向日葵(300111) - 2025 Q2 - 季度财报

Section I Important Notes, Table of Contents, and Definitions This section provides crucial preliminary information, including management assurances, the report's structure, and definitions of key terms Important Notes The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, while forward-looking statements are not substantive commitments - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section outlines the report's structured content, comprising eight main chapters covering essential company and financial information - The report contains eight main chapters with a clear structure[7] Definitions This section defines common terms used in the report, including company, subsidiary, industry, and financial concepts, for accurate understanding - The report includes detailed definitions of company, subsidiary, industry, and financial terms[10] Section II Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key financial performance and position indicators for the reporting period 1. Company Profile The company, Zhejiang Xiangrikui Great Health Technology Co., Ltd., is listed on the Shenzhen Stock Exchange under stock code 300111 - The company's stock abbreviation is 'Xiangrikui', stock code 300111, listed on the Shenzhen Stock Exchange[11] 2. Contact Person and Information Contact details for Board Secretary Li Lan are provided to facilitate communication with investors - Contact information for Board Secretary Li Lan has been disclosed[12] 3. Other Information The company's registered address, office address, website, email, and information disclosure details remained unchanged during the reporting period - The company's contact information, information disclosure, and registration status remained unchanged during the reporting period[13][14][15] 4. Key Accounting Data and Financial Indicators The company experienced a decline in operating revenue and net profit for H1 2025, with a significant drop in net profit after non-recurring items 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Year Same Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 144,420,083.69 | 157,542,789.35 | -8.33% | | Net Profit Attributable to Shareholders of Listed Company | 1,160,651.10 | 1,804,470.08 | -35.68% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 44,806.22 | 809,328.22 | -94.46% | | Net Cash Flow from Operating Activities | 8,403,114.63 | 13,034,924.70 | -35.53% | | Basic Earnings Per Share (RMB/share) | 0.001 | 0.001 | 0.00% | | Diluted Earnings Per Share (RMB/share) | 0.001 | 0.001 | 0.00% | | Weighted Average Return on Net Assets | 0.17% | 0.27% | -0.10% | | Period-end Indicators | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-end (%) | | Total Assets | 981,809,554.42 | 999,118,426.12 | -1.73% | | Net Assets Attributable to Shareholders of Listed Company | 687,439,839.72 | 686,244,996.62 | 0.17% | 5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between domestic and overseas accounting standards during the period - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[17][18] 6. Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses for the period were RMB 1,115,844.88, primarily from asset disposals, government subsidies, and wealth management income 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 177,327.51 | Mainly gains from disposal of leased assets upon termination during the reporting period | | Government Subsidies Included in Current Period's Profit and Loss | 1,665,905.66 | Mainly government subsidies received during the reporting period | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities Held | 174,463.01 | Mainly income from wealth management during the reporting period | | Other Non-operating Income and Expenses Apart from the Above | -3,512.97 | | | Less: Income Tax Impact | 339,048.92 | | | Impact on Minority Interests (After Tax) | 559,289.41 | | | Total | 1,115,844.88 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring gains and losses as recurring gains and losses[21] Section III Management Discussion and Analysis This section analyzes the company's main business, core competitiveness, financial performance, non-core operations, asset and liability status, investments, and risks 1. Main Business Activities During the Reporting Period The company focuses on pharmaceutical manufacturing, specializing in anti-infective, cardiovascular, and digestive system drugs, facing revenue and profit declines due to market and competitive pressures 1. Industry Overview The pharmaceutical manufacturing industry (C27) faces revenue and profit pressure, with chemical raw materials and products manufacturing profit declining by 9.0% YoY in H1 2025 - The company operates in the pharmaceutical manufacturing industry (C27), with total profit of the chemical raw materials and chemical products manufacturing industry decreasing by 9.0% year-on-year from January to June 2025[23] - The pharmaceutical industry is undergoing a structural adjustment from scale growth to quality and efficiency, with accelerated innovation transformation and continuously strengthened drug approval standards[24] - The company insists on 'refining and strengthening' its API products, featuring pharmaceutical preparations, and holds a leading position in the production of clarithromycin API[25] 2. Main Business Segments The company's core business is in pharmaceuticals, focusing on R&D, production, and sales of anti-infective, cardiovascular, and digestive system drugs - The company's main business focuses on the pharmaceutical sector, covering R&D, production, and sales of anti-infective, cardiovascular, and digestive system drugs[26] - Clarithromycin API is a major component of the company's operating revenue, sold to domestic and international markets[26] 3. Company's Main Products and Uses The company's product portfolio includes anti-infective, cardiovascular, and digestive system drugs, each with specific therapeutic applications - The company's product line covers anti-infective, cardiovascular and digestive system three major categories of drugs[27][29] - Clarithromycin API and tablets are used to treat various infections; lacidipine is used to treat hypertension; simvastatin tablets are used for hyperlipidemia and coronary heart disease; omeprazole sodium and famotidine are used for digestive system diseases[27][29] 4. Business Model The company operates on a 'purchase-to-order' procurement and 'production-to-order' manufacturing model, complemented by diversified sales channels for APIs and preparations - The procurement model is 'purchase-to-order', maintaining safety stock and strictly adhering to GMP standards[30] - The production model is 'production-to-order', with the quality department supervising the entire production process[30][31] - Sales models are diversified, with APIs sold through direct sales and foreign trade companies, and pharmaceutical preparations sold through bidding and distributor agency models[31][33][34][35] 5. H1 Operating Performance In H1 2025, operating revenue decreased by 8.33% and net profit by 35.68% YoY, despite growth in lacidipine dispersible tablet sales 2025 Semi-Annual Operating Performance Overview | Indicator | Amount (RMB 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 14,442.01 | -8.33% | | Net Profit Attributable to Shareholders of Listed Company | 116.07 | -35.68% | - Pharmaceutical preparation business was affected by declining market demand and lower competitor prices, leading to a significant decline in sales of anti-infective products, but sales of lacidipine dispersible tablets increased by 39.03% year-on-year[36] - The company continued to strengthen R&D investment, and domestic production drug registration and marketing authorization applications for Roxadustat Capsules, Glucosamine Sulfate Capsules, and Lacidipine Tablets have been accepted[37] 2. Core Competitiveness Analysis The company's core strengths include an integrated industrial chain, strong product and brand recognition, and continuous innovation in process technology 1. Industrial Chain Advantage The company benefits from an integrated pharmaceutical industrial chain, enhancing efficiency, diversifying risks, and strengthening overall competitiveness - The company possesses a complete integrated industrial chain from pharmaceutical intermediates to APIs and preparations, covering anti-infective and antihypertensive drugs[39] - Industrial chain integration has improved resource allocation efficiency, diversified risks from single product price fluctuations, and enhanced product competitiveness[39] 2. Product and Brand Advantage Key products are included in national essential drug and medical insurance lists, supported by numerous approvals and a commitment to social responsibility - Clarithromycin tablets and lacidipine dispersible tablets have been successfully included in the National Essential Drug List and National Medical Insurance Catalog, significantly expanding market potential[39] - The company has obtained 13 preparation approval numbers and 5 API registration numbers, with 3 varieties in the Class A Medical Insurance Catalog and 4 varieties in the National Essential Drug List[39] - The company pioneered braille labeling on product packaging and completed a pilot program for age-friendly instructions for lacidipine dispersible tablets, enhancing brand image and social responsibility[40] 3. Process Technology Advantage Beide Pharmaceutical leads in clarithromycin API quality and holds numerous patents, with key products passing consistency evaluation to boost market competitiveness - Beide Pharmaceutical has accumulated core technologies in the production of anti-infective and antihypertensive drugs, with clarithromycin API quality leading domestically[41] - Clarithromycin tablets and simvastatin tablets have passed consistency evaluation, which helps enhance market competitiveness[41] 2025 Semi-Annual New Utility Model Patents | No. | Patent Name | Patent No. | Patent Type | Validity Period | | :--- | :--- | :--- | :--- | :--- | | 1 | A powder conveying mechanism for azithromycin dispersible tablet press | ZL202420589288X | Utility Model | 10 years from January 7, 2025 | | 2 | A powder feeding mechanism for capsule production line | ZL2024208712910 | Utility Model | 10 years from March 11, 2025 | | 3 | A lacidipine tablet press | ZL2024205892894 | Utility Model | 10 years from April 4, 2025 | | 4 | A tablet suction mechanism for simvastatin tablet press | ZL2024205892911 | Utility Model | 10 years from April 4, 2025 | | 5 | A drying device for clarithromycin | ZL2024208712959 | Utility Model | 10 years from May 9, 2025 | | 6 | A capsule production line | ZL2024208712925 | Utility Model | 10 years from May 9, 2025 | 3. Main Business Analysis Operating revenue and costs declined, with significant reductions in sales and R&D expenses, while investment cash flow decreased due to wealth management product purchases Overview This section provides an overview of the company's main business, referencing previous discussions on its pharmaceutical focus and operational highlights - The main business overview refers to the content in '1. Main Business Activities During the Reporting Period'[43] Year-on-Year Changes in Key Financial Data Operating revenue decreased by 8.33%, sales expenses by 39.85%, and R&D investment by 42.62%, while financial expenses increased by 32.38% 2025 Semi-Annual Key Financial Data YoY Change | Indicator | Current Period (RMB) | Prior Year Same Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 144,420,083.69 | 157,542,789.35 | -8.33% | | | Operating Cost | 114,970,967.75 | 120,858,612.71 | -4.87% | | |