Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 15%[6]. - The net profit attributable to shareholders was RMB 300 million, an increase of 20% compared to the previous year[6]. - The total operating revenue for 2021 was ¥2,650,528,421.87, representing a 5.47% increase compared to 2020[28]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was ¥293,492,852.21, an 18.00% increase from the previous year[28]. - The net cash flow from operating activities reached ¥1,345,377,085.21, showing an 87.23% increase year-on-year[28]. - The company reported quarterly revenues of ¥624,118,627.05, ¥670,715,460.47, ¥716,663,666.72, and ¥639,030,667.63 for Q1 to Q4 respectively[35]. - The net profit attributable to shareholders for Q3 was ¥125,743,618.59, while Q4 saw a decline to ¥21,070,085.21[35]. - The company achieved total revenue of ¥2,650,528,421.87, a year-on-year increase of 5.47%[78]. - Operating profit reached ¥443,056,519.61, reflecting a growth of 33.67% compared to the previous year[78]. - Net profit attributable to shareholders was ¥344,528,999.52, marking a 32.48% increase year-on-year[78]. Market Expansion and Product Development - The company plans to distribute a cash dividend of RMB 1.5 per 10 shares, totaling approximately RMB 75 million[6]. - User data indicates a 25% increase in the number of plasma donors, reaching 500,000 donors by the end of 2021[6]. - The company is expanding its market presence with the establishment of three new plasma collection stations in 2022[6]. - The company aims to launch two new products in the next fiscal year, targeting a market share increase of 10%[6]. - The company plans to launch new products, including the VIII factor in 2022, enhancing its product line[53]. - The company aims to integrate resources in the blood products industry under the control of its major shareholder, China Resources Pharmaceutical[47]. - The company is committed to ensuring a stable supply of raw plasma while improving production quality and process control[60]. - The company aims to become a leading player in the blood products industry, targeting over 30 plasma collection stations and an annual plasma collection of over 1,800 tons during the 14th Five-Year Plan period[171]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on new product innovations[6]. - The company has a strong R&D capability, continuously increasing investment in research and development, focusing on immunoglobulin and factor products[94]. - The number of R&D personnel increased by 5.39% to 215, with 13.01% of the workforce dedicated to R&D[127]. - The company emphasizes innovation in its R&D model, combining independent and collaborative research efforts[71]. - The company plans to enhance its plasma station management capabilities and improve operational efficiency through cost control and the establishment of benchmark stations[172]. - The company intends to strengthen its innovation and R&D capabilities, with a focus on increasing R&D investment and improving project management for new product approvals[172]. Financial Management and Investments - The company raised a total of RMB 2,456,539,997.75 through a private placement of 78,308,575 shares at RMB 31.37 per share, with a net amount of RMB 2,399,757,417.40 after deducting issuance costs[149]. - The company reported a significant increase in cash and cash equivalents, reaching ¥1,583,695,335.14, which represents 20.78% of total assets, up from 14.59% at the beginning of the year, an increase of 6.19%[137]. - The company experienced a substantial increase in investment activities, with total investments amounting to ¥4,080,078,185.47, a 520.87% increase compared to the previous year[145]. - The company has committed to using raised funds strictly according to the management system, ensuring funds are used for investment projects[149]. - The company has established a strict production management system to ensure compliance with GMP standards in its manufacturing processes[74]. Competitive Position and Industry Outlook - The blood products market in China is expected to grow from over ¥400 billion in 2021 to around ¥1 trillion by the end of the 14th Five-Year Plan[52]. - The company is a leading producer of blood products in China, offering 22 specifications across 8 product types, including human albumin and immunoglobulin[59]. - The company has established a strong competitive advantage in the biochemical drug sector, with 40 product types and 63 specifications across various medical fields[55]. - The company has a strong technical foundation and has continuously developed new products, maintaining a competitive edge in the industry[53]. - The company is focused on building a comprehensive cost capability for its specialty products while collaborating with leading CROs to develop competitive formulation products[181]. Governance and Compliance - The company held a shareholders' meeting in accordance with relevant laws and regulations, ensuring equal rights for all shareholders, especially minority shareholders[200]. - The latest updates to the company's governance documents include the President's Work Guidelines and the Articles of Association, disclosed on January 28, 2022, and January 13, 2022, respectively[198]. - The company has revised its internal regulations to enhance compliance and risk management, ensuring the protection of shareholder rights[198]. - The company is committed to strict compliance with safety and quality management regulations, aiming to prevent EHS and quality incidents[173].

Financial Performance - The company's operating revenue for Q3 2021 was ¥716,663,666.72, representing a 12.74% increase compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2021 was ¥125,743,618.59, a significant increase of 100.36% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥124,478,318.81, reflecting a 95.32% increase compared to the previous year[3]. - The basic earnings per share for Q3 2021 was ¥0.30, doubling from ¥0.15 in the same period last year[6]. - The net cash flow from operating activities for the period was ¥1,173,508,351.28, an increase of 143.65% year-on-year[6]. - Total operating revenue for the period reached ¥2,011,497,754.24, an increase from ¥1,857,199,835.38 in the previous period, representing a growth of approximately 8.1%[37]. - The net profit for the current period is CNY 332,803,307.30, an increase from CNY 235,535,446.41 in the previous period, representing a growth of approximately 41.3%[40]. - The total comprehensive income for the current period is CNY 349,903,789.47, compared to CNY 235,535,446.41 in the previous period[40]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,423,625,188.78, up 5.14% from the end of the previous year[6]. - The company's equity attributable to shareholders was ¥4,435,636,850.72, showing a growth of 7.98% compared to the previous year[5]. - Total liabilities decreased to ¥901,590,407.17 from ¥966,078,096.11, showing a reduction of approximately 6.7%[36]. - The company's equity attributable to shareholders was CNY 4,107,903,650.55, indicating a strong equity position[58]. Cash Flow and Investments - Cash and cash equivalents increased by 43.67% to ¥1,083,129,984.54, primarily due to the receipt of equity transfer payments from Luoyisheng Biotechnology and the recovery of advance payments from Danxia Biotechnology[13]. - The company reported a net cash outflow from investing activities of CNY -788,695,949.14, worsening from CNY -279,228,918.97 in the previous period[48]. - The company’s cash paid for investment activities increased by 198.68% to ¥1,311,960,000.00, primarily due to increased purchases of financial products[16]. Shareholder Information - The company’s total number of ordinary shareholders at the end of the reporting period was 25,182, with the largest shareholder, China Resources Pharmaceutical Group, holding 16.00% of shares[17]. - The largest shareholder, China Resources Pharmaceutical Holdings Co., Ltd., holds 69,331,978 shares, representing 29.17% of the total share capital after the transfer of shares from Gaotejia Group[23]. - The company’s total share capital after the recent transactions stands at 126,381,618 shares[23]. Strategic Initiatives - The company is actively expanding its market presence through strategic acquisitions and partnerships, enhancing its competitive position in the biopharmaceutical sector[20]. - The company has signed a framework agreement to transfer 75% equity in Guangdong Fuda Pharmaceutical Co., Ltd. to its major shareholder, China Resources Pharmaceutical, with the price to be determined based on an evaluation report[25]. - The company plans to transfer 11.68% equity in Luoyi (Wuxi) Biopharmaceutical Co., Ltd. for a total price of RMB 192.72 million, with 10% being sold to Chengdu Pruibang for RMB 165 million[24]. Financial Reporting and Compliance - The company corrected accounting errors affecting previously reported revenues and costs, but this did not impact total assets or net profits[8]. - The company has implemented new leasing standards effective from January 1, 2021, impacting financial reporting[59]. - The third quarter report for 2021 was not audited, which may affect the reliability of the financial data presented[59]. Operational Efficiency - The company reported a significant increase in cash flow, reflecting improved operational efficiency and financial health[29]. - The company is focusing on enhancing management efficiency through the delegation of operational management to its major shareholder's subsidiary[25]. - Financial expenses decreased by 128.84% to -¥2,593,045.47, attributed to reduced loans and interest expenses[16].

Financial Performance - The company reported a significant increase in revenue for the first half of 2021, with total revenue reaching RMB 500 million, representing a 20% year-over-year growth[25]. - The company's operating revenue for the reporting period was ¥1,294,834,087.52, a decrease of 6.00% compared to the previous year's adjusted revenue of ¥1,221,522,418.99[35]. - Net profit attributable to shareholders was ¥197,715,295.72, representing an increase of 22.72% from the previous year's net profit of ¥161,112,708.06[35]. - The net cash flow from operating activities reached ¥996,439,906.80, showing a significant increase of 312.97% compared to the previous year's cash flow of ¥241,287,085.73[35]. - Basic earnings per share rose to ¥0.46, up 21.05% from ¥0.38 in the same period last year[35]. - The company achieved total operating revenue of ¥1,294,834,087.52, a year-on-year increase of 6.00%[72]. - The operating profit reached ¥243,429,511.13, reflecting a growth of 21.71% compared to the previous year[72]. - The blood products business generated total revenue of ¥592,149,251.96, a year-on-year growth of 26.39%, accounting for 45.73% of total revenue[72]. - The net profit from the blood products business was ¥161,400,559.30, up 50.51% year-on-year, representing 81.63% of the net profit attributable to shareholders[72]. Research and Development - The company plans to invest RMB 100 million in research and development for innovative blood products in the next fiscal year[25]. - The company is focused on enhancing its R&D capabilities through partnerships with universities and research institutions, aiming for innovation in product development[62]. - The company is committed to enhancing R&D investment to accelerate the development of coagulation factor products and increase its product variety[153]. - Research and development investment increased by 45.62% to ¥61,184,670.92 from ¥42,015,753.49, indicating a significant focus on innovation[102]. - The company is advancing its R&D pipeline, with key products including human coagulation factor VIII and high-concentration (10%) intravenous immunoglobulin, with clinical trial applications approved[78]. Market Expansion and Strategy - The company has set a target to expand its production capacity by 30% over the next two years to meet increasing market demand[25]. - Market expansion efforts include entering two new provinces, which are projected to increase revenue by an additional RMB 50 million annually[25]. - The company is exploring strategic acquisitions to enhance its product portfolio, with a focus on companies that specialize in rare blood disorders[25]. - The company aims to expand its market presence through new product development and strategic acquisitions in the biopharmaceutical sector[96]. - The company plans to continue integrating industry resources and expanding rapidly to achieve its strategic goals[95]. Quality Management - The management highlighted the importance of maintaining high-quality standards, with a commitment to reducing product quality issues by 25% through improved quality control measures[25]. - The company has established a comprehensive quality management system to control product quality risks, which are critical for maintaining brand reputation[154]. - The company has a strong commitment to quality management, having been one of the first to pass the new GMP certification in China, ensuring high product safety and quality[93]. Production and Supply Chain - The company operates 13 plasma collection stations, all licensed by provincial health authorities, ensuring a stable supply of raw plasma[63]. - The company collected approximately 192 tons of raw plasma in the first half of 2021, a 25.68% increase compared to the same period last year[76]. - The company is facing a risk of insufficient raw material supply for blood products due to tight industry supply, and plans to expand plasma collection stations to mitigate this risk[149]. - The company has the qualification to establish new plasma collection stations and aims to increase the number of stations quickly, despite facing regulatory uncertainties[150]. Environmental Compliance - The company reported a total of 1.8764 tons of COD emissions, which is below the regulatory limit of 3.6286 tons[166]. - The company also reported 0.0731 tons of ammonia nitrogen emissions, well within the limit of 0.3299 tons[166]. - The company has implemented measures to ensure compliance with pollution discharge standards, with no exceedances reported[166]. - The company has established self-monitoring plans that include both automatic and manual monitoring methods to ensure compliance with environmental standards[184]. - The company has received environmental impact assessment approvals for various construction projects, including a 300-ton chemical raw material drug expansion project[182]. Corporate Governance and Shareholder Relations - The company has established a sound corporate governance structure and continuously improves the quality of information disclosure to protect shareholders' rights[198]. - The company held its first extraordinary general meeting of shareholders in 2021 with a participation rate of 42.71% on February 3, 2021[158]. - The company held its annual general meeting on May 17, 2021, with a participation rate of 42.36%[158]. - The company has undergone a board restructuring, with several new appointments made on February 4, 2021[162]. Employee Welfare and Community Engagement - The company emphasizes employee welfare, providing regular health checks and improving the working environment[199]. - The company maintains good relationships with suppliers and customers, adhering to principles of equality, mutual benefit, and win-win cooperation[200].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2018, representing a year-on-year increase of 15%[36] - The net profit attributable to shareholders was RMB 200 million, with a profit margin of 16.67%[36] - The company's operating revenue for 2018 was approximately ¥2.39 billion, representing a 71.72% increase compared to ¥1.39 billion in 2017[42] - The net profit attributable to shareholders for 2018 was approximately ¥469.17 million, an increase of 31.57% from ¥356.59 million in 2017[42] - The net cash flow from operating activities improved significantly to approximately ¥34.90 million, a 246.55% increase from a negative cash flow of ¥23.82 million in 2017[42] - The basic earnings per share for 2018 was ¥1.11, up 24.72% from ¥0.89 in 2017[45] - The total assets as of the end of 2018 reached approximately ¥5.07 billion, a 38.25% increase from ¥3.67 billion at the end of 2017[45] - The net assets attributable to shareholders increased by 52.72% to approximately ¥3.70 billion from ¥2.43 billion in 2017[45] - The company reported a diluted earnings per share of ¥1.11 for 2018, reflecting a 24.72% increase from ¥0.89 in 2017[45] - The company received government subsidies amounting to approximately ¥15.68 million in 2018, compared to ¥12.49 million in 2017[53] Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 64.99 million based on the total share capital at the end of 2018[13] - The company has repurchased 7,026,300 shares, reducing the total share capital to 426,298,563 shares[13] - The company plans to continue its share repurchase program based on actual conditions, primarily for employee stock ownership plans or equity incentive plans[108] Market and Product Development - The company is focused on expanding its market presence and developing new products, although the approval process for new products can be lengthy and uncertain[9] - The company acknowledges the risk of not obtaining necessary product registration certificates, which could delay new product launches[9] - The company aims to establish itself as a "world-class blood product enterprise" and a benchmark in the pharmaceutical industry, focusing on high-quality medical products and services[72] - The company has expanded its product offerings to include diabetes medications, orthopedic drugs, and high-end anti-infection drugs, leveraging its competitive advantages in related fields[72] - The company has improved its marketing capabilities, resulting in an effective increase in market share for its main products[71] - The company operates in the blood product industry, with major products including albumin, immunoglobulin, and coagulation factors[62] - The company is one of the few in China with a complete range of blood products, including the most comprehensive specifications for albumin and intravenous immunoglobulin[63] - The company has a strong presence in the diabetes medication market through its subsidiary Tianan Pharmaceutical, which produces multiple diabetes products[66] - The company is a key distributor of blood products in Guangdong Province, a major market for blood products in China[68] Risks and Challenges - The company has identified risks related to the tight supply of raw materials, which could impact production capacity in the blood products sector[7] - The company is undergoing a goodwill impairment test due to acquisitions, which could negatively affect its financial performance if the acquired companies underperform[11] - The company is one of the few with the qualification to establish new plasma collection stations, but faces significant uncertainties due to national policies[8] - The company emphasizes the importance of product quality control, as any issues could lead to production halts and regulatory scrutiny[10] Research and Development - The company is actively advancing the research and development of blood products, including coagulation factor projects and immunoglobulin products[95] - The company has established a unique collaboration with Wytold Richard Lebing for blood product R&D, focusing on strategic planning and process optimization[98] - The company has successfully completed the consistency evaluation for Metformin Hydrochloride tablets (0.25g) and is progressing with other generic drug evaluations[99] - The company has withdrawn the registration application for Human Coagulation Factor VIII to improve clinical trial data before resubmission[97] - The company has established a new R&D center in Beijing to enhance its capabilities in developing specific immunoglobulin products and other blood products[186] Investments and Acquisitions - The company plans to raise up to ¥1 billion through a private placement of shares to fund the construction of a "thousand-ton blood product intelligent factory" project[104] - The company has completed the acquisition of a 27.77% stake in Wang Minyu Tian'an Pharmaceutical for RMB 14,757.63 million, with a cumulative investment of RMB 14,757.63 million[181] - The company has acquired 82% of Guangdong Fuda Pharmaceutical Co., Ltd. in November 2017, increasing its stake to 75% after a capital increase in January 2018[135] - The company purchased minority interests in several plasma stations for a total of 60 million yuan, resulting in 100% ownership of those stations[136] - The company increased its stake in Tianan Pharmaceutical to 89.6810% by acquiring an additional 6.325% for 34.815060 million yuan[137] Operational Efficiency - The company has optimized production processes to enhance production efficiency while ensuring product quality[71] - The sales volume of blood products increased by 33.21% to 2,458,766 bottles compared to the previous year[127] - The production volume of blood products rose by 30.24% to 2,624,581 bottles year-on-year[127] - The revenue from direct materials in the blood products business was 222,673,317.61 yuan, accounting for 83.82% of the total operating costs[132] Regulatory Environment - The blood products industry is experiencing increased regulatory scrutiny and consolidation, with global market share dominated by top companies like CSL and Grifols, which account for over 80%[199] - China's blood products industry has seen a reduction in operational companies to fewer than 30, with a trend towards increased concentration[200]

Financial Performance - The company's operating revenue for 2020 was ¥2,513,038,687.41, a decrease of 8.98% compared to ¥2,760,925,046.07 in 2019[32]. - The net profit attributable to shareholders for 2020 was ¥260,060,146.52, down 38.97% from ¥426,146,775.92 in 2019[32]. - The net profit after deducting non-recurring gains and losses was ¥248,721,937.76, a decrease of 39.16% compared to ¥408,795,458.34 in 2019[32]. - The basic earnings per share for 2020 was ¥0.61, down 39.00% from ¥1.00 in 2019[32]. - The total assets as of the end of 2020 were ¥5,158,535,284.56, a decrease of 1.87% from ¥5,256,690,601.18 at the end of 2019[32]. - The net assets attributable to shareholders increased by 5.01% to ¥4,107,903,650.55 from ¥3,911,734,528.48 at the end of 2019[32]. - The company reported a significant increase in net cash flow from operating activities, amounting to ¥718,583,048.24, compared to a negative cash flow of ¥114,512,591.73 in 2019[32]. - The company experienced a decline in the weighted average return on equity, which was 6.49% in 2020, down 4.89 percentage points from 11.38% in 2019[32]. - The total revenue for the year was approximately ¥2.51 billion, a decrease of 8.98% compared to the previous year[60]. - The net profit attributable to shareholders was approximately ¥260 million, down 38.97% year-on-year[60]. Market Position and Product Development - The company is focused on expanding its market presence and developing new products in the blood products sector[12]. - The company has a strong market position in blood products, which are considered strategic resources in China[47]. - The company’s main products include human albumin, immunoglobulin, and coagulation factors, with a total of 22 specifications[47]. - The company’s diabetes medication segment includes multiple products such as Glimepiride tablets and Metformin enteric-coated tablets, targeting Type 2 diabetes patients[52]. - The company has established a comprehensive product line in the diabetes medication market, covering four major categories of oral medications[52]. - The company aims to become a world-class blood product enterprise and a benchmark in the pharmaceutical industry[61]. - The company plans to accelerate the market development of new products such as PCC (Prothrombin Complex Concentrate) while enhancing academic and brand building in the blood products sector[193]. Risks and Challenges - The company faces a significant risk of raw material supply shortages due to the tight supply of healthy human plasma, which directly impacts production capacity[7]. - The company has a risk of not obtaining product registration certificates for new products, which could delay their market launch[9]. - The company acknowledges the risks associated with future plans and projections, urging investors to maintain awareness of potential uncertainties[6]. - The company recognizes the risk of delays in obtaining product registration certificates for new products, which could impact the launch of new offerings[197]. - There is a risk of goodwill impairment due to the acquisition of Tianan Pharmaceutical, Xinbai Pharmaceutical, and Fuda Pharmaceutical, which could negatively impact the company's financial performance if their future operations deteriorate[198]. Operational Efficiency and Management - The company emphasizes the importance of product quality control, as any issues could lead to production halts and reputational damage[10]. - The company has established a comprehensive quality management system to mitigate product quality risks, ensuring compliance with legal regulations and continuous improvement[198]. - The company has a stable management team with extensive experience in the blood product industry, enhancing its operational efficiency[72]. - The company signed a management framework agreement to oversee the daily operations of its subsidiary, ensuring better management of production and operations[97]. Investments and Acquisitions - The company has completed the acquisition of a 32% stake in Haikang Bio for RMB 3,594.45 million, achieving 100% of the planned investment[160]. - The company has invested RMB 2,872.83 million in the production of blood products, achieving only 2.90% of the planned investment[157]. - The company has committed RMB 24,261.37 million to supplement working capital, achieving 100% of the planned investment[157]. - The company has established a new subsidiary, Tunchang Boya Plasma Co., Ltd., with a registered capital of ¥10 million, of which the company subscribed ¥8 million, holding an 80% stake[116]. Plasma Collection and Supply - The company achieved a plasma collection volume of approximately 378 tons in 2020, representing a year-on-year growth of 1.61%, while the overall industry saw a decline of about 9%[47]. - The company operates 13 plasma collection stations, having recently received approval for a new station in Tunchang[47]. - The company plans to enhance raw plasma supply capabilities by optimizing existing collection stations and actively applying for new ones, with a focus on lean management to stabilize product yield and quality[193]. - The company is committed to increasing the number of plasma collection stations through acquisitions to ensure a stable supply of raw plasma[194]. Research and Development - The company has developed a biochemical drug research center and production base, focusing on peptide drugs and other therapeutic areas[53]. - The number of R&D personnel increased to 204, representing 12.61% of the total workforce[121]. - Research and development expenses amounted to ¥126,112,303.02, which is 5.02% of the operating revenue[121]. Regulatory and Compliance - The company is awaiting regulatory approvals for the share issuance to China Resources Pharmaceutical Group, which involves certain uncertainties[95]. - The company does not classify any non-recurring gains and losses as recurring, adhering to the relevant disclosure guidelines[42].

Financial Performance - The company's operating revenue for 2019 was ¥2,760,925,046.07, representing a 15.64% increase from ¥2,387,519,494.86 in 2018[27]. - The net profit attributable to shareholders for 2019 was ¥426,146,775.92, a decrease of 9.17% compared to ¥469,174,808.30 in 2018[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥408,795,458.34, down 7.87% from ¥443,721,904.02 in 2018[27]. - The company's total assets as of December 31, 2019, were ¥5,256,690,601.18, reflecting a 3.62% increase from ¥5,073,150,178.05 at the end of 2018[27]. - The basic earnings per share for 2019 was ¥1.00, a decrease of 9.91% from ¥1.11 in 2018[27]. - The weighted average return on equity for 2019 was 11.38%, down 3.06 percentage points from 14.44% in 2018[27]. - The net cash flow from operating activities for 2019 was -¥114,512,591.73, a significant decline of 428.09% compared to ¥34,902,726.47 in 2018[27]. - The total non-recurring gains and losses for 2019 amounted to ¥17,351,317.58, compared to ¥25,452,904.28 in 2018[34]. - The company achieved total operating revenue of ¥2,760,925,046.07, a year-on-year increase of 15.64%[68]. - The company's net profit attributable to shareholders was ¥426,146,775.92, a decrease of 9.17% compared to the previous year[68]. Dividend Distribution - The company reported a cash dividend of 1.50 RMB per 10 shares, totaling 63,891,024.45 RMB distributed to shareholders[7]. - The cash dividend for 2018 was 64,998,729.45 yuan, accounting for 13.85% of the net profit attributable to ordinary shareholders[195]. - The company did not issue any bonus shares or increase capital from reserves during the 2019 profit distribution[190]. - The total cash dividend for 2019, including other methods, was 217,964,190.91 yuan, which is 51.15% of the net profit attributable to ordinary shareholders[195]. Business Operations and Strategy - The company aims to establish itself as a "world-class blood product enterprise" and a benchmark in the pharmaceutical industry, focusing on high-quality medical products and services[55]. - The company is actively expanding its diabetes medication business, with products like Glimepiride tablets and Metformin enteric-coated tablets among its offerings[49]. - The company is focusing on the development of high-end anti-infection drugs and expanding its product offerings in orthopedics and gastrointestinal areas[55]. - The company is committed to optimizing production processes to improve efficiency while ensuring product quality[54]. - The company is continuously advancing various projects to lay a solid foundation for future growth and development[54]. - The company aims to strengthen its blood product business by focusing on professional, large-scale, and international development strategies[173]. - The company plans to actively apply for the establishment of new plasma collection stations, leveraging its qualification as one of the few enterprises eligible for new station setups[179]. Market and Competitive Landscape - The blood products industry is experiencing consolidation, with the number of global blood product companies decreasing from 102 to less than 20, indicating a high market concentration[166]. - The pharmaceutical industry, which the company is expanding into, is supported by national policies and is expected to maintain high growth rates, although competition is intensifying[180]. Risks and Challenges - The company faces a significant risk of raw material supply shortages due to increased regulatory scrutiny and tight supply of human plasma, which directly impacts production capacity[5]. - The company has a risk of goodwill impairment due to the acquisition of Tianan Pharmaceutical, Xinbai Pharmaceutical, and Fuda Pharmaceutical, which could negatively affect financial performance if their operations deteriorate[6]. - The company faces risks related to raw material supply, as the availability of healthy human plasma is currently tight due to regulatory constraints[176]. - To mitigate supply risks, the company will enhance existing plasma collection capabilities and actively seek to establish new collection stations[178]. Research and Development - The company has established a new R&D center in Beijing to enhance its capabilities in developing specific immunoglobulin products and other blood products[158]. - The company will increase R&D investment and enhance collaboration with research institutions and enterprises to improve innovation capabilities and diversify its product line[174]. - The company’s R&D expenses increased significantly, impacting net profit due to enhanced product line development and marketing investments[68]. - The number of R&D personnel increased to 196 in 2019, representing 12.17% of the total workforce[110]. Financial Management and Investments - The company reported a significant increase in prepaid expenses by 157.89%, mainly due to advance payments for raw plasma[56]. - Short-term borrowings increased by 170.35%, primarily due to an increase in short-term bank loans[56]. - The company applied for a total of RMB 400 million in merger loans and other medium to long-term loans, primarily for the acquisition of Guangdong Fuda Pharmaceutical Co., Ltd. and other projects[132]. - The company has pledged all its shares in Guangdong Fuda Pharmaceutical to secure a loan of RMB 130 million from the Industrial and Commercial Bank of China[132]. - The company plans to use up to RMB 90 million of idle raised funds to temporarily supplement working capital, with a repayment period not exceeding 12 months[156]. Shareholder and Management Commitments - The controlling shareholder, Shenzhen Gaotejia Investment Group, committed to not transferring or entrusting the management of shares for 60 months post-IPO[196]. - Other shareholders, including Jiangxi Xinxing Biotechnology Development Co., pledged not to transfer or manage their shares for 36 months post-IPO[196]. - The controlling shareholder agreed to compensate Boya for any losses incurred due to non-fulfillment of commitments[200].

Financial Performance - The company's operating revenue for Q1 2021 was ¥624,118,627.05, representing a 2.38% increase compared to ¥609,594,359.83 in the same period last year[8]. - Net profit attributable to shareholders for Q1 2021 was ¥100,736,164.66, up 5.04% from ¥95,900,464.56 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥98,876,255.69, reflecting a 12.38% increase from ¥87,981,685.60 in the previous year[8]. - Basic and diluted earnings per share for Q1 2021 were both ¥0.24, a 4.35% increase from ¥0.23 in the previous year[8]. - Operating profit reached ¥122,974,479.86, reflecting a growth of 5.96% compared to the same period last year[28]. - The blood products business generated total operating revenue of ¥283,471,117.56, a year-on-year increase of 17.10%[28]. - The net profit from the blood products business was ¥84,430,633.20, representing a growth of 43.19% year-over-year[28]. - Net profit for the current period was ¥103,957,040.08, compared to ¥99,887,304.66 in the previous period, reflecting a growth of approximately 2.1%[79]. - Total operating revenue for the current period reached ¥624,118,627.05, an increase from ¥609,594,359.83 in the previous period[74]. Cash Flow and Assets - The net cash flow from operating activities increased significantly by 127.42%, reaching ¥159,306,575.70 compared to ¥70,048,130.64 in the same quarter last year[8]. - As of March 31, 2021, the company's cash and cash equivalents amounted to 668,822,235.13 RMB, a decrease from 753,894,253.78 RMB at the end of 2020[56]. - The total current assets decreased to 2,760,475,116.63 RMB from 2,927,663,474.49 RMB at the end of 2020[56]. - The company's total liabilities decreased from ¥966,078,096.11 to ¥708,746,713.24, a decrease of about 26.5%[62]. - Total assets at the end of the reporting period were ¥5,005,101,156.91, down 2.97% from ¥5,158,535,284.56 at the end of the previous year[8]. - Cash and cash equivalents decreased from ¥645,846,795.60 to ¥386,343,704.73, a drop of about 40%[66]. - The ending cash and cash equivalents balance decreased to 386,343,704.73 CNY from 457,940,294.04 CNY, a decline of 15.5%[97]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,886[11]. - The largest shareholder, Shenzhen Gaotejia Investment Group Co., Ltd., held 29.17% of the shares, amounting to 126,381,618 shares[12]. - Net assets attributable to shareholders increased by 2.45% to ¥4,208,580,030.35 from ¥4,107,903,650.55 at the end of the previous year[8]. Regulatory and Management Changes - The company has undergone a change in its board of directors and management team, with new appointments made on February 4, 2021[37]. - The company is subject to regulatory measures due to previous financial misconduct, and corrective actions have been taken[34]. - The company received a notice from the Shenzhen Stock Exchange regarding the suspension of the review for the issuance of A-shares to specific targets[33]. - The company is awaiting approval from relevant authorities for the issuance of shares related to the change in controlling shareholder[33]. Research and Development - R&D expenses decreased by 54.86% to ¥8,165,544.65 compared to the previous year[25]. - Research and development expenses decreased significantly to ¥2,611,824.06, down 76.3% from ¥11,043,867.32 in the prior period[83]. Financial Management - The company has fully recovered the funds related to the procurement of raw plasma, resolving previous financial occupation issues[33]. - The company has utilized 90,000.00 million RMB of idle raised funds to temporarily supplement working capital, which has been fully returned to the designated account[47]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[51]. - The company has not reported any violations regarding external guarantees during the reporting period[48]. Investment and Procurement - The top five suppliers accounted for 51.41% of the total annual procurement amount, with the largest supplier contributing CNY 79.476 million, representing 40.35%[32]. - The top five customers contributed 10.84% of the total annual sales, with the largest customer accounting for CNY 17.435 million, or 2.79%[32].

Financial Performance - The company's operating revenue for 2020 was ¥2,683,754,348.35, a decrease of 7.74% compared to ¥2,908,769,255.35 in 2019[32]. - The net profit attributable to shareholders for 2020 was ¥260,060,146.52, down 38.97% from ¥426,146,775.92 in 2019[32]. - The net cash flow from operating activities was negative ¥114,512,591.73, a significant increase of 727.51% compared to ¥718,583,048.24 in 2019[32]. - Basic and diluted earnings per share for 2020 were both ¥0.61, a decrease of 39.00% from ¥1.00 in 2019[32]. - The total assets as of the end of 2020 were ¥5,158,535,284.56, a decrease of 1.87% from ¥5,256,690,601.18 at the end of 2019[32]. - The net assets attributable to shareholders increased by 5.01% to ¥4,107,903,650.55 at the end of 2020 from ¥3,911,734,528.48 at the end of 2019[32]. - The company reported a weighted average return on equity of 6.49% for 2020, down 4.89 percentage points from 11.38% in 2019[32]. - The company experienced a decrease in non-recurring gains and losses, with a net loss from non-current asset disposal of ¥1,583,713.27 in 2020[39]. - The company received government subsidies amounting to ¥26,793,559.02 in 2020, an increase from ¥18,512,505.42 in 2019[39]. - The total revenue for the year was approximately ¥2.68 billion, a decrease of 7.74% compared to the previous year[60]. - The net profit attributable to shareholders was approximately ¥260 million, down 38.97% year-on-year[60]. Market Position and Strategy - The company is actively expanding its market presence and product offerings in the blood products sector[12]. - The company is exploring strategic mergers and acquisitions to strengthen its market position and expand its product portfolio[12]. - The company aims to become a world-class blood product enterprise and a benchmark in the pharmaceutical industry[66]. - The company is focusing on expanding its product lines in diabetes, orthopedics, gastrointestinal, and high-end anti-infection drugs[61]. - The company emphasizes the collaborative development of blood and non-blood products to ensure stable growth across its business segments[46]. - The overall market for blood products is considered a strategic national resource, highlighting the importance of the company's offerings in treating major diseases[47]. - The company has a strong market position in diabetes medications, producing over ten varieties under the "Tianan" brand, including metformin and pioglitazone[52]. - The company has established a comprehensive product structure in biochemical drugs, focusing on peptide drugs and maintaining a leading market position in core products like bone peptides[53]. Research and Development - The company is focused on research and development of new products to enhance its competitive edge in the pharmaceutical industry[12]. - The company is advancing several R&D projects, including human coagulation factor VIII and high-concentration immunoglobulin, with the human coagulation factor VIII product ready for market application submission[83]. - The company has increased its R&D investment to expedite the development of new products, particularly in the coagulation factor category[197]. - The company’s R&D personnel increased to 204, representing 12.61% of the total workforce[123]. - Research and development expenses for 2020 were ¥126,112,303.02, representing 4.70% of operating income, an increase from 4.54% in 2019[123]. Operational Challenges - The company faces a significant risk of raw material supply shortages due to the tight supply of healthy human plasma, which directly impacts production capacity[7]. - The company has a risk of not obtaining product registration certificates for new products, which could delay their market launch[9]. - The company emphasizes the importance of product quality control, as any issues could lead to production halts and reputational damage[10]. - The company faces goodwill impairment risks due to the acquisition of Tianan Pharmaceutical, Xinbai Pharmaceutical, and Fuda Pharmaceutical, which may negatively impact current profits if their future performance deteriorates[198]. - The company faces risks related to raw material supply shortages, which are critical for production scale, and is actively seeking to secure plasma supply[194]. Plasma Collection and Production - The company achieved a plasma collection volume of approximately 378 tons in 2020, representing a year-on-year growth of 1.61%, despite a 9% decline in the overall industry due to the COVID-19 pandemic[47]. - The company operates 13 plasma collection stations, having recently received approval for a new station in Tunchang[47]. - The company increased its plasma collection capacity, achieving a total collection of approximately 378 tons, a year-on-year increase of 1.61%, making it one of the few companies in the industry with positive growth in plasma collection[77]. - Boya Bio currently operates 13 single plasma collection stations, with a total raw plasma collection of approximately 378 tons in 2020, indicating a relatively small scale[188]. - Boya Bio has a competitive advantage in plasma yield, utilizing advanced production methods that result in higher yields compared to traditional methods[188]. Shareholder and Governance Changes - The controlling shareholder, Gaotejia Group, transferred 69,331,978 shares (16.00% of total shares before the transfer) to China Resources Pharmaceutical Holdings, which will result in a change of control of the company[93]. - After the share transfer and voting rights delegation, China Resources Pharmaceutical Holdings will hold 155,996,950 shares (30.00% of total shares post-issuance) and will become the controlling shareholder[94]. - The company signed a management framework agreement with its subsidiary, BoYa (Guangdong), to oversee daily operations and management[97]. Investment and Fund Management - The company has effectively managed the raised funds according to its management system, ensuring proper supervision and usage[153]. - The total amount of unused raised funds as of the end of the reporting period was CNY 99,388.15[149]. - The company plans to use up to RMB 700 million of idle fundraising to temporarily supplement working capital, with a repayment period not exceeding 12 months[169]. - The company has reported a total of CNY 211,968.44 million in raised funds, with a cumulative investment of CNY 99,876.64 million[162]. - The company has decided to terminate the "Blood Product R&D Center and Pilot Workshop Reconstruction Project" to avoid redundant investments and reduce management costs[166].

Financial Performance - The company's operating revenue for Q1 2021 was ¥672,101,665.87, representing a 3.29% increase compared to ¥650,690,995.81 in the same period last year[8]. - The net profit attributable to shareholders for Q1 2021 was ¥100,736,164.66, up 5.04% from ¥95,900,464.56 year-on-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥98,876,255.69, reflecting a 12.38% increase from ¥87,981,685.60 in the previous year[8]. - The basic earnings per share for Q1 2021 were ¥0.24, up 4.35% from ¥0.23 in the same period last year[8]. - The diluted earnings per share for Q1 2021 were also ¥0.24, reflecting a 4.35% increase compared to ¥0.23 year-on-year[8]. - Operating profit reached ¥122,974,479.86, reflecting a growth of 5.96% compared to the same period last year[28]. - Net profit for the current period was ¥103,957,040.08, compared to ¥99,887,304.66 in the previous period, representing a growth of approximately 4.1%[78]. - The company reported investment income of ¥7,801,292.65, compared to a loss of ¥350,982.18 in the previous period, indicating a significant turnaround[74]. Cash Flow and Liquidity - The net cash flow from operating activities for Q1 2021 was ¥159,306,575.70, a significant increase of 127.42% compared to ¥70,048,130.64 in the same period last year[8]. - Cash flow from operating activities totaled ¥638,313,730.36, slightly down from ¥657,032,658.71 in the previous period[85]. - Cash and cash equivalents at the end of the period were ¥658,990,471.10, compared to ¥654,858,424.20 at the end of the previous period[90]. - The company’s cash inflow from operating activities was primarily driven by an increase in cash received from sales, which totaled 296,802,996.48 CNY, slightly up from 296,135,799.59 CNY[92]. - Cash outflow from operating activities decreased to 598,739,636.59 CNY from 632,748,694.47 CNY, a decline of 5.4%[92]. - Cash and cash equivalents decreased from ¥645,846,795.60 to ¥386,343,704.73, a drop of about 40%[63]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,005,101,156.91, down 2.97% from ¥5,158,535,284.56 at the end of the previous year[8]. - Total liabilities decreased from ¥966,078,096.11 to ¥708,746,713.24, a decline of approximately 26.6%[62]. - Current liabilities decreased from ¥871,927,797.99 to ¥662,698,410.19, a reduction of about 24%[59]. - Long-term equity investments decreased from ¥1,607,577,029.36 to ¥1,508,395,766.87, a decline of approximately 6.1%[66]. - Total current assets as of March 31, 2021, are 2,760,475,116.63 RMB, down from 2,927,663,474.49 RMB at the end of 2020[53]. - Total equity increased from ¥4,192,457,188.45 to ¥4,296,354,443.67, an increase of about 2.5%[62]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,886[12]. - The company has not faced any overdue commitments from its actual controllers or shareholders during the reporting period[38]. - The company’s controlling shareholder underwent a change in equity, which requires approval from relevant regulatory bodies before proceeding with stock issuance[32]. Regulatory and Compliance - The company received a regulatory correction order from the China Securities Regulatory Commission on March 3, 2021, due to issues related to fund occupation[35]. - The company is actively addressing regulatory compliance issues as part of its operational strategy[35]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[48]. Research and Development - The company reported a significant decrease in research and development expenses by 54.86% to ¥8,165,544.65[24]. - Research and development expenses decreased significantly to ¥2,611,824.06, down 76.3% from ¥11,043,867.32 in the previous period[81]. Business Segments - The blood products business generated total operating revenue of ¥283,471,117.56, a 17.10% increase year-on-year, with net profit rising 43.19%[28]. - Tianan Pharmaceutical reported operating revenue of ¥58,391,867.14, a decrease of 33.73%, with net profit down 36.29%[28]. - New Bai Pharmaceutical's operating revenue was ¥169,703,097.79, a 2.29% increase, but net profit decreased by 36.03%[28]. - Ruda Pharmaceutical achieved sales revenue of ¥158,692,569.99, up 2.79%, with net profit declining by 4.82%[28]. Investment and Fundraising - The total amount of raised funds is 98,925.6 million RMB, with 2,872.83 million RMB invested in the current quarter, representing 2.90% of the total commitment[41]. - The company plans to temporarily use up to 90,000.00 million RMB of idle raised funds to supplement working capital, with a repayment period not exceeding 12 months[44]. - The cumulative amount of pre-invested self-raised funds in the projects reached 11,559,173.17 RMB, with specific allocations for land and design costs[44].

Financial Performance - The company's operating revenue for 2020 was ¥2,683,754,348.35, a decrease of 7.74% compared to ¥2,908,769,255.35 in 2019[32]. - The net profit attributable to shareholders for 2020 was ¥260,060,146.52, down 38.97% from ¥426,146,775.92 in 2019[32]. - The basic earnings per share for 2020 was ¥0.61, a decline of 39.00% from ¥1.00 in 2019[32]. - The total assets as of the end of 2020 were ¥5,158,535,284.56, a decrease of 1.87% from ¥5,256,690,601.18 at the end of 2019[32]. - The net assets attributable to shareholders increased by 5.01% to ¥4,107,903,650.55 at the end of 2020 from ¥3,911,734,528.48 at the end of 2019[32]. - The net cash flow from operating activities for 2020 was ¥718,583,048.24, a significant increase of 727.51% compared to a negative cash flow of ¥114,512,591.73 in 2019[32]. - The company reported a weighted average return on equity of 6.49% for 2020, down 4.89 percentage points from 11.38% in 2019[32]. - The company experienced a decrease in net profit after deducting non-recurring gains and losses, which was ¥248,721,937.76 in 2020, down 39.16% from ¥408,795,458.34 in 2019[32]. - The company received government subsidies amounting to ¥26,793,559.02 in 2020, compared to ¥18,512,505.42 in 2019[39]. - The total revenue for the reporting period was approximately CNY 2.68 billion, a decrease of 7.74% compared to the previous year[61]. - The net profit attributable to shareholders was approximately CNY 260 million, down 38.97% year-on-year[61]. Product Development and Market Strategy - The company is focused on expanding its market presence and developing new products in the blood products sector[9]. - The company aims to be a benchmark for pharmaceutical enterprises in China, focusing on both blood and non-blood product development[47]. - The company is committed to expanding its market presence and enhancing its product offerings through research and development initiatives[58]. - The company is developing a modern manufacturing center and raw material supply center, emphasizing sustained-release formulations and intelligent manufacturing in the chemical drug sector[58]. - The overall strategy includes the collaborative development of blood products and non-blood products to achieve synergistic growth across its business segments[47]. - The company launched new products including human coagulation factor VIII and vWF factor, with preparations for clinical trials underway[84]. - The company is enhancing its R&D efforts, particularly in coagulation factor products, to ensure timely registration and market entry of new products[199]. Quality Control and Risk Management - The company emphasizes the importance of product quality control, as any issues could lead to production halts and reputational damage[10]. - The company acknowledges the risks associated with the pharmaceutical industry, including regulatory changes and market competition[6]. - The company is committed to maintaining a robust quality management system to mitigate product quality risks, which are critical for market reputation[200]. - The company has implemented advanced production methods, achieving high yield rates and maintaining product quality above national standards[68]. - The company has a stable management team with extensive experience in the blood product industry, contributing to sustainable development and enhanced profitability[73]. Plasma Collection and Supply Chain - The company achieved a plasma collection volume of approximately 378 tons in 2020, representing a year-on-year growth of 1.61%, while the overall industry saw a decline of about 9% due to the COVID-19 pandemic[48]. - The company operates 13 plasma collection stations following the approval of a new station in Tunchang, enhancing its plasma sourcing capabilities[48]. - The company aims to enhance raw plasma supply capabilities by optimizing existing collection stations and applying for new ones[194]. - The company plans to increase its number of plasma collection stations through acquisitions and new applications, leveraging its unique qualifications[195][198]. - The blood plasma collection in China decreased by approximately 9% in 2020, totaling around 8,300 tons compared to 2019[189]. - Boya Bio has 13 plasma collection stations and collected about 378 tons of raw plasma in 2020, with a high revenue per ton of plasma[190]. Financial Management and Investments - The company has fully recovered the funds related to the procurement of raw plasma, resolving previous financial occupation issues[103]. - The company has a total of RMB 24,261.37 million allocated for working capital, which has been fully utilized[160]. - The company has achieved a cumulative benefit of RMB 24,510 million from the single plasma station project[160]. - The company has invested RMB 2,801.17 million in the single plasma station project, achieving a completion rate of 99.85%[160]. - The company has completed the repayment of bank loans amounting to 4,000 million, with 100% of the funds utilized for this purpose[165]. - The company has temporarily supplemented working capital with RMB 70 million and RMB 90 million of idle raised funds, both of which have been returned to the special account[171]. Shareholder and Corporate Governance - The controlling shareholder, Gaotejia Group, transferred 69,331,978 shares (16.00% of total shares) to China Resources Pharmaceutical Group, which will result in a change of control[96]. - After the share transfer, China Resources Pharmaceutical Group will hold 155,996,950 shares, representing 30.00% of the total shares post-issuance[97]. - The first phase of the employee stock ownership plan was completed, with all shares sold by September 25, 2020[93]. - The company signed a management framework agreement to oversee the daily operations of its subsidiary, BoYa (Guangdong)[102]. Industry Trends and Competitive Landscape - The blood product industry is experiencing consolidation, with the number of global blood product companies decreasing from 102 to fewer than 20, indicating a high market concentration[187]. - The pharmaceutical industry in China is expected to continue its rapid growth due to economic development and healthcare reforms, with a clear upward trend in demand[191]. - By 2020, the four leading blood product companies (TianTan Bio, Shanghai RAAS, Hualan Bio, and Taibang Biologics) accounted for over 50% of the national plasma collection[189].