赛伦生物(688163) - 2025 Q2 - 季度财报

Part I Definitions Definitions of Common Terms This section defines key terms, company entities, and specialized biomedical terminology for clear report understanding - The report defines 'Company' and 'Salubris Bio' as Shanghai Salubris Bio-tech Co., Ltd., along with its wholly-owned subsidiary 'Salubris Dafeng' and other entities[11] - Specialized biomedical terms, including antitoxin, antiserum, equine tetanus immunoglobulin, toxin, toxoid, serum, plasma, antivenom, anti-rabies serum, passive immunity, and active immunity, are explained to provide a foundation for understanding the company's business[11] Part II Company Profile and Key Financial Indicators I. Company Basic Information This section provides Shanghai Salubris Bio-tech Co., Ltd.'s fundamental details, including name, legal representative, and addresses - The company's Chinese name is Shanghai Salubris Bio-tech Co., Ltd., abbreviated as Salubris Bio, with Fan Zhihe as its legal representative[13] - The company's registered and office address is at 1288 Huaqing Road, Qingpu District, Shanghai, and its website is **www.serum-china.com.cn**[13](index=13&type=chunk) II. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary Cheng Qiong and Securities Affairs Representative Xie Yuting share the contact address at 1288 Huaqing Road, Qingpu District, Shanghai, with phone and fax numbers 021-64959122, and email dmb@serum-china.com[14] III. Information Disclosure and Document Custody Location Changes This section outlines the company's designated newspapers and website for information disclosure - The company's designated newspapers for information disclosure are "Shanghai Securities News" and "China Securities Journal"[15] - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn), and the custody location is the company's Board Secretary's Office[15] IV. Overview of Company Shares/Depositary Receipts This section overviews the company's A-shares, listed on the STAR Market under stock code 688163 - The company's shares are RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange[16] - The stock abbreviation is "Salubris Bio", and the stock code is "688163"[16] VI. Company's Key Accounting Data and Financial Indicators H1 2025 revenue grew 2.82% to 100.82 million yuan, with net profit up 2.07% and non-recurring net profit up 25.08% Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 100,819,362.78 yuan | 98,058,273.88 yuan | 2.82 | | Total Profit | 37,765,257.67 yuan | 37,054,710.36 yuan | 1.92 | | Net Profit Attributable to Shareholders of Listed Company | 32,976,733.37 yuan | 32,307,812.26 yuan | 2.07 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 28,527,072.70 yuan | 22,807,500.95 yuan | 25.08 | | Net Cash Flow from Operating Activities | -21,235,024.04 yuan | -3,045,200.43 yuan | N/A | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.30 | 0.30 | 0.00 | | Diluted Earnings Per Share (yuan/share) | 0.30 | 0.30 | 0.00 | | Basic EPS Excluding Non-Recurring Items (yuan/share) | 0.26 | 0.21 | 23.81 | | Weighted Average Return on Net Assets (%) | 2.98 | 2.93 | Increased by 0.05 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Items (%) | 2.57 | 2.07 | Increased by 0.50 percentage points | | R&D Investment as % of Operating Revenue (%) | 8.41 | 12.64 | Decreased by 4.23 percentage points | - Operating revenue growth was primarily driven by increased sales of antivenom series products[19] - Net cash flow from operating activities decreased by 18.19 million yuan, mainly due to slower collection of accounts receivable[20] - R&D investment as a percentage of operating revenue decreased by 4.23 percentage points, primarily because of a year-on-year reduction in technical service fees for clinical and pre-clinical safety evaluation studies of certain projects in the prior period[20] VIII. Non-Recurring Gains and Losses Items and Amounts This section details H1 2025 non-recurring gains and losses, totaling 4.45 million yuan, from financial asset fair value changes, government grants, and asset disposals Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 32,980.71 | | Government Grants Recognized in Current Profit/Loss | 333,786.50 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 5,036,477.06 | | Other Non-Operating Income and Expenses | -165,618.46 | | Less: Income Tax Impact | 787,965.14 | | Total | 4,449,660.67 | Part III Management Discussion and Analysis I. Company's Industry and Main Business During the Reporting Period The company, a leader in antiserum and antitoxin manufacturing, offers exclusive antivenom products and is expanding its R&D pipeline - The company operates in the biopharmaceutical manufacturing sector, specifically in antiserum and antitoxin production[24] - The company's main products include anti-Agkistrodon antivenom, anti-Deinagkistrodon antivenom, anti-Naja antivenom, anti-Bungarus antivenom, equine tetanus immunoglobulin (F(ab')2), and anti-rabies serum[28] - The antivenom series products are exclusively produced and sold domestically, serving as the sole specific treatment for snakebites[29] - The company initiated two new R&D projects: broad-spectrum antivenom antibody and recombinant snake venom hemagglutinase, both currently in the laboratory research phase[41][42] - The anti-viper antivenom R&D project is in Phase II clinical research, while the anti-bee venom serum R&D project is in the Pre-IND stage[38][39] - The rapid snake venom detection diagnostic reagent R&D project (Naja venom) is in clinical research, and the Agkistrodon and Deinagkistrodon venom rapid detection diagnostic reagents are in pre-clinical trial research[40] II. Discussion and Analysis of Operations Operating performance showed steady growth with slight increases in revenue and net profit, while R&D investment decreased 31.63% H1 2025 Operating Performance Overview | Indicator | Current Period (million yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 100.82 | 2.82 | | Net Profit Attributable to Shareholders of Listed Company | 32.98 | 2.07 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 28.53 | 25.08 | - R&D expenses decreased by 31.63% year-on-year, primarily due to varying investment levels in R&D projects across different periods, which is considered normal fluctuation[45] - The company initiated two new projects, broad-spectrum antivenom antibody and recombinant snake venom hemagglutinase, currently in laboratory research, aiming to provide more universal, safe, and convenient specific treatments for snakebites and higher-quality hemostatic drugs[48] - The company continues to advance the online listing of anti-rabies serum on drug procurement information platforms in various provinces, with successful listings in some provinces[50] III. Analysis of Core Competitiveness During the Reporting Period Core competitiveness stems from exclusive products, pioneering technologies, robust R&D, and a nationwide market presence, despite a 31.63% decrease in R&D investment - The company's antivenom series products are domestically exclusive emergency medicines, and equine tetanus immunoglobulin is an upgraded product of tetanus antitoxin (TAT), with significantly fewer side effects than TAT[51] - The company possesses core proprietary and patented technologies in antiserum and antitoxin R&D and production, including toxin proteomics research, antigen purification, immunization and plasmapheresis, adjuvant development, efficient virus inactivation, pepsin digestion process optimization, column chromatography purification, and antitoxin protective efficacy testing[52][56][57][58][59][61][62][63][64] - During the reporting period, the company filed 1 new invention patent application, accumulating 19 invention patents and 1 software copyright[67] R&D Investment Overview | Indicator | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 8,476,409.41 | 12,398,153.48 | -31.63 | | Total R&D Investment | 8,476,409.41 | 12,398,153.48 | -31.63 | | Total R&D Investment as % of Operating Revenue (%) | 8.41 | 12.64 | Decreased by 4.23 percentage points | - Total R&D investment decreased by 31.63% year-on-year, mainly due to a reduction in outsourced technical service fees for projects like anti-viper antivenom clinical research and anti-bee venom serum pre-clinical safety evaluation, which had higher investments in the prior period[70] Key R&D Projects Overview | No | Project Name | Estimated Total Investment (million yuan) | Current Period Investment (million yuan) | Accumulated Investment (million yuan) | Progress or Stage Achievements | Target Objective | Technological Level | Specific Application Prospects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Anti-Viper Antivenom Registration and Clinical Trial Research | 25.70 | 0.14 | 17.17 | Phase II clinical research | Obtain New Drug Certificate | Domestically Leading | Viper Bites | | 2 | Anti-Rabies Serum New Process Research | 17.55 | 1.17 | 15.45 | Product continuous improvement | Develop Higher Quality Drugs | Domestically Leading | Rabies Prevention | | 3 | Equine Tetanus Immunoglobulin (F(ab')2) New Process Research | 40.00 | 0.17 | 39.01 | Product continuous improvement | Develop Higher Quality Drugs | Domestically Leading | Tetanus Prevention and Treatment | | 4 | R&D of Anti-Bee Venom Serum | 35.00 | 3.37 | 29.51 | Pre-clinical research | Obtain New Drug Certificate | Domestically Leading | Bee Stings | | 5 | R&D of Rapid Snake Venom Detection Diagnostic Reagents | 25.00 | 2.30 | 18.14 | Naja venom rapid detection diagnostic reagent in clinical research; Agkistrodon and Deinagkistrodon venom rapid detection diagnostic reagents in pre-clinical trial stage | Obtain Medical Device Registration Certificate | Domestically Leading | Detection and Diagnosis of Snakebite Types | | 6 | R&D of Broad-Spectrum Antivenom Antibody | 244.00 | 0.65 | 0.65 | Laboratory research stage | Obtain New Drug Certificate | Internationally Leading | Venomous Snakebites | | 7 | R&D of Recombinant Snake Venom Hemagglutinase | 185.90 | 0.68 | 0.68 | Laboratory research stage | Obtain New Drug Certificate | Domestically Leading | Hemostasis | R&D Personnel Overview | Indicator | Current Period | Prior Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 36 | 41 | | R&D Personnel as % of Total Company Staff (%) | 11.11 | 12.73 | | Total R&D Personnel Compensation (million yuan) | 4.39 | 5.58 | | Average R&D Personnel Compensation (million yuan) | 0.12 | 0.14 | IV. Risk Factors The company faces risks including core technology leakage, product safety, market competition, supply chain issues, product concentration, and tax policy changes - Core Competitiveness Risk: Leakage of core technology or experimental data by personnel could diminish product market position[76][77] - Product Safety Risk: Products manufactured using equine immunity carry the risk of known or unknown pathogens not being completely inactivated[78] - Market Risk: Product price controls or intensified competition could lead to price reductions or market share loss, particularly if the exclusive status of antivenom is compromised[79][80] - Operational Risk: Shortage of biological immune host horses or immunization failures could disrupt normal production and R&D[81][86] - Financial Risk: Relatively undiversified product structure, inventory impairment provisions, changes in tax preferential policies, and capital-raising projects could lead to a decline in return on net assets[82][87][88][89] V. Key Operating Performance During the Reporting Period H1 2025 revenue grew 2.82% to 100.82 million yuan, net profit increased 2.07%, total assets rose 1.38%, and accounts receivable increased 168.77% H1 2025 Key Operating Data | Indicator | Amount (million yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 100.82 | 2.82 | | Net Profit Attributable to Shareholders of Listed Company | 32.98 | 2.07 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 28.53 | 25.08 | H1 2025 Asset and Liability Status | Indicator | Period-End Balance (million yuan) | Change from Beginning of Period (%) | | :--- | :--- | :--- | | Total Assets | 1,135.53 | 1.38 | | Net Assets Attributable to Shareholders of Listed Company | 1,106.83 | 1.03 | - Operating revenue increased by 2.82%, primarily due to increased sales of antivenom series products[92] - Net cash flow from operating activities decreased, mainly due to slower collection of accounts receivable[92] - R&D expenses decreased by 31.63%, primarily due to a reduction in outsourced technical service fees compared to the prior period's higher investment[92] Changes in Key Financial Statement Items | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 100,819,362.78 | 98,058,273.88 | 2.82 | | Operating Cost | 22,843,412.63 | 22,982,176.35 | -0.60 | | Selling Expenses | 21,958,773.94 | 22,278,261.72 | -1.43 | | Administrative Expenses | 11,127,520.58 | 10,494,656.68 | 6.03 | | Financial Expenses | -1,069,707.65 | -919,048.80 | N/A | | R&D Expenses | 8,476,409.41 | 12,398,153.48 | -31.63 | | Net Cash Flow from Operating Activities | -21,235,024.04 | -3,045,200.43 | N/A | | Net Cash Flow from Investing Activities | -6,015,110.75 | 46,082,473.82 | -113.05 | | Net Cash Flow from Financing Activities | -21,642,000.00 | -21,642,000.00 | N/A | (III) Analysis of Assets and Liabilities Period-end asset and liability changes include a 168.77% rise in accounts receivable, increased construction in progress, and a 610.07% surge in taxes payable Changes in Key Assets and Liabilities | Item Name | Current Period-End Balance (yuan) | Current Period-End Balance as % of Total Assets (%) | Prior Year-End Balance (yuan) | Prior Year-End Balance as % of Total Assets (%) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 98,582,846.11 | 8.68 | 36,678,957.69 | 3.27 | 168.77 | High sales in Q2; slower collection from some customers | | Prepayments | 128,500.00 | 0.01 | 488,112.00 | 0.04 | -73.67 | Decrease in prepayments to suppliers for daily operations | | Other Current Assets | 20,597,899.56 | 1.81 | 11,811,112.16 | 1.05 | 74.39 | Increase in time deposit balance | | Construction in Progress | 63,653,512.88 | 5.61 | 41,840,485.62 | 3.74 | 52.13 | Continued progress in factory expansion for capital-raising projects | | Other Non-Current Assets | 21,094,954.85 | 1.86 | 14,662,409.70 | 1.31 | 43.87 | Prepayment for equipment for capital-raising project factory expansion | | Accounts Payable | 1,888,452.95 | 0.17 | 1,311,620.50 | 0.12 | 43.98 | Increase in unpaid purchase amounts | | Contract Liabilities | 3,729,443.79 | 0.33 | 2,204,866.20 | 0.20 | 69.15 | Increase in sales discounts accrued for sales contracts | | Employee Compensation Payable | 4,873,189.22 | 0.43 | 8,138,301.13 | 0.73 | -40.12 | Year-end bonuses accrued at prior year-end were paid during the reporting period | | Taxes Payable | 7,911,037.06 | 0.70 | 1,114,122.04 | 0.10 | 610.07 | Corporate income tax, VAT, and individual income tax not yet paid | | Other Current Liabilities | 155,744.64 | 0.01 | 66,146.00 | 0.01 | 135.46 | Increase in deferred output VAT corresponding to contract liabilities | (IV) Analysis of Investment Status Period-end trading financial assets totaled 611.87 million yuan, with fair value change gains of 0.66 million yuan from purchases and sales Changes in Trading Financial Assets | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Current Period Purchases (yuan) | Current Period Sales/Redemptions (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 641,207,523.29 | 661,079.45 | 858,000,000.00 | 888,000,000.00 | 611,868,602.74 | (VI) Analysis of Major Holding and Participating Companies The main subsidiary, Shanghai Salubris Bio-tech Dafeng Co., Ltd., focuses on animal immune plasma, with 50 million yuan registered capital and 0.86 million yuan net profit Key Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Salubris Bio-tech Dafeng Co., Ltd. | Subsidiary | Collection and Sale of Animal Immune Plasma | 50,000,000.00 | 125,413,345.19 | 51,326,168.33 | 16,069,540.09 | 1,175,751.41 | 857,999.78 | Part IV Corporate Governance, Environment, and Society I. Changes in Company Directors, Senior Management, and Core Technical Personnel The company's Chief Financial Officer changed, with Mr. Li Shaoyang resigning and Mr. Liu Jinbao appointed as the new CFO Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Li Shaoyang | Former Chief Financial Officer | Resigned | | Liu Jinbao | Chief Financial Officer | Appointed | - Mr. Liu Jinbao was appointed as the company's Chief Financial Officer on February 7, 2025, following approval by the fourth Board of Directors' fourth meeting[101] II. Profit Distribution or Capital Reserve Conversion Plan The Board approved a H1 2025 cash dividend of 1.20 yuan per 10 shares, totaling 12.99 million yuan H1 2025 Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Distribution or Conversion | Yes | | Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan) (tax inclusive) | 1.20 | | Capitalization per 10 Shares (shares) | 0 | - The total proposed cash dividend is 12,986,400.00 yuan (tax inclusive), representing 39.38% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for January-June 2025[101] - This profit distribution plan was approved by the eighth meeting of the fourth Board of Directors and does not require shareholder approval[102] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Required to Disclose Environmental Information by Law The company is on the list of enterprises legally required to disclose environmental information List of Enterprises Required to Disclose Environmental Information by Law | No | Enterprise Name | Query Index for Legally Disclosed Environmental Information Report | | :--- | :--- | :--- | | 1 | Shanghai Salubris Bio-tech Co., Ltd. | Enterprise Environmental Information Disclosure System (Shanghai) https://e2.sthj.sh.gov.cn/jsp/view/hjpl/index.jsp | Part V Significant Matters I. Fulfillment of Commitments Controlling shareholders, management, and core technical personnel have strictly fulfilled IPO-related share lock-up commitments and other long-term pledges - Controlling shareholders, actual controllers, shareholders holding 5% or more, shareholding platforms, core technical personnel, senior management, and supervisors have all strictly fulfilled their share lock-up commitments[106][109][111][112][113][116][118] - The company, its controlling shareholders, actual controllers, all directors (excluding independent directors), and all senior management have committed to implementing the stock price stabilization plan[123] - The company, its actual controllers, directors, and senior management have committed to measures to enhance immediate returns, including strengthening main business, managing raised funds, accelerating project progress, improving management incentives, and implementing a proactive profit distribution policy[130][131][132][133][134] - The company, its actual controllers, all directors, supervisors, and senior management commit to compensating investors for losses if the prospectus contains false records, misleading statements, or major omissions[144] - Controlling shareholders and actual controllers commit to avoiding horizontal competition by not engaging in any business or activities that constitute or may constitute horizontal competition with the company and its controlled subsidiaries[158] XII. Explanation of Progress in Use of Raised Funds IPO net proceeds were 784.92 million yuan, with 283.69 million yuan invested (36.14% progress); 550 million yuan in idle funds are used for cash management Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Net Proceeds from Raised Funds | 784,923,575.78 | | Total Investment Pledged in Prospectus | 400,000,000.00 | | Total Over-Raised Funds | 384,923,575.78 | | Cumulative Raised Funds Invested as of Period-End | 283,688,338.64 | | Cumulative Investment Progress of Raised Funds as of Period-End (%) | 36.14 | | Amount Invested This Year | 47,696,703.06 | Detailed Use of Raised Funds for Investment Projects | No | Project Name | Planned Total Investment of Raised Funds (yuan) | Cumulative Raised Funds Invested as of Period-End (yuan) | Cumulative Investment Progress as of Period-End (%) | | :--- | :--- | :--- | :--- | :--- | | 1 | Specialty New Drug and Innovative Technology R&D Project | 200,000,000.00 | 48,308,510.28 | 24.15 | | 2 | Emergency (Rescue) Drug Emergency Network Service Project | 50,000,000.00 | 44,065,560.10 | 88.13 | | 3 | Shanghai Salubris Bio-tech Co., Ltd. Factory Expansion Project | 150,000,000.00 | 68,462,281.15 | 45.64 | | 4 | Project Surplus Funds Supplementing Working Capital | 7,851,987.11 | 7,851,987.11 | N/A | | 5 | Permanent Supplement to Working Capital | 115,000,000.00 | 115,000,000.00 | 100.00 | - The "Emergency (Rescue) Drug Emergency Network Service Project" has been completed, with 7,851,987.11 yuan of surplus raised funds used to supplement working capital[165] - The company utilizes idle raised funds, not exceeding 550 million yuan, for cash management, with a term of up to 12 months and revolving use[170] Part VI Share Changes and Shareholder Information I. Changes in Share Capital During the reporting period, the company's total ordinary shares and share capital structure remained unchanged - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[173] II. Shareholder Information As of period-end, the company had 7,724 ordinary shareholders; the top three held 34.05%, 22.18%, and 2.77% respectively, all with restricted shares Total Ordinary Shareholders as of Period-End | Indicator | Number (accounts) | | :--- | :--- | | Total Ordinary Shareholders | 7,724 | Top Ten Shareholders' Shareholding Status | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Zhao Aixian | 36,848,000 | 34.05 | 36,848,000 | Domestic Natural Person | | Shanghai Zhiyuan Investment Co., Ltd. | 24,000,000 | 22.18 | 24,000,000 | Domestic Non-State-Owned Legal Person | | Shanghai Saipai Investment Partnership (Limited Partnership) | 3,000,000 | 2.77 | 3,000,000 | Domestic Non-State-Owned Legal Person | | Xie Li | 1,950,000 | 1.80 | 0 | Domestic Natural Person | | Wang Yuejin | 1,269,000 | 1.17 | 0 | Domestic Natural Person | | Zhang Lei | 1,189,000 | 1.10 | 0 | Domestic Natural Person | | Yu Yuming | 670,200 | 0.62 | 0 | Domestic Natural Person | | Yang Haizhen | 626,760 | 0.58 | 0 | Domestic Natural Person | | Li Huichi | 621,884 | 0.57 | 0 | Domestic Natural Person | | Zhang Decheng | 553,500 | 0.51 | 0 | Domestic Natural Person | - Zhao Aixian, Fan Zhihe, and Fan Tiejiong are parties acting in concert; Zhiyuan Investment was established by Fan Zhihe and Fan Tiejiong, and Saipai Investment is the company's employee shareholding platform[177][178] Top Ten Restricted Shareholders' Shareholding and Restriction Conditions | No | Restricted Shareholder Name | Number of Restricted Shares Held (shares) | Date Available for Listing and Trading | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | | 1 | Zhao Aixian | 36,848,000 | 2025年9月11日 | IPO Lock-up | | 2 | Shanghai Zhiyuan Investment Co., Ltd. | 24,000,000 | 2025年9月11日 | IPO Lock-up | | 3 | Shanghai Saipai Investment Partnership (Limited Partnership) | 3,000,000 | 2025年9月11日 | IPO Lock-up | Part VII Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds Part VIII Financial Report I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[4] II. Financial Statements This section presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements - 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[184][189][193][197][200][204][206][210] III. Company Basic Information Shanghai Salubris Bio-tech Co., Ltd., established in 1999 and listed in 2022, specializes in antiserum and antitoxin biopharmaceuticals - The company was established on November 9, 1999, and listed on the Shanghai Stock Exchange on March 11, 2022[215] - As of June 30, 2025, the company's total share capital was 108.22 million shares, and its registered capital was 108.22 million yuan[216] - The company's main business is the R&D, production, and sales of antiserum and antitoxin biopharmaceuticals, with key products including various antivenoms, equine tetanus immunoglobulin (F(ab')2), and anti-rabies serum[217] IV. Basis of Financial Statement Preparation These financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and key accounting policies - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and significant accounting policies and estimates[218] - The company has the ability to continue as a going concern for the next 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[219] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates across various areas, ensuring financial report accuracy - The company prepares its financial statements in accordance with Enterprise Accounting Standards and their application guidelines, interpretations, and other relevant regulations[221] - Revenue is recognized when customers obtain control of the related goods, with major products like antivenom series and equine tetanus immunoglobulin recognized under this principle[342][349] - Inventories are measured at the lower of cost and net realizable value, with different impairment provision methods for various inventory categories (raw materials, self-made semi-finished goods, work-in-progress, finished goods, consumable biological assets), specifically for equine tetanus immunoglobulin plasma, where net realizable value is estimated based on aging combinations[280][281][282] - R&D expenditures are divided into research and development phases; research phase expenditures are expensed, while development phase expenditures are recognized as intangible assets when specific conditions are met, typically after obtaining clinical approval and entering Phase III clinical trials or completing pilot production with products meeting expected quality standards[315][317] VI. Taxation This section details the company's main tax categories and rates, including VAT (3% for biological products) and a 15% preferential corporate income tax rate Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sale of Goods or Provision of Taxable Services | 3%、6% | | Property Tax | Calculated at 1.2% of the remaining value after a one-time 30% deduction from the original property value | 1.2% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 5%、7% | | Education Surcharge | Amount of Turnover Tax Payable | 3% | | Local Education Surcharge | Amount of Turnover Tax Payable | 2% | | Corporate Income Tax | Taxable Income | 15%、25% | - The company and its subsidiary, Salubris Dafeng, both apply a simplified method to pay VAT at a 3% levy rate when selling biological products[372] - As a high-tech enterprise, the company enjoys a 15% preferential corporate income tax rate[374] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes to consolidated financial statement items, including assets, liabilities, equity, and profit/loss Cash and Bank Balances | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 26,621.00 | 28,221.00 | | Bank Deposits | 133,314,612.87 | 182,078,916.22 | | Total | 133,341,233.87 | 182,107,137.22 | Trading Financial Assets | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Structured Deposits | 611,868,602.74 | 641,207,523.29 | | Total | 611,868,602.74 | 641,207,523.29 | Aging Analysis of Accounts Receivable | Aging | Period-End Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 102,074,997.27 | 38,593,183.70 | | 1 to 2 years | 1,789,723.25 | 17,148.00 | | 2 to 3 years | 1,413.00 | 0.00 | | Total | 103,866,133.52 | 38,610,331.70 | Inventory Classification and Impairment Provisions | Item | Period-End Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 4,447,052.87 | 3,823,128.11 | | Work-in-Progress | 12,730,222.39 | 11,222,946.11 | | Finished Goods | 5,268,415.10 | 8,746,585.09 | | Consumable Biological Assets | 103,498.68 | 129,796.10 | | Self-Made Semi-Finished Goods | 19,158,854.02 | 19,353,007.53 | | Goods in Transit | 697,148.10 | 0.00 | | Total | 42,405,191.16 | 43,275,462.94 | Construction in Progress | Item | Period-End Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Phase II Factory Expansion | 59,941,159.99 | 37,891,132.73 | | Buffer Workshop | 3,421,903.09 | 3,421,903.09 | | Other Minor Projects | 290,449.80 | 395,449.80 | | Software | 0.00 | 132,000.00 | | Total | 63,653,512.88 | 41,840,485.62 | Composition of R&D Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 4,391,102.61 | 4,630,578.03 | | Technical Service Fees | 759,542.40 | 3,364,395.10 | | Material Consumption | 1,407,284.89 | 2,452,898.60 | | Depreciation Expense | 1,796,100.43 | 1,756,855.21 | | Transportation and Travel Expenses | 42,934.79 | 62,671.95 | | Office Expenses | 20,189.28 | 33,137.25 | | Other | 59,255.01 | 97,617.34 | | Total | 8,476,409.41 | 12,398,153.48 | Composition of Financial Expenses | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Interest Expense | 84,036.12 | 311,586.54 | | Less: Interest Income | 1,037,643.75 | 1,222,685.50 | | Exchange Gains/Losses | -126,231.44 | -20,317.94 | | Bank Charges | 10,131.42 | 12,368.10 | | Total | -1,069,707.65 | -919,048.80 |