普莱柯(603566) - 2025 Q2 - 季度财报

Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which remains unaudited, and proposes a cash dividend of RMB 2 per 10 shares (including tax) to all shareholders, totaling an estimated RMB 68,383,874.60 (including tax), while noting the report contains forward-looking statements that do not constitute substantive commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report; the report is unaudited[3][5] 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Dividend per 10 shares (yuan, incl. tax) | 2 | | Estimated cash dividend (yuan, incl. tax) | 68,383,874.60 | Section I: Definitions Definitions of Common Terms This section defines common terms used in the report, including company abbreviations, reporting period, major subsidiary names, and professional terms for various veterinary products and R&D stages, ensuring clear understanding of the report content - The reporting period refers to the first half of 2025 (January 1 to June 30)[14] - Detailed definitions are provided for the company and its major subsidiaries, such as Pulike, Huizhong Veterinary, Huizhong Bio, etc[14] - Industry-specific terms such as Veterinary GMP, clinical trial stage, and new veterinary drug registration stage are explained[14] Section II: Company Profile and Key Financial Indicators I. Company Information This section lists basic company information including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is Pulike Biological Engineering Co., Ltd., its Chinese abbreviation is Pulike, and its legal representative is Hu Wei[16] II. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - The Board Secretary is Zhao Rui, and the Securities Affairs Representative is Tian Xiaolong; both can be reached at 0379-63282386, and the email is ir@pulike.com.cn[17] III. Brief Introduction to Changes in Basic Information This section describes the company's registered address, office address, postal code, and website, noting no changes during the reporting period - The company's registered address is Lingbo Road, High-tech Development Zone, Luoyang Area, China (Henan) Pilot Free Trade Zone, and its website is http://www.pulike.com.cn[18](index=18&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section discloses the company's selected newspapers for information disclosure, the website for semi-annual reports, and the storage location for the reports, noting no changes during the reporting period - The company's selected newspapers for information disclosure are Shanghai Securities News and Securities Times, and the website for semi-annual reports is www.sse.com.cn[19](index=19&type=chunk) V. Company Stock Profile This section briefly introduces the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation “Pulike” and stock code 603566[20] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, including operating revenue, total profit, net profit, earnings per share, and return on net assets, with comparisons to the same period last year (1) Key Accounting Data This section details the company's key accounting data for the first half of 2025, including operating revenue, total profit, net profit attributable to shareholders of listed company, and net cash flow from operating activities, showing significant year-on-year growth 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 559,429,605.94 yuan | 483,151,593.70 yuan | 15.79 | | Total Profit | 130,819,386.40 yuan | 81,866,443.16 yuan | 59.80 | | Net Profit Attributable to Shareholders of Listed Company | 116,181,892.11 yuan | 73,946,259.88 yuan | 57.12 | | Net Cash Flow from Operating Activities | 195,066,040.70 yuan | 48,153,979.01 yuan | 305.09 | - Net assets attributable to shareholders of the listed company at period-end were 2,605,506,047.77 yuan, and total assets at period-end were 3,056,696,099.11 yuan, a slight decrease from the end of the previous year[23] (2) Key Financial Indicators This section presents the company's key financial indicators for the first half of 2025, including basic earnings per share, diluted earnings per share, and weighted average return on net assets, all showing significant growth 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.34 | 0.21 | 61.90 | | Diluted Earnings Per Share (yuan/share) | 0.34 | 0.21 | 61.90 | | Basic EPS after deducting non-recurring gains and losses (yuan/share) | 0.29 | 0.19 | 52.63 | | Weighted Average Return on Net Assets (%) | 4.37 | 2.72 | increase of 1.65 percentage points | IX. Non-recurring Gains and Losses and Amounts This section details the company's non-recurring gains and losses for the first half of 2025, totaling 16,050,327.40 yuan, primarily including government subsidies, fair value changes in financial assets, and reversal of impairment provisions for receivables Non-recurring Gains and Losses for H1 2025 | Non-recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | -600,047.22 | | Government subsidies recognized in current profit/loss | 4,299,682.67 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities | 4,087,383.34 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 8,203,562.17 | | Other non-operating income and expenses apart from the above | 1,917,540.72 | | Other gain/loss items meeting the definition of non-recurring | 689,453.32 | | Less: Income tax impact | 2,547,247.60 | | Total | 16,050,327.40 | Section III: Management Discussion and Analysis I. Explanation of the Company's Industry and Main Business during the Reporting Period This section details the veterinary medicine manufacturing industry, including its size, competitive landscape, development trends, and regulatory policies, analyzing the downstream livestock, poultry, and companion animal markets, and outlining the company's main business, market position, performance drivers, and operating model (1) Industry Situation during the Reporting Period This section elaborates on the overall size, competitive landscape, future development trends, and latest regulatory policies of the veterinary medicine manufacturing industry, which is generally growing but highly competitive and fragmented, with technology innovation and comprehensive service capabilities being key 1. Industry Overview This section introduces the scale, competitive landscape, and development trends of the veterinary drug industry, which saw 69.651 billion yuan in sales for manufacturing enterprises in 2023, showing an upward trend but with low concentration and severe product homogeneity, necessitating a focus on technological innovation and comprehensive service capabilities 2023 Veterinary Drug Industry Scale | Indicator | Amount (billion yuan) | | :--- | :--- | | Sales of Veterinary Drug Manufacturing Enterprises | 69.651 | | Gross Profit of Veterinary Drug Manufacturing Enterprises | 21.297 | | Sales of Veterinary Biological Product Enterprises | 16.276 | | Sales of Veterinary Chemical Drug Enterprises | 53.375 | - Large enterprises account for 73.36% of sales in veterinary biological product enterprises, maintaining stable industry concentration; large enterprises account for 54.22% of sales in veterinary chemical drug enterprises, indicating low industry concentration and severe market homogeneity[30] - The future development trend of the animal health industry is that technological innovation, product quality, market expansion, and comprehensive service capabilities will become core competencies[31] 2. Downstream Industry Situation This section analyzes the livestock, poultry, and companion animal downstream industries, noting slight increases in pig inventory and slaughter with marginal profits, and growth in poultry inventory and slaughter but with low prices, while the companion animal market continues to grow, driven by pet food and medical services, with management trending towards standardization and refinement - As of the end of Q2 2025, national pig inventory was 424.47 million heads, a 2.2% year-on-year increase; breeding sow inventory was 40.43 million heads, a 0.1% year-on-year increase[34] - The urban pet (dog and cat) consumption market reached 300.2 billion yuan in 2024, a 7.5% increase from 2023, and is projected to reach 404.2 billion yuan by 2027[37] - Pet food remains the primary consumption market for pet owners (52.8%), followed by pet medical services (28.0%), with significant increases in penetration rates for pet diagnosis, training, insurance, and travel[37] (2) Company's Main Business during the Reporting Period The company primarily engages in R&D, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine, covering livestock, poultry, and pets, boasting multiple national-level innovation platforms, leading technological innovation, and comprehensive strength, driven by new product development for swine diseases, resolving poultry vaccine capacity bottlenecks, comprehensive pet vaccine and drug market expansion, and building an excellent operational system, utilizing an R&D model primarily based on independent research with supplementary joint research, a production model based on sales orders, and a sales model combining direct and distribution channels 1. Main Business The company primarily engages in the R&D, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine, mainly for the prevention and treatment of diseases in livestock, poultry, and pets, possessing over 60 production lines capable of producing more than 80 biological products, 200 chemical drugs, and hundreds of pet health products, offering a comprehensive product range - The company primarily engages in the R&D, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine, mainly for the prevention and treatment of diseases in livestock, poultry, and pets[38] - The company possesses over 60 production lines, capable of producing more than 80 biological products, 200 chemical drugs, and hundreds of pet health products, offering a comprehensive product range[38][39] - The company's main products include swine vaccines and drugs (e.g., Porcine Circovirus and Mycoplasma Hyopneumoniae Inactivated Vaccine), poultry vaccines and drugs (e.g., Newcastle Disease, Infectious Bronchitis, Avian Influenza, Infectious Laryngotracheitis, and Adenovirus Five-in-one Inactivated Vaccine), ruminant vaccines and drugs (e.g., Foot-and-Mouth Disease O-type and A-type Bivalent Inactivated Vaccine), and pet vaccines and drugs (e.g., Feline Triple Vaccine Inactivated)[40][41] 2. Market Position The company aims to build a world-class brand in China's animal health industry, recognized as a National Torch Plan Key High-tech Enterprise and National Technology Innovation Demonstration Enterprise, with multiple national-level innovation platforms, positioning its technological innovation capabilities and comprehensive strength among the industry leaders - The company is a National Torch Plan Key High-tech Enterprise, National Technology Innovation Demonstration Enterprise, and one of the first innovative leading enterprises in Henan Province[42][43] - The company possesses multiple innovation platforms, including the National Engineering Research Center for Veterinary Drugs and a National Enterprise Technology Center, with its technological innovation capabilities and comprehensive strength ranking among the industry leaders[43] 3. Key Performance Drivers The company's performance is primarily driven by developing new iterative products addressing pain points in swine disease prevention and control, resolving poultry vaccine capacity bottlenecks to regain market leadership, comprehensively expanding into pet vaccines and drugs to usher in a new era of domestic brands, and building an excellent operational system to enhance comprehensive customer service capabilities - For swine vaccines, the company is actively exploring R&D pathways for products preventing Porcine Epidemic Diarrhea and Blue Ear Disease, which are expected to expand the market[44] - For poultry vaccines, Pulike (Nanjing)'s new production base has been completed and passed Veterinary GMP acceptance, resolving the capacity bottleneck for highly pathogenic avian influenza vaccines[45] - For pet vaccines and chemical drugs, the Feline Triple Inactivated Vaccine is leading import substitution, with more pet products expected to be launched in the future[46] 4. Operating Model The company's operating model includes an R&D approach primarily based on independent research with supplementary joint research, a procurement model with a robust supply management system, a production model driven by sales orders and focused on quality, and a sales model combining direct sales and distribution - The company has established a fast and efficient product R&D system based on market demand and competitive analysis, primarily through independent R&D supplemented by collaborative R&D[48][49] - The procurement management department coordinates raw material demands across production bases, leveraging centralized procurement advantages to establish long-term partnerships with quality suppliers and flexibly applying procurement strategies to reduce costs[50] - The company adopts a production model based on sales orders and centered on quality, having established a comprehensive and systematic Veterinary GMP management system with high standards[51] - The sales model primarily combines direct sales and distribution, with direct sales targeting large and medium-sized customers, and distribution for small and medium-sized farmers[52] II. Discussion and Analysis of Operations In the first half of 2025, despite a sluggish farming market and intense competition, the company achieved significant growth in operating revenue and net profit by focusing on marketing system reforms, strengthening management, and controlling expenses, with innovative products like Porcine Pseudorabies Live Vaccine and Adenovirus series poultry combined vaccines contributing new growth, the Pulike (Nanjing) new base releasing avian influenza vaccine capacity, pet product sales maintaining high growth, and online sales increasing by over 300%, while also obtaining 8 new veterinary drug registration certificates and multiple clinical trial approvals H1 2025 Operating Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 559 million yuan | 15.79% | | Net Profit Attributable to Shareholders of Listed Company | 116 million yuan | 57.12% | - The company's main business revenue increased by 15.58% year-on-year, with innovative products such as Porcine Pseudorabies Live Vaccine and Adenovirus series poultry combined vaccines contributing new performance growth points[53][54] - Following the full operation of Pulike (Nanjing)'s new production base, sales revenue of highly pathogenic avian influenza vaccines increased by nearly 60% year-on-year[54] - Sales revenue of pet-related products continued to maintain high growth, with online sales increasing by over 300% year-on-year[54] - The company obtained 8 national new veterinary drug registration certificates, including the internationally pioneering Class I new veterinary drug "Newcastle Disease, Infectious Bronchitis, Avian Influenza, Infectious Laryngotracheitis, and Adenovirus Five-in-one Inactivated Vaccine" and the domestically pioneering Class II new veterinary drug "Fluralaner and its Solution"[55] III. Analysis of Core Competencies during the Reporting Period The company's core competencies lie in technological innovation, a rich product portfolio, strong market brand, and excellent product quality, supported by multiple national-level innovation platforms and advanced technology platforms, with 77 new veterinary drug registration certificates and 334 invention patents, offering a comprehensive range of livestock, poultry, and pet vaccines, chemical drugs, and functional health products, with a nationwide sales network and high customer recognition for its "Golden Quality, Benefiting Humanity" corporate mission 1. Technological Innovation Advantage The company prioritizes independent and integrated innovation as its driving force, possessing multiple national-level innovation platforms and a Biosafety Level 3 (P3) laboratory, and through years of technological accumulation, has built comprehensive technology platforms such as reverse genetics and prokaryotic expression, enabling the development of various genetic engineering vaccines, while also establishing industry-academia-research collaborations with multiple institutions - The company possesses multiple national-level innovation platforms, including the National Engineering Research Center for Veterinary Drugs and a National Enterprise Technology Center, with a Biosafety Level 3 (P3) laboratory already in operation[56] - The company has built comprehensive technology platforms such as reverse genetics, prokaryotic expression, and multi-valent vaccine technology, enabling the development of a series of genetic engineering vaccines, including subunit vaccines and nucleic acid vaccines[56][57] - As of the end of the reporting period, the company and its subsidiaries had cumulatively obtained 77 national new veterinary drug registration certificates and 334 authorized invention patents (including 38 international invention patents)[57] 2. Product Category Advantage The company boasts a comprehensive product range, covering multiple series of livestock, poultry, and pet vaccines, chemical drugs, and functional health products, featuring industry-leading genetic engineering vaccines and multi-valent vaccines for food animals, and for pets, including Feline Triple Inactivated Vaccine and Rabies Inactivated Vaccine, as well as chemical drugs for deworming and anti-inflammation, and dozens of health products - The company offers a comprehensive range of products, covering multiple series of livestock, poultry, and pet vaccines, chemical drugs, and functional health products[58] - The company has further enriched and improved its product structure by entering the Foot-and-Mouth Disease vaccine and highly pathogenic avian influenza vaccine fields through external investments and mergers and acquisitions[58] - The company utilizes advanced processes such as bacterial high-density fermentation technology, protein purification technology, and virus-like particle assembly technology to increase effective antigen content, enhance immune efficacy, and reduce side effects[58] 3. Market Brand Advantage The company has established a product sales network covering most regions nationwide, forming close strategic partnerships with direct sales customers and distributors, empowering distributors with technological, product, and service innovations to jointly drive market sales, and has built a brand advantage in livestock, poultry, and pet vaccines and chemical drugs with its mission of "Golden Quality, Benefiting Humanity," earning widespread industry recognition for its technological innovation capabilities - The company has established a product sales network covering most regions nationwide, forming close strategic partnerships with direct sales customers and distributors[59] - The company empowers distributors with technological innovation, product innovation, and service innovation, strengthening technical training and customer service awareness to foster excellent synergy[59] - The company has innovated and developed in livestock, poultry, and pet vaccines and chemical drugs, building a brand advantage, with product sales ranking among the industry leaders[59] 4. Product Quality Advantage The company has established a quality management objective of "creating value for customers while achieving sustainable high-quality enterprise development," building a reliable comprehensive quality control system, and continuously improving product quality through process technology team project tackling and process management, earning high recognition from industry authorities, farming customers, and pet owners - The company has established a quality management objective of "creating value for customers while achieving sustainable high-quality enterprise development"[60] - The company focuses on achieving refined production, lean management, and high-quality service, forming a reliable comprehensive quality control system[61] - The company's product quality has received high recognition from industry authorities, farming customers, and pet owners[61] IV. Key Operating Performance during the Reporting Period This section analyzes the company's key operating performance during the reporting period, including changes in financial statement items for its main business, asset and liability status, and investment status, noting significant growth in operating revenue and net cash flow from operating activities, but a substantial decrease in net cash flow from investing activities, while the asset and liability structure remained stable, with an increase in trading financial assets and a decrease in monetary funds (1) Main Business Analysis This section details the year-on-year changes and reasons for the company's main business financial statement items, including operating revenue, operating costs, selling expenses, administrative expenses, financial expenses, and R&D expenses, noting that increased poultry product sales drove revenue, but market competition led to reduced gross profit for livestock and chemical drug products 2025 Semi-Annual Key Accounting Data Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 559,429,605.94 | 483,151,593.70 | 15.79 | | Operating Cost | 225,100,131.54 | 177,884,070.81 | 26.54 | | Selling Expenses | 124,261,262.06 | 134,367,404.58 | -7.52 | | Net Cash Flow from Operating Activities | 195,066,040.70 | 48,153,979.01 | 305.09 | | Net Cash Flow from Investing Activities | -150,520,280.41 | 160,872,367.81 | -193.57 | - The change in operating revenue was primarily due to increased sales orders for poultry products; the change in operating cost was mainly due to increased sales orders for poultry products, coupled with reduced gross profit for livestock and chemical drug products due to market competition[62] 2025 Semi-Annual Sales Revenue by Product Category | Product Category | Revenue for Reporting Period (yuan) | Revenue for Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Biological Products | 401,460,863.45 | 354,756,182.23 | 13.17 | | Of which: Swine | 130,521,049.20 | 147,459,958.42 | -11.49 | | Poultry | 259,185,369.48 | 199,360,968.90 | 30.01 | | Pet | 10,072,202.02 | 6,730,388.36 | 49.65 | | Chemical Drugs | 123,587,499.74 | 102,190,994.44 | 20.94 | | Functional Health Products, etc. (Pet) | 12,813,469.57 | 5,708,261.14 | 124.47 | | Total | 553,322,117.34 | 478,751,320.83 | 15.58 | (3) Analysis of Assets and Liabilities This section analyzes the changes in the company's assets and liabilities at period-end, noting a 41.75% decrease in monetary funds due to dividend payments and wealth management product purchases, and a 26.01% increase in trading financial assets due to wealth management product purchases, while employee compensation decreased by 45.07% due to year-end bonus payments Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Proportion of Total Assets at Current Period-End (%) | Prior Year-End Amount (yuan) | Proportion of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 119,571,621.33 | 3.91 | 205,256,440.02 | 6.63 | -41.75 | | Trading Financial Assets | 605,252,970.11 | 19.80 | 480,333,268.54 | 15.51 | 26.01 | | Employee Compensation Payable | 32,930,257.19 | 1.08 | 59,945,213.54 | 1.94 | -45.07 | - The decrease in monetary funds was primarily due to dividend payments and increased purchases of wealth management products[67] - The increase in trading financial assets was primarily due to increased purchases of wealth management products during the current year[67] (4) Investment Status Analysis This section analyzes the company's investment status, noting that as of the end of the reporting period, the long-term equity investment balance was 203.824 million yuan, a decrease of 7.8912 million yuan from the end of the previous year, and the company held financial assets measured at fair value totaling 709.0439 million yuan, of which trading financial assets at period-end were 605.253 million yuan and other non-current financial assets were 92.517 million yuan - As of the end of the reporting period, the company's long-term equity investment balance was 203.824 million yuan, a decrease of 7.8912 million yuan from the end of the previous year[69] Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 480,333,268.54 | 771,801,166.69 | 645,214,166.67 | 605,252,970.11 | | Other Non-current Financial Assets | 92,911,518.48 | 2,000,000.00 | 1,764,252.76 | 92,516,962.79 | | Total | 582,407,021.22 | 773,801,166.69 | 646,978,419.43 | 709,043,913.74 | - The company holds shares in "Zhengbang Technology" (stock code 002157), with an ending book value of 868,088.13 yuan and a fair value change loss of -60,416.39 yuan for the current period[72] (5) Significant Asset and Equity Disposals This section states that the company had no significant asset or equity disposal matters during the reporting period - During the reporting period, the company had no significant asset or equity disposal matters[74] (6) Analysis of Major Holding and Participating Companies This section lists the financial performance of the company's major holding subsidiaries and participating companies with a 10% or more impact on the company's net profit, identifying Huizhong Bio, Huizhong Veterinary, and Pulike (Nanjing) as key subsidiaries, with Huizhong Bio having the highest net profit at 27.6171 million yuan Financial Performance of Major Holding and Participating Companies (H1 2025) | Company Name | Company Type | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huizhong Bio | Subsidiary | 21,000.00 | 36,924.21 | 29,434.46 | 10,745.99 | 2,761.71 | | Huizhong Veterinary | Subsidiary | 5,000.00 | 23,387.73 | 16,643.18 | 7,591.52 | 1,086.64 | | Pulike (Nanjing) | Subsidiary | 40,000.00 | 43,876.52 | 40,516.98 | 5,225.89 | 581.43 | | Xinzhenghao | Subsidiary | 5,000.00 | 4,196.15 | 3,786.80 | 805.31 | 26.84 | (7) Information on Structured Entities Controlled by the Company This section states that the company had no structured entities under its control during the reporting period - During the reporting period, the company had no structured entities under its control[76] V. Other Disclosures This section discloses potential risks faced by the company, including animal epidemic risks, policy and regulatory risks, intensified market competition risks, product R&D risks, and product quality risks, which the company addresses through a full-category strategic layout, compliant operations, technological innovation, and strict quality management (1) Potential Risks The company faces animal epidemic risks, mitigated by a full-category strategic layout and diversified product range; increasingly stringent policies and regulations, potentially leading to intensified competition and increased costs, are addressed through compliant operations and technological innovation; intensified market competition is countered by product innovation, technological upgrades, lean management, and enhanced comprehensive service capabilities; product R&D carries risks of not meeting expectations or failure, which the company mitigates through market research, project initiation, and standardized R&D processes; and product quality risks are managed by strictly adhering to Veterinary GMP regulations and quality management systems - The company faces animal epidemic risks, which are mitigated through a "full-category" strategic layout and diversified product range[76] - Increasingly stringent industry regulatory policies may lead to intensified competition and increased costs, which the company addresses through compliant operations and technological innovation[77][78] - Intensified market competition is addressed by the company through product innovation, technological upgrades, lean management, and enhanced comprehensive service capabilities[79] - Veterinary drug product R&D carries risks of not meeting expectations or failure, which the company mitigates by focusing on market research, project initiation, and standardized R&D processes[80] - Product quality risks are ensured by strictly adhering to national Veterinary GMP regulations for production and quality management[81] Section IV: Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period - During the reporting period, the changes in the company's directors, supervisors, and senior management were "not applicable"[84] II. Profit Distribution or Capital Reserve Conversion Plan This section discloses the company's proposed semi-annual profit distribution plan, which involves distributing a cash dividend of RMB 2 per 10 shares (including tax) to all shareholders, with no bonus shares or capital reserve conversions, and an estimated total cash dividend of RMB 68,383,874.60 (including tax) Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Distribution or Conversion | Yes | | Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan, incl. tax) | 2 | | Conversion Shares per 10 Shares (shares) | 0 | | Estimated Cash Dividend (yuan, incl. tax) | 68,383,874.60 | III. Information and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section states that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their impacts during the reporting period - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[85] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law This section discloses that the company and its major subsidiaries, totaling 5 entities (Pulike Cuiwei Road Plant, Pulike Binhe Road Plant, Huizhong Veterinary, Huizhong Bio, Pulike (Nanjing)), are included in the list of enterprises required to disclose environmental information by law, and provides corresponding inquiry indexes - The company and 4 major subsidiaries (Pulike Cuiwei Road Plant, Pulike Binhe Road Plant, Huizhong Veterinary, Huizhong Bio, Pulike Nanjing) are included in the list of enterprises required to disclose environmental information by law[85][86] - Inquiry indexes for environmental information disclosure reports of each enterprise are provided[85][86] V. Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work This section states that the company had no specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work during the reporting period - During the reporting period, the company had no specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, or other related work[87] Section V: Significant Matters I. Fulfillment of Commitments This section details the fulfillment of commitments by the company's actual controller, shareholders, related parties, and the company itself during or continuing into the reporting period, primarily concerning resolving horizontal competition, ensuring truthfulness of information disclosure, and implementing return-filling measures, with all commitments strictly fulfilled - Controlling shareholder and actual controller Zhang Xuke committed not to engage in any business activities that are the same, similar, or competitive with Pulike's existing business or products, and strictly fulfilled this commitment[89][94] - The company's directors, supervisors, and senior management committed to faithfully and diligently perform their duties, not to harm the company's interests, and strictly fulfilled commitments related to the initial public offering and refinancing[90][93][94] - The company committed that its prospectus contains no false records, misleading statements, or major omissions, and will bear legal responsibility, repurchasing shares and compensating investors for losses if such issues occur[91][92] II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period This section states that there was no non-operating fund occupation by controlling shareholders and other related parties during the reporting period - During the reporting period, there was no non-operating fund occupation by controlling shareholders and other related parties[8] III. Irregular Guarantees This section states that the company had no irregular external guarantees provided without proper decision-making procedures during the reporting period - During the reporting period, the company had no irregular external guarantees provided without proper decision-making procedures[8] IV. Semi-Annual Report Audit Status This section states that the company's semi-annual report is unaudited - This semi-annual report is unaudited[5] V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report This section states that there were no changes or handling of matters related to non-standard audit opinions in the company's previous year's annual report - There were no changes or handling of matters related to non-standard audit opinions in the company's previous year's annual report[97] VI. Bankruptcy Reorganization Matters This section states that the company had no bankruptcy reorganization matters during the reporting period - During the reporting period, the company had no bankruptcy reorganization matters[97] VII. Significant Litigation and Arbitration Matters This section states that the company had no significant litigation or arbitration matters during the reporting period - During the reporting period, the company had no significant litigation or arbitration matters[97] VIII. Information on Suspected Violations, Penalties, and Rectification of Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers This section states that information on suspected violations, penalties, and rectification of the listed company, its directors, supervisors, senior management, controlling shareholders, and actual controllers is "not applicable" - Information on suspected violations, penalties, and rectification of the company, its directors, supervisors, senior management, controlling shareholders, and actual controllers is "not applicable"[97] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers during the Reporting Period This section states that during the reporting period, Mr. Zhang Xuke, the company's controlling shareholder and actual controller, had no unfulfilled effective court judgments or large overdue debts, maintaining a good integrity status - During the reporting period, Mr. Zhang Xuke, the company's controlling shareholder and actual controller, had no unfulfilled effective court judgments or large overdue debts[97] X. Significant Related Party Transactions This section discloses the company's related party transactions related to ordinary operations during the reporting period, primarily involving receiving entrusted testing services and purchasing/selling goods, with transaction prices being fair and reasonable, and relevant approval procedures fulfilled Related Party Transactions Related to Ordinary Operations (Receiving Services) | Related Party | Related Transaction Content | Related Transaction Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | Liaoning Zhongke Gene | Entrusted testing services | 89,922.84 | 1.54 | | Zhongke Gene | Entrusted testing services | 46,022.00 | 0.79 | | Harbin Zhongke Gene | Entrusted testing services | 4,497.00 | 0.08 | Related Party Transactions Related to Ordinary Operations (Purchasing/Selling Goods) | Related Party | Related Transaction Content | Related Transaction Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | Luoyang Huide Bioengineering Co., Ltd. | Purchasing drugs | 73,451.33 | 32.41 | | Luoyang Huide Bioengineering Co., Ltd. | Selling raw materials | 11,246.61 | 0.69 | - The aforementioned related party transactions are necessary for the company's normal operations, with fair and reasonable transaction prices, and relevant approval procedures have been fulfilled[99] XI. Significant Contracts and Their Fulfillment This section states that the company had no trusteeship, contracting, or leasing matters, no significant guarantees, and no other significant contracts during the reporting period - During the reporting period, the company had no trusteeship, contracting, or leasing matters[103] - During the reporting period, the company had no significant guarantees[104] - During the reporting period, the company had no other significant contracts[104] XII. Explanation of Progress in Use of Raised Funds This section details the overall use of the company's raised funds and the progress of investment projects, noting that as of the end of the reporting period, the cumulative investment progress of raised funds was 73.33%, with some projects completed and surplus funds permanently transferred to working capital, and some projects extended, while the company also managed idle raised funds through cash management Overall Use of Raised Funds | Indicator | Net Raised Funds (1) | Total Investment Pledged in Prospectus or Offering Document (2) | Cumulative Raised Funds Invested as of Period-End (4) | Cumulative Investment Progress of Raised Funds as of Period-End (%) (4)/(1) | Amount Invested in Current Year (8) | Proportion of Amount Invested in Current Year (%) (8)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Amount (yuan) | 885,820,523.22 | 885,820,523.22 | 649,557,835.58 | 73.33 | 3,884,676.19 | 0.44 | - The company has completed the "Veterinary Inactivated Vaccine Production Project" and "Product Quality Inspection Workshop Project", and will permanently transfer the surplus raised funds to working capital[108] - The scheduled completion date for the "Biological Product Workshop and Supporting Facilities Expansion Project" has been extended from June 30, 2025, to December 31, 2026[108] Cash Management of Idle Raised Funds | Approved Limit for Cash Management of Raised Funds (ten thousand yuan) | Period-End Balance (ten thousand yuan) | | :--- | :--- | | 26,500.00 | 20,000.00 | XIII. Explanation of Other Significant Matters This section states that the company had no other significant matters during the reporting period - During the reporting period, the company had no other significant matters[112] Section VI: Share Changes and Shareholder Information I. Share Capital Changes This section states that there were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[114] II. Shareholder Information This section discloses the total number of common shareholders and the top ten shareholders' holdings as of the end of the reporting period, noting 17,992 common shareholders, with Zhang Xuke holding 31.58% and Sun Jinzhong holding 4.92% among the top ten, and the company's repurchase account holding 4,142,900 shares, accounting for 1.20% of the total share capital Total Number of Common Shareholders as of Period-End | Indicator | Number (households) | | :--- | :--- | | Total Number of Common Shareholders | 17,992 | Top Ten Shareholders' Holdings as of Period-End | Shareholder Name | Number of Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhang Xuke | 109,299,168 | 31.58 | Domestic Natural Person | | Sun Jinzhong | 17,027,218 | 4.92 | Domestic Natural Person | | CITIC Agriculture Technology Co., Ltd. | 9,427,915 | 2.72 | State-owned Legal Person | | China State Farms Industry Development Fund (Limited Partnership) | 6,997,900 | 2.02 | Domestic Non-state-owned Legal Person | | Shanghai Zendai Asset Management Co., Ltd. - Zendai Shanghai Wuyuan No. 1 Private Securities Investment Fund | 5,553,000 | 1.60 | Other | | Xiao Qing | 5,285,000 | 1.53 | Domestic Natural Person | | Zheshang Bank Co., Ltd. - Guotai CSI Livestock Breeding ETF | 3,449,900 | 1.00 | Other | | Hu Wei | 3,386,720 | 0.98 | Domestic Natural Person | | Guangxi State Farms Capital Management Group Co., Ltd. | 3,149,055 | 0.91 | State-owned Legal Person | | Song Yongjun | 3,000,000 | 0.87 | Domestic Natural Person | - As of the end of the reporting period, the company's repurchase account held 4,142,900 shares, accounting for 1.20% of the company's total share capital[118] III. Information on Directors, Supervisors, and Senior Management This section discloses the shareholding changes of current and resigned directors, supervisors, and senior management during the reporting period, noting that Director and General Manager Hu Wei reduced his shareholding by 800,000 shares due to personal funding needs Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares during Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Hu Wei | Director, General Manager | 4,186,720 | 3,386,720 | -800,000 | Personal funding needs | IV. Changes in Controlling Shareholder or Actual Controller This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[121] V. Information on Preferred Shares This section states that the company had no preferred share-related matters during the reporting period - During the reporting period, the company had no preferred share-related matters[121] Section VII: Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[123] II. Convertible Corporate Bonds This section states that the company had no convertible corporate bonds during the reporting period - During the reporting period, the company had no convertible corporate bonds[123] Section VIII: Financial Report I. Audit Report This section states that the company's semi-annual report is unaudited - This semi-annual report is unaudited[5][125] II. Financial Statements This section presents 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, comprehensively reflecting its financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 3,056,696,099.11 yuan, total liabilities were 451,190,051.34 yuan, and total owners' equity was 2,605,506,047.77 yuan - As of June 30, 2025, the company's total assets were 3,056,696,099.11 yuan, total liabilities were 451,190,051.34 yuan, and total owners' equity was 2,605,506,047.77 yuan[127] - Total current assets were 1,276,203,850.27 yuan, and total non-current assets were 1,780,492,248.84 yuan[125][126] - Total current liabilities were 398,212,361.20 yuan, and total non-current liabilities were 52,977,690.14 yuan[126][127] Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 2,725,113,477.68 yuan, total liabilities were 263,122,173.42 yuan, and total owners' equity was 2,461,991,304.26 yuan - As of June 30, 2025, the parent company's total assets were 2,725,113,477.68 yuan, total liabilities were 263,122,173.42 yuan, and total owners' equity was 2,461,991,304.26 yuan[131] - Parent company's total current assets were 824,614,754.63 yuan, and total non-current assets were 1,900,498,723.05 yuan[130][131] - Parent company's total current liabilities were 228,389,447.07 yuan, and total non-current liabilities were 34,732,726.35 yuan[130][131] Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 559,429,605.94 yuan, total operating costs were 438,898,836.24 yuan, net profit was 116,181,892.11 yuan, and basic earnings per share were 0.34 yuan/share - In the first half of 2025, the company's consolidated total operating revenue was 559,429,605.94 yuan, a year-on-year increase of 15.79%[133] - Consolidated net profit was 116,181,892.11 yuan, a year-on-year increase of 57.12%[135] - Basic earnings per share and diluted earnings per share were both 0.34 yuan/share, a year-on-year increase of 61.90%[135] Parent Company Income Statement In the first half of 2025, the parent company's operating revenue was 313,450,787.27 yuan, net profit was 103,760,654.18 yuan, and basic earnings per share were 0.30 yuan/share - In the first half of 2025, the parent company's operating revenue was 313,450,787.27 yuan, a year-on-year increase of 20.29%[137] - Parent company's net profit was 103,760,654.18 yuan, a year-on-year increase of 18.21%[138] - Parent company's basic earnings per share and diluted earnings per share were both 0.30 yuan/share[138] Consolidated Cash Flow Statement In the first half of 2025, the company's consolidated net cash flow from operating activities was 195,066,040.70 yuan, net cash flow from investing activities was -150,520,280.41 yuan, and net cash flow from financing activities was -136,836,078.90 yuan - Net cash flow from operating activities was 195,066,040.70 yuan, a year-on-year increase of 305.09%[140] - Net cash flow from investing activities was -150,520,280.41 yuan, a year-on-year decrease of 193.57%[141] - Net cash flow from financing activities was -136,836,078.90 yuan, a year-on-year decrease of 19.94%[141] Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was 116,134,858.78 yuan, net cash flow from investing activities was -30,981,461.99 yuan, and net cash flow from financing activities was -136,836,078.90 yuan - Parent company's net cash flow from operating activities was 116,134,858.78 yuan, a year-on-year increase of 1683.65%[143] - Parent company's net cash flow from investing activities was -30,981,461.99 yuan, a year-on-year decrease of 112.18%[143] - Parent company's net cash flow from financing activities was -136,836,078.90 yuan, a year-on-year decrease of 19.94%[145] Consolidated Statement of Changes in Owners' Equity In the first half of 2025, the company's consolidated total owners' equity was 2,605,506,047.77 yuan, a decrease of 20,585,857.09 yuan from the beginning of the period, primarily due to profit distribution reducing undistributed profits - As of June 30, 2025, consolidated total owners' equity was 2,605,506,047.77 yuan[150] - Total comprehensive income attributable to parent company owners for the current period was 116,181,892.11 yuan[147] - Distributions to owners (or shareholders) for the current period totaled 136,767,749.20 yuan[148] Parent Company Statement of Changes in Owners' Equity In the first half of 2025, the parent company's total owners' equity was 2,461,991,304.26 yuan, a decrease of 33,007,095.02 yuan from the beginning of the period, primarily due to profit distribution reducing undistributed profits - As of June 30, 2025, parent company's total owners' equity was 2,461,991,304.26 yuan[156] - Total comprehensive income of the parent company for the current period was 103,760,654.18 yuan[155] - Distributions to owners (or shareholders) of the parent company for the current period totaled 136,767,749.20 yuan[155] III. Company Basic Information This section introduces Pulike Biological Engineering Co., Ltd.'s history, share capital changes, registered capital, registered address, headquarters address, legal representative, and business scope, noting that since its establishment on June 22, 2002, the company has undergone multiple share capital changes, with a total share capital