通化金马(000766) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The Board of Directors and senior management guarantee the report's accuracy and completeness, with all directors attending the review meeting - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility, with all directors attending the board meeting to review this semi-annual report[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the 2025 semi-annual period[6] - The report contains forward-looking statements about the company's future plans, which do not constitute a substantial commitment to investors, reminding investors to be aware of relevant risks[5] Company Profile and Key Financial Indicators Company Profile Tonghua Jinma Pharmaceutical Group Co., Ltd. (stock code: 000766) is a company listed on the Shenzhen Stock Exchange, with Zhang Yufu as its legal representative Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Tonghua Jinma | | Stock Code | 000766 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 通化金马药业集团股份有限公司 | | Legal Representative | Zhang Yufu | Key Accounting Data and Financial Indicators Revenue remained stable, but profitability significantly improved, with net profit attributable to shareholders up 34.77% and non-recurring net profit up 125.07% Key Financial Indicators | Key Financial Indicators | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 649,983,808.44 | 649,181,711.75 | 0.12% | | Net Profit Attributable to Shareholders of Listed Company | 16,803,994.50 | 12,468,342.98 | 34.77% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 14,407,264.70 | 6,401,376.02 | 125.07% | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | 104.80% | | Basic Earnings Per Share (Yuan/share) | 0.0174 | 0.0129 | 34.88% | | Weighted Average Return on Net Assets | 0.74% | 0.54% | 0.20% | | Asset Indicators | End of Current Period (Yuan) | End of Prior Year (Yuan) | YoY Change (%) | | Total Assets | 4,536,621,550.02 | 4,483,618,602.64 | 1.18% | | Net Assets Attributable to Shareholders of Listed Company | 2,272,201,739.67 | 2,255,397,745.17 | 0.75% | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 2.40 million yuan, mainly from government subsidies, contributing to profit but not from core operations Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 2,896,934.90 | | Gains and losses from disposal of non-current assets | -48,350.19 | | Net other non-operating income and expenses | -295,572.80 | | Total | 2,396,729.80 | Management Discussion and Analysis Overview of Main Business The company, a pharmaceutical manufacturer, focuses on R&D, production, and sales of drugs across various therapeutic areas, achieving stable revenue and significant profit growth - The company's business covers multiple fields including anti-tumor, microbiology, cardiovascular and cerebrovascular, and heat-clearing and detoxifying drugs, with core products such as Compound Lactobacillus Acidophilus Tablets, Osteo-Gua Extract Preparations, and Xiaojin Pills[28][29][32] - During the reporting period, the company achieved operating revenue of 650 million yuan, a year-on-year increase of 0.12%; net profit attributable to the parent company was 16.80 million yuan, a year-on-year increase of 34.77%; and non-recurring net profit attributable to the parent company was 14.41 million yuan, a year-on-year increase of 125.07%[37] - The company's independently developed National Class 1.1 new drug, Amber Octahydroacridine Tablets (for the treatment of Alzheimer's disease), has received the "Acceptance Notice" for its marketing application from the National Medical Products Administration, and the new drug marketing application process is currently underway[39] Analysis of Core Competencies Core competencies include product advantages, technological innovation, comprehensive industrial layout, experienced management team, and effective group control - Product advantages: The company offers a complete range of pharmaceutical dosage forms covering multiple therapeutic areas, with several well-known or exclusive products such as Compound Lactobacillus Acidophilus Tablets, Fengshi Qutong Capsules, and Xiaojin Pills[43] - Technology advantages: The company and its subsidiaries hold 45 invention patents and 76 utility model patents, with several patents pending, forming an intellectual property protection system for core products[44] - Industrial layout advantages: A business cluster has been formed by the headquarters and multiple subsidiaries, covering R&D and production systems for traditional Chinese medicine, chemical drugs, biological drugs, and innovative drugs, with investments in monoclonal antibody R&D and CRO enterprises[44] Analysis of Main Business Main business revenue structure shifted, with traditional Chinese medicine revenue up 22.11% and biochemical drug revenue down 9.72%, while regional performance varied significantly Main Financial Data | Major Financial Data | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 649,983,808.44 | 649,181,711.75 | 0.12% | - | | Selling Expenses | 332,382,006.20 | 355,808,947.90 | -6.58% | - | | R&D Investment | 20,780,794.81 | 31,003,332.41 | -32.97% | Due to reduced investment in line with new drug R&D progress in this period | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | 104.80% | Due to increased sales collection in this period | | Net Cash Flow from Financing Activities | 420,782.60 | 67,678,006.33 | -99.38% | Due to increased repayment of bank loans compared to the prior year period | Operating Revenue Composition (by Product) | Operating Revenue Composition (by Product) | Current Period Amount (Yuan) | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Traditional Chinese Medicine | 263,630,295.42 | 40.56% | 22.11% | | Biochemical Drugs | 385,234,419.51 | 59.27% | -9.72% | | APIs | 668,216.37 | 0.10% | -88.98% | Operating Revenue Composition (by Region) | Operating Revenue Composition (by Region) | Current Period Amount (Yuan) | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | North China Region | 149,989,888.87 | 23.08% | 54.42% | | East China Region | 206,011,973.51 | 31.69% | -27.79% | | South China Region | 68,011,518.20 | 10.46% | 55.67% | Analysis of Non-Main Business Non-main business items had a minor impact on total profit, with most items being non-recurring, including investment income and fair value changes Non-Main Business Items | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 158,727.11 | 0.66% | Equity method accounting gains/losses and debt restructuring gains/losses | Only equity method accounting gains/losses are sustainable | | Gains and Losses from Changes in Fair Value | -26,262.00 | -0.11% | Due to fluctuations in the fair value of held stocks | Not sustainable | | Asset Impairment | -186,083.51 | -0.77% | Due to provision for inventory depreciation | Sustainable | | Non-operating Income | 365,786.60 | 1.51% | Generated from non-operating activities | Not sustainable | | Non-operating Expenses | 661,359.40 | 2.73% | Generated from non-operating activities | Not sustainable | Analysis of Assets and Liabilities Total assets increased slightly to 4.54 billion yuan, with stable asset structure; restricted assets, primarily for loan collateral, totaled 411 million yuan Asset Items | Asset Item | Period-end Amount (Yuan) | Proportion of Total Assets (%) | Change from Period-start Proportion (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 343,686,786.24 | 7.58% | 1.46% | | Accounts Receivable | 513,987,637.44 | 11.33% | 0.19% | | Inventories | 367,547,372.85 | 8.10% | -0.42% | | Fixed Assets | 679,776,737.80 | 14.98% | -0.55% | Restricted Assets | Restricted Asset Item | Period-end Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 3,586,554.25 | Deposit Freeze | Deposit Freeze | | Fixed Assets | 353,333,116.52 | Mortgage | Loan Mortgage | | Intangible Assets | 54,085,009.69 | Pledge | Loan Pledge | | Total | 411,004,680.46 | - | - | Analysis of Investment Status Investment increased significantly to 9.86 million yuan, primarily in construction projects for subsidiaries, progressing as planned - The investment amount for the reporting period was 9.86 million yuan, a year-on-year increase of 348.19%[60] Major Investment Projects | Project Name | Investment Method | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment (Yuan) | Project Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Shengtai Bio Phase III Construction Project | Self-built | 497,648.77 | 240,019,748.66 | 96.35% | | Yongkang Pharmaceutical Artificial Breeding Musk Deer Base Construction | Self-built | 5,522,878.29 | 19,335,918.72 | 70.24% | Analysis of Major Holding and Participating Companies Harbin Shengtai Biological Pharmaceutical Co., Ltd., a wholly-owned subsidiary, is a core business unit and major profit contributor, with revenue of 237.70 million yuan and net profit of 28.52 million yuan Key Financial Data of Major Subsidiary | Company Name | Company Type | 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Harbin Shengtai Biological Pharmaceutical Co., Ltd. | Subsidiary | 271,934.62 | 76,408.87 | 23,769.68 | 3,647.01 | 2,852.03 | Risks and Countermeasures The company faces risks from policy changes, new product development, quality control, environmental compliance, and raw material price volatility, addressed by strategic monitoring and management - The company has identified five major risks: * Pharmaceutical industry policy risk: Policies such as medical insurance cost control and volume-based procurement create competitive pressure[71] * New product development risk: New drug R&D involves long cycles, high investment, and uncertain success rates[72] * Product quality risk: Complex production processes involve many factors affecting quality[72] * Environmental protection and safety production risk: Increased regulatory requirements lead to higher related expenses[72] * Raw material supply and price fluctuation risk: Macroeconomic environment and environmental policies may affect costs and profitability[72] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management Changes in the board of directors and supervisory board occurred, including the departure and election of independent directors, and the departure of supervisors Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Han Jiajun | Independent Director | Departure | February 10, 2025 | Personal reasons | | Zhao Wei | Independent Director | Elected | April 15, 2025 | Personal reasons | | Xu Changyou | Chairman of Supervisory Board | Departure | June 23, 2025 | Dismissal | | Yin Qiuting | Supervisor | Departure | June 23, 2025 | Dismissal | | Guo Meina | Supervisor | Departure | June 23, 2025 | Dismissal | Profit Distribution Plan The company plans no profit distribution for the 2025 semi-annual period, including no cash dividends, bonus shares, or capital reserve conversions - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[75] Environmental Information Disclosure The company and its three main subsidiaries are listed as legally required environmental information disclosure enterprises and have complied with disclosure regulations - The listed company and its three main subsidiaries are included in the list of enterprises required to disclose environmental information by law[77] Significant Matters Significant Guarantees Total actual guarantees amounted to 1.71 billion yuan, representing 75.04% of net assets, all for subsidiaries, with no external violations Significant Guarantees Metrics | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total approved guarantee limit at period-end | 202,500 | | Total actual guarantee balance at period-end | 170,500 | | Proportion of actual total guarantees to company's net assets | 75.04% | | Amount of total guarantees exceeding 50% of net assets | 170,500 | - The company's guarantees are all provided to its subsidiaries, primarily Harbin Shengtai Biological Pharmaceutical Co., Ltd. and Chengdu Yongkang Pharmaceutical Co., Ltd.[98] Entrusted Wealth Management The company invested 0.96 million yuan in broker wealth management products using its own funds, with 0.96 million yuan outstanding, and no principal loss expected Entrusted Wealth Management | Type | Source of Funds | Amount of Entrusted Wealth Management (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Broker wealth management products | Own funds | 96.35 | 95.8 | Share Changes and Shareholder Information Share Change Status Total share capital remained unchanged at 966,494,707 shares, with 99.95% unrestricted and 0.05% restricted shares, maintaining a stable structure Share Types | Share Type | Quantity (Shares) | Proportion (%) | | :--- | :--- | :--- | | Restricted Shares | 487,026 | 0.05% | | Unrestricted Shares | 966,007,681 | 99.95% | | Total Share Capital | 966,494,707 | 100.00% | Shareholder Numbers and Shareholding As of the reporting period, there were 39,497 common shareholders, with the largest shareholder, Yu Lanjun, holding 19.66%, mostly pledged - The total number of common shareholders at the end of the reporting period was 39,497[111] Top Shareholders | Shareholder Name | Shareholding Proportion (%) | Shareholding Quantity at Period-end (Shares) | Share Status | | :--- | :--- | :--- | :--- | | Yu Lanjun | 19.66% | 190,000,000 | Pledged 150,000,000 | | Sun Changhao | 4.61% | 44,579,900 | Pledged 20,000,000 | | Li Jia | 4.51% | 43,599,900 | Pledged 32,700,000 | | Shanghai Mukai Trading Co., Ltd. | 4.21% | 40,670,000 | - | | Tang Xiaoni | 2.07% | 20,000,000 | Pledged 20,000,000 | | Tonghua Yongxin Investment Co., Ltd. | 2.07% | 20,000,000 | Pledged 10,000,000 | Bond-Related Information The company had no bond-related activities during the reporting period - The company had no bond-related information during the reporting period[118] Financial Report This section includes the unaudited 2025 semi-annual financial statements, comprising consolidated and parent company balance sheets, income statements, cash flow statements, and notes Audit Report The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[120] Financial Statements This section presents the consolidated and parent company financial statements as of June 30, 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity Consolidated Balance Sheet As of June 30, 2025, total assets were 4.54 billion yuan, total liabilities 2.26 billion yuan, and total equity attributable to parent company owners 2.27 billion yuan Consolidated Balance Sheet | Item | Period-end Balance (Yuan) | Period-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,536,621,550.02 | 4,483,618,602.64 | | Total Liabilities | 2,264,369,984.22 | 2,228,215,680.87 | | Total Equity Attributable to Parent Company Owners | 2,272,201,739.67 | 2,255,397,745.17 | Consolidated Income Statement In the first half of 2025, total operating revenue was 650 million yuan, total operating cost 627 million yuan, total profit 24.20 million yuan, and net profit 16.85 million yuan Consolidated Income Statement | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 649,983,808.44 | 649,181,711.75 | | II. Total Operating Costs | 627,169,906.10 | 633,776,186.81 | | III. Operating Profit | 24,499,154.24 | 13,911,056.79 | | IV. Total Profit | 24,203,581.44 | 13,569,868.80 | | V. Net Profit | 16,848,644.03 | 12,351,414.08 | | Net Profit Attributable to Parent Company Shareholders | 16,803,994.50 | 12,468,342.98 | Consolidated Cash Flow Statement Net cash flow from operating activities was 78.05 million yuan, significantly up year-on-year; net cash flow from investing activities was -12.35 million yuan Consolidated Cash Flow Statement | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 78,047,568.88 | 38,108,424.15 | | Net Cash Flow from Investing Activities | -12,351,348.24 | -16,837,671.53 | | Net Cash Flow from Financing Activities | 420,782.60 | 67,678,006.33 | | Net Increase in Cash and Cash Equivalents | 66,117,003.24 | 88,948,758.95 | Notes to Financial Statements This section details the company's basic information, basis of financial statement preparation, accounting policies, taxes, and notes to major consolidated financial statement items - The company operates in the pharmaceutical manufacturing industry, primarily engaged in the R&D, production, and sales of pharmaceutical products, with Yu Lanjun as the actual controller[164][165] - A total of 17 subsidiaries were included in the scope of consolidation for this period, with no changes compared to the prior period[166] Other Submitted Data Investor Relations Activities The company engaged in multiple investor relations activities through phone and online platforms, discussing new drug progress, annual performance, and strategy - The company conducted a total of 8 investor relations activities during the reporting period, primarily through phone communication and online platforms, with core discussions revolving around the company's new drug development progress[1017]