博雅生物(300294) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions Important Notice The Board, Supervisory Board, and senior management guarantee the report's accuracy and completeness, with a planned cash dividend of CNY 1.50 per 10 shares (tax inclusive). - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3] - Company head Ren Hui, chief accountant Pan Yuxuan, and head of accounting department Wang Zihe declare the financial report is true, accurate, and complete[3] - The company plans to distribute a semi-annual cash dividend of CNY 1.50 per 10 shares (tax inclusive) to all shareholders, based on 504,248,738 shares[3] Table of Contents This section presents the structured table of contents, outlining eight main chapters from important notices to financial reports, with corresponding page numbers. - The report's table of contents includes eight main chapters: Important Notice, Company Profile, Management Discussion and Analysis, Corporate Governance, Significant Matters, Share Changes, Bond Information, and Financial Report[5] Definitions This section defines key terms used throughout the report, such as company names, major shareholders, subsidiaries, products, and the reporting period. - In the report, "Issuer, Company, CR Biopharma" refers to China Resources Boya Bio-Pharmaceutical Group Co., Ltd[9] - "CR Pharmaceutical Holdings" refers to the company's controlling shareholder, China Resources Pharmaceutical Holdings Co., Ltd[9] - The reporting period is from January 1, 2025, to June 30, 2025[9] Part II Company Profile and Key Financial Indicators Company Profile This section provides the company's basic information, including stock details, names, and legal representative. - The company's stock abbreviation is "Boya Bio", stock code is "300294", listed on the Shenzhen Stock Exchange[11] - The company's Chinese name is China Resources Boya Bio-Pharmaceutical Group Co., Ltd., and the legal representative is Ren Hui[11] Contact Persons and Information This section provides contact details for the Board Secretary Pan Yuxuan and Securities Affairs Representative Peng Dongke. - The Board Secretary is Pan Yuxuan, and the Securities Affairs Representative is Peng Dongke, both located at No. 333 Huiquan Road, High-tech Industrial Development Zone, Fuzhou City, Jiangxi Province[12] Other Information The company's registered address, office address, website, email, information disclosure locations, and registration status remained unchanged during the reporting period. - The company's contact information, information disclosure and placement locations, and registration status remained unchanged during the reporting period[13][14][15] Key Accounting Data and Financial Indicators Operating revenue increased by 12.51%, but net profit attributable to shareholders and net cash flow from operating activities significantly decreased by 28.68% and 96.72% respectively, while total assets grew. Key Accounting Data and Financial Indicators for H1 2025 | Item | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,007,772,869.56 | 895,735,666.55 | 12.51% | | Net Profit Attributable to Shareholders of Listed Company | 225,340,907.90 | 315,970,311.01 | -28.68% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 165,551,058.53 | 258,875,884.58 | -36.05% | | Net Cash Flow from Operating Activities | 6,946,369.32 | 211,660,633.61 | -96.72% | | Basic Earnings Per Share (CNY/share) | 0.45 | 0.63 | -28.57% | | Diluted Earnings Per Share (CNY/share) | 0.45 | 0.63 | -28.57% | | Weighted Average Return on Net Assets | 2.97% | 4.25% | Down 1.28 percentage points | | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End | | Total Assets | 8,677,872,367.12 | 8,401,144,768.99 | 3.29% | | Net Assets Attributable to Shareholders of Listed Company | 7,628,474,485.53 | 7,487,150,950.41 | 1.89% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit or net assets between domestic and international accounting standards during the period. - The company had no differences in net profit and net assets disclosed in financial reports prepared under International Accounting Standards compared to Chinese Accounting Standards during the reporting period[19] - The company had no differences in net profit and net assets disclosed in financial reports prepared under overseas accounting standards compared to Chinese Accounting Standards during the reporting period[20] Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to CNY 59.79 million, mainly from non-current asset disposal, government subsidies, and financial asset fair value changes. Non-recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | 5,280,299.53 | | Government Subsidies Included in Current Profit and Loss (Excluding those related to ordinary business activities) | 25,736,675.48 | | Gains and Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities | 38,540,098.75 | | Other Non-operating Income and Expenses Apart from the Above | 762,222.48 | | Less: Income Tax Impact | 10,526,951.21 | | Minority Interest Impact (After Tax) | 2,495.66 | | Total | 59,789,849.37 | Part III Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company focused on its core blood products business, achieving 7.2% growth in plasma collection, advanced R&D with 10% IVIG approval, and expanded international markets, while divesting non-blood products. - The company continues to focus on its core blood products business, positioning itself as one of the leading blood product manufacturers in China[26] - During the reporting period, the company operated 20 plasma collection stations out of 21 licensed stations, collecting 320.39 tons of raw plasma, a 7.2% year-on-year increase exceeding the industry average growth rate[26] - During the reporting period, 10% IVIG was approved for market launch, further enhancing the company's comprehensive plasma utilization rate[26] Industry Development Overview The domestic blood products market is growing, projected to reach CNY 100 billion by 2030, but faces oversupply, policy pressures, and competition from recombinant products, leading to industry consolidation. - China's blood products market size was approximately CNY 60 billion in 2024, projected to reach CNY 100 billion by 2030[24] - Some products like albumin, IVIG, and fibrinogen face oversupply, with centralized procurement and medical insurance cost control policies leading to a decline in demand-side prosperity[24] - The accelerated commercialization of recombinant products may squeeze the market space for traditional human-derived blood products[24] Main Businesses The company's main business is blood products, encompassing 10 varieties and 31 specifications, while non-blood products, including biochemical and chemical drugs, are being gradually divested. - The company's business is primarily blood products, supplemented by biochemical and chemical drugs, with a gradual divestiture of non-blood products business underway[27] - Blood products cover three major categories: albumin, human immunoglobulin, and coagulation factors, with 10 varieties and 31 specifications[27][28] - Xinbai Pharmaceutical's core products, such as the Osteo-peptide series and Oxytocin series, hold leading market positions[33] Operating Model The company employs an independent "vein-to-vein" operating model, integrating plasma collection, production, R&D, and sales, with standardized processes and a mixed sales approach. - The company possesses an independent and complete "vein-to-vein" business development model, covering procurement (plasma collection), production, R&D, and sales[36] - Single-plasma collection stations implement a "one-to-one" plasma supply relationship and have established a comprehensive standardized business management system[38] - The blood products business adopts relatively fixed input cycles and plasma volumes, while biochemical drugs are produced based on sales orders[39] R&D Status During the Reporting Period Significant R&D progress was made in blood products, with 10% IVIG approved for production and other products in clinical trials, while non-blood product approvals and technology transfers also advanced. - The human immunoglobulin for intravenous injection (pH4) (10%, 50ml) developed by CR Boya Bio-Pharmaceutical Group Co., Ltd. was granted a production license in May 2025[42] - Subcutaneous human immunoglobulin is in the pharmaceutical research and clinical trial application stage[42] - Xinbai Pharmaceutical's Carboprost Tromethamine Injection obtained its "Drug Registration Certificate" on August 13, 2024[45] Overview of Operations During the Reporting Period Total operating revenue reached CNY 1.008 billion, up 12.51%, but net profit attributable to shareholders decreased by 28.68% due to lower blood product gross margins and Green Cross acquisition amortization. H1 2025 Operating Performance Overview | Indicator | Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Total Operating Revenue | 1,007,772,869.56 | 12.51% | | Operating Profit | 262,723,884.73 | -28.33% | | Net Profit Attributable to Shareholders of Listed Company | 225,340,907.90 | -28.68% | - The decline in net profit was primarily due to a decrease in gross profit from blood products and the amortization of valuation appreciation from the Green Cross acquisition, collectively impacting net profit by CNY 52.26 million[47] - Green Cross (China) and Greenke have been included in the consolidated scope since November 2024[48][50] Key Performance Drivers Performance growth was driven by a 7.2% increase in plasma collection, successful R&D (including 10% IVIG approval), smart factory progress, and significant international market expansion with new drug registrations and GMP certifications. - The company firmly focused on its core blood products strategy, with plasma collection volume increasing by 7.2% year-on-year in H1 2025, surpassing the industry average[51] - 10% IVIG was successfully approved for market launch, and subcutaneous human immunoglobulin was approved for clinical trials[51] - IVIG successfully obtained the "Drug Registration Certificate" in the Dominican Republic, and both IVIG and Fibrinogen successfully acquired GMP certificates in Turkey, marking significant achievements in international market expansion[52] Significant Matters Significant matters include the CNY 158 million divestiture of 80% equity in Boya Xinhe, approval for a new plasma station, 10% IVIG market approval, and the controlling shareholder's completion of a 1.20% share increase. - The company publicly listed and transferred 80% equity of Boya Xinhe, with a final transaction price of CNY 158.17 million[53][54] - The company was approved to establish the Dalateqi Boya Single Plasma Collection Station[55][56] - Controlling shareholder CR Pharmaceutical Holdings completed its share increase plan, cumulatively increasing its stake by 6,050,900 shares, accounting for 1.20% of the company's total share capital[60] Core Competitiveness Analysis Core competitiveness stems from CR Group's support, a clear blood products strategy, strong plasma collection, R&D (over 200 patents), leading production capabilities, and extensive marketing reach. - The company's actual controller, CR Group, ranked 67th in the 2025 Fortune Global 500, providing strong support to the company[61] - The company demonstrates excellent plasma station expansion and collection capabilities, with 20 licensed plasma stations and active applications for new ones[62] - The company possesses strong R&D capabilities, holding over 200 patents, with multiple pipeline products progressing smoothly, such as tetanus immunoglobulin which has completed its market application[62] Controlling Shareholder's Resource Endowment and Management Empowerment CR Group, ranked 67th in the 2025 Fortune Global 500, provides significant strategic, organizational, talent, risk, and government resource support to the company. - CR Group ranked 67th in the 2025 Fortune Global 500, with total assets reaching CNY 2.71 trillion[61] - CR Pharmaceutical Holdings provides support to the company in strategic management, organizational optimization, talent acquisition, risk management, and government resource integration[61] Clear Strategic Planning The company is committed to its strategic goal of "becoming a world-class blood products enterprise" and focuses on the healthy development of its core blood products business. - The company consistently adheres to the strategic goal of "becoming a world-class blood products enterprise"[61] - The company focuses on its core blood products business, continuously promoting its healthy and rapid development[61] Excellent Plasma Station Expansion and Plasma Collection Capabilities The company, supported by CR Group, excels in plasma station expansion and collection, utilizing standardized management and a "lease first, build later" strategy to accelerate raw material acquisition. - The company is one of the few blood products enterprises nationwide with a complete range of three product categories and qualifications for plasma station expansion[62] - CR Group supports new plasma station applications, resource integration, and station operations, enhancing plasma collection capabilities through standardized management[62] - The company adopts a "lease first, build later" strategy and optimizes construction processes, effectively shortening the construction cycle for new plasma stations[62] Strong R&D Capabilities The company boasts strong R&D, with over 200 patents, successful product launches (PCC, Factor VIII, high-concentration IVIG), a robust pipeline, and future plans for small nucleic acids and gene therapy. - The company undertakes over 20 government-sponsored projects, including the national "863 Program", and holds over 200 patents[62] - Successfully launched products such as PCC, Factor VIII, and high-concentration human immunoglobulin for intravenous injection[62] - R&D projects such as tetanus immunoglobulin, C1 esterase, vWF factor, and subcutaneous human immunoglobulin are progressing smoothly, with future deployment planned in areas like small nucleic acids and gene therapy[62] Good Production Capabilities The company maintains leading production capabilities, evidenced by GMP certification, automated control systems, a robust quality management system, and industry-leading core product yield rates. - The company is one of the earliest enterprises nationwide to pass the national new version GMP certification for pharmaceuticals[63] - It employs a process automatic control system, achieving full CIP, SIP, and automatic recording of key parameters[63] - Core product yield rates are in a leading industry position, with fibrinogen prepared using its proprietary patented method holding a top market share[63] Strong Marketing Capabilities The company has developed strong marketing capabilities through a professional team, extensive commercial channels, and academic promotion, covering major hospitals nationwide. - The company has established a professional and market-oriented marketing team[63] - Academic promotion has largely covered major hospitals nationwide, and commercial channel development has formed strong alliances with mainstream commercial partners[63] Main Business Analysis Operating revenue increased by 12.51%, but operating costs surged by 60.34% due to Green Cross consolidation, while Human Coagulation Factor VIII revenue grew 189.91% despite a 36.22% drop in gross margin. Year-on-Year Changes in Key Financial Data | Item | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,007,772,869.56 | 895,735,666.55 | 12.51% | No significant change | | Operating Cost | 473,581,390.22 | 295,361,445.36 | 60.34% | Primarily due to the inclusion of Green Cross in the consolidation scope | | Administrative Expenses | 113,220,398.40 | 80,666,785.32 | 40.36% | Primarily due to the inclusion of Green Cross in the consolidation scope | | Net Cash Flow from Operating Activities | 6,946,369.32 | 211,660,633.61 | -96.72% | Primarily due to the inclusion of Green Cross in the consolidation scope, reduced bank interest income, and decreased sales collections | | Net Cash Flow from Investing Activities | -217,437,524.79 | 1,234,502,548.42 | -117.61% | Primarily due to reduced net cash flow from wealth management products this period, receipt of proceeds from disposal of Fuda Pharmaceutical equity in the prior period, and increased payments for smart factory project engineering this period | Products or Services Accounting for Over 10% of Revenue | Item | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Human Albumin | 248,645,194.73 | 104,972,727.78 | 57.78% | 6.68% | 22.25% | -5.38% | | Human Immunoglobulin for Intravenous Injection | 195,243,328.12 | 93,309,199.88 | 52.21% | -11.42% | 23.02% | -13.38% | | Human Fibrinogen | 215,836,846.18 | 73,719,202.13 | 65.84% | 3.84% | 24.11% | -5.58% | | Human Coagulation Factor VIII | 125,314,569.44 | 91,307,541.97 | 27.14% | 189.91% | 476.46% | -36.22% | Non-Core Business Analysis Non-core business contributed to profit mainly from fair value changes (14.04%) and other income (9.96%), with these items being largely non-recurring and unsustainable. H1 2025 Non-Core Business Analysis | Item | Amount (CNY) | Percentage of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 2,529,169.37 | 0.96% | No | | Gains and Losses from Fair Value Changes | 37,004,306.86 | 14.04% | No | | Other Income | 26,241,973.52 | 9.96% | No | | Gains from Asset Disposal | 5,280,299.53 | 2.00% | No | Analysis of Assets and Liabilities Total assets grew by 3.29%, with significant increases in construction in progress (4.17%) and accounts payable (1.73%), while accounts receivable rose by 1.85% due to slower collections, and financial assets measured at fair value totaled CNY 2.325 billion. Significant Changes in Asset Composition for H1 2025 | Item | End of Current Period (CNY) | Percentage of Total Assets | End of Prior Year (CNY) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 624,268,469.07 | 7.19% | 448,470,861.75 | 5.34% | 1.85% | Primarily due to slower collections affected by medical insurance cost control and market conditions | | Construction in Progress | 693,615,126.76 | 7.99% | 321,002,761.13 | 3.82% | 4.17% | Primarily due to increased investment in the smart factory project | | Other Receivables | 88,391,412.02 | 1.02% | 39,809,915.00 | 0.47% | 0.55% | Primarily due to new receivables from the disposal of land for the smart factory project's west plot | | Accounts Payable | 304,237,461.54 | 3.51% | 149,918,235.66 | 1.78% | 1.73% | Primarily due to increased payments for smart factory construction progress | - At the end of the reporting period, the fair value of financial assets measured at fair value was CNY 2.325 billion[76] - As of the end of the reporting period, the company's total restricted assets amounted to CNY 39.37 million, primarily consisting of guarantee deposits and pledged bank acceptance bills[77] Investment Status Analysis Total investment decreased by 13.89% due to reduced wealth management product purchases; the Smart Factory project invested CNY 286 million (28.69% complete), with CNY 800 million in wealth management products held at period-end. H1 2025 Investment Amount Changes | Indicator | Investment Amount Current Period (CNY) | Investment Amount Prior Period (CNY) | Change Rate | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Investment Amount | 2,481,267,931.04 | 2,881,673,432.95 | -13.89% | Net cash outflow from investing activities decreased by 13.89% compared to the prior period, primarily due to reduced purchases of wealth management products. | - The Blood Products Smart Factory (Phase I) project has cumulatively invested CNY 285.78 million, with an investment progress of 28.69%, and is expected to reach its intended usable state by March 31, 2026[89] - As of June 30, 2025, the company held CNY 800 million in "CITIC Wealth Management Quan Ying Xiang Zhi Ying Fixed Income Stable Closed Wealth Management Products"[91] Significant Asset and Equity Disposals The company sold project land for CNY 47.31 million, contributing CNY 3.09 million to net profit, without impacting the Smart Factory project, and had no significant equity disposals. - The company sold part of the land for its raised fund investment project at a transaction price of CNY 47.31 million, contributing CNY 3.09 million to the company's net profit, accounting for 1.37% of total profit[100] - This sale does not affect the construction of the company's Smart Factory (Phase I) project[101] - There were no significant equity disposals by the company during the reporting period[102] Analysis of Major Holding and Participating Companies Major subsidiaries include Xinbai Pharmaceutical, Boya Xinhe, and Green Cross (China), with the new establishment of Dalateqi Boya Single Plasma Collection Co., Ltd. to boost raw plasma supply. Financial Data of Major Subsidiaries | Company Name | Business Nature | Registered Capital (CNY) | Total Assets (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | | Xinbai Pharmaceutical | Biochemical drug business | 147,850,000.00 | 354,834,607.20 | 6,654,605.83 | | Boya Xinhe | Chemical drug business | 536,878,000.00 | 191,417,260.05 | -9,961,263.27 | | Green Cross (China) | Blood products business | 158,546,120.00 | 739,431,923.69 | 19,332,712.73 | - Dalateqi Boya Single Plasma Collection Co., Ltd. was newly established during the reporting period, aiming to enhance raw plasma supply capacity[103] Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period. - The company did not control any structured entities during the reporting period[104] Risks Faced by the Company and Countermeasures The company addresses risks like raw material supply, R&D, quality control, pharmaceutical policies, and goodwill impairment through strategic measures including plasma supply assurance and R&D management. - The company faces raw material supply risks and addresses them by leveraging existing plasma station potential, applying for new stations, and actively pursuing M&A to ensure plasma supply[104] - New product R&D risks are managed through comprehensive market feasibility analysis and strengthened R&D process control[105] - Pharmaceutical policy risks are addressed by optimizing production capacity, enriching the product pipeline, strengthening academic marketing, and accelerating new product launch processes[107] - Goodwill impairment risks are mitigated by accelerating marketing reforms at Green Cross (China), increasing development in untapped markets, and strengthening innovative R&D capabilities[109] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company conducted an on-site performance briefing on March 21, 2025, and held phone communications with institutional investors on March 24, 2025, providing investor relations records. - On March 21, 2025, the company hosted other types of participants through an on-site performance briefing[110] - On March 24, 2025, the company engaged with institutional investors through phone communication[110] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established and disclosed its "Company Market Value Management System" to strengthen market value management and protect investor rights. - The company has formulated and disclosed the "Company Market Value Management System," aiming to strengthen and standardize market value management practices[111] Implementation of the 'Dual Improvement in Quality and Returns' Action Plan The company has disclosed its "Dual Improvement in Quality and Returns" action plan to enhance operational management, core competitiveness, profitability, and risk control, with ongoing implementation since March 2025. - The company has formulated and disclosed the "Dual Improvement in Quality and Returns" action plan, aiming to enhance operational management, core competitiveness, profitability, and risk control capabilities[112] - In March 2025, the company continued to advance work related to the "Dual Improvement in Quality and Returns" action plan[112] Part IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management The company experienced multiple changes in its Board, Supervisory Board, and senior management, including new appointments for President, Vice President, CFO, and Board Secretary, alongside several resignations. - Yu Xiaohui was elected as a director but later resigned due to work relocation[114][115] - Ren Hui was appointed as President, Lin Qingsong as Vice President, and Pan Yuxuan as CFO, who was later also appointed as Board Secretary[114][115] - Liang Xiaoming resigned as President and legal representative, and Liang Huacheng resigned as CFO and Board Secretary[114][115] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period The Board approved a semi-annual profit distribution plan to pay a cash dividend of CNY 1.50 per 10 shares (tax inclusive), totaling CNY 75.64 million, with no bonus shares or capital reserve conversion. - The company proposes to distribute a cash dividend of CNY 1.50 per 10 shares (tax inclusive) to all shareholders, based on 504,248,738 shares[116] - A total cash dividend of CNY 75.64 million (tax inclusive) will be distributed, with no bonus shares or capital reserve conversion to share capital[116][119] - The total cash dividend accounts for 100% of the total profit distribution[119] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[120] Environmental Information Disclosure The company and its four major subsidiaries are listed as enterprises required to disclose environmental information by law, with inquiry indexes provided. - A total of 4 enterprises, including the company and its major subsidiaries, are included in the list of enterprises required to disclose environmental information by law[121] - CR Boya Bio-Pharmaceutical, Green Cross (China), Nanjing Xinbai Pharmaceutical, and Jiangxi Boya Xinhe Pharmaceutical are all on the list[121] Social Responsibility Performance The company actively fulfills social responsibilities through equal employment (100% contract/insurance coverage), sustainable supply chain initiatives, and rural revitalization efforts, investing CNY 1.586 million in charitable activities. - The company strictly adheres to labor laws and regulations, practices equal employment, with 100% labor contract signing rate and social insurance coverage[122] - The company initiated SRM informatization construction, optimized procurement management systems, and prioritized low-carbon and environmentally friendly products[123] - During the reporting period, the company invested CNY 1.586 million in targeted poverty alleviation, primarily for health poverty alleviation (CNY 1 million) and other projects (CNY 0.586 million)[124][126] Part V Significant Matters Fulfillment of Commitments All commitments by the company, its actual controller, shareholders, and related parties were fulfilled or not overdue as of the reporting period end. - The company's actual controller, shareholders, related parties, and other commitment-related parties had fulfilled all commitments or had no overdue unfulfilled commitments as of the end of the reporting period; specific details can be found in the 2024 annual report[128] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties There was no non-operating occupation of company funds by the controlling shareholder or other related parties during the reporting period. - There was no non-operating occupation of listed company funds by the controlling shareholder or other related parties during the reporting period[129] Illegal External Guarantees The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[130] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited. - The company's semi-annual report was unaudited[131] Board of Directors' and Supervisory Board's Explanation of 'Non-Standard Audit Report' for the Current Period No "non-standard audit report" was issued by the accounting firm for the company during the reporting period. - During the reporting period, there was no "non-standard audit report" issued by the accounting firm for the company[132] Board of Directors' Explanation of 'Non-Standard Audit Report' for the Prior Year No "non-standard audit report" was issued by the accounting firm for the company during the reporting period. - During the reporting period, there was no "non-standard audit report" issued by the accounting firm for the company[132] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[132] Litigation Matters The company had no significant litigation, arbitration, or other legal matters during the reporting period. - The company had no significant litigation or arbitration matters during the current reporting period[133] - There were no other litigation matters either[134] Penalties and Rectification The company had no penalties or rectification situations during the reporting period. - During the reporting period, the company had no penalties or rectification situations[134] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity with no dishonest situations during the reporting period. - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no dishonest situations[134] Significant Related Party Transactions The company engaged in ordinary related party transactions for pharmaceutical sales and purchases with CR Pharmaceutical Holdings and its affiliates, co-invested in a new plasma station, and participated in a new industry investment fund. H1 2025 Related Party Transactions Related to Ordinary Operations | Related Party Transaction Content | Related Party Transaction Amount (CNY 10,000) | Percentage of Similar Transactions | Approved Transaction Limit (CNY 10,000) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Sales of Pharmaceuticals to CR Pharmaceutical Holdings and its Affiliates | 15,244.92 | 15.13% | 28,410.00 | No | | Purchases of Pharmaceuticals from CR Pharmaceutical Holdings and its Affiliates | 4,741.52 | 11.29% | 12,394.00 | No | - The company co-invested with Chengdu Hengnashun Enterprise Management Consulting Co., Ltd. to establish Dalateqi Boya Single Plasma Collection Co., Ltd., aiming to enhance raw plasma supply capacity[139] - The company plans to participate in the establishment of CR Pharmaceutical Industry Investment Fund Phase II to reserve high-quality strategic project resources[140] Significant Contracts and Their Performance The company had no entrusted projects generating over 10% of total profit, nor any significant contracting, leasing, guarantees, or other major contracts during the reporting period. - The company had no entrusted projects generating profit or loss exceeding 10% of the company's total profit during the reporting period[141] - The company had no contracting situations during the reporting period[142] - The company had no significant guarantee situations during the reporting period[144] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period. - During the reporting period, the company had no other significant matters requiring explanation[145] Significant Matters of Company Subsidiaries The company was approved to establish the Dalateqi Boya Single Plasma Collection Station, obtaining its business license in June 2025, to enhance raw plasma supply. - The company was approved to establish the Dalateqi Boya Single Plasma Collection Station[145] - In June 2025, the Dalateqi plasma station obtained its "Business License"[145] Part VI Share Changes and Shareholder Information Share Change Status The company's total share capital remained unchanged, with 504,248,738 unrestricted shares accounting for 100% of the total. H1 2025 Share Change Status | Item | Quantity Before Change (shares) | Percentage Before Change | Change (Increase/Decrease) Subtotal (shares) | Quantity After Change (shares) | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | - | - | - | - | - | | II. Unrestricted Shares | 504,248,738 | 100.00% | 0 | 504,248,738 | 100.00% | | Total Shares | 504,248,738 | 100.00% | 0 | 504,248,738 | 100.00% | - During the reporting period, there were no significant changes in the reasons for share changes, approval status, transfer status, or progress of share repurchase implementation[150] Securities Issuance and Listing Status The company had no securities issuance or listing situations during the reporting period. - The company had no securities issuance or listing situations during the reporting period[150] Number of Shareholders and Shareholding Status The company had 28,128 ordinary shareholders at period-end, with CR Pharmaceutical Holdings as the controlling shareholder (30.48% stake, plus entrusted voting rights), followed by Shenzhen Gaotejia Investment Group (11.31%) and Hong Kong Securities Clearing Company Limited (5.36%). - The total number of ordinary shareholders at the end of the reporting period was 28,128[151] Shareholding Status of Ordinary Shareholders Holding 5% or More, or Top 10 Shareholders, at Period-End | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Change During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CR Pharmaceutical Holdings Co., Ltd. | State-owned Legal Person | 30.48% | 153,691,453 | 1,008,500 | 153,691,453 | None | | Shenzhen Gaotejia Investment Group Co., Ltd. | Non-state-owned Legal Person | 11.31% | 57,049,640 | 0 | 57,049,640 | Pledged 34,931,767 shares, Frozen 2,617,873 shares | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 5.36% | 27,039,739 | -4,260,856 | 27,039,739 | None | - The voting rights of 57,049,640 shares held by Gaotejia Group were entrusted to CR Pharmaceutical Holdings Co., Ltd[153] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period. - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[155] Changes in Controlling Shareholder or Actual Controller Neither the company's controlling shareholder nor its actual controller changed during the reporting period. - The company's controlling shareholder did not change during the reporting period[156] - The company's actual controller did not change during the reporting period[156] Preferred Share Information The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[157] Part VII Bond Information The company had no bonds during the reporting period. - The company had no bonds during the reporting period[159] Part VIII Financial Report Audit Report The company's semi-annual financial report was unaudited. - The company's semi-annual financial report was unaudited[161] Financial Statements This section presents the company's consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity. - The 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 Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[162][168][174][180][183][187][191][202] Company Overview Established on November 6, 1993, and listed on March 8, 2012, the company is controlled by CR Pharmaceutical Holdings (30.4793% stake, 41.7931% voting rights) and ultimately by China Resources Co., Ltd., with a broad pharmaceutical business scope. - The company was established on November 6, 1993, and listed on the ChiNext board of the Shenzhen Stock Exchange on March 8, 2012[217] - CR Pharmaceutical Holdings became the company's controlling shareholder, with China Resources Co., Ltd. as the ultimate parent company[219] - CR Pharmaceutical Holdings increased its stake in the company to 30.4793%, collectively holding 41.7931% of the company's voting rights[223] Basis of Financial Statement Preparation These financial statements are prepared on a going concern basis, complying with Enterprise Accounting Standards and CSRC disclosure requirements, accurately reflecting the company's financial position and performance. - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance[225] - The financial statements also comply with the disclosure requirements of the China Securities Regulatory Commission's "No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports" revised in 2023[225] - The company prepares its financial statements on a going concern basis[226] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, covering areas like business combinations, financial instruments, revenue recognition, and government grants, along with materiality determination methods. - The accounting policies related to the recognition and measurement of impairment provisions for receivables, measurement of inventories issued, depreciation of fixed assets, amortization of intangible assets, capitalization conditions for R&D expenses, and recognition and measurement of revenue are formulated based on the operating characteristics of the Group's relevant businesses[227] - The company considers individual accounts receivable with impairment provisions of ≥ CNY 5 million as significant individually impaired receivables[231] - The company defines significant cash flows from investing activities as those exceeding 1% of the audited net assets of the previous year and with an amount > CNY 10 million[231] Taxation This section outlines the company's main tax categories and rates, including VAT, Urban Maintenance and Construction Tax, and Enterprise Income Tax, with several entities benefiting from reduced rates (15% or 20%) due to tax incentives. Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of Goods and Taxable Services Revenue | 13%、6%、3% | | Urban Maintenance and Construction Tax | Actually Paid Value-Added Tax | 5%、7% | | Enterprise Income Tax | Taxable Income | 15%、20%、25% | - CR Boya Bio-Pharmaceutical Group Co., Ltd. and Green Cross (China) Biological Products Co., Ltd. enjoy high-tech enterprise incentives, with enterprise income tax rates reduced to 15%[334][336][337] - Several single plasma collection subsidiaries, under qualifying conditions, have their enterprise income tax rates reduced to 20%[338] Notes to Consolidated Financial Statement Items This section provides detailed notes on major consolidated financial statement items, including period-end and beginning balances, and significant changes across assets, liabilities, revenue, and costs. Period-End Balance of Monetary Funds | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 1,114,181.51 | 1,496,980.66 | | Bank Deposits | 997,326,286.38 | 1,292,156,556.71 | | Other Monetary Funds | 6,756,391.14 | 6,198,233.24 | | Total | 1,005,196,859.03 | 1,299,851,770.61 | - The period-end balance of construction in progress was CNY 693.62 million, compared to a beginning balance of CNY 321.00 million, primarily due to increased investment in the smart factory project[411][72] - During the reporting period, operating revenue was CNY 1.008 billion, operating cost was CNY 473.58 million, with operating cost increasing by 60.34% year-on-year, mainly due to the inclusion of Green Cross in the consolidation scope[488][65] R&D Expenses Total R&D expenditure was CNY 44.72 million, with CNY 23.18 million expensed and CNY 21.54 million capitalized; 10% IVIG clinical research was recognized as an intangible asset, and other projects are in clinical research. H1 2025 R&D Expenditure | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total | 44,718,972.59 | 43,790,566.64 | | Of which: Expensed R&D Expenditure | 23,180,142.42 | 30,323,589.35 | | Capitalized R&D Expenditure | 21,538,830.17 | 13,466,977.29 | - Clinical research for high-concentration (10%) human immunoglobulin for intravenous injection has been recognized as an intangible asset, reducing capitalized R&D expenditure by CNY 31.02 million in the current period[554] - Research on von Willebrand factor, C1 esterase inhibitor, and the development of 20% subcutaneous human immunoglobulin are all in clinical research stages[554] Changes in Consolidation Scope The company's consolidation scope changed due to the new establishment of Dalateqi Boya Single Plasma Collection Co., Ltd. - The new establishment of Dalateqi Boya Single Plasma Collection Co., Ltd. in June 2025 led to a change in the consolidation scope[559] Interests in Other Entities This section details the company's enterprise group, comprising various wholly-owned or controlled subsidiaries engaged in plasma collection, pharmaceutical investment, production, and sales, including the newly established Dalateqi Boya Single Plasma Collection Co., Ltd. - The company owns multiple wholly-owned subsidiaries, such as Nancheng Jinshan Single Plasma Collection Co., Ltd. and Chongren Boya Single Plasma Collection Co., Ltd., all with a 100% shareholding ratio[561] - Nanjing Xinbai Pharmaceutical Co., Ltd. is a controlled subsidiary of the company, with a shareholding ratio of 99.999%[563] - Green Cross (China) Biological Products Co., Ltd. is an indirectly wholly-owned subsidiary of the company, with a shareholding ratio of 100%[563] Government Grants Government grants resulted in a deferred income liability of CNY 18.89 million (asset-related) and CNY 25.78 million recognized in current profit and loss, primarily as other income. H1 2025 Liability Items Related to Government Grants | Accounting Account | Beginning Balance (CNY) | New Grants Added This Period (CNY) | Amount Transferred to Other Income This Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 19,507,084.56 | 1,415,500.00 | 2,028,889.70 | 18,893,694.86 | Asset Related | H1 2025 Government Grants Recognized in Current Profit and Loss | Accounting Account | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 25,779,463.70 | 20,741,326.84 | Risks Related to Financial Instruments The company manages credit, liquidity, and interest rate risks, with credit risk concentrated in monetary funds and accounts receivable (19.62% from top five customers), and liquidity managed through funding monitoring and backup funds. - The company faces credit risk, liquidity risk, and interest rate risk[569] - The accounts receivable from the Group's top five customers account for 19.62% of the Group's total accounts receivable[571] - The company manages liquidity risk by regularly monitoring short-term and long-term funding needs and securing commitments from major financial institutions for sufficient backup funds[571] Fair Value Disclosure Total assets continuously measured at fair value reached CNY 2.325 billion, comprising financial assets held for trading, receivables financing (Level 2), and other non-current financial assets (Level 3). Period-End Fair Value of Assets and Liabilities Measured at Fair Value for H1 2025 | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | - | 2,169,348,669.36 | - | 2,169,348,669.36 | | Receivables Financing | - | 67,643,786.56 | - | 67,643,786.56 | | Other Non-current Financial Assets | - | - | 88,283,118.69 | 88,283,118.69 | | Total Assets Continuously Measured at Fair Value | - | 2,236,992,455.92 | 88,283,118.69 | 2,325,275,574.61 | - Financial assets held for trading are wealth management products purchased by the Group, with their fair value determined based on principal plus expected returns as of the balance sheet date or net value reports provided by banks[585] - Other non-current financial assets are fund units subscribed by the Group, with valuation techniques primarily including the net asset adjustment method and market multiple method[586] Related Parties and Related Party Transactions CR Pharmaceutical Holdings is the controlling shareholder, with China Resources Co., Ltd. as the ultimate controller; the company engaged in ordinary related party transactions for goods and services with affiliates, with market-based pricing, and related party receivables/payables primarily involve accounts receivable. - The company's controlling shareholder is CR Pharmaceutical Holdings Co., Ltd., with a shareholding ratio of 30.48% and a voting rights ratio of 41.79%[592] - The company engaged in ordinary related party transactions with CR Pharmaceutical Holdings and its affiliates for the purchase and sale of goods and provision/receipt of services, with pricing policies determined through negotiation based on market prices[608] - The period-end balance of related party accounts receivable was CNY 159.77 million, and the period-end balance of accounts payable was CNY 32.80 million[615][617] Share-based Payment The company had no share-based payment situations during the reporting period. - During the reporting period, the company had no share-based payment situations[618] Commitments and Contingencies At period-end, the company had capital commitments but no significant contingent matters requiring disclosure. - Capital commitments existed as of the balance sheet date[618] - The company had no significant contingent matters requiring disclosure[619] Events After the Balance Sheet Date The company had no events after the balance sheet date during the reporting period. - During the reporting period, the company had no events after the balance sheet date[619] Other Significant Matters The company operates in four segments: blood products, biochemical pharmaceuticals, pharmaceutical distribution, and other businesses, with total external transaction revenue of CNY 1.008 billion and total profit of CNY 263 million. - The company is segmented into four reporting segments based on products and services: blood products business, biochemical pharmaceutical business, pharmaceutical distribution business, and other businesses[620][623] H1 2025 Segment Financial Information | Item | Blood Products Business (CNY) | Biochemical Pharmaceutical Business (CNY) | Pharmaceutical Distribution Business (CNY) | Other Businesses (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | External Transaction Revenue | 852,481,599.39 | 86,990,141.46 | 61,705,282.69 | 6,595,846.02 | 1,007,772,869.56 | | Total Profit | 273,732,032.12 | 8,382,986.36 | -14,920,672.12 | -3,739,046.94 | 263,486,107.21 | | Total Assets | 9,756,073,528.20 | 384,962,151.66 | 478,002,672.66 | 889,141,109.98 | 8,677,872,367.12 | | Total Liabilities | 1,490,972,431.81 | 69,435,745.05 | 183,898,862.55 | 7,076,141.61 | 1,047,717,350.94 | Notes to Parent Company Financial Statement Items This section details the parent company's financial statement items, including period-end balances for accounts receivable (CNY 531 million) and other receivables (CNY 201 million), along with changes in long-term equity investments, revenue, and costs. Parent Company Accounts Receivable by Aging | Aging | Period-End Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 520,666,180.22 | 384,484,396.92 | | 1 to 2 years | 7,722,909.09 | 1,539,620.50 | | 2 to 3 years | 821,000.00 | 1,052,481.44 | | Over 3 years | 2,177,568.44 | 1,848,265.00 | | Total | 531,387,657.75 | 388,924,763.86 | Parent Company Other Receivables by Nature of Payment | Nature of Payment | Period-End Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Intercompany Payables/Receivables | 108,963,905.79 | 84,289,041.73 | | Receivable for Land Transfer | 47,311,574.81 | 0 | | Receivable for Equity Transfer | 36,476,415.00 | 36,476,415.00 | | Total | 200,754,593.37 | 128,833,041.59 | Parent Company Operating Revenue and Operating Cost | Item | Revenue for Current Period (CNY) | Cost for Current Period (CNY) | Revenue for Prior Period (CNY) | Cost for Prior Period (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 729,021,832.50 | 273,617,074.41 | 789,912,921.83 | 276,967,619.64 | | Other Businesses | 36,908.76 | 0 | 219,311.75 | 0 | | Total | 729,058,741.26 | 273,617,074.41 | 790,132,233.58 | 276,967,619.64 | Supplementary Information This section presents a detailed statement of non-recurring gains and losses totaling CNY 59.79 million, with a weighted average return on net assets of 2.97% and basic earnings per share of CNY 0.45, and no accounting data differences between domestic and overseas standards. H1 2025 Detailed Statement of Non-recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | 5,280,299.53 | | Government Subsidies Included in Current Profit and Loss (Excluding those related to ordinary business activities) | 25,736,675.48 | | Gains and Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities | 38,540,098.75 | | Other Non-operating Income and Expenses Apart from the Above | 762,222.48 | | Less: Income Tax Impact | 10,526,951.21 | | Minority Interest Impact (After Tax) | 2,495.66 | | Total | 59,789,849.37 | H1 2025 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Earnings Per Share (CNY/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 2.97% | 0.45 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 2.18% | 0.33 | - The company had no differences in net profit and net assets disclosed in financial reports prepared simultaneously under International Accounting Standards and Chinese Accounting Standards[670]