诺泰生物(688076) - 2025 Q2 - 季度财报

Definitions This section defines company and subsidiary names, key customer names, pharmaceutical industry terms, drug types, and development stages - Defined company and subsidiary names, such as Nuotai Bio, Aosainuo, and Pharmaceutical Technology Company[10] - Explained major customer names, including Incyte US, Gilead US, and Vertex Pharmaceuticals US[10] - Clarified key pharmaceutical industry terms, such as CRO (Contract Research Organization), CDMO/CMO (Contract Development and Manufacturing Organization/Contract Manufacturing Organization), CDE (Center for Drug Evaluation, NMPA), FDA (U.S. Food and Drug Administration), and GMP/cGMP (Good Manufacturing Practice/current Good Manufacturing Practice)[10][11] - Distinguished different drug types, including innovative drugs/new drugs/originator drugs, generic drugs, small molecule chemical drugs, peptides, and oligonucleotides[11] - Defined drug research and development and commercialization stages, including preclinical research, clinical research, and commercialization stage[12] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, information disclosure, stock details, and key financial performance Company Basic Information Nuotai Bio is a biopharmaceutical company with Tong Ziquan as legal representative, registered in Lianyungang, and offices in Hangzhou - Company Chinese name: Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd., abbreviation: Nuotai Bio[14] - Legal Representative: Tong Ziquan[14] - Registered Address: No. 28 Linpu Road, Lianyungang Economic and Technological Development Zone[14] - Office Address: Room 1201, Building E, Hangzhou Normal University Science Park, No. 1378 Wenyi West Road, Yuhang District, Hangzhou[14] Contact Persons and Information This section discloses contact details for the Board Secretary Zhou Hua and Securities Affairs Representative Wu Le'er for investor and public communication - Board Secretary: Zhou Hua, Contact Number: 0571-86297893, Email: ir@sinopep.com[15] - Securities Affairs Representative: Wu Le'er, Contact Number: 0571-86297893, Email: ir@sinopep.com[15] Brief Introduction to Information Disclosure and Document Placement Changes The company designates specific newspapers for information disclosure, publishes semi-annual reports on the SSE website, and keeps them at the Board Office - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[16] - Report Publication Website: **www.sse.com.cn**[16](index=16&type=chunk) - Report Placement Location: Board Office[16] Brief Introduction to Company Shares/Depositary Receipts The company's shares are RMB ordinary shares (A-shares) listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "ST Nuotai" and code "688076" - Share Type: RMB ordinary shares (A-shares)[17] - Listing Exchange and Board: Shanghai Stock Exchange STAR Market[17] - Stock Abbreviation: ST Nuotai, Stock Code: 688076[17] Company's Key Accounting Data and Financial Indicators In H1 2025, revenue grew 26.07% to 1.048 billion RMB, net profit attributable to parent grew 36.49% to 310 million RMB, and operating cash flow increased significantly Major Accounting Data (H1 2025 vs Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,048,273,770.16 | 831,498,746.79 | 26.07 | | Total Profit | 339,765,178.72 | 256,962,652.74 | 32.22 | | Net Profit Attributable to Shareholders of Listed Company | 310,047,663.19 | 227,161,523.34 | 36.49 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 306,208,950.72 | 229,389,895.66 | 33.49 | | Net Cash Flow from Operating Activities | 316,156,545.09 | 198,432,642.81 | 59.33 | Major Financial Indicators (H1 2025 vs Prior Year) | Indicator | Current Period | Prior Year | Period-on-Period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.99 | 0.76 | 30.26% | | Diluted Earnings Per Share (RMB/share) | 0.99 | 0.73 | 35.62% | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (RMB/share) | 0.98 | 0.77 | 27.27% | | Weighted Average Return on Net Assets (%) | 11.03 | 9.94 | Increased by 1.09 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 10.89 | 10.04 | Increased by 0.85 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 20.19 | 17.96 | Increased by 2.23 percentage points | - Operating revenue growth primarily due to increased sales of peptide APIs[20] - Net cash flow from operating activities growth primarily due to significantly higher collection of accounts receivable compared to the prior year[21] Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 3.84 million RMB, mainly from government subsidies and disposal of financial assets Non-recurring Gains and Losses Items and Amounts (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains or losses from disposal of non-current assets | -467,971.62 | | Government grants recognized in current profit or loss | 4,117,522.02 | | Gains or losses from disposal of financial assets and financial liabilities | 13,419.23 | | Gains or losses from debt restructuring | 50,281.01 | | Other non-operating income and expenses | 838,429.38 | | Less: Income tax impact | 667,935.32 | | Minority interest impact (after tax) | 45,032.24 | | Total | 3,838,712.47 | - Non-recurring gains and losses mainly from government subsidies and disposal of financial assets[23] Net Profit After Deducting Share-based Payment Impact Net profit after deducting share-based payment impact was 309.16 million RMB, a 20.95% increase year-on-year Net Profit After Deducting Share-based Payment Impact (Unit: RMB) | Indicator | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 309,157,973.31 | 255,612,791.56 | 20.95 | - This indicator reflects the impact of excluding equity incentive expenses on net profit[25] Management Discussion and Analysis This section discusses the company's industry, main business, operational performance, core competitiveness, and risk factors Company's Industry and Main Business Overview The company focuses on peptide and small molecule chemical drugs, strategically expanding into oligonucleotide business, using an "independent R&D + CDMO" model across the entire value chain - Company's Industry: Biopharmaceutical industry, specifically biopharmaceutical services and chemical drug & API manufacturing[29] - Main Business Model: "Independent R&D + Customized R&D and Manufacturing", covering advanced intermediates, APIs, and formulations across the entire value chain[28] - Independent Selection Business: Focuses on anti-diabetic, weight loss, antiviral, lipid-lowering fields, with a rich product pipeline including Semaglutide, Liraglutide, Tirzepatide and other blockbuster peptide drugs, possessing large-scale production capacity for long-chain peptides, with single batch output exceeding 10 kilograms[30][31] - Customized Business (CDMO): Provides customized R&D and manufacturing services for innovative drug advanced pharmaceutical intermediates and APIs to global innovative drug companies, covering clinical Phase I, II, III to commercialization, having established partnerships with renowned pharmaceutical companies such as Incyte and Gilead[32] Discussion and Analysis of Operations In H1 2025, Nuotai Bio achieved 1.048 billion RMB in revenue and 310 million RMB in net profit, leveraging platform strategy, international BD, proactive capacity layout, and strategic partnerships H1 2025 Operating Performance | Indicator | Amount (Billion RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1.048 | 26.07 | | Net Profit Attributable to Parent Company Owners | 0.310 | 36.49 | | Net Profit Attributable to Parent Company Owners After Deducting Non-recurring Gains and Losses | 0.306 | 33.49 | Asset and Liability Structure | Indicator | End of June 2025 (Billion RMB) | Growth from Year-End (%) | | :--- | :--- | :--- | | Total Assets | 5.897 | 16.13 | | Owners' Equity Attributable to Parent Company | 2.961 | 11.31 | | Net Cash Flow from Operating Activities | 0.316 | - | - Platform Strategy and Interdisciplinary Integration: R&D competitiveness through interdisciplinary integration, dynamic application of emerging technologies, active layout in synthetic biology, photochemistry, electrochemistry, and AI-driven process chemistry and other cutting-edge technologies[34] - International Matrix and Global Coverage: BD team covers global serious medical markets, deep cooperation with leading enterprises, expanding into Europe, America, Latin America, and Asia-Pacific emerging markets, building second growth curves in oligonucleotide and conjugation businesses[35] - Proactive Layout and Capacity Building: Lianyungang factory's fourth-generation ton-level peptide production workshop (Workshop 601) is operational, peptide capacity reaches 5 tons/year; ton-level oligonucleotide commercial production workshop expected to be completed by October 2025, forming a capacity of 1000 kg/year for oligonucleotides, 100 kg/year for PMO, and 200 kg/year for PEG-conjugated cyclic peptides[36] - Strategic Partnerships: Achieved comprehensive strategic cooperation with DeepMotion Technology focusing on AI technology empowering biopharmaceutical industry transformation; partnered with Vazyme to build a synthetic biology technology platform[37] - Talent Cultivation: R&D personnel reached 459, with 47% holding master's or doctoral degrees, continuously improving talent selection, training, and incentive mechanisms[38] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in interdisciplinary R&D, full-chain service capabilities, efficient operations, quality systems, and a globally covered BD team Core Competitiveness Analysis The company's core competitiveness is driven by interdisciplinary R&D, full-chain service, efficient operations, quality systems, and a global BD team, with leading peptide and small molecule technologies and FDA cGMP compliance - Interdisciplinary R&D Empowerment, Platform Strategy Advantages: Possesses a high-quality, international, multidisciplinary R&D team, established a solid-liquid fusion peptide large-scale production technology platform, capable of large-scale production (over ten kilograms per batch) for side-chain chemically modified peptides and long-chain modified peptides, significantly improving yield, efficiency, and reducing costs[40] - Full-Chain Service Capability, Meeting Diverse Needs: Owns two modern production bases in Lianyungang and Jiande, providing production services from clinical Phase I to commercialization; Jiande factory offers small molecule CDMO customized production, Lianyungang factory has ton-level peptide API capacity[41] - Efficient Operation and Quality System, Safeguarding Enterprise Development: Established a comprehensive and systematic quality management system and EHS management system compliant with international regulatory market standards, repeatedly passed GMP inspections by China, US, EU, and on-site audits by renowned pharmaceutical companies[42] - Global BD Team Coverage, Building a Pharmaceutical Ecosystem: International BD team drives business expansion in global serious medical markets, establishing good cooperative relationships with leading global pharmaceutical companies such as Krka, Chemo, Cipla, Apotex, Incyte, Gilead, Vertex, and MSD[43] Core Technologies and R&D Progress The company has established five industry-leading core technology platforms for peptide, oligonucleotide, and small molecule chemical drug R&D and production, addressing multiple global technical challenges Core Technologies and Their Advanced Nature and Changes The company has five industry-leading core technology platforms for peptide, oligonucleotide, and small molecule chemical drug R&D and production, solving multiple global technical challenges - Solid-Liquid Fusion Peptide Large-Scale Production Technology Platform: Successfully developed multiple solid-liquid synthesis technologies, solving challenges like difficult sequences, peptide segment synthesis, and complex impurity profiles, achieving multi-kilogram scale production capacity, with single batch output exceeding 10 kg[45] - Precision-Controlled Chiral Drug Technology Platform: Developed homogeneous catalytic asymmetric synthesis technology based on transition metal complexes and immobilized enzyme catalysis technology, achieving efficient, low-cost, and environmentally friendly production of chiral drugs[45][46] - Inherently Safe Green Process Technology Platform: Mastered cascade condensation synthesis technology, highly selective metallation reaction technology, large-scale separation and purification technology for molecular distillation and rectification, high-pressure amination reaction technology, continuous flow reaction technology, and large-scale synthesis technology for organic alkynes, achieving green and safe production[46][47] - Formulation and Drug Delivery Technology Platform: Mastered sustained/controlled release technology for peptide and small molecule drugs, precision and efficient excipient powder engineering and control technology, peptide drug formulation production and sterility assurance technology, peptide formulation compatibility research technology, and QbD-based efficient formulation development technology[47][48] - Solid-Liquid Fusion Oligonucleotide Large-Scale Production Technology Platform: Introduced Cytiva solid-phase synthesizer, established solid-liquid combined oligonucleotide synthesis technology, GalNAc-oligonucleotide conjugation technology, purification technology, structural elucidation analysis technology, starting material quality control analysis technology, and oligonucleotide API quality research and process key parameter control technology[48][49] - The company was recognized as a national "Specialized, Refined, and New" Little Giant enterprise[49] R&D Achievements During the reporting period, the company obtained drug registration certificates for Ezetimibe Atorvastatin Calcium Tablets and Fluvoxamine Maleate Tablets, and filed 12 new invention patent applications, with 5 granted - Obtained drug registration certificates for Ezetimibe Atorvastatin Calcium Tablets and Fluvoxamine Maleate Tablets[50] Intellectual Property List | Type | New Applications This Period (units) | New Grants This Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 12 | 5 | 191 | 72 | | Utility Model Patents | 0 | 0 | 34 | 34 | | Software Copyrights | 0 | 0 | 5 | 5 | | Total | 12 | 5 | 230 | 111 | R&D Investment Table Total R&D investment was 211.63 million RMB, a 41.74% increase, with R&D capitalization ratio significantly rising to 41.60% due to projects like Semaglutide injection meeting capitalization criteria R&D Investment (Unit: RMB) | Indicator | Current Period | Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 123,591,710.64 | 112,494,851.21 | 9.86 | | Capitalized R&D Investment | 88,038,376.65 | 36,810,598.61 | 139.17 | | Total R&D Investment | 211,630,087.29 | 149,305,449.82 | 41.74 | | Total R&D Investment as Percentage of Operating Revenue (%) | 20.19 | 17.96 | Increased by 2.23 percentage points | | Capitalization Ratio of R&D Investment (%) | 41.60 | 24.65 | Increased by 16.95 percentage points | - R&D investment growth mainly due to the company's continuous increase in R&D investment, expansion of product layout, and enhanced innovation[53] - Increase in R&D capitalization ratio mainly due to projects such as Ezetimibe Atorvastatin Calcium Tablets, Semaglutide Injection, and Fluvoxamine Maleate Tablets meeting capitalization criteria[54] R&D Project Status The company has multiple R&D projects in diabetes, weight loss, influenza, lipid-lowering, hypercholesterolemia, chronic idiopathic constipation, acromegaly, and depression, with Semaglutide and Liraglutide injections in confirmatory clinical trials, and Ezetimibe Atorvastatin Calcium Tablets in registration application Overview of Selected R&D Projects (Unit: Ten Thousand RMB) | No. | Project Name | Estimated Total Investment Scale | Amount Invested This Period | Cumulative Investment Amount | Progress or Stage Achievements | Intended Goal | Technical Level | Specific Application Prospects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Semaglutide Injection | 18,300.00 | 4,652.35 | 15,395.54 | Confirmatory clinical trial stage | Obtain drug registration certificate | Reaching technical level of similar products | Diabetes and weight loss | | 2 | Oseltamivir Phosphate Granules | 10,283.30 | 200.09 | 3,672.89 | Obtained drug registration certificate | Obtain product manufacturing approval and launch | Reaching technical level of similar products | Treating influenza | | 4 | Ezetimibe Atorvastatin Calcium Tablets (II) | 4,000.00 | 1,475.55 | 3,897.42 | Registration application stage | Obtain drug registration certificate | Reaching technical level of similar products | Lipid-lowering | | 6 | Liraglutide Injection | 8,100.00 | 659.22 | 4,402.34 | Confirmatory clinical trial stage | Obtain drug registration certificate | Reaching technical level of similar products | Diabetes and weight loss | | 11 | Tirzepatide API | 2,390.00 | 303.47 | 1,755.61 | Registration application stage | Obtain marketing approval | Reaching technical level of similar products | Lowering blood sugar | | 15 | Fluvoxamine Maleate Tablets | 1,200.00 | 1,163.97 | 1,163.97 | Obtained drug registration certificate | Obtain drug registration certificate | Reaching technical level of similar products | Depression, obsessive-compulsive disorder | - The company's R&D projects cover various drug types including peptides, small molecule chemical drugs, and oligonucleotides[55][56] 5、R&D Personnel Status As of H1 2025, R&D personnel increased to 459, accounting for 20.43% of total staff, with 47% holding master's or doctoral degrees. Total R&D personnel compensation was 40.74 million RMB R&D Personnel Basic Information (Unit: Ten Thousand RMB) | Indicator | Current Period | Prior Year | | :--- | :--- | :--- | | Number of R&D personnel (persons) | 459 | 323 | | R&D personnel as percentage of total company staff (%) | 20.43 | 18.16 | | Total R&D personnel compensation | 4,074.35 | 2,886.20 | | Average R&D personnel compensation | 8.88 | 8.94 | R&D Personnel Education Level | Education Level | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Doctoral | 29 | 6.31 | | Master's | 185 | 40.30 | | Bachelor's | 218 | 47.49 | | Associate Degree | 26 | 5.70 | | High School and Below | 1 | 0.20 | | Total | 459 | 100.00 | R&D Personnel Age Structure | Age Range | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Under 30 | 234 | 50.98 | | 30-40 | 190 | 41.39 | | 40-50 | 29 | 6.32 | | 50-60 | 4 | 0.87 | | 60 and Above | 2 | 0.44 | | Total | 459 | 100.00 | - R&D team characterized by youthful structure and a high proportion of highly educated talent[58][59] Risk Factors The company faces operational, core competitiveness, financial, industry, environmental, and macroeconomic risks Operational Risks The company faces uncertainties in obtaining registration approvals for self-developed formulations, volatility in API sales, and impacts on CDMO business from innovative drug R&D progress and market competition - Uncertainty in timely obtaining registration approvals and commercial sales for self-developed formulations[60] - API sales revenue is volatile, influenced by customer formulation R&D, registration, and commercialization progress[61] - CDMO business sales revenue is uncertain, affected by downstream innovative drug R&D progress, results, market launch scale, and competition[61] Core Competitiveness Risks Drug R&D is challenging, long-cycle, high-investment, and uncertain in approval, posing risks of R&D failure or uncompetitive outcomes; loss of core technical personnel could also adversely affect projects and intellectual property - Drug R&D (including APIs and formulations) faces risks such as inability to overcome key technical difficulties, clinical trial failure, or failure to pass review and approval[62] - CDMO business requires strong R&D capabilities, technical systems, and experience, posing risks of R&D failure or outcomes lacking competitiveness[62] - Loss of core technical personnel may adversely affect the progress of R&D projects and the confidentiality of intellectual property[63] Financial Risks High proportion of overseas business, with products priced and settled in foreign currencies, exposes the company to exchange rate fluctuations that could lead to losses and impact price competitiveness and operating performance - Company's operating revenue has a high proportion from overseas, with product exports primarily priced and settled in foreign currencies such as USD[64] - Fluctuations in the RMB exchange rate against USD and other foreign currencies may lead to exchange losses and affect product price competitiveness, thereby impacting operating performance[64] Industry Risks The pharmaceutical industry is strictly regulated, with policy changes potentially impacting market supply, business models, and product prices. CDMO business faces competition, while self-selected products face increasing market competition and formulation sales face challenges in market expansion and policy - Changes in national pharmaceutical industry policies (e.g., medical reform, volume-based procurement) may adversely affect the company's operating performance[65][66] - CDMO business faces risks of being replaced by other suppliers or losing market share[65] - Market competition for self-selected products is intensifying; failure to accelerate R&D and commercialization progress may adversely affect operating performance[65] - Formulation sales are in their initial stage, lacking market expansion experience, posing risks of sales falling short of expectations[66] Environmental Risks The pharmaceutical manufacturing industry is highly polluting, with rising environmental standards increasing costs. Improper pollutant treatment or non-compliance could lead to penalties, shutdowns, or closures, affecting operating performance - Pharmaceutical manufacturing is a high-pollution industry, and rising environmental standards increase environmental protection costs[67] - Improper pollutant treatment may lead to penalties, orders to close or suspend production by environmental authorities, affecting operating performance[67] Macroeconomic Environment Risks The company's high proportion of overseas customers exposes it to uncertainties in political, economic, legal, trade policies, and international trade environment changes, which could significantly impact operating performance - Company's customers are mainly overseas multinational pharmaceutical companies, and overseas market business faces uncertainties from changes in political, economic, legal, trade industrial policies, and the overall international trade environment[68] - Deterioration of political environment, unfavorable trade environment, or implementation of adverse legal policies in relevant countries may significantly impact the company's operating performance[68] Key Operating Performance During the Reporting Period This section analyzes the company's main business, asset and liability situation, and cash flow during the reporting period Main Business Analysis Revenue grew 26.07% driven by peptide API sales. Sales, administrative, and financial expenses increased, with financial expenses rising significantly due to increased bank loan interest. Operating cash flow increased 59.33% due to higher collections Analysis of Financial Statement Items Changes (Unit: RMB) | Item | Current Period | Prior Year | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,048,273,770.16 | 831,498,746.79 | 26.07 | Increased sales revenue of peptide APIs and others | | Operating Cost | 319,007,268.92 | 271,763,389.66 | 17.38 | Increase in operating revenue | | Selling Expenses | 44,761,899.94 | 28,667,949.96 | 56.14 | Increase in commissions, marketing expenses, and sales personnel compensation | | Administrative Expenses | 176,528,443.73 | 130,667,954.41 | 35.10 | Increase in administrative personnel compensation and depreciation | | Financial Expenses | 19,036,302.21 | 5,102,228.60 | 273.10 | Increase in bank loan interest expenses | | Net Cash Flow from Operating Activities | 316,156,545.09 | 198,432,642.81 | 59.33 | Significant increase in collection of accounts receivable compared to prior year | | Net Cash Flow from Investing Activities | -598,657,971.90 | -551,669,268.57 | Not applicable | Increase in purchase of fixed assets and other long-term assets | | Net Cash Flow from Financing Activities | 293,928,347.71 | 213,195,696.89 | 37.87 | Increase in bank borrowings | - Operating revenue growth primarily due to increased sales of peptide APIs and others[72] - Financial expenses significantly increased mainly due to increased bank loan interest expenses during the current period[72] - Net cash flow from operating activities growth primarily due to significantly higher collection of accounts receivable compared to the prior year[73] Analysis of Assets and Liabilities Total assets increased by 16.13% due to growth in construction in progress, fixed assets, and intangible assets. Liabilities saw significant increases in notes payable, long-term borrowings, and deferred income, with long-term borrowings up 173.64%. Bonds payable decreased 100% due to conversion or redemption Changes in Assets and Liabilities (Unit: RMB) | Item Name | Current Period End | Prior Year End | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 676,678,104.65 | 571,391,578.32 | 18.43 | Redemption of structured deposits purchased during the period | | Financial Assets Held for Trading | 93,500,000.00 | 208,000,000.00 | -55.05 | Redemption of structured deposits purchased during the period | | Inventories | 716,190,032.86 | 584,040,572.40 | 22.63 | Increase in inventory preparation | | Investments in Other Equity Instruments | 82,888,000.00 | 52,888,000.00 | 56.72 | New investments during the period | | Fixed Assets | 1,722,128,464.44 | 1,516,535,046.87 | 13.56 | Multiple projects transferred to fixed assets | | Construction in Progress | 606,770,708.41 | 339,919,158.99 | 78.50 | Multiple projects under construction | | Intangible Assets | 154,057,838.06 | 108,193,280.07 | 42.39 | Oseltamivir Phosphate Granules, Fluvoxamine Maleate Tablets transferred to intangible assets | | Development Expenditures | 206,902,206.05 | 167,232,442.64 | 23.72 | Semaglutide Injection capitalized | | Deferred Income Tax Assets | 114,672,550.50 | 88,265,182.53 | 29.92 | Increase in deductible losses and unrealized profits from internal transactions | | Notes Payable | 327,943,364.13 | 133,762,275.64 | 145.17 | Issuance of bank acceptance bills for material and equipment payments | | Contract Liabilities | 24,040,234.94 | 61,214,172.28 | -60.73 | Decrease in advance receipts for goods | | Taxes Payable | 45,166,604.24 | 24,316,801.09 | 85.74 | Increase in corporate income tax and value-added tax payable | | Other Payables | 41,036,746.95 | 14,831,536.61 | 176.69 | Receipt of deposits, guarantees, and equity incentive contributions | | Long-term Borrowings | 771,798,962.79 | 282,044,220.88 | 173.64 | Increase in long-term bank borrowings | | Bonds Payable | - | 163,166,991.61 | -100.00 | All convertible corporate bonds converted to shares or redeemed | | Deferred Income | 125,778,438.06 | 55,992,325.24 | 124.64 | Increase in government grants received and transfer from long-term payables | | Share Capital | 314,819,281.00 | 219,780,048.00 | 43.24 | Capital reserve capitalization and convertible corporate bond conversion | | Other Equity Instruments | - | 69,834,692.18 | -100.00 | All convertible corporate bonds converted to shares or redeemed | Restricted Assets (Unit: RMB) | Item | Book Value | Reason for Restriction | | :--- | :--- | :--- | | Bank Deposits | 133,539.00 | Supervision fund for temporary land reclamation | | Cash and Cash Equivalents - Other Cash and Cash Equivalents | 171,079,918.42 | Bill margin | | Cash and Cash Equivalents - Accrued Deposit Interest | 955,631.43 | Accrued bank deposit interest | | Notes Receivable | 3,028,132.82 | Bank acceptance bills endorsed but not yet due, with lower credit rating | | Total | 175,197,221.67 | - | - Significant growth in construction in progress and fixed assets reflects the orderly advancement of the company's capacity building[76] - Increase in notes payable and long-term borrowings is related to the expansion of the company's operating scale and financing needs[77] - The full conversion or redemption of convertible corporate bonds led to a decrease in bonds payable and other equity instruments[77][78] Corporate Governance, Environment and Society This section covers changes in directors, supervisors, senior management, and core technical personnel, profit distribution plans, equity incentive plans, and environmental information disclosure Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel The company completed the re-election of the Board of Directors and Supervisory Board, with several former members departing and new ones appointed, including Tong Ziquan as President - Completed the re-election of the Fourth Board of Directors, electing Tong Ziquan, Zhao Shubin, Zhao Zhenyuan, Fang Weiguo, Jiang Yan as non-independent directors, Sun Meilu as employee representative director, and Shou Junhua, Liu Jian, Xu Dongjuan as independent directors[91] - Former Vice Chairman Jin Fuqiang, directors Zhao Deyu, Zhao Dezhong, Pan Yuming, Shi Guoqiang, and independent directors Xu Qiangguo, Gao Jifu, Qu Feng, Hu Wenyan left due to term expiration[91][92] - Completed the re-election of the Fourth Supervisory Board, electing Yin Xinbo as Chairman of the Supervisory Board, Qin Xiping as non-employee representative supervisor, and Qi Fangfei as employee representative supervisor[91] - Completed the appointment of the Fourth Senior Management, appointing Tong Ziquan as President, Shi Guoqiang, Li Xiaohua as Senior Vice Presidents, Jiang Jianjun as Vice President, Ding Wei as CFO, and Zhou Hua as Board Secretary[91] Profit Distribution or Capital Reserve Conversion Plan The company did not formulate a semi-annual profit distribution or capital reserve conversion plan during the reporting period - Whether to distribute or convert: No[91] - Number of bonus shares per 10 shares (shares): Not applicable[91] - Dividend per 10 shares (RMB) (tax inclusive): Not applicable[91] - Number of shares converted from capital reserve per 10 shares (shares): Not applicable[91] Equity Incentive and Employee Stock Ownership Plans The second vesting period of the company's 2023 Restricted Stock Incentive Plan met vesting conditions, approving the vesting of 1,232,616 shares to 62 incentive recipients, which became tradable on July 9, 2025 - The second vesting period of the 2023 Restricted Stock Incentive Plan met vesting conditions[93] - Approved the vesting of 1,232,616 shares to 62 incentive recipients[93] - These equity incentive shares became tradable on July 9, 2025[93] Environmental Information Disclosure The company and its wholly-owned subsidiary, Hangzhou Aosainuo Biotechnology Co., Ltd., are both on the list of enterprises required to disclose environmental information and have published their reports - Number of enterprises included in the list for environmental information disclosure: 2[94] - Enterprise Names: Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd., Hangzhou Aosainuo Biotechnology Co., Ltd.[94] - Query index for environmental information disclosure reports provided[94] Significant Matters This section details the fulfillment of commitments, non-operating fund occupation, illegal guarantees, changes in non-standard audit opinions, major litigations, violations, related party transactions, significant contracts, and use of raised funds Fulfillment of Commitments The company's actual controllers, shareholders, directors, supervisors, senior management, and the company itself have timely and strictly fulfilled various commitments made during IPO and refinancing, including share lock-up, share repurchase, diluted immediate return compensation, profit distribution policies, and resolution of horizontal competition and related party transactions - Actual controllers Zhao Deyu and Zhao Dezhong committed to a 36-month share lock-up, with a reduction price not lower than the issue price within 2 years after expiration, and compliance with reduction regulations[99][100] - Nuotai Investment, Fulong Trading, Pengting Trading committed to a 36-month share lock-up, with a reduction price not lower than the issue price within 2 years after expiration, and compliance with reduction regulations[101] - Directors, supervisors, senior management, and core technical personnel holding shares, Gu Haitao and Liu Biao, committed to a 12-month share lock-up, with a reduction price not lower than the issue price within 2 years after expiration, transferring no more than 25% annually during their tenure, and no transfers within six months after leaving; core technical personnel transfer no more than 25% annually within four years after the lock-up period expires[104] - The company committed that the prospectus contains no false records, misleading statements, or major omissions; otherwise, it will repurchase new shares and compensate investors according to law[116] - Controlling shareholders and actual controllers committed to resolving horizontal competition, not engaging in or participating in any business or activities that compete with the company[128] - Controlling shareholders and actual controllers committed to resolving related party transactions, not using related party relationships to harm company interests, minimizing related party transactions, and conducting them under fair and reasonable terms[129] - All commitment matters were timely and strictly fulfilled during the reporting period[97][98] Non-operating Fund Occupation During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - No non-operating fund occupation by controlling shareholders or other related parties[6] Illegal Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - No external guarantees provided in violation of prescribed decision-making procedures[6] Changes and Handling of Non-standard Audit Opinions Regarding the 2024 audit report's emphasis paragraph on the company and actual controller Zhao Dezhong being investigated for alleged information disclosure violations, the company received the CSRC's "Administrative Penalty Pre-notification Letter" on July 18, 2025, and will continue to monitor and disclose progress - Zhongtianyun Certified Public Accountants issued an unqualified audit report with an emphasis paragraph on the company's 2024 financial statements, highlighting the company and actual controller Zhao Dezhong being investigated for alleged information disclosure violations[139] - The company received the China Securities Regulatory Commission's "Administrative Penalty Pre-notification Letter" (Penalty Letter [2025] No. 59) on July 18, 2025[140] - The company will continue to monitor the progress of the aforementioned matters and strictly fulfill its information disclosure obligations[140] Major Litigations and Arbitrations During the reporting period, the company had no major litigations or arbitrations - No major litigations or arbitrations during the reporting period[141] Alleged Violations, Penalties, and Rectification The company and actual controller Zhao Dezhong were investigated by the CSRC in October 2024 for alleged information disclosure violations, receiving an "Administrative Penalty Pre-notification Letter" in July 2025. The company will continue to monitor and disclose progress - On October 24, 2024, the company and actual controller Zhao Dezhong received a "Notice of Case Filing" from the China Securities Regulatory Commission for alleged information disclosure violations[141] - On July 18, 2025, the company received the China Securities Regulatory Commission's "Administrative Penalty Pre-notification Letter" (Penalty Letter [2025] No. 59)[142] - The company will continue to monitor the progress of the aforementioned matters and strictly fulfill its information disclosure obligations[142] Major Related Party Transactions During the reporting period, the company purchased goods worth 6,637.17 RMB from Sichuan Duorui Pharmaceutical Co., Ltd., and sold goods to Zhejiang Huabei Pharmaceutical Co., Ltd. (1.24 million RMB) and Sichuan Duorui Pharmaceutical Co., Ltd. (1.61 million RMB) - The company purchased goods worth 6,637.17 RMB from Sichuan Duorui Pharmaceutical Co., Ltd[144] - The company's subsidiary sold goods worth 1,238,938.05 RMB to Zhejiang Huabei Pharmaceutical Co., Ltd[144] - The company's subsidiary sold goods worth 1,613,982.30 RMB to Sichuan Duorui Pharmaceutical Co., Ltd[144] Significant Contracts and Their Fulfillment The company provided several joint liability guarantees for subsidiaries totaling 250 million RMB, representing 8.44% of net assets. A major service and supply contract with a customer, totaling approximately 102.1 million USD, had 16.50 million USD fulfilled during the period Company and Its Subsidiaries' Guarantees for Subsidiaries (Unit: RMB) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Aosainuo Biotechnology Co., Ltd. | 80,000,000.00 | 2024/2/28 | 2025/8/26 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Aosainuo Biotechnology Co., Ltd. | 100,000,000.00 | 2024/7/10 | 2026/1/8 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd. | 30,000,000.00 | 2024/5/16 | 2025/4/21 | Joint and several liability guarantee | Yes | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd. | 10,000,000.00 | 2025/5/19 | 2026/5/25 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd. | 10,000,000.00 | 2024/11/14 | 2025/12/3 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuotai Nuohe Biopharmaceutical Technology Co., Ltd. | 20,000,000.00 | 2024/12/10 | 2025/9/12 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuotai Nuohe Biopharmaceutical Technology Co., Ltd. | 10,000,000.00 | 2025/2/25 | 2026/2/19 | Joint and several liability guarantee | No | | Jiangsu Nuotai Aosainuo Biopharmaceutical Co., Ltd. | Hangzhou Nuotai Nuohe Biopharmaceutical Technology Co., Ltd. | 20,000,000.00 | 2025/2/18 | 2026/5/27 | Joint and several liability guarantee | No | - Total guarantee amount for subsidiaries during the reporting period: 280,000,000.00 RMB[150] - Total outstanding guarantee amount for subsidiaries at the end of the reporting period: 250,000,000.00 RMB[150] - Ratio of total guarantee amount to the company's net assets: 8.44%[151] - The company's wholly-owned subsidiary, Hangzhou Aosainuo Biotechnology Co., Ltd., signed a master service and supply contract with a customer for a cumulative amount of approximately 102.1 million USD (tax inclusive), with 16.50 million USD fulfilled during the reporting period[152] Progress in Use of Raised Funds IPO raised funds totaled 655 million RMB (90.33% of commitment), and convertible bond funds totaled 333 million RMB (78.08% of commitment). Some projects were completed or changed, and idle funds were temporarily used for working capital and later returned Overall Use of Raised Funds (Unit: RMB) | Source of Raised Funds | Committed Investment Amount of Raised Funds | Cumulative Investment Amount as of Reporting Period End | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 725,162,993.16 | 655,052,045.34 | 90.33 | | Convertible Corporate Bonds | 426,248,396.23 | 332,793,686.20 | 78.08 | | Total | 1,151,411,389.39 | 987,845,731.35 | 85.79 | Use of Over-raised Funds (Unit: RMB) | Purpose | Total Over-raised Funds Intended for Investment | Cumulative Over-raised Funds Invested as of Reporting Period End | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Repayment of bank loans or permanent replenishment of working capital with over-raised funds | 175,162,993.16 | 174,042,003.72 | 99.36 | - The IPO raised fund investment project "Workshop 106 Peptide API Product Technical Transformation Project" has reached its intended usable state and been completed[169] - The "Peptide Drugs and High-end Formulation R&D Center Project" was completed, with remaining raised funds of 40 million RMB used for the new "Fulvestrant Production Project" and the rest for permanent replenishment of working capital[161] - The "API Manufacturing and Green Production Enhancement Project" was changed to "Workshops 601, 602 Peptide API Production Project"[162] - Idle raised funds were temporarily used to supplement working capital, not exceeding 100 million RMB, and were fully returned ahead of schedule on January 15, 2025[166] - On January 21, 2025, it was approved to use idle raised funds not exceeding 70 million RMB to temporarily supplement working capital; as of June 30, 2025, this amount was not exceeded[167] - The company managed idle raised funds through cash management, with a cash management balance of 13.50 million RMB at the end of the reporting period[169] Share Changes and Shareholder Information This section details changes in share capital, shareholder structure, and shareholdings of directors, supervisors, senior management, and core technical personnel Changes in Share Capital Share capital increased from 219,780,048 shares to 314,819,281 shares, mainly due to "Nuotai Convertible Bonds" conversion and capital reserve capitalization Share Capital Change Table (Unit: Shares) | Category | Quantity Before This Change | Percentage Before This Change (%) | Increase/Decrease This Change (Capital Reserve Conversion) | Increase/Decrease This Change (Other) | Total Increase/Decrease This Change | Quantity After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Unrestricted Shares | 219,780,048 | 100 | 89,948,366 | 5,090,867 | 95,039,233 | 314,819,281 | 100 | | Total Shares | 219,780,048 | 100 | 89,948,366 | 5,090,867 | 95,039,233 | 314,819,281 | 100 | - "Nuotai Convertible Bonds" conversion resulted in 10,168,365 shares[174] - The 2024 profit distribution plan capitalized capital reserves by 0.40 shares per share to all shareholders, totaling 89,948,366 shares[174] - The increase in share capital led to a corresponding dilution of basic earnings per share and net assets per share attributable to ordinary shareholders[175] Shareholder Information As of the reporting period end, there were 18,770 ordinary shareholders. Lianyungang Nuotai Investment Management Partnership (Limited Partnership) was the largest shareholder with 8.89%, while actual controllers Zhao Deyu and Zhao Dezhong each held 5.97% - Total number of ordinary shareholders at the end of the reporting period: 18,770[176] Top Ten Shareholders' Shareholdings (Excluding shares lent through securities lending) (Unit: Shares) | Shareholder Name | Change During Reporting Period | Shares Held at Period End | Percentage (%) | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lianyungang Nuotai Investment Management Partnership (Limited Partnership) | 8,000,000 | 28,000,000 | 8.89 | Unrestricted | 0 | Other | | Zhao Deyu | 5,365,600 | 18,779,600 | 5.97 | Unrestricted | 0 | Domestic Natural Person | | Zhao Dezhong | 5,365,600 | 18,779,600 | 5.97 | Unrestricted | 0 | Domestic Natural Person | | Jiande City Xinglian Enterprise Management Co., Ltd. | 4,096,243 | 14,336,851 | 4.55 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Hangzhou Fulong Trading Co., Ltd. | 3,802,768 | 13,309,687 | 4.23 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Hangzhou Pengting Trading Co., Ltd. | 3,802,768 | 13,309,687 | 4.23 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Jiande City Shangjiang Enterprise Management Co., Ltd. | 3,227,562 | 11,296,466 | 3.59 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | Jiande City Yuxin Enterprise Management Co., Ltd. | 2,723,472 | 9,532,151 | 3.03 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | | National Social Security Fund 110 Portfolio | 1,633,146 | 5,716,011 | 1.82 | Unrestricted | 0 | Other | | Jiande City Ruixin Enterprise Management Co., Ltd. | 1,439,996 | 5,039,986 | 1.60 | Unrestricted | 0 | Domestic Non-State-Owned Legal Person | - Zhao Deyu and Zhao Dezhong are the controlling shareholders and actual controllers of the company, brothers, and jointly control Lianyungang Nuotai Investment Management Partnership (Limited Partnership), Hangzhou Fulong Trading Co., Ltd., and Hangzhou Pengting Trading Co., Ltd[179] Directors, Supervisors, Senior Management, and Core Technical Personnel Information Shareholdings of directors, supervisors, senior management, and core technical personnel generally increased due to the capital reserve capitalization in June 2025. Some key management also hold Class II restricted shares, with the second vesting period meeting conditions Shareholding Changes of Current and Former Directors, Supervisors, Senior Management, and Core Technical Personnel During the Reporting Period (Unit: Shares) | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Tong Ziquan | Chairman, President, Core Technical Personnel | 50,000 | 70,000 | 20,000 | Capital reserve capitalization in June 2025 | | Shi Guoqiang | Senior Vice President, Core Technical Personnel | 37,500 | 52,500 | 15,000 | Capital reserve capitalization in June 2025 | | Li Xiaohua | Senior Vice President | 25,000 | 35,000 | 10,000 | Capital reserve capitalization in June 2025 | | Jiang Jianjun | Vice President, Core Technical Personnel | 25,000 | 35,000 | 10,000 | Capital reserve capitalization in June 2025 | | Ding Wei | CFO | 20,000 | 28,000 | 8,000 | Capital reserve capitalization in June 2025 | | Zhou Hua | Board Secretary | 20,000 | 28,000 | 8,000 | Capital reserve capitalization in June 2025 | | Zhao Deyu | Director (Resigned) | 13,414,000 | 18,779,600 | 5,365,600 | Capital reserve capitalization in June 2025 | | Zhao Dezhong | Director (Resigned) | 13,414,000 | 18,779,600 | 5,365,600 | Capital reserve capitalization in June 2025 | Class II Restricted Stock Information (Unit: Shares) | Name | Position | Number of Restricted Shares Granted at Beginning of Period | Number of Shares Eligible for Vesting | Number of Shares Vested | Number of Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | | Tong Ziquan | Chairman, President, Core Technical Personnel | 140,000 | 28,000 | 112,000 | 140,000 | | Shi Guoqiang | Senior Vice President, Core Technical Personnel | 105,000 | 21,000 | 84,000 | 105,000 | | Li Xiaohua | Senior Vice President | 70,000 | 14,000 | 56,000 | 70,000 | | Jiang Jianjun | Vice President, Core Technical Personnel | 70,000 | 14,000 | 56,000 | 70,000 | | Ding Wei | CFO | 56,000 | 11,200 | 44,800 | 56,000 | | Zhou Hua | Board Secretary | 56,000 | 11,200 | 44,800 | 56,000 | | Zhao Chengqing | Core Technical Personnel | 70,000 | 14,000 | 56,000 | 70,000 | | Total | / | 567,000 | 113,400 | 453,600 | 567,000 | - The second vesting period of the 2023 Restricted Stock Incentive Plan met vesting conditions, approving the vesting of 1,232,616 shares to 62 incentive recipients, which became tradable on July 9, 2025[184] - The implementation of the 2024 profit distribution plan for capital reserve capitalization led to an increase in shareholdings[185] Bond-Related Information This section details the status of convertible corporate bonds, including their redemption and conversion, and the company's solvency Convertible Corporate Bonds Information "Nuotai Convertible Bonds" were delisted from the Shanghai Stock Exchange on April 25, 2025, due to conditional redemption. During the period, 215 million RMB was converted into 5,090,867 shares, with cumulative conversion of 10,168,365 shares. The company maintains good credit and strong solvency - "Nuotai Convertible Bonds" were issued on December 15, 2023, and listed on January 18, 2024[188] - Due to triggering the conditional redemption clause, the company decided to early redeem "Nuotai Convertible Bonds" and delisted them on April 25, 2025[189] Convertible Bond Changes During the Reporting Period (Unit: RMB) | Convertible Corporate Bond Name | Before This Change | Increase/Decrease This Change (Conversion) | Increase/Decrease This Change (Redemption) | After This Change | | :--- | :--- | :--- | :--- | :--- | | Nuotai Convertible Bonds | 219,060,000 | 215,016,000 | 4,044,000 | 0 | Cumulative Convertible Bond Conversion During the Reporting Period | Indicator | Value | | :--- | :--- | | Conversion Amount This Period (RMB) | 215,016,000 | | Number of Shares Converted This Period (shares) | 5,090,867 | | Cumulative Number of Shares Converted (shares) | 10,168,365 | | Cumulative Number of Shares Converted as Percentage of Total Shares Issued Before Conversion (%) | 4.7698 | | Unconverted Amount (RMB) | 0 | | Unconverted Convertible Bonds as Percentage of Total Convertible Bonds Issued (%) | 0 | - Conversion price adjustments: Adjusted from 42.73 RMB/share to 42.33 RMB/share on June 17, 2024; adjusted from 42.33 RMB/share to 42.23 RMB/share on September 10, 2024[196] - The company's business maintains a continuous and stable development trend, with relatively sufficient operating cash flow, possessing strong solvency and risk resistance capabilities[197] Financial Report This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items Financial Statements This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting financial position, operating results, and cash flow Consolidated Balance Sheet (June 30, 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 5,897,041,710.14 | | Total Liabilities | 2,921,054,022.14 | | Total Owners' Equity Attributable to Parent Company | 2,961,275,434.63 | Consolidated Income Statement (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 1,048,273,770.16 | | Total Profit | 339,765,178.72 | | Net Profit Attributable to Parent Company Shareholders | 310,047,663.19 | | Basic Earnings Per Share (RMB/share) | 0.99 | Consolidated Cash Flow Statement (H1 2025) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 316,156,545.09 | | Net Cash Flow from Investing Activities | -598,657,971.90 | | Net Cash Flow from Financing Activities | 293,928,347.71 | | Net Increase in Cash and Cash Equivalents | 11,953,496.87 | - Parent company financial statements are also disclosed, reflecting the parent company's financial performance[70][74][78][90] Company Basic Information The company was established on September 30, 2015, listed on the STAR Market on May 20, 2021. Share capital increased due to convertible bond conversion and capital reserve capitalization. It primarily engages in R&D and CDMO of peptide and small molecule chemical drugs - The company was established on September 30, 2015, and listed on the STAR Market of the Shanghai Stock Exchange on May 20, 2021[235] - As of June 30, 2025, the company's share capital was 314,819,281.00 RMB, mainly due to the conversion of convertible corporate bonds into 10,168,365 shares and capital reserve capitalization of 89,948,366 shares[236][237] - Company's main business: Focuses on independent R&D and customized R&D and manufacturing of peptide drugs and small molecule chemical drugs, belonging to the biopharmaceutical industry[237] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue as a going concern for the next 12 months - Financial statements are prepared on a going concern basis[239] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period, and there are no significant doubts or matters[240] Significant Accounting Policies and Estimates This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency translation, financial instrument classification and measurement, receivables, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue recognition, government grants, deferred tax assets/liabilities, and leases. New standards like "Interpretation No. 17" and "Interim Provisions for Accounting Treatment of Enterprise Data Resources" were implemented without significant impact - Adheres to enterprise accounting standards, accurately and completely reflecting financial information[243] - Detailed explanation of classification, recognition, measurement, and impairment provision methods for financial instruments, including financial assets measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss[100][101][102][103][104][105][106] - Clear revenue recognition principles and measurement methods, including specific conditions for recognizing revenue at a point in time and over time[119][120] - New accounting policies, such as "Interpretation No. 17" and "Interim Provisions for Accounting Treatment of Enterprise Data Resources," were implemented during the reporting period but did not have a significant impact on financial position and operating results[125][126] Taxation The company's main taxes include VAT, corporate inc