阳光诺和(688621) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This chapter provides definitions of common terms used in the report, covering company entities, financial terms, drug development processes, technical acronyms, and relevant regulations, aiming to help readers understand the report content - Defines company entities, such as "Company" and "Yangguang Nuohe" referring to Beijing Yangguang Nuohe Pharmaceutical Research Co., Ltd. and its subsidiaries[12] - Explains key industry terms, such as CRO (Contract Research Organization), new drug, generic drug, consistency evaluation, pharmaceutical research, clinical trial research, BE (bioequivalence), etc[13][14] - Includes multiple cutting-edge drug development technology acronyms, such as CAR-T, CADD, AIDD, ADCs, PDC, RDC, AOC, etc[14][15] Section II Company Profile and Key Financial Indicators I. Company Basic Information Discloses the company's Chinese name, abbreviation, foreign name, legal representative, registered and office addresses, website, and email address - Company's Chinese name is Beijing Yangguang Nuohe Pharmaceutical Research Co., Ltd., abbreviated as Yangguang Nuohe[18] - Legal representative is Liu Yujing[18] - Company's registered and office addresses are both located at Building 7, Yard 79, Shuangying West Road, Science Park, Changping District, Beijing[18] II. Contact Persons and Information Provides contact addresses, phone numbers, and email addresses for the company's Board Secretary (domestic representative for information disclosure) Wei Liping and Securities Affairs Representative Huang Zibing - Board Secretary is Wei Liping, and Securities Affairs Representative is Huang Zibing[19] - Contact phone numbers and email addresses are disclosed[19] III. Overview of Changes in Information Disclosure and Document Custody Locations Lists the company's designated information disclosure newspapers ("China Securities Journal", "Shanghai Securities News", "Securities Times"), the website for semi-annual reports (http://www.sse.com.cn), and the location for semi-annual report custody (Company Board Office) - Designated information disclosure newspapers are "China Securities Journal", "Shanghai Securities News", "Securities Times"[20] - Report publication website is the Shanghai Stock Exchange website[20] IV. Company Stock/Depositary Receipt Summary Introduces the company's stock listing exchange and board (Shanghai Stock Exchange STAR Market), stock abbreviation (Yangguang Nuohe), and stock code (688621) - Company stock type is RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange STAR Market[21] - Stock abbreviation: Yangguang Nuohe, Stock code: 688621[21] VI. Company's Key Accounting Data and Financial Indicators Discloses the company's key accounting data and financial indicators for the reporting period, showing a 4.87% increase in operating revenue, but a decrease in total profit, net profit attributable to parent, and non-recurring net profit; net cash flow from operating activities significantly improved, increasing by 148.8736 million yuan, mainly due to improved accounts receivable management efficiency Major Accounting Data (Jan-Jun) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 590,299,296.98 | 562,863,658.46 | 4.87 | | Total Profit | 135,956,665.31 | 154,818,467.55 | -12.18 | | Net Profit Attributable to Shareholders of the Listed Company | 129,832,772.76 | 148,571,602.97 | -12.61 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 119,677,017.34 | 142,971,777.82 | -16.29 | | Net Cash Flow from Operating Activities | 84,137,467.07 | -64,736,085.51 | Not Applicable | Major Financial Indicators (Jan-Jun) | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 1.18 | 1.33 | -11.28 | | Diluted Earnings Per Share (yuan/share) | 1.18 | 1.33 | -11.28 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 1.09 | 1.28 | -14.84 | | Weighted Average Return on Net Assets (%) | 11.14 | 14.39 | Decrease of 3.25 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 10.27 | 13.85 | Decrease of 3.58 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 12.92 | 12.28 | Increase of 0.64 percentage points | - Net cash flow from operating activities reached 84.1375 million yuan, a significant improvement from the same period last year, increasing by 148.8736 million yuan, primarily due to the company strengthening full-process management of accounts receivable and improving capital recovery efficiency[25] VIII. Non-Recurring Gains and Losses Items and Amounts Details the non-recurring gains and losses items and their amounts for the reporting period, totaling 10,155,755.42 yuan, primarily including government subsidies, fair value changes of financial assets and liabilities Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | -359,294.33 | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 12,981,386.27 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 513,542.09 | | Other non-operating income and expenses apart from the above items | -1,236,803.21 | | Other gains and losses items that meet the definition of non-recurring gains and losses | 379,428.84 | | Less: Income tax impact amount | 2,024,239.25 | | Minority interest impact amount (after tax) | 98,264.99 | | Total | 10,155,755.42 | IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact Discloses the net profit after deducting the impact of share-based payments for the reporting period was 133,235,851.45 yuan - Net profit after deducting the impact of share-based payments was 133,235,851.45 yuan[30] Section III Management Discussion and Analysis I. Description of the Company's Industry and Main Business During the Reporting Period Elaborates on the company's "CRO services + independent new drug" dual-driven business model, covering full-process services from drug discovery, pharmacology and efficacy, pharmaceutical research, clinical research, and bioanalysis, while also analyzing the CRO industry's favorable policies, market size growth, AI empowerment, internationalization trends, and increasing industry concentration - Company's business model is "CRO services + independent new drug" dual-driven, providing a full-process, one-stop solution from drug discovery to industrialization[33] - Profit model includes phased collection of R&D service fees and sales royalty sharing after product launch[34] - The CRO industry is steadily developing amidst global pharmaceutical market expansion and increased R&D investment, with the Chinese market expected to expand to 275.77 billion yuan by 2030 at a 14% CAGR[38][41] - AI technology is fully penetrating the entire new drug development process, expected to further shorten R&D cycles and improve success rates[47] - China's accession to ICH and its R&D cost and talent advantages attract international pharmaceutical R&D demand to shift to China[48][49] - The CRO industry is evolving towards vertical integration and specialization, with R&D capabilities becoming core competitiveness, and industry concentration expected to further increase[49][50] II. Discussion and Analysis of Operations The company continuously increases R&D investment and improves its innovative drug pipeline layout through a "R&D services + pipeline cultivation + new quality industrial chain" integrated business ecosystem, with multiple innovative drug projects achieving clinical progress; CRO business maintains steady growth, especially in strengthening special formulation R&D platform construction, diversifying revenue structure across business segments - Company builds "R&D services + pipeline cultivation + new quality industrial chain" integrated business ecosystem, focusing on innovative drug R&D[52] - Has formed a pipeline of over twenty self-owned intellectual property Class 1 new drugs under development, covering autoimmune, pain, cardiovascular, oncology, and other therapeutic areas[52] - Innovative drug project "STC007 Injection" for postoperative pain has met expectations in Phase II clinical trials, with Phase III clinical trials progressing orderly; Phase II clinical enrollment for pruritus is smooth[53] - Innovative drug "STC008 Injection" for advanced solid tumor cachexia has completed all enrollment for Phase Ia clinical trials, expected to fill a gap in the domestic market[54] - ZM001 Injection (CAR-T cell therapy product) developed in collaboration with Immuno Cure BioTech has received clinical trial approval and is in Phase I clinical trials for moderate to severe SLE[55] - CRO business maintains steady growth, deeply strengthening R&D platform construction for special formulations such as peptides, long-acting microspheres, sustained/controlled-release preparations, small nucleic acids, and nucleic acid-conjugated drugs[55] Main Business Revenue by Segment During the Reporting Period | Business Segment | Jan-Jun 2025 (10,000 yuan) | Jan-Jun 2024 (10,000 yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Pharmaceutical Research Services | 20,295.80 | 34,285.14 | -40.80 | | Clinical Trial and Bioanalysis Services | 27,945.44 | 21,655.10 | 29.05 | | Intellectual Property Licensing | 10,000.00 | 0.00 | 100% | | Royalty Sharing | 733.71 | 333.91 | 119.73 | | Total Main Business Revenue | 58,974.95 | 56,274.16 | 4.80 | - In the field of peptide drug R&D, the company masters core PDC drug technology, introduces CADD technology, and collaborates with Huawei Cloud to develop an AI peptide molecule discovery platform based on the Pangu large model[57] - In the clinical trial field, four professional platforms have been established, with 19 permanent sites nationwide, and long-term stable clinical cooperation relationships with over 300 hospitals[58] - Ensured continuous and stable revenue growth through diversified equity distribution mechanisms, including self-initiated projects and funding for late-stage clinical development or purchasing licenses[59][60] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its "preclinical + clinical" integrated drug R&D service advantages, distinctive core technology clusters, continuously improving innovative drug service capabilities, rich product pipeline, professional team, and stable customer resources; during the reporting period, the company achieved significant results in multiple new drug projects and generic drug registrations, with R&D investment increasing by 10.39% year-on-year - Possesses a "preclinical + clinical" integrated R&D service model, covering the entire chain of drug discovery, pharmacology and efficacy, pharmaceutical research, clinical research, and bioanalysis[62] - Formed distinctive core technology clusters, with competitive advantages in high-difficulty R&D areas (e.g., special formulations, peptide and small nucleic acid drugs), and established a rigorous quality control system[62][63] - Innovative drug service capabilities continuously improved, with the drug discovery technology platform deeply exploring peptidomimetic innovative drugs, collaborating with Huawei Cloud to develop an AI peptide molecule discovery platform; the new drug PK/PD technology platform strengthened large molecule bioanalysis and immunogenicity evaluation capabilities[64][65] - Possesses advantages in a rich product pipeline, including innovative drugs for pain, antibacterial, anemia, etc., improved new drugs such as microspheres and long-acting injections, and high-end generic drugs such as peptides and pediatric specialties[65] - Has a professional and stable R&D team; as of the end of the reporting period, R&D personnel numbered 1,136, accounting for 83.59% of total employees, with 86.00% holding bachelor's degrees or above[66][87] - Significant customer resource advantage, having provided drug R&D services to approximately 1,000 pharmaceutical companies, most of which are large and medium-sized domestic pharmaceutical manufacturers[66][67] - During the reporting period, 2 new drug projects were approved by NMPA for clinical trials, 89 drug applications for marketing registration were accepted, 51 drug production registration approvals were obtained, 5 passed consistency evaluation, and 10 API approvals were granted[63][70] R&D Investment Situation Table | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 76,269,029.87 | 69,093,095.73 | 10.39 | | Total R&D Investment | 76,269,029.87 | 69,093,095.73 | 10.39 | | Total R&D Investment as Percentage of Operating Revenue (%) | 12.92 | 12.28 | Increase of 0.64 percentage points | R&D Project Status (Investment Amount > 60%) | No. | Category | Project Name | Current Period Investment (yuan) | Cumulative Investment (yuan) | Progress or Stage Achievement | Target Goal | Specific Application Prospect | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Innovative Drug | ZM001/IM19/IC19a | 11,000,000.00 | 16,850,000.00 | Phase I Clinical Stage/Phase II T Research Stage | Obtain Production Approval | Treatment of Systemic Lupus Erythematosus (SLE) | | 2 | Innovative Drug | ABA001 | 6,035,320.55 | 6,035,320.55 | IND Stage | Obtain Production Approval | Long-acting antihypertensive drug, expected to be administered once every six months | | 3 | Innovative Drug | Pharmacology and Efficacy Research | 2,551,143.45 | 20,886,563.98 | 62 in vivo efficacy tumor models established, etc. | Preclinical disease efficacy and PK research testing | Tumor metastasis, orthotopic models, etc. | | 4 | Innovative Drug | STC008 | 2,508,530.31 | 14,901,744.04 | Phase I Clinical Ongoing | IND Filing Deemed Approved | Improve weight loss and anorexia in cancer cachexia patients | | 5 | Generic Drug | FBLH | 2,082,720.08 | 5,845,510.34 | Process Validation Completed | Approved for Marketing | Local analgesia | | 6 | Innovative Drug | STC009 | 1,913,786.55 | 2,242,747.30 | GLP Filing in Progress | IND Filing Deemed Approved | Inhibit PTH synthesis and secretion, reduce PTH levels | | 7 | Generic Drug | TLFH | 1,898,664.65 | 4,294,977.50 | Clinical Application Submitted | Approved for Marketing | Local analgesia | | 8 | Innovative Drug | YHAX | 1,276,741.65 | 3,033,828.77 | Accepted | Obtain Production Approval | Prevention and treatment of Vitamin D deficiency, dosage form changed to lyophilized orally disintegrating tablet | | 9 | Generic Drug | DL-YJY | 1,274,741.65 | 1,660,172.48 | Pilot Scale Preparation Process | Obtain Production Approval | Precursor for radioactive drug 16α-[18F]fluoro-17β-estradiol | | 10 | Innovative Drug | BTP4507 | 1,210,672.86 | 2,413,177.64 | Laboratory Scale-up Research | Obtain Drug Clinical Trial Approval Notice | Better efficacy than single-agent preparations, cardiovascular | | 11 | Generic Drug | ST2301 | 1,154,980.79 | 1,947,088.97 | Pilot Stage | Obtain Drug Registration Approval | Treatment of hepatobiliary disease associated with cystic fibrosis in children aged 1 month to under 18 years | | 12 | Generic Drug | 001 | 1,050,267.00 | 1,050,267.00 | Early Research | Obtain Drug Clinical Trial Approval Notice | Initial diagnosis of breast cancer and diagnosis of recurrent or metastatic breast cancer | | 13 | Generic Drug | LSFH | 1,048,448.81 | 1,534,921.09 | Process Validation Completed | Approved for Marketing | Local analgesia | | 14 | Generic Drug | YLX | 920,810.74 | 1,573,165.11 | Process Validation Completed | Obtain Drug Registration Approval | Treatment of mild to moderate essential hypertension where single drug cannot adequately control blood pressure | | 15 | Generic Drug | YDL | 885,275.83 | 2,775,600.93 | Process Validation Completed | Obtain Drug Registration Approval | Treatment of adult patients with type 2 diabetes requiring dapagliflozin combined with metformin | | 16 | Innovative Drug | STS006 | 846,835.95 | 2,411,355.43 | Molecular Screening | Determine Clinical Candidate Compound | Dual-target peptide-conjugated drug targeting αvβ3 and FAP | | 17 | Generic Drug | ST2309 (ZJ) | 762,139.46 | 1,687,173.73 | Application Material Preparation | Obtain Drug Registration Approval | Treatment of constipation-predominant irritable bowel syndrome (IBS-C) and chronic idiopathic constipation (CIC) in adults | | 18 | Generic Drug | YDD | 742,377.31 | 1,677,211.26 | Process Validation Completed | Obtain API Registration Number | Oral tablet for the treatment of some hyperuricemia and gout | | 19 | Generic Drug | YJN | 716,491.90 | 2,139,956.77 | Process Validation Completed | Obtain Drug Registration Approval | Improve early satiety, post-meal fullness, abdominal distension, and other symptoms of mild to moderate functional dyspepsia | | 20 | Generic Drug | YDMH | 690,475.75 | 1,825,544.64 | Pilot Study in Progress | Approved for Marketing | Local analgesia | | 21 | Generic Drug | TLTH | 675,290.58 | 1,418,227.99 | Pilot Study Completed | Approved for Marketing | Local analgesia | | 22 | Generic Drug | SLFH | 672,705.11 | 1,575,705.07 | Pilot Study in Progress | Approved for Marketing | Local analgesia | | 23 | Innovative Drug | BTP0427 | 664,350.18 | 4,725,319.47 | In vivo preliminary experimental results | Obtain Drug Clinical Trial Approval Notice | Anti-angina and anti-myocardial ischemia effects, sustained-release formulation | | 24 | Innovative Drug | ABY001 | 656,455.64 | 656,455.64 | Screening | Obtain Production Approval | Long-acting fat reduction and muscle gain, expected to be administered once every 3-6 months | | 25 | Generic Drug | SLH | 654,969.18 | 1,349,071.39 | Clinical Approval Obtained | Obtain Production Approval | Anti-angina and anti-myocardial ischemia effects, sustained-release tablet | | 26 | Generic Drug | SX2302 | 647,572.47 | 1,347,724.25 | Entering Process Validation Stage | Obtain Registration Approval | Clear heat and resolve dampness, used for arthralgia caused by damp-heat pouring downward | | 27 | Generic Drug | YLD | 638,628.25 | 6,628,069.61 | Process Validation Completed | Obtain API Registration Number | Treatment of sinus tachycardia, ventricular tachycardia, atrial fibrillation, and atrial flutter | | 28 | Innovative Drug | STS011 | 627,972.65 | 1,499,020.79 | Molecular Screening | Determine Clinical Candidate Compound | Treatment of inflammatory reactions caused by intestinal flora immune dysregulation | IV. Risk Factors This chapter details various risks the company may face in its operations, including technological upgrades, drug R&D failure, loss of core talent, property leasing, long-cycle contract execution, intensified market competition, and macroeconomic and policy changes, all of which could adversely affect the company's profitability and sustainable development (I) Core Competitiveness Risks Core competitiveness risks primarily include challenges from rapid drug R&D technological advancements, such as technology upgrades and equipment renewal, as well as the inherent high failure rate risk of drug R&D, potentially impacting the company's profitability and sustainable development - The CRO industry experiences rapid technological updates, and the company faces risks of technological obsolescence, expensive equipment, and long return cycles for technology upgrades and equipment renewal[88] - Drug R&D is inherently high-risk, potentially leading to R&D failure due to technical levels, raw material supply, regulatory policies, and risks of contract termination and compensation[89] (II) Operational Risks Operational risks primarily manifest as loss of core technical talent and technology leakage, as well as property leasing risks due to the company not owning its properties, all of which could adversely affect the company's market competitiveness and business operations - Intense competition for technical talent in the industry means the company faces risks of losing core technical talent and technology leakage[89] - The company's production and operation sites are all leased, posing risks of inability to renew contracts upon expiration or needing to rebuild laboratories[89] (III) Financial Risks Financial risks primarily stem from the long-cycle, high-investment nature of pharmaceutical R&D projects, which may lead to actual project progress not matching expectations, delayed payments, or research results not meeting expectations, thereby affecting the company's revenue and reputation - Pharmaceutical R&D projects have long cycles (pharmaceutical research 3-5 years, clinical trials 1-3 years), posing risks of increased project uncertainty due to policy changes, client financial status, etc., and inability to achieve expected returns[90] (IV) Industry Risks Industry risks primarily manifest as intensified market competition, including competition with multinational CRO companies and domestic leading enterprises, as well as with internal R&D departments of pharmaceutical companies; the company has a gap in scale and innovative drug service chain coverage compared to leading enterprises, and if it fails to improve its service capabilities in a timely manner, it will face adverse effects - Domestic CRO market competition is intensifying, facing competition from multinational CRO companies (e.g., IQVIA, Covance) and domestic leading enterprises (e.g., Wuxi AppTec, Tigermed)[91] - The company's scale and innovative drug service chain coverage lag behind industry leaders; failure to timely enhance service capabilities will adversely affect overall competitiveness[92] (V) Macroeconomic Environment Risks Macroeconomic environment risks primarily refer to the decline in pharmaceutical enterprise R&D investment due to macroeconomic conditions and changes in pharmaceutical industry policies (e.g., volume-based procurement, consistency evaluation), which may lead to reduced demand in the CRO industry and consequently affect the company's operating performance - Pharmaceutical enterprise R&D investment is affected by macroeconomic conditions and pharmaceutical industry policies (e.g., volume-based procurement, consistency evaluation), potentially leading to decreased demand in the CRO industry and consequently impacting the company's operating performance[92][93][94] V. Key Operating Performance During the Reporting Period This chapter outlines the company's overall operating performance during the reporting period, with operating revenue increasing by 4.87%, but net profit and net profit attributable to the parent company both decreased; it also details the reasons for changes in major financial statement items, particularly the significant improvement in net cash flow from operating activities, and changes in asset-liability and investment status (I) Main Business Analysis During the reporting period, the company achieved operating revenue of 590.2993 million yuan, a year-on-year increase of 4.87%; net profit of 129.2090 million yuan, a year-on-year decrease of 8.59%; and net profit attributable to shareholders of the listed company of 129.8328 million yuan, a year-on-year decrease of 12.61%; net cash flow from operating activities significantly improved, increasing by 148.8736 million yuan year-on-year, mainly due to improved efficiency in accounts receivable management Major Operating Performance | Indicator | Amount (10,000 yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 59,029.93 | 4.87 | | Net Profit | 12,920.90 | -8.59 | | Net Profit Attributable to Shareholders of the Listed Company | 12,983.28 | -12.61 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 11,967.70 | -16.29 | Analysis of Changes in Financial Statement Items | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 590,299,296.98 | 562,863,658.46 | 4.87 | | | Operating Cost | 285,544,906.18 | 247,733,641.78 | 15.26 | | | Selling Expenses | 17,689,116.26 | 17,447,724.99 | 1.38 | | | Administrative Expenses | 51,096,437.41 | 48,921,313.99 | 4.45 | | | Financial Expenses | 6,204,570.98 | 4,714,676.00 | 31.60 | Increase in bank loan interest expenses and amortization interest on lease liabilities | | R&D Expenses | 76,269,029.87 | 69,093,095.73 | 10.39 | | | Net Cash Flow from Operating Activities | 84,137,467.07 | -64,736,085.51 | Not Applicable | Strengthened accounts receivable management, improved collection efficiency | | Net Cash Flow from Investing Activities | -61,099,195.03 | -132,764,771.18 | Not Applicable | Increase in cash outflow due to investments in the current period | | Net Cash Flow from Financing Activities | 11,789,101.37 | 20,990,856.41 | -43.84 | Share repurchase in the current period | (III) Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets increased by 10.92% year-on-year, reaching 2,204,372,853.35 yuan; trading financial assets, prepayments, and short-term borrowings significantly increased, while employee compensation payable and deferred income tax liabilities decreased Changes in Assets and Liabilities | Item Name | Current Period End (yuan) | Current Period End as % of Total Assets | Prior Year End (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 75,000,000.00 | 3.40 | 30,000,000.00 | 1.51 | 150.00 | Due to purchase of wealth management products in current period | | Prepayments | 138,445,116.43 | 6.28 | 86,344,433.27 | 4.34 | 60.34 | Due to increased outsourced payments in current period | | Other Equity Instrument Investments | 30,000,023.68 | 1.36 | 20,000,023.68 | 1.01 | 50.00 | Due to increased external investments in current period | | Other Non-Current Assets | 3,892,174.00 | 0.18 | 11,616,333.10 | 0.58 | -66.49 | Investment nature reclassified to "Other Non-Current Financial Assets" | | Short-Term Borrowings | 466,856,677.18 | 21.18 | 309,391,261.65 | 15.57 | 50.90 | Due to increased credit borrowings in current period | | Employee Compensation Payable | 22,514,954.45 | 1.02 | 38,878,672.83 | 1.96 | -42.09 | Year-end bonus at beginning of period already paid, employee compensation decreased in current period | | Taxes Payable | 28,961,553.55 | 1.31 | 17,021,695.92 | 0.86 | 70.14 | Due to increased income tax payable in current period | | Other Current Liabilities | 12,196,134.11 | 0.55 | 7,738,340.39 | 0.39 | 57.61 | Due to increased unearned output VAT in current period | | Deferred Income Tax Liabilities | 78,034.49 | 0.00 | 1,246,434.15 | 0.06 | -93.74 | Decrease in deferred income tax liabilities related to lease liabilities and right-of-use assets | - Total assets reached 2,204,372,853.35 yuan, an increase of 10.92% from the end of the previous year[23][100] (IV) Investment Status Analysis During the reporting period, the company's total investment was 11,000,000.00 yuan, a year-on-year increase of 22.22%; the total fair value of financial assets measured at fair value was 181,129,501.55 yuan, primarily including stocks, private equity funds, and other investments - Investment amount for the reporting period was 11,000,000.00 yuan, a 22.22% increase from the same period last year[103] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Stocks | 20,000,023.68 | 0 | 20,000,023.68 | | Private Equity Funds | 59,750,000.00 | 5,500,000.00 | 65,250,000.00 | | Other | 43,064,960.85 | 52,814,517.02 | 95,879,477.87 | | Total | 122,814,984.53 | 58,314,517.02 | 181,129,501.55 | - The company invested in several private equity funds, including Beijing Changke Zhiheng No. 1 Venture Capital Partnership, Taizhou Zhongda Pharmaceutical Venture Capital Partnership, Ganzhou Yiyun Technology Investment Partnership, and Beijing Honghan Investment Fund Management Center[106][107] (VI) Analysis of Major Holding and Participating Companies Details the financial information and main businesses of the company's major holding subsidiaries, including Yangguang Demei, Nuohe Demei, Hongsheng Pharmaceutical, Nuohe Shengtai, etc.; it also discloses the establishment of new subsidiaries, Guangdong Nuohe Zhitai Biotechnology Co., Ltd. and Shanghai Yibeite Biotechnology Co., Ltd., during the reporting period to expand into peptide drug R&D and pet medicine Financial Information of Major Subsidiaries (Unit: 10,000 yuan) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yangguang Demei | Research on large molecule, small molecule new drug pharmacokinetics, immunogenicity, pharmacodynamics, and biomarkers | 2,000 | 18,708.14 | 8,101.99 | 2,080.27 | 187.66 | 170.85 | | Nuohe Demei | Phase I-IV clinical trial research services, bioequivalence (BE) trial services | 1,000 | 55,095.93 | 19,191.95 | 21,060.70 | 4,653.60 | 3,906.61 | | Hongsheng Pharmaceutical | Pediatric drug, rare disease drug R&D services | 200 | 4,197.63 | 1,457.30 | 666.46 | -168.91 | -138.67 | | Nuohe Shengtai | Peptide drug, complex injectable, and new drug R&D services | 1,000 | 20,759.20 | 6,949.51 | 3,641.86 | -1,195.69 | -685.84 | | Nuohe Bituo | Innovative drug, improved new formulation drug delivery R&D platform | 2,000 | 4,693.31 | -581.94 | 180.83 | -708.72 | -528.12 | | Nuohe Nuclear Power | Nuclear medicine R&D | 2,000 | 1,908.12 | 1,907.12 | 0.00 | -117.38 | -77.10 | | Nuohe Hengguang | Transdermal and local drug delivery system (TDDS) R&D technology platform | 1,035 | 5,960.34 | -2,489.26 | 1,271.39 | -251.23 | -48.54 | | Nuohe Dongbao | Pet medicine and economic animal medicine | 1,800 | 4,090.22 | 2,859.42 | 1,733.45 | 1,013.81 | 774.83 | | Nuohe Shenghong | Pilot scale production trial platform | 5,000 | 1,108.17 | -529.74 | 326.21 | -9.99 | -5.41 | | Nuohe Shengxin | Traditional Chinese Medicine R&D platform | 5,000 | 3,258.27 | 659.05 | 1,395.75 | 595.02 | 512.45 | | Paisiwexin | In vitro and in vivo pharmacology research, immunology-related research, clinical biomarkers, cell therapy, MRD, blood disease typing, bispecific antibodies, ADCs, and other innovative drug research platforms | 1,000 | 2,632.69 | -2,112.40 | 687.26 | -329.64 | -218.50 | | Xianning Pharmaceutical | Innovative drug Phase I-IV, medical device, and biological product related clinical research and other businesses | 500 | 3,375.21 | 725.04 | 1,572.24 | 91.05 | 79.48 | | Xianning Luta | Xianning Pharmaceutical employee stock ownership platform | 50 | 35.07 | 35.07 | 0.00 | 0.00 | 0.00 | | Nuohe Zhitai | Medical research and experimental development; biochemical product technology R&D | 3,000 | 1,150.01 | 999.77 | 0.00 | -0.23 | -0.23 | - Established a new wholly-owned subsidiary, Guangdong Nuohe Zhitai Biotechnology Co., Ltd., during the reporting period, aiming to build an AI-driven peptide drug R&D platform[112] - Established a new controlled sub-subsidiary, Shanghai Yibeite Biotechnology Co., Ltd., to further enhance the company's presence in the pet medicine sector and expand sales channels for pet drugs[112] Section IV Corporate Governance, Environment, and Society I. Changes in Company Directors, Senior Management, and Core Technical Personnel During the reporting period, there were changes in the board of directors: Ms. Shi Xian resigned as independent director, and Ms. Shen Hong was elected as independent director; Mr. Li Wenran resigned as non-independent director, and Ms. Zhang Jinfeng was elected as employee representative director; the company also explained the criteria for identifying core technical personnel, mainly based on professional background, scientific research capabilities, and contributions to the company's scientific research - Independent Director Ms. Shi Xian resigned, and Ms. Shen Hong was elected as independent director[114] - Non-independent Director Mr. Li Wenran resigned, and Ms. Zhang Jinfeng was elected as employee representative director[115] - Criteria for identifying core technical personnel include: possessing certain academic and scientific research backgrounds, holding important positions in the company's core technology R&D, and having rich project experience[116] II. Profit Distribution or Capital Reserve Conversion Plan The company did not propose a profit distribution or capital reserve conversion plan for the semi-annual period - The company's proposed profit distribution or capital reserve conversion plan for the semi-annual period is "None"[117] III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company approved and implemented the 2025 Restricted Stock Incentive Plan during the reporting period, granting 2,177,428 restricted shares to 127 incentive recipients at a grant price of 22.78 yuan/share (adjusted later) - On May 12, 2025, the company's nineteenth meeting of the second board of directors reviewed and approved the "Proposal on the Company's <2025 Restricted Stock Incentive Plan (Draft)> and its Summary"[118] - On June 11, 2025, the company determined the initial grant date for this incentive plan, granting 2,177,428 restricted shares to 127 eligible incentive recipients at a grant price of 22.78 yuan/share[119] Section V Significant Matters I. Fulfillment of Commitments The company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all commitments during or continuing into the reporting period, including commitments to repurchase shares for fraudulent issuance, measures to mitigate diluted immediate returns, profit distribution policies, legal liability for compensation, shareholder information disclosure, absence of fund occupation, reduction and standardization of related-party transactions, and avoidance of horizontal competition - The company and its controlling shareholder, actual controller Li Qian, both committed that there were no fraudulent issuance and listing circumstances, and pledged to repurchase shares under specific conditions[124][125] - The company committed to measures to mitigate diluted immediate returns, including strengthening management of raised funds, actively implementing fundraising projects, improving operational efficiency, and reinforcing investor return mechanisms[126] - The company formulated a profit distribution policy, prioritizing cash dividends and clarifying specific conditions and proportions for cash dividends[129][130] - The company and relevant parties committed to legally bear compensation liabilities, ensuring no false records, misleading statements, or major omissions in the prospectus[134][136] - The controlling shareholder, actual controller, and other related parties committed to no fund occupation and to minimize and standardize related-party transactions with the issuer[138][142][143][144][145][146][147] - The controlling shareholder, actual controller, and related enterprises committed to avoiding horizontal competition and strictly implementing development plans, focusing on the production and sales of APIs and formulations[147][148][149][150][151][152] VII. Major Litigation and Arbitration Matters During the reporting period, the company had two major lawsuits: one was sued by Hunan Hengsheng Pharmaceutical Co., Ltd. for 20 million yuan plus litigation fees, currently in the first-instance trial stage; the other was ordered by Jiangxi Jingrui Pharmaceutical Co., Ltd. to return contract payments of 7,508,540 yuan and compensate 1 million yuan, with the company having filed a counterclaim and the second-instance trial already held - The company received the "Civil Complaint" from Hengyang Intermediate People's Court of Hunan Province, being sued by Hunan Hengsheng Pharmaceutical Co., Ltd. for a provisional payment of 20 million yuan, with the case currently in the first-instance trial stage[155] - The company received a civil judgment from Nanchang Intermediate People's Court of Jiangxi Province, ordering it to return contract payments of 7,508,540 yuan and compensate 1 million yuan to the plaintiff Jiangxi Jingrui Pharmaceutical Co., Ltd.; the company has filed a counterclaim, and the second-instance trial was held on August 7, 2025[622] X. Major Related-Party Transactions The company is planning a major related-party transaction involving issuing shares and convertible corporate bonds to acquire assets from major shareholders of Langyan Life and raise supporting funds, with related work actively progressing; additionally, the company co-invested with related parties to establish the controlled sub-subsidiary Shanghai Yibeite Biotechnology Co., Ltd. and plans to deregister the controlled sub-subsidiary Nanjing Nuohe Xin Pharmaceutical Technology Co., Ltd - The company is planning a major related-party transaction involving issuing shares and convertible corporate bonds to acquire assets and raise supporting funds, with the target being major shareholder assets of Langyan Life; due diligence, auditing, and valuation work are actively progressing[157][158][159][160] - The company's controlled subsidiary Nuohe Dongbao plans to co-invest with related parties to establish the controlled sub-subsidiary Shanghai Yibeite Biotechnology Co., Ltd., to further enhance the company's presence in the pet medicine sector[161] - The company plans to deregister the controlled sub-subsidiary Nanjing Nuohe Xin Pharmaceutical Technology Co., Ltd., with related work in progress[161] XI. Major Contracts and Their Fulfillment This chapter discloses the company's main leasing contracts, including multiple R&D office space leases, and several joint liability guarantees provided by the company for its subsidiaries, totaling 102.5 million yuan, accounting for 9.17% of the company's net assets - The company leases multiple R&D office spaces from lessors including Wuxi Overseas Students Pioneer Park Development Co., Ltd., Kebeiyuan (Beijing) Biomedical Technology Co., Ltd., etc[166][167][168] - The company provides multiple joint liability guarantees for its subsidiaries, with guaranteed parties including Beijing Yangguang Demei Pharmaceutical Technology Co., Ltd. and Beijing Nuohe Demei Pharmaceutical Technology Co., Ltd[171][172] - As of the end of the reporting period, the total guarantee balance for subsidiaries was 102.5 million yuan, accounting for 9.17% of the company's net assets[172] XII. Explanation of Progress in Use of Raised Funds The company's overall utilization rate of raised funds is 75.86%, with 20,381,506.30 yuan invested this year; some fundraising projects (Drug Innovation R&D Platform Project, Clinical Trial Service Platform Construction Project, Innovative Drug PK/PD Research Platform Project) have been completed and closed, with the remaining raised funds used for the changed new fundraising projects "Peptide Molecule Large Model Platform Project" and "Innovative Drug R&D Project" - Total raised funds were 537.8 million yuan, with net raised funds of 467,181,492.45 yuan after deducting issuance expenses[175][176] - As of the end of the reporting period, cumulative investment of raised funds was 354,415,914.95 yuan, with an overall utilization rate of 75.86%[175] - The fundraising project "Special Formulation R&D Platform Project" reached its intended usable state in June 2023, with a cumulative investment of 167,338,939.12 yuan, reaching 100% completion[178] - Fundraising projects "Drug Innovation R&D Platform Project", "Clinical Trial Service Platform Construction Project", and "Innovative Drug PK/PD Research Platform Project" have been completed and closed[180] - Remaining raised funds have been fully used for the changed new fundraising projects "Peptide Molecule Large Model Platform Project" and "Innovative Drug R&D Project"[180] - The company managed idle raised funds through cash management, with an authorized limit of 150 million yuan[185] Section VI Share Changes and Shareholder Information I. Changes in Share Capital During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[189] II. Shareholder Information As of the end of the reporting period, the total number of ordinary shareholders was 8,621; the top ten shareholders' holdings are disclosed, with controlling shareholder Li Qian holding 27.59% and Liu Yujing holding 4.06%; the company's special securities account for repurchases held 2,721,783 shares, accounting for 2.43% of the total share capital - Total number of ordinary shareholders as of the end of the reporting period: 8,621[190] Top Ten Shareholders' Holdings | Shareholder Name | Ending Shareholding (shares) | Percentage (%) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | | Li Qian | 30,897,300 | 27.59 | None | | Liu Yujing | 4,550,386 | 4.06 | Pledged 4,110,000 shares | | Wuhan Xinneng Industrial Development Co., Ltd. | 3,062,303 | 2.73 | None | | Industrial and Commercial Bank of China Co., Ltd. - Rongtong Health Industry Flexible Allocation Mixed Securities Investment Fund | 2,550,000 | 2.28 | None | | Shao Yan | 2,520,000 | 2.25 | None | | Guangzhou Guangfa Xinde Phase I Health Industry Investment Enterprise (Limited Partnership) | 2,197,896 | 1.96 | None | | Xu Zhikang | 1,500,000 | 1.34 | None | | China Merchants Bank Co., Ltd. - Anxin Pharmaceutical Health Theme Stock Initiated Securities Investment Fund | 1,442,015 | 1.29 | None | | Hangzhou Kaitai Minde Investment Partnership (Limited Partnership) | 1,441,742 | 1.29 | None | | Tianjin Haida Venture Capital Management Co., Ltd. - Guangzhou Zhengda Venture Capital Partnership (Limited Partnership) | 1,403,146 | 1.25 | None | - The company's special securities account for repurchases held 2,721,783 shares, accounting for 2.43% of the company's total share capital, with the repurchase completed on March 5, 2025[195] - As of the end of the reporting period, the top ten shareholders by voting rights were largely consistent with the top ten shareholders by shareholding[196][197] III. Information on Directors, Senior Management, and Core Technical Personnel Multiple directors, senior management, and core technical personnel were granted restricted shares, totaling 1,053,594 shares Restricted Stock Grant Status for Directors, Senior Management, and Core Technical Personnel | Name | Position | Restricted Shares Newly Granted in Reporting Period (10,000 shares) | Restricted Shares Already Granted at Period End (10,000 shares) | | :--- | :--- | :--- | :--- | | Liu Yujing | General Manager, Director | 80.0000 | 80.0000 | | Zhang Zhijiao | Director, Financial Officer | 3.0000 | 3.0000 | | Luo Huan | Deputy General Manager, Core Technical Personnel, Director | 3.0000 | 3.0000 | | Zhang Jinfeng | Employee Representative Director | 1.1478 | 1.1478 | | Shao Yan | Deputy General Manager | 3.0000 | 3.0000 | | Li Yuanbo | Deputy General Manager, Core Technical Personnel | 3.0000 | 3.0000 | | Hao Guangtao | Deputy General Manager, Core Technical Personnel | 3.0000 | 3.0000 | | Wei Liping | Board Secretary | 3.0000 | 3.0000 | | Nie Aihua | Core Technical Personnel | 1.2116 | 1.2116 | | Yuan Yu | Core Technical Personnel | 2.5000 | 2.5000 | | Meng Guangpeng | Core Technical Personnel | 2.5000 | 2.5000 | | Total | / | 105.3594 | 105.3594 | Section VII Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[203] II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds[203] Section VIII Financial Report I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[4] II. Financial Statements Provides the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements and cash flow statements for January-June 2025, and consolidated and parent company statements of changes in owners' equity, comprehensively presenting the company's financial position at the end of the reporting period and operating results and cash flows during the reporting period Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Cash and Bank Balances | 599,575,448.04 | | Trading Financial Assets | 75,000,000.00 | | Accounts Receivable | 509,373,666.96 | | Contract Assets | 344,854,992.91 | | Total Assets | 2,204,372,853.35 | | Short-Term Borrowings | 466,856,677.18 | | Contract Liabilities | 386,618,382.04 | | Total Liabilities | 1,086,297,525.71 | | Total Equity Attributable to Parent Company Owners | 1,116,684,378.83 | Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 590,299,296.98 | | Operating Cost | 285,544,906.18 | | R&D Expenses | 76,269,029.87 | | Total Profit | 135,956,665.31 | | Net Profit | 129,208,970.54 | | Net Profit Attributable to Parent Company Shareholders | 129,832,772.76 | | Basic Earnings Per Share (yuan/share) | 1.18 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 84,137,467.07 | | Net Cash Flow from Investing Activities | -61,099,195.03 | | Net Cash Flow from Financing Activities | 11,789,101.37 | | Net Increase in Cash and Cash Equivalents | 34,827,373.41 | III. Company Basic Information Introduces the company's historical evolution, registered place, organizational form, and headquarters address, as well as its business nature and main operating activities; the company was formerly Beijing Yangguang Nuohe Pharmaceutical Research Co., Ltd., restructured into a joint-stock company in 2020, with a registered capital of 112 million yuan and actual controller Li Qian; its main business is medical research and experimental development, providing pharmaceutical research services, clinical trials, and bioanalysis services - The company was formerly Beijing Yangguang Nuohe Pharmaceutical Research Co., Ltd., jointly established by Li Qian and Liu Yujing in March 2009, and restructured into Beijing Yangguang Nuohe Pharmaceutical Research Co., Ltd. in March 2020[244] - As of June 30, 2025, the company's cumulative issued share capital totaled 112 million shares, with a registered capital of 112 million yuan, and the actual controller is Li Qian[245] - The company belongs to the scientific research and technical services industry, with its main products and services being pharmaceutical research services, clinical trials, and bioanalysis services[246][247] - The company's consolidated scope for this period includes 18 subsidiaries[248] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, complying with enterprise accounting standards, and truly and completely reflect the company's financial position, operating results, and cash flows - The company's financial statements are prepared on a going concern basis[250] - The company evaluated its going concern ability for the 12 months from the end of the reporting period and found no matters or circumstances that would cast significant doubt on its going concern ability[251] V. Significant Accounting Policies and Estimates This chapter details the significant accounting policies and estimates followed by the company in preparing its financial statements, including the classification, recognition, and measurement of financial instruments, impairment provisions for accounts receivable and contract assets, revenue recognition methods, and specific accounting treatments for business combinations, long-term equity investments, fixed assets, intangible assets, and share-based payments; it also discloses that changes in accounting policies during the reporting period had no significant impact on the financial statements - The company determines specific accounting policies and estimates based on its production and operation characteristics, mainly reflected in the methods for calculating expected credit losses for receivables, impairment provisions for contract assets, and revenue recognition[252] - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[280] - The company performs impairment accounting and recognizes loss provisions for financial assets measured at amortized cost, contract assets, etc., based on expected credit losses, using simplified measurement methods or a three-stage model[294][295] - The company recognizes revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the relevant goods or services, at the transaction price allocated to that performance obligation; revenue from pharmaceutical research services and clinical trial and bioanalysis services is recognized based on delivered results or progress of performance[362][363][364][365][366] - The company implemented "Interpretation No. 17 of Enterprise Accounting Standards" regarding "Accounting Treatment for Sale and Leaseback" from October 25, 2023, "Classification of Current and Non-Current Liabilities" and "Disclosure of Supplier Financing Arrangements" from January 1, 2024, and "Interim Provisions on Accounting Treatment for Enterprise Data Resources" from January 1, 2024, but these had no significant impact on the financial statements for this reporting period[377][378] VI. Taxation Discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax; the company and several subsidiaries enjoy high-tech enterprise income tax preferential policies, applying a 15% tax rate; some subsidiaries meet the criteria for small and micro enterprises and enjoy inclusive tax reduction policies - The company's main tax categories include VAT (13%, 6%, 1%), urban maintenance and construction tax (7%, 5%), corporate income tax (25%, 20%, 15%), education surcharge (3%), and local education surcharge (2%)[379][380] - The company and several subsidiaries, including Beijing Nuohe Demei, Beijing Yangguang Demei, Chengdu Nuohe Shengtai, Beijing Hongsheng Pharmaceutical, Jiangsu Nuohe Bituo, and Shanghai Paisiwexin, enjoy high-tech enterprise income tax preferences, applying a 15% tax rate[381][382][383] - Some subsidiaries met the criteria for small and micro enterprises from January to June 2025 and pay corporate income tax according to inclusive tax reduction policies for small and micro enterprises, applying a 20% tax rate[384][385] VII. Notes to Consolidated Financial Statement Items This chapter provides detailed notes for each item in the consolidated financial statements, including cash and bank balances, trading financial assets, notes receivable, accounts receivable, contract assets, prepayments, other receivables, inventories, long-term equity investments, other equity instrument investments, other non-current financial assets, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, short-term borrowings, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, provisions, deferred income, share capital, capital reserves, treasury stock, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, asset disposal income, credit impairment losses, non-operating income and expenses, income tax expenses, and cash flow statement items - Cash and bank balances at period-end were 599,575,448.04 yuan, of which bank deposits of Beijing Nuohe Demei Pharmaceutical Technology Co., Ltd. were frozen for 12,163,246.17 yuan[389][386] - Trading financial assets at period-end were 75,000,000.00 yuan, primarily bank wealth management products[388] - Accounts receivable book value at period-end was 509,373,666.96 yuan, with bad debt provision of 116,796,661.19 yuan[399][403] - Contract assets book value at period-end was 344,854,992.91 yuan, with bad debt provision of 46,783,462.18 yuan[408][410] - Short-term borrowings at period-end were 466,856,677.18 yuan, a 50.90% increase from the same period last year, mainly due to increased credit borrowings in this period[489][100] - Contract liabilities at