-- 2025 Semi-annual Report

Company code: 688098 Company abbreviation: Shenlian Biotech

Shenlian Biopharmaceutical (Shanghai) Co., Ltd.

2025 Semi-annual Report of Shenlian Biopharmaceutical (Shanghai) Co., Ltd.

Important tips

1. The company’s board of directors, board of supervisors and directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the contents of the semi-annual report and that there are no false records, misleading statements or major omissions, and bear individual and joint legal liability.

2. Major Risk Warning

Please refer to the relevant content of "IV. Risk Factors" in "Section 3 Management Discussion and Analysis" of this report. This chapter provides analysis and reminders of the major risk factors that the company may face. Investors must read it carefully.

3. All directors of the company shall attend the board meeting.

4. This semi-annual report has not been audited.

5. Nie Dongsheng, the person in charge of the company, Li Xun, the person in charge of accounting work, and Wu Jie, the person in charge of the accounting department (accounting supervisor), declare that they guarantee the authenticity, accuracy and completeness of the financial report in the semi-annual report.

6. There is no profit distribution plan for the reporting period or a plan for converting public reserve funds into share capital passed by the board of directors.

7. Whether there are any important matters such as special arrangements for corporate governance

□Applicable √Not applicable

8. Risk Statement for Forward-Looking Statements

√Applicable □Not applicable

The company's future business plans, development strategies, estimates/tests and other forward-looking statements involved in this report do not constitute the company's substantive commitment to investors. Investors are advised to pay attention to investment risks.

9. Is there any non-operating use of funds by controlling shareholders and other related parties?

10. Whether there is any violation of the prescribed decision-making procedures in providing external guarantees

No

11. Whether more than half of the directors cannot guarantee the authenticity, accuracy and completeness of the semi-annual report disclosed by the company

12. Others

□Applicable √Not applicable

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Directory

Section 1 Interpretation...................................................................................................................................................... 4

Section 2 Company Profile and Main Financial Indicators .................................................................................................. 6

Section 3 Management Discussion and Analysis .................................................................................................................. 9

Section 4 Corporate Governance, Environment and Society .................................................................................................. 44

Section 5 Important Matters .................................................................................................................................. 46

Section 6 Changes in Shares and Shareholders ............................................................................................................. 62

Section 7 Bond-related situations ............................................................................................................................. 67

Section 8 Financial Report ................................................................................................................................. 68

Financial statements signed and stamped by the person in charge of the company, the person in charge of accounting work, and the person in charge of the accounting department (the person in charge of accounting documents for reference).

The original copies of all company documents and announcements publicly disclosed during the reporting period.

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Section 1 Interpretation

In this report, unless the context otherwise requires, the following words have the following meanings:

Commonly used word definitions

Company, Company, Issuer

Refers to Shenlian Biopharmaceutical (Shanghai) Co., Ltd., joint-stock company, Shenlian Biotech

Reporting period refers to January to June 2025

UB-421 refers to monoclonal antibody drug for HIV treatment

UB-221 refers to anti-allergic Anti-IgE monoclonal antibody drug

UB-621 refers to anti-herpes simplex virus monoclonal antibody drug

The company's product "Porcine Foot and Mouth Disease Type O and A Bivalent Inactivated Vaccine (Re-Taijilian) refers to

O/MYA98/JSCZ/2013 strain + Re-A/WH/09 strain)” product name “Molecular stapler” i-Molsta refers to the company’s original new vaccine antigen stabilization technology Nano-Intellect Tree i-Nada refers to the company’s original highly efficient vaccine water adjuvant technology “i-DuFil” dual-membrane combination

Refers to the company’s original antigen purification technology

body purification technology

Lanzhou Branch refers to Lanzhou Branch of Shenlian Biopharmaceutical (Shanghai) Co., Ltd. UBI refers to United Biopharmaceuticals, Inc., whose English name is UNITED BIOMEDICAL, INC.

United Biopharmaceutical Co., Ltd., whose English name is UNITED BIOPHARMA, UBP refers to

INC.

The original name was "Suzhou Longding Venture Capital Enterprise (Limited Partnership)" and later changed its name to "Shanghai Fenghong".

"Haifenghong Technology Development Partnership (Limited Partnership)" Shanghai Hongchao refers to Shanghai Hongchao Industrial Investment Co., Ltd.

Shen Tailian Investment refers to Shanghai Shen Tailian Investment Partnership (Limited Partnership) Ding Tailian Investment refers to Shanghai Ding Tailian Investment Partnership (Limited Partnership) sponsor, Guosen Securities refers to Guosen Securities Co., Ltd.

Dajing Bio refers to Shanghai Dajing Bioengineering Co., Ltd.

Dajing Agricultural Fertilizer refers to Shanghai Dajing Biological Agricultural Fertilizer Co., Ltd.

Yipu Consulting refers to Shanghai Yipu Business Consulting Co., Ltd.

Shenlan Breeding refers to Gansu Shenlan Breeding Co., Ltd.

Shenruilian refers to Shanghai Shenruilian Biopharmaceutical Co., Ltd.

Bentiancheng refers to Shanghai Bentiancheng Biopharmaceutical Co., Ltd.

Shenhang Biotechnology refers to Hangzhou Shenhang Biopharmaceutical Co., Ltd.

Refers to Manitide (Shanghai) Biotechnology Co., Ltd. (former name: Lianyao (Shanghai) Biotide

Technology Co., Ltd.)

Refers to Yangzhou Shizhiyuan Biotechnology Co., Ltd. (former name: Lianshengyao (Yangzhou) Shizhiyuan

Biotechnology Co., Ltd.)

Hangzhou Higgs refers to Hangzhou Higgs Investment Management Co., Ltd.

Lanzhou Institute of Veterinary Medicine, Chinese Academy of Agricultural Sciences

China National Accreditation Service for Conformity Assessment, CNAS refers to

China National Accreditation Service for Conformity Assessment

Veterinary drug GCP refers to Good Clinical Practice, that is, GMP for clinical trials of veterinary drugs, and GMP for veterinary drugs refers to "Good Manufacturing Practice for Veterinary Drugs"

VLPs refers to Virus-like Particles, that is, virus-like particles

Ministry of Finance refers to the Ministry of Finance of the People's Republic of China

China Securities Regulatory Commission refers to China Securities Regulatory Commission

Ministry of Agriculture and Rural Affairs, Ministry of Agriculture refers to the Ministry of Agriculture and Rural Affairs of the People's Republic of China

Stock Exchange, Shanghai Stock Exchange refers to Shanghai Stock Exchange

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"Company Law" refers to the "Company Law of the People's Republic of China" "Securities Law" refers to the "Securities Law of the People's Republic of China" "Articles of Association" refers to the "Articles of Association of Shenlian Biopharmaceutical (Shanghai) Co., Ltd." RMB/10,000 yuan/100 million yuan refers to RMB/10,000 yuan/100 million yuan

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Section 2 Company Profile and Main Financial Indicators

1. Basic information of the company

The Chinese name of the company: Shenlian Biopharmaceutical (Shanghai) Co., Ltd.

The company’s Chinese abbreviation: Shenlian Biotechnology

The company's foreign name is Shanghai Shen Lian Biomedical Corporation. The company's foreign name is abbreviated Shen Lian Biomedical.

The legal representative of the company Nie Dongsheng

Company registered address: No. 48, Jiangchuan East Road, Minhang District, Shanghai

Historical changes of the company’s registered address None

Company office address: No. 48, Jiangchuan East Road, Minhang District, Shanghai

Postal code of company office address 200241

Company website www.slbio.com.cn

Email [email protected]

2. Contact person and contact information

Secretary of the Board of Directors (Domestic Representative for Information Disclosure) Name of Securities Affairs Representative Yu Haixia Zhang Weiman Contact Address No. 48 Jiangchuan East Road, Minhang District, Shanghai No. 48 Jiangchuan East Road, Minhang District, Shanghai Telephone 021-61255101 021-61255101 Fax 021-61267296 021-61267296 Email [email protected] [email protected]

3. Brief introduction to changes in information disclosure and storage location

The name of the newspaper selected by the company for information disclosure: "Securities Daily"

The website address for publishing the semi-annual report is www.sse.com.cn

The company's semi-annual report is prepared at No. 48 Jiangchuan East Road, Minhang District, Shanghai (the company's board of directors office)

4. Brief introduction of company stocks/depository receipts

(1) Brief introduction of company stock

√Applicable □Not applicable

Company Stock Profile

Stock type Stock exchange and sector Stock abbreviation Stock code Stock abbreviation before change

A shares Shanghai Stock Exchange Science and Technology Innovation Board Shenlian Biotechnology 688098 Not applicable

(2) Brief introduction to the company’s depositary receipts

□Applicable √Not applicable

5. Other relevant information

□Applicable √Not applicable

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6. The company’s main accounting data and financial indicators

(1) Main accounting data

Unit: Yuan Currency: RMB Main accounting data for this reporting period compared with the same period last year

(January to June) Increase or decrease in the same period (%) Operating income 121,725,138.28 126,375,941.30 -3.68 Total profit -16,264,533.38 -37,150,792.27 Not applicable Net profit attributable to shareholders of listed companies -12,869,700.94 -34,507,973.32 Not applicable to non-recurring deductions attributable to shareholders of listed companies

-16,796,202.06 -35,444,045.99 Net profit not applicable to profit and loss

Net cash flow generated from operating activities -39,389,053.48 -805,633.37 Not applicable The end of this reporting period compared to the end of this reporting period The end of the previous year

Year-end increase or decrease (%) Net assets attributable to shareholders of listed companies 1,396,745,623.14 1,411,295,212.77 -1.03 Total assets 1,536,673,985.58 1,554,117,949.14 -1.12

(2) Main financial indicators

Main financial indicators for this reporting period This reporting period are the same as those for the same period last year

(January to June) Period increase or decrease (%) Basic earnings per share (yuan/share) -0.03 -0.08 Not applicable Diluted earnings per share (yuan/share) -0.03 -0.08 Not applicable Basic earnings per share after deducting non-recurring gains and losses

-0.04 -0.09 N/A benefit (yuan/share)

Weighted average return on equity (%) -0.92 -2.35 Not applicable Weighted average net return after deducting non-recurring gains and losses

-1.20 -2.41 N/A Return on assets (%)

R&D investment as a proportion of operating income (%) 22.32 37.00 A decrease of 14.68 percentage points

Description of the company’s main accounting data and financial indicators

√Applicable □Not applicable

In the first half of 2025, the company has always adhered to the strategic goal of "building a world-class high-tech biological company", continued to expand new areas of biomedical technology application, and took multiple measures to enhance product market competitiveness. During the reporting period, the company made in-depth deployment in the field of innovative human drugs, explored and established a model of coordinated development of its dual main businesses, and made positive progress.

At the same time, the company's marketing layout has been continuously optimized and improved, and certain progress has been made in entering the supply chain system of large-scale breeding groups. Sales volume has increased compared with the same period last year, and market share has further increased. However, the overall competition in the animal health industry is relatively fierce. Affected by factors such as falling vaccine prices, the company's sales revenue has declined slightly compared with the same period last year. The company has focused on speeding up research and development, continuously improved its clustered product layout, continued to expand the types of GMP production lines, has a large amount of depreciation and amortization, and has great room for improvement in capacity utilization. Under this circumstance, the company timely adjusted its business strategy, further focused on market expansion and got closer to customers, made positive progress in its research and development pipeline, and enriched its product categories; its internal management became more streamlined and efficient, and the total expenses during the period dropped significantly compared with the same period last year. The net profit attributable to the parent company reduced the loss by 21.63 million yuan year-on-year, and the loss reduction rate reached 62.71%.

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7. Differences in accounting data under domestic and foreign accounting standards

□Applicable √Not applicable

8. Non-recurring profit and loss items and amounts

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Non-recurring profit and loss items Amount Note (if applicable) Profit and loss from disposal of non-current assets, including accrued asset deductions

-46,839.30 offset portion of value provision

Government subsidies included in the current profit and loss, but are closely related to the company's normal business operations, comply with national policies and regulations, and are in accordance with

1,718,878.50, except for government subsidies that have a continuing impact on the company’s profits and losses.

In addition to effective hedging business related to the company's normal business operations, non-financial enterprises hold financial assets and financial liabilities.

2,157,584.14 Gains and losses arising from changes in fair value of bonds and gains and losses arising from the disposal of financial assets and financial liabilities

Fund occupation fees charged to non-financial enterprises included in current profits and losses

Gains and losses from entrusting others to invest or manage assets 591,010.02 Gains and losses from external entrusted loans

Loss of various assets due to force majeure factors, such as natural disasters

The impairment provision for receivables that is separately tested for impairment is reversed if the investment cost of the enterprise in acquiring subsidiaries, associates and joint ventures is less than the income generated from the fair value of the investee's identifiable net assets when the investment is obtained.

Net profit and loss for the current period from the beginning of the period to the date of merger of subsidiaries resulting from business mergers under common control

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

One-time expenses incurred by the enterprise due to the cessation of relevant business activities, such as expenses for relocating employees, etc.

One-time impact on current profits and losses due to adjustments to tax, accounting and other laws and regulations

One-time confirmation of share-based payment expenses due to cancellation or modification of equity incentive plan

For cash-settled share-based payments, after the vesting date, the gains and losses arising from changes in the fair value of employee compensation payable are subsequently measured using the fair value model. The gains and losses arising from changes in the fair value of investment real estate are subsequently measured.

Gains from transactions where the transaction price appears to be unfair

Profit and loss arising from contingencies unrelated to the company's normal business operations

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items 116,379.59 Other profit and loss items that meet the definition of non-recurring profits and losses 83,654.43 Less: Income tax impact 692,363.18

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Amount of impact on minority shareholders’ equity (after tax) 1,803.08

Total 3,926,501.12

If the company determines items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as non-recurring gains and losses and is significant in amount, and if it defines the non-recurring gain or loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Profit and Loss" as recurring gains and losses, the reasons should be explained.

□Applicable √Not applicable

9. Companies with equity incentives and employee stock ownership plans may choose to disclose net profits after deducting the impact of share-based payments.

□Applicable √Not applicable

10. Description of non-business accounting standards performance indicators

□Applicable √Not applicable

Section 3 Management Discussion and Analysis

1. Description of the company’s industry and main business during the reporting period

(1) Main business, main products or services

The company is a technology-driven biological high-tech enterprise with the mission of "building a world-class high-tech biological company". Relying on a diversified biomedical innovation technology platform, the company focuses on the development of preventive, therapeutic and diagnostic biological products for economic animals, pets and aquatic products and continues to expand the research, development, production and sales of human biological products. At present, the company's main products are veterinary biological products, and it also has a strategic layout in the field of innovative human drugs.

1. The company’s main business

(1) Veterinary biological products sector

The company takes advanced biomedical technology as its core driving force and focuses on the clinical needs of major animal diseases that have not been fully met, and continues to develop efficient, safe and innovative vaccines, drugs and diagnostic products. Products already on the market include a series of pig foot-and-mouth disease vaccines, pig ring vaccines, swine fever vaccines, cattle and sheep foot-and-mouth disease vaccines, bovine nodular dermatosis vaccines and a series of veterinary diagnostic products. At the same time, the company also has a rich pipeline under development, covering other swine vaccines, cattle and sheep vaccines, pet biological products and veterinary diagnostic products, such as swine foot-and-mouth disease type O/A, swine fever, pseudorabies triple vaccine, African swine fever, swine Seneca, swine pseudorabies, swine blue-ear disease, porcine transmissible gastroenteritis/swine influenza Aquatic biological products such as influenza/swine delta coronavirus disease triple vaccine, bovine foot-and-mouth disease type O/A, viral diarrhea/mucosal disease, infectious rhinotracheitis triple vaccine, sheep echinococcosis (hydatid) disease vaccine, pet mRNA vaccine, long-acting recombinant canine alpha interferon, and shrimp vibrio vibriosis diagnostic reagents.

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(2) Strategic layout of innovative drugs sector

During the reporting period, the company, through its wholly-owned subsidiary Bentiancheng, invested in Shizhiyuan Company and strategically deployed in the field of innovative human drugs. In the future, the company will base its future plans on the clinical progress, clinical trial results and market conditions of Shizhiyuan innovative drugs.

Under other circumstances, we will increase capital or acquire Shizhiyuan step by step. Shizhiyuan focuses on the development of innovative drugs, clinical approval, clinical trials and product commercial sales. At present, Shizhiyuan has three innovative drugs including AIDS

The three products, including therapeutic monoclonal antibody drug (UB-421), anti-allergy Anti-IgE monoclonal antibody drug (UB-221), and anti-herpes simplex virus monoclonal antibody drug (UB-621), all have differentiated competitive advantages, clear clinical needs, and significant market potential. On the one hand, Future World will develop more biological agents such as synthetic peptides and protein drugs through the biomedical platform established by Shenlian Biotechnology.

On the one hand, it will continue to promote the clinical trials and commercialization of innovative drugs from companies such as UBI and UBP in China. The current clinical trial progress of the three monoclonal antibody products is as follows:

Product Category Target Indications Therapeutic Area Clinical Process Description

UB-421 has obtained Phase II and III clinical approvals in the country for different indications. Overseas, UBP has conducted in-depth cooperation with the US NIH and has made significant progress on UB-421. In January 2025, the research results of UB-421 showing multi-drug resistance were published in the journal Nature Medicine. In June 2024, UB-421 related research achieved functional cure

The results were published in The Lancet. In addition, in April 2019 in the New England Journal of Medicine (NEJM), low viremia

UB-421 Original Drug HIV CD4 Region Viral Infection Related research was also published in the journal.

disease, anti-reversal

Shizhiyuan plans to discuss cooperation with universities and scientific research institutes in the field of functional cure of AIDS and explore viral treatment

Wait

Possibility of combination therapy.

Shizhiyuan will advance the domestic Phase II/III clinical application in the field of multi-drug resistance as soon as possible and carry out relevant research. Based on the results of the preliminary clinical trials and subsequent market demand, it will promote clinical research on other indications in a timely manner. Shizhiyuan is comprehensively conducting phase II clinical trials of UB-221 in China and is about to complete the trial. UB-221 treats chronic idiopathic

UB-221 Original Drug Immunoglobulin E Allergy Indications also include asthma, food allergy, allergic rhinitis and atopic dermatitis, etc., which will be based on early clinical urticaria, etc.

Based on the test results and subsequent market demand, clinical research on other indications will be promoted in a timely manner.

The overseas phase I clinical study of UB-621 has been completed and the results are in line with expectations. It is planned that the partners will conduct overseas phase II research on recurrent reproductive tumors, and Shizhiyuan will actively promote its clinical trials in China based on the overseas trial results. UB-621 Original drug Herpes virus gD glycoprotein Viral infection

Organ herpes, etc. The therapeutic areas of UB-621 also include herpetic (HSV-1) keratitis, herpes simplex (HSV-2) mother-to-child vertical transmission, etc. The company will continue to conduct clinical trials for other indications based on market demand.

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2. The company’s main products

In the veterinary biological products sector, the company's products on the market include a series of foot-and-mouth disease vaccines for pigs, cattle and sheep, and porcine circovirus type 2 subunit vaccines.

Classical swine fever genetically engineered subunit vaccine (CHO-133D), bovine nodular dermatosis inactivated vaccine and a series of veterinary diagnostic products. Series mouth

Foot and mouth disease vaccines include swine foot and mouth disease type O and type A bivalent inactivated vaccines (Re-O/MYA98/JSCZ/2013 strain + Re-A/WH/09 strain),

Foot-and-mouth disease type O and type A bivalent inactivated vaccine for cattle and sheep (O/MYA98/BY/2010 strain + Re-A/WH/09 strain), pig foot-and-mouth disease type O,

Type A bivalent synthetic peptide vaccine (polypeptide 2700+2800+MM13) and pig foot-and-mouth disease type O synthetic peptide vaccine (polypeptide 2600+2700+2800)

Wait. A series of veterinary diagnostic products include porcine foot-and-mouth disease virus VP1 structural protein antibody enzyme-linked immunosorbent assay diagnostic kit, cattle/sheep

Foot-and-mouth disease virus VP1 structural protein antibody enzyme-linked immunosorbent assay diagnostic kit, African swine fever virus fluorescent PCR nucleic acid detection test

kit, porcine Seneca virus type A ELISA antibody detection kit and porcine pseudorabies virus gB competition ELISA antibody detection kit, etc.

Business

species

Product Common name Product image Functions and advantages

genus

name

Function: Mainly used to prevent pig type O and type A foot-and-mouth disease.

Advantages:

1. High efficiency: The seed virus is constructed through reverse genetic technology, and the antigen spectrum is expanded

Porcine foot-and-mouth disease type O, type A

Tai wide, cross protection is improved.

Bivalent inactivated vaccine (Re-

Ji 2. Safety: The antigen adopts double membrane linked O/MYA98/JSCZ/2013

Combined integrated purification technology, vaccine strain + Re-A/WH/09 strain)

Pure and highly safe.

3. Stable: The antigen adopts molecular staple i-MolSta bidirectional antigen protection technology, making the vaccine stable within and between batches.

Determined.

Function: Mainly used to prevent pig type O and type A foot-and-mouth disease.

Advantages:

1. Safety: No virus culture is performed, and there are no biosafety risks.

Risk-free, does not contain foreign proteins, and is safe against swine foot-and-mouth disease type O and type A.

Thailand

Bivalent synthetic peptide vaccine (multiple 2. Highly effective: Reference for antigen synthesis)

Peptide 2700+2800+MM13 classic strain, highly targeted, antigen-linked

), high content, long duration of immunity, and high antibody levels.

3. Stable: The antigen content is accurately quantified and does not degrade.

4. Capable of differential diagnosis: it is easy to distinguish between vaccine immunity and wild virus infection through serological testing.

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Function: Mainly used to prevent type O foot and mouth disease in pigs.

Advantages:

1. Safety: No virus culture is performed, there is no biosafety risk, it does not contain foreign proteins, and it is highly safe.

Porcine foot-and-mouth disease type O synthetic peptide

2. Highly effective: Type O antigen/vaccine (polypeptide

Many, wide coverage, antigen content 2600+2700+2800)

High, long duration of immunity, high antibody levels.

3. Stable: The antigen content is accurately quantified and does not degrade.

4. Capable of differential diagnosis: it is easy to distinguish between vaccine immunity and wild virus infection through serological testing.

Function: Mainly used to prevent diseases caused by porcine circovirus type 2 infection.

Advantages:

1. High efficiency: Optimized recombinant seed virus, combined with porcine circovirus type 2 submono-eukaryotic expression system, high immunogenicity of the round-site vaccine (recombinant baculovirus is strong, and the purity of the virus OKM strain matches the epidemic strain).

2. Safety: "Nano Wisdom Tree" water adjuvant has pure antigen and high safety.

3. Stability: 23-month shelf life, high stability.

Function: Mainly used to prevent swine fever.

Advantages:

1. Safety: The vaccine does not contain viral nucleic acid and has no risk of re-virulence.

Swine fever genetic engineering subunit risk;

Plague

Vaccine (CHO-133D) 2. Highly effective: Antigen E2 protein, immune

Strong pathogenicity, high antibody level, and long duration;

3. Differential diagnosis: can distinguish wild virus infection and vaccine immunity, and help purify pig farms of swine fever.

Function: Mainly used to prevent type O and type A foot-and-mouth disease in cattle and sheep.

Advantages:

1. Safety: The antigen adopts double-membrane combination of foot-and-mouth disease type O and type A.

Thailand uses integrated purification technology to produce anti-valent inactivated vaccine (

Rui is pure and highly safe.

卍O/MYA98/BY/2010

Link 2. High efficiency: classic seed virus, immune strain + Re-A/WH/09 strain)

It has strong genicity, high antibody level and high protective power.

3. Stable: The antigen adopts molecular staple i-MolSta bidirectional antigen protection technology

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technology, the vaccine is stable within and between batches.

Function: Mainly used to prevent bovine nodular skin disease.

Advantages:

Joint inactivation of bovine nodular dermatosis 1. Safety: Antigen inactivation, vaccine knot vaccine (capatepox virus) is pure and highly safe.

Net AV41 strain, suspension culture) 2. High efficiency: high antigen content, high antibody level, and high protective power.

3. Convenience: intramuscular injection, more convenient operation.

Function: Used to detect African swine fever pathogens in clinical samples.

African swine fever virus fluorescence

/ Advantages: Highly sensitive and specific PCR nucleic acid detection kit

It is strong and has high detection efficiency, and the detection results can be obtained in as fast as 40 minutes.

Function: Used to detect the structure of foot-and-mouth disease virus VP1 in pig serum samples.

White antibodies.

/ structural protein antibody enzyme-linked immunoassay

Advantages: Highly sensitive and specific adsorption test diagnostic kit

Strong, good stability and long shelf life.

Function: Used to detect porcine Seneca virus type A in pig serum samples. Anti-diagnosis of porcine Seneca virus type A in the product.

/ ELISA antibody detection reagent body.

break

Advantages of the box: high sensitivity, strong specificity, and good reproducibility.

Function: The monoclonal antibody competition method is used to detect pseudorabies virus gB competition virus gB protein antibodies in pig serum.

/ ELISA antibody detection reagent advantages: high sensitivity, strong specificity, good repeatability, and high detection efficiency: results can be produced in as fast as 50 minutes.

Function: Used to detect foot-and-mouth disease virus in cattle, sheep blood, and sheep foot-and-mouth disease virus. Qingzhong foot-and-mouth disease virus VP1 structural protein VP1 structural protein antibody enzyme and white antibody.

/

Advantages of linked immunosorbent assay diagnosis: high sensitivity, strong specificity, good repeatability, and long shelf life.

(2) Main business model

1. Procurement model

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The company adopts the procurement model of "customizing production based on sales and ordering based on production" to form a procurement management system of "centralized control + professional division of labor". Based on the company's annual and monthly production plans drawn up by the production management department, the company's procurement management department comprehensively considers product categories and safety inventories, and implements material procurement details according to the monthly plan. At the same time, for some important raw materials, the company carries out strategic stocking based on market and industry conditions to avoid the risk of price fluctuations.

2. Production mode

The company formulates an annual total production plan based on annual sales targets, and dynamically adjusts production arrangements every month based on market demand and inventory conditions. At present, the company has 7 production lines that have passed GMP certification. The entire production process is strictly operated in accordance with the veterinary drug GMP standards to ensure that every production link of each batch of products has detailed records to achieve full traceability and monitoring of product quality and ensure product quality.

3. Sales model

The company determines different sales models in accordance with national epidemic prevention policies, veterinary drug regulations, company product structure, sales targets, etc. The sales model places equal emphasis on government bidding, procurement and sales, and market-based sales.

(1) Government bidding, procurement and sales model

Government bidding, procurement and sales are where local animal epidemic prevention authorities formulate annual epidemic prevention plans and veterinary vaccine procurement plans based on the "National Compulsory Immunization Guidelines for Animal Diseases (2022-2025)" issued by the Ministry of Agriculture and Rural Affairs. Public bidding is conducted in accordance with the "Government Procurement Law of the People's Republic of China" and relevant regulations. The veterinary authorities of the people's governments at all levels arrange 1-2 government tenders each year based on the needs of spring epidemic prevention and autumn epidemic prevention. The company participates in the bidding in accordance with the relevant regulations on bidding.

(2) Market-oriented sales model

The company's market-oriented sales include direct sales to major customers and dealer channel distribution. In terms of the direct sales model for large customers, the company focuses on the development of large-scale breeding group customers and large-scale pig farm customers in various provinces. Based on the needs of end customers, it provides personalized service plans for customers of different sizes to meet their specific needs for disease prevention and control, and forms strategic cooperation with group customers to jointly build a "business community" to improve quality and efficiency. In terms of dealer channel distribution model, the company actively builds and lays out a sales network and sales system to provide high-quality comprehensive services to farmers of different sizes.

At the same time, the company has formulated a "three-step overseas" development strategy based on vaccine products, technical services and technology investment to develop sales and services in the international business market. At present, the company has collaborated with many countries in Southeast Asia, Central Asia, and Africa to promote cooperative research and development, and continues to enhance the company's influence in major target markets such as countries along the "Belt and Road".

(3) Industry conditions

1. The development stage, basic characteristics, and main technical thresholds of the industry

(1) The industry and sub-industries the company operates in

The company belongs to the pharmaceutical manufacturing industry, and its sub-industry is the biological products industry. It mainly develops, produces and sells veterinary biological products and innovative human drugs.

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(2) Industry development, market size, structure and changes

In recent years, the increasing health awareness of Chinese residents has driven the growth in demand for biomedicine and animal drugs, and the scale of my country's biomedicine industry has continued to expand. Technological innovation continues to promote the development of the biomedicine market, and innovative technologies represented by gene editing, cell therapy, and artificial intelligence-assisted drug research and development are promoting the expansion of industry boundaries.

In terms of the veterinary biological products industry, it has developed rapidly in recent years driven by policy support, market demand and technological innovation, covering the three major fields of economic animals, pets and aquatic products, showing a differentiated development trend.

①Biological products for economic animals

Although affected by the overall low performance of the macroeconomic and downstream breeding industries, the veterinary biological products industry is still developing steadily. The domestic livestock breeding industry is gradually transforming into standardized, large-scale and intensive breeding methods. The risk of animal disease prevention and control is increasing, and market entities are paying increasing attention to animal protection and disease prevention. Previous epidemics such as African swine fever have also accelerated the concentration of the breeding industry to a certain extent. Large-scale and intensive breeding entities spend much more on epidemic prevention than free-range farmers. Therefore, the increase in the proportion of large-scale and intensive breeding will further promote the demand for veterinary biological products in the breeding industry, and is more conducive to the development of innovative veterinary biological products companies with strong independent research and development capabilities, advanced process technology, excellent and stable product quality, high comprehensive service levels, and focus on meeting user needs. On the other hand, the development of the veterinary biological products industry in recent years has also faced some problems, including low concentration, structural overcapacity, homogeneity of some products, intensified industry competition, and weak R&D capabilities of some companies. Tighter industry policy supervision, increased environmental pressure, and increased quality requirements for veterinary biological products in large-scale breeding have accelerated the integration of the veterinary biological products industry. Enterprises with technological innovation, process advantages, and comprehensive service capabilities will dominate the market.

②Biological products for pets

With the improvement of national living standards, the number of pet owners continues to expand, and the volume and price of China's pet consumer market have increased in recent years. The "2025 China Pet Industry White Paper" shows that the number of dogs and cats in China's cities and towns in 2024 will be 124 million, and the urban pet (dog and cat) consumer market will be 300.2 billion yuan, an increase of 7.5% from the previous year. It is expected that the urban pet (dog and cat) consumer market will reach 365.6 billion yuan in 2026. Among them, pet medical care accounts for approximately 28% of the pet consumer market, making it the second largest pet consumer market after pet food. The rise of the pet economy has driven a surge in demand for veterinary biological products, especially vaccines, diagnostic reagents and health care products. More and more veterinary biological products companies are beginning to enter the pet market and develop high-quality biological products suitable for pets to meet market demand.

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③Biological products for aquatic products

As an important part of my country's large-scale agriculture, the aquaculture industry continues to expand in scale and is becoming an emerging area of focus for the veterinary biological products industry. However, the aquaculture process is faced with the threat of various diseases, such as bacterial diseases, viral diseases, etc. Driven by the dual drive of the "reduction and ban of resistance" policy and food safety upgrades, the demand for aquatic biological products continues to increase, including aquatic vaccines, microecological preparations and other products are increasingly widely used in aquaculture, which plays an important role in improving the immunity of aquaculture animals and preventing the occurrence of diseases. At the same time, in order to strengthen the prevention and control of disease at the source, the market demand for aquatic diagnostic products has gradually increased, providing diversified monitoring methods for disease prevention and control. With the continuous advancement of aquaculture technology and the continuous pursuit of green and healthy breeding concepts, the aquatic biological products market has broad development prospects.

China's innovative pharmaceutical industry has shown explosive growth in recent years, with its market size and global competitiveness significantly improved. Against the background of profound changes in the global pharmaceutical industry landscape, China's innovative pharmaceutical industry is moving from "follow-up innovation" to a new stage of "original breakthrough". my country's biopharmaceutical market size has reached 345.7 billion yuan in 2020. According to Frost & Sullivan's forecast, my country's biopharmaceutical market size is expected to reach 1,319.8 billion yuan by 2030, and the compound annual growth rate from 2018 to 2030 is expected to be 14.4%. The global biopharmaceutical market has grown from US$220.2 billion in 2016 to US$297.9 billion in 2020, with a compound annual growth rate of 7.8% from 2016 to 2020. Driven by factors such as the expansion of the patient population and improvement in affordability, the future growth rate of the biopharmaceutical market will be much higher than that of the chemical drug market in the same period.

(3) Industry policies

①Veterinary biological products industry

The Ministry of Agriculture and Rural Affairs and veterinary administrative departments at all levels are the competent authorities for the veterinary biological products industry; the China Veterinary Drug Supervision and Administration Commission is responsible for the technical supervision and management of veterinary biological products nationwide and is an institution directly under the Ministry of Agriculture and Rural Affairs; the main responsibility of the China Veterinary Drugs Association is to establish an industry self-discipline mechanism, assist the government in improving industry management, participate in the revision and publicity of industry laws, regulations, and standards, and exert industry supervision Roles, etc.; China Animal Disease Prevention and Control Center is responsible for national animal epidemic analysis and treatment, major animal disease prevention and control, livestock and poultry product quality and safety testing, and national animal health supervision; China Animal Health and Epidemiology Center is responsible for major animal disease epidemiological investigation, diagnosis, and testing, animal and animal product veterinary health assessment, animal health regulations and standards, and disease prevention and control technology research.

②Innovative drug industry

In recent years, the national level has intensively introduced a number of policy initiatives to support the development of innovative drugs. The 2024 "Government Work Report" of the State Council proposed to accelerate the development of innovative drugs and other industries, actively create new growth engines such as biomanufacturing, while formulating future industrial development plans and opening up new tracks such as life sciences. In June 2024, the General Office of the State Council issued the "Key Tasks for Deepening the Reform of the Medical and Health System in 2024", emphasizing the need to deepen reform and innovation in the pharmaceutical field, promote the accelerated rational application of new drugs, deepen the reform of the drug review and approval system, and promote the improvement of the multi-level medical security system. In July 2024, the State Council executive meeting reviewed and approved the "Implementation Plan for Supporting the Development of Innovative Drugs across the Chain." The meeting pointed out that the development of innovative drugs is related to the development of the pharmaceutical industry and the health and well-being of the people. It is necessary to strengthen policy guarantees throughout the chain, coordinate and make good use of policies such as price management, medical insurance payment, commercial insurance, drug equipment and use, investment and financing, optimize the review and approval and medical institution assessment mechanisms, and work together to promote the breakthrough development of innovative drugs. At the same time, local supporting policies to support the development of innovative drugs are also intensively introduced. The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Pudong New Area Comprehensive Reform Pilot Implementation Plan (2023-2027)", allowing new biomedical products to be priced according to similar international drugs. On July 1, 2025, the National Medical Insurance Administration and the National Health Commission jointly printed

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The "Several Measures to Support the High-Quality Development of Innovative Drugs" was issued to inject strong vitality into the development of innovative drugs, including increasing support for the research and development of innovative drugs, supporting the clinical application of innovative drugs, improving the diversified payment capabilities of innovative drugs, and strengthening guarantees. Driven by policy support and technological innovation, my country's pharmaceutical industry has broad prospects for the future and is expected to occupy a more important position in the global pharmaceutical market. (4) Industry technical threshold

The technical threshold of the biological products industry is concentrated in the highly interdisciplinary collaborative innovation of R&D technology, multi-dimensional process complexity, and full life cycle quality management system requirements. This field requires a deep integration of cutting-edge disciplines such as molecular biology, synthetic biology, and structural immunology. It is characterized by difficult research and development, high production process requirements, strict regulatory requirements, a deep and wide talent pool, and high intellectual property barriers. This high-tech-intensive nature presents a more complex industrial form in the field of veterinary biological products. The biological products industry has high requirements for talents, technical level, biosafety and industry supervision. There is a high industry technical threshold, which is mainly reflected in the following aspects:

① From the perspective of technology research and development: the research and development of new products involves new pathogens, new pathogenesis, new protective effects, etc. The research and development fields involve veterinary medicine, animal husbandry, pharmacology, pharmaceutical analysis, medicinal chemistry, pharmaceutical preparations, toxicology, molecular biology and genetic engineering. It has the characteristics of multi-disciplinary interdisciplinary, not only long time, large investment and high risk of failure, but also requires researchers to have the accumulation of knowledge and experience in related fields. The country's requirements for the safety, effectiveness and stability of veterinary biological products are increasing day by day, making the innovation of new product research and development increasingly difficult. The production of vaccine products involves many processes. In order to improve the quality and production efficiency of vaccine products, it is necessary to accurately control every process link in the production process. Manufacturing companies must have long-term production experience and accumulation of process technology to meet the requirements.

② From the perspective of policy access: The full implementation of the current veterinary drug GMP has greatly improved the hardware facilities, product safety, management level and other aspects of veterinary biological products companies, but it has also increased the investment costs of veterinary biological products companies, and the industry entry threshold has gradually increased. In order to improve the technical equipment, management level and biosafety risk management and control capabilities of foot-and-mouth disease and highly pathogenic avian influenza vaccine production enterprises, ensure the quality of vaccine products, and better meet the needs of major animal disease prevention and control work, the Ministry of Agriculture and Rural Affairs adopts the policy of "balancing supply and demand, encouraging innovation, and ensuring safety". "Principle, foot-and-mouth disease and highly pathogenic avian influenza vaccine manufacturers, in addition to complying with the requirements of the new version of veterinary drug GMP, the production areas, quality inspection rooms, inspection animal rooms, sewage (water) treatment facilities and protective measures involving live virus operations should comply with the third-level biosafety protection requirements.

③ From the perspective of R&D declaration: Experimental activities involving highly pathogenic animal pathogenic microorganisms (Class I and II pathogenic microorganisms) must be conducted in nationally recognized laboratories, and the purpose and content of the experiments must be strictly reviewed and approved by the competent government departments; the use of Class I pathogenic microorganisms should also be approved by the competent authorities; the entire R&D process is subject to the supervision of the national veterinary authorities and environmental protection authorities. Judging from the "Veterinary Drug Registration Management Measures (Revised Draft for Comments)", it will become more difficult to register new veterinary drugs. In addition, the research and development of new veterinary drugs requires enterprises to invest more funds, and the quality requirements for R&D talents are also relatively high. The application process for new veterinary drugs must strictly follow the "Veterinary Drug Administration Regulations", "Veterinary Drug Registration Measures" and other relevant regulations. The process from laboratory research to obtaining a new veterinary drug certificate takes a long time, usually 7-8 years or even longer.

Innovative drugs are high-tech industries with strong industrial characteristics, which are mainly reflected in the following two aspects: First, drugs are related to public safety. Pharmaceutical companies need to obtain government approval and license before entering the market. They have high economies of scale and are greatly affected by regulatory policies. Second, the pharmaceutical industry has high technical thresholds, large investments, and long cycles. Products require long-term and complex research and development before they are launched on the market.

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and strict approval. Generally, innovative drugs need to go through compound screening, API research, preparation research, preclinical pharmacology and toxicology safety research, clinical research, registration application, etc. before being launched on the market. It takes about 10 years from project establishment to product launch, and the success rate of product launch is less than 10%.

2. Analysis of the company’s industry status and its changes

The company is a high-tech enterprise mainly engaged in the research, development, production and sales of biological products. Relying on years of R&D accumulation, the company has continuously made breakthroughs in cutting-edge technologies such as synthetic peptides, genetically engineered vaccines, new inactivated vaccines, and mRNA, reaching internationally advanced levels, and has become a core force in promoting technological upgrading of the industry. At the same time, the company has two major GMP production bases in Shanghai and Lanzhou, with a complete range of production lines and rich and diversified production capabilities. In the veterinary biological products sector, under the industry trend of "breeding intensification + pet economy + disease complexity", the company will continue to consolidate its dominant position in the traditional economic animal market by virtue of its integrated capabilities of "R&D-production-service", and at the same time seize emerging tracks such as pet biological products and mRNA vaccines to further to further expand its leading edge in the industry and move towards the goal of becoming a global leader in animal health; in the innovative drug segment, the company efficiently promotes the clinical trial process of Sizhiyuan's core products through resource collaboration, and leverages the company's rich management experience, R&D capabilities and production capabilities to help Sizhiyuan accelerate the development of three innovative drugs, UB-421 and UB- The clinical application, clinical trials, sample production, and commercialization processes of 221 and UB-621 will be further promoted in terms of capital increase or acquisition based on clinical trials and market environment, and the strategic transformation of the focus of innovative drug development will be accelerated.

(1) Diversified biomedical technology platform

Based on more than 20 years of deep cultivation of cutting-edge biotechnology, as well as close tracking and analysis of end market demand, the company relies on its technological advantages and R&D strength to implement a diversified product layout strategy. After years of R&D and innovation, the company has established five major platforms: synthetic peptide technology, genetic engineering technology, new inactivated vaccine technology, nucleic acid (mRNA) technology and in vitro diagnostic technology. The company's synthetic peptide technology platform has seven key core technologies and has built a mature synthetic peptide technology system; the genetic engineering technology platform and in vitro diagnostic technology platform have been further improved; the company's inactivated vaccine platform has successfully innovated five key core technologies for inactivated vaccines; the nucleic acid (mRNA) technology platform has been established and improved, and will actively promote the process of mRNA industrialization. The construction and innovation of the above technologies can be extended to other prevention, treatment and diagnostic products for animals and humans, which can improve the core competitiveness of the company's products. The in-depth coverage of the company's diversified technology paths and the organic combination of production line resources provide guarantees for the industrialization of new genetically engineered vaccines, bacterial vaccines and multi-linked multivalent vaccines, and strengthen the company's technological leadership in the industry.

(2) Full coverage of mainstream technology production supporting facilities for veterinary biological products

The company has a number of advanced veterinary drug GMP production lines. The production scope includes: cell suspension culture foot and mouth disease virus inactivated vaccine, synthetic peptides, cell suspension culture virus inactivated vaccine (including cell suspension culture virus subunit vaccine) (2 lines), cell suspension culture subunit vaccine.

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Multiple veterinary drug GMP production lines including unit vaccines, inactivated bacterial vaccines, immunology diagnostic products (Category A), molecular biology diagnostic products (Category B), etc. At the same time, the company's general live vaccine workshop has passed GMP static acceptance; the company's mRNA vaccine and drug production workshop has been basically completed, and is actively promoting veterinary drug GMP static acceptance, and will realize full-process process development and production of large-scale plasmid process development and production, and mRNA synthesis and delivery. After all the above-mentioned production lines are put into operation, the company will be the first to achieve full coverage of mainstream technologies for veterinary biological products, forming a complete production capacity of different types of antigen vaccines and diagnostic products including viruses, bacteria, peptides, recombinant proteins, nucleic acids and monoclonal antibodies.

Serial number Production line name/production scope Location 1 Cell suspension culture foot and mouth disease virus inactivated vaccine production line

2 Synthetic peptide vaccine production line

Cell suspension culture virus inactivated vaccine production line

(Contains cell suspension culture virus subunit vaccine) 2 items

Lanzhou 4-cell suspension culture subunit vaccine production line

5 Bacterial inactivated vaccine production line

6 cell suspension culture live virus vaccine production line (has passed GMP static acceptance)

7 Live bacterial vaccine production line (passed GMP static acceptance)

8 Immunology diagnostic products (Category A) production line

9 Molecular biology diagnostic products (Category B) production line Shanghai 10 mRNA vaccine and pharmaceutical production line (preparing for GMP acceptance)

(3) Animal health and human medicines have been expanded into multiple fields, and their application areas have continued to expand.

Based on the advanced biomedical technology platform it has accumulated, the company will form a differentiated competitive barrier for technology reuse and market linkage through the development strategy of "deeply cultivating the animal health market vertically and collaborating horizontally with the field of innovative human drugs". The research and development of high-end pet products such as long-acting recombinant canine alpha interferon and pet mRNA vaccine (RKC0042024) have achieved important breakthroughs, filling gaps in the pet market, and aquatic biological products have been proactively deployed. The company has gradually formed a full-chain industrial barrier with stable advantages in pig vaccines, rapid breakthroughs in the ruminant and pet fields, seizing opportunities in the aquatic products field, and steadily advancing clinical trials of innovative drugs for human use.

(4) Possess multiple important R&D qualifications and independently carry out independent R&D and innovation

The company has obtained a number of important R&D qualifications, including a biosafety level three protection animal house, a biosafety level two laboratory (BSL-2), an experimental animal production license, and an experimental animal use license. It complies with the Good Clinical Practice for Veterinary Drugs (GCP) and the China National Accreditation Service for Conformity Assessment (CNAS) certification, and the scope of relevant experimental capabilities has gradually expanded. The above qualifications demonstrate the company's strong R&D capabilities and scope in related fields, and its ability to efficiently carry out product technology verification and transformation of technological achievements, realizing a full-chain platform system from basic research to industrialization, and providing strong support for technological innovation, drug development and marketization. In addition, relying on its complete R&D qualifications, the company officially launched clinical trial entrustment services during the reporting period, providing professional veterinary drug clinical trial program design, execution and management services to industry partners, forming new business expansion.

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The company focuses on the deep integration of technological innovation and market expansion. Through technological innovation and strategic layout, it continues to export products and technologies, promotes the rapid transformation and industrialization of research and development results, and significantly enhances the industry's voice through global layout and cross-border collaboration capabilities.

3. The development and future development trends of new technologies, new industries, new business formats, and new models during the reporting period

The biopharmaceutical industry is accelerating its transformation to an innovation-driven development model, paying more attention to basic research and development and sustainable development. Currently, the industry is not only committed to the development of breakthrough drugs and technologies, but also enhances overall competitiveness by promoting the docking of technical standards and industry chain collaboration on a global scale.

In terms of veterinary biological products, in recent years, with the improvement of livestock and poultry breeding levels, changes in the concept of pet care, changes in the animal disease prevention and control situation, the development of new biotechnology and the adjustment of industry regulatory policies, animal vaccine research and development has shown new characteristics and new trends. The African swine fever epidemic has promoted the upgrading of biosecurity in the industry, and the optimization and upgrading of downstream breeding models has accelerated. Under the background of the policy of "reducing and banning antibiotics", the demand for bacterial vaccines has increased significantly to ensure animal disease prevention and control and food safety. The company uses new genetic engineering technology to strengthen the layout of bacterial vaccines, improve immune effects, and help breeding companies improve the level of animal disease prevention and control under the new situation and new requirements. (1) Multi-linked multivalent vaccines have become the focus of research and development

Product innovation is becoming an important development trend in the animal vaccine industry. From the perspective of research and development, multi-linked multivalent vaccines and genetically engineered vaccines have become key research and development projects for enterprises. The development of multi-linked and multivalent vaccines can reduce the number of vaccinations for immunized animals, achieve "one shot for multiple protections", and reduce the burden on farmers. Therefore, the company has increased its efforts in the research and development of multi-linked and multivalent vaccines, and at the same time strengthened its accurate understanding of prevalent bacterial strains, and effectively developed such vaccine products for key epidemic diseases and their dominant bacterial strains. During the reporting period, in order to meet the needs of farmers for the prevention and control of increasingly complex animal diseases and respond to the market’s urgent demand for multi-linked multivalent vaccines, the company took advantage of its leading advantages such as advanced genetic engineering technology and virus-like particles (VLPs) vaccine technology platform, Cooperate with Lan Research Institute and other units on the "Pig foot-and-mouth disease type O (new strain)/type A, swine fever, pseudorabies triple vaccine" project and the "cattle foot-and-mouth disease type O/A, viral diarrhea/mucosal disease, and infectious rhinotracheitis triple vaccine" project. Both of the above two vaccines can achieve "one shot, four defenses", effectively reduce the number of immunizations, save immune resources and epidemic prevention costs, improve production efficiency, and have strong market competitiveness, which will help

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The company provides customers with more comprehensive and efficient disease prevention and control solutions, which will further enhance the company's technological leadership in the field of animal health.

(2) Application and upgrade of cutting-edge biomedical technologies and processes

New technologies and new processes are constantly emerging, providing technical support for the veterinary biological products industry to develop in a more efficient and safer direction. The number of vaccines developed and prepared based on cutting-edge biomedical technologies continues to increase. For example, gene deletion vaccines, vector vaccines, genetically engineered subunit vaccines, nucleic acid vaccines and synthetic peptide vaccines using genetic engineering, cell engineering and biosynthesis technologies are the main development directions of the vaccine industry at present and in the future. Especially with the emergence of new diseases in recent years, new vaccine technologies have developed rapidly, such as mRNA technology, VLPs technology, etc. Production technology upgrades include cell suspension culture technology, antigen purification technology, new veterinary vaccine adjuvants, etc. Technology upgrades will accelerate the rapid development of the industry towards high quality.

At present, genetic engineering vaccine technology has become an important direction for the development of the veterinary biological products industry. The R&D and large-scale production of genetically engineered proteins have high entry barriers, especially the establishment of an industrial-scale production platform, which requires years of accumulation of technology, talent and capital. Research on a new generation of adjuvants will provide more rational strategies for vaccine development. The new adjuvant can better stimulate the immune response by combining with antigen emulsification, and induce a more comprehensive and efficient protective effect while ensuring product quality and safety. Based on this, the company actively researches and develops new adjuvants, focusing on promoting the development and application of water adjuvants.

In addition, mRNA technology also has great potential in the field of veterinary vaccines for the prevention and treatment of animal infectious diseases. Its advantages include easier development of multi-linked multivalent vaccines, short development time, high mass production, low biosafety risks, and more effective induction of cellular immunity and humoral immunity. mRNA vaccine technologies include non-replicating mRNA, self-replicating mRNA and circular RNA. Among them, circular RNA is a covalent closed-loop structure with a more stable structure, long expression duration, and can avoid innate immune responses without nucleotide modification. It breaks through relevant patent barriers and has unique advantages in production and clinical application. It is the technology adopted by our company.

(3) Industry-university-research collaborative innovation model

Enterprises strengthen cooperation with scientific research institutions and universities to establish a collaborative innovation model between industry, academia, and research. Enterprises jointly carry out new vaccine research and development projects with universities and scientific research institutes, making full use of the scientific research resources of universities and scientific research institutes and the industrialization capabilities of enterprises to accelerate the transformation of scientific research results. In addition, companies also work together to overcome technical problems and reduce R&D costs through strategic cooperation and technology sharing. Added important non-main business information

√Applicable □Not applicable

During the reporting period, the company invested RMB 60 million in Shizhiyuan through its wholly-owned subsidiary Bentiancheng and acquired 20.48% of Shizhiyuan's shares. It will jointly promote the clinical trials of three drugs with Shizhiyuan: AIDS treatment monoclonal antibody drug (UB-421), anti-allergic Anti-IgE monoclonal antibody drug (UB-221) and anti-herpes simplex virus monoclonal antibody drug (UB-621), and formally deploy in the field of human innovative drugs.

2. Discussion and analysis of operating conditions

During the reporting period, the company's vaccine product sales were 115.51 million ml, a year-on-year increase of 9.97%, and the operating income was 121 million yuan, a decrease of 3.68% from the same period last year; the net profit attributable to shareholders of the listed company was -12.87 million yuan, a year-on-year loss reduction of 21.63 million yuan, and the loss reduction rate reached 62.71%.

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In terms of veterinary biological products, the company keeps pace with market changes, deepens marketing reform, and adheres to the "customer-centered" marketing concept. While stabilizing its market share in government procurement, it increases the market share of swine vaccines, expands the ruminant vaccine market, and improves the layout of pet biological products. R&D work focuses on market demand, and focuses on accelerating the industrial transformation process of core projects through project streamlining and implementation of precise management and control. In terms of production line construction, the animal inactivated vaccine workshop has passed veterinary drug GMP acceptance, the animal live vaccine workshop production line has passed GMP static acceptance, and the mRNA vaccine and pharmaceutical production line construction projects are progressing steadily. The company continues to strengthen refined management, promote cost reduction and increase efficiency, and comprehensively support the healthy development of the company.

At the same time, relying on the diversified biomedical technology platform, the company continues to promote overseas markets, actively expands the territory of innovative drugs, and explores the second growth curve of the company's development. The company, through its wholly-owned subsidiary Bentiancheng, has invested RMB 60 million in Shizhiyuan and acquired 20.48% of its equity. It will jointly promote the clinical trials of three innovative monoclonal antibody drugs with Shizhiyuan: AIDS treatment monoclonal antibody drug (UB-421), anti-allergic Anti-IgE monoclonal antibody drug (UB-221) and anti-herpes simplex virus monoclonal antibody drug (UB-621), quickly realizing strategic transformation in the field of innovative drugs.

(1) Focus on speeding up research and development and promote product cluster launch

In the first half of 2025, in order to quickly respond to changes in market demand, the company vigorously promoted the comprehensive reform of the R&D management mechanism, established dynamic resource allocation rules and cross-department collaboration mechanisms, significantly improved the efficiency of R&D decision-making and the accuracy of resource allocation, and further provided systematic support for the application potential of the R&D technology platform. During the reporting period, the company has made several important progress and breakthroughs in key difficulties in the pig, ruminant, pet, aquatic and other sectors. The technological breakthroughs and industrialization of new products such as multi-linked multivalent vaccines, mRNA vaccines, and bacterial disease vaccines are accelerating.

The pig biological products segment focuses on products with high technical barriers that are urgently needed in the market, and the commercialization process of many core research and development results has been accelerated significantly. The swine fever genetically engineered subunit vaccine (CHO-133D) has been approved for product approval. Porcine contagious pleuropneumonia, streptococcal double inactivated vaccine and live swine pseudorabies vaccine are currently applying for product approval numbers.

The ruminant biological products segment takes into account the market demand for viral and bacterial diseases. During the reporting period, it focused on promoting the laboratory research process of triple vaccine for bovine foot-and-mouth disease type O/A, viral diarrhea/mucosal disease, and infectious rhinotracheitis. The clinical trial application for the subunit vaccine of sheep echinococcosis (hydatid disease) has been submitted.

The research and development process of many high-end products in the pet biological products sector is accelerating simultaneously. The long-acting recombinant canine alpha interferon has been approved for clinical trial application and has started clinical trials. The laboratory verification work of pet mRNA vaccine has achieved important stage results. At the same time, the breakthrough invention patent in the field of pet mRNA vaccine "A GnRH Nucleic Acid Vaccine" has been authorized.

The aquatic products sector has conducted close exchanges and reached cooperation with domestic research institutions to conduct joint technical research on diseases with high morbidity, high mortality and high economic losses such as shrimp vibriosis. The application and listing of diagnostic products and preventive products are progressing in an orderly manner. The Vibrio vibriosa fluorescent PCR detection kit for shrimp is about to be registered as a new veterinary drug.

In addition, relying on the company's complete R&D qualifications, during the reporting period, the company officially launched and promoted external clinical trial entrustment services, providing professional veterinary drug clinical trial program design, execution and management services to industry partners, forming a new business growth point.

(2) Focus on customer needs, integrate marketing strategies, and drive performance growth

The company adopts a "double-dimensional expansion" marketing strategy: vertically focusing on in-depth services for large customers, dispatching senior technical teams to provide precise on-site support, and providing precise technical support; horizontally deploying multi-level customer groups, while focusing on breaking through the leading breeding groups, and developing new strategies.

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Strategically cultivate customers for large and medium-sized farms. The company continues to optimize the production process and internal control quality standards of core products such as foot-and-mouth disease vaccine and ring vaccine based on customer needs; in addition, the marketing center regularly organizes cross-departmental technical teams to carry out in-depth technical docking with core customers through the "going out + inviting in" mechanism, integrating expert resources in the fields of disease prevention and control, production management, biosecurity and other fields to provide customized solutions and full life cycle technical services. Currently, it has successfully built a "guided service" model and established stable cooperative relationships with a number of large and medium-sized customers.

(3) Consolidate the foundation of quality management and help promote product development across the board

In terms of production and quality management, the company always adheres to the "customer demand" orientation, deepens the flexible production management model, continues to optimize the production process, and comprehensively improves product quality. By improving veterinary drug GMP, GSP, GCP and ISO management systems, we will continue to consolidate the quality management foundation. The company has obtained the GCP qualification for veterinary drugs, involving a total of 6 test projects, covering the safety and effectiveness evaluation of biological products for pigs, cattle and pets; during the reporting period, the company obtained experimental animal use licenses for cats and fish. The company will actively carry out expansion work such as CNAS for aquatic animals and GCP for aquatic animals and sheep.

(4) Accelerate the construction of production lines and improve the layout of all fields

In terms of project construction, the company continues to promote the construction of new vaccine workshop projects and strives to build a production capacity for veterinary biological products covering "all categories and all technical paths", providing a solid guarantee and hardware foundation for improving the company's business scale, product categories and production scope. The cell suspension culture virus inactivated vaccine production line (including cell suspension culture virus subunit vaccine), cell suspension culture subunit vaccine production line and bacterial inactivated vaccine production line passed the veterinary drug GMP acceptance in February 2025; the cell suspension culture live virus vaccine and bacterial live vaccine production lines have passed the veterinary drug GMP static acceptance. At the same time, the construction of nucleic acid (mRNA) vaccine and pharmaceutical workshops has been completed and will soon apply for veterinary drug GMP acceptance, injecting new momentum into the company's innovative product layout.

Analysis and outlook on changes in non-business accounting standards financial indicators

□Applicable √Not applicable

Major changes in the company's operating conditions during the reporting period, as well as events that occurred during the reporting period that have a significant impact on the company's operating conditions and are expected to have a significant impact in the future

□Applicable √Not applicable

3. Analysis of core competitiveness during the reporting period

(1) Core competitiveness analysis

√Applicable □Not applicable

1. R&D and technical advantages

The company has always focused on cutting-edge high-tech biotechnology, taking R&D innovation as the driving force for corporate development. By continuously increasing investment in R&D, we continue to break through key core technologies, lead the rapid development of the biological products industry, and provide multi-dimensional high-quality products and services for the diversified clinical needs of animal and human health. The company has established five major platforms: synthetic peptide technology, genetic engineering technology, new inactivated vaccine technology, nucleic acid (mRNA) technology and in vitro diagnostic technology. The development of these advanced technology platforms and new technologies can ensure that the company can quickly develop biological products and expand their applications, gradually forming a multi-dimensional and multi-level product matrix, promoting the leap-forward development of the company's technology, products and service capabilities, and assisting the health management of animals and humans.

(1) Synthetic peptide technology platform

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The company is the first in the world to apply synthetic peptide technology to preventive biological products and has been deeply involved in the field of peptide synthesis for more than 20 years. It has a number of original technologies and achievements in peptide design, production, testing and other aspects. In particular, it has established an internationally leading R&D and large-scale production technology system for "ultra-long peptides (more than 60 amino acids)" and "difficult peptides". The company has been involved in product design, production and testing in all aspects. It has a number of industry-leading key core technologies, including Fmoc/tBu strategy solid-phase synthesis industrial production technology, antigen peptide concentration and purification technology, chemical cleavage process precision control technology, antigen epitope screening technology, peptide structure construction technology, peptide "structural library" synthesis technology, pig foot-and-mouth disease synthetic peptide vaccine testing technology, etc. This series of technologies constitute the company's synthetic peptide technology platform. The company continues to optimize its synthetic peptide technology platform, comprehensively improve vaccine design concepts, further improve product performance, and promote the upgrade of existing synthetic peptide vaccine series. At the same time, relying on its own synthetic peptide technology advantages and new trends in veterinary drug registration, the company actively strengthens cooperation with external scientific research units to accelerate the development of synthetic peptide vaccines for other animal diseases.

(2) Genetic engineering technology platform

After more than 20 years of continuous technological innovation and iteration, the company's genetic engineering technology platform has formed a comprehensively integrated development and production system. The platform integrates the most cutting-edge VLPs technology and genetic engineering subunit technology, and realizes everything from artificial intelligence-assisted sequence and structure design to the construction of proliferation, expression and purification systems; from systematic evaluation of candidate molecules to amplification process design and optimization based on the quality-by-design (QbD) principle; to production preparation in compliance with GMP standards, providing fast, efficient and diversified product technology solutions to meet actual needs.

(3) New inactivated vaccine technology platform

The company continues to develop and innovate, and has established technology platforms for cell cloning, gene editing, plaque purification, suspension culture, concentration and purification, and virus inactivation. It has also formed five inactivated vaccine technologies with industry advantages: seed virus genetic engineering technology, efficient suspension culture technology, leading integrated purification technology, original antigen stabilization technology, and precise vaccine detection technology.

Through seed virus genetic engineering technology, the seed virus has good production performance, strong vaccine immunogenicity, and high protective power; high-efficiency suspension culture technology can increase vaccine antigen production and reduce costs; leading integrated purification technology allows high impurity protein removal rate and high antigen recovery rate; original antigen stabilization technology makes the vaccine antigen stable and has a low degradation rate during storage; precise vaccine detection technology ensures stable antigen content and reduces intra-batch and inter-batch differences in vaccines. The above advantageous technologies have overcome the technical pain points and difficulties of the industry.

(4) Nucleic acid (mRNA) technology platform

mRNA vaccine technology is a major advancement in the field of veterinary vaccine development. It has the characteristics of high efficiency, short research and development cycle, excellent safety, and strong versatility of production technology. The company has rapidly and comprehensively promoted the construction of an mRNA vaccine technology platform and has made key progress. It has completed the construction of multiple core technology platforms such as pathogen target screening, mRNA design optimization, and plasmid and mRNA preparation processes.

(5) In vitro diagnostic technology platform

The diagnostic technology platform adopts a model that combines "independent R&D + cooperative R&D", with independent innovation technology as the core, deeply cultivates traditional diagnostic technology, continuously innovates R&D technology, and creates a highly sensitive and highly specific in vitro diagnostic technology platform. The company has now established a research and development system for molecular biology and immunology diagnostic products, and has established good technical cooperation relationships and an effective industry-university-research mechanism with a number of well-known scientific research institutes and universities in the research and development of veterinary vaccines and diagnostics, gradually building a diagnostic technology platform with industry-leading advantages.

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Shenlan Breeding, a wholly-owned subsidiary of the company, focuses on experimental animal breeding business, strictly follows experimental animal management regulations, and implements scientific

Chemicalized and standardized feeding. At present, the experimental pig herd has achieved more than 95% accuracy in detecting specific pathogens (antigen/antibody double negative).

The standard rate fully ensures the biological safety of experimental animals. According to the company's development plan, it is expected that the annual supply of experimental pigs will be achieved in the future

Thousands of heads provide a strong guarantee for the company's product research and development. In addition, the company will carry out timely operations based on market demand and production capacity planning.

The commercial sales of experimental pigs strive to achieve the coordinated development of scientific research value and commercial value.

The company’s main R&D achievements and awards in R&D and technology are as follows:

Serial Number Certificates and Awards Quantity

1 Second Prize of National Science and Technology Progress Award (2016) 1

2 Global Science and Technology Innovation Award (2020) 1

3 First Prize of Shennong China Agricultural Science and Technology Award (2021) 1

4 First Prize of National Agriculture, Animal Husbandry and Fishery Harvest Award (2022) 1

New Veterinary Drug Registration Certificate 11

Among them: Class I new veterinary drug registration certificate 2

6 Emergency Assessment Approval 1

Number of patents 103

Among them: invention patents 30

Other honors are listed below:

Preface

Honorary name Certification department Acquisition time number

The 8th China (Shanghai) International Invention

1 Shanghai Invention Association 2025 Innovation Exhibition Gold Award

The 7th China (Shanghai) International Invention

2 Shanghai Invention Association 2 Gold Awards at the 2024 Innovation Exhibition

The 6th China (Shanghai) International Invention

3 Shanghai Invention Association 2023

Innovation Exhibition Gold Award

4 Shanghai Brand Cultivation Demonstration Enterprise Shanghai Economic and Information Technology Commission 2022

Shanghai Minhang District Trade Secret Protection Instructions

5 Shanghai Minhang District Market Supervision and Administration Bureau 2022 Model Points

Shanghai Federation of Trade Unions, Shanghai Intellectual Property

The 33rd Shanghai Excellent Invention Selection Competition

6 Bureau, Communist Youth League Shanghai Municipal Committee, Shanghai Municipal Science and Technology 2021 Gold Award for Outstanding Invention Projects

Science and Technology Association, Shanghai Invention Association

7 Gold Medal of the 25th National Invention Exhibition Shanghai Employees Technical Association 2021 8 Shanghai May Day Labor Certificate Shanghai Federation of Trade Unions 2021 9 Caring Enterprise Hebei Animal Husbandry and Veterinary Association 2020 Shanghai Science and Technology Commission, Shanghai Municipal

2022/2019/2016/201 10 High-tech Enterprises Finance Bureau, State Administration of Taxation Shanghai Municipal Taxation

3 years

bureau

11 The most innovative enterprises in Minhang District People's Government of Minhang District, Shanghai 201912 Shanghai Enterprise Technology Center Shanghai Economic and Information Technology Commission 201813 Shanghai Specialized and New Enterprises Shanghai Economic and Information Technology Commission 202314 Shanghai Patent Work Pilot Enterprise Shanghai Intellectual Property Office 2018

China (Shanghai) International Invention and Innovation Exhibition

15 Shanghai Invention Association 2018

Exhibition Gold Medal

16 Shanghai Famous Brand Enterprises Shanghai Municipal Administration for Market Regulation 2016 17 Shanghai Famous Trademarks Shanghai Municipal Administration for Market Regulation 2016

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The 9th China International Invention Exhibition Silver

18 China Invention Association and Inventors Association 2016

Award

2. Product advantages

Guided by cutting-edge biomedical technologies and innovative products, the company closely integrates market demands and technical routes, establishes and expands diversified technology platforms, and is committed to developing efficient, safe, and stable new vaccine products and accurate, stable, and convenient diagnostic products to provide customers with comprehensive services for disease prevention and control.

The company focuses on the research and development of new vaccines, formed a multi-field and multi-dimensional technology integration system, and implemented a diversified product layout. Relying on the five core technology platforms, the company's new vaccine and diagnostic product categories are increasingly enriched. Veterinary vaccines include compulsory and non-compulsory immunization vaccine products, as well as pig and ruminant biological products. The company's pig foot-and-mouth disease inactivated vaccine and pig foot-and-mouth disease synthetic peptide vaccine have both obtained national Class I new veterinary drug registration certificates. In the field of innovative drugs, products under development are focused on the fields of viral infection and allergy and immunity.

In overseas market sales, the company's products have unique advantages. The full-scenario verification data generated by the application of more than 4 billion doses of vaccines in China builds the foundation of trust for overseas market access. The company's cutting-edge technology platforms such as virus-like particles (VLPs) vaccines and nucleic acids (mRNA) can accurately adapt to the disease prevention and control needs and regulatory requirements of different regional markets. At the same time, the company's original "i-Molsta" molecular staple and "i-DuFil" double-membrane integrated purification technologies ensure the high quality and stability of products in overseas markets.

In terms of innovative human drugs, AIDS treatment monoclonal antibody drug (UB-421) is an innovative anti-HIV monoclonal antibody drug that has a variety of potential therapeutic effects due to its unique platform design. Its unique mechanism of action is that the drug binds to the CD4 receptor domain 1 on the surface of targeted T cells, effectively blocking HIV virus entry into host cells in a competitive inhibitory manner. Because UB-421 does not directly target viral genes, compared with existing AIDS drugs on the market, UB-421 has a lower probability of causing viral drug-resistant mutations and has an immunomodulatory effect.

UB-421 will mainly conduct research in the fields of multi-drug resistance and functional cure in China. The project has conducted in-depth cooperation with the US NIH overseas and has made significant progress. In January 2025, the research results of UB-421 were published in the journal Nature Medicine. In June 2024, UB-421 related research results were published in The Lancet. In addition, related research was also published in the New England Journal of Medicine (NEJM) in April 2019.

In the near future, Sizhiyuan plans to explore the possibility of cooperation with domestic universities and scientific research institutes with UB-421 in the field of functional cure of AIDS. Sizhiyuan will promptly apply for clinical approval in this field and carry out relevant clinical research based on the results of the previous collaborative research. In addition, for patients with low viremia, UB-421 is expected to provide an optimized treatment plan and improve their quality of life.

Anti-allergic Anti-IgE monoclonal antibody drug (UB-221) is a monoclonal antibody drug targeting immunoglobulin E (IgE). Its mechanism of action is: on the one hand, UB-221 can bind to IgE, neutralize free IgE molecules in the blood, block its binding to surface receptors on mast cells and basophils, and inhibit the release of inflammatory mediators such as histamine. On the other hand, it can bind to the CD23 receptor on the surface of B cells and reduce IgE synthesis to a certain extent. UB-221 is mainly used in the treatment of allergic diseases, especially chronic spontaneous urticaria as the first indication. Currently, Shizhiyuan is conducting a phase II clinical trial in China for chronic spontaneous urticaria. With its more excellent pharmacological mechanism, UB-221 is expected to show strong competitiveness in the market after being launched. At the same time, the therapeutic area of UB-221 also

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Including food allergy, allergic rhinitis, asthma and atopic dermatitis, Shizhiyuan will successively carry out clinical trials for related indications based on subsequent market demand.

Anti-herpes simplex virus monoclonal antibody drug (UB-621), used to treat human herpes simplex virus (HSV) infection. UB-621 can interfere with the binding of herpes viruses to human cells by binding to the gD protein of herpes viruses, thereby inhibiting their ability to spread and spread within tissues and their infectivity. UB-621 acts on exogenous pathogens, so it will not affect the normal immune function of the human body, and can inhibit the common herpes simplex viruses HSV-1 and HSV-2 at the same time. The initial indication selection focuses on recurrent genital herpes. Such patients often need to rely on existing small molecule drugs for a long time, but even if they take drugs every day, the condition is still difficult to effectively control. At the same time, the therapeutic areas of UB-621 also include herpetic (HSV-1) keratitis, herpes simplex (HSV-2) vertical mother-to-child transmission, etc. UB-621 will be planned to be conducted in Phase II clinical studies overseas by the partners. Subsequently, Shizhiyuan will actively promote its clinical trials in China based on the overseas trial results.

3. Quality advantage

The company continues to improve the quality management system, continuously optimizes and improves product quality standards, strengthens integration with international standards, and focuses on product safety, effectiveness and environmental friendliness. Actively implement veterinary drug GMP, GSP, GCP, ISO9001 quality management, ISO14001 environmental management, ISO45001 occupational health and safety management and other systems, and continuously strengthen and improve the standard system of veterinary drug production, inspection, packaging, transportation and other links. Through the advancement of standardization, the stability and consistency of the company's product quality will be further improved.

During the reporting period, the company's cattle and pet veterinary drug GCP safety and effectiveness test projects all passed the expanded supervision and inspection of veterinary drug GCP, and new experimental animal use licenses for cats and fish were added. Obtaining the above qualifications will help the company implement its diversified product layout in pets, aquatic biological products and other products, and further enhance the company's core competitiveness in quality and technological innovation. In the future, the company will also actively promote the GMP inspection and acceptance of veterinary drugs in live animal vaccine workshops, CNAS certification of aquatic animals, and GCP expansion of aquatic animals and sheep, benchmark domestic and foreign high-standard market products, and continue to optimize the key quality attributes of products.

4. Talent advantages

The company is based in Shanghai, a highland of high-tech talents, and has assembled a high-end R&D team with senior industry experts and returned PhDs as the core. A reasonable talent structure provides important support for technology and product innovation and is the key to the company's core competitiveness. As a scientific and innovative high-tech enterprise in the animal health industry, the company continues to strengthen the construction of its R&D team. The R&D team specializes in key fields such as bioengineering, structural biology, pharmaceutical engineering, chemical engineering, molecular biology, medicinal chemistry, immunology, preventive veterinary medicine, basic veterinary medicine and animal science. The comprehensive disciplinary layout strongly supports the company's technology and product innovation in the field of biomedicine.

5. Service advantages

The company enhances market competitiveness through technological innovation, product innovation and service innovation, and provides customers with comprehensive solutions for disease prevention and control, biosecurity, production management and so on.

The company has a comprehensive and efficient after-sales service system, formulates product supporting services and disease prevention and control plans, responds to customer needs in a timely manner, provides customized operation plans, and forms a professional and wide-covering service network. The company has an integrated testing platform, relying on the two major technology platforms of Shanghai (disease pathogen detection, immune effect evaluation) and Lanzhou (vaccine quality assessment), and united with 20 third-party testing cooperation institutions to provide customers with accurate testing, health assessment and vaccine quality comparison services. The company has technology output and R&D service capabilities. It has multiple veterinary drug GMP production lines and BSL-2 laboratory, GCP and CNAS certification qualifications. It provides an integrated output model of "R&D OEM + technical services", covering vaccine R&D, production and diagnostic technology support services.

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(2) Events that occurred during the reporting period that seriously affected the company's core competitiveness, impact analysis and countermeasures

□Applicable √Not applicable

(3) Core technology and R&D progress

1. Core technology and its advancement and changes during the reporting period

After years of R&D and innovation, the company has established five major platforms: synthetic peptide technology, genetic engineering technology, new inactivated vaccine technology, nucleic acid (mRNA) technology and in vitro diagnostic technology. The company's synthetic peptide vaccine platform has seven key core technologies and has built a mature synthetic peptide technology system; the genetic engineering technology platform and in vitro diagnostic technology platform have been further improved; the company's inactivated vaccine platform has successfully innovated five key core technologies for inactivated vaccines; the nucleic acid (mRNA) technology platform has been established and has made phased progress, and will actively promote the process of mRNA industrialization. The construction and innovation of the above technologies will be extended to other animal prevention, treatment and diagnostic products, which can improve the core competitiveness of the company's products.

(1) Synthetic peptide technology platform

The company is a leading company in the field of synthetic peptide vaccines in China. It has been deeply involved in this field for more than 20 years and has a number of original innovations and related intellectual property rights in peptide design, production, testing and other aspects. The company has completed the iterative upgrade and performance improvement of foot-and-mouth disease virus synthetic peptide products, and has provided more than 4 billion doses of foot-and-mouth disease vaccine products to the market. It has also formed a key core technology system in the industrialization process of the series of products, such as the design and screening of polypeptide antigens and drug products, ultra-long chain multiple Industrial production technology of peptides and difficult peptides, multi-dimensional purification technology of peptide antigens and drugs, spatial construction technology of peptide antigens and drugs, independent intellectual property equipment and technology for peptide antigens and drugs, peptide "structure library" synthesis technology, etc. These technical systems constitute the company's synthetic peptide technology platform.

In addition, the company has accumulated rich experience in the regulation of synthesis processes, the synthesis of ultra-long chains (more than 60 peptides) and the resolution of difficult peptide problems. It has certain advantages in industrial applications and can provide a package of services. During the reporting period, the company's "OEM + service" integrated technology output business continued to develop, and has formed extensive business exchanges and expansion overseas. It is expected to reach another new milestone in transforming technology into business output.

(2) Genetic engineering technology platform

After more than 20 years of continuous technological innovation and iteration, the company's genetic engineering technology platform has formed a comprehensively integrated development and production system. The platform integrates the most cutting-edge VLPs technology and genetic engineering subunit technology, and realizes everything from artificial intelligence-assisted sequence and structure design to the construction of proliferation, expression and purification systems; from systematic evaluation of candidate molecules, to amplification process design and optimization based on quality by design (QbD) principles; to production preparation in compliance with GMP standards, providing fast, efficient and diversified product technology solutions to meet actual needs.

The company has a series of core technologies for the efficient expression, assembly, purification and large-scale production of pathogen VLPs, and can quickly respond to the development needs of VLPs vaccines with multiple structural proteins and single structural proteins. Through the self-developed universal VLPs technology platform, combined with click chemistry covalent coupling technology, the company can achieve multi-linked and multivalent design of vaccines while maintaining the original conformation and stability of the antigen, effectively reducing the immune dose and frequency of vaccination.

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In terms of genetic engineering subunit technology, the company can accurately clone the key antigen genes of pathogens, and combine structural biology and AI algorithms to accurately transform and optimize recombinant proteins, thereby improving biological activity and specificity, and developing subunit vaccines and active biological products with higher efficiency and stronger stability.

At present, the company has established a variety of protein expression systems. Through continuous technological iteration, it has developed steadily in the field of treatment and prevention of humans and pets. The mature application of genetic engineering technology provides strong technical support to meet diversified and personalized product needs. The company's genetic engineering technology platform lies not only in the integrity of its upstream and downstream technology systems, but also in its systematic development and design system based on QbD principles, which ensures that the process of new drug development from conceptual design to production preparation is more systematic and efficient. (3) New inactivated vaccine technology platform

The company continues to develop and innovate, and has established technology platforms such as cell cloning, plaque purification, suspension culture, concentration and purification, and virus inactivation; it has formed five major inactivated vaccine advantageous technologies: dual strain reverse genetic technology, dual high-efficiency suspension culture technology, dual membrane combined integrated purification technology, bidirectional antigen protection technology, and dual antigen detection technology. In the field of new inactivated vaccines, we took the lead in forming an integrated technology system such as seed virus genetic engineering technology, high-efficiency suspension culture technology, leading integrated purification technology, original antigen stabilization technology, and precise antigen detection technology, and successively developed a series of new inactivated vaccine products.

(4) Nucleic acid (mRNA) technology platform

In response to the urgency and challenges of the current animal disease situation, the company actively develops breakthrough solutions and innovatively establishes an mRNA technology platform, accelerating the research and development process of the mRNA vaccine technology platform and achieving key progress. At present, the establishment of core technology platforms such as pathogen target selection and mRNA design, plasmid preparation process, mRNA preparation process and nanoliposome packaging has been completed, and independent production of some core raw materials has been achieved, laying a solid foundation for efficient subsequent vaccine research and development and production cost control.

Products under development on the company's mRNA vaccine technology platform include vaccines for major animal diseases such as porcine reproductive and respiratory syndrome and porcine epidemic diarrhea, as well as prevention and treatment products for companion animals. During the reporting period, the company accelerated the construction of the mRNA vaccine production line and related intellectual property layout, and will actively promote the products to enter clinical research. The mRNA technology platform has completed applications for more than a dozen domestic and foreign patents, covering various important animal diseases such as foot-and-mouth disease, pig rings, and pets, and has gradually formed a related patent pool.

(5) In vitro diagnostic technology platform

The company closely follows the strategic deployment directions of the country and the Ministry of Agriculture and Rural Affairs, closely cooperates with the company's vaccine product quality inspection and industry testing needs, takes independent innovation technology as the core, deeply cultivates traditional diagnostic technology, and creates a highly sensitive and highly specific in vitro diagnostic technology platform. The products are based on a model that combines independent research and development with cooperative development, relying on the in vitro diagnostic technology platform, constantly expanding the application of new products, and actively promoting the research and development of molecular biology and immunology diagnostic products.

National Science and Technology Awards

√Applicable □Not applicable

Award name Award year Project name Award level

In response to the newly introduced foot-and-mouth disease epidemic in my country,

National Science and Technology Progress Award 2016 for the development of highly effective vaccines against circulating strains and second prize

Application

Recognition status of national-level specialized and new “little giant” enterprises and manufacturing “single champions”

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□Applicable √Not applicable

2. Research and development results obtained during the reporting period

List of intellectual property rights obtained during the reporting period

The cumulative number of new additions in this period

Number of applications (number) obtained Number (number) of applications obtained Number (number) of invention patents obtained 4 0 74 30

Among them, international invention patents 0 0 2 2

Utility model patent 12 18 81 67

Design patent 0 1 6 6

Software copyright 0 0 1 1

Others 0 0 0 0

Total 16 19 162 104

3. R&D investment status table

Unit: Yuan

Number for the current period Number for the same period last year Change range (%) Expensed R&D investment 20,213,006.63 25,619,335.99 -21.10 Capitalized R&D investment 6,956,022.10 21,143,476.85 -67.10 Total R&D investment 27,169,028.73 46,762,812.84 -41.90 Proportion of total R&D investment in operating income (%) 22.32 37.00 Decrease of 14.68 percentage points Proportion of capitalized R&D investment (%) 25.60 45.21 Decrease of 19.61 percentage points Reasons for major changes in total R&D investment compared with the previous year

√Applicable □Not applicable

The company obtained the new veterinary drug registration certificate for the swine fever genetically engineered subunit vaccine (CHO-133D) in the same period last year, and the prepaid cooperative research and development fees were recognized as R&D expenses in the same period last year.

Reasons for the significant change in the proportion of capitalized R&D investment and its rationale

√Applicable □Not applicable

The company obtained the new veterinary drug registration certificate for the swine fever genetically engineered subunit vaccine (CHO-133D) in the same period last year, and the prepaid cooperative research and development fees were recognized as R&D expenses in the same period last year.

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4. Current research projects

√Applicable □Not applicable

Unit: Ten thousand yuan Estimated total investment Current investment Cumulative investment

Project name Progress or phased results Planned goals Technical level Specific application prospects Number Scale Amount Amount

Porcine pseudorabies live vaccine (has been approved as a new veterinary drug, applied for and obtained a new veterinary drug registration certificate, used to prevent swine pseudorabies 1 2,000.00 459.59 721.48 Domestic leader

JS-A1 strain) Product approval number and industrial production Canine disease porcine transmissible gastroenteritis, pig

Used to prevent pig epidemic diarrhea and pig delta coronavirus

Obtain new veterinary drug registration certificate Triple inactivated vaccine for gastroenteritis, swine arrhythmia 2 viral diseases 3,000.00 88.38 832.18 New veterinary drug registration Domestic leader

Book and industrialized production of chronic diarrhea, pig delta crown (SD14 strain + HuN16 strain

viral disease

+HeN17 strain)

Streptococcus suis, infectious. Used to prevent pig infections.

Obtain product approval number

3 Pleuropneumonia double inactivated disease 1,050.00 271.50 715.99 Application for product approval number Domestic leading Pleuropneumonia and pig combined industrial production

Vaccine Streptococcal Echinococcus (Hydatid) Disease Obtained New Veterinary Drug Registration Certificate Used to Prevent Sheep Hydatid 4 1,500.00 58.54 687.41 Laboratory Research Domestic Leading

Subunit vaccine booklet and industrialized production

Obtained new veterinary drug registration certificate for canine virus 5 long-acting recombinant canine alpha interferon 1,500.00 66.44 368.81 Clinical trial Domestic leader

Incorporated into industrialized production, dyed to treat Seneca virus synthetic peptide epidemic Obtained new veterinary drug registration certificate Used to prevent pig Seneca 6 1,300.00 102.24 427.87 Laboratory research Leading in the country

The seedlings have been compiled and industrialized to produce. The inactivation of nodular skin disease in cattle has passed the emergency evaluation and has been selected.

Obtained a new veterinary drug registration certificate for the prevention of bovine tubercle 7 vaccine (capatepox virus 2,800.00 65.09 1,656.07) Obtained a product provisional approval number, leading in the country

Book and industrialized production of sexually transmitted disease AV41 strain, suspension culture), industrialized emergency production

Porcine ring type 2 and type 3 combination Obtained new veterinary drug registration certificate Used to prevent pig ring 2 8 2,000.00 225.82 406.06 Laboratory research Domestic leader

Genetically engineered subunit vaccine has been developed and industrialized for the prevention of pig foot-and-mouth disease type O and type 3 virus disease type O (new strain).

Obtain new veterinary drug registration certificate

9)/type A, swine fever, pseudo-crazy disease 3,000.00 0 0 Laboratory research leading domestic epidemic, swine fever, pseudo-crazy book and industrialized production

Canine disease triple vaccine Canine disease

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For the prevention of bovine viral diarrhea and mucosal disease

Obtained new veterinary drug registration certificate for diarrheal mucosal disease, 10. Bovine infectious rhinotracheitis 1,500.00 98.43 360.51 Laboratory research Domestic leader

Book and industrialized production of bovine infectious rhinotracheal two-unit subunit vaccine

Cattle foot-and-mouth disease type O/A, used to prevent cattle foot-and-mouth disease

Toxic diarrhea/mucosal disease, infectious disease, viral diarrhea/11 3,000.00 0 0 Laboratory research Domestic leading

Infectious rhinotracheitis triple vaccine is documented and industrialized to produce mucosal diseases and infectious vaccines. Rhinotracheitis is used for companion animal transmission.

Pet mRNA vaccine (obtain new veterinary drug registration certificate

12 1,050.00 147.02 206.89 Laboratory research Domestic leading Prevention and treatment of infectious diseases RKC0042024) Book and industrial production

Treatment for porcine epidemic abdominal disease

Porcine epidemic diarrhea mRNA obtained new veterinary drug registration certificate

13 1,800.00 124.48 751.33 Laboratory research Domestic leading diarrhea prevention and control vaccine and industrialized production

Used in pig breeding and respiration

Porcine Reproductive and Respiratory Syndrome Obtained New Veterinary Drug Registration Certificate

14 2,200.00 103.39 781.25 Laboratory research Domestic leading mRNA vaccine for the prevention and control of respiratory syndrome Developed and industrialized production

and purify

Inactivation of swine Seneca virus disease Obtained new veterinary drug registration certificate Used to prevent swine Seneca15 1,800.00 46.48 542.41 New veterinary drug registration Domestic leader

Vaccine booklet and industrialized production for the simultaneous prevention of coronavirus disease

Obtain new veterinary drug registration certificate against African swine fever and blue-ear disease

16 3,000.00 0 189.52 Laboratory research Domestic leading European swine fever and porcine blue ear genetic engineering live vector vaccine book and industrial production

Diseased porcine circovirus type 2 virus-like virus used to prevent porcine circovirus

Obtain new veterinary drug registration certificate

17 Particles and Seneca Valley Virus 500.00 0 144.31 Laboratory Research Domestic Leading Viral Diseases and Seneca Valley Virus and Industrialized Production

Double inactivated vaccine Valley virus disease bovine nodular skin disease virus for detection of bovine nodules

, goatpox virus and sheep Obtain new veterinary drug registration certificate Sexual dermatosis virus, 18 200.00 2.04 116.34 Laboratory research Domestic leading

Poxvirus triple fluorescence PCR book and industrial production Capopox virus and sheep detection kit Cappox virus

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Porcine circovirus type 2 blocking

Obtained new veterinary drug registration certificate for detecting pig ring 19 ELISA antibody detection reagent 150.00 6.71 135.66 New veterinary drug registration domestically leading

Book and industrialize production of virus type 2 antibody cassette

Proliferation of poultry reticuloendothelial tissue Used in poultry reticuloendothelial tissue to obtain new veterinary drug registration certificate

20 SARS virus ELISA antibody test 180.00 48.40 66.10 Laboratory research Domestic leading Histogenosis virus book and industrial production

Test Kit Antibody Detection Kit

/ 33,530.00 1,914.55 9,110.19 / / / /Total

Note: On July 31, 2025, the company signed the "Technology Development (Cooperation) Contract for Triple Vaccine for Porcine Foot-and-Mouth Disease Type O/A, Swine Fever, and Pseudorabies" and the "Technology Development (Cooperation) Contract for Triple Vaccine for Bovine Foot-and-Mouth Disease Type O/A, Viral Diarrhea/Mucosal Disease, and Infectious Rhinotracheitis" with the Lanzhou Veterinary Research Institute of the Chinese Academy of Agricultural Sciences. The relevant projects were established after the reporting period, and no expenditures were incurred during the reporting period.

The company has completed the original research project of veterinary virus-like particle vaccine (KC004). This project has formed a series of company's original technical achievements in the vector design of VLPs technical route, epitope screening, antigen design, expression and purification, as well as dosage forms and adjuvants. , provides technical platform support for the company's new products developed using VLPs, including pig foot-and-mouth disease type O (new strain)/type A, swine fever, pseudorabies triple vaccine, and bovine foot-and-mouth disease type O/A, viral diarrhea/mucosal disease, and infectious rhinotracheitis triple vaccine.

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5. R&D personnel

Unit: 10,000 yuan Currency: Basic information on RMB

Number of the current period Number of the company's R&D personnel in the same period last year (person) 67 73 Proportion of the number of R&D personnel to the total number of the company (%) 17.91% 18.77% Total salary of R&D personnel 845.52 996.46 Average salary of R&D personnel 12.62 13.65

education level

Education composition Number (people) Proportion (%) Doctoral students 11 16.42% Master’s students 33 49.25% Undergraduate students 17 25.37% College students 6 8.96% Total 67 100.00% Age structure

Age range Number (people) Proportion (%) Under 30 years old (excluding 30 years old) 21 31.34% 30-40 years old (including 30 years old, excluding 40 years old) 30 44.78% 40-50 years old (including 40 years old, excluding 50 years old) 13 19.40% 50-60 years old (including 50 years old, excluding 60 years old) 2 2.99% 60 years old and above 1 1.49% Total 67 100.00%

6. Other instructions

□Applicable √Not applicable

4. Risk factors

√Applicable □Not applicable

1. Risks of technology iteration, product updates and intensified market competition

The company has always adhered to the concept of "driving enterprise development with innovation and leading industry progress with technology" and continues to increase investment in research and development.

Continue to enhance the company's core competitiveness. Through years of unremitting efforts, the company has developed a number of advanced platform technologies and deployed a number of

Research products. The company's overall technical level is relatively high and its market competitiveness is strong. However, with the intensification and scale-up of the breeding industry, veterinary biological production has

The technology and product research and development of the pharmaceutical industry are increasingly valued. If companies in the same industry are engaged in the research and development of new vaccines and new technology research,

Being the first to achieve a major breakthrough will expose the company's products and technologies to the risk of being replaced.

2. R&D risks

In recent years, the company's R&D investment has continued to increase, and a number of R&D projects are actively being promoted. The cumulative R&D investment in ongoing projects has

The amount is relatively large. According to the company's development plan, the company will continue to increase R&D investment in the future. The research and development of biological products requires large R&D investment,

Due to the characteristics of long development cycle and high R&D risks, the company may have R&D project progress that fails to reach the expected goals or even has R&D projects.

The risk of failure that adversely affects the company's core competitiveness.

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3. Risk of significant performance decline or loss

Due to the intensified competition in the animal health industry, product unit prices have been declining. At the same time, the company has continued to promote its diversified development strategy. New vaccine products have been gradually launched, new technology platforms and new research and development projects have been continuously carried out, new production lines have been put into use, and sales expenses, research and development expenses, fixed asset depreciation expenses, etc. have gradually increased, resulting in a decline in the company's net profit. In the face of external adverse factors, the company has always responded actively. At present, the company's overall operations are stable and all work is progressing steadily. The company's main business, core competitiveness and customer structure have not undergone major changes. However, if the downstream breeding market slumps in the future, competition in the animal health industry further intensifies, or the company's new product launches and market development do not meet expectations, it will have a greater adverse impact on the company's operating performance, and the company's performance may be at risk of continuing to decline. The company will also continue to improve product competitiveness and management capabilities to cope with the above possible adverse factors.

4. Production and operation qualification administrative licensing risks

The company's industry is the veterinary biological products industry, which is strictly supervised by the government and relevant laws and regulations of the veterinary drug industry. Production and operations require qualifications such as veterinary drug GMP, veterinary drug production license, veterinary drug product approval number, etc. If the company fails to renew and obtain relevant approvals and licenses within the specified time, there may be a risk of having its production and operation qualifications and other administrative licenses revoked, which will have an adverse impact on the company's continued production and sales of veterinary biological products.

5. biosecurity risks

The company has passed the biosafety level three protection acceptance, strictly implements various GMP management systems during the production process, and has formulated relevant plans for biosafety risk prevention and control. The company's biosafety risks are under control. However, the production process of the vaccine involves the preservation, inspection and inactivation of the virus. If it is operated in violation of relevant biosafety management regulations or improperly managed, there may be a risk of biosafety hazards.

6. Product quality risk

Veterinary biological products are directly related to the safe production of animal husbandry, the quality and safety of livestock products, food safety and human health, and their product quality is particularly important. Up to now, the company has strictly implemented the relevant regulations of veterinary drug GMP, and product quality has met regulatory requirements. However, in the future, as the company's business scale continues to expand, if the company's quality management work has improper control or operational errors that lead to product quality problems, it may cause huge losses, affect normal business development, and damage the brand and reputation. The company has potential operating risks caused by errors in product quality management.

7. environmental risks

The company is in the veterinary biological products industry and has always handled environmental protection matters in strict accordance with relevant systems. However, due to the increasingly stringent national environmental protection standards, if the company fails to take timely measures to respond to the improvement of national environmental protection standards, or due to poor management or improper disposal, there may be a certain degree of environmental pollution risk, which will have an adverse impact on the company's image and performance.

8. Risks of collection of accounts receivable

The company's product, foot-and-mouth disease vaccine, is a national compulsory immunization vaccine. The sales method is both government bidding and procurement and market-based sales. The progress of fund settlement and sales repayment is affected by the use of local fiscal funds and the repayment ability of other market-based sales customers. There is uncertainty. Currently, accounts receivable are mainly for government departments. However, if affected by economic downturn and other circumstances, the accounts receivable will not be

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In the future, if the operating conditions and financial status of some of the company's customers have deteriorated, or there have been major adverse changes in commercial credit, the company has the risk that the accounts receivable cannot be collected on time or cannot be collected.

9. Risks of tax benefits

The company will continue to be recognized as a high-tech enterprise in 2022, which will be valid for three years. According to the relevant tax preferential policies for high-tech enterprises, the company can enjoy a reduced income tax rate of 15% to pay corporate income tax. If the company cannot continue to be recognized as a high-tech enterprise in the future, or the country makes adjustments to preferential tax policies for high-tech enterprises, it may have a certain impact on the company's operating performance and net profit.

10. Risk of increased depreciation expense

The company's "Nucleic Acid (mRNA) Vaccine and Drug Workshop" is under construction. The live animal vaccine has passed GMP static acceptance, and the inactivated vaccine workshop has passed GMP acceptance. As the new workshop reaches the intended usable state and is put into use, a large amount of fixed asset depreciation expenses will increase every year. If there are major adverse changes in the industry environment or market demand, the products planned to be produced in the new workshop may not be able to achieve expected returns, and the company has the risk of net profit declining due to increased depreciation expenses. 11. Risks of performance fluctuations caused by fluctuations in the downstream breeding industry

The company is mainly engaged in the research and development, production and sales of biological products. The current end users of the products are downstream livestock breeding customers. The performance of the livestock breeding industry is affected by many factors. If there are cyclical fluctuations in the prices of pigs, cattle, sheep and other livestock and poultry, natural disasters, sporadic major animal epidemic outbreaks that lead to a decrease in livestock and poultry breeding, and a shrinking demand for pigs, beef, mutton, etc., it will have an adverse impact on the sales of veterinary vaccines.

12. Risks caused by changes in the government's compulsory immunization policy for foot-and-mouth disease vaccine

The state implements compulsory immunization against animal diseases that seriously endanger breeding production and human health. The procurement method of vaccine products for compulsory immunization currently uses both government bidding and procurement and market sales. The company has a complete range of foot-and-mouth disease vaccine products, including swine foot-and-mouth disease type O synthetic peptide vaccine, swine foot-and-mouth disease type O and type A bivalent synthetic peptide vaccines, swine foot-and-mouth disease type O and type A bivalent inactivated vaccines, foot-and-mouth disease type O and type A bivalent inactivated vaccines for cattle and sheep, etc. If there are major adjustments to relevant national policies in the future, especially changes in the scope of national compulsory immunization or related veterinary vaccine varieties and the company cannot launch corresponding new products in a timely manner, it will have an adverse impact on the company's profitability.

5. Main business conditions during the reporting period

During the reporting period, the company achieved operating income of 121.7251 million yuan, a year-on-year decrease of 3.68%, and a net profit attributable to shareholders of the listed company of -12.8697 million yuan.

(1) Main business analysis

1. Analysis table of changes in relevant accounts of financial statements

Unit: Yuan Currency: RMB account Number for the current period Number for the same period last year Change ratio (%) Operating income 121,725,138.28 126,375,941.30 -3.68 Operating costs 50,158,462.42 52,574,910.40 -4.60 Sales expenses 38,625,005.46 53,355,521.59 -27.61 Administrative expenses 27,418,489.40 29,561,924.64 -7.25

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Financial expenses -58,448.87 -377,954.88 Not applicable R&D expenses 20,213,006.63 25,619,335.99 -21.10 Net cash flow generated from operating activities -39,389,053.48 -805,633.37 Not applicable Net cash flow generated from investing activities -16,471,659.94 100,657,323.30 -116.36 Net cash flow generated from financing activities -2,695,560.20 -13,369,027.99 Not applicable

Explanation of reasons for changes in sales expenses: Mainly due to decreases in labor costs, marketing and other expenses.

Explanation of reasons for changes in R&D expenses: Mainly due to decreases in labor costs, testing fees and other expenses.

Explanation of reasons for changes in net cash flow from operating activities: Mainly due to a decrease in sales receipts compared with the same period last year.

Explanation of reasons for changes in net cash flows generated from investing activities: Mainly due to changes in the scale of bank financial management purchases.

Reasons for changes in net cash flow generated from financing activities: Mainly due to the company’s implementation of dividends in the same period last year.

2. Detailed description of major changes in the company’s business type, profit composition or profit sources during this period

□Applicable √Not applicable

(2) Explanation of significant changes in profits caused by non-main business

□Applicable √Not applicable

(3) Analysis of assets and liabilities

√Applicable □Not applicable

1. Assets and liabilities status

Unit: Yuan End of current period End of current period End of previous year

The amount is higher than the above number as a percentage of the total capital. Information about the project name. Number at the end of the current period. Number at the end of the previous year. Proportion of assets converted into assets at the end of the period. Proportion of assets ((%) (%))

%) Monetary funds 53,076,209.98 3.45 146,206,489.54 9.41 -63.70 Transaction finance

75,883,586.11 4.94 43,814,890.86 2.82 73.19Assets

Accounts receivable 284,094,783.45 18.49 261,397,654.93 16.82 8.68 Inventory 96,460,961.30 6.28 95,102,892.07 6.12 1.43 Long-term equity investment

21,034,042.22 1.37 1,582,608.87 0.10 1,229.07 capital

Other equity workers

5,500,000.00 0.36 5,000,000.00 0.32 10.00 Investment

Fixed assets 734,829,277.67 47.82 631,281,073.17 40.62 16.40Construction in progress 79,688,045.44 5.19 177,870,534.68 11.45 -55.20Intangible assets 119,444,098.98 7.77 102,664,230.95 6.61 16.34 Development expenditure 18,499,297.61 1.20 33,184,095.10 2.14 -44.25 Deferred income tax

14,823,013.03 0.96 13,259,954.26 0.85 11.79Assets

Other non-current

25,947,086.10 1.69 36,405,220.00 2.34 -28.73Assets

Short-term borrowings 13,447,280.00 0.88 14,008,341.67 0.90 -4.01 Contract liabilities 15,080,733.51 0.98 17,343,332.38 1.12 -13.05

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Other payables 61,306,438.28 3.99 52,591,117.74 3.38 16.57 Lease liabilities 1,210,436.71 0.08 1,005,937.22 0.06 20.33 Deferred income 10,094,460.36 0.66 11,080,949.34 0.71 -8.90Treasury shares 20,004,297.06 1.30 18,324,408.37 1.18 9.17Other instructions

Changes in the balance of monetary funds and trading financial assets were mainly due to the purchase and redemption of structured deposits.

The main reason for the change in the balance of long-term equity investment is that the company invested in Yangzhou Shizhiyuan Biotechnology Co., Ltd.

The main reason for the change in the balance of fixed assets and construction in progress is that the company's animal inactivated vaccine workshop passed GMP dynamic acceptance and reached the intended usable state, and was transferred to fixed assets.

The main reason for the change in the balance of intangible assets and development expenses is that the company's swine fever genetic engineering subunit vaccine (CHO-133D) project obtained the approval number, reached the intended usable state, and was transferred to intangible assets.

The main reason for the change in the balance of other non-current assets was that the company's prepaid construction and equipment payments were converted into projects under construction. The main reason for the change in the balance of other accounts payable was the increase in technical service fees payable by the company.

2. Overseas assets

□Applicable √Not applicable

3. Restrictions on major assets as of the end of the reporting period

□Applicable √Not applicable

4. Other instructions

□Applicable √Not applicable

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(4) Investment status analysis

1. Overall analysis of external equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Investment amount during the reporting period (Yuan) Investment amount during the same period last year (Yuan) Change range

60,000,000 / N/A

(1). Significant equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Invested company name As of the end of the reporting period, investment loss for the period

Main business Investment method Investment amount Shareholding ratio Source of funds Disclosure date and index (if any) Progress status Benefit

On the Shanghai Stock Exchange website

AIDS monoclonal antibody,

Yangzhou Shizhiyuansheng www.sse.com.cn and Securities Day

Anti-allergic monoclonal antibodies, etc. 60,000,000. Own funds or 20 million paid in

"About the research and development of innovative drugs of wholly-owned subsidiaries, self-raised funds of RMB 00" disclosed by Biotechnology Co., Ltd. Capital increase 20.48% -547,441.13

Announcement of Ren Company’s External Investment and Related Transactions" Clinical and Commercialization

(Announcement No.: 2025-005) 60,000,000.

Total / / 20.48% / / -547,441.13 /

(2). Significant non-equity investment

√Applicable □Not applicable

(1) Investment projects raised by the company

After the completion of the company's initial fundraising project, part of the remaining raised funds will be used to build the "Animal Inactivated Vaccine Project." The project construction content is an animal inactivated vaccine workshop, with a total construction area of ​​5,669.32 square meters, supporting the use of auxiliary production facilities and public facilities (quality inspection room, 10KV power distribution station, water pump station, fire pump station, sewage treatment station, transportation and warehousing facilities, office and living facilities) that have been built in the factory area.

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The total planned investment of this project is 129.03 million yuan. The project will use the above-mentioned surplus raised funds to invest 99.03 million yuan, and the shortfall will be made up by the company's own funds. The project started construction in July 2020. At the end of February 2025, the cell suspension culture virus inactivated vaccine (including cell suspension culture virus subunit vaccine), cell suspension culture subunit vaccine, and bacterial inactivated vaccine production lines in the animal inactivated vaccine workshop of the Lanzhou Branch passed the veterinary drug GMP acceptance, and obtained the "Veterinary Drug GMP Certificate" and "Veterinary Drug Production License." During the reporting period, the animal inactivated vaccine workshop and related production lines were officially put into use. Therefore, the project was closed as a whole, and the corresponding remaining raised funds were transferred to the company's own capital account for permanent replenishment of working capital.

(2) The company’s own funds invest in construction projects

The live animal vaccine workshop is invested by the company's own funds, with a total planned area of 6,093.04 square meters and an estimated investment of 212.49 million yuan. After the project is put into production, it is expected to have an annual production capacity of 70 million live vaccines. The project started construction in July 2020 and passed the static acceptance of veterinary drug GMP on August 14, 2025. Trial production activities are underway and preparations are for dynamic acceptance of veterinary drug GMP.

(3) Nucleic acid (mRNA) vaccine and pharmaceutical workshop

The total construction area of the project is 2953.2 square meters, and the estimated investment is 88.59 million yuan. After the project is completed, it will mainly produce mRNA vaccine products such as porcine blue ear and porcine epidemic diarrhea, with an annual production capacity of 50 million to 100 million doses (1mL/dose). The project started preparations in January 2024. As of the end of this reporting period, the civil engineering, mechanical and electrical installation engineering, equipment installation and debugging of the nucleic acid (mRNA) vaccine and pharmaceutical workshop have been completed, and GMP acceptance will be applied for soon.

(3). Financial assets measured at fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB Accumulation included in equity

Changes in fair value in the current period Provision in the current period Purchases in the current period Sales in the current period/

Asset Category Opening Amount Changes in Fair Value Other Changes Closing Amount Profit and Loss Impairment Purchase Amount Redemption Amount

move

Private equity funds 21,032,381.17 2,139,873.96 23,172,255.13 Total 21,032,381.17 2,139,873.96 23,172,255.13 Securities investment

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

initially included in equity

Securities agency Securities Funds Opening book price Current period Fair value Current period Purchases Current period Current period Ending book Accounting securities type Investment Cumulative fair price Disposal gains and losses

Code Abbreviation Source Value Variable Profit and Loss Purchase Amount Sales Amount Value Account

Change in cost value

Domestic and foreign shares Zhengbang Trading gold 002157 733,620.80 -47,735.60 685,885.20

Bill Technology Total financing assets / / / 733,620.80 -47,735.60 685,885.20 / Derivatives investment situation

□Applicable √Not applicable

(4). Investment status of private equity investment funds

√Applicable □Not applicable

Unit: Yuan Currency: RMB Planned Whether to control

Report Participation Reporting Period Whether Fund

Invest in this fund or

Name of private equity fund, investment agreement signed, investment period, as of the end of the reporting period and final investment, accounting review, underlying accumulated profits

Assets exert significant impact on profits during the reporting period. Time point of investment. Investment amount. Proportion of investment (accounting account. Related assets). Total impact on profits.

Amount %) Relationship situation

Um

transactional

Hangzhou Higgs

2021.10.15 Financial Management / 0.00 10,000,000.00 / / No Financial Financing No / 1,123,483.80 / Sailor No. 3

produce

transactional

Hangzhou Higgs

2024.08.14 Financial management / 0.00 10,000,000.00 / / No Financial financing No / 1,016,390.16 / Endeavor No. 1

produce

Total / / / 20,000,000.00 / / / / / 2,139,873.96 /Other instructions

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None

(5) Major assets and equity sales

□Applicable √Not applicable

(6) Analysis of major holding and participating companies

√Applicable □Not applicable

Major subsidiaries and joint-stock companies that affect the company’s net profit by more than 10% √ Applicable □ Not applicable

Unit: 10,000 yuan Currency: RMB Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit Gansu Shenlan Breeding Co., Ltd. Breeding of experimental animals

Subsidiary 1,000 2,268 -356.7 119.94 -434.38 -434.38 Co., Ltd.

Nucleic acid vaccines and nuclear

Shanghai Shenruilian Biotechnology

Subsidiary research and development of acid drugs 16,668 5,988.19 4,538.04 0 -543.17 -543.17 Pharmaceutical Co., Ltd.

, production, sales

Yangzhou Shiyuan Biology

Innovative drug research and development,

Technology Co., Ltd. Joint stock company 18,233.91 15,056.32 14,743.02 356.12 -7.19 -7.19

clinical and commercialization

Division

Shanghai Bentiancheng Biotechnology

Subsidiary Biological product development 1,000 1,945.35 945.25 0 -54.75 -54.75 Pharmaceutical Co., Ltd.

Hangzhou Shenhang Biomedical Research and Development of Pet Drugs

Subsidiaries 1,000 752.33 750 3.88 0 0 Pharmaceutical Co., Ltd., production and sales

Acquisition and disposal of subsidiaries during the reporting period

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

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(7) Structured entities controlled by the company □ Applicable √ Not applicable

6. Other disclosure matters

□Applicable √Not applicable

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Section 4 Corporate Governance, Environment and Society

1. Changes in directors, supervisors, senior managers and core technical personnel of the company

□Applicable √Not applicable

Description of changes in the company’s directors, supervisors, senior managers and core technical personnel

□Applicable √Not applicable

Description of the identification of the company’s core technical personnel

□Applicable √Not applicable

2. Profit distribution or capital reserve conversion plan

The profit distribution plan and the plan for converting public reserve funds into share capital prepared in the semi-annual period

Whether to allocate or convert to increase No Number of bonus shares for every 10 shares (shares) 0 Number of dividends for every 10 shares (yuan) (tax included) 0 Number of bonus shares for every 10 shares (shares) 0

No relevant information on profit distribution or capital reserve conversion plan

3. The situation and impact of the company’s equity incentive plan, employee stock ownership plan or other employee incentive measures

(1) Applicable if relevant equity incentive matters have been disclosed in temporary announcements and there is no progress or change in subsequent implementation √Not applicable

(2) Incentives not disclosed in temporary announcements or with subsequent progress

Equity incentives

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

Employee stock ownership plan status

□Applicable √Not applicable

Other incentives

□Applicable √Not applicable

4. Environmental information of listed companies and their major subsidiaries included in the list of companies that disclose environmental information in accordance with the law √Applicable □Not applicable

Number of companies included in the list of companies that disclose environmental information according to law

(number)

Serial number Company name Query index for legal environmental information disclosure reports Enterprise environmental information legal disclosure system (Gansu) Shenlian Biopharmaceutical (Shanghai) Co., Ltd.

1 https://zwfw.sthj.gansu.gov.cn/revealPubVue/#/Lanzhou Branch

home

Other instructions

□Applicable √Not applicable

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5. Consolidate and expand the results of poverty alleviation, rural revitalization and other work specific situations

√Applicable □Not applicable

Based on its own actual situation, the company actively consolidates and expands the results of poverty alleviation and rural revitalization work, actively participates in supporting farmers, and actively assumes social responsibilities.

In terms of consolidating and expanding the results of poverty alleviation, the company has based on its own advantages and gone deep into the grass-roots level of breeding to popularize knowledge on the prevention and control of major animal diseases such as foot-and-mouth disease, African swine fever, ring and bovine sarcoidosis, and opened consulting services to provide comprehensive and personalized breeding technical support and solutions. The team is composed of experienced veterinarians and breeding experts. They communicate and interact closely with farmers through various methods such as telephone, online and on-site to fully understand the farmers' epidemic prevention and breeding needs. According to different breeding objects and situations, customized breeding plans and technical guidance are provided in aspects such as feeding management, disease prevention and control, and breeding technology. In addition, the company has formulated the "Thousands of Pigs Care Action" plan and established a diversified service platform: "PigTech" sharing and exchange platform Taiwan, digital laboratory shared analysis platform, expert "think tank" pig care platform, and "Internet +" cloud learning platform improve the knowledge and technical level of animal disease prevention and control at the grassroots level, help improve the breeding level and breeding efficiency in rural areas, and promote the healthy development of my country's animal husbandry industry.

The company actively fulfills its social responsibilities and is committed to building a broad employment practice platform for young talents to help them realize their career dreams. In Shanghai, the company has established long-term strategic partnerships with well-known universities such as Shanghai Jiao Tong University to create a tailor-made internship training base for students and provide learning opportunities that combine practice and theory. At the same time, the company maintains close cooperative relationships with many colleges and universities in Gansu Province, and carries out activities such as career planning guidance, professional skills training, and personalized employment support plans based on industry development trends and actual needs. These measures not only aim to alleviate the employment problems of college students, especially for regions such as Gansu, but are also an important task to reduce social employment pressure and promote local economic prosperity and social harmony and stability.

In terms of rural revitalization, the company has always adhered to the concept of actively fulfilling social responsibilities and is committed to promoting the sustainable development of the agricultural industry. In May 2025, the company actively responded to the urgent needs for agricultural and rural development in the Hotan region of the Xinjiang Uygur Autonomous Region and proactively helped the Hotan region consolidate its achievements in poverty alleviation. The company has formed joint construction units with Kaerdun Village, Qaqikum Village, and Alakumu Village in Karsai Town, Moyu County, Hotan Prefecture, and made donations. Each village donated 50,000 yuan free of charge, with a total donation of 150,000 yuan. This move laid a solid foundation for maintaining social stability, promoting agriculture and high-quality development in the three villages, and injected strong impetus into the sustained high-quality development of the villages.

In the practice of implementing the rural revitalization strategy, the company regards "helping farmers and benefiting the people" as an important fulcrum in fulfilling social responsibilities. The company has established a long-term mechanism of "localized procurement". In 2025, a total of more than 170,000 yuan will be invested in purchasing high-quality agricultural products such as fresh fruits and vegetables grown by local farmers in Lanzhou. This initiative not only builds a stable platform for farmers to connect production and sales, but also activates the endogenous power of the local agricultural economy through a virtuous cycle of the industrial chain, realizing the value co-creation of corporate resources and rural development. In the future, we will continue to deepen the "purchase instead of support" model, so that every purchase becomes a warm force that contributes to common prosperity.

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Section 5 Important Matters

1. Fulfillment of commitments

(1) Commitments made by the company’s actual controller, shareholders, related parties, acquirers and the company and other relevant parties during the reporting period or continuing into the reporting period √ Applicable □ Not applicable

If you fail to perform in time, if you fail to do so in time,

Is there

Commitment Commitment Commitment Whether the performance is timely or not should be explained and the unfinished performance should be stated.

Commitment party Commitment time Performance period Commitment period background Type Content Strict performance Details of performance Indicate the next limit

Reason: Plan to resolve the same conflict in the long term. Controlling shareholder and actual controller Nie Dongsheng, avoid horizontal competition 2019-03-26 to 2019-03-26 Yes Yes / / Industry competition Yang Yufang, Yang Congzhou, Wang Dongliang; (Note 1) Long-term solution to avoid horizontal competition 2019-03-26 to UBI, a shareholder with more than 5% 2019-03-26 Yes Yes / / Industry competition (Note 2) Current directors, supervisors and senior management of long-term companies

Personnel: Nie Dongsheng, Yang Congzhou, Nie Wen

2024-12-23 To resolve Tonghao, Tong Guangzhi, Yang Zhiqiang, Eudes to avoid peer competition

2024-12-23 Yes 24 days after leaving office Yes //Compete with Shouye Fabre, Li Shengli, Yu Xiong, Li Jianjun, Zheng (Note 3)

Yue Cigong Wu Shouchang, Zhu Yueqiong, Qi Jun, Zhang Zhen,

Developed by Yu Haixia, Yin Bo, Li Xun

Appearance Date of signing

2019-12-

Resolve related issues. Retired personnel who are still in the commitment period: Li Ruiling, avoid peer competition 2026-04-

23/2021-03- Yes Yes //Commitment Industry Competition Gao Xu Competition (Note 3) 24/2026-12-

Controlling shareholder and actual controller Nie Dongsheng, reduction and standardization 2019-03-20 to resolve the issue

Yang Yufang, Yang Congzhou, Wang Dongliang and related party transactions (2019-03-20 Yes 12 months after leaving office Yes / / Related transactions

UBI and Shen Tailian, shareholders with more than 5% of the shares; Note 4) All directors and supervisors before the initial public offering were reduced and standardized 2019-03-20 to resolve the issues

and senior managers: Nie Dongsheng, Yang Cong Related transactions (2019-03-20 Yes 12 after resignation Yes / / Related transactions

Zhou, Zhuyueqiong; Note 4) Month

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Current directors, supervisors and senior management of the company

Personnel: Nie Dongsheng, Yang Congzhou, Nie Wen

Reduce and standardize 2024-12-23 to solve Guan Hao, Tong Guangzhi, Yang Zhiqiang, Eudes

Related transactions (2024-12-23 Yes 12 after leaving office Yes // Related transactions Fabre, Li Shengli, Yu Xiong, Li Jianjun,

Note 5) Yue Wu Shouchang, Zhu Yueqiong, Qi Jun, Zhang Zhen,

Yu Haixia, Yin Bo, Li Xun;

Reduce and standardize 2021-09-

To resolve the issue, the departing personnel who are still in the commitment period: Lin Shujing, the date of signing is

Related transactions (27/2019-12- Yes Yes / / Related transactions Wu Chuyu, Pan Chunyu, Ye Eryang, Gao Xu 2025-12-22 Note 5) 23

2019-10-28 to

Controlling shareholder and actual controller Nie Dongsheng, share sales restriction and

Limited by shares, half a year after leaving office

Yang Yufang, Yang Congzhou, Wang Dongliang and one of them reduced their holdings (Note 6 2019-10-28 Yes Yes / / On sale / Expiration of the lock-up period, the action person Shen Tailian)

No false records in the next two years

, misleading Chen

2019-03-20 To other Shenlian Biotechnology Described or significant 2019-03-20 Yes Yes // Long-term omission (Note 7

)

Controlling shareholders, actual controllers and initial public offerings

All directors, supervisors, senior

No false records

Management personnel, core technical personnel: Nie Dong

, misleading Chen

Sheng, Yang Yufang, Wang Dongliang, Yang Congzhou, 2019-03-20 to others mentioned or significant 2019-03-20 Yes Yes // Zhu Yueqiong, Ma Guijun, Zhang Zhen (have not yet left office Long-term omissions (Note 8

During the commitment period: Shao Yongchang, Wu Benguang, Lin

)

Shujing, Li Min, Wu Shouchang, Huang Gang, Wei

Dongqing, Wang Rui, Ye Eryang)

Shenlian Biotech, controlling shareholders and actual control

Regarding the fraud issue 2019-06-17 to other persons and persons acting in concert Nie Dongsheng, Yang Yu 2019-06-17 Yes Yes / / OK (Note 9) Chang Changfang, Yang Congzhou, Wang Dongliang, Shen Tailian

Fill is diluted

2019-03-26 to other Shenlian Biological Immediate Return (2019-03-26 Yes Yes // Long-term Note 10)

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①All directors and senior executives before the initial public offering

Senior managers: Nie Dongsheng, Yang Yufang,

Wang Dongliang, Yang Congzhou (left office but still committed)

2019-03-

Issue: Shao Yongchang, Wu Benguang, Lin Shujing, filling dilution

26/2019-12- Signing date to Chang Others Li Min, Wu Shouchang, Huang Gang, Wei Dong Current returns (Yes Yes / / 23/2021-09- Futures Green); ② Directors and senior managers: Note 11)

Nie Wenhao, Tong Guangzhi, Li Jianjun, Zhang Zhen

(Leaving office and still in the commitment period: Gao Yanchun, Gao

Xu, Wu Chuyu, Pan Chunyu)

Fill is diluted

Controlling shareholder and actual controller Nie Dongsheng, 2019-03-26 to other spot returns (2019-03-26 Yes Yes // Yang Yufang, Yang Congzhou, Wang Dongliang Long-term Note 12)

unfulfilled promise

2019-03-26 To other Shenlian Bio; Restraint measures 2019-03-26 Yes Yes // Long-term (Note 13)

Controlling shareholder and actual controller Nie Dongsheng,

unfulfilled promise

Restrictive measures for Yang Yufang, Wang Dongliang, Yang Congzhou and others from 2019-03-26 to others 2019-03-26 Yes Yes // Directors, supervisors and senior executives: Shao Yongchang, Wu Benguang, Wang Changchun (Note 14)

Rui, Chen Zhiying (both have resigned)

unfulfilled promise

Constraint measures for core technical personnel Zhang Zhen, Ma Guijun, and Chen from 2019-03-26 to others 2019-03-26 Yes Yes // Zhiying (resigned) Long-term (Note 15)

Directors and supervisors who do not hold shares: Zhu Yueqiong (departed) Unfulfilled commitments

Restraint measures from 2019-03-26 to others: Lin Shujing, Li Min, Wu Shouchang, Huang 2019-03-26 Yes Yes // Chang Changgang, Wei Dongqing, Ye Eryang) (Note 16)

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Note 1:

"As of the date of this commitment letter, I have not directly or indirectly engaged in business that competes with Shenlian Biotech in any way, nor have I directly or indirectly owned any shares or equity in any enterprise that competes with Shenlian Biotech, or have any interest in any competing enterprise. I also promise that during the period when I am recognized as the controlling shareholder and actual controller of Shenlian Biotech by laws and regulations:

(1) We will not directly or indirectly engage in business that competes with Shenlian Biotech in any way within or outside China; we will not participate in businesses that compete with Shenlian Biotech through investment, shareholding, equity participation, joint ventures, cooperation, technology transfer or any other means; we will not provide proprietary technology, sales channels, customer information and other trade secrets or provide business assistance in any other form to companies, enterprises or other organizations whose businesses are the same or similar to Shenlian Biotech or compete with Shenlian Biotech in any way.

(2) If a company that I directly or indirectly control is found to be in horizontal competition with Shenlian Biotech, I will transfer the suspected horizontal competition enterprise to an unrelated third party or acquire it to become part of Shenlian Biotech; if any business opportunities obtained from any third party compete or may compete with the business operated by Shenlian Biotech, I will immediately notify Shenlian Biotech and try my best to transfer the business opportunities to Shenlian Biotech.

I declare: The above statements and commitments are true, complete and accurate, and there are no omissions, false statements or misleading explanations. If I violate the above representations and warranties, I am willing to bear corresponding legal liability. "

Note 2:

“1. As of the date of signing this commitment letter, our company has not engaged in product production or business operations that constitute substantial competition or may constitute competition with your company for purposes other than the interests of Shenlian Biopharmaceutical (Shanghai) Co., Ltd. (hereinafter referred to as “your company”).

2. In order to avoid direct or indirect business competition in your company's production and operation, our company promises that during the period when our company is an important shareholder of your company (that is, a shareholder who directly or indirectly holds more than 5% of your company's equity):

3. Unless for the benefit of your company, our company will not directly engage in the production and/or business operations of the same or similar products as your company;

4. The company will not invest in enterprises that constitute substantial competition with your company’s product production and/or business operations;

5. The company guarantees that it will prompt the companies directly or indirectly controlled by the company (hereinafter referred to as "affiliated companies") not to directly or indirectly engage in, participate in or carry out any activities that compete with your company's product production and/or business operations;

6. If the companies in which the company holds shares are engaged in product production and/or business operations that compete with your company, the company will avoid becoming the controlling shareholder of such companies or obtaining actual control over such companies;

7. If the company or its affiliates have any business or business opportunity that competes or may compete directly or indirectly with your company's main business, the business or business opportunity will be given priority to your company or its wholly-owned and controlled subsidiaries on fair and reasonable terms.

8. The Company confirms that each commitment contained in this commitment letter is an independently executable commitment. If any commitment is deemed invalid or terminated, it will not affect the validity of other commitments. "

Note 3:

“As of the date of issuance of this commitment letter, I have not directly or indirectly engaged in any relationship with Shenlian Biopharmaceutical (Shanghai) Co., Ltd.

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Co., Ltd. (hereinafter referred to as "Shenlian Biotechnology"), and does not directly or indirectly own any shares or equity in enterprises that compete with Shenlian Biotechnology or have any interests in any competing enterprises. And I promise that during the period when I am recognized by laws and regulations as a director, supervisor or senior manager of Shenlian Biotech:

(1) As of the date of signing this commitment letter, neither I nor the companies controlled by me directly or indirectly operate any business that competes or may compete with the business operated by Shenlian Biotech and its subsidiaries, nor has it participated in investing in any other enterprise that competes or may compete with the business operated by Shenlian Biotech and its subsidiaries.

(2) From the date of signing this commitment letter, I and the companies I control will not directly or indirectly operate any business that competes or may compete with the business operated by Shenlian Biotech and its subsidiaries, nor will I participate in investing in any other enterprise that competes or may compete with the business operated by Shenlian Biotech and its subsidiaries.

(3) From the date of signing this commitment letter, if I and the companies I control further expand the business scope, I and the companies I control will not compete with the expanded business of Shenlian Biotech and its subsidiaries; if it competes with the expanded business of Shenlian Biotech and its subsidiaries, I and the companies I control will stop operating the competing business, or incorporate the competing business into the business of Shenlian Biotech, or transfer the competing business to an unrelated third party to avoid horizontal competition.

(4) This commitment letter is a valid commitment during the period when I and the companies I control have an associated relationship with Shenlian Biotechnology and within 12 months after the association is eliminated. If the above commitment proves to be untrue or has not been adhered to, I will compensate Shenlian Biotech for all direct and indirect losses and bear corresponding legal liabilities.

I declare: The above statements and commitments are true, complete and accurate, and there are no omissions, false statements or misleading explanations. If I violate the above representations and warranties, I am willing to bear corresponding legal liability.

Note 4:

“1. The company/me (including my close family members, the same below) and the wholly-owned and holding companies invested by the company/me will try to avoid related transactions with joint-stock companies and their branches;

2. If unavoidable related transactions occur with a joint-stock company, the company/myself and my company/my wholly-owned and holding companies will strictly abide by the "Company Law of the People's Republic of China", "Securities Law of the People's Republic of China", "Articles of Association of Shenlian Biopharmaceutical (Shanghai) Co., Ltd." and "Shenlian Biopharmaceutical (Shanghai) Co., Ltd." Shanghai) Co., Ltd. Related Transaction Management System and other relevant regulations regulate the behavior of related transactions, and perform information disclosure obligations and handle relevant approval procedures in accordance with relevant regulations to ensure that the legitimate rights and interests of the joint-stock company and other shareholders are not harmed through related transactions; nor are the interests of the joint-stock company conveyed through related transactions;

3. This commitment letter will remain valid as long as the company/myself and the wholly-owned and holding companies invested by my company/myself are related to the joint-stock company and its branches. If the above commitment is violated, the company/I am willing to bear all legal liabilities arising therefrom. "Note 5:

“1. During my tenure at Shenlian Biotech and within 12 months after my resignation, I (including my close family members, the same below) and the wholly-owned and controlled companies I invest in will try to avoid related transactions with Shenlian Biotech and its branches;

2. If unavoidable related transactions occur with Shenlian Biopharmaceuticals, I and my wholly-owned and holding companies will strictly abide by the "Company Law of the People's Republic of China", "Securities Law of the People's Republic of China" and "Articles of Association of Shenlian Biopharmaceuticals (Shanghai) Co., Ltd."

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and the "Related Transaction Decision-making System of Shenlian Biopharmaceutical (Shanghai) Co., Ltd." and other relevant regulations to regulate the behavior of related transactions, and perform information disclosure obligations and handle relevant approval procedures in accordance with relevant regulations to ensure that the legitimate rights and interests of Shenlian Biotech and other shareholders will not be harmed through related transactions; nor will it convey benefits to Shenlian Biotech through related transactions;

3. If I violate the above commitments, I am willing to bear all legal responsibilities arising therefrom. "

Note 6:

“(1) Within 36 months from the date of listing of the company’s stocks, not to transfer or entrust others to manage the company’s shares that I directly or indirectly hold, nor to have the company repurchase the shares;

(2) If you serve as a director, supervisor or senior manager of the company, the shares transferred each year during your term of office shall not exceed 25% of the total number of company shares held by you; you shall not transfer the company shares you hold within six months after leaving office;

(3) If the closing price of the company's stock for 20 consecutive trading days is lower than the issue price within 6 months after the company's listing (if the issuer's stock undergoes ex-rights and ex-dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc. during this period, the issue price should be adjusted accordingly), Or if the closing price at the end of the six-month period after listing is lower than the issue price (if the issuer's stock undergoes ex-rights and ex-dividend events such as dividend distribution, bonus shares, capitalization of capital reserves, etc. during this period, the issue price should be adjusted accordingly), the lock-up period of the company's stocks held by it will be automatically extended. 6 months, and the performance will not be terminated due to job change or resignation.

(4) If I/the company intends to reduce the holdings of the company's shares within two years after the expiration of the lock-in period, the reduction of shares should comply with relevant laws and regulations and the rules of the Shanghai Stock Exchange. The reduction methods include centralized bidding transactions in the secondary market, block transactions and other legal methods recognized by the Shanghai Stock Exchange. method, the shareholding reduction price shall not be lower than the issue price of the initial public offering of the stock (if the issuer's shares undergo ex-rights and ex-dividend events such as dividend distribution, bonus shares, capital reserve transfer to share capital, etc. during the period, the issue price shall be adjusted accordingly); and the number of shares to be reduced each year within the two years shall not exceed 5% of the company's total share capital.

(5) When I/the company implements a shareholding reduction (and is still a shareholder holding more than 5% of the shares), it shall announce it at least 3 trading days in advance and actively cooperate with the company's information disclosure work. "

Note 7:

“(1) If the prospectus contains false records, misleading statements or major omissions that have a significant and substantial impact on whether the issuer meets the issuance conditions stipulated by law, the issuer will repurchase all new shares in the initial public offering in accordance with the law.

(2) If the prospectus contains false records, misleading statements or major omissions, causing investors to suffer losses in securities transactions, the issuer will compensate investors for their losses in accordance with the law. "

Note 8:

"If the prospectus contains false records, misleading statements or major omissions, causing investors to suffer losses in securities transactions, I will compensate investors for their losses in accordance with the law. Within 10 trading days after the securities regulatory department or other competent departments determine that the company's prospectus contains false records, misleading statements or major omissions, compensation to investors will be initiated. The amount and method of compensation will be determined through consultation with investors or in accordance with the method determined by the securities regulatory department or other competent departments. "

Note 9:

“(1) The prospectus of the company’s initial public offering of stocks does not contain false records, misleading statements or major omissions, and the company’s public issuance of stocks and listing on the Science and Technology Innovation Board do not involve any fraudulent issuance.

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(2) If the company does not meet the conditions for issuance and listing on the Science and Technology Innovation Board, uses deceptive means to obtain issuance registration and has already been listed, I will initiate the share repurchase procedure within five working days after confirmation by the China Securities Regulatory Commission and other competent authorities, and repurchase all the new shares of the company's public offering and the original restricted shares that I have transferred.

(3) If investors suffer losses in securities transactions due to false records, misleading statements or major omissions in the company's prospectus, I will compensate investors for their losses in accordance with the law. "

Note 10:

“(1) Strengthen the management of raised funds and ensure that the use of raised funds is legal and compliant

In order to standardize the management and use of raised funds and ensure that the raised funds are earmarked for exclusive use, the company has formulated a "Raised Funds Management System" to clarify that the company implements a special account storage system for raised funds. The raised funds are deposited in a special account decided by the company's board of directors for centralized management, so that the earmarked funds can be used exclusively to facilitate the supervision and use of raised funds and ensure the legal and reasonable use of raised funds. (2) Accelerate the investment and construction of raised investment projects and obtain expected investment returns as soon as possible

The funds raised from this issuance are closely focused on the company's main business and will be used to increase and expand the company's foot-and-mouth disease vaccine types and production scale. The company has fully demonstrated the feasibility of the investment projects. The completion of these projects will help improve the company's technical level, optimize its product structure and increase its market share. It will promote the company's profitability, enhance its core competitiveness and sustainable development capabilities. The company will actively allocate internal resources and has already started raising investment projects through self-raised funds. After the funds raised from this issuance are in place, the company will accelerate the construction of investment projects, improve the efficiency of the use of raised funds, strive to achieve early completion of investment projects and achieve expected returns, increase shareholder returns, and reduce the risk of dilution of immediate returns caused by this issuance.

(3) Increase research and development and market expansion efforts to continue to enhance the company’s competitiveness

The company will continue to explore new technologies in the veterinary biological products industry. On the one hand, it insists on R&D and innovation of existing products, and continues to improve product quality and production efficiency, thereby continuously enhancing product competitiveness, expanding high-quality customers, and improving the company's market position and profitability; on the other hand, it will strengthen research investment in cutting-edge technologies and corresponding products in the industry, strive to seek breakthroughs and achieve industrialization, enrich the company's product line, and enhance the company's overall strength.

(4) Continuously improve profit distribution policies and safeguard investors’ asset income rights

In order to establish a sustained and stable profit distribution mechanism and return plan for investors, the company has formulated the "Articles of Association (Draft)" applicable after listing in accordance with the regulations and regulatory requirements of the China Securities Regulatory Commission, which has made detailed provisions on profit distribution, etc., and has improved the decision-making procedures and mechanisms for the company's profit distribution. The company will strictly implement relevant regulations, combine the company's operating conditions and development plans, actively promote profit distribution and cash dividends to shareholders when conditions are met, and strive to improve shareholder returns.

(5) Continuously improve the level of corporate governance and provide institutional guarantee for the company’s development

The company will strictly abide by the requirements of laws, regulations and normative documents such as the "Company Law", "Securities Law", "Code of Corporate Governance for Listed Companies", continuously improve and improve the company's governance structure, ensure that shareholders can fully exercise their powers, and ensure that the board of directors can comply with laws, regulations and the company's articles of association. It stipulates the exercise of powers to ensure that independent directors can conscientiously perform their duties, safeguard the overall interests of the company, especially the rights and interests of small and medium-sized shareholders, ensure that the board of supervisors can independently and effectively exercise its supervisory and supervisory powers over directors, senior managers and company finance, etc., and provide institutional guarantees for the development of the company. "

Note 11:

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“(1) Not transfer benefits to other units or individuals for free or on unfair terms, nor harm the company’s interests in other ways;

(2) Restrict my personal consumption behavior;

(3) Do not use company assets to engage in investment or consumption activities unrelated to the performance of his or her duties;

(4) The remuneration system formulated by the board of directors or the remuneration committee is linked to the implementation of the company’s compensation return measures;

(5) The company currently has no equity incentive plan. If equity incentives are implemented in the future, the exercise conditions of the company's equity incentives to be announced will be linked to the implementation of the company's top-up return measures;

If you violate the above commitments, you will abide by the following restrictive measures:

(1) I will publicly explain the specific reasons for not fulfilling my commitments at the shareholders’ meeting and the disclosure media designated by the China Securities Regulatory Commission and apologize to the company’s shareholders and public investors;

(2) I will not receive cash dividends and 50% of my salary for the time being. The company has the right to temporarily withhold my portion of cash dividends and 50% of my salary due to me and the shareholders of the company I hold shares, until I actually fulfill my commitment or the violation of the commitment is eliminated. "Note 12:

“Do not intervene beyond your authority in the company’s business management activities and do not encroach on the company’s interests. "

Note 13:

“(1) The company will strictly fulfill all public commitments made by the company regarding the initial public offering of stocks and listing on the Science and Technology Innovation Board.

(2) If the company fails to fulfill its public commitments due to reasons other than force majeure, it must make new commitments (relevant commitments must undergo relevant approval procedures in accordance with laws, regulations, and the Articles of Association) and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② The directors, supervisors, senior managers, and core technical personnel who are personally responsible for the company's failure to fulfill its commitments will have their salaries or allowances suspended or reduced;

③ If losses are caused to investors, the company will be liable for compensation to investors in accordance with the law.

(3) If the company fails to fulfill its public commitments due to force majeure, it must make new commitments (relevant commitments must undergo relevant approval procedures in accordance with laws, regulations, and the Articles of Association) and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② Study the solution to minimize the loss of investors' interests as soon as possible and submit it to the shareholders' meeting for review to protect the interests of the company's investors as much as possible. "

Note 14:

"(1) I will strictly fulfill all public commitments made by the company for its initial public offering and listing on the Science and Technology Innovation Board.

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(2) If I fail to fulfill my public commitments due to reasons other than force majeure, I need to make new commitments and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② Company shares may not be transferred. Exceptions are made for situations where share transfer is necessary due to inheritance, compulsory execution, reorganization of listed companies, fulfillment of commitments to protect the interests of investors, etc.;

③ Not receiving the personal portion of the company’s distributed profits for the time being;

④ Do not actively request to resign/resign;

⑤Accept the company’s decision to postpone or reduce salary or allowances;

⑥ If any proceeds are obtained due to failure to perform relevant commitments, the proceeds shall belong to the company, and the proceeds shall be paid to the company's designated account within five working days of receipt of the proceeds;

⑦ If I fail to fulfill the public commitments in the prospectus and cause losses to investors, I shall compensate investors for their losses in accordance with the law. (3) If I fail to fulfill my public commitments due to force majeure, I need to make new commitments and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② Research solutions to minimize the loss of investors’ interests as soon as possible and protect the interests of the company’s investors as much as possible. "Note 15:

"(1) I will strictly fulfill all public commitments made by the company for its initial public offering and listing on the Science and Technology Innovation Board. (2) If I fail to fulfill my public commitments due to reasons other than force majeure, I need to make new commitments and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② Do not actively request to resign/resign;

③Accept the company’s decision to postpone or reduce salary or allowances;

④ If any proceeds are obtained due to failure to perform relevant commitments, the proceeds shall belong to the company, and the proceeds shall be paid to the company's designated account within five working days of receipt of the proceeds;

⑤ If I fail to fulfill the public commitments in the prospectus and cause losses to investors, I shall compensate investors for their losses in accordance with the law. (3) If I fail to fulfill my public commitments due to force majeure, I need to make new commitments and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② Research solutions to minimize the loss of investors’ interests as soon as possible and protect the interests of the company’s investors as much as possible. "Note 16:

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“(1) I will fulfill the commitments disclosed in the initial public offering of stocks and listing on the Science and Technology Innovation Board in accordance with the law, and actively accept social supervision.

(2) If I fail to fulfill my public commitments due to reasons other than force majeure, I need to make new commitments and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② Do not actively request to resign/resign;

③Accept the company’s decision to postpone or reduce salary or allowances;

④ If any proceeds are obtained due to failure to perform relevant commitments, the proceeds shall belong to the company, and the proceeds shall be paid to the company's designated account within five working days of receipt of the proceeds;

⑤ If I fail to fulfill the public commitments in the prospectus and cause losses to investors, I shall compensate investors for their losses in accordance with the law. (3) If I fail to fulfill my public commitments due to force majeure, I need to make new commitments and accept the following binding measures until the new commitments are fulfilled or the corresponding remedial measures are implemented:

① Publicly explain the specific reasons for failure to perform and apologize to shareholders and public investors at the general meeting of shareholders and the disclosure media designated by the China Securities Regulatory Commission;

② Research solutions to minimize the loss of investors’ interests as soon as possible and protect the interests of the company’s investors as much as possible. "

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2. Non-operating capital occupation by controlling shareholders and other related parties during the reporting period □ Applicable √ Not applicable

3. Illegal guarantee situation

□Applicable √Not applicable

4. Audit status of semi-annual report

□Applicable √Not applicable

5. Changes and handling of matters involved in non-standard audit opinions in last year’s annual report □ Applicable √ Not applicable

6. Matters related to bankruptcy and reorganization

□Applicable √Not applicable

7. Major litigation and arbitration matters

□The company has major litigation and arbitration matters during this reporting period √The company has no major litigation and arbitration matters during this reporting period

8. Listed companies and their directors, supervisors, senior managers, controlling shareholders, and actual controllers are suspected of violating laws and regulations, have been punished, and have made rectifications

□Applicable √Not applicable

9. Explanation of the integrity status of the company, its controlling shareholders and actual controllers during the reporting period □ Applicable √ Not applicable

10. Major related transactions

(1) Related transactions related to daily operations

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(2) Related transactions arising from asset acquisition or equity acquisition or sale

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

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4. If a performance agreement is involved, the performance achievement during the reporting period should be disclosed □Applicable √Not applicable

(3) Major related transactions of joint external investments

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation √ Applicable □ Not applicable

Overview of the matter Query Index Company held the second meeting of the fourth board of directors and the second meeting of the fourth board of supervisors on February 5, 2025, and reviewed and approved the "Proposal on Foreign Investments and Related Transactions of Wholly-Owned Subsidiaries": The company focuses on the layout and development of cutting-edge biotechnology

On the Shanghai Stock Exchange website, on the one hand, it continues to deepen the field of animal protection and expand and strengthen the animal protection business; on the other hand,

www.sse.com.cn and Securities Daily leverage the company’s advantages in cutting-edge biotechnology platforms and vaccine preparation processes to inform people

The disclosed "About the expansion of the wholly-owned subsidiary's external investment in the field of biological products and gradually develop into a world-class high-tech biological product"

Announcement of Assets and Related Transactions" (Announcement of Group Corporation. This time the company has an interest in the wholly-owned subsidiary Shanghai Bentiancheng Biopharmaceutical

No.: 2025-005) Co., Ltd. (hereinafter referred to as "Tiancheng") increased capital or borrowed money, and Bentiancheng subscribed for an additional registered capital of RMB 37,339,056 in Yangzhou Shizhiyuan with RMB 60 million, accounting for 20.48% of the equity of Yangzhou Shizhiyuan after this transaction.

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(4) Related credit and debt transactions

1. Matters that have been disclosed in temporary announcements and have no progress or changes in subsequent implementation □Applicable √Not applicable

2. Matters that have been disclosed in temporary announcements but have subsequent progress or changes in implementation □ Applicable √ Not applicable

3. Matters not disclosed in temporary announcements

□Applicable √Not applicable

(5) Financial business between the company and related financial companies, company-controlled financial companies and related parties □ Applicable √ Not applicable

(6) Other major related transactions

□Applicable √Not applicable

(7) Others

□Applicable √Not applicable

11. Major contracts and their performance

(1) Custody, contracting and leasing matters

□Applicable √Not applicable

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1. Custody status

□Applicable √Not applicable

2. Contracting situation

□Applicable √Not applicable

3. Leasing situation

□Applicable √Not applicable

(2) Major guarantees performed and not yet completed during the reporting period □Applicable √Not applicable

(3) Other major contracts □ Applicable √ Not applicable

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12. Instructions on the progress of use of raised funds

√Applicable □Not applicable

(1) Overall use of raised funds

√Applicable □Not applicable

Unit: 10,000 yuan

Among them:

Prospectus or As of reporting As of reporting for the year

Super fundraising as of reporting reporting as of reporting date

Fund Raising Instructions End of Period Raising Over Raising at Period Ending Investment Fund for the Year

Total amount of funds accumulated at the end of the period At the end of the period, funds raised for change of purpose Raised funds Raised funds Raised funds Accumulated funds raised in the book Accumulated funds Proportion of investment amount

(3)=Investment Raising Exceeding Fund Raising Source of Raised Funds Arrival Time Total Net Amount (1) Fund Commitment Investment Progress Investment Progress Amount (8 (%)

(1) - Total funds Accumulated funds Total investment Total funds (%) (6) (%) (7) ) (9) (2) (4) Total investment

(2) =(4)/(1) =(5)/(3) =(8)/(1)

Amount (5)

First published on October 2019

44,000.00 40,017.50 40,017.50 / 33,529.38 / 83.79 / 414.04 1.03% 16,170.44 Shares issued on 22nd of March

Total / 44,000.00 40,017.50 40,017.50 / 33,529.38 / 83.79 / 414.04 1.03% 16,170.44Other instructions

√Applicable □Not applicable

The company adjusted the total investment amount of raised funds according to procedures in the early stage. The total amount of committed investment of raised funds in the prospectus or prospectus was 400.175 million yuan, and the total investment after adjustment was 357.95 million yuan. According to the adjusted total investment, as of the end of the reporting period, the cumulative investment progress of raised funds was 93.67%, and the investment amount this year accounted for 1.16%. The above-mentioned investment projects with raised funds have been completed.

(2) Details of fundraising projects

√Applicable □Not applicable

1. Detailed use of raised funds

√Applicable □Not applicable

Unit: 10,000 yuan

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This item

Whether to invest to invest

Raising As of reporting As of reporting Project feasibility prospectus Project reached Progress Progress

Whether the capital is reported at the end of the period, the cumulative accumulation at the end of the period, whether it has been realized this year, whether it has been raised or raised as scheduled, whether it has not been reached.

Project Project Involved Plan This year's investment Accumulated investment Progress of achieved results Significant change Description of surplus funds Set available for use Completed Comply with plan

Name Nature Change Investment Amount Benefit or transformation of raised capital (%), if so Source of amount Status Date in the book Specification of the plan

Total investment amount Total funds (3) = Beneficiary research, please explain the reasons for committing to invest for a period of time

(1) Amount (2) (2)/(1) Income Specific situation Capital item Degree Reason

fruit

levitate

cultivate

first time

Foot and Mouth 2020

Public production 25,89 23,847.0 Discomfort Discomfort 8,041

Epidemic eradication Yes No - 92.10% October 31 Yes Yes / Completed issuance Construction 2.00 6 Use .62

Live epidemic day

stocks

Seedlings

Head

Yes

first time animals

This item 2025

Public Inactivation Production 9,903 Discomfort Discomfort 622.0

No The project is 414.04 9,682.32 97.77% February 26 Yes Yes / Completed issue Vaccine construction .00 Used 3

new item day

stock items

Head

35,79 33,529.3 Not suitable for calculation / / / / 414.04 / / / / / / / / 8

2. Detailed usage of excess raised funds

□Applicable √Not applicable

(3) Changes or termination of investment during the reporting period

□Applicable √Not applicable

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(4) Other use of raised funds during the reporting period

1. Advance investment and replacement of raised funds in investment projects

□Applicable √Not applicable

2. Use idle raised funds to temporarily supplement working capital

√Applicable □Not applicable

At the end of February 2025, the relevant production lines of cell suspension culture virus inactivated vaccines (including cell suspension culture virus subunit vaccines), cell suspension culture subunit vaccines, bacterial inactivated vaccines and other related production lines in the animal inactivated vaccine workshop of Lanzhou Branch passed the veterinary drug GMP acceptance, and obtained the "Veterinary Drug GMP Certificate" and "Veterinary Drug Production License" and can be put into normal use, so the project was overall closed.

In May 2025, because the remaining raised funds (including interest income) were less than 10 million yuan, the remaining raised funds of 6,220,258.89 yuan were transferred to the company's own capital account for permanent replenishment of working capital to support the company's daily production and operation activities. The remaining contract balance and warranty deposit for the "Animal Inactivated Vaccine Project" will be paid from the company's own funds.

On May 28, 2025, the company canceled the special fund-raising account of Shanghai Pudong Development Bank Xuhui Branch (bank account number 9830 0078 8017 0000 2281), and the "Tripartite Supervision Agreement" signed by the company, Shanghai Pudong Development Bank Xuhui Branch and the sponsor Guosen Securities Co., Ltd. was terminated accordingly. At this point, all the investment projects raised by the company's initial public offering have been completed, and all special accounts for raised funds have been cancelled.

3. Cash management of idle raised funds and investment in related products

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB raised funds

The cash is used for the reporting period. The highest cash management during the period. Whether the ending cash balance is reviewed by the board of directors. Date: Start date: End date

There is a reasonable management margin that exceeds the authorized review limit.

October 30, 2024 2,000 October 30, 2024 October 29, 2025 0 No other instructions

None

4. Others

□Applicable √Not applicable

(5) The concluding opinions of the intermediary agency on the special verification and verification of the storage and use of raised funds

□Applicable √Not applicable

Check the relevant description of the abnormality

□Applicable √Not applicable

(6) Subsequent rectification of unauthorized changes in the use of raised funds and illegal occupation of raised funds

□Applicable √Not applicable

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13. Description of other major matters

□Applicable √Not applicable

Section 6 Changes in Shares and Shareholders

1. Changes in share capital

(1) Statement of changes in shares

1. Statement of changes in shares

During the reporting period, the total number of common shares and share capital structure of the company did not change.

2. Description of changes in shares

□Applicable √Not applicable

3. The impact of changes in shares between the reporting period and the disclosure date of the semi-annual report on financial indicators such as earnings per share and net assets per share (if any)

□Applicable √Not applicable

4. Other content that the company deems necessary or required to be disclosed by securities regulatory authorities □Applicable √Not applicable

(2) Changes in restricted shares

□Applicable √Not applicable

2. Shareholder situation

(1) Total number of shareholders:

Total number of ordinary shareholders (households) as of the end of the reporting period 9,466 Total number of preference shareholders (households) with voting rights restored as of the end of the reporting period 0 Total number of shareholders (households) holding shares with special voting rights as of the end of the reporting period 0 Number of depository receipt holders

□Applicable √Not applicable

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(2) Shareholding status of the top ten shareholders and the top ten shareholders without selling restrictions as of the end of the reporting period

The top ten shareholders guarantee their shareholdings through ordinary securities accounts and securities company customer credit transactions at the same time

□Applicable √Not applicable

Unit: Share

Shareholding status of the top ten shareholders (excluding shares lent through refinancing)

contains

Pledge, mark or freeze situation

Hold transfer

situation

Limited loan

report

Name of shareholder Number of shares held at the end of the period Ratio Sales note Share offering Shareholders during the period

(Full name) Amount (%) Increase or decrease in nature of shares Shares

Copies Limited Sale Quantity

Status

quantity shares

Quantity

Within the territory from Yang Yufang 0 90,063,197 21.93 0 0 None 0

Ranren UNITED

Overseas law BIOMEDICAL 0 43,199,898 10.52 0 0 Freeze 1,081,221

PEOPLE, INC.

Within the territory from Yangcongzhou 0 30,024,690 7.31 0 0 None 0

Ran Ren Shanghai Shen Tai Lian Investment

partnership (0 20,687,614 5.04 0 0 None 0 other limited partnerships)

Domestic from Wang Huishang 0 18,905,522 4.60 0 0 None 0

Ranren 33,0 Domestic Tong Beiwen 12,028,800 2.93 0 0 None 0

00 Ranren Beijing Firth Private Equity

Fund Management Limited

Company - Fengshan 2 0 10,013,547 2.44 0 0 None 0 Other No. Private Securities Investment

capital fund

Shanghai Fenghong Technology

Development partnership 0 6,451,769 1.57 0 0 None 0 Others (limited partnership)

Within the territory from Wang Dongliang 0 6,311,316 1.54 0 0 None 0

Ranren 682, within the territory from Chen Xiaohui 6,153,055 1.50 0 0 None 0

397 Shareholding status of the top ten shareholders without selling restrictions (excluding shares lent through refinancing)

Type and number of shares held without selling restrictions

Shareholder name

Number of outstanding shares Type Quantity

RMB

Yang Yufang 90,063,197 90,063,197

common stock

RMB

UNITED BIOMEDICAL, INC. 43,199,898 43,199,898

common stock

RMB

Yang Congzhou 30,024,690 30,024,690

common stock

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RMB

Shanghai Shen Tai Lian Investment Partnership (Limited Partnership) 20,687,614 20,687,614 Ordinary shares

RMB

Wang Huishang 18,905,522 18,905,522 ordinary shares

RMB

Tong Beiwen 12,028,800 12,028,800

common stock

Beijing Fengshan Private Equity Fund Management Co., Ltd. - Fengshan No. 2 RMB

10,013,547 10,013,547 Private Securities Investment Fund Ordinary Shares

RMB

Shanghai Fenghong Technology Development Partnership (Limited Partnership) 6,451,769 6,451,769 Ordinary shares

RMB

Wang Dongliang 6,311,316 6,311,316 ordinary shares

RMB

Chen Xiaohui 6,153,055 6,153,055

common stock

Description of special repurchase accounts among the top ten shareholders None

The above-mentioned shareholders’ proxy voting rights, entrusted voting rights and waivers

None

Description of voting rights

As of the end of this reporting period, shareholders Yang Yufang, Yang Congzhou, Wang Dongliang and Shen Tailian Investment were persons acting in concert, holding a total of 35.82% of the shares. Yang Yufang and Yang Congzhou are siblings, and Wang Dongliang (who holds 1.54% of the company's shares) is the spouse of Yang Yufang's sister. Explanation on the related relationship or concerted action of the above-mentioned shareholders Nie Dongsheng and Yang Yufang is a husband and wife. Yipu Consulting controlled by Nie Dongsheng and Yang Yufang is the general partner of Shen Tailian Investment. Nie Dongsheng is a limited partner who contributes 23.42% of Shen Tailian Investment and indirectly holds 1.181% of the company's shares. In addition, the company does not know whether other shareholders are related or are persons acting in concert.

Preference shareholders whose voting rights have been restored and the number of shares they hold

None

Ming

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Situation of shareholders holding more than 5% of the shares, the top ten shareholders and the top ten shareholders of unrestricted tradable shares participating in the refinancing business and lending shares □Applicable √Not applicable

The top ten shareholders and the top ten shareholders of unrestricted tradable shares have changed from the previous period due to refinancing lending/returning □ Applicable √ Not applicable

Number of shares held by the top ten shareholders subject to selling restrictions and conditions for selling restrictions

□Applicable √Not applicable

As of the end of the reporting period, the company’s top ten domestic depository receipt holders are listed in the table □ Applicable √ Not applicable

Depositary receipt holders holding more than 5% of the shares, the top ten depositary receipt holders and the top ten depositary receipt holders with no selling conditions participating in the refinancing business and lending shares

□Applicable √Not applicable

The top ten holders of depositary receipts and the top ten holders of unrestricted depositary receipts have changed from the previous period due to refinancing lending/returning.

□Applicable √Not applicable

Number and sales restrictions held by the top ten holders of restricted depositary receipts □ Applicable √ Not applicable

(3) Table of top ten shareholders by number of voting rights as of the end of the reporting period □ Applicable √ Not applicable

(4) Strategic investors or general legal persons become the top ten shareholders due to the placement of new shares/depositary receipts □Applicable √Not applicable

3. Directors, supervisors, senior managers and core technical personnel

(1) Changes in shareholdings of current and departing directors, supervisors, senior managers and core technical personnel during the reporting period □Applicable √Not applicable

Other situation description

□Applicable √Not applicable

(2) Equity incentives granted to directors, supervisors, senior managers and core technical personnel during the reporting period

1. Stock options

□Applicable √Not applicable

2. Class I restricted stocks

□Applicable √Not applicable

3. Class II restricted stocks

□Applicable √Not applicable

(3) Other instructions

□Applicable √Not applicable

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4. Changes in controlling shareholders or actual controllers □Applicable √Not applicable

5. Implementation and changes of relevant arrangements for depositary receipts during the reporting period □Applicable √Not applicable

6. Special voting rights shares

□Applicable √Not applicable

7. Information related to preference shares

□Applicable √Not applicable

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Section 7 Bond-Related Information

1. Corporate bonds (including corporate bonds) and non-financial corporate debt financing instruments □ Applicable √ Not applicable

2. Convertible corporate bonds

□Applicable √Not applicable

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Section 8 Financial Report

1. Audit report

□Applicable √Not applicable

2. Financial statements

Consolidated Balance Sheet

June 30, 2025

Prepared by: Shenlian Biopharmaceutical (Shanghai) Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes June 30, 2025 Current assets as of December 31, 2024:

Monetary funds 53,076,209.98 146,206,489.54 Settlement reserves

Loan funds

Trading financial assets 75,883,586.11 43,814,890.86 Derivative financial assets

Notes receivable 671,136.84

Accounts receivable 284,094,783.45 261,397,654.93 Accounts receivable financing

Prepayments 788,244.80 1,078,554.81 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables 3,405,789.95 3,170,654.55 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory 96,460,961.30 95,102,892.07 Including: data resources

contract assets

Assets held for sale

Non-current due within one year

assets

Other current assets 121,652.81 59,659.39

Total current assets 514,502,365.24 550,830,796.15 Non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

Long-term equity investment 21,034,042.22 1,582,608.87 Other equity instrument investment 5,500,000.00 5,000,000.00 Other non-current financial assets

investment real estate

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Fixed assets 734,829,277.67 631,281,073.17 Construction in progress 79,688,045.44 177,870,534.68 Productive biological assets 357,719.97 312,807.95 Oil and gas assets

Right-of-use assets 2,049,039.32 1,726,628.01 Intangible assets 119,444,098.98 102,664,230.95 Including: data resources

Development expenditure 18,499,297.61 33,184,095.10 Including: data resources

goodwill

Long-term deferred expenses

Deferred income tax assets 14,823,013.03 13,259,954.26 Other non-current assets 25,947,086.10 36,405,220.00 Total non-current assets 1,022,171,620.34 1,003,287,152.99

Total assets 1,536,673,985.58 1,554,117,949.14 Current liabilities:

Short-term borrowings 13,447,280.00 14,008,341.67 Borrowings from the central bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 6,297,440.04 5,438,414.72 Advance payments

Contract liabilities 15,080,733.51 17,343,332.38 Financial assets sold and repurchased

Taking deposits and placing deposits with other banks

Agent for buying and selling securities

Agent underwriting securities funds

Employee benefits payable 7,800,946.31 15,225,900.61 Taxes payable 1,142,345.91 1,598,708.00 Other payables 61,306,438.28 52,591,117.74 Including: interest payable

Dividends payable 553,005.07 553,005.07 Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current due within one year

532,035.86 475,512.00Liabilities

Other current liabilities 10,334,916.29 9,520,015.15

Total current liabilities 115,942,136.20 116,201,342.27 Non-current liabilities:

insurance contract reserves

long term borrowing

bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities 1,210,436.71 1,005,937.22

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long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 10,094,460.36 11,080,949.34 Deferred income tax liabilities 526,770.72 207,258.25 Other non-current liabilities

Total non-current liabilities 11,831,667.79 12,294,144.81

Total liabilities 127,773,803.99 128,495,487.08 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 410,644,000.00 410,644,000.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 539,233,471.91 539,233,471.91 Less: treasury shares 20,004,297.06 18,324,408.37 Other comprehensive income

special reserve

Surplus reserve 75,020,487.07 75,020,487.07 General risk reserve

Undistributed profits 391,851,961.22 404,721,662.16 belong to the owners of the parent company

Total equity (or shareholders’ equity) 1,396,745,623.14 1,411,295,212.77

Minority shareholders’ equity 12,154,558.45 14,327,249.29 Owner’s equity (or shares

1,408,900,181.59 1,425,622,462.06 East equity) total

Liabilities and Ownership

1,536,673,985.58 1,554,117,949.14 Total profit (or shareholders’ equity)

Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

Parent company balance sheet

June 30, 2025

Prepared by: Shenlian Biopharmaceutical (Shanghai) Co., Ltd.

Unit: Yuan Currency: RMB

Item Notes June 30, 2025 Current assets as of December 31, 2024:

Monetary funds 37,964,900.80 137,682,841.76 Trading financial assets 75,883,586.11 43,814,890.86 Derivative financial assets

Notes receivable 671,136.84

Accounts receivable 285,063,140.15 261,402,154.93 Accounts receivable financing

Prepayments 514,175.75 919,177.27 Other receivables 48,699,190.10 24,787,261.48 Including: interest receivable

Dividends receivable

Inventory 95,482,810.02 94,013,469.52

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Among them: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 121,652.81 59,659.39

Total current assets 544,400,592.58 562,679,455.21 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment 74,081,483.35 56,582,608.87 Other equity instrument investment 5,000,000.00 5,000,000.00 Other non-current financial assets

investment real estate

Fixed assets 713,686,695.30 609,698,299.83 Construction in progress 58,175,332.55 176,611,986.32 Productive biological assets

oil and gas assets

Right-of-use assets 2,049,039.32 1,726,628.01 Intangible assets 101,273,798.98 83,993,830.95 Including: data resources

Development expenditure 18,499,297.61 33,184,095.10 Including: data resources

goodwill

Long-term deferred expenses

Deferred income tax assets 14,823,013.03 13,259,954.26 Other non-current assets 15,288,610.00 13,145,000.00 Total non-current assets 1,002,877,270.14 993,202,403.34

Total assets 1,547,277,862.72 1,555,881,858.55 Current liabilities:

Short-term borrowings 13,447,280.00 14,008,341.67 Trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 6,174,858.48 5,319,154.51 Advance payments

Contract liabilities 15,080,733.51 17,343,332.38 Employee benefits payable 6,665,404.47 13,694,350.39 Taxes payable 1,130,604.05 1,578,420.10 Other payables 59,446,045.18 52,615,053.58 of which: interest payable

Dividends payable 553,005.07 553,005.07 Liabilities held for sale

Non-current liabilities due within one year 532,035.86 475,512.00 Other current liabilities 10,334,916.29 9,520,015.15

Total current liabilities 112,811,877.84 114,554,179.78 Non-current liabilities:

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long term borrowing

bonds payable

Among them: preferred shares

perpetual bond

Lease liabilities 1,210,436.71 1,005,937.22 Long-term payables

Long-term employee benefits payable

Estimated liabilities

Deferred income 10,094,460.36 11,080,949.34 Deferred income tax liabilities 526,770.72 207,258.25 Other non-current liabilities

Total non-current liabilities 11,831,667.79 12,294,144.81

Total liabilities 124,643,545.63 126,848,324.59 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 410,644,000.00 410,644,000.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 539,233,471.91 539,233,471.91 Less: treasury shares 20,004,297.06 18,324,408.37 Other comprehensive income

special reserve

Surplus reserve 75,020,487.07 75,020,487.07 Undistributed profits 417,740,655.17 422,459,983.35 Owners’ equity (or shareholders’ rights

1,422,634,317.09 1,429,033,533.96 profit) total

Liabilities and Owner's Equity (

1,547,277,862.72 1,555,881,858.55 or shareholders’ equity) total

Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

consolidated income statement

January-June 2025

Unit: Yuan Currency: RMB

Item Notes 2025 Half Year 2024 Half Year

1. Total operating income 121,725,138.28 126,375,941.30 Including: operating income 121,725,138.28 126,375,941.30 Interest income

Premiums earned

Fee and commission income

2. Total operating costs 138,536,976.11 162,802,956.75 Including: operating costs 50,158,462.42 52,574,910.40 Interest expenses

Handling fees and commission expenses

surrender deposit

Net compensation expenses

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Net withdrawal of insurance liability reserves

policy dividend payout

Reinsurance cost

Taxes and surcharges 2,180,461.07 2,069,219.01 Sales expenses 38,625,005.46 53,355,521.59 Management expenses 27,418,489.40 29,561,924.64 Research and development expenses 20,213,006.63 25,619,335.99Financial expenses -58,448.87 -377,954.88Including: interest expenses 136,378.66

Interest income 227,198.91 396,195.42 plus: other income 2,795,434.63 2,180,605.16 Investment income (losses are marked with "-"

42,443.37 1,006,922.34 (please fill in the column)

Of which: for associates and joint ventures

-548,566.65 -2,525.18 Industry investment income

Money measured at amortized cost

Gains from derecognition of financial assets (losses are represented by “-”

(Fill in the number)

Exchange gains (losses are marked with “-”

Fill in the column)

Net exposure hedging gains (losses expressed as “

-" fill in the column)

Gains from changes in fair value (losses calculated as

2,157,584.14 116,132.31 (Fill in “-”)

Credit impairment losses (losses are marked with “-”

-4,530,675.30 -3,729,953.73 (fill in the numbers)

Asset impairment losses (losses are marked with “-”

No. 12,977.32-26,623.65 (please fill in the list)

Income from asset disposals (losses are represented by “-

-46,839.30

"Fill in the column)

3. Operating profit (loss is filled in with "-"

-16,380,912.97 -36,879,933.02 columns)

Add: Non-operating income 119,601.00 14,113.06 Less: Non-operating expenses 3,221.41 284,972.31

4. Total profit (total loss is marked with "-"

-16,264,533.38 -37,150,792.27 fill in the column)

Less: Income tax expense -1,222,141.60 -715,176.24

5. Net profit (net loss is filled in with "-"

-15,042,391.78 -36,435,616.03)

(1) Classification by business continuity

1. Net profit from continuing operations (net loss is represented by “

-15,042,391.78 -36,435,616.03－" fill in the numbers)

2. Net profit from discontinued operations (net loss is represented by “

-" fill in the column)

(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company

-12,869,700.94 -34,507,973.32 (Net loss is listed with "-")

2. Profit and loss of minority shareholders (net loss is represented by “-

-2,172,690.84 -1,927,642.71 "Fill in the numbers)

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6. Net amount of other comprehensive income after tax

(1) Others belonging to the owners of the parent company

Comprehensive income, net of tax

1. Other comprehensive items that cannot be reclassified into profit or loss

combined income

(1) Remeasurement of changes in defined benefit plans

Um

(2) Other items that cannot be transferred to profit or loss under the equity method

Comprehensive income

(3) Fair value of other equity instrument investments

change

(4) Fair value of the company’s own credit risk

change

2. Other comprehensive items that will be reclassified into profit and loss

income

(1) Other comprehensive items that can be transferred to profits and losses under the equity method

combined income

(2) Changes in fair value of other debt investments

(3) Financial assets are reclassified into other comprehensive

Amount of combined income

(4) Credit impairment provisions for other debt investments

(5) Cash flow hedging reserve

(6) Translation differences of foreign currency financial statements

(7) Others

(2) Other comprehensive assets attributable to minority shareholders

net of tax on joint income

7. Total comprehensive income -15,042,391.78 -36,435,616.03

(1) Comprehensive assets attributable to the owners of the parent company

-12,869,700.94 -34,507,973.32 Total income

(2) Comprehensive income attributable to minority shareholders

-2,172,690.84 -1,927,642.71 total profit

8. Earnings per share:

(1) Basic earnings per share (yuan/share) -0.03 -0.08

(2) Diluted earnings per share (yuan/share) -0.03 -0.08 Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

Parent company income statement

January-June 2025

Unit: Yuan Currency: RMB

Item Notes 2025 Half Year 2024 Half Year

1. Operating income 123,260,837.07 128,126,129.92 Less: Operating costs 49,325,146.83 52,591,573.15 Taxes and surcharges 2,177,148.13 2,075,415.30 Sales expenses 38,625,005.46 53,355,521.59 Administrative expenses 22,829,317.68 25,865,416.94 Research and development expenses 17,353,259.19 22,333,204.57 Financial expenses -18,686.33 -333,394.00

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Including: Interest expense 136,378.66 Interest income 186,546.87 350,817.04 Plus: other income 2,789,359.08 2,174,881.93 Investment income (losses are marked with "-"

589,884.50 838,661.23 fill in the column)

Of which: for associates and joint ventures

-1,125.52 -2,525.18 Industry investment income

Money measured at amortized cost

Gains from derecognition of financial assets (losses are represented by “-”

(Fill in the number)

Net exposure hedging gains (losses expressed as “

-" fill in the column)

Gains from changes in fair value (losses calculated as

2,157,584.14 103,632.31 (Fill in “-”)

Credit impairment losses (losses are marked with “-”

-4,530,663.30 -3,739,323.53 (fill in the numbers)

Asset impairment losses (losses are marked with “-”

No. 13,179.40-26,672.76 (please fill in the list)

Income from asset disposals (losses are represented by “-

-46,839.30 "Fill in the number)

2. Operating profit (loss is filled in with "-"

-6,057,849.37 -28,410,428.45 columns)

Add: Non-operating income 119,601.00 8,113.06 Less: Non-operating expenses 3,221.41 257,156.68

3. Total profit (total loss is represented by “-”

-5,941,469.78 -28,659,472.07 (Fill in the numbers)

Less: Income tax expense -1,222,141.60 -715,176.24

4. Net profit (net loss is filled in with "-"

-4,719,328.18 -27,944,295.83 columns)

(1) Net profit from continuing operations (net loss

-4,719,328.18 -27,944,295.83 (please fill in the list with "-")

(2) Net profit from discontinued operations (net loss

Fill in the column with "-" sign)

5. Net amount of other comprehensive income after tax

(1) Others that cannot be reclassified into profit or loss

Comprehensive income

1. Remeasure changes in defined benefit plans

Um

2. Others that cannot be transferred to profit or loss under the equity method

Comprehensive income

3. Fair value of other equity instrument investments

change

4. Fair value of the company’s own credit risk

change

(2) Other comprehensive items that will be reclassified into profit or loss

combined income

1. Other comprehensive items that can be transferred to profits and losses under the equity method

combined income

2. Changes in fair value of other debt investments

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3. The amount of financial assets reclassified and included in other comprehensive income

4. Credit impairment provisions for other debt investments 5. Cash flow hedging reserves

5. Translation differences of foreign currency financial statements

7.Others

6. Total comprehensive income -4,719,328.18 -27,944,295.83

7. Earnings per share:

(1) Basic earnings per share (yuan/share)

(2) Diluted earnings per share (yuan/share) Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

Consolidated cash flow statement from January to June 2025 Unit: Yuan Currency: RMB

Item Notes 2025 Half Year 2024 Half Year

1. Cash flow generated from operating activities

:

Received from selling goods and providing services

74,767,697.97 139,456,849.65 cash

Net deposits from customers and deposits from banks and other banks

increase

Net increase in borrowing from the central bank

Net borrowings from other financial institutions

increase

Obtained by receiving premiums from the original insurance contract

Cash

Net cash received from reinsurance business

Net increase in policyholders’ savings and investment funds

Collecting interest, handling fees and commissions

Cash

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from securities trading as an agent

Um

tax refund received

Receive other information related to business activities

10,580,357.57 11,055,156.66 cash

Subtotal of cash inflows from operating activities 85,348,055.54 150,512,006.31 Purchase of goods and acceptance of payment for services

26,721,310.98 36,202,909.18 cash

Net increase in loans and advances to customers

Net deposits with the central bank and inter-bank

increase

Payment of compensation from the original insurance contract

Cash

Net increase in lending funds

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Payment of interest, fees and commissions

Cash

Cash payment for policy dividends

Payments made to and for employees

43,725,024.41 50,770,422.02 cash

Various taxes and fees paid 6,461,858.11 7,624,919.38 Paid other taxes related to business activities

47,828,915.52 56,719,389.10 cash

Subtotal of cash outflows from operating activities 124,737,109.02 151,317,639.68 Cash flows from operating activities

-39,389,053.48 -805,633.37 Net amount

2. Cash flow generated from investing activities

:

Cash received from recovery of investment 352,000,000.00 568,710,000.00 Cash received from investment income 679,898.91 1,365,997.30 Disposal of fixed assets, intangible assets and

7,000.00

Net cash received from other long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

Cash

Subtotal of cash inflows from investing activities 352,686,898.91 570,075,997.30 Purchase and construction of fixed assets, intangible assets and

21,658,558.85 22,338,674.00 Cash paid for other long-term assets

Cash paid for investment 347,500,000.00 447,080,000.00 Net increase in pledged loans

Acquire subsidiaries and other business units

Net cash paid

Payments related to other investment activities

Cash

Subtotal of cash outflows from investing activities 369,158,558.85 469,418,674.00 Cash flow generated from investing activities

-16,471,659.94 100,657,323.30 Net amount

3. Cash flow generated from financing activities

:

Absorbing cash received from investments

Among them: subsidiaries absorb minority shareholders

Cash received from investments

Obtain cash received from borrowing money

Receive other information related to fundraising activities

16,317.38 19,783.51 cash

Subtotal of cash inflows from financing activities 16,317.38 19,783.51 Cash paid to repay debts 560,000.00

Distribution of dividends, profits or payment of interest

135,226.00 13,008,603.50 Cash paid

Of which: Subsidiaries pay minority shares

Dividends and profits of shareholders

Make other payments related to financing activities

2,016,651.58 380,208.00 cash

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Subtotal of cash outflows from financing activities 2,711,877.58 13,388,811.50 Cash flow generated from financing activities

-2,695,560.20 -13,369,027.99 Net amount

4. Exchange rate changes on cash and cash, etc.

-6.29 13.38 Impact of prices

5. Net increase in cash and cash equivalents

-58,556,279.91 86,482,675.32 amount

Add: Opening cash and cash equivalents

111,169,093.80 44,840,710.38 Balance

6. Cash and cash equivalents at the end of the period

52,612,813.89 131,323,385.70

Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

Parent company cash flow statement

January-June 2025

Unit: Yuan Currency: RMB

Item Notes 2025 Half Year 2024 Half Year

1. Cash flow generated from operating activities

:

Received from selling goods and providing services

75,410,399.97 141,256,849.65 cash

tax refund received

Receive other information related to business activities

8,265,600.90 10,998,055.05 cash

Subtotal of cash inflows from operating activities 83,676,000.87 152,254,904.70 Purchase of goods and acceptance of payment for services

25,776,677.80 35,468,121.81 cash

Payments made to and for employees

37,099,263.15 44,976,296.55 cash

Various taxes and fees paid 6,456,657.33 7,618,636.69 Paid other taxes related to business activities

46,887,445.97 57,290,475.38 cash

Subtotal of cash outflows from operating activities 116,220,044.25 145,353,530.43 Net cash flow from operating activities

-32,544,043.38 6,901,374.27 amount

2. Cash flow generated from investing activities

:

Cash received from recovery of investment 352,000,000.00 468,710,000.00 Cash received from investment income 679,898.91 1,161,961.19 Disposal of fixed assets, intangible assets and

7,000.00

Net cash received from other long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

Cash

Subtotal of cash inflows from investing activities 352,686,898.91 469,871,961.19

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Purchase and construction of fixed assets, intangible assets and

13,950,230.35 21,820,163.96 Cash paid for other long-term assets

Cash paid for investment 368,641,000.00 369,480,000.00 Acquisition of subsidiaries and other business units

Net cash paid

Payments related to other investment activities

Cash

Subtotal of cash outflows from investing activities 382,591,230.35 391,300,163.96 Cash flow generated from investing activities

-29,904,331.44 78,571,797.23 Net amount

3. Cash flow generated from financing activities

:

Absorbing cash received from investments

Obtain cash received from borrowing money

Receive other information related to fundraising activities

16,317.38 19,783.51 cash

Subtotal of cash inflows from financing activities 16,317.38 19,783.51 Cash paid to repay debts 560,000.00

Distribution of dividends, profits or payment of interest

135,226.00 13,008,603.50 Cash paid

Make other payments related to financing activities

2,016,651.58 380,208.00 cash

Subtotal of cash outflows from financing activities 2,711,877.58 13,388,811.50 Cash flow generated from financing activities

-2,695,560.20 -13,369,027.99 Net amount

4. Exchange rate changes on cash and cash, etc.

-6.29 13.38 Impact of prices

5. Net increase in cash and cash equivalents

-65,143,941.31 72,104,156.89 amount

Add: Opening cash and cash equivalents

102,645,446.02 38,817,999.08 Balance

6. Cash and cash equivalents at the end of the period

37,501,504.71 110,922,155.97 amount

Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

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Consolidated Statement of Changes in Owner's Equity

January-June 2025

Unit: Yuan Currency: RMB 2025 Half Year

Owner's equity attributable to parent company

Other equity workers Part 1

Item Specification Other special rights General minority shareholders’ equity Owners’ equity Total paid-in capital (or Comprehensive risk Its profit calculation optimization Permanent capital reserve Less: treasury stock Surplus reserve Undistributed profits Subtotal share capital) Other joint savings insurance Others

Continue first

He is ready

stocks bonds

Be prepared

1.

Previous year 410,644,000.0 539,233,471.9 18,324,408.3 75,020,487.0 404,721,662.1 1,411,295,212.7 14,327,249.2 1,425,622,462.0 End of period 0 1 7 7 6 7 9 6 balance

Add:

accounting

policy

change

before

period difference

Wrong update

Right

its

him

2.

This year 410,644,000.0 539,233,471.9 18,324,408.3 75,020,487.0 404,721,662.1 1,411,295,212.7 14,327,249.2 1,425,622,462.0 Beginning of the period 0 1 7 7 6 7 9 6 balance

3.

This issue

• -Increase or decrease 1,679,888.69 -14,549,589.63 -16,722,280.47

12,869,700.94 2,172,690.84 change

Amount

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(Reduce the number of columns filled with "-")

(1) Comprehensive

• -Consolidated -12,869,700.94 -15,042,391.78

12,869,700.94 2,172,690.84 Total profit

(2) Owner’s investment 1,679,888.69 -1,679,888.69 -1,679,888.69 and reduction of capital

1. Common shares invested by owners 2. Capital invested by other equity instrument holders 3. Share-based payments are included in owners’ equity

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The amount of 4. its

1,679,888.69 -1,679,888.69 -1,679,888.69 Others (3) Profit distribution 1. Withdraw surplus reserve 2. Extract general risk reserves 3. Distribution to owners (or shareholders) 4. Others (4) Internal carryover of owners’ equity 1. Conversion of capital reserve to capital increase

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Capital (or share capital) 2. Convert surplus reserves to capital (or share capital) 3. Surplus reserve to make up for losses 4. The amount of changes in the defined benefit plan is carried forward to retained earnings 5. Other comprehensive income is carried forward to retained earnings 6. Other (5) Special reserves

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1. Ben

Periodic withdrawal

take

2. Ben

envoy

use

(six

) its

him

4.

Current period 410,644,000.0 539,233,471.9 20,004,297.0 75,020,487.0 391,851,961.2 1,396,745,623.1 12,154,558.4 1,408,900,181.5 End of period 0 1 6 7 2 4 5 9 balance

2024 half year

Owner's equity attributable to parent company

Other rights 1

Items Equity Instruments General Owners’ Equity and Minority Shareholders’ Equity Paid-in Capital (or Comprehensive Item Risk) Other Calculation Advantages Capital Reserves Less: Treasury Stocks Surplus Reserves Undistributed Profits Subtotal

equity) other joint savings insurance others

Continue first

He is ready

stocks bonds

Be prepared

1. Previous year 410,644,000.0 1,507,067,974.8

539,233,471.91 75,020,487.07 463,834,260.37 1,488,732,219.35 18,335,755.47 Closing balance 0 2 plus: accounting

Policy changes

Early stage

error correction

Others

2. This year 410,644,000.0 1,507,067,974.8

539,233,471.91 75,020,487.07 463,834,260.37 1,488,732,219.35 18,335,755.47 Opening balance 0 2

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3. Amount of increase or decrease in the current period (minus -48,880,513.32 -48,880,513.32 -1,927,642.71 -50,808,156.03 shall be filled in with "-")

(1) Comprehensive

-34,507,973.32 Total income -34,507,973.32 -1,927,642.71 -36,435,616.03

(2) Owner’s investment and capital reduction

1. Common shares invested by owners 2. Capital invested by other equity instrument holders 3. The amount of share-based payment included in owners’ equity 4. Others

(3) Profit

-14,372,540.00 -14,372,540.00 -14,372,540.00 Profit distribution 1. Withdraw surplus reserve 2. Withdraw general risk reserve

3. Right

-14,372,540.00 -14,372,540.00 -14,372,540.00 Those who have (or

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distribution to shareholders

4. Others

(4) Internal carryover of owners’ equity 1. Convert capital reserve to capital (or share capital) 2. Convert surplus reserves to capital (or share capital) 3. Surplus reserve to cover losses

4. Changes in defined benefit plans are carried forward to retained earnings

5. Other comprehensive income carried forward to retained earnings

6. Others

(5) Special reserves 1. Extract this period

2. Used in this issue

(6) Others

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4. Current period 410,644,000.0 1,456,259,818.7

539,233,471.91 75,020,487.07 414,953,747.05 1,439,851,706.03 16,408,112.76 Closing balance 0 9 Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

Statement of changes in owner's equity of the parent company

January-June 2025

Unit: Yuan Currency: RMB 2025 Half Year

Other equity work

With his expertise

Project Paid-in Capital (or Comprehensive Project

Youyong capital reserve less: treasury shares surplus reserve undistributed profits owners’ equity total share capital) other total reserves

Continue first

He collects and prepares

stocks bonds

benefit

1. End of the previous year 410,644,000.

539,233,471.91 18,324,408.37 75,020,487.07 422,459,983.35 1,429,033,533.96 Balance 00

Add: Accounting Policies

change

early stage errors

Correction

Others

2. Beginning of this year 410,644,000.

539,233,471.91 18,324,408.37 75,020,487.07 422,459,983.35 1,429,033,533.96 Balance 00

3. Increases and decreases in this period

Change amount (less

1,679,888.69 -4,719,328.18 -6,399,216.87 fill in with "-" sign

column)

(1) Comprehensive collection

-4,719,328.18 -4,719,328.18 total profit

(2) Owner

Investment and capital reduction 1,679,888.69 -1,679,888.69

1. owner vote

Common shares invested

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2. Capital invested by other equity instrument holders

3. The amount of share-based payment included in owners’ equity

4. Others 1,679,888.69 -1,679,888.69

(3) Profit distribution

1. Withdrawal from surplus reserve

2. Distributions to owners (or shareholders)

3. Others

(4) Internal carryover of owners’ equity 1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. The amount of changes in the defined benefit plan is carried forward to retained earnings 5. Other comprehensive income carried forward to retained earnings

5. Others

(5) Special reserves

1. Extract this issue 2. Used in this issue

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(6) Others

4. End of this period 410,644,000.

539,233,471.91 20,004,297.06 75,020,487.07 417,740,655.17 1,422,634,317.09 Balance 00

Other equity work for the first half of 2024

Specific items, paid-in capital (or comprehensive items, permanent capital reserves, less: treasury shares, surplus reserves, undistributed profits, owners’ equity, total capital stock) and other total assets, continued

He collects stocks and debts

benefit

1. Previous year period

410,644,000.00 539,233,471.91 75,020,487.07 468,150,557.61 1,493,048,516.59 Ending balance

Add: Accounting

policy change

upfront difference

Error correction

Others

2. Current year

410,644,000.00 539,233,471.91 75,020,487.07 468,150,557.61 1,493,048,516.59 Initial balance

3. Added in this issue

Less change amount

-42,316,835.83 -42,316,835.83 (decrease with "-"

(Fill in the number)

(1) Comprehensive

-27,944,295.83 -27,944,295.83Total income

(2) All

investor input and reduction

less capital

1. owner vote

Common shares invested

2. Other rights and interests

tool holder

Invest capital

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3. The amount of share-based payment included in owners’ equity 4. Others

(3) Profit

-14,372,540.00 -14,372,540.00 allocation

1. Withdrawal from surplus reserve

2. Distribution to owners (or shareholders) -14,372,540.00 -14,372,540.00

3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves to capital (or share capital)

2. Conversion of surplus reserves into capital (or share capital)

3. Surplus reserve to cover losses

4. Changes in defined benefit plans are carried forward to retained earnings

5. Other comprehensive income carried forward to retained earnings

6. Others

(5) Special reserves

1. Extract this issue 2. Used in this issue

(6) Others

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4. This issue

410,644,000.00 539,233,471.91 75,020,487.07 425,833,721.78 1,450,731,680.76 Ending balance

Person in charge of the company: Nie Dongsheng Person in charge of accounting work: Li Xun Person in charge of the accounting department: Wu Jie

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

Shenlian Biopharmaceutical (Shanghai) Co., Ltd. (hereinafter referred to as the company or the company), formerly known as Shenlian Biopharmaceutical (Shanghai) Co., Ltd., was approved by the Shanghai Municipal People's Government in September 2015 with the "Foreign-invested Enterprise Approval Certificate No. [2001] 3216", by Yang Yufang, Yang Congzhou, Wang Huishang, Wang A joint-stock company established by Dongliang, Wu Benguang, Ma Mingzhi, United Biopharmaceuticals, Suzhou Longding Venture Capital (Limited Partnership), Shanghai Hongchao Industrial Investment Co., Ltd., Shanghai Huajia Investment Co., Ltd., Shanghai Ding Tailian Investment Partnership (Limited Partnership), and Shanghai Shen Tailian Investment Partnership (Limited Partnership). The company was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange on October 28, 2019, stock code: 688098, stock abbreviation: Shenlian Biotech. The company currently holds a business license with a unified social credit code of 91310000703464848X.

After alloting new shares, converting capital and issuing new shares over the years, as of June 30, 2025, the company has issued a total of 410.644 million shares, with a registered capital of 410.644 million yuan. The registered address and headquarters address are: No. 48 Jiangchuan East Road, Minhang District, Shanghai. The actual controllers are Nie Dongsheng, Yang Yufang, Yang Congzhou, and Wang Dongliang.

The company focuses on the research and development, production and sales of biological products, and its main application directions include humans, economic animals, pets and aquatic products.

Date of approval for issuance of financial statements: These financial statements have been approved for issuance by the company's board of directors on August 29, 2025.

4. Basis for preparation of financial statements

1. Basics of preparation

The company is based on going concern, recognizes and measures actual transactions and events in accordance with the Accounting Standards for Business Enterprises and their application guidelines and explanations of the standards, and prepares financial statements on this basis. In addition, the company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Information Disclosure and Preparation Rules for Companies that Offer Securities to the Public No. 15 - General Provisions on Financial Reports (2023 Revision)".

2. Continuous operation

√Applicable □Not applicable

The company has evaluated the company's ability to continue operating for 12 months from the end of the reporting period, and has found no issues that affect the company's ability to continue operating. It is reasonable for the company to prepare financial statements based on going concern.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

□Applicable √Not applicable

1. Statement on compliance with corporate accounting standards

The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises and truly and completely reflect the company's financial status, operating results, changes in shareholders' equity, cash flow and other relevant information.

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2. Accounting period

The company's fiscal year begins on January 1 and ends on December 31 of the Gregorian calendar.

3. Business cycle

√Applicable □Not applicable

The company's normal operating cycle is one year.

4. Accounting standard currency

The company's accounting standard currency is RMB, and its overseas (branch) subsidiaries use the currency of the main economic environment in which they operate as the accounting standard currency.

5. Determination method and selection basis of materiality criteria

√Applicable □Not applicable

Project Materiality Criteria

The closing balance of a single construction-in-progress project is greater than 10 million yuan, and the total construction-in-progress project in the current period is important

The total increase accounted for more than 75%

Important other non-current assets with an aging of more than one year. Projects with an aging of more than one year from a single supplier and an amount exceeding 1 million yuan. Important accounts payable with an aging of more than one year. Projects with an aging of more than 500,000 yuan from a single supplier. Important other payables with an aging of more than one year. Projects with an aging of more than 1 million yuan from a single supplier.

Important capitalized research and development projects that have not reached the intended usable state at the end of the period and have a net value of more than 1 million yuan at the end of the period

Project

Important cash related to investing activities Items with a single cash flow amount exceeding 0.5% of total assets

6. Accounting treatment methods for business combinations under the same control and those not under the same control

√Applicable □Not applicable

(1) Business merger under common control

The assets and liabilities acquired by the Company in a business merger are measured at the book value of the merged party in the consolidated financial statements of the ultimate controlling party on the merger date. Among them, if the accounting policies and accounting periods adopted by the merged party and the company before the business merger are different, the accounting policies and accounting periods will be unified based on the principle of importance, that is, the book value of the assets and liabilities of the merged party will be adjusted in accordance with the company's accounting policies and accounting periods. If there is a difference between the book value of the net assets acquired by the company in the business combination and the book value of the consideration paid, the capital reserve (capital premium or equity premium) will be adjusted first. If the balance of the capital reserve (capital premium or equity premium) is insufficient to offset it, the surplus reserve and undistributed profits will be offset in sequence.

For the accounting treatment method of business combination under common control achieved through step-by-step transactions, please refer to "Section 8 Financial Report V.7. (5) Accounting Treatment of Special Transactions".

(2) Business combination not under common control

The identifiable assets and liabilities of the purchased party acquired by the Company in a business combination are measured at their fair value on the acquisition date. Among them, if the accounting policies and accounting periods adopted by the purchased party and the company before the business merger are different, the accounting policies and accounting periods shall be unified based on the principle of importance, that is, the book value of the assets and liabilities of the purchased party shall be adjusted in accordance with the accounting policies and accounting periods of the company. The difference between the company's merger cost on the acquisition date and the fair value of the acquiree's identifiable assets and liabilities acquired in the business merger is recognized as goodwill; if the merger cost is less than the fair value of the acquiree's identifiable assets and liabilities acquired in the business merger, the difference is recognized as goodwill.

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For the difference in value, first review the merger cost and the fair value of the acquiree's identifiable assets and liabilities acquired in the business combination. After review, if the merger cost is still less than the fair value of the acquiree's identifiable assets and liabilities acquired, the difference shall be recognized as the profit or loss for the current period of the merger.

For the accounting treatment method of business combination not under common control achieved through step-by-step transactions, please refer to "Section 8 Financial Report V.7. (5) Accounting Treatment of Special Transactions".

(3) Treatment of transaction costs in business mergers

Intermediary fees such as auditing, legal services, evaluation and consulting, and other related management fees incurred for business mergers are included in the current profit and loss when incurred. The transaction costs of equity securities or debt securities issued as consideration for the merger shall be included in the initial recognition amount of the equity securities or debt securities.

7. Judgment standards for control and preparation methods of consolidated financial statements

√Applicable □Not applicable

(1) Judgment criteria for control and determination of consolidation scope

Control means that the company has power over the investee, enjoys variable returns by participating in the investee's relevant activities, and has the ability to use its power over the investee to affect the amount of its returns. The definition of control includes three basic elements: first, the investor has power over the investee; second, it enjoys variable returns due to participation in the investee’s relevant activities; third, it has the ability to use its power over the investee to affect the amount of its returns. When the company's investment in the investee meets the above three elements, it indicates that the company can control the investee.

The scope of consolidation in consolidated financial statements is determined on the basis of control, including not only subsidiaries determined based on voting rights (or similar voting rights) alone or in combination with other arrangements, but also structured entities determined based on one or more contractual arrangements.

Subsidiaries refer to entities controlled by the company (including divisible parts of enterprises, investee units, and structured entities controlled by enterprises, etc.). Structured entities refer to entities designed without voting rights or similar rights as a decisive factor when determining their controllers (note: sometimes also called special purpose entities).

(2) Preparation method of consolidated financial statements

The company prepares consolidated financial statements based on its own and its subsidiaries' financial statements and other relevant information. The company prepares consolidated financial statements, treating the entire enterprise group as an accounting entity, and reflecting the overall financial status, operating results and cash flow of the enterprise group in accordance with the recognition, measurement and presentation requirements of relevant accounting standards for enterprises and in accordance with unified accounting policies and accounting periods.

① Consolidate the assets, liabilities, owners' equity, income, expenses, cash flow and other items of the parent company and subsidiaries.

② Offset the parent company's long-term equity investment in the subsidiary with the parent company's share of the subsidiary's owner's equity.

③ Offset the impact of internal transactions between the parent company and its subsidiaries, and between subsidiaries. If internal transactions indicate that impairment losses have occurred on related assets, the losses shall be recognized in full.

④ Make adjustments to special transaction matters from the perspective of the enterprise group.

(3) Processing of adding or removing subsidiaries during the reporting period

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① Add subsidiaries or businesses

A. Subsidiaries or businesses added by business mergers under common control

(a) When preparing the consolidated balance sheet, adjust the opening balance of the consolidated balance sheet and adjust the relevant items in the comparative statement at the same time. It is deemed that the merged reporting entity has existed since the time when the ultimate controlling party began to control.

(b) When preparing the consolidated income statement, the income, expenses and profits of the subsidiary and the business combination from the beginning of the current period to the end of the reporting period are included in the consolidated income statement, and relevant items in the comparative statement are adjusted at the same time. It is deemed that the post-merger reporting entity has existed since the time when the ultimate controlling party began to control.

(c) When preparing the consolidated cash flow statement, the cash flow of the subsidiary and the business combination from the beginning of the current period to the end of the reporting period is included in the consolidated cash flow statement, and relevant items in the comparative statement are adjusted at the same time. It is deemed that the post-merger reporting entity has existed since the time when the ultimate controlling party began to control.

B. Subsidiaries or businesses added by business combination not under common control

(a) When preparing the consolidated balance sheet, the opening balance of the consolidated balance sheet will not be adjusted.

(b) When preparing the consolidated income statement, include the income, expenses and profits of the subsidiary and business from the date of purchase to the end of the reporting period into the consolidated income statement.

(c) When preparing the consolidated cash flow statement, include the cash flow from the acquisition date of the subsidiary to the end of the reporting period into the consolidated cash flow statement.

② Dispose of subsidiaries or businesses

A. When preparing the consolidated balance sheet, the opening balance of the consolidated balance sheet will not be adjusted.

B. When preparing the consolidated income statement, include the subsidiary and the revenue, expenses and profits from the beginning of the business period to the disposal date into the consolidated income statement.

C. When preparing the consolidated cash flow statement, include the cash flow of the subsidiary and the business from the beginning of the period to the disposal date into the consolidated cash flow statement.

(4) Special considerations in merger elimination

① The long-term equity investment held by a subsidiary of the company shall be regarded as the company's treasury shares, and shall be listed as "less: treasury shares" under the owner's equity item in the consolidated balance sheet as a deduction from the owner's equity. For long-term equity investments held by subsidiaries among each other, the long-term equity investment and its corresponding share of the owner's equity of the subsidiary are offset against each other in accordance with the offsetting method for the company's equity investments in subsidiaries.

② Since the "special reserves" and "general risk reserves" items are neither paid-in capital (or equity) nor capital reserves, nor are they different from retained earnings and undistributed profits, after the long-term equity investment and the owner's equity of the subsidiary are offset, they will be restored according to the share attributable to the owners of the parent company.

③ If there is a temporary difference between the book value of assets and liabilities in the consolidated balance sheet and the tax base of the taxable entity due to the offsetting of unrealized internal sales profits and losses, deferred income tax assets or deferred income tax liabilities will be recognized in the consolidated balance sheet, and the income tax expenses in the consolidated income statement will be adjusted at the same time, except for deferred income taxes related to transactions or events directly included in owner's equity and business mergers.

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④ Unrealized internal transaction gains and losses arising from the company's sale of assets to subsidiaries shall be fully offset against "net profits attributable to owners of the parent company". Unrealized internal transaction profits and losses arising from the sale of assets by a subsidiary to the company shall be allocated and offset between "net profits attributable to owners of the parent company" and "minority shareholders' profits and losses" in accordance with the company's distribution ratio to the subsidiary. Unrealized internal transaction profits and losses arising from the sale of assets between subsidiaries shall be allocated and offset between "net profits attributable to owners of the parent company" and "minority shareholders' profits and losses" in accordance with the company's distribution ratio to the selling subsidiary.

⑤ If the current losses shared by the minority shareholders of a subsidiary exceed the minority shareholders' share of the subsidiary's opening owners' equity, the balance should still be offset against the minority shareholders' equity.

(5) Accounting treatment of special transactions

① Purchase of minority shareholder equity The company purchases the subsidiary equity owned by minority shareholders of the subsidiary. In individual financial statements, the investment cost of the newly acquired long-term equity investment for the purchase of minority equity is measured according to the fair value of the consideration paid. In the consolidated financial statements, the difference between the newly acquired long-term equity investment due to the purchase of minority equity and the share of the subsidiary's net assets calculated continuously from the date of purchase or merger based on the new shareholding ratio shall be adjusted to the capital reserve (capital premium or equity premium). If the capital reserve is insufficient to offset, the surplus reserve and undistributed profits shall be offset in sequence.

② Obtaining control of a subsidiary step by step through multiple transactions

A. The merger of enterprises under the same control is realized step by step through multiple transactions.

On the merger date, the company determines the initial investment cost of the long-term equity investment in its individual financial statements based on the share of the book value of the subsidiary's net assets in the ultimate controlling party's consolidated financial statements that it will enjoy after the merger; the initial investment cost is the same as the long-term equity before the merger. The difference between the book value of the investment and the book value of the newly paid consideration for further shares acquired on the merger date is adjusted to the capital reserve (capital premium or equity premium). If the capital reserve (capital premium or equity premium) is insufficient to offset, the surplus reserve and undistributed profits are offset in sequence.

In the consolidated financial statements, the assets and liabilities of the merged party acquired by the combining party during the merger are measured according to their book value in the consolidated financial statements of the ultimate controlling party on the date of merger, except for adjustments due to differences in accounting policies and accounting periods. The difference between the book value of the investments held before the merger plus the book value of the new consideration paid on the date of merger and the book value of the net assets acquired in the merger is adjusted to the capital reserve (equity premium/capital premium). If the capital reserve is insufficient for offset, the retained earnings are adjusted.

For equity investments held by the merging party before acquiring control of the merged party, relevant profits and losses, other comprehensive income and other changes in owner's equity have been recognized between the date of acquisition of the original equity and the date when the merging party and the merged party are under the final control of the same party, whichever is later, to the date of merger, and shall be offset against the opening retained earnings or current profits and losses of the comparative statement period respectively.

B. Merger of enterprises not under common control is realized step by step through multiple transactions.

On the merger date, in individual financial statements, the sum of the book value of the original long-term equity investment plus the new investment cost on the merger date will be regarded as the initial investment cost of the long-term equity investment on the merger date.

In the consolidated financial statements, the equity of the purchased party held before the purchase date is remeasured according to the fair value of the equity on the purchase date. If the equity of the purchased party held before the purchase date is designated as a financial asset measured at fair value and its changes are included in other comprehensive income, the difference between the fair value and its book value is included in retained earnings, and the cumulative fair value changes of the equity originally included in other comprehensive income are transferred to retained earnings; the equity of the purchased party held before the purchase date is measured at fair value.

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For financial assets whose amount is included in the current profit and loss, or long-term equity investments accounted for by the equity method, the difference between the fair value and its book value is included in the current investment income; the equity of the purchased party held before the acquisition date involves other comprehensive income under the equity method and net profit and loss under the equity method. , other comprehensive income and other changes in owner's equity other than profit distribution, the other comprehensive income related to it will be accounted for on the date of purchase on the same basis as the investee's direct disposal of relevant assets or liabilities, and the changes in other owners' equity related to it will be converted into investment income for the current period on the date of purchase.

③ The company disposes of long-term equity investments in subsidiaries but does not lose control

If the parent company partially disposes of its long-term equity investment in a subsidiary without losing control, in the consolidated financial statements, the difference between the disposal price and the share of the subsidiary's net assets continuously calculated from the date of purchase or merger will be adjusted to the capital reserve (capital premium or equity premium). If the capital reserve is insufficient for offset, the retained earnings will be adjusted.

④ The company disposes of its long-term equity investment in the subsidiary and loses control

A. One transaction disposal

If the company loses control over the investee due to disposal of part of its equity investment or other reasons, when preparing consolidated financial statements, the remaining equity will be remeasured according to its fair value on the date when control is lost. The difference between the sum of the consideration obtained for disposing of the equity and the fair value of the remaining equity, minus the sum of the share of the original subsidiary's net assets calculated continuously from the date of purchase or merger based on the original shareholding ratio and the sum of goodwill, shall be included in the investment income in the period when control is lost. Other comprehensive income related to the equity investment of the atomic company will be accounted for on the same basis as the direct disposal of relevant assets or liabilities by the original subsidiary when control is lost. Other changes in owner's equity related to the original subsidiary that are accounted for under the equity method will be transferred to the current profit and loss when control is lost.

B. Step-by-step disposal of multiple transactions

In the consolidated financial statements, we should first determine whether the step-by-step transaction is a "package transaction".

If the step-by-step transaction does not belong to a "package transaction", in the individual financial statements, for each transaction before the loss of control of the subsidiary, the book value of the long-term equity investment corresponding to each equity disposal will be carried forward, and the difference between the proceeds and the book value of the long-term equity investment disposed shall be included in the investment income of the current period; in the consolidated financial statements, it shall be handled in accordance with the relevant provisions of "the parent company disposes of the long-term equity investment in the subsidiary without losing control."

If the step-by-step transaction is a "package transaction", each transaction should be accounted for as a transaction in which the subsidiary is disposed of and control is lost; in individual financial statements, the difference between the price of each disposal before the loss of control and the book value of the long-term equity investment corresponding to the equity disposed is first recognized as other comprehensive income. When control is lost, it will be transferred to the profit and loss of the current period when control is lost; in the consolidated financial statements, for each transaction before the loss of control, the difference between the disposal price and the share of the subsidiary's net assets corresponding to the disposal investment should be recognized as other comprehensive income, and when control is lost, it will be transferred to the profit and loss of the current period when control is lost.

If the terms, conditions and economic impact of each transaction meet one or more of the following conditions, multiple transactions are usually accounted for as a "package transaction":

(a) The transactions were entered into simultaneously or with consideration of their influence on each other.

(b) These transactions as a whole can achieve a complete business result.

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(c) The occurrence of a transaction depends on the occurrence of at least one other transaction.

(d) A transaction that is uneconomical when considered alone is economical when considered together with other transactions. ⑤ The proportion of equity owned by the parent company is diluted by the capital increase of the subsidiary company’s minority shareholders

Other shareholders (minority shareholders) of the subsidiary increase capital in the subsidiary, thereby diluting the parent company's equity ratio in the subsidiary. In the consolidated financial statements, the share of the subsidiary's book net assets before the capital increase is calculated based on the parent company's equity ratio before the capital increase. The difference between this share and the subsidiary's share of the subsidiary's book net assets after the capital increase calculated based on the parent company's shareholding ratio after the capital increase is adjusted to the capital reserve (capital premium or equity premium). If the capital reserve (capital premium or equity premium) is insufficient to offset, the retained earnings are adjusted.

8. Classification of joint arrangements and accounting treatment of joint operations

√Applicable □Not applicable

A joint arrangement refers to an arrangement that is jointly controlled by two or more parties. The Company's joint venture arrangements are divided into joint operations and joint ventures.

(1) Joint operation

A joint operation refers to a joint arrangement in which the Company enjoys the relevant assets of the arrangement and assumes the relevant liabilities of the arrangement. The company confirms the following items related to its share of interests in joint operations, and performs accounting treatments in accordance with the relevant accounting standards for enterprises:

① Confirm the assets held individually and the assets held jointly according to their shares;

② Confirm the liabilities borne individually and the liabilities borne jointly according to their shares;

③ Recognize the income generated from the sale of its share of joint operating output;

④ Recognize the income generated by the joint operation from the sale of output according to its share;

⑤ Recognize the expenses incurred individually, and recognize the expenses incurred by joint operations according to their share.

(2) Joint venture

A joint venture is a joint arrangement in which the Company only has rights to the net assets of the arrangement.

The Company accounts for investments in joint ventures in accordance with the provisions on equity method accounting for long-term equity investments.

9. Determination standards for cash and cash equivalents

Cash refers to corporate cash on hand and deposits that can be used for payment at any time. Cash equivalents refer to investments held by an enterprise that have a short term (generally due within three months from the date of purchase), are highly liquid, are easily convertible into known amounts of cash, and have little risk of value changes.

10. Foreign currency business and foreign currency statement conversion

√Applicable □Not applicable

(1) Method for determining the conversion exchange rate in foreign currency transactions

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When the Company's foreign currency transactions are initially recognized, they are converted into the accounting functional currency using the spot exchange rate on the date of the transaction or an exchange rate determined in a systematic and reasonable manner that is approximate to the spot exchange rate on the date of the transaction (hereinafter referred to as the "approximate exchange rate of the spot exchange rate").

(2) Conversion method of foreign currency monetary items on the balance sheet date

On the balance sheet date, foreign currency monetary items are translated using the spot exchange rate on the balance sheet date. Exchange differences arising from differences between the spot exchange rate on the balance sheet date and the spot exchange rate at the time of initial recognition or the previous balance sheet date are included in the current profit and loss. For foreign currency non-monetary items measured at historical cost, the spot exchange rate on the date of transaction is still used for translation; for inventories measured at the lower of cost and net realizable value, the inventory is purchased in foreign currency and the net realizable value of the inventory on the balance sheet date is If the value is reflected in a foreign currency, the net realizable value is first converted into the recording currency amount according to the spot exchange rate on the balance sheet date, and then compared with the inventory cost reflected in the recording currency to determine the ending value of the inventory; for fair value Foreign currency non-monetary items measured at fair value are converted using the spot exchange rate on the date when the fair value is determined. For financial assets measured at fair value with changes included in current profits and losses, the difference between the converted accounting functional currency amount and the original accounting functional currency amount The amount is included in the current profit and loss. For non-trading equity instrument investments designated as measured at fair value and whose changes are included in other comprehensive income, the difference between the converted accounting functional currency amount and the original accounting functional currency amount is included in other comprehensive income.

11. Financial instruments

√Applicable □Not applicable

A financial instrument refers to a contract that forms a financial asset of one party and a financial liability or equity instrument of another party.

(1) Recognition and derecognition of financial instruments

When the company becomes a party to a financial instrument contract, the relevant financial assets or financial liabilities are recognized.

Financial assets shall be derecognized if they meet one of the following conditions:

①The contractual right to receive cash flows from the financial asset terminates;

②The financial asset has been transferred and meets the following conditions for derecognition of financial asset transfer.

If the current obligation of a financial liability (or part thereof) has been discharged, the financial liability (or part thereof) shall be derecognised. The company (borrower) and the lender sign an agreement to replace the original financial liability by assuming a new financial liability, and if the contract terms of the new financial liability are substantially different from the original financial liability, the original financial liability will be terminated and the new financial liability will be recognized at the same time. If the company makes substantial modifications to the contract terms of the original financial liability (or part thereof), it shall terminate the original financial liability and recognize a new financial liability in accordance with the modified terms.

When financial assets are bought and sold in a regular manner, accounting recognition and derecognition will be carried out based on the transaction date. The conventional way of buying and selling financial assets refers to delivering financial assets in accordance with the terms of the contract and at the time schedule determined by regulations or market practices. The trading day refers to the date when the company commits to buy or sell financial assets.

(2) Classification and measurement of financial assets

Upon initial recognition, based on the business model of managing financial assets and the contractual cash flow characteristics of financial assets, the company classifies financial assets into: financial assets measured at amortized cost, financial assets measured at fair value with changes included in current profits and losses, and financial assets measured at fair value with changes included in other comprehensive income. Unless the company changes its business model for managing financial assets

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Formula, in this case, all affected relevant financial assets will be reclassified on the first day of the first reporting period after the change in business model, otherwise financial assets shall not be reclassified after initial recognition.

Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value and whose changes are included in the current profit and loss, the relevant transaction costs are directly included in the current profit and loss, and the relevant transaction costs of other types of financial assets are included in their initial recognition amount. Notes receivable and accounts receivable arising from the sale of goods or provision of services that do not contain or take into account significant financing components are initially measured by the company based on the transaction price defined in the revenue standards.

The subsequent measurement of a financial asset depends on its classification:

①Financial assets measured at amortized cost

If a financial asset meets the following conditions at the same time, it is classified as a financial asset measured at amortized cost: the company's business model for managing the financial asset is to collect contractual cash flows as the goal; the contract terms of the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and interest based on the outstanding principal amount. For such financial assets, the actual interest rate method is used and subsequent measurement is carried out at amortized cost. Gains or losses arising from their derecognition, amortization or impairment based on the actual interest rate method are included in the current profits and losses.

②Financial assets measured at fair value and changes included in other comprehensive income

If a financial asset meets the following conditions at the same time, it is classified as a financial asset measured at fair value with changes included in other comprehensive income: the company's business model for managing this financial asset is to both collect contractual cash flows and sell financial assets; the contract terms of the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and interest based on the outstanding principal amount. For such financial assets, fair value is used for subsequent measurement. Except for impairment losses or gains and exchange gains and losses that are recognized as current profits and losses, changes in the fair value of such financial assets are recognized as other comprehensive income until the financial assets are derecognised, and their accumulated profits or losses are transferred to current profits and losses. However, the interest income related to the financial assets calculated using the actual interest rate method is included in the current profit and loss.

The Company irrevocably chooses to designate some non-trading equity instrument investments as financial assets measured at fair value with changes included in other comprehensive income. Only relevant dividend income will be included in the current profit and loss, and changes in fair value will be recognized as other comprehensive income until the financial assets are derecognised, and their accumulated gains or losses will be transferred to retained earnings.

③Financial assets measured at fair value and changes included in current profits and losses

Financial assets other than the above-mentioned financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income are classified as financial assets measured at fair value through profit or loss for the current period. For such financial assets, fair value is used for subsequent measurement, and all changes in fair value are included in the current profit and loss.

(3) Classification and measurement of financial liabilities

The Company classifies financial liabilities into financial liabilities measured at fair value through current profits and losses, loan commitments and financial guarantee contract liabilities for loans with lower than market interest rates, and financial liabilities measured at amortized cost.

The subsequent measurement of financial liabilities depends on their classification:

①Financial liabilities measured at fair value and changes included in current profits and losses

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This type of financial liabilities includes trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated as measured at fair value with changes included in current profits and losses. After initial recognition, such financial liabilities are subsequently measured at fair value. Except for those related to hedging accounting, the gains or losses (including interest expenses) incurred are included in the current profits and losses. However, for financial liabilities designated by the Company as measured at fair value with changes included in current profits and losses, the change in the fair value of the financial liability caused by changes in its own credit risk is included in other comprehensive income. When the financial liability is derecognised, the accumulated gains and losses previously included in other comprehensive income should be transferred out of other comprehensive income and included in retained earnings.

②Loan commitments and financial guarantee contract liabilities

A loan commitment is a commitment provided by the Company to customers to provide loans to customers under established contract terms during the commitment period. Loan commitments are provided with impairment losses based on the expected credit loss model.

A financial guarantee contract refers to a contract that requires the company to pay a specific amount of compensation to the contract holder who has suffered a loss when a specific debtor is unable to repay the debt in accordance with the terms of the original or modified debt instrument when due. Financial guarantee contract liabilities are subsequently measured based on the higher of the loss reserve amount determined based on the impairment principle of financial instruments and the initial recognition amount minus the accumulated amortization amount determined based on the revenue recognition principle.

③Financial liabilities measured at amortized cost

After initial recognition, other financial liabilities are measured at amortized cost using the effective interest rate method.

Except for special circumstances, financial liabilities and equity instruments are distinguished according to the following principles:

① If the company cannot unconditionally avoid delivering cash or other financial assets to fulfill a contractual obligation, then the contractual obligation meets the definition of a financial liability. Although some financial instruments do not explicitly contain terms and conditions for the obligation to deliver cash or other financial assets, they may indirectly form contractual obligations through other terms and conditions.

② If a financial instrument must be settled or can be settled with the company's own equity instruments, it is necessary to consider whether the company's own equity instruments used to settle the instrument are used as a substitute for cash or other financial assets, or to enable the holder of the instrument to enjoy the remaining equity in the issuer's assets after deducting all liabilities. If it is the former, the instrument is a financial liability of the issuer; if it is the latter, the instrument is an equity instrument of the issuer. In some cases, a financial instrument contract stipulates that the company must or can use its own equity instruments to settle the financial instrument, and the amount of the contractual rights or contractual obligations is equal to the number of its own equity instruments that can be acquired or required to be delivered multiplied by its fair value at the time of settlement. Regardless of whether the amount of the contractual rights or contractual obligations is fixed or is based entirely or partially on changes in variables other than the market price of the company's own equity instruments (such as interest rates, the price of a certain commodity or the price of a certain financial instrument), the contract is classified as a financial liability.

(4) Derivative financial instruments and embedded derivatives

Derivative financial instruments are initially measured at their fair value on the date when the derivative transaction contract is signed, and are subsequently measured at their fair value. Derivative financial instruments with a positive fair value are recognized as an asset, and derivative financial instruments with a negative fair value are recognized as a liability.

Except for the effective part of the cash flow hedging, which is included in other comprehensive income and transferred out and included in the current profit and loss when the hedged item affects the profit and loss, gains or losses arising from changes in the fair value of derivative instruments are directly included in the current profit and loss.

For hybrid instruments containing embedded derivatives, such as if the main contract is a financial asset, the relevant provisions on the classification of financial assets shall apply to the hybrid instrument as a whole. If the host contract is not a financial asset and the hybrid instrument is not measured at fair value and its changes are included

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If the current period's profits and losses are accounted for, and there is no close relationship between the economic characteristics and risks of the embedded derivative and the main contract, and if the conditions of the embedded derivative are the same and the separate instrument meets the definition of a derivative, the embedded derivative is separated from the mixed instrument and treated as a separate derivative financial instrument. If the fair value of the embedded derivative cannot be measured separately on the acquisition date or subsequent balance sheet date, the hybrid instrument as a whole is designated as a financial asset or financial liability at fair value through profit or loss for the current period.

(5) Impairment of financial instruments

The Company recognizes loss provisions based on expected credit losses for financial assets measured at amortized cost, debt investments measured at fair value with changes included in other comprehensive income, contract assets, lease receivables, loan commitments and financial guarantee contracts, etc.

①Measurement of expected credit losses

Expected credit losses refer to the weighted average of the credit losses of financial instruments with the risk of default as the weight. Credit loss refers to the difference between all contractual cash flows receivable under the contract and all cash flows expected to be received by the company, discounted at the original actual interest rate, that is, the present value of all cash shortfalls. Among them, credit-impaired financial assets purchased or originated by the company should be discounted according to the credit-adjusted actual interest rate of the financial assets.

Lifetime expected credit losses refer to the expected credit losses caused by all possible default events that may occur during the entire expected life of a financial instrument.

Expected credit losses within the next 12 months refer to the expected credit losses caused by default events on financial instruments that may occur within 12 months after the balance sheet date (if the expected duration of the financial instrument is less than 12 months, the expected duration), and are part of the expected credit losses throughout the duration.

On each balance sheet date, the Company measures the expected credit losses of financial instruments at different stages respectively. If the credit risk of a financial instrument has not increased significantly since initial recognition, it is in the first stage, and the company will measure loss provisions based on the expected credit losses within the next 12 months; if the credit risk of a financial instrument has increased significantly since initial recognition but has not yet incurred credit impairment, it is in the second stage, and the company will measure loss provisions based on the expected credit losses throughout the entire duration of the instrument; if a financial instrument has experienced credit impairment since initial recognition, it is in the third stage, and the company will measure loss provisions based on the expected credit losses throughout the entire duration of the instrument.

For financial instruments with low credit risk on the balance sheet date, the company assumes that its credit risk has not increased significantly since initial recognition, and measures loss provisions based on expected credit losses within the next 12 months.

For financial instruments in the first and second stages and with lower credit risk, the company calculates interest income based on its book balance before impairment provisions and actual interest rate. For financial instruments in the third stage, interest income is calculated based on its book balance minus the amortized cost and actual interest rate after impairment provisions have been made.

For notes receivable, accounts receivable, and receivable financing, regardless of whether there is a significant financing component, the company measures loss provisions based on the expected credit losses throughout the duration.

A. Accounts receivable

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For bills receivable, accounts receivable, other receivables, receivable financing, etc. that have objective evidence of impairment and that are subject to individual assessment, individual impairment tests are conducted to confirm expected credit losses and make individual impairment provisions. For notes receivable, accounts receivable, other receivables, receivables financing that do not have objective evidence of impairment or when a single financial asset cannot assess expected credit losses at a reasonable cost, the company divides notes receivable, accounts receivable, other receivables, receivables financing, etc. into several combinations based on credit risk characteristics, and calculates expected credit losses on the basis of the combinations. The basis for determining the combination is as follows: The basis for determining the combination of notes receivable is as follows:

Notes Receivable Portfolio 1 Commercial Acceptance Bill

Notes Receivable Portfolio 2 Bank Acceptance Bill

For notes receivable divided into portfolios, the Company refers to historical credit loss experience, combined with current conditions and predictions of future economic conditions, and calculates expected credit losses through default risk exposure and the expected credit loss rate throughout the duration.

The basis for determining the combination of accounts receivable is as follows:

Accounts receivable portfolio 1 Receivables from related party customers within the scope of consolidation

Accounts receivable portfolio 2 Receivable from other customers

For accounts receivable divided into portfolios, the Company refers to historical credit loss experience, combined with current conditions and predictions of future economic conditions, prepares a comparison table between the aging of accounts receivable and the expected credit loss rate for the entire duration, and calculates expected credit losses. The basis for determining the combination of other receivables is as follows:

Other receivables portfolio 1 Receivables from related party customers within the scope of consolidation

Other receivables portfolio 2 Other receivables

For other receivables classified into portfolios, the Company refers to historical credit loss experience, combined with current conditions and predictions of future economic conditions, and calculates expected credit losses through default risk exposure and expected credit loss rate within the next 12 months or the entire duration.

The basis for determining the combination of receivables financing is as follows:

Receivables Financing Portfolio 1 Bank Acceptance Bill

Receivables Financing Portfolio 2 Electronic Debt Voucher

For the financing of receivables divided into portfolios, the Company refers to historical credit loss experience, combines current conditions and predictions of future economic conditions, and calculates expected credit losses through default risk exposure and the expected credit loss rate throughout the duration.

The company's aging calculation method is based on the combination of credit risk characteristics confirmed by aging: the aging of notes receivable, accounts receivable, other receivables, and financing receivables is calculated according to the first-in, first-out method; if it involves conversion between different accounts, such as notes receivable and financing receivables, the aging is calculated based on the initial recognition of the corresponding accounts receivable.

B. Debt investment and other debt investments

For debt investments and other debt investments, the Company calculates expected credit losses based on the nature of the investment, various types of counterparties and risk exposures, and through the default risk exposure and the expected credit loss rate within the next 12 months or throughout the duration. ② Has lower credit risk

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If the default risk of a financial instrument is low, the borrower has a strong ability to fulfill its contractual cash flow obligations in the short term, and even if there are adverse changes in the economic situation and operating environment in the longer term, it may not necessarily reduce the borrower's ability to fulfill its contractual cash flow obligations, the financial instrument is considered to have lower credit risk.

③Credit risk increases significantly

The Company compares the default probability of the financial instrument within the expected duration determined on the balance sheet date with the default probability within the expected duration determined at the time of initial recognition to determine the relative change in the default probability of the financial instrument during the expected duration to assess whether the credit risk of the financial instrument has increased significantly since the initial recognition.

When determining whether credit risk has increased significantly since initial recognition, the Company considers reasonable and supportable information, including forward-looking information, that is available without unnecessary additional cost or effort. Information considered by the Company includes:

A. Whether there are significant changes in internal price indicators caused by changes in credit risk;

B. Adverse changes in business, financial or economic conditions that are expected to result in significant changes in the debtor's ability to fulfill its debt repayment obligations;

C. Whether the actual or expected operating results of the debtor have significantly changed; whether the regulatory, economic or technological environment in which the debtor is located has significantly adverse changes;

D. Whether the value of the collateral used as collateral for the debt or the quality of the guarantee or credit enhancement provided by a third party has changed significantly. These changes are expected to reduce the debtor's economic incentives to repay within the contractual period or affect the probability of default;

E. Whether there is a significant change in the economic motivation that is expected to reduce the debtor's repayment within the contract period;

F. Expected changes in the loan contract, including whether expected breaches of the contract may lead to the exemption or revision of contractual obligations, granting interest-free periods, jumps in interest rates, requirements for additional collateral or guarantees, or other changes to the contractual framework of financial instruments; G. Whether there are significant changes in the expected performance and repayment behavior of the debtor;

H. Whether the contract payment is overdue for more than 30 days (inclusive).

Depending on the nature of the financial instrument, the Company assesses whether the credit risk has increased significantly on the basis of a single financial instrument or a combination of financial instruments. When evaluating based on a portfolio of financial instruments, the Company may classify financial instruments based on common credit risk characteristics, such as overdue information and credit risk ratings.

Normally, if it is overdue for more than 30 days, the Company determines that the credit risk of a financial instrument has increased significantly. Unless the company can obtain reasonable and evidence-based information without excessive cost or effort, proving that although the payment period stipulated in the contract has exceeded 30 days, the credit risk has not increased significantly since the initial recognition.

④ Financial assets that have suffered credit impairment

The Company assesses whether credit impairment has occurred on financial assets measured at amortized cost and debt investments measured at fair value through other comprehensive income on the balance sheet date. When one or more events occur that have an adverse impact on the expected future cash flows of a financial asset, the financial asset becomes a credit-impaired financial asset. Evidence that a financial asset has been credit-impaired includes the following observable information:

The issuer or the debtor encounters significant financial difficulties; the debtor breaches the contract, such as default or overdue payment of interest or principal; the creditor, due to economic or contractual considerations related to the debtor's financial difficulties, grants the debtor what it would not have done under any other circumstances.

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concession; it is likely that the debtor will go bankrupt or undergo other financial reorganization; financial difficulties of the issuer or debtor will result in the disappearance of an active market for the financial asset; purchase or origination of a financial asset at a substantial discount that reflects the fact that a credit loss has occurred.

⑤ Presentation of expected credit loss provisions

In order to reflect changes in the credit risk of financial instruments since initial recognition, the company remeasures expected credit losses on each balance sheet date, and the resulting increase or reversal of loss provisions shall be included in the current profit and loss as impairment losses or gains. For financial assets measured at amortized cost, the loss provision is deducted from the book value of the financial asset listed in the balance sheet; for debt investments measured at fair value with changes included in other comprehensive income, the company recognizes its loss provision in other comprehensive income and does not deduct the book value of the financial asset.

⑥Writing off

If the company no longer reasonably expects that the contractual cash flows of a financial asset can be fully or partially recovered, it will directly write down the book balance of the financial asset. Such a write-down constitutes the derecognition of the relevant financial asset. This situation typically occurs when the Company determines that the debtor does not have the assets or sources of income to generate sufficient cash flow to repay the amount that will be written down.

If a financial asset that has been written down is later recovered, the reversal of the impairment loss will be included in the profit and loss of the current period of recovery.

(6) Transfer of financial assets

Financial asset transfer refers to the following two situations:

A. Transfer the contractual right to receive cash flows from financial assets to another party;

B. Transfer the financial asset in whole or in part to another party, but retain the contractual right to collect the cash flow from the financial asset and assume the contractual obligation to pay the collected cash flow to one or more payees.

① Termination of recognition of transferred financial assets

If substantially all the risks and rewards of ownership of a financial asset have been transferred to the transferee, or if substantially all the risks and rewards of ownership of a financial asset have neither been transferred nor retained, but control of the financial asset has been given up, the financial asset shall be derecognised.

When judging whether control of the transferred financial asset has been given up, the actual ability of the transferee to sell the financial asset is based on the transferee's actual ability to sell the financial asset. If the transferee can unilaterally sell the transferred financial assets as a whole to an unrelated third party, and there are no additional conditions to restrict this sale, the company has given up control of the financial assets.

When the Company determines whether the transfer of financial assets meets the conditions for derecognition of financial assets, the Company pays attention to the essence of the transfer of financial assets. If the overall transfer of financial assets meets the conditions for derecognition, the difference between the following two amounts will be included in the current profit and loss:

A. Book value of the transferred financial assets;

B. The sum of the consideration received due to the transfer and the amount of the derecognition portion of the accumulated changes in fair value that were originally directly included in other comprehensive income (the financial assets involved in the transfer are financial assets classified as financial assets measured at fair value and their changes are included in other comprehensive income in accordance with Article 18 of "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments").

If a partial transfer of a financial asset meets the conditions for derecognition, the overall book value of the transferred financial asset shall be apportioned between the derecognized part and the non-derecognized part (in this case, the retained service assets shall be deemed to be part of the continued recognition of financial assets) according to their respective relative fair values on the date of transfer, and the difference between the following two amounts shall be included in the current profit and loss:

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A. The book value of the derecognized part on the date of derecognition;

B. The sum of the consideration for the derecognition part and the amount of the corresponding derecognition part of the cumulative amount of changes in fair value originally included in other comprehensive income (the financial assets involved in the transfer are financial assets classified as financial assets measured at fair value and their changes are included in other comprehensive income in accordance with Article 18 of "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments").

② Continue to be involved in the transferred financial assets

If it neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, and does not give up control of the financial asset, the relevant financial assets shall be recognized to the extent of its continued involvement in the transferred financial assets, and the relevant liabilities shall be recognized accordingly. The degree of continued involvement in the transferred financial assets refers to the degree of risk or reward that the enterprise bears from changes in the value of the transferred financial assets.

③Continue to recognize the transferred financial assets

If it still retains substantially all the risks and rewards associated with the ownership of the transferred financial asset, the entire transferred financial asset shall continue to be recognized, and the consideration received shall be recognized as a financial liability.

The financial assets and the recognized related financial liabilities shall not be offset against each other. In subsequent accounting periods, the enterprise shall continue to recognize the income (or gains) generated by the financial assets and the expenses (or losses) generated by the financial liabilities.

(7) Offset of financial assets and financial liabilities

Financial assets and financial liabilities shall be presented separately in the balance sheet and shall not be offset against each other. However, if the following conditions are met at the same time, the net amount after offsetting each other will be presented in the balance sheet:

The company has the legal right to offset the recognized amount, and such legal right is currently enforceable;

The Company plans to settle on a net basis, or to realize the financial assets and pay off the financial liabilities at the same time.

For transfers of financial assets that do not meet the conditions for derecognition, the transferor shall not offset the transferred financial assets and related liabilities.

(8) Method for determining fair value of financial instruments

For financial assets or financial liabilities that have an active market, the Company determines their fair value using quotes in the active market. If there is no active market for a financial instrument, the Company uses valuation techniques to determine its fair value.

①Valuation technology

The Company adopts valuation techniques that are applicable under the current circumstances and supported by sufficient available data and other information. The valuation techniques used mainly include market method, income method and cost method. The company uses a method consistent with one or more of the valuation techniques to measure fair value. If it uses multiple valuation techniques to measure fair value, it considers the rationality of each valuation result and selects the amount that best represents the fair value under the current circumstances as the fair value.

In the application of valuation techniques, the Company gives priority to the use of relevant observable input values, and only uses unobservable input values ​​when relevant observable input values ​​cannot be obtained or are impractical to obtain. Observable input values ​​refer to input values ​​that can be obtained from market data. This input reflects the assumptions used by market participants when pricing the underlying asset or liability. Unobservable input values ​​refer to input values ​​that cannot be obtained from market data. The input is based on the best available information about the assumptions used by market participants in pricing the underlying asset or liability.

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②Fair value level

The company divides the input values used in fair value measurement into three levels, and first uses the first level input values, then uses the second level input values, and finally uses the third level input values. The first level input value is the unadjusted quoted price in an active market for the same asset or liability that can be obtained on the measurement date. The second level input value is the directly or indirectly observable input value of the relevant assets or liabilities in addition to the first level input value. The third level input value is the unobservable input value of the relevant asset or liability.

12. Notes receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on credit risk characteristics √ Applicable □ Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments".

Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments".

Judgment criteria for individual provision of bad debt provisions based on individual provision

√Applicable □Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments".

13. Accounts receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on credit risk characteristics √ Applicable □ Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments".

Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments".

Judgment criteria for single provision based on the determination of individual provision for bad debts √ Applicable □ Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments".

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14. Receivables Financing

□Applicable √Not applicable

15. Other receivables

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on credit risk characteristics √ Applicable □ Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments". Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments". Judgment criteria for individual provision of bad debt provisions based on individual provision

√Applicable □Not applicable

For details, see "Section 8 Financial Report V. 11. Financial Instruments".

16. Inventory

√Applicable □Not applicable

Inventory categories, issue pricing methods, inventory systems, amortization methods for low-value consumables and packaging √ Applicable □ Not applicable

(1) Classification of inventory

Inventories refer to the finished products or commodities held by the company for sale in daily activities, products in progress during the production process, materials and supplies consumed in the production process or in the process of providing labor services, including raw materials, turnover materials, products in progress, self-made semi-finished products, finished products (inventory goods), shipped goods, etc.

(2) Valuation method for issued inventory

The Company's inventories are valued using the weighted average method at the end of the month when shipped. (3) Inventory inventory system

The company's inventory adopts a perpetual inventory system, which is counted at least once a year. The amount of inventory gain and loss is included in the current year's profit and loss. (4) Amortization method of turnover materials

The one-time resale method is used when collecting.

Recognition standards and accrual methods for inventory depreciation provisions

√Applicable □Not applicable

On the balance sheet date, it is measured at the lower of cost and net realizable value. If the inventory cost is higher than its net realizable value, a provision for inventory depreciation is made and included in the current profit and loss.

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When determining the net realizable value of inventory, it is based on the reliable evidence obtained and factors such as the purpose of holding the inventory and the impact of events after the balance sheet date are considered.

① For inventories that are directly for sale, such as finished products, commodities and materials for sale, during the normal production and operation process, the net realizable value is determined by the estimated selling price of the inventory minus the estimated sales expenses and related taxes. For inventories held for the execution of sales contracts or service contracts, the contract price is used as the measurement basis of its net realizable value; if the quantity of inventory held is greater than the quantity ordered in the sales contract, the excess net realizable value of the inventory is measured based on the general sales price. For materials used for sale, the market price is used as the measurement basis of their net realizable value.

② For materials inventories that need to be processed, in the normal production and operation process, the net realizable value is determined by the estimated selling price of the finished products minus the estimated costs to be incurred upon completion, estimated sales expenses and related taxes. If the net realizable value of the finished product produced by it is higher than the cost, the material is measured at cost; if the drop in material price indicates that the net realizable value of the finished product is lower than the cost, the material is measured at net realizable value, and inventory depreciation provisions are made based on the difference.

③The company generally accrues inventory depreciation provisions based on individual inventory items; for inventories with large quantities and low unit prices, accrual is based on inventory categories.

④ On the balance sheet date, if the factors that caused the previous write-down of the inventory value have disappeared, the amount of the write-down will be restored and reversed within the amount of the inventory depreciation provision that was originally accrued, and the reversed amount will be included in the current profit and loss.

The combination categories and basis for determining inventory depreciation provisions according to the combination, and the basis for determining the net realizable value of different types of inventories √ Applicable □ Not applicable

The Company's provision for inventory depreciation provisions on a group basis is as follows:

Portfolio Category Basis for Determination of Portfolio Category Calculation Method and Basis for Determination of Net Realizable Value

Various materials in the company's inventory, including raw materials and main

Raw materials 99.50% of the closing balance of raw materials

Essential materials, auxiliary materials, packaging materials, etc.

The calculation method and basis for determining the net realizable value of each warehouse age combination based on the inventory age confirmation

□Applicable √Not applicable

17. Contract assets

√Applicable □Not applicable

Recognition methods and standards for contract assets

√Applicable □Not applicable

The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between performance obligations and customer payments. Consideration that the Company has a right to receive for transferring goods or providing services to a customer (and that right is dependent on factors other than the passage of time) is shown as a contract asset.

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

√Applicable □Not applicable

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For details, see "Section 8 Financial Report V. 11. Financial Instruments".

Account aging calculation method based on aging confirmation credit risk characteristic combination

□Applicable √Not applicable

Judgment criteria for single provision based on the determination of individual provision for bad debts

□Applicable √Not applicable

18. Non-current assets or disposal groups held for sale

□Applicable √Not applicable

Recognition standards and accounting treatment methods for non-current assets or disposal groups classified as held for sale

□Applicable √Not applicable

Determination standards and presentation methods for discontinued operations

□Applicable √Not applicable

19. Long-term equity investment

√Applicable □Not applicable

The Company's long-term equity investments include equity investments that control and have significant influence on the invested units, as well as equity investments in joint ventures. If the company can exert significant influence on the invested unit, it is an associate of the company.

(1) Basis for determining joint control and significant influence on the invested unit

Joint control refers to the shared control over an arrangement in accordance with relevant agreements, and the relevant activities of the arrangement must be decided only with the unanimous consent of the participants sharing control rights. When determining whether joint control exists, first determine whether all participants or a combination of participants collectively control the arrangement. If all participants or a group of participants must act in concert to decide on relevant activities of an arrangement, then all participants or a group of participants are deemed to collectively control the arrangement. Next, determine whether decisions on activities related to the arrangement must be unanimously agreed upon by the participants who collectively control the arrangement. If a combination of two or more parties can collectively control an arrangement, it does not constitute joint control. When determining whether joint control exists, the protective rights enjoyed are not taken into account.

Significant influence means that the investor has the power to participate in decision-making on the financial and operating policies of the invested unit, but it is not able to control or jointly control the formulation of these policies with other parties. When determining whether it can exert significant influence on the invested unit, the investor's direct or indirect holding of voting shares of the invested unit and the impact of the current executable potential voting rights held by the investor and other parties are assumed to be converted into equity in the invested unit, including the impact of current convertible warrants, stock options and convertible corporate bonds issued by the invested unit.

When the company directly or indirectly through subsidiaries owns more than 20% (including 20%) but less than 50% of the voting shares of the invested unit, it is generally considered to have a significant impact on the invested unit. Unless there is clear evidence that it cannot participate in the production and operation decisions of the invested unit under such circumstances, it will not have a significant impact.

(2) Determination of initial investment cost

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① The investment cost of a long-term equity investment formed by a business merger shall be determined in accordance with the following provisions:

A. For a business merger under the same control, if the merging party pays cash, transfers non-cash assets or assumes debts as the merger consideration, the share of the book value of the owner's equity of the merged party in the final controlling party's consolidated financial statements on the merger date shall be used as the initial investment cost of the long-term equity investment. The difference between the initial investment cost of long-term equity investment and the cash paid, non-cash assets transferred and the book value of debts assumed shall be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings shall be adjusted;

B. In the merger of enterprises under the same control, if the merging party issues equity securities as the merger consideration, the share of the book value of the merged party's owner's equity in the final controlling party's consolidated financial statements on the merger date shall be used as the initial investment cost of the long-term equity investment. The total face value of the shares issued is taken as share capital. The difference between the initial investment cost of the long-term equity investment and the total face value of the shares issued is adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings are adjusted;

C. For business combinations not under the same control, the fair value of the assets paid, liabilities incurred or assumed, and equity securities issued to obtain control of the purchased party on the acquisition date is determined as the merger cost as the initial investment cost of the long-term equity investment. The merging party's intermediary fees such as auditing, legal services, evaluation and consulting, and other related management fees incurred by the company merger shall be included in the current profit and loss when incurred.

② Except for long-term equity investments formed through business mergers, the investment cost of long-term equity investments obtained through other means shall be determined in accordance with the following provisions:

A. For long-term equity investments obtained by paying cash, the investment cost shall be based on the actual purchase price paid. Initial investment costs include fees, taxes and other necessary expenses directly related to obtaining long-term equity investment;

B. For long-term equity investments obtained by issuing equity securities, the initial investment cost shall be based on the fair value of the equity securities issued;

C. For long-term equity investments obtained through the exchange of non-monetary assets, if the exchange has commercial substance and the fair value of the assets exchanged or exchanged out can be reliably measured, the fair value of the assets exchanged out and related taxes and fees will be used as the initial investment cost, and the difference between the fair value and book value of the assets exchanged out will be included in the current profit and loss; if the exchange of non-monetary assets does not meet the above two conditions at the same time, the book value of the assets exchanged out and related taxes and fees will be used as the initial investment cost.

D. For long-term equity investments obtained through debt restructuring, the book value is determined based on the fair value of the relinquished claims and taxes and other costs directly attributable to the asset, and the difference between the fair value of the relinquished claims and the book value is included in the current profit and loss.

(3) Subsequent measurement and profit and loss recognition methods

The long-term equity investment that the company can control over the investee is accounted for using the cost method; the long-term equity investment in associates and joint ventures is accounted for using the equity method.

① Cost method

For long-term equity investments accounted for using the cost method, the cost of the long-term equity investment is adjusted when the investment is added or recovered; cash dividends or profits declared by the investee to be distributed are recognized as investment income for the current period.

②Equity method

For long-term equity investments accounted for using the equity method, the general accounting treatment is:

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If the investment cost of the company's long-term equity investment is greater than the fair value share of the investee's identifiable net assets at the time of investment, the initial investment cost of the long-term equity investment will not be adjusted; if the initial investment cost of the long-term equity investment is less than the fair value share of the investee's identifiable net assets at the time of investment, the difference will be included in the current profit and loss, and the cost of the long-term equity investment will be adjusted at the same time.

The company recognizes investment income and other comprehensive income respectively according to its share of the net profit or loss and other comprehensive income realized by the investee, and adjusts the book value of the long-term equity investment at the same time. The company calculates its share of the profits or cash dividends declared by the investee and reduces the book value of the long-term equity investment accordingly. For other changes in the owner's equity of the investee other than net profit or loss, other comprehensive income and profit distribution, the company adjusts the book value of the long-term equity investment and includes it in the owner's equity. When confirming the share of the investee's net profits and losses, the net profit of the investee is adjusted and recognized based on the fair value of the investee's identifiable net assets when the investment is obtained. If the accounting policies and accounting periods adopted by the invested unit are inconsistent with those of the Company, the financial statements of the invested unit shall be adjusted in accordance with the Company's accounting policies and accounting periods, and investment income and other comprehensive income shall be recognized accordingly. Unrealized gains and losses from internal transactions between the Company and its associates and joint ventures are offset according to the proportion attributable to the Company, and investment gains and losses are recognized on this basis. If the unrealized internal transaction losses between the company and the investee belong to asset impairment losses, they should be recognized in full.

If the investee can exert significant influence or implement joint control due to additional investment or other reasons but does not constitute control, the sum of the fair value of the original equity investment plus the new investment cost will be used as the initial investment cost to be calculated according to the equity method. If the equity investment originally held is classified as other equity instrument investment, the difference between its fair value and book value, as well as the accumulated gains or losses originally included in other comprehensive income, shall be transferred out of other comprehensive income in the current period when it is calculated according to the equity method and included in retained earnings.

If joint control or significant influence over the invested unit is lost due to disposal of part of the equity investment or other reasons, the remaining equity after disposal shall be measured at fair value, and the difference between its fair value and book value on the date of loss of joint control or significant influence shall be included in the current profit and loss. Other comprehensive income recognized as a result of the original equity investment being accounted for using the equity method will be accounted for on the same basis as if the investee directly disposed of relevant assets or liabilities when the equity method is terminated.

(4) Impairment testing method and impairment provision accrual method

For investments in subsidiaries, associates and joint ventures, please refer to "Section 8 Financial Report 5.27. Impairment of Long-term Assets" for the method of accruing asset impairment.

20. Investment real estate

Not applicable

21. Fixed assets

(1). Confirmation conditions

√Applicable □Not applicable

When fixed assets meet the following conditions at the same time, they shall be recognized at the actual cost when acquired:

①The economic benefits related to the fixed asset are likely to flow into the enterprise.

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②The cost of the fixed asset can be measured reliably.

Subsequent expenditures incurred on fixed assets that meet the fixed asset recognition conditions are included in the cost of the fixed assets; those that do not meet the fixed asset recognition conditions are included in the current profit and loss when incurred.

(2). Depreciation method

√Applicable □Not applicable

Category Depreciation method Depreciation life (years) Residual value rate Annual depreciation rate Houses and buildings Straight-line method 35 5-10 2.60-2.70 Machinery and equipment Straight-line method 5-14 5-10 6.43-19.00 Transportation means Straight-line method 5 5-10 18.00-19.00 Other equipment Straight-line method 3-5 5-10 18.00-31.70 For fixed assets that have been provided for impairment, the provision for fixed assets that has been provided for impairment will be deducted when calculating depreciation.

At the end of each year, the company reviews the useful life, estimated net residual value and depreciation method of fixed assets. If the estimated useful life is different from the original estimate, the useful life of the fixed assets will be adjusted.

22. Projects under construction

√Applicable □Not applicable

(1) Construction in progress is classified and accounted for by approved projects.

(2) Standards and timing for transferring projects under construction into fixed assets

For projects under construction, all expenditures incurred before the asset reaches its intended usable state shall be regarded as the recorded value of the fixed assets. Including construction costs, the original price of machinery and equipment, other necessary expenditures incurred to bring the project under construction to its intended usable state, as well as the borrowing costs incurred for special borrowing for the project before the asset reaches its intended usable state and the borrowing costs incurred for general borrowings occupied. The company will transfer the construction in progress to fixed assets when the project installation or construction is completed and reaches the intended usable state. Fixed assets that have been constructed and have reached the intended usable state, but have not yet completed the final settlement, will be transferred to fixed assets at an estimated value based on the project budget, cost or actual project cost from the date they reach the intended usable state, and depreciation of the fixed assets will be accrued in accordance with the company's fixed asset depreciation policy. After the final settlement is processed, the original estimated value will be adjusted based on the actual cost, but the originally accrued depreciation amount will not be adjusted.

23. Borrowing costs

√Applicable □Not applicable

(1) Recognition principles and capitalization period of capitalization of borrowing costs

The borrowing costs incurred by the Company that are directly attributable to the acquisition, construction or production of assets that meet the capitalization conditions shall be capitalized and included in the cost of the relevant assets when the following conditions are met at the same time:

① Asset expenditure has occurred;

②The borrowing costs have been incurred;

③The necessary purchase, construction or production activities to bring the asset to its intended usable state have begun.

Other borrowing interests, discounts or premiums and exchange differences are included in the profits and losses of the current period.

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If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition, construction or production process, and the interruption lasts for more than 3 months, the capitalization of borrowing costs will be suspended.

When the acquisition, construction or production of assets that meet the capitalization conditions reaches the intended usable or salable state, the capitalization of borrowing costs will be stopped; subsequent borrowing costs will be recognized as expenses in the current period in which they are incurred.

(2) Calculation method of capitalization rate of borrowing costs and capitalization amount

If a special loan is borrowed for the purpose of purchasing, constructing or producing assets that meet the capitalization conditions, the capitalized amount of the special borrowing interest fee shall be determined as the amount of interest expense actually incurred on the special borrowing in the current period, minus the interest income obtained from depositing the unused borrowed funds in the bank or the investment income obtained from temporary investment.

If general borrowings are occupied by the acquisition, construction or production of assets that meet the capitalization conditions, the amount of interest that should be capitalized on the general borrowings shall be calculated and determined based on the weighted average of the asset disbursements of the part in which the accumulated asset disbursements exceed the special borrowings multiplied by the capitalization rate of the occupied general borrowings. The capitalization rate is calculated and determined based on the weighted average interest rate of general borrowings.

24. Biological assets

√Applicable □Not applicable

(1) Classification of biological assets

The company's biological assets include consumable biological assets and productive biological assets. Consumable biological assets include semen (pig), piglets, and commercial pigs, and productive biological assets include breeding pigs.

Biological assets shall be recognized if they meet the following conditions at the same time:

① The enterprise owns or controls the biological assets due to past transactions or events;

②The economic benefits or service potential related to the biological assets are likely to flow into the enterprise;

③The cost of the biological asset can be measured reliably.

(2) Initial measurement of biological assets

The biological assets acquired by the company shall be initially measured according to the cost at the time of acquisition. The cost of purchased biological assets includes the purchase price, relevant taxes, transportation fees, insurance premiums and other expenses directly attributable to the purchase of the asset. The biological assets invested by investors shall be recorded as the value stipulated in the investment contract or agreement plus the relevant taxes payable. However, if the value stipulated in the contract or agreement is unfair, the actual cost shall be determined according to the fair value.

(3) Subsequent measurement of biological assets

①Follow-up expenses

The cost of consumable biological assets that are self-propagated or cultured is determined based on the necessary expenses such as feed costs, labor costs, and indirect costs that should be allocated before they are sold; the cost of productive biological assets that are self-propagated is determined based on the necessary expenditures such as feed costs, labor costs, and indirect costs that should be allocated before they achieve the expected production and operation purposes. Subsequent expenditures such as management, maintenance and feeding expenses incurred after biological assets achieve their intended production and operation purposes are included in the current profit and loss.

②Depreciation of productive biological assets

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The company uses the straight-line method to calculate depreciation on a periodic basis for productive biological assets that have achieved the intended production and operation purposes. The company determines the useful life and estimated net residual value of productive biological assets based on their nature, use and expected realization of relevant economic benefits; and at the end of the year, the company reviews the useful life, estimated net residual value and depreciation method of productive biological assets, and makes corresponding adjustments if there are differences from the original estimates.

The estimated service life, estimated net residual value rate and annual depreciation rate of the Company’s productive biological assets are as follows:

Asset category Estimated service life (months) Estimated net residual value rate (yuan/head) Breeding boar 18 1,000.00

Breeding sow 36 1,000.00

③Biological asset disposal

When consumable biological assets are harvested or sold, the cost is carried forward using the weighted average method; the cost of the biological assets after the use is changed is determined based on the book value at the time of the change of use; when the biological assets are sold, damaged, or lost, the balance of the disposal income after deducting the book value and related taxes is included in the current profit and loss.

(4) Impairment of biological assets

The company will inspect consumable biological assets and productive biological assets at least at the end of each year. If there is conclusive evidence that the net realizable value of consumable biological assets or the recoverable amount of productive biological assets is lower than its book value due to natural disasters, pests, animal diseases, changes in market demand, etc., a provision for depreciation or impairment of biological assets will be made based on the difference between the net realizable value or the recoverable amount and the book value, and shall be included in the current profit and loss.

If the influencing factors of the impairment of consumable biological assets have disappeared, the amount of the write-down will be restored and reversed within the amount of the provision for decline in price originally accrued, and the amount reversed will be included in the current profit and loss. Once the provision for impairment of productive biological assets is made, it cannot be reversed.

25. Oil and gas assets

□Applicable √Not applicable

26. Intangible assets

(1). Useful life and its determination basis, estimation, amortization method or review procedure

√Applicable □Not applicable

(1) Valuation method of intangible assets

Recorded at actual cost when acquired.

(2) Useful life and amortization of intangible assets

① Estimation of useful life of intangible assets with limited service life:

Item Estimated service life Basis

Land use rights 50 years Legal use rights

Proprietary technology 5-20 years Determine the service life with reference to the period that can bring economic benefits to the company. Exclusive license rights 20 years Determine the service life with reference to the period that can bring economic benefits to the company Computer software 5 years Determine the service life with reference to the period that can bring economic benefits to the company

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At the end of each year, the company reviews the service life and amortization method of intangible assets with limited service life. After review, the useful life and amortization method of the intangible assets at the end of the current period are no different from previous estimates.

② If the period in which the intangible asset can bring economic benefits to the enterprise cannot be foreseen, it shall be regarded as an intangible asset with an indefinite useful life. For intangible assets with uncertain useful lives, the company will review the useful lives of intangible assets with uncertain useful lives at the end of each year. If it is still uncertain after re-review, an impairment test will be conducted on the balance sheet date.

③Amortization of intangible assets

For intangible assets with a limited service life, the company determines its service life when it acquires it, and uses the straight-line method to rationally amortize it within its service life. The amortization amount is included in the current profit and loss according to the benefit items or included in the cost of related assets. The specific amount that should be amortized is the amount after deducting the estimated residual value from the cost. For intangible assets for which impairment provisions have been made, the cumulative amount of impairment provisions for intangible assets that have been made shall be deducted. The residual value of an intangible asset with a limited service life is deemed to be zero, except in the following circumstances: a third party has committed to purchase the intangible asset at the end of its service life or the estimated residual value information can be obtained based on an active market, and the market is likely to exist at the end of the intangible asset's service life.

Intangible assets with indefinite useful lives are not amortized. The service life of intangible assets with indefinite service life is reviewed at the end of each year. If there is evidence that the service life of the intangible asset is limited, its service life is estimated and amortized systematically and reasonably within the expected service life.

(2). Scope of aggregation of R&D expenditures and related accounting treatment methods

√Applicable □Not applicable

The company classifies various expenses directly related to the development of R&D activities as R&D expenditures, including employee salaries, cooperative R&D expenses, materials, depreciation, test expenses and others.

Specific criteria for dividing the research phase and development phase of internal research and development projects

① The company regards the preparation of information and related aspects for further development activities as the research stage. Expenditures in the research stage of intangible assets are included in the current profit and loss when incurred.

② Development activities carried out after the company has completed the research phase are regarded as the development phase.

Specific conditions for capitalization of development phase expenditures

Expenditures in the development stage can be recognized as intangible assets only when they meet the following conditions:

A. It is technically feasible to complete the intangible asset so that it can be used or sold;

B. Have the intention to complete the intangible asset and use or sell it;

C. The way intangible assets generate economic benefits includes being able to prove that there is a market for the products produced using the intangible assets or that the intangible assets themselves have a market. If the intangible assets will be used internally, their usefulness can be proven;

D. Have sufficient technical, financial and other resource support to complete the development of the intangible asset, and have the ability to use or sell the intangible asset;

E. The expenditures attributable to the development stage of the intangible asset can be measured reliably.

The timing of capitalization of internal research and development expenditures: The company's R&D projects will be capitalized when they are confirmed to have reached the development stage when the project's agreed progress reaches its goals, and will be converted into intangible assets from the date the project reaches its intended use.

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Expenditures in the development phase that do not meet the above conditions are included in the current profits and losses when incurred. If it is impossible to distinguish between expenditures in the research stage and expenditures in the development stage, all R&D expenditures incurred will be included in the current profit and loss. The cost of intangible assets formed by internal development activities only includes the total expenditure incurred from the time when the capitalization conditions are met to before the intangible asset reaches its intended use. Expenditures that have been expensed and included in profit and loss before the same intangible asset meets the capitalization conditions during the development process will no longer be adjusted.

27. Impairment of long-term assets

√Applicable □Not applicable

The asset impairment of long-term equity investments, fixed assets, construction in progress, productive biological assets measured using the cost model, right-of-use assets, and intangible assets of subsidiaries and associated enterprises shall be determined according to the following method:

On the balance sheet date, it is judged whether there are any signs that the asset may be impaired. If there are signs of impairment, the company will estimate its recoverable amount and conduct an impairment test. Goodwill formed due to business mergers, intangible assets with indefinite useful lives and intangible assets that have not yet reached a usable state are subject to impairment testing every year regardless of whether there are signs of impairment.

The recoverable amount is determined based on the higher of the asset's fair value less disposal costs and the present value of the asset's expected future cash flows. The Company estimates the recoverable amount on the basis of a single asset; if it is difficult to estimate the recoverable amount of an individual asset, the recoverable amount of the asset group to which the asset belongs is determined based on the asset group. The identification of an asset group is based on whether the main cash inflow generated by the asset group is independent of the cash inflows of other assets or asset groups.

When the recoverable amount of an asset or asset group is lower than its book value, the company will write down its book value to the recoverable amount, and the amount of the write-down will be included in the current profit and loss, and the corresponding asset impairment provision will be made.

As far as the impairment test of goodwill is concerned, the book value of goodwill formed due to a business combination shall be allocated to the relevant asset groups in a reasonable manner from the date of purchase; if it is difficult to allocate it to the relevant asset groups, it shall be allocated to the relevant asset group combinations. The relevant asset group or asset group combination is an asset group or asset group combination that can benefit from the synergy effects of the business combination, and is no larger than the reporting segment determined by the company.

During impairment testing, if there are signs of impairment in an asset group or combination of asset groups related to goodwill, first conduct an impairment test on the asset group or combination of asset groups that does not contain goodwill, calculate the recoverable amount, and recognize the corresponding impairment loss. Then conduct an impairment test on the asset group or asset group combination containing goodwill, and compare its book value with the recoverable amount. If the recoverable amount is lower than the book value, the impairment loss of goodwill is recognized.

Once the asset impairment loss is recognized, it will not be reversed in subsequent accounting periods.

28. Long-term deferred expenses

□Applicable √Not applicable

29. Contract liabilities

√Applicable □Not applicable

The Company's obligations to transfer goods or provide services to customers for consideration received or receivable from customers are listed as contract liabilities.

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30. Employee compensation

(1). Accounting treatment of short-term compensation

√Applicable □Not applicable

① Basic employee remuneration (salary, bonus, allowance, subsidy)

During the accounting period when employees provide services to them, the company recognizes actual short-term remuneration as liabilities and includes it in the current profit and loss, unless other accounting standards require or allow it to be included in the cost of assets.

② Employee welfare fees

The employee welfare expenses incurred by the company are included in the current profit and loss or related asset costs according to the actual amount when they are actually incurred. If employee benefits are non-monetary benefits, they are measured at fair value.

③ Medical insurance premiums, work-related injury insurance premiums, maternity insurance premiums and other social insurance premiums and housing provident funds, as well as labor union funds and employee education funds

The company pays social insurance premiums such as medical insurance premiums, work-related injury insurance premiums, and maternity insurance premiums, and housing provident funds for its employees, as well as labor union funds and employee education funds withdrawn in accordance with regulations. During the accounting period when employees provide services to them, the corresponding amount of employee compensation is calculated and determined based on the prescribed accrual basis and accrual ratio, and the corresponding liabilities are recognized and included in the current profit and loss or related asset costs. ④ Short-term paid absence from work

When employees provide services that increase their future rights to paid absences, the company recognizes employee benefits related to accumulated paid absences and measures them based on the expected payment amount increased due to accumulated unexercised rights. The Company recognizes employee benefits related to non-cumulative paid absences during the accounting period in which employees are actually absent.

⑤ Short-term profit sharing plan

If the profit sharing plan meets the following conditions at the same time, the company will confirm the relevant employee benefits payable:

A. The enterprise now has a legal obligation or constructive obligation to pay employee remuneration due to past events;

B. The amount of employee compensation obligations payable due to the profit sharing plan can be estimated reliably.

(2). Accounting treatment of post-employment benefits

√Applicable □Not applicable

① Set up a withdrawal plan

During the accounting period when employees provide services to them, the company recognizes the deposit amount payable calculated according to the defined contribution plan as a liability and includes it in the current profit and loss or related asset costs.

According to the defined contribution plan, if the entire amount of deposits payable is not expected to be paid within twelve months after the end of the annual reporting period in which employees provide relevant services, the company shall refer to the corresponding discount rate (determined based on the market rate of return of treasury bonds or high-quality corporate bonds in the active market that match the obligation period and currency of the defined contribution plan on the balance sheet date), and measure the entire amount of deposits payable at the discounted amount.

②Defined benefit plan

A. Determine the present value of defined benefit plan obligations and current service costs

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According to the expected cumulative benefit unit method, unbiased and mutually consistent actuarial assumptions are used to estimate relevant demographic variables and financial variables, measure the obligations arising from the defined benefit plan, and determine the vesting period of the relevant obligations. The Company discounts the obligations arising from the defined benefit plan at the corresponding discount rate (determined based on the market yield of treasury bonds or high-quality corporate bonds in the active market that match the obligation term and currency of the defined benefit plan on the balance sheet date) to determine the present value of the defined benefit plan obligations and the current service cost.

B. Confirm the net liabilities or net assets of the defined benefit plan

If there are assets in the defined benefit plan, the company will recognize the deficit or surplus formed by the present value of the defined benefit plan obligations minus the fair value of the defined benefit plan assets as the net liability or net assets of a defined benefit plan.

If there is a surplus in the defined benefit plan, the company shall measure the net assets of the defined benefit plan at the lower of the surplus of the defined benefit plan and the asset upper limit.

C. Determine the amount that should be included in the asset cost or current profit and loss

Service costs include current service costs, past service costs and settlement gains or losses. Among them, except for current service costs that are required or allowed to be included in asset costs by other accounting standards, other service costs are included in current profits and losses.

The net interest on the net liabilities or net assets of a defined benefit plan, including interest income on plan assets, interest expenses on defined benefit plan obligations, and interest affected by the asset ceiling, are all included in the current profit and loss.

D. Determine the amount that should be included in other comprehensive income

Changes resulting from remeasurement of the net liabilities or net assets of the defined benefit plan include:

(a) Actuarial gain or loss, that is, the increase or decrease in the present value of the previously measured defined benefit plan obligations due to actuarial assumptions and experience adjustments;

(b) Return on plan assets, net of the amount included in the net interest on the net liabilities or net assets of the defined benefit plan;

(c) Changes affecting the asset cap, less the amount included in the net interest on the net liabilities or net assets of the defined benefit plan.

The changes resulting from the above-mentioned remeasurement of the net liabilities or net assets of the defined benefit plan are directly included in other comprehensive income, and are not allowed to be transferred back to profit and loss in subsequent accounting periods. When the original defined benefit plan is terminated, the company will transfer all the portion originally included in other comprehensive income to undistributed profits within the scope of equity.

(3). Accounting treatment method for dismissal benefits

√Applicable □Not applicable

If the company provides dismissal benefits to employees, the employee compensation liabilities arising from the dismissal benefits will be recognized at the earliest of the following two times, and included in the current profit and loss:

① When the enterprise cannot unilaterally withdraw the dismissal benefits provided due to the labor relationship termination plan or layoff proposal;

② When the enterprise confirms the costs or expenses related to the restructuring involving the payment of termination benefits.

If the dismissal benefit is not expected to be fully paid within twelve months after the end of the annual reporting period, the dismissal benefit amount will be discounted with reference to the corresponding discount rate (determined based on the market yield of treasury bonds or high-quality corporate bonds in the active market that match the obligation period and currency of the defined benefit plan on the balance sheet date), and the employee benefits payable will be measured at the discounted amount.

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(4). Accounting treatment methods for other long-term employee benefits

√Applicable □Not applicable

①Those who meet the conditions of the defined contribution plan

If the company provides other long-term employee benefits to employees that meet the conditions of the defined contribution plan, the entire payable deposit amount will be measured as the discounted amount of employee benefits payable.

②Meet the conditions for defined benefit plan

At the end of the reporting period, the company recognizes employee compensation costs arising from other long-term employee benefits as the following components: A. Service costs;

B. Net interest on other long-term employee benefits net liabilities or net assets;

C. Changes resulting from the remeasurement of other long-term employee benefits net liabilities or net assets.

In order to simplify the relevant accounting treatment, the total net amount of the above items is included in the current profit and loss or related asset costs.

31. Estimated liabilities

√Applicable □Not applicable

(1) Recognition standards for estimated liabilities

If the obligation related to a contingency meets the following conditions at the same time, the company will recognize it as an estimated liability: ① The obligation is a current obligation assumed by the company;

②The performance of this obligation is likely to result in the outflow of economic benefits from the company;

③The amount of the obligation can be measured reliably.

(2) Measurement method of estimated liabilities

Estimated liabilities are initially measured based on the best estimate of the expenditure required to fulfill the relevant current obligations, and factors such as risks, uncertainties, and time value of money related to contingencies are comprehensively considered. The book value of estimated liabilities is reviewed on each balance sheet date. If there is conclusive evidence that the book value cannot reflect the current best estimate, the book value will be adjusted based on the current best estimate.

32. Share-based payment

√Applicable □Not applicable

(1) Types of share-based payment

The Company's share-based payment includes cash-settled share-based payment and equity-settled share-based payment. (2) Method for determining the fair value of equity instruments

① For shares granted to employees, their fair value is measured based on the market price of the company's shares, and adjusted by taking into account the terms and conditions on which the shares are granted (excluding vesting conditions other than market conditions). ② For stock options granted to employees, in many cases it is difficult to obtain the market price. If no traded options exist with similar terms and conditions, the Company selects an applicable option pricing model to estimate the fair value of the options granted.

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(3) Basis for confirming the best estimate of exercisable equity instruments

On each balance sheet date during the waiting period, the company makes its best estimate based on the latest changes in the number of vested employees and other subsequent information, and corrects the number of equity instruments expected to be vested to make the best estimate of the vested equity instruments.

(4) Accounting treatment for the implementation of share-based payment plans

cash-settled share-based payment

① For cash-settled share-based payments that become exercisable immediately after grant, the fair value of the liability assumed by the company on the grant date will be included in the relevant costs or expenses, and the liability will increase accordingly. The fair value of the liability is remeasured on each balance sheet date and settlement date before settlement, and the changes are included in profit and loss.

② For cash-settled share-based payments that are exercisable only after the services within the waiting period are completed or the specified performance conditions are met, on each balance sheet date during the waiting period, based on the best estimate of the vesting situation and the fair value of the liability borne by the company, the services obtained in the current period are included in costs or expenses and corresponding liabilities.

Equity-settled share-based payment

① For equity-settled share-based payments in exchange for employee services that become exercisable immediately after grant, the fair value of the equity instrument on the grant date will be included in the relevant costs or expenses, and the capital reserve will be increased accordingly.

② For equity-settled share-based payments that are exercisable in exchange for employee services after completing services within the waiting period or reaching specified performance conditions, on each balance sheet date during the waiting period, based on the best estimate of the number of exercisable equity instruments and the fair value on the date of grant of the equity instrument, the services obtained in the current period are included in costs or expenses and capital reserves.

(5) Accounting treatment for modifications to share-based payment plans

When the company modifies the share-based payment plan, if the modification increases the fair value of the equity instruments granted, the increase in services obtained shall be recognized accordingly according to the increase in the fair value of the equity instruments; if the modification increases the number of equity instruments granted, the fair value of the increased equity instruments shall be recognized accordingly as an increase in services obtained. The increase in the fair value of equity instruments refers to the difference between the fair values ​​of the equity instruments before and after the modification on the modification date. If the modification reduces the total fair value of share-based payment or the terms and conditions of the share-based payment plan are modified in other ways that are unfavorable to employees, the accounting treatment for the services obtained will continue to be performed as if the change has never occurred, unless the company cancels some or all of the equity instruments that have been granted.

(6) Accounting treatment for termination of share-based payment plan

If the granted equity instruments are canceled or settled during the waiting period (except those canceled due to failure to meet vesting conditions), the company:

① Treat cancellation or settlement as accelerated vesting, and immediately confirm the amount that should have been confirmed within the remaining waiting period;

② All payments to employees upon cancellation or settlement are treated as equity repurchases. The amount paid for repurchase that is higher than the fair value of the equity instrument on the repurchase date shall be included in the current expenses.

If the company repurchases an equity instrument that has been exercised by its employees, it will offset the owner's equity of the enterprise; the part of the repurchase payment that is higher than the fair value of the equity instrument on the repurchase date shall be included in the current profit and loss.

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33. Preferred shares, perpetual bonds and other financial instruments

□Applicable √Not applicable

34. Income

(1). Disclose the accounting policies adopted for revenue recognition and measurement according to business type

√Applicable □Not applicable

General principles

Income is the total inflow of economic benefits generated by the company in its daily activities, which will lead to an increase in shareholders' equity and has nothing to do with the capital invested by shareholders.

The company fulfills its performance obligations in the contract, that is, when the customer obtains control of the relevant goods, revenue is recognized. Obtaining control over relevant goods means being able to direct the use of the goods and obtain almost all economic benefits from them.

If the contract contains two or more performance obligations, the Company will allocate the transaction price to each individual performance obligation based on the relative proportion of the stand-alone selling price of the goods or services promised by each individual performance obligation on the contract commencement date, and measure revenue based on the transaction price allocated to each individual performance obligation.

The transaction price is the amount of consideration that the Company expects to be entitled to receive for transferring goods or services to the customer, excluding payments received on behalf of third parties. When determining the contract transaction price, if there is variable consideration, the company determines the best estimate of the variable consideration based on the expected value or the most likely amount, and includes it in the transaction price at an amount that does not exceed the amount that is unlikely to significantly reverse the cumulative recognized revenue when the relevant uncertainty is eliminated. If there is a significant financing component in the contract, the company will determine the transaction price based on the amount payable in cash when the customer obtains control of the product. The difference between the transaction price and the contract consideration will be amortized using the effective interest method during the contract period. If the interval between the transfer of control and the customer's payment does not exceed one year, the company will not consider the financing component.

If one of the following conditions is met, the performance obligation is performed within a certain period of time; otherwise, the performance obligation is performed at a certain point in time:

① When the company performs the contract, the customer obtains and consumes the economic benefits brought by the company's performance;

②The customer can control the goods under construction during the company's performance of the contract;

③The goods produced by the company during the performance of the contract have irreplaceable uses, and the company has the right to collect payment for the cumulative performance part that has been completed so far during the entire contract period.

For performance obligations performed within a certain period of time, the Company will recognize revenue based on the performance progress during that period, except where the performance progress cannot be reasonably determined. The Company determines the performance progress of services provided according to the input method (or output method). When the progress of contract performance cannot be reasonably determined, if the costs incurred by the company are expected to be compensated, revenue will be recognized based on the amount of costs incurred until the progress of contract performance can be reasonably determined.

For performance obligations fulfilled at a certain point in time, the Company recognizes revenue at the point when the customer obtains control of the relevant goods. When judging whether the customer has obtained control of the goods or services, the company will consider the following signs:

① The company has the current right to receive payment for the goods or services, that is, the customer has current payment obligations for the goods;

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② The company has transferred the legal ownership of the commodity to the customer, which means that the customer already owns the legal ownership of the commodity; ③ The company has transferred the physical object of the commodity to the customer, that is, the customer has physical possession of the commodity;

④ The company has transferred the main risks and rewards of ownership of the commodity to the customer, that is, the customer has obtained the main risks and rewards of ownership of the commodity;

⑤The customer has accepted the product.

Specific methods

The specific method of revenue recognition of the company is as follows: According to the contract signed between the company and the customer, the company needs to deliver the goods to the customer's designated location at the time requested by the customer. After arrival, the customer will uniformly check whether the batch issuance report, refrigeration records, etc. of the vaccine batch are in compliance with the contract requirements before entering the warehouse, and sign on the receipt confirmation form to confirm the receipt. That is, the customer obtains control of the relevant goods when the goods are delivered to the customer and signed into the warehouse. The company uses this as the time point to recognize revenue from the sales of goods.

(2). Similar businesses using different business models involve different revenue recognition methods and measurement methods.

□Applicable √Not applicable

35. Contract costs

√Applicable □Not applicable

Contract costs are divided into contract performance costs and contract acquisition costs.

The costs incurred by the company to perform the contract are recognized as an asset as contract performance costs when the following conditions are met at the same time:

① The cost is directly related to a current or expected contract, including direct labor, direct materials, manufacturing overhead (or similar expenses), costs clearly borne by the customer, and other costs incurred solely because of the contract.

② This cost increases the company’s resources for fulfilling its performance obligations in the future.

③The cost is expected to be recovered.

The incremental costs incurred by the Company to obtain the contract are expected to be recovered and are recognized as an asset as the contract acquisition cost. Assets related to contract costs are amortized on the same basis as the revenue recognition of goods or services related to the assets; however, if the amortization period of the contract acquisition costs does not exceed one year, the company will include them in the current profits and losses when incurred.

If the book value of assets related to contract costs is higher than the difference between the following two items, the company will make impairment provisions for the excess and recognize it as asset impairment losses, and further consider whether to accrue estimated liabilities related to loss-making contracts:

①The remaining consideration expected to be obtained from the transfer of goods or services related to the asset;

② The estimated cost that will be incurred to transfer the relevant goods or services.

If the above-mentioned asset impairment provision is subsequently reversed, the book value of the asset after the reversal shall not exceed the book value of the asset on the date of reversal if no impairment provision was made.

For contract performance costs recognized as assets, if the amortization period does not exceed one year or one normal operating cycle when initially recognized, they are listed in the "inventory" item. When initially recognized, the amortization period exceeds one year or one normal operating cycle and are listed in the "other non-current assets" item.

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For contract acquisition costs recognized as assets, if the amortization period does not exceed one year or one normal operating cycle when initially recognized, they are listed in the "other current assets" item. When initially recognized, the amortization period exceeds one year or one normal operating cycle and are listed in the "other non-current assets" item.

36. Government subsidies

√Applicable □Not applicable

(1) Confirmation of government subsidies

Government subsidies can only be confirmed if they meet the following conditions at the same time:

① The company can meet the conditions attached to the government subsidy;

②The company can receive government subsidies.

(2) Measurement of government subsidies

If government subsidies are monetary assets, they shall be measured based on the amount received or receivable. If the government subsidy is a non-monetary asset, it shall be measured at fair value; if the fair value cannot be obtained reliably, it shall be measured at the nominal amount of 1 yuan.

(3) Accounting treatment of government subsidies

①Government subsidies related to assets

Government subsidies obtained by the company for the purchase, construction or other formation of long-term assets are classified as asset-related government subsidies. Government subsidies related to assets are recognized as deferred income and are included in profits and losses in installments according to a reasonable and systematic method during the use period of the relevant assets. Government subsidies measured according to the nominal amount are directly included in the current profit and loss. If the relevant assets are sold, transferred, scrapped or damaged before the end of their useful life, the undistributed balance of relevant deferred income will be transferred to the profit and loss of the current period of asset disposal.

②Government subsidies related to income

Government subsidies other than asset-related government subsidies are classified as income-related government subsidies. Government subsidies related to income shall be accounted for in accordance with the following provisions on a case-by-case basis:

If it is used to compensate the company for relevant costs or losses in subsequent periods, it will be recognized as deferred income, and will be included in the current profit and loss during the period when the relevant costs or losses are recognized;

If it is used to compensate for the relevant costs or losses incurred by the company, it will be directly included in the current profit and loss.

For government subsidies that contain both asset-related parts and income-related parts, different parts shall be distinguished and accounted for separately; if it is difficult to distinguish, the whole shall be classified as income-related government subsidies.

Government subsidies related to the company's daily activities are included in other income based on the economic and business essence. Government subsidies that are not related to the company's daily activities are included in non-operating income and expenses.

③Policy preferential loan interest discounts

The finance department will allocate interest discount funds to the lending bank, and if the lending bank provides loans to the company at policy preferential interest rates, the actual borrowing amount received will be used as the entry value of the loan, and the relevant borrowing costs will be calculated based on the loan principal and the policy preferential interest rate. The finance department will directly allocate interest discount funds to the company, and the company will use the corresponding interest discount to offset related borrowing costs.

④Refund of government subsidies

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When a confirmed government subsidy needs to be returned, if the book value of the relevant assets is offset at the time of initial recognition, the book value of the assets is adjusted; if there is a balance of relevant deferred income, the book balance of the relevant deferred income is offset, and the excess is included in the current profit and loss; in other cases, it is directly included in the current profit and loss.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Not applicable

The company usually uses the balance sheet liability method to recognize and measure the impact of taxable temporary differences or deductible temporary differences on income tax as deferred income tax liabilities or deferred income tax assets based on the temporary differences between the book values and tax bases of assets and liabilities on the balance sheet date. The Company does not discount deferred income tax assets and deferred income tax liabilities.

(1) Recognition of deferred income tax assets

For deductible temporary differences, deductible losses and tax credits that can be carried forward to future years, the impact on income tax is calculated based on the income tax rate during the expected reversal period, and the impact is recognized as deferred income tax assets, but only to the extent that the company is likely to obtain future taxable income that can be used to offset the deductible temporary differences, deductible losses and tax credits.

The impact of deductible temporary differences on income tax arising from the initial recognition of assets or liabilities in transactions or events with the following characteristics is not recognized as deferred income tax assets:

A. The transaction is not a business combination;

B. When the transaction occurs, it neither affects accounting profits nor taxable income (or deductible losses).

However, this exemption from the initial recognition of deferred income tax liabilities and deferred income tax assets does not apply to a single transaction that satisfies the above two conditions and whose initial recognition of assets and liabilities results in equal amounts of taxable temporary differences and deductible temporary differences. For the taxable temporary differences and deductible temporary differences arising from the initial recognition of assets and liabilities in this transaction, the company recognizes the corresponding deferred income tax liabilities and deferred income tax assets respectively when the transaction occurs.

If the company's deductible temporary differences related to investments in subsidiaries, associates and joint ventures meet the following two conditions at the same time, its impact on income tax will be recognized as deferred income tax assets:

A. The temporary difference is likely to reverse in the foreseeable future;

B. It is likely to obtain taxable income in the future that can be used to offset the deductible temporary differences;

On the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be obtained in the future period to offset the deductible temporary differences, deferred income tax assets that have not been recognized in previous periods will be recognized.

On the balance sheet date, the Company reviews the book value of deferred income tax assets. If it is probable that sufficient taxable income will not be available in future periods to offset the benefits of deferred tax assets, the carrying amount of the deferred tax assets will be reduced. The amount of the write-down is reversed when it is probable that sufficient taxable income will be obtained.

(2) Recognition of deferred income tax liabilities

All taxable temporary differences of the Company are measured to have an impact on income tax at the income tax rate expected to be reversed during the period, and the amount of the impact is recognized as deferred income tax liabilities, except for the following circumstances:

①The impact on income tax of taxable temporary differences arising from the following transactions or events is not recognized as deferred income tax liabilities:

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A. Initial recognition of goodwill;

B. Initial recognition of assets or liabilities arising from a transaction with the following characteristics: the transaction is not a business combination, and when the transaction occurs, it neither affects accounting profits nor taxable income or deductible losses.

② The Company generally recognizes the taxable temporary differences related to investments in subsidiaries, joint ventures and associates, and their impact on income tax as deferred income tax liabilities, unless the following two conditions are met at the same time:

A. The company can control the time when temporary differences are reversed;

B. The temporary difference is likely not to be reversed in the foreseeable future.

(3) Recognition of deferred income tax liabilities or assets involved in specific transactions or events

①Can make up for losses and tax deductions

Deductible losses refer to losses calculated and determined in accordance with tax laws and allowed to be made up with taxable income in subsequent years. Uncovered losses (deductible losses) and tax credits that can be carried forward to future years in accordance with tax laws are treated as deductible temporary differences. When it is expected that sufficient taxable income will be obtained in the future period in which recoverable losses or tax credits can be utilized, the corresponding deferred income tax assets will be recognized to the extent of the taxable income that is likely to be obtained, and the income tax expense in the current income statement will be reduced at the same time.

②Temporary differences resulting from merger elimination

When the company prepares the consolidated financial statements, if there is a temporary difference between the book value of assets and liabilities in the consolidated balance sheet and the tax basis of the tax entity to which it belongs due to the offsetting of unrealized internal sales gains and losses, deferred income tax assets or deferred income tax liabilities will be recognized in the consolidated balance sheet, and the income tax expenses in the consolidated income statement will be adjusted at the same time, except for deferred income taxes related to transactions or events directly included in owner's equity and business mergers.

(4) Basis for presenting deferred income tax assets and deferred income tax liabilities on a net basis

The company will present deferred income tax assets and deferred income tax liabilities as the net amount after offsetting when the following conditions are met at the same time: ① The company has the legal right to settle current income tax assets and current income tax liabilities on a net basis;

② Deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax collection and administration department on the same taxable entity or to different taxable entities. However, in each future period when important deferred income tax assets and deferred income tax liabilities are reversed, the taxable entity involved intends to settle the current income tax assets and liabilities on a net basis or to obtain assets and pay off liabilities at the same time.

38. Leasing

√Applicable □Not applicable

As a lessee, the judgment basis and accounting treatment method for simplified treatment of short-term leases and low-value asset leases

√Applicable □Not applicable

On the start date of the lease period, the Company identifies leases with a lease term of no more than 12 months and that do not include a purchase option as short-term leases; leases with a low value when a single leased asset is a new asset are identified as low-value asset leases. If the company subleases or anticipates subletting a leased asset, the original lease will not be recognized as a low-value asset lease.

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For all short-term leases and low-value asset leases, the Company includes the lease payments into the relevant asset costs or current profits and losses on a straight-line basis in each period during the lease term.

Lease classification standards and accounting treatment methods as a lessor

√Applicable □Not applicable

On the lease commencement date, the Company classifies leases that substantially transfer almost all risks and rewards related to the ownership of the leased assets as finance leases, and other leases as operating leases.

①Operating lease

The Company recognizes the lease receipts as rental income on a straight-line basis in each period during the lease term. The initial direct costs incurred are capitalized and apportioned on the same basis as the rental income recognition, and included in the current profit and loss in installments. Variable lease payments obtained by the Company related to operating leases that are not included in the lease receipts are included in the current profit and loss when they actually occur. ②Financial lease

On the start date of the lease, the company recognizes the financial lease receivables based on the net lease investment (the sum of the unguaranteed residual value and the present value of the lease payments not yet received on the start date of the lease discounted at the interest rate implicit in the lease), and terminates the recognition of financial lease assets. During each period of the lease term, the Company calculates and recognizes interest income based on the interest rate implicit in the lease.

Variable lease payments obtained by the Company that are not included in the measurement of net lease investment are included in the current profit and loss when actually incurred.

39. Other important accounting policies and accounting estimates

□Applicable √Not applicable

40. Changes in important accounting policies and accounting estimates

(1). Changes in important accounting policies

□Applicable √Not applicable

(2). Changes in important accounting estimates

□Applicable √Not applicable

(3). The first implementation of new accounting standards or standard interpretations starting from 2025 will involve adjustments to the financial statements at the beginning of the year of first implementation □ Applicable √ Not applicable

41. Others

□Applicable √Not applicable

6. Taxes

1. Main tax types and tax rates

Main tax types and tax rates

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√Applicable □Not applicable

Type of tax Tax calculation basis Tax rate

Simple tax calculation method (3% value-added tax on sales of biological products)

Value added generated in the process of selling other goods or providing taxable services 13%/6%

House rental income 5% corporate income tax Taxable income 15%/25%/Tax-free urban maintenance and construction tax Paid turnover tax 5% Education fee surcharge Paid turnover tax 3% Local education fee surcharge Paid turnover tax 2%

If there are taxpayers with different corporate income tax rates, a description of the disclosure

√Applicable □Not applicable

Name of tax payer Income tax rate (%) The company 15%

Gansu Shenlan Breeding Co., Ltd. Tax-free

Shanghai Shenruilian Biopharmaceutical Co., Ltd. 25%

Shanghai Bentiancheng Biopharmaceutical Co., Ltd. 25%

Hangzhou Shenhang Biopharmaceutical Co., Ltd. 25%

2. Tax incentives

√Applicable □Not applicable

In November 2022, the company once again obtained the "High-tech Enterprise" certification, and obtained the Shanghai Science and Technology Commission, Shanghai

The "High-tech Enterprise Certificate" (Certificate No.:

GR202231001006), valid for three years. During the validity period of the "High-tech Enterprise Certificate", the company pays a reduced corporate tax rate of 15%.

The review of industrial income tax and high-tech enterprises is in progress.

3. Others

□Applicable √Not applicable

7. Notes on Consolidated Financial Statement Items

1. Monetary funds

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Cash on hand 40,183.14 23,982.14 Bank deposits 52,572,373.17 109,469,292.50 Other monetary funds 463,653.67 36,713,214.90 Deposits at finance companies

Total 53,076,209.98 146,206,489.54 Including: total amount deposited abroad

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Other instructions

None

2. Trading financial assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Reason and basis for designation Measured at fair value and its changes /

75,883,586.11 43,814,890.86

Financial assets included in current profits and losses

Among them:

Investment in equity instruments 23,858,140.33 21,766,001.97 / Others (structured deposits) 52,025,445.78 22,048,888.89 /

Total 75,883,586.11 43,814,890.86 /Other instructions:

□Applicable √Not applicable

3. Derivative financial assets

□Applicable √Not applicable

4. Notes receivable

(1). Classified presentation of notes receivable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Bank acceptance note

Commercial acceptance notes 671,136.84

Total 671,136.84

(2). The company’s pledged notes receivable at the end of the period

□Applicable √Not applicable

(3). Notes receivable that have been endorsed or discounted by the company at the end of the period and have not yet matured on the balance sheet date

□Applicable √Not applicable

(4). Classified disclosure according to bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Bad debt provision Book balance Bad debt provision category Provision Book Provision Book ratio Proportion

Amount Amount Proportion Value Amount Amount Proportion Value (%) (%)

(%) (%) Provision based on individual items

Provision for bad debts

Among them:

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Provision for bad debts based on combination 677,916.00 100.00 6,779.16 1.00 671,136.84

Among them:

1. Accounts receivable consolidation scope

Related parties within the scope

Customer

2. Receivables from other customers 677,916.00 100.00 6,779.16 1.00 671,136.84 households

Total 677,916.00 100.00 6,779.16 1.00 671,136.84 //Accrual of bad debt provisions on an individual basis:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Combined accrual items: receivable from other customers

Unit: Yuan Currency: RMB Closing Balance Name

Book balance Bad debt provision Provision ratio (%) Receivable from other customers 677,916.00 6,779.16 1.00 Total 677,916.00 6,779.16 1.00

Instructions on accruing bad debt provisions by portfolio

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

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Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(5). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Category of change amount in the current period Opening balance Ending balance

Provision, recovery or reversal, write-off or write-off, other changes, bad debt provision is made individually

1. Receivables from other customers

Provision for bad debts on a group basis 6,779.16 6,779.16 1. Receivables within the scope of consolidation

Joint customers

2. Receivables from other customers 6,779.16 6,779.16 Total 6,779.16 6,779.16

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

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(6). Notes receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of bills receivable:

□Applicable √Not applicable

Instructions for writing off notes receivable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

5. Accounts receivable

(1). Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 164,811,515.17 157,005,401.42 Subtotal within 1 year 164,811,515.17 157,005,401.42 1 to 2 years 104,075,055.82 97,770,488.88 2 to 3 years 30,839,645.27 22,452,101.20 3 to 4 years 10,124,532.55 5,495,879.95

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4 to 5 years 1,512,800.00 1,420,800.00 More than 5 years 523,218.00 523,218.00

Subtotal 311,886,766.81 284,667,889.45 Less: bad debt provision 27,791,983.36 23,270,234.52

Total 284,094,783.45 261,397,654.93

(2). Classified disclosure based on bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Provision Book Book Ratio Provision Ratio

Amount Proportion (%) Amount Proportion Value Amount Amount Value (%) Example (%)

(%)

Provision based on individual items

5,258,427.50 1.69 3,680,899.25 70.00 1,577,528.25 5,258,427.50 1.85 3,680,899.25 70.00 1,577,528.25 Bad debt provision

Among them:

1. Other receivables

5,258,427.50 1.69 3,680,899.25 70.00 1,577,528.25 5,258,427.50 1.85 3,680,899.25 70.00 1,577,528.25

Customer

Provision based on combination

306,628,339.31 98.31 24,111,084.11 7.86 282,517,255.20 279,409,461.95 98.15 19,589,335.27 7.01 259,820,126.68 Bad debt provision

Among them:

1. Receivables consolidation

scope association

Party customers

2. Other receivables

306,628,339.31 98.31 24,111,084.11 7.86 282,517,255.20 279,409,461.95 98.15 19,589,335.27 7.01 259,820,126.68Customers

Total 311,886,766.81 100.00 27,791,983.36 8.91 284,094,783.45 284,667,889.45 100.00 23,270,234.52 8.17 261,397,654.93

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Provision for bad debts is made individually:

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Reason for provision

Hunan Jiahe Agriculture and Animal Husbandry Co., Ltd. 3,668,427.50 2,567,899.25 70.00 Customers face liquidity risks Qiqi Agriculture and Animal Husbandry Group Co., Ltd. 1,590,000.00 1,113,000.00 70.00 Customers face liquidity risks

Total 5,258,427.50 3,680,899.25 70.00 /

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: Portfolio 2. Receivables from other customers

Unit: Yuan Currency: RMB Closing balance

Aging

Book balance Bad debt provision Provision ratio (%)

Within 1 year 164,781,115.17 1,647,811.15 1.00 1-2 years 102,697,860.32 10,269,786.03 10.00 2-3 years 26,988,813.27 5,397,762.65 20.00 3-4 years 10,124,532.55 5,062,266.28 50.00 4-5 years 1,512,800.00 1,210,240.00 80.00 More than 5 years 523,218.00 523,218.00 100.00Total 306,628,339.31 24,111,084.11 7.86 Instructions on the provision of bad debt provisions by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

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Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

(3). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Beginning Balance Ending Balance

Provision Recovery or reversal Write-off or write-off Other changes Provision for bad debts on an individual basis 3,680,899.25 3,680,899.25 1. Receivables from other customers 3,680,899.25 3,680,899.25 Provision for bad debts on a combined basis 19,589,335.27 4,521,748.84 24,111,084.11 1. Receivables within the scope of consolidation

Joint customers

2. Receivables from other customers 19,589,335.27 4,521,748.84 24,111,084.11

Total 23,270,234.52 4,521,748.84 27,791,983.36 Among them, the amount of bad debt provision recovery or reversal in the current period is important:

□Applicable √Not applicable

(4). Accounts receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

Instructions for writing off accounts receivable:

□Applicable √Not applicable

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(5). Accounts receivable and contract assets of the top five ending balances by debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts receivable and contract assets accounts receivable and contract assets period

Unit name Closing balance of accounts receivable Closing balance of contract assets Total closing balance of production period Closing balance of bad debt provision

Proportion (%) of the top five receivables at the end of the period 148,732,303.46 148,732,303.46 47.69 15,045,695.03 Accounts and contract assets receivables

total

Total 148,732,303.46 148,732,303.46 47.69 15,045,695.03Other instructions

None

Other notes:

□Applicable √Not applicable

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6. Contract assets

(1). Contract assets

□Applicable √Not applicable

(2). Amount and reasons for significant changes in book value during the reporting period □Applicable √Not applicable

(3). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

The basis for dividing each stage and the proportion of provision for bad debts are not available

Explanation of significant changes in the book balance of contract assets that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(4). Bad debt provisions for contract assets in the current period □ Applicable √ Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(5). Contract assets actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of contract assets □ Applicable √ Not applicable

Instructions for write-off of contract assets:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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7. Accounts receivable financing

(1). Classified presentation of financing receivables

□Applicable √Not applicable

(2). Financing of the company’s pledged receivables at the end of the period □ Applicable √ Not applicable

(3). Financing of receivables that have been endorsed or discounted by the company at the end of the period and have not yet matured on the balance sheet date □ Applicable √ Not applicable

(4). Classified disclosure according to bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

The basis for dividing each stage and the proportion of provision for bad debts are not available

Explanation of significant changes in the book balance of accounts receivable financing that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(6). Financing of receivables actually written off in the current period □ Applicable √ Not applicable

Important financing write-offs of receivables □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

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(7). Increases and decreases in receivables financing and changes in fair value during the current period:

□Applicable √Not applicable

(8). Other instructions:

□Applicable √Not applicable

8. Advance payments

(1). Prepayments are presented based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Aging

Amount Proportion (%) Amount Proportion (%) Within 1 year 780,244.80 98.99 1,078,554.81 100.00 1 to 2 years 8,000.00 1.01

2 to 3 years

More than 3 years

Total 788,244.80 100.00 1,078,554.81 100.00 Explanation of the reasons why prepayments with an aging of more than 1 year and important amounts were not settled in time:

None

(2). Prepayments of the top five ending balances by prepayment objects

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounted for the total closing balance of prepayments Unit name Closing balance

Proportion (%) Summary of the top five prepayments at the end of the period 644,161.05 81.72

Other notes:

None

Other instructions

□Applicable √Not applicable

9. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Ending balance Interest receivable on opening balance

Dividends receivable

Other receivables 3,405,789.95 3,170,654.55Total 3,405,789.95 3,170,654.55Other instructions:

□Applicable √Not applicable

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interest receivable

(1). Classification of interest receivable

□Applicable √Not applicable

(2). Important overdue interest

□Applicable √Not applicable

(3). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts on an individual basis: □ Applicable √ Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by combination: □ Applicable √ Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(4). Bad debt provision □Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(5). Interest receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of interest receivable □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(6). Dividends receivable

□Applicable √Not applicable

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(7). Important dividends receivable aged more than 1 year

□Applicable √Not applicable

(8). Classified disclosure based on bad debt accrual method

□Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(9). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(10). Dividends receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of dividends receivable

□Applicable √Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(11). Disclosure based on aging

□Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period Within 1 year 2,851,425.05 2,657,088.35 Within 1 year (including 1 year) 2,851,425.05 2,657,088.35 1 to 2 years 354,311.00 273,056.00 2 to 3 years 120,991.00 175,150.00 3 to 4 years 66,840.00 50,990.00

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4 to 5 years 41,400.00 More than 5 years 41,400.00

Total 3,434,967.05 3,197,684.35

(12). Classification by nature of money

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Security deposit 3,140,689.52 2,738,052.40 Employee borrowings 256,563.56 237,773.02 Others 37,713.97 221,858.93 Subtotal 3,434,967.05 3,197,684.35 Less: bad debt provision 29,177.10 27,029.80 Total 3,405,789.95 3,170,654.55

(13). Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Lifetime expectations Lifetime expectations

Provision for bad debts Expected for the next 12 months Total

Credit loss (has not occurred Credit loss (has occurred)

credit loss

credit impairment) credit impairment)

January 1, 2025

27,029.80 27,029.80 day balance

January 1, 2025

Daily balance in current////period

--Transfer to the second level

segment

--Transfer to the third level

segment

--Return to the second level

segment

--Return to the first level

segment

Provision in this period 4,647.30 4,647.30 Transfer in this period 2,500.00 2,500.00 Write-off in this period

Write-off in this period

Other changes

June 30, 2025

29,177.10 29,177.10 day balance

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of other receivables that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

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The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly: □ Applicable √ Not applicable

(14). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Recovery or transfer Write-off or verification Ending balance accrual Other changes

Return sales

Bad provision based on combination

27,029.80 4,647.30 2,500.00 29,177.10 Account preparation

Total 27,029.80 4,647.30 2,500.00 29,177.10 Among them, the amount of bad debt provision for the current period that is reversed or recovered is important:

□Applicable √Not applicable

Other instructions

None

(15). Other receivables actually written off in the current period

□Applicable √Not applicable

Important write-offs of other receivables:

□Applicable √Not applicable

Instructions for writing off other receivables:

□Applicable √Not applicable

(16). Other receivables with top five closing balances based on debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB in other receivable periods

Nature of the payment Name of the bad debt provision unit Closing balance Total closing balance Aging quality Closing balance

Proportion(%)

First place 504,000.00 14.67 Deposit Second place within 1 year 361,020.00 10.51 Deposit Third place within 1 year 337,180.00 9.82 Deposit Fourth place within 1 year 200,000.00 5.82 Deposit Fifth place within 1 year 167,440.00 4.87 Deposit Within 1 year

Total 1,569,640.00 45.70 / /

(17). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

10. Inventory

(1). Inventory classification

√Applicable □Not applicable

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Unit: Yuan Currency: RMB Closing balance Opening balance

Inventories are accurate for price decreases Inventories are accurate for decreases in price

Project preparation/contract performance preparation/contract performance

Book balance Book value Book balance Book value Cost impairment allowance Cost impairment allowance

Be prepared

Raw materials 7,109,897.79 35,549.49 7,074,348.30 9,705,361.75 48,526.81 9,656,834.94 Products in progress 28,969,533.89 28,969,533.89 15,360,319.84 15,360,319.84 Self-made semi-finished products 31,815,957.74 31,815,957.74 43,647,727.49 43,647,727.49 Inventory goods 18,837,604.76 18,837,604.76 17,311,726.76 17,311,726.76 Goods shipped 809,145.64 809,145.64

turnover materials and

8,954,370.97 8,954,370.97 9,046,602.40 9,046,602.40 Spare parts

Consumable Creatures

79,680.64 79,680.64Assets

Total 96,496,510.79 35,549.49 96,460,961.30 95,151,418.88 48,526.81 95,102,892.07

(2). Data resources confirmed as inventory

□Applicable √Not applicable

(3). Provision for inventory depreciation and provision for impairment of contract performance costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase amount in this period Decrease amount in this period

Item Opening balance Reversal or transfer Ending balance accrual Others Others

pin

Raw materials 48,526.81 433.98 13,411.30 35,549.49

Total 48,526.81 433.98 13,411.30 35,549.49

Reasons for the reversal or write-off of inventory depreciation provisions in the current period

□Applicable √Not applicable

Provision for inventory decline in value on a group basis

√Applicable □Not applicable

Unit: Yuan Currency: RMB End of Period Beginning of Period

Preparation for price fall and quasi-price fall

Portfolio name Provision for book balance Provision for price decline Provision ratio Book balance Provision for price decline

Proportion (% (%)

) Raw materials 7,109,897.79 35,549.49 0.50 9,705,361.75 48,526.81 0.50

Total 7,109,897.79 35,549.49 0.50 9,705,361.75 48,526.81 0.50

Standards for accruing inventory depreciation provisions on a group basis

√Applicable □Not applicable

For the standards for accruing inventory depreciation provisions on a group basis, please refer to "Section 8 Financial Report V. 16. Inventories".

(4). The capitalized amount of borrowing costs included in the closing balance of inventory and its calculation standards and basis

□Applicable √Not applicable

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(5). Explanation of the amortization amount of contract performance costs for the current period □Applicable √Not applicable

Other notes:

□Applicable √Not applicable

11. Assets held for sale

□Applicable √Not applicable

12. Non-current assets due within one year □Applicable √Not applicable

Debt investments due within one year

□Applicable √Not applicable

Other debt investments due within one year

□Applicable √Not applicable

13. Other current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Corporate income tax prepayment 121,652.81 59,659.39

Total 121,652.81 59,659.39Other instructions:

None

14. Debt investment

(1). Debt investment situation

□Applicable √Not applicable

Changes in debt investment impairment provisions for the current period □ Applicable √ Not applicable

(2). Important debt investments at the end of the period

□Applicable √Not applicable

(3). Provision of impairment provisions

□Applicable √Not applicable

Basis for division of each stage and proportion of impairment provision: None

Explanation of significant changes in the book balance of debt investments that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

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The amount of impairment provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly: □ Applicable √ Not applicable

(4). Actual write-off debt investments in the current period □Applicable √Not applicable

Among them, the write-off of important debt investments □Applicable √Not applicable

Instructions for writing off debt investments:

□Applicable √Not applicable

Other notes:

None

15. Other debt investments

(1). Other debt investments

□Applicable √Not applicable

Changes in impairment provisions for other debt investments during the period □ Applicable √ Not applicable

(2). Other important debt investments at the end of the period □Applicable √Not applicable

(3). Provision of impairment provisions

□Applicable √Not applicable

(4). Other debt investments actually written off in the current period □Applicable √Not applicable

Among them, the write-off of other important debt investments □Applicable √Not applicable

Instructions for writing off other debt investments: □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

16. Long-term receivables

(1). Long-term receivables

□Applicable √Not applicable

(2). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

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□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(3). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(4). Long-term receivables actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of long-term receivables □ Applicable √ Not applicable

Instructions for writing off long-term receivables:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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17. Long-term equity investment

(1). Long-term equity investment situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB minus Changes in current period

value

Accurate

Declaration at the beginning of the period Impairment of quasi-invested assets at the end of the period Provision for investment recognized under the equity method Provision balance (book Decrease Other comprehensive income Other equity Cash release balance (book Provision for additional investment at the end of the period Unit impairment Other value) Adjustment to investment income Adjustment change Dividend or value) Balance at the beginning of the period Profit profit

surplus

Um

1. Joint ventures

2. Joint ventures

Juyingwai

come animals

disease prevention

1,582,608.87 -1,125.52 1,581,483.35 govern Taizhou

limited company

Division

Yangzhou Shi

origin of

Biotechnology 20,000,000.00 -547,441.13 19,452,558.87 Limited liability

Ren company

Subtotal 1,582,608.87 20,000,000.00 -548,566.65 21,034,042.22

Total 1,582,608.87 20,000,000.00 -548,566.65 21,034,042.22

(2). Impairment testing of long-term equity investments

□Applicable √Not applicable

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Other instructions

None

The recoverable amount is determined as the net amount after fair value minus disposal costs.

□Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable √Not applicable

Reasons for the obvious inconsistency between the aforementioned information and the information used in impairment testing in previous years or external information

□Applicable √Not applicable

Reasons for the discrepancy between the information used in the company's impairment testing in previous years and the actual situation of that year.

□Applicable √Not applicable

Other instructions

None

18. Investment in other equity instruments

(1). Investment in other equity instruments

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period Cumulative total

designated as fair value

Included in the current period Other recognized in the current period Accumulatively included in the beginning of the current period Included in the current period Other comprehensive income Other comprehensive income The balance of other comprehensive income Additional investment The balance of other comprehensive income The balance of other comprehensive income The balance of other comprehensive income The balance of other comprehensive income The balance of other comprehensive income The balance of other comprehensive income The balance of other comprehensive income The balance of other comprehensive income included in other comprehensive income

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Shanghai Jianyi

Equity Value No Active Tengchuang Biotech

5,000,000.00 5,000,000.00 market, while the company’s pharmaceutical technology

Intended long-term holding company

Sichuan Zezhi

Smart Enterprise Management Equity value inactive management partnership 500,000.00 500,000.00 market, while corporate industry (limited partnership intended to be held long-term)

Total 5,000,000.00 500,000.00 5,500,000.00 /

(2). Explanation of termination of recognition in this period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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19. Other non-current financial assets

□Applicable √Not applicable

20. Investment real estate

Investment real estate measurement model

Not applicable

21. Fixed assets

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Fixed assets 734,829,277.67 631,281,073.17 Fixed assets liquidation

Total 734,829,277.67 631,281,073.17Other instructions:

None

fixed assets

(1). Fixed assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Items Houses and buildings Machinery and equipment Transportation Other equipment Total

1. Original book value:

1. December 31, 2024 343,744,163.46 503,430,057.41 11,085,607.34 86,089,798.44 944,349,626.65 2. Increase in the current period 19,917,128.39 113,775,877.29 23,000.00 1,539,757.40 135,255,763.08 (1) Purchase 132,211.00 23,000.00 889,773.52 1,044,984.52 (2) Transfer of construction in progress 19,917,128.39 113,643,666.29 649,983.88 134,210,778.56 3. Reduction amount in the current period 538,393.00 36,000.00 574,393.00 (1) Disposal or scrapping 538,393.00 36,000.00 574,393.00 4. June 30, 2025 363,661,291.85 617,205,934.70 10,570,214.34 87,593,555.84 1,079,030,996.73

2. Accumulated depreciation

1. December 31, 2024 81,058,641.69 164,138,572.59 9,494,850.33 58,376,488.87 313,068,553.48 2. Increase in the current period 6,803,609.87 19,092,686.31 192,693.45 5,550,959.65 31,639,949.28 (1) Provision 6,803,609.87 19,092,686.31 192,693.45 5,550,959.65 31,639,949.28 3. Reduction amount in the current period 484,553.70 22,230.00 506,783.70 (1) Disposal or scrapping 484,553.70 22,230.00 506,783.70 4. June 30, 2025 87,862,251.56 183,231,258.90 9,202,990.08 63,905,218.52 344,201,719.06

3. Impairment provision

1.December 31, 2024

2. Increase amount in this period

3. Reduction amount in this period

4. June 30, 2025

4. Book price of fixed assets

value

1. Accounts as of June 30, 2025

275,799,040.29 433,974,675.80 1,367,224.26 23,688,337.32 734,829,277.67 Value

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2.Account as of December 31, 2024

262,685,521.77 339,291,484.82 1,590,757.01 27,713,309.57 631,281,073.17 Face value

(2). Temporarily idle fixed assets

□Applicable √Not applicable

(3). Fixed assets leased through operating leases

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing book value of houses and buildings 1,801,836.10

(4). Fixed assets whose property rights certificates have not been obtained

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Book value Reasons for not completing the property rights certificate

Relevant construction projects are in progress "Construction of houses and buildings 167,635,969.07

"Project Completion Acceptance Record Form" Houses and Buildings 12,766,095.21 It is temporarily unavailable to obtain property rights certificates for leased land. Total 180,402,064.28

(5). Impairment testing of fixed assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

The recoverable amount is determined as the net amount after fair value minus disposal costs.

□Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable √Not applicable

Reasons for the obvious inconsistency between the above information and the information used in impairment testing in previous years or external information □ Applicable √ Not applicable

Reasons for the discrepancy between the information used in the company's impairment testing in previous years and the actual situation of that year.

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Fixed asset liquidation

□Applicable √Not applicable

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22. Projects under construction

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

Construction in progress 79,688,045.44 177,870,534.68 Engineering materials

Total 79,688,045.44 177,870,534.68Other instructions:

None

Construction in progress

(1). Projects under construction

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance impairment Book balance impairment

Project

book value book value

prepare prepare

Lanzhou animal inactivation epidemic

119,716,808.29 119,716,808.29 seedling project

mRNA vaccines and medicines

21,512,712.89 21,512,712.89 1,258,548.36 1,258,548.36 Product production workshop

Lanzhou live animal vaccine 58,175,332.55 58,175,332.55

55,603,778.03 55,603,778.03 project

Lanzhou raw and auxiliary material warehouse and

Hazardous chemicals warehouse construction project 970,000.00 970,000.00 items

Other projects under construction 321,400.00 321,400.00Total 79,688,045.44 79,688,045.44 177,870,534.68 177,870,534.68

(2). Changes in important projects under construction during the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Chinese version

profit

This: issue

information

Phase project cost and profit

Capital

Its accumulated period interest is transferred to capital period

Project at the beginning of the period Other investment at the end of the period Project progress Capital budget amount Increase in the current period Fixed assets

Name Balance Less Balance Accounted for Predetermined Interest Principal Amount Accumulated

Fewer calculations than capitalization resources

plan

Gold Case (%) Capital Rate

gold

Amount (%

Um

gold)

Um

Lanzhou

Recruit animals

129,030,0 119,716,808. 132,107,86 Set inactivation 12,391,057.411 98.89 100.00

00 29 5.70 Funded vaccine

gold project

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RN

A vaccine and other vaccines 88,590,50 21,512,712. 24. 24.2 Others

1,258,548.36 20,254,164.53

Drugs 0 89 28 8 come to production source workshop

Lanzhou

Its animals 44. 44.7

212,490,0 55,603,778.0 58,175,332. Other live diseases 2,571,554.52 71 1

00 3 55 Come to Miaoxiang

source

Lanzhou

Harasuke

Warehouse Qi and Danger 27,412,40 1,489,911.3 83. 100. Others

970,000.00 519,911.39

Chemicals 0 9 02 00 Come to the library to build source items

Head

Other others

321,400.00 291,601.47 613,001.47

Project Source

457,522,9 177,870,534. 134,210,77 79,688,045.

Total 36,028,289.32

00 68 8.56 44

(3). Provision for impairment of projects under construction in the current period

□Applicable √Not applicable

(4). Impairment testing of projects under construction

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

The recoverable amount is determined as the net amount after fair value minus disposal costs.

□Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable √Not applicable

Reasons for the obvious inconsistency between the aforementioned information and the information used in impairment testing in previous years or external information

□Applicable √Not applicable

Reasons for the discrepancy between the information used in the company's impairment testing in previous years and the actual situation of that year.

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

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Engineering supplies

□Applicable √Not applicable

23. Productive biological assets

(1). Productive biological assets using cost measurement model

√Applicable□Not applicable

Unit: Yuan Currency: RMB Livestock Breeding

Item Total

Breeding pig

1. Original book value

1. Balance at the beginning of the period 354,276.85 354,276.85 2. Increase in the current period 108,770.48 108,770.48 (1) Outsourcing

(2) Self-cultivation 108,770.48 108,770.48 3. Reduction amount in the current period 26,601.61 26,601.61 (1) Disposal 26,601.61 26,601.61

(2)Others

4. Closing balance 436,445.72 436,445.72

2. Accumulated depreciation

1. Balance at the beginning of the period 41,468.90 41,468.90 2. Increase in the current period 42,594.73 42,594.73

(1) Provision 42,594.73 42,594.73 3. Decrease amount in the current period 5,337.88 5,337.88

(1) Disposal 5,337.88 5,337.88

(2)Others

4. Closing balance 78,725.75 78,725.75

3. Impairment provision

1. Opening balance

2. Increase amount in this period

(1)Provision

3. Reduction amount in this period

(1)Disposal

(2)Others

4. Ending balance

4. Book value

1. Book value at the end of the period 357,719.97 357,719.97 2. Book value at the beginning of the period 312,807.95 312,807.95

(2). Impairment testing of productive biological assets using the cost measurement model

□Applicable √Not applicable

(3). Productive biological assets using fair value measurement model

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

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24. Oil and gas assets

(1). Oil and gas assets

□Applicable √Not applicable

(2). Impairment testing of oil and gas assets

□Applicable √Not applicable

Other notes:

None

The recoverable amount is determined as the net amount after fair value minus disposal costs.

□Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable √Not applicable

Reasons for the obvious inconsistency between the above information and the information used in impairment testing in previous years or external information □ Applicable √ Not applicable

Reasons for the discrepancy between the information used in the company's impairment testing in previous years and the actual situation of that year.

□Applicable √Not applicable

Other notes:

None

25. Right-of-use assets

(1). Right-of-use assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Project Houses and Buildings Total

1. Original book value

1. Balance at the beginning of the period 2,892,508.89 2,892,508.89 2. Increase in the current period 545,647.01 545,647.01

(1) Lease 545,647.01 545,647.01 3. Reduction amount in the current period

(1) Lease expiration

4. Closing balance 3,438,155.90 3,438,155.90

2. Accumulated depreciation

1. Balance at the beginning of the period 1,165,880.88 1,165,880.88 2. Increase in the current period 223,235.70 223,235.70

(1) Provision 223,235.70 223,235.70 3. Decrease amount in the current period

(1)Disposal

4. Ending balance 1,389,116.58 1,389,116.58

3. Impairment provision

1. Opening balance

2. Increase amount in this period

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(1)Provision

3. Reduction amount in this period

(1)Disposal

4. Ending balance

4. Book value

1. Book value at the end of the period 2,049,039.32 2,049,039.32 2. Book value at the beginning of the period 1,726,628.01 1,726,628.01

(2). Impairment testing of right-of-use assets

□Applicable √Not applicable

Other notes:

None

The recoverable amount is determined based on the net amount after deducting disposal costs from fair value □Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable √Not applicable

Reasons for the obvious inconsistency between the above information and the information used in impairment testing in previous years or external information □ Applicable √ Not applicable

Reasons for the significant inconsistency between the information used in the company's impairment testing in previous years and the actual situation of the year □ Applicable √ Not applicable

Other notes:

None

26. Intangible assets

(1). Intangible assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

exclusive license

Project Land use rights Proprietary technology Software Total

Right to use

1. Original book value

1. Opening balance 39,716,381.84 20,004,000.00 65,337,332.36 1,287,792.00 126,345,506.20 2. Increase in the current period 21,640,819.59 21,640,819.59 amount

(1) Purchase

(2) Internal 21,640,819.59 21,640,819.59 Research and development

(3)Enterprise

Consolidation increases

3. Reduction in this period

Amount

(1)Disposal

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4. Ending balance 39,716,381.84 20,004,000.00 86,978,151.95 1,287,792.00 147,986,325.79

2. Accumulated amortization

1. Opening balance 10,040,403.98 1,333,600.00 11,532,382.08 774,889.19 23,681,275.25 2. Increase in this period 397,163.82 500,100.00 3,826,979.78 136,707.96 4,860,951.56 amount

(1) Total 397,163.82 500,100.00 3,826,979.78 136,707.96 4,860,951.56

3. Reduction in this period

Amount

(1)Disposal

4. Closing balance 10,437,567.80 1,833,700.00 15,359,361.86 911,597.15 28,542,226.81

3. Impairment provision

1. Opening balance

2.Increase in this issue

Amount

(1) Count

mention

3. Reduction in this period

Amount

(1)Disposal

4. Ending balance

4. Book value

1. Closing book value 29,278,814.04 18,170,300.00 71,618,790.09 376,194.85 119,444,098.98

2. Opening book 29,675,977.86 18,670,400.00 53,804,950.28 512,902.81 102,664,230.95 Value

At the end of the period, intangible assets formed through the company's internal research and development accounted for 59.96% of the balance of intangible assets.

(2). Data resources recognized as intangible assets

□Applicable √Not applicable

(3). Land use rights for which property rights certificates have not been obtained.

□Applicable √Not applicable

(3). Impairment testing of intangible assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

The recoverable amount is determined based on the net amount after deducting disposal costs from fair value □Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows.

□Applicable √Not applicable

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Reasons for the obvious inconsistency between the above information and the information used in impairment testing in previous years or external information □ Applicable √ Not applicable

Reasons for the significant inconsistency between the information used in the company's impairment testing in previous years and the actual situation of the year □ Applicable √ Not applicable

Other notes:

□Applicable √Not applicable

27. Goodwill

(1). Original book value of goodwill

□Applicable √Not applicable

(2). Goodwill impairment provision

□Applicable √Not applicable

(3). Relevant information on the asset group or asset group combination where the goodwill is located □Applicable √Not applicable

Changes in asset group or asset group combination

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(4). Specific method for determining recoverable amount

The recoverable amount is determined based on the net amount after deducting disposal costs from fair value □Applicable √Not applicable

The recoverable amount is determined based on the present value of expected future cash flows □Applicable √Not applicable

Reasons for the obvious inconsistency between the above information and the information used in impairment testing in previous years or external information □ Applicable √ Not applicable

Reasons for the significant inconsistency between the information used in the company's impairment testing in previous years and the actual situation of the year □ Applicable √ Not applicable

(5). Performance commitments and corresponding goodwill impairment

There is a performance commitment when goodwill is formed and the reporting period or the previous period of the reporting period is within the performance commitment period □ Applicable √ Not applicable

Other instructions

□Applicable √Not applicable

28. Long-term deferred expenses

□Applicable √Not applicable

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29. Deferred income tax assets/deferred income tax liabilities

(1). Deferred income tax assets without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Items Deductible temporary deferred income tax Deductible temporary deferred income tax

Difference Asset Difference Asset impairment provision 56,034,189.49 8,405,128.44 51,516,705.59 7,727,505.84 Government subsidies not included in profit or loss 12,714,460.36 1,907,169.05 13,280,949.34 1,992,142.40 Employee benefits payable 100,728.56 15,109.28 101,761.21 15,264.18 Other current liabilities 9,882,494.28 1,482,374.14 8,999,715.17 1,349,957.28 Deductible losses 20,088,214.18 3,013,232.13 14,500,563.73 2,175,084.56 Lease liabilities 1,742,472.57 261,370.89 1,481,449.22 222,217.38

Total 100,562,559.44 15,084,383.93 89,881,144.26 13,482,171.64

(2). Deferred income tax liabilities without offset

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Taxable temporary deferred income tax Taxable temporary deferred income tax

Difference Liabilities Difference Changes in fair value of liabilities 3,205,238.11 480,785.72 1,136,542.86 170,481.43 Right-of-use assets 2,049,039.32 307,355.90 1,726,628.01 258,994.20

Total 5,254,277.43 788,141.62 2,863,170.87 429,475.63

(3). Deferred income tax assets or liabilities presented on a net basis after offsetting

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Deferred income tax is deferred after offsetting Deferred income tax is deferred after offsetting

Assets and liabilities are offset against each other, tax assets or liabilities are offset against each other, tax assets or liabilities are offset against each other, tax assets or liabilities are offset against each other,

Amount Debt balance Amount Debt balance Deferred income tax assets -261,370.90 14,823,013.03 -222,217.38 13,259,954.26 Deferred income tax liabilities -261,370.90 526,770.72 -222,217.38 207,258.25

(4). Details of deferred income tax assets not recognized

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Deductible losses 20,193,743.58 14,218,571.54

Total 20,193,743.58 14,218,571.54

(5). Deductible losses that have not been recognized as deferred income tax assets will expire in the following years

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Year Ending amount Beginning amount Remarks

2024

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2025/

2026/

2027/

2028 4,189,818.32 4,189,818.32 /

2029 16,003,925.26 10,028,753.22 /

Total 20,193,743.58 14,218,571.54

Other notes:

□Applicable √Not applicable

30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Impairment allowance Impairment allowance

Book balance Book value Book balance Book value

Be prepared

For purchase and construction 25,947,086.10 25,947,086.10 36,405,220.00 36,405,220.00 Long-term assets

advance payment

item

Total 25,947,086.10 25,947,086.10 36,405,220.00 36,405,220.00Other instructions:

None

31. Assets with restricted ownership or use rights

√Applicable □Not applicable

Unit: Yuan Currency: RMB End of Period Beginning of Period

Book balance Book value Restricted items Book balance Book value Restricted items

Type condition limit condition name

class

type

monetary guarantee

463,396.09 463,396.09 Pledge Margin 37,395.74 37,395.74

Capital Deposit Investment

structural currency its

35,000,000.00 35,000,000.00 Sex deposit funds He

Payment is in transit but not processed

Not done yet

Fixed 211,165,684.5 180,402,06 163,296,246.7 163,296,246.7 Others Completed

Other property rights certificates

Assets 7 4.28 5 5 He Warrants

book

211,629,080.6 180,865,46 198,333,642.4 198,333,642.4

Total - - - -

6 0.37 9 9

Other notes:

None

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32. Short-term borrowings

(1). Classification of short-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Credit loan 13,440,000.00 14,000,000.00 Undue interest payable 7,280.00 8,341.67 Total 13,447,280.00 14,008,341.67 Description of short-term loan classification:

None

(2). Overdue short-term borrowings that have not been repaid

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

33. Trading financial liabilities

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

34. Derivative financial liabilities

□Applicable √Not applicable

35. Notes payable

□Applicable √Not applicable

36. Accounts payable

(1). Presentation of accounts payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Materials payable 6,297,440.04 5,438,414.72

Total 6,297,440.04 5,438,414.72

(2). Important accounts payable that are aged more than 1 year or are overdue

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

37. Advance payments

(1). Presentation of accounts received in advance

□Applicable √Not applicable

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(2). Important advances from customers aged more than 1 year

□Applicable √Not applicable

(3). The amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

38. Contract liabilities

(6). Contract liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Advance payment for goods 15,080,733.51 17,343,332.38

Total 15,080,733.51 17,343,332.38

(7). Important contract liabilities aged more than 1 year

□Applicable √Not applicable

(8). Amount and reasons for significant changes in book value during the reporting period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount of change Reason for change

Product sales contract 2,262,598.87 Fulfill performance obligations

Total 2,262,598.87 /

Other notes:

□Applicable √Not applicable

39. Payable to employees

(1). Presentation of employee benefits payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Beginning balance Increase in the current period Decrease in the current period Ending balance

1. Short-term salary 15,225,900.61 34,978,431.58 42,403,385.88 7,800,946.31

2. Post-employment benefits-set bonus 3,780,211.52 3,780,211.52

savings plan

3. Dismissal benefits

4. Other benefits that expire within one year

profit

Total 15,225,900.61 38,758,643.10 46,183,597.40 7,800,946.31

(2). Presentation of short-term compensation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Beginning balance Increase in the current period Decrease in the current period Ending balance

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1. Salaries, bonuses, allowances and

15,124,139.40 30,855,754.42 38,279,676.07 7,700,217.75 Subsidy

2. Employee welfare fees 195,212.43 195,212.43

3. Social insurance premiums 2,199,928.40 2,199,928.40

Including: medical insurance premium 2,063,851.13 2,063,851.13

Work injury insurance premium 136,077.27 136,077.27

maternity insurance premium

4. Housing Provident Fund 1,458,251.00 1,458,251.00

5. Trade union funds and employee education

101,761.21 269,285.33 270,317.98 100,728.56 Funding

6. Short-term paid absences

7. Short-term profit sharing plan

Total 15,225,900.61 34,978,431.58 42,403,385.88 7,800,946.31

(3). Display of defined contribution plan

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Basic pension insurance 3,651,212.93 3,651,212.93

2. Unemployment insurance premium 128,998.59 128,998.59

3. Enterprise annuity payment

Total 3,780,211.52 3,780,211.52

Other notes:

□Applicable √Not applicable

40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Value-added tax 500,901.46 846,768.89Corporate income tax

Personal income tax 199,908.03 281,567.97 Urban maintenance and construction tax 25,045.08 42,338.45 Property tax 361,593.18 355,907.01 Land use tax 16,136.46 16,136.46 Education fee surcharge 15,027.03 25,403.04 Local education surcharge 10,018.03 16,935.38 Others 13,716.64 13,650.80

Total 1,142,345.91 1,598,708.00Other instructions:

None

41. Other payables

(1). Project list

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Closing balance Opening balance

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interest payable

Dividends payable 553,005.07 553,005.07 Other payables 60,753,433.21 52,038,112.67 Total 61,306,438.28 52,591,117.74

(2). Interest payable

□Applicable √Not applicable

(3). Dividends payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Dividends on ordinary shares 553,005.07 553,005.07

Total 553,005.07 553,005.07 Other explanations, including important dividends payable that have not been paid for more than 1 year, the reasons for non-payment should be disclosed:

Because the 1,815,221 shares of the company held by the company's shareholder, American United Biopharmaceuticals, have been judicially frozen, the corresponding dividends have not yet been paid.

(4). Other payables

Present other payables according to nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Construction project payment 4,911,616.60 4,060,346.65 Technical service fee 33,007,464.51 32,280,408.69 Equipment purchase payment 15,425,680.95 9,482,761.70 Deposit 132,473.65 79,323.65 Government subsidies 5,490,000.00 2,250,000.00 Others 1,786,197.50 3,885,271.98 Total 60,753,433.21 52,038,112.67

Important other payables aged more than 1 year or overdue

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Reason for outstanding repayment or carry-forward Current unit 1 16,970,743.38 Negotiating payment progress

Dealer 2 2,337,000.00 Warranty deposit

Dealer 3 1,652,716.05 Warranty deposit

Total 20,960,459.43

Other notes:

□Applicable √Not applicable

42. Liabilities held for sale

□Applicable √Not applicable

43. Non-current liabilities due within 1 year

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Lease liabilities due within 1 year 532,035.86 475,512.00

Total 532,035.86 475,512.00Other instructions:

None

44. Other current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Test and inspection fee 1,443,600.00 1,226,060.00 Epidemic prevention service fee 8,438,894.28 7,773,655.17 Output tax to be transferred 452,422.01 520,299.98 Total 10,334,916.29 9,520,015.15

Changes in short-term bonds payable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

45. Long-term loans

(1). Classification of long-term loans

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

46. Bonds payable

(1). Bonds payable

□Applicable √Not applicable

(2). Details of bonds payable: (excluding preference shares, perpetual bonds and other financial instruments classified as financial liabilities) □ Applicable √ Not applicable

(3). Description of convertible corporate bonds

□Applicable √Not applicable

Accounting treatment and judgment basis for equity transfer

□Applicable √Not applicable

(4). Description of other financial instruments classified as financial liabilities

Basic information on preferred shares, perpetual bonds and other financial instruments outstanding at the end of the period

□Applicable √Not applicable

Statement of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period

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□Applicable √Not applicable

Explanation of the basis for classifying other financial instruments as financial liabilities

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

47. Lease liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Lease payment 2,013,837.16 1,738,101.16 Less: Unrecognized financing expenses 271,364.59 256,651.94

Subtotal 1,742,472.57 1,481,449.22 Less: Lease liabilities due within one year 532,035.86 475,512.00

Total 1,210,436.71 1,005,937.22Other instructions:

None

48. Long-term accounts payable

Item list

□Applicable √Not applicable

long-term payables

□Applicable √Not applicable

Special payables

□Applicable √Not applicable

49. Long-term employee benefits payable

□Applicable √Not applicable

50. Estimated liabilities

□Applicable √Not applicable

51. Deferred income

Deferred income

√Applicable □Not applicable

Unit: Yuan Currency RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Reasons for formation and asset-related policies

11,080,949.34 986,488.98 10,094,460.36 Government subsidies

Total 11,080,949.34 986,488.98 10,094,460.36

Other notes:

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□Applicable √Not applicable

52. Other non-current liabilities

□Applicable √Not applicable

53. Share capital

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in this change (+, one)

Balance at the beginning of the period Issued Provident Fund Balance at the end of the period Bonus shares Other Subtotal

New shares Conversion

Total shares

410,644,000.00 Number of 410,644,000.00

Other notes:

None

54. Other equity instruments

(1). Basic information on preferred stocks, perpetual bonds and other financial instruments outstanding at the end of the period

□Applicable √Not applicable

(2). Statement of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period

□Applicable √Not applicable

Changes in other equity instruments during the current period, explanations of the reasons for the changes, and the basis for relevant accounting treatments:

□Applicable √Not applicable

Other instructions:

□Applicable √Not applicable

55. Capital reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB Items Beginning balance Increase in the current period Decrease in the current period Ending balance Capital premium (share capital

528,736,191.91 528,736,191.91 premium)

Other capital reserves 10,497,280.00 10,497,280.00 Total 539,233,471.91 539,233,471.91 Other explanations, including changes in increases and decreases in the current period and explanations of reasons for changes:

None

56. Treasury stocks

√Applicable □Not applicable

Unit: Yuan Currency: RMB items Beginning balance Increase in the current period Decrease in the current period Ending balance Share repurchase 18,324,408.37 1,679,888.69 20,004,297.06 Total 18,324,408.37 1,679,888.69 20,004,297.06 Other explanations, including changes in increases and decreases in the current period and explanation of reasons for changes:

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None

57. Other comprehensive income

□Applicable √Not applicable

58. Special reserves

□Applicable √Not applicable

59. Surplus reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Statutory surplus reserve 75,020,487.07 75,020,487.07

Total 75,020,487.07 75,020,487.07 Description of surplus reserve, including changes in increases and decreases in the current period and explanation of reasons for changes:

None

60. Undistributed profits

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items for this period and previous year

Undistributed profits at the end of the previous period before adjustment 404,721,662.16 463,834,260.37 Total undistributed profits at the beginning of the period before adjustment (adjustment +

, reduce -)

Adjusted opening undistributed profits 404,721,662.16 463,834,260.37 plus: Net profit attributable to owners of the parent company for the period

-12,869,700.94 -44,740,058.21Profit

Less: Withdrawal from statutory surplus reserve

Withdraw discretionary surplus reserve

Withdraw general risk reserve

Dividends payable on common shares 14,372,540.00

Dividends on common shares converted into equity capital

Undistributed profits at the end of the period 391,851,961.22 404,721,662.16 Adjustment of undistributed profits at the beginning of the period:

1. Due to the retrospective adjustment of the Accounting Standards for Business Enterprises and its related new regulations, the undistributed profit at the beginning of the period was affected by RMB 0.

2. Due to changes in accounting policies, the undistributed profit at the beginning of the period was affected by RMB 0.

3. Due to the correction of major accounting errors, the undistributed profit at the beginning of the period was affected by RMB 0.

4. The change in the scope of consolidation due to the same control affects the undistributed profit at the beginning of the period of 0 yuan.

5. The total impact of other adjustments on the undistributed profit at the beginning of the period is 0 yuan.

6. Operating income and operating costs

(1). Operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount for the current period Amount for the previous period

Project

Revenue Cost Revenue Cost Main business 121,019,686.93 50,103,914.59 124,818,752.09 51,980,024.77 Other businesses 705,451.35 54,547.83 1,557,189.21 594,885.63

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Total 121,725,138.28 50,158,462.42 126,375,941.30 52,574,910.40

(2). Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Main Business-Segment Total

Contract classification

Operating income Operating cost Operating income Operating cost Product type

Biological products for veterinary use 120,797,926.93 49,223,656.94 120,797,926.93 49,223,656.94 Others 221,760.00 880,257.65 221,760.00 880,257.65Classified by business area

Central Plains District 27,337,549.97 10,564,024.34 27,337,549.97 10,564,024.34 East China District 21,965,248.47 7,845,328.35 21,965,248.47 7,845,328.35Northeast Region 24,230,883.11 8,420,738.96 24,230,883.11 8,420,738.96Southern China Region 10,943,064.67 5,381,840.89 10,943,064.67 5,381,840.89Southwestern District 20,569,518.73 8,184,804.92 20,569,518.73 8,184,804.92Other Districts 15,973,421.98 9,707,177.13 15,973,421.98 9,707,177.13 Classified by revenue recognition time

Revenue recognized at a certain point in time 121,019,686.93 50,103,914.59 121,019,686.93 50,103,914.59

Total 121,019,686.93 50,103,914.59 121,019,686.93 50,103,914.59Other instructions

□Applicable √Not applicable

(3). Description of performance obligations

□Applicable √Not applicable

(4). Description of allocation to remaining performance obligations

□Applicable √Not applicable

(5). Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

None

62. Taxes and surcharges

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Urban maintenance and construction tax 191,427.35 220,945.09

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Education surcharge 114,773.87 132,567.03 Real estate tax 1,591,315.05 1,419,811.06 Land use tax 150,933.40 150,501.32 Local education surcharge 76,515.90 88,378.02 Others 55,495.50 57,016.49

Total 2,180,461.07 2,069,219.01

Other notes:

None

63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 9,835,074.84 12,987,713.19 Travel expenses 4,106,601.78 5,236,879.51 Business entertainment expenses 1,816,187.19 1,963,139.01 Epidemic prevention service expenses 4,385,867.21 6,187,694.6 Marketing fee 13,882,647.83 22,027,419.26 Product service fee 3,258,020.27 3,385,439.9 Others 1,340,606.34 1,567,236.12 Total 38,625,005.46 53,355,521.59Other instructions:

None

64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 14,009,294.91 13,870,611.66 Technical service fee 5,352,055.66 5,139,450.14 Travel expenses 145,433.23 217,560.99 Business entertainment expenses 475,365.99 613,964.62 Depreciation and amortization 3,663,320.10 3,543,579.93Professional service fees 650,880.00 215,080.00Others 3,122,139.51 5,961,677.30Total 27,418,489.40 29,561,924.64Other instructions:

None

65. Research and development expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 5,961,362.61 8,942,558.04Cooperative research and development expenses 4,625,000.16 4,624,999.99Materials 3,334,747.24 2,513,170.75Depreciation 4,607,580.50 6,471,180.48

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Testing fee 836,851.72 1,808,371.97 Others 847,464.40 1,259,054.76 Total 20,213,006.63 25,619,335.99 Other instructions:

None

66. Financial expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Interest expense 136,378.66

Less: Interest income 227,198.91 396,195.42 Exchange gains and losses 6.29 -13.38 Bank fees 6,054.42 15,785.99 Amortization of unrecognized financing expenses for lease liabilities 26,310.67 16,467.93 Others -14,000.00

Total -58,448.87 -377,954.88Other instructions:

None

67. Other income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Classification by nature Amount incurred in the current period Amount incurred in the previous period

Government subsidies 2,705,367.48 2,051,927.44 Value-added tax exemption 6,412.72

Others 83,654.43 128,677.72

Total 2,795,434.63 2,180,605.16Other instructions:

None

68. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Long-term equity investment income calculated using the equity method -548,566.65 -2,525.18 Structured deposits and private securities investment fund investments

591,010.02 1,009,447.52 capital income

Total 42,443.37 1,006,922.34

Other notes:

None

69. Net exposure hedging income

□Applicable √Not applicable

70. Income from changes in fair value

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Sources of income from changes in fair value Amount for the current period Amount for the previous period Trading financial assets 2,157,584.14 116,132.31

Total 2,157,584.14 116,132.31Other instructions:

None.

71. Income from asset disposal

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Items Amounts incurred in the current period. Disposal of amounts incurred in the previous period is not classified as fixed assets held for sale.

Fixed assets, projects under construction, productive production

-46,839.30

Profit from disposal of physical assets and intangible assets

gain or loss

Including: fixed assets -46,839.30

Total -46,839.30

Other notes:

□Applicable √Not applicable

72. Credit impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in the current period Amount incurred in the previous period Bad debt losses on notes receivable -6,779.16

Bad debt losses on accounts receivable -4,521,748.84 -3,735,404.59 Bad debt losses on other receivables -2,147.30 5,450.86

Total -4,530,675.30 -3,729,953.73Other instructions:

None

73. Asset impairment losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

1. Impairment losses on contract assets

2. Inventory depreciation losses and contract performance costs 12,977.32 -26,623.65 Impairment losses

3. Impairment losses on long-term equity investments

4. Impairment losses on investment real estate

5. Impairment losses on fixed assets

6. Impairment losses of engineering materials

7. Impairment losses on projects under construction

8. Impairment losses on productive biological assets

9. Impairment losses on oil and gas assets

10. Impairment losses on intangible assets

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11. Goodwill impairment loss

12. Others

Total 12,977.32 -26,623.65

Other notes:

Asset impairment losses for this period decreased by 148.74% compared with the previous period, mainly due to the decrease in inventory depreciation losses.

74. Non-operating income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring losses for the current period Amount incurred in the current period Amount incurred in the previous period

amount of profit

Income from liquidated damages 6,000.00

Others 119,601.00 8,113.06 119,601.00

Total 119,601.00 14,113.06 119,601.00

Other notes:

□Applicable √Not applicable

75. Non-operating expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring losses for the current period Amount incurred in the current period Amount incurred in the previous period

amount of profit

Damage report of non-current assets 284,936.50

waste loss

Others 3,221.41 35.81 3,221.41

Total 3,221.41 284,972.31 3,221.41

Other notes:

None.

76. Income tax expenses

(1). Income tax expense schedule

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Current income tax expense 21,404.70 -112,190.00 Deferred income tax expense -1,243,546.30 -602,986.24

Total -1,222,141.60 -715,176.24

(2). Adjustment process of accounting profits and income tax expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in this period

Total profit -16,264,533.38 Income tax expense calculated according to statutory/applicable tax rates -2,439,680.00 Impact of different tax rates applicable to subsidiaries 53,646.19 Impact of adjusting income tax in previous periods 21,404.70 Impact of non-taxable income

Effect of non-deductible costs, expenses and losses 669,279.54

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Use the deductible losses of deferred income tax assets not recognized in the previous period

impact of loss

The impact of deductible temporary 1,493,793.01 differences or deductible losses of deferred income tax assets not recognized in the current period

Super deduction for R&D expenses -1,020,585.04 Income tax expense -1,222,141.60

Other notes:

□Applicable √Not applicable

77. Other comprehensive income

□Applicable √Not applicable

78. Cash flow statement items

(1). Cash related to operating activities

Other cash received related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Government subsidies 5,804,854.34 3,374,009.97 Security deposit recovery and advances 4,490,870.04 6,959,686.57 Bank deposit interest 210,881.53 376,411.91 Others 73,751.66 345,048.21

Total 10,580,357.57 11,055,156.66 Description of other cash received related to operating activities:

None

Other cash paid related to operating activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Cash payment period expenses (excluding financial expenses

32,378,144.72 42,248,357.12)

Paid cooperative research and development expenses 9,250,000.00

Payment of deposits and advances 6,127,925.61 14,328,235.46 Others 72,845.19 142,796.52 Total 47,828,915.52 56,719,389.10 Description of other cash paid related to operating activities:

None

(2). Cash related to investing activities

Cash received in connection with significant investing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount for the current period Amount for the previous period

568,710,000.00 Cash received from recovery of investment 352,000,000.00

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1,365,997.30 Cash received from investment income 679,898.91

Total 352,679,898.91 570,075,997.30 Description of cash received related to important investment activities:

None

Cash payments related to significant investment activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount for the current period Amount for the previous period

Cash paid for the purchase and construction of fixed assets, intangible assets and others 21,658,558.85 22,338,674.00 long-term assets

Cash paid for investment 347,500,000.00 447,080,000.00 Total 369,158,558.85 469,418,674.00 Description of cash paid for important investment activities:

None

Other cash received related to investing activities

□Applicable √Not applicable

Other cash paid related to investing activities

□Applicable √Not applicable

(3). Cash related to financing activities

Other cash received related to financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount for the current period Amount for the previous period

Interest income from the special account for raised funds 16,317.38 19,783.51 Return of principal and interest on lease liabilities

Total 16,317.38 19,783.51

Description of other cash received related to financing activities:

None

Other cash payments related to financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Amount for the current period Amount for the previous period

Payment of principal and interest on lease liabilities 336,762.89 380,208.00 Payment of share repurchase 1,679,888.69

Total 2,016,651.58 380,208.00

Description of other cash payments related to financing activities:

None

Changes in various liabilities arising from financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Item Beginning balance Increase in the current period Decrease in the current period Ending balance

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Cash changes Non-cash changes Cash changes Non-cash changes

move move change

Short-term borrowings 14,008,341.67 17,835.99 578,897.66 13,447,280.00 Lease liabilities 1,481,449.22 597,786.24 336,762.89 1,742,472.57

Total 15,489,790.89 615,622.23 915,660.55 15,189,752.57

(4). Explanation on presenting cash flow in net amount

□Applicable √Not applicable

(5). Major activities that do not involve current cash receipts and payments but affect the company's financial status or may affect the company's cash flow in the future and

financial impact

□Applicable √Not applicable

79. Supplementary information for cash flow statement

(1). Supplementary information for cash flow statement

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Supplementary information Amount for the current period Amount for the previous period

1. Reconciliation of net income to cash from operating activities

Traffic:

Net profit -15,042,391.78 -36,435,616.03 Plus: asset impairment provision -12,977.32 26,623.65 Credit impairment loss 4,530,675.30 3,729,953.73 Fixed asset depreciation, oil and gas asset depreciation, production

31,639,949.28 29,683,553.90 Depreciation of productive biological assets

Amortization of right-of-use assets 223,235.70 344,128.36 Amortization of intangible assets 4,860,951.56 4,247,418.61 Amortization of long-term prepaid expenses

Disposal of fixed assets, intangible assets and other long-term

Loss on future assets (income is listed with "-" 46,839.30

)

Loss from scrapping of fixed assets (income is marked with “-”

284,936.50 (fill in the column)

Loss from change in fair value (income is marked with “-”

-2,157,584.14 -116,132.31 fill in the column)

Financial expenses (income is listed with "-") 162,689.33 16,467.93 Investment losses (income is listed with "-") -42,443.37 -1,006,922.34 Decrease in deferred income tax assets (increase is marked with "-"

-1,563,058.77 -599,353.68 (Fill in the numbers)

Increase in deferred income tax liabilities (decrease indicated by “-”

No. 319,512.47-3,632.56 (please fill in the list)

Decrease in inventory (increase indicated by "-") -1,345,091.91 -2,442,103.37 Decrease in operating receivables (increase indicated by "-")

-27,898,980.31 -1,949,089.46-" fill in the numbers)

Increase in operating payable items (decrease with "

-33,110,378.82 3,414,133.70-" fill in the numbers)

Others

Net cash flow from operating activities -39,389,053.48 -805,633.37

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2. Major investments that do not involve cash receipts and payments

Fundraising activities:

debt to capital

Convertible corporate bonds due within one year

Financing leased fixed assets

3. Net changes in cash and cash equivalents

:

Closing balance of cash 52,612,813.89 131,323,385.70 Less: Opening balance of cash 111,169,093.80 44,840,710.38 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents -58,556,279.91 86,482,675.32

(2). Net cash paid in the current period to acquire subsidiaries

□Applicable √Not applicable

(3). Net cash received from disposal of subsidiaries in the current period

□Applicable √Not applicable

(4). Composition of cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

1. Cash 52,612,813.89 111,169,093.80 Including: Cash on hand 40,183.14 23,982.14 Bank deposits that can be used for payment at any time 52,572,373.17 109,469,292.50 Other currencies that can be used for payment at any time

257.58 1,675,819.16 funds

Deposit central bank available for payments

payment

Deposit funds from other banks

Funds placed with other banks

2. Cash equivalents

Including: Bond investments due within three months

3. Balance of cash and cash equivalents at the end of the period 52,612,813.89 111,169,093.80 Among them: the parent company or subsidiaries within the group use

With restricted cash and cash equivalents

(5). Situations where the scope of use is limited but still presented as cash and cash equivalents

□Applicable √Not applicable

(6). Monetary funds that are not cash and cash equivalents

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Reason Guarantee deposit 241,105.94 2,201.60 Restricted performance bond 222,290.15 35,194.14 Restricted

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Subscription of structured deposits is not restricted 35,000,000.00

Transfer but controlled amount

Total 463,396.09 35,037,395.74 /

Other notes:

□Applicable √Not applicable

80. Notes on items in the statement of changes in owners’ equity

Explain the name of the "other" items and the adjustment amount and other matters that were adjusted to the closing balance of the previous year: □ Applicable √ Not applicable

81. Foreign currency monetary items

(1). Foreign currency monetary items

√Applicable □Not applicable

Unit: yuan Conversion into RMB items at the end of the period Foreign currency balance at the end of the period Conversion exchange rate

Balance of monetary funds - - 1,519.41 Including: US dollars 211.37 7.1884 1,519.41 Euros

Hong Kong dollar

Accounts Receivable - - Of which: USD

Euro

Hong Kong dollar

Long-term borrowings - - Of which: US dollars

Euro

Hong Kong dollar

Other notes:

None

(2). Description of overseas operating entities, including for important overseas operating entities, their main overseas operating place and accounting standard should be disclosed.

currency and the basis for selection. If the accounting standard currency changes, the reasons should also be disclosed.

□Applicable √Not applicable

82. Leasing

(1). As a lessee

√Applicable □Not applicable

Variable lease payments not included in the measurement of lease liabilities

□Applicable √Not applicable

Simplified treatment of short-term leases or lease payments for low-value assets

□Applicable √Not applicable

Sale and leaseback transactions and basis for judgment

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□Applicable √Not applicable

The total cash outflow related to leasing is 336,762.89 (unit: yuan, currency: RMB)

(2). As a lessor

Operating lease as lessor

√Applicable □Not applicable

Unit: Yuan Currency: RMB Including: Available items not included in lease receipts Lease income

Income related to variable lease payments Lease income 297,344.65

Total 297,344.65

Finance lease as lessor

□Applicable √Not applicable

Reconciliation of undiscounted lease receipts and net lease investment

□Applicable √Not applicable

Undiscounted lease receipts over the next five years

□Applicable √Not applicable

(3). Recognize financial lease sales profits and losses as a manufacturer or distributor

□Applicable √Not applicable

Other instructions

None

83. Data resources

□Applicable √Not applicable

84. Others

□Applicable √Not applicable

8. R&D expenditures

1. List according to nature of expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 8,455,291.15 10,444,632.04Cooperative research and development expenses 4,625,000.16 22,024,999.99Materials 4,014,041.09 2,972,268.16Depreciation 7,741,737.03 7,963,218.68 Testing fee 1,161,788.55 1,835,634.27 Others 1,171,170.75 1,522,059.70

Total 27,169,028.73 46,762,812.84 Including: Expenditure R&D expenditure 20,213,006.63 25,619,335.99 Capitalized R&D expenditure 6,956,022.10 21,143,476.85

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Other notes:

None

2. Development expenditures on R&D projects that meet capitalization conditions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase amount in this period Decrease amount in this period

Transfer at the beginning of the period and at the end of the period

Project

Internal development expenses are recognized as intangible assets

Balance Others Current balance output

Profit and loss

Production technology one 300,000.00 300,000.00Production technology two 300,000.00 300,000.00Production technology three 19,167,888.17 2,472,931.42 21,640,819.59

Production technology four 3,082,339.74 650,890.42 3,733,230.16 Production technology five 4,444,942.89 2,715,012.99 7,159,955.88 Production technology six 5,888,924.30 1,117,187.27 7,006,111.57 33,184,095.10 6,956,022.10 21,640,819.59 18,499,297.61

total

Significant Capitalized R&D Projects

√Applicable □Not applicable

Estimated completion: Estimated economic benefits begin capitalization

Project R&D progress is based on the time point in which the profits will be generated.

The People's Republic of China has obtained temporary

Heguo Agricultural Agriculture

Production number,

Production Technology 4 May 2026 May 2023 The Village Ministry announced the follow-up investment to obtain veterinary drug products

Emergency evaluation development product approval number No. 670

Price result announcement, product realization

Intellectual Property Grant Production Technology Five In Progress June 2026 Listed August 2024

Letter of authority

New Veterinary Drug Registration and Production Technology VI Ongoing December 2026 November 2024

Certificate

Impairment provision for development expenditures

□Applicable √Not applicable

Other instructions

None

3. Important outsourced research projects

□Applicable √Not applicable

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9. Changes in consolidation scope

1. Business merger not under common control □Applicable √Not applicable

2. Business merger under common control □Applicable √Not applicable

3. Reverse purchase

□Applicable √Not applicable

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4. Disposal of subsidiaries

Are there any transactions or events that result in the loss of control of subsidiaries during this period?

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Is there any situation where investments in subsidiaries are disposed of step by step through multiple transactions and control is lost in the current period?

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

5. Changes in the scope of consolidation due to other reasons

Explain the changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries, liquidation of subsidiaries, etc.) and their related situations: □ Applicable √ Not applicable

6. Others

□Applicable √Not applicable

10. Interests in other entities

1. Interests in subsidiaries

(1). Structure of enterprise groups

√Applicable □Not applicable

Unit: Yuan Currency: RMB Shareholding ratio (%) Name of acquired subsidiary Main place of business Registered capital Place of registration Nature of business

Direct indirect method Gansu Shenlan Breeding Co., Ltd.

Lanzhou City, Gansu Province 10 million yuan Lanzhou City, Gansu Province Breeding of experimental animals 100.00 Investment to establish a department

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Shanghai Shenruilian Biopharmaceutical Research and Development of Nucleic Acid Vaccines and Nucleic Acid Drugs

Shanghai City 166.68 million yuan Shanghai City 60.00 Investment to establish a limited company to develop, produce and sell Shanghai Bentiancheng Biomedicine

Shanghai City 10 million yuan Shanghai City Biological product development 100.00 Investment to establish a limited company

Hangzhou Shenhang Biomedicine has research and development, production and sales of pet drugs.

Hangzhou City, Zhejiang Province 10 million yuan Hangzhou City, Zhejiang Province 100.00 Investment to establish a limited company Sale

Explanation on the difference between the proportion of shareholding in subsidiaries and the proportion of voting rights:

None

Basis for holding half or less of the voting rights but still controlling the invested unit, and holding more than half of the voting rights but not controlling the invested unit:

None

For important structured entities included in the scope of consolidation, the basis for control is:

None

Basis for determining whether a company is agent or principal:

None

Other notes:

None

(2). Important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Shareholdings held by minority shareholders Name of subsidiaries declaring distributions to minority shareholders in the current period Profit and loss attributable to minority shareholders in the current period Balance of minority shareholders’ equity at the end of the period

Proportion (%) Shanghai Shenruilian Biopharmaceutical Co., Ltd.

40.00% -2,172,690.84 12,154,558.45 Co., Ltd.

Explanation on the difference between the shareholding ratio of minority shareholders of subsidiaries and the voting rights ratio:

□Applicable √Not applicable

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Other notes:

□Applicable √Not applicable

(3). Main financial information of important non-wholly owned subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

son

non-public

flow flow division

Current assets Non-current assets Total assets Current liabilities Total liabilities Current assets Non-current assets Total assets Current liabilities Total liabilities

Negative

debt debt

sea

Apply

sharp

link

give birth to

6,956,910.7 52,924,992.8 59,881,903.5 14,501,507. 14,501,507. 6,934,319.8 45,810,566.1 52,744,885.9 1,932,762.7 1,932,762.7 things

0 0 0 37 37 1 3 4 2 2medical

medicine

Yes

limited

Public

Division

Amount for the current period Amount for the previous period

Subsidiary name Cash flow from operating activities Operating cash from operating activities Operating income Net profit Total comprehensive income Net profit Total comprehensive income

volume industry flow

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Revenue Shanghai Shenruilian Biopharmaceutical Co., Ltd. -5,431,727.09 -5,431,727.09 -2,544,037.98 -4,819,106.78 -4,819,106.78 -3,520,968.24

Other notes:

None

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(4). Significant restrictions on the use of enterprise group assets and settlement of enterprise group debts:

□Applicable √Not applicable

(5). Financial support or other support provided to structured entities included in the scope of consolidated financial statements:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

2. Transactions in which the ownership share of the subsidiary changes and the subsidiary is still controlled

□Applicable √Not applicable

3. Interests in joint ventures or associated enterprises

√Applicable □Not applicable

(1). Important joint ventures or associates

√Applicable □Not applicable

Unit: Yuan Currency: RMB Shareholding ratio in joint ventures or joint ventures (%)

Joint venture investment or joint venture Main place of business Registration place Nature of business

Name of the accounting treatment party Direct Indirect

French joint venture

Yangzhou Shizhi Human Innovation

Source Biotechnology Jiangsu Province Drug Research and Development,

Yangzhou City, Jiangsu Province 20.48 Equity Legal Technology Co., Ltd. Yangzhou City Clinical and Commercial

Industrialize the company

Ju Ying Wailai

Animal Diseases Jiangsu Province

Taizhou City, Jiangsu Province Technology Development 16.00 Equity Law Prevention and Control Taizhou Taizhou City

Ltd.

Explanation on the difference between the proportion of shareholdings in joint ventures or associates and the proportion of voting rights:

None

Basis for holding less than 20% of the voting rights but having significant influence, or holding 20% or more of the voting rights but not having significant influence: Juying Exotic Animal Disease Prevention and Control Taizhou Co., Ltd. reserves 1 director seat for the company.

(2). Main financial information of important joint ventures

□Applicable √Not applicable

(3). Main financial information of important associates

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance/amount of the current period Beginning balance/amount of the previous period Juying Exotic Animals Yangzhou Shiyuan Sheng Juying Exotic Animals Yangzhou Shizhiyuan Disease Prevention and Control Taizhou Wu Technology Co., Ltd. Disease Prevention and Control Taizhou Wu Technology Co., Ltd. Ren Company Co., Ltd. Ren Company

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Current assets 9,800,770.88 14,774,805.37 9,731,305.39 Non-current assets 160,000.00 135,788,400.00 160,000.00Total assets 9,960,770.88 150,563,205.37 9,891,305.39 Current liabilities 76,500.00 3,132,983.09 Non-current liabilities

Total liabilities 76,500.00 3,132,983.09Minority shareholders’ equity

Equity attributable to shareholders of the parent company 9,884,270.88 147,430,222.28 9,891,305.39 Net asset share calculated based on shareholding ratio 1,581,483.35 30,193,709.52 1,582,608.87

Adjustments -10,741,150.65 --Goodwill

--Unrealized profits from internal transactions

--Others -10,741,150.65 Book value of equity investment in associates 1,581,483.35 19,452,558.87 1,582,608.87

There is a joint venture right that is publicly quoted

fair value of investment

Operating income 3,561,226.42 Net profit -7,034.51 -71,936.72 -15,782.38 Net profit from discontinued operations

other comprehensive income

Total comprehensive income -7,034.51 -71,936.72 -15,782.38 Received from associates this year

of dividends

Other instructions

None

(4). Summary financial information of unimportant joint ventures and associates

□Applicable √Not applicable

(5). Explanation of significant restrictions on the ability of joint ventures or associates to transfer funds to the company □Applicable √Not applicable

(6). Excess losses incurred by joint ventures or associates

□Applicable √Not applicable

(7). Unconfirmed commitments related to investments in joint ventures

□Applicable √Not applicable

(8). Contingent liabilities related to investments in joint ventures or associates

□Applicable √Not applicable

4. Important joint operations

□Applicable √Not applicable

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5. Interests in structured entities not included in the scope of consolidated financial statements

Relevant instructions for structured entities not included in the scope of consolidated financial statements:

□Applicable √Not applicable

6. Others

□Applicable √Not applicable

11. Government subsidies

1. Government subsidies recognized according to the amount receivable at the end of the reporting period

□Applicable √Not applicable

Reasons for failure to receive the estimated amount of government subsidy at the estimated time

□Applicable √Not applicable

2. Liability items involving government subsidies

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Included in the current period and transferred to the financial statements of assets in the current period. Additional additions in the current period.

Beginning balance Non-operating income other Closing balance/Income statement item Subsidy amount Other changes

Amount of deposit, income, related deferred income and assets

11,080,949.34 986,488.98 10,094,460.36

Other related benefits and benefits

2,250,000.00 3,240,000.00 5,490,000.00

Total payment related 13,330,949.34 3,240,000.00 986,488.98 15,584,460.36 /

3. Government subsidies included in current profits and losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Type Amount for the current period Amount for the previous period

Related to assets 986,488.98 1,877,917.47 Related to income 1,718,878.5 174,009.97

Total 2,705,367.48 2,051,927.44

Other notes:

None

12. Risks related to financial instruments

1. Risks of financial instruments

√Applicable □Not applicable

2. Hedging

(1). The company carries out hedging business for risk management

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

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(2). The company carries out qualified hedging business and applies hedging accounting

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(3). The company carries out hedging business for risk management and expects to achieve risk management objectives but does not apply hedging accounting.

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

3. Transfer of financial assets

(1). Classification of transfer methods

□Applicable √Not applicable

(2). Financial assets derecognized due to transfer

□Applicable √Not applicable

(3). Transferred financial assets with continued involvement

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

The company's main financial instruments include monetary funds, trading financial assets, accounts receivable, other equity instrument investments, loans and payables, etc. We face risks from various financial instruments in our daily activities, mainly including credit risk, liquidity risk, and market risk. The risks associated with these financial instruments, and the risk management policies adopted by the Company to mitigate these risks, are as follows:

(1) Credit risk

The Company only transacts with accredited, reputable third parties. In accordance with the company's policy, all customers who request to conduct transactions on credit are subject to credit review. In addition, the Company continuously monitors the balance of accounts receivable to ensure that the Company does not face significant bad debt risks. For transactions that are not settled in the accounting functional currency of the relevant operating unit, the Company does not provide credit transaction conditions unless specifically approved by the Company's credit control department.

The Company's other financial assets include monetary funds and other receivables. The credit risk of these financial assets arises from the default of the counterparty, and the maximum risk exposure is equal to the carrying amount of these instruments. The Company does not face credit risk due to the provision of financial guarantees.

As the Company only trades with accredited and reputable third parties, no collateral is required. Credit risk is managed centrally by customer, geographic region and industry. As of June 30, 2025, 19.00% of the company's accounts receivable came from the customer with the largest balance of accounts receivable, and 47.69% of the company's accounts receivable came from the top five customers with the balance of accounts receivable. The Company does not hold any collateral or other credit enhancements on the accounts receivable balance.

(2) Liquidity risk

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Liquidity risk refers to the risk that the company is unable to obtain sufficient funds in a timely manner to meet business development needs or repay mature debts and other payment obligations.

The company's financial department continues to monitor the company's short-term and long-term funding needs to ensure that sufficient cash reserves are maintained; at the same time, it continues to monitor whether it complies with the provisions of the loan agreement and obtains commitments from major financial institutions to provide sufficient reserve funds to meet short-term and long-term funding needs.

As of June 30, 2025, the maturity period of the company's financial liabilities is as follows:

Project June 30, 2025

Within 1 year 1-2 years 2-3 years More than 3 years Total short-term borrowings 13,447,280.00 13,447,280.00 Accounts payable 6,297,440.04 6,297,440.04 Other payables 61,306,438.28 61,306,438.28 Other current liabilities 1,443,600.00 1,443,600.00 Lease liabilities 532,035.86 405,429.21 389,069.25 415,938.25 1,742,472.57 Total 83,026,794.18 405,429.21 389,069.25 415,938.25 84,237,230.89 (continued from the above table)

December 31, 2024

Project

Within 1 year 1-2 years 2-3 years More than 3 years Total short-term borrowings 14,008,341.67 14,008,341.67 Accounts payable 5,438,414.72 5,438,414.72 Other payables 52,591,117.74 52,591,117.74 Other current liabilities 1,226,060.00 1,226,060.00 Lease liabilities 475,512.00 344,200.92 312,790.92 348,945.38 1,481,449.22 Total 73,739,446.13 344,200.92 312,790.92 348,945.38 74,745,383.35

(3) Market risk

1. Foreign exchange risk

Except for the purchase of some equipment settled in foreign currencies, the proportion of foreign currency assets and liabilities held by the Company to the overall assets and liabilities is not significant. The company's management believes that, with other variables held constant, possible reasonable changes in exchange rates will have little pre-tax impact on current profits and losses and shareholders' equity.

As of June 30, 2025, the main foreign exchange risk exposures of the company's foreign currency assets and liabilities are as follows (for presentation considerations, the risk exposure amounts are listed in RMB and converted at the spot exchange rate on the balance sheet date):

US dollars

Project June 30, 2025 December 31, 2024

Foreign currency RMB Foreign currency RMB monetary funds 211.37 1,519.41 211.87 1,522.96

2. Interest rate risk

The risk that the company faces from changes in market interest rates is mainly related to long-term liabilities bearing interest at floating rates.

As of June 30, 2025, the Company had no long-term liabilities with floating interest rates.

13. Disclosure of fair value

1. Closing fair value of assets and liabilities measured at fair value

√Applicable □Not applicable

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Unit: Yuan Currency: RMB Closing fair value item First level fair price Second level fair price Total third level fair price

value measurement value measurement value measurement

1. Ongoing fair value measurement 685,885.20 23,172,255.13

57,525,445.78 81,383,586.11 quantity

(1) Trading financial assets 685,885.20 23,172,255.13 52,025,445.78 75,883,586.11 1. Measured at fair value and change 685,885.20 23,172,255.13 52,025,445.78 75,883,586.11 Financial items automatically included in current profits and losses

assets

(1) Debt instrument investment

(2) Investment in equity instruments 685,885.20 23,172,255.13 23,858,140.33 (3) Derivative financial assets

(4) Others 52,025,445.78 52,025,445.78

2. Designated to be measured at fair value

And its changes are included in the current profit and loss

financial assets

(1) Debt instrument investment

(2) Equity instrument investment

(2) Other debt investments

(3) Investment in other equity instruments

5,500,000.00 5,500,000.00 capital

(4) Investment real estate

1. Land use rights for lease

2. Buildings for rent

3. Hold and prepare to transfer after appreciation

land use rights

(5) Biological assets

1. Consumable biological assets

2. Productive biological assets

Measured at fair value on an ongoing basis

685,885.20 23,172,255.13 57,525,445.78 81,383,586.11Total assets

(6) Trading financial liabilities

1. Measured at fair value and changed

Financial assets that are automatically included in current profits and losses

Liabilities

Including: trading bonds issued

coupon

Derivative financial liabilities

Others

2. Designated as fair value

The amount and changes are included in the current profit and loss

financial liabilities

Measured at fair value on an ongoing basis

total liabilities

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2. Non-sustaining fair value

Measurement

(1) Assets held for sale

Measured at fair value on a non-continuous basis

of total assets

Measured at fair value on a non-continuous basis

of total liabilities

2. Basis for determining the market price of continuous and non-continuous first-level fair value measurement items √Applicable □Not applicable

The closing price of the public trading market on the balance sheet date.

3. Continuous and non-continuous second-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters √ Applicable □ Not applicable

Private equity fund information disclosure monthly report unit net value at the end of the reporting period.

4. Continuous and non-continuous third-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters √ Applicable □ Not applicable

June 30, 2025

Content Valuation techniques Unobservable inputs Range (weighted average)

fair value

Structured deposits 52,025,445.78 Discounted cash flow method Expected rate of return 0.65%-0.70%

5. Continuous third-level fair value measurement items, reconciliation information between the opening and closing book values and unobservable parameter sensitivity

perceptual analysis

□Applicable √Not applicable

6. For ongoing fair value measurement items, if there is a conversion between various levels during the current period, the reasons for the conversion and the determination of the time of conversion

policy

□Applicable √Not applicable

7. Valuation technology changes that occurred during the period and reasons for the changes

□Applicable √Not applicable

8. Fair value of financial assets and financial liabilities not measured at fair value √Applicable □Not applicable

The Company's financial assets and financial liabilities measured at amortized cost mainly include: monetary funds, accounts receivable, other receivables, short-term borrowings, accounts payable, other payables, etc.

The difference between the book value and fair value of the above-mentioned financial assets and financial liabilities not measured at fair value is very small.

9. Others

□Applicable √Not applicable

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14. Related parties and related transactions

1. Information about the parent company of this enterprise

□Applicable √Not applicable

2. Information about the company’s subsidiaries

Please refer to the notes for details of the company’s subsidiaries.

√Applicable □Not applicable

For details of the Company's subsidiaries, please see "Note 10. Interests in Other Entities".

3. Information about the company’s joint ventures and associated enterprises

Please refer to the notes for details of important joint ventures or associates of this company.

√Applicable □Not applicable

(1) Information about the company’s important joint ventures and associated enterprises

For details of the Company’s important joint ventures or associates, please refer to “Note 10. Interests in Other Entities”.

(2) There were no related party transactions with the company during the reporting period, or balances resulting from related party transactions with the company in the previous period.

Other joint ventures or associated enterprises.

The information of other joint ventures or associates that have related party transactions with the company in the current period, or have balances from related party transactions with the company in previous periods, is as follows:

□Applicable √Not applicable

4. Other related parties

√Applicable □Not applicable

Names of other related parties Relationship between other related parties and the company American United Biopharmaceuticals Inc. Shareholders with significant influence

Shanghai Dajing Bioengineering Co., Ltd. An enterprise controlled by Yang Yufang and Yang Congzhou

Shanghai Dajing Biological Agricultural Fertilizer Co., Ltd. A wholly-owned subsidiary of Shanghai Dajing Bioengineering Co., Ltd.

Shanghai Bentiancheng Biopharmaceutical Co., Ltd. invested in Yangzhou Shizhiyuan Biotechnology Co., Ltd., which has a significant impact

of enterprises

The controlling shareholder of Yangzhou Shizhiyuan Biotechnology Co., Ltd., the former director of Manitide (Shanghai) Biotechnology Co., Ltd. Ms. Lin Shujing serves as a director of Manitide, Ms. Lin Shujing

Less than 12 months since leaving the company

Other instructions

None

5. Related transactions

(1). Related transactions related to the purchase and sale of goods, provision and receipt of services

Procurement of goods/service acceptance form

√Applicable □Not applicable

Unit: Yuan Currency: RMB Approved transaction Whether it exceeds the cross-related transaction limit

Related parties Amount incurred in the current period Amount (such as Shiyi Amount (such as amount incurred in the previous period)

Use) Applicable)

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Shanghai Dajing Bio Purchase Disinfectant 0 37,800.00 Agricultural Fertilizer Co., Ltd.

Sales of goods/provision of services table □ Applicable √ Not applicable

Description of related-party transactions for purchasing and selling goods, providing and receiving services □Applicable √Not applicable

(2). Related entrusted management/contracting and entrusted management/contracting status. The company’s entrusted management/contracting status table: □Applicable √Not applicable

Description of related trusteeship/contracting □Applicable √Not applicable

The company’s entrusted management/outsourcing status table: □ Applicable √ Not applicable

Description of related management/outsourcing situation □Applicable √Not applicable

(3). Related leasing situation

As a lessor, our company:

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Name of the lessee Type of leased assets Lease income recognized in the current period Lease income recognized in the previous period Shanghai Dajing Bioengineering

Office building 297,344.65 298,877.98 Co., Ltd.

As a lessee, our company:

□Applicable √Not applicable

Description of related leasing situation

□Applicable √Not applicable

(4). Related guarantees

The company acts as a guarantor

□Applicable √Not applicable

The company as the guaranteed party

□Applicable √Not applicable

Description of related guarantees

□Applicable √Not applicable

(5). Related party lending

□Applicable √Not applicable

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(6). Asset transfer and debt restructuring of related parties

□Applicable √Not applicable

(7). Remuneration of key management personnel

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Remuneration of key management personnel 3,369,810.00 4,527,580.00

(8). Other related transactions

√Applicable □Not applicable

The company held the second meeting of the fourth board of directors and the second meeting of the fourth board of supervisors on February 5, 2025, and reviewed and approved the "Proposal on Foreign Investments and Related Transactions of Wholly-Owned Subsidiaries": The company will increase capital or borrow money from its wholly-owned subsidiary Shanghai Bentiancheng Biopharmaceutical Co., Ltd., and Bentiancheng will increase capital in Yangzhou Shizhiyuan with RMB 60 million, accounting for 20.48% of the equity of Yangzhou Shizhiyuan after this transaction.

Before this transaction, Manitide held 100% equity of Shizhiyuan. Ms. Lin Shujing, the former director of the company, serves as a director of Manitide. Ms. Lin Shujing has left the company for less than 12 months. According to the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" (hereinafter referred to as the "Listing Rules"), Manitide is a related party of the company. This transaction involves a joint investment with the related party Manitide, constituting a related transaction.

6. Unsettled items such as receivables and payables to related parties

(1). Items receivable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project name Related parties

Book balance Bad debt provision Book balance Bad debt provision Shanghai Dajing Biotech

Accounts receivable 312,410.00 3,124.10 631,260.00 6,312.60

Engineering Co., Ltd.

(2). Items payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB Project name Related parties Book balance at the end of the period Book balance at the beginning of the period

United Biopharmaceuticals

Dividends payable 553,005.07 553,005.07

Division

(3). Other items

□Applicable √Not applicable

7. Related party commitments

□Applicable √Not applicable

8. Others

□Applicable √Not applicable

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15. Share-based payment

1. Various equity instruments

(1). Details

□Applicable √Not applicable

(2). Stock options or other equity instruments outstanding at the end of the period

□Applicable √Not applicable

2. Equity-settled share-based payment

□Applicable √Not applicable

3. Share-based payment settled in cash

□Applicable √Not applicable

4. Share-based payment expenses for this period

□Applicable √Not applicable

5. Modification and termination of share-based payment

□Applicable √Not applicable

6. Others

□Applicable √Not applicable

16. Commitments and contingencies

1. Important commitments

√Applicable □Not applicable

Important external commitments, nature and amount existing on the balance sheet date

Investment in subsidiaries:

Amount of committed capital Amount of actual capital contribution Company name Capital period (10,000 yuan) (10,000 yuan) Gansu Shenlan Breeding Co., Ltd. 1,000.00 1,000.00 Fully invested Shanghai Shenruilian Biopharmaceutical Co., Ltd. 10,000.00 4,500.00 Before June 30, 2031 Shanghai Bentiancheng Biopharmaceutical Co., Ltd. 1,000.00 1,000.00 Fully invested in Hangzhou Shenhang Biopharmaceutical Co., Ltd. 1,000.00 750.00 Before September 17, 2029

Except for the above matters, the Company has no other important commitments that need to be disclosed.

2. Contingencies

(1). Important contingencies existing on the balance sheet date

□Applicable √Not applicable

(2). If the company has no important contingencies that need to be disclosed, it should also be explained: √Applicable □Not applicable

As of June 30, 2025, the company has no important contingencies that need to be disclosed.

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3. Others

□Applicable √Not applicable

17. Events after the balance sheet date

18. Important non-adjustment matters □Applicable √Not applicable

19. Profit distribution

□Applicable √Not applicable

3. Sales returns

□Applicable √Not applicable

4. Description of other post-balance sheet events □Applicable √Not applicable

5. Other important matters

6. Correction of accounting errors in the previous period (1). Retrospective restatement method

□Applicable √Not applicable

(2). Prospective application of law

□Applicable √Not applicable

2. Important debt restructuring

□Applicable √Not applicable

3. Asset replacement

(1). Non-monetary asset exchange □ Applicable √ Not applicable

(2). Other asset replacements □Applicable √Not applicable

4. Annuity plan

□Applicable √Not applicable

5. Termination of operations

□Applicable √Not applicable

6. Branch information

(1). Basis for determination of reporting segments and accounting policies √ Applicable □ Not applicable

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The company determines its operating segments based on its internal organizational structure, management requirements, and internal reporting system. The company's operating segments refer to components that meet the following conditions at the same time:

(1) This component can generate income and incur expenses in daily activities;

(2) The management can regularly evaluate the operating results of the component to decide to allocate resources to it and evaluate its performance; (3) The management can obtain relevant accounting information such as the financial status, operating results and cash flow of the component.

The company determines reporting segments on the basis of operating segments, and an operating segment that meets one of the following conditions is determined as a reporting segment: (1) The segment revenue of this operating segment accounts for 10% or more of the total revenue of all segments;

(2) The absolute amount of segment profits (losses) of the segment accounts for 10% or more of the greater of the absolute amount of the total profits of all profitable segments or the total absolute amount of losses of all loss-making segments.

The company's business focus is mainly on the research and development, production and sales of veterinary biological products. The management regards this business as a whole to implement management and evaluate operating results. Therefore, segment information is not reported in this financial statement.

(2). Financial information of reportable segments

□Applicable √Not applicable

(3). If the company has no reportable segments, or cannot disclose the total assets and total liabilities of each reportable segment, the reasons should be stated □Applicable √Not applicable

(4). Other instructions

□Applicable √Not applicable

7. Other important transactions and matters that have an impact on investors’ decision-making

□Applicable √Not applicable

8. Others

□Applicable √Not applicable

19. Notes on main items of the parent company’s financial statements

1. Accounts receivable

(1). Disclosure based on aging

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 165,779,859.87 157,009,901.42 Total within 1 year 165,779,859.87 157,009,901.42 1 to 2 years 104,075,055.82 97,770,488.88 2 to 3 years 30,839,645.27 22,452,101.20 3 to 4 years 10,124,532.55 5,495,879.95 4 to 5 years 1,512,800.00 1,420,800.00 More than 5 years 523,218.00 523,218.00

Subtotal 312,855,111.51 284,672,389.45 Less: bad debt provision 27,791,971.36 23,270,234.52

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Total 2025 semi-annual report of Shenlian Biopharmaceutical (Shanghai) Co., Ltd. 285,063,140.15 261,402,154.93

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(2). Classified disclosure based on bad debt accrual method

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Book balance Provision for bad debts Book balance Provision for bad debts

Category Book Provision Book Provision Ratio Ratio

Amount Ratio (%) Amount Value Amount Amount Ratio Value example (%) (%)

(%)

Provision made individually 5,258,427.50 1.68 3,680,899.25 70.00 1,577,528.25 5,258,427.50 1.85 3,680,899.25 70.00 1,577,528.25 Bad debt provision

Among them:

1. Receivable from other customers 5,258,427.50 1.68 3,680,899.25 70.00 1,577,528.25 5,258,427.50 1.85 3,680,899.25 70.00 1,577,528.25 households

Provision based on combination 307,596,684.01 98.32 24,111,072.11 7.84 283,485,611.90 279,413,961.95 98.15 19,589,335.27 7.01 259,824,626.68 Bad debt provision

Among them:

1. Receivables from related parties within the scope of consolidation 4,500.00 4,500.00 969,544.70 0.31 969,544.70

Customer

2. Receivable from other customers 306,627,139.31 98.01 24,111,072.11 7.86 282,516,067.20 279,409,461.95 98.15 19,589,335.27 7.01 259,820,126.68 households

Total 312,855,111.51 100.00 27,791,971.36 / 285,063,140.15 284,672,389.45 100.00 23,270,234.52 8.17 261,402,154.93

Provision for bad debts is made individually:

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Proportion of provision (%) Reason for provision Hunan Jiahe Agriculture and Animal Husbandry Co., Ltd. 3,668,427.50 2,567,899.25 70.00 Customers face liquidity risks Qiqun Agriculture and Animal Husbandry Group Co., Ltd. 1,590,000.00 1,113,000.00 70.00 Customers face liquidity risks

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Total 5,258,427.50 3,680,899.25 70.00 /

Instructions on accruing bad debt provisions individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: Portfolio 2. Receivables from other customers

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Provision ratio (%)

Within 1 year 164,779,915.17 1,647,799.15 1.00 1-2 years 102,697,860.32 10,269,786.03 10.00 2-3 years 26,988,813.27 5,397,762.65 20.00 3-4 years 10,124,532.55 5,062,266.28 50.00 4-5 years 1,512,800.00 1,210,240.00 80.00 More than 5 years 523,218.00 523,218.00 100.00

Total 306,627,139.31 24,111,072.11 7.86 Instructions on the provision of bad debt provisions by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model

□Applicable √Not applicable

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of accounts receivable that have experienced changes in loss provisions during the current period:

√Applicable □Not applicable

None

(3). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Category Beginning balance Amount of change during the period Ending balance

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Provision Recovery or reversal Write-off or write-off Other changes Provision for bad debts on an individual basis 3,680,899.25 3,680,899.25 1. Receivables from other customers 3,680,899.25 3,680,899.25 Provision for bad debts on a combined basis 19,589,335.27 4,521,736.84 24,111,072.11 1. Receivables within the scope of consolidation

Joint customers

2. Receivables from other customers 19,589,335.27 4,521,736.84 24,111,072.11

Total 23,270,234.52 4,521,736.84 27,791,971.36 Among them, the amount of bad debt provision recovery or reversal in the current period is important:

□Applicable √Not applicable

Other instructions

None

(4). Accounts receivable actually written off in the current period

□Applicable √Not applicable

Among them, the important write-off of accounts receivable

□Applicable √Not applicable

Instructions for writing off accounts receivable:

□Applicable √Not applicable

(5). Accounts receivable and contract assets of the top five ending balances by debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts receivable and contract assets accounts receivable and contract assets period

Unit name Closing balance of accounts receivable Closing balance of contract assets Total closing balance of production period Closing balance of bad debt provision

Proportion (%)

The top five accounts receivable at the end of the period

148,732,303.46 148,732,303.46 47.54 Summary of paragraph 15,045,695.03 and its contract assets

Total 148,732,303.46 148,732,303.46 47.54 15,045,695.03Other instructions

None

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Other notes on the 2025 Semi-Annual Report of Shenlian Biopharmaceutical (Shanghai) Co., Ltd.:

□Applicable √Not applicable

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2. Other receivables

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Interest receivable

Dividends receivable

Other receivables 48,699,190.10 24,787,261.48

Total 48,699,190.10 24,787,261.48

Other notes:

□Applicable √Not applicable

interest receivable

(1). Classification of interest receivable

□Applicable √Not applicable

(2). Important overdue interest

□Applicable √Not applicable

(3). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts is made individually:

□Applicable √Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by group:

□Applicable √Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(4). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(5). Interest receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of interest receivable □ Applicable √ Not applicable

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Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(6). Dividends receivable

□Applicable √Not applicable

(7). Important dividends receivable aged more than 1 year □ Applicable √ Not applicable

(8). Classified disclosure according to bad debt accrual method □Applicable √Not applicable

Provision for bad debts on an individual basis: □ Applicable √ Not applicable

Explanation on the provision of bad debt provisions on an individual basis: □ Applicable √ Not applicable

Provision for bad debts by combination: □ Applicable √ Not applicable

Provision for bad debts based on the general expected credit loss model □ Applicable √ Not applicable

(9). Bad debt provision □Applicable √Not applicable

Among them, the amount of bad debt provision recovery or reversal in the current period is important: □ Applicable √ Not applicable

Other notes:

None

(10). Dividends receivable actually written off in the current period □ Applicable √ Not applicable

Among them, the important write-off of dividends receivable □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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Other receivables

(11). Disclosure based on aging

□Applicable □Not applicable

Unit: Yuan Currency: RMB

Aging Book balance at the end of the period Book balance at the beginning of the period

Within 1 year 32,253,265.70 12,782,135.78 Within 1 year (including 1 year) 32,253,265.70 12,782,135.78 1 to 2 years 11,194,311.00 10,613,056.00 2 to 3 years 5,220,991.00 1,375,150.00 3 to 4 years 15,850.00

4 to 5 years 41,400.00 More than 5 years 41,400.00

Total 48,725,817.70 24,811,741.78

(12). Classification by nature of money

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Nature of payment Book balance at the end of the period Book balance at the beginning of the period

Internal transactions 45,437,710.33 21,750,808.20 Security deposit 3,079,999.52 2,683,862.40 Employee loans 170,393.88 155,212.25 Others 37,713.97 221,858.93

Subtotal 48,725,817.70 24,811,741.78 Less: provision for bad debts 26,627.60 24,480.30

Total 48,699,190.10 24,787,261.48

(13). Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Expected letter for the entire duration Anticipated letter for the entire duration Total bad debt provisions Forecast for the next 12 months

loss of use (no credit loss occurred (credit loss occurred)

period credit loss

Use impairment) Use impairment)

Remaining balance on January 1, 2025 24,480.30 24,480.30

January 1, 2025 The remaining amount in this issue

--Transfer to the second stage

--Transfer to the third stage

--Return to the second stage

--Return to the first stage

Provision in this period 4,647.30 4,647.30 Transfer in this period 2,500.00 2,500.00 Write-off in this period

Write-off in this period

Other changes

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June 30, 2025 26,627.60 26,627.60 Balance

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of other receivables that have experienced changes in loss provisions during the current period:

□Applicable √Not applicable

The amount of bad debt provision for the current period and the basis for assessing whether the credit risk of financial instruments has increased significantly: □ Applicable √ Not applicable

(14). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of bad debt provision reversed or recovered in the current period is important:

□Applicable √Not applicable

Other instructions

None

(15). Other receivables actually written off in the current period

□Applicable √Not applicable

Important write-offs of other receivables:

□Applicable √Not applicable

Instructions for writing off other receivables:

□Applicable √Not applicable

(16). Other receivables with top five closing balances based on debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Accounting for the closing balance of other receivables Name of the bad debt provision unit Closing balance Nature of the payment Aging

Proportion of the total amount (%) Ending balance first place 25,330,000.00 51.98 Internal transactions Second place within 3 years 10,106,710.33 20.74 Internal transactions Third place within 1 year 10,001,000.00 20.53 Internal transactions Fourth place within 1 year 504,000.00 1.03 Deposit No. 5 within 1 year 361,020.00 0.74 Deposit Total within 1 year 46,302,730.33 95.03

(17). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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3. Long-term equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Project

Book balance Impairment provision Book value Book balance Impairment provision Book value Investment in subsidiaries 72,500,000.00 72,500,000.00 55,000,000.00 55,000,000.00 Investment in associates and joint ventures 1,581,483.35 1,581,483.35 1,582,608.87 1,582,608.87 Total 74,081,483.35 74,081,483.35 56,582,608.87 56,582,608.87

(1) Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Opening balance (account impairment provision at the beginning of the period)

Increases and decreases in the current period

Closing balance (Account Impairment provision Invested unit at the end of the period

(face value) Balance Additional investment Decrease investment Provision for impairment Others (face value) Balance

Gansu Shenlan Breeding Co., Ltd.

10,000,000.00 10,000,000.00 Co., Ltd.

Shanghai Shenruilian Biotechnology

45,000,000.00 45,000,000.00 Pharmaceutical Co., Ltd.

Hangzhou Shenhang Biomedical

7,500,000.00 7,500,000.00 Pharmaceutical Co., Ltd.

Shanghai Bentiancheng Biotechnology

10,000,000.00 10,000,000.00 Pharmaceutical Co., Ltd.

Total 55,000,000.00 17,500,000.00 72,500,000.00

(2) Investment in associates and joint ventures

√Applicable □Not applicable

Unit: Yuan Currency: RMB investment Beginning of the period Increase or decrease in the current period

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Unit balance (book value impairment quasi-declared) Closing balance (book value impairment quasi-equity method) Other comprehensive

) Additional investment at the beginning of the preparation period, other rights to be paid in cash, accrued less value) Investment gains and losses recognized at the end of the preparation period, others

Changes in balance capital investment income Dividend or value reserve Adjustment to balance income

profit

1. Joint ventures

2. Joint ventures

Juyingwai 1,582,608.87 -1,125.52 1,581,483.35 animals

disease prevention

Rule Taizhou

limited company

Division

Subtotal 1,582,608.87 -1,125.52 1,581,483.35Total 1,582,608.87 -1,125.52 1,581,483.35

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(3) Impairment testing of long-term equity investments

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

4. Operating income and operating costs

(1). Operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount for the current period Amount for the previous period

Project

Revenue Cost Revenue Cost Main business 120,841,100.01 49,270,599.00 124,818,752.09 51,980,024.77 Other business 2,419,737.06 54,547.83 3,307,377.83 611,548.38

Total 123,260,837.07 49,325,146.83 128,126,129.92 52,591,573.15

(2). Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Main business Total

Contract classification

Operating income Operating cost Operating income Operating cost Product type

Veterinary biological products 120,841,100.01 49,270,599.00 120,841,100.01 49,270,599.00 Classification by business area

Central Plains District 27,337,549.97 10,564,024.34 27,337,549.97 10,564,024.34 East China District 21,960,460.41 7,844,309.27 21,960,460.41 7,844,309.27Northeast Region 24,230,883.11 8,420,738.96 24,230,883.11 8,420,738.96South China Region 10,943,064.67 5,381,840.89 10,943,064.67 5,381,840.89Southwestern District 20,569,518.73 8,184,804.92 20,569,518.73 8,184,804.92Other Districts 15,799,623.12 8,874,880.62 15,799,623.12 8,874,880.62 divided according to the time of goods transfer

class

Revenue recognized at a certain point in time 120,841,100.01 49,270,599.00 120,841,100.01 49,270,599.00

Total 120,841,100.01 49,270,599.00 120,841,100.01 49,270,599.00

Other instructions

□Applicable √Not applicable

(3). Description of performance obligations

□Applicable √Not applicable

(4). Description of allocation to remaining performance obligations

□Applicable √Not applicable

(5). Major contract changes or major transaction price adjustments

□Applicable √Not applicable

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Other notes:

None

5. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in the current period Amount incurred in the previous period Long-term equity investment income calculated using equity method -1,125.52 -2,525.18 Income from debt restructuring

Investment income from structured deposits and private securities investment funds 591,010.02 841,186.41

Total 589,884.50 838,661.23

Other notes:

None

6. Others

□Applicable √Not applicable

20. Supplementary information

1. Detailed statement of non-recurring profits and losses for the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount Description of gains and losses from disposal of non-current assets, including accrued asset deductions

-46,839.30 offset portion of value provision

Government subsidies are included in the current profit and loss, but are not related to the company’s normal operations.

Closely related to business operations, in compliance with national policies and regulations, and in accordance with

1,718,878.50 determined standard enjoyment, which will have a continuous impact on the company’s profit and loss

Except for government subsidies

Except for effective hedging related to the company’s normal business operations

In addition to business, non-financial enterprises hold financial assets and financial liabilities

2,157,584.14 Gains and losses from changes in fair value of bonds and disposal financing

Profit and loss arising from assets and financial liabilities

The proportion of funds collected from non-financial enterprises included in the current profit and loss

fees

Gains and losses from entrusting others to invest or manage assets 591,010.02 Gains and losses from external entrusted loans

Due to force majeure factors, such as natural disasters

Loss of various assets

Reversal of impairment provision for accounts receivable that has been individually tested for impairment

The enterprise obtains investment from subsidiaries, associates and joint ventures

If the capital cost is less than when the investment is obtained, the invested unit shall enjoy

Gains from identifying the fair value of net assets

The balance sheet of subsidiaries resulting from business combinations under common control from the beginning to the end of the period

Net profit and loss for the current period on the date of merger

Gains and losses on non-monetary asset exchanges

Debt restructuring gains and losses

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An incident that occurs because the relevant business activities of the enterprise are no longer sustainable.

Sexual expenses, such as expenses for placement of employees, etc.

Due to adjustments in taxation, accounting and other laws and regulations, the current period's losses

one-time impact

The shares recognized in one go due to the cancellation or modification of the equity incentive plan

payment fee

For cash-settled share-based payments, after the vesting date

, gains and losses arising from changes in fair value of employee compensation payable

Investment properties that adopt the fair value model for subsequent measurement

Gains and losses arising from changes in fair value of real estate

Gains from transactions where the transaction price appears to be unfair

Contingencies unrelated to the company's normal business operations arise

Profit and loss

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items 116,379.59 Other profit and loss items that meet the definition of non-recurring profits and losses 83,654.43 Less: Amount of income tax impact 692,363.18 Amount of impact on minority shareholders’ equity (after tax) 1,803.08

Total 3,926,501.12

If the company determines items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as non-recurring gains and losses and is significant in amount, and if it defines the non-recurring gain or loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies that Offer Securities to the Public - Non-recurring Gains and Losses" as recurring gains and losses, the reasons should be explained. □Applicable √Not applicable

Other instructions

□Applicable √Not applicable

2. Return on net assets and earnings per share

√Applicable □Not applicable

Weighted average net assets Earnings per share Profit for the reporting period

Yield (%) Basic earnings per share Diluted earnings per share Net attributable to the company’s ordinary shareholders

-0.92 -0.03 -0.03Profit

After deducting non-recurring gains and losses, attributable to

-1.20 -0.04 -0.04 Net profit of the company’s common shareholders

3. Differences in accounting data under domestic and foreign accounting standards

□Applicable √Not applicable

4. Others

□Applicable √Not applicable

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Board approval submission date: August 29, 2025 Revised information

□Applicable √Not applicable

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