万邦医药(301520) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions This section provides essential disclaimers, the report's structure, a list of reference documents, and definitions of key terms used throughout the report Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4] - The company's person in charge, chief accountant, and head of the accounting department declare that the financial 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 section outlines the report's overall structure, covering company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial statements List of Documents for Reference This section lists all documents available for inspection, including signed financial statements and original copies of publicly disclosed company documents - Reference documents include financial statements signed and sealed by the company's person in charge, chief accountant, and head of the accounting department[9] - Reference documents include the original text of the 2025 semi-annual report signed by the company's legal representative[10] - Reference documents include the originals of all company documents and announcements publicly disclosed during the reporting period[11] Definitions This section defines common terms used in the report, including company names, subsidiaries, laws, reporting periods, and CRO industry-specific terminology - The full name of the company is Anhui Wanbang Pharmaceutical Technology Co, Ltd, abbreviated as Wanbang Pharmaceutical[14] - The reporting period refers to January 1, 2025, to June 30, 2025[14] - CRO (Contract Research Organization) refers to an organization providing specialized drug research and development services[14] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period Company Profile The company's stock abbreviation is Wanbang Pharmaceutical, stock code 301520, listed on the Shenzhen Stock Exchange, with Tao Chunlei as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Wanbang Pharmaceutical | | Stock Code | 301520 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Anhui Wanbang Pharmaceutical Technology Co., Ltd. | | Legal Representative | Tao Chunlei | Contact Person and Contact Information The company's Board Secretary is Hou Haikun, with contact details including address, phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Hou Haikun | No. 299 Huolongdi Road, High-tech Zone, Hefei City, Anhui Province | 0551-68858187 | 0551-65397675 | wbyydmb@ahwbyy.cn | Other Information During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status - The company's contact information, information disclosure and storage locations, and registration status remained unchanged during the reporting period[19][20][21] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue and net profit significantly decreased year-on-year, with a notable reduction in net cash flow from operating activities Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 146,838,210.56 | 187,214,555.86 | -21.57% | | Net Profit Attributable to Shareholders of Listed Company | 26,811,405.38 | 55,032,956.09 | -51.28% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 12,327,047.70 | 41,327,567.64 | -70.17% | | Net Cash Flow from Operating Activities | 12,538,969.15 | 27,989,138.99 | -55.20% | | Basic Earnings Per Share (Yuan/share) | 0.40 | 0.83 | -51.81% | | Diluted Earnings Per Share (Yuan/share) | 0.40 | 0.83 | -51.81% | | Weighted Average Return on Net Assets | 1.79% | 3.69% | -1.90% | | Period-end Indicators | Current Period-end (Yuan) | Prior Year-end (Yuan) | Change from Prior Year-end | | Total Assets | 1,592,286,466.32 | 1,603,808,014.06 | -0.72% | | Net Assets Attributable to Shareholders of Listed Company | 1,505,084,661.39 | 1,513,368,506.60 | -0.55% | Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[23][24] Non-recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for the reporting period amounted to 14,484,357.68 Yuan, primarily from government grants and fair value changes of financial assets Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit and loss (excluding those with continuous impact) | 2,869,974.62 | | Fair value changes and disposal gains/losses of financial assets and liabilities, excluding hedging | 14,153,750.26 | | Other non-operating income and expenses apart from the above | -42,957.64 | | Less: Income tax impact | 2,496,409.56 | | Impact on minority interests (after tax) | 0.00 | | Total | 14,484,357.68 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring gains and losses as recurring gains and losses[27] Management Discussion and Analysis This section provides an in-depth analysis of the company's main businesses, core competencies, financial performance, investment activities, and risk management strategies Main Businesses of the Company during the Reporting Period As a comprehensive CRO enterprise, the company primarily offers pharmaceutical and clinical research services, alongside R&D technology commercialization Company's Main Business The company provides full-process pharmaceutical and clinical research services, including clinical trial operations, site management, bioanalytical services, data management, and statistical analysis - The company is a comprehensive CRO enterprise, providing pharmaceutical and clinical research services, established in 2006[29] - Clinical research services include Clinical Operations (CO), Site Management Organization (SMO), Bioanalytical Services (BA), and Data Management and Statistical Analysis (DM/ST)[29][30] - Pharmaceutical research services cover formulation process, quality, and stability studies, expanding into complex generics, improved new drugs, and innovative drug R&D[30] - The R&D technology commercialization model involves independent project initiation, with results transferred to clients or shared post-market rights upon achieving milestones[31] Business Model The company's profitability primarily stems from client-commissioned R&D, with direct sales as its main sales channel - The company's profit model primarily includes client-commissioned R&D, R&D technology transfer, and collaborative R&D, with client-commissioned R&D being the main source of income[32] - The company's sales model is direct sales, acquiring clients through high-quality services, industry reputation, exhibition promotions, and business visits[33] Analysis of Core Competitiveness The company's core competitiveness lies in its integrated "pharmaceutical research + clinical research" service chain, extensive project experience, comprehensive experimental equipment, and a stable, highly qualified talent team - The company possesses a full-chain "pharmaceutical research + clinical research" service capability, achieving economies of scale and synergy, enhancing project efficiency and delivery rates[34] - As of the end of the reporting period, the company has undertaken over 1,300 pharmaceutical and clinical research projects, obtained over 500 acceptance numbers, over 240 production approvals, and served over 300 renowned pharmaceutical companies[35][36] - The company owns multiple advanced detection instruments (LC-MS/MS, GC-MS, ICP-MS, HPLC) and several core technology platforms, such as topical formulation R&D and controlled-release formulation technology platforms[37] - The company has 362 employees, with technical personnel accounting for 83.7%, demonstrating a highly educated and skilled team with sufficient talent reserves[38] Analysis of Main Business During the reporting period, the company's main business revenue decreased by 21.57% year-on-year due to lower order unit prices, while sales expenses increased by 83.86% Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 146,838,210.56 | 187,214,555.86 | -21.57% | Primarily due to a decrease in order unit prices during the current period | | Operating Cost | 95,846,446.79 | 100,891,541.69 | -5.00% | No significant change | | Selling Expenses | 4,070,649.63 | 2,213,962.16 | 83.86% | Primarily due to the expansion of the company's business team and increased bidding and market promotion efforts during the reporting period | | Financial Expenses | -753,240.78 | -2,142,210.65 | 64.84% | Primarily due to a decrease in interest income during the reporting period | | Income Tax Expense | -1,669,964.35 | 4,524,700.86 | -136.91% | Primarily due to a decrease in profit during the reporting period | | Net Cash Flow from Operating Activities | 12,538,969.15 | 27,989,138.99 | -55.20% | Primarily due to a decrease in revenue and profit during the reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Clinical Research Services | 113,036,184.21 | 79,526,441.78 | 29.65% | -21.12% | -7.59% | -10.29% | | R&D Technology Commercialization | 17,901,886.79 | 786,865.79 | 95.60% | -0.98% | 5.26% | -0.27% | | Domestic | 146,838,210.56 | 95,846,446.79 | 34.73% | -21.57% | -5.00% | -11.38% | Analysis of Non-Main Business Non-main business activities contributed significantly to total profit during the reporting period, primarily from fair value changes and investment income, though these are not sustainable Non-Main Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,638,364.11 | 10.49% | Primarily due to disposal of financial assets held for trading | No | | Fair Value Change Gains/Losses | 11,515,386.15 | 45.80% | Primarily due to fair value changes of financial assets held for trading | No | | Asset Impairment | -402,055.93 | -1.60% | Primarily due to provision for bad debts on contract assets | Yes | | Other Income | 3,661,603.68 | 14.56% | Primarily due to government grants received during the reporting period | No | | Credit Impairment Losses | -1,978,197.32 | -7.87% | Primarily due to provision for bad debts on accounts receivable and other receivables | Yes | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with a significant increase in construction in progress and substantial trading financial assets Significant Changes in Asset Composition | Item | Amount at Period-end (Yuan) | Proportion of Total Assets | Amount at Prior Year-end (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 72,313,777.53 | 4.54% | 179,294,435.57 | 11.18% | -6.64% | Primarily due to a decrease in cash received from sales and an increase in cash paid for investments during the reporting period | | Construction in Progress | 19,815,296.17 | 1.24% | 1,665,843.83 | 0.10% | 1.14% | Primarily due to increased investment in Phase II projects during the reporting period | | Notes Receivable | 4,059,360.98 | 0.25% | 12,012,254.92 | 0.75% | -0.50% | Primarily due to an increase in bank acceptance bill endorsements during the reporting period | | Deferred Income | 10,775,435.72 | 0.68% | 7,413,327.01 | 0.46% | 0.22% | Primarily due to an increase in asset-related government grants received during the reporting period | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Financial assets held for trading | 1,023,470,174.93 | 11,515,386.15 | 1,105,187,391.54 | | Other non-current financial assets | 3,000,000.00 | 0.00 | 3,000,000.00 | | Total | 1,026,470,174.93 | 11,515,386.15 | 1,108,187,391.54 | - The company had no major overseas assets or asset restrictions at the end of the reporting period[47][49] Analysis of Investment Status During the reporting period, the company's investment amount increased by 95.59%, primarily in financial assets measured at fair value, with a significant portion of raised funds utilized and entrusted wealth management totaling 1,074 million Yuan Investment Amount for the Reporting Period | Indicator | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 896,802,441.10 | 458,501,579.39 | 95.59% | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Ending Balance (Yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Other (Own Funds) | 472,084,342.18 | 8,845,275.01 | 724,148,002.66 | Own Funds | | Other (Raised Funds) | 554,385,832.75 | 2,670,111.14 | 384,039,388.88 | Raised Funds | | Total | 1,026,470,174.93 | 11,515,386.15 | 1,108,187,391.54 | -- | - As of June 30, 2025, the company had cumulatively used 646.7446 million Yuan of raised funds, with a remaining balance of 377.5563 million Yuan[52] - The "Drug R&D and Pharmacokinetics Engineering Center Project" has been extended to December 31, 2026, primarily due to limited initial self-owned funds and ongoing preparations for Phase II construction[55][56] Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 68,400 | 68,400 | | Bank Wealth Management Products | Raised Funds | 13,000 | 12,000 | | Brokerage Wealth Management Products | Raised Funds | 26,000 | 26,000 | | Total | -- | 107,400 | 106,400 | Disposal of Major Assets and Equity During the reporting period, the company did not engage in any disposal of major assets or equity - The company did not dispose of major assets during the reporting period[61] - The company did not dispose of major equity during the reporting period[62] Analysis of Major Holding and Associate Companies During the reporting period, the company had no important holding or associate company information requiring disclosure - The company had no important holding or associate company information requiring disclosure during the reporting period[62] Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[63] Risks Faced by the Company and Countermeasures The company faces six major risks related to innovation, policy changes, reliance on R&D investment, growth, gross margin fluctuations, and management, with corresponding mitigation strategies in place - The company faces innovation and technology risks, requiring continuous technological innovation to meet new industry demands, with plans to accelerate core technology iteration and talent pipeline development[64] - The company faces industry policy change risks, necessitating close monitoring of policy shifts, enhancing risk resistance, and diversifying business structure[65] - The company faces risks related to its reliance on R&D investment in the pharmaceutical industry, which could be adversely affected if industry growth slows[66] - The company faces growth risks and plans to continuously build a full-chain R&D service platform, strengthen R&D capabilities, and expand its market presence[67] - The company faces gross margin fluctuation risks and will strengthen comprehensive budget management, refine cost control, and enhance profitability resilience[68] - The company faces management risks and will deepen the construction of a modern enterprise system, optimizing governance structure and talent ecosystem[69][70] Registration Form for Research, Communication, Interview and Other Activities during the Reporting Period On May 16, 2025, the company participated in the 2024 annual online performance briefing via the Value Online platform, engaging in communication with investors - On May 16, 2025, the company participated in the 2024 annual online performance briefing via an online platform[71] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[72] - The company has not disclosed a valuation enhancement plan[72] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[72] Corporate Governance, Environment and Society This section details changes in the company's governance structure, profit distribution plans, employee incentive measures, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors and Senior Management During the reporting period, the company's directors, supervisors, and senior management underwent several changes due to re-election, with new appointments and departures Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Shen Ying | Former Director | Term expired | August 21, 2025 | Re-election | | Yin Zongcheng | Former Independent Director | Term expired | August 21, 2025 | Re-election | | Jiang Baohong | Former Independent Director | Term expired | August 21, 2025 | Re-election | | Wang Xiaodong | Former Supervisor | Term expired | August 21, 2025 | Re-election | | Li Jie | Former Supervisor | Term expired | August 21, 2025 | Re-election | | Shao Feng | Former Supervisor | Term expired | August 21, 2025 | Re-election | | Liu Mei | Former Board Secretary, CFO | Term expired | August 21, 2025 | Re-election | | Liu Rongrong | Former Deputy General Manager | Term expired | August 21, 2025 | Re-election | | Song Xin | Director | Elected | August 21, 2025 | Re-election | | Zhou Yan | Deputy General Manager | Appointed | August 21, 2025 | Re-election | | Zhang Hongbin | Independent Director | Elected | August 21, 2025 | Re-election | | Zhuo Min | Independent Director | Elected | August 21, 2025 | Re-election | | Ran Jing | CFO | Appointed | August 21, 2025 | Re-election | | Hou Haikun | Board Secretary | Appointed | August 21, 2025 | Re-election | 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[75] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures In 2025, the company launched a restricted stock incentive plan, granting 509,375 restricted shares to 88 incentive recipients at 19.75 Yuan per share - The company approved the "2025 Restricted Stock Incentive Plan (Draft)" on April 18, 2025[76] - On May 13, 2025, the company granted 509,375 restricted shares to 88 incentive recipients at a grant price of 19.75 Yuan/share[79] - During the reporting period, the company had no employee stock ownership plans or other employee incentive measures[80] 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 company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[80] Social Responsibility The company actively fulfills its corporate social responsibility by improving governance, ensuring compliance, and protecting shareholder rights, while also safeguarding employee interests through social security and incentive programs - The company effectively protects the legitimate rights and interests of shareholders, especially small and medium shareholders, by improving systems, operating in compliance, and disclosing information truthfully and accurately[80] - The company signs labor contracts for employees, handles social security and housing provident funds, and establishes performance appraisal, promotion, and project reward systems to incentivize employees[80] Significant Matters This section covers commitments, fund occupation, guarantees, auditor appointments, audit reports, bankruptcy, litigation, penalties, integrity, related party transactions, and significant contracts Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholders, Shareholders, Related Parties, Acquirers and the Company during the Reporting Period During the reporting period, Ms. Shen Ying, a director of the company, fulfilled her share restriction commitment as some of her pre-IPO restricted shares were released and listed - Ms. Shen Ying, a director of the company, had 1,398,300 pre-IPO restricted shares released and listed on March 25, 2025, with 349,575 shares actually tradable[111] - Ms. Shen Ying's share restriction commitment has been fulfilled on time[82] Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[84] Illegal External Guarantees During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[85] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86] Explanation by the Board of Directors, Board of Supervisors and Audit Committee on the "Non-Standard Audit Report" for the Current Reporting Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[87] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit report for the previous year during the reporting period - The company had no non-standard audit report for the previous year during the reporting period[87] Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[88] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters, but two minor cases totaling 32.6631 million Yuan are pending, with no major adverse impact on operations - The company had no significant litigation or arbitration matters during the reporting period[89] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Unresolved litigation and arbitration matters not meeting significant disclosure standards | 3,266.31 | No | 2 cases are under trial, 1 not yet heard, 1 awaiting judgment | No significant adverse impact on the company's production and operations | 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[90] Integrity Status of the Company, Controlling Shareholders and Actual Controllers The company, its controlling shareholders, and actual controllers had no integrity issues during the reporting period - The company, its controlling shareholders, and actual controllers had no integrity issues during the reporting period[91] Significant Related Party Transactions During the reporting period, the company did not engage in any significant related party transactions, including those related to daily operations, asset/equity acquisitions, joint investments, or intercompany debt - The company had no related party transactions related to daily operations during the reporting period[91] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[92] - The company had no related party creditor-debtor transactions during the reporting period[94] Significant Contracts and Their Performance During the reporting period, the company had no significant entrustment, contracting, or guarantee contracts, primarily leasing employee dormitories as a lessee and renting out idle properties as a lessor, generating 323,669.70 Yuan in rental income - The company had no entrustment situations during the reporting period[98] - The company had no contracting situations during the reporting period[99] - The company, as a lessor, rented out some idle properties, with total rental income of 323,669.70 Yuan (excluding tax)[100] - The company had no significant guarantee situations during the reporting period[102] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[106] 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[107] Changes in Shares and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder numbers, shareholding structure, and changes in controlling shareholders or actual controllers Changes in Shares During the reporting period, restricted shares decreased by 349,575 shares and unrestricted shares increased by 349,575 shares, mainly due to the release of some restricted shares held by Director Shen Ying Changes in Shares | Share Category | Number of Shares Before Change | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number of Shares After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 44,593,250 | 66.89% | -349,575 | 44,243,675 | 66.37% | | II. Unrestricted Shares | 22,073,417 | 33.11% | 349,575 | 22,422,992 | 33.63% | | III. Total Shares | 66,666,667 | 100.00% | 0 | 66,666,667 | 100.00% | - The share change was primarily due to the release and listing of 1,398,300 pre-IPO shares held by Director Shen Ying, with 349,575 shares actually tradable[111] - As of June 30, 2025, the company had cumulatively repurchased 404,900 shares, accounting for 0.61% of the total share capital, with a total transaction amount of 15,233,438.00 Yuan[112] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Tao Chunlei | 26,427,800 | 0 | 26,427,800 | Pre-IPO restricted shares | March 25, 2027 | | Xu Xinluo | 9,726,200 | 0 | 9,726,200 | Pre-IPO restricted shares | March 25, 2027 | | Shen Ying | 1,398,300 | 349,575 | 1,048,725 | Senior management lock-up shares | 25% of total shares held are released annually during the term of office for directors, supervisors, and senior management | | Total | 44,593,250 | 349,575 | 44,243,675 | -- | -- | Issuance and Listing of Securities During the reporting period, the company had no issuance or listing of securities - The company had no issuance or listing of securities during the reporting period[115] Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 9,852 common shareholders, with controlling shareholder Tao Chunlei and her son Xu Xinluo jointly controlling 62.24% of the equity - The total number of common shareholders at the end of the reporting period was 9,852[116] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Tao Chunlei | Domestic Natural Person | 39.64% | 26,427,800 | 26,427,800 | 0 | | Xu Xinluo | Domestic Natural Person | 14.59% | 9,726,200 | 9,726,200 | 0 | | Hefei Bairuibang Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.99% | 4,661,000 | 4,661,000 | 0 | | Jiangsu Tianhui Sumin Investment Health Industry Investment Management Co., Ltd. - Jiangsu Qiequan Tianhui Sumin Investment Health Industry Fund (Limited Partnership) | Other | 2.34% | 1,562,500 | 1,562,500 | 0 | | Shen Ying | Domestic Natural Person | 2.10% | 1,398,300 | 1,048,725 | 349,575 | | Shanghai Tianyidao Investment Management Co., Ltd. - Tianyidao Shenghong Wanjian No. 7 Private Securities Investment Fund | Other | 1.94% | 1,295,000 | 0 | 1,295,000 | - Tao Chunlei and Xu Xinluo are mother and son; Tao Chunlei controls company equity through Bairuibang Investment/Hefei Hangbang, with Tao Chunlei and Xu Xinluo jointly controlling 62.24% of the company's equity, making them the actual controllers[117] Changes in Shareholdings of Directors, Supervisors and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[119] Changes in Controlling Shareholders or Actual Controllers During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[120] - The company's actual controller did not change during the reporting period[120] Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[121] Bond-Related Information This section provides information regarding the company's bond-related activities 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[123] Financial Report This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[125] 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 Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 1,592,286,466.32 Yuan, a slight decrease from the beginning of the period Consolidated Balance Sheet Key Data (Period-end Balance) | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 72,313,777.53 | 179,294,435.57 | | Financial assets held for trading | 1,105,187,391.54 | 1,023,470,174.93 | | Accounts Receivable | 79,534,473.51 | 63,892,072.37 | | Contract Assets | 97,717,668.47 | 100,578,246.82 | | Fixed Assets | 168,362,888.44 | 174,767,718.24 | | Construction in Progress | 19,815,296.17 | 1,665,843.83 | | Total Assets | 1,592,286,466.32 | 1,603,808,014.06 | | Total Liabilities | 87,201,804.93 | 90,439,507.46 | | Total Owners' Equity | 1,505,084,661.39 | 1,513,368,506.60 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 1,621,279,306.24 Yuan, remaining largely consistent with the beginning of the period Parent Company Balance Sheet Key Data (Period-end Balance) | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 50,304,761.14 | 155,246,617.71 | | Financial assets held for trading | 1,105,187,391.54 | 1,023,470,174.93 | | Long-term Equity Investments | 57,951,248.91 | 57,837,983.04 | | Total Assets | 1,621,279,306.24 | 1,624,242,501.88 | | Total Liabilities | 168,494,169.03 | 158,670,936.90 | | Total Owners' Equity | 1,452,785,137.21 | 1,465,571,564.98 | Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 146,838,210.56 Yuan, a 21.57% year-on-year decrease, with net profit at 26,811,405.38 Yuan Consolidated Income Statement Key Data (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 146,838,210.56 | 187,214,555.86 | | Total Operating Costs | 137,088,912.58 | 141,898,897.72 | | Operating Profit | 25,184,398.67 | 57,095,567.21 | | Total Profit | 25,141,441.03 | 59,557,656.95 | | Net Profit | 26,811,405.38 | 55,032,956.09 | | Basic Earnings Per Share (Yuan/share) | 0.40 | 0.83 | | Diluted Earnings Per Share (Yuan/share) | 0.40 | 0.83 | Parent Company Income Statement In the first half of 2025, the parent company's operating revenue was 138,098,572.03 Yuan, a 23.5% year-on-year decrease, with net profit at 22,308,822.82 Yuan Parent Company Income Statement Key Data (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 138,098,572.03 | 180,490,476.18 | | Operating Profit | 20,581,615.46 | 51,550,334.89 | | Total Profit | 20,538,657.55 | 53,715,436.30 | | Net Profit | 22,308,822.82 | 49,347,183.92 | Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was 12,538,969.15 Yuan, a 55.20% year-on-year decrease, with a net decrease in cash and cash equivalents of 106,980,658.04 Yuan Consolidated Cash Flow Statement Key Data (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 12,538,969.15 | 27,989,138.99 | | Net Cash Flow from Investing Activities | -85,231,500.06 | -75,018,088.61 | | Net Cash Flow from Financing Activities | -34,288,127.13 | -31,144,610.88 | | Net Increase in Cash and Cash Equivalents | -106,980,658.04 | -78,173,560.50 | | Cash and Cash Equivalents at Period-end | 72,313,777.53 | 175,323,414.01 | Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was 13,593,639.87 Yuan, a 79.2% year-on-year decrease, with a net decrease in cash and cash equivalents of 104,941,856.57 Yuan Parent Company Cash Flow Statement Key Data (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 13,593,639.87 | 65,627,215.41 | | Net Cash Flow from Investing Activities | -84,247,369.31 | -105,790,986.25 | | Net Cash Flow from Financing Activities | -34,288,127.13 | -31,144,610.88 | | Net Increase in Cash and Cash Equivalents | -104,941,856.57 | -71,308,381.72 | | Cash and Cash Equivalents at Period-end | 50,304,761.14 | 169,193,815.34 | Consolidated Statement of Changes in Owners' Equity In the first half of 2025, the company's consolidated total owners' equity was 1,505,084,661.39 Yuan, a decrease of 8,283,845.21 Yuan from the beginning of the period - The total comprehensive income attributable to owners of the parent company for the current period was 26,811,405.38 Yuan[146] - The amount recognized in owners' equity due to share-based payment for the current period was 507,207.04 Yuan[146] - The distribution to owners (or shareholders) for the current period was 23,207,615.63 Yuan[147] Parent Company Statement of Changes in Owners' Equity In the first half of 2025, the parent company's total owners' equity was 1,452,785,137.21 Yuan, a decrease of 12,786,427.77 Yuan from the beginning of the period - The total comprehensive income of the parent company for the current period was 22,308,822.82 Yuan[152] - The amount recognized in owners' equity due to share-based payment for the current period was 507,207.04 Yuan[152] - The distribution to owners (or shareholders) for the current period was 23,207,615.63 Yuan[153] Company Overview Anhui Wanbang Pharmaceutical Technology Co., Ltd., established in 2006, became a joint-stock company in 2019 and went public in September 2023, with a registered capital of 66,666,667.00 Yuan, primarily engaged in pharmaceutical R&D outsourcing services - The company was established in 2006 and restructured into a joint-stock company in 2019[157] - In September 2023, the company completed its initial public offering, and its registered capital changed to 66,666,667.00 Yuan[158] - The company's main business activities involve providing pharmaceutical research and clinical research services to pharmaceutical enterprises and other R&D institutions[158] Basis of Preparation of Financial Statements The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, and comply with the CSRC's disclosure rules - The company's financial statements are prepared on a going concern basis, with recognition and measurement performed in accordance with enterprise accounting standards, their application guidelines, and interpretations[159] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[160] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates, including financial instruments, revenue recognition, government grants, and deferred income tax, with no significant changes during the reporting period - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position and operating results[162] - At initial recognition, the company classifies financial assets as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income, based on the business model for managing financial assets and contractual cash flow characteristics[196] - The company's revenue recognition principle is to recognize revenue when performance obligations in the contract are fulfilled, i.e., when the customer obtains control of the related goods or services[271] - The company had no significant changes in accounting policies and estimates during the reporting period[294][295] Taxation The company's main taxes include VAT, urban maintenance and construction tax, enterprise income tax, and education surcharges, with certain subsidiaries enjoying preferential income tax rates and VAT exemptions for technology services Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Amount | 6%, 3%, 13% | | Urban Maintenance and Construction Tax | Actually Paid Turnover Tax Amount | 7% | | Enterprise Income Tax | Taxable Income | 20%, 15% | | Education Surcharge | Actually Paid Turnover Tax Amount | 3% | | Local Education Surcharge | Actually Paid Turnover Tax Amount | 2% | - The company and its subsidiary Ben'ao Medical enjoy a 15% preferential enterprise income tax rate as high-tech enterprises[296] - Some subsidiaries enjoy preferential small and micro enterprise income tax policies, where taxable income not exceeding 1 million Yuan is taxed at 20%, and the portion exceeding 1 million Yuan but not exceeding 3 million Yuan is taxed at 20% after a 25% reduction in taxable income[296] - The company and its subsidiaries enjoy VAT exemption for technology development contracts certified by provincial science and technology authorities[298] Notes to Consolidated Financial Statement Items This section details the period-end and beginning balances and changes for major consolidated financial statement items, including monetary funds, trading financial assets, accounts receivable, and construction in progress Monetary Funds | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Bank Deposits | 72,048,150.18 | 177,633,195.98 | | Other Monetary Funds | 265,627.35 | 1,661,239.59 | | Total | 72,313,777.53 | 179,294,435.57 | Financial Assets Held for Trading | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 1,105,187,391.54 | 1,023,470,174.93 | | Including: Large-denomination negotiable certificates of deposit | 844,006,919.32 | 763,407,202.72 | | Including: Brokerage income certificates | 261,180,472.22 | 250,051,666.66 | | Total | 1,105,187,391.54 | 1,023,470,174.93 | Construction in Progress | Item | Period-end Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Drug R&D and Pharmacokinetics Engineering Center Phase 2 Project | 18,800,183.29 | 1,665,843.83 | | Information Technology Engineering Construction | 1,015,112.88 | 0.00 | | Total | 19,815,296.17 | 1,665,843.83 | Operating Revenue and Operating Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 144,629,870.11 | 91,276,077.47 | 181,923,526.08 | 99,200,516.08 | | Other Business | 2,208,340.45 | 4,570,369.32 | 5,291,029.78 | 1,691,025.61 | | Total | 146,838,210.56 | 95,846,446.79 | 187,214,555.86 | 100,891,541.69 | Research and Development Expenses In the first half of 2025, the company's total R&D expenses were 24,006,530.24 Yuan, a 12.07% year-on-year decrease, entirely expensed, primarily comprising employee compensation, R&D materials, and experimental costs R&D Expense Information | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 7,246,420.35 | 9,517,299.82 | | R&D Materials | 8,142,512.49 | 4,063,084.38 | | Depreciation and Amortization | 2,632,898.84 | 2,417,404.89 | | Experimental Expenses | 5,653,779.49 | 10,954,663.41 | | Other | 330,919.07 | 350,866.01 | | Total | 24,006,530.24 | 27,303,318.51 | | Of which: Expensed R&D Expenses | 24,006,530.24 | 27,151,750.82 | | Capitalized R&D Expenses | 0.00 | 151,567.69 | Interests in Other Entities The company owns several wholly-owned subsidiaries engaged in SMO services, data management, bioanalytical services, and other related activities, with Hefei Qunxiang Qiming as a 95% controlled subsidiary Composition of the Enterprise Group | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Yiran Bio | 5,000,000.00 | SMO services, etc. | 100.00% | Business combination under common control | | Jingxun Kangda | 1,000,000.00 | Data management services, etc. | 100.00% | Establishment | | Yidou Medical | 10,000,000.00 | Clinical research services | 100.00% | Establishment | | Ben'ao Medical | 5,000,000.00 | Data statistical analysis services | 100.00% | Establishment | | Muzheng Medical | 5,000,000.00 | Subject recruitment services | 100.00% | Establishment | | Guanwei Medical | 5,000,000.00 | Third-party audit services | 100.00% | Establishment | | Lingka Medical | 10,000,000.00 | Data management services, etc. | 100.00% | Establishment | | Wanbang Dawei | 5,000,000.00 | Third-party testing services | 100.00% | Establishment | | Hainan Qunxiang Qiming | 2,000,000.00 | External investment | 100.00% | Establishment | | Hefei Qunxiang Qiming | 20,500,000.00 | External investment | 95.00% | Establishment | Government Grants During the reporting period, the company's deferred income from government grants had a period-end balance of 10,775,435.72 Yuan, with 4,050,000.00 Yuan newly added and 2,869,974.62 Yuan recognized in current profit or loss Liability Items Related to Government Grants | Account | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Period-end Balance (Yuan) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,413,327.01 | 4,050,000.00 | 687,891.29 | 10,775,435.72 | Related to Assets | | Total | 7,413,327.01 | 4,050,000.00 | 687,891.29 | 10,775,435.72 | Related to Assets | Government Grants Included in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 2,869,974.62 | 255,397.26 | | Non-operating Income | 0.00 | 2,489,488.33 | | Total | 2,869,974.62 | 2,744,885.59 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest rate risk) through policy setting, regular monitoring, and evaluation - The company faces credit risk, liquidity risk, and market risk (interest rate risk)[449] - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, other receivables, and contract assets, managed by assessing customer creditworthiness, regular monitoring, and implementing control measures[450] - Liquidity risk is controlled by coordinating cash management and regularly monitoring short-term and long-term liquidity needs to ensure ample cash reserves[453] - Interest rate risk primarily arises from long-term interest-bearing debt, managed by determining the relative proportion of fixed and floating rate contracts and monitoring interest rate levels[454] Disclosure of Fair Value The company's assets measured at fair value primarily include trading financial assets and other non-current financial assets, using Level 2 and Level 3 valuation techniques, respectively Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 1,105,187,391.54 | 0.00 | 1,105,187,391.54 | | Other non-current financial assets | 0.00 | 3,000,000.00 | 3,000,000.00 | | Including: Equity instrument investments | 0.00 | 3,000,000.00 | 3,000,000.00 | - Level 2 fair value measurement items (wealth management products) calculate fair value change gains/losses based on market financial product yields[457] - Level 3 fair value measurement items (unlisted equity) consider market approach and discounted future cash flows, using investment cost as a reasonable estimate of fair value[458] Related Parties and Related Party Transactions The company has no direct controlling parent company, with Tao Chunlei and Xu Xinluo as actual controllers, and reported key management personnel compensation and a related party's salary - The company has no direct controlling parent company; the actual controllers are Tao Chunlei and Xu Xinluo, mother and son[459] - Key management personnel compensation for the current period amounted to 2,814,698.72 Yuan[462] - Hou Haikun, spouse of actual controller Xu Xinluo, is employed by the company and received a salary of 206,798.64 Yuan[463] Share-Based Payment During the current period, the company granted 509,375 restricted shares to directors, senior management, and core technical/business personnel, totaling 9,428,749.27 Yuan Overall Share-Based Payment Information | Category of Grantee | Number of Shares Granted in Current Period (shares) | Amount Granted in Current Period (Yuan) | | :--- | :--- | :--- | | Directors, Senior Management, Core Technical/Business Personnel | 509,375.00 | 9,428,749.27 | | Total | 509,375.00 | 9,428,749.27 | - The exercise price for outstanding other equity instruments at period-end is 19.75 Yuan/share, with a remaining contractual term of 35 months[466] - The cumulative amount recognized in capital reserves for equity-settled share-based payments and the total expense recognized in the current period both amounted to 507,207.04 Yuan[467][468] Commitments and Contingencies As of June 30, 2025, the company had no significant commitments but faced contingent liabilities from contract disputes totaling 32.5131 million Yuan, with some funds frozen, yet no major adverse impact on operations - As of June 30, 2025, the company had no significant commitments requiring disclosure[469] - The company is involved in contract dispute litigation with a total amount of 32.5131 million Yuan, and some funds are frozen, but it has not had a significant adverse impact on production and operations[470] Events After the Balance Sheet Date As of August 26, 2025, the company had no reportable events after the balance sheet date, including profit distribution - As of August 26, 2025, the company had no reportable events after the balance sheet date[473] Notes to Parent Company Financial Statement Items This section details the parent company's accounts receivable, other receivables, and long-term equity investments, including period-end and beginning balances, changes, bad debt provision methods, and top five debtors Parent Company Accounts Receivable by Age | Age | Period-end Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 52,317,083.79 | 41,143,289.08 | | 1 to 2 years | 21,865,194.20 | 18,033,362.17 | | 2 to 3 years | 6,758,667.67 | 6,752,666.87 | | Over 3 years | 4,511,242.16 | 3,264,240.46 | | Total | 85,452,187.82 | 69,193,558.58 | Parent Company Other Receivables by Nature of Payment | Nature of Payment | Period-end Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Intercompany Payables | 12,529,091.78 | 1,279,618.52 | | Deposits and Guarantees | 2,640,720.00 | 2,954,680.00 | | Petty Cash | 239,039.98 | 71,745.04 | | Total | 15,408,851.76 | 4,306,043.56 | Parent Company Long-term Equity Investments | Item | Period-end Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 57,951,248.91 | 57,837,983.04 | | Total | 57,951,248.91 | 57,837,983.04 | Supplementary Information This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, confirming no differences under domestic and overseas accounting standards Current Period Non-recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Government grants included in current profit and loss (excluding those with continuous impact) | 2,869,974.62 | | Fair value changes and disposal gains/losses of financial assets and liabilities, excluding hedging | 14,153,750.26 | | Other non-operating income and expenses apart from the above | -42,957.64 | | Less: Income tax impact | 2,496,409.56 | | Impact on minority interests (after tax) | 0.00 | | Total | 14,484,357.68 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 1.79% | 0.40 | 0.40 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 0.82% | 0.18 | 0.18 | - The company has no differences in accounting data under domestic and overseas accounting stan