普蕊斯(301257) - 2025 Q2 - 季度财报

Section 1: Important Notices, Table of Contents, and Definitions Important Notices The company's management guarantees the report's authenticity and advises investors of potential risks - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4] - Forward-looking statements in this report do not constitute substantive commitments to investors, who should be aware of investment risks[3] Table of Contents This section outlines the detailed structure of the semi-annual report - The report's table of contents is clearly structured, covering operations, finance, governance, and important matters[6] Definitions This section provides definitions for key terms and abbreviations used throughout the report - The Company/This Company/ClinPlus refers to ClinPlus (Shanghai) Pharmaceutical Technology Co, Ltd[10] - SMO is the abbreviation for Site Management Organization[10] - ADC is the abbreviation for antibody-drug conjugate[10] Section 2: Company Profile and Key Financial Indicators I. Company Profile ClinPlus is listed on the Shenzhen Stock Exchange under stock code 301257 - Stock Abbreviation: ClinPlus, Stock Code: 301257[13] - Stock Exchange Listing: Shenzhen Stock Exchange[13] - Legal Representative: Lai Chunbao[13] II. Contact Persons and Methods This section provides contact details for the Board Secretary and Securities Affairs Representative - Board Secretary: Lai Xiaolong, Securities Affairs Representative: Ren Jing[14] - Contact Address: 23rd Floor, World Trade Tower, 500 Guangdong Road, Huangpu District, Shanghai[14] - Email: IR@smo-clinplus.com[14] III. Other Information The company's registration date was changed during the reporting period, while other information remained unchanged - The company's registered address, office address, website, and email remained unchanged during the reporting period[15] - The information disclosure and document repository locations remained unchanged during the reporting period[16] Registration Change Details | Indicator | Initial Registration | End-of-Period Registration | | :--- | :--- | :--- | | Registration Date | June 13, 2024 | February 28, 2025 | | Registration Location | Room 108, Building 1, 105 Sinan Road, Huangpu District, Shanghai | Room 108, Building 1, 105 Sinan Road, Huangpu District, Shanghai | | Unified Social Credit Code | 913100000625748002 | 913100000625748002 | IV. Key Accounting Data and Financial Indicators The company's revenue and net profit slightly decreased, while operating cash flow significantly improved Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 390,100,929.69 | 394,357,641.95 | -1.08% | | Net Profit Attributable to Shareholders | 54,156,092.09 | 54,923,009.29 | -1.40% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 38,544,482.13 | 48,394,704.93 | -20.35% | | Net Cash Flow from Operating Activities | -8,131,345.73 | -11,596,644.74 | 29.88% | | Basic Earnings Per Share (Yuan/Share) | 0.69 | 0.91 | -24.18% | | Diluted Earnings Per Share (Yuan/Share) | 0.69 | 0.90 | -23.33% | | Weighted Average Return on Equity | 4.51% | 4.95% | -0.44% | Key Accounting Data and Financial Indicators (End of Current Period vs End of Prior Year) | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,467,162,483.52 | 1,429,620,491.24 | 2.63% | | Net Assets Attributable to Shareholders | 1,219,396,248.62 | 1,173,140,830.63 | 3.94% | V. Differences in Accounting Data under Domestic and Foreign Accounting Standards There were no discrepancies in net profit or net assets between Chinese and international accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards[20] - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[21] VI. Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled 15.61 million Yuan, mainly from government grants and investment income Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 68,184.20 | Primarily gains from the disposal of non-current assets during the reporting period | | Government Grants Recognized in Current Profit or Loss | 12,599,327.39 | Primarily government grants received by the company during the reporting period | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 5,594,239.18 | Primarily investment income from disposal and fair value changes of trading financial assets | | Reversal of Impairment Provision for Individually Tested Receivables | 6,144.83 | Primarily reversal of impairment provision for individually tested contract assets | | Other Non-operating Income and Expenses | 21,717.77 | - | | Less: Income Tax Impact | 2,678,003.41 | - | | Total | 15,611,609.96 | - | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[24] Section 3: Management Discussion and Analysis I. Principal Business Activities during the Reporting Period The company provides SMO services, with performance recovering in Q2 after a challenging Q1 1. Main Business Operations The company's main business is providing Site Management Organization (SMO) services for clinical trials - The company is a big data-driven clinical research service provider offering SMO services to enhance clinical trial efficiency and data quality[26] - Services cover pre-trial modeling, preparation planning, site initiation, on-site execution, and full-process project management[27][28][29] - Service areas include major disease fields like hematologic and thoracic oncology, covering various phases of clinical trials for drugs and medical devices[29] 2. Key Operating Performance Revenue and net profit slightly decreased in H1 2025, but Q2 showed strong recovery and growth - In H1 2025, operating revenue was 390.10 million Yuan, a slight decrease of 1.08% YoY; net profit attributable to shareholders was 54.16 million Yuan, a slight decrease of 1.40% YoY[32] - In Q2 2025, operating revenue grew 1.82% YoY and 21.06% QoQ; net profit attributable to shareholders grew 45.17% YoY and 528.73% QoQ[32] - New contract value (excluding tax) reached 600 million Yuan, a 40.12% YoY increase; backlog contract value (excluding tax) was 1.998 billion Yuan, a 9.45% YoY increase[33] Number of Specialized Projects Participated in by ClinPlus | Drug Type | Number of Projects | | :--- | :--- | | ADC Projects | 140 | | Weight Loss Projects | 35 | | Multi-specific Antibody Projects | 10 | | CGT Projects | 73 | | Therapeutic Radiopharmaceutical Projects | 13 | | Oncolytic Virus Projects | 8 | | Bispecific Antibody Projects | 120 | | PD-1 and PD-L1 Projects | 154 | - As of the end of the reporting period, the company had 4,157 employees, served over 960 clinical trial sites, and covered more than 200 cities nationwide[34] - The company released its 2024 ESG report, received an A rating from Wind ESG, and won the "3rd ESG New Benchmark Enterprise Award" from JRJ.com[35] 3. Industry Overview The pharmaceutical R&D industry is growing, driven by policy support and technological advancements - In 2024, R&D spending by large pharmaceutical companies increased to $190 billion, with R&D as a percentage of sales exceeding 25% for the first time[37] - From 2015 to 2024, Chinese companies developed over 700 innovative drugs, with the number of FIC R&D pipelines ranking second globally[38] - In H1 2025, China's innovative drug outbound deals reached 72, with a total transaction value of up to $60 billion[38] - In 2024, the total number of clinical trials in China reached 4,900, a 13.9% YoY increase; new drug clinical trials numbered 2,539, a 9.3% YoY increase[39] - The NMPA's draft announcement proposes shortening the review and approval timeline for eligible innovative drug clinical trial applications from 60 days to 30 days[41] - AI technology is increasingly applied in innovative drug R&D, supported by national policies promoting the integration of AI and biomedicine[44][45][46] II. Core Competitiveness Analysis The company's core strengths lie in its extensive experience, standardized management, and robust talent pipeline - As one of the earliest SMO companies in China, it has helped launch over 210 products and collaborates with all of the top 10 global pharmaceutical companies of 2024[48][34] Project Participation in Key Disease Areas (as of June 2025) | Drug Type | Domestic Products | ClinPlus Participation | Participation Rate | | :--- | :--- | :--- | :--- | | Hematologic Oncology New Drugs | 71 | 31 | 43.66% | | Thoracic Oncology New Drugs | 68 | 26 | 38.24% | | Breast Cancer New Drugs | 39 | 8 | 20.51% | | PD-1/PD-L1 Monoclonal Antibody New Drugs | 20 | 11 | 55.00% | - The company has a standardized project management system with over 280 SOP documents and has passed 281 national inspections, 14 FDA inspections, and 5 EMA inspections without major findings[50][51] - As of the end of the reporting period, the company had 4,157 employees, served over 960 clinical trial sites, and could cover over 1,300 institutions[53][34] - The company ensures talent reserves and professional competence through a tiered training system, video tutorials, one-on-one mentoring, and strict assessments[54] - The company independently developed a big data modeling system and holds two invention patents for an adverse event grading method and a quality monitoring system[55][56] III. Main Business Analysis Revenue slightly decreased while costs rose, leading to a lower gross margin YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 390,100,929.69 | 394,357,641.95 | -1.08% | - | | Operating Costs | 298,064,673.55 | 290,261,170.43 | 2.69% | - | | Selling Expenses | 4,420,765.29 | 3,957,744.32 | 11.70% | Increased sales team compensation and travel expenses | | Administrative Expenses | 20,014,635.88 | 21,930,304.95 | -8.74% | Equity incentive expenses were accrued in the prior year period, not in the current period | | Finance Costs | -697,778.92 | -1,946,515.03 | 64.15% | Decrease in interest income | | Income Tax Expense | 6,626,880.12 | 8,851,435.90 | -25.13% | Decrease in total profit | | R&D Investment | 18,574,644.99 | 16,750,564.12 | 10.89% | Increased R&D investment | | Net Cash Flow from Operating Activities | -8,131,345.73 | -11,596,644.74 | 29.88% | Increased cash received from services and government grants | | Net Cash Flow from Investing Activities | 194,470,195.11 | 28,006,881.78 | 594.37% | Increased redemption of wealth management products | | Net Cash Flow from Financing Activities | -12,256,054.74 | -13,495,437.33 | 9.18% | Decreased dividend payments compared to the prior year period | | Net Increase in Cash and Cash Equivalents | 174,082,794.64 | 2,914,799.71 | 5,872.38% | Increased redemption of wealth management products | Products or Services Accounting for Over 10% of Revenue | Product/Service | Operating Revenue | Operating Costs | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SMO Business | 390,100,929.69 | 298,064,673.55 | 23.59% | -1.08% | 2.69% | -2.81% | | Service Industry | 390,100,929.69 | 298,064,673.55 | 23.59% | -1.08% | 2.69% | -2.81% | | Domestic | 390,100,929.69 | 298,064,673.55 | 23.59% | -0.80% | 3.13% | -2.92% | | Direct Sales | 390,100,929.69 | 298,064,673.55 | 23.59% | -1.08% | 2.69% | -2.81% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[58] IV. Non-core Business Analysis Non-core business impact on profit was mainly from investment income and government grants Impact of Non-core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,637,271.64 | 7.63% | Loss from long-term equity investments and gains from structured deposits | Yes | | Fair Value Change Gains/Losses | 734,604.50 | 1.21% | Fair value change of structured deposits at period-end | No | | Asset Impairment | -3,474,002.45 | -5.72% | Impairment provision for contract assets | No | | Non-operating Income | 111,000.46 | 0.18% | Increase in income not related to daily operations | No | | Non-operating Expenses | 89,282.69 | 0.15% | Donation expenses | No | | Other Income | 12,757,758.91 | 20.99% | Government grants, tax rebates, and VAT exemptions | No | | Asset Disposal Gains | 68,184.20 | 0.11% | Early termination of right-of-use assets and disposal of fixed assets | No | V. Analysis of Assets and Liabilities Total assets and net assets grew, with significant changes in cash, contract assets, and financial assets Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in % | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 663,063,448.79 | 45.19% | 488,980,654.15 | 34.20% | 10.99% | Increase from redemption of wealth management products | | Accounts Receivable | 153,053,000.19 | 10.43% | 146,220,606.98 | 10.23% | 0.20% | - | | Contract Assets | 399,199,614.12 | 27.21% | 349,559,399.54 | 24.45% | 2.76% | YoY increase in new contract value and project progress | | Long-term Equity Investments | 8,260,010.83 | 0.56% | 8,482,373.87 | 0.59% | -0.03% | - | | Fixed Assets | 11,779,169.06 | 0.80% | 14,419,333.48 | 1.01% | -0.21% | - | | Right-of-use Assets | 3,833,081.83 | 0.26% | 6,670,536.66 | 0.47% | -0.21% | - | | Contract Liabilities | 139,772,585.84 | 9.53% | 131,610,666.83 | 9.21% | 0.32% | YoY increase in new contract value and advance payments | | Lease Liabilities | 445,919.37 | 0.03% | 698,690.08 | 0.05% | -0.02% | - | | Trading Financial Assets | 210,734,604.50 | 14.36% | 400,583,354.29 | 28.02% | -13.66% | Redemption of matured wealth management products | - The company had no major overseas assets at the end of the reporting period[63] - No major assets of the company were seized, detained, frozen, mortgaged, or pledged at the end of the reporting period[65] VI. Investment Analysis Total investment decreased, and the headquarters construction project was extended Investment During the Reporting Period | Indicator | Investment Amount (Yuan) | Prior Year Period Investment (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Investment | 2,161,145,441.13 | 2,884,617,735.00 | -25.08% | - The company had no significant equity or non-equity investments during the reporting period[67] Financial Assets Measured at Fair Value | Asset Class | Initial Cost (Yuan) | Fair Value Change (Yuan) | Purchases (Yuan) | Sales (Yuan) | Cumulative Investment Income (Yuan) | Period-End Amount (Yuan) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 400,872,980.95 | 151,250.21 | 2,167,082,109.01 | 2,355,823,035.45 | 4,859,634.68 | 212,866,659.01 | Own/Raised Funds | Overall Use of Raised Funds (as of June 30, 2025) | Year | Method | Total Raised (CNY 10k) | Net Raised (CNY 10k) | Used This Period (CNY 10k) | Cumulatively Used (CNY 10k) | Utilization Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | IPO | 70,200 | 63,036.76 | 1,123.58 | 44,839.34 | 71.13% | Status of Committed Investment Projects (as of June 30, 2025) | Project | Committed Investment (CNY 10k) | Adjusted Investment (CNY 10k) | Investment This Period (CNY 10k) | Cumulative Investment (CNY 10k) | Investment Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Clinical Trial Site Expansion | 24,415.55 | 19,000 | 0 | 19,270.22 | 101.42% | | Big Data Analytics Platform | 10,218.12 | 9,036.76 | 875.64 | 3,796.07 | 42.01% | | Headquarters Base Construction | 15,578.96 | 15,000 | 247.94 | 1,280.89 | 8.54% | | Supplementary Working Capital | 20,000 | 20,000 | 0 | 20,492.16 | 102.46% | - The "Headquarters Base Construction" project has been extended to April 30, 2027[74] Entrusted Wealth Management Overview | Type | Funding Source | Amount Entrusted (CNY 10k) | Outstanding Balance (CNY 10k) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 19,000 | 0 | | Bank Wealth Management Products | Own Funds | 56,000 | 21,000 | | Total | - | 75,000 | 21,000 | VII. Major Asset and Equity Sales The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period[81] - The company did not sell any major equity during the reporting period[82] VIII. Analysis of Major Holding and Participating Companies There was no significant information to disclose regarding major holding or participating companies - There was no significant information to disclose regarding major holding or participating companies during the reporting period[82] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[83] X. Risks and Countermeasures The company faces multiple risks including market demand, competition, and policy changes, and has developed corresponding countermeasures - Business development is subject to risks from declining pharmaceutical R&D spending and outsourcing demand[83] - Intense competition in the clinical trial outsourcing industry may lead to pricing pressure and reduced profitability[84][85] - Changes in pharmaceutical regulatory policies could impact business growth, requiring close monitoring and enhanced risk resilience[86] - Growing accounts receivable and contract assets pose a risk of non-collection, which the company mitigates through strengthened collection management[87] - Long project execution cycles carry risks of delays or termination due to unsatisfactory trial results or changes in R&D direction[88] - Gross margin is at risk of declining due to factors like project volume, scale, compensation levels, and market competition[89] - The SMO industry lacks clear entry policies, exposing the company to business qualification risks and potential litigation from employee misconduct[90][91][100] - Risks include employee turnover, lack of market acceptance for innovative models, failure to upgrade core technologies, talent development challenges, management issues from expansion, and rising labor costs[93][94][95][96][97][98] - Unexpected events, natural disasters, epidemics, and other emergencies could adversely affect business operations, financial condition, and performance[102] XI. Record of Investor Relations Activities The company actively engaged with numerous institutional investors through various communication channels - The company engaged with investors through on-site visits, phone calls, and online earnings calls[105] - Participants included Fullgoal Fund, Huitianfu Fund, Xingzheng Global Fund, Rongtong Fund, ICBC Credit Suisse Fund, China Asset Management, Invesco Great Wall Fund, and others[105] - Key topics discussed included the company's basic situation, client structure, recruitment, development plans, industry conditions, and competitive advantages[105] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a Market Value Management System but has not yet disclosed a valuation enhancement plan - The company formulated a "Market Value Management System," which was approved by the Board of Directors on April 25, 2025[106][107] - The company has not yet disclosed a valuation enhancement plan[107] XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company did not disclose a "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose a "Dual Improvement in Quality and Returns" action plan announcement[108] Section 4: Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[110] II. Profit Distribution and Capitalization of Capital Reserve The company does not plan to distribute dividends or issue new shares for the first half of the year - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[111] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives Some restricted stocks from the 2022 incentive plan were repurchased and canceled - Under the 2022 restricted stock incentive plan, 5,460 shares were repurchased and canceled from two incentive recipients who resigned[112] - Due to not meeting the 2024 corporate performance targets, 497,770 restricted shares held by 135 incentive recipients were repurchased and canceled at an adjusted price of 12.61 Yuan/share[113] - The company had no employee stock ownership plans or other employee incentive measures implemented during the reporting period[115] IV. Environmental Information Disclosure The company and its main subsidiaries are not on the list of enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[116] V. Social Responsibility The company integrates ESG principles into its operations, focusing on shareholder rights, employee welfare, and community engagement - The company adheres to laws and regulations, convenes shareholder meetings, ensures shareholder rights, and maintains effective communication with investors[116] - The company has established a "Market Value Management System" and has distributed a cumulative total of 40.77 million Yuan in cash dividends since its 2022 listing[117] - Actual controller and Chairman Lai Chunbao increased his holdings by a total of 6.74 million Yuan between January 15 and June 10, 2025[117] - The company complies with labor laws, provides social insurance and housing funds for employees, offers supplementary benefits like paid annual leave, and continuously improves its talent training system[117][118] - The company operates in compliance with laws and business ethics, providing high-quality SMO services through a strict quality control system and maintaining stable relationships with suppliers[118][119] - The company's patient service brand "Rui之家" has served over 420,000 subjects through educational videos, articles, and a self-developed service applet[119] - The company donated books to establish the first "Xinjiang Aid Library" at a primary school in Wensu County, Xinjiang[119] - The company received an A rating from Wind ESG and other honors, including the "2024 Best Practice Case for Sustainable Development of Listed Companies" award[120] Section 5: Important Matters I. Fulfillment of Commitments by Relevant Parties All relevant parties fulfilled their commitments regarding share lock-ups and share price stabilization on time - Relevant parties, including Lai Chunbao and Shihezi Xitai, have fulfilled their share lock-up commitments[122] - The company, controlling shareholder, actual controller, directors, and senior management have fulfilled their share price stabilization commitments[122][124][126] - Actual controller Lai Chunbao completed his share increase commitment, with an increase amount between 6 million and 9 million Yuan[126][128] - There were no overdue unfulfilled commitments by any relevant parties as of the end of the reporting period[128] II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties There was no non-operating occupation of the company's funds by controlling shareholders or related parties - There was no non-operating occupation of the company's funds by controlling shareholders or other related parties during the reporting period[129] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[130] IV. Appointment and Dismissal of Accounting Firm The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[131] V. Explanation on "Non-standard Audit Report" by the Board This section is not applicable as there was no non-standard audit report - There was no non-standard audit report during the reporting period[132] VI. Explanation on Prior Year's "Non-standard Audit Report" This section is not applicable as there was no non-standard audit report - There was no non-standard audit report during the reporting period[133] VII. Bankruptcy and Reorganization Matters The company was not involved in any bankruptcy or reorganization matters - The company was not involved in any bankruptcy or reorganization matters during the reporting period[133] VIII. Litigation Matters The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[134] Summary of Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (CNY 10k) | Provision Formed | Progress | Outcome and Impact | Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation not meeting major disclosure standards | 13.38 | No | Some cases are closed and executed; others are ongoing | No significant impact | Some cases are closed and executed; others are ongoing | IX. Penalties and Rectifications The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[135] X. Integrity Status of the Company and its Controlling Shareholders The company and its controlling shareholders maintained a good integrity record - The company and its controlling shareholders had a good integrity record, with no unfulfilled court judgments or overdue major debts[136] XI. Major Related-Party Transactions The company engaged in routine related-party transactions for patient recruitment and SMO services Related-Party Transactions for Procurement of Goods/Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Approved Credit Limit (CNY 10k) | Exceeded Limit | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | Procurement of clinical trial patient recruitment services | 2,101,634.17 | 860 | No | 3,006,364.43 | Related-Party Transactions for Sale of Goods/Provision of Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | SMO services | 44,807.39 | 574,103.53 | - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[140] - The company had no related-party transactions involving joint external investments during the reporting period[141] - The company had no related-party credit or debt transactions during the reporting period[142] - There were no deposits, loans, credit lines, or other financial business between the company and related finance companies[144][145] - The company had no other major related-party transactions during the reporting period[146] XII. Major Contracts and Their Performance The company had no major contracts for custody, contracting, or guarantees, and all lease agreements are being duly performed - The company had no custody arrangements during the reporting period[147] - The company had no contracting arrangements during the reporting period[148] - Leases during the reporting period were for normal business operations, such as offices or employee dormitories, and all agreements are being duly performed[149] - No single lease project generated profit or loss exceeding 10% of the company's total profit for the reporting period[152] - The company had no major guarantees during the reporting period[153] - The company had no other major contracts during the reporting period[154] XIII. Explanation of Other Major Matters The actual controller completed a share increase plan, and the company implemented its 2024 annual dividend distribution - Actual controller and Chairman Lai Chunbao completed his share increase plan, acquiring 224,800 shares (0.28% of total share capital) for 6,742,476 Yuan[155] - The company implemented its 2024 annual dividend distribution, paying a cash dividend of 1.00 Yuan (tax included) per 10 shares, totaling 7,950,254.00 Yuan[156] XIV. Major Matters of Subsidiaries There were no major matters concerning the company's subsidiaries during the reporting period - There were no major matters concerning the company's subsidiaries during the reporting period[157] Section 6: Changes in Share Capital and Shareholder Information I. Changes in Share Capital Total share capital decreased slightly due to the repurchase and cancellation of restricted stocks Changes in Share Capital | Category | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 31,995,562 | 40.24% | -27,811,931.00 | 4,183,631.00 | 5.26% | | II. Unrestricted Shares | 47,512,438.00 | 59.76% | 27,806,471.00 | 75,318,909.00 | 94.74% | | III. Total Shares | 79,508,000.00 | 100.00% | -5,460.00 | 79,502,540.00 | 100.00% | - The change in share capital was due to the repurchase and cancellation of restricted stocks from two resigned employees under the 2022 incentive plan[161] - The repurchase and cancellation were completed on February 24, 2025, reducing the total share capital from 79,508,000 to 79,502,540 shares[162] Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares | Shares Released | Shares Added | Final Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi Xitai Equity Investment Partnership (LP) | 14,773,473.00 | 14,773,473.00 | 0 | 0 | Pre-IPO lock-up | | Shihezi Ruixin Equity Investment Partnership (LP) | 6,397,560.00 | 6,397,560.00 | 0 | 0 | Pre-IPO lock-up | | Shihezi Ruizesheng Equity Investment Co, Ltd | 5,850,000.00 | 5,850,000.00 | 0 | 0 | Pre-IPO lock-up | | Lai Chunbao | 4,440,150 | 4,440,150 | 3,654,712 | 3,654,712 | Pre-IPO/Executive lock-up | | 2022 Restricted Stock Incentive Plan (excluding above) | 449,930 | 5,460 | 0 | 444,470 | Equity incentive lock-up | II. Securities Issuance and Listing The company did not issue or list any new securities during the reporting period - The company did not issue or list any new securities during the reporting period[166] III. Number of Shareholders and Shareholdings The company had 9,448 common shareholders at the end of the period, with the largest shareholder holding 18.58% - Total number of common shareholders at the end of the reporting period: 9,448[168] Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Shares Held (End of Period) | Change During Period (Shares) | Restricted Shares | Unrestricted Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi Xitai Equity Investment Partnership (LP) | Domestic Non-SOE | 18.58% | 14,773,473.00 | 0.00 | 0.00 | 14,773,473.00 | | Shihezi Ruixin Equity Investment Partnership (LP) | Domestic Non-SOE | 8.05% | 6,397,560.00 | 0.00 | 0.00 | 6,397,560.00 | | Shihezi Ruizesheng Equity Investment Co, Ltd | Domestic Non-SOE | 7.36% | 5,850,000.00 | 0.00 | 0.00 | 5,850,000.00 | | Guanyou Zhaotai (Jiaxing) Venture Capital (LP) | Other | 6.89% | 5,474,040.00 | 0.00 | 0.00 | 5,474,040.00 | | Lai Chunbao | Domestic Individual | 6.13% | 4,872,950.00 | 224,800.00 | 3,654,712.00 | 1,218,238.00 | - Lai Chunbao is the actual controller of Shihezi Xitai and Shihezi Ruixin and acts in concert with Yang Hongwei, Lai Xiaolong, and related entities[168][125] - The company has no differential voting rights arrangements, and no top 10 shareholders engaged in agreed repurchase transactions[170][171] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management Chairman Lai Chunbao increased his shareholding during the reporting period Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Status | Initial Shares | Shares Increased | Shares Decreased | Final Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lai Chunbao | Chairman | Current | 4,648,150 | 224,800 | 0 | 4,872,950 | V. Changes in Controlling Shareholder or Actual Controller 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[173] - The company's actual controller did not change during the reporting period[173] VI. Information on Preferred Shares The company does not have any preferred shares - The company did not have any preferred shares during the reporting period[174] Section 7: Bond-related Matters Bond-related Matters The company had no bond-related matters to report - The company had no bond-related matters during the reporting period[176] Section 8: Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[178] II. Financial Statements This section presents the consolidated and parent company financial statements for the first half of 2025 - This section provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[180][183][185][188][191][194][197][200][204][208] III. Company Basic Information ClinPlus was founded in 2013 and listed on the Shenzhen Stock Exchange in 2022 - The company was established on February 22, 2013, and went public on the Shenzhen Stock Exchange in 2022[211][215] - The company's total share capital changed from 79,508,000 to 79,502,540, and then to 79,004,770, with the registered capital updated accordingly[218][219][220] - The company's business scope includes technology development, transfer, consulting, and services in the pharmaceutical field, as well as import/export business[221] IV. Basis of Preparation for Financial Statements The financial statements are prepared in accordance with Chinese Accounting Standards on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant CSRC regulations[222] - These financial statements are prepared on a going concern basis[223] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies for key areas like financial instruments and revenue recognition - The company has formulated specific accounting policies and estimates for transactions such as financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition[224] - Financial assets are classified at initial recognition as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[238] - The company applies an expected credit loss model for impairment of financial assets measured at amortized cost and certain debt instruments[245] - Fixed assets are depreciated using the straight-line method over their useful lives, typically 3-5 years for general equipment and 4 years for vehicles[265] - Intangible assets (software) are amortized over an estimated useful life of 5 years using the straight-line method[271] - R&D expenditure is expensed in the research phase and capitalized in the development phase if specific criteria are met[273] - Revenue is recognized when the customer obtains control of the goods or services as per the performance obligations in the contract[289] - The company applies different accounting treatments for short-term leases, low-value asset leases, and other leases[302][303] VI. Taxes This section outlines the company's main taxes, tax rates, and applicable preferential tax policies Main Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 6%, 3% | | Urban Maintenance and Construction Tax | VAT and consumption tax paid | 7% | | Corporate Income Tax | Taxable income | 5%, 15%, 25% | | Education Surcharge | VAT and consumption tax paid | 3% | | Local Education Surcharge | VAT and consumption tax paid | 2% | Corporate Income Tax Rates for Different Entities | Taxpayer Name | Income Tax Rate | | :--- | :--- | | ClinPlus (Shanghai) Pharmaceutical Technology Co, Ltd | 15% | | Ruixin (Ganzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | ClinPlus (Hangzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | Ruixin (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | Ruisi (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | Rongxin Zhiyan (Chengdu) Pharmaceutical Technology Co, Ltd | 5% | - The company benefits from a VAT exemption for small-scale taxpayers[309] - As a high-tech enterprise, ClinPlus (Shanghai) is subject to a reduced corporate income tax rate of 15% from 2023 to 2025[310] - The company is eligible for a 100% super deduction on R&D expenses incurred from January 1, 2023, onwards[310] - Certain subsidiaries enjoy small and micro enterprise tax benefits, with a reduced income tax rate of 5% on annual taxable income up to 1 million Yuan for 2025[311] - Some branches benefit from a 50% reduction in stamp duty and are exempt from education surcharges[312] VII. Notes to Consolidated Financial Statements This section provides detailed notes on key items in the consolidated financial statements - The closing balance of cash and cash equivalents was 663.06 million Yuan, an increase from the beginning of the period[314] - The closing balance of trading financial assets was 210.73 million Yuan, a decrease from the beginning of the period[315] - The carrying amount of accounts receivable at period-end was 153.05 million Yuan, with a bad debt provision rate of 6.21%[318] - The carrying amount of contract assets at period-end was 399.20 million Yuan, with a bad debt provision rate of 8.07%[329] - The carrying amount of other receivables at period-end was 2.01 million Yuan, with a bad debt provision rate of 44.57%[343] - Operating revenue for the period was 390.10 million Yuan, and operating costs were 298.06 million Yuan[410] - The revenue corresponding to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is 1.998 billion Yuan[411] - Income tax expense for the period was 6.63 million Yuan, a decrease of 25.13% from the prior period[432] - The net increase in cash and cash equivalents was 174.08 million Yuan[441] VIII. R&D Expenditures Total R&D expenditure was 18.57 million Yuan, all of which was expensed R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 18,465,846.89 | 16,639,751.51 | | Depreciation and Amortization | 107,624.11 | 108,420.45 | | Other | 1,173.99 | 2,392.16 | | Total | 18,574,644.99 | 16,750,564.12 | | Of which: Expensed R&D | 18,574,644.99 | 16,750,564.12 | | Capitalized R&D | 0.00 | 0.00 | - The company has no R&D projects that meet capitalization criteria and no significant externally acquired ongoing R&D projects[451] IX. Changes in Consolidation Scope The consolidation scope changed due to the establishment of a new wholly-owned subsidiary Changes in Consolidation Scope | Subsidiary Name | Establishment Date | Reason for Change | Ownership Percentage | | :--- | :--- | :--- | :--- | | Rongxin Zhiyan (Chengdu) Pharmaceutical Technology Co, Ltd | June 2025 | New subsidiary establishment | 100% | - The company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to a loss of control[451] X. Interests in Other Entities This section discloses the company's interests in its five wholly-owned subsidiaries and one associate company Composition of the Corporate Group | Subsidiary Name | Registered Capital (Yuan) | Main Place of Business | Registered Office | Business Nature | Ownership (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ruixin (Ganzhou) Pharmaceutical Technology Development Co, Ltd | 3,000,000.00 | Ganzhou, Jiangxi | Ganzhou, Jiangxi | Service | 100.00% | Establishment | | ClinPlus (Hangzhou) Pharmaceutical Technology Development Co, Ltd | 500,000.00 | Hangzhou, Zhejiang | Hangzhou, Zhejiang | Service | 100.00% | Establishment | | Ruixin (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 1,000,000.00 | Guangzhou, Guangdong | Guangzhou, Guangdong | Service | 100.00% | Establishment | | Ruisi (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 1,000,000.00 | Guangzhou, Guangdong | Guangzhou, Guangdong | Service | 100.00% | Establishment | | Rongxin Zhiyan (Chengdu) Pharmaceutical Technology Co, Ltd | 1,000,000.00 | Chengdu, Sichuan | Chengdu, Sichuan | Service | 100.00% | Establishment | Significant Joint Ventures or Associates | Name | Main Place of Business | Registered Office | Business Nature | Ownership (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | Shanghai | Shanghai | Service | 11.93% | Equity Method | - The company has significant influence over Quanrong (Shanghai) as it appoints two of the seven directors[456] Key Financial Information of Significant Associate (Quanrong Shanghai) | Item | Period-End Balance / Current Period Amount (Yuan) | Prior Period Balance / Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Assets | 24,974,148.19 | 27,242,102.39 | | Total Liabilities | 11,354,330.99 | 11,758,637.04 | | Equity Attributable to Parent Company | 13,619,817.20 | 15,483,465.35 | | Operating Revenue | 27,600,899.88 | 26,221,339.18 | | Net Profit | -1,863,648.15 | -3,751,742.64 | | Total Comprehensive Income | -1,863,648.15 | -3,751,742.64 | XI. Government Grants The company recognized government grants totaling 12.60 million Yuan in the current period Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 12,599,327.39 | 316,450.12 | - On April 28, 2025, the company received an income-related government grant of 11 million Yuan, accounting for 10.34% of the latest audited net profit attributable to shareholders[462] - This government grant is related to the company's daily operating activities but is not sustainable[462] XII. Risks Related to Financial Instruments The company manages credit, liquidity, and market risks through diversified investments and prudent financial monitoring - The company is exposed to credit risk, liquidity risk, and market risk (including currency risk, interest rate risk, and other price risks)[463] - Credit risk arises mainly from cash, notes receivable, accounts receivable, and other receivables, which is managed by assessing customer creditworthiness and regular monitoring[464][465] - Liquidity risk is managed by monitoring cash balances, marketable securities, and rolling 12-month cash flow forecasts[465] Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity (Period-End Balance) | Item | Within 1 Year (CNY 10k) | 1-2 Years (CNY 10k) | 2-5 Years (CNY 10k) | Over 5 Years (CNY 10k) | Total Undiscounted (CNY 10k) | Carrying Value (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 1,085.18 | 0 | 2.00 | 0 | 1,087.18 | 1,087.18 | | Other Payables | 705.44 | 323.79 | 319.08 | 0 | 1,348.31 | 1,348.31 | | Non-current Liabilities Due Within One Year | 266.70 | 0 | 0 | 0 | 266.70 | 266.70 | | Other Current Liabilities | 1,920.63 | 0 | 0 | 0 | 1,920.63 | 1,920.63 | | Lease Liabilities | 0 | 43.01 | 1.58 | 0 | 44.59 | 44.59 | | Total | 3,977.95 | 366.80 | 322.66 | 0 | 4,667.41 | 4,667.41 | - Interest rate risk is managed by determining the appropriate mix of fixed and floating rate instruments, while currency risk is mitigated by monitoring foreign currency transactions and balances[469][470] - The company did not engage in any hedging activities during the reporting period[471] XIII. Disclosure of Fair Value The company's assets measured at fair value totaled 212.87 million Yuan, primarily valued using Level 2 inputs Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-End Fair Value (Level 2) (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | (I) Trading Financial Assets | 210,734,604.50 | 210,734,604.50 | | (1) Debt Instrument Investments | 210,734,604.50 | 210,734,604.50 | | (II) Receivables Financing | 2,132,054.51 | 2,132,054.51 | | Total Assets Continuously Measured at Fair Value | 212,866,659.01 | 212,866,659.01 | Valuation Techniques for Level 2 Fair Value Measurements | Item | Valuation Technique | | :--- | :--- | | Bank Wealth Management Products | Discounted Cash Flow Method | | Receivables Financing | Discounted Cash Flow Method | - The company has no Level 1 or Level 3 fair value measurements, and there were no transfers between levels or changes in valuation techniques during the period[473][474] XIV. Related Parties and Transactions The company's related-party transactions primarily involved procurement and service provision with its associate company - The ultimate controlling party of the company is Mr Lai Chunbao, who controls 40.21% of the voting rights through direct/indirect holdings and concert party agreements[475] - Information on subsidiaries is detailed in Note "X. Interests in Other Entities"[476] - The associate company is Quanrong (Shanghai), in which the company holds an 11.93% stake, and whose actual controller and chairman is Mr Lai Chunbao[477][480] Related-Party Transactions for Procurement of Goods/Services | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | Procurement of services | 2,101,634.17 | Related-Party Transactions for Sale of Goods/Provision of Services | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | SMO services | 44,807.39 | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | | :--- | :--- | | Key Management Personnel Compensation | 3,009,256.59 | Receivables from Related Parties (Period-End Balance) | Item | Related Party | Carrying Amount (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | 77,507.69 | 3,875.38 | Payables to Related Parties (Period-End Balance) | Item | Related Party | Period-End Carrying Amount (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | 142,190.00 | | Contract Liabilities | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | 6,734.31 | XV. Share-based Payments The company had no share-based payment activities during the reporting period - The company had no overall share-based payment arrangements during the reporting period[489] - The company had no equity-settled share-based payment arrangements during the reporting period[489] - The company had no cash-settled share-based payment arrangements during the reporting period[489] - The company incurred no share-based payment expenses during the reporting period[489] XVI. Commitments and Contingencies The company had no significant commitments or contingencies to disclose as of the reporting date - As of June 30, 2025, the company had no significant commitments to disclose[489] - The company had no significant contingencies to disclose[490] XVII. Subsequent Events After the reporting period, the company acquired a 45% stake in Heli Real Estate and further reduced its share capital - The company successfully bid for a 45% equity stake in Heli Real Estate and its related debt for 250.47 million Yuan to acquire office space[492][493] - The company's total share capital was further reduced from 79,502,540 to 79,004,770 shares due to the repurchase and cancellation of restricted stock[494] XVIII. Other Important Matters The company has no other important matt