赛科希德(688338) - 2025 Q2 - 季度财报

Glossary Glossary This section defines key terms such as "Succeeder", "In Vitro Diagnostic Reagents", "DRG", and "DIP" - The company's Chinese abbreviation 'Succeeder' refers to Beijing Succeeder Technology Co., Ltd[11] - 'In Vitro Diagnostic Reagents' are products used for in vitro human sample testing in disease prediction, diagnosis, treatment monitoring, and health evaluation[11] - 'DRG' and 'DIP' are key tools for evaluating medical service quality and efficiency, and for medical insurance payments[12][13] Company Profile and Key Financial Indicators Company Basic Information This section details the company's fundamental information, including names, legal representative, and a recent change in registered address - The company's Chinese name is Beijing Succeeder Technology Co., Ltd[15] - The company's registered address changed in August 2024 to 3rd Floor, Building 1, No. 19 Baili Street, Daxing District, Beijing[15] Contact Persons and Information This section lists contact details for the Board Secretary and Securities Affairs Representative for investor communication - Zhang Jiahong is the Board Secretary, and Sun Zhengfang is the Securities Affairs Representative[16] - Contact address is No. 19 Baili Street, Daxing District, Beijing, with email investor@succeeder.com.cn[16] Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section outlines the designated channels for information disclosure and the location for semi-annual report custody, noting no changes during the reporting period - The designated information disclosure newspaper is 'Shanghai Securities News', and the website is the Shanghai Stock Exchange (http://www.sse.com.cn/)[17](index=17&type=chunk) - The semi-annual report is available at the company's Board Office, with no changes during the reporting period[17] Brief Introduction to Company Shares/Depositary Receipts This section briefly introduces the company's stock information, confirming its listing on the STAR Market of the Shanghai Stock Exchange - The company's stock is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange[18] - Stock abbreviation is Succeeder, with stock code 688338[18] Company's Key Accounting Data and Financial Indicators Due to medical insurance cost control policies, the company's operating revenue decreased by 12.62% year-on-year, leading to declines in total profit, net profit, and EPS, while R&D investment slightly increased Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 138,963,438.32 | 159,029,323.47 | -12.62 | | Total Profit | 55,221,013.95 | 72,302,834.06 | -23.63 | | Net Profit Attributable to Shareholders of Listed Company | 47,999,863.00 | 62,723,289.61 | -23.47 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 46,239,508.38 | 62,263,601.73 | -25.74 | | Net Cash Flow from Operating Activities | 37,240,128.76 | 52,117,971.79 | -28.55 | | Period-End Data | Current Period-End | Prior Year-End | YoY Change (%) | | Net Assets Attributable to Shareholders of Listed Company | 1,648,239,634.68 | 1,646,270,295.13 | 0.12 | | Total Assets | 1,739,297,464.17 | 1,748,651,398.28 | -0.53 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.46 | 0.59 | -22.03 | | Diluted Earnings Per Share (RMB/share) | 0.46 | 0.59 | -22.03 | | Basic EPS Excluding Non-Recurring Items (RMB/share) | 0.44 | 0.59 | -25.42 | | Weighted Average Return on Net Assets (%) | 2.90 | 3.86 | Decrease of 0.96 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Items (%) | 2.79 | 3.83 | Decrease of 1.04 percentage points | | R&D Investment as % of Operating Revenue | 6.76 | 6.48 | Increase of 0.28 percentage points | - Due to medical insurance cost control policies impacting in vitro diagnostic industry demand, the company's operating revenue decreased by 12.62% year-on-year, leading to declines in total profit, net profit, and EPS[21] Non-Recurring Gains and Losses and Amounts This section details the non-recurring gains and losses for the reporting period, totaling RMB 1,760,354.62, primarily from fair value changes in financial assets and government grants Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Item | Amount (RMB) | | :--- | :--- | | Gains/losses on disposal of non-current assets, including reversal of impairment provisions | -316,211.47 | | Government grants recognized in current profit/loss, excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with a continuous impact on company profit/loss | 56,341.80 | | Gains/losses from fair value changes and disposal of financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal operations | 2,250,145.45 | | Other non-operating income and expenses beyond the above items | 30,736.42 | | Other profit/loss items meeting the definition of non-recurring | 51,532.46 | | Less: Income tax impact | 311,300.57 | | Minority interest impact (after tax) | 889.47 | | Total | 1,760,354.62 | Management Discussion and Analysis Explanation of the Company's Industry and Main Business during the Reporting Period The company operates in the high-tech in vitro diagnostic sector, focusing on thrombosis and hemostasis, facing market demand slowdown due to medical insurance policies, and operates with an R&D-driven, distribution-centric model Industry Overview China's in vitro diagnostic market is large, with coagulation diagnostics growing rapidly, but policy changes like DRG/DIP and centralized procurement are slowing demand and favoring domestic leaders - China's in vitro diagnostic market exceeded RMB 100 billion in 2021, with coagulation diagnostics growing rapidly at a CAGR of 24.8% from 2015-2019[28] - Coagulation testing demand slowed in 2024 due to medical insurance cost control and hospital compliance, with further decline in 2025 as DRG and centralized procurement policies deepen[28] - DRG/DIP policies will accelerate the import substitution of cost-effective domestic medical devices[32] - Centralized procurement of in vitro diagnostic reagents by the National Healthcare Security Administration is underway, benefiting domestic leaders in import substitution and market share expansion[33] - The in vitro diagnostic industry has high technical barriers, long R&D cycles, and significant investment, making it difficult for new entrants to acquire technology quickly[33] Main Business, Products, or Services The company specializes in thrombosis and hemostasis in vitro diagnostics, offering integrated instrument, reagent, and consumable product systems covering key detection items - The company's main business is R&D, production, and sales of instruments, reagents, and consumables in the thrombosis and hemostasis in vitro diagnostic field[40] - The company has built a core technology cluster covering instruments, reagents, and consumables, forming an integrated product system[40] Company's Main Product Categories | Product Category | Main Product Name | Function and Application | | :--- | :--- | :--- | | Detection Instruments | Fully automatic sample processing system (coagulation assembly line), semi-automatic/fully automatic coagulation analyzer, fully automatic hemorheology analyzer, dynamic erythrocyte sedimentation rate and hematocrit analyzer, platelet aggregation analyzer | Used for screening, diagnosis, thrombolysis, and anticoagulant therapy monitoring of hemorrhagic and thrombotic diseases, as well as whole blood and plasma viscosity detection | | Reagents | Activated partial thromboplastin time assay kit, fibrinogen assay kit, prothrombin time assay kit, D-dimer assay kit, antithrombin (AT) assay kit, lupus anticoagulant detection kit | Used for in vitro quantitative determination and quality control of coagulation, fibrinolysis, and anticoagulation items | | Consumables | Coagulation consumables, hemorheology consumables | Used with SF series coagulation analyzers and SA series hemorheology analyzers | Main Business Model The company operates on an "independent R&D and production, production based on sales, procurement based on production, and distribution-led" model, leveraging a nationwide distribution network - The company adopts an operating model of 'independent R&D and production, production based on sales, procurement based on production, and distribution-led'[44] - The sales model is primarily distribution-based, supplemented by direct sales, aiming to enhance service capabilities, expand customer reach, and avoid capital tie-ups from long payment terms in direct sales to medical institutions[44] Discussion and Analysis of Operations Operating revenue and net profit declined due to deepening medical insurance cost control and increased market competition, but the company is actively developing new products, expanding overseas, and implementing cost-saving measures - During the reporting period, deepening medical insurance cost control, bundled testing item management, and mutual recognition of test results impacted China's in vitro diagnostic market demand, leading to a year-on-year decline in the company's operating revenue and net profit[46] - In H1 2025, the company achieved operating revenue of RMB 138.96 million, a 12.62% year-on-year decrease, and net profit attributable to shareholders of RMB 47.99 million, a 23.47% year-on-year decrease[47] - The company actively promoted the launch of SMART series coagulation assembly lines and SF-9200 fully automatic coagulation analyzers, while expanding overseas markets, resulting in a 64.29% year-on-year increase in overseas export business[47][48][49] - The company strengthened cost reduction and efficiency improvement through optimizing production processes, enhancing staff efficiency, leasing idle premises, and optimizing personnel structure, ensuring sustainable development[51] Analysis of Core Competitiveness during the Reporting Period The company's core competitiveness stems from strong R&D, a comprehensive product line, integrated instrument-reagent-consumable solutions, cost-effectiveness in import substitution, and a nationwide marketing network, with notable R&D progress in coagulation diagnostics Core Competitiveness Analysis The company possesses strong core competitiveness through its R&D platform, national standard material manufacturer status, extensive product line, integrated solutions, cost-effectiveness, and market leadership with a nationwide service network - The company holds 15 core technologies and 46 patents (including 15 invention patents), and received a National Science and Technology Progress Award (Second Prize) for its research and application of hemorheological measurement technology[52] - The company developed non-Newtonian fluid viscosity reference materials, certified as National Secondary Reference Materials, providing a standardized platform for hemorheology analyzers[53] - The company's product line covers major application areas in thrombosis and hemostasis in vitro diagnostics, with diverse, high-performance products widely used by customers, leading among domestic brands[54] - The company independently develops and produces integrated, traceable instruments, reagents, and consumables, forming a closed-loop detection system that ensures accurate results and stable revenue[55] - The company's thrombosis and hemostasis in vitro diagnostic products are highly competitive for import substitution in the mid-to-high-end market, with clear price advantages for instruments and reagents[56] - As an early entrant into the thrombosis and hemostasis in vitro diagnostic field, the company has a first-mover advantage, with products used by over 10,000 domestic end-users and a nationwide marketing and service network[57] Core Technologies and R&D Progress During the reporting period, the company optimized its coagulation diagnostic platforms, established a stable cell line transfection platform for biological raw materials, and obtained an invention patent for a lupus anticoagulant detection kit, with total R&D investment of RMB 9.40 million - In the hemostasis and coagulation diagnostic testing technology platform, the company continued R&D, deepening and expanding the SF series fully automatic coagulation analyzers and SMART series coagulation assembly lines[60] - The biological raw materials technology platform has completed the establishment of a stable cell line transfection platform and is currently screening high-yield D-dimer cell lines[60] - In core coagulation diagnostic reagent technology, one invention patent was granted: 'A Reagent Kit for Detecting Lupus Anticoagulant Based on SCT Method'[61][64] R&D Investment for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 9,400,381.67 | 10,298,599.32 | -8.72 | | Total R&D Investment | 9,400,381.67 | 10,298,599.32 | -8.72 | | Total R&D Investment as % of Operating Revenue | 6.76 | 6.48 | Increase of 0.28 percentage points | Selected R&D Projects for H1 2025 | No. | Project Name | Estimated Total Investment (RMB) | Current Period Investment (RMB) | Cumulative Investment (RMB) | Progress or Milestones | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Lupus Anticoagulant Intrinsic Activation Pathway | 7,000,000.00 | 44,430.28 | 6,052,840.15 | One invention patent granted, project concluded | | 2 | D-Dimer Antibody and Reagent Kit | 12,000,000.00 | 582,888.27 | 11,782,969.78 | Stable cell line transfection platform established, screening high-yield D-dimer cell lines | | 7 | Fully Automatic Sample Processing System | 18,298,000.00 | 2,817,831.33 | 17,496,971.18 | Project concluded | | 12 | Coagulation Analyzer Related Technology Research | 8,740,000.00 | 1,666,051.04 | 7,039,531.17 | Achieved standardization of instrument test results through optimization of multiple automation technologies' structures, algorithms, and parameters | | 13 | New Coagulation Software Platform | 1,500,000.00 | 612,431.39 | 2,374,341.02 | Software evaluation in progress | Risk Factors The company faces risks from long R&D cycles, loss of core technical personnel, product concentration, quality issues, intensified market competition, medical insurance cost control, and exchange rate fluctuations Core Competitiveness Risks Risks include long R&D cycles and high technical difficulty for in vitro diagnostic products, potentially leading to deviations or delays, and the impact of losing scarce core technical talent - In vitro diagnostic product R&D has long cycles and high technical difficulty, posing risks of R&D route deviations, slow progress, or excessive costs[75] - The company faces adverse impacts on R&D and operations from the loss of core technical personnel, given the high demand and scarcity of high-end composite technical talent in the in vitro diagnostic industry[76] Operating Risks Operating risks include product structure concentration, potential inability to meet changing market demands, product quality issues leading to claims or penalties, and intensified market competition - The company's product structure is concentrated in thrombosis and hemostasis in vitro diagnostics; significant future market demand changes may lead to products not meeting market needs[77] - The company may face risks of claims, lawsuits, arbitration, or administrative penalties due to product quality issues, adversely affecting business, financial condition, and reputation[77] - Competition in the thrombosis and hemostasis in vitro diagnostic market is intensifying among leading domestic and international brands, potentially impacting the company's operations[78] Macro-Environmental Risks Macro-environmental risks include product price reduction due to medical insurance cost control policies, decreased demand from bundled testing and mutual recognition policies, and exchange rate fluctuations - The implementation of medical insurance cost control policies (e.g., DRG/DIP, centralized procurement) may lead to product price reduction risks[79] - Policies by the National Health Commission to strengthen bundled testing item management and promote mutual recognition of test results may lead to a short-term decline in domestic thrombosis and hemostasis in vitro diagnostic demand[79][80] - The company's sales and raw material purchases are partially settled in foreign currencies, so RMB exchange rate fluctuations may result in exchange gains or losses, affecting operating performance[80] Analysis of Main Business Operating revenue and cost decreased due to medical insurance cost control. Financial expenses changed due to lower bank deposit rates and investment in structured deposits. Net cash flow from operating activities decreased, while net cash outflows from investing and financing activities increased, the latter mainly due to share repurchases Analysis of Financial Statement Item Changes for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 138,963,438.32 | 159,029,323.47 | -12.62 | | Operating Cost | 52,621,981.01 | 58,842,941.25 | -10.57 | | Selling Expenses | 18,953,691.73 | 17,542,188.13 | 8.05 | | Administrative Expenses | 10,957,365.36 | 13,025,435.23 | -15.88 | | Financial Expenses | -8,486,457.54 | -13,932,959.56 | Not applicable | | R&D Expenses | 9,400,381.67 | 10,298,599.32 | -8.72 | | Net Cash Flow from Operating Activities | 37,240,128.76 | 52,117,971.79 | -28.55 | | Net Cash Flow from Investing Activities | -303,898,404.50 | -250,874,643.59 | Not applicable | | Net Cash Flow from Financing Activities | -46,094,350.26 | -27,676,489.57 | Not applicable | - The decrease in operating revenue was primarily due to the combined impact of medical institutions strengthening bundled testing item management, mutual recognition of test results, and medical insurance cost control, leading to a decline in sales of reagents and consumables[83] - The change in financial expenses was mainly due to a year-on-year decrease in interest income from lower bank deposit rates, and the company's investment of some fixed deposits into structured deposit products, with related income no longer recorded as interest income[83] - The decrease in net cash flow from operating activities was mainly due to reduced sales collections from lower operating revenue; the increase in net cash outflow from investing activities was primarily due to the company purchasing structured deposit products to enhance capital returns; the increase in net cash outflow from financing activities was mainly due to the company's share repurchase during the reporting period[83] Analysis of Assets and Liabilities Total assets slightly decreased, while net assets attributable to shareholders slightly increased. A significant decrease in monetary funds and a substantial increase in transactional financial assets reflect the company's strategy to enhance returns through structured deposits. Investment properties and accounts receivable financing increased, while employee compensation and taxes payable decreased Changes in Assets and Liabilities for H1 2025 | Item Name | Current Period-End (RMB) | Current Period-End as % of Total Assets | Prior Year-End (RMB) | Prior Year-End as % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 758,986,516.38 | 43.64 | 1,074,020,238.35 | 61.42 | -29.33 | | Transactional Financial Assets | 500,674,722.23 | 28.79 | 200,205,479.45 | 11.45 | 150.08 | | Investment Properties | 716,612.76 | 0.04 | 0.00 | 0.00 | Not applicable | | Accounts Receivable Financing | 5,293,585.20 | 0.30 | 647,812.35 | 0.04 | 717.15 | | Employee Compensation Payable | 7,639,887.25 | 0.44 | 13,486,988.69 | 0.77 | -43.35 | | Taxes Payable | 5,682,596.15 | 0.33 | 8,503,036.15 | 0.49 | -33.17 | - The 29.33% decrease in monetary funds and 150.08% increase in transactional financial assets were primarily due to the company increasing its investment in structured deposits to enhance capital returns[85] - The new investment properties item is mainly due to the company leasing out idle properties to increase asset returns[85] - Accounts receivable financing increased by 717.15%, mainly due to increased customer use of bank acceptance bills for goods settlement[85] - Employee compensation payable decreased by 43.35%, primarily due to the payment of 2024 annual bonuses[85] Analysis of Investment Status The company's investment status is primarily reflected in financial assets measured at fair value, with RMB 700 million purchased and RMB 401 million sold/redeemed during the period, resulting in a period-end balance of RMB 503 million, mostly in transactional financial assets (wealth management products), indicating active cash management Financial Assets Measured at Fair Value for H1 2025 | Asset Category | Beginning Balance (RMB) | Fair Value Change in Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 202,700,974.45 | 2,250,145.45 | 700,000,000.00 | 401,780,902.67 | 503,170,217.23 | | Of which: Transactional Financial Assets | 200,205,479.45 | 2,250,145.45 | 700,000,000.00 | 401,780,902.67 | 500,674,722.23 | | Of which: Other Equity Instrument Investments | 2,495,495.00 | 0.00 | 0.00 | 0.00 | 2,495,495.00 | | Total | 202,700,974.45 | 2,250,145.45 | 700,000,000.00 | 401,780,902.67 | 503,170,217.23 | Corporate Governance, Environment, and Society Corporate Governance, Environment, and Society This section covers corporate governance, environmental, and social aspects, noting no changes in directors, supervisors, senior management, or core technical personnel during the reporting period - Changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period were 'not applicable'[89] - The proposed semi-annual profit distribution plan or capital reserve to share capital increase plan was 'not applicable'[89] Significant Matters Fulfillment of Commitments The company's controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments made in the IPO prospectus - Controlling shareholder and actual controller Wu Shiming committed to strictly adhere to share lock-up, not transferring shares for 36 months from listing, and observing transfer limits during tenure and for six months post-resignation[92] - The controlling shareholder, actual controller, and their concerted parties committed to resolve and avoid engaging in businesses or activities that constitute horizontal competition with the company's main business[96] - The controlling shareholder, actual controller, and their concerted parties committed to regulate related party transactions, ensuring fair, reasonable, and normal commercial terms, and strict adherence to relevant procedures[98] - The company committed that the prospectus contains no false statements, misleading representations, or material omissions, and assumes legal responsibility for its truthfulness, accuracy, completeness, and timeliness[103] - The company committed to strictly implement measures to mitigate dilution of immediate returns, including improving operational efficiency, strengthening raised capital management, and refining profit distribution policies[105][106] Major Litigation and Arbitration Matters The company had no major litigation or arbitration matters requiring disclosure during the reporting period - The company had no major litigation or arbitration matters during the reporting period[110] Significant Related Party Transactions During the reporting period, the company had no significant related party transactions concerning daily operations, asset acquisition/disposal, joint investments, or related party debts/credits, nor any disclosed or progressing incentive plans - During the reporting period, the company had no significant related party transactions related to daily operations, asset/equity acquisition/disposal, joint external investments, or related party debts/credits[110][111][112] Explanation of Progress in Use of Raised Funds The company has cumulatively invested RMB 739 million of IPO funds, reaching 80.02% completion. Production base and R&D center projects are delayed due to policy and external factors. Over-raised funds were used for permanent working capital and share repurchases, with the latter completed Overall Use of Raised Funds for H1 2025 | Source of Raised Funds | Total Raised Funds (RMB) | Net Raised Funds (RMB) | Committed Investment Total (RMB) | Cumulative Raised Funds Invested as of Period-End (RMB) | Cumulative Investment Progress (%) | Amount Invested in Current Year (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 1,027,744,200.00 | 924,269,637.22 | 370,722,803.94 | 739,557,386.14 | 80.02 | 18,528,187.75 | Detailed Use of Raised Funds for Investment Projects for H1 2025 | Project Name | Planned Total Investment of Raised Funds (RMB) | Amount Invested in Current Year (RMB) | Cumulative Raised Funds Invested as of Period-End (RMB) | Cumulative Investment Progress (%) | Date Project Expected to Reach Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | | Production Base Construction Project | 320,900,781.93 | 3,965,413.02 | 249,567,201.25 | 77.77 | Completed in December 2024 | | R&D Center Construction Project | 142,900,543.31 | 1,248,586.98 | 78,901,462.50 | 55.21 | Expected to be completed in December 2026 | | Marketing Network Construction Project | 41,029,600.00 | 1,593,745.82 | 13,988,135.79 | 34.09 | Expected to be completed in December 2026 | | Replenishment of Working Capital | 180,000,000.00 | 0.00 | 180,000,000.00 | 100.00 | / | | Over-raised Funds: Permanent Replenishment of Working Capital | 166,000,000.00 | 0.00 | 166,000,000.00 | 100.00 | / | | Over-raised Funds: Share Repurchase Project | 51,100,586.60 | 11,720,441.93 | 51,100,586.60 | 100.00 | / | - The Production Base Construction Project and R&D Center Construction Project are delayed, primarily due to the 'Implementation Opinions of Beijing Municipal People's Government Office on Accelerating the Development of Prefabricated Buildings' policy, external environment, and construction restrictions[115] - The company has used RMB 73.33 million of surplus raised funds from the 'Production Base Construction Project' to supplement working capital[124] - The company completed its share repurchase plan, cumulatively repurchasing 2,172,456 shares, representing 2.0467% of total share capital, with a total payment of RMB 51.10 million[122] Share Changes and Shareholder Information Changes in Share Capital The company's total ordinary share capital and capital structure remained unchanged during the reporting period - During the reporting period, the company's total ordinary share capital and capital structure remained unchanged[127] Shareholder Information As of the end of the reporting period, the company had 6,779 ordinary shareholders. Wu Shiming held the largest stake at 34.66%, and the company's repurchase special securities account held 2.05% of shares - As of the end of the reporting period, the total number of ordinary shareholders was 6,779[128] Top Ten Shareholders as of Period-End | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Wu Shiming | 36,787,960 | 34.66 | Domestic Natural Person | | Zhang Haiying | 6,324,325 | 5.96 | Domestic Natural Person | | Zhu Lianqing | 4,490,347 | 4.23 | Domestic Natural Person | | Beijing Sainuoheng Technology Center (Limited Partnership) | 2,948,400 | 2.78 | Other | | Zhang Jiahong | 2,902,162 | 2.73 | Domestic Natural Person | | Wu Tong | 2,719,460 | 2.56 | Domestic Natural Person | | Gu Xiaofeng | 1,214,865 | 1.14 | Domestic Natural Person | | Yan Qiaoxia | 1,200,000 | 1.13 | Domestic Natural Person | | Shen Ziyu | 1,193,365 | 1.12 | Domestic Natural Person | | Zhang Ying | 1,108,865 | 1.04 | Domestic Natural Person | - As of the end of the reporting period, Succeeder's dedicated share repurchase account held 2,172,456 shares, representing 2.05% of the total share capital[131] Information on Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, Director and Senior Management/Core Technical Personnel Ding Chonghui and Director Gu Xiaofeng each reduced their holdings by 50,000 shares due to personal financial needs Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel for H1 2025 | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Ding Chonghui | Director, Senior Management, Core Technical Personnel | 941,621 | 891,621 | -50,000 | Personal financial needs | | Gu Xiaofeng | Director | 1,264,865 | 1,214,865 | -50,000 | Personal financial needs | Bond-Related Information Bond-Related Information This section confirms that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[137] - The company has no convertible corporate bonds[137] Financial Report Audit Report This semi-annual report has not been audited - This semi-annual report is unaudited[5] Financial Statements This section includes the company's H1 2025 consolidated and parent company financial statements, providing a comprehensive view of financial position and operating results - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[139][143][147][151][154][157][160][164] Company Basic Information Beijing Succeeder Technology Co., Ltd. was listed on the STAR Market in August 2020, specializing in R&D, production, and sales of in vitro diagnostic instruments and consumables, with its total share capital increasing to 106,142,400 shares in May 2023 - Beijing Succeeder Technology Co., Ltd. was listed on the STAR Market of the Shanghai Stock Exchange on August 6, 2020, with stock abbreviation 'Succeeder' and stock code '688338'[168] - The company's main business activities are R&D, production, and sales of in vitro diagnostic instruments and related reagents and consumables[169] - On May 18, 2023, the company's total share capital increased to 106,142,400 shares[168] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with no identified issues affecting the company's ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations[170] - The company assessed its going concern ability for 12 months from the end of the reporting period, finding no matters affecting it, thus preparing financial statements on a going concern basis is reasonable[171] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering financial instruments, revenue recognition, inventory, fixed assets, intangible assets, employee compensation, and provisions, ensuring financial information reliability - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[173] - Financial instruments are initially classified based on the business model for managing financial assets and contractual cash flow characteristics as financial assets measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income[202] - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods, and recognizes revenue based on the progress or point in time of performance[290][291][296] - Inventories are valued using the weighted average method upon issuance and measured at the lower of cost and net realizable value at the balance sheet date, with inventory impairment provisions made[230][234] - Fixed assets are depreciated using the straight-line method; buildings and structures over 10-40 years, machinery and equipment over 3-10 years, electronic equipment over 3-5 years, and transportation vehicles over 5 years[259] - Intangible assets with finite useful lives (e.g., land use rights, software) are systematically amortized using the straight-line method, with amortization expenses recognized in current profit or loss or as part of relevant asset costs based on the benefiting project[264] Taxation The company's main taxes include VAT (13%, 9%, 6%) and corporate income tax (15%, 25%, 20%), benefiting from high-tech enterprise income tax incentives, VAT refunds for software products, and VAT super deduction for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, provision of services income | 13%, 9%, 6% | | Corporate Income Tax | Taxable income | 15%, 25%, 20% | - The company is recognized as a high-tech enterprise, enjoying a 15% preferential corporate income tax rate for 2023-2025[331] - The company benefits from a VAT refund policy for software products, where the portion of actual VAT burden exceeding 3% is immediately refunded[331] - The company qualifies for a VAT super deduction policy for advanced manufacturing enterprises, allowing an additional 5% deduction from current deductible input VAT against payable VAT[332] Notes to Consolidated Financial Statement Items This section details the period-end and beginning balances and changes for consolidated financial statement items, including monetary funds, transactional financial assets, accounts receivable, employee compensation payable, operating revenue and cost, and financial expenses, highlighting the shift from monetary funds to structured deposits Monetary Funds Period-End Balance for H1 2025 | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 30,558.47 | 16,555.51 | | Bank Deposits | 755,053,588.89 | 1,063,381,929.40 | | Other Monetary Funds | 3,902,369.02 | 10,621,753.44 | | Total | 758,986,516.38 | 1,074,020,238.35 | - Period-end bank deposits include RMB 16.85 million in unexpired fixed deposit interest, which is not included in cash and cash equivalents[333] Transactional Financial Assets Period-End Balance for H1 2025 | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 500,674,722.23 | 200,205,479.45 | | Of which: Wealth Management Products | 500,674,722.23 | 200,205,479.45 | | Total | 500,674,722.23 | 200,205,479.45 | Aging Analysis of Accounts Receivable for H1 2025 | Aging | Period-End Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 46,293,546.99 | 40,294,563.67 | | 1 to 2 years | 694,783.00 | 100,497.68 | | 2 to 3 years | 100,497.68 | 21,061.79 | | 3 to 4 years | 21,061.79 | 27,002.32 | | 4 to 5 years | 27,002.32 | 3,600.00 | | Over 5 years | 238,566.00 | 234,966.00 | | Total | 47,375,457.78 | 40,681,691.46 | Employee Compensation Payable for H1 2025 | Item | Beginning Balance (RMB) | Increase in Current Period (RMB) | Decrease in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 13,154,177.06 | 25,987,997.00 | 31,819,398.96 | 7,322,775.10 | | II. Post-employment Benefits - Defined Contribution Plans | 332,811.63 | 2,013,726.94 | 2,029,426.42 | 317,112.15 | | Total | 13,486,988.69 | 28,001,723.94 | 33,848,825.38 | 7,639,887.25 | Operating Revenue and Operating Cost for H1 2025 | Item | Current Period (Revenue) (RMB) | Current Period (Cost) (RMB) | Prior Period (Revenue) (RMB) | Prior Period (Cost) (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 138,532,090.43 | 52,429,670.63 | 158,914,833.80 | 58,771,889.85 | | Other Business | 431,347.89 | 192,310.38 | 114,489.67 | 71,051.40 | | Total | 138,963,438.32 | 52,621,981.01 | 159,029,323.47 | 58,842,941.25 | Financial Expenses for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Interest Expense | 0.00 | 3,197.93 | | Less: Interest Income | 8,773,584.81 | 13,354,888.50 | | Net Exchange Loss | 246,908.31 | -613,268.59 | | Bank Charges | 40,218.96 | 31,999.60 | | Total | -8,486,457.54 | -13,932,959.56 | R&D Expenses Total R&D expenses for the reporting period were RMB 9.40 million, a 8.72% year-on-year decrease, primarily comprising employee compensation and R&D materials, with all expenses recognized as period costs R&D Expenses by Nature for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 6,205,270.13 | 6,574,280.15 | | R&D Materials | 1,384,851.67 | 2,378,370.73 | | Product Testing, Registration Fees | 79,684.39 | 173,938.69 | | Depreciation and Amortization | 812,874.11 | 454,142.46 | | Travel Expenses | 171,358.23 | 135,215.31 | | Office Expenses | 146,154.46 | 139,519.98 | | Outsourced R&D Fees | 566,037.72 | 205,576.31 | | Other | 34,150.96 | 42,478.63 | | Right-of-Use Asset Lease | 0.00 | 195,077.06 | | Total | 9,400,381.67 | 10,298,599.32 | | Of which: Expensed R&D Investment | 9,400,381.67 | 10,298,599.32 | | Capitalized R&D Investment | 0.00 | 0.00 | Changes in Consolidation Scope During the reporting period, there were no changes in the company's consolidation scope, including non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[477][478] Interests in Other Entities This section discloses the company's interests in subsidiaries and associates, including two subsidiaries and an investment in Unide Medical Electronics (Shenzhen) Co., Ltd. accounted for using the equity method, which has accumulated unrecognized losses Interests in Subsidiaries The company holds interests in two subsidiaries: Sainuoheng Medical Technology (100%) and Succeeder (Jiangsu) Medical Devices Co., Ltd. (80%), both established through new investments Composition of Enterprise Group for H1 2025 | Subsidiary Name | Main Operating Location | Registered Capital (RMB 10,000) | Business Nature | Shareholding (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Sainuoheng Medical Technology | Beijing | 5,000.00 | Medical Manufacturing | 100.00 | Investment in New Entity | | Succeeder (Jiangsu) Medical Devices Co., Ltd. | Nanjing, Jiangsu Province | 1,000.00 | Medical Device Sales | 80.00 | Investment in New Entity | Interests in Joint Ventures or Associates The company's investment in associate Unide Medical Electronics (Shenzhen) Co., Ltd. is accounted for using the equity method, with accumulated unrecognized losses of RMB 211,151.40 as of the period-end - On December 29, 2022, the company acquired a 20.00% equity stake in Unide Medical Electronics (Shenzhen) Co., Ltd. for RMB 2.00 million, accounted for using the equity method[481] Excess Losses Incurred by Associates for H1 2025 | Joint Venture or Associate Name | Accumulated Unrecognized Prior Period Losses (RMB) | Unrecognized Losses in Current Period (RMB) | Accumulated Unrecognized Losses at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Unide Medical Electronics (Shenzhen) Co., Ltd. | 32,779.85 | 178,371.55 | 211,151.40 | Government Grants During the reporting period, the company recognized total government grants of RMB 612,017.76, including RMB 29,059.80 transferred from deferred income related to assets, with the remainder directly recognized in current profit or loss Liability Items Involving Government Grants for H1 2025 | Financial Statement Item | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-Operating Income in Current Period (RMB) | Transferred to Other Income in Current Period (RMB) | Other Changes in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 58,120.11 | 0.00 | 0.00 | 29,059.80 | 0.00 | 29,060.31 | Asset-related | | Total | 58,120.11 | 0.00 | 0.00 | 29,059.80 | 0.00 | 29,060.31 | / | Government Grants Recognized in Current Profit or Loss for H1 2025 | Type | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Other | 612,017.76 | 767,631.68 | | Total | 612,017.76 | 767,631.68 | Risks Related to Financial Instruments The company faces credit, liquidity, and market risks (foreign exchange, interest rate). Credit risk is managed through customer assessment; liquidity risk through cash management; foreign exchange risk from USD assets/liabilities, with a 10% RMB fluctuation potentially impacting net profit by RMB 7.28 million. Interest rate risk is not significant due to no bank borrowings - The company's financial instrument risks primarily include credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk)[488] - Credit risk mainly arises from financial assets like monetary funds, notes receivable, and accounts receivable, controlled by assessing customer creditworthiness, regular monitoring, and setting credit terms[489] - As of June 30, 2025, accounts receivable from the top five customers accounted for 39.42% of the total[492] - Foreign exchange risk primarily stems from USD-denominated foreign currency assets and liabilities; a 10% appreciation or depreciation of RMB against USD would increase or decrease annual net profit by RMB 7.28 million[494][495] - As of June 30, 2025, the company had no bank loan balances, thus interest rate fluctuations would not impact total profit and shareholders' equity[495] Disclosure of Fair Value This section discloses the period-end fair values of assets and liabilities measured at fair value. Transactional financial assets (structured deposits), other equity instrument investments, and accounts receivable financing are all measured at Level 3 fair value, with their book values considered reasonable estimates of fair value Period-End Fair Value of Assets and Liabilities Measured at Fair Value for H1 2025 | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | (I) Transactional Financial Assets | 500,674,722.23 | 500,674,722.23 | | (III) Other Equity Instrument Investments | 2,495,495.00 | 2,495,495.00 | | (VI) Accounts Receivable Financing | 5,293,585.20 | 5,293,585.20 | | Total Assets Continuously Measured at Fair Value | 508,463,802.43 | 508,463,802.43 | - Transactional financial assets (structured deposits) are measured at a reasonable estimate of fair value, calculated as principal plus expected returns as of the balance sheet date[499] - Accounts receivable financing (unexpired bank acceptance bills) is measured at a reasonable estimate of fair value, calculated as the book amount of the bills[499] - Other equity instrument investments are measured at cost as a reasonable estimate of fair value, as the investee's operating conditions align with initial investment expectations[499] Related Parties and Related Party Transactions This section discloses the company's related parties and transactions, including Beijing Sainuoheng, Beijing Greenmed Enterprise Management Consulting Co., Ltd., and Sichuan Bofeike Biotechnology Co., Ltd. Related transactions involve R&D services from Sichuan Bofeike and rent payments to Beijing Greenmed. Key management personnel compensation totaled RMB 1.24 million Other Related Parties | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Beijing Sainuoheng | Other enterprise controlled by the actual controller, holding 2.78% of the company's shares | | Beijing Greenmed Enterprise Management Consulting Co., Ltd. | Enterprise controlled by Zhang Haiying, a shareholder holding over 5% | | Sichuan Bofeike Biotechnology Co., Ltd. | Company holds 9.91% of its shares | Related Party Transactions for Purchase/Sale of Goods/Acceptance of Services for H1 2025 | Related Party | Related Transaction Content | Amount in Current Period (RMB) | | :--- | :--- | :--- | | Sichuan Bofeike Biotechnology Co., Ltd. | R&D, registration services | 566,037.74 | Related Party Leases for H1 2025 (Company as Lessee) | Lessor Name | Type of Leased Asset | Amount in Current Period (Rent Paid) (RMB) | | :--- | :--- | :--- | | Beijing Greenmed Enterprise Management Consulting Co., Ltd. | Buildings and Structures | 804,710.98 | Key Management Personnel Compensation for H1 2025 | Item | Amount in Current Period (RMB 10,000) | Amount in Prior Period (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 124.45 | 134.05 | Amounts Receivable from Related Parties for H1 2025 | Item Name | Related Party | Period-End Book Balance (RMB) | | :--- | :--- | :--- | | Prepayments | Sichuan Bofeike Biotechnology Co., Ltd. | 404,388.30 | Commitments and Contingencies As of June 30, 2025, the company had no significant commitments or contingencies requiring disclosure - As of June 30, 2025, the company had no significant contingencies requiring disclosure[511] Events After the Balance Sheet Date The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date[512] Notes to Parent Company Financial Statement Items This section provides detailed notes for key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and operating costs. The parent company's accounts receivable aging structure is similar to the consolidated statements, and long-term equity investments in subsidiaries remain stable Aging Analysis of Parent Company Accounts Receivable for H1 2025 | Aging | Period-End Book Balance (RMB) | Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 46,293,546.99 | 40,294,563.67 | | 1 to 2 years | 694,783.00 | 100,497.68 | | 2 to 3 years | 100,497.68 | 21,061.79 | | 3 to 4 years | 21,061.79 | 27,002.32 | | 4 to 5 years | 27,002.32 | 3,600.00 | | Over 5 years | 238,566.00 | 234,966.00 | | Total | 47,375,457.78 | 40,681,691.46 | Parent Company Investments in Subsidiaries for H1 2025 | Investee | Beginning Balance (Book Value) (RMB) | Period-End Balance (Book Value) (RMB) | | :--- | :--- | :--- | | Sainuoheng Medical Technology | 50,000,000.00 | 50,000,000.00 | | Succeeder (Jiangsu) Medical Devices Co., Ltd. | 2,000,000.00 | 2,000,000.00 | | Total | 52,000,000.00 | 52,000,000.00 | Parent Company Operating Revenue and Operating Cost for H1 2025 | Item | Current Period (Revenue) (RMB) | Current Period (Cost) (RMB) | Prior Period (Revenue) (RMB) | Prior Period (Cost) (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 138,532,090.43 | 54,427,663.43 | 158,914,833.80 | 58,771,889.85 | | Other Business | 422,965.59 | 190,092.78 | 113,138.34 | 68,104.29 | | Total | 138,955,056.02 | 54,617,756.21 | 159,027,972.14 | 58,839,994.14 | Supplementary Information This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses and key financial indicators such as net assets return and EPS. Total non-recurring gains and losses were RMB 1.76 million, with a weighted average ROE of 2.90% and basic EPS of RMB 0.46 Detailed Statement of Non-Recurring Gains and Losses for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains/losses on disposal of non-current assets, including reversal of impairment provisions | -316,211.47 | | Government grants recognized in current profit/loss, excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with a continuous impact on company profit/loss | 56,341.80 | | Gains/losses from fair value changes and disposal of financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal operations | 2,250,145.45 | | Other non-operating income and expenses beyond the above items | 30,736.42 | | Other profit/loss items meeting the definition of non-recurring | 51,532.46 | | Less: Income tax impact | 311,300.57 | | Minority interest impact (after tax) | 889.47 | | Total | 1,760,354.62 | Return on Net Assets and Earnings Per Share for H1 2025 | Item | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 2.90 | 0.46 | 0.46 | | Net Profit Attributable to Ordinary Shareholders of the Company Excluding Non-Recurring Items | 2.79 | 0.44 | 0.44 |