安必平(688393) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of key terms used in the report Section II Company Profile and Key Financial Indicators This section outlines the company's basic information and presents key financial performance metrics for the reporting period I. Company's Basic Information This section outlines Guangzhou Amoytop Biotech Co., Ltd.'s basic registration information, contact details, and information disclosure channels, noting its listing on the STAR Market of the Shanghai Stock Exchange - Company full name: Guangzhou Amoytop Biotech Co., Ltd., abbreviation: Amoytop[13] - The company's legal representative is Cai Xiangting, with its registered and office address located at No. 2 Kexin Street, Huangpu District, Guangzhou[13] - The company's shares (A-shares) are listed on the STAR Market of the Shanghai Stock Exchange, with stock code 688393[16] VI. Key Accounting Data and Financial Indicators During the reporting period, the company experienced significant declines in revenue and net profit, primarily due to HPV product centralized procurement policies, which substantially reduced product line revenue and gross profit, impacting earnings per share and return on net assets, while net cash flow from operating activities significantly increased due to reduced cash payments for other operating activities Key Accounting Data (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 159,397,066.02 CNY | 228,067,153.56 CNY | -30.11 | | Total Profit | -18,485,601.19 CNY | 7,916,269.89 CNY | -333.51 | | Net Profit Attributable to Shareholders | -12,498,511.13 CNY | 16,362,687.27 CNY | -176.38 | | Net Profit Attributable to Shareholders After Deducting Non-recurring Gains and Losses | -14,712,358.76 CNY | 10,526,511.19 CNY | -239.76 | | Net Cash Flow from Operating Activities | 19,012,587.77 CNY | -11,255,081.53 CNY | 268.92 | | Net Assets Attributable to Shareholders (Period-end / Prior Year-end) | 1,231,341,907.98 CNY | 1,255,740,454.71 CNY | -1.94 | | Total Assets (Period-end / Prior Year-end) | 1,325,045,395.80 CNY | 1,362,730,307.94 CNY | -2.77 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.13 | 0.17 | -176.47 | | Diluted Earnings Per Share (CNY/share) | -0.13 | 0.17 | -176.47 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | -0.16 | 0.11 | -245.45 | | Weighted Average Return on Net Assets (%) | -1.00 | 1.29 | Decreased by 2.29 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -1.18 | 0.83 | Decreased by 2.01 percentage points | | R&D Investment as % of Operating Revenue | 13.33 | 11.25 | Increased by 2.08 percentage points | - Operating revenue decreased by 30.11%, primarily due to the implementation of centralized procurement policies for HPV products in the third quarter of 2024, leading to a CNY 31.4323 million reduction in HPV product line operating revenue, a 70.71% decrease[19] - Total profit decreased by CNY 26.4019 million, a 333.51% decline, mainly due to a CNY 30.5430 million reduction in HPV product line gross profit, an 83.00% decrease[19] - Net cash flow from operating activities increased by 268.92%, primarily due to a decrease in other cash payments related to operating activities in the current period[19] VIII. Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 2,213,847.63, primarily comprising government subsidies, fair value changes in financial assets, and entrusted investment income Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -26,335.92 | | Government grants recognized in current profit or loss | 2,974,524.32 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 403,169.20 | | Gains or losses from entrusted investments or asset management | 375,936.01 | | Other non-operating income and expenses apart from the above | -1,108,649.46 | | Other gains and losses meeting the definition of non-recurring | 127,748.18 | | Less: Income tax impact | 387,344.68 | | Minority interest impact (after tax) | 145,200.02 | | Total | 2,213,847.63 | IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact During the reporting period, the company's net profit after deducting the impact of share-based payments was CNY -11,618,253.75, representing a year-on-year decrease of 160.78% Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Period | Current Period YoY Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | -11,618,253.75 CNY | 19,113,763.29 CNY | -160.78 | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, business operations, core competitiveness, and financial performance during the reporting period I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company's business focuses on hospital pathology departments, having built a full industry chain covering diagnostic reagents, automated equipment, and AI software across four major pathological diagnostic methodologies, actively responding to national policies through digital upgrades and pathology co-construction models to enhance diagnostic efficiency and grassroots medical service capabilities, within an industry characterized by rising tumor incidence, indispensable pathological diagnosis in cancer treatment, and strong national policy support for cervical cancer screening and hierarchical diagnosis and treatment (1) Main Business Operations The company's main business is centered on hospital pathology departments, having established a full industry chain of diagnostic reagents, automated equipment, and AI software, mastering four major pathological diagnostic methodologies, actively promoting digital upgrades, possessing a rich product line with multiple domestic and international certifications, covering over 2,500 domestic medical institutions and some overseas markets, and collaborating with renowned pharmaceutical companies to provide companion diagnostic services - The company's business covers a full industry chain including diagnostic reagents and raw materials, automated integrated slide preparation and reading machines, and AI-assisted diagnostic software[28] - It has established four major pathological diagnostic methodologies: liquid-based cytology (LBP), polymerase chain reaction (PCR), immunohistochemistry (IHC), and fluorescence in situ hybridization (FISH), making it the domestic company with the most comprehensive methodologies in pathological diagnostics[28] - During the reporting period, 12 new diagnostic-related registration/filing certificates were obtained, bringing the total to over 600 domestic pathological diagnostic-related registration/filing certificates by the end of the period[28] - Some products have obtained EU CE, British Standards Institution (BSI), and Japanese Ministry of Health, Labour and Welfare certifications; during the reporting period, 13 IHC reagents and 1 LBP slide preparation machine received CE certification[28] - The company's business has covered over 2,500 domestic medical institutions and some overseas markets[28] - The company integrates big data, cloud computing, and artificial intelligence technologies to create smart pathology solutions, enhancing diagnostic efficiency and management effectiveness, such as intelligent scanners, Class II certificates for cervical cytology AI, and the XPro 90 liquid-based cytology fully automatic intelligent inspection workflow workstation[29] - The company provides one-stop companion diagnostic services for pharmaceutical companies, having partnered with several renowned pharmaceutical enterprises[30] (2) Business Model The company employs a stringent procurement model involving multi-department sourcing, due diligence, and review to establish and evaluate qualified suppliers, primarily adopts a 'production-to-order + reasonable inventory' manufacturing model to ensure quality control for diverse, small-batch production, and utilizes a 'distribution-led, direct sales-supplemented' approach domestically, covering over 2,500 medical institutions across 31 provinces and expanding grassroots markets through pathology co-construction, while actively developing international markets via distributors - Procurement Model: Based on procurement demand planning, qualified suppliers are included in the "Qualified Supplier List" through market sourcing, multi-department due diligence, sample testing, and comprehensive review, with performance evaluations implemented[31] - Production Model: Adopts a "production-to-order + reasonable inventory" approach to meet market demands for multiple varieties, specifications, small batches, and frequent deliveries, with strict "Production Process Control Procedures" in place to ensure quality[32] - Sales Model: The domestic market operates on a "distribution and direct sales combined, with distribution as primary and direct sales as supplementary" basis, boasting a sales team of nearly a hundred people, covering over 2,500 medical institutions across 31 provinces (municipalities, autonomous regions), and expanding grassroots markets through pathology co-construction[33] - International Market: Actively expanding overseas markets through partnerships with multiple distributors[33] (3) Industry Situation During the Reporting Period The company operates within the in-vitro diagnostics industry, a crucial sub-segment of pharmaceutical manufacturing, where rising malignant tumor incidence in China makes pathological diagnosis an indispensable 'gold standard' in cancer treatment, further supported by strong national policies promoting cervical cancer screening, hierarchical diagnosis and treatment, and pathology department construction - The company's main products are pathological diagnostic reagents and instruments, belonging to the in-vitro diagnostics industry, classified as "C27 Pharmaceutical Manufacturing" by the China Securities Regulatory Commission[34] - The incidence and mortality rates of malignant tumors in China continue to rise, with 4.8247 million new cancer cases and 2.5742 million deaths in 2022, primarily influenced by an aging population and increased awareness of tumor prevention[36] - Pathological diagnosis is the "gold standard" for tumor screening and diagnosis, playing an indispensable role in tumor confirmation, typing, and medication guidance[34] - National policy support: In 2023, the "Action Plan for Accelerating the Elimination of Cervical Cancer (2023-2030)" was issued, aiming for a 70% cervical cancer screening rate among eligible women by 2030; promoting hierarchical diagnosis and treatment, with grassroots pathology department construction as a key focus; and the 2025 government work report for the first time mentioned strengthening pathology department construction[39][40] II. Discussion and Analysis of Operations During the reporting period, the company's operating revenue decreased by 30.11% to CNY 159.40 million, with net profit attributable to shareholders at a loss of CNY 12.50 million, a 176.38% year-on-year decline; primarily due to HPV product centralized procurement policies and internal marketing reforms; despite these pressures, Q2 revenue grew 19.73% quarter-on-quarter, and losses narrowed by 87.04%, while the company continued to increase R&D investment to 13.33% of revenue, focusing on AI, Class III reagents, and automated equipment, and actively expanding pathology capacity building and overseas markets Key Initiatives During the Reporting Period During the reporting period, the company focused on launching new automated pathology workstations and IHC staining systems, expanding pathology capacity building and enhancement services with 69 grassroots hospitals and 26 medical alliances, achieving a 44.49% revenue growth in this segment, advancing digital pathology and AI products with cervical cytology AI test results published in 'Nature Communications', establishing cooperation frameworks in over a dozen countries for overseas market expansion, and implementing a marketing reform shifting to a 'distribution-led, direct sales-supplemented' model - The company obtained 12 new certificates, including 5 Class I FISH certificates, 6 Class I IHC certificates, and 1 Class II LBP certificate[43] - The XPro90 liquid-based cytology fully automatic intelligent inspection workflow workstation and the new generation fully automatic immunohistochemistry staining system Hyper S9 have been launched and are generating sales[43] - Pathology co-construction business revenue reached CNY 11.6919 million, a 44.49% year-on-year increase, with cumulative co-construction partnerships established with 69 grassroots hospital pathology departments and 26 medical alliances/specialized consortia nationwide[44] - Test results for the cervical cytology artificial intelligence-assisted diagnostic product were published in "Nature Communications" on April 13, 2025, showing a sensitivity of 85.8% (higher than primary pathologists' 71.7%) and a slide reading time reduced from 218s/slide to 30s/slide[45] - Overseas market expansion is targeting Southeast Asia and the Middle East initially, with cooperation frameworks established in over a dozen countries and sales achieved in developed countries such as Japan and Singapore[46] - Marketing reform: The sales model shifted from "direct sales as primary, distribution as supplementary" to "distribution as primary, direct sales as supplementary, combining distribution and direct sales," establishing eight regional centers[48] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its comprehensive pathological diagnostic capabilities, encompassing cytology, immunology, and molecular diagnostics, offering integrated solutions for cervical cancer screening and diagnosis, and leveraging a 'standardization, automation, digitalization, intelligence' strategy to build smart pathology departments and successfully expand pathology co-construction businesses, while significant R&D advancements in cervical cytology AI, FISH probes, IHC product lines, and digital pathology systems solidify its industry leadership (1) Core Competitiveness Analysis The company boasts the most comprehensive pathological diagnostic capabilities, integrating cytology, immunology, and molecular diagnostic platforms to offer complete cervical cancer screening and diagnosis solutions, and through its 'four-pronged' strategy of standardization, automation, digitalization, and intelligence, it has developed cross-cutting advantages in automated equipment, digital pathology, and AI-assisted diagnosis, successfully establishing a 'product + service' dual-driven model via pathology co-construction with medical alliances and specialized consortia - Most comprehensive pathological diagnostic layout: Simultaneously possesses cytology, immunology, and molecular diagnostic technology platforms, mastering core technologies such as LBP, PCR, FISH, and IHC, with a rich product line covering dozens of cancer types[50][51] - Provides comprehensive solutions for cervical cancer screening and diagnosis: Fully covers cytology examination, HPV testing, and p16/Ki67 dual-stain detection technology, making it one of the few domestic companies capable of offering integrated screening and diagnostic solutions, and has developed an intelligent overall solution encompassing "cytology reagents + slide preparation equipment + scanner + AI interpretation"[54][55] - Strengthens pathological automation and standardization, creating digital and intelligent cross-cutting advantages: Launched the XPro90 liquid-based cytology fully automatic intelligent inspection workflow workstation, multi-throughput digital pathology slide scanner, pathology information system, and artificial intelligence-assisted diagnostic system, enhancing pathologists' work efficiency and diagnostic accuracy[57] - Pathology co-construction business establishes cooperation models with medical alliances and specialized consortia: Utilizes pathology department industry resources and comprehensive product solutions to conduct pathology service business for hospitals at various levels; as of the end of the reporting period, it has cumulatively established co-construction partnerships with 69 grassroots pathology departments and 26 medical alliances/specialized consortia nationwide, achieving revenue of CNY 11.6919 million, a 44.49% year-on-year increase[58][60] (3) Core Technologies and R&D Progress The company achieved significant core technology and R&D progress, with cervical cytology AI test results published in 'Nature Communications' demonstrating high sensitivity and efficiency, its FISH technology platform leading domestically in probe customization and Class III products, the IHC product line achieving self-developed raw materials and continuous innovation, and the digital pathology product system continuously enriching to build smart pathology solutions; during the reporting period, the company obtained 12 new medical device registration/filing certificates and was recognized as a national 'Little Giant' enterprise, with R&D investment accounting for 13.33% of operating revenue - Cervical cytology AI test results were published in "Nature Communications" on April 13, 2025, showing a sensitivity of 85.8% (higher than primary pathologists' 71.7%) and a slide reading time reduced from 218s/slide to 30s/slide[61] - The fluorescence in situ hybridization (FISH) platform boasts over 500 probe reagents, including 9 Class III medical devices and 187 Class I medical devices, with its prenatal chromosome enumeration detection kit being the only domestically produced Class III certified product[63][65] - The immunohistochemistry (IHC) product line has achieved self-developed polymer secondary antibodies, with approximately 100 core antibody raw materials fully self-produced, and possesses 5 Class III registration certificates and 341 Class I product filing certificates[66] - The digital pathology product system is gradually being enriched, including multi-throughput pathology slide scanning systems, pathological medical image analysis and processing software, digital pathology quality control and information management systems, and specialized pathology databases[67] - The company was recognized as a National "Little Giant" enterprise (2023)[69] - During the reporting period, 12 new domestic medical device registration and filing certificates were obtained, bringing the cumulative total to 16 Class III medical device registration certificates, 9 Class II, and 579 Class I; it also holds 35 invention patents, 87 utility model patents, 38 design patents, and 85 software copyrights[70] R&D Investment Table | Indicator | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 18,231,380.87 CNY | 18,637,419.20 CNY | -2.18 | | Capitalized R&D Investment | 3,016,154.62 CNY | 7,030,061.06 CNY | -57.10 | | Total R&D Investment | 21,247,535.49 CNY | 25,667,480.26 CNY | -17.22 | | R&D Investment as % of Operating Revenue | 13.33 | 11.25 | Increased by 2.08 percentage points | | Proportion of Capitalized R&D Investment (%) | 14.20 | 27.39 | Decreased by 13.19 percentage points | - R&D projects include PCR-related platforms, fluorescence in situ hybridization platforms, immunohistochemistry platforms, liquid-based cytology platforms, pathological AI products and pathological image analysis systems, pathological department digitalization and information systems, and companion diagnostic original antibody development projects, with a total investment scale of CNY 455.0593 million and a current period investment of CNY 21.2475 million[75][76] - The company has 132 R&D personnel, accounting for 16.94% of the total workforce, including 4 PhDs, 34 Masters, and 84 Bachelors[77] IV. Risk Factors The company faces risks from intensifying industry competition, changes in industry policies, and challenges in new product R&D and registration, as rapid technological advancements and product iterations in the pathology industry lead to increased competition, strict national pricing controls on in-vitro diagnostic reagents may impact product sales, and the long R&D and registration cycles inherent in technology-intensive industries pose risks of delayed market entry or failure to recoup initial investments - Risk of intensifying industry competition: The pathology industry is experiencing rapid technological advancements and product iterations, leading to increasingly fierce competition[78] - Industry policy risk: National price regulation of in-vitro diagnostic reagents may become stricter, and policies related to medical insurance and bidding may affect the company's product sales prices[79] - New product R&D and registration risk: The in-vitro diagnostics industry is characterized by rapid technological updates, and new product R&D and registration cycles are long, posing risks of not being able to launch products promptly or impacting future returns[81] V. Key Operating Performance During the Reporting Period During the reporting period, the company's operating revenue was CNY 159.40 million, a 30.11% year-on-year decrease; net profit attributable to shareholders was CNY -12.50 million, a 176.38% year-on-year decrease; and net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -14.71 million, a 239.76% year-on-year decrease Key Operating Performance (Jan-Jun 2025 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 15,939.71 CNY 10,000 | 22,806.72 CNY 10,000 | -30.11 | | Net Profit Attributable to Shareholders | -1,249.85 CNY 10,000 | 1,636.27 CNY 10,000 | -176.38 | | Net Profit Attributable to Shareholders After Deducting Non-recurring Gains and Losses | -1,471.24 CNY 10,000 | 1,052.65 CNY 10,000 | -239.76 | (4) Main Business Analysis This period's operating revenue decreased by 30.11%, primarily due to the HPV product centralized procurement policy, which led to a CNY 31.43 million, or 70.71%, reduction in HPV product line revenue, with operating costs decreasing in line with sales volume, sales and administrative expenses declining due to reduced marketing and personnel adjustments, financial expenses changing due to decreased interest income, R&D expenses falling due to personnel adjustments and reduced clinical costs, and net cash flow from operating activities increasing mainly due to reduced cash payments for expenses Financial Statement Related Item Fluctuation Analysis (Jan-Jun 2025 vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 159,397,066.02 | 228,067,153.56 | -30.11 | | Operating Cost | 58,792,993.35 | 67,145,316.26 | -12.44 | | Selling Expenses | 71,841,674.28 | 94,862,518.50 | -24.27 | | Administrative Expenses | 34,146,380.40 | 44,197,642.91 | -22.74 | | Financial Expenses | -2,987,538.99 | -3,986,740.70 | 25.06 | | R&D Expenses | 18,231,380.87 | 22,325,187.58 | -18.34 | | Net Cash Flow from Operating Activities | 19,012,587.77 | -11,255,081.53 | 268.92 | | Net Cash Flow from Investing Activities | -47,939,762.29 | 31,834,579.26 | -250.59 | | Net Cash Flow from Financing Activities | -9,044,954.48 | -31,208,526.31 | 71.02 | - Operating revenue decreased primarily due to the implementation of centralized procurement policies for HPV products, leading to a CNY 31.4323 million reduction in HPV product line operating revenue, a 70.71% decrease[84] - Net cash flow from operating activities increased by 268.92%, mainly due to a decrease in cash payments for expenses in the current reporting period[84] (6) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased, with monetary funds declining primarily due to wealth management product purchases, while trading financial assets significantly increased, accounts receivable and prepayments grew notably, other non-current assets substantially decreased due to reclassification of large-denomination certificates of deposit, short-term borrowings increased due to higher letter of credit discounting, and employee compensation payable decreased due to year-end bonus payments Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (CNY) | Proportion of Total Assets at Period-end (%) | Prior Year-end Amount (CNY) | Proportion of Total Assets at Prior Year-end (%) | Period-end Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 55,592,162.65 | 4.20 | 95,146,930.50 | 6.98 | -41.57 | | Trading Financial Assets | 109,110,768.69 | 8.23 | 55,333,720.00 | 4.06 | 97.19 | | Notes Receivable | 10,971,005.89 | 0.83 | 2,278,417.92 | 0.17 | 381.52 | | Prepayments | 12,408,143.94 | 0.94 | 7,801,120.33 | 0.57 | 59.06 | | Construction in Progress | 254,815.55 | 0.02 | 735,705.95 | 0.05 | -65.36 | | Other Non-current Assets | 3,271,273.08 | 0.25 | 65,629,808.39 | 4.82 | -95.02 | | Short-term Borrowings | 14,791,102.80 | 1.12 | 7,298,324.50 | 0.54 | 102.66 | | Employee Compensation Payable | 10,644,565.64 | 0.80 | 25,926,613.57 | 1.90 | -58.94 | | Lease Liabilities | 914,535.98 | 0.07 | 1,649,902.64 | 0.12 | -44.57 | - Overseas assets amounted to CNY 3,248,728.93, accounting for 0.25% of total assets[88] - Major restricted assets at period-end: Monetary funds of CNY 16,890.00 for bill deposits and letter of guarantee deposits, which are unavailable for use within the contractually agreed period[89] (7) Investment Analysis During the reporting period, the company's total equity investment amounted to CNY 75.50 million, primarily for increasing capital in Guangzhou Taili Biotechnology Co., Ltd., raising its stake to 40%, while financial assets measured at fair value totaled CNY 109.11 million at period-end, mainly wealth management products, with CNY 179.00 million purchased and CNY 124.88 million sold/redeemed during the period, and the company also invested CNY 10.00 million in a private equity fund - The investment amount for the reporting period was CNY 75.50 million[92] - Significant equity investment: Capital increase of CNY 75.50 million in Guangzhou Taili Biotechnology Co., Ltd., resulting in a 40% shareholding, with funds sourced from the company's own capital[95] Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning-of-Period Amount (CNY) | Current Period Fair Value Change Gain/Loss (CNY) | Current Period Purchase Amount (CNY) | Current Period Sale/Redemption Amount (CNY) | Period-end Amount (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Trading Financial Assets) | 55,333,720.00 | 122,284.22 | 179,000,000.00 | 124,880,828.24 | 109,110,768.69 | | Other (Other Equity Instrument Investments) | 7,500,000.00 | - | - | - | 7,500,000.00 | | Other (Other Non-current Financial Assets) | 146,918,808.17 | - | - | 15,000,000.00 | 131,917,528.17 | | Total | 209,752,528.17 | 122,284.22 | 179,000,000.00 | 139,880,828.24 | 248,528,296.86 | - Private equity fund investment: Suzhou Gaotejia Xinyinhuixing Equity Investment Partnership (Limited Partnership), with the investment purpose of equity investment in unlisted biomedical enterprises, a cumulative investment of CNY 10.00 million has been made, and all project investments have been completed[97] (9) Analysis of Major Holding and Participating Companies This section presents the financial performance of the company's major holding and participating companies, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, highlighting the strong profitability of Automation Company and Hangzhou Amoytop, while Laboratory Company and Guangzhou Bingli are operating at a loss Major Holding and Participating Company Financial Performance (Unit: CNY 10,000) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kangshun Company | Subsidiary | 100.00 | 2,430.19 | 1,492.49 | 600.97 | -10.48 | -25.06 | | Dacheng Company | Subsidiary | 100.00 | 4,957.96 | 3,947.99 | 1,037.57 | 34.54 | 17.50 | | Automation Company | Subsidiary | 100.00 | 10,699.33 | 9,543.86 | 1,676.49 | 501.39 | 433.24 | | Laboratory Company | Subsidiary | 3,000.00 | 5,494.05 | -1,163.20 | 1,313.56 | -565.20 | -430.26 | | Beijing Amoytop | Subsidiary | 1,000.00 | 5,414.43 | 3,779.90 | 1,798.62 | 333.27 | 241.54 | | Hangzhou Amoytop | Subsidiary | 4,000.00 | 4,797.58 | 3,715.36 | 1,184.89 | 523.70 | 495.41 | | Guangzhou Bingli | Subsidiary | 500.00 | 4,265.20 | -5,558.32 | 52.04 | -380.32 | -380.32 | | Zhejiang Yichen | Subsidiary | 1,000.00 | 956.11 | 908.10 | 384.87 | 6.54 | 2.90 | Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, including personnel adjustments, profit distribution plans, equity incentive programs, and contributions to poverty alleviation and rural revitalization I. Changes in the Company's Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, the company's supervisory board underwent changes, with former Chairman and core technical personnel Mr. Peng Zhenwu resigning for personal reasons, followed by the election of Mr. Huang Kaili as a non-employee representative supervisor and Ms. Jin Xinru as the Chairman of the Fourth Supervisory Board - Former Chairman of the Supervisory Board and core technical personnel Mr. Peng Zhenwu resigned in April 2025, and no longer holds any position in the company after his resignation[102] - The company elected Mr. Huang Kaili as a non-employee representative supervisor for the Fourth Supervisory Board[102] - Employee representative supervisor Ms. Jin Xinru was elected as the Chairman of the company's Fourth Supervisory Board[102] II. Profit Distribution or Capital Reserve Conversion Plan During the reporting period, the company's board of directors resolved that there was 'no' profit distribution plan or capital reserve conversion plan - There was no profit distribution plan or capital reserve conversion plan for the current reporting period[103] III. Status and Impact of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures On April 29, 2025, the company's board of directors and supervisory board reviewed and approved the 'Proposal on Canceling Part of the Granted but Unvested Restricted Shares of 2022' - The company canceled part of the granted but unvested restricted shares of 2022[104] V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Initiatives The company actively supports national policies for decentralizing medical and health resources and hierarchical diagnosis and treatment by engaging in co-construction partnerships with grassroots hospital pathology departments, leveraging internet technology to connect expert resources, thereby enhancing grassroots medical service capabilities and contributing to poverty alleviation and rural revitalization - The company utilizes its own pathologist resources and comprehensive product solutions to conduct co-construction business with grassroots hospital pathology departments[106] - It leverages new internet technologies to connect grassroots hospitals with expert resources from large hospitals, strengthening grassroots medical capabilities[106] - The initiative aims to enhance the technical level of medical institutions at all levels, reduce patient burden, and promote the expansion and decentralization of high-quality medical resources[106] Section V Significant Matters This section covers the fulfillment of commitments, significant related-party transactions, guarantees, and the progress of raised capital utilization I. Fulfillment of Commitments The company's actual controller, controlling shareholder, directors, senior management, and other related parties strictly fulfilled all commitments related to the initial public offering during the reporting period, including share lock-up, share reduction price not below issuance price, measures to compensate for diluted immediate returns, truthfulness of information disclosure, share repurchase for fraudulent issuance, avoidance of horizontal competition, and reduction and avoidance of related-party transactions - Controlling shareholder, actual controller Cai Xiangting and his spouse Wu Jinsong, shareholder Kaiduo Investment, and director Wang Haijiao all strictly fulfilled their share lock-up commitments, not transferring shares during the lock-up period[109][111][113][114] - Controlling shareholder Cai Xiangting and Kaiduo Investment, which he controls, committed that the share reduction price would not be lower than the issuance price within two years after the lock-up period expires, and the annual reduction quantity would not exceed 25% of the total shares held before listing[116] - The company implemented measures to compensate for diluted immediate returns by accelerating investment in fundraising projects, strengthening management of raised funds, and strictly executing dividend policies, with the controlling shareholder, actual controller, directors, and senior management also making corresponding commitments[120][121][123][125][131] - The company, controlling shareholder, actual controller, directors, supervisors, senior management, and securities service institutions all committed to the truthfulness, accuracy, and completeness of information disclosure in the prospectus, and to bear corresponding legal responsibilities[133][135][136][137] - The company, actual controller, directors, supervisors, and senior management committed to repurchase shares or compensate investors for losses if there is any fraudulent issuance and listing[139][140][141] - Controlling shareholder and actual controller Cai Xiangting committed to avoid horizontal competition, and if competition arises, it will be eliminated by ceasing operations, incorporating into the company, or transferring to a third party[149] - Controlling shareholder and actual controller Cai Xiangting, along with directors, supervisors, and senior management, committed to reduce and avoid related-party transactions, and for unavoidable related-party transactions, they will adhere to fair principles[150][152] X. Significant Related-Party Transactions The company has disclosed its estimated daily related-party transactions for 2025 in a temporary announcement, with a total estimated amount of CNY 12.5415 million, which has been approved by the board of directors - The company estimates that the total amount of daily related-party transactions for 2025 will be CNY 12.5415 million[155] - This proposal was reviewed and approved by the Seventh Meeting of the Fourth Board of Directors and the Sixth Meeting of the Fourth Supervisory Board on April 21, 2025[155] (2) Significant Guarantees Performed and Not Yet Completed During the Reporting Period During the reporting period, the company provided a general guarantee of CNY 10.00 million for its subsidiary Zhejiang Yichen Biotechnology Co., Ltd., with an expiration date of December 19, 2025, and as of the end of the reporting period, the total guarantee balance for subsidiaries was CNY 0.79 million, accounting for 0.06% of the company's net assets Company and its Subsidiaries' Guarantees to Subsidiaries (Unit: CNY 10,000) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Guarantee Type | Is Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Amoytop Biotech Co., Ltd. | Zhejiang Yichen Biotechnology Co., Ltd. | 1,000.00 | November 20, 2023 | December 19, 2025 | General Guarantee | No | - As of the end of the reporting period, the total guarantee balance for subsidiaries was CNY 0.79 million, accounting for 0.06% of the company's net assets[160] XII. Explanation of Progress in the Use of Raised Funds The company's initial public offering raised a total of CNY 713.2704 million, with a net amount of CNY 639.9455 million, and as of the end of the reporting period, a cumulative total of CNY 537.7673 million had been invested, representing an overall investment progress of 84.03%, with projects such as R&D and production base construction and supplementary working capital largely completed or significantly advanced, and digital pathology and intelligent application development projects and tumor companion diagnostic technology platform application development projects also progressing smoothly, while the company also utilized idle raised funds for cash management, with a period-end balance of CNY 127.00 million Overall Use of Raised Funds (Unit: CNY 10,000) | Source of Raised Funds | Total Raised Funds | Net Raised Funds (1) | Committed Investment Amount of Raised Funds in Prospectus (2) | Total Over-raised Funds (3)=(1)-(2) | Cumulative Raised Funds Invested as of Period-end (4) | Cumulative Investment Progress of Raised Funds as of Period-end (%) (6)＝(4)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 71,327.04 | 63,994.55 | 37,387.00 | 26,607.55 | 53,776.73 | 84.03 | Details of Raised Fund Investment Projects (Unit: CNY 10,000) | Project Name | Source of Raised Funds | Planned Total Investment | Cumulative Raised Funds Invested as of Period-end | Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | R&D and Production Base Construction Project | Initial Public Offering | 29,515.00 | 29,513.17 | 100.00 | | Marketing Service Network Upgrade Project | Initial Public Offering | 7,872.00 | 7,199.03 | 91.45 | | Digital Pathology and Intelligent Application Development Project | Initial Public Offering | 4,300.00 | 3,863.35 | 89.85 | | Application Development Project Based on Tumor Companion Diagnostic Technology Platform | Initial Public Offering | 3,675.00 | 3,673.23 | 99.95 | | Supplementary Working Capital | Initial Public Offering | 7,900.00 | 7,900.00 | 100.00 | - The company conducts cash management with idle raised funds, with a board-approved limit of CNY 160.00 million, and a period-end cash management balance of CNY 127.00 million[168] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and the holdings of directors, supervisors, senior management, and core technical personnel I. Changes in Share Capital During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[170] II. Shareholder Information As of the end of the reporting period, the company had 9,221 ordinary shareholders. Front ten shareholders include Cai Xiangting holding 21.18%, as the controlling shareholder and actual controller, indirectly controlling an additional 9.64% through Guangzhou Kaiduo Investment Consulting Center (Limited Partnership), and Zhuji Gaotejia Ruian Investment Partnership (Limited Partnership) and its concerted parties holding a significant combined stake - As of the end of the reporting period, the total number of ordinary shareholders was 9,221[172] Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Cai Xiangting | 19,817,000 | 21.18 | Domestic Natural Person | | Guangzhou Kaiduo Investment Consulting Center (Limited Partnership) | 12,951,400 | 13.84 | Other | | Zhu Yuanyuan | 3,621,353 | 3.87 | Domestic Natural Person | | Zhuji Gaotejia Ruian Investment Partnership (Limited Partnership) | 3,596,685 | 3.84 | Other | | Guangzhou Da'an Gene Technology Co., Ltd. | 3,486,000 | 3.73 | Non-state-owned Legal Person | | Nanjing Qianjing Venture Capital Partnership (Limited Partnership) | 1,677,265 | 1.79 | Other | | Chongqing Gaotejia Ruian Equity Investment Fund Partnership (Limited Partnership) | 1,343,471 | 1.44 | Other | | China Construction Bank Co., Ltd. - Great Wall Consumer Value-added Mixed Securities Investment Fund | 850,000 | 0.91 | Other | | Hangzhou Gaotejia Ruihai Investment Partnership (Limited Partnership) | 826,260 | 0.88 | Other | | Wang Ping | 769,398 | 0.82 | Domestic Natural Person | - Cai Xiangting is the company's controlling shareholder and actual controller, indirectly holding company shares through Guangzhou Kaiduo Investment Consulting Center (Limited Partnership), collectively controlling 30.82% of the company's equity[175] - Zhuji Gaotejia Ruian Investment Partnership (Limited Partnership) and its concerted parties (Chongqing Gaotejia Ruian Equity Investment Fund Partnership (Limited Partnership), Hangzhou Gaotejia Ruihai Investment Partnership (Limited Partnership), Hangzhou Ruihong Investment Partnership (Limited Partnership), Wang Haijiao) are parties acting in concert[175] III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, core technical personnel Chen Wuke's shareholding decreased by 83,520 shares due to secondary market sales Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Beginning-of-Period Shareholding (shares) | Period-end Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Wuke | Core Technical Personnel | 83,520 | 0 | -83,520 | Secondary market sale | Section VII Bond-Related Information This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[179] - The company has no convertible corporate bonds[179] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes on accounting policies, tax items, and financial instrument risks I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[5] II. Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flows at the end of the reporting period III. Company's Basic Information Guangzhou Amoytop Biotech Co., Ltd. was established on March 24, 2014, through a comprehensive restructuring of Amoytop Limited, and was listed on the STAR Market of the Shanghai Stock Exchange on August 20, 2020, with a registered capital of CNY 93.5677 million, primarily engaged in R&D, production, and sales of in-vitro diagnostic reagents and related equipment, with a broad business scope including medical equipment, bio-based materials, and AI application system integration, and these financial statements were approved for issuance by the board of directors on August 21, 2025 - The company's predecessor, Amoytop Limited, was restructured into Guangzhou Amoytop Biotech Co., Ltd. on March 24, 2014[217] - The company's shares were listed on the Shanghai Stock Exchange on August 20, 2020, with a current registered capital of CNY 93.5677 million[217] - The company's main business is the R&D, production, and sales of in-vitro diagnostic reagents and related supporting equipment, with a business scope covering office equipment sales, bio-based material sales, drug testing instrument sales, AI industry application system integration services, software development, medical research, and experimental development[218] - These financial statements and notes to the financial statements were approved for external release by the company's board of directors meeting on August 21, 2025[219] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with accounting standards issued by the Ministry of Finance and disclosure requirements of the China Securities Regulatory Commission, with no events or circumstances indicating significant doubt about the going concern assumption for the 12 months from the end of the reporting period - The financial statements are prepared on a going concern basis, adhering to "Enterprise Accounting Standards" and the China Securities Regulatory Commission's "Information Disclosure and Reporting Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised 2023)"[220] - There are no events or circumstances that would cause significant doubt about the going concern assumption for the 12 months from the end of the reporting period[221] V. Significant Accounting Policies and Estimates This section details the company's and its subsidiaries' significant accounting policies and estimates, covering compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combination accounting, consolidated financial statement preparation, financial instrument classification and measurement, impairment provisions for notes/accounts/other receivables, inventory valuation and write-downs, long-term equity investments, investment properties, fixed asset depreciation, construction in progress, borrowing cost capitalization, intangible asset amortization and R&D expenditure capitalization, long-term deferred expenses, contract liabilities, employee benefits, share-based payments, revenue recognition, contract costs, government grants, deferred income tax assets/liabilities, and lease accounting - The company adheres to Enterprise Accounting Standards, accurately and completely reflecting its financial position and operating results[224] - Financial assets are classified as those measured at amortized cost, those measured at fair value through other comprehensive income, and those measured at fair value through profit or loss[244] - R&D expenditures are distinguished between research and development phases, with development phase expenditures capitalized as intangible assets when specific conditions are met, and the capitalization point is defined as when the project enters clinical trials and a clinical trial contract is signed[302][303] - Revenue recognition is based on the transfer of control, categorized as fulfilling performance obligations over a period of time or at a point in time[318] - Government grants are classified as asset-related or income-related, with asset-related grants recognized as deferred income, and income-related grants recognized as deferred income or current profit or loss depending on the compensation object[324][327] VI. Taxation The company's main taxes include VAT, property tax, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax. The company and some subsidiaries enjoy various tax incentives such as high-tech enterprise income tax preference (15%), immediate VAT refund for software products, VAT exemption for medical services, tax incentives for employing specific groups, and small and micro-enterprise income tax preferences Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 3%, 5%, 6%, 9%, 13% | | Property Tax | 1.2%, 12% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 25%, 20%, 17%, 15% | - The company and its wholly-owned subsidiary Amoytop Automation, and subsidiaries Guangzhou Bingli and Suzhou Bingli, selling self-developed and produced computer software products, are subject to VAT at a 13% rate, with an immediate refund for the portion of the actual tax burden exceeding 3%[340] - Subsidiary Guangzhou Amoytop Medical Laboratory Co., Ltd. enjoys a VAT exemption for medical services provided by medical institutions[341] - The company and its subsidiaries Dacheng Company, Automation Company, and Zhejiang Yichen enjoy tax incentives for employing impoverished individuals or those unemployed for over half a year[342][343] - The company and its subsidiaries Automation Company and Suzhou Bingli Technology Co., Ltd. are recognized as high-tech enterprises, paying corporate income tax at a 15% rate[344][345] - Subsidiaries Guangzhou Kangshun, Guangzhou Dacheng, Zhejiang Yichen, Hangzhou Amoytop, Puxisheng, etc., enjoy small and micro-enterprise income tax preferences (taxable income calculated at 25% and taxed at a 20% rate)[345] VII. Notes to Consolidated Financial Statement Items This section details the period-end balances, beginning-of-period balances, and current period changes for each consolidated financial statement item, along with explanations for these changes, covering monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, inventories, non-current assets due within one year, other current assets, long-term equity investments, other equity instrument investments, other non-current financial assets, investment properties, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, restricted assets, short-term borrowings, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, other non-current liabilities, share capital, capital reserves, other comprehensive income, surplus reserves, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and supplementary cash flow information Monetary Funds Fluctuation | Item | Period-end Balance (CNY) | Beginning-of-Period Balance (CNY) | | :--- | :--- | :--- | | Total | 55,592,162.65 | 95,146,930.50 | | Of which: Funds deposited overseas | 1,504,448.06 | 999,820.02 | - Trading financial assets period-end balance was CNY 109,110,768.69, compared to a beginning-of-period balance of CNY 55,333,720.00, primarily due to the purchase of wealth management products during the reporting period[350][351] - Notes receivable period-end balance was CNY 10,971,005.89, compared to a beginning-of-period balance of CNY 2,278,417.92, mainly due to the receipt of notes receivable during the reporting period[87][353] - Long-term equity investments period-end balance was CNY 99,240,194.37, compared to a beginning-of-period balance of CNY 23,741,417.94, primarily due to the purchase of associate equity during the reporting period[84][398] - Short-term borrowings period-end balance was CNY 14,791,102.80, compared to a beginning-of-period balance of CNY 7,298,324.50, primarily due to an increase in letter of credit discounting during the reporting period[87][446] - Operating revenue for the current period was CNY 159,397,066.02, and operating cost was CNY 58,792,993.35[484] - Selling expenses for the current period were CNY 71,841,674.28, administrative expenses were CNY 34,146,380.40, and R&D expenses were CNY 18,231,380.87[486][487][488] - Total equity attributable to parent company owners at period-end was CNY 1,231,341,907.98, and retained earnings at period-end were CNY 359,517,637.27[184][481] VIII. R&D Expenses During the reporting period, the company's total R&D investment was CNY 21.2475 million, a 17.22% year-on-year decrease. Among these, expensed R&D expenditures were CNY 18.2314 million, and capitalized R&D expenditures were CNY 3.0162 million. Key capitalized projects include cervical cancer AI-assisted screening, HPV nucleic acid detection kits, Claudin18.2 antibody reagents, and PD-L1 antibody reagents R&D Expenses by Nature of Expense | Item | Current Period Occurrence (CNY) | Prior Period Occurrence (CNY) | | :--- | :--- | :--- | | Employee Compensation | 10,252,695.67 | 12,190,625.50 | | Entrusted R&D Expenses | 3,244,772.27 | 2,610,087.13 | | Direct Material Input | 2,512,688.53 | 3,189,709.91 | | Clinical Expenses | 1,172,658.18 | 3,798,816.48 | | Depreciation and Amortization Expenses | 2,804,185.19 | 2,053,713.85 | | Travel Expenses | 124,186.01 | 315,614.77 | | Intermediary Services and Certification Fees | 366,687.81 | 134,186.57 | | Office Expenses | 26,082.92 | 6,674.55 | | Rent and Utilities | 406,850.00 | 806,271.30 | | Business Entertainment Expenses | 9,373.11 | 16,759.35 | | Other | 327,355.80 | 545,020.85 | | Total | 21,247,535.49 | 25,667,480.26 | | Of which: Expensed R&D Expenditures | 18,231,380.87 | 18,637,419.20 | | Capitalized R&D Expenditures | 3,016,154.62 | 7,030,061.06 | - Important capitalized R&D projects include the cervical cancer artificial intelligence-assisted screening project, human papillomavirus nucleic acid detection kit (real-time fluorescence PCR method) 16+2, Claudin18.2 (ERP19202) antibody reagent (IUO) - gastric cancer & pancreatic cancer, and PD-L1 antibody reagent Class III product development[522][523] IX. Changes in Consolidation Scope During the reporting period, there were no significant changes in the company's consolidation scope, such as business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were no significant changes in the company's consolidation scope, such as business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[524][525][526] X. Interests in Other Entities This section details the company's interests in subsidiaries, joint ventures, and associates, including its control over numerous subsidiaries through direct and indirect shareholdings, and in some cases, through agreements or management appointments even with less than 50% ownership, noting a decrease in capital reserve due to the acquisition of minority shareholder equity during the reporting period, and identifying Guangzhou Bingli and Hangzhou Amoytop as significant non-wholly owned subsidiaries, while also holding interests in associates Beijing Haigelai Biotechnology and Guangzhou Taili Biotechnology - The company owns 20 subsidiaries, including Guangzhou Amoytop Automated Testing Equipment Co., Ltd., Guangzhou Dacheng Medical Technology Co., Ltd., and Beijing Amoytop Biotechnology Co., Ltd.[528][529][530][531] - The company controls Suzhou Bingli through its holding subsidiary Guangzhou Bingli (ultimate shareholding 38.38%), controls E No. 1 through its wholly-owned subsidiary Marketing Company as the executive partner (shareholding 0.0303%), and controls Ying No. 1 through its wholly-owned subsidiary Enterprise Management Company as the executive partner (shareholding 0.5952%)[532][533] - During the reporting period, the company acquired minority shareholder equity in subsidiaries Suzhou Bingli, Wan No. 1, and Anhui Amoytop, resulting in a total decrease in capital reserve of CNY 3,778,068.13[475][538][540] Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion (%) | Current Period Profit/Loss Attributable to Minority Shareholders (CNY) | Current Period Dividends Declared to Minority Shareholders (CNY) | Period-end Minority Interest Balance (CNY) | | :--- | :---