百洋医药(301015) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board and management guarantee report accuracy, noting risks from brand concentration, drug quality, policy, and market competition, with no semi-annual dividend or capital reserve conversion plans - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[4] - The company faces risks from concentrated brand operations, drug quality, policy changes, and intensified market competition[4] - The company plans no semi-annual cash dividends, bonus shares, or capital reserve conversions[5] Table of Contents The report is clearly structured into eight main chapters, facilitating comprehensive investor understanding of the company - The report is clearly structured into eight main chapters, facilitating comprehensive investor understanding of the company[7] List of Documents for Reference Documents for reference include signed financial statements, publicly disclosed originals, and other relevant files, all available at the company's securities department - Documents for reference include signed financial statements, publicly disclosed originals, and announcement drafts[9] - All documents for reference are kept at the company's securities department[10] Definitions This section defines key entities, regulatory bodies, reporting period, and pharmaceutical terms (e.g., OTC, DTP, B2C) for accurate report understanding - Key entities like the company, controlling shareholder, and subsidiaries are clearly defined[11] - Key pharmaceutical terms (e.g., prescription drugs, OTX, OTC, 'Two-Invoice System', DTP, B2C) are explained for accurate report understanding[11] - The reporting period is January-June 2025; the prior year period is January-June 2024[11] Company Profile and Key Financial Indicators Company Profile Qingdao Baiyang Pharmaceutical Co., Ltd. is listed on Shenzhen Stock Exchange (301015), with Fu Gang as legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Baiyang Pharmaceutical | | Stock Code | 301015 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Qingdao Baiyang Pharmaceutical Co., Ltd. | | Legal Representative | Fu Gang | Contact Person and Information Board Secretary Li Zhen and Securities Rep Liu Nina share contact info: Building 1, No. 88 Tongbai Road, Qingdao, Phone 0532-66756688, Email byyy@baheal.com Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Li Zhen | Building 1, No. 88 Tongbai Road, Shibei District, Qingdao City, Shandong Province | 0532-66756688 | byyy@baheal.com | | Securities Affairs Representative | Liu Nina | Building 1, No. 88 Tongbai Road, Shibei District, Qingdao City, Shandong Province | 0532-66756688 | byyy@baheal.com | Other Information Company's registered address, office address, website, email, disclosure locations, and registration status remained unchanged - Company contact, disclosure, and registration details remained unchanged during the reporting period[15][16][17] Key Accounting Data and Financial Indicators In H1 2025, revenue decreased 6.02% to 3.751 billion yuan, net profit fell 59.48% to 163 million yuan, EPS was 0.31 yuan/share (down 59.74%), total assets rose 0.67%, and net assets decreased 8.63% Key Accounting Data and Financial Indicators (Year-on-year) | Indicator | Current Reporting Period (million yuan) | Prior Year Period (million yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,751.29 | 3,991.56 | -6.02% | | Net Profit Attributable to Shareholders of Listed Company | 163.14 | 402.63 | -59.48% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 177.37 | 370.76 | -52.16% | | Net Cash Flow from Operating Activities | 391.76 | 471.62 | -16.93% | | Basic Earnings Per Share (yuan/share) | 0.31 | 0.77 | -59.74% | | Diluted Earnings Per Share (yuan/share) | 0.31 | 0.74 | -58.11% | | Weighted Average Return on Net Assets | 7.07% | 13.51% | -6.44% | Asset and Liability Indicators (Period-end) | Indicator | End of Current Reporting Period (million yuan) | End of Prior Year (million yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,159.89 | 7,112.58 | 0.67% | | Net Assets Attributable to Shareholders of Listed Company | 2,169.93 | 2,374.91 | -8.63% | Differences in Accounting Data under Domestic and Overseas Accounting Standards No accounting data differences existed under domestic and overseas accounting standards during the reporting period - No accounting data differences existed under domestic and overseas accounting standards during the reporting period[19][20] Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses were -14.24 million yuan, mainly from asset disposal, government grants, financial asset fair value changes, capital occupation fees, and non-operating items Non-recurring Gains and Losses and Amounts | Item | Amount (million yuan) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 0.62 | | | Government Grants Recognized in Current Profit or Loss | 19.33 | Primarily investment attraction rewards, special funds for social and economic development, and high-quality development policy funds for the biomedical industry | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises, Excluding Effective Hedging Activities Related to the Company's Normal Operations | -25.27 | Primarily fair value changes in Zhongkang Holdings and Huahao Zhongtian Pharmaceutical shares | | Capital Occupation Fees Received from Non-financial Enterprises Recognized in Current Profit or Loss | 1.12 | | | Other Non-operating Income and Expenses Apart from the Above Items | -5.73 | Primarily donation expenses | | Other Profit and Loss Items Meeting the Definition of Non-recurring Gains and Losses | 0.44 | | | Less: Income Tax Impact | -1.81 | | | Impact on Minority Interests (After Tax) | 6.57 | | | Total | -14.24 | | - The company does not classify non-recurring gains and losses as recurring gains and losses[24] Management Discussion and Analysis Main Business Activities During the Reporting Period As an innovative brand commercialization platform, the company focuses on product development, manufacturing, and commercialization of medical innovations, steadily transforming into an innovative pharmaceutical enterprise, with stable brand operations, reduced wholesale, and stable retail business, actively deploying innovative products in oncology and bone health Industry Overview In H1 2025, China's pharmaceutical industry developed steadily under deepening policies, technological innovation, and capital empowerment, with market size expected to exceed 3.5 trillion yuan - In H1 2025, NMPA approved 43 innovative drugs, a 59% year-on-year increase[26] - China's pharmaceutical market size is expected to exceed 3.5 trillion yuan in 2025[27] - The industry is accelerating its transformation from 'imitation' to 'leading' and 'original innovation'[27] [Company's Strategic Innovation and Upgrading](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%