes in Share Capital This section explains that the company's total share capital and share structure remained unchanged during the reporting period, but after the reporting period, a portion of shares was repurchased and cancelled due to unfulfilled employee stock ownership plan conditions and employee departures, resulting in a reduction in total share capital - During the reporting period, the company's total share capital and share structure remained unchanged[83] - After the reporting period, due to the failure to meet performance targets for the second vesting period of the 2023 employee stock ownership plan and employee departures, the company repurchased and cancelled 8.6214 million shares on July 31, 2025[84] - After the repurchase and cancellation, the company's total share capital changed to 1,111,747,826 shares, with no impact on earnings per share or net assets per share[84] II. Shareholder Information This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders as of the end of the reporting period, with Inner Mongolia Jinyu Bio-Holding Co., Ltd. as the largest shareholder, and also lists the company's dedicated securities account for share repurchases - Total number of common shareholders as of the end of the reporting period: 54,906 households[85] Top Ten Shareholders' Shareholding Status (As of End of Reporting Period) | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Jinyu Bio-Holding Co., Ltd. | 122,304,000 | 10.92 | 0 | Pledged | 18,600,000 | Domestic Non-State-Owned Legal Person | | Weixing Asset Management (Shanghai) Co., Ltd. - Ningbo Meishan Bonded Port Area Xingqidaohe Equity Investment Partnership (Limited Partnership) | 42,347,655 | 3.78 | 0 | None | - | Domestic Non-State-Owned Legal Person | | Shanghai Chuntao Investment Management Co., Ltd. - Chunyun Value No. 1 Securities Investment Private Fund | 40,358,474 | 3.60 | 0 | None | - | Other | | Zhang Chongyu | 23,003,826 | 2.05 | 0 | None | - | Domestic Natural Person | | Jinyu Bio-Technology Co., Ltd. Repurchase Dedicated Securities Account | 18,684,900 | 1.67 | 0 | Other | - | Other | | Jinyu Bio-Technology Co., Ltd. - 2023 Employee Stock Ownership Plan | 17,559,800 | 1.57 | 0 | None | - | Other | | Zheshang Bank Co., Ltd. - Guotai CSI Livestock Breeding ETF | 15,950,070 | 1.42 | 0 | None | - | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 10,342,397 | 0.92 | 0 | None | - | Other | | Hong Kong Securities Clearing Company Limited | 10,257,090 | 0.92 | 0 | None | - | Other | | Yao Chen | 10,058,279 | 0.90 | 0 | None | - | Domestic Natural Person | - Among the top ten shareholders, Zhang Chongyu is a shareholder of Inner Mongolia Jinyu Bio-Holding Co., Ltd[88] Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section explicitly states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[91] II. Convertible Corporate Bonds This section explicitly states that the company had no convertible corporate bonds during the reporting period - During the reporting period, the company had no convertible corporate bonds[91] Financial Report I. Audit Report This section states that this semi-annual report has not been audited - This semi-annual report has not been audited[6] II. Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting its financial position, operating results, and cash flow situation Consolidated Balance Sheet As of June 30, 2025, the company's total consolidated assets were 6,571,033,631.07 yuan, total liabilities were 1,102,316,179.92 yuan, and total owners' equity was 5,468,717,451.15 yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 1,059,725,866.11 | 1,139,534,619.01 | | Trading Financial Assets | 36,576,152.36 | 36,827,672.01 | | Notes Receivable | 46,520,865.78 | 15,531,481.68 | | Accounts Receivable | 586,861,825.19 | 633,301,496.88 | | Inventories | 292,917,428.87 | 294,644,950.24 | | Long-term Equity Investments | 62,186,636.82 | 272,122,685.41 | | Fixed Assets | 1,551,400,087.70 | 1,620,955,123.30 | | Intangible Assets | 565,156,094.35 | 586,755,356.37 | | Total Assets | 6,571,033,631.07 | 6,764,669,055.34 | | Short-term Borrowings | 15,009,583.34 | 15,007,666.67 | | Accounts Payable | 233,574,465.19 | 261,624,581.01 | | Contract Liabilities | 84,674,391.25 | 104,520,095.93 | | Provisions | 0 | 268,294,850.00 | | Total Liabilities | 1,102,316,179.92 | 1,349,290,645.97 | | Total Equity Attributable to Parent Company Shareholders | 5,370,774,245.95 | 5,314,336,328.75 | | Total Owners' Equity | 5,468,717,451.15 | 5,415,378,409.37 | Consolidated Income Statement For the first half of 2025, the company achieved operating revenue of 619,568,676.18 yuan, a year-on-year increase of 1.28%; net profit of 58,675,416.45 yuan, a year-on-year decrease of 52.54%; and net profit attributable to parent company shareholders of 60,424,024.24 yuan, a year-on-year decrease of 50.84% Consolidated Income Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 619,568,676.18 | 611,731,208.51 | | Total Operating Costs | 579,263,137.46 | 471,488,520.43 | | Total Profit | 74,149,513.86 | 147,059,963.85 | | Net Profit | 58,675,416.45 | 123,609,178.25 | | Net Profit Attributable to Parent Company Shareholders | 60,424,024.24 | 122,918,629.44 | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.11 | | Diluted Earnings Per Share (yuan/share) | 0.06 | 0.11 | Consolidated Cash Flow Statement For the first half of 2025, the company's net cash flow from operating activities was 88,943,343.59 yuan, a year-on-year decrease of 31.96%; net cash flow from investing activities turned positive at 112,049,076.04 yuan; and net cash flow from financing activities showed a significant outflow of -256,358,801.06 yuan Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 88,943,343.59 | 130,730,764.81 | | Net Cash Flow from Investing Activities | 112,049,076.04 | -275,522,948.24 | | Net Cash Flow from Financing Activities | -256,358,801.06 | -5,094,350.10 | | Net Increase in Cash and Cash Equivalents | -55,366,381.43 | -149,897,253.66 | | Cash and Cash Equivalents at End of Period | 758,557,992.09 | 902,862,914.55 | III. Company Basic Information This section outlines the company's establishment background, listing date, registered capital, registered address, and main business activities, also identifying the largest shareholder - The company was listed on the Shanghai Stock Exchange in January 1999, with a total issued share capital of 1,120,369,226 shares and registered capital of 1,120,369,226 yuan as of June 30, 2025[120] - The company's main business activities include the manufacturing and sales of veterinary biological products, manufacturing and sales of veterinary chemical pharmaceutical preparations, and biotechnology development, transfer, and consulting services[120] - The company's largest shareholder is Inner Mongolia Jinyu Bio-Holding Co., Ltd.[121] IV. Basis of Financial Statement Preparation This section states that the company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, along with their application guidance, interpretations, and other relevant regulations, on a going concern basis using the accrual basis and historical cost measurement - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, along with their application guidance, interpretations, and other relevant regulations[122] - These financial statements are presented on a going concern basis, with accounting based on the accrual method, and, except for certain financial instruments, are measured at historical cost[122][123] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for fixed asset depreciation, intangible asset amortization, R&D expense capitalization criteria, revenue recognition, financial instruments, inventories, long-term equity investments, investment properties, construction in progress, employee benefits, provisions, share-based payments, government grants, deferred tax assets/liabilities, and leases, also explaining the determination method for materiality standards - The company determines policies for fixed asset depreciation, intangible asset amortization, R&D expense capitalization criteria, and revenue recognition based on its production and operational characteristics[124] - The company identifies individual construction in progress items with amounts exceeding 0.5% of total assets as significant, and individual cash flow items exceeding 0.5% of total assets as significant investment activities[129] - The company uses the point at which a vaccine R&D project obtains clinical trial approval as the demarcation between research and development phases for expenditure capitalization[191] - The company recognizes revenue when it satisfies a performance obligation in the contract, meaning when the customer obtains control of the related goods or services[207] VI. Taxation This section lists the company's main tax categories and rates, and details the corporate income tax preferential policies enjoyed by its subsidiaries, including those for encouraged industries in the Western Development Strategy, high-tech enterprises, and small low-profit enterprises Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 3, 5, 6, 9, 13 | | Corporate Income Tax | Taxable Income | 25 | | Property Tax | Rental Income, 70% of Original Property Value | 12, 1.2 | - Subsidiaries Jinyu Baoling, Liaoning Yikang, and Yangzhou Youbang enjoy a 15% corporate income tax preferential rate[233][234] - Subsidiaries Inner Mongolia Jinkun Property Service Co., Ltd. and Inner Mongolia Jinyu Baoling Biotechnology Research Institute Co., Ltd. enjoy tax reductions for small low-profit enterprises[234] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on major items in the consolidated financial statements, including cash and bank balances, trading financial assets, notes receivable, accounts receivable, other receivables, inventories, long-term equity investments, other equity instrument investments, fixed assets, construction in progress, intangible assets, goodwill, deferred tax assets/liabilities, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, other payables, deferred income, treasury stock, operating revenue and costs, R&D expenses, financial expenses, investment income, asset impairment losses, asset disposal gains, non-operating income and expenses, income tax expenses, and cash flow statement items, providing period-end balances, beginning-of-period balances, changes, and explanations - Period-end cash and bank balances were 1,059,725,866.11 yuan, of which 14,594,079.02 yuan was restricted funds (securities account share repurchase funds, bank acceptance bill deposits, letter of guarantee deposits)[236] - Period-end accounts receivable book value was 586,861,825.19 yuan, including 28,816,065.23 yuan for individually impaired accounts and 79,310,577.51 yuan for collectively impaired accounts[253] - Period-end long-term equity investments were 62,186,636.82 yuan, a 77.15% decrease from the beginning of the period, mainly due to withdrawal from associate equity investment[282] - Period-end goodwill original book value was 166,133,358.99 yuan, with impairment provision of 157,937,588.27 yuan, primarily from Liaoning Yikang and Wuhan Zhenghua Precision Machinery Technology Development Co., Ltd[305][307] - Period-end treasury stock was 315,254,716.61 yuan, an increase of 105,585,462.21 yuan in the current period, mainly due to the company's repurchase of its shares through centralized bidding transactions[362] - Current period R&D expenses were 73,427,942.73 yuan, a 25.62% year-on-year increase, mainly due to the company's increased investment in key R&D projects[373] VIII. Research and Development Expenses This section details the company's R&D expenditures during the reporting period, including expensed and capitalized amounts, and discloses important capitalized R&D projects with their progress, estimated completion times, expected economic benefits, and specific capitalization criteria R&D Expenses by Nature (January-June 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Material Costs | 19,230,910.37 | 22,867,561.24 | | Collaboration Fees | 24,732,230.57 | 10,898,781.75 | | Labor Costs | 16,955,843.99 | 17,979,556.70 | | Depreciation Expenses | 13,497,381.36 | 13,436,034.78 | | Utilities Costs | 4,565,814.74 | 4,864,627.30 | | Intangible Asset Amortization | 1,421,223.49 | 487,451.48 | | Other | 3,282,988.11 | 4,482,745.75 | | Total | 83,686,392.63 | 75,016,759.00 | | Of which: Expensed R&D Expenditures | 73,427,942.73 | 58,451,141.65 | | Capitalized R&D Expenditures | 10,258,449.90 | 16,565,617.35 | - The company uses the point at which a vaccine R&D project obtains clinical trial approval as the demarcation between research and development phases for expenditure capitalization[191] - Important capitalized R&D projects include Production Technology Two, Production Technology Three, Production Technology Four, Production Technology Six, Production Technology Seven, Production Technology Eight, Production Technology Nine, Production Technology Ten, Production Technology Eleven, Production Technology Twelve, Production Technology Thirteen, Production Technology Fourteen, Production Technology Sixteen, Production Technology Seventeen, Production Technology Eighteen, Production Technology Twenty, Production Technology Twenty-One, Production Technology Twenty-Two, Production Technology Twenty-Three, Production Technology Twenty-Four, Production Technology Twenty-Five, and Production Technology Twenty-Six, all entering the development phase after obtaining clinical trial approval, expected to generate economic benefits through product launch and sales[405][406] IX. Changes in Consolidation Scope This section describes the changes in the company's consolidation scope during the reporting period, primarily due to the establishment of five new subsidiaries - During this period, the company established Inner Mongolia Jinchong Tiandi Technology Co., Ltd., with a registered capital of 10 million yuan, primarily engaged in veterinary drug operations and animal diagnosis and treatment[408] - During this period, the company established Inner Mongolia Jinkun Zhenwei Catering Co., Ltd., with a registered capital of 100,000 yuan, primarily engaged in catering services and food sales[408] - During this period, the company added Inner Mongolia Dong'an Information Technology Co., Ltd., Inner Mongolia Jinmaishi Biotechnology Co., Ltd., and Inner Mongolia Jinzhun Testing Technology Co., Ltd., engaged in internet information services, veterinary drug production, and testing services, respectively[408] X. Interests in Other Entities This section discloses the company's interests in subsidiaries and associates, including the composition of the enterprise group, key financial information of significant non-wholly owned subsidiaries, and aggregated financial information of insignificant associates Composition of the Enterprise Group (Selected Subsidiaries) | Subsidiary Name | Registered Capital (yuan) | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | | Jinyu Baoling Biopharmaceutical Co., Ltd. | 50,000.00 | Biopharmaceutical | 100.00 | | Yangzhou Youbang Biopharmaceutical Co., Ltd. | 10,000.00 | Biopharmaceutical | 100.00 | | Liaoning Yikang Biotechnology Co., Ltd. | 11,500.00 | Biopharmaceutical | 63.6435 | | Jinyu Kyowa Animal Health Co., Ltd. | 19,500.00 | Biopharmaceutical | 51.00 (Indirect) | | Inner Mongolia Jinchong Tiandi Technology Co., Ltd. | 1,000.00 | Wholesale Trade | 80.00 (Indirect) | Key Financial Information of Significant Non-Wholly Owned Subsidiaries (January-June 2025) | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Minority Interest Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | | Liaoning Yikang Biotechnology Co., Ltd. | 5.0956 | 277,637.53 | 29,944,658.12 | Summary Financial Information of Insignificant Associates (January-June 2025) | Item | Balance at Period End / Current Period Amount (yuan) | | :--- | :--- | | Total Investment Book Value | 62,186,636.82 | | Net Profit | -1,120,238.65 | | Total Comprehensive Income | -1,120,238.65 | XI. Government Grants This section discloses the company's government grant liability items and the amounts of government grants recognized in current profit or loss during the reporting period, indicating that the company received both asset-related and income-related government grants Liability Items Related to Government Grants (January-June 2025) | Financial Statement Item | Balance at Beginning of Period (yuan) | New Grants Added in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 345,322,497.74 | 14,185,440.64 | 19,694,442.02 | 339,283,496.36 | Government Grants Recognized in Current Period Profit/Loss (January-June 2025) | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 4,013,223.00 | 1,223,921.99 | | Asset-related | 19,694,442.02 | 9,167,816.92 | | Total | 23,707,665.02 | 10,391,738.91 | XII. Risks Related to Financial Instruments This section outlines the main financial instrument risks faced by the company, including credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk), and describes the policies and measures adopted to manage these risks, as well as capital management objectives and strategies - The company's main financial instruments include cash and bank balances, notes receivable, accounts receivable, other receivables, long-term receivables, etc., with primary risks being credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk)[420] - The company manages credit risk by assessing customer creditworthiness, regularly monitoring credit records, and diversifying investment and business portfolios[422] - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring the utilization of bank borrowings[423] - The company monitors its capital structure based on the asset-liability ratio (16.78% at period-end) to ensure continuous operation and provide returns to shareholders[425] XIII. Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value at period-end, primarily including trading financial assets and other equity instrument investments, and states that the book value of financial assets and liabilities not measured at fair value is very close to their fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period End (June 30, 2025) | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (I) Trading Financial Assets | 1,594,109.79 | 34,982,042.57 | 0 | 36,576,152.36 | | (2) Equity Instrument Investments | 1,594,109.79 | 0 | 0 | 1,594,109.79 | | (3) Wealth Management Products | 0 | 34,982,042.57 | 0 | 34,982,042.57 | | (III) Other Equity Instrument Investments | 0 | 0 | 134,464,117.92 | 134,464,117.92 | | Total Assets Measured at Recurring Fair Value | 1,594,109.79 | 34,982,042.57 | 134,464,117.92 | 171,040,270.28 | - The book value of financial assets and liabilities not measured at fair value is very close to their fair value[429] XIV. Related Parties and Related Party Transactions This section discloses the company's other related parties, including directors, senior management, and investees with a 10% shareholding, and lists amounts payable to related parties at period-end - Other related parties include directors, president, vice presidents, chief financial officer, and board secretary of the company's twelfth Board of Directors[431] - Inner Mongolia Huishang Investment Co., Ltd. is an investee in which the company holds a 10% stake[430] Amounts Payable to Related Parties (June 30, 2025) | Item Name | Related Party | Book Balance at Period End (yuan) | Book Balance at Beginning of Period (yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Inner Mongolia Huishang Investment Co., Ltd. | 1,000,000.00 | 1,000,000.00 | Key Management Personnel Remuneration (January-June 2025) | Item | Current Period Amount (ten thousand yuan) | Prior Period Amount (ten thousand yuan) | | :--- | :--- | :--- | | Key Management Personnel Remuneration | 281.91 | 629.41 | XV. Share-Based Payments This section discloses the company's equity-settled share-based payments, including the method and key parameters for determining the fair value of equity instruments at the grant date, and the basis for determining the number of exercisable equity instruments - Equity-settled share-based payment recipients are company employees[439] - The fair value of equity instruments at the grant date is determined by the stock market price, with the closing price on the stock exchange selected as the key parameter[439] - The number of exercisable equity instruments is determined by the company based on the equity instruments corresponding to active incentive recipients and forecasts of future annual company performance[439] XVI. Commitments and Contingencies This section discloses the company's significant commitments at period-end, primarily capital commitments for the construction of long-term assets, and contingent liabilities arising from pending lawsuits, including a construction contract dispute involving subsidiary Jinyu Baoling and China Electronics System Engineering No. 4 Construction Co., Ltd Capital Commitments Contracted But Not Yet Recognized in Financial Statements | Item | Balance at Period End (yuan) | Balance at Prior Year End (yuan) | | :--- | :--- | :--- | | Commitments for Construction of Long-term Assets | 62,256,387.20 | 76,131,243.50 | - Subsidiary Jinyu Baoling is involved in an engineering contract dispute with China Electronics System Engineering No. 4 Construction Co., Ltd., with a disputed amount of 14,887,600.00 yuan, currently under trial[441][442] XVII. Events After the Balance Sheet Date This section discloses two significant events that occurred after the balance sheet date: the company terminated its plan for a non-public offering of A-shares to specific targets for 2023 and completed the repurchase and cancellation of some shares from the 2023 employee stock ownership plan, resulting in a reduction in total share capital - On July 14, 2025, the company terminated its plan for a non-public offering of A-shares to specific targets for 2023 and signed termination agreements with relevant parties[443][444] - In July 2025, the company completed the registration for the repurchase and cancellation of 8.6214 million restricted shares from the 2023 employee stock ownership plan that had been granted but not yet vested[444][445] - After the repurchase and cancellation, the company's total share capital changed from 1,120,369,226 shares to 1,111,747,826 shares[445] XVIII. Other Significant Matters This section discloses that the company reached a civil settlement with Liaoning Provincial Investment Group Co., Ltd. regarding the acquisition of Liaoning Yikang equity, agreeing to pay 203 million yuan in three installments, and has received the remaining 35.95 million shares from Liaotou Group, increasing the company's shareholding in Liaoning Yikang to 94.9044% - The company and Liaoning Provincial Investment Group Co., Ltd. were involved in a lawsuit arising from a dispute over the acquisition of Liaoning Yikang equity[447] - On June 4, 2025, the Liaoning Provincial Higher People's Court issued a civil mediation statement, ruling that the company would pay Liaotou Group a total acquisition price of 203 million yuan in three installments[447] - Liaotou Group has transferred the