瑞普生物(300119) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, lists the report's detailed structure, and defines key terms to ensure clear understanding Important Notes Ripubio Co., Ltd.'s 2025 semi-annual report emphasizes the board, supervisory board, and senior management's assurance of the report's truthfulness, accuracy, and completeness, while also highlighting investment risks and the company's plan for no semi-annual dividends or capital increases - 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[4] - Company head Li Shoujun, chief accountant Li Gaibian, and head of accounting Wang Caixia declare the financial report's truthfulness, accuracy, and completeness[4] - The company faces investment risks including animal epidemics, market competition, technical talent loss, and product development; investors are advised to note these risks[5] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[6] Table of Contents This chapter lists the detailed structure of the report, including eight main chapters with their starting page numbers, and a directory of reference documents - The report comprises eight main chapters: Important Notes, Table of Contents, and Definitions; Company Profile and Key Financial Indicators; Management Discussion and Analysis; Corporate Governance, Environment, and Society; Significant Matters; Share Changes and Shareholder Information; Bond-Related Matters; Financial Report[8] - Reference documents include original financial statements signed by the company head, chief accountant, and head of accounting, the original full semi-annual report signed by the legal representative, originals of all publicly disclosed company documents and announcements during the reporting period, and other relevant materials[10][11][12][13] Definitions This chapter provides definitions for common terms used in the report, covering company names, subsidiaries, associates, strategic collaborations, and types of animal health products, ensuring accurate reader comprehension - "Company", "Ripubio", and "the Company" all refer to Ripubio Co., Ltd[16] - "Sanrui Qifa" refers to the strategic collaboration and resource sharing among Ripubio, Ruipai Pet Hospital, and Zhongrui Supply Chain[16] - "Animal Health Products" refers to special commodities used for disease prevention, treatment, and diagnosis in livestock, poultry, fish, and companion animals[16] - "Veterinary Biological Products" include bacterial vaccines, viral vaccines, parasitic vaccines, toxoids, diagnostic reagents, and antisera, used for preventing, treating, and diagnosing animal diseases[16] Company Profile and Key Financial Indicators This section provides an overview of Ripubio Co., Ltd.'s fundamental information, key financial performance, and non-recurring gains and losses for the semi-annual period Company Profile This chapter introduces the basic information of Ripubio Co., Ltd., including its stock ticker, code, listing exchange, company name in Chinese and English, and legal representative - The company's stock ticker is "Ripubio", stock code "300119", listed on the Shenzhen Stock Exchange[18] - The company's Chinese name is 瑞普生物股份有限公司 (Ripubio Co., Ltd.), and its legal representative is Li Shoujun[18] Contact Persons and Information This chapter provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The company's Board Secretary is Xie Gang, and the Securities Affairs Representative is Zhao Wenyu[19] - Contact address is Tianjin Free Trade Zone (Airport Economic Zone) Dongjiu Road No. 1, telephone and fax are 022-88958118, and email is zqb@ringpu.com[19] Other Information This chapter states that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, and discloses changes in the company's registration status - The company's registered address, office address, website, and email remained unchanged during the reporting period[20] - The company's information disclosure and document storage locations remained unchanged during the reporting period[21] - The company's registration date changed from September 20, 2024, to January 15, 2025, while the registration location and unified social credit code remained unchanged[22] Key Accounting Data and Financial Indicators This chapter presents the company's key accounting data and financial indicators for the first half of 2025, showing significant growth in operating revenue and net profit, but a decrease in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,707,587,656.80 | 1,416,726,615.08 | 20.53% | | Net profit attributable to shareholders of listed company | 256,522,468.88 | 162,778,258.82 | 57.59% | | Net profit attributable to shareholders of listed company after deducting non-recurring gains and losses | 187,741,091.62 | 139,810,161.77 | 34.28% | | Net cash flow from operating activities | 135,373,691.96 | 214,950,909.48 | -37.02% | | Basic earnings per share (CNY/share) | 0.5642 | 0.3535 | 59.60% | | Diluted earnings per share (CNY/share) | 0.5642 | 0.3535 | 59.60% | | Weighted average return on net assets | 5.63% | 3.53% | 2.10% | | Period-end Indicators | Current Period-end (CNY) | Prior Year-end (CNY) | Period-end vs Prior Year-end Change | | Total assets | 7,954,980,870.01 | 7,965,793,053.87 | -0.14% | | Net assets attributable to shareholders of listed company | 4,561,894,007.01 | 4,469,990,178.39 | 2.06% | Differences in Accounting Data under Domestic and Overseas Accounting Standards This chapter states that during the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those disclosed 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[24] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[26] Non-recurring Gains and Losses and Amounts This chapter details the company's non-recurring gains and losses for the first half of 2025, totaling CNY 68.7814 million, primarily from disposal of non-current assets, government grants, and fair value changes and disposal gains of financial assets 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses | 3,534,511.87 | Government compensation for land replacement by Hunan Zhong'an Bio-pharmaceutical Co., Ltd. | | Government grants included in current profit and loss (excluding those with continuous impact) | 7,140,467.31 | Government grant income | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 73,074,604.00 | Investment income from disposal of other non-current financial assets, and fair value change gains from non-current financial assets and wealth management products | | Gains and losses from entrusted investments or asset management | 32,880.34 | - | | Reversal of impairment provisions for individually tested receivables | 56,297.24 | Reversal of impairment provision for individually accrued bad debt on accounts receivable | | Other non-operating income and expenses apart from the above | -420,493.69 | Primarily donation expenses | | Less: Income tax impact | 12,491,461.92 | - | | Minority interest impact (after tax) | 2,145,427.89 | - | | Total | 68,781,377.26 | - | - The company did not classify 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[29] Management Discussion and Analysis This section provides a comprehensive analysis of Ripubio's operational performance, core competencies, and strategic initiatives, highlighting significant growth in revenue and net profit driven by innovation and market expansion Main Business Activities during the Reporting Period This section details Ripubio's main business activities, including the veterinary medicine manufacturing industry overview, the prosperity of downstream animal husbandry, and the rapid growth of the companion animal health market, showcasing the company's leading position and diversified business model Industry Overview during the Reporting Period This section analyzes the veterinary medicine manufacturing industry, including its scale, competitive landscape, the prosperity of downstream animal husbandry (economic and companion animals), and biosecurity control levels, along with the company's leading position and key policies - The company operates in the医药制造业 (pharmaceutical manufacturing industry) within the veterinary medicine manufacturing sector, and is one of China's largest and most comprehensive veterinary drug enterprises[31] 2023 China Veterinary Drug Industry Sales and Market Structure | Indicator | Amount (CNY 100 million) | YoY Change | | :--- | :--- | :--- | | Total veterinary drug industry sales | 696.51 | - | | Biological products market size | 162.76 | -1.76% | | API market size | 176.26 | +1.87% | | Chemical preparations market size | 299.02 | +5.54% | | Traditional Chinese veterinary medicine market size | 58.47 | +13.69% | - China's pet and other veterinary drug product sales accounted for less than 10% of total veterinary drug sales in 2023, compared to 44% globally, indicating significant growth potential in the Chinese pet veterinary drug market[35] - In the first half of 2025, national meat production (pork, beef, lamb, poultry) was 48.43 million tons, a 2.8% year-on-year increase; poultry slaughtered was 8.14 billion birds, a 7.0% year-on-year increase; live hog slaughtered was 366.19 million heads, a 0.6% year-on-year increase[38][40][42] - The company holds 115 "New Veterinary Drug Registration Certificates" (including 17 for pets), over 500 product approval numbers, 12 large-scale production bases, and 100 production lines, making it a national key animal epidemic prevention vaccine producer[51] - Newly announced industry-related policies during the reporting period include "Opinions of the Ministry of Agriculture and Rural Affairs on Implementing Grain Saving Actions in Animal Husbandry", "2025 Action Plan for Consolidating and Improving Standardized Veterinary Drug Use", and "Emergency Response Plan for Highly Pathogenic Avian Influenza Epidemics (2025 Edition)"[55] Main Business Activities during the Reporting Period This section details Ripubio's primary business areas, key products, and diversified business models, including procurement, production, sales, services, and R&D, illustrating the company's comprehensive layout and operational strategy in the animal health industry - The company's main business areas include R&D, production, sales of veterinary biological products, veterinary drug preparations (chemical drugs, traditional Chinese veterinary medicine, disinfectants), veterinary APIs, veterinary functional additives, and providing overall animal disease prevention and control solutions[56] - The company's key products cover poultry, swine, ruminants, and pets, including recombinant avian influenza virus (H5+H7) trivalent inactivated vaccine, porcine infectious pleuropneumonia genetic engineering subunit vaccine, and feline rhinotracheitis/calicivirus/panleukopenia trivalent inactivated vaccine[58][59][60][61][62][63] - The company implements a group centralized procurement strategy, coordinating the centralized procurement of major raw materials and equipment to leverage cost, quality, and efficiency advantages[64] - The company adopts a customer order-driven plus demand forecasting production model, strictly organizing production according to new GMP requirements for veterinary drugs to ensure product quality[65] - The company's sales model consists of three types: direct sales (large-scale breeding enterprises, pet hospital chains), distributor channels (small and medium-sized farms, pet hospitals/stores), and government bidding and procurement[66][67][68][69][70] - Through Bohai Animal Husbandry Monitoring and Diagnosis Center and the Solutions Department, the company provides epidemic early warning, diagnosis, and precise solutions, achieving value-added service upgrades[72] - The company's R&D model is "independent R&D + collaborative innovation open R&D", relying on five major research institutes to build a customer-centric Integrated Product Development (IPD) process[73] Analysis of Core Competencies This section outlines Ripubio's core competitive advantages in technological innovation, product categories, marketing channels, brand, and corporate culture, highlighting its strong R&D capabilities, extensive product line, deep marketing network, strong brand influence, and "foresight, innovation, integrity, sharing" corporate culture - The company's innovation team is led by 3 academicians of the Chinese Academy of Engineering and 16 renowned industry experts, with numerous national and provincial-level talents covering animal medicine, medicinal chemistry, and other disciplines[75] - The company possesses national-level innovation platforms such as the "National Certified Enterprise Technology Center" and "Key Laboratory for Veterinary Biological Product Innovation of the Ministry of Agriculture and Rural Affairs", along with multiple provincial-level innovation platforms, and has repeatedly passed CNAS, GCP, and GLP certifications[76] - The company has established an open innovation platform for new veterinary drugs covering the entire process, including new target screening, new structure discovery, new strain construction, new dosage form creation, and genetic engineering technology breakthroughs, holding 7 pet GCP evaluation project qualifications, the most comprehensive in China[78] - The company has 12 large-scale production bases and 100 product lines, covering six major areas: veterinary biological products, chemical preparations, traditional Chinese medicine preparations, functional additives, disinfectants, and APIs, with 588 products[82] - The company has established a "direct sales + distribution" marketing service network covering major domestic animal husbandry markets, and deeply collaborates with Ruipai Pet Hospital and Zhongrui Supply Chain, forming a strong marketing channel network[84][85] - In the veterinary drug industry, "Ripubio" has become a leading animal health brand, winning multiple honors such as the "First Prize of Tianjin Science and Technology Progress Award" and "National Enterprise with Integrity Commitment for Product and Service Quality"[86][87] - The company adheres to the business philosophy of "foresight, innovation, integrity, sharing" and aims to "become a world-class high-tech biological enterprise", comprehensively building and upgrading its corporate culture system[88] Analysis of Main Business This section analyzes Ripubio's overall operational performance and key work progress in the first half of 2025, demonstrating significant growth in revenue and net profit through focusing on core business, strategic new business layouts, continuous R&D innovation, optimized marketing services, and deepened lean production operations Overall Operating Performance Analysis This section analyzes Ripubio's overall operating performance in the first half of 2025, showing significant growth in operating revenue and net profit driven by revenue expansion in economic animal and companion animal health sectors, optimized product structure, and reduced expense ratios from lean management 2025 Semi-Annual Overall Operating Performance | Indicator | Amount (CNY 100 million) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 17.08 | +20.53% | | Net Profit attributable to parent company | 2.57 | +57.59% | | Net Profit attributable to parent company after deducting non-recurring gains and losses | 1.88 | +34.28% | - In the economic animal health sector, poultry biological product revenue was CNY 611 million, a 24.71% year-on-year increase; preparation and API revenue was CNY 518 million, a 7.89% year-on-year increase; livestock biological product revenue was CNY 136 million, a 110.55% year-on-year increase[89] - Companion animal health sector (pet supply chain, biological products, and pharmaceuticals) revenue was CNY 415 million, a 17.94% year-on-year increase[91] - Net profit growth was primarily due to revenue scale expansion and product structure optimization (biological products sales accounted for 44.93%, an increase of 4.16 percentage points year-on-year), as well as a 0.84 percentage point year-on-year decrease in sales and administrative expense ratios due to lean management[91] - Non-recurring gains and losses attributable to the parent company during the reporting period totaled CNY 68.7814 million, an increase of CNY 45.8133 million year-on-year, mainly due to increased investment income and fair value change gains from non-current financial assets[92] Progress of Key Initiatives during the Reporting Period This section details Ripubio's key initiatives during the reporting period across four main areas: technological innovation, customer collaboration, pet healthcare, and lean transformation, including R&D investment, new product launches, deepened strategic partnerships, pet supply chain development, and lean management system construction, all contributing to sustained performance growth - The company's R&D investment was CNY 113.835 million, accounting for 6.67% of operating revenue; it obtained 4 new veterinary drug registration certificates and 6 clinical trial approvals, including the world's first mRNA vaccine clinical approval for food animals (porcine epidemic diarrhea virus mRNA vaccine)[93] - The project "Key Technologies R&D and Application for Animal Vaccine Industrialization" led by the company won the First Prize of Tianjin Science and Technology Progress Award in 2024, and the mRNA vaccine production line passed GMP acceptance[94] - In the second half of the year, the company will focus on launching major biological products such as the new avian infectious bronchitis and Newcastle disease bivalent live vaccine, and the new avian influenza, Newcastle disease, and adenovirus quadrivalent inactivated vaccine, as well as drug preparations like long-acting sustained-release ceftiofur crystalline and new crystalline form of tilmicosin hydrochloride dihydrate; the pet sector will also launch new products such as feline interferon, krill oil, and probiotics[96] - The company deepened strategic cooperation with leading breeding groups such as Wen's Foodstuff Group, Dekang Agriculture and Animal Husbandry, and Twins Group, and innovatively launched the "Five-Indicator Co-responsibility" technical management model, as well as the Hatchery BEST Action and Respiratory Health Monitoring RHM Ruijian Action[97][98] - Pet supply chain integration achieved significant results, with self-owned product supply chain shipments increasing by over 40% year-on-year, forming a high-density service network covering 13,000 customers, and launching an AI learning platform[99] - The company is fully advancing lean transformation with "value-driven" as its core, focusing on four areas: centralized procurement, process, lean, and human efficiency, implementing 90 lean projects to improve production efficiency and reduce operating costs[100] Analysis of Non-Main Business This section analyzes Ripubio's non-main business gains and losses during the reporting period, where investment income and fair value change gains are the primary sources of non-recurring income, but these items are not sustainable, and credit impairment losses are the main non-recurring expenses 2025 Semi-Annual Non-Main Business Gains and Losses | Item | Amount (CNY) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment income | 32,094,818.10 | 10.30% | No | | Fair value change gains and losses | 43,282,384.88 | 13.89% | No | | Asset impairment | 373,473.73 | 0.12% | No | | Non-operating income | 1,961,830.86 | 0.63% | No | | Non-operating expenses | 2,577,767.85 | 0.83% | No | | Other income | 10,040,094.62 | 3.22% | No | | Credit impairment losses | -20,748,539.02 | -6.66% | No | - Investment income primarily includes investment income from disposal of other non-current financial assets and long-term equity investment income accounted for using the equity method[105] - Fair value change gains and losses primarily include fair value change gains from non-current financial assets and wealth management products[105] - Credit impairment losses primarily represent bad debt provisions accrued for accounts receivable based on aging analysis[105] Analysis of Assets and Liabilities This section analyzes Ripubio's asset and liability composition and significant changes at the end of the reporting period, noting a slight decrease in total assets but an increase in net assets attributable to shareholders, alongside changes in borrowings, financial assets, and other payables, and disclosing asset restrictions Significant Changes in Asset Composition (Period-end vs Prior Year-end) | Item | Period-end Balance (CNY) | Proportion of Total Assets | Prior Year-end Balance (CNY) | Proportion of Total Assets | Change in Proportion | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total assets | 7,954,980,870.01 | 100.00% | 7,965,793,053.87 | 100.00% | -0.14% | - | | Net assets attributable to shareholders of listed company | 4,561,894,007.01 | - | 4,469,990,178.39 | - | 2.06% | - | | Monetary funds | 532,964,024.05 | 6.70% | 487,366,788.05 | 6.12% | 0.58% | - | | Accounts receivable | 1,077,348,081.89 | 13.54% | 1,039,789,034.46 | 13.05% | 0.49% | Increased revenue in current period | | Prepayments | 108,822,448.55 | 1.37% | 61,196,517.90 | 0.77% | 0.60% | Increased prepayments for goods in current period | | Trading financial assets | 1,326,172,881.78 | 16.67% | 1,451,255,182.59 | 18.22% | -1.55% | Reduced scale of wealth management products in current period | | Other non-current financial assets | 66,263,636.26 | 0.83% | 100,368,039.13 | 1.26% | -0.43% | Disposal of other non-current financial assets in current period | | Short-term borrowings | 883,745,457.48 | 11.11% | 800,781,866.94 | 10.05% | 1.06% | - | | Long-term borrowings | 667,125,639.36 | 8.39% | 513,813,058.96 | 6.45% | 1.94% | Parent company increased low-cost long-term loans in current period | | Other payables | 393,285,010.40 | 4.94% | 660,575,397.75 | 8.29% | -3.35% | Paid equity investment payables in current period | Financial Assets and Liabilities Measured at Fair Value at Period-end | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Purchases for Current Period (CNY) | Sales for Current Period (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading financial assets | 1,451,255,182.59 | 16,823,636.41 | 713,050,000.00 | 854,955,937.22 | 1,326,172,881.78 | | Other non-current financial assets | 100,368,039.13 | 26,458,748.47 | - | 60,563,151.34 | 66,263,636.26 | | Subtotal of Financial Assets | 1,551,623,221.72 | 43,282,384.88 | 713,050,000.00 | 915,519,088.56 | 1,392,436,518.04 | | Financial liabilities | 0.00 | - | - | - | 0.00 | Asset Restrictions at Period-end | Item | Period-end Book Value (CNY) | Restricted Type | Restricted Status | | :--- | :--- | :--- | :--- | | Monetary funds | 71,564.77 | Deposits and other restrictions | Frozen | | Notes receivable | 15,787,186.92 | Notes endorsed but not due | Restricted use | | Fixed assets | 143,716,809.87 | Loan collateral | Collateralized | | Intangible assets | 22,571,225.77 | Loan collateral | Collateralized | | Accounts receivable | - | Factoring financing | Pledged (CNY 79,500,000.00 at beginning of period) | Analysis of Investment Status This section outlines Ripubio's investment activities during the reporting period, including total investment, financial assets measured at fair value, and the use of raised funds, noting a significant decrease in investment due to reduced wealth management products and progress on various R&D and factory construction projects - Total investment during the reporting period was CNY 55.5 million, a 81.77% decrease compared to CNY 304.5 million in the same period last year[113] Financial Assets Measured at Fair Value at Period-end | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Purchases for Current Period (CNY) | Sales for Current Period (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 4,622,721.74 | -234,100.83 | - | - | 4,388,620.91 | | Others (Wealth Management Products) | 1,547,000,499.98 | 43,516,485.71 | 713,050,000.00 | 915,519,088.56 | 1,388,047,897.13 | | Total | 1,551,623,221.72 | 43,282,384.88 | 713,050,000.00 | 915,519,088.56 | 1,392,436,518.04 | - In 2021, the total amount of funds raised through a non-public offering of shares was CNY 1.336 billion, with a net amount of CNY 1.322 billion[118] - During the current reporting period, CNY 17.9461 million of raised funds were used, and as of June 30, 2025, a cumulative total of CNY 808 million of raised funds had been used, representing 61.15% of the total raised funds[119] - Committed projects for raised funds include R&D center upgrade and renovation, construction of an international standard veterinary drug preparation automated factory, construction of a natural plant extraction industrial base, construction of a large-scale suspension culture workshop for South China Bio, ultra-large-scale full suspension continuous flow cell culture high-efficiency animal vaccine preparation technology project, Zhong'an Bio expansion and renovation project, and supplementary working capital[121][122] - The "International Standard Veterinary Drug Preparation Automated Factory Construction Project" and "Natural Plant Extraction Industrial Base Construction Project" have been completed and reached their intended usable state[122] - The "South China Bio Large-scale Suspension Culture Workshop Construction Project" has been postponed until December 31, 2026, as the products and processes involved are undergoing laboratory research and clinical trial applications[123] - The "Zhong'an Bio Expansion and Renovation Project" has been closed, with remaining raised funds of CNY 139.7837 million, of which CNY 17.6128 million will permanently supplement working capital[124] Overview of Entrusted Wealth Management during the Reporting Period | Specific Type | Amount of Entrusted Wealth Management (CNY 10,000) | Unexpired Balance (CNY 10,000) | | :--- | :--- | :--- | | Brokerage wealth management products | 97,000 | 87,000 | | Bank wealth management products | 924.14 | 875.09 | | Brokerage wealth management products (raised funds) | 50,300 | 42,950 | | Other categories | 7,091.78 | 1,035.46 | | Total | 155,315.92 | 131,860.55 | Significant Asset and Equity Disposals This section discloses Ripubio's significant equity disposal during the reporting period, where the company sold a 48.4213% stake in Hunan Zhong'an Bio-pharmaceutical Co., Ltd. for CNY 114.7584 million to optimize asset structure and deepen strategic cooperation - The company did not dispose of significant assets during the reporting period[129] - Equity disposed: 48.4213% stake in Hunan Zhong'an Bio-pharmaceutical Co., Ltd[130] - Transferee: Jiangxi Twins Biotechnology Co., Ltd[130] - Disposal date: July 30, 2025[130] - Transaction price: CNY 114.7584 million[130] - Purpose of disposal: To optimize the company's asset and business structure, lock in the benefits of the raised investment project in advance; to deepen strategic cooperation with group clients, and enhance profitability[130] - Pricing principle: Agreed upon by all transaction parties, based on Zhong'an Bio's net assets as of December 31, 2024, with a 15.30% premium[130] - Impact: This equity transfer had no impact on the company's profit and loss for the first half of 2025, as the industrial and commercial change registration was completed on July 30, after which Zhong'an Bio was no longer included in the consolidated financial statements[130] Analysis of Major Holding and Participating Companies This section lists Ripubio's major holding subsidiaries and participating companies with a significant impact on net profit, and discloses the acquisition and disposal of subsidiaries during the reporting period, highlighting Ripubio Baoding and South China Bio as key profitable entities Major Holding Subsidiary Financial Data (2025 Semi-Annual) | Company Name | Company Type | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ripubio Baoding | Subsidiary | 12,670.75 | 44,542.29 | 39,985.59 | 21,035.09 | 9,852.59 | 8,485.68 | | South China Bio | Subsidiary | 7,368.00 | 47,091.39 | 34,474.87 | 18,077.70 | 5,380.50 | 4,851.82 | - Acquisition and disposal of subsidiaries during the reporting period: Acquired Hangzhou Zebra Soldier Technology Co., Ltd., with a cumulative net loss of CNY 768,248.38 for the current period; established Jinhua Yunchu Supply Chain Management Co., Ltd., with a cumulative net loss of CNY 409,117.65 for the current period; established Heilongjiang Songwei Supply Chain Management Co., Ltd., with a cumulative net loss of CNY 485,187.96 for the current period[133] Risks Faced by the Company and Countermeasures This section details Ripubio's five major risks: animal epidemic, market competition, technical talent loss, product development, and biosecurity, along with the company's countermeasures, and also addresses the risk of high accounts receivable - Animal epidemic risk: Increased scale and intensification of animal husbandry raise the risk of animal infectious disease outbreaks; the company responds by providing full life-cycle disease prevention and control products and services, closely monitoring epidemic changes, and promptly launching new products and disease solutions[134] - Market competition risk: The domestic economic animal veterinary drug industry faces fierce competition, and imported products dominate the pet veterinary drug market; the company enhances competitiveness through technological innovation, differentiated products, supply chain optimization, and cost control[135] - Technical talent loss risk: High-end R&D personnel are crucial for the company's competitive advantage; the company implements a "merit-based culture", combining material and spiritual incentives, to cultivate a young and promising talent pipeline with high academic qualifications[137] - Product development risk: Veterinary drug product R&D is characterized by long cycles, high investment, and uncertainty; the company adopts an "independent R&D + collaborative innovation open R&D" model, closely aligning with market demand to reduce R&D investment risks[138] - Biosecurity risk: Veterinary vaccine R&D and production processes require high biosecurity levels; the company strictly adheres to regulations, establishes quality management systems for R&D and production, and operates in a standardized manner to mitigate biosecurity risks[139] - Risk of high accounts receivable: As of the end of the reporting period, the company's accounts receivable book value was CNY 1.077 billion, posing a potential bad debt risk; the company has formulated an "Accounts Receivable Management System" to strengthen standardized marketing system management and control the scale of high-risk customer accounts receivable[140] Registration Form for Research, Communication, Interview, and Other Activities during the Reporting Period This section records Ripubio's research, communication, and interview activities with institutional investors and the public during April 2025, where the company used conference calls and online platforms to inform investors about its 2024 operating performance, pet health industry plans, international business strategy, and Q1 2025 operating performance - On April 2, 2025, the company held a conference call with institutional investors including CICC, Changjiang Securities, and Harvest Fund to discuss the company's 2024 operating performance and industrial planning in the pet health sector[142] - On April 21, 2025, the company conducted an online exchange via a network platform, explaining to investors participating in the 2024 annual performance briefing its future market positioning and growth targets for the pet segment, and its international business strategic planning[142] - On April 25, 2025, the company held a conference call with institutional investors including Huachuang Securities, CITIC Securities, and Fullgoal Fund to discuss the company's Q1 2025 operating performance and overall planning for the pet segment[142] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan This section states that Ripubio has formulated and disclosed a market value management system but has not disclosed a valuation enhancement plan, aiming to enhance investment value through focusing on its main business, improving operational efficiency, and utilizing M&A, equity incentives, share repurchases, and cash dividends - The company has formulated a "Market Value Management System", which was reviewed and approved at the 22nd meeting of the Fifth Board of Directors on April 1, 2025[145] - The company has not disclosed a valuation enhancement plan[144] - The company's market value management measures include focusing on its main business, improving operational efficiency and profitability, and comprehensively utilizing M&A, equity incentives, share repurchases, cash dividends, and other methods to enhance the company's investment value[145] Implementation of "Dual Improvement in Quality and Returns" Action Plan This section explains that Ripubio has disclosed and actively implemented its "Dual Improvement in Quality and Returns" action plan, focusing on main business, innovation, investor returns, information disclosure, and standardized operations to ensure investor rights and promote sustainable development - The company disclosed the "Dual Improvement in Quality and Returns" action plan announcement on January 8, 2025, on the Juchao Information website[147] - The plan outlines corresponding actions across five major areas: "Focusing on main business and strategically laying out new business formats", "Innovation-driven growth", "Prioritizing investor returns", "Strengthening information disclosure quality and emphasizing communication with investors", and "Enhancing standardized operational levels"[147] - In the first half of 2025, the company actively advanced the implementation of various tasks under the plan, adhering to technology-driven high-quality development, achieving significant growth in revenue and profit, and yielding fruitful scientific research results[147] - Regarding investor returns, the company announced and completed the 2024 profit distribution plan, distributing CNY 3 per 10 shares to all shareholders, totaling CNY 137 million in cash dividends; it also completed the share repurchase plan announced on November 4, 2024, repurchasing a cumulative total of CNY 130 million[149] - In terms of investor communication, the company actively built communication bridges through diversified channels, including organizing on-site research, holding conference calls, participating in strategy meetings, responding on the interactive platform, and answering investor hotlines[149] Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management This chapter discloses changes in the company's board of directors during the reporting period, with former independent director Ms. Zhou Rui leaving due to term expiration, and Ms. Li Ya being elected as a new independent director - Former independent director Ms. Zhou Rui left due to term expiration on May 12, 2025[151][152] - Ms. Li Ya was elected as an independent director of the company on May 12, 2025[151][152] Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period This chapter states that the company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[153] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This chapter discloses the implementation of the company's 2022 restricted stock incentive plan, where some restricted shares were repurchased and cancelled due to the departure of incentive recipients and the non-achievement of company-level performance targets - On April 1, 2025, the company's board of directors and supervisory board convened to review and approve the "Proposal on Repurchasing and Cancelling Part of the Restricted Shares under the 2022 Restricted Stock Incentive Plan"[154] - Due to reasons such as the departure of incentive recipients and the non-achievement of company-level performance targets for 2024, the company repurchased and cancelled 1,093,200 restricted shares that had been granted but not yet unlocked, at a repurchase price of CNY 8.40/share[154] - On June 30, 2025, the company completed the cancellation of the aforementioned restricted shares[155] Environmental Information Disclosure This chapter discloses the inclusion of the company and its major subsidiaries in the list of enterprises required to disclose environmental information by law, with 8 subsidiaries included, and provides an inquiry index - The company and 8 of its major subsidiaries were included in the list of enterprises required to disclose environmental information by law[157] - Subsidiaries included in the list are Tianjin Ripubio Biotechnology Co., Ltd. Airport Economic Zone Branch, Ripubio (Tianjin) Bio-pharmaceutical Co., Ltd., Ripubio (Baoding) Bio-pharmaceutical Co., Ltd., Guangzhou South China Agricultural University Biological Pharmaceutical Co., Ltd., Hunan Zhong'an Bio-pharmaceutical Co., Ltd., Inner Mongolia Biwei Antai Biotechnology Co., Ltd., Hubei Longxiang Pharmaceutical Technology Co., Ltd. (Makou Industrial Park Plant and Longping Town Plant)[157] Social Responsibility This chapter elaborates on Ripubio's social responsibility practices, including its commitment to green development, continuous ESG reporting, and active participation in poverty alleviation and rural revitalization through donations, establishing veterinary service stations, free technical training, and public welfare donations - Ripubio adheres to the green development philosophy of "dedicated to animal and human health, promoting harmonious development between humans, nature, and society", has continuously published "Environmental, Social, and Governance (ESG) Reports" for three consecutive years, and its Wind ESG rating has steadily improved from BB to A, ranking first in the sub-industry[158] - The company donated CNY 20,000 to the Red Cross Society of Xiqing District, Tianjin, specifically to support construction and development in eastern and western collaboration regions[159] - The company has established veterinary service stations and hospitals in 5 prefectures/cities and 14 banners/counties in Inner Mongolia Autonomous Region, as well as in Hotan City and Tumxuk City in Xinjiang, bridging the "last mile" of animal disease prevention and control[159] - During the reporting period, the company conducted over 3,000 free technical training sessions and meetings on various disease prevention and control topics, benefiting 300,000 person-times; it also provided free disease sample testing for nearly 700,000 farmers[160] - The company donated CNY 2 million to the Ripubio Public Welfare Foundation, specifically for public welfare projects such as supporting the construction of grassroots veterinary testing laboratories, cultivating agricultural science and technology talents, R&D of non-profit projects, and key discipline construction[160] - The Ripubio Public Welfare Foundation signed a "Donation Agreement" with the Animal Husbandry and Veterinary Affairs Service Center of Zhangjiachuan County, Gansu, donating animal disease laboratory testing equipment valued at over CNY 1 million[160] - During the earthquake disaster in Dingri County, Tibet, the company donated animal epidemic prevention drugs and materials valued at CNY 100,000 to support epidemic prevention and control efforts in the disaster area[160] Significant Matters This section covers various significant matters, including commitments, related party transactions, litigation, and other important disclosures, ensuring transparency regarding the company's operational and financial integrity Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company during the Reporting Period This chapter states that during the reporting period, there were no unfulfilled or overdue unfulfilled commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company - During the reporting period, there were no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company that were unfulfilled or overdue unfulfilled as of the end of the reporting period[163] Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties This chapter states that 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[164] Illegal External Guarantees This chapter states that there were no illegal external guarantees by the company during the reporting period - There were no illegal external guarantees by the company during the reporting period[165] Appointment and Dismissal of Accounting Firms This chapter states that the company's semi-annual financial report was not audited - The company's semi-annual report was not audited[166] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Reporting Period This chapter states that during the reporting period, there was no explanation by the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" from the accounting firm for the current reporting period - During the reporting period, there was no explanation by the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" from the accounting firm for the current reporting period[167] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year This chapter states that 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[167] Bankruptcy and Reorganization Matters This chapter states that no bankruptcy or reorganization matters occurred during the company's reporting period - No bankruptcy or reorganization matters occurred during the company's reporting period[168] Litigation Matters This chapter discloses that the company had no significant litigation or arbitration matters during the reporting period, but other litigation matters totaled CNY 193.5251 million, some still under trial, some concluded, with no significant impact on the company's operations - The company had no significant litigation or arbitration matters during the current reporting period[169] - Other litigation matters involved a total amount of CNY 193.5251 million, some are still under trial, some have been concluded, and they have no significant impact on the company's operations[170] Penalties and Rectification This chapter states that there were no penalties or rectification situations for the company during the reporting period - There were no penalties or rectification situations for the company during the reporting period[171] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller This chapter states that there were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[172] Significant Related Party Transactions This chapter details various significant related party transactions during the company's reporting period, including sales and purchases of goods, provision and acceptance of services, related party creditor-debtor relationships, and other significant related party transactions such as donations to a public welfare foundation Related Party Transactions Related to Daily Operations (2025 Semi-Annual) | Related Party | Related Transaction Content | Transaction Amount (CNY 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Ruipai Pet Hospital Management Co., Ltd. | Sales of goods to related parties | 5,678.1 | 3.35% | 15,000 | - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[174] - The company had no related party transactions involving joint external investments during the reporting period[175] - There were non-operating related party creditor-debtor transactions, with payables to Ruipai Pet Hospital Management Co., Ltd. totaling CNY 120.909004 million[176] - There were no deposits, loans, credit lines, or other financial businesses between the company and related financial companies, or between the company's controlled financial companies and related parties[177][178] - On April 25, 2025, the company's board of directors and supervisory board convened to review and approve the "Proposal on Donating to Tianjin Ripubio Public Welfare Foundation and Related Party Transaction", proposing to donate CNY 23 million in cash or equivalent from its own funds to Tianjin Ripubio Public Welfare Foundation[179] Significant Contracts and Their Performance This chapter discloses the performance of the company's significant contracts during the reporting period, including leasing matters and external guarantees, where the company signed an asset lease and operation framework agreement with Fujian Shengwei Biotechnology Co., Ltd. and provided multiple guarantees for its subsidiaries, totaling 3.43% of the company's net assets - The company had no trusteeship or contracting situations during the reporting period[181][182] - In 2023, the company signed an "Asset Lease and Operation Framework Agreement" with Fujian Shengwei Biotechnology Co., Ltd., leasing its vaccine production assets and ancillary facilities in Jinling Industrial Park, Guangze County, Fujian Province, for independent operation, with a lease term from March 17, 2023, to March 16, 2026[183] Company Guarantee Overview (2025 Semi-Annual) | Guarantee Type | Total Approved Guarantee Limit at Period-end (CNY 10,000) | Total Actual Guarantee Balance at Period-end (CNY 10,000) | | :--- | :--- | :--- | | Company guarantees for subsidiaries | 19,000 | 14,169.05 | | Subsidiary guarantees for subsidiaries | 4,899.22 | 1,479.91 | | Total Guarantee Amount | 23,899.22 | 15,648.96 | | Proportion of actual total guarantee amount to company's net assets | - | 3.43% | - The company had no significant contracts for daily operations or other significant contracts during the reporting period[190][191] Explanation of Other Significant Matters This chapter discloses the company's framework agreements signed in the past three years, including strategic cooperation agreements with Fujian Wen's Foodstuff Group Co., Ltd., Beijing Luzhu Biotechnology Co., Ltd., and Twins (Group) Co., Ltd. - The company signed a strategic cooperation agreement with Fujian Wen's Foodstuff Group Co., Ltd. and Fujian Shengwei Biotechnology Co., Ltd., collaborating on poultry healthy breeding, epidemic prevention system construction, and intelligent poultry development[192] - The company signed a strategic cooperation agreement with Beijing Luzhu Biotechnology Co., Ltd., where both parties will conduct comprehensive cooperation in pet monoclonal antibody drugs and genetic engineering vaccines, jointly building an innovative system for R&D, production, and sales alliance[192] - The company signed a strategic cooperation agreement with Twins (Group) Co., Ltd., establishing a long-term strategic partnership in vaccines, drug R&D, product procurement, and disease prevention and control[192] Significant Matters of Company Subsidiaries This chapter states that there were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[193] Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted and unrestricted shares, and provides an overview of shareholder structure, including top shareholders and their holdings Share Change Status This chapter details Ripubio's total shares, restricted shares, and unrestricted shares changes during the reporting period, primarily due to the repurchase and cancellation of restricted shares and adjustments to senior management lock-up shares Share Change Status (Beginning vs End of Period) | Item | Before Change (shares) | Change (shares) | After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted shares | 130,866,730 | -1,074,045 | 129,792,685 | | II. Unrestricted shares | 334,981,176 | -19,155 | 334,962,021 | | III. Total shares | 465,847,906 | -1,093,200 | 464,754,706 | - Reasons for share changes: Senior management lock-up shares increased by 19,155 shares, equity incentive restricted shares decreased by 1,093,200 shares, and unrestricted circulating shares decreased by 19,155 shares[197] - On June 30, 2025, the company completed the repurchase and cancellation of 1,093,200 restricted shares granted under the 2022 restricted stock incentive plan that had not yet been unlocked[197][199] - The company completed the share repurchase plan announced on November 1, 2024, repurchasing a cumulative total of 6,997,751 shares between November 8, 2024, and April 17, 2025, with a total payment of CNY 129.98335899 million[200] - During the reporting period, due to the repurchase and cancellation of 1,093,200 restricted shares, the company's total share capital decreased to 464,754,706 shares; after the cancellation, the company's basic earnings per share and diluted earnings per share for the first half of 2025 were CNY 0.5642, and net assets per share attributable to ordinary shareholders were CNY 9.8157[201] Restricted Share Change Status (Period-end) | Shareholder Name | Beginning Restricted Shares (shares) | Unlocked Shares in Current Period (shares) | Increased Restricted Shares in Current Period (shares) | Period-end Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Shoujun | 125,605,859 | - | - | 125,605,859 | Senior management lock-up shares | | Zhou Zhonghua | 3,887,479 | - | - | 3,887,479 | Senior management lock-up shares | | Xu Lei | 110,347 | - | 3,510 | 113,857 | Senior management lock-up shares | | Xu Lei | 39,000 | 3