顺发恒能股份公司 2025 年半年度报告全文 顺发恒能股份公司 2025 年半年度报告 【2025 年 8 月】 1 顺发恒能股份公司 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。 公司负责人陈利军、主管会计工作负责人王红民及会计机构负责人(会计 主管人员)王红民声明：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，描述了公司未来经营中可能面临的风险因素和应对措施，敬 请查阅。 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 3、在其他证券市场公布的半年度报告。 4 | | | | 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 | | 28 | | 第五节 | 重 ...

东莞市奥海科技股份有限公司 2025 年半年度报告全文 股票简称：奥海科技 股票代码：002993 东莞市奥海科技股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 东莞市奥海科技股份有限公司 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。 公司负责人刘昊、主管会计工作负责人赵超峰及会计机构负责人(会计主 管人员)刘艳声明：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。 本报告所涉公司未来计划等前瞻性陈述，不构成公司对任何投资者及相 关人士的实质承诺，敬请广大投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中，描述了公司经营发展中 可能面临的风险，敬请广大投资者注意查阅。 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 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisors, and senior management guarantee the accuracy of the semi-annual report and provide risk warnings for forward-looking statements, with no plans for cash dividends, bonus shares, or capital increase from reserves this half-year - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - The report contains forward-looking statements regarding future plans, which do not constitute a substantive commitment by the company to investors, and investors are reminded to be aware of risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for this half-year[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, including nine main chapters from important notices to financial reports and other submitted data, providing quick navigation for investors - The report is divided into nine main chapters, covering important company notices, financial indicators, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, major subsidiaries, related parties, relevant laws, regulations, and the reporting period, ensuring clear understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - Luoxin Pharmaceutical Group Co., Ltd.'s stock code is **002793**[15](index=15&type=chunk) - A list of subsidiaries and related parties, including Shandong Luoxin, Hengxin Pharmaceutical, and Shanghai Luoxin, is provided[15](index=15&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Luoxin Pharmaceutical Group Co., Ltd., stock ticker "Luoxin Pharmaceutical" (002793), listed on the Shenzhen Stock Exchange, with Liu Zhenteng as legal representative, and no significant changes in contact information or registered office address during the reporting period - Company stock ticker: **Luoxin Pharmaceutical**, stock code: **002793**, listed on: **Shenzhen Stock Exchange**[17](index=17&type=chunk) - The company's legal representative is **Liu Zhenteng**[17](index=17&type=chunk) - The company's registered address is Building 4, No. 18 Luqi Road, Luozhuang District, Linyi City, Shandong Province, and its office address is 7th Floor, Building A, Phase I, Qiantan World Trade Center, No. 255 Dongyu Road, Pudong New Area, Shanghai[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 14.45% year-on-year, but net profit attributable to shareholders and net profit after deducting non-recurring gains and losses both significantly increased, with a substantial improvement in net cash flow from operating activities, a slight decrease in total assets, and a modest increase in net assets attributable to shareholders Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,077,242,157.53 | 1,259,235,139.05 | -14.45% | | Net Profit Attributable to Listed Company Shareholders | 17,695,049.44 | -88,709,947.99 | 119.95% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 2,300,667.52 | -107,731,739.47 | 102.14% | | Net Cash Flow from Operating Activities | 217,892,378.48 | -145,204,192.97 | 250.06% | | Basic Earnings Per Share (yuan/share) | 0.02 | -0.08 | 125.00% | | Diluted Earnings Per Share (yuan/share) | 0.02 | -0.08 | 125.00% | | Weighted Average Return on Net Assets | 1.27% | -3.76% | 5.03% | | **Period-End Indicators** | **Current Reporting Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End vs. Prior Year-End Change (%)** | | Total Assets | 3,898,799,460.89 | 4,335,978,261.75 | -10.08% | | Net Assets Attributable to Listed Company Shareholders | 1,412,792,704.24 | 1,382,277,279.71 | 2.21% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 15,394,381.92 yuan, primarily from disposal gains/losses of non-current assets, government grants, and reversal of impairment provisions for accounts receivable Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 9,977,365.74 | | Government grants included in current profit or loss (excluding those with continuous impact) | 2,952,605.12 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 4,660,000.00 | | Debt restructuring gains/losses | -206,320.75 | | Other non-operating income and expenses apart from the above | -1,361,542.08 | | Less: Income tax impact | 634.51 | | Impact on minority interests (after tax) | 627,091.60 | | Total | 15,394,381.92 | Part III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of pharmaceutical products, focusing on advantageous areas such as digestive and respiratory systems. During the reporting period, the pharmaceutical manufacturing industry faced revenue and profit decline, but national policies supporting innovative drugs, adjustments to the medical insurance catalog, and optimized centralized procurement rules presented both opportunities and challenges. The company's core innovative drug, Tegoprazan tablets, saw sales growth of nearly 140%, becoming a significant driver of performance - The company primarily engages in the R&D, production, and sales of pharmaceutical products, focusing on advantageous areas such as digestive and respiratory systems, with products covering chemical preparations, chemical raw materials, and traditional Chinese medicine[28](index=28&type=chunk) - From January to June 2025, the operating revenue of pharmaceutical manufacturing enterprises above designated size nationwide decreased by **1.2%** year-on-year, and total profit decreased by **2.8%** year-on-year[28](index=28&type=chunk) - The National Healthcare Security Administration issued "Several Measures to Support High-Quality Development of Innovative Drugs" and "2025 National Basic Medical Insurance, Maternity Insurance, and Work-Related Injury Insurance Drug Catalog and Commercial Health Insurance Innovative Drug Catalog Adjustment Work Plan (Draft for Comments)," promoting innovative drug R&D and the construction of a diversified payment system[29](index=29&type=chunk)[30](index=30&type=chunk) [(I) Industry Overview During the Reporting Period](index=9&type=section&id=%28I%29%20Industry%20Overview%20During%20the%20Reporting%20Period) The pharmaceutical manufacturing industry faced pressure from declining revenue and profits in the first half of 2025, but national policies actively supported innovative drug development, optimizing the medical insurance catalog and drug centralized procurement rules, providing direction for industry transformation and innovation - From January to June 2025, the operating revenue of the pharmaceutical manufacturing industry was **1,227.5 billion yuan**, a year-on-year decrease of **1.2%**; total profit was **176.7 billion yuan**, a year-on-year decrease of **2.8%**[28](index=28&type=chunk) - The National Healthcare Security Administration issued "Several Measures to Support High-Quality Development of Innovative Drugs," aiming to optimize support policies for innovative drugs, build a diversified payment system, and promote the rational application of innovative drugs[29](index=29&type=chunk) - The national medical insurance catalog adjustment will formulate the first version of the commercial insurance innovative drug catalog, including innovative drugs with high innovation, significant clinical value, and substantial patient benefits[30](index=30&type=chunk) - Drug centralized procurement rules were optimized, considering "anti-involution" and protecting innovation enthusiasm, excluding newly negotiated medical insurance varieties and varieties with high patent infringement risks, and adding market size conditions[31](index=31&type=chunk) [(II) Principal Business Activities During the Reporting Period](index=9&type=section&id=%28II%29%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business remained unchanged, continuing to focus on advantageous areas like digestive and respiratory systems with over 150 products. R&D saw efficient progress in innovative drug pipelines and active participation in centralized procurement for generic drugs. Production of key products like Tegoprazan tablets and Esomeprazole Magnesium Enteric-coated tablets grew rapidly. Sales efficiency was enhanced through a standardized system, business model restructuring, and digitalization - The company's main business has not undergone significant changes, focusing on advantageous areas such as digestive and respiratory systems, with over **150 varieties** and **300 specifications** of marketed products[33](index=33&type=chunk)[34](index=34&type=chunk) - Innovative drug R&D focuses on the digestive field, with LX22001 injection for peptic ulcer bleeding and prevention of stress ulcers in critically ill patients approved for clinical trials, potentially becoming the world's first P-CAB injection[32](index=32&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk) - In generic drugs, the company rapidly advanced new generic drug and consistency evaluation work during the reporting period, having basically completed consistency evaluation tasks for existing marketed products[35](index=35&type=chunk) - During the reporting period, the output of **Tegoprazan tablets** and **Esomeprazole Magnesium Enteric-coated tablets** grew rapidly, and the company actively expanded its CMO business, adding **4 new projects** and having over **10 projects** under discussion[38](index=38&type=chunk)[39](index=39&type=chunk) - The sales model is centered on a standardized system, business model restructuring, business digitalization, and market reshaping, reconstructing four major business lines: hospital, general medicine, retail, and general agency[41](index=41&type=chunk) [2. Business Model](index=12&type=section&id=2.%20Business%20Model) The company's R&D model is clinically driven, emphasizing one-stop in-house innovation for new drugs and integrated raw material-formulation for generics. Production is self-operated across five core bases covering various dosage forms. Sales combine direct and distribution channels, with APIs for domestic and international trade, chemical formulations via direct sales and agents, and traditional Chinese medicine primarily through promotion service providers and agents - Innovative drug R&D is clinically demand-oriented, possessing one-stop in-house R&D capabilities from IND to NDA approval[42](index=42&type=chunk) - Generic drug R&D relies on in-house raw material and formulation R&D capabilities, focusing on efficiency, high quality, multiple therapeutic areas, and refined management of time, quality, and cost[42](index=42&type=chunk) - The company's production model is self-operated, with five core production bases including chemical preparations, raw materials, traditional Chinese medicine, and BFS production platforms, forming a complete industrial chain[44](index=44&type=chunk) - Raw material sales are primarily direct, with a small amount of distribution, and foreign trade exports focus on Asian, American, and Middle Eastern markets. Chemical preparations use a combination of direct sales and distribution, while traditional Chinese medicine is mainly sold through promotion service providers and agents[45](index=45&type=chunk) [3. Product Market Position](index=12&type=section&id=3.%20Product%20Market%20Position) The company holds leading positions in digestive, respiratory, antibiotic, and anti-tumor fields. The national Class 1 innovative drug Tegoprazan tablets (Taixinzan®), China's first self-developed P-CAB, has successfully renewed its medical insurance listing and added new indications. Progress has also been made in the development of LX22001 injection, with no similar injectable products globally - The company possesses leading products such as **Tegoprazan tablets**, **Meropenem for Injection**, and **Omeprazole Enteric-coated Capsules**[46](index=46&type=chunk) - The national Class 1 innovative drug **Tegoprazan tablets (Taixinzan®)** is China's first self-developed potassium-competitive acid blocker (P-CAB), successfully renewed in medical insurance and with a newly added duodenal ulcer indication[46](index=46&type=chunk)[47](index=47&type=chunk) - **LX22001 injection** for peptic ulcer bleeding and prevention of stress ulcers in critically ill patients has been approved for clinical trials, with no similar injectable products currently marketed globally[47](index=47&type=chunk) [4. Performance Changes During the Reporting Period](index=13&type=section&id=4.%20Performance%20Changes%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue decreased by 14.45% year-on-year, but net profit attributable to shareholders and net profit after deducting non-recurring gains and losses increased by 119.95% and 102.14% respectively, driven by significant sales growth of the core innovative drug Tegoprazan tablets and optimized working capital management Performance Changes During the Reporting Period | Indicator | Current Reporting Period (hundred million yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 10.77 | -14.45% | | Net Profit Attributable to Listed Company Shareholders | 0.177 | 119.95% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 0.023 | 102.14% | - The commercialization process of the core innovative drug **Tegoprazan tablets** deepened, with hospital entry increasing by over **30%** and sales growing by nearly **140%** compared to the same period last year[49](index=49&type=chunk) - The company continuously optimized working capital management, effectively improving operating cash flow and reducing bad debt losses through special collection of accounts receivable[49](index=49&type=chunk) [II. Analysis of Core Competitiveness](index=13&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness lies in its technology, products, business expansion, and talent. Technologically, it boasts numerous patents and scientific projects. Product-wise, leading products like Tegoprazan tablets have significant market value. Business expansion focuses on the digestive field while exploring new therapeutic areas. Talent development is strengthened through high-level R&D platforms, Luoxin Academy, and employee stock ownership plans - The company added **4 authorized invention patents** during the reporting period, accumulating over **350 invention patents** and **390 drug registration approvals**, and obtained over a hundred overseas registration approvals and filing certificates in various countries and regions[50](index=50&type=chunk) - **Tegoprazan tablets (Taixinzan®)**, as a national Class 1 innovative drug, has been successfully included in national medical insurance and has new indications, demonstrating significant market value and clinical importance[51](index=51&type=chunk) - The company actively expanded its CMO business and established a strategic partnership for the FMT (Fecal Microbiota Transplantation) project, further improving its digestive field layout and exploring new therapeutic areas[56](index=56&type=chunk) - The company comprehensively enhanced its talent competitiveness by collaborating with renowned universities to build R&D platforms, establishing the "Luoxin Academy" training platform, and implementing employee stock ownership plans[57](index=57&type=chunk) [(I) Technological Advantages](index=13&type=section&id=%28I%29%20Technological%20Advantages) The company in technology continuously invests, adding 4 authorized invention patents during the reporting period, accumulating over 350 invention patents and 390 drug registration approvals. Multiple projects were listed as national and provincial key scientific and technological projects, and the company received national and provincial awards, demonstrating strong R&D innovation capabilities - During the reporting period, **4 new authorized invention patents** were added, with a cumulative total of over **350 invention patents** and over **390 drug registration approvals**[50](index=50&type=chunk) - **13 company projects** were listed as national "Major New Drug Innovation" science and technology major projects, and **4 products** were listed in the "National Key New Product Program"[50](index=50&type=chunk) - The projects "Establishment and Application of Key Technology System for Chemical Drug Polymorphism" and "Key Common Technologies and Industrialization of Cefoxitin Sodium and Other Cephalosporin Drugs" won the **National Science and Technology Progress Award Second Prize**[50](index=50&type=chunk) [(II) Product Advantages](index=13&type=section&id=%28II%29%20Product%20Advantages) The company's product line is rich, with the national Class 1 innovative drug Tegoprazan tablets (Taixinzan®) successfully renewed in medical insurance and with new indications, anticipating a new round of medical insurance price negotiations. Omeprazole Enteric-coated Capsules (Luoxin Enkang®) is the only essential drug among oral PPI preparations, with extensive market coverage. Rabeprazole Sodium for Injection (Capelai®) and Meropenem for Injection (Luonan®) achieved volume-for-price through centralized procurement. Fosaprepitant Dimeglumine for Injection (Mengsha®) was included in medical insurance in its first year and is expected to expand hospital market share through centralized procurement - **Tegoprazan tablets (Taixinzan®)**, launched in 2022, has passed medical insurance negotiations and added the "duodenal ulcer" indication, and is expected to face a new round of medical insurance price negotiations[51](index=51&type=chunk) - **Omeprazole Enteric-coated Capsules (Luoxin Enkang®)** is the only essential drug among oral PPI preparations, holding a micropellet technology patent, and covered over **30,000 terminals** across the country in 2024[51](index=51&type=chunk) - **Rabeprazole Sodium for Injection (Capelai®)** and **Meropenem for Injection (Luonan®)** achieved volume-for-price and increased market share through participation in provincial, alliance, and national centralized procurement[52](index=52&type=chunk)[53](index=53&type=chunk) - **Fosaprepitant Dimeglumine for Injection (Mengsha®)** was included in the national medical insurance catalog in its first year of launch and in the 11th batch of national centralized procurement varieties in 2025, expected to further expand hospital coverage[55](index=55&type=chunk) [(III) Business Development Advantages](index=14&type=section&id=%28III%29%20Business%20Development%20Advantages) The company continues to focus on its advantageous digestive field for business expansion, actively exploring new therapeutic areas, targeting projects with short-term commercialization potential, and building a pipeline of high-potential products. Strategic cooperation on the FMT (Fecal Microbiota Transplantation) project helps complete the digestive portfolio and enhance overall competitiveness - The company's business development focuses on the advantageous digestive field and actively explores new therapeutic areas, targeting projects that can be commercialized in the short term[56](index=56&type=chunk) - Strategic cooperation on the **FMT (Fecal Microbiota Transplantation) project** helps the company further improve its strategic layout in the digestive field and initially lay out other therapeutic areas[56](index=56&type=chunk) [(IV) Talent Advantages](index=14&type=section&id=%28IV%29%20Talent%20Advantages) The company is comprehensively advancing its talent strategy by building high-level R&D platforms, collaborating with renowned universities, establishing the "Luoxin Academy" training platform, and implementing employee stock ownership plans to strengthen its young, professional team and enhance core competitiveness - The company collaborates with over a dozen renowned universities and research institutes, including Peking University and Shandong University, to build high-level scientific research and innovation platforms[57](index=57&type=chunk) - The "Luoxin Academy" training platform is established to accelerate talent梯队 construction and cultivation, strengthening organizational vitality and professional barriers for talent[57](index=57&type=chunk) - The employee stock ownership plan is implemented to fully stimulate employee enthusiasm and enhance employee cohesion[57](index=57&type=chunk) [III. Analysis of Principal Business](index=14&type=section&id=III.%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue decreased by 14.45% year-on-year, but operating costs decreased by 28.70%, leading to an improved gross margin. Revenue from digestive system products significantly increased by 57.50%, while antibiotic and respiratory system product revenues substantially declined. Revenue grew in North and Northwest China but decreased in East, Central, South, and Northeast China Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,077,242,157.53 | 1,259,235,139.05 | -14.45% | | | Operating Cost | 536,921,389.62 | 752,998,957.44 | -28.70% | | | Selling Expenses | 360,638,263.37 | 442,577,915.57 | -18.51% | | | Administrative Expenses | 116,680,886.50 | 126,979,994.66 | -8.11% | | | Financial Expenses | 31,566,600.00 | 28,530,189.76 | 10.64% | | | Income Tax Expense | 16,046,303.45 | 11,115,093.92 | 44.36% | Decrease in asset impairment provisions, reduction in related deductible temporary differences, reversal of deferred income tax assets recognized in prior periods | | R&D Investment | 46,508,242.55 | 55,487,572.83 | -16.18% | | | Net Cash Flow from Operating Activities | 217,892,378.48 | -145,204,192.97 | 250.06% | Increase in cash received from sales, decrease in cash paid for purchases and expenses | | Net Cash Flow from Investing Activities | -10,831,312.82 | 40,761,799.46 | -126.57% | Prior year period received disposal proceeds from Shanghai Pharma Luoxin | | Net Cash Flow from Financing Activities | -300,236,537.02 | 37,245,246.58 | -906.11% | Repayment of bank loans | | Net Increase in Cash and Cash Equivalents | -94,452,827.94 | -64,586,526.05 | -46.24% | Repayment of bank loans | Operating Revenue Composition (by Product Category) | Product Category | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue (%) | Prior Year Period Amount (yuan) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Antibiotics | 238,317,811.75 | 22.12% | 504,688,725.63 | 40.08% | -52.78% | | Digestive System Products | 533,658,292.78 | 49.54% | 338,826,790.43 | 26.91% | 57.50% | | Respiratory System Products | 50,745,625.55 | 4.71% | 93,851,313.72 | 7.45% | -45.93% | | Other Categories | 126,453,610.28 | 11.74% | 174,435,003.28 | 13.85% | -27.51% | | Agency Products | 108,816,469.06 | 10.10% | 127,965,462.22 | 10.16% | -14.96% | | Other Businesses | 19,250,348.11 | 1.79% | 19,467,843.77 | 1.55% | -1.12% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue (%) | Prior Year Period Amount (yuan) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | East China | 430,787,607.92 | 39.99% | 564,942,232.20 | 44.86% | -23.75% | | Central China | 101,322,901.04 | 9.41% | 109,831,025.24 | 8.72% | -7.75% | | North China | 121,135,334.57 | 11.24% | 99,469,982.46 | 7.90% | 21.78% | | South China | 87,153,510.86 | 8.09% | 111,806,198.11 | 8.88% | -22.05% | | Southwest China | 116,334,669.98 | 10.80% | 133,428,753.84 | 10.60% | -12.81% | | Northeast China | 97,980,011.30 | 9.10% | 132,854,650.82 | 10.55% | -26.25% | | Northwest China | 60,295,705.09 | 5.60% | 52,086,314.87 | 4.14% | 15.76% | | Other Regions | 42,982,068.66 | 3.99% | 35,348,137.74 | 2.81% | 21.60% | | Other Businesses | 19,250,348.11 | 1.79% | 19,467,843.77 | 1.55% | -1.12% | [IV. Analysis of Non-Principal Business](index=16&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) During the reporting period, non-principal business significantly impacted total profit. Credit impairment losses amounted to 52,777,642.16 yuan, accounting for 138.73% of total profit, mainly due to special collection of accounts receivable. Asset impairment losses were -9,722,180.37 yuan, accounting for -25.56% of total profit, primarily due to inventory depreciation provisions Non-Principal Business Profit and Loss | Item | Amount (yuan) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Credit Impairment Losses | 52,777,642.16 | 138.73% | Organized special collection of accounts receivable, focusing on unrecovered prior period amounts | No | | Asset Impairment Losses | -9,722,180.37 | -25.56% | Provision for inventory depreciation | No | [V. Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets decreased by 10.08% year-on-year, while net assets attributable to shareholders increased by 2.21%. Accounts receivable significantly decreased due to special collection efforts, and construction in progress increased due to higher investment in Luoxin Anruoweita production lines. Both short-term and long-term borrowings increased, while non-current liabilities due within one year substantially decreased due to loan repayments 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 | 393,367,329.95 | 10.09% | 456,677,239.94 | 10.53% | -0.44% | | | Accounts Receivable | 400,799,123.89 | 10.28% | 569,106,113.41 | 13.13% | -2.85% | Organized special collection of accounts receivable, focusing on unrecovered prior period amounts | | Inventories | 407,481,654.49 | 10.45% | 459,555,606.49 | 10.60% | -0.15% | | | Construction in Progress | 26,461,438.10 | 0.68% | 20,428,299.46 | 0.47% | 0.21% | Increased investment in Luoxin Anruoweita production line | | Right-of-Use Assets | 16,437,132.11 | 0.42% | 39,620,196.20 | 0.91% | -0.49% | Change in office location terminated original lease, reducing right-of-use assets | | Short-Term Borrowings | 792,423,607.87 | 20.32% | 742,078,810.48 | 17.11% | 3.21% | | | Long-Term Borrowings | 235,013,068.88 | 6.03% | 133,384,266.26 | 3.08% | 2.95% | New borrowings from financial institutions | | Non-Current Liabilities Due Within One Year | 297,250,388.47 | 7.62% | 662,218,380.69 | 15.27% | -7.65% | Repayment of borrowings | - The company reported no significant overseas assets during the reporting period[70](index=70&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (yuan) | Period-Beginning Amount (yuan) | | :--- | :--- | :--- | | Financial Assets Held for Trading | 5,250,336.22 | 1,250,336.22 | | Other Equity Instrument Investments | 60,426,243.02 | 60,426,243.02 | | Subtotal of Financial Assets | 65,676,579.24 | 61,676,579.24 | | Financial Liabilities | 217,177,806.08 | 217,177,806.08 | Restricted Asset Rights as of the End of the Reporting Period | Item | Period-End Book Balance (yuan) | Period-End Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 165,635,329.67 | 165,635,329.67 | Pledged | Bill deposit | | Fixed Assets | 118,127,142.02 | 60,162,752.44 | Mortgaged | Finance lease mortgaged assets | | Intangible Assets | 26,925,133.70 | 15,459,481.57 | Mortgaged | Mortgaged for bank loan guarantee | | Monetary Funds | 1,800,000.00 | 1,800,000.00 | Pledged | Pledged time deposit | | Monetary Funds | 995,412.80 | 995,412.80 | Pledged | Letter of guarantee deposit | | Monetary Funds | 30,000,000.00 | 30,000,000.00 | Pledged | Letter of credit deposit | | Fixed Assets | 136,854,800.94 | 84,190,642.03 | Mortgaged | Mortgaged for bank loan guarantee | | Total | 480,337,819.13 | 358,243,618.51 | | | [VI. Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to 20,143,310.33 yuan, a significant year-on-year decrease of 70.95%. There were no significant equity investments, non-equity investments, securities investments, or derivative investments, nor any use of raised funds Investment Amount During the Reporting Period | Indicator | Amount (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Investment Amount During the Reporting Period | 20,143,310.33 | -70.95% | | Investment Amount in Prior Year Period | 69,334,803.87 | | - The company reported no securities investments or derivative investments during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk) - The company reported no use of raised funds during the reporting period[77](index=77&type=chunk) [VII. Significant Asset and Equity Disposals](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not undertake any significant asset or equity disposals - The company did not sell significant assets during the reporting period[78](index=78&type=chunk) - The company did not sell significant equity during the reporting period[79](index=79&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries include Shandong Luoxin, Beijing Health, and Shandong Health. Shandong Luoxin achieved a net profit of 21.9347 million yuan during the reporting period. Beijing Health and Shandong Health both recorded net losses of -44.3771 million yuan and -40.6193 million yuan, respectively. During the reporting period, the company disposed of its equity in two subsidiaries, Chongqing Luoxin and Jiangsu Zhonghao Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Principal Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Luoxin | Subsidiary | R&D, production, and sales of pharmaceutical products | 60,960,000.00 | 4,584,375,188.20 | 2,231,068,549.64 | 885,442,206.24 | 40,036,241.37 | 21,934,706.04 | | Beijing Health | Subsidiary | Sales of pharmaceutical products | 353,600,000.00 | 208,298,232.30 | -223,674,241.48 | 361,548,363.71 | 44,399,586.61 | 44,377,107.90 | | Shandong Health | Subsidiary | Sales of pharmaceutical products | 40,000,000.00 | 174,047,143.58 | -166,039,712.28 | 116,740,084.43 | -40,672,460.81 | -40,619,283.41 | - During the reporting period, the company disposed of Chongqing Luoxin through equity transfer and Jiangsu Zhonghao through capital reduction, which had no significant impact on overall production, operations, and performance[81](index=81&type=chunk) [IX. Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company reported no structured entities under its control during the reporting period[82](index=82&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including policy, R&D, cost, international market, and environmental safety. To address these, the company is actively adjusting its business strategy, transitioning to an innovative drug enterprise, improving its R&D system, optimizing supply chain management, adopting a diversified market layout, and continuously increasing environmental protection investments - Policy Risk: Ongoing national medical reform, centralized procurement, and medical insurance policy adjustments compress generic drug profit margins. The company's countermeasure is to transform into an innovative drug enterprise, improve R&D efficiency, and optimize product structure[82](index=82&type=chunk) - R&D Risk: New drug R&D is characterized by long cycles, high costs, and significant uncertainty. The company's countermeasure is to establish and improve its R&D innovation system, conduct risk and investment assessments, and optimize project management processes[82](index=82&type=chunk) - Cost Risk: Fluctuations in raw material prices and rising labor costs. The company's countermeasure is to optimize supply chain management, strengthen supplier management, strategically procure reserves, and enhance internal management to improve production efficiency[83](index=83&type=chunk) - International Market Risk: International expansion faces exchange rate fluctuations, policy changes, and other challenges. The company's countermeasure is to adopt a diversified market layout strategy and strengthen exchange rate risk management[84](index=84&type=chunk) - Environmental and Safety Risk: Increasing national pollution emission standards and stricter supervision. The company's countermeasure is to strictly comply with environmental policies, continuously increase environmental protection investments, and promote the upgrade and renovation of environmental facilities[84](index=84&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[85](index=85&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[85](index=85&type=chunk) [XII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=21&type=section&id=XII.%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) During the reporting period, the company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[85](index=85&type=chunk) Part IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, including the resignations of employee representative supervisor Lv Jie, director and deputy general manager Li Meng, and deputy general manager Zhu Xiaotong due to personal reasons, the departure of independent director Wu Zhiang due to term expiration, and the election of Zuo Min as the new independent director Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Lv Jie | Employee Representative Supervisor | Resignation | February 14, 2025 | Resigned from the position of employee representative supervisor due to personal reasons | | Li Meng | Director | Resignation | April 02, 2025 | Resigned from the positions of director, member of the board's strategic committee, deputy general manager, and related subsidiary positions due to personal reasons | | Li Meng | Deputy General Manager | Dismissal | April 02, 2025 | Resigned from the positions of director, member of the board's strategic committee, deputy general manager, and related subsidiary positions due to personal reasons | | Zhu Xiaotong | Deputy General Manager | Dismissal | April 03, 2025 | Resigned from the positions of deputy general manager and related subsidiary positions due to personal reasons | | Wu Zhiang | Independent Director | Term Expiration | July 16, 2025 | Due to continuous service for six years | | Zuo Min | Independent Director | Election | July 16, 2025 | Elected as an independent director of the company's Fifth Board of Directors after approval by the general meeting of shareholders | [II. Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for this half-year - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year[87](index=87&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans during the reporting period but implemented a 2024 employee stock ownership plan involving 158 employees, holding a total of 17,399,503 shares, accounting for 1.60% of the total share capital. During the reporting period, 3 holders resigned, and their shares were handled according to regulations. The employee stock ownership plan impacted financial statements and was accounted for under share-based payment standards - The company had no equity incentive plans during the reporting period[88](index=88&type=chunk) All Valid Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | | Some directors, supervisors, senior management, and core personnel of the company (including subsidiaries) | 158 | 17,399,503 | 1.60% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and regulations | - During the reporting period, **3 holders** of the 2024 employee stock ownership plan resigned, and their shares were handled in accordance with the "2024 Employee Stock Ownership Plan Management Measures" and other relevant regulations[90](index=90&type=chunk) - The employee stock ownership plan is accounted for in accordance with "Enterprise Accounting Standard No. 11 - Share-based Payment," recognizing the services obtained in the current period as relevant costs or expenses and capital reserves[90](index=90&type=chunk) [IV. Environmental Information Disclosure](index=23&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its three major subsidiaries (Shandong Luoxin Pharmaceutical Group Co., Ltd., Shandong Yuxin Pharmaceutical Co., Ltd., and Shandong Luoxin Pharmaceutical Group Hengxin Pharmaceutical Co., Ltd.) are all included in the list of enterprises required to disclose environmental information by law and have publicly disclosed their environmental information reports - The company and its three major subsidiaries (Shandong Luoxin Pharmaceutical Group Co., Ltd., Shandong Yuxin Pharmaceutical Co., Ltd., and Shandong Luoxin Pharmaceutical Group Hengxin Pharmaceutical Co., Ltd.) are all included in the list of enterprises required to disclose environmental information by law[90](index=90&type=chunk) - Relevant environmental information disclosure reports can be accessed through designated inquiry indexes[90](index=90&type=chunk) [V. Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting shareholder rights through improved corporate governance, transparent information disclosure, and enhanced investor communication; safeguarding employee rights by strictly adhering to labor laws, optimizing HR systems, and providing training; ensuring the legitimate interests of suppliers, customers, and consumers through honest operations, refined procurement processes, and strict quality standards; committing to environmental protection and safety by increasing environmental investments and implementing safety production responsibilities; and actively participating in social welfare, with total donations of 240,000 yuan during the reporting period - The company protects shareholder rights by improving corporate governance, diligently fulfilling information disclosure obligations, and strengthening interaction to maintain investor relations[91](index=91&type=chunk)[92](index=92&type=chunk) - The company strictly complies with the "Labor Law," optimizes human resource management systems, and focuses on employee training, organizing **95 talent development activities** and training a total of **2,865 person-times** in the first half of 2025, ensuring employee rights[92](index=92&type=chunk)[93](index=93&type=chunk) - The company adheres to the principle of honest operation, protecting the legitimate rights and interests of suppliers, customers, and consumers through improved procurement processes and strict quality standards[93](index=93&type=chunk) - The company advocates environmental protection, strictly controls pollutant emissions, improves production equipment, builds green factory areas, and fully implements its primary responsibility for safe production[93](index=93&type=chunk)[94](index=94&type=chunk) - During the reporting period, the company donated a total of **240,000 yuan** to the Linyi University Education Development Foundation and the Shanghai Pudong New Area Guangcai Program Promotion Association, actively participating in social welfare activities[94](index=94&type=chunk) Part V Significant Matters [I. Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=25&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself[96](index=96&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=25&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[97](index=97&type=chunk) [III. Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company reported no irregular external guarantees during the reporting period[98](index=98&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=25&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[99](index=99&type=chunk) [V. Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanations%20on%20the%20Accounting%20Firm%27s%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Current%20Period) During the reporting period, there were no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" from the accounting firm for the current period - The company reported no explanations from the Board of Directors or Supervisory Board regarding a "non-standard audit report" from the accounting firm for the current period[100](index=100&type=chunk) [VI. Board of Directors' Explanations on the "Non-Standard Audit Report" for the Previous Year](index=25&type=section&id=VI.%20Board%20of%20Directors%27%20Explanations%20on%20the%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Previous%20Year) During the reporting period, there were no explanations from the Board of Directors regarding the "non-standard audit report" for the previous year - The company reported no explanations from the Board of Directors regarding the "non-standard audit report" for the previous year[100](index=100&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company reported no bankruptcy or reorganization matters during the reporting period[100](index=100&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters. Other litigation (arbitration) cases not meeting the disclosure threshold involved 79.264 million yuan, some of which have been heard or ruled upon, and some have been fulfilled, with no significant impact on the company - The company had no significant litigation or arbitration matters during this reporting period[101](index=101&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Provision for Contingent Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation (arbitration) cases not meeting the disclosure threshold for significant litigation (arbitration) | 7,926.4 | No | Hearing (ruling) or enforcement stage | Some lawsuits are in the hearing (ruling) stage, and some have been settled or ruled (arbitrated) within the reporting period. Except for the impact of litigation disclosed in the "Commitments and Contingencies" chapter, these other lawsuits (arbitrations) have no significant impact on the company | [IX. Penalties and Rectification](index=26&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company reported no penalties or rectification situations during the reporting period[103](index=103&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts[104](index=104&type=chunk) [XI. Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operational related party transactions, including purchasing goods, receiving services, selling goods, and providing services. Pricing was based on market rates or agreed prices, with small transaction amounts not exceeding approved limits. The company had no related party transactions involving asset or equity acquisitions/disposals, joint external investments, or non-operating related party receivables/payables. Additionally, the company increased its capital contribution to its controlled subsidiary Beijing Health by 120 million yuan, raising its shareholding to 80.95% Related Party Transactions Related to Daily Operations (Purchase of Goods/Receipt of Services) | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (ten thousand yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | | Linyi Luotai Property Service Co., Ltd. | Receiving services from related parties | Purchase of services | 15.9 | 1.23% | | Linyi Xinxin Hotel Management Co., Ltd. | Receiving services from related parties | Purchase of services | 12.42 | 0.96% | | Shandong Luoxin Industrial Co., Ltd. | Receiving property leasing services from related parties | Property lease | 44.34 | 8.78% | Related Party Transactions Related to Daily Operations (Sale of Goods/Provision of Services) | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (ten thousand yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | | Jinan Luoxin Pharmaceutical Co., Ltd. | Sale of goods to related parties | Sale of goods | 7.14 | 0.01% | | Shandong Mingxin Pharmaceutical Co., Ltd. | Sale of goods to related parties | Sale of goods | 163.16 | 0.15% | | Shandong Luoxin Pharmacy Chain Co., Ltd. | Providing trademark license to related parties | Trademark license | 9.43 | 66.67% | | Shandong Luoxin Xinhong Health & Wellness Tourism Group Co., Ltd. | Providing trademark license to related parties | Trademark license | 4.72 | 33.33% | - The company reported no related party transactions involving asset or equity acquisitions/disposals, or joint external investments during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk) - The company reported no non-operating related party receivables or payables during the reporting period[111](index=111&type=chunk) - The company increased its capital contribution to its controlled subsidiary **Beijing Health** by **120 million yuan**, raising its shareholding in Beijing Health from **71.16% to 80.95%** after the capital increase[114](index=114&type=chunk) [XII. Significant Contracts and Their Performance](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no entrustment or contracting situations. In terms of leasing, the company's subsidiaries engaged in sale-and-leaseback financing leases, raising 150 million yuan over a 36-month term. The company provided a guarantee for its subsidiary Shandong Luoxin's financing lease business, amounting to 100 million yuan. The total guarantee amount for subsidiaries was 1,092.1753 million yuan, representing 77.31% of the company's net assets. The company's wealth management transactions amounted to 4 million yuan, with an outstanding balance of 4 million yuan, all in bank wealth management products. The company had no other significant contracts during the reporting period - The company reported no entrustment or contracting situations during the reporting period[115](index=115&type=chunk)[116](index=116&type=chunk) - The company's subsidiaries Shandong Luoxin, Yuxin Pharmaceutical, and Hengxin Pharmaceutical engaged in sale-and-leaseback financing business with Industrial Financial Leasing Co., Ltd., with a financing amount of **150 million yuan** and a lease term of **36 months**[117](index=117&type=chunk) - The company provided a guarantee for its subsidiary Shandong Luoxin's financing lease business with Bank of Beijing Financial Leasing Co., Ltd., with a financing amount of **100 million yuan**[117](index=117&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Type of Guarantee | Guarantee Period | | :--- | :--- | :--- | :--- | :--- | | Shandong Luoxin | 14,600 | 14,614.8 | Joint and several liability guarantee | September 09, 2025 | | Shandong Luoxin | 5,000 | 5,000 | Joint and several liability guarantee | September 26, 2025 | | Shandong Luoxin | 10,000 | 8,516.7 | Joint and several liability guarantee | October 21, 2027 | | Shandong Luoxin | 10,000 | 10,013.89 | Joint and several liability guarantee | December 17, 2025 | | Shandong Luoxin | 11,400 | 11,411.56 | Joint and several liability guarantee | December 30, 2025 | | Shandong Luoxin | 11,000 | 5,000 | Joint and several liability guarantee | March 28, 2026 | | Shandong Luoxin | 86,000 | 51,320.53 | Joint and several liability guarantee | February 26, 2027 | | Shandong Luoxin | 50,500 | | Joint and several liability guarantee | | | Yuxin Pharmaceutical | 8,100 | | Joint and several liability guarantee | | | Shanghai Luoxin | 5,100 | | Joint and several liability guarantee | | - The company's total guarantee amount (total actual guarantee balance) is **1,092.1753 million yuan**, accounting for **77.31%** of the company's net assets[122](index=122&type=chunk) Wealth Management Status | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 400 | 400 | 0 | [XIII. Explanation of Other Significant Matters](index=34&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company reported no other significant matters requiring explanation during the reporting period[125](index=125&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=34&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiary Shandong Luoxin completed the transfer of 70% equity in Modern Logistics and received the second installment of the equity transfer payment, 79.4737 million yuan. Modern Logistics' 2023 performance commitment completion rate was 95.76%, and 2024 was 31.74%. Additionally, Shandong Luoxin, a controlled subsidiary, intended to publicly list and sell 100% equity in its wholly-owned subsidiary Lekang Pharmaceutical, but no interested transferees registered after multiple listing periods - The company's subsidiary **Shandong Luoxin** has completed the transfer of **70% equity** in Modern Logistics and has received the first installment of the equity transfer payment, **207.48 million yuan**[127](index=127&type=chunk) Modern Logistics Performance Commitment Indicators | Indicator | First Period | Second Period | Third Period | | :--- | :--- | :--- | :--- | | Operating Revenue (ten thousand yuan) | 286,000 × number of months in first period / 12 | 314,600 | 346,060 | | Net Profit Attributable to Parent Company (ten thousand yuan) | 5,016 × number of months in first period / 12 | 5,518 | 6,069 | - Modern Logistics' 2023 performance commitment completion rate was **95.76%**, corresponding to the second installment of the equity transfer payment of **79.4737 million yuan**; the 2024 performance commitment completion rate was **31.74%**, corresponding to the third installment of the equity transfer payment of **26.3428 million yuan**. Shandong Luoxin has received the second installment of the equity transfer payment[129](index=129&type=chunk) - The company's controlled subsidiary **Shandong Luoxin** intends to publicly list and sell **100% equity** in its wholly-owned subsidiary **Lekang Pharmaceutical**, but no interested transferees registered after multiple listing periods[130](index=130&type=chunk)[131](index=131&type=chunk) Part VI Share Changes and Shareholder Information [I. Share Change Status](index=36&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at 1,087,588,486 shares. Restricted shares increased by 3,600, and unrestricted shares decreased by 3,600, primarily due to changes in senior management's locked-up shares. Restricted share changes mainly involved the release of 150 shares for senior executive Chen Ming and an increase of 3,750 restricted shares for Liu Hongyan Share Change Status | Share Category | Number Before This Change (shares) | Increase/Decrease in This Change (＋, －) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,649,542 | +3,600 | 1,653,142 | | II. Unrestricted Shares | 1,085,938,944 | -3,600 | 1,085,935,344 | | III. Total Shares | 1,087,588,486 | 0 | 1,087,588,486 | Restricted Share Change Status | Shareholder Name | Restricted Shares at Period Start | Shares Released from Restriction in Current Period | Shares Added to Restriction in Current Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Ming | 150 | 150 | 0 | 0 | Senior management locked-up shares | | Liu Hongyan | 0 | 0 | 3,750 | 3,750 | Senior management locked-up shares | [II. Securities Issuance and Listing](index=37&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company reported no securities issuance or listing activities during the reporting period[137](index=137&type=chunk) [III. Number of Shareholders and Shareholding Status](index=37&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 36,524 common shareholders. The controlling shareholder, Shandong Luoxin Holdings Co., Ltd., held 21.79% of shares, with 154,963,530 shares pledged. Among the top ten shareholders, Fang Xiubao held 9.22%, and ALLY BRIDGE FLAGSHIP LX (HK) LIMITED held 4.29%. Deyitouziguangli (Beijing) Co., Ltd. - Chengdu Deyixin Hua Equity Investment Partnership (Limited Partnership), Karamay Deyihangjia Equity Investment Limited Partnership, and Karamay Deyixin Hua Equity Investment Limited Partnership are parties acting in concert; Fang Xiubao and Fang Donghui are parties acting in concert - The total number of common shareholders at the end of the reporting period was **36,524**[138](index=138&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) | Pledged, Marked, or Frozen Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Luoxin Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 21.79% | 236,955,520 | 0 | 236,955,520 | Pledged: 154,963,530 | | Fang Xiubao | Domestic Natural Person | 9.22% | 100,294,266 | 0 | 100,294,266 | 0 | | ALLY BRIDGE FLAGSHIP LX (HK) LIMITED | Overseas Legal Person | 4.29% | 46,609,537 | 0 | 46,609,537 | 0 | | Deyitouziguangli (Beijing) Co., Ltd. - Chengdu Deyixin Hua Equity Investment Partnership (Limited Partnership) | Other | 3.83% | 41,692,359 | 0 | 41,692,359 | 0 | | Karamay Deyihangjia Equity Investment Limited Partnership | Domestic Non-State-Owned Legal Person | 3.29% | 35,789,757 | 0 | 35,789,757 | 0 | | Karamay Deyixin Hua Equity Investment Limited Partnership | Domestic Non-State-Owned Legal Person | 2.30% | 24,961,414 | 0 | 24,961,414 | 0 | | Fang Donghui | Domestic Natural Person | 1.92% | 20,884,500 | 0 | 20,884,500 | 0 | | Luoxin Pharmaceutical Group Co., Ltd. - 2024 Employee Stock Ownership Plan | Other | 1.68% | 18,219,503 | 0 | 18,219,503 | 0 | | Chen Laiyang | Domestic Natural Person | 1.59% | 17,298,615 | 0 | 17,298,615 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.40% | 15,224,167 | 0 | 15,224,167 | 0 | - Deyitouziguangli (Beijing) Co., Ltd. - Chengdu Deyixin Hua Equity Investment Partnership (Limited Partnership), Karamay Deyihangjia Equity Investment Limited Partnership, and Karamay Deyixin Hua Equity Investment Limited Partnership are parties acting in concert; Fang Xiubao and Fang Donghui are parties acting in concert[139](index=139&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=39&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company's directors, supervisors, and senior management's shareholdings did not change during the reporting period - The company's directors, supervisors, and senior management's shareholdings did not change during the reporting period[141](index=141&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=39&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[142](index=142&type=chunk) - The company's actual controller did not change during the reporting period[142](index=142&type=chunk) [VI. Preferred Share Information](index=39&type=section&id=VI.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company reported no preferred shares during the reporting period[143](index=143&type=chunk) Part VII Bond-Rela

广东坚朗五金制品股份有限公司 2025 年半年度报告全文 广东坚朗五金制品股份有限公司 2025 年半年度报告 【2025 年 8 月】 广东坚朗五金制品股份有限公司 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。 公司负责人白宝鲲、主管会计工作负责人邹志敏及会计机构负责人(会计 主管人员)黄平声明：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。 本报告中所涉及未来的经营计划和经营目标，并不代表公司的盈利预测， 也不构成公司对投资者的实质承诺，能否实现取决于市场状况变化等多种因 素，存在不确定性，请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"公司面临的风险和应对 措施"部分，描述了未来经营中可能面临的风险以及公司发展战略及近期的 经营目标，敬请广大投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | | | 广东坚朗五金制品股份有限公司 2025 年半年度报告全文 ...

北京凯文德信教育科技股份有限公司 2025 年半年度报告全文 北京凯文德信教育科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京凯文德信教育科技股份有限公司 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。 公司负责人王腾、主管会计工作负责人裴蕾及会计机构负责人(会计主管 人员)裴蕾声明：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。 本报告所涉及的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当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。 公司已在本报告中详细叙述未来可能面临的主要风险和应对措施，详细内 容请查阅本报告"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"部分，请投资者注意投资风险。 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 | 2 | | --- ...

第一节 重要提示、目录和释义 1 厦门狄耐克智能科技股份有限公司 2025 年半年度报告全文 厦门狄耐克智能科技股份有限公司 2025 年半年度报告全文 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。 公司负责人缪国栋、主管会计工作负责人王跃先及会计机构负责人(会计 主管人员)黄健芳声明：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。 本报告中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当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。 公司在本报告中详细阐述了经营过程中可能发生的有关风险因素，主要 包括：下游房地产行业波动的风险、市场竞争加剧的风险、原材料价格波动 的风险、应收款项余额波动及坏账损失的风险、新增募投项目面临的风险， 具体内容请详见"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"。敬请广大投资者注意投资风险，理性投资。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

1 / 175 湖南华曙高科技股份有限公司2025 年半年度报告 重要提示 湖南华曙高科技股份有限公司2025 年半年度报告 一、 本公司董事会、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。 公司代码：688433 公司简称：华曙高科 二、 重大风险提示 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与 分析"中关于公司可能面临的各种风险及应对措施部分内容。 湖南华曙高科技股份有限公司 2025 年半年度报告 四、 本半年度报告未经审计。 五、 公司负责人侯培林、主管会计工作负责人钟青兰及会计机构负责人（会计主管人员）叶柳 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及公司未来发展方向等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者 注意投资风险。 九、 是否存在被控股股东及其他关联方 ...

深圳市易天自动化设备股份有限公司 2025 年半年度报告全文 深圳市易天自动化设备股份有限公司 2025 年半年度报告 2025-049 2025 年 8 月 1 深圳市易天自动化设备股份有限公司 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。 公司负责人高军鹏先生、主管会计工作负责人高军鹏先生及会计机构负 责人(会计主管人员)高军鹏先生声明：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。 本报告中如有涉及未来计划或规划等前瞻性陈述的，均不构成本公司对任 何投资者及相关人士的实质承诺，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。 公司在本半年度报告中详细阐述了未来可能存在的风险因素及对策，具体 内容详见本报告"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"，敬请投资者予以关注相关内容并注意投资风险。 公司计划不派发现金红利，不送红股，不以公 ...

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