-- Special Report on Semi-annual Deposit, Management and Actual Use of Raised Funds in 2025
Securities code: 688177 Securities abbreviation: Biotech Announcement number: 2025-054
Biotech Biopharmaceutical Co., Ltd.
Special report on the storage, management and actual use of raised funds in the first half of 2025
The company's board of directors and all directors guarantee that the contents of this announcement do not contain any false records, misleading statements or major omissions, and assume legal responsibility for the authenticity, accuracy and completeness of its contents in accordance with the law.
In accordance with relevant regulations such as the "Supervision Rules for Funds Raised by Listed Companies", "Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 1 - Standardized Operations" and "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" and other relevant regulations, the special report of the board of directors of Biotech Biopharmaceutical Co., Ltd. (hereinafter referred to as "Biotech" or the "Company") on the deposit, management and actual use of raised funds for the first half of 2025 is as follows:
1. Basic situation of raised funds
(1) The actual amount of funds raised and its arrival status
With the review and approval of the Shanghai Stock Exchange’s Science and Technology Innovation Board Listing Committee on November 20, 2019, and the approval of the China Securities Regulatory Commission’s “Reply on Approving the Registration of the Initial Public Offering of Biopharmaceuticals Co., Ltd.” (Zhengjian Xu [2020] No. 92) on January 14, 2020, the company publicly issued 60,000,000 shares of RMB ordinary shares at an issue price of RMB 32.76 per share. The total amount of funds raised was RMB 1,965,600,000.00, and the net amount of funds raised was RMB 1,876,199,783.70. All the above-mentioned raised funds have been received and verified by Ernst & Young Hua Ming LLP (Special General Partnership) with the Ernst & Young Hua Ming (2020) Yanzi No. 61494123_G03 capital verification report.
(2) The amount of funds raised during the reporting period and the balance at the end of the period
As of June 30, 2025, the company has used a total of 1,708,582,846.70 yuan of raised funds, and the company's raised funds balance is 102,997,727.94 yuan (including the accumulated bank deposit interest received after deducting withholding income tax, bank fees and some listing and issuance expenses, excluding the amount of temporarily idle raised funds used for cash management at the end of the period and temporary supplementary working capital). The details are shown in the table below:
Project Amount (RMB) Total raised funds 1,965,600,000.00 Less: Issuance-related expenses 89,400,216.30 Net raised funds 1,876,199,783.70 Less: Cumulative amount of raised funds used (including the amount of replacement upfront investment) 1,708,582,846.70 Including: drug research and development projects 1,412,975,205.51 Marketing network construction project 99,942,656.51
Supplementary working capital 195,664,984.68 Less: The amount of temporarily idle raised funds used for cash management at the end of the period 70,000,000.00 Add: The net amount of interest income from raised funds minus handling fees 105,380,790.94 Less: Temporarily supplementary working capital 100,000,000.00 As of June 30, 2025, the balance of raised funds 102,997,727.94
2. Management of raised funds
In order to standardize the use and management of the company's raised funds, improve the efficiency of the use of raised funds, and effectively protect the interests of investors, the company has formulated the "Special Storage and Use Management System of Raised Funds of Biotech Biopharmaceutical Co., Ltd." in accordance with the "Supervisory Rules for Raised Funds of Listed Companies", "Shanghai Stock Exchange Self-Discipline Supervision Guidelines for Listed Companies No. 1 - Standardized Operation" and other relevant regulations and requirements, combined with the company's actual situation.
(1) Signing of the tripartite supervision agreement on raised funds
In February 2020, in accordance with the "Regulations on the Management of Funds Raised by Listed Companies on the Shanghai Stock Exchange", the company has signed a "Tripartite Supervision Agreement for the Special Account Storage of Raised Funds" with China International Capital Corporation (hereinafter referred to as the "Sponsor") and China CITIC Bank Co., Ltd. Guangzhou Branch, Shanghai Pudong Development Bank Co., Ltd. Guangzhou Tianhe Branch, and China Merchants Bank Co., Ltd. Guangzhou Development Zone Branch (hereinafter referred to as the "bank") respectively. The "Tripartite Supervision Agreement for the Special Account Deposit of Raised Funds" stipulates in detail the relevant responsibilities and obligations of the issuer, the sponsor institution and the bank where the account is opened. The agreement clarifies the rights and obligations of all parties. There are no major differences between the above-mentioned signed three-party supervision agreement and the "Three-Party Supervision Agreement for Separate Account Storage of Raised Funds (Template)". As of June 30, 2025, the company's use of raised funds strictly complied with the system and the "Tripartite Supervision Agreement for the Special Account Storage of Raised Funds".
(2) Storage status of raised funds in special account
As of June 30, 2025, the company's raised funds storage situation is as follows:
Bank account for the balance of raised funds Bank account number
(RMB) China CITIC Bank Co., Ltd.
8110901012301091862 16,117,859.23 Guangzhou Branch
Shanghai Pudong Development Bank Co., Ltd.
82070078801700000726 86,843,097.04 Co., Ltd. Guangzhou Tianhe Branch
China Merchants Bank Co., Ltd.
120908667010704 36,771.67 Guangzhou Development Zone Branch
Total 102,997,727.94
Note: 1. As of June 30, 2025, the company used idle raised funds to purchase unexpired time deposits for an amount of RMB 70,000,000.00.
3. Actual use of funds raised in the first half of 2025
(1) Usage of funds raised for investment projects
As of June 30, 2025, for details on the use of funds raised in investment projects (hereinafter referred to as "raised investment projects"), please refer to the "2025 Half-Year Raised Funds Usage Comparison Table" (see Appendix 1).
(2) Advance investment and replacement of fundraising projects
During the reporting period, the company did not have any replacement of self-raised funds pre-invested in fundraising projects.
(3) Temporarily supplementing working capital with idle raised funds
The company held the 17th meeting of the second board of directors and the 15th meeting of the second board of supervisors on August 22, 2024, and reviewed and approved the "Proposal on Using Part of Idle Raised Funds to Temporarily Supplement Working Capital", agreeing that the company will temporarily use no more than RMB 100 million to supplement the company's working capital without affecting the implementation of investment projects with raised funds and the use of raised funds. The use period shall not exceed 12 months from the date of approval by the board of directors. The company's independent directors issued independent opinions with clear agreement, and the sponsor issued verification opinions with clear agreement.
(4) Cash management of idle raised funds and investment in related products
The company held the 23rd meeting of the second board of directors and the 18th meeting of the second board of supervisors on March 21, 2025, and reviewed and approved the "Proposal on Using Part of Temporarily Idle Raised Funds and Part of its Own Funds for Cash Management", agreeing that the company will use no more than RMB 200 million (inclusive) of temporarily idle raised funds and no more than RMB 1.5 100 million yuan (inclusive) of self-owned funds for cash management, and without affecting the construction and use of the raised funds projects and the safety of the raised funds, use part of the temporarily idle raised funds and part of the self-owned funds to purchase highly secure capital-guaranteed products such as structured deposits and certificates of deposit, which is valid for 12 months from the date of review and approval by the company's board of directors. Within the above quota and period, the funds can be used on a rolling basis. The company's board of directors authorizes the chairman to exercise the investment decision-making power and sign relevant contract documents. Specific matters are organized and implemented by the company's finance department. According to the "Regulatory Guidelines for Listed Companies No. 2 - Supervisory Requirements for the Management and Use of Funds Raised by Listed Companies", the "Self-Regulatory Guidelines for Companies Listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operations" and the "Special Storage and Use Management System for Raised Funds of Biotech Biopharmaceutical Co., Ltd." and other relevant regulations, the proposal does not need to be submitted to the shareholders' meeting for review. The sponsor, China International Capital Corporation, issued a verification opinion that clearly agreed.
As of June 30, 2025, the company's cash management balance using temporarily idle raised funds was 70,000,000.00 yuan. The details are as follows:
Order Amount of investment Expected income Income
Trustee Bank Product Name Subscription Date Maturity Date
No. (Yuan) Yield Type China Merchants Bank Stock
Co., Ltd. Time 1 Time deposit 70,000,000.00 2025.5.30 2025.8.30 1.00%
Guangzhou Development Zone Deposit Branch
Total 70,000,000.00
(5) Use of excess raised funds to permanently supplement working capital or return bank loans
As of June 30, 2025, the company has not used super-raised funds to permanently replenish working capital or repay bank loans.
(6) The use of excess raised funds for projects under construction and new projects (including acquisition of assets, etc.)
As of June 30, 2025, the company has not used excess raised funds for projects under construction or new projects (including acquisition of assets, etc.).
(7) Usage of surplus raised funds
As of June 30, 2025, the company had no use of surplus raised funds for investment projects.
(8) Other uses of raised funds
As of June 30, 2025, the company had no other use of raised funds.
(9) Unused raised funds
As of June 30, 2025, the unused raised funds were RMB 271,913,468.78, accounting for 13.73% of the net raised funds. At present, the investment in the company's fundraising projects is proceeding as planned, and the company will continue to use the raised funds in an orderly manner according to the progress of the project plan.
4. Change the use of funds for investment projects
The company held the 26th meeting of the first board of directors and the 19th meeting of the first board of supervisors on August 27, 2021, and reviewed and approved the "Proposal on Changes and Amount Adjustments of Part of the Company's Fund-raising Investment Projects", and agreed to adjust some clinical trial sub-projects and their investment amounts in the "Drug Research and Development Project" of the company's investment project with funds raised from the initial public offering. The total amount of investment in the funds raised remains unchanged. This matter does not constitute a related transaction. The company's independent directors issued independent opinions with clear agreement, and the sponsor China International Capital Corporation issued verification opinions with clear agreement. The proposal has been reviewed and approved at the company's first extraordinary shareholders' meeting of 2021 held on September 13, 2021.
The company held the seventh meeting of the second board of directors and the sixth meeting of the second board of supervisors on April 26, 2023, and reviewed and approved the "Proposal on Changes and Amount Adjustments in Part of the Company's Fund-raised Investment Projects" and agreed to adjust some clinical trial sub-projects and their investment amounts in the "Drug Research and Development Project" of the company's investment project with funds raised from the initial public offering. The total amount of investment in raised funds remains unchanged. This matter does not constitute a related transaction. The company's independent directors issued independent opinions with clear agreement, and the sponsor China International Capital Corporation issued verification opinions with clear agreement. The proposal has been reviewed and approved at the company's 2022 annual shareholders' meeting held on May 18, 2023.
The company held the 24th meeting of the second board of directors on April 8, 2025, and reviewed and approved the "Proposal on Changes and Amount Adjustments of Part of the Sub-projects of Fund-raising Investment Projects", agreeing to adjust some clinical trial sub-projects and their investment amounts in the "Drug Research and Development Project" of the company's investment project with funds raised from the initial public offering, and will use the funds raised until March 19, 2025. The daily income (including interest income and cash management income) was adjusted to some sub-projects and new sub-projects in the "Drug Research and Development Project", and the total amount of raised funds invested in the "Drug Research and Development Project" increased. The sponsor, China International Capital Corporation, issued a verification opinion that clearly agreed. The proposal has been reviewed and approved at the company's 2024 annual shareholders' meeting held on April 30, 2025.
5. Problems in the use and disclosure of raised funds
As of June 30, 2025, the company has timely, truthfully, accurately and completely disclosed the storage, management and actual use of the company's raised funds in accordance with the provisions of relevant laws and regulations such as the "Supervisory Rules for Funds Raised by Listed Companies", "Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 1 - Standardized Operations" and "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", and there are no violations in the management of raised funds. The company has faithfully fulfilled its disclosure obligations regarding the investment direction and progress of the raised funds, and there are no major problems in the use and disclosure of the company's raised funds.
Announcement is hereby made.
Board of Directors of Biotech Biopharmaceutical Co., Ltd.
Schedule 1 on August 21, 2025:
Comparison table on the use of raised funds in the first half of 2025
Unit: RMB
Net amount of raised funds 1,876,199,783.70 Total amount of raised funds invested during the year 34,221,384.90 Total amount of raised funds changed in use 1,203,443,087.05
Proportion of total raised funds changed in use Total raised funds invested 1,708,582,846.70 64.14
(%)
Item Item Item reached Can be changed to version Yes
To line change item year No
As of the deadline, the forecasted performance target has been achieved.
Commitment Cumulative investment as of the end of the period. Investment at the end of the period is certain to include part of the raised funds. Commitment to invest as of the end of the period. Cumulative investment as of the end of the period. Actual.
Investment Total investment after adjustment Amount of investment for the year Amount and progress of committed investment Can it be divided into total variable capital Amount of investment ① Amount of investment ② Cash advance
The difference in the project amount ③=②-① (%) ④ The plan to issue an update
=②/① Use to produce (such as effective effective
(the condition is heavy) benefit benefit
Status, big day, change, change internally
Medication No No No
Segmentation
Research and development 1,580,000,000.00 1,684,776,531.78 1,684,776,531.78 34,221,384.90 1,412,975,205.51 -271,801,326.27 83.87 Appropriate Appropriate Appropriate No project
Project Use Use Use
change
Marketing
No, no, no network
None 100,000,000.00 100,000,000.00 100,000,000.00 0.00 99,942,656.51 -57,343.49 99.94 Suitable Suitable Suitable No construction
Use Use Use Items
Supplementary No No Not operating None 320,000,000.00 195,719,783.70 195,719,783.70 0.00 195,664,984.68 -54,799.02 99.97 Appropriate Appropriate No Funds Used Used Total - 2,000,000,000.00 1,980,496,315.48 1,980,496,315.48 34,221,384.90 1,708,582,846.70 -271,913,468.78 86.27 - - - -
The company published the "Announcement of Biotech Biopharmaceutical Co., Ltd. on the Termination of the BAT8001 Clinical Trial" on the website of the Shanghai Stock Exchange (www.sse.com.cn) on February 9, 2021, disclosing that "according to the company's preliminary statistical analysis, the main efficacy indicator progression-free survival (PFS) compared to the control The group (lapatinib combined with capecitabine) has not achieved the preset effective target. Therefore, it will be difficult for this drug to gain an advantage in the competition of many targeted anti-tumor drugs. In order to rationally allocate the company's R&D resources and focus on the advantageous projects in the R&D pipeline, the company has carefully considered the subsequent development risks of BAT8001 and decided to terminate the clinical trial of this project."
The company published the "Announcement of Biotech Biopharmaceutical Co., Ltd. on the Termination of BAT8003 and BAT1306 Clinical Trials" on the website of the Shanghai Stock Exchange (www.sse.com.cn) on March 5, 2021, disclosing that "taking into account the changes in the market structure of the current Trop2ADC field, and taking into account the BA T8003 and BAT8001 are similar in some technical features (although 8003 is conjugated at a fixed point, it also uses batansine technology), and there are high clinical development and market risks; the PD-1 global and domestic PD-1 monoclonal antibody research and development tracks have become crowded, and there are many reasons for not meeting the planned schedule (specific fundraising projects)
The research and development of competing products has also intensified competition for CRO companies, further increasing development costs. Therefore, given that BAT8003 and BAT1306 are currently in clinical phase I and phase II respectively, which are relatively early stages, subsequent clinical trials will require a large amount of manpower and financial resources from the company. In order to rationally allocate the company's R&D resources and focus on advantageous projects in the R&D pipeline, after careful consideration by the company, the company decided to terminate the clinical trials of the above projects. "
The company published the "Announcement of Biotech Biopharmaceutical Co., Ltd. on Sub-project Changes and Amount Adjustments of Some Raised Investment Projects" on the website of the Shanghai Stock Exchange (www.sse.com.cn) on August 28, 2021, disclosing that "as the company's drug research and development work continues to advance, based on the company's actual research and development situation and research and development plans, in order to improve the efficiency of the use of raised funds, the company has raised funds that have not been fully used after the termination of the aforementioned projects in total 69,707. The use plan of 10,000 yuan has been changed, of which 222.07 million yuan will be used to increase the total amount of funds planned to be invested in the original raised investment projects BAT1706, BAT1806 and BAT2506, and 475 million yuan will be used for newly raised funds. The total amount of funds planned to be used for the company's investment projects before and after the change remains unchanged. "
On April 27, 2023, the company published the "Announcement of Biotech Biopharmaceutical Co., Ltd. on the Sub-project Changes and Amount Adjustments of Some Raised Investment Projects" on the website of the Shanghai Stock Exchange (www.sse.com.cn), disclosing that "according to the company's drug research and development progress, in order to improve the efficiency and effectiveness of the use of raised funds, the company plans to change some of the R&D sub-projects in the "Drug R&D Project". The company will "BAT4306F", "BAT6021", The total remaining raised funds of the "BAT6005" and "BAT6026" sub-projects of RMB 343.0575 million were all changed to the sub-projects "BAT2306", "BAT4406F", "BAT2506", "BAT1806" and "BAT2206". The total amount of raised funds planned to be used for the company's investment projects before and after the change remained unchanged. "
The company held the 24th meeting of the second board of directors on April 8, 2025, and reviewed and approved the "Proposal on Sub-project Changes and Amount Adjustments of Certain Fund-raising Investment Projects", and agreed to conduct some clinical trials in the "Drug Research and Development Projects" of the company's initial public offering investment projects. The sub-projects and their investment amounts are adjusted, and the income from the raised funds as of March 19, 2025 (including interest income and cash management income) is adjusted to some sub-projects and new sub-projects in the "Drug Research and Development Project". The total amount of investment in the raised funds of the "Drug Research and Development Project" increases.
The company published the "Announcement of Biotech Biopharmaceutical Co., Ltd. on the termination of clinical trials of BAT8001" on the website of the Shanghai Stock Exchange (www.sse.com.cn) on February 9, 2021. This termination of the clinical trial of BAT8001 will not have a substantial impact on the company's investment and layout of innovative drugs. The company will continue to promote the research and development of other existing varieties; the company's statement on the significant changes in project feasibility on the website of the Shanghai Stock Exchange on March 5, 2021
(www.sse.com.cn) published the "Announcement of Biotech Biopharmaceutical Co., Ltd. on Terminating the Clinical Trials of BAT8003 and BAT1306". The termination of the clinical trials of BAT8003 and BAT1306 will not have a substantial impact on the company's investment and layout of innovative drugs. The company will continue to promote the research and development of other existing varieties.
On March 18, 2020, the company's 14th meeting of the first board of directors reviewed and approved the "Proposal on Using Raised Funds to Replace Preliminary Investment and Replacement of Raised Funds Investment Projects with Self-raised Funds", and agreed to use RMB 243,392,637.41 of raised funds to replace self-raised funds that have been previously invested in raised funds investment projects.
According to the 21st meeting of the company's first board of directors and the 15th meeting of the first board of supervisors on September 21, 2020, the company used part of the idle raised funds to temporarily supplement working capital of 100 million yuan. As of August 24, 2021, the company has returned 100 million yuan of funds and deposited them in the company's special account for raised funds; according to the company's 26th meeting of the first board of directors and the 19th meeting of the first board of supervisors on August 27, 2021, the company used idle raised funds to temporarily supplement working capital. The company continues to use part of the idle raised funds to temporarily replenish working capital of 100 million yuan. As of August 19, 2022, the company has returned 100 million yuan of funds and deposited them into the company's special account for raised funds; according to the company's second session of directors held on August 23, 2022 At the fourth meeting of the meeting and the third meeting of the second supervisory board, the company continued to use part of the idle raised funds to temporarily supplement working capital of 100 million yuan. As of August 21, 2023, the company had returned 100 million yuan of funds and deposited them into the company's special account for raised funds; according to On August 24, 2023, the company held the 10th meeting of the second board of directors and the ninth meeting of the second board of supervisors. The company continued to use part of the idle raised funds to temporarily supplement working capital of 100 million yuan. As of August 21, 2024, the company had raised 100 million yuan of capital. The funds were returned and deposited into the company's special account for raised funds; according to the company's 17th meeting of the second board of directors and the 15th meeting of the second board of supervisors on August 22, 2024, the company continued to use part of the idle raised funds to temporarily supplement working capital of 100 million yuan. As of August 18, 2025, the company has returned 100 million yuan of funds and deposited it into the company's special account for raising funds.
The company held the 23rd meeting of the second board of directors and the 18th meeting of the second board of supervisors on March 21, 2025, and reviewed and approved the "Proposal on Using Part of Temporarily Idle Raised Funds and Part of Own Funds for Cash Management", agreeing that the company will use temporarily idle raised funds of no more than RMB 200 million (including the original amount) and self-owned funds of no more than RMB 150 million (including the original amount) for cash management. While ensuring that idle raised funds are not used for cash management, investment in related products If the construction and use of raised funds projects and the safety of raised funds are affected, the use of part of the temporarily idle raised funds and part of the self-owned funds to purchase highly safe capital-guaranteed products such as structured deposits and certificates of deposit shall be valid for 12 months from the date of review and approval by the company's board of directors. Within the above quota and period, the funds can be used on a rolling basis. As of June 30, 2025, the company used the raised funds to purchase financial products with a balance of RMB 70,000,000.00. In the first half of 2025, it received a total of RMB 558,599.38 in cash interest and RMB 1,011,408.33 in investment income.
Use of excess raised funds to permanently replenish working capital or repay bank loans None
Amount of balance of raised funds and reasons for formation None
Other uses of raised funds None
Note 1: The “total amount of raised funds invested this year” includes the “amount invested this year” after the raised funds are received and the actual amount of advance investment that has been replaced.
Note 2: The "committed investment amount as of the end of the period" is determined based on the latest disclosed investment plan for raised funds.
Note 3: The calculation caliber and calculation method of "benefits achieved during the year" should be consistent with the calculation caliber and calculation method of promised benefits.