阿拉丁(688179) - 2024 Q2 - 季度财报

Definitions This section defines common terms and abbreviations used in the report, including company entities, subsidiaries, regulatory bodies, and industry-specific terminology - Company, the Company, and Aladdin Biochemical all refer to Shanghai Aladdin Biochemical Technology Co., Ltd[11] - The reporting period refers to the first half of 2025, and the prior period refers to the first half of 2024[11] Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, disclosure channels, stock overview, and key financial data and indicators for the reporting period Basic Company Information This section introduces the company's Chinese name, abbreviation, legal representative, registered and office addresses, website, and email - Company's Chinese name: Shanghai Aladdin Biochemical Technology Co., Ltd., abbreviation: Aladdin[13] - Legal Representative: Xu Jiuzhen[13] - Company Website: http://www.aladdin-e.com[13](index=13&type=chunk) Contact Persons and Information This section discloses the names, contact addresses, phone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: Zhao Xin'an, Contact Number: 021-50560989[14] - Securities Affairs Representative: Fan Yi, Contact Email: aladdindmb@163.com[14] Brief Introduction to Information Disclosure and Document Storage Location Changes This section lists the company's selected newspapers for information disclosure, the website address for the semi-annual report, and the location where the semi-annual report is available for inspection - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[15] - Report Publication Website: http://www.sse.com.cn[15](index=15&type=chunk) Overview of Company Shares/Depositary Receipts This section introduces the listing exchange and board, stock abbreviation, and code for the company's A-shares - Share Type: A-shares, Listing Exchange and Board: Shanghai Stock Exchange STAR Market[16] - Stock Abbreviation: Aladdin, Stock Code: 688179[16] Company's Key Accounting Data and Financial Indicators This section details the company's key accounting data and financial indicators for the first half of 2025, explaining the primary reasons for the decrease in net profit and increase in net cash flow from operating activities Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 275.32 million yuan | 238.47 million yuan | 15.45 | | Total profit | 46.32 million yuan | 58.93 million yuan | -21.40 | | Net profit attributable to shareholders of the listed company | 28.46 million yuan | 47.27 million yuan | -39.79 | | Net cash flow from operating activities | 76.04 million yuan | 45.76 million yuan | 66.20 | | Net assets attributable to shareholders of the listed company (period end) | 1,036.02 million yuan | 1,066.07 million yuan | -2.82 | | Total assets (period end) | 1,805.24 million yuan | 1,778.42 million yuan | 1.51 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic earnings per share (yuan/share) | 0.09 | 0.14 | -35.71 | | Diluted earnings per share (yuan/share) | 0.11 | 0.14 | -21.43 | | Weighted average return on net assets (%) | 2.51 | 4.50 | Decreased by 1.99 percentage points | | R&D investment as a percentage of operating revenue (%) | 12.17 | 12.70 | Decreased by 0.53 percentage points | - Net profit decreased by 39.79% year-on-year, primarily due to a significant increase in period expenses such as share-based payments, intermediary due diligence fees incurred during mergers and acquisitions, and interest expenses accrued on convertible bonds at actual interest rates; however, these are short-term expenses and do not affect the company's long-term stable development trend[19] - Net cash flow from operating activities increased by 66.20% year-on-year, mainly due to a slowdown in the company's expenditure on inventory expansion and new product varieties[20] Non-recurring Gains and Losses Items and Amounts This section lists the specific items and amounts of non-recurring gains and losses during the reporting period, totaling 659,931.21 yuan Non-recurring Gains and Losses Items for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -65,085.67 | | Government grants recognized in profit or loss for the current period | 809,543.55 | | Fair value changes and disposal gains and losses of financial assets and liabilities | 389,647.80 | | Other non-operating income and expenses apart from the above | -29,877.18 | | Less: Income tax impact | -165,613.16 | | Minority interest impact (after tax) | -278,684.13 | | Total | 659,931.21 | Net Profit After Deducting Impact of Share-based Payments This section discloses the net profit after deducting the impact of share-based payments, which was 33.25 million yuan for the current period, representing a 30.14% year-on-year decrease Net Profit After Deducting Impact of Share-based Payments | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting impact of share-based payments | 33,252,963.62 yuan | 47,601,073.65 yuan | -30.14 | Management Discussion and Analysis This section provides an in-depth discussion of the company's operational performance, core competencies, risk factors, and significant business activities during the reporting period Discussion and Analysis of Operations During the reporting period, the company's operating revenue increased by 15.45% year-on-year, but net profit attributable to the parent company decreased by 39.79% due to short-term expenses like share-based payments, M&A intermediary fees, and convertible bond interest; the company continued to intensify new product development, deepen its global strategic layout, achieved sales progress in the US market, and pursued external growth through investments and acquisitions - During the reporting period, the company achieved operating revenue of 275.32 million yuan, a year-on-year increase of 15.45%; net profit attributable to the parent company was 28.46 million yuan, a year-on-year decrease of 39.79%[27] - The decrease in net profit was mainly due to a significant increase in period expenses such as share-based payments, intermediary due diligence fees incurred during mergers and acquisitions, and interest expenses accrued on convertible bonds at actual interest rates[27] - The company intensified new product development, continuously advanced the construction of its overseas business system, accelerated US market development, and implemented differentiated stocking strategies in the European market[27] - Through investment, mergers, acquisitions, and external cooperation, the company expanded its customer reach, enriched its product lines, and formed strong industrial chain synergies[28] - In the first half of 2025, the company and its subsidiaries newly applied for 3 domestic invention patents and obtained 3 domestic invention patents and 1 design patent[28] Analysis of Core Competencies The company has established core competitive advantages in the scientific research services industry across technology, analytical quality inspection, brand, e-commerce platform, customer base, warehousing, and management, consolidating its technological leadership through continuous R&D investment and patent applications Core Competitive Advantages The company possesses over a decade of R&D and production experience in scientific research reagents, mastering multiple core technologies, establishing a comprehensive quality standard system and the 'Aladdin' proprietary brand, and achieving refined operations through its e-commerce platform, extensive customer base, five national warehousing systems, and informatized management - Technological Advantage: Mastering formulation technology, separation and purification process technology, high-efficiency synthesis process technology, standard substance development technology, modification technology, analytical technology, sub-packaging process technology, and packaging process technology for scientific research reagents, covering the entire process[30] - Analytical Method Development and Quality Inspection Capability Advantage: Proficient in over 3,200 analytical methods and has established nearly 130,000 enterprise product standards[31] - Brand Advantage: The 'Aladdin' scientific research reagent brand has been rated as the 'Most Popular Reagent Brand' for 13 consecutive years[32] - E-commerce Platform Advantage: Relying on its proprietary e-commerce platform for online sales, website traffic and visits are steadily increasing[33] - Warehousing Advantage: Equipped with Class A warehouses, ambient temperature warehouses, cold storage, etc., possessing qualifications for storing hazardous chemicals, and has established five major warehousing systems nationwide to improve delivery efficiency[35] - Management Advantage: Achieving refined management, information automation, and standardized operations through information management systems such as CRM, ERP, and WMS[37] Core Technologies and R&D Progress The company continuously invests in technology R&D and innovation, mastering complete preparation methods for scientific research reagents, with core technologies leading domestically and some reaching international advanced levels; during the reporting period, it newly applied for and obtained multiple patents, R&D investment increased by 10.59% year-on-year, and several ongoing R&D projects are steadily progressing - The company's core technologies include formulation technology, separation and purification process technology, high-efficiency synthesis process technology, standard substance development technology, modification technology, analytical technology, sub-packaging process technology, and packaging process technology for scientific research reagents, with an overall domestic leading level and some reaching international advanced levels[38] - The company was recognized as a national-level 'Little Giant' enterprise specializing in niche, sophisticated, and new technologies (2023年度)[38] - In the first half of 2025, the company and its subsidiaries newly applied for a total of 7 patents (3 invention patents, 4 software copyrights) and obtained 4 patents (3 invention patents, 1 design patent)[39] R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D investment | 33.50 million yuan | 30.29 million yuan | 10.59 | | Total R&D investment | 33.50 million yuan | 30.29 million yuan | 10.59 | | Total R&D investment as a percentage of operating revenue (%) | 12.17 | 12.70 | Decreased by 0.53 percentage points | - The company has 18 ongoing R&D projects, including high-activity coupling molecules, functional compound reagents, spectroscopic grade reagents, molecular activity inhibitors, and flow cytometry antibody development, with most technologies being domestically leading or import substitutes[45][46][47][48] - The number of R&D personnel is 195, accounting for 28.63% of the company's total headcount, with master's and bachelor's degree holders comprising over 90%[52] Risk Factors The company faces multiple risks, including R&D failure, technology leakage, and talent loss in core competencies; intense market competition, information system security, and brand maintenance in operations; small sales revenue scale, declining profit margins, and inventory impairment in financials; as well as other risks such as lack of industry standards, macroeconomic fluctuations, safety production, and property title defects - Core Competency Risks: R&D failure or insufficiency, leakage of core technologies, loss of core technical personnel, and inadequate talent team building[53][54][55][56][57] - Operational Risks: Domestic scientific research reagent market share is primarily held by foreign enterprises, leading to intense market competition; information system and cybersecurity risks; and brand maintenance risks[58][59][60] - Financial Risks: Relatively small sales revenue scale, declining profit margins, and inventory impairment and slow turnover[62][63][64] - Industry Risks: China's scientific research reagent industry started late, lacking national and industry standards for high-end reagents, posing a risk of penalties from relevant authorities[65] - Macroeconomic Environment Risks: Downstream customers are affected by macroeconomic conditions and market supply-demand, which may negatively impact the company's future development[66][67] - Other Significant Risks: Safety production risks (some products are hazardous chemicals); risk that the building at No. 139 Ningfu Road cannot obtain property certificates[68][69] Key Operating Performance During the Reporting Period During the reporting period, the company's operating revenue increased by 15.45%, but net profit decreased by 39.79% due to increased period expenses; net cash flow from operating activities significantly grew by 66.20%; the asset and liability structure saw multiple changes, such as decreased monetary funds and increased transactional financial assets and long-term equity investments; the company made external equity investments of 48.31 million yuan, primarily for acquiring equity in Yuanye Bio and Yamei Bio, and participated in bidding for Kexima Holdings equity Analysis of Main Business During the reporting period, the company's operating revenue increased by 15.45% year-on-year, but operating costs, selling expenses, administrative expenses, and financial expenses all saw significant increases, with financial expenses notably surging by 1233.20% due to convertible bond interest and M&A loan interest Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 275.32 million yuan | 238.47 million yuan | 15.45 | | Operating cost | 107.29 million yuan | 86.31 million yuan | 24.31 | | Selling expenses | 29.47 million yuan | 20.44 million yuan | 44.14 | | Administrative expenses | 43.20 million yuan | 34.03 million yuan | 26.92 | | Financial expenses | 14.15 million yuan | 1.06 million yuan | 1,233.20 | | R&D expenses | 33.50 million yuan | 30.29 million yuan | 10.59 | | Net cash flow from operating activities | 76.04 million yuan | 45.76 million yuan | 66.20 | | Net cash flow from investing activities | -171.59 million yuan | -47.47 million yuan | Not applicable | | Net cash flow from financing activities | -54.56 million yuan | -26.11 million yuan | Not applicable | - The change in selling expenses was primarily due to increased expenditure from product promotion investments and personnel salary growth during the reporting period[73] - The change in financial expenses was mainly due to the capitalization of interest expenses on convertible bond fundraising projects in construction in progress ceasing as they were transferred to fixed assets, and interest expenses from bank loans for M&A activities[73] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were 1.805 billion yuan, and total liabilities were 682 million yuan; monetary funds decreased by 32.67% due to wealth management product purchases and external investments, while transactional financial assets and long-term equity investments significantly increased; fixed assets increased by 35.91% due to the transfer of construction in progress, with construction in progress decreasing by 76.81%; long-term borrowings increased by 96.70% due to the acquisition of Yuanye Company Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary funds | 314.30 million yuan | -32.67 | Due to purchases of wealth management products and external investments during the reporting period | | Transactional financial assets | 76.17 million yuan | 81.39 | Due to purchases of wealth management products during the reporting period | | Other receivables | 64.74 million yuan | 1,888.53 | Due to payment of bid deposit for Kexima Company during the reporting period | | Long-term equity investments | 44.11 million yuan | 1,700.15 | Due to increased external investments during the reporting period | | Fixed assets | 323.65 million yuan | 35.91 | Mainly due to completion of construction in progress and transfer to fixed assets during the reporting period | | Construction in progress | 19.57 million yuan | -76.81 | Mainly due to completion of construction in progress and transfer to fixed assets during the reporting period | | Long-term borrowings | 50.47 million yuan | 96.70 | Bank acquisition loans increased due to the company's acquisition of Yuanye Company during the reporting period | - Overseas assets totaled 112.73 million yuan, accounting for 6.24% of total assets[77] - As of the end of the reporting period, major restricted assets included bank deposits of 16.66 million yuan, of which 16.55 million yuan were frozen deposits and 110,963.00 yuan were performance bonds[78] Analysis of Investment Status During the reporting period, the company's external equity investment amounted to 48.31 million yuan, a year-on-year decrease of 45.44%; major equity investments included acquiring 51% of Shanghai Yuanye Biotechnology Co., Ltd. and 25% of Shanghai Yamei Biomedical Technology Co., Ltd.; additionally, the company became the transferee of 81.96% equity in Kexima Holdings Co., Ltd Investment Amount During the Reporting Period | Investment Amount (yuan) | Prior Year Period Investment Amount (yuan) | Change | | :--- | :--- | :--- | | 48.31 million yuan | 88.55 million yuan | -45.44% | - Significant Equity Investment: Acquisition of 51% equity in Shanghai Yuanye Biotechnology Co., Ltd., with an investment amount of 180.91 million yuan and current period investment income of 10.63 million yuan[81] - Significant Equity Investment: Acquisition of 25% equity in Shanghai Yamei Biomedical Technology Co., Ltd., with an investment amount of 41.17 million yuan and current period investment income of 388,091.35 yuan[81] - The company became the transferee of 81.96% equity in Kexima Holdings Co., Ltd., publicly listed for sale by CAS Holdings, with a transaction price of 260.99 million yuan[82] Financial Assets Measured at Fair Value | Asset Category | End of Period Amount (yuan) | | :--- | :--- | | Other (structured deposits) | 76.17 million yuan | | Total | 76.17 million yuan | - The company participated in establishing Tianjin Aladdin Scientific Research Services Equity Investment Fund Partnership (Limited Partnership), committing to invest 35 million yuan, but has not yet commenced specific investment activities[86] Analysis of Major Holding and Participating Companies Disclosed financial information for major subsidiaries and participating companies with over 10% impact on the company's net profit, including Aladdin Reagent, Aladdin Bio, ALADDIN TECHNOLOGY PTE.LTD, ALADDIN SCIENTIFIC CORPORATION, and Shanghai Yuanye Biotechnology Co., Ltd.; notably, Shanghai Yuanye Biotechnology Co., Ltd. reported operating revenue of 70.47 million yuan and net profit of 33.96 million yuan for the current period Financial Information of Major Holding and Participating Companies (H1 2025) | Company Name | Company Type | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Aladdin Reagent (Shanghai) Co., Ltd. | Subsidiary | 5.35 million yuan | 0.49 million yuan | | Shanghai Aladdin Biological Reagent Co., Ltd. | Subsidiary | 8.48 million yuan | -2.05 million yuan | | ALADDIN TECHNOLOGY PTE.LTD | Subsidiary | 0.00 | 0.10 million yuan | | ALADDIN SCIENTIFIC CORPORATION | Subsidiary | 0.83 million yuan | -5.33 million yuan | | Shanghai Yuanye Biotechnology Co., Ltd. | Subsidiary | 70.47 million yuan | 33.96 million yuan | Corporate Governance, Environment, and Society This section outlines changes in the company's directors, supervisors, senior management, and core technical personnel, as well as details on profit distribution plans and equity incentive schemes Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, Mr. Huang Zunshun resigned as an independent director, and Mr. Ma Rushu was elected as an independent director; Mr. Tan Xiaoyong was appointed as the company's Deputy General Manager - Independent Director Mr. Huang Zunshun resigned, and Mr. Ma Rushu was elected as an independent director for the company's fourth board of directors[92] - Mr. Tan Xiaoyong was appointed as the company's Deputy General Manager[92] Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is 'None' - The company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is 'None'[93] Equity Incentive and Employee Stock Ownership Plans The company disclosed announcements related to its 2021 and 2024 restricted stock incentive plans, including the cancellation of some shares, draft incentive plans, and grant details; the employee stock ownership platform Jingzhen Culture holds 2.94% of the company's shares - The company disclosed announcements regarding the cancellation of some granted but unvested restricted shares from the 2021 Restricted Stock Incentive Plan, as well as the summary of the 2024 Restricted Stock Incentive Plan (Draft), list of incentive recipients, implementation and assessment management measures, and grant announcements[94][95] - The company's employee stock ownership platform, Jingzhen Culture, holds 9,781,190 shares, representing 2.94% of the company's total shares[96] Significant Matters This section covers the fulfillment of commitments, major litigation, significant related party transactions, and the progress of fundraising proceeds utilization Fulfillment of Commitments The company's controlling shareholders, actual controllers, directors, supervisors, senior management, and core technical personnel have strictly fulfilled various commitments, including share lock-up, share price stabilization, prospectus authenticity, immediate return compensation, dividend distribution policy, avoidance of horizontal competition, and regulation of related party transactions - The company's controlling shareholders and actual controllers, Xu Jiuzhen and Zhao Liping, their close relatives, and shareholders Jingzhen Culture and Shichuang Supply Chain, committed not to transfer or entrust others to manage company shares held prior to this issuance for 36 months from the date of the company's stock listing[101] - The company, its controlling shareholders, actual controllers, non-independent directors receiving salaries from the company, and senior management committed to initiating share price stabilization measures if the company's stock price falls below its net asset value per share[105] - The company, its controlling shareholders, and actual controllers committed that the prospectus contains no false records, misleading statements, or major omissions; otherwise, they will initiate share repurchase procedures and compensate investors for losses[110] - The company formulated a post-issuance dividend distribution policy, prioritizing cash dividends and ensuring that the cumulative profit distributed in cash over the most recent three years is no less than 30% of the average annual distributable profit[115][116][117][118][119][120][121][122] - Controlling shareholders and actual controllers, Xu Jiuzhen and Zhao Liping, committed to avoiding horizontal competition and not engaging in any business or activities that constitute or may constitute horizontal competition with the company[131] - Controlling shareholders, actual controllers, and their controlled enterprises committed not to reduce their holdings of company shares through the secondary market within the next 6 months from October 26, 2023[141] Major Litigation and Arbitration Matters During the reporting period, the company was involved in a major lawsuit where Shanghai Dingkai Construction Engineering Co., Ltd. sued Aladdin Reagent and Aladdin Construction for construction contract disputes, leading to the freezing of Aladdin Reagent's bank accounts; however, as of May 27, 2025, the frozen funds in the special fundraising account have been unfrozen - Shanghai Dingkai Construction Engineering Co., Ltd. sued Aladdin Reagent and Aladdin Construction for construction contract disputes and applied to the court to freeze Aladdin Reagent's bank accounts[143] - As of May 27, 2025, the frozen funds in the company's special fundraising account have been unfrozen[143] Significant Related Party Transactions The company disclosed its 2025 annual routine related party transactions forecast announcement and reached an extension agreement with controlling shareholder and actual controller Mr. Xu Jiuzhen regarding the loan facility for its wholly-owned grandchild company, Aladdin Scientific Corporation - The company disclosed its announcement on the forecast of routine related party transactions for 2025 (Announcement No.: 2025-033)[144] - Wholly-owned grandchild company Aladdin Scientific Corporation reached an extension agreement with the company's controlling shareholder and actual controller Mr. Xu Jiuzhen for a previous loan facility not exceeding USD 600,000, extended until February 19, 2026[146] Explanation of Progress in Use of Proceeds from Fundraising The company has cumulatively invested 97.13% of the proceeds from its initial public offering and 57.57% of the proceeds from convertible bond issuance; some fundraising projects, such as the high-purity scientific research reagent R&D center construction and Zhangjiang biological reagent R&D laboratory projects, are still under construction, while the high-purity scientific research reagent production base project is progressing slowly; the company uses idle fundraising proceeds for cash management Overall Utilization of Proceeds from Fundraising | Source of Proceeds | Total Proceeds (ten thousand yuan) | Net Proceeds (ten thousand yuan) | Cumulative Investment of Proceeds as of Period End (ten thousand yuan) | Cumulative Investment Progress as of Period End (%) | Current Year Investment Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 490.285 million yuan | 434.4301 million yuan | 421.9613 million yuan | 97.13 | - | | Issuance of Convertible Bonds | 387.40 million yuan | 373.3808 million yuan | 214.9471 million yuan | 57.57 | 18.0211 million yuan | | Total | 877.685 million yuan | 807.8109 million yuan | 636.9084 million yuan | / | 18.0211 million yuan | - The IPO fundraising projects 'Construction of High-Purity Scientific Research Reagent R&D Center' and 'Construction of Cloud E-commerce Platform and Marketing Service Center' are largely complete, with investment progress rates of 90.94% and 97.42%, respectively[152] - The convertible bond fundraising project 'High-Purity Scientific Research Reagent Production Base Project' has an investment progress rate of only 11.83%, with project delays[153] - The company manages idle fundraising proceeds as cash, with an end-of-period balance of 140 million yuan[157] Share Changes and Shareholder Information This section details changes in the company's share capital due to convertible bond conversions and capital reserve transfers, along with an overview of shareholder structure and key personnel holdings Changes in Share Capital During the reporting period, the company's total shares increased from 277,385,321 shares to 332,602,199 shares due to convertible bond conversions and capital reserve to share capital transfers - From January 1 to June 30, 2025, the number of shares converted from convertible bonds was 185 shares[161] - On June 5, 2025, the company implemented its 2024 annual profit distribution and capital reserve to share capital transfer plan, converting 2 shares for every 10 shares held by all shareholders from capital reserves, totaling 55,216,693 shares[162] - Total shares increased from 277,385,321 shares to 332,602,199 shares[160][162] Shareholder Information As of the end of the reporting period, the total number of common shareholders was 12,471; the top ten shareholders' holdings are disclosed, with Xu Jiuzhen and Zhao Liping as controlling shareholders and actual controllers, holding a combined 42.57% - Total number of common shareholders as of the end of the reporting period: 12,471[163] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | End of Period Holding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xu Jiuzhen | 92,198,400 | 27.72 | Domestic natural person | | Zhao Liping | 49,392,000 | 14.85 | Domestic natural person | | Shanghai Jingzhen Culture and Art Development Center (Limited Partnership) | 9,781,190 | 2.94 | Other | | Shanghai Shichuang Supply Chain Co., Ltd. | 4,919,443 | 1.48 | Other | | Jinan Haomai Power Equity Investment Fund Partnership (Limited Partnership) | 4,375,796 | 1.32 | Other | | Industrial and Commercial Bank of China Co., Ltd. - China Europe Medical and Health Mixed Securities Investment Fund | 3,801,983 | 1.14 | Other | | Bank of Communications Co., Ltd. - China Europe Responsible Investment Mixed Securities Investment Fund | 3,145,337 | 0.95 | Other | | Postal Savings Bank of China Co., Ltd. - China Europe Industry Growth Mixed Securities Investment Fund (LOF) | 2,593,589 | 0.78 | Other | | Tan Xiaoyong | 2,149,674 | 0.65 | Domestic natural person | | Zhao Xin'an | 2,074,464 | 0.62 | Domestic natural person | - Among the company's top ten shareholders, Xu Jiuzhen and Zhao Liping are a married couple; Shanghai Shichuang Supply Chain Co., Ltd. is controlled by Xu Jiuzhen and Zhao Liping; Shanghai Jingzhen Culture and Art Development Center (Limited Partnership) is Aladdin's employee stock ownership platform[167] Information on Directors, Supervisors, Senior Management, and Core Technical Personnel This section discloses the shareholding changes of the resigned independent director Huang Zunshun during the reporting period, with both initial and end-of-period holdings being 0 shares - Resigned independent director Huang Zunshun's initial and end-of-period shareholdings were both 0 shares[170] Bond-Related Information This section details the issuance, holder information, changes, cumulative conversion, and price adjustments of the company's convertible bonds, along with its debt situation and credit rating Convertible Bond Issuance Status On March 15, 2022, the company issued 3.874 million convertible corporate bonds, 'Aladdin Convertible Bonds,' with a total issuance amount of 387.40 million yuan, which began trading on the Shanghai Stock Exchange on April 12, 2022 - On March 15, 2022, the company issued 3.874 million convertible corporate bonds to unspecified investors, with a total issuance amount of 387.40 million yuan[173] - The bond abbreviation is 'Aladdin Convertible Bonds,' bond code '118006,' and it began trading on the Shanghai Stock Exchange on April 12, 2022[173] Convertible Bond Holders and Guarantor Information for the Reporting Period As of the end of the reporting period, the company had 5,021 convertible bondholders and no guarantors; the top ten convertible bondholders are disclosed, with Northwest Investment Management (Hong Kong) Co., Ltd. - Northwest Feilong Fund Co., Ltd. holding the largest amount - Number of convertible bondholders at period end: 5,021[174] - Guarantor for the company's convertible bonds: None[174] Top Ten Convertible Bond Holders | Convertible Corporate Bond Holder Name | End of Period Holding (yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | Northwest Investment Management (Hong Kong) Co., Ltd. - Northwest Feilong Fund Co., Ltd. | 35,000,000 | 9.04 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 17,685,000 | 4.57 | | Shanghai Licheng Asset Management Co., Ltd. - Licheng Shengyuan No. 6 Private Securities Investment Fund | 16,913,000 | 4.37 | | Li Yiming | 14,572,000 | 3.77 | | China Minsheng Bank Co., Ltd. - Everbright Pramerica Credit Plus Bond Fund | 12,231,000 | 3.16 | | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun Xinsheng Private Securities Investment Fund | 12,034,000 | 3.11 | | UBS AG | 11,535,000 | 2.98 | | Guotai Golden Years Stable Fixed Income Pension Product - Agricultural Bank of China Co., Ltd. | 9,587,000 | 2.48 | | Industrial Bank Co., Ltd. - GF Jiyu Bond Fund | 9,000,000 | 2.33 | | China Merchants Bank Co., Ltd. - Huaan Convertible Bond Fund | 7,000,000 | 1.81 | Changes in Convertible Bonds During the Reporting Period During the reporting period, 'Aladdin Convertible Bonds' decreased by 3,000 yuan due to conversion into shares, with an end-of-period balance of 386.985 million yuan Changes in Convertible Corporate Bonds | Convertible Corporate Bond Name | Before This Change (yuan) | Increase/Decrease from This Change (Conversion) (yuan) | After This Change (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Aladdin Biochemical Technology Co., Ltd. Convertible Corporate Bonds Issued to Unspecified Investors | 386,988,000 | 3,000 | 386,985,000 | Cumulative Convertible Bond Conversion Status for the Reporting Period During the reporting period, 'Aladdin Convertible Bonds' converted 3,000 yuan into 185 shares; cumulative converted shares totaled 11,600, accounting for 0.008209% of the company's total issued shares before conversion; the unconverted amount was 386.985 million yuan - Conversion amount during the reporting period: 3,000 yuan, number of shares converted during the reporting period: 185 shares[177] - Cumulative converted shares: 11,600 shares, cumulative converted shares as a percentage of total issued shares before conversion: 0.008209%[177] - Unconverted amount: 386.985 million yuan, unconverted convertible bonds as a percentage of total convertible bond issuance: 99.892876%[177] Historical Adjustments to Conversion Price The conversion price of 'Aladdin Convertible Bonds' has been adjusted multiple times from an initial 63.72 yuan/share due to equity distribution plans and downward revision clauses, with the latest conversion price being 13.39 yuan/share as of the end of the reporting period - The initial conversion price of 'Aladdin Convertible Bonds' was 63.72 yuan/share[148] - As of the end of this reporting period, the latest conversion price is 13.39 yuan/share[180] - Reasons for historical conversion price adjustments include the company's implementation of annual equity distribution plans and the triggering of downward conversion price revision clauses stipulated in the prospectus[179] Debt Situation and Credit Changes The company's corporate credit rating is 'A+' with a 'stable' outlook, and 'Aladdin Convertible Bonds' have a bond credit rating of 'A+'; at the end of the reporting period, the company's asset-liability ratio was 37.77% - The company's corporate credit rating is 'A+' with a 'stable' outlook[181] - The 'Aladdin Convertible Bonds' have a bond credit rating of 'A+'[181] - At the end of the reporting period, the company's asset-liability ratio was 37.77%[181] Financial Report This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, tax items, and financial risks 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, serving as fundamental data for financial analysis - The consolidated balance sheet shows that as of June 30, 2025, total assets were 1.805 billion yuan, total liabilities were 681.91 million yuan, and owners' equity attributable to the parent company was 1.036 billion yuan[185] - The consolidated income statement shows that for January-June 2025, total operating revenue was 275.32 million yuan, net profit was 38.67 million yuan, and net profit attributable to parent company shareholders was 28.46 million yuan[191] - The consolidated cash flow statement shows that for January-June 2025, net cash flow from operating activities was 76.04 million yuan, net cash flow from investing activities was -171.59 million yuan, and net cash flow from financing activities was -54.56 million yuan[198][199] - The consolidated statement of changes in owners' equity shows that paid-in capital increased by 55.22 million yuan due to capital reserve conversion, capital surplus decreased by 50.42 million yuan, and undistributed profits decreased by 36.55 million yuan[203] Company's Basic Information This section introduces the company's registered place, organizational form, headquarters address, actual controllers, business nature, and main operating activities, and lists the subsidiaries included in the scope of consolidation for the current period - The company was listed on the Shanghai Stock Exchange on October 26, 2020, with Xu Jiuzhen and Zhao Liping as actual controllers[213] - The company is a scientific research supplies provider integrating R&D, production, and sales, with business covering scientific research reagents and laboratory consumables, independently building the 'Aladdin' brand for scientific research reagents and 'Xinguigu' brand for laboratory consumables[213] - The company's scope of consolidation for the current period includes 7 subsidiaries, comprising Aladdin Reagent, Kexuegu, Aladdin Bio, ALADDIN TECHNOLOGY PTE.LTD. and its subsidiaries, and controlling subsidiary Shanghai Yuanye Biotechnology Co., Ltd. and its subsidiaries[214] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC information disclosure regulations, using the accrual basis and historical cost as measurement bases - The company's financial statements are prepared on a going concern basis, in compliance with the 'Enterprise Accounting Standards' issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's 'Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)'[215] - The company's accounting is based on the accrual method, and except for certain financial instruments, these financial statements are measured at historical cost[215] - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters or circumstances that cast significant doubt on its ability to continue as a going concern[216] Significant Accounting Policies and Accounting Estimates This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, including business combinations, consolidated financial statement preparation, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, share-based payments, and outlines areas of significant accounting judgments and estimates - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows, among other relevant information[217] - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[237] - The company accrues impairment provisions for financial assets such as accounts receivable, other receivables, debt investments, and other debt investments based on expected credit losses[244] - Inventories are valued using the weighted average method when issued, and at the end of the period, inventory impairment provisions are recognized or adjusted based on the lower of cost and net realizable value[254][255] - The company accounts for long-term equity investments where it has joint control or significant influence over the investee using the equity method, and for investments where it exercises control over the investee using the cost method[264] - The company recognizes revenue when it has satisfied a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods or services, at the transaction price allocated to that performance obligation[303] - Areas of significant accounting judgments and estimates include revenue recognition, leases, impairment of financial assets, inventory impairment provisions, fair value of financial instruments, impairment provisions for long-term assets, depreciation and amortization, deferred income tax assets, and income tax[321][322][323][324][325][326] Taxation This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, and explains the high-tech enterprise income tax preferential policies and advanced manufacturing enterprise VAT additional deduction policies enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-added tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting deductible input VAT for the current period, the difference is the VAT payable | 13%, 9%, 6%, 5% | | Urban maintenance and construction tax | Amount of turnover tax payable | 5% | | Corporate income tax | Calculated based on taxable income | 15%, 17%, 20%, 25% | - The company and Shanghai Yuanye Biotechnology Co., Ltd. enjoy a tax preferential policy where corporate income tax is levied at a reduced rate of 15% as high-tech enterprises[329] - As an advanced manufacturing enterprise, the company enjoys a preferential policy of an additional 5% VAT deduction from the payable VAT amount[330] Notes to Consolidated Financial Statement Items This section provides detailed notes for each asset, liability, owners' equity, and profit and loss item in the consolidated financial statements, including end-of-period balances, beginning-of-period balances, current period changes, and related explanations - Monetary funds balance at period end was 314.30 million yuan, including restricted monetary funds of 16.66 million yuan (frozen deposits and performance bonds)[333][334] - Transactional financial assets balance at period end was 76.17 million yuan, primarily consisting of structured deposits[336] - Accounts receivable book value at period end was 60.59 million yuan, with bad debt provision of 4.87 million yuan[345] - Other receivables book value at period end was 64.74 million yuan, mainly comprising deposits and guarantees[356][363] - Inventory book value at period end was 531.48 million yuan, with inventory impairment provision of 18.12 million yuan[370][371] - Long-term equity investments book value at period end was 44.11 million yuan, with an increase in external investments of 41.17 million yuan during the current period[381] - Fixed assets book value at period end was 323.65 million yuan, with 91.81 million yuan transferred from construction in progress during the current period[389] - Construction in progress book value at period end was 19.57 million yuan, with 95.69 million yuan transferred to fixed assets during the current period[393][397] - Short-term borrowings balance at period end was 21.57 million yuan, primarily pledged borrowings[420] - Accounts payable balance at period end was 62.63 million yuan, mainly for goods and engineering payments[423] - Long-term borrowings balance at period end was 50.47 million yuan, mainly due to bank acquisition loans increased by the acquisition of Yuanye Company[440] - Bonds payable balance at period end was 358.76 million yuan, primarily convertible corporate bonds[442] - Share capital balance at period end was 332.60 million yuan, with an increase of 55.22 million yuan during the current period due to capital reserve conversion to share capital[451] - Operating revenue was 275.32 million yuan, and operating cost was 107.29 million yuan[472] - Selling expenses were 29.47 million yuan, administrative expenses were 43.20 million yuan, R&D expenses were 33.50 million yuan, and financial expenses were 14.15 million yuan[476][477][478][479] - Income tax expense was 7.65 million yuan[491] - Net cash flow from operating activities was 76.04 million yuan[503] R&D Expenses During the reporting period, the company's total R&D expenditure was 33.50 million yuan, all expensed, primarily invested in synthesis, purification, standard solution, and biological reagent R&D projects R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Synthesis R&D projects | 5.89 million yuan | 5.30 million yuan | | Purification R&D projects | 6.12 million yuan | 5.45 million yuan | | Standard solution R&D projects | 6.84 million yuan | 5.96 million yuan | | Biological reagent R&D projects | 10.85 million yuan | 11.76 million yuan | | Other R&D projects | 3.80 million yuan | 1.83 million yuan | | Total | 33.50 million yuan | 30.29 million yuan | | Of which: Expensed R&D expenditure | 33.50 million yuan | 30.29 million yuan | Changes in Consolidation Scope During the reporting period, the company's scope of consolidation changed due to the establishment of a new subsidiary, ALADDIN BIOCHEM DEUTSCHLAND GMBH - The company established a new subsidiary, ALADDIN BIOCHEM DEUTSCHLAND GMBH, leading to a change in the scope of consolidation[519] Interests in Other Entities This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, financial information of significant non-wholly-owned subsidiaries, and key financial information of significant associates - The company has 13 subsidiaries, including wholly-owned and controlling subsidiaries, with business nature covering chemical reagent production, network technology, biological reagent R&D and sales, etc[519][521] - For the significant non-wholly-owned subsidiary Shanghai Yuanye Biotechnology Co., Ltd., the minority shareholder's equity interest is 49.00%, with profit attributable to minority shareholders of 10.21 million yuan for the current period, and an end-of-period minority interest balance of 87.31 million yuan[524] - Significant associates include Wuhan Jinxuan Biotechnology Co., Ltd. (holding 35%) and Shanghai Yamei Biomedical Technology Co., Ltd. (holding 25%), both accounted for using the equity method[528] - Shanghai Yuanye Biotechnology Co., Ltd. reported current period operating revenue of 71.11 million yuan and net profit of 25.08 million yuan[525] Government Grants During the reporting period, the total government grants recognized in profit or loss for the current period amounted to 1,234,575.92 yuan, of which 41,666.64 yuan were asset-related and 1,192,909.28 yuan were income-related Government Grants Recognized in Profit or Loss for the Current Period | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 41,666.64 | 41,666.64 | | Income-related | 1,192,909.28 | 1,188,146.07 | | Total | 1,234,575.92 | 1,229,812.71 | - The end-of-period balance of asset-related government grants in deferred income was 3.02 million yuan, decreasing by 41,666.64 yuan in the current period[532] Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk); the company manages these risks through diversified investments, customer credit assessment, continuous monitoring of interest rate levels, and maintaining ample cash reserves - The company's main financial instruments include monetary funds, transactional financial assets, borrowings, receivables, payables, convertible bonds, etc., and it faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, and other price risks)[534][535] - Exchange rate risk primarily arises from USD-denominated foreign currency assets and liabilities, which the company mitigates by monitoring foreign currency transactions and the scale of foreign currency assets and liabilities[536] - Interest rate risk primarily arises from bank borrowings, and the company continuously monitors interest rate levels and determines the relative proportion of fixed-rate and floating-rate contracts based on market conditions[539] - Credit risk is managed by transacting only with creditworthy counterparties, assessing customer creditworthiness, continuously monitoring accounts receivable balances and recovery, and reviewing impairment provisions for financial assets[539][540] - Liquidity risk is managed through cash flow forecasting, maintaining ample cash reserves, and obtaining commitments from major financial institutions for sufficient standby funds[542] Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value at the end of the period, with transactional financial assets totaling 76.17 million yuan, using expected return rate as the valuation technique Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | (I) Transactional financial assets | 76.17 million yuan | 76.17 million yuan | | 1. Financial assets measured at fair value with changes recognized in profit or loss for the current period | 76.17 million yuan | 76.17 million yuan | | (3) Derivative financial assets | 76.17 million yuan | 76.17 million yuan | | Total assets continuously measured at fair value | 76.17 million yuan | 76.17 million yuan | - The valuation technique for wealth management products (transactional financial assets) uses the expected rate of return as a key basis for assessing their fair value[548] - Financial assets and liabilities not measured at fair value primarily include monetary funds, notes receivable, accounts receivable, other receivables, short-term borrowings, notes payable, accounts payable, other payables, long-term borrowings, long-term payables, lease liabilities, and bonds payable, whose carrying amounts are close to their fair values[549] Related Parties and Related Party Transactions This section discloses the company's subsidiaries, associates, and other related parties, as well as related party transactions that occurred during the reporting period, including purchases of goods, related party leases, and related party fund borrowings - Details of the company's subsidiaries are provided in Note X, 1[550] - Significant joint ventures or associates of the company include Wuhan Jinxuan Biotechnology Co., Ltd. and Shanghai Yamei Biomedical Technology Co., Ltd[552] - Other related parties include Shanghai Jingzhen Culture and Art Development Center (Limited Partnership), Shanghai Shichuang Supply Chain Co., Ltd., and the company's directors, supervisors, senior management, core technical personnel, and their close family members[553] - Related party transactions for purchases of goods/acceptance of services: Current period purchases of goods and acceptance of services from Wuhan Jinxuan Biotechnology Co., Ltd. amounted to 61,403.68 yuan; purchases of goods and acceptance of services from Shanghai Beijisi Biotechnology Center amounted to 133,773.70 yuan[555] - Related party lease: The company's subsidiary, Shanghai Yuanye Biotechnology Co., Ltd., leases warehouse space from Shanghai Rongqi Industrial Co., Ltd. for a lease term of 5 years, with a rent-free standard[558] - Related party fund borrowing: Borrowed 2,316,836.15 yuan from actual controller Xu Jiuzhen, with a start date of February 21, 2023, and extended until February 19, 2026[561] - Key management personnel compensation: Current period amount was 4.10 million yuan[562] - Receivables from related parties: Other receivables - Beijing Yuanye Biotechnology Co., Ltd. 90,784.74 yuan[564] - Payables to related parties: Other payables - Tan Xiaoyong 25.33 million yuan, Other payables - Cui Yuanyuan 37.99 million yuan[565] Share-based Payments This section discloses details of the company's 2021 and 2022 restricted stock option incentive plans, including grant date, grant price, assessment years, vesting periods, and fair value calculation methods; the total share-based payment expense recognized in the current period was 4,789,490.77 yuan - 2021 initial grant of restricted stock incentive plan: 976,000 restricted shares granted to 128 incentive recipients at a grant price of 40 yuan/share, with assessment years from 2022-2025 and vesting in four tranches[566] - 2022 reserved grant of restricted stock incentive plan: 250,000 restricted shares granted to 29 incentive recipients at a grant price of 40 yuan/share[569] - The company uses the internationally accepted Black-Scholes model to calculate the value of its stock options[567][568][570] - The total share-based payment expense recognized in the current period was 4,789,490.77 yuan[574] Commitments and Contingencies This section discloses the company's significant external commitments at period end, specifically participating in the establishment of Tianjin Aladdin Scientific Research Services Equity Investment Fund Partnership (Limited Partnership), with a committed capital contribution of 35 million yuan, which remains unpaid as of the end of the reporting period - External investment commitments signed but not yet recognized in the financial statements: 35 million yuan[575] - On November 22, 2022, the company participated in establishing a partnership — Tianjin Aladdin Scientific Research Services Equity Investment Fund Partnership (Limited Partnership), committing a total capital contribution of 35 million yuan, representing 35% of the subscribed capital; as of June 30, 2025, the company has not yet paid the investment amount[576] [Events After the Balance Sheet Date](index=188&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20D