Core Viewpoint - The company has made significant progress in its operations, including the transfer of equity stakes, approval for new facilities, and advancements in clinical trials and smart factory construction. Group 1: Financial and Shareholder Information - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders, based on a total of 504,248,738 shares [1] - There has been no change in the controlling shareholder or actual controller during the reporting period [1] Group 2: Major Corporate Actions - The company has approved the public transfer of 80% equity in Jiangxi Boya Xinha Pharmaceutical Co., Ltd., with a revised listing price of 158.1655 million yuan [3][4] - The company received approval to establish a single plasma collection station in Dalat Qi, Inner Mongolia [5] - The company obtained clinical trial approval for subcutaneous immunoglobulin and a supplementary drug application for intravenous immunoglobulin [6] Group 3: Operational Developments - The construction of the blood product smart factory is progressing well, with the main structure completed and various installations underway [6] - The company aims to set high standards for the smart factory project, positioning it as a benchmark in the biopharmaceutical industry [6] Group 4: Shareholder Actions - The controlling shareholder, China Resources Pharmaceutical Holdings Co., Ltd., has completed a share buyback plan, acquiring a total of 6,050,900 shares, representing 1.2% of the total share capital [7][8]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to ongoing capacity expansion efforts at its subsidiaries, which are expected to enhance product supply in the latter half of the year [2][3] Group 1: Financial Performance - The company achieved operating revenue of 986 million yuan, a year-on-year decrease of 13.18% [2] - The net profit attributable to shareholders was 236 million yuan, down 27.89% year-on-year [2] - The net profit after deducting non-recurring items was 215 million yuan, reflecting a decline of 27.63% compared to the previous year [2] Group 2: Business Operations - The company specializes in the research, development, production, and sales of blood products, with a total of 11 products and 38 collection stations, ranking third in the industry [2] - The company’s plasma collection volume exceeded 770 tons in the first half of 2025, representing an approximate year-on-year growth of 11% [3] - The company’s total annual production capacity is set to exceed 3,000 tons following the successful completion of capacity expansions at its subsidiaries [2][3] Group 3: Industry Outlook - The blood products industry in China is characterized by strict regulatory controls and a relative supply shortage, with the annual plasma collection volume accounting for only about 18% of the global total [3] - The market size for blood products in China is projected to reach 60 billion yuan in 2024 and is expected to grow to 95 billion yuan by 2030, indicating significant growth potential [3] - The industry is experiencing increasing concentration through mergers and acquisitions, with leading companies gaining more advantages over smaller firms [4] Group 4: International Cooperation - The company’s subsidiary, Guangdong Shuanglin, signed a framework cooperation agreement with BRAINFARMA to promote overseas sales, but the agreement was terminated due to changes in market trends and regulatory policies [4][5] - The company plans to continue seeking opportunities for overseas regulatory registration and export of its products, including immunoglobulin [5]