Jet Bio-Filtration(SH:688026)2025-08-29 10:25Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including company names, biological laboratory consumables, and financial and legal concepts, ensuring clarity and accuracy - Company and its main subsidiaries and associated companies: Guangzhou Jet Biofil Filtration Co., Ltd., Guangzhou Biofil Air Purification Materials Co., Ltd., Guangzhou Jet Investment Co., Ltd., Jet Life Sciences (Guangzhou) Co., Ltd., Jet Life Sciences (Shanghai) Co., Ltd., Guangzhou Jet Testing Technology Service Co., Ltd., Guangzhou Huangpu District Bay Area Entrepreneurship Service Center Co., Ltd., JET LIFE SCIENCES CO. INC. (Jet USA), Jet Life Sciences GmbH (Jet Germany), LabCart GmbH, Jet Science (Hong Kong) Co., Ltd., Guangzhou Jet Packaging Materials Co., Ltd., Guangzhou Jet Medical Packaging Co., Ltd., Zhongshan Jet Purification Engineering Co., Ltd., Guangzhou BGI Jet Bio-Technology Co., Ltd., Guangzhou Lanbo Biotechnology Co., Ltd., Guangzhou Bostar Controlled Release Pharmaceutical Co., Ltd., Zhuhai Kairui Biotechnology Co., Ltd.8 - Biological laboratory consumables related terms: Pipettes, cell culture plates/flasks/dishes, centrifuge tubes, tips, ultrafiltration concentrators, filters, PET polyester membrane, cell scrapers, ELISA plates, PCR tubes, filter membrane types (MCE, NYLON, PVDF, PES, CA), ELISA, general purpose polystyrene (GPPS), polypropylene (PP), polyethylene (PE), filter membrane, ODM, hydrophilicity, hydrophobicity, adherent cells, assisted reproductive technology, cell therapy, GMP, cell culture slides, 3D printing technology, modification technology, plasma, contact angle.89 - Financial and legal terms: CSRC, SSE, Sponsor, Articles of Association, yuan/10,000 yuan, Current Reporting Period, A-shares, Convertible Bonds, Company Law, Securities Law.9 Section II Company Profile and Key Financial Indicators Company Basic Information This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, legal representative, registered and office addresses, website, and email - Company Chinese name: Guangzhou Jet Biofil Filtration Co., Ltd., Chinese abbreviation: Jet Biofil.11 - Legal Representative: Yuan Jianhua.11 - Registered and Office Address: No. 1 Doutang Road, Yonghe Economic Zone, Guangzhou Economic and Technological Development Zone.11 - Company Website: http://www.jetbiofil.com, Email: jetzqb@jetbiofil.com.11 Contact Person and Contact Information This section provides contact information for the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, including name, address, phone, fax, and email - Board Secretary (domestic representative for information disclosure): Yuan Jianhua (acting), Contact Number: 020-32811868, Email: jetzqb@jetbiofil.com.12 - Securities Affairs Representative: Xing Wanfang, Contact Number: 020-32811868, Email: jetzqb@jetbiofil.com.12 Information Disclosure and Location Change Briefing This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report's availability location - Company's selected newspapers for information disclosure: "China Securities Journal", "Shanghai Securities News", "Securities Times", "Securities Daily".13 - Website address for semi-annual reports: www.sse.com.cn.[13](index=13&type=chunk) - Location for company's semi-annual reports: Company Securities Department.13 Company Stock/Depositary Receipt Summary This section provides basic information about the company's stock, including the listing exchange, board, stock abbreviation, and code - Stock Type: A-shares.14 - Stock Listing Exchange and Board: Shanghai Stock Exchange STAR Market.14 - Stock Abbreviation: Jet Biofil, Stock Code: 688026.14 Company's Key Accounting Data and Financial Indicators During the reporting period, the company achieved significant growth in operating revenue, total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders, with a substantial increase in net cash flow from operating activities and steady growth in net and total assets 2025 Semi-Annual Key Accounting Data Comparison | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (million yuan) | 268.14 | 236.25 | 13.50 | | Total Profit (million yuan) | 53.34 | 36.66 | 45.52 | | Net Profit Attributable to Shareholders of Listed Company (million yuan) | 46.34 | 30.00 | 54.46 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (million yuan) | 42.92 | 25.39 | 69.06 | | Net Cash Flow from Operating Activities (million yuan) | 84.17 | 15.47 | 444.19 | | Net Assets Attributable to Shareholders of Listed Company (End of Period, million yuan) | 1,226.22 | 1,189.78 | 3.06 | | Total Assets (End of Period, million yuan) | 1,732.47 | 1,702.02 | 1.79 | 2025 Semi-Annual Key Financial Indicators Comparison | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.34 | 0.23 | 47.83 | | Diluted Earnings Per Share (yuan/share) | 0.34 | 0.23 | 47.83 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.31 | 0.20 | 55.00 | | Weighted Average Return on Net Assets (%) | 3.83 | 2.59 | Increased by 1.24 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.54 | 2.19 | Increased by 1.35 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.96 | 5.62 | Decreased by 0.66 percentage points | - Operating revenue, total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders increased primarily due to higher sales revenue and improved gross margin in the reporting period.17 - Net cash flow from operating activities increased by 444.19% year-on-year, mainly due to the collection of accounts receivable from overseas business in the current period, which was previously delayed due to changes in the audit method of the collection bank in Q4 2024.18 - R&D investment as a percentage of operating revenue decreased by 0.66 percentage points year-on-year, mainly due to faster revenue growth in the reporting period.18 Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 3.42 million yuan, primarily from government grants, fair value changes of financial assets, and entrusted investment gains/losses 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government Grants Recognized in Current Period Profit/Loss | 1,290,704.66 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities Held by Non-Financial Enterprises and from Disposal of Financial Assets/Liabilities | 732,534.53 | | Gains/Losses from Entrusted Investments or Asset Management | 1,958,034.73 | | Other Non-Operating Income and Expenses Apart from the Above | 75,622.15 | | Less: Income Tax Impact | 632,785.68 | | Impact on Minority Interests (After Tax) | 1,788.18 | | Total | 3,422,322.21 | Section III Management Discussion and Analysis Overview of Industry and Main Business in Reporting Period The company specializes in R&D, production, and sales of disposable plastic consumables for biological laboratories, serving the biological experiment and biopharmaceutical sectors, with a leading position in the domestic market and international partnerships - Company's industry belongs to "C29 Rubber and Plastic Products Manufacturing" and "Other Biomedical Materials and Products Manufacturing", with main products being disposable plastic consumables for biological laboratories.24 - In 2024, the global life science laboratory consumables market reached $22.7 billion, with an estimated CAGR of approximately 9.8% until 2030; in 2023, the Chinese market reached 46.3 billion yuan, with a CAGR of 13.5%, exceeding the global average.2425 - The domestic market shows demand for import substitution driven by supply chain autonomy, and the company, as the "first stock of domestic consumables," holds a significant brand advantage.2526 - The company's main business includes two major categories of biological laboratory consumables: biological culture and liquid handling, involving over a thousand products such as cell culture plates, pipettes, and tips.272830 - The company's operating model includes: raw material procurement (partially imported, partially localized, OEM procurement), production (domestic sales "safety stock", export "production-on-demand"), sales (domestic distribution/direct sales, overseas ODM-led/distribution/direct sales), and R&D (primarily independent R&D, with external collaborations).303132 Industry Overview in Reporting Period The company's primary products are disposable plastic consumables for biological laboratories, operating within the "C29 Rubber and Plastic Products Manufacturing" and "Other Biomedical Materials and Products Manufacturing" sectors, with the Chinese market showing strong growth and a trend towards domestic substitution - Company's industry belongs to "C29 Rubber and Plastic Products Manufacturing" and "Other Biomedical Materials and Products Manufacturing".24 - In 2024, the global life science laboratory consumables market reached $22.7 billion, with an estimated CAGR of approximately 9.8% until 2030.24 - In 2023, the Chinese life science laboratory consumables market reached 46.3 billion yuan, with a CAGR of 13.5%, exceeding the global average, though foreign enterprises still dominate.25 - The global market is primarily monopolized by giants such as Thermo Fisher Scientific Inc., Corning Incorporated, VWR, and Merck, while the domestic market shows demand for import substitution.25 - The company is one of the leading domestic enterprises in biological laboratory consumables, particularly strong in liquid handling and cell culture consumables, collaborating with international giants through ODM, with some products meeting international standards.2627 Company's Main Business Operations in Reporting Period The company aims to provide comprehensive biological laboratory solutions, focusing on two main categories of disposable plastic consumables: biological culture and liquid handling, complemented by reagents and small laboratory instruments - The company's main business and products include biological culture (e.g., cell culture plates, 3D cell culture scaffolds) and liquid handling (e.g., pipettes, superhydrophobic tips), as well as other categories like ELISA plates and PCR tubes, involving over a thousand products.27282930 - Procurement model: Polymer materials are partially imported and partially localized; auxiliary materials combine self-supply and external procurement; some products are OEM procured.3031 - Production model: Domestic sales business adopts a "safety stock" approach; export business adopts a "production-on-demand" approach.31 - Sales model: Domestic sales are primarily through distribution and direct sales; overseas markets are mainly ODM sales, supplemented by distribution and direct sales.32 - R&D model: Primarily independent R&D, while also leveraging external scientific research capabilities through technical cooperation with universities and research institutes.32 Discussion and Analysis of Operations In the first half of 2025, the company's operating revenue grew by 13.50% to 268.14 million yuan, net profit attributable to shareholders increased by 54.46% to 46.34 million yuan, and non-recurring net profit attributable to shareholders rose by 69.06% to 42.92 million yuan, driven by customer pre-stocking and cost reduction efforts 2025 First Half Key Operating Performance | Indicator | Amount (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 268.14 | 13.50 | | Net Profit Attributable to Shareholders of Listed Company | 46.34 | 54.46 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 42.92 | 69.06 | - Performance growth is mainly due to some customers pre-stocking in anticipation of the company's factory relocation and to mitigate the impact of China-US trade frictions.33 - As of June 30, 2025, the company's total assets were 1,732.47 million yuan, total liabilities 497.90 million yuan, total owner's equity 1,234.57 million yuan, with an asset-liability ratio of 28.74%, indicating a healthy financial position.33 - Management improvement: Enhanced per capita output, raw material utilization efficiency, and unit freight costs through increased production automation and implementation of cost reduction and efficiency improvement management systems, effectively controlling costs.33 - Technology and product R&D: Increased R&D investment in life science products, developing new products for cell therapy, biopharmaceuticals, IVD, and vaccine R&D, with 23 patent applications and 15 granted patents in the reporting period.3435 - Market expansion: Deepened strategic cooperation with existing customers, improved or newly developed 13 series of 56 specifications of products; actively expanded domestic, European, and Asia-Pacific markets, adding 623 new customers.35 - Investor rights protection: Completed 2024 equity distribution, distributing 10.05 million yuan in cash dividends, accounting for 13.92% of 2024 net profit attributable to shareholders; engaged in in-depth communication with investors through performance briefings and e-interaction platforms.3536 Analysis of Core Competitiveness in Reporting Period Leveraging years of experience in life science products, the company has developed nine core advantages—R&D, product categories, production capacity, qualifications, quality control, cost control, customer resources, marketing network, and brand effect—positioning it as a leader in the domestic market and competitive internationally - R&D advantage: Possesses a stable R&D team and a CNAS-accredited laboratory, with 255 patents accumulated as of June 30, 2025 (including 37 invention patents), recognized as a national "specialized, refined, unique, and new" "little giant" enterprise.37 - Comprehensive product category advantage: Product system covers 7 major categories including cell culture, liquid handling, filtration, and molecular detection, also offering reagents, instruments, cleanroom renovation, and testing services, aiming to provide comprehensive biological laboratory solutions.3839 - Production capacity advantage: Owns a 65,000m² GMP-grade clean production workshop, with further capacity expansion after the Zengcheng factory's full operation in 2025, making it one of the largest enterprises in the domestic industry.39 - Qualification and certification advantage: Products use medical-grade polymer materials, passing multiple domestic and international certifications such as ISO9001, ISO13485, 3C, TUV, CE, ISO15378, and possessing approximately 13,000m² GMP standard workshops.4041 - Cost control advantage: Effectively controls production costs through strategic raw material procurement, automated production lines, and per capita output management, offering high-cost performance products.4142 - Core technologies: Polymer material modification technologies (plasma treatment, plasma-induced grafting, temperature-sensitive modification of polymer materials) and polymer material processing technologies (high-precision injection molding, high-speed high-precision extrusion molding, automated pipette production, automated assembly of plastic product filter membranes).454748 - R&D investment: Current period expensed R&D investment was 13.31 million yuan, a slight year-on-year increase of 0.28%; R&D investment as a percentage of operating revenue was 4.96%, a year-on-year decrease of 0.66 percentage points.54 - R&D projects: Including 17 projects such as vaccine concentration ultrafiltration membrane packs for separation processes, sterilization filter series, bioprocess isolation bag series, nitrocellulose membranes for immunodiagnostics, mycoplasma filters, pre-filters, microporous filter membranes, breathable membrane-based culture flasks, cell culture bags, cell cryopreservation bags, dual-arm cell culture flasks, IVF dedicated oocyte retrieval needles, aseptic transfer cap closed transfer technology and products, chamber slides, baffled large-volume culture shaker flasks, high-centrifugal force centrifuge tube series, and 96-well UV culture plate product development, with an estimated total investment of 73.70 million yuan and a current period investment of 12.79 million yuan.5657585960 Core Competitiveness Analysis The company has established nine core advantages—R&D, comprehensive product categories, production capacity, qualifications, quality control, cost control, customer resources, marketing network, and brand effect—through years of accumulation in life science products, ensuring its leading position domestically and competitiveness internationally - R&D advantage: Possesses a stable R&D team and CNAS-accredited laboratory, with 255 patents accumulated as of June 30, 2025 (including 37 invention patents), recognized as a national "specialized, refined, unique, and new" "little giant" enterprise.37 - Comprehensive product category advantage: Product system covers cell culture, liquid handling, filtration, molecular detection, etc., across 7 major categories, and provides reagents, instruments, cleanroom renovation, and testing services, committed to offering comprehensive biological laboratory solutions.3839 - Production capacity advantage: Owns a 65,000m² GMP-grade clean production workshop, with further capacity expansion after the Zengcheng factory's full operation in 2025, making it one of the largest enterprises in the domestic industry.39 - Qualification and certification advantage: Products use medical-grade polymer materials, passing multiple domestic and international certifications such as ISO9001, ISO13485, 3C, TUV, CE, ISO15378, and possessing approximately 13,000m² GMP standard workshops.4041 - Cost control advantage: Effectively controls production costs through strategic raw material procurement, automated production lines, and per capita output management, offering high-cost performance products.4142 - Customer resource advantage: Products are sold to dozens of countries and regions including Europe and America, establishing close cooperative relationships with internationally renowned comprehensive service providers of biological laboratory supplies; domestic customers include universities, research institutions, medical institutions, and pharmaceutical companies.42 - Marketing network advantage: Extensive domestic and international sales network, with ODM customers and distributors internationally, and 12 offices and dozens of distributors domestically, supported by an intelligent warehousing and logistics distribution system.42 - Brand effect advantage: As one of the earliest enterprises to produce life science products domestically, it holds a leading position in the segmented industry, with BIOFILJET and BIOFIL trademarks included in Guangdong Province's key trademark protection list.4344 Core Technologies and R&D Progress The company's core technology system focuses on polymer material modification and processing, supporting over a thousand products in biological culture and liquid handling, with continuous R&D investment in cutting-edge biopharmaceutical fields and numerous patent achievements - Core technology system: Polymer material modification technologies (plasma treatment, plasma-induced grafting, temperature-sensitive modification of polymer materials) and polymer material processing technologies (high-precision injection molding, high-speed high-precision extrusion molding, automated pipette production, automated assembly of plastic product filter membranes).454748 - R&D achievements: 23 patent applications and 15 granted patents in the reporting period; accumulated 343 patent applications and 255 granted patents (including 37 invention patents).5152 - New products launched: Reagent bottles, shaker flask closed systems (125-1000mL), contact dishes, centrifuge tube racks, etc.50 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 13,311,672.70 | 13,274,839.95 | 0.28 | | Total R&D Investment as Percentage of Operating Revenue (%) | 4.96 | 5.62 | Decreased by 0.66 percentage points | - R&D projects: Including 17 projects such as vaccine concentration ultrafiltration membrane packs for separation processes, sterilization filter series, bioprocess isolation bag series, nitrocellulose membranes for immunodiagnostics, mycoplasma filters, pre-filters, microporous filter membranes, breathable membrane-based culture flasks, cell culture bags, cell cryopreservation bags, dual-arm cell culture flasks, IVF dedicated oocyte retrieval needles, aseptic transfer cap closed transfer technology and products, chamber slides, baffled large-volume culture shaker flasks, high-centrifugal force centrifuge tube series, and 96-well UV culture plate product development, with an estimated total investment of 73.70 million yuan and a current period investment of 12.79 million yuan.5657585960 - R&D personnel: Current period R&D personnel totaled 145, accounting for 14.65% of total employees, including 4 PhDs, 17 Masters, and 44 Bachelors.62 Risk Factors The company faces multiple risks including trade protectionism in overseas markets, exchange rate fluctuations, rising raw material prices, potential overcapacity, and market expansion falling short of expectations, which could adversely affect its operating performance and profitability - Overseas market risk: In the first half of 2025, overseas market revenue accounted for 62.83% of main business revenue, with the US market exceeding 30%. International trade protectionism and tariff policies may pose risks to performance.63 - Exchange rate fluctuation risk: Export revenue is primarily denominated in US dollars, and fluctuations in the RMB-USD exchange rate may adversely affect operating performance.63 - Raw material price fluctuation risk: Prices of main raw materials (GPPS, PP, PE) are closely related to oil prices, and price increases will directly impact product costs and profitability.64 - Overcapacity risk: If the company's order growth does not match capacity expansion, it could lead to overcapacity and fierce price competition in the industry.64 - Market expansion falling short of expectations risk: The domestic life science consumables market is still dominated by imported brands, and the company may not be able to rapidly expand its domestic market share.65 Major Operating Conditions in Reporting Period This section analyzes the changes in financial statement items, the impact of non-main business on profit, asset and liability status, investment, and the operating performance of major subsidiaries and associated companies 2025 Semi-Annual Financial Statement Item Fluctuation Analysis | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 13.50 | Customer pre-stocking | | Operating Cost | 4.54 | Decrease in procurement prices of main raw materials | | Taxes and Surcharges | 59.25 | Increase in urban construction tax and education surcharge | | Selling Expenses | 8.82 | Increased remuneration for sales personnel recruited for overseas business expansion | | Administrative Expenses | 21.68 | Increased remuneration for newly introduced senior management personnel | | Financial Expenses | 13.55 | Annual increase in interest rate of existing convertible bonds | | R&D Expenses | 0.28 | Remained stable | | Other Income | -51.89 | Decrease in government grants | | Investment Income | 458.94 | Growth in structured deposit wealth management income | | Fair Value Change Gains | N/A | Fair value changes in foreign exchange swap business | | Credit Impairment Losses | 104.29 | Decrease in bad debt losses | | Asset Impairment Losses | N/A | Receipt of settlement funds and provision for impairment of fixed assets and inventory | | Asset Disposal Gains | -100.00 | Fixed asset disposal gains in prior period | | Non-Operating Income | 2,064.59 | Increase from clearing long-outstanding accounts | | Non-Operating Expenses | -56.35 | Interest paid to Jinbang Shares in prior period | | Net Cash Flow from Operating Activities | 444.19 | Collection of overseas accounts receivable in current period | | Net Cash Flow from Investing Activities | N/A | Purchase of bank wealth management products | | Net Cash Flow from Financing Activities | N/A | Repurchase of shares in prior period | - Asset and liability status: Significant increases in prepayments, other receivables, construction in progress, and other non-current assets; decreases in financial assets held for trading, employee benefits payable, taxes payable, non-current liabilities due within one year, and other current liabilities.7273 - Overseas assets: Overseas assets totaled 15.61 million yuan, accounting for 0.90% of total assets.73 - Major restricted assets: Monetary funds of 186.42 million yuan were restricted, mainly for time deposits and guarantees.75 - External equity investment: Increased capital by 15 million yuan in wholly-owned subsidiary Jet Life Sciences (Guangzhou) during the reporting period.77 - Private equity investment funds: Investment of 15 million yuan in the reporting period, with a planned external investment of 25 million yuan to establish Guangzhou Zengcheng District Nante Biomedical Investment Partnership (Limited Partnership).7879 - Major subsidiaries and associated companies: Biofil's operating profit and net profit significantly exceeded operating revenue in the current period, mainly due to the receipt of 6.47 million yuan in settlement funds from the Shandong Darong case.80 Section IV Corporate Governance, Environment and Social Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel, maintaining the stability of the management team - No changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period.83 Profit Distribution or Capital Reserve Conversion Plan The company did not formulate a profit distribution or capital reserve conversion plan for the semi-annual period - The proposed semi-annual profit distribution plan or capital reserve conversion plan is "No".83 Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact The company's 2021 Restricted Stock Incentive Plan continues to be implemented, with the third lifting of restrictions for the first vesting period of the initial grant portion expiring during the reporting period, resulting in 44,822 restricted shares held by 8 incentive recipients being lifted and listed for trading - The third lifting of restrictions for the first vesting period of the initial grant portion of the company's 2021 Restricted Stock Incentive Plan expired.86 - 44,822 restricted shares held by 8 incentive recipients have been lifted and listed for trading on July 11, 2025.86 Section V Important Matters Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, related parties, and the company itself strictly fulfilled all public commitments, including share lock-up, truthfulness of information disclosure, avoidance of horizontal competition, return enhancement measures, and compensation for unfiled leased properties - Controlling shareholder, actual controller and their relatives, former and current senior management strictly adhered to share lock-up commitments, including a minimum reduction price not lower than the issue price, and annual share transfers not exceeding 25% during their tenure.8990 - The company, controlling shareholder, actual controller, all directors, supervisors, and senior management committed to the truthfulness, accuracy, and completeness of the prospectus and other information disclosure materials, and to bear corresponding legal responsibilities.9192 - The actual controller committed not to engage in or participate in any business that competes with the company's main business, and to ensure close relatives comply.9293 - The company, controlling shareholder, actual controller, directors, and senior management committed to taking measures to enhance immediate returns and to bear compensation liabilities for breach of commitments.959697 - The controlling shareholder and actual controller committed to fully compensate the company and its subsidiaries for any losses incurred due to administrative penalties resulting from unfiled lease registration for leased properties.94 - All commitments were fulfilled promptly and strictly, with no instances of failure to fulfill them in a timely manner.899091929394959697 Major Litigation and Arbitration Matters During the reporting period, the company was involved in two major litigation/arbitration cases: a contract dispute with Shanghai Deyou Electronic Technology Co., Ltd. (under second-instance review) and a mold procurement contract dispute with Shenzhen Hesheng Medical Technology Co., Ltd. (first-instance judgment revoked and remanded for retrial) - Contract dispute with Shanghai Deyou Electronic Technology Co., Ltd.: Case amount 19.83 million yuan. First-instance judgment ordered termination of contract, Deyou to refund 18.44 million yuan and pay 0.92 million yuan in liquidated damages, with Liu Keping bearing joint and several liability. Deyou has appealed, and the second-instance is currently under review.141142 - Mold procurement contract dispute with Shenzhen Hesheng Medical Technology Co., Ltd.: Company sought refund of 10.34 million yuan and compensation for losses of 0.64 million yuan; Hesheng Medical counter-sued for remaining contract price of 8.83 million yuan plus overdue interest, and acceptance of 5 sets of molds with payment of 1.51 million yuan contract price plus overdue interest. Second-instance ruling revoked the first-instance judgment and remanded for retrial, which has now commenced.140141 - Hesheng Medical applied for property preservation, resulting in the freezing of 11.47 million yuan of the company's funds, which were later replaced by time deposits.100 - Litigation with Shandong Darong New Material Co., Ltd.: A settlement was reached with Shandong Darong, which refunded 6.47 million yuan, and the related lawsuit was withdrawn and closed, with the company's frozen funds released.100 Major Related Party Transactions During the reporting period, the company engaged in related party transactions for disinfection services with BGI Jet and projected its 2025 annual ordinary related party transaction amount, also recognizing lease income from various related parties as a lessor - Related party transactions related to ordinary operations: BGI Jet provided disinfection services to the company, with a current period transaction amount of 2.67 million yuan (including tax).137 - Estimated 2025 annual ordinary related party transactions: Ordinary related party transactions with BGI Jet are estimated at 11.50 million yuan.101 Company as Lessor Related Lease Situations | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (yuan) | | :--- | :--- | :--- | | Guangzhou Tuozhan Investment Management Co., Ltd. | Buildings | 2,939.45 | | Guangzhou Luogang Huizi Investment Management Partnership (Limited Partnership) | Buildings | 2,939.45 | | Guangdong Jieke Membrane Separation Technology Co., Ltd. | Buildings | 3,275.22 | | Guangzhou BGI Jet Bio-Technology Co., Ltd. | Buildings | 660,945.24 | | Guangzhou BGI Jet Bio-Technology Co., Ltd. | Disinfection Facilities | 132,623.01 | | Guangzhou Jet Comprehensive Clinic Co., Ltd. | Buildings | 50,164.41 | | Total | / | 852,886.78 | - Related party transactions not disclosed in temporary announcements: The company, as lessor, leased office or business premises to Guangzhou Tuozhan Investment Management Co., Ltd., Guangzhou Luogang Huizi Investment Management Partnership (Limited Partnership), Guangdong Jieke Membrane Separation Technology Co., Ltd., and Guangzhou Jet Comprehensive Clinic Co., Ltd., with a total lease income of 0.06 million yuan in the current period.104 Major Contracts and Their Fulfillment During the reporting period, the company was primarily involved in two major construction contracts and several lease agreements; the intelligent warehousing and logistics project with Beijing Institute of Automation has been accepted and settled, while the cleanroom renovation project with Guangzhou Jet Purification Technology Co., Ltd. is completed but not yet accepted - Contracting situation: The intelligent warehousing and logistics project contract for Jet Life Sciences (Guangzhou) Industrial Park with Beijing Institute of Automation Technology Development Co., Ltd., totaling 29.13 million yuan, was accepted and settled in February 2025.107 - Contracting situation: The cleanroom renovation project contract for Jet Life Sciences (Guangzhou) Industrial Park Intelligent Manufacturing and Intelligent Warehousing Construction Project (Phase I) with controlling subsidiary Guangzhou Jet Purification Technology Co., Ltd., totaling 29.18 million yuan, is completed but not yet accepted.108 - Leasing situation: The company leases multiple warehouses and office spaces, with major lease contracts exceeding 500,000 yuan totaling 13.61 million yuan.110 Progress of Raised Funds Utilization The company's net proceeds from convertible bonds amounted to 432.49 million yuan, with a cumulative investment of 185.93 million yuan as of the end of the reporting period, representing a progress of 42.26% - Net proceeds from raised funds: The company's net proceeds from convertible bonds, after deducting issuance expenses, amounted to 432.49 million yuan.112 - Cumulative investment: As of the end of the reporting period, the cumulative total investment of raised funds was 185.93 million yuan, with an investment progress of 42.26%.113 Details of Raised Funds Investment Projects | Project Name | Planned Total Investment of Raised Funds (10,000 yuan) | Cumulative Investment of Raised Funds as of End of Reporting Period (10,000 yuan) | Cumulative Investment Progress as of End of Reporting Period (%) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Biological Laboratory Consumables Production Line Upgrade Intelligent Manufacturing Project | 35,000.00 | 11,370.34 | 32.49 | December 2026 | | Biological Laboratory Consumables New Product R&D Project | 4,000.00 | 2,223.00 | 55.58 | December 2025 | | Replenishment of Working Capital | 5,000.00 | 5,000.00 | 100.00 | N/A | | Total | 44,000.00 | 18,593.34 | 42.26 | / | - Postponement of raised fund investment projects: The Biological Laboratory Consumables Production Line Upgrade Intelligent Manufacturing Project was postponed to December 2026, and the Biological Laboratory Consumables New Product R&D Project was postponed to December 2025, mainly due to the time required for the construction and supporting investments of Jet Life Sciences (Guangzhou) factory.116117 - Temporary replenishment of working capital with idle raised funds: The company used no more than 200 million yuan of idle raised funds to temporarily replenish working capital, with a cumulative use of 56 million yuan as of the end of the reporting period.118 - Cash management of idle raised funds: The company used 200 million yuan of idle raised funds for cash management, in the form of 1-year large-denomination certificates of deposit and structured deposits.120 - Capital increase in subsidiary with raised funds: The company increased capital in its wholly-owned subsidiary Jet Life Sciences (Guangzhou) by 80 million yuan to implement raised fund investment projects, with 18 million yuan injected as of the end of the reporting period.121122 Section VI Share Changes and Shareholder Information Share Capital Changes During the reporting period, the company's total number of ordinary shares and share capital structure remained unchanged - During the reporting period, the company's total number of ordinary shares and share capital structure remained unchanged.126 Shareholder Information As of the end of the reporting period, the company had 7,848 ordinary shareholders. This section details the top ten shareholders' holdings, identifies Yuan Jianhua as the largest shareholder, and explains the related party relationships among major shareholders - Total number of ordinary shareholders as of the end of the reporting period: 7,848.127 Top Ten Shareholders' Holdings as of End of Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Yuan Jianhua | 41,072,020 | 29.26 | 39,060 | Domestic Natural Person | | JET(H.K.) BIOSCIENCE CO., LIMITED | 17,547,293 | 12.50 | / | Overseas Legal Person | | Luoyang Mackinnon Enterprise Management Partnership (Limited Partnership) | 2,387,938 | 1.70 | / | Domestic Non-State-Owned Legal Person | | Zhuhai Abama Private Equity Fund Investment Management Co., Ltd. - Abama Yuanxiang Hongli No. 80 Private Securities Investment Fund | 1,986,258 | 1.42 | / | Other | | Bank of China Co., Ltd. - Harvest Leading Advantage Mixed Securities Investment Fund | 1,669,492 | 1.19 | / | Other | | Guangzhou Luogang Huizi Investment Management Partnership (Limited Partnership) | 1,396,950 | 1.00 | / | Domestic Non-State-Owned Legal Person | | Gongqingcheng Gaohe Zhongmin Investment Management Partnership (Limited Partnership) | 1,300,000 | 0.93 | / | Domestic Non-State-Owned Legal Person | | Yu Jing | 1,191,889 | 0.85 | / | Domestic Natural Person | | Agricultural Bank of China Co., Ltd. - China AMC CSI 500 Enhanced Index Securities Investment Fund | 1,121,200 | 0.80 | / | Other | | BARCLAYS BANK PLC | 715,413 | 0.51 | / | Overseas Legal Person | - Major shareholder related party relationships: Yuan Jianhua is the general partner of Mackinnon; Yuan Ye James is Yuan Jianhua's son and holds 100% equity in Jet Hong Kong; Wang Jing is Yuan Ye James's spouse and the general partner of Huizi Investment. Yuan Jianhua, Jet Hong Kong, Mackinnon, and Huizi Investment have related party relationships and act in concert.130 - Shareholders with restricted shares: Yuan Jianhua, Yuan Ye James, Dannie Yuan, Wang Jing, Wu Zhiyi, He Jing, Fang Xiangyuan, Li Huilun, and other shareholders' restricted shares are all from the first vesting period of the initial grant portion of the company's 2021 equity incentive plan, totaling 89,644 shares, which will be tradable on July 11, 2025.131132 - Repurchase special account: As of the end of the reporting period, the company's repurchase special account held 2,730,914 shares, representing 1.95% of total shares, with no voting rights.130135 Section VII Bond-Related Information Convertible Corporate Bonds The company's convertible corporate bonds, "Jet Convertible Bonds," were listed on the Shanghai Stock Exchange on August 2, 2022, with a total issuance of 440 million yuan - Convertible bond issuance: Jet Convertible Bonds (code 118010) were listed on the Shanghai Stock Exchange on August 2, 2022, with a total issuance of 440 million yuan and net proceeds of 432.49 million yuan.138 - Conversion period: Convertible into company shares from January 4, 2023, to June 27, 2028.139 - Number of convertible bond holders at period end: 6,002.140 Top Ten Convertible Corporate Bond Holders as of End of Reporting Period | Convertible Corporate Bond Holder Name | Amount of Bonds Held at Period End (yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | Yuan Jianhua | 48,506,000 | 11.02 | | Li Yiming | 32,885,000 | 7.47 | | Ding Bixia | 28,218,000 | 6.41 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 20,112,000 | 4.57 | | Chen Xiaohong | 9,150,000 | 2.08 | | Industrial and Commercial Bank of China - Huaxia Hope Bond Fund | 9,100,000 | 2.07 | | China Construction Bank - E Fund Enhanced Return Bond Fund | 8,040,000 | 1.83 | | Shanghai Pudong Development Bank Co., Ltd. - E Fund Yuxiang Return Bond Fund | 7,270,000 | 1.65 | | Yuan Longlong | 6,700,000 | 1.52 | | Agricultural Bank of China Co., Ltd. - Anxin Target Income Bond Fund | 6,144,000 | 1.40 | - Convertible bond changes: Conversion amount in the reporting period was 0 yuan, cumulative converted shares 60 shares, unconverted amount 439.997 million yuan, and unconverted bonds accounted for 99.9993% of the total issuance.143144 - Conversion price adjustment: The latest conversion price as of the end of the reporting period was 48.02 yuan/share, adjusted to 47.95 yuan/share on July 2, 2025, due to the 2024 annual equity distribution.146 - Liabilities and credit situation: The company's operating revenue was 268.14 million yuan, net cash flow from operating activities 84.17 million yuan, asset-liability ratio 28.74%, with good credit standing, maintaining an A+ corporate credit rating and a "stable" outlook.146147 - Interest payment: The company paid interest on "Jet Convertible Bonds" for the period from June 28, 2024, to June 27, 2025, on June 30, 2024, at 1.00 yuan (including tax) per 100 yuan face value convertible bond.148 Section VIII Financial Report Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited.3 Financial Statements This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, providing a comprehensive overview of its financial position, operating results, and cash flows - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 1.73 billion yuan, total liabilities 497.90 million yuan, and total owner's equity 1.23 billion yuan.151152 - The consolidated income statement shows that for the first half of 2025, total operating revenue was 268.14 million yuan, total profit 53.34 million yuan, and net profit attributable to parent company shareholders 46.34 million yuan.159160161 - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was 84.17 million yuan, net cash flow from investing activities -49.66 million yuan, and net cash flow from financing activities -4.55 million yuan.164165 Company Basic Information This section introduces Guangzhou Jet Biofil Filtration Co., Ltd.'s establishment date, registered capital, total shares, listing date, industry, and main business activities, identifying it as a manufacturer and seller of biological laboratory consumables - The company was established on April 11, 2001, with its headquarters in Guangzhou, Guangdong Province.178 - Registered capital is 140.36 million yuan, total shares 140,363,220 shares, and its stock was listed on the Shanghai Stock Exchange on January 22, 2020.178 - The company belongs to the biological laboratory consumables industry, primarily engaged in the production and sales of biological laboratory consumables, with main products including biological culture and liquid handling categories.178 Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with management assessing no significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis.179 - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the next 12 months from the end of the reporting period.180 Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, employee benefits, share-based payments, revenue, government grants, deferred income tax, leases, and repurchase of company shares, ensuring transparency and comparability - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information.180 - The accounting year runs from January 1 to December 31, with a short operating cycle, and 12 months are used as the standard for classifying assets and liabilities as current or non-current.181182 - Financial instruments are classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, with detailed criteria for recognition, measurement, and derecognition.191192193194195196 - Accounts receivable and inventories are provided for bad debts and impairment based on credit risk characteristics, while fixed assets and investment properties are measured at cost and depreciated or amortized using the straight-line method over their useful lives.204205206207208209210211212222223224 - Revenue recognition principle: Identify distinct performance obligations and recognize revenue over time or at a point in time when the customer obtains control of the goods, depending on whether the performance obligation is satisfied over time or at a point in time.246247 - Government grants are recognized when conditions are met, classified as asset-related or income-related, and either reduce the carrying amount of the asset, are recognized as deferred income, or are recognized in current period profit or loss.251252 - Accounting treatment for repurchase of company shares: The actual amount paid is treated as treasury stock; upon cancellation, it reduces capital reserve or retained earnings; when awarded to employees, the cost of treasury stock is derecognized and capital reserve is adjusted.259 Taxes This section discloses the main tax categories and rates for the company and its subsidiaries, including VAT, urban maintenance and construction tax, corporate income tax, property tax, land use tax, education surcharge, and local education surcharge Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 21%, 25% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Land Use Tax | Actual occupied land area | 3 yuan/m², 5 yuan/m² | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company obtained a high-tech enterprise certificate on December 22, 2022, valid for three years, and enjoys a reduced corporate income tax rate of 15% during this period.261 - Guangzhou Huangpu District Bay Area Entrepreneurship Service Center Co., Ltd., Guangzhou Jet Packaging Materials Co., Ltd., Guangzhou Biofil Air Purification Materials Co., Ltd., Zhongshan Jet Purification Engineering Co., Ltd., Guangzhou Jet Investment Co., Ltd., and Guangzhou Jet Testing Technology Service Co., Ltd. qualify as small and micro enterprises, enjoying a preferential policy of 25% of taxable income taxed at a 20% rate.262 Notes to Consolidated Financial Statement Items This section details the ending balances, beginning balances, and current period changes for each item in the company's consolidated financial statements, providing comprehensive financial data Consolidated Financial Statement Major Items Ending Balances | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 338,193,110.87 | 284,205,896.01 | | Financial Assets Held for Trading | 120,732,534.53 | 175,000,000.00 | | Accounts Receivable | 140,294,901.01 | 188,470,063.65 | | Inventories | 124,298,907.32 | 129,819,999.01 | | Long-Term Equity Investments | 37,220,108.76 | 38,065,734.12 | | Fixed Assets | 512,369,419.35 | 508,958,149.50 | | Construction in Progress | 54,508,281.57 | 22,707,812.49 | | Accounts Payable | 42,390,729.03 | 51,925,868.87 | | Bonds Payable | 371,110,728.93 | 359,884,472.26 | | Retained Earnings | 502,060,888.86 | 465,769,398.40 | - Accounts receivable ending balance was 150.28 million yuan, with bad debt provision of 9.98 million yuan, and a carrying amount of 140.29 million yuan. Of this, 95.06% was within 1 year of age.268270 - Inventories ending carrying amount was 124.30 million yuan, with inventory impairment provision of 29.73 million yuan, mainly comprising raw materials, work in progress, finished goods, and goods in transit.288290 - Fixed assets ending carrying amount was 512.37 million yuan, mainly composed of buildings, machinery and equipment, transportation equipment, and office equipment and others.304 - Construction in progress ending carrying amount was 54.51 million yuan, primarily for the Jet Life Sciences (Guangzhou) Industrial Park Intelligent Manufacturing and Intelligent Warehousing Construction Project (Phase I) and Building A3 project.310 - Operating revenue for the current period was 268.14 million yuan, operating cost 154.00 million yuan, with main business revenue accounting for 96.90%.372 - Foreign currency monetary items: Ending balances included $7,995,257.83 in USD monetary funds, €3,740,655.73 in EUR monetary funds, and HK$92,298,817.45 in HKD monetary funds.390404 R&D Expenses This section discloses the company's R&D expenses for the reporting period, primarily categorized by nature of expense, including employee compensation, materials and fuel, depreciation and amortization, all of which are expensed R&D investments 2025 Semi-Annual R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 8,250,448.52 | 7,993,268.11 | | Materials and Fuel | 2,059,070.16 | 2,466,628.53 | | Depreciation and Amortization | 1,336,287.16 | 1,263,025.58 | | Review and Acceptance Fees | 460,789.17 | 289,462.02 | | External Testing Fees | 34,810.72 | 203,591.06 | | Other Expenses | 1,170,266.97 | 1,058,864.65 | | Total | 13,311,672.70 | 13,274,839.95 | | Of which: Expensed R&D Investment | 13,311,672.70 | 13,274,839.95 | | Capitalized R&D Investment | / | / | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses.411 Changes in Consolidation Scope During the reporting period, the company did not experience any changes in its consolidation scope due to non-common control business combinations, common control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company did not experience any changes in its consolidation scope due to non-common control business combinations, common control business combinations, reverse acquisitions, or disposal of subsidiaries.412 Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates, including its wholly-owned and controlled subsidiaries, and investments in associates like Guangzhou Lanbo Biotechnology Co., Ltd. and Guangzhou BGI Jet Bio-Technology Co., Ltd - The company owns multiple wholly-owned and controlled subsidiaries, including Guangzhou Biofil Air Purification Materials Co., Ltd., Jet Life Sciences (Guangzhou) Co., Ltd., Guangzhou Jet Packaging Materials Co., Ltd., and Zhongshan Jet Purification Engineering Co., Ltd.413 Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Ending Balance) | Subsidiary Name | Minority Shareholding Percentage (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (yuan) | Dividends Declared to Minority Shareholders in Current Period (yuan) | Minority Interests Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Jet Packaging Materials Co., Ltd. | 15.00 | 34,198.23 | 150,000.00 | 595,073.70 | | Guangzhou Jet Medical Packaging Co., Ltd. | 49.00 | 123,978.83 | / | 1,485,406.60 | | Zhongshan Jet Purification Engineering Co., Ltd. | 45.00 | 1,083,285.71 | / | 6,270,908.55 | - The company invests in associates such as Guangzhou Lanbo Biotechnology Co., Ltd. and Guangzhou BGI Jet Bio-Technology Co., Ltd., with a combined net profit of -0.85 million yuan for the current period based on shareholding proportion.417 Government Grants This section discloses the company's government grant liability items and the amount of government grants recognized in current period profit or loss Government Grant Liability Items | Financial Statement Item | Beginning Balance (yuan) | Amount of New Grants in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset-Related/Income-Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 25,342,710.72 | 3,688,894.99 | 2,831,859.54 | 26,199,746.17 | Asset-Related | - The amount of government grants recognized in current period profit or loss was 2.83 million yuan.422 Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk), which are managed through various strategies such as credit assessment, diversified bank deposits, monitoring receivables, optimizing financing structure, and managing foreign currency exposure - The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk).422426427428 - Credit risk management: Assess criteria for significant increase in credit risk of financial instruments, measure expected credit losses, place bank deposits with highly-rated financial institutions, regularly assess customer credit, and monitor accounts receivable balances.423424425 - Liquidity risk management: Utilize various financing methods, such as issuing convertible bonds, combine long-term and short-term financing appropriately, and obtain bank credit lines from multiple commercial banks.426 - Market risk management: Manage interest rate risk by regularly reviewing and monitoring an appropriate mix of fixed and floating rate financial instruments; manage foreign exchange risk by buying and selling foreign currencies to maintain net exposure at an acceptable level.428 Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value at the end of the reporting period, primarily including financial assets he