健帆生物(300529) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions Company Profile and Key Financial Indicators Company Profile Jafron Biomedical Co., Ltd. (stock code: 300529) is a company listed on the Shenzhen Stock Exchange, with Dong Fan as its legal representative Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Jafron Biomedical | | Stock Code | 300529 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Jafron Biomedical Co., Ltd. | | Legal Representative | Dong Fan | Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and net profit both significantly declined, with operating revenue at 1.134 billion Yuan, down 24.15% year-on-year, and net profit attributable to shareholders at 389.72 million Yuan, down 29.46% year-on-year, while net cash flow from operating activities was 538.28 million Yuan, a 28.16% decrease Key Financial Indicators | Key Financial Indicators | Current Reporting Period | Prior Year Same Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Billion Yuan) | 1.134 | 1.496 | -24.15% | | Net Profit Attributable to Shareholders (Million Yuan) | 389.72 | 552.51 | -29.46% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (Million Yuan) | 372.95 | 525.88 | -29.08% | | Net Cash Flow from Operating Activities (Million Yuan) | 538.28 | 749.27 | -28.16% | | Basic Earnings Per Share (Yuan/share) | 0.51 | 0.69 | -26.09% | | Weighted Average Return on Net Assets | 11.35% | 16.91% | -5.56% | | Total Assets (Billion Yuan) | 5.267 | 5.383 | -2.16% (Period-end vs. Prior Year-end) | | Net Assets Attributable to Shareholders (Billion Yuan) | 3.123 | 3.334 | -6.33% (Period-end vs. Prior Year-end) | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 16.77 million Yuan, primarily from fair value changes and investment income on financial assets, government subsidies, and non-operating expenses Non-Recurring Gains and Losses | Item | Amount (Million Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1.46 | | Government Subsidies Recognized in Current Profit/Loss | 10.28 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 29.93 | | Other Non-Operating Income and Expenses | -19.27 | | Total | 16.77 | Management Discussion and Analysis Company's Main Businesses, Operating Models, and Industry Development The company focuses on R&D, production, and sales of blood purification products, with core products including hemoperfusion cartridges, maintaining strong gross and net profit margins despite revenue decline due to a high base, while expanding new products and international markets - The company's main business involves the R&D, production, and sales of biomaterials and high-tech medical devices, with core products including disposable hemoperfusion cartridges, plasma bilirubin adsorbers, hemodialysis powder/liquid, and blood purification equipment[29] - Product applications cover four major areas: nephrology, hepatology, critical care, and immunology, offering diverse treatment solutions for various diseases[29] - In the first half of 2025, the company achieved operating revenue of 1.134 billion Yuan, a 24.15% year-on-year decrease, and net profit of 389 million Yuan, a 29.46% year-on-year decrease, primarily due to a high base from significant sales growth in the prior year due to product price reductions[56] - The company maintains strong profitability, with a gross profit margin of 79.82% and a net profit margin of 34.26% during the reporting period, and net cash flow from operating activities of 538.28 million Yuan, exceeding current net profit[56] Main Businesses and Products - The company's main business involves the R&D, production, and sales of biomaterials and high-tech medical devices, with core products including disposable hemoperfusion cartridges, plasma bilirubin adsorbers, hemodialysis powder/liquid, and blood purification equipment[29] - Product applications cover four major areas: nephrology, hepatology, critical care, and immunology, offering diverse treatment solutions for various diseases[30][31] Main Products and Applications by Field | Field | Main Products and Uses | | :--- | :--- | | Nephrology | HA, KHA, PHA series hemoperfusion cartridges, used for uremia patients at different stages and with complications | | Hepatology | HA330-II hemoperfusion cartridges, BS series plasma bilirubin adsorbers, used for severe liver disease treatment | | Critical Care | HA330/HA380 hemoperfusion cartridges, CA series cytokine adsorption columns, used for poisoning, sepsis, etc. | | Immunology | HA280 hemoperfusion cartridges, DNA230 immune adsorption columns, used for rheumatic immune diseases and systemic lupus erythematosus | - As of the end of the reporting period, the company holds 29 medical device registration certificates (25 of which are Class III), and newly obtained 1 product registration certificate and 2 CE certifications[35] Main Operating Models - The company adopts a combination of independent R&D and collaborative R&D, focusing on building continuous independent R&D capabilities[40] - Core raw material HA resin is procured through a directed purchasing model, where the company provides key formulations and processes, and suppliers produce exclusively for the company under guidance[41] - The production model involves batch continuous production of standardized products, maintaining approximately two months of safety stock[42] - The sales model is primarily distributor buy-out, but the company builds its own promotion team for market development, academic promotion, and technical services to control the market[43] Industry Development During the Reporting Period - In 2023, the global medical device market reached 582.6 billion USD, a 9.35% year-on-year increase, while the Chinese market reached 1.03 trillion Yuan, a 7.79% year-on-year increase[45] - The National Healthcare Security Administration's June 2025 guidelines added "Hemodialysis Perfusion Fee" and "Plasma Adsorption Fee" items, signifying national recognition of hemoperfusion technology and potential policy-driven growth[47] - As of the end of 2024, China had approximately 1.027 million hemodialysis patients, a 12% year-on-year increase, but the dialysis treatment rate remains significantly lower than in Europe and the US, indicating huge market growth potential[47] - The company's pioneering DPMAS technology (artificial liver treatment model) has been incorporated into six guidelines, four consensuses, and three norms, providing crucial evidence-based support for clinical application[49][50] Company's Industry Position - The company holds a dominant position in China's hemoperfusion cartridge industry and was recognized as a "Sixth Batch Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in November 2021[55] Key Performance Drivers Performance Drivers by Business Segment | Business Segment | Revenue During Reporting Period (Million Yuan) | Revenue Share | Key Progress | | :--- | :--- | :--- | :--- | | Nephrology | 784.97 | 69.20% | KHA series product revenue increased by 27.34% year-on-year, and PHA series by 374.22% year-on-year | | Hepatology | 131.53 | 11.59% | DPMAS technology newly included in "Guidelines for Diagnosis and Treatment of Chronic-on-Acute Liver Failure" | | Critical Care | 142.31 | 12.54% | CA series cytokine adsorption column revenue increased by 36.15% year-on-year | | Blood Purification Equipment | 19.34 | 1.71% | Future F20 equipment obtained EU MDR CE certification | | International Business | 34.44 | 3.04% | Products are applied in over 2,000 hospitals across 98 countries | - R&D investment during the reporting period was 97 million Yuan, accounting for 8.59% of revenue, with 15 new authorized patents obtained (3 for invention)[74] - The company completed its 2024 profit distribution, paying 620 million Yuan in cash dividends, with a dividend payout ratio exceeding 75%, and cumulative dividends since listing totaling 4.07 billion Yuan, 2.9 times the IPO and refinancing amounts[76] Analysis of Core Competitiveness The company's core competitiveness stems from its technological leadership, robust marketing system, stringent quality control, and strong human resources, ensuring sustained development - The company possesses national enterprise technology centers and academician workstations, was awarded the National Science and Technology Progress Award (Second Prize), and holds complete independent intellectual property rights from raw materials to products[78] - Core technological advantages include carrier preparation, encapsulation, ligand, and medical-grade purification technologies, ensuring product adsorption efficacy and biocompatibility[80][81] - A professional academic promotion team of over 1,000 people cultivates market demand through a multi-level academic promotion system[84] - The company was among the first batch of enterprises nationwide to pass medical device GMP inspection, with products certified under MDR regulations, CE, and ISO international quality management systems, ensuring product quality[85] Analysis of Main Business During the reporting period, the company's key financial metrics declined year-on-year, with operating revenue down 24.15%, while financial expenses significantly increased by 151.30% due to reduced deposit interest income, and the core product's gross margin remained stable at 84.55% Key Financial Indicators and Changes | Financial Indicator | Current Reporting Period (Million Yuan) | Year-on-Year Change | Main Reasons for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,134.42 | -24.15% | - | | Selling Expenses | 249.61 | -26.75% | - | | Administrative Expenses | 75.36 | -10.99% | - | | Financial Expenses | 20.35 | 151.30% | Decrease in deposit ratio, reduction in deposit interest income | | Income Tax Expense | 73.24 | -33.12% | Reduced profit leading to lower income tax | | R&D Investment | 97.46 | -13.59% | - | Main Product Performance | Main Product | Operating Revenue (Million Yuan) | Operating Cost (Million Yuan) | Gross Profit Margin | Year-on-Year Revenue Change | | :--- | :--- | :--- | :--- | :--- | | Disposable Hemoperfusion Cartridge | 965.22 | 149.12 | 84.55% | -25.25% | Analysis of Non-Main Business Non-main business activities impacted total profit, with positive contributions from fair value changes and investment income on wealth management products, offset by negative impacts from non-operating expenses (donations) and asset impairment (inventory write-downs), none of which are sustainable Non-Main Business Impact on Profit | Item | Amount (Million Yuan) | Share of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 8.33 | 1.80% | Mainly from gains on disposal of wealth management products | | Gains/Losses from Fair Value Changes | 21.55 | 4.67% | Mainly from fair value changes of held wealth management products | | Asset Impairment | -6.25 | -1.35% | Mainly from provision for inventory depreciation losses | | Non-Operating Expenses | 19.45 | 4.21% | Mainly from donation expenses | Analysis of Assets and Liabilities At the end of the reporting period, total assets were 5.267 billion Yuan, slightly down from the beginning of the period, with a significant shift from cash to transactional financial assets due to wealth management product purchases, while accounts receivable management improved - Cash and bank balances at period-end were 748 million Yuan, a decrease from the beginning of the period, with its proportion of total assets falling from 32.04% to 14.19%, primarily due to wealth management product purchases and dividend distributions[96] - Transactional financial assets at period-end were 1.441 billion Yuan, a significant increase from the beginning of the period, with its proportion of total assets rising from 11.02% to 27.36%, mainly due to wealth management product purchases[96] - Accounts receivable at period-end were 25.03 million Yuan, a substantial decrease from 53.46 million Yuan at the beginning of the period, indicating the company's continuous efforts in accounts receivable management[96] Analysis of Investment Status During the reporting period, the company's investment activities focused on significant non-equity investments and entrusted wealth management, with 30.24 million Yuan invested in the "Biomaterials Project" and 14.12 million Yuan in the "Medical Device Industry (Blood Purification) Project (Phase II)," alongside 2.611 billion Yuan in entrusted wealth management with no overdue amounts Major Self-Built Investment Projects | Project Name | Amount Invested in Current Reporting Period (Million Yuan) | Cumulative Investment Amount as of Period-End (Million Yuan) | Project Progress | | :--- | :--- | :--- | :--- | | Biomaterials Project | 30.24 | 238.09 | 88.00% | | Medical Device Industry (Blood Purification) Project (Phase II) | 14.12 | 14.48 | 5.00% | Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (Billion Yuan) | Unmatured Balance (Billion Yuan) | Overdue Unrecovered Amount (Million Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products (Own Funds) | 2.59 | 1.41 | 0 | | Bank Wealth Management Products (Other) | 21.51 | 9.30 | 0 | | Total | 2.611 | 1.42 | 0 | Risks and Countermeasures The company faces market, competition, technology, quality, policy, and centralized procurement risks, which it addresses through enhanced academic promotion, technological innovation, automation, quality control, market expansion, and product diversification - The company's revenue is highly dependent on disposable hemoperfusion cartridges, facing risks of market growth falling short of expectations or significant adverse changes[126] - Increased industry competition due to new entrants may impact the company's product profitability[127] - The medical device industry experiences rapid technological updates, and the company risks being impacted by substitute products if it fails to innovate continuously[128] - While the company's core hemoperfusion cartridge products are not yet included in national or provincial centralized procurement, their future inclusion could lead to product price reductions and decreased gross profit margins[132] Corporate Governance, Environment and Society Implementation of Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures During the reporting period, the company canceled some stock options from its 2022 equity incentive plan due to unmet performance targets and employee departures, while its "Striver No. 1" and "Striver No. 2" employee stock ownership plans reached their lock-up periods, with 18.575 million Yuan in share-based payment expenses recognized - 1,028,000 stock options from the 2022 stock option incentive plan were canceled due to unmet performance targets and the departure of some incentive recipients[141] - The lock-up periods for the "Striver No. 1" and "Striver No. 2" employee stock ownership plans expired on September 7, 2024, and September 17, 2024, respectively[142][143] - During the reporting period, the company recognized 18.575 million Yuan in share-based payment expenses related to the Striver No. 1 and Striver No. 2 employee stock ownership plans[146] Social Responsibility In the first half of 2025, the company actively fulfilled its social responsibilities by donating 19.17 million Yuan in cash and materials for charity, rural revitalization, and social healthcare, earning multiple social responsibility awards - During the reporting period, the company donated 19.17 million Yuan in cash and materials for charitable causes, rural revitalization, and other projects[148] - The company received honors such as "Zhuhai City 2024 Red Cross Outstanding Contribution Unit" and "Zhuhai Federation of Industry and Commerce Outstanding Contribution Award for Philanthropy"[148] Significant Matters Significant Contracts and Their Performance During the reporting period, the company provided a significant guarantee of 230 million Yuan to its wholly-owned subsidiary, Zhuhai Jian Shu New Material Technology Co., Ltd., with an actual outstanding guarantee balance of 135 million Yuan at period-end, representing 4.32% of the company's net assets Significant Guarantees | Guaranteed Party | Guaranteed Amount (Million Yuan) | Actual Outstanding Guarantee Balance at Period-End (Million Yuan) | Proportion of Company's Net Assets | | :--- | :--- | :--- | :--- | | Zhuhai Jian Shu New Material Technology Co., Ltd. | 230 | 134.91 | 4.32% | Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital remained unchanged at 798,605,275 shares, but restricted shares increased by 881,219 due to a vice general manager's resignation, leading to a corresponding decrease in unrestricted shares - Total share capital remained unchanged at 798,605,275 shares during the reporting period[177] - Due to the resignation of Vice General Manager Mr. Li Dezhi, his shares were locked, increasing restricted shares from 286,138,075 to 287,019,294 shares[177][178][180] Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 51,650 common shareholders, with controlling shareholder and actual controller Mr. Dong Fan holding 44.47% of shares, and the top ten shareholders primarily comprising the controlling shareholder, related parties, public funds, and employee stock ownership plans - The total number of common shareholders at the end of the reporting period was 51,650[183] Top Ten Shareholders | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held at Period-End (Shares) | | :--- | :--- | :--- | :--- | | Dong Fan | Domestic Natural Person | 44.47% | 355,131,867 | | Tang Xianmin | Domestic Natural Person | 2.67% | 21,336,425 | | Huabao CSI Medical ETF | Other | 2.02% | 16,159,051 | | E Fund ChiNext ETF | Other | 1.35% | 10,741,712 | | Guo Xuerui | Domestic Natural Person | 1.01% | 8,040,792 | - Among the top ten shareholders, Jiang Huanxin is the brother-in-law of Dong Fan's wife, and Huang He is Dong Fan's brother[183] Bond-Related Information Convertible Corporate Bonds The company's "Jafron Convertible Bond" (code 123117) with a total issuance of 1 billion Yuan remains outstanding, with minimal conversion to shares as of period-end; the conversion price was adjusted from 39.43 Yuan/share to 38.65 Yuan/share due to the 2024 equity distribution, and the company's and bond's credit ratings remain AA with a stable outlook - The company issued 1 billion Yuan in convertible corporate bonds, "Jafron Convertible Bond," in June 2021, with a maturity date of June 22, 2027[193] - As of the end of the reporting period, the cumulative converted amount was 0.1581 million Yuan, a very low proportion of the total issuance, with 999.8 million Yuan (or 99.98% of the total issuance) yet to be converted[196] - During the reporting period, due to the implementation of the 2024 equity distribution, the conversion price was adjusted from 39.43 Yuan/share to 38.65 Yuan/share on May 26, 2025[199][602] - In June 2025, China Chengxin International Credit Rating Co., Ltd. maintained the company's and the bond's credit ratings at AA with a stable outlook[200] Financial Report Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, reflecting the financial position, operating results, and cash flows Consolidated Balance Sheet (Period-End) | Item | Period-End Balance (Billion Yuan) | Period-Beginning Balance (Billion Yuan) | | :--- | :--- | :--- | | Total Assets | 5.267 | 5.383 | | Total Liabilities | 2.145 | 2.049 | | Total Owners' Equity | 3.122 | 3.335 | Consolidated Income Statement (Current Period) | Item | H1 2025 (Billion Yuan) | H1 2024 (Billion Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1.134 | 1.496 | | Operating Profit | 481.17 | 676.98 | | Net Profit | 388.67 | 550.76 | | Net Profit Attributable to Parent Company Shareholders | 389.72 | 552.51 | Consolidated Cash Flow Statement (Current Period) | Item | H1 2025 (Million Yuan) | H1 2024 (Million Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 538.28 | 749.27 | | Net Cash Flow from Investing Activities | -889.99 | -1,115.35 | | Net Cash Flow from Financing Activities | -627.47 | -646.33 | | Net Increase in Cash and Cash Equivalents | -979.09 | -1,012.32 | Notes to Consolidated Financial Statements This section details key consolidated financial statement items, including a significant decrease in period-end cash due to wealth management product purchases, a surge in transactional financial assets, a notable decline in accounts receivable, a slight decrease in inventory with increased impairment provisions, and steady progress in construction-in-progress projects - Period-end cash and bank balances were 748 million Yuan, of which 7.719 million Yuan were restricted funds (e.g., guarantees)[420] - Period-end transactional financial assets totaled 1.441 billion Yuan, entirely comprising wealth management products[421] - Period-end accounts receivable book balance was 29.62 million Yuan, a significant decrease from 58.56 million Yuan at the beginning of the period, with a bad debt provision ratio of 15.50%[430][432] - Period-end inventory book value was 328 million Yuan, with an inventory depreciation provision of 11.85 million Yuan, an increase from 5.65 million Yuan at the beginning of the period[489][493] - Period-end construction-in-progress book value was 304 million Yuan, primarily for the Biomaterials Project (231 million Yuan) and the Hollow Fiber Membrane Spinning Production Line Project (56.03 million Yuan)[544]