久盛电气股份有限公司 2025 年半年度报告全文 证券代码：301082 证券简称：久盛电气 公告编号：2025-036 久盛电气股份有限公司 2025 年半年度报告 2025 年 8 月 1 久盛电气股份有限公司 2025 年半年度报告全文 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人张建华、主管会计工作负责人许章斌及会计机构负责人(会计 主管人员)许章斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司半年度报告如有涉及未来计划等前瞻性陈述，不构成公司对投资者 的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异。 公司在经营管理中可能面临的风险和应对措施已在本报告中第三节"管 理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 第一节 重要提示、目录和释义 | 第二节 | 公司简介和主要财 ...

[Section 1 Important Notice, Table of Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides an important notice, the table of contents, and definitions of key terms used throughout the report. [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and management assure the report's accuracy and completeness, while also stating no semi-annual cash dividends or bonus shares will be distributed. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, abbreviations, company products, and technology platforms to ensure clear understanding of the report's content. - The reporting period is defined as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The company's main products include 801 product (N,N-dimethylaminoacrylate), 1201 product (2,4-dichloro-5-fluorobenzoyl chloride), 1501 product (ethyl 2-(2,4-dichloro-5-fluorobenzoyl)-3-cyclopropylaminoacrylate), 1701 product (norfloxacin advanced intermediate), and 1801 product (2,4-dichlorofluorobenzene), primarily used in pharmaceutical and pesticide intermediates[14](index=14&type=chunk)[16](index=16&type=chunk) - The company has established three major technology platforms: carbon monoxide carbonylation reaction technology platform, carbon tetrachloride Friedel-Crafts reaction technology platform, and quinolone API green synthesis technology platform[14](index=14&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period. [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Zhejiang Benli Technology Co., Ltd. (stock code: 301065) is listed on the Shenzhen Stock Exchange, with Wu Zhengjie as its legal representative. - The company's stock abbreviation is “Benli Technology”, stock code “301065”, listed on the Shenzhen Stock Exchange[18](index=18&type=chunk) - The company's legal representative is Wu Zhengjie[18](index=18&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Wang Jiajia, and Securities Affairs Representative is Cai Lili, with contact details provided. - The Board Secretary is Wang Jiajia, and the Securities Affairs Representative is Cai Lili[19](index=19&type=chunk) - The company's contact address is No. 15, Donghai Sixth Avenue, Toumen Port New Area, Linhai, Zhejiang Province[19](index=19&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact information, disclosure locations, or registration during the reporting period. - The company's registered address, office address, website, and email address remained unchanged during the reporting period[20](index=20&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[21](index=21&type=chunk) - The company's registration status remained unchanged during the reporting period[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **9.67%**, while net profit attributable to shareholders increased by **7.64%**, and operating cash flow significantly declined by **56.04%**. 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 342,267,164.16 | 378,906,562.22 | -9.67% | | Net Profit Attributable to Shareholders of Listed Company | 44,662,516.94 | 41,491,608.40 | 7.64% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 42,244,373.63 | 40,596,518.45 | 4.06% | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | -56.04% | | Basic Earnings Per Share (Yuan/share) | 0.43 | 0.40 | 7.50% | | Diluted Earnings Per Share (Yuan/share) | 0.43 | 0.40 | 7.50% | | Weighted Average Return on Net Assets | 3.37% | 3.21% | 0.16% | | **Indicator (Period-end)** | **This Reporting Period-end (Yuan)** | **Prior Year-end (Yuan)** | **Period-end vs. Prior Year-end Change (%)** | | Total Assets | 1,645,174,861.49 | 1,619,459,478.19 | 1.59% | | Net Assets Attributable to Shareholders of Listed Company | 1,328,143,330.68 | 1,302,095,263.03 | 2.00% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) No differences exist in net profit and net assets between financial reports prepared under domestic and international accounting standards. - During the reporting period, there were no differences in net profit and net assets in the financial reports disclosed by the company under International Accounting Standards compared to Chinese Accounting Standards[24](index=24&type=chunk) - During the reporting period, there were no differences in net profit and net assets in the financial reports disclosed by the company under overseas accounting standards compared to Chinese Accounting Standards[25](index=25&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses amounted to **2.4181 million yuan**, mainly from government subsidies and fair value changes in financial assets. 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -748,137.07 | | Government grants recognized in current profit or loss (excluding those continuously affecting) | 2,614,041.55 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses of financial assets and liabilities (excluding hedging activities) | 1,549,772.82 | | Other non-operating income and expenses apart from the above | -477,902.40 | | Less: Income tax impact | 519,631.59 | | Total | 2,418,143.31 | [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's main businesses, core competencies, financial performance, investment activities, and risk management strategies. [I. Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of pharmaceutical, pesticide, and new material intermediates, operating within the chemical manufacturing industry. - The company operates in “C26 Chemical Raw Materials and Chemical Products Manufacturing”[30](index=30&type=chunk) - In the first half of 2025, operating revenue for industrial enterprises above designated size in the chemical raw materials and chemical products manufacturing industry increased by **1.4%** year-on-year, while total profit decreased by **9%** year-on-year[30](index=30&type=chunk) - The company's main business is the R&D, production, and sales of pharmaceutical intermediates, pesticide intermediates, and new material intermediates[30](index=30&type=chunk) [1. Industry Development Status](index=10&type=section&id=1.%20Industry%20Development%20Status) The chemical manufacturing industry saw a **1.4% revenue growth** but a **9% profit decline** in H1 2025, while pharmaceutical and pesticide sectors show sustained demand. - The company operates in “C26 Chemical Raw Materials and Chemical Products Manufacturing” within “C Manufacturing”[30](index=30&type=chunk) - In the first half of 2025, operating revenue for industrial enterprises above designated size in the chemical raw materials and chemical products manufacturing industry increased by **1.4%** year-on-year, while total profit decreased by **9%** year-on-year[30](index=30&type=chunk) - The pharmaceutical industry's demand continues to grow driven by an aging population and increased health awareness, with China dominating **60%** of global antibiotic and vitamin intermediate supply[31](index=31&type=chunk) - The pesticide industry is influenced by increased global food security priorities, with China, as the world's largest pesticide exporter, transitioning towards high-quality and green development[32](index=32&type=chunk) [2. Company's Main Products and Uses](index=10&type=section&id=2.%20Company%27s%20Main%20Products%20and%20Uses) The company's main products are pharmaceutical and pesticide intermediates, including 801, 1201, 1501, 1701, and 1801, used in synthesizing quinolone APIs or fourth-generation fungicides. Company's Main Products and Uses | No. | Product Code or Abbreviation | Chemical Name | Main Uses | Application Category | | :--- | :--- | :--- | :--- | :--- | | 1 | 801 Product | N,N-dimethylaminoacrylate | Synthesis of quinolone APIs such as levofloxacin, ofloxacin, ciprofloxacin, enrofloxacin, norfloxacin; synthesis of fourth-generation fungicides such as bixafen, fluopyram, isoflucypram | Pharmaceutical Intermediate, Pesticide Intermediate | | 2 | 1201 Product | 2,4-dichloro-5-fluorobenzoyl chloride | Synthesis of quinolone APIs such as ciprofloxacin, enrofloxacin, norfloxacin | Pharmaceutical Intermediate | | 3 | 1501 Product | Ethyl 2-(2,4-dichloro-5-fluorobenzoyl)-3-cyclopropylaminoacrylate | Synthesis of quinolone APIs such as ciprofloxacin, enrofloxacin, clinofloxacin, besifloxacin | Pharmaceutical Intermediate | | 4 | 1701 Product | 1-ethyl-7-(1-piperazinyl)-6-fluoro-1,4-dihydro-4-oxo-3-quinolinecarboxylic acid hydrochloride | Synthesis of quinolone APIs such as norfloxacin, pefloxacin | Pharmaceutical Intermediate | | 5 | 1801 Product | 2,4-dichlorofluorobenzene | Raw material for the company's 1201 product | Pharmaceutical Intermediate | [3. Upstream and Downstream Industrial Chains of Main Products](index=11&type=section&id=3.%20Upstream%20and%20Downstream%20Industrial%20Chains%20of%20Main%20Products) The company's products connect basic chemical raw materials upstream with pharmaceutical, pesticide, and new material industries downstream. - The upstream industrial chain of the company's main products consists of basic chemical raw materials, while the downstream industrial chain extends to application industries such as pharmaceuticals, pesticides, and new materials[37](index=37&type=chunk) [4. Main Business Models](index=11&type=section&id=4.%20Main%20Business%20Models) The company employs market-oriented R&D, production-driven procurement, planned production, and a sales model combining domestic direct sales with international exports. - R&D Model: Adhering to the “innovation, substitution, and cost” philosophy, the company insists on independent R&D and industry-university-research cooperation[39](index=39&type=chunk) - Procurement Model: Implements “production-driven procurement, reasonable inventory,” combining centralized and local procurement, while monitoring raw material price trends[40](index=40&type=chunk)[41](index=41&type=chunk) - Production Model: Production plans are formulated based on monthly sales forecasts, with full-process supervision and control by the Safety, Environmental Protection, and Quality Departments[42](index=42&type=chunk) - Sales Model: Primarily domestic direct sales, supplemented by self-operated exports, developing new customers and application areas through flexible strategies[43](index=43&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include continuous technological innovation, a comprehensive quality management system, stable supply chains, a professional team, certified management systems, and a favorable geographical location. - The company has established three major technology platforms: carbon monoxide carbonylation reaction, carbon tetrachloride Friedel-Crafts reaction, and quinolone API green synthesis, holding **25 invention patents**, **6 utility model patents**, and **12 software copyrights**[44](index=44&type=chunk) - The company has established a comprehensive quality management system covering the entire procurement, production, and sales process, building brand influence through strict quality control[45](index=45&type=chunk) - The company has established long-term cooperation with core suppliers to ensure stable raw material supply and maintains long-term stable relationships with customers[46](index=46&type=chunk) - The company possesses a professional and pragmatic core team with over ten years of experience in the chemical intermediate field[47](index=47&type=chunk) - The company has passed ISO9001:2015 Quality Management System, ISO14001:2015 Environmental Management System, and ISO45001:2018 Occupational Health and Safety Management System certifications[49](index=49&type=chunk) - The company is located in Taizhou Bay Economic and Technological Development Zone, a national-level economic and technological development zone, enjoying complete park facilities and transportation conditions[50](index=50&type=chunk) [III. Main Business Analysis](index=13&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue decreased by **9.67%** due to lower sales, while sales expenses surged by **101.94%**, and operating cash flow significantly dropped by **56.04%**. Major Financial Data Year-on-Year Changes | Indicator | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 342,267,164.16 | 378,906,562.22 | -9.67% | Primarily due to a decrease in sales volume of main products in this period | | Operating Cost | 265,456,205.87 | 307,060,649.57 | -13.55% | Primarily due to a decrease in sales volume of main products in this period, leading to a corresponding decrease in costs | | Selling Expenses | 1,610,424.98 | 797,484.64 | 101.94% | Primarily due to an increase in sales personnel and corresponding increase in employee compensation in this period | | Financial Expenses | -8,944,067.46 | -8,207,159.60 | -8.98% | Primarily due to an increase in exchange gains in this period | | Income Tax Expenses | 7,774,631.29 | 5,840,609.14 | 33.11% | Primarily due to an increase in deferred income tax expenses in this period | | R&D Investment | 13,525,025.05 | 13,232,422.88 | 2.21% | | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | -56.04% | Primarily due to an increase in cash paid for purchases and labor in this period | | Net Cash Flow from Investing Activities | -152,641,164.30 | -223,504,673.68 | 31.94% | Primarily due to a decrease in net investment in financial assets held for trading and a decrease in fixed asset investment in this period | | Net Cash Flow from Financing Activities | -10,462,564.98 | -59,654,505.94 | 82.46% | Primarily due to no share repurchase occurring in this period compared to the same period last year | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 801 Product | 49,991,985.00 | 33,857,337.90 | 32.27% | -13.54% | -14.51% | 0.76% | | 1201 Product | 40,679,646.02 | 33,073,703.47 | 18.70% | -3.74% | -14.47% | 10.20% | | 1501 Product | 138,106,487.73 | 115,862,642.93 | 16.11% | -6.64% | -16.23% | 9.60% | | 1701 Product | 56,880,291.56 | 43,586,772.98 | 23.37% | -23.31% | -15.40% | -7.17% | [IV. Non-Main Business Analysis](index=14&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main businesses contributed minimally to total profit, with investment income from structured deposits and sustainable credit impairment losses from bad debt recovery. Non-Main Business Profit and Loss | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 789,287.72 | 1.51% | Primarily due to income from matured structured deposits | No | | Asset Impairment | 113,604.77 | 0.22% | | No | | Non-operating Income | 6,000.00 | 0.01% | | No | | Non-operating Expenses | 483,902.40 | 0.92% | | No | | Credit Impairment Losses | 1,503,230.55 | 2.87% | Primarily due to recovery or reversal of bad debt provisions for accounts receivable in this period | Yes | | Asset Disposal Income | -748,137.07 | -1.43% | Primarily due to losses from disposal of non-current assets in this period | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew by **1.59%**, while monetary funds decreased due to investments and dividends, and financial assets measured at fair value primarily include structured deposits. Significant Changes in Asset Composition | Item | Period-end Amount (Yuan) | Proportion of Total Assets (%) | Year-end Amount (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 458,262,198.92 | 27.85% | 542,933,486.22 | 33.53% | -5.68% | Primarily due to increased investment in structured deposits and increased cash dividend distribution in this period | | Accounts Receivable | 112,227,385.64 | 6.82% | 142,855,428.03 | 8.82% | -2.00% | | | Inventories | 120,796,475.56 | 7.34% | 117,968,907.48 | 7.28% | 0.06% | | | Fixed Assets | 421,110,408.99 | 25.60% | 389,305,508.12 | 24.04% | 1.56% | | | Construction in Progress | 116,393,095.00 | 7.07% | 150,346,250.41 | 9.28% | -2.21% | | | Long-term Borrowings | 20,670,000.00 | 1.26% | 10,000,000.00 | 0.62% | 0.64% | | - The company had no major overseas assets during the reporting period[59](index=59&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Period-end Amount (Yuan) | | :--- | :--- | | Financial assets held for trading | 230,000,000.00 | | Investments in other equity instruments | 500,000.00 | | Notes receivable financing | 54,657,753.05 | | Total above | 285,157,753.05 | | Financial liabilities | 0.00 | Asset Rights Restricted as of the End of the Reporting Period | Item | Period-end Book Balance (Yuan) | Period-end Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,402,000.00 | 7,402,000.00 | Deposit | Letter of guarantee, ETC deposit | | Intangible Assets | 95,172,000.00 | 89,620,300.00 | Mortgage | Mortgage loan | | Construction in Progress | 23,810,976.60 | 23,810,976.60 | Mortgage | Mortgage loan | | Total | 126,384,976.60 | 120,833,276.60 | | | [VI. Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Investment increased by **78.93%** due to structured deposits, with no major equity or non-equity investments, while several raised fund projects faced delays and underperformance. - Total investment for the reporting period was **343.9353 million yuan**, a **78.93% increase** year-on-year, primarily due to increased purchases of structured deposits[62](index=62&type=chunk)[63](index=63&type=chunk) - The company had no significant equity investments or significant non-equity investments in progress during the reporting period[64](index=64&type=chunk) [1. Overall Situation](index=15&type=section&id=1.%20Overall%20Situation) Total investment reached **344 million yuan**, a **78.93% increase** year-on-year, mainly due to increased structured deposit purchases. Reporting Period Investment Amount | Reporting Period Investment Amount (Yuan) | Prior Year Period Investment Amount (Yuan) | Change (%) | | :--- | :--- | :--- | | 343,935,308.34 | 192,217,778.87 | 78.93% | - Investment amount increased significantly due to increased purchases of structured deposits during the reporting period[63](index=63&type=chunk) [2. Significant Equity Investments Acquired During the Reporting Period](index=16&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period. - The company did not acquire any significant equity investments during the reporting period[64](index=64&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=16&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) No significant non-equity investment projects were in progress during the reporting period. - The company had no significant non-equity investments in progress during the reporting period[64](index=64&type=chunk) [4. Financial Assets Measured at Fair Value](index=16&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) Total financial assets measured at fair value reached **285 million yuan**, primarily comprising **230 million yuan** in structured deposits and **54.6578 million yuan** in notes receivable financing. Financial Assets Measured at Fair Value | Asset Category | Period-end Amount (Yuan) | Funding Source | | :--- | :--- | :--- | | Financial assets held for trading | 230,000,000.00 | Self-owned funds, Raised funds | | Investments in other equity instruments | 500,000.00 | Self-owned funds | | Notes receivable financing | 54,657,753.05 | Self-owned funds | | Total | 285,157,753.05 | | [5. Use of Raised Funds](index=16&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's IPO raised **683 million yuan**, with **17.0244 million yuan** used this period; several projects are delayed and underperforming due to market and construction factors. - The net proceeds from the company's initial public offering amounted to **RMB 683 million**[68](index=68&type=chunk) - During the reporting period, the company actually used **17.0244 million yuan** of raised funds[68](index=68&type=chunk) - As of June 30, 2025, the company's unused raised funds amounted to **302 million yuan**, of which **112 million yuan** was held in special accounts for raised funds, and **190 million yuan** was in unexpired cash management products[71](index=71&type=chunk) - Several committed raised fund projects (such as the acrylic ester product technical upgrade and new 2,4-dichloro-5-fluorobenzoyl chloride project based on CO carbonylation reaction, 2,4-dichloro-5-fluorobenzoyl chloride technical upgrade and expansion, and new norfloxacin and uracil projects, and R&D center construction project) have not met planned progress or expected benefits[70](index=70&type=chunk)[71](index=71&type=chunk) - Reasons for not meeting planned progress include changes in market demand, delays in shutdown for renovation, adjustments in project construction philosophy, and complex foundations[70](index=70&type=chunk)[71](index=71&type=chunk) - The main reason for not achieving expected benefits is the decline in product selling prices, resulting in gross profit margins lower than originally forecasted[71](index=71&type=chunk) - The company has approved proposals to change the use of some raised funds, adjust the total investment amount, and postpone some raised investment projects to adapt to market changes and optimize project implementation[71](index=71&type=chunk)[76](index=76&type=chunk) [VII. Wealth Management, Derivative Investments, and Entrusted Loans](index=22&type=section&id=VII.%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company engaged in wealth management totaling **450 million yuan**, with **370 million yuan** outstanding, and no derivative investments or entrusted loans. Overview of Wealth Management During the Reporting Period | Specific Type | Funding Source for Wealth Management | Amount of Wealth Management Transactions (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | Self-owned funds | 26,000 | 18,000 | 0 | | Other | Raised funds | 19,000 | 19,000 | 0 | | Total | | 45,000 | 37,000 | 0 | - The company had no derivative investments during the reporting period[79](index=79&type=chunk) - The company had no entrusted loans during the reporting period[80](index=80&type=chunk) [VIII. Significant Asset and Equity Sales](index=22&type=section&id=VIII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period. - The company did not sell any significant assets during the reporting period[81](index=81&type=chunk) - The company did not sell any significant equity during the reporting period[82](index=82&type=chunk) [IX. Analysis of Major Holding and Participating Companies](index=23&type=section&id=IX.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries, Hangzhou Xinbenli and Linhai Benli, both reported negative operating and net profits, with Linhai Benli having no operating revenue. Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Xinbenli Pharmaceutical Co., Ltd. | Subsidiary | Technology development, pharmaceutical chemical product sales, etc. | 300.00 | 903.23 | 305.79 | 432.34 | -9.69 | -9.02 | | Linhai Benli Technology Co., Ltd. | Subsidiary | Pharmaceutical production, etc. | 30,000.00 | 37,382.52 | 30,059.20 | 0.00 | -199.64 | -199.20 | - The company did not acquire or dispose of any subsidiaries during the reporting period[84](index=84&type=chunk) [X. Structured Entities Controlled by the Company](index=23&type=section&id=X.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period. - The company had no controlled structured entities during the reporting period[85](index=85&type=chunk) [XI. Risks Faced by the Company and Countermeasures](index=23&type=section&id=XI.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses risks like macroeconomic volatility, R&D innovation, talent retention, raw material prices, and environmental protection through diversified operations, increased R&D, and enhanced management. - Risk of macroeconomic fluctuations: The company responds by deeply understanding industry trends, optimizing product structure, expanding domestic markets, and optimizing export regional structure[84](index=84&type=chunk) - Risk of insufficient R&D innovation and technological iteration: The company adheres to market demand orientation, increases R&D investment and industry-university-research cooperation, and improves talent mechanisms to ensure product upgrades and diversified business structure[85](index=85&type=chunk) - Risk of loss of core technical personnel and technology leakage: The company attracts, retains, and cultivates talent by providing good incentive mechanisms, research environments, and development opportunities, maintaining team stability[85](index=85&type=chunk)[86](index=86&type=chunk) - Risk of major raw material price fluctuations: The company mitigates risk by strengthening cost accounting, establishing strict procurement procedures, building long-term cooperative relationships with major suppliers, and enhancing bargaining power[86](index=86&type=chunk) - Risk of safety production: The company highly values safety production, strictly enforces laws and regulations, improves the safety production standardization system, and increases safety investment and employee training[87](index=87&type=chunk) - Risk of environmental protection: The company actively responds to environmental policies, increases environmental protection investment, and reduces environmental risks through "three wastes" treatment research and process improvements[87](index=87&type=chunk) [XII. Registration Form for Investor Relations Activities During the Reporting Period](index=24&type=section&id=XII.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) On May 13, 2025, the company participated in an online earnings briefing to discuss operations and development strategy with investors. - On May 13, 2025, the company participated online in the 2024 Annual and Q1 2025 Earnings Briefing via the Value Online network platform, discussing operations and development strategy with investors[88](index=88&type=chunk) [XIII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=XIII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not disclose a market value management system or a valuation enhancement plan during the reporting period. - The company has not formulated a market value management system[89](index=89&type=chunk) - The company has not disclosed a valuation enhancement plan[90](index=90&type=chunk) [XIV. Implementation of “Quality and Return Dual Improvement” Action Plan](index=25&type=section&id=XIV.%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the “Quality and Return Dual Improvement” action plan[90](index=90&type=chunk) [Section 4 Corporate Governance, Environment and Society](index=25&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers changes in governance, profit distribution, employee incentives, environmental disclosures, and the company's social responsibility initiatives. [I. Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[91](index=91&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=25&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) 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[92](index=92&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company canceled **962,500 restricted shares** from its 2024 incentive plan and implemented no other employee stock ownership or incentive measures. - On May 21, 2025, the company canceled **962,500 restricted shares** from the 2024 Restricted Stock Incentive Plan that had been granted but not yet vested[93](index=93&type=chunk) - The company did not implement any employee stock ownership plans or other employee incentive measures during the reporting period[94](index=94&type=chunk) [IV. Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiary are listed as enterprises required to disclose environmental information by law. - The company and its main subsidiary, Zhejiang Benli Technology Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law[94](index=94&type=chunk)[95](index=95&type=chunk) [V. Social Responsibility](index=26&type=section&id=V.%20Social%20Responsibility) The company actively fulfills social responsibilities, including protecting shareholder rights, ensuring employee welfare, maintaining partnerships, promoting environmental protection, and engaging in philanthropy. - The company's vision is “to become a technologically leading, employee-trusted, and socially respected green chemical enterprise,” and its mission is “to contribute green chemical concepts and products to society and create a harmonious and beautiful future for humanity”[96](index=96&type=chunk) - The company implemented the 2024 profit distribution plan, distributing a cash dividend of **2.00 yuan** (tax inclusive) per 10 shares to all shareholders, based on 103,172,638 shares, totaling **20,634,527.60 yuan**[97](index=97&type=chunk) - The company strictly adheres to labor laws and regulations, has established human resource management and employee social insurance systems, and provides compensation incentives, training, and labor protection[97](index=97&type=chunk) - The company has established a supplier evaluation system, values customer relationship maintenance, and is committed to win-win cooperation[98](index=98&type=chunk) - The company actively responds to environmental policies, increases environmental protection investment, carries out clean production activities, and promotes green development[99](index=99&type=chunk) - The company focuses on attracting and stabilizing employee employment, pays taxes honestly and lawfully, and donates to local education and charitable activities[99](index=99&type=chunk) [Section 5 Significant Matters](index=28&type=section&id=Section%205%20Significant%20Matters) This section details significant matters including commitments, fund occupation, guarantees, audit reports, litigation, penalties, integrity, related party transactions, and major contracts. [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the actual controller, shareholders, related parties, or the company were fulfilled or overdue unfulfilled during the reporting period. - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[101](index=101&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=28&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating fund occupation by controlling shareholders or other related parties occurred during the reporting period. - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[102](index=102&type=chunk) [III. Illegal External Guarantees](index=28&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[103](index=103&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited. - The company's semi-annual report was not audited[104](index=104&type=chunk) [V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the “Non-Standard Audit Report” for This Reporting Period](index=28&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20This%20Reporting%20Period) No non-standard audit report was issued for this period, thus no explanation from the board, supervisory board, or audit committee is required. - The company had no non-standard audit report during the reporting period[105](index=105&type=chunk) [VI. Explanation by the Board of Directors on the “Non-Standard Audit Report” for the Previous Year](index=28&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%20for%20the%20Previous%20Year) No non-standard audit report was issued for the previous year, thus no explanation from the board is required. - The company had no non-standard audit report for the previous year during the reporting period[105](index=105&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=28&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[105](index=105&type=chunk) [VIII. Litigation Matters](index=28&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation, arbitration, or other legal matters during the reporting period. - The company had no significant litigation or arbitration matters during this reporting period[106](index=106&type=chunk) - The company had no other litigation matters during the reporting period[106](index=106&type=chunk) [IX. Penalties and Rectification Status](index=29&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[107](index=107&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder and Actual Controller](index=29&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%20and%20Actual%20Controller) No integrity issues concerning the company, its controlling shareholder, or actual controller were reported. - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[108](index=108&type=chunk) [XI. Significant Related Party Transactions](index=29&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) No significant related party transactions, including those related to operations, asset deals, investments, or debt, occurred during the reporting period. - The company had no related party transactions related to daily operations during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[109](index=109&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[110](index=110&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[111](index=111&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[112](index=112&type=chunk)[113](index=113&type=chunk) - The company had no other significant related party transactions during the reporting period[114](index=114&type=chunk) [XII. Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship or contracting, but engaged in several operating leases; a **100 million yuan** guarantee limit for a subsidiary had no actual usage. - The company had no trusteeship or contracting situations during the reporting period[115](index=115&type=chunk)[116](index=116&type=chunk) - During the reporting period, the company had several ordinary course of business leases, primarily involving its subsidiary Hangzhou Xinbenli leasing offices and laboratories, with lease terms extending to 2027 or 2028, and total annual rent of approximately **800,000 yuan**[117](index=117&type=chunk)[118](index=118&type=chunk) - The company had no lease projects that generated profit or loss exceeding **10%** of the company's total profit for the reporting period[119](index=119&type=chunk) Company's Guarantee Status for Subsidiaries | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Linhai Benli Technology Co., Ltd. | April 24, 2025 | 10,000 | | 0 | | | No | No | - The total approved guarantee limit for subsidiaries during the reporting period was **100 million yuan**, with a total actual amount incurred of **0 yuan**[121](index=121&type=chunk) - The company had no significant ordinary course of business contracts or other significant contracts during the reporting period[124](index=124&type=chunk) [XIII. Explanation of Other Significant Matters](index=32&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed its 2024 profit distribution on June 13, 2025, paying a **2.00 yuan** cash dividend per 10 shares, totaling **20.6345 million yuan**. - The company completed the implementation of its 2024 annual profit distribution plan on June 13, 2025, distributing a cash dividend of **RMB 2.00** (tax inclusive) per 10 shares to all shareholders, totaling **RMB 20,634,527.60**[125](index=125&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=32&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant subsidiary matters during the reporting period. - The company had no significant subsidiary matters during the reporting period[126](index=126&type=chunk) [Section 6 Share Changes and Shareholder Information](index=33&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, securities issuance, shareholder structure, and changes in controlling shareholders or actual controllers. [I. Share Change Status](index=33&type=section&id=I.%20Share%20Change%20Status) The company's total share capital remained at **106 million shares** with no changes in restricted or unrestricted share proportions. Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Net Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 19,732,500 | 18.61% | 0 | 19,732,500 | 18.61% | | II. Unrestricted Shares | 86,287,500 | 81.39% | 0 | 86,287,500 | 81.39% | | III. Total Shares | 106,020,000 | 100.00% | 0 | 106,020,000 | 100.00% | - The company disclosed the “Announcement on Repurchase Results and Share Changes” on January 22, 2025[130](index=130&type=chunk) - There were no changes in the company's unrestricted shares during the reporting period[131](index=131&type=chunk) [II. Securities Issuance and Listing Status](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) The company had no securities issuance or listing during the reporting period. - The company had no securities issuance or listing during the reporting period[131](index=131&type=chunk) [III. Number of Shareholders and Shareholding Status](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) The company had **10,366 common shareholders**, with Wu Zhengjie holding **24.18%** and Chen Jianjun **10.10%** among the top ten. - At the end of the reporting period, the total number of common shareholders was **10,366**[132](index=132&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Zhengjie | Domestic Natural Person | 24.18% | 25,635,000 | 19,226,250 | 6,408,750 | | Chen Jianjun | Domestic Natural Person | 10.10% | 10,710,000 | 0 | 10,710,000 | | Hangzhou Shaosi Investment Partnership (Limited Partnership) | Other | 7.43% | 7,875,000 | 0 | 7,875,000 | | Gu Haining | Domestic Natural Person | 6.04% | 6,405,000 | 0 | 6,405,000 | | Jiang Huajiang | Domestic Natural Person | 5.05% | 5,355,000 | 0 | 5,355,000 | - Individual shareholder Wu Zhengjie and Liu Cuirong, the executive partner of Hangzhou Shaosi Investment Partnership (Limited Partnership), are married; individual shareholders Wu Zhengjie, Chen Jianjun, and Gu Haining are limited partners of Hangzhou Shaosi Investment Partnership (Limited Partnership)[133](index=133&type=chunk) - The company has no differential voting rights arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[134](index=134&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[135](index=135&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder remained unchanged during the reporting period[136](index=136&type=chunk) - The company's actual controller remained unchanged during the reporting period[136](index=136&type=chunk) [VI. Preferred Share Information](index=36&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[137](index=137&type=chunk) [Section 7 Bond Information](index=37&type=section&id=Section%207%20Bond%20Information) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period. [Bond Information](index=37&type=section&id=Bond%20Information) The company had no bond-related information during the reporting period. - The company had no bond-related information during the reporting period[139](index=139&type=chunk) [Section 8 Financial Report](index=38&type=section&id=Section%208%20Financial%20Report) 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 and financial items. [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[141](index=141&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for H1 2025, detailing financial position, operating results, and cash flows. [1. Consolidated Balance Sheet](index=38&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **1.645 billion yuan**, liabilities **317 million yuan**, and owners' equity **1.328 billion yuan**. Consolidated Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 1,645,174,861.49 | | Total Liabilities | 317,031,530.81 | | Total Owners' Equity | 1,328,143,330.68 | | Monetary Funds | 458,262,198.92 | | Financial Assets Held for Trading | 230,000,000.00 | | Accounts Receivable | 112,227,385.64 | | Inventories | 120,796,475.56 | | Fixed Assets | 421,110,408.99 | | Construction in Progress | 116,393,095.00 | | Notes Payable | 139,689,184.00 | | Accounts Payable | 96,029,965.72 | | Long-term Borrowings | 20,670,000.00 | [2. Parent Company Balance Sheet](index=40&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **1.617 billion yuan**, liabilities **290 million yuan**, and owners' equity **1.328 billion yuan**. Parent Company Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 1,617,321,239.47 | | Total Liabilities | 289,710,306.82 | | Total Owners' Equity | 1,327,610,932.65 | | Monetary Funds | 276,358,287.13 | | Financial Assets Held for Trading | 230,000,000.00 | | Accounts Receivable | 111,669,349.94 | | Long-term Equity Investments | 303,304,914.49 | | Fixed Assets | 420,375,216.23 | | Construction in Progress | 19,737,103.18 | | Notes Payable | 139,689,184.00 | | Accounts Payable | 93,089,385.22 | [3. Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) H1 2025 total operating revenue was **342 million yuan** (down **9.67%**), with net profit of **44.6625 million yuan** (up **7.64%**), and basic EPS of **0.43 yuan**. Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 342,267,164.16 | 378,906,562.22 | | Total Operating Costs | 295,147,183.31 | 335,122,602.92 | | Operating Profit | 52,915,050.63 | 47,329,219.58 | | Total Profit | 52,437,148.23 | 47,332,217.54 | | Net Profit | 44,662,516.94 | 41,491,608.40 | | Net Profit Attributable to Parent Company Shareholders | 44,662,516.94 | 41,491,608.40 | | Basic Earnings Per Share | 0.43 | 0.40 | | Diluted Earnings Per Share | 0.43 | 0.40 | [4. Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) H1 2025 parent company operating revenue was **340 million yuan** (down **9.70%**), with net profit of **46.7459 million yuan** (up **11.81%**), and basic EPS of **0.45 yuan**. Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 340,393,780.96 | 376,958,314.43 | | Operating Cost | 264,265,365.74 | 306,071,997.19 | | Operating Profit | 55,009,433.07 | 47,335,330.22 | | Total Profit | 54,531,530.67 | 47,338,328.18 | | Net Profit | 46,745,850.79 | 41,807,268.50 | | Basic Earnings Per Share | 0.45 | 0.40 | | Diluted Earnings Per Share | 0.45 | 0.40 | [5. Consolidated Cash Flow Statement](index=46&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) H1 2025 net operating cash flow significantly decreased by **56.04%** to **75.2402 million yuan**, with net investing cash flow at **-153 million yuan**. Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | | Net Cash Flow from Investing Activities | -152,641,164.30 | -223,504,673.68 | | Net Cash Flow from Financing Activities | -10,462,564.98 | -59,654,505.94 | | Net Increase in Cash and Cash Equivalents | -84,671,287.30 | -110,794,373.50 | | Period-end Cash and Cash Equivalents Balance | 450,860,198.92 | 451,353,132.50 | [6. Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) H1 2025 parent company net operating cash flow decreased by **54.89%** to **76.6548 million yuan**, with net investing cash flow at **-143 million yuan**. Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 76,654,767.09 | 169,972,798.17 | | Net Cash Flow from Investing Activities | -143,248,478.58 | -202,850,615.97 | | Net Cash Flow from Financing Activities | -20,634,527.60 | -59,325,534.42 | | Net Increase in Cash and Cash Equivalents | -84,035,957.26 | -91,001,529.50 | | Period-end Cash and Cash Equivalents Balance | 276,348,287.13 | 277,919,082.23 | [7. Consolidated Statement of Changes in Owners' Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) H1 2025 consolidated owners' equity increased by **26.0481 million yuan** to **1.328 billion yuan**, driven by **44.6625 million yuan** net profit and **2.0201 million yuan** share-based payments. Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (Yuan) | Amount of Change in This Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,302,095,263.03 | 26,048,067.65 | 1,328,143,330.68 | | Share Capital | 106,020,000.00 | 0.00 | 106,020,000.00 | | Capital Reserve | 734,240,722.71 | 2,020,078.31 | 736,260,801.02 | | Undistributed Profits | 464,236,509.15 | 24,027,989.34 | 488,264,498.49 | - Total comprehensive income for the period was **44,662,516.94 yuan**[164](index=164&type=chunk) - Distributions to owners (or shareholders) for the period amounted to **20,634,527.60 yuan**[164](index=164&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=52&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) H1 2025 parent company owners' equity increased by **28.1305 million yuan** to **1.328 billion yuan**, with **46.7459 million yuan** net profit and **2.0191 million yuan** share-based payments. Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (Yuan) | Amount of Change in This Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,299,480,480.15 | 28,130,452.50 | 1,327,610,932.65 | | Share Capital | 106,020,000.00 | 0.00 | 106,020,000.00 | | Capital Reserve | 734,239,647.16 | 2,019,129.31 | 736,258,776.47 | | Undistributed Profits | 461,622,801.82 | 26,111,323.19 | 487,734,125.01 | - Total comprehensive income for the period was **46,745,850.79 yuan**[171](index=171&type=chunk) - Distributions to owners (or shareholders) for the period amounted to **20,634,527.60 yuan**[171](index=171&type=chunk) [III. Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) Zhejiang Benli Technology Co., Ltd., listed on ChiNext in September 2021, has a **106 million yuan** registered capital, focusing on chemical manufacturing and sales, controlled by Wu Zhengjie and Liu Cuirong. - Zhejiang Benli Technology Co., Ltd. was listed on the ChiNext board of the Shenzhen Stock Exchange in September 2021[176](index=176&type=chunk) - As of June 30, 2025, the company's total issued share capital was **106 million shares**, with a registered capital of **106 million yuan**[176](index=176&type=chunk) - The company's main business activities include the manufacturing and sales of basic chemical raw materials and specialized chemical products[176](index=176&type=chunk) - The company's actual controllers are Wu Zhengjie and Liu Cuirong[176](index=176&type=chunk) - The subsidiaries directly or indirectly controlled by the company include Hangzhou Xinbenli Pharmaceutical Co., Ltd. and Linhai Benli Technology Co., Ltd[176](index=176&type=chunk) [IV. Basis of Financial Statement Preparation](index=56&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared under Chinese accounting standards and CSRC regulations, based on a going concern assumption for at least 12 months. - These financial statements are prepared in accordance with the “Accounting Standards for Business Enterprises” issued by the Ministry of Finance and relevant provisions of the China Securities Regulatory Commission's “Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions on Financial Reports”[177](index=177&type=chunk) - These financial statements are prepared on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of this reporting period[178](index=178&type=chunk)[179](index=179&type=chunk) [V. Significant Accounting Policies and Estimates](index=57&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates across various financial items, ensuring accuracy and compliance in financial reporting. - The company adheres to enterprise accounting standards to truthfully and completely reflect its financial position, operating results, and cash flows[181](index=181&type=chunk) - The company identifies individual construction in progress projects with amounts exceeding **0.5%** of total assets as significant[185](index=185&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[196](index=196&type=chunk)[197](index=197&type=chunk) - Inventories are classified as raw materials, revolving materials, semi-finished goods, finished goods, work-in-progress, goods in transit, etc., valued at weighted average cost upon issuance, and measured at the lower of cost and net realizable value[211](index=211&type=chunk)[212](index=212&type=chunk)[216](index=216&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over **20 years**, and machinery and equipment over **5-10 years**[226](index=226&type=chunk) - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are recognized as intangible assets when specific conditions are met[237](index=237&type=chunk) - Revenue is recognized when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services[252](index=252&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants reduce the carrying amount of the asset or are recognized as deferred income, while income-related grants are recognized directly in profit or loss[262](index=262&type=chunk)[264](index=264&type=chunk) [VI. Taxation](index=80&type=section&id=VI.%20Taxation) The company's main taxes include VAT (**13%**), Urban Maintenance and Construction Tax (**5%, 7%**), and Enterprise Income Tax (**15%, 20%, 25%**), with tax preferences for high-tech and small-profit enterprises. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting deductible input VAT for the current period, the difference is the VAT payable | 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 5%, 7% | | Enterprise Income Tax | Calculated based on taxable income | 15%, 20%, 25% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | - The company's enterprise income tax is paid at a rate of **15%** (high-tech enterprise)[277](index=277&type=chunk) - Hangzhou Xinbenli met the small-profit enterprise standard for 2024 and pays enterprise income tax at a rate of **20%**[277](index=277&type=chunk) - For 2025, the company benefits from the advanced manufacturing enterprise VAT additional deduction policy, allowing an additional **5%** deduction from the current period's deductible input VAT amount against payable VAT[277](index=277&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details period-end balances, changes, and explanations for consolidated financial statement items, including assets, liabilities, equity, and profit/loss. Monetary Funds Composition and Restricted Status | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 1,501.03 | 1,501.03 | | Bank Deposits | 450,854,516.39 | 535,525,803.69 | | Other Monetary Funds | 7,406,181.50 | 7,406,181.50 | | Total | 458,262,198.92 | 542,933,486.22 | | Of which: Total Restricted Monetary Funds | 7,402,000.00 | 7,402,000.00 | Financial Assets Held for Trading | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 230,000,000.00 | 110,516,089.26 | | Of which: Structured deposits | 230,000,000.00 | 110,516,089.26 | - Accounts receivable period-end book balance was **118 million yuan**, bad debt provision was **5.9067 million yuan**, and book value was **112 million yuan**[283](index=283&type=chunk)[284](index=284&type=chunk) - Notes receivable financing period-end balance was **54.6578 million yuan**, primarily bank acceptance bills[293](index=293&type=chunk) - Fixed assets period-end book value was **421 million yuan**, including **112 million yuan** for buildings and structures, and **297 million yuan** for machinery and equipment[330](index=330&type=chunk) - Construction in progress period-end book value was **116 million yuan**, primarily including the acrylic ester product technical upgrade and new 2,4-dichloro-5-fluorobenzoyl chloride project based on CO carbonylation reaction, 2,4-dichloro-5-fluorobenzoyl chloride technical upgrade and expansion, and new norfloxacin and uracil projects, R&D center construction project, and other construction and installation equipment[336](index=336&type=chunk) - Intangible assets period-end book value was **115 million yuan**, primarily **114 million yuan** for land use rights[343](index=343&type=chunk) - Deferred income period-end balance was **27.1565 million yuan**, all of which were asset-related government grants[388](index=388&type=chunk) Operating Revenue and Operating Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 326,843,257.72 | 257,821,551.13 | 366,156,951.41 | 298,092,573.06 | | Other Businesses | 15,423,906.44 | 7,634,654.74 | 12,749,610.81 | 8,968,076.51 | | Total | 342,267,164.16 | 265,456,205.87 | 378,906,562.22 | 307,060,649.57 | Various Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Taxes and Surcharges | 3,378,070.71 | 3,085,855.33

Section 1: Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the report's authenticity and advises investors of potential risks - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) - Forward-looking statements in this report do not constitute substantive commitments to investors, who should be aware of investment risks[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the detailed structure of the semi-annual report - The report's table of contents is clearly structured, covering operations, finance, governance, and important matters[6](index=6&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for key terms and abbreviations used throughout the report - The Company/This Company/ClinPlus refers to ClinPlus (Shanghai) Pharmaceutical Technology Co, Ltd[10](index=10&type=chunk) - SMO is the abbreviation for Site Management Organization[10](index=10&type=chunk) - ADC is the abbreviation for antibody-drug conjugate[10](index=10&type=chunk) Section 2: Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) ClinPlus is listed on the Shenzhen Stock Exchange under stock code 301257 - Stock Abbreviation: ClinPlus, Stock Code: 301257[13](index=13&type=chunk) - Stock Exchange Listing: Shenzhen Stock Exchange[13](index=13&type=chunk) - Legal Representative: Lai Chunbao[13](index=13&type=chunk) [II. Contact Persons and Methods](index=7&type=section&id=%E4%B8%80%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative - Board Secretary: Lai Xiaolong, Securities Affairs Representative: Ren Jing[14](index=14&type=chunk) - Contact Address: 23rd Floor, World Trade Tower, 500 Guangdong Road, Huangpu District, Shanghai[14](index=14&type=chunk) - Email: IR@smo-clinplus.com[14](index=14&type=chunk) [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registration date was changed during the reporting period, while other information remained unchanged - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - The information disclosure and document repository locations remained unchanged during the reporting period[16](index=16&type=chunk) Registration Change Details | Indicator | Initial Registration | End-of-Period Registration | | :--- | :--- | :--- | | Registration Date | June 13, 2024 | February 28, 2025 | | Registration Location | Room 108, Building 1, 105 Sinan Road, Huangpu District, Shanghai | Room 108, Building 1, 105 Sinan Road, Huangpu District, Shanghai | | Unified Social Credit Code | 913100000625748002 | 913100000625748002 | [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue and net profit slightly decreased, while operating cash flow significantly improved Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 390,100,929.69 | 394,357,641.95 | -1.08% | | Net Profit Attributable to Shareholders | 54,156,092.09 | 54,923,009.29 | -1.40% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 38,544,482.13 | 48,394,704.93 | -20.35% | | Net Cash Flow from Operating Activities | -8,131,345.73 | -11,596,644.74 | 29.88% | | Basic Earnings Per Share (Yuan/Share) | 0.69 | 0.91 | -24.18% | | Diluted Earnings Per Share (Yuan/Share) | 0.69 | 0.90 | -23.33% | | Weighted Average Return on Equity | 4.51% | 4.95% | -0.44% | Key Accounting Data and Financial Indicators (End of Current Period vs End of Prior Year) | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,467,162,483.52 | 1,429,620,491.24 | 2.63% | | Net Assets Attributable to Shareholders | 1,219,396,248.62 | 1,173,140,830.63 | 3.94% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) There were no discrepancies in net profit or net assets between Chinese and international accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards[20](index=20&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 15.61 million Yuan, mainly from government grants and investment income Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 68,184.20 | Primarily gains from the disposal of non-current assets during the reporting period | | Government Grants Recognized in Current Profit or Loss | 12,599,327.39 | Primarily government grants received by the company during the reporting period | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 5,594,239.18 | Primarily investment income from disposal and fair value changes of trading financial assets | | Reversal of Impairment Provision for Individually Tested Receivables | 6,144.83 | Primarily reversal of impairment provision for individually tested contract assets | | Other Non-operating Income and Expenses | 21,717.77 | - | | Less: Income Tax Impact | 2,678,003.41 | - | | Total | 15,611,609.96 | - | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[24](index=24&type=chunk) Section 3: Management Discussion and Analysis [I. Principal Business Activities during the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company provides SMO services, with performance recovering in Q2 after a challenging Q1 [1. Main Business Operations](index=10&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's main business is providing Site Management Organization (SMO) services for clinical trials - The company is a big data-driven clinical research service provider offering SMO services to enhance clinical trial efficiency and data quality[26](index=26&type=chunk) - Services cover pre-trial modeling, preparation planning, site initiation, on-site execution, and full-process project management[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Service areas include major disease fields like hematologic and thoracic oncology, covering various phases of clinical trials for drugs and medical devices[29](index=29&type=chunk) [2. Key Operating Performance](index=10&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Revenue and net profit slightly decreased in H1 2025, but Q2 showed strong recovery and growth - In H1 2025, operating revenue was **390.10 million Yuan**, a slight decrease of **1.08% YoY**; net profit attributable to shareholders was **54.16 million Yuan**, a slight decrease of **1.40% YoY**[32](index=32&type=chunk) - In Q2 2025, operating revenue **grew 1.82% YoY** and **21.06% QoQ**; net profit attributable to shareholders **grew 45.17% YoY** and **528.73% QoQ**[32](index=32&type=chunk) - New contract value (excluding tax) reached **600 million Yuan**, a **40.12% YoY increase**; backlog contract value (excluding tax) was **1.998 billion Yuan**, a **9.45% YoY increase**[33](index=33&type=chunk) Number of Specialized Projects Participated in by ClinPlus | Drug Type | Number of Projects | | :--- | :--- | | ADC Projects | 140 | | Weight Loss Projects | 35 | | Multi-specific Antibody Projects | 10 | | CGT Projects | 73 | | Therapeutic Radiopharmaceutical Projects | 13 | | Oncolytic Virus Projects | 8 | | Bispecific Antibody Projects | 120 | | PD-1 and PD-L1 Projects | 154 | - As of the end of the reporting period, the company had **4,157 employees**, served over **960 clinical trial sites**, and covered more than **200 cities** nationwide[34](index=34&type=chunk) - The company released its 2024 ESG report, received an **A rating from Wind ESG**, and won the "3rd ESG New Benchmark Enterprise Award" from JRJ.com[35](index=35&type=chunk) [3. Industry Overview](index=12&type=section&id=3%E3%80%81%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%B8%8B%E6%9C%AC%E6%83%85%E5%86%B5) The pharmaceutical R&D industry is growing, driven by policy support and technological advancements - In 2024, R&D spending by large pharmaceutical companies increased to **$190 billion**, with R&D as a percentage of sales exceeding **25%** for the first time[37](index=37&type=chunk) - From 2015 to 2024, Chinese companies developed over **700 innovative drugs**, with the number of FIC R&D pipelines ranking second globally[38](index=38&type=chunk) - In H1 2025, China's innovative drug outbound deals reached **72**, with a total transaction value of up to **$60 billion**[38](index=38&type=chunk) - In 2024, the total number of clinical trials in China reached **4,900**, a **13.9% YoY increase**; new drug clinical trials numbered **2,539**, a **9.3% YoY increase**[39](index=39&type=chunk) - The NMPA's draft announcement proposes shortening the review and approval timeline for eligible innovative drug clinical trial applications from **60 days to 30 days**[41](index=41&type=chunk) - AI technology is increasingly applied in innovative drug R&D, supported by national policies promoting the integration of AI and biomedicine[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [II. Core Competitiveness Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its extensive experience, standardized management, and robust talent pipeline - As one of the earliest SMO companies in China, it has helped launch over **210 products** and collaborates with all of the **top 10 global pharmaceutical companies** of 2024[48](index=48&type=chunk)[34](index=34&type=chunk) Project Participation in Key Disease Areas (as of June 2025) | Drug Type | Domestic Products | ClinPlus Participation | Participation Rate | | :--- | :--- | :--- | :--- | | Hematologic Oncology New Drugs | 71 | 31 | 43.66% | | Thoracic Oncology New Drugs | 68 | 26 | 38.24% | | Breast Cancer New Drugs | 39 | 8 | 20.51% | | PD-1/PD-L1 Monoclonal Antibody New Drugs | 20 | 11 | 55.00% | - The company has a standardized project management system with over **280 SOP documents** and has passed **281 national inspections**, **14 FDA inspections**, and **5 EMA inspections** without major findings[50](index=50&type=chunk)[51](index=51&type=chunk) - As of the end of the reporting period, the company had **4,157 employees**, served over **960 clinical trial sites**, and could cover over **1,300 institutions**[53](index=53&type=chunk)[34](index=34&type=chunk) - The company ensures talent reserves and professional competence through a tiered training system, video tutorials, one-on-one mentoring, and strict assessments[54](index=54&type=chunk) - The company independently developed a big data modeling system and holds two invention patents for an adverse event grading method and a quality monitoring system[55](index=55&type=chunk)[56](index=56&type=chunk) [III. Main Business Analysis](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue slightly decreased while costs rose, leading to a lower gross margin YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 390,100,929.69 | 394,357,641.95 | -1.08% | - | | Operating Costs | 298,064,673.55 | 290,261,170.43 | 2.69% | - | | Selling Expenses | 4,420,765.29 | 3,957,744.32 | 11.70% | Increased sales team compensation and travel expenses | | Administrative Expenses | 20,014,635.88 | 21,930,304.95 | -8.74% | Equity incentive expenses were accrued in the prior year period, not in the current period | | Finance Costs | -697,778.92 | -1,946,515.03 | 64.15% | Decrease in interest income | | Income Tax Expense | 6,626,880.12 | 8,851,435.90 | -25.13% | Decrease in total profit | | R&D Investment | 18,574,644.99 | 16,750,564.12 | 10.89% | Increased R&D investment | | Net Cash Flow from Operating Activities | -8,131,345.73 | -11,596,644.74 | 29.88% | Increased cash received from services and government grants | | Net Cash Flow from Investing Activities | 194,470,195.11 | 28,006,881.78 | 594.37% | Increased redemption of wealth management products | | Net Cash Flow from Financing Activities | -12,256,054.74 | -13,495,437.33 | 9.18% | Decreased dividend payments compared to the prior year period | | Net Increase in Cash and Cash Equivalents | 174,082,794.64 | 2,914,799.71 | 5,872.38% | Increased redemption of wealth management products | Products or Services Accounting for Over 10% of Revenue | Product/Service | Operating Revenue | Operating Costs | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SMO Business | 390,100,929.69 | 298,064,673.55 | 23.59% | -1.08% | 2.69% | -2.81% | | Service Industry | 390,100,929.69 | 298,064,673.55 | 23.59% | -1.08% | 2.69% | -2.81% | | Domestic | 390,100,929.69 | 298,064,673.55 | 23.59% | -0.80% | 3.13% | -2.92% | | Direct Sales | 390,100,929.69 | 298,064,673.55 | 23.59% | -1.08% | 2.69% | -2.81% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[58](index=58&type=chunk) [IV. Non-core Business Analysis](index=17&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business impact on profit was mainly from investment income and government grants Impact of Non-core Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,637,271.64 | 7.63% | Loss from long-term equity investments and gains from structured deposits | Yes | | Fair Value Change Gains/Losses | 734,604.50 | 1.21% | Fair value change of structured deposits at period-end | No | | Asset Impairment | -3,474,002.45 | -5.72% | Impairment provision for contract assets | No | | Non-operating Income | 111,000.46 | 0.18% | Increase in income not related to daily operations | No | | Non-operating Expenses | 89,282.69 | 0.15% | Donation expenses | No | | Other Income | 12,757,758.91 | 20.99% | Government grants, tax rebates, and VAT exemptions | No | | Asset Disposal Gains | 68,184.20 | 0.11% | Early termination of right-of-use assets and disposal of fixed assets | No | [V. Analysis of Assets and Liabilities](index=17&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets grew, with significant changes in cash, contract assets, and financial assets Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in % | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 663,063,448.79 | 45.19% | 488,980,654.15 | 34.20% | 10.99% | Increase from redemption of wealth management products | | Accounts Receivable | 153,053,000.19 | 10.43% | 146,220,606.98 | 10.23% | 0.20% | - | | Contract Assets | 399,199,614.12 | 27.21% | 349,559,399.54 | 24.45% | 2.76% | YoY increase in new contract value and project progress | | Long-term Equity Investments | 8,260,010.83 | 0.56% | 8,482,373.87 | 0.59% | -0.03% | - | | Fixed Assets | 11,779,169.06 | 0.80% | 14,419,333.48 | 1.01% | -0.21% | - | | Right-of-use Assets | 3,833,081.83 | 0.26% | 6,670,536.66 | 0.47% | -0.21% | - | | Contract Liabilities | 139,772,585.84 | 9.53% | 131,610,666.83 | 9.21% | 0.32% | YoY increase in new contract value and advance payments | | Lease Liabilities | 445,919.37 | 0.03% | 698,690.08 | 0.05% | -0.02% | - | | Trading Financial Assets | 210,734,604.50 | 14.36% | 400,583,354.29 | 28.02% | -13.66% | Redemption of matured wealth management products | - The company had no major overseas assets at the end of the reporting period[63](index=63&type=chunk) - No major assets of the company were seized, detained, frozen, mortgaged, or pledged at the end of the reporting period[65](index=65&type=chunk) [VI. Investment Analysis](index=18&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased, and the headquarters construction project was extended Investment During the Reporting Period | Indicator | Investment Amount (Yuan) | Prior Year Period Investment (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Investment | 2,161,145,441.13 | 2,884,617,735.00 | -25.08% | - The company had no significant equity or non-equity investments during the reporting period[67](index=67&type=chunk) Financial Assets Measured at Fair Value | Asset Class | Initial Cost (Yuan) | Fair Value Change (Yuan) | Purchases (Yuan) | Sales (Yuan) | Cumulative Investment Income (Yuan) | Period-End Amount (Yuan) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 400,872,980.95 | 151,250.21 | 2,167,082,109.01 | 2,355,823,035.45 | 4,859,634.68 | 212,866,659.01 | Own/Raised Funds | Overall Use of Raised Funds (as of June 30, 2025) | Year | Method | Total Raised (CNY 10k) | Net Raised (CNY 10k) | Used This Period (CNY 10k) | Cumulatively Used (CNY 10k) | Utilization Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | IPO | 70,200 | 63,036.76 | 1,123.58 | 44,839.34 | 71.13% | Status of Committed Investment Projects (as of June 30, 2025) | Project | Committed Investment (CNY 10k) | Adjusted Investment (CNY 10k) | Investment This Period (CNY 10k) | Cumulative Investment (CNY 10k) | Investment Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Clinical Trial Site Expansion | 24,415.55 | 19,000 | 0 | 19,270.22 | 101.42% | | Big Data Analytics Platform | 10,218.12 | 9,036.76 | 875.64 | 3,796.07 | 42.01% | | Headquarters Base Construction | 15,578.96 | 15,000 | 247.94 | 1,280.89 | 8.54% | | Supplementary Working Capital | 20,000 | 20,000 | 0 | 20,492.16 | 102.46% | - The "Headquarters Base Construction" project has been extended to April 30, 2027[74](index=74&type=chunk) Entrusted Wealth Management Overview | Type | Funding Source | Amount Entrusted (CNY 10k) | Outstanding Balance (CNY 10k) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 19,000 | 0 | | Bank Wealth Management Products | Own Funds | 56,000 | 21,000 | | Total | - | 75,000 | 21,000 | [VII. Major Asset and Equity Sales](index=22&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period[81](index=81&type=chunk) - The company did not sell any major equity during the reporting period[82](index=82&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=22&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) There was no significant information to disclose regarding major holding or participating companies - There was no significant information to disclose regarding major holding or participating companies during the reporting period[82](index=82&type=chunk) [IX. Structured Entities Controlled by the Company](index=22&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[83](index=83&type=chunk) [X. Risks and Countermeasures](index=22&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces multiple risks including market demand, competition, and policy changes, and has developed corresponding countermeasures - Business development is subject to risks from declining pharmaceutical R&D spending and outsourcing demand[83](index=83&type=chunk) - Intense competition in the clinical trial outsourcing industry may lead to pricing pressure and reduced profitability[84](index=84&type=chunk)[85](index=85&type=chunk) - Changes in pharmaceutical regulatory policies could impact business growth, requiring close monitoring and enhanced risk resilience[86](index=86&type=chunk) - Growing accounts receivable and contract assets pose a risk of non-collection, which the company mitigates through strengthened collection management[87](index=87&type=chunk) - Long project execution cycles carry risks of delays or termination due to unsatisfactory trial results or changes in R&D direction[88](index=88&type=chunk) - Gross margin is at risk of declining due to factors like project volume, scale, compensation levels, and market competition[89](index=89&type=chunk) - The SMO industry lacks clear entry policies, exposing the company to business qualification risks and potential litigation from employee misconduct[90](index=90&type=chunk)[91](index=91&type=chunk)[100](index=100&type=chunk) - Risks include employee turnover, lack of market acceptance for innovative models, failure to upgrade core technologies, talent development challenges, management issues from expansion, and rising labor costs[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - Unexpected events, natural disasters, epidemics, and other emergencies could adversely affect business operations, financial condition, and performance[102](index=102&type=chunk) [XI. Record of Investor Relations Activities](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company actively engaged with numerous institutional investors through various communication channels - The company engaged with investors through on-site visits, phone calls, and online earnings calls[105](index=105&type=chunk) - Participants included Fullgoal Fund, Huitianfu Fund, Xingzheng Global Fund, Rongtong Fund, ICBC Credit Suisse Fund, China Asset Management, Invesco Great Wall Fund, and others[105](index=105&type=chunk) - Key topics discussed included the company's basic situation, client structure, recruitment, development plans, industry conditions, and competitive advantages[105](index=105&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a Market Value Management System but has not yet disclosed a valuation enhancement plan - The company formulated a "Market Value Management System," which was approved by the Board of Directors on April 25, 2025[106](index=106&type=chunk)[107](index=107&type=chunk) - The company has not yet disclosed a valuation enhancement plan[107](index=107&type=chunk) [XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose a "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose a "Dual Improvement in Quality and Returns" action plan announcement[108](index=108&type=chunk) Section 4: Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[110](index=110&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve](index=28&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute dividends or issue new shares for the first half of the year - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[111](index=111&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=28&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) Some restricted stocks from the 2022 incentive plan were repurchased and canceled - Under the 2022 restricted stock incentive plan, **5,460 shares** were repurchased and canceled from two incentive recipients who resigned[112](index=112&type=chunk) - Due to not meeting the 2024 corporate performance targets, **497,770 restricted shares** held by 135 incentive recipients were repurchased and canceled at an adjusted price of **12.61 Yuan/share**[113](index=113&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures implemented during the reporting period[115](index=115&type=chunk) [IV. Environmental Information Disclosure](index=29&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its main subsidiaries are not on the list of enterprises required to disclose environmental information - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[116](index=116&type=chunk) [V. Social Responsibility](index=29&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company integrates ESG principles into its operations, focusing on shareholder rights, employee welfare, and community engagement - The company adheres to laws and regulations, convenes shareholder meetings, ensures shareholder rights, and maintains effective communication with investors[116](index=116&type=chunk) - The company has established a "Market Value Management System" and has distributed a cumulative total of **40.77 million Yuan** in cash dividends since its 2022 listing[117](index=117&type=chunk) - Actual controller and Chairman Lai Chunbao increased his holdings by a total of **6.74 million Yuan** between January 15 and June 10, 2025[117](index=117&type=chunk) - The company complies with labor laws, provides social insurance and housing funds for employees, offers supplementary benefits like paid annual leave, and continuously improves its talent training system[117](index=117&type=chunk)[118](index=118&type=chunk) - The company operates in compliance with laws and business ethics, providing high-quality SMO services through a strict quality control system and maintaining stable relationships with suppliers[118](index=118&type=chunk)[119](index=119&type=chunk) - The company's patient service brand "Rui之家" has served over **420,000 subjects** through educational videos, articles, and a self-developed service applet[119](index=119&type=chunk) - The company donated books to establish the first "Xinjiang Aid Library" at a primary school in Wensu County, Xinjiang[119](index=119&type=chunk) - The company received an **A rating from Wind ESG** and other honors, including the "2024 Best Practice Case for Sustainable Development of Listed Companies" award[120](index=120&type=chunk) Section 5: Important Matters [I. Fulfillment of Commitments by Relevant Parties](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) All relevant parties fulfilled their commitments regarding share lock-ups and share price stabilization on time - Relevant parties, including Lai Chunbao and Shihezi Xitai, have fulfilled their share lock-up commitments[122](index=122&type=chunk) - The company, controlling shareholder, actual controller, directors, and senior management have fulfilled their share price stabilization commitments[122](index=122&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) - Actual controller Lai Chunbao completed his share increase commitment, with an increase amount between **6 million and 9 million Yuan**[126](index=126&type=chunk)[128](index=128&type=chunk) - There were no overdue unfulfilled commitments by any relevant parties as of the end of the reporting period[128](index=128&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=34&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating occupation of the company's funds by controlling shareholders or related parties - There was no non-operating occupation of the company's funds by controlling shareholders or other related parties during the reporting period[129](index=129&type=chunk) [III. Irregular External Guarantees](index=34&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[130](index=130&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=34&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[131](index=131&type=chunk) [V. Explanation on "Non-standard Audit Report" by the Board](index=34&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report - There was no non-standard audit report during the reporting period[132](index=132&type=chunk) [VI. Explanation on Prior Year's "Non-standard Audit Report"](index=35&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as there was no non-standard audit report - There was no non-standard audit report during the reporting period[133](index=133&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=35&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company was not involved in any bankruptcy or reorganization matters - The company was not involved in any bankruptcy or reorganization matters during the reporting period[133](index=133&type=chunk) [VIII. Litigation Matters](index=35&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[134](index=134&type=chunk) Summary of Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (CNY 10k) | Provision Formed | Progress | Outcome and Impact | Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation not meeting major disclosure standards | 13.38 | No | Some cases are closed and executed; others are ongoing | No significant impact | Some cases are closed and executed; others are ongoing | [IX. Penalties and Rectifications](index=35&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[135](index=135&type=chunk) [X. Integrity Status of the Company and its Controlling Shareholders](index=35&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its controlling shareholders maintained a good integrity record - The company and its controlling shareholders had a good integrity record, with no unfulfilled court judgments or overdue major debts[136](index=136&type=chunk) [XI. Major Related-Party Transactions](index=35&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related-party transactions for patient recruitment and SMO services Related-Party Transactions for Procurement of Goods/Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Approved Credit Limit (CNY 10k) | Exceeded Limit | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | Procurement of clinical trial patient recruitment services | 2,101,634.17 | 860 | No | 3,006,364.43 | Related-Party Transactions for Sale of Goods/Provision of Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | SMO services | 44,807.39 | 574,103.53 | - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[140](index=140&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[141](index=141&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[142](index=142&type=chunk) - There were no deposits, loans, credit lines, or other financial business between the company and related finance companies[144](index=144&type=chunk)[145](index=145&type=chunk) - The company had no other major related-party transactions during the reporting period[146](index=146&type=chunk) [XII. Major Contracts and Their Performance](index=37&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no major contracts for custody, contracting, or guarantees, and all lease agreements are being duly performed - The company had no custody arrangements during the reporting period[147](index=147&type=chunk) - The company had no contracting arrangements during the reporting period[148](index=148&type=chunk) - Leases during the reporting period were for normal business operations, such as offices or employee dormitories, and all agreements are being duly performed[149](index=149&type=chunk) - No single lease project generated profit or loss exceeding 10% of the company's total profit for the reporting period[152](index=152&type=chunk) - The company had no major guarantees during the reporting period[153](index=153&type=chunk) - The company had no other major contracts during the reporting period[154](index=154&type=chunk) [XIII. Explanation of Other Major Matters](index=39&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The actual controller completed a share increase plan, and the company implemented its 2024 annual dividend distribution - Actual controller and Chairman Lai Chunbao completed his share increase plan, acquiring **224,800 shares** (0.28% of total share capital) for **6,742,476 Yuan**[155](index=155&type=chunk) - The company implemented its 2024 annual dividend distribution, paying a cash dividend of **1.00 Yuan (tax included) per 10 shares**, totaling **7,950,254.00 Yuan**[156](index=156&type=chunk) [XIV. Major Matters of Subsidiaries](index=39&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no major matters concerning the company's subsidiaries during the reporting period - There were no major matters concerning the company's subsidiaries during the reporting period[157](index=157&type=chunk) Section 6: Changes in Share Capital and Shareholder Information [I. Changes in Share Capital](index=40&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital decreased slightly due to the repurchase and cancellation of restricted stocks Changes in Share Capital | Category | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 31,995,562 | 40.24% | -27,811,931.00 | 4,183,631.00 | 5.26% | | II. Unrestricted Shares | 47,512,438.00 | 59.76% | 27,806,471.00 | 75,318,909.00 | 94.74% | | III. Total Shares | 79,508,000.00 | 100.00% | -5,460.00 | 79,502,540.00 | 100.00% | - The change in share capital was due to the repurchase and cancellation of restricted stocks from two resigned employees under the 2022 incentive plan[161](index=161&type=chunk) - The repurchase and cancellation were completed on February 24, 2025, reducing the total share capital from **79,508,000 to 79,502,540 shares**[162](index=162&type=chunk) Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares | Shares Released | Shares Added | Final Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi Xitai Equity Investment Partnership (LP) | 14,773,473.00 | 14,773,473.00 | 0 | 0 | Pre-IPO lock-up | | Shihezi Ruixin Equity Investment Partnership (LP) | 6,397,560.00 | 6,397,560.00 | 0 | 0 | Pre-IPO lock-up | | Shihezi Ruizesheng Equity Investment Co, Ltd | 5,850,000.00 | 5,850,000.00 | 0 | 0 | Pre-IPO lock-up | | Lai Chunbao | 4,440,150 | 4,440,150 | 3,654,712 | 3,654,712 | Pre-IPO/Executive lock-up | | 2022 Restricted Stock Incentive Plan (excluding above) | 449,930 | 5,460 | 0 | 444,470 | Equity incentive lock-up | [II. Securities Issuance and Listing](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company did not issue or list any new securities during the reporting period - The company did not issue or list any new securities during the reporting period[166](index=166&type=chunk) [III. Number of Shareholders and Shareholdings](index=43&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 9,448 common shareholders at the end of the period, with the largest shareholder holding 18.58% - Total number of common shareholders at the end of the reporting period: **9,448**[168](index=168&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Shares Held (End of Period) | Change During Period (Shares) | Restricted Shares | Unrestricted Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi Xitai Equity Investment Partnership (LP) | Domestic Non-SOE | 18.58% | 14,773,473.00 | 0.00 | 0.00 | 14,773,473.00 | | Shihezi Ruixin Equity Investment Partnership (LP) | Domestic Non-SOE | 8.05% | 6,397,560.00 | 0.00 | 0.00 | 6,397,560.00 | | Shihezi Ruizesheng Equity Investment Co, Ltd | Domestic Non-SOE | 7.36% | 5,850,000.00 | 0.00 | 0.00 | 5,850,000.00 | | Guanyou Zhaotai (Jiaxing) Venture Capital (LP) | Other | 6.89% | 5,474,040.00 | 0.00 | 0.00 | 5,474,040.00 | | Lai Chunbao | Domestic Individual | 6.13% | 4,872,950.00 | 224,800.00 | 3,654,712.00 | 1,218,238.00 | - Lai Chunbao is the actual controller of Shihezi Xitai and Shihezi Ruixin and acts in concert with Yang Hongwei, Lai Xiaolong, and related entities[168](index=168&type=chunk)[125](index=125&type=chunk) - The company has no differential voting rights arrangements, and no top 10 shareholders engaged in agreed repurchase transactions[170](index=170&type=chunk)[171](index=171&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) Chairman Lai Chunbao increased his shareholding during the reporting period Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Status | Initial Shares | Shares Increased | Shares Decreased | Final Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lai Chunbao | Chairman | Current | 4,648,150 | 224,800 | 0 | 4,872,950 | [V. Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) 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[173](index=173&type=chunk) - The company's actual controller did not change during the reporting period[173](index=173&type=chunk) [VI. Information on Preferred Shares](index=45&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company does not have any preferred shares - The company did not have any preferred shares during the reporting period[174](index=174&type=chunk) Section 7: Bond-related Matters [Bond-related Matters](index=46&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters to report - The company had no bond-related matters during the reporting period[176](index=176&type=chunk) Section 8: Financial Report [I. Audit Report](index=47&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[178](index=178&type=chunk) [II. Financial Statements](index=47&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the first half of 2025 - This section provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[180](index=180&type=chunk)[183](index=183&type=chunk)[185](index=185&type=chunk)[188](index=188&type=chunk)[191](index=191&type=chunk)[194](index=194&type=chunk)[197](index=197&type=chunk)[200](index=200&type=chunk)[204](index=204&type=chunk)[208](index=208&type=chunk) [III. Company Basic Information](index=64&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) ClinPlus was founded in 2013 and listed on the Shenzhen Stock Exchange in 2022 - The company was established on February 22, 2013, and went public on the Shenzhen Stock Exchange in 2022[211](index=211&type=chunk)[215](index=215&type=chunk) - The company's total share capital changed from 79,508,000 to 79,502,540, and then to 79,004,770, with the registered capital updated accordingly[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk) - The company's business scope includes technology development, transfer, consulting, and services in the pharmaceutical field, as well as import/export business[221](index=221&type=chunk) [IV. Basis of Preparation for Financial Statements](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with Chinese Accounting Standards on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant CSRC regulations[222](index=222&type=chunk) - These financial statements are prepared on a going concern basis[223](index=223&type=chunk) [V. Significant Accounting Policies and Estimates](index=66&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies for key areas like financial instruments and revenue recognition - The company has formulated specific accounting policies and estimates for transactions such as financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition[224](index=224&type=chunk) - Financial assets are classified at initial recognition as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[238](index=238&type=chunk) - The company applies an expected credit loss model for impairment of financial assets measured at amortized cost and certain debt instruments[245](index=245&type=chunk) - Fixed assets are depreciated using the straight-line method over their useful lives, typically 3-5 years for general equipment and 4 years for vehicles[265](index=265&type=chunk) - Intangible assets (software) are amortized over an estimated useful life of 5 years using the straight-line method[271](index=271&type=chunk) - R&D expenditure is expensed in the research phase and capitalized in the development phase if specific criteria are met[273](index=273&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services as per the performance obligations in the contract[289](index=289&type=chunk) - The company applies different accounting treatments for short-term leases, low-value asset leases, and other leases[302](index=302&type=chunk)[303](index=303&type=chunk) [VI. Taxes](index=84&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main taxes, tax rates, and applicable preferential tax policies Main Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 6%, 3% | | Urban Maintenance and Construction Tax | VAT and consumption tax paid | 7% | | Corporate Income Tax | Taxable income | 5%, 15%, 25% | | Education Surcharge | VAT and consumption tax paid | 3% | | Local Education Surcharge | VAT and consumption tax paid | 2% | Corporate Income Tax Rates for Different Entities | Taxpayer Name | Income Tax Rate | | :--- | :--- | | ClinPlus (Shanghai) Pharmaceutical Technology Co, Ltd | 15% | | Ruixin (Ganzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | ClinPlus (Hangzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | Ruixin (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | Ruisi (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 5% | | Rongxin Zhiyan (Chengdu) Pharmaceutical Technology Co, Ltd | 5% | - The company benefits from a VAT exemption for small-scale taxpayers[309](index=309&type=chunk) - As a high-tech enterprise, ClinPlus (Shanghai) is subject to a reduced corporate income tax rate of **15%** from 2023 to 2025[310](index=310&type=chunk) - The company is eligible for a **100% super deduction** on R&D expenses incurred from January 1, 2023, onwards[310](index=310&type=chunk) - Certain subsidiaries enjoy small and micro enterprise tax benefits, with a reduced income tax rate of **5%** on annual taxable income up to 1 million Yuan for 2025[311](index=311&type=chunk) - Some branches benefit from a 50% reduction in stamp duty and are exempt from education surcharges[312](index=312&type=chunk) [VII. Notes to Consolidated Financial Statements](index=86&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the consolidated financial statements - The closing balance of cash and cash equivalents was **663.06 million Yuan**, an increase from the beginning of the period[314](index=314&type=chunk) - The closing balance of trading financial assets was **210.73 million Yuan**, a decrease from the beginning of the period[315](index=315&type=chunk) - The carrying amount of accounts receivable at period-end was **153.05 million Yuan**, with a bad debt provision rate of **6.21%**[318](index=318&type=chunk) - The carrying amount of contract assets at period-end was **399.20 million Yuan**, with a bad debt provision rate of **8.07%**[329](index=329&type=chunk) - The carrying amount of other receivables at period-end was **2.01 million Yuan**, with a bad debt provision rate of **44.57%**[343](index=343&type=chunk) - Operating revenue for the period was **390.10 million Yuan**, and operating costs were **298.06 million Yuan**[410](index=410&type=chunk) - The revenue corresponding to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is **1.998 billion Yuan**[411](index=411&type=chunk) - Income tax expense for the period was **6.63 million Yuan**, a decrease of **25.13%** from the prior period[432](index=432&type=chunk) - The net increase in cash and cash equivalents was **174.08 million Yuan**[441](index=441&type=chunk) [VIII. R&D Expenditures](index=116&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was 18.57 million Yuan, all of which was expensed R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 18,465,846.89 | 16,639,751.51 | | Depreciation and Amortization | 107,624.11 | 108,420.45 | | Other | 1,173.99 | 2,392.16 | | Total | 18,574,644.99 | 16,750,564.12 | | Of which: Expensed R&D | 18,574,644.99 | 16,750,564.12 | | Capitalized R&D | 0.00 | 0.00 | - The company has no R&D projects that meet capitalization criteria and no significant externally acquired ongoing R&D projects[451](index=451&type=chunk) [IX. Changes in Consolidation Scope](index=117&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope changed due to the establishment of a new wholly-owned subsidiary Changes in Consolidation Scope | Subsidiary Name | Establishment Date | Reason for Change | Ownership Percentage | | :--- | :--- | :--- | :--- | | Rongxin Zhiyan (Chengdu) Pharmaceutical Technology Co, Ltd | June 2025 | New subsidiary establishment | 100% | - The company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to a loss of control[451](index=451&type=chunk) [X. Interests in Other Entities](index=118&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in its five wholly-owned subsidiaries and one associate company Composition of the Corporate Group | Subsidiary Name | Registered Capital (Yuan) | Main Place of Business | Registered Office | Business Nature | Ownership (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ruixin (Ganzhou) Pharmaceutical Technology Development Co, Ltd | 3,000,000.00 | Ganzhou, Jiangxi | Ganzhou, Jiangxi | Service | 100.00% | Establishment | | ClinPlus (Hangzhou) Pharmaceutical Technology Development Co, Ltd | 500,000.00 | Hangzhou, Zhejiang | Hangzhou, Zhejiang | Service | 100.00% | Establishment | | Ruixin (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 1,000,000.00 | Guangzhou, Guangdong | Guangzhou, Guangdong | Service | 100.00% | Establishment | | Ruisi (Guangzhou) Pharmaceutical Technology Development Co, Ltd | 1,000,000.00 | Guangzhou, Guangdong | Guangzhou, Guangdong | Service | 100.00% | Establishment | | Rongxin Zhiyan (Chengdu) Pharmaceutical Technology Co, Ltd | 1,000,000.00 | Chengdu, Sichuan | Chengdu, Sichuan | Service | 100.00% | Establishment | Significant Joint Ventures or Associates | Name | Main Place of Business | Registered Office | Business Nature | Ownership (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | Shanghai | Shanghai | Service | 11.93% | Equity Method | - The company has significant influence over Quanrong (Shanghai) as it appoints two of the seven directors[456](index=456&type=chunk) Key Financial Information of Significant Associate (Quanrong Shanghai) | Item | Period-End Balance / Current Period Amount (Yuan) | Prior Period Balance / Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Assets | 24,974,148.19 | 27,242,102.39 | | Total Liabilities | 11,354,330.99 | 11,758,637.04 | | Equity Attributable to Parent Company | 13,619,817.20 | 15,483,465.35 | | Operating Revenue | 27,600,899.88 | 26,221,339.18 | | Net Profit | -1,863,648.15 | -3,751,742.64 | | Total Comprehensive Income | -1,863,648.15 | -3,751,742.64 | [XI. Government Grants](index=121&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized government grants totaling 12.60 million Yuan in the current period Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 12,599,327.39 | 316,450.12 | - On April 28, 2025, the company received an income-related government grant of **11 million Yuan**, accounting for **10.34%** of the latest audited net profit attributable to shareholders[462](index=462&type=chunk) - This government grant is related to the company's daily operating activities but is not sustainable[462](index=462&type=chunk) [XII. Risks Related to Financial Instruments](index=121&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through diversified investments and prudent financial monitoring - The company is exposed to credit risk, liquidity risk, and market risk (including currency risk, interest rate risk, and other price risks)[463](index=463&type=chunk) - Credit risk arises mainly from cash, notes receivable, accounts receivable, and other receivables, which is managed by assessing customer creditworthiness and regular monitoring[464](index=464&type=chunk)[465](index=465&type=chunk) - Liquidity risk is managed by monitoring cash balances, marketable securities, and rolling 12-month cash flow forecasts[465](index=465&type=chunk) Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity (Period-End Balance) | Item | Within 1 Year (CNY 10k) | 1-2 Years (CNY 10k) | 2-5 Years (CNY 10k) | Over 5 Years (CNY 10k) | Total Undiscounted (CNY 10k) | Carrying Value (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 1,085.18 | 0 | 2.00 | 0 | 1,087.18 | 1,087.18 | | Other Payables | 705.44 | 323.79 | 319.08 | 0 | 1,348.31 | 1,348.31 | | Non-current Liabilities Due Within One Year | 266.70 | 0 | 0 | 0 | 266.70 | 266.70 | | Other Current Liabilities | 1,920.63 | 0 | 0 | 0 | 1,920.63 | 1,920.63 | | Lease Liabilities | 0 | 43.01 | 1.58 | 0 | 44.59 | 44.59 | | Total | 3,977.95 | 366.80 | 322.66 | 0 | 4,667.41 | 4,667.41 | - Interest rate risk is managed by determining the appropriate mix of fixed and floating rate instruments, while currency risk is mitigated by monitoring foreign currency transactions and balances[469](index=469&type=chunk)[470](index=470&type=chunk) - The company did not engage in any hedging activities during the reporting period[471](index=471&type=chunk) [XIII. Disclosure of Fair Value](index=123&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value totaled 212.87 million Yuan, primarily valued using Level 2 inputs Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Period-End Fair Value (Level 2) (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | (I) Trading Financial Assets | 210,734,604.50 | 210,734,604.50 | | (1) Debt Instrument Investments | 210,734,604.50 | 210,734,604.50 | | (II) Receivables Financing | 2,132,054.51 | 2,132,054.51 | | Total Assets Continuously Measured at Fair Value | 212,866,659.01 | 212,866,659.01 | Valuation Techniques for Level 2 Fair Value Measurements | Item | Valuation Technique | | :--- | :--- | | Bank Wealth Management Products | Discounted Cash Flow Method | | Receivables Financing | Discounted Cash Flow Method | - The company has no Level 1 or Level 3 fair value measurements, and there were no transfers between levels or changes in valuation techniques during the period[473](index=473&type=chunk)[474](index=474&type=chunk) [XIV. Related Parties and Transactions](index=125&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's related-party transactions primarily involved procurement and service provision with its associate company - The ultimate controlling party of the company is Mr Lai Chunbao, who controls **40.21%** of the voting rights through direct/indirect holdings and concert party agreements[475](index=475&type=chunk) - Information on subsidiaries is detailed in Note "X. Interests in Other Entities"[476](index=476&type=chunk) - The associate company is Quanrong (Shanghai), in which the company holds an **11.93%** stake, and whose actual controller and chairman is Mr Lai Chunbao[477](index=477&type=chunk)[480](index=480&type=chunk) Related-Party Transactions for Procurement of Goods/Services | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | Procurement of services | 2,101,634.17 | Related-Party Transactions for Sale of Goods/Provision of Services | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | SMO services | 44,807.39 | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | | :--- | :--- | | Key Management Personnel Compensation | 3,009,256.59 | Receivables from Related Parties (Period-End Balance) | Item | Related Party | Carrying Amount (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | 77,507.69 | 3,875.38 | Payables to Related Parties (Period-End Balance) | Item | Related Party | Period-End Carrying Amount (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Quanrong (Shanghai) Pharmaceutical Technology Development Co, Ltd | 142,190.00 | | Contract Liabilities | GenFleet Therapeutics (Shanghai) Inc and its subsidiaries | 6,734.31 | [XV. Share-based Payments](index=127&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company had no share-based payment activities during the reporting period - The company had no overall share-based payment arrangements during the reporting period[489](index=489&type=chunk) - The company had no equity-settled share-based payment arrangements during the reporting period[489](index=489&type=chunk) - The company had no cash-settled share-based payment arrangements during the reporting period[489](index=489&type=chunk) - The company incurred no share-based payment expenses during the reporting period[489](index=489&type=chunk) [XVI. Commitments and Contingencies](index=128&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company had no significant commitments or contingencies to disclose as of the reporting date - As of June 30, 2025, the company had no significant commitments to disclose[489](index=489&type=chunk) - The company had no significant contingencies to disclose[490](index=490&type=chunk) [XVII. Subsequent Events](index=128&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) After the reporting period, the company acquired a 45% stake in Heli Real Estate and further reduced its share capital - The company successfully bid for a **45% equity stake** in Heli Real Estate and its related debt for **250.47 million Yuan** to acquire office space[492](index=492&type=chunk)[493](index=493&type=chunk) - The company's total share capital was further reduced from **79,502,540 to 79,004,770 shares** due to the repurchase and cancellation of restricted stock[494](index=494&type=chunk) [XVIII. Other Important Matters](index=129&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has no other important matt

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鹏鹞环保股份有限公司 2025 年半年度报告全文 鹏鹞环保股份有限公司 鹏鹞环保股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、审计委员会及董事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司负责人王鹏鹞、主管会计工作负责人吕倩倩及会计机构负责人(会计 主管人员)金丽萍声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司经本次董事会审议通过的利润分配预案为：以 728,960,261 为基数， 向全体股东每 10 股派发现金红利 0.5 元（含税），送红股 0 股（含税），不以 公积金转增股本。 2025 年半年度报告 2025-035 2025 年 8 月 1 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 6 | | 第三节 管理层讨论与分析 | 9 | | 第四节 公司治理、环境和社会 | 18 | | 第五节 重要事项 | 21 | ...

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苏州兴业材料科技股份有限公司2025 年半年度报告 公司代码：603928 公司简称：兴业股份 苏州兴业材料科技股份有限公司 2025 年半年度报告 1 / 168 苏州兴业材料科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王进兴、主管会计工作负责人陆佳及会计机构负责人（会计主管人员）陆佳声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度利润分配预案为：拟以实施权益分派股权登记日登记的总股本为基数，公 司拟向全体股东每股派发现金红利0.08元（含税），以此计算合计拟派发现金红利20,966,400元 （含税）。本半年度公司现金分红比例为46.44%。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划、规划等前瞻性陈述，因存在不确定性，不构成公司对投 资者的实质承 ...

沈阳蓝英工业自动化装备股份有限公司 2025 年半年度报告全文 沈阳蓝英工业自动化装备股份有限公司 2025 年半年度报告 2025-020 2025 年 8 月 1 沈阳蓝英工业自动化装备股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司负责人郭洪涛、主管会计工作负责人余之森及会计机构负责人(会计 主管人员)余之森声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划或规划等前瞻性陈述的，均不构成公司对投 资者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投 资者关注相关内容。 1、宏观市场经济结构调整风险 工业清洗行业和智能装备制造行业均与宏观经济关联度较高，宏观经济 的周 ...

普瑞眼科医院集团股份有限公司 2025 年半年度报告全文 普瑞眼科医院集团股份有限公司 2025 年半年度报告 2025-036 【2025 年 8 月 29 日】 1 普瑞眼科医院集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人徐旭阳、主管会计工作负责人杨国平及会计机构负责人(会计 主管人员)韩玮嘉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司面临的风险和应对措施详见本报告"第三节 管理层讨论与分析"之 "十、公司面临的风险和应对措施"，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | . | 4 | | --- | --- | | . | | | 第一节 | 重要提示、目录和释义 | 2 | | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 7 | | 第三节 | ...