Jinshi Yao Yao: 2025 Financial Final Accounts Report
Sichuan Jinshi Asia Pharmaceutical Co., Ltd.
2025 Annual Financial Accounts Report
1. Annual financial report and audit status
The company hired Shu Lun Pan Certified Public Accountants (Special General Partnership) to audit the 2025 financial statements of the company and its subsidiaries, including the balance sheet and consolidated balance sheet on December 31, 2025, the income statement and consolidated income statement for 2025, the 2025 cash flow statement and consolidated cash flow statement, and the notes to the financial statements. Lixin Accounting Firm (Special General Partnership) has issued standard unqualified audit reports for the companies within the above audit scope.
Unless otherwise specified, the following descriptions and data are on a consolidated basis, and the unit is RMB.
2. The company’s main financial indicators in 2025
Item 2025 2024 Increase or decrease in operating income this year compared with the previous year (yuan) 1,038,392,561.70 1,102,354,866.43 -5.80% Net profit attributable to shareholders of listed companies (yuan) 131,623,122.10 91,761,833.80 43.44% of the net profit attributable to shareholders of listed companies excluding non-recurring gains and losses
109,729,483.70 82,294,435.98 33.34% (yuan)
Net cash flow generated from operating activities (yuan) 207,890,209.41 158,151,218.71 31.45% Basic earnings per share (yuan/share) 0.33 0.23 43.48% Diluted earnings per share (yuan/share) 0.33 0.23 43.48% Weighted average return on equity 5.24% 3.75% 1.49% Total assets (yuan) 3,225,205,866.45 3,054,853,621.61 5.58% Net assets attributable to shareholders of listed companies (yuan) 2,551,902,328.29 2,447,999,533.35 4.24%
During the reporting period, the company achieved operating income of RMB 1,038.3926 million, a decrease of 5.80% from the same period last year; net profit attributable to shareholders of the listed company was RMB 131.6231 million, an increase of 43.44% from the same period last year. Mainly affected by the market demand for cold medicines, the sales of anti-influenza virus products have increased, the sales gross profit margin and gross sales profit of the new materials and machinery segment have improved, and the company has effectively implemented a series of measures such as budget optimization and expense management. The company's net profit has increased compared with the same period last year.
The basic earnings per share in 2025 is 0.33 yuan/share, an increase of 43.48% over the previous year; the weighted average return on net assets is 5.24%, an increase of 1.49% over the previous year, mainly due to the increase in profits for the current period and other comprehensive impacts.
The net cash flow generated from operating activities in 2025 was 208 million yuan, a year-on-year increase of 31.45%, mainly due to changes in cash received from selling goods and providing services, and cash payments for purchasing goods and receiving services.
3. Analysis of financial status, operating results and cash flow situation
(1) Asset situation analysis
- The company’s main asset composition is listed as follows:
December 31, 2025 December 31, 2024
Items Year-on-year increase or decrease
Amount Percentage Amount Percentage
Monetary funds 307,318,417.85 9.53% 417,291,861.81 13.66% -26.35%Trading financial assets 60,343,541.67 1.87% 14,096,046.18 0.46% 328.09%Accounts receivable 84,463,183.48 2.62% 83,837,201.21 2.74% 0.75% Receivables financing 248,792,910.97 7.71% 283,534,081.41 9.28% -12.25% Prepayments 26,101,517.17 0.81% 21,278,844.83 0.70% 22.66%Other receivables 8,393,006.45 0.26% 14,771,661.84 0.48% -43.18%Inventory 210,574,265.35 6.53% 209,754,151.29 6.87% 0.39% Debt investment 50,744,166.67 1.57% 52,207,848.33 1.71% -2.80% Long-term equity investment 105,545,385.98 3.27% 116,641,849.27 3.82% -9.51% Other non-current financial assets 87,468,544.33 2.71% 181,792,473.55 5.95% -51.89% Fixed assets 615,491,120.43 19.08% 640,298,422.79 20.96% -3.87%Construction in progress 197,015,266.91 6.11% 70,585,477.87 2.31% 179.12%Total assets 3,225,205,866.45 100.00% 3,054,853,621.61 100.00% 5.58%
- Analysis of changes in the above assets
The company's total assets at the end of 2025 were 3.225 billion yuan, an increase of 170 million yuan or 5.58% from 3.055 billion yuan at the end of 2024. This was mainly due to the comprehensive impact of monetary funds, inventory, fixed assets and construction in progress.
Compared with the end of the previous year, the analysis of accounts with larger changes in assets is as follows:
Main assets Explanation of major changes
Monetary funds
trading financial assets
The main reason for the large change ratio is: the impact of changes in financial products.
debt investment
Other non-current finance
assets
The balance of prepayments at the end of the period was 26.1015 million yuan, an increase of 22.66% from the beginning of the period. The main reason for the change was the increase in prepaid purchase payments.
The closing balance of other receivables was RMB 8.393 million, a decrease of 43.18% from the beginning of the period. The main reason for the change was: the decrease in current accounts, etc.
The balance at the end of the period was 56.2811 million yuan, an increase of 121.09% from the beginning of the period. The main reason for the change was: time deposits and other current assets due within one year.
interest impact.
Main assets Explanation of major changes
The balance at the end of the period was 197.0153 million yuan, an increase of 179.12% from the beginning of the period. The main reason for the change was: the ongoing construction of the production base of Yafeng Pharmaceutical Factory
and the impact of increased investment in Yake Pharmaceutical’s transformation project.
(2) Analysis of debt situation and solvency
- The company’s main liability composition is listed as follows:
December 31, 2025 December 31, 2024
Year-on-year increase and decrease items
Amount Percentage Amount Percentage
Short-term borrowings 68,012,583.33 10.44% 50,000,000.00 8.54% 36.03%Accounts payable 144,604,154.63 22.20% 117,082,361.85 20.00% 23.51%Accounts received in advance 5,628,866.86 0.86% 6,789,033.71 1.16% -17.09% Contract liabilities 124,281,604.77 19.08% 80,928,202.57 13.83% 53.57% Employee benefits payable 88,103,585.18 13.52% 74,537,686.62 12.73% 18.20% Taxes payable 35,304,245.64 5.42% 31,906,657.28 5.45% 10.65% Other payables 61,048,456.48 9.37% 54,554,592.67 9.32% 11.90% Long-term borrowings 25,000,000.00 4.27% -100.00% Total liabilities 651,417,153.37 100.00% 585,319,543.23 100.00% 11.29%
- Analysis of changes in the above-mentioned liabilities
At the end of 2025, the company's total liabilities were 651 million yuan, an increase of 66 million yuan or 11.29% from the end of 2024. This was mainly due to the increase in the company's engineering equipment payables and contract liabilities during the reporting period.
Compared with the end of the previous year, the analysis of the items with larger changes in liabilities is as follows:
Major Liabilities Explanation of Major Changes
The closing balance of short-term borrowings was RMB 68.0126 million, an increase of 36.03% from the beginning of the period. The main reason for the change was: the impact of subsidiary borrowings.
The closing balance was 144.6042 million yuan, an increase of 23.51% from the beginning of the period. The main reason for the change was: the increase in accounts payable for engineering equipment
add influence.
The closing balance was 124.2816 million yuan, an increase of 53.57% from the beginning of the period. The main reason for the change was: contract liabilities for sales contract payments received in advance
Increase impact.
- The analysis of solvency is as follows:
Item December 31, 2025 December 31, 2024 Year-on-year changes
Asset-liability ratio 20.20% 19.16% 1.04% Current ratio (times) 2.18 2.18 0.00Quick ratio (times) 1.29 1.65 -0.36
During the reporting period, the asset-liability ratio at the end of 2025 was 20.20%, an increase of 1.04 percentage points from the beginning of 2024, with an overall slight increase. Mainly due to the comprehensive impact of factors such as the increase in the company's profits during the reporting period. The current ratio and quick ratio are generally relatively stable, and the financial position is good.
(3) Analysis of changes in shareholders’ equity
December 31, 2025 December 31, 2024
Year-on-year increase and decrease items
Amount Percentage Amount Percentage
Share capital 401,743,872.00 15.61% 401,743,872.00 16.27% 0.00% Capital reserve 1,787,285,949.57 69.44% 1,787,285,949.57 72.37% 0.00% Surplus reserve 74,125,188.93 2.88% 71,788,610.94 2.91% 3.25% Undistributed profits 288,747,317.79 11.22% 187,181,100.84 7.58% 54.26% Total owners’ equity attributable to the parent company 2,551,902,328.29 99.15% 2,447,999,533.35 99.13% 4.24% Minority interests 21,886,384.79 0.85% 21,534,545.03 0.87% 1.63%
Total owners’ equity 2,573,788,713.08 100.00% 2,469,534,078.38 100.00% 4.22%
Compared with the end of the previous year, the main reasons for the larger changes in owners' equity are:
Main interests Explanation of major changes
The balance at the end of the period was 288.7473 million yuan, an increase of 54.26% from the beginning of the period. The main reasons for the change were: profit for the period, withdrawal of surplus and undistributed profits
The impact of accumulating and distributing dividends in 2024.
(4) Analysis of operating conditions
- Operating income and operating costs
2025 2024
Project
revenue cost revenue cost
Main business 1,007,158,031.09 403,672,100.26 1,066,300,187.51 440,531,749.08 Other businesses 31,234,530.61 29,488,790.06 36,054,678.92 28,681,420.68
Total 1,038,392,561.70 433,160,890.32 1,102,354,866.43 469,213,169.76
- Business income analysis
2025 2024
Items Year-on-year increase or decrease
Amount % of operating income Amount % of operating income
Total operating income 1,038,392,561.70 100% 1,102,354,866.43 100% -5.80%
By industry
Pharmaceutical manufacturing industry 866,797,205.82 83.47% 914,524,769.76 82.96% -5.22%Machinery manufacturing industry 145,146,520.54 13.98% 155,254,103.30 14.08% -6.51%Real estate leasing and management industry 26,448,835.34 2.55% 32,575,993.37 2.96% -18.81%
By product
Respiratory system drugs 658,813,940.04 63.44% 704,233,091.06 63.89% -6.45% Other pharmaceutical products 149,360,951.04 14.38% 138,344,928.88 12.55% 7.96% Health products and food 55,845,180.72 5.38% 70,038,691.76 6.35% -20.27%Complete production line 130,587,810.75 12.58% 147,256,357.31 13.36% -11.32%Mechanical accessories and others 12,550,148.54 1.21% 6,427,118.50 0.58% 95.27%Real estate leasing, management and others 31,234,530.61 3.01% 36,054,678.92 3.27% -13.37%
In 2025, the company achieved operating income of 1,038.3926 million yuan, a decrease of 5.80% from the same period last year; of which, the pharmaceutical manufacturing industry achieved operating income of 866.7972 million yuan, a decrease of 5.22% from the same period last year; the machinery manufacturing industry achieved operating income of 145.1465 million yuan, a decrease of 6.51% from the same period last year; the real estate leasing and management industry achieved operating income of 2,644.88 million, down 18.81% from the same period last year.
- Composition of operating gross profit margin
Operating income is higher than operating cost is higher than gross profit margin is higher Items Operating income Operating cost Gross profit margin
Increase/decrease in the same period of the year Increase/decrease in the same period of the year Increase/decrease in the same period of the year
By industry
Pharmaceutical manufacturing industry 866,797,205.82 303,230,586.41 65.02% -5.22% -4.69% -0.19% Machinery manufacturing industry 145,146,520.54 105,223,105.09 27.51% -6.51% -16.37% 8.55%
By product
Respiratory system drugs 658,813,940.04 172,321,945.69 73.84% -6.45% -6.80% 0.10% Other pharmaceutical products 149,360,951.04 91,893,349.53 38.48% 7.96% -0.81% 5.44% Complete production line 130,587,810.75 97,383,669.07 25.43% -11.32% -19.77% 7.86%
In 2025, the company's pharmaceutical manufacturing industry achieved operating income of 866.7972 million yuan, with a gross profit margin of 65.02%, a decrease of 0.19% from the same period last year. The change was small, mainly affected by sales volume and output; the machinery manufacturing industry achieved operating income of 145.1465 million yuan, with a gross profit margin of 27.51%, an increase of 8.55% from the same period last year, mainly due to changes in the product structure of the machinery manufacturing industry and an increase in product gross profit.
(5) Profitability analysis
Project 2025 2024 Year-on-year increase or decrease
Gross sales profit margin (%) 58.29% 57.44% 0.85% Net sales profit margin (%) 12.39% 8.03% 4.36% Weighted average return on equity (%) 5.24% 3.75% 1.49%
Basic earnings per share (yuan/share) 0.33 0.23 43.48% The comprehensive gross sales profit margin during the reporting period increased by 0.85% compared with the same period last year, mainly due to the impact of the market demand for cold medicines, the increase in sales of anti-influenza virus products, the improvement in the sales gross profit margin and sales gross profit of the new materials and machinery segment, and other factors.
Compared with the same period last year, the net sales profit margin during the reporting period increased by 4.36%, which was mainly affected by changes in gross sales profit margin, period expenses, and credit impairment losses.
The weighted average return on equity and earnings per share during the reporting period both increased compared with the same period. The main reason is that the profit situation in 2025 will increase compared with the same period last year.
(6) Cost analysis
- The company’s various expenses are listed as follows:
Project 2025 2024 Year-on-year increase or decrease
Selling expenses 210,271,819.02 250,895,830.43 -16.19% Administrative expenses 181,658,865.68 179,246,441.41 1.35% Research and development expenses 55,025,663.83 49,999,051.37 10.05% Subtotal of three expenses 446,956,348.53 480,141,323.21 -6.91%Financial expenses -862,065.78 -4,465,208.26 -80.69%
Income tax 24,153,367.14 34,096,662.46 -29.16%
- The specific reasons for the above fee changes are as follows:
Compared with the previous year, the three expenses decreased by 33.185 million yuan, a decrease of 6.91%.
Sales expenses decreased by 40.624 million yuan, or 16.19%, compared with the previous year, mainly due to changes in labor expenses, market development and promotion expenses, and advertising expenses.
Administrative expenses increased by 2.4124 million yuan, or 1.35%, compared with the previous year, mainly due to changes in labor costs and office expenses. R&D expenses increased by 5.0266 million yuan, or 10.05%, compared with the previous year, mainly due to changes in consumed materials and clinical trial fees. Financial expenses incurred in 2025 were -862,100 yuan, which was mainly due to the decrease in interest income in this period compared with the same period last year.
Income tax expenses in 2025 will decrease by 9.9433 million yuan compared with the previous year, a decrease of 29.16%. Mainly due to the combined impact of current income tax expenses and deferred income tax expenses.
(7) Cash flow analysis
- The company’s cash flow situation is listed as follows:
Project 2025 2024 Year-on-year increase or decrease Net cash flow generated from operating activities 207,890,209.41 158,151,218.71 31.45% Net cash flow generated from investing activities -300,015,785.93 -216,762,349.66 -38.41%
Net cash flow generated from financing activities -26,911,790.04 -70,628,862.66 61.90% Net increase in cash and cash equivalents -119,973,443.96 -128,657,065.15 6.75%
During the reporting period, due to changes in cash received from sales of goods, provision of services, cash payments for goods purchased, receipt of services, changes in the amount of investment activities such as financial management and engineering projects, distribution of cash dividends, and bank acceptance bills used for discount activities, the net increase in cash and cash equivalents changed.
Board of Directors of Sichuan Jinshi Asia Pharmaceutical Co., Ltd.
April 22, 2026