Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The Board guarantees report accuracy, highlights key risks, and confirms no dividend distribution or capital reserve conversion. - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The report's forward-looking statements are based on current conditions, do not constitute substantive commitments, and caution investors about risks including raw material supply, rising plasma costs, product safety, and goodwill impairment[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the complete report directory, comprising nine main chapters covering company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data. - The report directory includes nine main chapters, ranging from the company profile to financial reports and other submitted data[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section lists reference documents including the full text of the 2025 semi-annual report, financial statements, original announcements, and all documents publicly disclosed on designated media and websites. - Reference documents include the full report signed by the legal representative, financial statements, original disclosure documents from designated media, and other materials[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms and company names used in the report, including regulatory bodies, exchanges, the company itself, major related parties (e.g., Haier Group, Grifols), and key product names. - The definitions section clarifies regulatory bodies, exchanges, company names, major related parties (e.g., Haier Group, Grifols), and product names mentioned in the report[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) Shanghai RAAS Blood Products Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code "002252", with Jun Xu as its legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shanghai RAAS | | Stock Code | 002252 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Jun Xu (徐俊) | [2. Contact Persons and Information](index=6&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Liu Zheng and Securities Affairs Representative is Qiu Hong, both sharing the same contact address, phone, fax, and email. Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Zheng | No. 2009 Wangyuan Road, Fengxian District, Shanghai | 021-22130888-217 | 021-37515869 | raas@raas-corp.com | | Securities Affairs Representative | Qiu Hong | No. 2009 Wangyuan Road, Fengxian District, Shanghai | 021-22130888-217 | 021-37515869 | raas@raas-corp.com | [3. Other Information](index=6&type=section&id=3.%20Other%20Information) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period. - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue decreased by 7.06% to **3.95 billion yuan**, and net profit attributable to shareholders fell by 17.00% to **1.03 billion yuan**, while operating cash flow significantly improved to **739 million yuan**. Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,952,191,668.60 | 4,252,338,864.23 | -7.06% | | Net Profit Attributable to Shareholders of Listed Company | 1,029,892,162.06 | 1,240,798,423.17 | -17.00% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 1,040,256,033.97 | 1,128,729,566.55 | -7.84% | | Net Cash Flow from Operating Activities | 739,253,135.43 | -47,549,432.62 | N/A | | Basic Earnings Per Share (RMB/share) | 0.155 | 0.187 | -17.11% | | Diluted Earnings Per Share (RMB/share) | 0.155 | 0.187 | -17.11% | | Weighted Average Return on Net Assets | 3.19% | 4.10% | Decrease of 0.91 percentage points | | **End of Current Period vs. End of Prior Year** | | | | | Total Assets | 38,135,693,552.05 | 33,631,225,254.06 | 13.39% | | Net Assets Attributable to Shareholders of Listed Company | 32,408,939,858.40 | 31,926,258,696.02 | 1.51% | [5. Accounting Data Differences Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Accounting%20Data%20Differences%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards. - The company has no accounting data differences under domestic and international accounting standards[20](index=20&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses amounted to **-10.36 million yuan**, primarily from non-current asset disposal, government grants, and other non-operating income/expenses. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions) | 48,613.79 | | Government grants recognized in current profit or loss (excluding those closely related to the company's ordinary activities, compliant with national policies, enjoyed according to fixed standards, and with a sustained impact on the company's profit or loss) | 2,764,083.85 | | Other non-operating income and expenses apart from the above | -14,848,742.71 | | Less: Income tax impact | -1,680,496.01 | | Impact on minority interests (after tax) | 8,322.85 | | **Total** | **-10,363,871.91** | Section III Management Discussion and Analysis [1. Main Business Activities During the Reporting Period](index=9&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company produces and sells blood products, distributes Grifols' imports, and advances innovative drug R&D, with coagulation factor sales and plasma collection growing. [(I) Company's Main Business](index=9&type=section&id=(I)%20Company's%20Main%20Business) The company's main business is the production and sale of blood products, including albumin, immunoglobulins, and coagulation factors, and it also exclusively distributes Grifols' imported albumin and blood screening products. - The company's main business is the production and sale of blood products, making it one of China's largest blood product manufacturers[24](index=24&type=chunk) - Key products include human albumin, intravenous human immunoglobulin, specific human immunoglobulin, and coagulation factor products[24](index=24&type=chunk) - The company exclusively distributes imported human albumin and blood screening related products from its related party, Grifols[24](index=24&type=chunk) [(II) Company's Main Products and Uses](index=9&type=section&id=(II)%20Company's%20Main%20Products%20and%20Uses) The company produces three major categories of blood products—albumin, immunoglobulin, and coagulation factors—totaling up to nine products, essential for medical emergencies and specific disease treatments. Product Categories and Quantities of the Company and its Subsidiaries | Product Category | Product Name | Shanghai RAAS | Zhengzhou RAAS | Tonglu Bio | Zhejiang Haikang | Guangxi RAAS | Nanyue Bio | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Albumin Products | Human Albumin | √ | √ | √ | √ | √ | √ | | Immunoglobulin Products | Human Immunoglobulin | | √ | √ | √ | √ | √ | | | Intravenous Human Immunoglobulin (pH4) | √ | √ | √ | √ | √ | √ | | | Lyophilized Intravenous Human Immunoglobulin (pH4) | | | √ | | | | | | Hepatitis B Human Immunoglobulin | | √ | √ | √ | | √ | | | Tetanus Human Immunoglobulin | | | √ | |

Core Viewpoint - The financial performance of China Resources Boya Biological Pharmaceutical Group Co., Ltd. (Boya Bio) reflects a challenging transition period, with revenue growth not translating into profit, highlighting the dual challenges of industry-wide centralized procurement and technological pressures [1][2][4]. Financial Performance - In the first half of 2025, Boya Bio reported revenue of 1.008 billion yuan, a year-on-year increase of 12.51%, while net profit attributable to shareholders fell to 225 million yuan, a decline of 28.68% [1][2]. - The gross profit margin decreased significantly by 14.02 percentage points to 53.01% compared to the same period last year [1][2]. - The decline in net profit was primarily due to inventory write-offs and depreciation expenses, which collectively impacted net profit by 52.26 million yuan [2]. Business Strategy - Boya Bio is focusing on expanding its core blood products business while divesting non-core assets, having sold stakes in Tianan Pharmaceutical, Fuda Pharmaceutical, and Boya Xinhao [1][7]. - The company aims to stabilize operations at its remaining subsidiary, Xinbai Pharmaceutical, and enhance asset and product efficiency [1]. Industry Challenges - The blood products industry is facing significant pressure from price declines due to centralized procurement initiatives, with some products experiencing price drops of approximately 12.59% [4][6]. - The first quarter of 2025 saw net profit declines exceeding 20% across major blood product companies, indicating a broader industry trend [4]. Growth Drivers - Boya Bio's revenue growth is attributed to the expansion of its plasma collection stations, which increased to 21 across seven provinces, contributing to a scale effect in plasma collection [2][4]. - The company reported a 10.4% increase in plasma collection volume in 2024, reaching 630.6 tons, although it still lags in the number of collection stations compared to industry peers [9][11]. Technological and Market Dynamics - The industry is undergoing profound changes due to tight plasma resources and the need for technological innovation, with traditional companies facing existential challenges [8][12]. - Boya Bio is investing in R&D, with a focus on enhancing the utilization of plasma components and has recently launched a new immunoglobulin product [12][13]. Future Outlook - The company is actively pursuing new plasma station approvals and aims to improve operational efficiency through technological upgrades and smart factory initiatives [11][13]. - The ongoing transformation in the blood products sector presents both challenges and opportunities, with successful adaptation likely to determine future competitive positioning [12][13].

Group 1 - The core point of the article is that Haier Group became the actual controller of Shanghai Laishi on July 30, 2024, and the company held its first board meeting on the same day to discuss the new compensation and assessment committee [2] - The new board's compensation plan will be developed by the compensation and assessment committee based on the annual performance and target responsibility completion of the executives [2]

Core Viewpoint - The demand for tetanus passive immunization agents in China is increasing due to rising injury cases from industrial accidents and traffic incidents, alongside a growing public awareness of health and preventive vaccinations [1][6][7]. Market Overview - The market size of China's tetanus passive immunization agents reached 3.23 billion yuan in 2022, with a year-on-year growth of 17.45% [1][7]. - However, the market is projected to decline to 2.66 billion yuan by 2024 due to a slowdown in real estate development and a decrease in the number of construction workers, who are the primary consumers of these immunization agents [1][7]. Industry Policies - The Chinese government has implemented various policies to support the development of the biological products industry, including tetanus passive immunization agents, creating a favorable environment for industry growth [4]. Industry Chain - The upstream of the tetanus passive immunization agents industry includes plasma, cell culture media, and other biological materials, while the midstream focuses on research and production, and the downstream involves medical institutions and consumers [4][5]. Competitive Landscape - The tetanus passive immunization agents market is divided into four segments, with Jiangxi Biological Products Research Institute holding a significant market share of 65.8% in the tetanus antitoxin sector [7][8]. - The market for tetanus human immunoglobulin is more competitive, with numerous companies including Shenzhen Weiguang Biological Products Co., Ltd. and Hualan Biological Engineering Co., Ltd. [8]. Development Trends - Future advancements in the tetanus passive immunization agents field are expected to include the application of monoclonal antibodies and recombinant DNA technology, leading to more efficient production methods and improved product safety [10][11]. - The increasing coverage of cold chain logistics and the promotion of hierarchical medical policies will enhance the role of grassroots medical institutions in tetanus prevention and treatment, unlocking further market potential [10][11].

Group 1 - The A-share market opened lower on August 26, with the innovative drug sector experiencing a slight pullback [1] - The Tianhong Innovative Drug ETF (517380) saw a minor decline of 0.12%, while component stocks like Rongchang Bio surged over 10% [1] - The Biopharmaceutical ETF (159859) fell by 0.45%, with a trading volume exceeding 25 million, making it the largest product in its category [1] Group 2 - The National Financial Regulatory Administration is developing guidelines to enhance health insurance service levels, focusing on supply-demand alignment and regulatory improvements [2] - The 2025 Asia-Pacific Biopharmaceutical Cooperation Summit is set to take place in Shanghai on August 28-29, highlighting the sector's growth [3] - Several leading companies in the innovative drug industry, such as Hengrui Medicine and WuXi Biologics, reported positive half-year earnings, indicating a strong market outlook [3] - The domestic innovative drug industry is expected to shift from capital-driven to profit-driven growth by 2025, supported by favorable fundamentals and policies [3]

Core Viewpoint - Shanghai Laishi Blood Products Co., Ltd. has received acceptance from the National Medical Products Administration for a clinical trial application for the new indication of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease [1][2]. Group 1: Clinical Trial Application Details - The drug name is SR604 injection, with a specification of 30mg (1mL) per bottle, and the acceptance number is CXSL2500733, received on August 22, 2025 [1]. - The application is for a clinical trial to be conducted domestically, classified as a Class 1 therapeutic biological product [1]. - The existing clinical trial indications include the prevention of bleeding episodes in patients with Hemophilia A/B and congenital factor VII deficiency [1]. Group 2: Drug Characteristics and Market Potential - SR604 injection is a humanized monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1]. - The new application targets the prevention of bleeding episodes in patients with von Willebrand disease, which is a hereditary bleeding disorder caused by abnormalities in von Willebrand factor [2]. - There are currently no products on the market targeting the same mechanism as SR604, nor have any antibody drugs been approved for the prevention of bleeding in von Willebrand disease [2]. Group 3: Future Development Plans - The company plans to conduct a Phase II dose-exploration trial with dosing regimens of 0.2mg/kg every 4 weeks and 0.4mg/kg every 4, 6, or 8 weeks [2]. - The new indication's clinical trial application will not affect the ongoing trials for the original indications [3].

Core Viewpoint - The article discusses the trend of listed companies in China's A-share market engaging in stock trading and financial investments, raising concerns about their focus on core business operations and the potential risks involved [2][11]. Group 1: Company Actions - Jiangsu Guotai, a listed company with a market value of 13.6 billion yuan, announced plans to use up to 12 billion yuan of idle funds for entrusted financial management and an additional 1.83 billion yuan for securities investment, totaling 13.8 billion yuan, which exceeds its market value at the time [5][7]. - The company terminated a 1.538 billion yuan project for lithium-ion battery electrolyte production on the same day it announced its investment plans, leading to criticism regarding its priorities [6][7]. - Jiangsu Guotai has previously engaged in significant financial investments since 2022, resulting in losses exceeding 70 million yuan, which negatively impacted its operational cash flow and R&D spending [7]. Group 2: Industry Trends - At least 57 A-share listed companies planned to use idle funds for stock trading in 2025, with some companies investing over 1 billion yuan, despite five of them being in a loss-making state [8]. - Some companies, like Lio Co., have successfully profited from investments, turning a 500 million yuan investment in Li Auto into over 1 billion yuan in cash, while others, like Meitu, made significant profits from cryptocurrency investments [8]. - However, there are cases where companies faced negative consequences from heavy stock trading, such as Jinhua Co. needing to borrow funds due to a shortfall caused by stock trading activities [9]. Group 3: Market Risks and Regulations - The article highlights that while stock trading by listed companies is not illegal, it must comply with regulations regarding funding sources, decision-making processes, and information disclosure to ensure that it does not adversely affect core business operations [11]. - Companies that focus excessively on stock trading may neglect their main business, leading to potential long-term risks and reduced investment in R&D and capacity expansion [11].

Group 1: Company Announcements - Yangguang Power plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - Chip Origin has set the initial inquiry transfer price at 105.21 yuan per share, representing a 33.4% discount from the closing price [2] - Sairun Bio's rabies serum product has been listed for sale on drug procurement platforms in several provinces, making it the only company selling this product [3] - Kede Education clarifies that it does not have a controlling relationship with Zhonghao Xinying, holding only 5.53% of its shares [4] - Huida Technology's president is under investigation for insider trading, but this will not affect the company's operations [5] Group 2: Financial Performance - Yangguang Power reported a net profit of 7.735 billion yuan for the first half of 2025, a year-on-year increase of 55.97% [1] - Changcheng Military Industry reported a net loss of 27.4 million yuan for the first half of 2025, but this represents a reduction in losses compared to the previous year [6] - Shanghai Laishi's SR604 injection has received approval for clinical trials for a new indication, with no competing products currently available globally [7] - Baijie Shenzhou has signed an agreement with Royalty Pharma for an upfront payment of 885 million USD for licensing rights outside China [8] - Tuo Wei Information reported a net profit of 78.81 million yuan for the first half of 2025, a significant increase of 2262.83% [12] - Baogang Co. achieved a net profit of 151 million yuan in the first half of 2025, a year-on-year increase of 39.99% [13] - Nairui Radar reported a net profit of 56.95 million yuan for the first half of 2025, an increase of 866.97% [14] - Taotao Vehicle reported a net profit of 342 million yuan for the first half of 2025, an increase of 88.04% [16] - Jiusiyuan reported a net profit of 2.229 billion yuan for the first half of 2025, a decrease of 9.46% [17] - Shutaishen reported a net loss of 24.64 million yuan for the first half of 2025, with revenue declining by 31.14% [18]

Group 1 - The blood products industry has a promising development outlook according to the company [1] - The company is implementing strategies focused on plasma collection and processing as part of its operational activities [1] - The specific performance details will be disclosed in the company's semi-annual report for the first half of 2025 [1]

Group 1 - The company Shanghai Laishi (002252) reported that as of August 20, 2025, the total number of shareholders is 103,944 [1]