奥赛康(002755) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's table of contents, and definitions of key terms to ensure clarity and accurate understanding of the semi-annual report Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility, while the financial officers confirm the financial report's integrity, with all directors attending the review meeting, and the company plans no cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4] - Company head Chen Qingcai, chief financial officer Han Tao, and head of accounting department Han Tao declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Catalogue of Reference Documents This section lists the company's semi-annual report reference documents, including original financial statements signed and sealed by the legal representative, chief financial officer, and head of accounting, the full and summary texts of the report, and all publicly disclosed company documents and original announcements during the reporting period, specifying their availability location - Reference documents include original financial statements bearing the signatures and seals of the company's legal representative, chief financial officer, and head of accounting[10] - Reference documents also include the full text and summary of the 2025 semi-annual report, signed by the company's legal representative and sealed by the company[10] - The reference documents are available at the company's Securities Affairs Department, No. 699 Kejian Road, Jiangning Science Park, Nanjing[10] Definitions This section defines common terms used in the report, covering company names, subsidiaries, shareholders, regulatory bodies, drug types (e.g., PPI, innovative drugs, generic drugs), production quality standards (GMP, GSP), clinical trial phases (IND, NDA), medical insurance catalog, centralized procurement, and reporting period, ensuring accurate understanding of the report's content - Company/This Company/Listed Company/AskGene refers to Beijing AskGene Pharmaceutical Co., Ltd., listed on the Shenzhen Stock Exchange, stock code: 0002755[11] - Reporting Period, This Reporting Period refers to January-June 2025[11] - Innovative Drug refers to Class 1 chemical drugs and Class 1 biological products according to the National Medical Products Administration's registration classification for chemical drugs and biological products[11] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a detailed analysis of its key accounting data and financial performance during the reporting period Company Profile Beijing AskGene Pharmaceutical Co., Ltd. (stock code: 002755) is listed on the Shenzhen Stock Exchange, with Chen Qingcai as its legal representative - The company's stock abbreviation is “AskGene”, stock code “002755”, listed on the Shenzhen Stock Exchange[14] - The company's legal representative is Chen Qingcai[14] Contact Person and Information The company's Board Secretary is Ma Jingfei, and the Securities Affairs Representative is Wang Yanyan, both located at No. 699 Kejian Road, Jiangning Science Park, Nanjing, with consistent phone and fax numbers, and the email address ir@ask-pharm.com - The Board Secretary is Ma Jingfei, and the Securities Affairs Representative is Wang Yanyan[15] - The contact address is No. 699 Kejian Road, Jiangning Science Park, Nanjing, and the email address is ir@ask-pharm.com[15] Other Information During the reporting period, there were no changes in the company's registered address, office address, postal code, website, email, or information disclosure and storage locations, with specific details available in the 2024 annual report - The company's registered address, office address and postal code, website, email, etc., remained unchanged during the reporting period, with details available in the 2024 annual report[16] - The stock exchange website and media names and URLs for the company's semi-annual report disclosure, and the location for the company's semi-annual report, remained unchanged during the reporting period, with details available in the 2024 annual report[17] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 9.20% to 1.007 billion yuan, net profit attributable to shareholders surged by 111.64% to 160 million yuan, and non-recurring net profit grew by 155.68% to 141 million yuan, with net cash flow from operating activities rising by 42.53% to 423 million yuan, alongside growth in total assets and net assets attributable to shareholders 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,007,412,827.96 | 922,569,640.74 | 9.20% | | Net Profit Attributable to Shareholders of Listed Company | 159,987,130.87 | 75,594,455.84 | 111.64% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 140,970,093.12 | 55,134,924.61 | 155.68% | | Net Cash Flow from Operating Activities | 422,919,702.87 | 296,715,646.64 | 42.53% | | Basic Earnings Per Share (yuan/share) | 0.17 | 0.08 | 112.50% | | Diluted Earnings Per Share (yuan/share) | 0.17 | 0.08 | 112.50% | | Weighted Average Return on Net Assets | 5.07% | 2.59% | 2.48% | | Period-End Indicators | Current Reporting Period End (yuan) | Prior Year End (yuan) | Change from Prior Year End | | Total Assets | 4,406,156,170.35 | 4,047,628,524.03 | 8.86% | | Net Assets Attributable to Shareholders of Listed Company | 3,138,597,869.69 | 3,062,651,954.20 | 2.48% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and those under Chinese accounting standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[21] Non-recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for the first half of 2025 amounted to 19.017 million yuan, primarily from disposal gains/losses of non-current assets, government grants, and fair value changes in financial assets and liabilities 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 1,063,613.15 | | Government grants recognized in current profit and loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 9,883,177.70 | | Gains or losses from changes in fair value of financial assets and financial liabilities, and disposal gains or losses of financial assets and financial liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 11,109,138.24 | | Other non-operating income and expenses apart from the above | -1,388,642.47 | | Less: Income tax impact | 1,280,595.93 | | Impact on minority interests (after tax) | 369,652.94 | | Total | 19,017,037.75 | - The company has not classified any non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-recurring Gains and Losses" as recurring gains and losses[25] Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, core competencies, financial performance, and risk factors during the reporting period, along with management's strategies and outlook Principal Business Activities During the Reporting Period As an innovation and R&D-driven pharmaceutical manufacturer, the company's core business encompasses the research, production, and sales of active pharmaceutical ingredients and preparations across four major therapeutic areas: digestive, anti-tumor, anti-infective, and chronic diseases, achieving significant revenue and net profit growth due to new product commercialization, R&D capitalization, and optimized cost management Overview of the Industry, Development Stage, and Significant Impact of Industry Policy Changes In the first half of 2025, China's pharmaceutical manufacturing industry underwent structural adjustments driven by innovation and transformation, with strong growth in innovative drugs and accelerated internationalization of domestic innovations, supported by intensive national policies promoting R&D, optimizing review processes, and regularizing medical insurance catalog updates and centralized drug procurement - From January to June 2025, pharmaceutical manufacturing enterprises above designated size achieved operating revenue of 1.22752 trillion yuan, a year-on-year decrease of 1.2%, and total profits of 176.69 billion yuan, a year-on-year decrease of 2.8%[27] - In the first half of the year, China approved 43 innovative drugs for market, a 59% year-on-year increase, nearly matching the total number for 2024[28] - The total value of cross-border technology licensing (license-out) transactions for domestic innovative drugs reached 60 billion US dollars, exceeding the total for the entire year of 2024[28] - The company independently developed China's first domestically produced proton pump inhibitor (PPI) injection, with therapeutic areas covering four major fields: digestive, anti-tumor, anti-infective, and chronic diseases[36] Principal Business Activities During the Reporting Period The company's core business involves the R&D, production, and sales of pharmaceuticals in digestive, anti-tumor, anti-infective, and chronic disease areas, with 10 new products and 9 APIs approved for market, 42 major R&D projects including 9 key innovative drugs, and significant revenue and net profit growth driven by new product sales, R&D capitalization, and optimized cost management - The company's therapeutic areas primarily cover four major fields: digestive, anti-tumor, anti-infective, and chronic diseases, with business encompassing the R&D, production, and sales of active pharmaceutical ingredients and preparations[37] - From 2024 to date, the company has obtained marketing authorization for 10 new products, including the Class 1 innovative drug Leutinib tablets, and 9 active pharmaceutical ingredients[43] 2025 Semi-Annual Operating Performance | Indicator | Amount (yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 1,007,412,827.96 | 9.20% | | Net Profit Attributable to Shareholders of Listed Company | 159,987,130.87 | 111.64% | | R&D Investment | 201,749,537.03 | - | - The company builds a comprehensive commercial marketing system through “academic promotion + digital marketing + differentiated access” strategies, strengthening its “dual-channel” drug supply capability[58] Analysis of Core Competencies The company's core competencies are rooted in its robust R&D capabilities, expanding anti-infective product portfolio, high-quality management system, established channels and brand building, and an talent-driven excellence mechanism, all contributing to its sustained competitive advantage Outstanding R&D Capabilities Accelerating Innovation Value Realization The company leverages its strong chemical drug R&D foundation and leading biological drug R&D platform, focusing on small molecule targeted innovative drugs and tumor immunotherapy biological innovative drugs through independent innovation and collaborative partnerships, with multiple innovative drugs achieving significant clinical progress and a globally leading SmartKine® cytokine prodrug technology platform - The company's chemical drug R&D platform, established in 1992, possesses common key technologies and a core innovative R&D platform for proton pump inhibitor (PPI) injections[60] - The anti-tumor innovative drug Leutinib tablets have been approved for two indications: first-line treatment for EGFR-mutated non-small cell lung cancer patients and for patients progressing after EGFR-TKI treatment[61] - The company's biological innovative drugs adhere to original innovation, developing proprietary new drug technology platforms and highly differentiated biological innovative drugs, focusing on innovative therapeutic technologies such as anti-tumor targeted drugs, autoimmune antibody drugs, and cytokine immunotherapy drugs[71] - ASKB589 injection has initiated Phase III clinical studies for advanced first-line gastric cancer patients, with Phase IIB clinical data showing an objective response rate of 76.1% and a median progression-free survival of 12.45 months[73][74] - ASKG712 injection for neovascular age-related macular degeneration (nAMD) has completed Phase IIa patient enrollment, and for diabetic macular edema (DME) has completed Phase I studies, demonstrating potential for extended dosing intervals[77][79] - AskGene independently developed the SmartKine® cytokine prodrug technology platform with global intellectual property rights, with ASKG315 and ASKG915 having entered clinical stages[80] Forming an Anti-Infective Product Portfolio to Build New Competitive Advantages The company is actively expanding its anti-infective portfolio with marketed broad-spectrum anti-resistant drugs like tigecycline and daptomycin injections, posaconazole series, and isavuconazole sulfate injection, alongside four anti-infective products in NDA submission, including delafloxacin injection and maribavir tablets, and is leading an innovation consortium to address antimicrobial resistance - The company has launched broad-spectrum anti-resistant drugs such as tigecycline for injection, anti-G+ resistant drug daptomycin for injection, broad-spectrum antifungal posaconazole injection/enteric-coated tablets, and polymyxin E methanesulfonate for injection targeting multi-drug resistant G-bacteria[84] - In 2024, the company was the first to receive approval for isavuconazole sulfate for injection, which has been included in the national medical insurance catalog as a first-line treatment for invasive aspergillosis and invasive mucormycosis[84] - The company has four anti-infective products in the NDA submission stage, including delafloxacin for injection, maribavir tablets, isavuconazole capsules, and letermovir for injection[85] - The innovative drug ASK0912 for injection, which has broad-spectrum activity against clinically severe drug-resistant Gram-negative bacteria, is in the initiation phase of Phase II clinical trials[85] Anti-Infective Product Portfolio | Product | Stage | Indication Scope | Features | | :--- | :--- | :--- | :--- | | Tigecycline for Injection | First Batch Launched | Treatment of infections caused by specific susceptible bacterial strains | Broad-spectrum anti-resistant bacteria | | Isavuconazole for Injection | First Company Launched | Antifungal drug | New generation triazole antifungal drug; included in national medical insurance catalog; used for both invasive aspergillosis and mucormycosis | | Posaconazole Injection | First Company Launched | Antifungal drug | Broad-spectrum anti-resistant bacteria, posaconazole injection and enteric-coated tablets form sequential therapy | | Posaconazole Enteric-coated Tablets | First Company Launched | Antifungal drug | Broad-spectrum anti-resistant bacteria, FDA approved; exclusive domestic agency rights obtained | | Voriconazole for Injection | Marketed | Antifungal drug | Basic antifungal medication | | Daptomycin for Injection | Marketed | Bloodstream infections caused by Staphylococcus aureus | Imported API, passed quality consistency evaluation | | Polymyxin E Methanesulfonate for Injection | First Batch Launched | Acute or chronic infections caused by Gram-negative bacteria sensitive to this product | Imported API, raw materials sourced from European Pharmacopoeia standard drafting unit; listed in "Directory of Encouraged Generic Drugs" | | Delafloxacin for Injection | Exclusive NDA Submission | Skin and skin structure infections and community-acquired bacterial pneumonia | Novel broad-spectrum antibacterial drug, unique drug structure design, effective against both Gram-positive and Gram-negative bacteria | | Maribavir Tablets | NDA Submission | Treatment of cytomegalovirus (CMV) infection and/or disease after hematopoietic stem cell transplantation or solid organ transplantation | A new oral treatment option, also included in CDE's priority review and breakthrough therapy designations | | Isavuconazole Capsules | NDA Submission | Antifungal drug | Used for adult patients with invasive aspergillosis and invasive mucormycosis infections | | Letermovir for Injection | NDA Submission | For prevention of cytomegalovirus infection and cytomegalovirus disease in adult recipients [R+] undergoing allogeneic hematopoietic stem cell transplantation (HSCT) who are CMV-seropositive | Novel cytomegalovirus terminase inhibitor | | ASK0912 for Injection (Innovative Drug) | Clinical Trial | Anti-Gram-negative drug resistance | Broad-spectrum activity against clinically severe drug-resistant Gram-negative bacteria | Setting the Quality Management Goal of "Developing New Quality Productive Forces and Promoting Quality Internationalization" Adhering to "quality is the foundation of enterprise survival," the company has established a full lifecycle drug quality management system, aiming to "develop new quality productive forces and promote quality internationalization" by continuously enhancing product quality and management through GMP compliance, CNAS lab accreditation, and production automation, earning multiple quality awards - The company has set the quality management goal of “developing new quality productive forces and promoting quality internationalization,” aiming to elevate its quality management to an internationally advanced level[88] - The company's two newly built solid oral dosage form production lines have successfully passed GMP compliance inspections, and the Quality Inspection Center has obtained CNAS laboratory accreditation[88] - The company is continuously advancing its information systems and quality system, having gradually implemented a Laboratory Information Management System (LIMS) and initiated a Warehouse Management System (WMS)[90] Mature Channels and Brand Building, Professional Evidence-Based Medical Promotion Capabilities The company actively adjusts its sales strategy, building a comprehensive commercial marketing system through "academic promotion + digital marketing + differentiated access," ensuring efficient listing and commercialization of new products, expanding market coverage for centralized procurement products through partnerships and channel diversification, and enhancing brand awareness via academic conferences and online digital marketing - The company's newly approved products and Class 1 innovative drug Leutinib tablets have achieved efficient online listing and entered the commercialization phase, laying the foundation for innovative drug inclusion in the 2025 national medical insurance negotiation catalog[91] - The company actively participates in drug centralized procurement at all levels, with 21 selected drugs showing stable sales, and is expanding into grassroots medical markets and retail channels to increase terminal coverage of selected products[92] - The company conducts online digital marketing with third-party platforms like JD.com and Alibaba Health, and has established deep offline partnerships with national and regional leading chain pharmacies, building an omni-channel marketing network covering both online and offline[93] Talent-Driven: Building Talent Momentum with Excellent Mechanisms Placing "talent-driven" at its strategic core, the company fosters employee motivation and innovation through a benchmark talent development and incentive system, featuring clear performance-based compensation, comprehensive welfare, a full-lifecycle talent cultivation system, and dual-track development paths for professional and management roles, ensuring maximum talent value and a robust talent pipeline for sustainable growth - The company has established a clear, co-creation and co-sharing incentive system, implementing performance-based differentiated compensation and setting up special incentives for innovation projects and cost reduction/efficiency improvement[95] - The company has built a tiered and categorized talent development system covering the entire career lifecycle, including the “Little Green Lemon Sprout Project,” “Little Green Lemon Seedling Project,” and “Talent Project”[96] - In core areas such as R&D and quality, the company has established clear “dual-channel” development paths for professional technical and management roles, maximizing talent value[97] Analysis of Principal Business In the first half of 2025, the company's principal business revenue increased by 9.20% to 1.007 billion yuan, driven by rapid growth in chronic disease and anti-tumor product sales, with operating costs, sales expenses, and R&D investment rising, while management and financial expenses decreased, and net cash flow from operating activities significantly grew by 42.53% due to increased revenue and enhanced collection efforts Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,007,412,827.96 | 922,569,640.74 | 9.20% | Rapid sales growth of the company's chronic disease and anti-tumor products | | Net Profit Attributable to Shareholders of Listed Company | 159,987,130.87 | 75,594,455.84 | 111.64% | Commercialization of new products, capitalization of R&D investment, and optimization of cost management | | Net Cash Flow from Operating Activities | 422,919,702.87 | 296,715,646.64 | 42.53% | Increased revenue during the reporting period, intensified collection efforts, and extended payment terms for expenses | | R&D Investment | 201,749,537.03 | 182,359,681.80 | 10.63% | The company increased R&D investment in this period | Operating Revenue Composition (by Product) | By Product | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Anti-infective | 249,191,328.27 | 24.74% | 259,078,119.47 | 28.08% | -3.82% | | Anti-tumor | 385,645,742.73 | 38.28% | 334,222,414.39 | 36.23% | 15.39% | | Chronic Disease | 218,131,786.61 | 21.65% | 155,369,553.15 | 16.84% | 40.40% | | Digestive | 124,242,162.66 | 12.33% | 145,636,980.99 | 15.79% | -14.69% | Gross Profit Margin of Principal Business (by Product) | By Product | Gross Profit Margin | Change in Gross Profit Margin from Prior Year Period | | :--- | :--- | :--- | | Anti-infective | 84.04% | 2.38% | | Anti-tumor | 89.50% | -2.58% | | Chronic Disease | 76.81% | 2.84% | | Digestive | 63.45% | -8.62% | Analysis of Non-Principal Business During the reporting period, there were no significant changes in the composition of the company's non-principal business revenue or profit - There were no significant changes in the company's profit composition or sources of profit during the reporting period[101] Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets increased by 8.86% to 4.406 billion yuan, and net assets attributable to shareholders increased by 2.48% to 3.139 billion yuan, with stable proportions of monetary funds and trading financial assets, a significant increase in contract liabilities due to higher advance payments, and some monetary funds restricted for wealth management product purchases Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 4,406,156,170.35 | 100% | 4,047,628,524.03 | 100% | 8.86% | | Monetary Funds | 1,557,012,072.87 | 35.34% | 1,411,460,031.75 | 34.87% | 0.47% | | Accounts Receivable | 242,215,639.95 | 5.50% | 175,103,844.50 | 4.33% | 1.17% | | Inventories | 150,617,570.40 | 3.42% | 196,990,191.50 | 4.87% | -1.45% | | Development Expenditures | 319,116,819.80 | 7.24% | 648,308,926.00 | 16.02% | -8.78% | | Trading Financial Assets | 815,147,667.21 | 18.50% | 683,280,286.11 | 16.88% | 1.62% | | Short-term Borrowings | 47,000,000.00 | 1.07% | 62,000,000.00 | 1.53% | -0.46% | | Contract Liabilities | 236,122,435.76 | 5.36% | 106,900,402.07 | 2.64% | 2.72% | - Development expenditures decreased by 8.78%, primarily due to R&D projects being reclassified as intangible assets[107] - Contract liabilities increased by 2.72%, primarily due to an increase in advance payments for contracts[107] Asset Rights Restricted at End of Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 55,000,000.00 | 55,000,000.00 | Frozen | Purchase of wealth management products | Analysis of Investment Status During the reporting period, the company's investment amounted to 129 million yuan, a year-on-year increase of 61.86%, with no significant equity investments, non-equity investments, securities investments, or derivative investments, and no use of raised funds Investment Amount During Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount in Current Reporting Period | 128,737,042.03 | | Investment Amount in Prior Year Period | 79,535,292.39 | | Change Percentage | 61.86% | - During the reporting period, the company had no securities investments, derivative investments, significant equity investments, significant non-equity investments, or use of raised funds[113][114][115] Significant Asset and Equity Sales During the reporting period, the company did not sell any significant assets or equity - The company did not sell any significant assets during the reporting period[116] - The company did not sell any significant equity during the reporting period[117] Analysis of Major Holding and Participating Companies The company's main holding subsidiary, Jiangsu AskGene Pharmaceutical Co., Ltd., has a registered capital of 768 million yuan, total assets of 4.504 billion yuan, net assets of 3.324 billion yuan, operating revenue of 1.001 billion yuan, and net profit of 149 million yuan, while the sale of subsidiary Prime Harmony Group Pte Ltd had a minor impact on overall operations and performance Financial Data of Major Subsidiary Jiangsu AskGene Pharmaceutical Co., Ltd. | Indicator | Amount (yuan) | | :--- | :--- | | Registered Capital | 768,000,000.00 | | Total Assets | 4,504,429,278.44 | | Net Assets | 3,324,084,114.29 | | Operating Revenue | 1,000,805,296.12 | | Operating Profit | 153,167,181.40 | | Net Profit | 149,179,059.34 | - During the reporting period, the company sold its subsidiary Prime Harmony Group Pte Ltd, which had a minor impact on the company's overall production, operations, and performance[119] Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - During the reporting period, the company did not control any structured entities[120] Risks Faced by the Company and Countermeasures The company faces risks from industry policies (e.g., drug centralized procurement price reductions), R&D failures, and quality control, which it addresses by continuously monitoring policy dynamics, optimizing strategic layouts, enhancing production processes, strengthening cost control, accelerating new product R&D, establishing tiered project management, improving R&D evaluation mechanisms, and strictly adhering to GMP standards and quality traceability systems - The company faces sales price reduction pressure due to the normalization of national drug centralized procurement and deepening medical insurance price negotiations[120] - The company addresses industry policy risks by improving production processes, strengthening cost control, accelerating new product R&D, and actively participating in centralized procurement[120] - New drug R&D involves high investment, long cycles, and high technical thresholds, facing multiple uncertainties such as technical routes, regulatory policies, and market competition, leading to a higher risk of R&D failure[121] - The company addresses R&D failure risks by focusing on clinical needs, implementing a “fast and precise” R&D strategy, establishing a tiered project management system, and improving full-lifecycle R&D evaluation mechanisms[121] - The company's main products are injectable formulations, which involve long production processes, complex technologies, and high sterility requirements, posing certain quality control risks[122] - The company consistently adheres to the philosophy that “quality is the foundation of enterprise survival,” strictly follows GMP standards, continuously monitors process conditions, and strengthens its quality traceability system to mitigate quality control risks[122] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[123] - The company has not disclosed a valuation enhancement plan[123] Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the “Dual Improvement in Quality and Returns” action plan[123] Corporate Governance, Environment, and Society This section details changes in the company's governance structure, including board and management personnel, outlines its profit distribution policy, and reports on environmental information disclosure and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's directors, supervisors, and senior management underwent changes due to re-election, with Zong Zaiwei, Jiang Baisheng, Liu Peiqing, and Lin Zhenxing elected as directors or independent directors, Chen Xiangfeng appointed as deputy general manager, and Xu Youyin, Wu Xiaoming, Li Di, and Liu Jianwen departing due to the expiration of their terms Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zong Zaiwei | Director | Elected | February 18, 2025 | Re-election | | Jiang Baisheng | Independent Director | Elected | February 18, 2025 | Re-election | | Liu Peiqing | Independent Director | Elected | February 18, 2025 | Re-election | | Lin Zhenxing | Independent Director | Elected | February 18, 2025 | Re-election | | Chen Xiangfeng | Deputy General Manager | Appointed | February 18, 2025 | Re-election | | Xu Youyin | Director, Deputy General Manager | Term Expired | February 18, 2025 | Re-election | | Wu Xiaoming | Independent Director | Term Expired | February 18, 2025 | Re-election | | Li Di | Independent Director | Term Expired | February 18, 2025 | Re-election | | Liu Jianwen | Independent Director | Term Expired | February 18, 2025 | Re-election | Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[126] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof[127] Environmental Information Disclosure The company and its key subsidiaries, Jiangsu AskGene Pharmaceutical Co., Ltd. and Nanjing Hairun Pharmaceutical Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, with their reports accessible through a designated system - The listed company and its main subsidiaries, Jiangsu AskGene Pharmaceutical Co., Ltd. and Nanjing Hairun Pharmaceutical Co., Ltd., are both included in the list of enterprises required to disclose environmental information by law[128] Enterprises Included in the List of Environmental Information Disclosure by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jiangsu AskGene Pharmaceutical Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 2 | Nanjing Hairun Pharmaceutical Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | Social Responsibility Guided by its mission "For Health, Healthy Actions," the company actively fulfills its social responsibilities by protecting shareholder and employee rights through robust governance, transparent information, comprehensive welfare, and multi-level growth platforms, while promoting environmental protection and sustainable development through green production, energy-saving upgrades, wastewater treatment, and continuous environmental investments - The company strictly adheres to laws and regulations, continuously improves its corporate governance structure, strengthens internal control systems, enhances standardized operations, and effectively safeguards the legitimate rights and interests of all shareholders[130] - The company adheres to the principle of legal and compliant operation, strictly follows labor laws and other relevant regulations, legally signs labor contracts with employees, implements social security systems, and builds a comprehensive welfare and benefits system[130] - The company fully implements environmental protection and sustainable development concepts, integrating the development and application of green production processes throughout all stages from infrastructure construction to daily production and life, and upgrading production equipment with energy-saving and emission-reduction technologies[131] - Subsidiary Jiangsu AskGene Pharmaceutical Co., Ltd. is the first enterprise in Jiangning High-tech Zone, Nanjing, Jiangsu Province, to be approved as a provincial-level green factory[132] Significant Matters This section addresses various significant matters, including commitments, related party transactions, legal proceedings, and other events that could impact the company's operations or financial position Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled by the end of the period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled by the end of the reporting period[134] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company[135] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[136] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[137] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Reporting Period During the reporting period, there was no explanation from the board of directors or supervisory board regarding a "non-standard audit report" for the current period - During the reporting period, there was no explanation from the board of directors or supervisory board regarding a “non-standard audit report” for the current period[138] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year During the reporting period, there was no explanation from the board of directors regarding a "non-standard audit report" for the prior year - During the reporting period, there was no explanation from the board of directors regarding a “non-standard audit report” for the prior year[138] Matters Related to Bankruptcy and Reorganization During the reporting period, the company had no matters related to bankruptcy and reorganization - The company had no matters related to bankruptcy and reorganization during the reporting period[138] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters, with other minor cases totaling 1.3339 million yuan in dispute, currently in various stages of filing and trial, having no material impact on the company - The company had no significant litigation or arbitration matters during this reporting period[139] Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of matters not meeting the disclosure standard for significant litigation (arbitration) | 133.39 | No | In various stages of filing and trial | No significant impact on the company | Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - During the reporting period, the company had no penalties or rectification situations[141] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller - During the reporting period, there were no issues regarding the integrity status of the company, its controlling shareholder, or actual controller[142] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships, nor any dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[142] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[143] - There were no related party creditor-debtor relationships during the reporting period[145] Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any significant guarantees, but engaged in wealth management with an outstanding balance of 811 million yuan at period-end, and no other significant contracts - The company had no entrustment, contracting, or leasing situations during the reporting period[149][150][151] - The company had no significant guarantees during the reporting period[152] Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand yuan) | Unexpired Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 207,300 | 81,100 | 0 | | Total | | 207,300 | 81,100 | 0 | - The company had no other significant contracts during the reporting period[154] Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - During the reporting period, the company had no other significant matters requiring explanation[155] Significant Matters of Company Subsidiaries During the reporting period, the company's subsidiaries had no significant matters - During the reporting period, the company's subsidiaries had no significant matters[156] Share Changes and Shareholder Information This section details the company's share capital structure, any changes in shares, securities issuance, and the holdings of its shareholders, including the top ten shareholders and changes in the controlling shareholder or actual controller Share Change Status During the reporting period, the company's total share capital remained unchanged at 928,160,351 shares, with 100% being unrestricted shares Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (＋,－) Subtotal | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 8,775 | 0.00% | 0 | 8,775 | 0.00% | | II. Unrestricted Shares | 928,151,576 | 100.00% | 0 | 928,151,576 | 100.00% | | III. Total Shares | 928,160,351 | 100.00% | 0 | 928,160,351 | 100.00% | - During the reporting period, the company's total share capital remained unchanged[159] Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[160] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 21,588 common shareholders, with Nanjing AskGene Investment Management Co., Ltd. as the controlling shareholder holding 34.20%, while Jiangsu Suyang Investment Industrial Co., Ltd. and Zhongyi Weiye Holdings Co., Ltd. reduced their holdings, and Nanjing AskGene Investment Management Co., Ltd. and Weirui Development Co., Ltd. are parties acting in concert - The total number of common shareholders at the end of the reporting period was 21,588[161] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Change in Holdings During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing AskGene Investment Management Co., Ltd. | Domestic Non-State-owned Legal Person | 34.20% | 317,470,588 | 0 | 317,470,588 | | Jiangsu Suyang Investment Industrial Co., Ltd. | Domestic Non-State-owned Legal Person | 13.40% | 124,415,362 | -13,922,285 | 124,415,362 | | Zhongyi Weiye Holdings Co., Ltd. | Overseas Legal Person | 12.95% | 120,192,033 | -13,921,403 | 120,192,033 | | Weirui Development Co., Ltd. | Overseas Legal Person | 12.22% | 113,382,352 | 0 | 113,382,352 | | Nanjing Haiji Investment Management Co., Ltd. | Domestic Non-State-owned Legal Person | 4.07% | 37,794,117 | 0 | 37,794,117 | - Nanjing AskGene Investment Management Co., Ltd. and Weirui Development Co., Ltd. are parties acting in concert[163] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report[165] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[166] - The company's actual controller did not change during the reporting period[166] Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[167] Bond-Related Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[169] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax information, and financial statement items Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[171] Financial Statements This section provides 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, showing total consolidated assets of 4.406 billion yuan, total liabilities of 1.198 billion yuan, total owners' equity of 3.208 billion yuan, net profit of 147 million yuan, and net cash flow from operating activities of 423 million yuan Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 4,406,156,170.35 | 4,047,628,524.03 | | Total Liabilities | 1,198,073,471.83 | 905,387,149.91 | | Total Owners' Equity | 3,208,082,698.52 | 3,142,241,374.12 | | Monetary Funds | 1,557,012,072.87 | 1,411,460,031.75 | | Trading Financial Assets | 815,147,667.21 | 683,280,286.11 | | Contract Liabilities | 236,122,435.76 | 106,900,402.07 | | Development Expenditures | 319,116,819.80 | 648,308,926.00 | | Intangible Assets | 561,077,250.89 | 146,344,483.27 | Key Data from Consolidated Income Statement (First Half of 2025) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,007,412,827.96 | 922,569,640.74 | | Operating Profit | 151,509,574.84 | 70,406,598.74 | | Net Profit | 147,418,371.58 | 64,541,798.23 | | Net Profit Attributable to Parent Company Shareholders | 159,987,130.87 | 75,594,455.84 | | Basic Earnings Per Share (yuan/share) | 0.17 | 0.08 | Key Data from Consolidated Cash Flow Statement (First Half of 2025) | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 422,919,702.87 | 296,715,646.64 | | Net Cash Flow from Investing Activities | -182,589,191.30 | -271,376,238.30 | | Net Cash Flow from Financing Activities | -71,224,360.28 | -46,403,579.29 | | Net Increase in Cash and Cash Equivalents | 168,647,251.93 | -17,222,143.93 | Company Basic Information Beijing AskGene Pharmaceutical Co., Ltd., formerly Beijing Dongfang Xinxing Petrochemical Engineering Co., Ltd., transformed its main business to pharmaceutical production and R&D in 2018 through a major asset restructuring, acquiring 100% of Jiangsu AskGene Pharmaceutical Co., Ltd., with Nanjing AskGene Investment Management Co., Ltd. as its parent company and Chen Qingcai as the actual controller - The company, formerly Beijing Dongfang Xinxing Petrochemical Engineering Co., Ltd., underwent a major asset restructuring in 2018, injecting 100% of Jiangsu AskGene Pharmaceutical Co., Ltd. shares[212][214] - After the restructuring, the company's main business changed to pharmaceutical production (operating within the scope listed in the license), new drug R&D, and related technical consulting and services[215] - The parent company of this company is Nanjing AskGene Investment Management Co., Ltd., and the actual controller is Chen Qingcai[215] Basis of Financial Statement Preparation These financial statements are prepared in accordance with the accounting standards for business enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis, with no significant doubts or circumstances regarding the company's ability to continue as a going concern within 12 months from the end of the reporting period - These financial statements are prepared in accordance with the “Basic Standards for Business Accounting Standards” and various specific accounting standards, application guidelines, interpretations of business accounting standards, and other relevant regulations issued by the Ministry of Finance[216] - These financial statements are prepared on a going concern basis, and there are no matters or circumstances that may cast significant doubt on the company's ability to continue as a going concern within 12 months from the end of the reporting period[217] Significant Accounting Policies and Accounting Estimates This section details the company's adherence to enterprise accounting standards, specifying its accounting period, operating cycle, functional currency, and critical accounting policies and estimates, including business combinations, consolidated financial statements, financial instruments, receivables, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, intangible assets, employee compensation, revenue recognition, government grants, deferred income tax, and leases, with clear criteria for materiality and capitalization of R&D expenditures - The company adheres to the requirements of enterprise accounting standards, truthfully and completely reflecting the consolidated and parent company financial position as of June 30, 2025, and the consolidated and parent company operating results and cash flows for January-June 2025[219] - The company divides internal research and development project expenditures into research phase expenditures and development phase expenditures; research phase expenditures are recognized in current profit and loss, while development phase expenditures are recognized as intangible assets when specific conditions are met[266] - For self-developed or commissioned new drug projects, the start of the development phase is the point at which the project enters the last phase of clinical trials (registration clinical trials)[267] - The company recognizes revenue when it has satisfied its performance obligations in the contract, i.e., when the customer obtains control of the relevant goods or services[278] Taxation This section outlines the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, highlighting various tax incentives enjoyed by the company and its subsidiaries, such as reduced corporate income tax rates for high-tech enterprises, Western Development policy benefits, and tax deductions for employing disabled individuals Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input VAT allowed for the current period, the difference is VAT payable | 3%, 6%, 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 20%, 25% | - Jiangsu AskGene Pharmaceutical Co., Ltd. and Nanjing Hairun Pharmaceutical Co., Ltd., as high-tech enterprises, are subject to corporate income tax at a reduced rate of 15%[298][299] - Tibet Jiaxin Jingtian Pharmaceutical Co., Ltd. enjoys a 15% corporate income tax rate under the Western Development policy and is exempt from the local share of corporate income tax, resulting in an effective income tax burden of 9%[299] - Some sub-subsidiaries enjoy preferential corporate income tax policies for small and micro-profit enterprises, with taxable income reduced by 25% and corporate income tax paid at a rate of 20%[300] Notes to Consolidated Financial Statement Items This section provides detailed notes on the company's consolidated financial statement items, including period-end and period-beginning balances and current period changes, highlighting monetary funds of 1.557 billion yuan, trading financial assets of 815 million yuan, intangible assets of 561 million yuan (with 87.28% from internal R&D), a significant increase in contract liabilities to 236 million yuan, operating revenue of 1.007 billion yuan, net profit of 147 million yuan, and net cash inflow from operating activities of 423 million yuan Monetary Funds | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 71,207.10 | 70,471.00 | | Bank Deposits | 1,554,459,954.39 | 1,408,190,607.32 | | Other Monetary Funds | 2,480,911.38 | 3,198,953.43 | | Total | 1,557,012,072.87 | 1,411,460,031.75 | | Of which: Total Funds Deposited Overseas | 105,935,676.10 | 15,000,659.88 | Trading Financial Assets | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value with changes recognized in current profit or loss | 815,147,667.21 | 683,280,286.11 | | Of which: Structured Deposits | 815,147,667.21 | 683,280,286.11 | | Total | 815,147,667.21 | 683,280,286.11 | Accounts Receivable | Age | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 244,794,253.94 | 176,623,575.80 | | 1 to 2 years | 1,143,939.78 | 1,130,628.84 | | 2 to 3 years | 803,251.34 | 674,265.20 | | Over 3 years | 1,197,567.08 | 830,352.10 | | Total | 247,939,012.14 | 179,258,821.94 | Intangible Assets | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Land Use Rights | 70,615,832.80 | 71,670,078.33 | | Non-patent Technology | 489,731,050.58 | 74,321,341.13 | | Computer Software | 730,367.51 | 353,063.81 | | Total | 561,077,250.89 | 146,344,483.27 | | Proportion of intangible assets formed through internal R&D to total intangible assets at period-end | 87.28% | - | Contract Liabilities | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Advance Receipts for Drug Sales | 27,692,343.85 | 40,862,666.22 | | Advance Receipts for Drug Sales Equity | 208,430,091.91 | 66,037,735.85 | | Total | 236,122,435.76 | 106,900,402.07 | R&D Expenditures During the reporting period, the company's total R&D investment was 202 million yuan, a 10.63% year-on-year increase, comprising 90.4281 million yuan in expensed R&D and 111 million yuan in capitalized R&D, with several key R&D projects in Phase III clinical trials or ANDA submission, expected to generate future economic benefits through product sales R&D Expenditu