天宇股份(300702) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, a detailed table of contents, and definitions of key terms used throughout the report for clarity Important Notice The Board, Supervisory Board, and senior management guarantee the semi-annual report's accuracy and completeness, with no plans for cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for any false statements, misleading representations, or major omissions[4] - Company head Tu Yongjun, chief accountant Wang Xiujuan, and head of accounting department Wang Chong declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[4] Table of Contents This report's clear table of contents lists eight main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports for easy reference Definitions This section defines common terms used in the report, including company and subsidiary names, regulatory bodies, laws, currency units, and pharmaceutical industry terms like API, CDMO, SOP, cGMP, and ESG, ensuring accurate understanding - "Company" or "Issuer" refers to Zhejiang Tianyu Pharmaceutical Co., Ltd[11] - "API" (Active Pharmaceutical Ingredients) refers to the fundamental substances that constitute the pharmacological action of drugs[11] - "CDMO" (Contract Development Manufacture Organization) primarily provides customized services such as drug research and development, production, and sales for multinational pharmaceutical companies[11] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics and indicators Company Profile Zhejiang Tianyu Pharmaceutical Co., Ltd. (stock abbreviation: Tianyu Shares, stock code: 300702) is listed on the Shenzhen Stock Exchange, with Tu Yongjun as its legal representative - The company's stock abbreviation is Tianyu Shares, stock code is 300702, and it is listed on the Shenzhen Stock Exchange[14] - The company's legal representative is Tu Yongjun[14] Contact Person and Contact Information The company's Board Secretary is Wang Yan, and Securities Affairs Representative is Jiang Lulu, both located at Huangyan JiangKou Chemical Development Zone, Taizhou, Zhejiang, with consistent phone/fax numbers and email stock@tianyupharm.com - Board Secretary: Wang Yan, Securities Affairs Representative: Jiang Lulu[15] - Contact address: Huangyan JiangKou Chemical Development Zone, Taizhou, Zhejiang Province[15] - Email: stock@tianyupharm.com[15] Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status, with details available in the 2024 annual report - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[16] - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[17] - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[18] Key Accounting Data and Financial Indicators This reporting period saw a 23.87% increase in operating revenue, a significant 180.96% rise in net profit attributable to shareholders, and a 125.11% increase in non-recurring net profit, while net cash flow from operating activities decreased by 105.89%, total assets slightly declined, and net assets attributable to shareholders grew by 3.89% Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year) | Indicator | Current Reporting Period (RMB) | Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,567,432,524.25 | 1,265,403,817.20 | 23.87% | | Net Profit Attributable to Listed Company Shareholders | 149,511,845.22 | 53,215,235.64 | 180.96% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 141,288,215.10 | 62,764,011.32 | 125.11% | | Net Cash Flow from Operating Activities | -17,767,831.13 | 301,479,432.85 | -105.89% | | Basic Earnings Per Share (RMB/share) | 0.43 | 0.15 | 186.67% | | Diluted Earnings Per Share (RMB/share) | 0.43 | 0.15 | 186.67% | | Weighted Average Return on Net Assets | 4.18% | 1.53% | 2.65% | | Current Reporting Period End vs. Prior Year End | | | | | Total Assets (RMB) | 6,493,744,871.57 | 6,578,576,293.71 | -1.29% | | Net Assets Attributable to Listed Company Shareholders (RMB) | 3,633,808,646.58 | 3,497,773,912.94 | 3.89% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[20] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and those under Chinese accounting standards during the reporting period[21] Non-recurring Gains and Losses and Amounts The total non-recurring gains and losses for this reporting period amounted to 8.22 million RMB, primarily from government subsidies, with non-current asset disposal gains/losses and non-operating income/expenses also having some impact Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -428,966.21 | | Government subsidies recognized in current profit or loss (excluding government subsidies closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 8,959,512.75 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedging activities related to normal business operations | 683,118.42 | | Other non-operating income and expenses apart from the above items | -334,974.48 | | Less: Income tax impact | 655,060.36 | | Total | 8,223,630.12 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[24] - The company has not classified any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-recurring Gains and Losses" as recurring gains and losses[24] Management Discussion and Analysis This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook, including business overview, core competencies, and risk factors Main Business Activities During the Reporting Period As a specialized pharmaceutical manufacturer, the company primarily engages in intermediates, APIs, and formulations, covering antihypertensive, anti-asthma, hypoglycemic, hypolipidemic, and anticoagulant fields, aiming to enhance operational efficiency and build leading comprehensive capabilities - The company, as a specialized pharmaceutical manufacturing enterprise, focuses on the research, development, production, and sales of intermediates, active pharmaceutical ingredients (APIs), and formulations[26] - Product scope primarily covers multiple drug areas such as antihypertensive, anti-asthma, hypoglycemic, hypolipidemic, and anticoagulant[26] - Based on different business models, the company's operations are divided into generic API and intermediate business, CDMO API and intermediate business, and formulation business[26] Company Business Overview The company's business spans three segments: generic APIs and intermediates, CDMO APIs and intermediates, and formulations, with generic drugs focusing on off-patent medicines, CDMO providing customized R&D for innovative drugs, and formulations covering multi-dosage generic drug R&D, production, and sales across a nationwide network - The company's generic API and intermediate business utilizes independent R&D technology, with products primarily focused on drugs whose patents have expired or are about to expire, and customers mainly being large international generic drug manufacturers[26] - The CDMO business provides customized services for the R&D and production of innovative products for pharmaceutical manufacturers and biotechnology companies, primarily targeting large domestic and international original drug manufacturers[28] - The company's formulation business primarily engages in the R&D, production, and sales of multi-dosage generic drugs, with marketing channels covering medical, retail, third-tier, and e-commerce sectors[29] Company's Main Operating Model The company's generic API and intermediate business employs centralized procurement, two production models (dedicated workshops for mature products, multi-functional workshops for customized products), and a direct/distribution sales approach; CDMO uses "production-to-order" and direct/trade partner sales; and the formulation business also uses "production-to-order" with multi-R&D center collaboration, stringent quality control, and multi-channel sales - The generic API and intermediate business implements centralized procurement, with production models divided into dedicated workshops for mature products and multi-functional workshops for customized products, and sales models including direct sales and distribution, primarily to overseas countries and regions such as Europe, India, Japan, Korea, and the Americas[31][32][33][34] - The CDMO business R&D is jointly undertaken by its wholly-owned subsidiary Shanghai Qixun and the R&D center, production typically follows a "production-to-order" model, procurement is the same as the generic API business, and sales models include direct cooperation with ultimate clients and cooperation through CDMO trade service providers[35][36][37] - The formulation business adopts a "production-to-order" model, possesses three R&D centers, has established a comprehensive R&D management system, and its sales channels cover the medical market, large and medium-sized chain pharmacies, third-tier markets, and internet e-commerce business[37][38][39] Pharmaceutical Market Development The global pharmaceutical market, driven by an aging population and increased healthcare spending, is projected to reach $1.65 trillion in 2024, with a 6.12% CAGR from 2025-2030, while China, the second-largest market, is undergoing industrial upgrading and innovation, with 2.5 trillion RMB in pharmaceutical manufacturing revenue in 2024 and a 30.03% increase in API applications - The global pharmaceutical market size is expected to reach $1.65 trillion in 2024, with a projected compound annual growth rate of 6.12% from 2025 to 2030[40] - China has become the world's second-largest single pharmaceutical market, with the national pharmaceutical manufacturing industry above designated size achieving 2.5 trillion RMB in operating revenue in 2024[41] - In 2024, the National Medical Products Administration's Center for Drug Evaluation (CDE) accepted 19,563 registration applications, a 5.76% year-on-year increase, including 2,087 chemical API applications, a 30.03% year-on-year increase[41] API Industry Overview The global API industry is entering a patent cliff, with 18 blockbuster drugs (over $1 billion annual sales) expected to lose patent protection between 2024-2026, creating significant opportunities for generic drugs and upstream APIs, while China, a major producer and exporter, saw API exports reach $42.98 billion in 2024, a 5.1% increase, demonstrating strong resilience - The period between 2024 and 2026 will witness the largest patent iteration cycle in global biopharmaceutical history, with 18 innovative drugs having annual sales exceeding $1 billion expected to lose core patent protection, providing immense development opportunities for API manufacturers[42] - China is one of the world's major API producers and exporters, with total API exports reaching $42.98 billion in 2024, a 5.1% year-on-year increase[43] - From 2015 to 2024, API export value increased from $23.55 billion to $42.98 billion, representing a compound annual growth rate of 7.7%[43] Company's Industry Position The company holds a dominant position in the global sartans antihypertensive API market, boasting the largest production scale and most comprehensive product portfolio, operating five cGMP and EHS compliant production bases with full-chain control from intermediates to formulations, and has secured over 60 formulation approvals, transitioning into a comprehensive pharmaceutical enterprise with deep strategic partnerships with leading global pharmaceutical companies like Merck and Novartis - The company is a major producer and supplier in the global sartans antihypertensive API market, maintaining the largest production scale and most complete product matrix worldwide[43] - The company operates five modern production bases compliant with international cGMP and EHS standards, establishing full-chain control capabilities from intermediates and APIs to formulations[44] - The company has obtained over 60 formulation approvals, with rapidly growing formulation business revenue and narrowing losses, successfully achieving a strategic transformation from a leading API manufacturer to a comprehensive pharmaceutical enterprise[44] Performance Driving Factors This reporting period saw a 180.96% surge in net profit, primarily driven by robust growth in core businesses: generic API and intermediate revenue increased by 14.02% due to non-sartan product expansion and cost control; CDMO revenue grew 44.33% from commercial project scaling and global market expansion; and formulation revenue jumped 84.72%, with sales exceeding 500 million tablets and gross margin rising to 58%, attributed to product mix optimization, favorable procurement policies, and multi-channel sales network development, all underpinned by continuous technological innovation, quality system optimization, and cost management Current Reporting Period Performance Growth Overview | Indicator | Current Reporting Period Amount (RMB 10,000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 156,743.25 | 23.87% | | Net Profit Attributable to Listed Company Shareholders | 14,951.18 | 180.96% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 14,128.82 | 125.11% | Revenue Growth by Business Segment | Business Type | Operating Revenue (RMB 10,000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Generic API and Intermediates | 113,131.51 | 14.02% | | CDMO Business | 25,116.28 | 44.33% | | Formulation Business | 17,923.33 | 84.72% | - Formulation business sales volume exceeded 500 million tablets, a 74% year-on-year increase, with sales gross margin rising to 58%, an increase of 2 percentage points compared to the same period last year[45] - During the reporting period, the company obtained 12 specifications (involving 6 varieties) of drug production approvals from the China National Medical Products Administration, including key products such as Avatrombopag Maleate Tablets and Pravastatin Sodium Tablets, which are listed in the eleventh batch of national centralized procurement[46] Analysis of Core Competencies The company's core competencies lie in its R&D, complete industrial chain and scale, compliant and efficient quality system, high-quality customer resources, continuously optimized management, and industrial cluster and regional advantages, maintaining a leading position in sartan drug APIs and intermediates through technological innovation, full-chain layout, international quality management, deep strategic partnerships with global pharmaceutical giants, and ongoing organizational and management reforms - The company is one of the main suppliers with the strongest competitive advantages in the field of sartans drug APIs and intermediates, specializing in the research of synthetic processes for chemical APIs and their key intermediates[48] - As of the end of the reporting period, the company has obtained 56 authorized invention patents related to APIs and intermediates, 6 authorized invention patents related to formulations, and 64 other types and utility model patents[48] - The company has built a full-chain manufacturing system covering API synthesis and formulation production, forming a multi-regional R&D and production base cluster, with the largest production scale and most comprehensive product range in the sartans antihypertensive API and intermediate sub-segment[49] - The company has established deep strategic partnerships with leading global brand pharmaceutical companies such as Merck, Novartis, Takeda, and Daiichi Sankyo, with sales revenue in regulated markets steadily increasing year by year[50] - The company is located in Taizhou, Zhejiang Province, where the pharmaceutical and chemical industry is one of the city's leading economic sectors, forming a complete industrial chain from fine chemicals to pharmaceutical intermediates, APIs, and formulations, possessing significant R&D regional advantages[52] Analysis of Main Business This reporting period saw a 23.87% year-on-year increase in the company's main business revenue, with growth across generic API and intermediate, CDMO API and intermediate, and formulation businesses, the latter growing fastest at 84.72%, while sales and financial expenses significantly increased, income tax expense decreased, and net cash flow from operating activities sharply declined due to reduced sales collections and increased procurement payments Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year (RMB) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,567,432,524.25 | 1,265,403,817.20 | 23.87% | | | Operating Cost | 968,131,475.14 | 817,039,625.27 | 18.49% | | | Selling Expenses | 70,191,827.71 | 53,942,371.88 | 30.12% | Increased market expansion and development for formulation business, business promotion, and employee compensation | | Financial Expenses | 11,209,789.47 | -517,199.70 | 2,267.40% | Decreased interest income and foreign exchange gains | | Income Tax Expense | 10,106,234.28 | 15,391,662.12 | -34.34% | Current period profit offsetting prior year losses | | Net Cash Flow from Operating Activities | -17,767,831.13 | 301,479,432.85 | -105.89% | Decreased sales collections, increased payments for purchases | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Generic API and Intermediates | 1,131,315,045.91 | 768,657,424.96 | 32.06% | 14.02% | 11.47% | 1.56% | | CDMO API and Intermediates | 251,162,781.51 | 114,679,924.81 | 54.34% | 44.33% | 37.07% | 2.42% | | Formulations | 179,233,347.65 | 74,934,513.83 | 58.19% | 84.72% | 76.95% | 1.83% | | Cardiovascular API and Intermediates | 808,587,103.89 | 532,540,402.19 | 34.14% | -0.22% | 0.98% | -0.79% | | Endocrine and Metabolic API and Intermediates | 288,072,893.42 | 156,989,466.47 | 45.50% | 192.55% | 114.63% | 19.97% | | Export Sales | 855,766,377.33 | 504,993,815.40 | 40.99% | -3.25% | -9.54% | 4.11% | | Domestic Sales | 711,666,146.92 | 463,137,659.74 | 34.92% | 86.84% | 78.98% | 2.86% | Analysis of Non-Main Business Non-main business significantly impacted total profit this reporting period, with asset impairment losses accounting for -35.75%, primarily due to inventory write-downs, while investment income and fair value changes fluctuated due to reduced foreign exchange derivatives, and non-operating income/expenses had a minor and unsustainable impact on total profit Non-Main Business Profit and Loss | Item | Amount (RMB) | Percentage of Total Profit (%) | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -169,833.23 | -0.11% | Primarily due to reduced foreign exchange derivative scale, leading to decreased foreign exchange derivative investment losses | No | | Fair Value Change Gains/Losses | 444,058.42 | 0.28% | Primarily due to reduced foreign exchange derivative scale | No | | Asset Impairment | -57,055,827.03 | -35.75% | Primarily due to inventory write-downs where inventory cost exceeded net realizable value | No | | Non-operating Income | 1,839,815.23 | 1.15% | Primarily gains from disposal of fixed assets, confiscated income, etc. | No | | Non-operating Expenses | 2,478,732.33 | 1.55% | Primarily losses from destruction/scrapping of fixed assets, administrative fines, etc. | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets slightly decreased by 1.29%, with monetary funds down 3.40% mainly due to reduced deposits and bill margins, and accounts receivable up 3.74% due to increased sales, while inventory, fixed assets, and long-term equity investments showed no significant changes, and liabilities saw no major changes in short-term borrowings and contract liabilities, with long-term borrowings slightly increasing by 0.42% Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets (%) | Amount at End of Prior Year (RMB) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 364,612,323.49 | 5.61% | 592,871,901.73 | 9.01% | -3.40% | Primarily due to decreased deposits and bill margins | | Accounts Receivable | 694,163,913.93 | 10.69% | 457,021,513.50 | 6.95% | 3.74% | Primarily due to increased sales leading to higher accounts receivable | | Inventory | 1,796,029,571.59 | 27.66% | 1,880,660,285.71 | 28.59% | -0.93% | No significant change | | Fixed Assets | 2,382,591,045.61 | 36.69% | 2,452,384,970.64 | 37.28% | -0.59% | No significant change | | Construction in Progress | 412,013,059.19 | 6.34% | 327,762,551.35 | 4.98% | 1.36% | No significant change | | Short-term Borrowings | 1,582,790,435.84 | 24.37% | 1,607,829,880.03 | 24.44% | -0.07% | No significant change | | Long-term Borrowings | 128,257,354.06 | 1.98% | 102,690,339.50 | 1.56% | 0.42% | No significant change | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB 10,000) | Fair Value Change Gains/Losses for the Period (RMB 10,000) | Amount Purchased During the Period (RMB 10,000) | Amount Sold During the Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 0.00 | 14.88 | 3,420.88 | 288.80 | 14.88 | | Financial Liabilities | 68.11 | 29.53 | | 13,594.10 | 4.00 | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value at Period End (RMB) | Carrying Value at Period End (RMB) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Other Monetary Funds | 141,638,968.54 | 141,638,968.54 | Frozen | Bank acceptance bill margin, labor guarantee deposit, land performance guarantee deposit, ETC guarantee deposit | | Fixed Assets | 440,262,390.12 | 278,486,784.77 | Mortgage | Real estate used as collateral for borrowings | | Intangible Assets | 103,345,558.55 | 71,913,958.17 | Mortgage | Land used as collateral for borrowings | Analysis of Investment Status During the reporting period, the company's investment increased by 100% year-on-year, with a total utilization rate of 90.74% for raised funds, amounting to 811.25 million RMB, primarily for API and pharmaceutical intermediate industrialization projects and working capital, though some projects are underperforming due to unreleased capacity; the company also engaged in foreign exchange derivative investments for hedging, with a period-end investment of 2.28% of net assets, effectively mitigating exchange rate risks Investment Amount for the Reporting Period | Investment Amount for the Reporting Period (RMB) | Investment Amount for the Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | | 5,000,000.00 | 0.00 | 100.00% | - The company's total raised funds amounted to 900 million RMB, with net raised funds of 894.06 million RMB. The total raised funds used in the current period were 10.78 million RMB, and the cumulative total raised funds used were 811.25 million RMB, with a utilization rate of 90.74% at the end of the reporting period[67] - Projects such as the annual production of 3,550 tons of APIs incurred a loss of 9.53 million RMB during the reporting period due to unreleased production capacity[72] Derivative Investment Status | Derivative Investment Type | Amount at Period End (RMB 10,000) | Percentage of Company's Net Assets at Period End (%) | | :--- | :--- | :--- | | Foreign Exchange Derivatives | 8,286.58 | 2.28% | - The company conducts foreign exchange derivative business for hedging purposes, adhering to principles of legality, prudence, safety, and effectiveness, avoiding speculative or arbitrage trading to mitigate the impact of exchange rate fluctuations on its operating performance[78] Major Asset and Equity Sales During the reporting period, the company did not engage in any sales of major assets or significant equity - The company did not sell any major assets during the reporting period[82] - The company did not sell any major equity during the reporting period[83] Analysis of Major Holding and Participating Companies The company's main subsidiaries include Linhai Tianyu, Binhai Sanyong, Changyi Tianyu, Zhejiang Jingsheng, and Zhejiang Nuode; Linhai Tianyu achieved the highest net profit of 85.81 million RMB, while Changyi Tianyu and Zhejiang Jingsheng incurred losses of -9.53 million RMB and -27.08 million RMB, respectively, and Zhejiang Nuode reported a net profit of 25.36 million RMB Financial Status of Major Holding and Participating Companies | Company Name | Company Type | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Linhai Tianyu Pharmaceutical Co., Ltd. | Subsidiary | 19,888.00 | 299,832.48 | 167,605.91 | 74,198.06 | 9,548.04 | 8,580.78 | | Binhai Sanyong Pharmaceutical Chemical Co., Ltd. | Subsidiary | 1,788.00 | 30,933.71 | 10,497.25 | 9,741.21 | -67.39 | -66.00 | | Changyi Tianyu Pharmaceutical Co., Ltd. | Subsidiary | 35,500.00 | 99,562.60 | 36,032.32 | 12,259.55 | -915.42 | -953.07 | | Zhejiang Jingsheng Pharmaceutical Co., Ltd. | Subsidiary | 39,416.87 | 129,801.83 | 41,194.42 | 29,407.10 | -2,653.96 | -2,707.66 | | Zhejiang Nuode Pharmaceutical Co., Ltd. | Subsidiary | 30,000.00 | 57,955.12 | 25,914.05 | 18,570.18 | 2,513.41 | 2,535.85 | - The company did not acquire or dispose of any subsidiaries during the reporting period[84] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[85] Risks Faced by the Company and Countermeasures The company faces risks including intensified market competition, product quality control, environmental and safety production, underperforming fundraising projects, exchange rate fluctuations, and inventory impairment; to mitigate these, it will continuously strengthen R&D, enhance quality management, improve environmental and safety management, prudently manage fundraising projects, use financial instruments to hedge exchange rate risks, and optimize procurement and inventory management - The company faces the risk of intensified market competition and will continuously strengthen R&D investment, build a full-chain technology matrix from "API to formulation," and enhance product quality and customer service levels[85][86] - The company faces product quality control risks and has established a quality management system strictly in accordance with national GMP regulations, covering all aspects from raw material procurement, production, materials, equipment and facilities, inspection, packaging and labeling, to quality assurance[87] - The company faces environmental and safety production risks and has systematically built an environmental management system, invested in a waste liquid self-circulation incineration system, and formulated a safety production responsibility system and emergency response plan system, while also purchasing relevant insurance[88][89] - The company faces the risk of fundraising projects not meeting expectations and will prudently manage the implementation of these projects, timely adjust capital investment progress, accelerate the commercialization of R&D achievements, and expand marketing channels[90] - The company faces exchange rate fluctuation risks and has formulated and strictly implemented the "Foreign Exchange Hedging Business Management System," reasonably utilizing financial instruments such as forward foreign exchange settlement and options to mitigate the impact of exchange rate fluctuations[91] - The company faces inventory impairment risks and will continuously enhance its raw material market research and analysis capabilities, strengthen product price tracking and forecasting, adopt strategic procurement measures, and improve inventory management efficiency[92][93] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company hosted institutional and individual investors via phone and online platforms on April 25 and May 13, 2025, respectively, with details of discussions and materials available on Juchao Information Network - On April 25, 2025, the company hosted institutional investors via phone communication at Tianyu headquarters, with main discussion content and provided materials available on Juchao Information Network in "300702 Tianyu Shares Investor Relations Management Information 20250428"[94] - On May 13, 2025, the company hosted individual and institutional investors via online platform communication at Tianyu headquarters, with investors participating in the Tianyu Shares 2024 Annual Online Performance Briefing[94] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a market value management system to enhance operational quality, core competitiveness, and intrinsic value, thereby boosting investor confidence and returns, through various legal and compliant methods including operational improvements, M&A, equity incentives, employee stock ownership plans, cash dividends, investor relations management, information disclosure, share repurchases, and shareholder增持 - The company has formulated a market value management system, primarily conducting market value management through operational improvements, mergers and acquisitions, equity incentive and employee stock ownership plans, cash dividends, investor relations management and information disclosure, share repurchases, and shareholder increases[95][97] - The company emphasizes the overall improvement of operational quality, promoting the enhancement of operational levels and development quality through the cultivation and application of new quality productive forces[95] - The company establishes and discloses long-term incentive mechanisms, fully utilizing tools such as equity incentives and employee stock ownership plans to strengthen the alignment of long-term interests between management, employees, and the company[95] - The company formulates and discloses medium- and long-term dividend plans, conducting multiple dividends per year, pre-dividends, and pre-Chinese New Year dividends based on performance, to enhance investor returns[95] Implementation of "Quality and Return Dual Enhancement" Action Plan During the reporting period, the company did not disclose any announcements regarding its "Quality and Return Dual Enhancement" action plan - The company did not disclose any announcements regarding the "Quality and Return Dual Enhancement" action plan[98] Corporate Governance, Environment, and Society This section details the company's governance structure, including changes in directors, supervisors, and senior management, profit distribution, equity incentive plans, environmental information disclosure, and social responsibility initiatives Changes in Company Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[100] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the semi-annual period[101] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company did not implement equity incentives during the reporting period but has an effective employee stock ownership plan covering 345 employees, holding 1.16% of total share capital, funded by employee self-raised funds and a company special incentive fund, which participated in the 2024 cash dividend and is accounted for under share-based payment standards - The company did not implement equity incentives during the reporting period[102] Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Percentage of Listed Company's Total Share Capital (%) | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | | Company (including subsidiaries) Directors, Supervisors, Senior Management, and Core Backbone Employees | 345 | 4,050,063 | 1.16% | Employee's own funds (including legal remuneration and self-raised funds), special incentive funds extracted by the company from 2024 to 2026, and other methods permitted by laws and regulations | - During the reporting period, the company's employee stock ownership plan participated in the 2024 cash dividend but did not participate in the company's general meeting of shareholders[102] - The company will perform corresponding accounting treatment in accordance with "Accounting Standard for Business Enterprises No. 11—Share-based Payment," and the share-based payment expenses involved in this employee stock ownership plan and their impact on the company's operating performance will be subject to the annual audit report issued by the accounting firm[104] Environmental Information Disclosure The company and its five major subsidiaries (Zhejiang Tianyu Pharmaceutical, Linhai Tianyu Pharmaceutical, Zhejiang Jingsheng Pharmaceutical, Binhai Sanyong Pharmaceutical Chemical, and Changyi Tianyu Pharmaceutical) are all listed as enterprises required to disclose environmental information, with their reports accessible on relevant government websites - The number of listed companies and their major subsidiaries included in the list of enterprises required to disclose environmental information is 5[104] Enterprises Included in the List of Enterprises Required to Disclose Environmental Information | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Zhejiang Tianyu Pharmaceutical Co., Ltd. | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise%20more?code=91331000148144211K&uniqueCode=3e78e30eebd4e2b9&date=2024&type=true&isSearch=true | | 2 | Linhai Tianyu Pharmaceutical Co., Ltd. | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise%20search | | 3 | Zhejiang Jingsheng Pharmaceutical Co., Ltd. | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise%20more?code=913310826628512771&uniqueCode=1580b9c8b18c355c&date=2024&type=true&isSearch=true | | 4 | Binhai Sanyong Pharmaceutical Chemical Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive%20webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive%20webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 5 | Changyi Tianyu Pharmaceutical Co., Ltd. | http://221.214.62.226:8090/EnvironmentDisclosure/ | Social Responsibility Status During the reporting period, the company had no social responsibility disclosures - The company had no social responsibility disclosures[105] Significant Matters This section outlines significant events and transactions affecting the company, including commitments, related party transactions, litigation, and other material disclosures Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, and Unfulfilled Commitments as of the End of the Reporting Period During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the end of the reporting period - During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[107] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company[108] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[109] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[110] Explanation by the Board of Directors, Supervisory Board, and Audit Committee Regarding the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period During the reporting period, there was no explanation by the Board of Directors, Supervisory Board, or Audit Committee regarding the accounting firm's "non-standard audit report" for the current period - During the reporting period, there was no explanation by the Board of Directors, Supervisory Board, or Audit Committee regarding the accounting firm's "non-standard audit report" for the current period[111] Explanation by the Board of Directors Regarding the "Non-Standard Audit Report" for the Previous Year During the reporting period, there was no explanation by the Board of Directors regarding the "non-standard audit report" for the previous year - During the reporting period, there was no explanation by the Board of Directors regarding the "non-standard audit report" for the previous year[111] Matters Related to Bankruptcy and Reorganization During the reporting period, the company did not experience any matters related to bankruptcy and reorganization - During the reporting period, the company did not experience any matters related to bankruptcy and reorganization[111] Litigation Matters During this reporting period, the company had no significant litigation, arbitration, or other litigation matters - During this reporting period, the company had no significant litigation or arbitration matters[112] - The company had no other litigation matters during the reporting period[112] Penalties and Rectification Status During the reporting period, the company had no penalties or rectification situations - During the reporting period, the company had no penalties or rectification situations[113] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no issues concerning the integrity status of the company, its controlling shareholder, or actual controller - During the reporting period, there were no issues concerning the integrity status of the company, its controlling shareholder, or actual controller[114] Major Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party receivables/payables, financial business transactions with affiliated finance companies or finance companies controlled by the company, or any other major related party transactions - During the reporting period, the company had no related party transactions related to daily operations[114] - During the reporting period, the company had no related party transactions involving asset or equity acquisitions or disposals[115] - During the reporting period, the company had no related party transactions involving joint external investments[116] - During the reporting period, the company had no related party receivables or payables[117] - The company had no deposits, loans, credit lines, or other financial business transactions with affiliated finance companies or finance companies controlled by the company and related parties[118][119] - The company had no other major related party transactions during the reporting period[120] Major Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, leasing matters, or significant daily operating contracts, but it did have significant guarantees for its subsidiaries, with a total actual guarantee balance of 347.90 million RMB at period-end, representing 9.57% of the company's net assets - The company had no entrustment, contracting, or leasing situations during the reporting period[121][122][123] Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Linhai Tianyu Pharmaceutical Co., Ltd. | 1,800 | 1,500 | Joint and several liability guarantee | 1 year | No | | Linhai Tianyu Pharmaceutical Co., Ltd. | 4,000 | 3,000 | Joint and several liability guarantee | 5 years | No | | Zhejiang Jingsheng Pharmaceutical Co., Ltd. | 6,000 | 4,529 | Joint and several liability guarantee | 1 year | No | | Linhai Tianyu Pharmaceutical Co., Ltd. | 8,000 | 7,820 | Joint and several liability guarantee | 1 year | No | | Linhai Tianyu Pharmaceutical Co., Ltd. | 5,000 | 3,836 | Joint and several liability guarantee | 1 year | No | | Zhejiang Jingsheng Pharmaceutical Co., Ltd. | 6,000 | 5,773 | Joint and several liability guarantee | 1 year | No | | Linhai Tianyu Pharmaceutical Co., Ltd. | 9,500 | 6,995 | Joint and several liability guarantee | 1 year | No | | Linhai Tianyu Pharmaceutical Co., Ltd. | 8,000 | 1,337 | Joint and several liability guarantee | 1 year | No | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period (B1) | 180,000 | | | | | | Total Actual Guarantees for Subsidiaries During Reporting Period (B2) | 74,622 | | | | | | Total Approved Guarantee Limit for Subsidiaries at End of Reporting Period (B3) | 180,000 | | | | | | Total Actual Guarantee Balance for Subsidiaries at End of Reporting Period (B4) | 34,790 | | | | | | Ratio of Total Actual Guarantees to Company's Net Assets | 9.57% | | | | | - The company had no other major contracts during the reporting period[127] Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - During the reporting period, the company had no other significant matters requiring explanation[128] Significant Matters of Company Subsidiaries During the reporting period, the company had no significant matters concerning its subsidiaries - During the reporting period, the company had no significant matters concerning its subsidiaries[129] Changes in Shares and Shareholder Information This section details changes in the company's share capital, information on securities issuance and listing, shareholder numbers, shareholdings of directors, supervisors, and senior management, and changes in controlling shareholders or actual controllers Changes in Share Capital During the reporting period, the company's total share capital remained unchanged at 347,977,159 shares, with restricted shares accounting for 39.32% and unrestricted shares for 60.68% Changes in Share Capital | Item | Number Before This Change (shares) | Percentage Before This Change (%) | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 136,812,676 | 39.32% | 0 | 136,812,676 | 39.32% | | 3. Other Domestic Shares | 136,812,676 | 39.32% | 0 | 136,812,676 | 39.32% | | Domestic Natural Person Shares | 136,812,676 | 39.32% | 0 | 136,812,676 | 39.32% | | II. Unrestricted Shares | 211,164,483 | 60.68% | 0 | 211,164,483 | 60.68% | | 1. RMB Ordinary Shares | 211,164,483 | 60.68% | 0 | 211,164,483 | 60.68% | | III. Total Shares | 347,977,159 | 100.00% | 0 | 347,977,159 | 100.00% | - The reasons for share changes, approval status, transfer status, and implementation progress of share repurchases are not applicable[132][133] - The company had no changes in restricted shares during the reporting period[133] Issuance and Listing of Securities During the reporting period, the company had no issuance or listing of securities - During the reporting period, the company had no issuance or listing of securities[133] Company Shareholder Numbers and Shareholding Status As of the end of the reporting period, the company had 16,573 ordinary shareholders, with Lin Jie and Tu Yongjun, the controlling shareholders and actual controllers, jointly holding 51.48% of shares, some of which are pledged, and Jiangsu Zhaoxin Private Equity Fund Management Co., Ltd. - Zhaoxin Liaowang No. 1 Private Equity Investment Fund as the third largest shareholder with 6.19% - The total number of ordinary shareholders at the end of the reporting period was 16,573[133] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lin Jie | Domestic Natural Person | 35.07% | 122,028,474 | 91,521,355 | 30,507,119 | Pledged | 33,636,000 | | Tu Yongjun | Domestic Natural Person | 16.41% | 57,109,409 | 42,832,056 | 14,277,353 | Pledged | 24,500,000 | | Jiangsu Zhaoxin Private Equity Fund Management Co., Ltd.－Zhaoxin Liaowang No. 1 Private Equity Investment Fund | Other | 6.19% | 21,544,945 | 0 | 21,544,945 | Not applicable | 0 | - Ms. Lin Jie and Mr. Tu Yongjun are a married couple, jointly holding 51.48% of the company's shares directly, making them the controlling shareholders and actual controllers of the company[134] - The unitholder of Jiangsu Zhaoxin Private Equity Fund Management Co., Ltd.－Zhaoxin Liaowang No. 1 Private Equity Investment Fund is Ms. Tu Wanru, who is the daughter of Mr. Tu Yongjun and Ms. Lin Jie[134] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[136] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[137] - The company's actual controller did not change during the reporting period[137] Information on Preferred Shares During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[138] Bond-Related Information During the reporting period, the company had no bond-related information - During the reporting period, the company had no bond-related information[140] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[142] Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - 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[143][148][152][156][159][161][164][168] Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 6.49 billion RMB, a slight decrease from the beginning of the period, with total current assets of 3.02 billion RMB and total non-current assets of 3.47 billion RMB, while total liabilities were 2.86 billion RMB and total owners' equity was 3.63 billion RMB, of which 3.63 billion RMB was attributable to parent company owners Consolidated Balance Sheet Key Data | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 6,493,744,871.57 | 6,578,576,293.71 | | Total Current Assets | 3,023,880,265.55 | 3,129,164,556.40 | | Total Non-current Assets | 3,469,864,606.02 | 3,449,411,737.31 | | Total Liabilities | 2,859,936,224.99 | 3,080,802,380.77 | | Total Owners' Equity | 3,633,808,646.58 | 3,497,773,912.94 | | Total Owners' Equity Attributable to Parent Company | 3,633,808,646.58 | 3,497,773,912.94 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 5.41 billion RMB, an increase from the beginning of the period, with total current assets of 2.41 billion RMB and total non-current assets of 2.99 billion RMB, while total liabilities were 2.26 billion RMB and total owners' equity was 3.15 billion RMB Parent Company Balance Sheet Key Data | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 5,407,735,918.29 | 5,103,953,083.08 | | Total Current Assets | 2,412,829,215.54 | 2,094,461,085.71 | | Total Non-current Assets | 2,994,906,702.75 | 3,009,491,997.37 | | Total Liabilities | 2,258,598,593.91 | 2,103,998,627.62 | | Total Owners' Equity | 3,149,137,324.38 | 2,999,954,455.46 | Consolidated Income Statement For the first half of 2025, the company achieved total operating revenue of 1.57 billion RMB, a 23.87% year-on-year increase, with operating profit of 160 million RMB, total profit of 160 million RMB, net profit of 149 million RMB, and net profit attributable to parent company shareholders of 149 million RMB, representing a significant 180.96% year-on-year increase, with basic and diluted earnings per share both at 0.43 RMB/share Consolidated Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,567,432,524.25 | 1,265,403,817.20 | | II. Total Operating Costs | 1,348,553,889.04 | 1,153,395,847.85 | | III. Operating Profit | 160,256,996.60 | 68,281,984.60 | | IV. Total Profit | 159,618,079.50 | 68,606,897.76 | | V. Net Profit | 149,511,845.22 | 53,215,235.64 | | Net Profit Attributable to Parent Company Shareholders | 149,511,845.22 | 53,215,235.64 | | VIII. Earnings Per Share: Basic Earnings Per Share (RMB/share) | 0.43 | 0.15 | | VIII. Earnings Per Share: Diluted Earnings Per Share (RMB/share) | 0.43 | 0.15 | Parent Company Income Statement For the first half of 2025, the parent company achieved operating revenue of 1.04 billion RMB, a 20.62% year-on-year increase, with operating profit of 164 million RMB, total profit of 165 million RMB, and net profit of 162 million RMB, representing a significant 422.62% year-on-year increase Parent Company Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Operating Revenue | 1,041,391,355.07 | 863,413,932.38 | | II. Operating Profit | 164,472,863.81 | 37,303,194.72 | | III. Total Profit | 164,998,773.60 | 37,282,774.36 | | IV. Net Profit | 162,268,461.17 | 31,051,902.68 | | (I) Net Profit from Continuing Operations | 162,268,461.17 | 31,051,902.68 | Consolidated Cash Flow Statement For the first half of 2025, the company's net cash flow from operating activities was -17.77 million RMB, a 105.89% year-on-year decrease, primarily due to reduced sales collections and increased procurement payments, while net cash flow from investing activities was -129 million RMB, and from financing activities was -43.76 million RMB, resulting in a net decrease in cash and cash equivalents of -180 million RMB Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -17,767,831.13 | 301,479,432.85 | | Net Cash Flow from Investing Activities | -128,723,462.21 | -110,740,075.11 | | Net Cash Flow from Financing Activities | -43,755,194.78 | -185,256,828.15 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 10,166,460.56 | 13,367,832.12 | | Net Increase in Cash and Cash Equivalents | -180,080,027.56 | 18,850,361.71 | | Cash and Cash Equivalents at End of Period | 222,973,354.95 | 251,283,814.37 | Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities was 235 million RMB, from investing activities was -7.64 million RMB, and from financing activities was -379 million RMB, resulting in a net decrease in cash and cash equivalents of -142 million RMB Parent Company Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 234,684,426.36 | 441,896,234.79 | | Net Cash Flow from Investing Activities | -7,643,659.82 | -39,026,368.00 | | Net Cash Flow from Financing Activities | -378,973,872.78 | -348,782,885.77 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 9,876,857.99 | 11,719,894.75 | | Net Increase in Cash and Cash Equivalents | -142,056,248.25 | 65,806,875.77 | | Cash and Cash Equivalents at End of Period | 137,108,774.63 | 176,292,567.21 | Consolidated Statement of Changes in Owners' Equity As of June 30, 2025, the company's consolidated owners' equity totaled 3.63 billion RMB, an increase of 136 million RMB from the beginning of the period, with comprehensive income attributable to parent company owners of 149 million RMB, capital reserve increasing by 3.92 million RMB, and retained earnings increasing by 132 million RMB Consolidated Statement of Changes in Owners' Equity Key Data | Item | H1 2025 Ending Balance (RMB) | H1 2025 Beginning Balance (RMB) | | :--- | :--- | :--- | | Share Capital | 347,977,159.00 | 347,977,159.00 | | Capital Reserve | 1,414,447,069.19 | 1,410,525,323.14 | | Less: Treasury Stock | 34,952,043.69 | 34,