优宁维(301166) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, lists the report's structure, and defines key terms for accurate understanding Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4] - Company head Leng Zhaowu, head of accounting Tang Min, and head of accounting department Lu Zhiwen declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This report's clear table of contents lists eight main chapters covering company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports - The report includes eight main chapters, covering company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[7] - Reference documents include the original report signed and sealed by the legal representative, financial statements, original copies of publicly disclosed documents, and announcement drafts[9] Definitions This section defines common terms used in the report, including company names, related entities, regulatory bodies, currency units, and professional terms like ERP, WMS, SKU, and SPU, ensuring accurate understanding - The definitions section clarifies that "Company," "the Company," "Joint Stock Company," or "Univ-Bio" all refer to Shanghai Universal Biotech Co.,Ltd[11] - The reporting period refers to January 1, 2025, to June 30, 2025[11] - Key business and technical terms such as ERP (Enterprise Resource Planning), WMS (Warehouse Management System), SKU (Stock Keeping Unit), and SPU (Standard Product Unit) are defined[11] Company Profile and Key Financial Indicators This section details the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period Company Profile This section outlines the company's basic information, including its stock ticker "Univ-Bio," stock code 301166, Chinese and English names, and legal representative Leng Zhaowu Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | 优宁维 (Univ-Bio) | | Stock Code | 301166 | | Stock Exchange for Listing | Shenzhen Stock Exchange | | Company Chinese Name | 上海优宁维生物科技股份有限公司 | | Company English Name | Shanghai Universal Biotech Co.,Ltd. | | Legal Representative | 冷兆武 (Leng Zhaowu) | Contact Person and Information This section provides detailed contact information for the company's Board Secretary Qi Yanfang and Securities Affairs Representative Xia Qingli, including address, phone, fax, and email, for investor and stakeholder communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 祁艳芳 (Qi Yanfang) | 上海市浦东新区古丹路15弄16号楼 | 021-38939097 | 021-38015116 | ir@univ-bio.com | | Securities Affairs Representative | 夏庆立 (Xia Qingli) | 上海市浦东新区古丹路15弄16号楼 | 021-38939070 | 021-38015116 | ir@univ-bio.com | Other Information During the reporting period, the company's contact information, information disclosure, and document storage locations, as well as registration status, remained unchanged, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15] - The securities exchange website and media names and URLs for the company's semi-annual report disclosure, as well as the report's storage location, remained unchanged during the reporting period[16] - The company's registration status remained unchanged during the reporting period[17] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 8.63% to CNY 504.83 million, net profit attributable to shareholders was CNY -13.38 million, a significant 188.64% decrease year-on-year, and basic earnings per share was CNY -0.15/share Key Accounting Data and Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 504,832,641.34 | 552,506,083.82 | -8.63% | | Net Profit Attributable to Listed Company Shareholders | -13,379,884.33 | 15,095,120.47 | -188.64% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -20,683,534.86 | 1,176,075.15 | -1,858.69% | | Net Cash Flow from Operating Activities | -61,537,543.45 | -24,699,537.41 | -149.14% | | Basic Earnings Per Share (CNY/share) | -0.15 | 0.17 | -188.24% | | Diluted Earnings Per Share (CNY/share) | -0.15 | 0.17 | -188.24% | | Weighted Average Return on Net Assets | -1.01% | 0.06% | -1.07% | | End of Current Reporting Period vs End of Prior Year | | | | | Total Assets | 2,209,640,777.20 | 2,309,420,442.59 | -4.32% | | Net Assets Attributable to Listed Company Shareholders | 2,028,500,217.56 | 2,067,904,557.31 | -1.91% | Differences in Accounting Data under Domestic and International Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports prepared under International Accounting Standards or foreign accounting standards and those prepared under Chinese Accounting Standards - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - The company had no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[21] Non-Recurring Gains and Losses and Amounts The company's non-recurring gains and losses for the first half of 2025 totaled CNY 7.30 million, primarily from government grants recognized in current profit and loss and fair value changes in financial assets, after deducting non-current asset disposal gains/losses and income tax effects Non-Recurring Gains and Losses and Amounts (H1 2025) | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the offset portion of asset impairment provisions) | -643,246.92 | | Government grants recognized in current profit and loss (excluding those 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 and loss) | 970,093.95 | | 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, excluding effective hedge accounting related to normal business operations | 9,362,990.34 | | Other non-operating income and expenses apart from the above | -46,905.99 | | Less: Income tax impact | 2,339,280.85 | | Total | 7,303,650.53 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24] Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment status, and risks during the reporting period Company's Main Business Activities During the Reporting Period In the first half of 2025, the company's main business remained largely unchanged, but operating revenue decreased by 8.63% year-on-year, and net profit fell by 188.64% due to unrecovered market demand, declining gross margins, and increased sales, R&D, and administrative expenses - In the first half of 2025, the company achieved operating revenue of CNY 504.83 million, a year-on-year decrease of 8.63%[26] - Net profit attributable to listed company shareholders was CNY -13.38 million, a year-on-year decrease of 188.64%[26] - The decline in performance was primarily due to unrecovered market demand, declining gross margins, increased sales and R&D expenses, and higher administrative expenses from depreciation and amortization of the Nanjing production R&D and operations base[26] - The company's own-brand business achieved over 20% growth, with its revenue share further increasing[27] - As of the end of the reporting period, the Hangzhou Antibody R&D Center had cumulatively developed over 4,200 SPU products, and the Nanjing Protein R&D Center had cumulatively developed over 1,800 SPU products[27] Analysis of Core Competencies The company's core competitiveness stems from its professional one-stop procurement platform, strong brand influence, diversified sales models, high-quality customer resources, full-link digital supply chain advantages, and highly skilled talent team, collectively supporting its leading position in life science reagents and scientific services - The company has built a professional and comprehensive life science integrated service platform in China, offering a rich array of products and professional technical services to meet customers' one-stop procurement needs[28] - The company integrates over 60 well-known brands and its own-brand products, providing over 9.9 million SKUs (over 380,000 own-brand SKUs), covering basic life science research, basic medical research, in vitro diagnostic research, drug development, and cell therapy research[28] - The company possesses a specialized technical support team that provides experimental design, pre-sales, in-sales, and after-sales technical support services[29] - The company maintains its "Univ-Bio - Antibody Expert" brand image and is gradually building a "one-stop life science supplier" brand image[30] - The company employs a diversified sales system with online platforms and offline channels, primarily direct sales supplemented by distribution, achieving a preliminary nationwide flat marketing network[30] - In the first half of 2025, business orders exceeded 100,000, serving over 30,000 customers, with over 150,000 registered users on its e-commerce platform, including 985/211 universities, Chinese Academy of Sciences institutions, top-tier hospitals, and biopharmaceutical companies[31] - Through deep integration of digitalization and intelligence, the company has built a full-link one-stop supply chain system, improving customs clearance efficiency by over 40% and achieving 99.9% accurate expiry date management with its batch traceability system[32] - As of the end of the reporting period, the company had 698 employees, with 84.53% holding bachelor's degrees or higher and 29.80% holding master's degrees or higher, covering fields such as immunology and molecular biology in life sciences[32] Analysis of Main Business The company's main business revenue decreased by 8.63% year-on-year, primarily due to reduced sales of life science reagents and instrument consumables; overall gross margin declined, with life science reagents remaining stable but life science instruments and consumables decreasing by 4.45% Key Financial Data YoY Changes (H1 2025) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 504,832,641.34 | 552,506,083.82 | -8.63% | | | Operating Cost | 413,275,283.99 | 447,382,638.96 | -7.62% | | | Selling Expenses | 60,178,492.66 | 61,645,594.19 | -2.38% | | | Administrative Expenses | 22,433,318.96 | 19,581,579.27 | 14.56% | | | Financial Expenses | -485,324.81 | -1,928,321.61 | 74.83% | Primarily due to decreased deposit income | | R&D Investment | 29,987,697.22 | 30,672,001.19 | -2.23% | | | Net Cash Flow from Operating Activities | -61,537,543.45 | -24,699,537.41 | -149.14% | Primarily due to decreased cash received from sales of goods | | Net Cash Flow from Investing Activities | -441,858,113.13 | 190,962,709.12 | -331.38% | Primarily due to the amount of cash management products redeemed at maturity being less than the cash paid for purchased cash management products in the current period | | Net Cash Flow from Financing Activities | -28,950,980.74 | -51,656,086.06 | 43.95% | Primarily due to a decrease in profit distribution compared to the prior year period | | Net Increase in Cash and Cash Equivalents | -532,737,109.38 | 114,772,107.59 | -564.17% | Primarily due to a decrease in net cash flow from investing activities in the current period | Product or Service Breakdown (H1 2025) | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wholesale | 504,832,641.34 | 413,275,283.99 | 18.14% | -8.63% | -7.62% | -0.89% | | Life Science Reagents | 393,460,481.25 | 322,029,182.36 | 18.15% | -11.15% | -11.17% | 0.01% | | Life Science Instruments and Consumables | 81,316,767.99 | 69,116,348.01 | 15.00% | -10.03% | -5.06% | -4.45% | Sales Model Breakdown (H1 2025) | Sales Model | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Direct Sales | 405,429,019.89 | 325,302,467.48 | 19.76% | -9.87% | -9.31% | -0.50% | | Distribution | 99,403,621.45 | 87,972,816.51 | 11.50% | -3.20% | -0.79% | -2.14% | Analysis of Non-Main Business The company's non-main business income primarily derives from cash management, including investment income and fair value changes, which are not sustainable, while asset impairment (inventory obsolescence) and non-operating expenses (donations) negatively impact total profit Non-Main Business Analysis (H1 2025) | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,993,212.95 | -21.26% | Primarily cash management income | No | | Fair Value Change Gains/Losses | 5,369,777.39 | -28.59% | Primarily cash management income | No | | Asset Impairment | -714,929.44 | 3.81% | Primarily due to expired inventory | No | | Non-Operating Income | 54,202.10 | -0.29% | | No | | Non-Operating Expenses | 101,108.09 | -0.54% | Primarily due to external donations | No | | Other Income | 1,777,721.77 | -9.47% | Primarily due to government grants received | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased, with cash and cash equivalents significantly down by 22.62% while trading financial assets increased by 19.50% due to more unexpired cash management products Significant Changes in Asset Composition (End of H1 2025 vs End of Prior Year) | Item | Amount at End of Current Period (CNY) | % of Total Assets | Amount at End of Prior Year (CNY) | % of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 304,143,103.62 | 13.76% | 840,157,413.87 | 36.38% | -22.62% | Primarily due to an increase in unexpired cash management products at period-end | | Accounts Receivable | 379,368,739.18 | 17.17% | 346,425,652.23 | 15.00% | 2.17% | | | Inventories | 138,165,323.94 | 6.25% | 129,514,245.11 | 5.61% | 0.64% | | | Trading Financial Assets | 971,841,466.81 | 43.98% | 565,234,800.40 | 24.48% | 19.50% | Primarily due to an increase in unexpired cash management products at period-end | | Notes Receivable | 450,530.24 | 0.02% | 4,133,167.72 | 0.18% | -0.16% | Primarily due to a decrease in unexpired notes receivable | | Prepayments | 21,799,406.78 | 0.99% | 14,649,281.74 | 0.63% | 0.36% | Primarily due to an increase in amounts not yet shipped by suppliers at period-end | | Other Receivables | 3,232,584.32 | 0.15% | 18,964,325.25 | 0.82% | -0.67% | Primarily due to matured deposit interest | | Notes Payable | 4,594,859.13 | 0.21% | 7,741,491.36 | 0.34% | -0.13% | Primarily due to settlement of notes at maturity for the biopharmaceutical production line construction project | | Accounts Payable | 60,882,739.98 | 2.76% | 87,651,290.50 | 3.80% | -1.04% | Primarily due to settlement of the biopharmaceutical production line construction project at maturity | | Taxes Payable | 4,717,380.07 | 0.21% | 12,477,803.86 | 0.54% | -0.33% | Primarily due to a decrease in VAT and income tax | | Treasury Stock | 25,995,085.21 | 1.18% | 19,500,541.00 | 0.84% | 0.34% | Primarily due to share repurchases in the current period | Assets and Liabilities Measured at Fair Value (H1 2025) | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Amount Purchased for Current Period (CNY) | Amount Sold for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (excluding derivative financial assets) | 565,234,800.40 | 2,306,666.41 | 1,965,000,000.00 | 1,560,700,000.00 | 971,841,466.81 | | Other Non-Current Financial Assets | 54,808,154.71 | 0.00 | 17,500,000.00 | 0.00 | 66,227,034.71 | | Total Above | 620,042,955.11 | 2,306,666.41 | 1,982,500,000.00 | 1,560,700,000.00 | 1,038,068,501.52 | - At period-end, restricted funds subject to mortgage, pledge, or freeze amounted to CNY 5.05 million, primarily pledged time deposits[46] Analysis of Investment Status The company's overall utilization rate of raised funds is 91.20%, with a cumulative use of CNY 1.455 billion; some projects are delayed due to external factors or updated IT needs, and over-raised funds are primarily allocated to the own-brand production base, permanent working capital, and cash management Overall Utilization of Raised Funds As of June 30, 2025, the company's net proceeds from its initial public offering amounted to CNY 1.596 billion, with CNY 1.455 billion cumulatively invested in projects, resulting in an overall utilization rate of 91.20% Overall Utilization of Raised Funds (As of June 30, 2025) | Total Raised Funds (CNY 10,000) | Net Raised Funds (CNY 10,000) | Total Used Raised Funds (CNY 10,000) | Cumulative Utilization Rate of Total Raised Funds | | :--- | :--- | :--- | :--- | | 186,463.84 | 159,551.73 | 145,510.74 | 91.20% | Status of Committed Projects Funded by Raised Funds Several projects funded by raised funds, including the online marketing network and informatization project, R&D center project, and own-brand product production base project, have been delayed to December 2024 or December 2025 due to external environment or updated informatization requirements Committed Projects Funded by Raised Funds (As of H1 2025) | Committed Investment Project Name | Committed Investment Amount (CNY 10,000) | Cumulative Investment at End of Reporting Period (CNY 10,000) | Cumulative Investment Progress at End of Reporting Period | Date of Reaching Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Online Marketing Network and Informatization Project | 8,079.6 | 4,328.39 | 53.57% | December 2025 | | Offline Marketing and Service Network Upgrade Project | 6,828.15 | 6,828.15 | 100.00% | December 2024 | | Protein and Antibody Reagent R&D Technical Transformation Project | 5,429.08 | 2,875.06 | 52.96% | December 2025 | | Abcam (Shanghai) Biotechnology Co., Ltd. Laboratory Construction Project | 1,552.4 | 1,334.09 | 85.94% | December 2025 | | Shanghai Labest Biotechnology Co., Ltd. Laboratory Adjustment Project | 1,450.1 | 955.82 | 65.91% | December 2025 | | Supplementary Working Capital Project | 5,000 | 5,000.11 | 100.00% | May 2023 | | Own-Brand Product Production Base Project (Biopharmaceutical Production Line Construction Project) | 28,048.52 | 12,078.6 | 100.00% | December 2024 | | Supplementary Working Capital (Over-raised) | 103,163.88 | 112,110.51 | 94.10% | -- | - The online marketing network and informatization project, R&D center project, and own-brand product production base project have extended their planned dates for reaching intended usable state[53] - Over-raised funds are used for the own-brand product production base project, permanent replenishment of working capital, and cash management[53] - The implementation entity for the "Protein and Antibody Reagent R&D Technical Transformation Project" has changed from Nanjing Youai to Nanjing Univ-Bio, with a corresponding change in implementation location[53] - The overall utilization rate of raised funds is 91.20%, with CNY 1.455 billion cumulatively used out of CNY 1.865 billion in total raised funds[49] - The online marketing network and informatization project, R&D center project, and own-brand product production base project have extended their planned dates for reaching intended usable state to December 2025 or December 2024[52][53] - Over-raised funds of CNY 1.312 billion were allocated to the own-brand product production base project (CNY 120.79 million), permanent replenishment of working capital (CNY 1.121 billion), and cash management (CNY 125 million)[53] - The company used idle raised funds to purchase cash management products totaling CNY 195 million that had not yet matured in the current period[54] - The company had no changes in raised fund projects, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[55][56][57][58] Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[59] - The company did not dispose of significant equity during the reporting period[60] Analysis of Major Holding and Participating Companies The company had no important holding or participating company information to disclose during the reporting period - The company had no important holding or participating company information to disclose during the reporting period[60] 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[61] Risks Faced by the Company and Countermeasures The company faces multiple risks, including intensified industry competition, gross margin fluctuations, accounts receivable and inventory impairment, supplier cooperation termination, uncertainty of raised fund project benefits, R&D investment risks, trade friction and exchange rate fluctuations, and loss of technical personnel, requiring continuous efforts to enhance competitiveness and optimize management - The company faces risks of intensified industry competition and potential competitive failure; if it cannot continuously expand capital strength, improve sales channels, strengthen R&D capabilities, and enhance personnel technology and service levels, its market competitiveness may decline and customers may be lost[61] - The gross margin of the main business is subject to fluctuations due to intensified industry competition and adjustments in product business structure[61] - Customer payments are affected by settlement approvals and fund disbursement progress, posing risks of accounts receivable not being recovered in time or even becoming bad debts; inaccurate forecasts of customer demand or improper inventory storage may lead to inventory impairment risks[62] - Increased performance pressure on suppliers, intensified industry competition, or internal business integration may lead to termination of supplier cooperation, affecting the company's number of cooperative brands and profitability[63] - The gradual implementation of raised fund investment projects will increase depreciation of fixed assets and amortization of intangible assets; if projects fail to generate expected benefits, the company's profit level may decline[63] - Continuous R&D investment may not be recovered if market acceptance is not achieved or market expansion is unfavorable[63] - Some of the company's products originate from the United States, and escalating global trade frictions may restrict supply from overseas suppliers, while tariff policy adjustments could increase import costs; some purchases are settled in USD, EUR, and GBP, and exchange rate fluctuations may adversely affect operating performance[64] - If the compensation and incentive system loses market competitiveness or talent development mechanisms are not optimized, it may lead to the loss of technical personnel, affecting the company's technical service level and brand reputation[64] Registration Form for Research, Communication, and Interview Activities During the Reporting Period During the reporting period, the company hosted four research, communication, and interview activities, including three on-site visits by institutional investors (Guocheng Investment, ICBC Credit Suisse, Open Source Securities, Orient Securities Asset Management, E Fund Management, etc.) and one online performance briefing, primarily discussing the company's development strategy and operational status Registration Form for Research, Communication, and Interview Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed | | :--- | :--- | :--- | :--- | :--- | | February 24, 2025 | Company Meeting Room | On-site Research | Institutions | Company development strategy and operational status | | March 05, 2025 | Company Meeting Room | On-site Research | Institutions | Company development strategy and operational status | | April 25, 2025 | Company Meeting Room | On-site Research | Institutions | Company development strategy and operational status | | April 29, 2025 | Online Platform | Online Performance Briefing | Individuals | Company development strategy and operational status | Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[67] - The company did not disclose a valuation enhancement plan[67] Implementation of 'Quality and Return Dual Enhancement' Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[67] Corporate Governance, Environment, and Society This section covers changes in the board and management, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period[68] Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[69] Implementation of Company's 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 and their implementation 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[70] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[71] Social Responsibility The company has not yet carried out poverty alleviation and rural revitalization work during the reporting period, nor does it have any subsequent plans - The company has not yet carried out poverty alleviation and rural revitalization work during the reporting period, nor does it have any subsequent poverty alleviation and rural revitalization plans[71] Significant Matters This section details the fulfillment of commitments, related party transactions, significant contracts, and other material events during the reporting period Fulfillment of Commitments During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[73] Non-Operating Fund Occupation by Controlling Shareholder and 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, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[74] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[75] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[76] Board of Directors, Supervisory Board, and Audit Committee's Explanation on 'Non-Standard Audit Report' for the Current Period The company had no non-standard audit report during the reporting period, thus no explanation is required - The company had no non-standard audit report during the reporting period[77] Board of Directors' Explanation on 'Non-Standard Audit Report' for the Previous Year The company had no non-standard audit report for the previous year, thus no explanation is required - The company had no non-standard audit report for the previous year[77] Bankruptcy Reorganization Matters The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[77] Litigation Matters The company had no significant litigation or arbitration matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[78] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[79] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[80] Significant Related Party Transactions During the reporting period, the company had no significant related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments, but it participated in an equity investment fund established by a related party, with its subscribed capital contribution changing from CNY 25 million to CNY 18.91888 million - During the reporting period, the company had no related party transactions related to daily operations that cumulatively exceeded CNY 30 million and accounted for more than 5% of the net assets in the latest audited period[80] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[81] - The company had no related party transactions involving joint external investments during the reporting period[82] - The company participated in Shanghai Taili Jingyu Venture Capital Partnership (Limited Partnership), established by related party Shanghai Taili Venture Capital Management Co., Ltd., with its subscribed capital contribution changing from CNY 25 million to CNY 18.91888 million[86][87] - The change in Taili Jingyu's capital contribution was completed with industrial and commercial registration on June 4, 2025[87] Significant Contracts and Their Performance The company had no entrustment or contracting situations during the reporting period, with total lease expenditures of CNY 3.7019 million, comprising CNY 3.5542 million for property leases and CNY 0.1477 million for equipment leases, and no significant guarantees or other major contracts - The company had no entrustment situations during the reporting period[88] - The company had no contracting situations during the reporting period[89] - Lease expenditures from January to June 2025 totaled CNY 3.7019 million, including CNY 3.5542 million for property leases and CNY 0.1477 million for equipment leases[90] - The company had no significant guarantee situations during the reporting period[91] - The company had no other significant contracts during the reporting period[92] Explanation of Other Significant Matters The company approved a share repurchase plan to buy back and cancel shares worth CNY 15 million to CNY 30 million, with the repurchase price ceiling adjusted to CNY 43.77/share; additionally, 45,397,800 shares of restricted stock from the initial public offering became tradable on June 28, 2025 - The company approved a share repurchase plan to repurchase and cancel company shares through centralized bidding transactions, with a planned amount of CNY 15 million to CNY 30 million[93] - The maximum repurchase price was adjusted from CNY 44/share to CNY 43.77/share[93] - 45,397,800 shares of the company's previously issued shares from before the initial public offering became unrestricted on June 28, 2025, and were listed for trading on June 30, 2025[93][97] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[94] Share Changes and Shareholder Information This section outlines changes in share capital, securities issuance, shareholder structure, and shareholdings of directors and management Share Changes During the reporting period, the company's restricted shares decreased by 15,649,800 shares, while unrestricted shares increased by 15,649,800 shares, with total share capital remaining unchanged, primarily due to the expiration of the lock-up period for some pre-IPO restricted shares on June 28, 2025 Share Changes (H1 2025) | Share Type | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 45,397,800 | 52.38% | -15,649,800 | 29,748,000 | 34.32% | | Of which: Shares held by domestic legal persons | 4,779,000 | 5.51% | -4,779,000 | 0 | 0.00% | | Shares held by domestic natural persons | 40,618,800 | 46.87% | -10,870,800 | 29,748,000 | 34.32% | | II. Unrestricted Shares | 41,268,868 | 47.62% | 15,649,800 | 56,918,668 | 65.68% | | Of which: RMB Ordinary Shares | 41,268,868 | 47.62% | 15,649,800 | 56,918,668 | 65.68% | | III. Total Shares | 86,666,668 | 100.00% | 0 | 86,666,668 | 100.00% | - The share change was primarily due to 45,397,800 shares of the company's previously issued shares from before the initial public offering becoming unrestricted on June 28, 2025, and listed for trading[97] - As of February 28, 2025, the company had cumulatively repurchased 927,600 shares, accounting for 1.07% of its total share capital, with a total payment of CNY 25.987 million[99] Changes in Restricted Shares (H1 2025) | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | 冷兆武 (Leng Zhaowu) | 28,674,000 | 28,674,000 | 21,505,500 | 21,505,500 | Senior Management Lock-up Shares | | 许晓萍 (Xu Xiaoping) | 8,980,200 | 8,980,200 | 6,735,150 | 6,735,150 | Senior Management Lock-up Shares | | 上海阳卓投资合伙企业（有限合伙） (Shanghai Yangzhuo Investment Partnership (Limited Partnership)) | 4,779,000 | 4,779,000 | 0 | 0 | Not Applicable | | 冷兆文 (Leng Zhaowen) | 2,008,800 | 2,008,800 | 1,507,350 | 1,507,350 | Senior Management Lock-up Shares | | 许晓华 (Xu Xiaohua) | 955,800 | 955,800 | 0 | 0 | Not Applicable | | Total | 45,397,800 | 45,397,800 | 29,748,000 | 29,748,000 | -- | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[102] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 11,396 ordinary shareholders; among the top ten shareholders, Leng Zhaowu held 33.09%, Xu Xiaoping held 10.36%, and Shanghai Yangzhuo Investment Partnership (Limited Partnership) held 5.51%, with Leng Zhaowu and Xu Xiaoping being the actual controllers and having an associated relationship - The total number of ordinary shareholders at the end of the reporting period was 11,396[103] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (Excluding Shares Lent Through Securities Lending) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | 冷兆武 (Leng Zhaowu) | Domestic Natural Person | 33.09% | 28,674,000 | 21,505,500 | 7,168,500 | | 许晓萍 (Xu Xiaoping) | Domestic Natural Person | 10.36% | 8,980,200 | 6,735,150 | 2,245,050 | | 阳卓投资 (Yangzhuo Investment) | Other | 5.51% | 4,779,000 | 0 | 4,779,000 | | 泰礼投资 (Taili Investment) | Other | 4.54% | 3,933,288 | 0 | 3,933,288 | | 冷兆文 (Leng Zhaowen) | Domestic Natural Person | 2.32% | 2,009,800 | 1,507,350 | 502,450 | | 许晓华 (Xu Xiaohua) | Domestic Natural Person | 1.10% | 955,800 | 0 | 955,800 | | 吴网腰 (Wu Wangyao) | Domestic Natural Person | 0.81% | 700,000 | 0 | 700,000 | | 何朝军 (He Chaojun) | Domestic Natural Person | 0.69% | 600,000 | 0 | 600,000 | | 梁国林 (Liang Guolin) | Domestic Natural Person | 0.54% | 470,689 | 0 | 470,689 | | 上凯投资 (Shang Kai Investment) | Other | 0.52% | 449,368 | 0 | 449,368 | - Leng Zhaowu and Xu Xiaoping are the actual controllers of the company; Leng Zhaowu is the executive partner of Yangzhuo Investment, Leng Zhaowen is Leng Zhaowu's brother, and Xu Xiaohua is Xu Xiaoping's brother[104] - The company's special securities account for share repurchases holds 927,600 shares and is not included in the top 10 shareholders list[104] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[106] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[107] - The company's actual controller did not change during the reporting period[107] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[108] Bond-Related Information This section provides details on any bond-related activities or outstanding bonds during the reporting period Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[110] Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[112] Financial Statements This section provides 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 financial position at period-end and the operating results and cash flow changes during the reporting period - 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[113][117][120][124][126][129][131][138] Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets amounted to CNY 2.21 billion, a 4.32% decrease from the beginning of the period, with a significant reduction in cash and cash equivalents and a notable increase in trading financial assets, while total liabilities were CNY 181.14 million, a 25.00% decrease, and total owners' equity was CNY 2.03 billion, a slight decrease Consolidated Balance Sheet Key Items (June 30, 2025) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 304,143,103.62 | 840,157,413.87 | | Trading Financial Assets | 971,841,466.81 | 565,234,800.40 | | Accounts Receivable | 379,368,739.18 | 346,425,652.23 | | Inventories | 138,165,323.94 | 129,514,245.11 | | Total Current Assets | 1,829,724,960.84 | 1,937,139,515.10 | | Total Assets | 2,209,640,777.20 | 2,309,420,442.59 | | Total Liabilities | 181,140,559.64 | 241,515,885.28 | | Total Owners' Equity Attributable to Parent Company | 2,028,500,217.56 | 2,067,904,557.31 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets amounted to CNY 2.30 billion, a 4.08% decrease from the beginning of the period, with significant reductions in cash and cash equivalents and prepayments, while trading financial assets and accounts receivable increased, and total liabilities were CNY 345.95 million, a 13.08% decrease, and total owners' equity was CNY 1.95 billion, a 2.30% decrease Parent Company Balance Sheet Key Items (June 30, 2025) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 217,403,366.33 | 543,967,448.90 | | Trading Financial Assets | 821,532,459.96 | 555,218,978.49 | | Accounts Receivable | 453,010,337.14 | 440,301,146.47 | | Prepayments | 19,002,696.62 | 55,160,101.57 | | Total Assets | 2,295,923,013.74 | 2,393,615,213.99 | | Total Liabilities | 345,952,980.59 | 397,981,145.71 | | Total Owners' Equity | 1,949,970,033.15 | 1,995,634,068.28 | Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was CNY 504.83 million, a 8.63% decrease year-on-year, with total operating costs of CNY 527.41 million, resulting in a net profit of CNY -13.38 million, a 188.64% decrease year-on-year, and basic earnings per share of CNY -0.15/share Consolidated Income Statement Key Items (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 504,832,641.34 | 552,506,083.82 | | Total Operating Costs | 527,414,699.30 | 558,921,737.15 | | Operating Profit | -18,732,964.55 | 9,207,481.10 | | Total Profit | -18,779,870.54 | 9,262,266.84 | | Net Profit | -13,379,884.33 | 15,095,120.47 | | Net Profit Attributable to Parent Company Owners | -13,379,884.33 | 15,095,120.47 | | Basic Earnings Per Share | -0.15 | 0.17 | | Diluted Earnings Per Share | -0.15 | 0.17 | Parent Company Income Statement In the first half of 2025, the parent company's operating revenue was CNY 507.86 million, a 8.26% decrease year-on-year, resulting in a net profit of CNY -19.45 million, a 391.32% decrease year-on-year Parent Company Income Statement Key Items (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 507,856,647.76 | 553,588,364.40 | | Operating Costs | 445,399,413.39 | 470,307,502.98 | | Operating Profit | -20,378,294.98 | 8,746,417.37 | | Total Profit | -20,341,134.93 | 8,816,209.64 | | Net Profit | -19,449,505.28 | 6,674,108.27 | Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was CNY -61.54 million, a 149.14% decrease year-on-year, net cash flow from investing activities was CNY -441.86 million, a significant 331.38% decrease, and net increase in cash and cash equivalents was CNY -532.74 million, a 564.17% decrease Consolidated Cash Flow Statement Key Items (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -61,537,543.45 | -24,699,537.41 | | Net Cash Flow from Investing Activities | -441,858,113.13 | 190,962,709.12 | | Net Cash Flow from Financing Activities | -28,950,980.74 | -51,656,086.06 | | Net Increase in Cash and Cash Equivalents | -532,737,109.38 | 114,772,107.59 | | Cash and Cash Equivalents at End of Period | 299,094,492.56 | 507,345,450.74 | Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was CNY -18.92 million, a 36.99% decrease year-on-year, net cash flow from investing activities was CNY -280 million, a significant 265.00% decrease, and net increase in cash and cash equivalents was CNY -327 million, a 465.00% decrease Parent Company Cash Flow Statement Key Items (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -18,916,111.95 | -29,602,172.62 | | Net Cash Flow from Investing Activities | -279,663,858.05 | 169,077,778.86 | | Net Cash Flow from Financing Activities | -27,347,520.15 | -49,983,810.66 | | Net Increase in Cash and Cash Equivalents | -326,564,082.57 | 89,491,652.00 | | Cash and Cash Equivalents at End of Period | 217,389,614.40 | 392,089,306.19 | Consolidated Statement of Changes in Owners' Equity As of June 30, 2025, the company's consolidated total owners' equity was CNY 2.03 billion, a CNY 39.40 million decrease from the beginning of the period, primarily due to an increase of CNY 6.49 million in treasury stock, an increase of CNY 0.19 million in other comprehensive income, and a decrease of CNY 33.10 million in retained earnings Consolidated Statement of Changes in Owners' Equity (H1 2025) | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 86,666,668.00 | 0.00 | 86,666,668.00 | | Capital Reserve | 1,715,214,124.64 | 0.00 | 1,715,214,124.64 | | Less: Treasury Stock | 19,500,541.00 | 6,494,544.21 | 25,995,085.21 | | Other Comprehensive Income | 2,921,983.39 | 190,074.43 | 3,112,057.82 | | Surplus Reserve | 41,620,066.53 | 0.00 | 41,620,066.53 | | Retained Earnings | 240,982,255.75 | -33,099,869.97 | 207,882,385.78 | | Total Owners' Equity Attributable to Parent Company | 2,067,904,557.31 | -39,404,339.75 | 2,028,500,217.56 | Parent Company Statement of Changes in Owners' Equity As of June 30, 2025, the parent company's total owners' equity was CNY 1.95 billion, a CNY 45.66 million decrease from the beginning of the period, primarily due to an increase of CNY 6.49 million in treasury stock and a decrease of CNY 39.17 million in retained earnings Parent Company Statement of Changes in Owners' Equity (H1 2025) | Item | Beginning Balance (CNY) | Change in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Capital | 86,666,668.00 | 0.00 | 86,666,668.00 | | Capital Reserve | 1,714,641,971.06 | 0.00 | 1,714,641,971.06 | | Less: Treasury Stock | 19,500,541.00 | 6,494,544.21 | 25,995,085.21 | | Surplus Reserve | 41,620,066.53 | 0.00 | 41,620,066.53 | | Retained Earnings | 172,205,903.69 | -39,169,490.92 | 133,036,412.77 | | Total Owners' Equity | 1,995,634,068.28 | -45,664,035.13 | 1,949,970,033.15 | Company Basic Information Shanghai Universal Biotech Co.,Ltd. was established on October 22, 2004, with a registered capital of CNY 86.666668 million, legal representative Leng Zhaowu, and its main business is providing antibody-centric life science reagents, related instruments, consumables, and comprehensive technical services, with Leng Zhaowu and Xu Xiaoping as the actual controllers - The company's name is Shanghai Universal Biotech Co.,Ltd., and its type is a joint-stock company (listed, invested or controlled by natural persons)[144] - The registered capital is CNY 86.666668 million, and the legal representative is Leng Zhaowu[144] - The company's main business is providing antibody-centric life science reagents, related instruments, consumables, and comprehensive technical services to universities, research institutes, hospitals, and biopharmaceutical companies[153] - The company's actual controllers are Leng Zhaowu and Xu Xiaoping, a married couple[153] Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, to truly and completely reflect the company's financial position, operating results, and cash flows - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the relevant provisions of "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[154] - These financial statements are prepared on a going concern basis[155] Significant Accounting Policies and Estimates The company adheres to Enterprise Accounting Standards, uses RMB as its functional currency, and has a 12-month operating cycle; this section details specific accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, accounts receivable, inventories, intangible assets, revenue recognition, government grants, deferred income tax, and leases, along with materiality criteria - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, truly and completely reflecting the consolidated and parent company's financial position as of June 30, 2025, and operating results and cash flows for January-June 2025[157] - The company uses RMB as its functional currency, and its operating cycle is 12 months[159][160] Materiality Criteria Determination Methods and Selection Basis | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired accounts receivable | Accounts receivable with individual amounts exceeding 1% of the company's total assets at period-end | | Recovery or reversal of significant accounts receivable impairment provisions | Recovery or reversal of individual amounts exceeding 1% of the company's total assets