-- 2025 Semi-annual Report

Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report Company Code: 688276 Company Abbreviation: Baike Biotechnology

Changchun Baike Biotechnology Co., Ltd. Semi-annual Report

2025

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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

The company has elaborated in this report the various risks that the company may face in the course of its operations. Please refer to the relevant content related to "Risk Factors" in Section 3 of this report, "Management Discussion and Analysis".

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

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

5. The person in charge of the company, Li Xiufeng, the person in charge of accounting work, Meng Zhaofeng, and the person in charge of the accounting department (accounting supervisor) Cao Yuling 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 forward-looking descriptions of future plans and development strategies 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?

No

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................................................................................................10

Section 4 Corporate Governance, Environment and Society......................................................................................33

Section 5 Important Matters................................................................................................................................36

Section 6 Changes in Shares and Shareholders...................................................................................................68

Section 7 Bond-related situations................................................................................................................72

Section 8 Financial Report......................................................................................................................73

Financial statements signed and stamped by the company’s legal person in charge, the person in charge of accounting work, and the person in charge of the accounting department

Catalog of documents available for inspection: The original text of the company’s 2025 semi-annual report signed by the person in charge of the company and stamped by the company

The original copies of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission 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, Baike Biotechnology refers to Changchun Baike Biotechnology Co., Ltd.

Changchun High-tech refers to Changchun High-tech Industry (Group) Co., Ltd. Gaoxin Chaoda refers to Changchun Chaoda Investment Group Co., Ltd.

Longxiang Investment refers to Longxiang Investment Holding Group Co., Ltd.

New Area Development Group refers to Changchun New Area Development Group Co., Ltd.

Huikang Biological refers to Jilin Huikang Biological Pharmaceutical Co., Ltd.

Ruizhou Bio refers to Shanghai Ruizhou Biotechnology Co., Ltd.

Ningbo Chunpai refers to Ningbo Chunpai Agricultural Technology Co., Ltd.

Chuanxin Biotech refers to Chuanxin Biopharmaceutical (Suzhou) Co., Ltd.

China Securities Regulatory Commission refers to China Securities Regulatory Commission

CITIC Securities, sponsor refers to CITIC Securities Co., Ltd.

"Articles of Association" refers to "Articles of Association of Changchun Baike Biotechnology Co., Ltd."

Reporting period refers to January 1, 2025 to June 30, 2025

Ten thousand yuan, yuan refers to ten thousand yuan, yuan yuan

Chickenpox vaccine refers to live attenuated chickenpox vaccine

Nasal spray influenza vaccine refers to freeze-dried nasal spray live attenuated influenza vaccine

Herpes zoster vaccine refers to live attenuated herpes zoster vaccine

Diphtheria-tetanus-pertussis-pertussis vaccine (three-component) refers to adsorbed acellular diphtheria-tetanus-pertussis pertussis (three-component) combined vaccine liquid nasal spray influenza vaccine refers to nasal spray live attenuated influenza vaccine (liquid preparation)

Adjuvanted influenza vaccine refers to influenza virus split vaccine (BK-01 adjuvant)

Freeze-dried rabies vaccine (human diploid cells) refers to freeze-dried human rabies vaccine (human diploid cells) Hib vaccine refers to Haemophilus influenzae type b conjugate vaccine

Natural fully human anti-rabies monoclonal antibody CBB1 injection (whole rabies monoclonal antibody refers to

Human anti-rabies virus monoclonal antibody)

Fully human anti-tetanus toxin monoclonal antibody A82/B86 injection group tetanus monoclonal antibody refers to

Combined preparation (fully human anti-tetanus toxin monoclonal antibody) HSV-2 vaccine refers to herpes simplex virus type II mRNA vaccine

RSV antibody refers to the recombinant human anti-respiratory syncytial virus monoclonal antibody injection adsorbed acellular (two-component) diphtheria-tetanus vaccine (adults and adolescents and adult diphtheria-tetanus vaccine).

(for teenagers)

DPT-Hib combination vaccine refers to adsorbed acellular diphtheria-tetanus pertussis and Haemophilus influenzae type b combined vaccine broad-spectrum influenza vaccine refers to broad-spectrum live attenuated influenza vaccine

Active immune preparations for the prevention of infectious diseases made from pathogenic microorganisms (such as bacteria, rickettsiae, viruses, etc.) and their metabolites through artificial attenuation, inactivation or genetic engineering. A class of substances that can cause immune responses in human and animal bodies. They can not only stimulate the immune system to produce specific immune responses, form antibodies and sensitized lymphocytes, but also combine with them to cause reactions. usually a

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Proteins, but polysaccharides and nucleic acids can also serve as antigens

Antibodies produced by the body under stimulation by an antigen that can specifically bind to the antigen refer to

Immunoglobulin

Immune response (IR) refers to the process in which immune cells recognize, activate, proliferate and differentiate antigen molecules after the body is stimulated by antigens, and produce immune substances to produce specific immune effects. This process is the immune system immune response.

It is a comprehensive reflection of the physiological functions of each part of the system, including a series of physiological reactions such as antigen presentation, lymphocyte activation, immune molecule formation, and immune effect generation.

The ability to induce an immune response, that is, the antigen can stimulate specific immune cells. Immunogenicity refers to the characteristics of immune cells that activate, proliferate, differentiate, and ultimately produce immune effector substances, antibodies, and sensitized lymphocytes.

A specific adjuvant that can non-specifically change or enhance the body's response to an antigen.

A type of substance that responds to and plays an auxiliary role

Using DNA recombinant biotechnology, natural or synthetic genetically engineered vaccines refer to vaccines that are directionally inserted into bacteria, yeast or mammalian cells to fully express them and then purified.

Combination vaccine refers to combining the antigenic components of two or more pathogenic organisms together.

Injection, a vaccine that can prevent many diseases

Conjugate vaccines are prepared by chemically covalently binding polysaccharides to protein carriers.

polysaccharide-protein conjugate vaccine

The state’s system for mandatory inspection and review of each batch of vaccine products, blood products, in vitro biological diagnostic reagents used for blood source screening, and other batch-released biological products specified by the State Food and Drug Administration when they leave the factory for sale or are imported. Those that fail to pass the inspection or are not approved by the review shall not be put on the market or imported.

“Vaccine Administration Law” refers to the “Vaccine Administration Law of the People’s Republic of China”

Including drug synthesis technology, extraction method, physical and chemical properties and purity, preclinical research refers to dosage form selection, prescription screening, preparation technology, inspection methods, quality indicators, stability, pharmacology, toxicology, etc.

Clinical trials refer to the systematic study of drugs on humans (patients or healthy volunteers) to confirm or reveal the effects of the experimental drugs. Clinical trials refer to

Adverse reactions and/or absorption, distribution, metabolism and excretion of the test drug, with the purpose of determining the effectiveness and safety of the test drug

FDA refers to the United States Food and Drug Administration

Deoxyribonucleic acid refers to the four biological macromolecules DNA contained in biological cells.

A type of nucleic acid

Messenger RNA is transcribed from one strand of DNA as a template. mRNA refers to a type of single-stranded ribonucleic acid that carries genetic information and can guide protein synthesis.

WHO means World Health Organization

Pre-IND refers to the pre-application meeting for new drug clinical trials

IND refers to new drug clinical investigation application

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Section 2 Company Profile and Main Financial Indicators

1. Basic information of the company

The Chinese name of the company: Changchun Baike Biotechnology Co., Ltd.

The company’s Chinese abbreviation: Baike Biology

The company's foreign name ChangchunBCHTBiotechnologyCo. The company's foreign name abbreviation BCHT

The legal representative of the company Li Xiufeng

Company registered address: No. 1260, Huoju Road, High-tech Development Zone

Historical changes of the company’s registered address None

Company office address: No. 138, Zhuoyue Street, Chaoyang District, Changchun City

Postal code of company office address 130103

Company website http://www.bchtpharm.com/

Email [email protected]

Query index for changes during the reporting period None

2. Contact person and contact information

Secretary of the Board of Directors (Domestic Representative for Information Disclosure) Name of Securities Affairs Representative Zhang Zhe Tong Xuelian Contact Address No. 138, Zhuoyue Street, Chaoyang District No. 138, Zhuoyue Street, Chaoyang District Tel: 0431-81871543 0431-81871518 Fax: 0431-81871549 0431-81871549

Email [email protected] [email protected]

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

"Shanghai Securities News" (www.cnstock.com), "Securities Times" (the name of the information disclosure newspaper selected by www.stcn.co company m), "China Securities News" (www.cs.com.cn), "Economic Information News"

(www.jjckb.cn)

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

The place where the company's semi-annual report is prepared. The query index for changes in the company's board of directors office during the reporting period. None

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 Baike Biotech 688276 None

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

□Applicable √Not applicable

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5. Other relevant information

□Applicable √Not applicable

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/decrease in the same period (%) Operating income 284,896,170.67 618,401,246.78 -53.93 Total profit -99,605,999.47 158,818,554.85 -162.72 Net profit attributable to shareholders of listed companies -73,573,428.04 137,604,496.66 -153.47 Deduction of non-recurring expenses attributable to shareholders of listed companies

-82,232,410.99 135,306,050.79 -160.78 Net profit of profit and loss

Net cash flow generated from operating activities 9,319,263.11 84,504,476.98 -88.97 The end of this reporting period is higher than 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 4,071,312,486.98 4,217,748,269.99 -3.47 Total assets 5,264,687,272.75 5,204,868,837.55 1.15

(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) -0.18 0.33 -154.55 Diluted earnings per share (yuan/share) -0.18 0.33 -154.55Basic earnings per share after deducting non-recurring gains and losses

-0.20 0.33 -160.61 (yuan/share)

Weighted average return on equity (%) -1.77 3.37 A decrease of 5.14 percentage points from the weighted average equity after deducting non-recurring gains and losses

-1.98 3.31 Decrease 5.29 percentage points yield rate (%)

R&D investment as a proportion of operating income (%) 34.47 13.83 An increase of 20.64 percentage points

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

√Applicable □Not applicable

Operating income: decreased by 53.93% compared with the same period last year, mainly due to the decrease in sales of herpes zoster vaccine during this reporting period;

Total profit: decreased by 162.72% compared with the same period last year, mainly due to the decrease in operating income during the reporting period and the increase in the proportion of sales expenses and R&D expenses;

Net profit attributable to shareholders of listed companies: decreased by 153.47% compared with the same period last year, mainly due to the decrease in operating income during the reporting period and the increase in the proportion of sales expenses and R&D expenses;

Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses: decreased by 160.78% compared with the same period last year, mainly due to the decrease in operating income during the reporting period, the increase in the proportion of sales expenses and R&D expenses, and the increase in non-recurring gains and losses;

Net cash flow generated from operating activities: decreased by 88.97% compared with the same period last year, mainly due to the decrease in payment collection during this reporting period;

Basic earnings per share: a decrease of 154.55% compared with the same period last year, mainly due to the decrease in net profit during the reporting period compared with the same period last year;

Diluted earnings per share: a decrease of 154.55% compared with the same period last year, mainly due to the decrease in net profit during the reporting period compared with the same period last year;

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Basic earnings per share after deducting non-recurring gains and losses: decreased by 160.61% compared with the same period last year, mainly due to the decrease in net profit during the reporting period compared with the same period last year.

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 Notes (if applicable) Profit and loss from disposal of non-current assets, including the write-off of asset impairment provisions

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 determined in accordance with

10,428,466.26, except for government subsidies that have a lasting impact on the company’s profits and losses.

In addition to the effective hedging business related to the company's normal operating business, non-financial enterprises' gains and losses from changes in fair value arising from holding financial assets and financial liabilities 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

Profit and loss 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, gains and losses arising from changes in the fair value of employee compensation payable after the vesting date

Investment real estate that adopts the fair value model for subsequent measurement

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Gains and losses arising from changes in fair value of assets

Gains from transactions where the transaction price appears to be unfair

Losses arising from contingencies unrelated to the company's normal business operations

benefit

Custody fee income from entrusted operations

Other non-operating income and expenses other than the above items -241,427.50

Other profit and loss items that meet the definition of non-recurring profits and losses

Less: Income tax impact 1,528,055.81

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

Total 8,658,982.95

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 defines the non-recurring gains and losses listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies that Offer Securities to the Public - Non-recurring Profit and Loss" as recurring gains and losses, the reasons should be stated □ 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

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

(January to June) Increase/decrease (%) Net profit after deducting the impact of share-based payment -71,619,569.31 146,180,180.03 -148.99

10. Description of non-business accounting standards performance indicators

□Applicable √Not applicable

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Section 3 Management Discussion and Analysis

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

(1) Industry situation of the company:

The company's industry is classified as pharmaceutical manufacturing (code C27), and it is mainly engaged in the research, development, production and sales of biological products such as human vaccines. According to the "Guidance Catalog of Key Products and Services for Strategic Emerging Industries (2016 Edition)", the company belongs to the biopharmaceutical industry. (1) Policy drive for high-quality development of the pharmaceutical industry

2025 is not only the final year of the 14th Five-Year Plan, but also the strategic year for the 15th Five-Year Plan. It is an important year for the reform and innovation of the health industry, strengthening the foundation, and comprehensive improvement. Driven by the "Healthy China 2030" policy, the concept of medical and prevention integration has deepened, the value of vaccines has been extended to full life cycle health management, the synergy between the vaccine industry and the public health system has been significantly enhanced, and the "prevention-diagnosis-treatment-rehabilitation" integrated model has become a new trend.

In the first half of 2025, the national medical and health field issued a series of important policies, which provided strong policy support for the innovative development, service optimization and quality improvement of the vaccine industry from multiple dimensions such as regulatory innovation, popularization of adult vaccine prescriptions, medical and prevention collaboration, public health services and quality standards. In terms of regulatory system reform, the "Opinions on Comprehensively Deepening the Supervision Reform of Drugs and Medical Devices to Promote the High-Quality Development of the Pharmaceutical Industry" issued by the General Office of the State Council has created a good innovation environment for vaccine companies by improving the regulatory system, optimizing the approval process and other measures; in terms of popularizing adult vaccine prescriptions, many places have launched "vaccine prescription" pilots to provide services for influenza, New paths have been explored for the prevention and vaccination of diseases such as pneumonia and herpes zoster; in terms of promoting the policy of medical and prevention integration, the National Administration of Disease Control and Prevention and the National Health Commission have successively issued the "Notice on the List of Pilot Units for Collaborative Medical and Prevention Integration of Infectious Disease Prevention and Control" and the "Evaluation Standards for Tertiary Hospitals (2025 Edition)" to continuously strengthen the role of medical institutions in vaccination Functional positioning in services, promoting the organic integration of vaccination services and clinical care through medical and prevention integration pilots, laying an institutional foundation for improving vaccination coverage and service quality, and also expanding broader application scenarios; in terms of public health service system construction, the National Health Commission issued the "About Doing a Good Job in Basic Public Health Services in 2025" "Notice on Operations", clearly increasing the per capita financial subsidy standard for basic public health services by 5 yuan in 2025, reaching 99 yuan; at the same time, it was emphasized that the grassroots convenience and benefit service measures and the construction of grassroots digital appointment vaccination clinics will be further strengthened to further strengthen the immunization program vaccination work for school-age children, providing a stable guarantee for the market application of vaccine products. The continuous promulgation and implementation of relevant policies for the vaccine industry will continue to promote the standardized, healthy and high-quality development of my country's pharmaceutical industry.

(2) The layout of major products is accelerated, and technological innovation drives upgrades

Currently, there are a large number of vaccine manufacturers in my country, but there is still a certain gap between the overall core technology platform construction, original research and development capabilities and high-end product pipeline layout and the international leading level. With the in-depth implementation of the national innovation-driven development strategy and the improvement of relevant policies and regulations in the medical and health field, the industry is accelerating its transformation to high-quality development and gradually forming a new innovation-led development pattern. Technological innovation has become a key element for enterprises to build core competitiveness and is an important opportunity for vaccine companies to avoid homogeneous competition and achieve differentiated development.

With the industrial application of new generation technologies such as mRNA vaccines, the rapid development and cross-integration of genetic engineering, artificial intelligence and other technologies have further promoted the pharmaceutical industry to seek technological breakthroughs, such as domestic substitution, therapeutic vaccines, mRNA technology, and new adjuvants.

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layout in other aspects; in addition, product application scenarios continue to expand, and the vaccine market is extending from the traditional prevention field to the treatment field. Breakthroughs in therapeutic vaccines in areas such as tumor immunity and chronic disease management have significantly broadened the industry's growth boundaries and further opened up the growth space of the vaccine industry.

(3) Multi-dimensional upgrading of competition in the vaccine industry

In the first half of 2025, my country's vaccine industry faced multiple challenges. The batch release of many non-immunization program vaccines such as pneumonia vaccine, shingles vaccine, and influenza vaccine dropped year-on-year, and the batch release of some products dropped by more than 50%. With the changes in the population structure and the decline in the birth rate, the capacity of the children's vaccine market has declined; in the traditional vaccine field, similar products from participating companies have continued to increase, and the trend of homogeneity has intensified. The market competition for similar products has become increasingly fierce, and the winning bid prices of some vaccines included in local immunization programs have been significantly reduced. In addition, due to factors such as vaccine hesitancy and consumption willingness, the willingness and ability to pay for non-immunization program vaccines, especially adult vaccines, are insufficient, the market space has shrunk, and industry competition pressure has continued to increase.

(4) Seek growth momentum for overseas expansion

The intensified competition in the domestic market has also brought development opportunities for my country's vaccine companies to go international. At present, the international development model of Chinese vaccine companies is constantly innovating. On the one hand, domestic vaccine companies have enhanced market recognition by obtaining international certifications such as WHO and FDA; on the other hand, they have carried out technical cooperation with international giants to develop new products; at the same time, they have actively deployed overseas production bases to better serve the local market, and upgraded the global value chain through technology licensing and patent export.

(2) The company’s main products and their uses

Baike Biotechnology is a high-tech biopharmaceutical company specializing in the research, development, production and sales of human vaccines. The company currently has approved vaccine products such as chickenpox vaccine, nasal spray influenza vaccine, shingles vaccine, and liquid nasal spray influenza vaccine. Among them, the market share of chickenpox vaccine has been in a leading position for many years; the nasal spray influenza vaccine is a project of the World Health Organization (WHO) Global Influenza Vaccine Action Plan (GAP), and is the only live attenuated influenza vaccine administered through nasal spray in China, which greatly improves the compliance of the vaccinee; the herpes zoster vaccine It is the first herpes zoster vaccine in China independently developed by the company for people aged 40 and above, providing a new option for the public to prevent herpes zoster; the liquid nasal spray influenza vaccine is an improvement on the freeze-dried dosage form of the original nasal spray influenza vaccine, which improves the convenience and compliance of product use.

Products sold on the market during the reporting period:

Preface

Product Name Product Overview Product Object Product Usage Product Display

No.

Choose those recommended by WHO

MRC-5 human diploid vaccination with this vaccine

When cells are used as production cells, they can stimulate machinery

12 months old and above

cells, and selected WHO antibodies to produce anti-chickenpox

All about chickenpox attenuation

1 Recommended attenuated varicella-zoster disease

Live Vaccine Healthy Chicken Pox

The virus strain (Oka strain) provides immunity to the virus,

Susceptible persons.

strains for production to prevent flooding

The company has independent knowledge.

Property rights of the BH-2 series

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Vaccine freeze-dried protectant

For freeze-drying protection solution,

Product is valid for 36 months

months.

Use WHO recommended

Influenza viruses stimulate the body to produce

Anti-influenza virus prepared with attenuated strains for influenza 3-17 years old

Lyophilized Nasal Spray Vaccine, via Nasal Spray Device, Influenza Season Immunity, for

2. Influenza attenuated administration can induce local seasonal influenza. Prevention is provided by vaccines.

Live vaccine, local mucosal immunity, neutralizes susceptible, susceptible and related types of influenza

Antibodies and cellular immunity. virus caused

To prevent influenza virus and common cold.

effect.

This strain is chickenpox-band

Get the vaccine

Attenuated strain of herpes zoster virus

Finally, the machine can be stimulated

(Oka strain) vaccinated human 2

Shingles Suitable for 40-year-olds to develop resistance to chickenpox

Ploid cells (MRC-5),

3 live attenuated virus age and above - herpes zoster disease

Cultured and harvested viruses

Miao adult immunity to poison,

liquid, add appropriate stabilizer

to prevent banding

Made by freeze-drying. Products include

Herpes.

Validity period is 24 months.

Note: The liquid nasal spray influenza vaccine obtained production approval in August 2025, and product sales have not yet been achieved during the reporting period.

(3) The company’s main business model during the reporting period

The company closely focuses on innovative research and development of human vaccines and continues to enhance the company's core competitiveness. After years of development and practice accumulation, it has formed a stable profit model by relying on its outstanding R&D advantages, mature and complete industrialization technology, quality management and sales system. In terms of research and development, industrialization and quality management, the company attaches great importance to the construction of research and development systems and technology platforms, and continues to develop the advantages of its five core technology platforms: "virus large-scale culture technology platform", "preparation and adjuvant technology platform", "genetic engineering technology platform", "bacterial vaccine technology platform" and "mRNA vaccine technology platform". Each major technology platform covers the entire process of human vaccine (preventive antibody) research and development and industrialization. At the same time, the company has relatively advanced production technologies such as cell factories and bioreactors, which can cultivate animal cells efficiently, stably and on a large scale. It also relies on mature production processes and a sound and complete quality management system to ensure the safety and stability of product production quality.

In terms of sales, the company has established a professional marketing management team and extensive sales channels. Its products cover 31 provinces, autonomous regions and municipalities across the country except Hong Kong, Macao and Taiwan, and are exported to overseas countries. Among them, domestic sales adopt the direct sales model. The company is led by its own marketing management team to formulate marketing strategies and provide sales support. In terms of channel management, it broadens sales channels, lays out and builds pipelines for products on sale and products under development, and hires professional market service providers (CSO companies) to carry out specific marketing activities. At the same time, the company continues to optimize the marketing team structure and explores hiring professional academic promotion personnel to carry out professional academic promotion activities at the Centers for Disease Control and Prevention (CDC) and vaccination clinics (POV) in pilot cities, expand marketing channels, and continue to deepen the market

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Market coverage levels to enhance the company’s brand awareness and influence. International sales adopt a distribution model to achieve overseas sales of products through domestic and overseas dealers.

Added important non-main business information

□Applicable √Not applicable

2. Discussion and analysis of operating conditions

During the reporting period, affected by various factors such as the external environment, intensified market competition, and the decreased willingness of recipients to be vaccinated, the company's sales and use of herpes zoster vaccines decreased significantly, putting sales revenue under pressure, which had an impact on the company's overall operating income and net profit, with revenue and profits declining year-on-year. In this regard, the company pays close attention to market dynamics, combines product characteristics, market conditions and policies related to medical and prevention integration, and continues to adopt innovative marketing channel strategies, striving to increase public awareness of related diseases and enhance disease prevention awareness to stimulate the needs of recipients. At the same time, we will unswervingly implement the innovation-driven development strategy, continue to increase investment in research and development, accelerate the progress of ongoing research pipelines, and reserve new growth points for future development.

During the reporting period, the company achieved total operating income of 284.8962 million yuan, compared with 618.4012 million yuan in the same period last year. million, a decrease of 333.5051 million yuan, a decrease of 53.93%; the net profit attributable to owners of the parent company was -73.5734 million yuan, a decrease of 211.1779 million yuan from 137.6045 million yuan in the same period last year, a decrease of 53.93%. A decrease of 153.47%; the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was -82.2324 million yuan, compared with 135.3061 million yuan in the same period last year, a decrease of 217.5385 million yuan, a decrease of 160.78%. During the reporting period, the main performance and operating results are as follows:

1. Innovative R&D work

The company has always adhered to the concept of innovation as the basic vitality of the enterprise, focusing on national strategies and market needs, relying on the five core technology platforms of "virus large-scale culture technology platform", "preparation and adjuvant technology platform", "genetic engineering technology platform", "bacterial vaccine technology platform" and "mRNA vaccine technology platform", to implement the project management strategy of the whole life cycle of the products under development, covering all stages of project planning, pre-clinical research and clinical trials, focusing on the company's advantageous products such as innovative vaccines and monoclonal antibodies.

During the reporting period, the company had a total of 16 major projects under research, including 11 projects in the approved clinical trial and registration application stages. During the reporting period, R&D investment was RMB 98.2006 million, accounting for 34.47% of operating income. Several products under development have made progress. Please see the table below for details:

Preface

Variety Progress during the reporting period Remarks

No.

The marketing authorization application has been accepted,

As of the report disclosure date, the production site and clinical trial site of production batch 1 of liquid nasal spray influenza vaccine have been obtained

File; clinical trials to expand age groups are launched. Inspection completed.

2 DPT vaccine (three components) is undergoing Phase III clinical trials.

Phase II clinical site work has been completed,

3 Rabies monoclonal antibodies

Entering the final stage.

Clinical phase Ia trial has been completed and is in progress

4 Tetanus monoclonal antibody

Conduct clinical phase Ib and II clinical trials.

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As of the report disclosure date, phase I and III clinical samples of freeze-dried rabies vaccine

5. Prepare to carry out Phase I clinical trials. The product has obtained the qualification report and is ready to be launched (human diploid cells)

Phase I clinical trial.

Phase I clinical samples have obtained certification

6 HSV-2 vaccine qualification report, ready to launch Phase I clinical trials

Experiment.

7 Hib vaccine clinical trial application was approved.

8 The clinical trial application for recombinant herpes zoster vaccine was approved.

Adjuvanted Influenza Vaccine (Quadrivalent) Clinical Trivalent Influenza Virus Split 9 Adjuvant Influenza Vaccine As of the report disclosure date,

The trial application was approved. The solution vaccine (BK-01 adjuvant) has submitted an IND. 10 DPT-Hib combination vaccine has received Pre-IND response. As of the report disclosure date, an IND has been filed. Vitiligo in adolescents and adults

11 Obtained Pre-IND response. As of the report disclosure date, an IND has been filed. vaccine

2. Marketing work

During the reporting period, affected by various factors such as the external environment, intensified market competition, and the decreased willingness of recipients to be vaccinated, the sales and use of the company's herpes zoster vaccine decreased significantly, and product sales were under pressure. Based on product characteristics, changes in the market environment and policy guidance on medical and prevention collaboration, the company continues to adopt innovative marketing channel strategies and actively explores new models of medical and prevention integration.

At the academic level, the company combines grassroots doctor training and public science education, and corrects public misunderstandings through academic promotion activities to enhance awareness of the herpes zoster vaccine, promote active vaccination, and increase market share and brand awareness. The company focuses on social disease science popularization, and collaborates with industry, academia, research and media. During the reporting period, the company launched a series of activities called "Herpes Zosters Talk" to focus on the prevention and control of herpes zoster disease, fill the gap in public knowledge, promote disease prevention, and help build the national public health system.

In terms of inclusive health and social collaboration, the company relies on the "Healthy China 2030" policy framework, cooperates with local governments to incorporate vaccines into regional public health projects, and focuses on multi-dimensional measures such as social collaboration and people-benefiting projects to reduce the economic and psychological burdens caused by herpes zoster disease.

In terms of international marketing, while continuing to promote overseas export sales, the company also actively carries out overseas market development work with the help of the international industry exhibition "World Pharmaceutical Raw Materials China Exhibition" to enhance the visibility and activity of the company and products in overseas markets, deepen the stickiness with overseas market dealers, and strengthen understanding and interaction with new potential dealers. During the reporting period, the company steadily promoted the registration of marketed products in Russia and other countries, and at the same time developed cooperation intentions with many parties.

3. Production quality work

The company has always adhered to the quality policy of "creating science, focusing on quality, proficient in manufacturing, and focusing on safety", strictly abiding by the provisions of laws and regulations such as the Vaccine Administration Law, Good Manufacturing Practices for Drugs, Drug Production Supervision and Management Measures, and Biological Products Batch Release Management Measures, implementing full life cycle quality management, using appropriate quality management strategies at different stages of the product life cycle, and carrying out all-staff, comprehensive, and effective quality management.

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During the reporting period, the company continued to promote the optimization of the quality management system, including optimizing the file structure, optimizing the deviation and change processing process, optimizing the material management process, continuously strengthening the environmental monitoring strategy, optimizing the verification strategy, etc. Through the optimization of each management module of the quality management system, the work efficiency was improved, the error rate was reduced, and the effective operation of the quality management system was ensured.

In terms of production, the company ensures that material and energy supply accurately match product production needs through fixed batches of standardized materials and dynamic procurement plans; through unified management of the sub-packaging center and multi-post deployment of the raw solution workshop, the company optimizes personnel efficiency and overall achieves efficient utilization of production resources and cost control. Through the control of product quality realization elements and product quality assurance elements, the company's production and batch release work are carried out in an orderly manner. As of the disclosure date of this report, the company's products have not had any quality safety incidents.

4. Industrialization construction work

The company has three factories. The factory at No. 138 Zhuoyue Street, Changchun High-tech Industrial Development Zone is the main construction site of the fund-raising construction project. During the reporting period, the construction part of the fund-raising project was completed as planned and entered the final stage. In addition, in conjunction with the progress of the product research and development pipeline, the company actively carries out factory construction work for related products under development. During the reporting period, the engineering construction of the recombinant herpes zoster project and the adjuvanted influenza project has been completed, and on-site acceptance testing of equipment and facilities is in progress; at the same time, the design work of the mRNA vaccine project construction project is being carried out, laying a solid foundation for the industrialization of the products under development.

5. Internal control management improvement and talent development work

During the reporting period, the company continued to improve its internal control management system and strengthen risk control and compliance management. A complete internal audit system has been established and internal audits are carried out from time to time to ensure that various systems are effectively implemented. In addition, in terms of talent training, the company deepens the integration of salary and performance management, implements salary package policies in an orderly manner, builds a performance-related real-time incentive mechanism, and accurately tilts resources to high-performing employees to drive both organizational effectiveness and employee enthusiasm. Activate the team's vitality through differentiated compensation, form a closed loop of "strategy-performance-incentive", strictly control the total budget, ensure the balance between fairness and efficiency, and provide strong support for high-quality business development. At the same time, in order to accelerate the research and development and industrialization process of new vaccines, the company adheres to the dual track of "internal echelon construction and external high-end intelligence introduction", focusing on introducing master's and doctoral talents in the field of biomedicine to strengthen the innovation capabilities of core technology platforms. At the implementation level of the talent training plan for key positions, the company's strategy focuses on the construction of a team of master's and doctoral management trainees. Through the tutoring system, bi-monthly work reports and the full life cycle business-management composite training mechanism, the talent reserve for key positions is strengthened. Management trainees are used as the engine to drive the deep integration of the enterprise's talent supply chain and strategic goals, providing talent guarantee for the implementation of the company's strategy.

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

The company's operating income mainly comes from the sales of chickenpox vaccine, shingles vaccine and nasal spray influenza vaccine. In the first half of 2023, the company's herpes zoster vaccine will be put on the market. Through initial market cultivation and active promotion, the company's herpes zoster vaccine has rapidly increased in volume after its launch, driving a significant increase in operating income and net profit in 2023 and the first half of 2024. During the reporting period, affected by external environment

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Affected by various factors such as the environment, intensified market competition, and reduced willingness of recipients to be vaccinated, the sales and use of the company's herpes zoster vaccine have been significantly reduced, and sales revenue has been under pressure, which has affected the company's overall operating income and net profit, and revenue and profits have declined. In this regard, the company pays close attention to market dynamics, combines product characteristics, market conditions and policies related to medical and prevention integration, and continues to adopt innovative marketing channel strategies, striving to increase public awareness of related diseases and enhance disease prevention awareness to stimulate the needs of recipients. At the same time, we will unswervingly implement the innovation-driven development strategy, continue to increase investment in research and development, accelerate the progress of ongoing research pipelines, and reserve new growth points for future development.

3. Analysis of core competitiveness during the reporting period

(1) Core competitiveness analysis

√Applicable □Not applicable

1. Mature technology platform and professional R&D system

The company has always adhered to the development philosophy of "standardization, innovation, focus, inclusiveness and sharing", with the mission of "committed to biotechnology and creating a healthy future". It has always paid attention to the epidemic trends of infectious diseases, adhered to the national strategy and market demand as the guide, and firmly believed that innovative research and development is the source of sustainable development. After years of accumulation, it has established a professional R&D system and built five core technology platforms: "Virus large-scale culture technology platform", "Preparation and adjuvant technology platform", "Genetic engineering technology platform", "Bacterial vaccine technology platform" and "mRNA vaccine technology platform". It has a relatively complete biological vaccine laboratory and pilot workshop, and has strong R&D and industrialization capabilities in the field of vaccines.

Since its establishment, the company has been recognized as a high-tech enterprise by the Jilin Provincial Department of Science and Technology, approved to establish the "Jilin Provincial Vaccine Science and Technology Innovation Center", approved by the Jilin Provincial Development and Reform Commission to establish the "Jilin Provincial Vaccine Engineering Research Center", recognized by the Changchun National Bio-Industry Base as the "Changchun National Bio-Industry Base Vaccine Engineering Research Center", and recognized as a "Provincial Enterprise Technology Center" by the Jilin Provincial Department of Industry and Information Technology. It was recognized as a "National Enterprise Technology Center" by the National Development and Reform Commission.

In terms of R&D personnel, as of June 30, 2025, the company has a R&D team of more than 100 people, of which more than 85% are R&D personnel with a bachelor's degree or above. The company's "Postdoctoral Research Workstation" has opened up a new way to cultivate and introduce high-level talents, and is increasingly becoming an important driving force for the continuous innovation of Beike Biotechnology.

On the basis of adhering to independent research and development, the company actively integrates academic resources, accelerates the research and development process, enhances the scientific nature and innovation of research, carries out various forms of industry-university-research cooperation with domestic and foreign universities and scientific research institutions, and establishes a close scientific research collaboration relationship. The company has established technical exchanges and cooperation relationships with scientific research institutes such as Jilin University, Dalian University of Technology, Institute of Pathogen Biology, Chinese Academy of Medical Sciences, and Institute of Biophysics, Chinese Academy of Sciences. It has also introduced technologies from international partners such as WHO, Dutch Intravacc, and NIH, which has further enhanced the company's technical strength and scientific research level, and established a new pattern of complementary R&D advantages and collaborative innovation and development.

2. Market-leading leading products and rich pipeline of products under development

Relying on five core technology platforms, the company has currently completed the research and development of chickenpox vaccine, shingles vaccine, and nasal spray influenza vaccine products and successfully obtained approval for marketing. The liquid nasal spray influenza vaccine will also receive production approval in August 2025. In addition, the company has also formed a multi-level R&D pipeline and rich project reserves to coordinate the layout of long-term, mid-term and short-term R&D projects. The products under development include 13 vaccines and 3 monoclonal antibodies related to the prevention of infectious diseases.

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The company mainly lays out its R&D pipeline around three levels, including: (1) upgrading, such as diphtheria-tetanus pertussis vaccine (three components), recombinant herpes zoster vaccine, etc.; (2) filling domestic gaps, such as herpes zoster vaccine, nasal spray influenza vaccine, etc.; (3) scientific and technological breakthroughs, such as tetanus monoclonal antibody, HSV-2 vaccine, Alzheimer's disease therapeutic vaccine, etc. During the reporting period, a number of projects under research made key progress. For details, please refer to the relevant content in "Section 3 Management Discussion and Analysis I, Discussion and Analysis of Operating Situations" above in this report.

3. Rich vaccine industrialization experience and perfect quality management system

After years of continuous vaccine R&D and production, the company has accumulated rich industrialization experience and has mastered large-scale animal cell culture technologies such as cell factories and bioreactors. Through years of practical experience in production and quality control, the company has continuously improved and optimized the production process to form standard production processes and technical parameters that can be used for commercial-scale production. In addition, the company's production technicians have many years of experience in the production and management of the vaccine industry. By introducing automated equipment to achieve precise control of production steps and parameters, they can achieve efficient and low-loss production while ensuring stable product quality.

The company has always given top priority to product quality, and has established a quality management system covering the entire product life cycle to manage and control products at various stages including product development, clinical trials, technology transfer, and market production. At the same time, the company has carried out all-staff, comprehensive, and effective quality management, and has clearly divided responsibilities among personnel to ensure the independence of the quality responsible person and the quality authorized person. After the implementation of the "Vaccine Management Law", the company completed the docking with the State Food and Drug Administration's vaccine traceability collaborative platform, realizing the exchange and sharing of traceability information, thus further improving the level of drug quality and safety assurance.

4. Complete marketing system

The company has established a complete marketing system, with its products covering 31 provinces, autonomous regions and municipalities across the country except Hong Kong, Macao and Taiwan. It makes full use of its in-depth terminal marketing network and professional and efficient market services to ensure timely and rapid product supply and services, fully protect customer rights and interests, and establish a good brand image. The launch of the company's herpes zoster vaccine has expanded the company's marketed products from children's vaccines to adult vaccines.

Faced with the downward trend in the national newborn birth rate year by year, the price adjustment of similar products, and the challenges and unfavorable factors brought by new products entering the market, the company actively adjusts its sales strategy, continues to adopt innovative marketing channel strategies based on product characteristics, changes in the market environment and the guidance of medical and prevention collaborative policies, actively explores new models of medical and prevention integration, and enhances product recognition, market share and brand awareness.

In the future, the company will combine the key core technologies it has mastered and continue to invest in research and development based on key core technologies, and lay out new products, new processes, and new technologies to inject new momentum into the company's sustained high-quality development.

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

□Applicable √Not applicable

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(3) Core technologies and R&D progress

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

Since its establishment, Baike Biotech has been mainly committed to the research and development, production and sales of innovative biopharmaceuticals for the prevention and treatment of infectious diseases. The company continues to develop five core technology platforms: "Virus Large-Scale Culture Technology Platform", "Preparation and Adjuvant Technology Platform", "Gene Engineering Technology Platform", "Bacterial Vaccine Technology Platform" and "mRNA Vaccine Technology Platform". Each platform complements each other and forms a strong synergistic effect, which is helpful for the research of industrial core technologies and experimental research on key processes, allowing the company to develop vaccine products and build vaccine product portfolios in a more economical and efficient way, forming a complete product gradient layout.

(1) Virus large-scale culture technology platform

The virus large-scale culture technology platform adopts a suitable culture system to conduct large-scale culture of viruses. It mainly includes: using cell factories or bioreactors to culture cells to prepare viral vaccines.

The company has established a large-scale virus culture technology platform based on human diploid cell and Vero cell culture technology. By increasing the cell culture area per unit volume, the virus yield is increased; through research, the optimal cell and virus culture conditions are determined. Relying on the application of this technology platform, chickenpox vaccine and herpes zoster vaccine have been launched and have become the main sources of income; as of the report disclosure date, the freeze-dried rabies vaccine (human diploid cell) phase I and III clinical samples have obtained verification reports and are preparing to conduct phase I clinical trials. (2) Preparation and adjuvant technology platform

Preparations refer to medicines that are made according to certain dosage form requirements to meet the needs of treatment or prevention and can ultimately be provided to drug users. For vaccine products, the main dosage forms are freeze-dried dosage forms, liquid dosage forms, etc. Since vaccines are biologically active products, choosing a reasonable dosage form can better exert the efficacy of the drug and maintain the stability of the vaccine. Adjuvants are non-specific immune enhancers that, when injected together with antigens or pre-injected into the body, can enhance the body's immune response to the antigen or change the type of immune response. Currently commonly used adjuvants are aluminum adjuvants, MF59, etc. The company has gradually established a formulation and adjuvant technology platform through years of continuous research and development on the design, characterization and formulation process optimization of new vaccine adjuvant systems, compatibility evaluation of specific candidate antigens and adjuvant systems, optimization of combinations of antigens and adjuvant systems, immune strategies and immune protection effect evaluation. After nearly three years of exploration, a nano-aluminum adjuvant has been developed and used in the DPT vaccine (three-component) project. As of the date of the report, the project is undergoing Phase III clinical trials. At the same time, the company has developed BK-01 adjuvant and BK-02 adjuvant. The above adjuvants have been used in the research and development of adjuvanted influenza vaccine and recombinant herpes zoster vaccine respectively. As of the report disclosure date, clinical trial applications for adjuvanted influenza vaccine (quadrivalent) and recombinant herpes zoster vaccine have been approved; trivalent influenza virus split vaccine (BK-01 adjuvant) and diphtheria-tetanus pertussis vaccine for adolescents and adults have submitted INDs.

Thanks to research on vaccine protectants, the company successfully developed the world's first chickenpox vaccine that is effective for 36 months. For the nasal spray influenza vaccine, in order to increase the convenience of vaccine use, a liquid dosage form is being developed. As of the report disclosure date, the liquid nasal spray influenza vaccine has obtained production approval and clinical trials for expanded age groups have been launched. The formula of relevant protective agents has obtained patents in many countries.

The establishment of formulation and adjuvant technology platforms provides a foundation for the commercialization of related vaccines in the future.

(3) Genetic engineering technology platform

The Department of Genetic Engineering Technology is based on molecular genetics and uses modern methods of molecular biology and microbiology as means to construct recombinant DNA molecules in vitro from genes from different sources, and then introduce them into matrix cells or bacteria to obtain recombinant biological products. The technology platform mainly includes nucleic acid vaccine preparation technology, E. coli system virus-like particle expression technology, and CHO cell expression technology.

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Human monoclonal antibody technology, baculovirus-insect cell expression system technology, etc. By applying the genetic engineering technology platform, we select optimized antigen genes and combine them with carriers to build a key technology development and application platform for genetically engineered vaccine candidates, carry out the construction, evaluation and development of new therapeutic and preventive candidate vaccines such as genetically engineered vaccines, DNA vaccines and viral vector vaccines, and explore and develop preventive products for major diseases such as malignant tumors, Alzheimer's disease, tuberculosis and pneumonia.

Relying on this technology platform, the company is developing preventive and therapeutic products such as Alzheimer's disease therapeutic vaccines, rabies monoclonal antibodies, and tetanus monoclonal antibodies. As of the report disclosure date, rabies monoclonal antibodies have completed phase II clinical field work and are entering the final stage; tetanus monoclonal antibodies have completed clinical phase Ia trials and are undergoing clinical phase Ib and II trials; and the clinical trial application for recombinant herpes zoster vaccine has been approved. (4) Bacterial vaccine technology platform

Bacterial vaccine technology uses fermentation tanks for large-scale culture of bacteria, and extracts bacterial polysaccharides, toxins, etc. for vaccine development and large-scale production. The technology platform also includes polysaccharide conjugation technology, which uses polysaccharide and protein coupling technology to combine bacterial polysaccharides with carrier proteins to form polysaccharide-protein complexes, thereby enhancing the immunogenicity of the target antigen.

The physical and chemical properties of polysaccharides or toxins are used to design purification schemes. Target antigens can be purified through technologies such as salting out, phenol extraction, alcohol precipitation, and chromatography; toxoids can be obtained by using inactivators to detoxify toxins; large-scale bacterial fermentation technology and polysaccharide and protein purification technologies are universal core technologies for bacterial vaccines and genetically engineered vaccines using bacteria as the production matrix. As of the report disclosure date, DPT (three components) is undergoing Phase III clinical trials; Hib vaccine has received a clinical trial approval notice; DPT-Hib combined vaccine, DPT vaccine for adolescents and adults have submitted INDs.

(5)mRNA vaccine technology platform

As a cutting-edge biological technology and platform technology, mRNA technology can be used to prevent infectious diseases, treat tumors and protein replacement therapy. It has the advantages of fast research and development, high safety, good immune protection effect, and convenient production. It has become an important technology development trend in the field of vaccines and biopharmaceuticals. In recent years, mRNA technology has made breakthrough progress in the field of infectious disease vaccines. Therefore, mRNA vaccines have large market space and development potential in the prevention and treatment of infectious diseases. As of the report disclosure date, the company's Phase I clinical samples of the HSV-2 vaccine product under development have obtained a certification report and are ready to conduct Phase I clinical trials.

In addition, the company's investment in CXB has completed the "second phase capital increase milestone". As reviewed and approved by the second meeting of the company's sixth board of directors, the company has carried out a second phase capital increase in CXB as agreed, and has completed the equity delivery and changes in CXB's industrial and commercial registration. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the Signing of Investment Agreement and Progress of Foreign Investment" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on January 24, 2025 (announcement number: 2025-002).

During the reporting period, the "Novel mRNA Tumor Vaccine TMT101" independently developed by Communication Biotech is conducting an "Investigator-Initiated Clinical Trial (IIT)" at Peking Union Medical College Hospital. This study was initiated by Peking Union Medical College Hospital to evaluate the safety, tolerability and effectiveness of TMT101 in patients with advanced pancreatic cancer or non-small cell lung cancer. This study is the first human trial of TMT101.

National Science and Technology Awards

□Applicable √Not applicable

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

□Applicable √Not applicable

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2. Research and development results obtained during the reporting period

During the reporting period, the company obtained 1 invention patent.

List of intellectual property rights obtained during the reporting period

The cumulative number of new additions in this period

Number of applications (number) Number of patents obtained Number of applications (number) Number of invention patents obtained 2 1 93 49 Utility model patents 0 0 2 1 Design patents 0 0 3 0 Software copyrights 0 0 0 0 Others 0 0 0 0

Total 2 1 98 50

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 93,166,982.13 85,529,937.90 8.93 Capitalized R&D investment 5,033,579.69 - 100.00 Total R&D investment 98,200,561.82 85,529,937.90 14.81 Proportion of total R&D investment in operating income (%) 34.47 13.83 Increased by 20.64 percentage points Proportion of capitalized R&D investment (%) 5.13 - Increased by 5.13 percentage points

Reasons for significant changes in total R&D investment compared with the previous year

□Applicable √Not applicable

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

√Applicable □Not applicable

The main reason is that during the reporting period, the company's diphtheria pertussis vaccine (three-component) project entered Phase III clinical trials and met the capitalization conditions and was capitalized.

4. Current research projects

√Applicable □Not applicable

Unit: Ten thousand yuan

To reach

Preface Estimated total investment Current investment Cumulative investment Progress or stage Technology Specific application

Project name to destination

No. Scale Amount Amount Performance Achievements Water use prospects

flat

As of the report, the

Obtained for Pre-Liquid Nasal Spray Dew Day, Obtained Level

1 19,600.00 46.66 8,623.28 Production of anti-epidemic influenza vaccine production approval document, expansion

Approval for sexual colds in older age groups

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Bed test started.

Used for warm-up

Diphtheria-pertussis epidemic has obtained prevention for 100 days and is currently carrying out level III

2 vaccines (three groups 15,552.00 577.59 11,258.63 Production cough and white phase clinical trials. Change

points) Approval documents for larynx and rupture

wind

Used for Storm Completed Phase II Country

Obtain post-exposure pre-clinical fieldwork within

3 Rabies monoclonal antibody 18,300.00 867.95 16,315.35 Production of anti-rabies work, entering the final stage

Approval virus infection stage. first

dye

Completed clinical subjects

Obtained for pre-tetanus single phase Ia trial, positive technology

4 20,200.00 982.17 9,528.01 Production of anti-rupture and anti-injury clinical breakthrough in progress

Approval: Wind infection phase Ib and II trials. break

As of the reporting date

Dew Sun, I, III

Lyophilized Rabies Liters

Phase 1 clinical samples were obtained to prevent rabies vaccine (human grade

5 11,750.00 163.34 7,535.14 Obtained certification to produce canine virus diploid cells

Qualified report, approval document infection

cell) generation

Preparing for the launch of Phase I

bed test.

Phase I clinical samples

Branch

Obtained the test to prevent HSV-2 infection.

6 18,716.70 1,737.64 5,530.80 Qualification report, accurate production of genital blister vaccine

Preparing to carry out Phase I clinical approval

break

bed test.

Prevent Haemophilus influenzae, which can increase

Obtained clinical trial application status with 100

7 Hib vaccine 8,020.00 168.90 5,047.17 Please obtain approval for production of diphtheria tetanus vaccine. Change

Approval, seedlings, etc., multiple generations

Vaccine Preparation Combined Vaccine Adjuvant Influenza Vaccine

Seedlings (four prices) Prompt fill in

Prevention crib test application supplement

Obtained for pediatric and adjuvanted influenza Approved; cut-off

8 11,948.90 1,402.03 6,536.30 Production of adult abortion vaccine until disclosed in the report

Approval OK Sexy Day, Trivalent Influenza Empty

risk

Virus Lysis White

Seedlings (BK-01

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agent) has been submitted

IND.

l

get for pre

Recombinant band clinical trial application

9 20,760.90 608.46 6,785.49 Production of anti-shingles vaccine Please obtain approval. Change

Approval Herpes Generation

for prefill

To prevent greening, take less supplements

As of the report disclosure, teenagers and youth have obtained years and adults

country

10 Adult Baibai 4,227.00 368.92 1,576.32 Luri, submitted Production Person Within 100 days

Broken Vaccine IND. Approval, cough, blank

Throat, tetracycline

wind

l Prevention of respiratory tract infection

Grade 11 RSV antibody 28,787.40 1,595.92 3,282.18 Preclinical research and production

Cell virus replacement approval document

Department of Infectious Diseases

alzheimer's gain

Technology treatment Old 12-year-old silent disease treatment 3,320.00 165.31 1,585.58 Preclinical research and production

Sudden dementia vaccine approval document

break

Branch

Get prevention flow

Broad Spectrum Influenza Technology

13 17,067.00 314.47 1,017.00 Preclinical research and production line Infectious vaccine outbreak

Approval

break

combine

/ 198,249.90 8,999.36 84,621.25 / / / /

plan

Note: The above table shows ongoing research projects with a cumulative investment of more than 5 million yuan.

5. R&D personnel

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

Amount for the current period Amount for the same period last year

Number of R&D personnel in the company (person) 124 139 Proportion of the number of R&D personnel in the company’s total personnel (%) 9.79 10.78 Total salary of R&D personnel 1,338.50 1,187.51 Average salary of R&D personnel 10.54 8.67 Note: Compared with the same period last year, the company's research project Hib has carried out technology transfer work. Some project team members were transferred from the R&D project team to the process technology department to engage in technology transfer work. Statistics are not based on R&D personnel.

education level

Educational composition Number (person) Proportion (%)

Doctoral students 17 13.71

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Master's degree 52 41.94 Undergraduate 37 29.84 College 11 8.87 High school and below 7 5.65

Total 124 100.00

age structure

Age range Number (person) Proportion (%)

Under 30 years old (excluding 30 years old) 27 21.77 30-40 years old (including 30 years old, excluding 40 years old) 58 46.77 40-50 years old (including 40 years old, excluding 50 years old) 28 22.58 50-60 years old (including 50 years old, excluding 60 years old) 10 8.06 60 years old and above 1 0.81

Total 124 100.00

6. Other instructions

√Applicable □Not applicable

1. In June 2025, the company obtained the "Drug Clinical Trial Approval Notice" for the recombinant herpes zoster vaccine (CHO cell) issued by the State Food and Drug Administration (acceptance number: CXSL2500213, notification number: 2025LP01477).

2. In June 2025, the company obtained the "Drug Clinical Trial Approval Notice" for the influenza virus split vaccine (BK-01 adjuvant) issued by the State Food and Drug Administration (acceptance number: CXSL2500239, notification number: 2025LP01603).

3. In August 2025, the company obtained the "Drug Registration Certificate" for the live attenuated nasal spray influenza vaccine issued by the State Food and Drug Administration (acceptance number: CXSS2400043, certificate number: 2025S02547).

4. Risk factors

√Applicable □Not applicable

1. Risk of significant performance decline or loss

During the reporting period, affected by various factors such as the external environment, intensified market competition, and the decreased willingness of recipients to be vaccinated, the

The sales and use of the company's herpes zoster vaccine have been significantly reduced, and sales revenue has been under pressure, which has had a negative impact on the company's overall operating income and net profit.

As a result, the company's revenue and profits declined. In this regard, based on product characteristics, market environment changes and medical and prevention coordination policy guidance, the company continues to

Continue to innovate marketing channel strategies, actively explore new models of medical and prevention integration, and enhance product recognition, market share and brand awareness.

At the same time, we will unswervingly implement the innovation-driven development strategy, accelerate the progress of ongoing research pipelines, and reserve new growth points for future development.

2. Risks of intensified market competition

Some vaccine manufacturers have lowered the prices of some non-immunization program vaccines and local immunization program vaccines. In addition, as the company's similar products

The successive launch of products may lead to a decrease in the market share and competitiveness of the company's already launched products, which may adversely affect the company's performance.

beneficial impact. Among the company's listed products, although the chickenpox vaccine currently leads the market share, the

As market capacity shrinks and the number of manufacturers of similar products increases, we may face the risk of falling product prices and sales in the future.

3. Long-term technology iteration risks

The company owns “virus large-scale culture technology platform”, “preparation and adjuvant technology platform”, “genetic engineering technology platform” and “microbiological technology platform”.

The five core technology platforms of "Bacterial Vaccine Technology Platform" and "mRNA Vaccine Technology Platform" constitute the company's core technology system.

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Due to the rapid development of biopharmaceutical-related technologies, biopharmaceutical R&D and related process technologies are also constantly improving. If the company has insufficient R&D investment and fails to accurately grasp the industry's technology development trends and carry out forward-looking R&D and process technology research, it may cause the company to gradually lose its technological advantages, thereby affecting the company's core competitiveness.

4. Risk of core technology leakage or infringement

Vaccine research and development is difficult. It not only requires a lot of money and manpower, but also puts forward high requirements in terms of technical level. It is a technology-intensive industry. The core technology of a vaccine company is an important support for the company to maintain market competitiveness in the industry. If there are flaws in the operation of the company's confidentiality and internal control systems, the company's relevant technical secrets are leaked or the patents are maliciously infringed, it will have an adverse impact on the company's production and operations.

5. The risk of clinical progress of ongoing research projects falling short of expectations

The smooth implementation and completion of clinical trials of the company's research projects are affected by many factors, including regulatory approval, subject recruitment and other aspects. If the approval speed of the competent authorities is slower than expected, or the competition of competitors' research projects to recruit subjects leads to the slower-than-expected enrollment of subjects, etc., which may affect the progress of clinical trials, it may cause the clinical development progress to be slower than expected, delay the company's product launch time, and thus affect the company's business operations.

6. The risk that projects under research cannot be successfully industrialized

The process from preclinical research to industrial launch of biological products such as vaccine products and fully human monoclonal antibodies is characterized by difficult research and development, intensive knowledge, high technical content, complex large-scale production processes, large capital requirements, and long time consumption. If the company's research projects fail to fully consider the technical issues related to industrialization at the beginning of the design, there will be greater uncertainty about whether the research results can be successfully industrialized, which may have an adverse impact on the company's business development, financial status and operating results.

7. Potential risks caused by product safety

Since the quality of vaccine products is directly related to the health and safety of people's lives, the state has formulated a series of relevant laws and regulations to strictly supervise all aspects of vaccine research and development, production, sales, storage and transportation, and vaccination. Vaccine products have complex production processes, high requirements for storage and transportation conditions, and highly professional vaccination and use. Failure to strictly control any of these links may lead to product quality risks or vaccination accidents. According to regulatory requirements and the company's internal abnormal reaction compensation system, the company may provide corresponding compensation for abnormal reactions of vaccinators. As the scale of operations continues to expand, the company faces the risk of abnormal product incidents that may affect its reputation and normal production and operations.

8. The risk of new product sales falling short of expectations

After the company's new products are launched, market cultivation will take a certain period of time. If market access, academic promotion, etc. fail to meet expectations, the market growth space may be subject to certain restrictions. For example, if other competitors strengthen their promotion efforts or new competitors join, market competition will further intensify, which may have a certain impact on the company's performance.

9. Risks of industry policy changes

Vaccine products are directly related to the life, health and safety of the public. The vaccine industry is a highly administratively regulated industry. Industry supervision is continuously strengthened in all aspects from research and development, raw material procurement to vaccine product production and sales. As regulatory policies for the vaccine industry continue to improve, higher requirements have been placed on vaccine companies. In an environment of tightening supervision, if the company cannot adjust its business strategy, internal control system, quality management system, etc. in a timely manner to adapt to changes in vaccine regulatory policies, it will have an adverse impact on the company's operations. If there is no future inspection

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If the testing standards are improved, and the company fails to make corresponding adjustments in production and business strategies in accordance with changes in the country's pharmaceutical reform and regulatory policies, the vaccine may not be able to be successfully batch-released within the validity period due to substandard testing and other reasons, resulting in the risk of vaccine products being devalued, returned to sales, or even destroyed.

The company's products, chickenpox vaccine, shingles vaccine and nasal spray influenza vaccine, are all non-immunization program vaccines of the national level. Among them, chickenpox vaccine has been included in the local immunization program by some provinces and cities. Non-immunization program vaccines are independently priced according to the market. During the reporting period, the company's profits mainly came from the sales of non-immunization program vaccines such as chickenpox vaccine, shingles vaccine, and influenza vaccine. With the development of medical and health services, my country is continuously expanding its immunization program. If the country positions the company's marketed products as vaccines for the immunization program in the future, the selling price of the company's vaccines on sale may become the government procurement price, leading to the risk of a decline in the company's performance.

10. Macro-environmental risks

The industry in which the company operates is closely related to national macroeconomic policies and industrial policies. The cyclical fluctuations in national economic development, national industry development direction and other policy changes may have an impact on the company's production and operations.

5. Main business conditions during the reporting period

During the reporting period, the company achieved total operating income of 284.8962 million yuan, compared with 618.4012 million yuan in the same period last year, a decrease of 333.5051 million yuan, a decrease of 53.93%; the net profit attributable to the owners of the parent company was -7,357 .34 million yuan, compared with 137.6045 million yuan in the same period last year, a decrease of 211.1779 million yuan, or 153.47%; the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was -82.2324 million yuan, in the same period last year 135.3061 million yuan, a decrease of 217.5385 million yuan, a decrease of 160.78%. As of June 30, 2025, the company's total assets were 5,264,687,300 yuan, an increase of 59,818,400 yuan from 5,204,868,800 yuan at the beginning of the year, an increase of 1.15%; total liabilities were 119,337.48 yuan million, an increase of 206.2542 million yuan from 987.1206 million yuan at the beginning of the year, an increase of 20.89%; the asset-liability ratio was 22.67%.

(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 284,896,170.67 618,401,246.78 -53.93 Operating costs 61,615,318.48 74,759,645.70 -17.58 Sales expenses 165,564,616.26 233,197,729.51 -29.00Administrative expenses 57,540,332.90 62,407,627.08 -7.80Financial expenses 471,067.30 -2,828,159.29 Not applicable R&D expenses 93,166,982.13 85,529,937.90 8.93 Net cash flow generated from operating activities 9,319,263.11 84,504,476.98 -88.97 Net cash flow generated from investing activities -190,457,558.92 -212,348,124.84 Not applicable Net cash flow generated from financing activities 88,726,483.53 41,947,676.35 111.52 Investment income (losses are listed with "-") -15,297,321.86 226,204.61 -6,862.6 Credit impairment losses (losses are marked with "-"

6,727,257.99 -14,714,768.73 Not applicable)

Asset impairment losses (losses are filled in with "-"

-4,343,250.21 10,102,781.61 -142.99 columns)

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Non-operating income 8,668,213.56 413,463.54 1,996.49 Non-operating expenses 309,641.06 154,210.45 100.79 Income tax expenses -26,032,571.43 21,214,058.19 -222.71

Explanation of reasons for changes in operating income: This reporting period decreased by 53.93% compared with the same period last year, mainly due to the decrease in sales revenue of herpes zoster vaccine this year compared with the same period last year.

Explanation of reasons for changes in financial expenses: This reporting period increased by 3.2992 million yuan compared with the same period last year, mainly due to the decrease in interest income. Explanation of reasons for changes in net cash flow from operating activities: This reporting period decreased by 88.97% compared with the same period last year, mainly due to the decrease in sales collections.

Explanation of reasons for changes in net cash flow generated from financing activities: This reporting period increased by 111.52% compared with the same period last year, mainly due to the increase in bank borrowings.

Explanation of the reasons for changes in investment income: This reporting period decreased by 15.5235 million yuan, or 6,862.60%, compared with the same period last year. This was mainly due to the additional investment in Chunxin Biotechnology during the reporting period to reach 33.3241% and the appointment of an additional director, which had a significant impact. The investment in other equity instruments was adjusted to long-term equity investment and was accounted for under the equity method, resulting in a decrease in investment income.

Explanation of reasons for changes in credit impairment losses: This reporting period decreased by RMB 21.442 million compared with the same period last year, mainly due to the decrease in the balance of accounts receivable at the end of this reporting period compared with the same period last year.

Explanation of the reasons for changes in asset impairment losses: This reporting period increased by 14.446 million yuan, or 142.99%, compared with the same period last year, mainly due to the provision for impairment of inventories in this reporting period. The same period last year was due to the realization of sales of the inventories that had been provided for impairment to offset the impairment losses that had been provided. Explanation of reasons for changes in non-operating income: This reporting period increased by 1,996.49% compared with the same period last year, mainly due to the increase in government subsidies received during this reporting period compared with the same period last year.

Explanation of reasons for changes in non-operating expenses: This reporting period increased by 100.79% compared with the same period last year, mainly due to late payment fees arising from self-examination and backpayment of taxes during this reporting period.

Explanation of reasons for changes in income tax expenses: This reporting period decreased by 47.2466 million yuan, or 222.71%, compared with the same period last year, mainly due to operating losses during the reporting period and the recognition of deferred income tax assets in accordance with the "Accounting Standards for Business Enterprises - Income Tax Expenses".

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 Current period Last year End of current period

The last share The last share The amount is higher

Project

Ending amount of the current period Total assets Ending amount of the previous year Total assets Change at the end of the period Description of the situation

proportion of proportion dynamic proportion

(%) (%) (%)

Mainly due to inventory during the reporting period 278,753,114.00 5.29 170,776,028.10 3.28 63.23

seasonal flu vaccine

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due to production.

This is mainly due to the fact that during the reporting period, the company carried out the second phase of capital increase for Chuanxin Biotechnology according to the contract, which had a significant impact on the equity. The investment in other equity investment instruments was adjusted to long-term equity investment and was accounted for according to the equity method.

Mainly due to short-term expenses during this reporting period

155,537,203.60 2.95 42,898,918.01 0.82 262.57 Bank working capital borrowings

Due to the increase in payment. Contract Mainly related to this reporting period 1,027,119.76 0.02 2,201,325.54 0.04 -53.34

Liabilities Complete the sale.

Mainly due to the long-term impact of this reporting period

107,844,630.08 2.05 59,929,861.15 1.15 79.95 Increase in bank long-term borrowings

Caused by addition.

Mainly due to receivables during the reporting period

• • 1,000,000.00 0.02 -100.00 Acceptance notes for matured notes

Caused by.

Mainly due to prepayment during the reporting period

44,095,018.41 0.84 25,052,996.52 0.48 76.01 Prepayment for research and development projects

due to increase.

Others Mainly due to the increase in pre-current payments and clinical sample products in this report. Mainly because during the reporting period, the company carried out the second phase of additional investment in Xinxin Biotechnology according to the agreement.

Capital, reaching significant impact on rights and interests

20,630,607.33 0.39 177,856,876.94 3.42 -88.40 Impacted by other equity instruments

Tool investment adjusted to investment

Long-term equity investments are accounted for using the equity method.

It is due to the amount payable during this reporting period.

• • 87,735.00 0.00 -100.00 Commercial bills of exchange issued

Due to maturity acceptance. This is due to the fact that the payment has not yet been made during this reporting period.

27,797,150.37 0.53 13,722,526.48 0.26 102.57 Accounts payable during the settlement period

Due to the increase in items. Payable 973,461.04 0.02 6,620,709.11 0.13 -85.30 is the tax for this reporting period

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Due to taxes and fees.

Mainly due to other flows during the reporting period based on the estimated return rate 9,469,024.85 0.18 70,771,900.07 1.36 -86.62 Liabilities for unrecognized income The sold goods have been settled

Calculate the cause.

Other instructions

None

2. Overseas assets

□Applicable √Not applicable

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

√Applicable □Not applicable

The company signed a "Vaccine and Antibody Product Research and Development Loan" with the Jilin Provincial Branch of the China Development Bank on December 24, 2024. The loan amount is 100 million yuan, the loan term is three years, and its own real estate and the land use rights where the real estate is located are used as collateral. The reported book value at the end of the reporting period for the real estate involved was RMB 166.1912 million, and the book value at the end of the reporting period for the land involved was RMB 16.2547 million.

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

50,000,000.00 0.00 100% Note: As of the end of the reporting period, the company had 1 holding subsidiary and 3 joint-stock companies. During the reporting period, the company and Chuanxin Biotech signed the "Investment Agreement Regarding Chuanxin Biopharmaceutical (Suzhou) Co., Ltd." and the "Supplementary Agreement". The agreement stipulates that from January 1, 2025 to December 31, 2026, the company will pay the second phase of capital increase to Chuanxin Biotech in installments. As of the disclosure date of this report, the company has paid a capital increase of RMB 50 million as agreed.

(1). Significant equity investment

√Applicable □Not applicable

Unit: Yuan Currency: RMB Progress as of the end of the reporting period

Name of the invested company Main business Investment method Investment amount Shareholding ratio Fund source Investment profit and loss for the current period Disclosure date and index status

Company to complete in 2023

First Issue of Messenger Creatures

Increased capital by RMB 150 million,

During the reporting period, the company and

Disclosure date:

Communication Biotech signed the second phase

Chuanxin Biomedicine (Su 2025-01-24 Biological drug research and development capital increase 350,000,000.00 33.3241% Self-raised capital increase agreement, for Chuanxin -15,276,367.81

State) Co., Ltd. Announcement No.: Biology carries out the second phase of capital increase

2025-002 200 million yuan, as of

At the end of the reporting period, as agreed,

Actual completion of capital increase 5,000

Ten thousand yuan.

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Total / / 350,000,000.00 / / / -15,276,367.81 /

(2). Significant non-equity investment

□Applicable √Not applicable

(3). Financial assets measured at fair value

√Applicable □Not applicable

Unit: Yuan Currency: RMB Accumulation included in equity

Fair value for the current period Less provision for the current period Asset category sold/redempted for the current period Opening amount Fair value change Purchase amount for the current period Other changes Gains and losses from changes in the ending amount Value Amount

move

Other equity workers

177,856,876.94 -7,364,360.80 -37,507,483.86 / / / -149,861,908.81 20,630,607.33 Investment

Total 177,856,876.94 -7,364,360.80 -37,507,483.86 / / / -149,861,908.81 20,630,607.33

Securities investment situation

□Applicable √Not applicable

Derivatives investment situation

□Applicable √Not applicable

(4). Investment status of private equity investment funds

□Applicable √Not applicable

Other instructions

None

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(5) Major assets and equity sales

□Applicable √Not applicable

(6) Analysis of major holding and participating companies

√Applicable □Not applicable

Main holding company

Registered capital Total assets Net assets Operating income Net profit Company name Nature of business Main products or services Shareholding ratio (%)

(RMB 10,000) (RMB 10,000) (RMB 10,000) (RMB 10,000) (RMB 10,000) Wellcome Biopharmaceutical Human Rabies Vaccine 100.00 5,000.00 1,304.19 -38,455.13 72.20 -192.80

Main participating companies

Registered capital Total assets Net assets Operating income Net profit Company name Nature of business Main products or services Shareholding ratio (%)

(RMB 10,000) (RMB 10,000) (RMB 10,000) (RMB 10,000) (RMB 10,000) Ruizhou Biopharmaceutical industry Biological drug research and development 9.41 2126.15 13,088.37 5,653.85 1.89 -3,763.37 Agricultural technology development; Home

Breeding industry (research

Ningbo Chunpai poultry breeding (SPF chicken); 33.62 4,283.48 6,896.56 6,526.43 936.93 29.25 and experimental development)

Cultivation of embryonic eggs.

Chuanxin Biopharmaceutical industry Biological drug research and development 33.32 420.04 12,715.85 11,065.19 13.11 -3,794.53

Information about 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 Wellcome Biotech Subsidiary Human rabies vaccine 5,000.00 1,304.19 -38,455.13 72.20 -192.80 -192.80 Chuanxin Biotechnology Joint-stock company Biological drug research and development 420.04 12,715.85 11,065.19 13.11 -3,793.36 -3,794.53

Acquisition and disposal of subsidiaries during the reporting period

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□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(7) Structured entities controlled by the company

□Applicable √Not applicable

6. Other disclosure matters

√Applicable □Not applicable

1. During the reporting period, Chuanxin Biotech has completed the "second phase capital increase milestone". As reviewed and approved by the second meeting of the company's sixth session of the Board of Directors, the company has carried out a second phase of capital increase for Chuanxin Biotech as agreed, and has completed the equity delivery and change of industrial and commercial registration of Chuanxin Biotech. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the Signing of Investment Agreement and Progress of Foreign Investment" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on January 24, 2025 (announcement number: 2025-002). As of the end of the reporting period, the company had actually completed a capital increase of 50 million yuan in accordance with the agreement.

2. As of the report disclosure date, the company received the "Notice on Allocating Funds for the High-Quality Development Project of the Medical and Health Industry in Changchun" issued by the Changchun Municipal Bureau of Industry and Information Technology, and was approved to receive 12.4 million yuan in incentive funds.

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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

Name Position held Changes

Yu Bing Director and Deputy General Manager resigned

Sun Wanfeng Deputy General Manager Appointment

Sun Wanfeng Director Election

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

√Applicable □Not applicable

1. During the reporting period, Mr. Yu Bing, the company’s non-independent director and deputy general manager, applied to resign from his position as director and deputy general manager of the company’s sixth board of directors due to personal reasons. After resigning from the above-mentioned positions, Mr. Yu Bing no longer holds any position in the company. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the Resignation of Directors and Senior Management Members" disclosed by the company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on February 15, 2025 (Announcement No.: 2025-004).

2. During the reporting period, after deliberation and approval at the third meeting of the sixth session of the Board of Directors of the company, it was agreed to appoint Mr. Sun Wanfeng as the deputy general manager of the company, with the term starting from the date of approval by the board of directors and ending on the expiration date of the sixth session of the board of directors. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the Appointment of Deputy General Manager" disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) on February 26, 2025 (announcement number: 2025-006).

3. During the reporting period, as reviewed and approved by the fourth meeting of the company's sixth board of directors and the first extraordinary shareholders' meeting in 2025, it was agreed to elect Mr. Sun Wanfeng as a non-independent director of the company's sixth board of directors. The director's term shall be from the date of approval by the shareholders' meeting to the expiration date of the sixth board of directors. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the by-election of non-independent directors of the sixth board of directors" (Announcement No.: 2025-007) and the "Announcement on the Resolution of the First Extraordinary Shareholders Meeting of Changchun Baike Biotechnology Co., Ltd. in 2025" (Announcement No.: 2025-009) disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on March 21, 2025 and April 8, 2025.

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

√Applicable □Not applicable

During the reporting period, the company did not identify new core technical personnel.

The company has formulated specific identification standards for core technical personnel based on the core technical personnel's research and development, patent acquisition, and leading core technology research and development projects in the company, which are mainly as follows:

① Have a deep professional knowledge background, rich work qualifications and project experience in the biomedical industry;

② Hold important positions in the company's technology, R&D, production, and quality departments. They are the technical person in charge, the person in charge of R&D, the person in charge of production, and the person in charge of quality. They are the technical backbone of the company;

③ During his tenure, he led the research and development of multiple projects and led the R&D team to complete multiple patent applications and the implementation of major scientific research projects;

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④Have made major decisions on the research, judgment, planning and implementation of the company's technological innovation and product routes, and are the decision-makers for the company's technological development.

Those who must meet at least the above two standards at the same time and be considered and approved by the board of directors can be recognized as core technical personnel.

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 distribute or transfer No

Number of bonus shares for every 10 shares (shares) Not applicable

Dividend amount per 10 shares (yuan) (tax included) Not applicable

Number of shares transferred per 10 shares (shares) Not applicable

Explanation of relevant information on profit distribution or capital reserve conversion plan

None

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

(1) Relevant equity incentive matters have been disclosed in temporary announcements and there is no progress or change in subsequent implementation

√Applicable □Not applicable

Matter Overview Query Index

The company held the fifth meeting of the sixth session of the Board of Directors on April 17, 2025. For details, please refer to the company's second meeting of the sixth session of the Board of Supervisors on April 21, 2025, which reviewed and approved the "Second vesting period for the initial grant of the restricted stock incentive plan in 2022 on the Shanghai Stock Exchange website". (www.sse.com.cn) disclosed the "Changchun Baike and Reserved Grant Part's vesting conditions for the first vesting period have not been fulfilled and the Biotechnology Co., Ltd.'s Proposal on the Restricted Abolition of the Restricted Stock that has been granted but has not yet vested in 2022", the company's stock incentive plan first granted part of the second vesting portion of the company's supervisory board issued a verification opinion on this invalidation matter, Beijing Zhide The law firm issued a legal opinion on this proposal for the first vesting period and vesting period of the reserved vested portion. Cathay Haitong Securities Co., Ltd. issued an independent financial advisory report on this proposal for the portion that has been granted but has not yet vested. Announcement of Restricted Stocks" (Announcement No.:

2025-016).

(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

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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 in accordance with the law (number) 3

Serial number Company name Query index for environmental information disclosure report in accordance with the law 1 Changchun Beike Biotechnology Co., Ltd. New Factory http://36.135.7.198:9015/index 2 Changchun Beike Biotechnology Co., Ltd. http://36.135.7.198:9015/index 3 Jilin Huikang Biopharmaceutical Co., Ltd. See other instructions for details

Other instructions

√Applicable □Not applicable

Jilin Huikang Biopharmaceutical Co., Ltd. will be included in the environmental information disclosure list in 2025. According to the provisions of Articles 22 and 51 of the 2019 new version of the "Classified Management Directory of Stationary Pollution Sources Discharge Permits", Huikang Biopharmaceuticals still implements fixed pollution source discharge registration management.

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

□Applicable √Not applicable

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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,

Whether and commitment Commitment Commitment Whether it has been fulfilled or not should be stated. What should be fulfilled if it is not completed?

Commitment party Commitment time Commitment period Strict background Type Contents Time limit Specific details of performance Explain the reason for next performance Step plan

1. Since the initial public offering of shares by Baike Biotechnology in Shanghai Securities

Within thirty-six months from the date of listing on the Exchange’s Science and Technology Innovation Board, the

The enterprise shall not transfer or entrust others to manage the enterprise directly and

The indirect holdings of Beike Biotech’s shares were held prior to its initial public offering.

shares issued (hereinafter referred to as "pre-IPO shares"),

Nor will Baike Biotech repurchase this part of the shares.

2. After the lock-up period of the company shares held by the enterprise expires,

Secondary Public This company will conscientiously abide by the June 2021 Development of China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission") and the Stock Exchange June 25, 2021-2024

Changchun High-tech Yes Yes Not applicable Not applicable Industry Restriction on sales Regarding the relevant provisions on shareholder reduction, prudently formulate and disclose the stock reduction plan on June 24, 2020, and disclose the progress of the reduction in accordance with laws, regulations and the provisions of the stock exchange. This company is locked

If the pre-IPO shares are reduced after the expiry of the period, the company will make it clear

and disclose the company’s control arrangements to ensure the company’s continued stability

Determined operation.

3. The pre-IPO shares of Baike Biotech held by this company are within the lock-up period.

If the holding is reduced within two years after expiry, the reduction price shall not be lower than the issue price.

Within six months after the listing of Baike Biotech stocks, such as Baike Biotech

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If the closing price of the stock is lower than the issuance price for twenty consecutive trading days, or the closing price at the end of the six-month period after listing (if that day is not a trading day, then the first trading day after that day) is lower than the issuance price, the lock-up period of the company's shares of Beik Biotech will be automatically extended for six months. The above-mentioned issuance price refers to the issuance price of Baike Biotech's initial public offering of shares. If Baike Biotech undergoes ex-rights and ex-dividend events such as dividend distribution, bonus shares, conversion of capital reserves to share capital, and issuance of new shares after Baike Biotech's listing, the above-mentioned issue price will be treated as ex-rights and ex-dividends in accordance with relevant laws, regulations, normative documents and relevant provisions of the stock exchange.

4. If any of the following circumstances occurs, the company promises not to reduce its holdings of Baike Biotech shares:

(1) Baike Biotech or the company is under investigation by the China Securities Regulatory Commission or judicial authorities for suspected securities and futures crimes, and it is less than six months after the administrative penalty decision or criminal judgment is made.

(2) The enterprise has been publicly reprimanded by the stock exchange for less than three months due to violation of the rules of the stock exchange.

(3) Other situations stipulated by the China Securities Regulatory Commission that prohibit reduction of holdings.

1. Within twelve months from the date of the initial public offering of Baike Biotech shares on the Shanghai Stock Exchange’s Science and Technology Innovation Board, I

In June 2021, I will not transfer or entrust others to manage the property I hold directly or indirectly.

25th - 2022 Some of the shares that have been issued before the initial public offering of shares of Baike Biotech in 2021 are June 24, are not applicable, are not applicable (hereinafter referred to as the "pre-IPO shares"), nor are they by June 24

day; after leaving the company, Baike Biotech repurchased the shares.

Within half a year

2. After the lock-up period of the company shares I hold expires, I will conscientiously abide by the regulations of the China Securities Regulatory Commission (to

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(hereinafter referred to as the "China Securities Regulatory Commission") and the stock exchange's relevant regulations on shareholder reduction, prudently formulate and disclose stock reduction plans, and disclose the progress of the reduction in accordance with laws, regulations and the provisions of the stock exchange.

3. If the pre-IPO shares of Beike Biotech held by me are reduced within two years after the expiration of the lock-up period, the reduction price shall not be lower than the issue price. Within six months after the listing of Beike Biotech stocks, if the closing price of Beike Biotech stocks for twenty consecutive trading days is lower than the issue price, or the closing price at the end of the six-month period after listing (if that day is not a trading day, then the first trading day after that day) is lower than the issue price, the lock-up period of the Beike Biotech shares held by me will be automatically extended for six months. The above-mentioned issuance price refers to the issuance price of Baike Biotech's initial public offering of shares. If Baike Biotech undergoes ex-rights and ex-dividend events such as dividend distribution, bonus shares, conversion of capital reserves to share capital, and issuance of new shares after Baike Biotech's listing, the above-mentioned issue price will be treated as ex-rights and ex-dividends in accordance with relevant laws, regulations, normative documents and relevant provisions of the stock exchange. I will not give up the above-mentioned commitment to extend the lock-in period due to job changes, resignation, etc.

4. When I serve as a director or senior manager of the company, I will report to the company the shares I hold and the changes therein. When I serve as a director, supervisor, or senior manager of the company, the company shares I transfer each year shall not exceed 25% of the total company shares held by me; I shall not transfer the company shares I hold within six months after my resignation. If I resign before the expiration of my term as a director, supervisor or senior manager of the company, I shall

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During the determined term and within six months after the expiration of the term, the following restrictive provisions shall be observed:

(1) The shares transferred each year shall not exceed 25% of the total number of company shares held by the individual;

(2) Do not transfer the shares of the company held by you within six months after resigning;

(3) Other provisions on the transfer of shares of directors, supervisors and senior managers under laws, administrative regulations, departmental rules, normative documents and the business rules of the Shanghai Stock Exchange. If the China Securities Regulatory Commission, Shanghai Stock Exchange and other regulatory authorities change the restrictive regulations on the transfer of company stocks by directors, supervisors and senior managers of listed companies, the share locking obligations will be fulfilled in accordance with the changed regulations.

5. As a core technical personnel of the company, within 4 years from the expiration of the lock-in period of the pre-IPO shares of Beike Biotech held by me, the pre-IPO shares transferred each year shall not exceed 25% of the total number of pre-IPO shares held by the company at the time of listing, and the reduction ratio can be used cumulatively.

6. Under any of the following circumstances, I promise not to reduce my holdings of Baike Biotech shares:

(1) The person is under investigation by the China Securities Regulatory Commission or the judicial authority for being suspected of securities and futures crimes, and it is less than six months after the administrative penalty decision or criminal judgment is made.

(2) I have been publicly reprimanded by the stock exchange for less than three months for violating the self-discipline rules of the stock exchange.

(3) Other situations stipulated by the China Securities Regulatory Commission that prohibit reduction of holdings.

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7. I will not refuse due to job change, resignation, etc.

Fulfill the above commitments.

1. Since the initial public offering of shares by Baike Biotechnology in Shanghai Securities

Within twelve months from the date of listing on the Exchange’s Science and Technology Innovation Board, I

Do not transfer or entrust others to manage the property directly or indirectly held by me

Some Baike Biotechnology has issued shares before its initial public offering.

shares (hereinafter referred to as "pre-IPO shares"), nor by

Baike Biotech repurchased this part of the shares.

2. After the lock-in period of the company shares held by me expires, the

People will conscientiously abide by the China Securities Regulatory Commission (to

(hereinafter referred to as the "China Securities Regulatory Commission"), the stock exchange

Relevant regulations on shareholder reduction, prudently formulating and disclosing stocks

Plan for shareholding reduction, and disclose the progress of the shareholding reduction in accordance with laws, regulations and the provisions of the stock exchange in June 2021. 25th - 2022 Shares June 2021 Feng Daqiang 3. During my tenure as a supervisor of the company, I will report to the company Yes June 24, 2022 Yes Not applicable Not applicable Sales restrictions will be reported on June 24, 2021, of the company shares I hold and their changes. I am in Japan; when I serve as a director, supervisor or senior manager of the company after leaving my job, the number of company shares transferred each year within half a year shall not exceed the number of company shares held by me.

25% of the total number of jobs; within six months after leaving the job, no

Transfer the company shares held by you. If I am serving as a public official

Before the expiration of the terms of the company’s directors, supervisors and senior managers

Those who resign shall be within the term and period determined when they take office.

Within six months after the expiration of the term, the following restrictive provisions shall be observed:

(1) The number of shares transferred each year shall not exceed the number of shares of the company held by the individual

Twenty-five percent of the total shares;

(2) Within six months after resigning, the company held by the person shall not be transferred

shares;

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(3) Other provisions on the transfer of shares of directors, supervisors and senior managers under laws, administrative regulations, departmental rules, normative documents and the business rules of the Shanghai Stock Exchange. If the China Securities Regulatory Commission, Shanghai Stock Exchange and other regulatory authorities change the restrictive regulations on the transfer of company stocks by directors, supervisors and senior managers of listed companies, the share locking obligations will be fulfilled in accordance with the changed regulations.

4. Under any of the following circumstances, I promise not to reduce my holdings of Baike Biotech shares:

(1) The person is under investigation by the China Securities Regulatory Commission or the judicial authority for being suspected of securities and futures crimes, and it is less than six months after the administrative penalty decision or criminal judgment is made.

(2) I have been publicly reprimanded by the stock exchange for less than three months for violating the self-discipline rules of the stock exchange.

(3) Other situations stipulated by the China Securities Regulatory Commission that prohibit reduction of holdings.

5. I will not refuse to fulfill the above commitments due to job changes, resignation, etc.

6. Ensure that the company’s public issuance of stocks and listing on the Science and Technology Innovation Board do not involve any fraudulent issuance.

7. If the company does not meet the conditions for issuance and listing, it will use deceptive means to

In June 2021, if other Baike Biological products are fraudulently registered and have been issued and listed, the company will No Long-term Yes Not Applicable Not Applicable

On March 24, the China Securities Regulatory Commission and other competent authorities initiated the share repurchase procedure within five working days after confirmation, and repurchased all the new shares issued by the company this time.

1. Ensure that the issuer’s public issuance of stocks and listing on the Science and Technology Innovation Board in 2021 6 Other controlling shareholders No Long-term Yes Not applicable Not applicable There will be no fraudulent issuance. 24th

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2. If the issuer does not meet the issuance and listing conditions, it uses deceptive means to

If the issuance registration is obtained by fraud and has been issued and listed, the company

Will use the issuer's controlling shareholder status to promote the issuer's

It will start within five working days after confirmation by the China Securities Regulatory Commission and other competent authorities.

Activate share repurchase procedures to repurchase the issuer's public offering

of all new shares.

1. Ensure that the issuer’s public offering of stocks is listed on the Science and Technology Innovation Board

There is no fraudulent issuance in the listing.

Gaoxin Chaoda, 2. If the issuer does not meet the issuance and listing conditions, it will use deceptive means to

Longxiang Investment and Duan have fraudulently obtained issuance registration and have already issued and listed. The company's 2021 6 Others No Long-term Yes Not applicable Not applicable New District Development will use the issuer's indirect controlling shareholder status to urge the issuer Group to issue five working days after confirmation by the China Securities Regulatory Commission and other competent authorities on May 24

The share repurchase procedure will be initiated within the period and the issuer will repurchase its shares publicly

All new shares issued.

1. This unit will supervise Baike Biotech to ensure that its public issuance

There is no fraudulent issuance of stocks and listing on the Science and Technology Innovation Board

situation.

2. If Baike Biotech does not meet the issuance and listing conditions, it will deceive

Changchun New District June 2021 Other means to defraud issuance registration and has been issued and listed, this order No Long-term Yes Not applicable Not applicable The State-owned Assets Supervision and Administration Commission will use the actual controller status of Baike Biology to supervise Baike on June 24

Biotech has confirmed the following five tasks after being confirmed by the China Securities Regulatory Commission and other competent authorities:

The share repurchase process will be initiated within the next working day to repurchase 100 grams of biopharmaceuticals.

All new shares issued in the secondary public offering.

1. Standardize the use of raised funds and strengthen the management of raised funds.

Increase the rate of return on raised funds. This public issuance raises 6 other 2021 Baike Biotech No Long-term Yes Not Applicable Not Applicable After the funds are in place, the company will strengthen management in the use of raised funds, calculation, risk prevention, etc. to ensure that the raised funds

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Jin invested scientifically and rationally in relevant fundraising projects in accordance with the purpose of the raised funds disclosed in the "Prospectus" of this public offering. At the same time, the company will strictly follow the relevant provisions of the raised funds management system and implement a strict tripartite supervision system of raised funds to ensure the reasonable, legal and standardized use of raised funds. At the same time, on the basis of meeting the above requirements, the company will optimize the use of raised funds and increase the rate of return of raised funds based on various factors such as market conditions and industry development at the time.

2. Accelerate the construction progress of investment projects with raised funds. Under the premise of complying with laws, regulations, normative documents and the company's raised fund management system, the development and construction of the raised fund investment projects will be completed as soon as possible based on market conditions and objective conditions of industry development, and on the basis of ensuring the standard, scientific and rational use of the company's raised funds, and accelerating the realization of the expected economic benefits of the raised fund investment projects.

3. Accelerate technological innovation, strengthen brand building, and enhance core competitiveness. The company will rely on the opportunity of this public issuance of stocks and the raised funds to invest in project construction to further accelerate technological innovation, strengthen its own brand building and management, and enhance industry influence and the company's brand value.

4. Establish and improve investor return mechanisms and improve profit distribution policies. The company will establish and improve profit distribution policies in accordance with the applicable articles of association after listing and the relevant content of the shareholder dividend return plan, which not only conforms to the company's development strategy and development planning needs, but also closely combines the company's development stage, operating conditions, and industry prospects, and fully considers the interests of investors.

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On the basis of the willingness to distribute profits, we will improve the profit distribution policy, continue to optimize the return mechanism for investors, and ensure that investors are given reasonable expected returns in a timely manner. The company promises to ensure or make its best efforts to promote the effective implementation of the above measures, strive to reduce the impact of this issuance on current returns, and protect the rights and interests of the company's shareholders. If the company fails to implement the above measures without legitimate and reasonable reasons, the company and relevant responsible persons will publicly explain the reasons and apologize to investors.

1. Commitment not to transfer benefits to other units or individuals for free or on unfair terms, nor to harm the interests of the company in other ways.

2. Commit to restricting the occupational consumption behavior of directors and senior managers.

3. Commit not to use company assets to engage in investment or consumption activities unrelated to the performance of its duties.

The whole company

4. Commitment to the remuneration system formulated by the board of directors or the remuneration committee. 2021 6 Others Directors, senior officers No Long-term Yes Not applicable The degree of inapplicability is linked to the implementation of the company's compensation return measures. Managers on 24th

5. Commit to linking the exercise conditions of the company’s equity incentives to be announced with the implementation of the company’s supplementary return measures. As one of the parties responsible for the repayment measures, if I violate the above commitments or refuse to perform the above commitments, I agree to impose relevant penalties or take relevant management measures on me in accordance with the relevant regulations and rules formulated or issued by the China Securities Regulatory Commission, Shanghai Stock Exchange and other securities regulatory agencies. Do not interfere with the company's business management activities beyond their authority, and do not encroach on the company

6 other Changchun High-tech interests in 2021. As one of the relevant responsible parties for replenishing return measures, No Long-term Yes Not applicable Not applicable

If the company violates the above commitments or refuses to perform the above commitments on March 24,

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No, the company agrees to comply with the requirements of the China Securities Regulatory Commission and Shanghai Securities

Exchanges and other securities regulatory agencies shall comply with the regulations formulated or issued by them.

Relevant regulations and rules impose relevant penalties on the company or

Take relevant management measures.

Do not interfere with the company's business management activities beyond their authority, and do not encroach on the company

interests. As one of the relevant responsible entities for filling return measures,

High-tech,

If the company violates the above commitments or refuses to perform the above commitments,

Longxiang Investment, June 2021 Others Commitment, the company agrees to follow the regulations formulated or issued by the China Securities Regulatory Commission and Shanghai Securities Exchange and other securities regulatory agencies on May 24.

Group

Relevant regulations and rules impose relevant penalties on the company or

Take relevant management measures.

Changchun New District shall not intervene beyond its authority in the company's business management activities and shall not encroach upon the company's 2021 6 Others No Long-term Yes Not applicable Not applicable State-owned Assets Supervision and Administration Commission interests. 24th

1. The company has made the prospectus true, accurate and complete.

Complete disclosure of shareholder information.

2. There is no equity holding or entrustment in the history of the company.

There are no shareholding disputes or potential disputes, etc.

situation.

3. The company does not have any owners prohibited from holding shares by laws and regulations.

The entity directly or indirectly holds shares of the company. 2021 6 Other 100g Bio No Long Term Yes Not Applicable Not Applicable

4. The sponsor institution CITIC Securities uses self-operated business stock accounts on the 24th of the month, special credit and securities lending accounts, and asset management business stock accounts.

As well as investments in related financial institutions that have been registered with the Fund Industry Association

The product indirectly holds the company's shares (holds the company's shares after penetration)

The proportion of the company’s shares does not exceed 1%), such investment behavior is

Independent investment decisions made by relevant financial product managers

policy, it is not CITIC Securities’ initiative to invest in the Company.

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

In addition to the above circumstances, the intermediary institution or its responsible person for this issuance

The person in charge, senior managers, and handling personnel do not have direct

Or indirectly hold shares of the company.

5. The company does not use the company’s equity for improper benefits.

Transport situation.

6. If the company violates the above commitments, it will be responsible for the resulting

all legal consequences.

The company will strictly comply with the China Securities Regulatory Commission

The "On Further Implementing Cash Dividends of Listed Companies" formulated

Notice on Relevant Matters" "Guidelines for the Supervision of Listed Companies No. 3"

No. 1 Listed Company Cash Dividends", Shanghai Stock Exchange

The "Cash Dividends of Listed Companies on the Shanghai Stock Exchange" formulated

"Guidelines" and the company's "Articles of Association (Draft)" and the relevant provisions of other profit distribution systems including the three-year profit distribution plan formulated by the company in 2021. No Long-term Yes Not applicable. Implement the above provisions and

The provisions related to profit distribution and cash dividends in the policy must be adhered to

dividend

Scientific and reasonable profit distribution decision-making mechanism, attaching great importance to investment

reasonable returns to investors and maintain the stability of the profit distribution policy

and continuity.

Changchun High-tech Industry (Group) Co., Ltd.

As the controlling shareholder of Baike Biotechnology, it has made arrangements for Baike Biotechnology’s current transaction.

Changchun New Area has made a public commitment to its post-listing profit distribution policy. This unit will be held in June 2021.

No Long-term Yes Not applicable Not applicable The State-owned Assets Supervision and Administration Commission will supervise the relevant profit distribution policy commitments made by Baike Biology and Changchun High-tech on March 24 and the "Changchun Baike Biology" in accordance with the law.

Technology Joint Stock Company Articles of Association (Draft)" for profit distribution.

Solution 1. During the period when the company is the controlling shareholder of Baike Biotech, the company will supervise and contract the operating activities of the controlled enterprise from June 24, 2021 onwards.

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Competition shall be terminated, and all reasonable efforts shall be made to ensure that other companies controlled by the company do not engage in businesses that compete with Baike Biotech; if any business opportunities obtained by the controlling shareholder of the Company and other companies controlled by the Company from any third party in the future constitute substantial competition with Baike Biotech, which continues to be effective, the Company and the Company shall

Other companies under control will immediately notify Baike Biotech and try their best to

force to transfer the business opportunity to Baike Biotech, and/or take

Other measures to help avoid and resolve horizontal competition.

2. The company promises not to use the company as a

The position of the controlling shareholder harms Baike Biotech and Baike Biotech

the legitimate rights and interests of other shareholders.

3. If the company violates the above commitments, the company shall bear relevant responsibilities.

Should be responsible. The above commitments were made public for the first time by Baike Biotech.

Matters concerning issuance of stocks and listing on the Science and Technology Innovation Board shall be submitted to the Shanghai Securities Exchange

The Exchange has legal authority over the Company from the date of submission of application materials.

Binding, and as the controlling shareholder of Baike Biotechnology in the company

It will continue to be valid during this period.

1. During the period when the company served as the indirect controlling shareholder of Baike Biotechnology

During the period, the company will monitor the operating activities of the controlled enterprise

Supervision and restraint, and make all reasonable efforts to ensure that other companies controlled by the company from June 2021, Hi-tech Chaoda, and Longxiang Investment, from June 25, 2021, will not engage in horizontal competition with Baike Biology.

Yes Yes Not applicable Not applicable New district development If any business opportunities that the company obtains from any third party in the future constitute substantial competition with Beike Biotech Group on March 24, the company and other companies controlled by the controlling shareholder of the company will immediately notify Beike Biotech, and will continue to be effective for a period of time and try their best to transfer the business opportunities to Beike Biotech, and/or

Take other measures that are conducive to avoiding and resolving horizontal competition

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Give.

2. The company promises not to use its position as the indirect controlling shareholder of Baike Biotech to harm the legitimate rights and interests of Baike Biotech and other shareholders of Baike Biotech.

3. If the company violates the above commitments, the company shall bear corresponding responsibilities. The above commitments are legally binding on the Company from the date when Beike Biotech submits application materials to the Shanghai Stock Exchange for its initial public offering of shares and listing on the Science and Technology Innovation Board, and will continue to be effective while the Company is the indirect controlling shareholder of Beike Biotech. In order to prevent horizontal competition, Changchun High-tech's controlling shareholder Gaoxin Chaoda further issued a letter of commitment, promising: "The company is the only industrialization implementation entity among the subsidiaries in the human vaccine sector controlled by Changchun High-tech. Gaoxin Chaoda will ensure that Changchun High-tech fulfills the "Letter of Commitment on Avoiding Horizontal Competition" by exercising voting rights and other means; For vaccine companies that are not controlled by Changchun High-tech Investment, Gaoxin Chaoda promises that if these companies have business opportunities to seek industrialization implementation entities, Gaoxin Chaoda will urge Changchun High-tech to try their best to match relevant business opportunities, and with the consent of all parties, the company will be the industrialization implementation entity for the vaccine products related to these non-controlled companies. "

4. The company will fulfill its obligations as the controlling shareholder of Baike Biotech with integrity and good faith, and try to avoid and reduce disputes with Baike Biotech

(Including enterprises controlled by it, the same below) Related transactions between Changchun High-tech in June 2021 No Long-term Yes Not applicable Not applicable; for related transactions that cannot be avoided or occur for reasonable reasons

For joint transactions, the company and other companies, enterprises or other operating entities controlled by the company will cooperate with Baike Biotech in accordance with the public agreement.

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Sign standardized related party transaction agreements in accordance with the principles of fairness, fairness, compensation of equal value, etc., and perform relevant approval procedures in accordance with relevant laws, regulations, rules, other normative documents, the relevant laws and regulations of the China Securities Regulatory Commission, stock exchanges, and the Articles of Association of Baike Biological Company. The relevant laws and regulations of the China Securities Regulatory Commission, stock exchanges and the articles of association of Baike Biotech will fulfill the relevant information disclosure obligations; guarantee not to use related transactions to illegally transfer funds and profits of Baike Biotechnology, and not use related transactions to harm the interests of Baike Biotechnology and non-affiliated shareholders; guarantee not to use the position of the controlling shareholder to seek improper interests or seek priority rights to conclude transactions with Baike Biotechnology, and not to damage the legitimate rights and interests of Baike Biotech and other shareholders of Baike Biotech in any form.

2. The company promises to fulfill its obligation to avoid voting when voting on related party transactions involving the company and companies, enterprises or other operating entities controlled by the company at the shareholders' meeting of Baike Biotech.

3. The company promises that it will not require or accept terms that are more favorable than those offered to independent third parties in any fair transaction in the market.

4. The company promises to prevent the company and the companies, enterprises or other operating entities controlled by the company from occupying the funds and assets of Baike Biotech through borrowing, repaying debts, advancing funds or other means.

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5. The company guarantees that it will participate in the general meeting of shareholders in accordance with the provisions of the articles of association of Baike Biology, exercise shareholder rights and assume shareholder obligations equally, and will not seek illegitimate interests or damage the legitimate rights and interests of Baike Biology and other shareholders.

6. 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.

7. If the rights and interests of Baike Biotech are damaged due to the violation of the above commitments and guarantees by the company or the companies, enterprises or other operating entities controlled by the company, the company agrees to bear the losses caused to Baike Biotech.

8. The above commitments and guarantees shall take effect from the date of signing.

9. The company will fulfill its obligations as an indirect shareholder of Baike Biology Holdings in good faith and good faith, and try to avoid and reduce related transactions with Baike Biology (including companies it controls, the same below); for related transactions that are unavoidable or occur for reasonable reasons, the company and other companies, companies, enterprises or other operating entities controlled by the company will sign regulations with Baike Biology in accordance with the principles of Longxiang investment, fairness, equity, equal compensation, etc. June 2021

No Long-term Yes Not applicable Not applicable New District Development's related party transaction agreement, and perform relevant approval procedures in accordance with relevant laws, regulations, group regulations, other normative documents, the China Securities Regulatory Commission, relevant laws and regulations of the stock exchange and the articles of association of Baike Biology Company, conduct transactions under the conditions of fair and reasonable and normal commercial transactions, ensure that the prices of related party transactions are fair, and ensure that in accordance with relevant laws, regulations, rules, other normative documents, China Securities Regulatory Commission,

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Fulfill relevant information disclosure obligations in accordance with the relevant laws and regulations of the stock exchange and the Articles of Association of Baike Biotech; guarantee not to use related transactions to illegally transfer funds and profits of Baike Biology, and not use related transactions to harm the interests of Baike Biology and non-affiliated shareholders; guarantee not to use the position of the controlling shareholder to seek improper benefits or seek priority in entering into transactions with Baike Biotech

interests, and will not damage the legitimate rights and interests of Baike Biotech and other shareholders of Baike Biotech in any form.

2. The company promises that it will not require or accept terms that are more favorable than those offered to independent third parties in any fair transaction in the market.

3. The company promises to prevent the company and the companies, enterprises or other operating entities controlled by the company from occupying the funds and assets of Baike Biotech through borrowing, repaying debts, advancing funds or other means.

4. The company guarantees that it will equally exercise the rights and obligations of shareholders, and will not seek illegitimate interests or damage the legitimate rights and interests of Baike Biotechnology and other shareholders.

5. 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.

6. If the rights and interests of Baike Biotech are damaged due to the violation of the above commitments and guarantees by the company or the companies, enterprises or other operating entities controlled by the company, the company agrees to bear the losses caused to Baike Biotech.

7. The above commitments and guarantees shall take effect from the date of signing.

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1. I will perform my duties in good faith and good faith as the owner of 100g biological

The obligations of shareholders with more than 5% of the shares are to try to avoid and reduce conflicts with

between Baike Biotechnology (including the companies it controls, the same below)

related transactions; those that are unavoidable or have reasonable reasons

Related transactions that occur between myself and the companies I control,

Enterprises or other operating entities (including my wholly-owned, controlled

The company and the company, enterprise or company over which I have actual control

Other business entities, the same below) will cooperate with Baike Biotech in accordance with the company's

signed and regulated in accordance with the law on the principles of fairness, fairness, equal value and compensation, etc.

Related party transaction agreement, and in accordance with relevant laws, regulations and rules

Since Chapter 6 of 2021, other normative documents, China Securities Regulatory Commission, Shanghai Securities

The relevant laws and regulations of the stock exchange and the Articles of Association of Baike Biotech will be effective from March 25th.

Perform relevant approval procedures in accordance with the provisions of my actions, in a fair, reasonable and just manner

On June 24, 2021, if you hold Beike Shengkongwei and conduct transactions under normal commercial transactions, ensure that the transaction price of more than 5% of the related transactions is fair, and ensure that the transaction price is fair in accordance with relevant laws and regulations.

Shareholder laws, regulations, other normative documents, China Securities Regulatory Commission,

During this period, there have been relevant laws and regulations of the Shanghai Stock Exchange and Baike Biotech for a long time.

Effective. fulfill relevant information disclosure obligations as stipulated in the company's articles of association; guarantee

Do not use related transactions to illegally transfer Baike Biotech’s funds,

profit, and do not use related transactions to harm Baike Biological and non-related parties.

interests of shareholders; guarantee not to use shareholder status to seek unfair

When there is an interest or priority in seeking a deal with Baike Biotechnology

profit, and will not harm Baike Biotech and its other stocks in any form.

Dong’s legitimate rights and interests.

2. I promise to discuss all matters related to this company at the shareholders’ meeting of Baike Biotech.

The person and the company, enterprise or other business entity controlled by the person

When voting on matters related to related party transactions, perform disqualification

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Duty to vote.

3. I promise that I will not ask for or accept terms that are more favorable than those offered to independent third parties in any fair market transaction.

4. I promise to prevent myself and the companies, enterprises or other business entities controlled by me from occupying the funds and assets of Baike Biotech through borrowing, repaying debts, advancing funds, or other means.

5. I promise that I will not require Baike Biotech to provide any form of guarantee to me or my other related parties under any circumstances.

6. I guarantee that I will attend the general meeting of shareholders in accordance with the provisions of the articles of association of Baike Biology, exercise shareholder rights and assume shareholder obligations equally, and not seek illegitimate interests or damage the legitimate rights and interests of Baike Biology and other shareholders.

7. I confirm 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.

sex. The above commitments and guarantees will take effect from the date of signing, and will be valid for a long time as long as I am a shareholder holding more than 5% of the shares of Baike Biotech. If the rights and interests of Baike Biotech are damaged due to the violation of the above commitments and guarantees by myself or the company, enterprise or other business entity controlled by me, I agree to bear all losses caused to Baike Biotech.

Company as a whole 1. I will perform my duties as a director of Baike Biotech with integrity and goodwill. From June 2021 to June 2021,

Yes Yes Not applicable Not applicable The obligations of directors, supervisors/supervisors/senior managers should be avoided and reduced as much as possible. Starting from March 24th, March 25th

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Related transactions between directors, senior management and Baike Biotech (including companies controlled by them, the same below) or even between my management personnel; for related transactions that are unavoidable or have reasonable reasons for Baike Biotech, I and the companies, directors/supervisors/enterprises or other operating entities that I control (including my wholly-owned, controlling senior management companies and companies, enterprises or other long-term operating entities that I have actual control over, the same below) will cooperate with Baike Biotech in accordance with the public agreement. Signed and regulated in accordance with the law in accordance with the principles of fairness, fairness, equal value and compensation, etc.

Related party transaction agreement, and in accordance with relevant laws, regulations and rules

Chapters, other normative documents, China Securities Regulatory Commission, Shanghai Securities

Relevant laws and regulations of the stock exchange and the Articles of Association of Baike Biotech Co., Ltd.

Fulfill the relevant approval procedures according to the regulations, in a fair, reasonable and just manner

Transactions are carried out in the context of normal commercial transactions to ensure related transactions.

The transaction price is fair and guaranteed to be in accordance with relevant laws and

Laws, regulations, other normative documents, China Securities Regulatory Commission,

Relevant laws and regulations of the Shanghai Stock Exchange and Beike Biologics

fulfill relevant information disclosure obligations as stipulated in the company's articles of association; guarantee

Do not use related transactions to illegally transfer Baike Biotech’s funds,

profit, and do not use related transactions to harm Baike Biological and non-related parties.

interests of shareholders; guarantee not to take advantage of directors/supervisors/senior management

seeking improper benefits or seeking to have any relationship with Bai Ke Biotechnology

priority right to conclude a transaction without prejudice to Baidu in any form.

The legitimate rights and interests of Ke Biotech and its other shareholders.

2. I promise to participate in the Board of Directors/Supervisory Board of Baike Biotechnology

and myself and the companies, enterprises or other operations I control

When voting on matters related to related party transactions of the entity, perform

Obligation to avoid voting.

3. I promise that I will not ask for or accept anything from Baig Biology.

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terms that are more favorable than those offered to independent third parties in any fair transaction in the market.

4. I promise to prevent myself and the companies, enterprises or other business entities controlled by me from occupying the funds and assets of Baike Biotech through borrowing, repaying debts, advancing funds, or other means.

5. I promise that I will not require Baike Biotech to provide any form of guarantee to me or my other related parties under any circumstances.

6. I guarantee that I will participate in the Board of Directors/Board of Supervisors in accordance with the Articles of Association of Baike Biology, and will not seek illegitimate interests or damage the legitimate rights and interests of Baike Biology and its shareholders.

7. I confirm 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.

sex. The above commitments and guarantees will take effect from the date of signing, and will be valid for a long time during my tenure as a director/supervisor/senior manager of Baike Biotech. If the rights and interests of Baike Biotech are damaged due to the violation of the above commitments and guarantees by myself or the company, enterprise or other business entity controlled by me, I agree to bear all losses caused to Baike Biotech.

1. I hold a position in a listed company (including branches and holding subsidiaries, the rights are first granted, the same below) and have already worked with the listed company.

September 2022 Lixiang Others Part-entire relationship, employment relationship or labor relationship, in line with this incentive No Long-term Yes Not applicable Not applicable

The criteria for determining the incentive targets of the incentive targets announced on March 21st. I have not participated in the equity incentive plans of two or more listed companies at the same time.

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2. I do not have the "Measures for the Administration of Equity Incentives of Listed Companies"

The circumstances mentioned in paragraph 2 of Article 8 that are not eligible for incentives include the following circumstances:

(1)

Has been deemed unsuitable by the stock exchange within the last 12 months;

(2) Has been deemed an inappropriate candidate by the China Securities Regulatory Commission and its dispatched agencies within the last 12 months;

(3) Been administratively punished by the China Securities Regulatory Commission and its dispatched agencies or taken market entry ban measures due to major violations of laws and regulations in the past 12 months;

(4) Those who are prohibited from serving as directors or senior managers of a company as stipulated in the Company Law;

(5) Not allowed to participate in equity incentives of listed companies according to laws and regulations;

(6) Other circumstances determined by the China Securities Regulatory Commission.

3. I am not an independent director or supervisor of a listed company, a shareholder or actual controller who individually or collectively holds more than 5% of the shares of a listed company, nor my spouse, parents, or children.

4. The sources of funds for obtaining restricted stocks of listed companies under this incentive plan are my own or self-raised. The listed company and its controlling shareholders have not provided loans or any other form of financial assistance for me to obtain relevant rights and interests under this incentive plan, including providing guarantees for my loans.

5. The stock options or restricted stocks I received under this incentive plan are all truly held by myself, and there is no such thing as acting on behalf of others.

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

For holding purposes, there are no ownership disputes or potential disputes.

6. My above statement is true, accurate and complete, and I guarantee that there are no false records, misleading statements or major omissions. I fully understand the possible legal consequences of making false statements. If a listed company does not comply with the arrangements for granting rights or exercising rights due to false records, misleading statements or major omissions in information disclosure documents, I promise that if the relevant information disclosure documents are confirmed to contain false records,

If any information, misleading statements or major omissions are made, all the benefits obtained from this incentive plan will be returned to the listed company. 1. I hold a position in a listed company (including branches and holding subsidiaries, the same below) and have a labor relationship, employment relationship or service relationship with the listed company, which meets the criteria for determining the incentive objects of this incentive plan. I have not participated in the equity incentive plans of two or more listed companies at the same time.

2. I do not have the "Measures for the Administration of Equity Incentives of Listed Companies"

The circumstances mentioned in paragraph 2 of Article 8 that shall not be the target of incentives

reserved grant

form, that is, the following situations do not exist: 8 parts in 2023 No Long-term Yes Not applicable Not applicable

(1) In the last 12 months, the stock exchange has identified it as a non-incentive recipient.

fit and proper person;

(2) Has been deemed an inappropriate candidate by the China Securities Regulatory Commission and its dispatched agencies within the last 12 months;

(3) Been administratively punished by the China Securities Regulatory Commission and its dispatched agencies or taken market entry ban measures due to major violations of laws and regulations in the past 12 months;

(4) Those who have the provisions of the "Company Law" are not allowed to serve as company

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Directors and senior managers;

(5) Not allowed to participate in equity incentives of listed companies according to laws and regulations;

(6) Other circumstances determined by the China Securities Regulatory Commission.

3. I am not an independent director or supervisor of a listed company, a shareholder or actual controller who individually or collectively holds more than 5% of the shares of a listed company, nor my spouse, parents, or children.

4. The sources of funds for obtaining restricted stocks of listed companies under this incentive plan are my own or self-raised. The listed company and its controlling shareholders have not provided loans or any other form of financial assistance for me to obtain relevant rights and interests under this incentive plan, including providing guarantees for my loans.

5. The stock options or restricted stocks I received under this incentive plan are all truly held by myself, and are not held on behalf of others. There are no ownership disputes or potential disputes.

6. My above statement is true, accurate and complete, and I guarantee that there are no false records, misleading statements or major omissions. I fully understand the possible legal consequences of making false statements. If a listed company does not comply with the arrangements for granting rights or exercising rights due to false records, misleading statements or major omissions in information disclosure documents, I promise to return all the benefits obtained from this incentive plan to the listed company after the relevant information disclosure documents are confirmed to contain false records, misleading statements or major omissions. Others Others Baike Bio The company promises not to obtain incentives for incentive objects based on this incentive plan. September 2022 No Long-term Yes Not applicable Not applicable

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Provide loans for PR restricted stock and any other form of financial assistance, including providing guarantees for its loans. small stocks

Higashikata

Make a promise

promise

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

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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 and have been punished

and rectification status

□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 the temporary announcement

□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

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

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(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

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

(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 use of raised funds

√Applicable □Not applicable

(1) Overall use of raised funds

√Applicable □Not applicable

Unit: Yuanqi

Medium:

As of the end of the reporting period

As of

Prospectus or over-funding End of period End of period This annual report

Raising instructions Funds Raised funds Over-raised funds Raised investment funds Raised funds As of the end of the reporting period End of the period Change of purpose

Net amount of funds raised Total amount of funds raised in the book Cumulative amount of funds Cumulative amount of funds invested this year Proportion of funds Funds in place Total amount of funds raised Cumulative investment in fundraising Over-raised Total amount of funds raised

(1) Fund commitment (3) Amount of investment (8) (%) Source Time Total funds (4) Amount of funds Total investment = (1) Degree (%) Degree (%) (9) Cumulative

(2) - (2) (6)＝ (7)＝ =(8)/(1)Input

(4)/(1) (5)/(3)

total amount

(5)

first time

2021

Public 1,500,675,944. 1,395,794,418. 1,680,830, 1,163,223,774. 44,452,507. 182,431,476.

June - / 83.34 / 3.18 issue 50 15 000.00 48 83 25

21st

stocks

1,500,675,944. 1,395,794,418. 1,680,830, 1,163,223,774. 44,452,507. 182,431,476.

Total / - / / / /

50 15 000.00 48 83 25

Other instructions

□Applicable √Not applicable

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(2) Details of fundraising projects

√Applicable □Not applicable

1. Detailed use of raised funds

√Applicable □Not applicable

Unit: Yuan This item can

Whether it is the investment as of the end of the reporting period

The purpose of raising funds is to conduct

Prospectus As of the end of the reporting period, the project has reached Yes Progress Progress

Whether the collection of funds raised is realized in years or whether it occurs

Or the accumulated investment at the end of the period has reached the predetermined level No Whether it has not been reached

Investment projects involve major changes in the results of this year's investment plan and savings.

Project Name Set Description Investment Recruitment In Progress Available for Use Already Compliant with Plan

Change in nature of funds Total investment amount Cash interest or conversion, such as amount

The total amount of funds in the book (%), the status date, and the specific details of the plan.

The researchers who came to invest in the amount (1) are, please

Commitment to invest (2) (3) = Entrance reason for the period item

Source Effect Development Description Qualified Items (2)/(1) Degree Cause

Beneficial fruit for body condition first

Time 1. Changchun Baikesheng

Gongwu Technology Co., Ltd.

No

The annual output of the company is 2,000

Start production 143,516,6 126,206,7 2023 Discomfort Discomfort 18,597,

Chickenpox reduction per 10,000 people Yes No - 87.94 Yes Yes Suitable No Construction 48.50 August 17.73 Used 270.63

Live virus vaccine, belt use

OK

attenuated herpes zoster

Share Vaccine Project

ticket

First 2. Changchun Baikesheng

Secondary Materials Technology Co., Ltd.

Production 220,219, 221,736,2 2028 Discomfort Discomfort

The company's annual output is 6 million. Yes No - 100.69 No Yes Applicable No Not applicable

Construction 247.12 April 19.96 Used

Open for human portion adsorption without fines.

Diphtheria of hair cells (three

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

line components) joint epidemic

Stock seedling project

ticket

first

3. Changchun Baikesheng

times

Biotechnology Co., Ltd.

Public

The annual output of the company is 1,000. Not open for production 63,364,3 45,732,91 2024 Discomfort Discomfort 18,953,

Nasal spray for 10,000 people Yes No - 72.17 Yes Yes Suitable No Construction 59.21 4.79 March Use 982.03

Live attenuated influenza vaccine use

(liquid preparation)

shares

Project

ticket

first

4. Changchun Baikesheng

times

Biotechnology Co., Ltd. is,

Public

The annual output of the company is 3 million. This item will not be opened in 2026. Production 182,431, 182,431,4 Discomfort Discomfort

Freeze-dried for human use Yes Heading - 100.00 Year 12 No Yes Suitable No Not applicable Development Construction 476.25 76.25 Use

Rabies Vaccine New Item Monthly Used

(Details of human diploidy

shares

(cell) project

ticket

Disclosure for the first time as of the last report

Not open 5. Products under development 791,894, 44,452,5 587,116,4 Unwell days,

R&D Yes No 74.14 Not applicable No Yes Appropriate No Not applicable R&D projects 175.87 07.83 45.75 Used liquid

Use nasal spray, flu ticket, vaccine

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Production approval has been obtained, and clinical trials in expanded age groups have been initiated.

Total 1,401,42 44,452,5 1,163,223, 37,551, / / / / / / / / / / / / Total 5,906.95 07.83 774.48 252.66

2. Detailed usage of excess raised funds

□Applicable √Not applicable

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

□Applicable √Not applicable

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(4) Other uses 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

The company held the 26th meeting of the fifth board of directors and the 20th meeting of the fifth board of supervisors on August 14, 2024, and reviewed and approved the "Proposal on Returning the Raised Funds Previously Used to Temporarily Supplement Working Capital and Using Part of the Idle Raised Funds to Temporarily Supplement Working Capital", and agreed that the company would use the raised funds previously used to temporarily supplement working capital 10, After the RMB 0 million is returned to the special account for raised funds, the idle raised funds of no more than RMB 100,000 in the "product research and development projects under research" will be used to temporarily supplement working capital. The period of use shall not exceed 12 months from the date of review and approval by the company's board of directors. The funds will be returned to the special account for raised funds upon expiration or in a timely manner based on the progress and needs of the raised investment projects. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the return of the previous raised funds used to temporarily supplement working capital and the use of part of the idle raised funds to temporarily replenish working capital" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on August 16, 2024 (Announcement No.: 2024-031).

The company held the seventh meeting of the sixth board of directors and the third meeting of the sixth board of supervisors on July 25, 2025, and reviewed and approved the "Proposal on Returning the Raised Funds Used to Temporarily Supplement Working Capital and Using Part of the Idle Raised Funds to Temporarily Supplement Working Capital", and agreed that the company would use the raised funds previously used to temporarily supplement working capital of 10,0 After RMB 0.0 million is returned to the special account for raised funds, idle raised funds of no more than RMB 100,000,000 in "product research and development projects under development" will be used to temporarily supplement working capital. The period of use shall not exceed 12 months from the date of review and approval by the company's board of directors. The funds will be returned to the special account for raised funds upon expiration or in a timely manner based on the progress and needs of the raised investment projects. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the return of the previous raised funds used to temporarily supplement working capital and the use of part of the idle raised funds to temporarily replenish working capital" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on July 26, 2025 (Announcement No.: 2025-025).

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

√Applicable □Not applicable

Unit: RMB 10,000 Currency: RMB The raised funds are used during the period and are higher than the cash management. Is the current balance at the end of the reporting period considered by the board of directors? Start date End date

The effective review fund management balance exceeds the authorized limit.

15,000

October 24, 2024 October 29, 2024 - 10,000 No

(Including this number)

Other instructions

The company held the 27th meeting of the company's fifth board of directors and the 21st meeting of the fifth board of supervisors on October 24, 2024, and reviewed and approved the "Proposal on Depositing Part of Temporarily Idle Raised Funds in the Way of Time Deposits", and agreed that the company would deposit part of the temporarily idle funds in the form of time deposits on the premise of ensuring that the implementation of investment projects with raised funds is not affected and the safety of raised funds is ensured.

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Raise funds idle. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on depositing part of the temporarily idle raised funds in the form of time deposits" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on October 26, 2024 (announcement number: 2024-037).

4. Others

√Applicable □Not applicable

The company held the fifth meeting of the sixth board of directors and the second meeting of the sixth board of supervisors on April 17, 2025, and reviewed and approved the "Proposal on the Extension of Some Fund-raising Projects" and agreed that the company's "adsorbed acellular diphtheria pertussis (three-component) combined vaccine project with an annual output of 6 million doses" will reach the target. Based on factors such as the company’s registration and approval of the DPT vaccine (three components) and clinical trial progress, the date for the DPT project to reach its scheduled usable status was adjusted to April 2028. The sponsor, CITIC Securities Co., Ltd., issued a clear verification opinion. For details, please refer to the "Announcement of Changchun Baike Biotechnology Co., Ltd. on the postponement of some fundraising projects" disclosed by the company on the Shanghai Stock Exchange website (www.sse.com.cn) on April 21, 2025 (announcement number: 2025-015).

(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

13. Description of other major matters

□Applicable √Not applicable

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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 from the end of the reporting period to the date of disclosure 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 by the securities regulatory authorities to disclose

□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 10,094 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 depositary receipt holders

□Applicable √Not applicable

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

Situation in which the top ten shareholders simultaneously guarantee their shareholdings in securities accounts through ordinary securities accounts and securities company customer credit transactions □ Applicable √ Not applicable

Unit: Shareholdings of the top ten shareholders (excluding shares lent through refinancing) Shareholder name Number of shares held at the end of the reporting period during the reporting period Proportion of shares held Included Pledge, mark or freeze Shareholder (full name) Increase or decrease Amount (%) Limited Refinancing Nature Nature

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Note of sale

Shares issue

number of shares

Quantity

Quantity limited sale status

shares

Quantity

Changchun High-tech

State-owned industries (groups) 0 171,488,182 41.46 0 0 None 0

Legal person limited liability company

Kong Wei within the territory 0 104,448,497 25.25 0 0 None 0 Natural person Wei Xuening within the territory -3,332,579 17,350,301 4.19 0 0 Freeze 1,166,680 Natural person Chen Xiaohui within the territory -49,596 5,436,137 1.31 0 0 None 0 Hu Shangshu within the territory of natural person -1,680,000 4,200,000 1.02 0 0 None 0 Shi Yijun within the territory of natural person -500,000 3,511,716 0.85 0 0 None 0 Wang Hong within the territory of natural person 45,000 3,319,096 0.80 0 0 None 0 Natural person Changchun New Area industry

State-owned fund investment limited 0 2,895,124 0.70 0 0 None 0

Legal person company

Domestic Feng Daqiang 0 1,608,787 0.39 0 0 None 0 Natural person China Merchants Bank Shares

Ltd - South

Fang Zhongzheng 1000

Unknown 1,522,548 0.37 0 0 None 0 Other transactional open-ended

Index Securities Investment

fund

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 shares Type Quantity

Changchun High-tech Industry (Group) Co., Ltd.

171,488,182 RMB ordinary shares 171,488,182 Co., Ltd.

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Kong Wei 104,448,497 RMB ordinary shares 104,448,497 Wei Xuening 17,350,301 RMB ordinary shares 17,350,301 Chen Xiaohui 5,436,137 RMB ordinary shares 5,436,137 Hu Shangshu 4,200,000 RMB ordinary shares 4,200,000 Shi Yijun 3,511,716 RMB ordinary shares 3,511,716 Wang Hong 3,319,096 RMB ordinary shares 3,319,096 Changchun New Area Industrial Fund Investment Co., Ltd. 2,895,124 RMB ordinary shares 2,895,124 Feng Daqiang 1,608,787 RMB ordinary shares 1,608,787 China Merchants Bank Co., Ltd.-South China

Securities 1000 trading open-end index securities investment 1,522,548 RMB ordinary shares 1,522,548 investment fund

Description of special repurchase accounts among the top ten shareholders None

The above-mentioned shareholders’ voting rights and entrusted voting rights

None

Explanation of rights and renunciation of voting rights

The above-mentioned shareholders are related or acting in concert

The company does not know whether there is any related relationship or persons acting in concert among the above-mentioned shareholders. Description

Preference shareholders with restored voting rights and shareholdings

None

Description of quantity

The 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 custodial receipt holders are as follows:

□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

The 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

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(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

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. Relevant information on 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: Changchun Baike Biotechnology Co., Ltd.

Unit: Yuan Currency: RMB

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

Monetary funds VII (1) 246,759,293.74 344,869,136.24 Settlement reserve fund

Loan funds

trading financial assets

Derivative financial assets

Notes receivable Seven (4) 1,000,000.00 Accounts receivable Seven (5) 1,176,692,608.36 1,405,666,599.33 Accounts receivable financing

Prepayments Seven (8) 44,095,018.41 25,052,996.52 Premiums receivable

Reinsurance accounts receivable

Receivable reinsurance contract reserves

Other receivables seven (9) 1,910,253.33 2,085,214.99 Including: interest receivable

Dividends receivable

Buy financial assets under resale agreements

Inventory seven (10) 278,753,114.00 170,776,028.10 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets Seven (13) 32,863,553.84 15,185,752.73

Total current assets 1,781,073,841.68 1,964,635,727.91 Non-current assets:

Grant loans and advances

debt investment

Other debt investments

long-term receivables

Long-term equity investment Seven (17) 368,508,767.80 33,482,864.39 Other equity instrument investment Seven (18) 20,630,607.33 177,856,876.94 Other non-current financial assets

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

investment real estate

Fixed assets Seven (21) 1,051,917,994.10 1,091,386,926.74 Construction in progress Seven (22) 1,495,505,460.53 1,386,382,013.65 Productive biological assets

oil and gas assets

right-of-use assets

Intangible assets seven (26) 300,358,523.26 330,604,460.81 including: data resources

Development expenditure 5,033,579.69

Among them: data resources

goodwill

Long-term deferred expenses Seven (28) 66,768,347.13 74,675,730.90 Deferred income tax assets Seven (29) 119,425,642.69 96,281,759.54 Other non-current assets Seven (30) 55,464,508.54 49,562,476.67 Total non-current assets 3,483,613,431.07 3,240,233,109.64

Total assets 5,264,687,272.75 5,204,868,837.55 Current liabilities:

Short-term borrowings Seven (32) 155,537,203.60 42,898,918.01 Borrowings from the central bank

borrowing funds

Trading financial liabilities

Derivative financial liabilities

Notes payable 87,735.00 Accounts payable seven (36) 27,797,150.37 13,722,526.48 Advance receipts

Contract liabilities seven (38) 1,027,119.76 2,201,325.54 Financial assets sold under repurchase agreements

Taking deposits and placing deposits with other banks

Agent for buying and selling securities

Agent underwriting securities funds

Employee benefits payable Seven (39) 28,214,009.54 28,072,774.39 Taxes payable Seven (40) 973,461.04 6,620,709.11 Other payables Seven (41) 852,984,435.89 752,690,595.85 Including: interest payable

Dividends payable

Handling fees and commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one year

Other current liabilities Seven (44) 9,469,024.85 70,771,900.07

Total current liabilities 1,076,002,405.05 917,066,484.45 Non-current liabilities:

insurance contract reserves

Long-term borrowings Seven (45) 107,844,630.08 59,929,861.15

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

bonds payable

Among them: preferred shares

perpetual bond

Lease liability

long-term payables

Long-term employee benefits payable

Estimated liabilities seven (50) 259,734.26 242,631.83

Seven(51)

Deferred income 8,436,692.08 9,000,358.34

Deferred income tax liabilities 831,324.30 881,231.79 Other non-current liabilities

Total non-current liabilities 117,372,380.72 70,054,083.11

Total liabilities 1,193,374,785.77 987,120,567.56 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) Seven (53) 413,657,598.00 413,657,598.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve VII (55) 1,843,967,146.68 1,840,287,470.97 Less: treasury shares

Other comprehensive income Seven (57) -31,763,983.79 -25,268,180.14Special reserves

Surplus reserve VII (59) 533,475,182.00 533,502,800.24 General risk reserve

Undistributed profits 7 (60) 1,311,976,544.09 1,455,568,580.92 Attributable to the parent company’s owner’s equity

4,071,312,486.98 4,217,748,269.99 (or shareholders’ equity) total

minority interests

Owner's equity (or stockholder's rights

4,071,312,486.98 4,217,748,269.99 profit) total

Liabilities and Owner's Equity (or

5,264,687,272.75 5,204,868,837.55 shareholders’ equity) total

Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

Parent company balance sheet

June 30, 2025

Prepared by: Changchun Baike Biotechnology Co., Ltd.

Unit: Yuan Currency: RMB

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

Monetary funds 246,658,979.52 344,854,263.12 Trading financial assets

Derivative financial assets

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Notes receivable 1,000,000.00 Accounts receivable Nineteen (1) 1,176,692,608.36 1,405,666,599.33 Accounts receivable financing

Prepayments 44,086,217.93 25,044,754.51 Other receivables Nineteen (2) 290,491,747.29 289,622,054.47 Including: interest receivable

Dividends receivable

Inventory 277,879,509.44 169,723,576.33 Including: data resources

contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 32,852,439.74 15,166,194.85

Total current assets 2,068,661,502.28 2,251,077,442.61 Non-current assets:

debt investment

Other debt investments

long-term receivables

Long-term equity investment Nineteen (3) 368,441,520.59 33,482,864.39 Other equity instrument investments 20,630,607.33 177,856,876.94 Other non-current financial assets

investment real estate

Fixed assets 1,043,241,275.67 1,082,105,732.24 Construction in progress 1,493,678,074.03 1,384,526,350.53 Productive biological assets

oil and gas assets

right-of-use assets

Intangible assets 299,495,875.37 329,702,187.90 Including: data resources

Development expenditure 5,033,579.69

Among them: data resources

goodwill

Long-term deferred expenses 66,773,165.57 74,681,105.31 Deferred income tax assets 144,054,043.20 120,885,209.71 Other non-current assets 55,464,729.25 49,562,647.56 Total non-current assets 3,496,812,870.70 3,252,802,974.58

Total assets 5,565,474,372.98 5,503,880,417.19 Current liabilities:

Short-term borrowings 155,537,203.60 42,898,918.01 Trading financial liabilities

Derivative financial liabilities

Notes payable 87,735.00 Accounts payable 27,789,740.37 13,715,296.48

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

advance payment

Contract liabilities 1,027,119.76 2,201,325.54 Employee benefits payable 26,228,629.74 26,030,189.05 Taxes payable 953,553.20 6,610,358.36 Other payables 852,749,853.73 752,514,615.59 of which: interest payable

Dividends payable

Liabilities held for sale

Non-current liabilities due within one year

Other current liabilities 9,469,024.85 70,771,900.07

Total current liabilities 1,073,755,125.25 914,830,338.10 Non-current liabilities:

Long-term borrowings 107,844,630.08 59,929,861.15 Bonds payable

Among them: preferred shares

perpetual bond

Lease liability

long-term payables

Long-term employee benefits payable

Estimated liabilities 259,734.26 242,631.83 Deferred income 8,436,692.08 9,000,358.34 Deferred income tax liabilities 831,324.30 881,231.79 Other non-current liabilities

Total non-current liabilities 117,372,380.72 70,054,083.11

Total liabilities 1,191,127,505.97 984,884,421.21 Owners’ equity (or shareholders’ equity):

Paid-in capital (or equity) 413,657,598.00 413,657,598.00 Other equity instruments

Among them: preferred shares

perpetual bond

Capital reserve 1,863,000,189.83 1,859,320,514.12 Less: treasury shares

Other comprehensive income -31,763,983.79 -25,268,180.14Special reserves

Surplus reserve 533,475,182.00 533,502,800.24 Undistributed profits 1,595,977,880.97 1,737,783,263.76 Owners’ equity (or shareholders’ rights

4,374,346,867.01 4,518,995,995.98 profit) total

Liabilities and Owner's Equity (or

5,565,474,372.98 5,503,880,417.19 shareholders’ equity) total

Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

consolidated income statement

January-June 2025

Unit: Yuan Currency: RMB

Item Notes 2025 Half Year 2024 Half Year

1. Total operating income 284,896,170.67 618,401,246.78 Including: operating income 7 (61) 284,896,170.67 618,401,246.78 Interest income

Premiums earned

Fee and commission income

2. Total operating costs 382,049,170.48 457,900,552.96 Including: operating costs 7 (61) 61,615,318.48 74,759,645.70 Interest expenses

Handling fees and commission expenses

surrender deposit

Net compensation expenses

Net withdrawal of insurance liability reserves

policy dividend payout

Reinsurance cost

Taxes and surcharges Seven (62) 3,690,853.41 4,833,772.06 Sales expenses Seven (63) 165,564,616.26 233,197,729.51 Administrative expenses Seven (64) 57,540,332.90 62,407,627.08 Research and development expenses Seven (65) 93,166,982.13 85,529,937.90 Financial expenses Seven (66) 471,067.30 -2,828,159.29 Including: interest expense 1,331,702.97 882,076.64

Interest income 977,831.18 3,124,184.71 Add: other income 7 (67) 2,101,741.92 2,444,390.45 Investment income (losses are filled in with "-"

Seven (68) -15,297,321.86 226,204.61 columns)

Of which: for associates and joint ventures

-15,297,321.86 226,204.61 investment income

Finance measured at amortized cost

Income from derecognition of assets (losses are filled in with "-"

column)

Exchange gains (losses are filled in with "-"

column)

Net exposure hedging gains (losses marked with "-"

(Fill in the number)

Gains from changes in fair value (losses calculated as

Fill in the column with "-" sign)

Credit impairment losses (losses are marked with "-"

Seven (72) 6,727,257.99 -14,714,768.73 fill in the column)

Asset impairment losses (losses are marked with "-"

Seven (73) -4,343,250.21 10,102,781.61 fill in the column)

Asset disposal income (losses are represented by “-”

(Fill in the number)

3. Operating profit (losses are listed with "-") -107,964,571.97 158,559,301.76 plus: non-operating income seven (74) 8,668,213.56 413,463.54 minus: non-operating expenses seven (75) 309,641.06 154,210.45

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4. Total profit (total loss is filled in with "-"

-99,605,999.47 158,818,554.85 columns)

Less: Income tax expense seven (76) -26,032,571.43 21,214,058.19

5. Net profit (net loss is listed with "-") -73,573,428.04 137,604,496.66

(1) Classification by business continuity

1. Net profit from continuing operations (net loss divided by

-73,573,428.04 137,604,496.66 (Fill in “-”)

2. Net profit from discontinued operations (net loss equal to

Fill in the column with "-" sign)

(2) Classification according to ownership ownership

1. Net profit attributable to shareholders of the parent company

-73,573,428.04 137,604,496.66 (Net loss is listed with "-")

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

(Fill in the number)

6. Net after-tax amount of other comprehensive income -6,633,894.84 -13,105,656.02

(1) Other comprehensive assets attributable to the owners of the parent company

-6,633,894.84 -13,105,656.02 Net after-tax income

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

-6,633,894.84 -13,105,656.02 combined income

(1) Remeasurement of changes in defined benefit plan

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

combined income

(3) Changes in fair value of investments in other equity instruments

Seven (77) -6,633,894.84 -13,105,656.02

(4) Changes in the fair value of the enterprise’s own credit risk

move

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

income

(1) Other comprehensive convertible profits and losses under the equity method

income

(2) Changes in fair value of other debt investments

(3) Financial assets are reclassified into other comprehensive

Amount of 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

Earnings, net of taxes

7. Total comprehensive income -80,207,322.88 124,498,840.64

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

-80,207,322.88 124,498,840.64 Total income

(2) Comprehensive income attributable to minority shareholders

total amount

8. Earnings per share:

(1) Basic earnings per share (yuan/share) -0.18 0.33

(2) Diluted earnings per share (yuan/share) -0.18 0.33

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

If a business merger under the same control occurs in this period, the net profit realized by the merged party before the merger is: 0 yuan, and the net profit realized by the merged party in the previous period is: 0 yuan.

Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

Parent company income statement

January-June 2025

Unit: Yuan Currency: RMB

Item Notes 2025 Half Year 2024 Half Year

1. Operating income Nineteen (4) 284,896,170.67 618,401,246.78 Less: Operating costs Nineteen (4) 61,616,045.73 74,759,647.75 Taxes and surcharges 3,614,703.29 4,757,530.50 Sales expenses 165,564,616.26 233,197,729.51 Administrative expenses 55,607,842.46 59,900,750.93 Research and development expenses 93,216,065.25 85,584,484.80 Financial expenses 470,682.96 -2,828,511.66 Including: interest expense 1,331,702.97 882,076.64

Interest income 977,770.52 3,123,944.45 plus: other income 2,097,969.18 2,442,064.68 investment income (losses are filled in with "-"

Nineteen (5) -15,297,321.86 226,204.61 columns)

Of which: for associates and joint ventures

-15,297,321.86 226,204.61 investment income

Finance measured at amortized cost

Income from derecognition of assets (losses are filled in with "-"

column)

Net exposure hedging gains (losses marked with "-"

(Fill in the number)

Gains from changes in fair value (losses calculated as

Fill in the column with "-" sign)

Credit impairment losses (losses are marked with "-"

6,727,257.99 -14,714,768.73 fill in the column)

Asset impairment losses (losses are marked with "-"

-4,536,988.30 9,705,900.56 fill in the column)

Asset disposal income (losses are represented by “-”

(Fill in the number)

2. Operating profit (losses are listed with "-") -106,202,868.27 160,689,016.07 plus: non-operating income 8,668,213.56 413,463.54 minus: non-operating expenses 309,641.06 154,210.45

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

-97,844,295.77 160,948,269.16 fill in the column)

Less: Income tax expense -26,057,521.77 21,159,315.38

4. Net profit (net loss is listed with "-") -71,786,774.00 139,788,953.78

(1) Net profit from continuing operations (net loss divided by

-71,786,774.00 139,788,953.78 (Fill in “-”)

(2) Net profit from discontinued operations (net loss equal to

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Fill in the column with "-" sign)

5. Net after-tax amount of other comprehensive income -6,633,894.84 -13,105,656.02

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

-6,633,894.84 -13,105,656.02 combined income

1. Remeasure the changes in defined benefit plan

2. Other comprehensive income that cannot be transferred to profit or loss under the equity method

3. Fair value of other equity instrument investments

-6,633,894.84 -13,105,656.02 change

4. Changes in the fair value of the company’s own credit risk

(2) Other comprehensive income that will be reclassified into profit and loss

1. Other comprehensive income that can be converted to profit or loss under the equity method

2. Changes in fair value of other debt investments 3. Amount of financial assets reclassified and included in other comprehensive income

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

4. Translation differences of foreign currency financial statements

7.Others

6. Total comprehensive income -78,420,668.84 126,683,297.76

7. Earnings per share:

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

(2) Diluted earnings per share (yuan/share)

Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

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:

Cash received from selling goods and rendering services

456,358,102.15 593,849,083.48 gold

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

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Cash received from interest, fees and commissions on the net increase in policyholders’ savings and investment funds

Net increase in borrowing funds

Net increase in repurchase business funds

Net cash received from buying and selling securities on behalf of agents

tax refund received

Receive other information related to business activities

40,378,420.05 43,840,838.72 cash

Subtotal of cash inflows from operating activities 496,736,522.20 637,689,922.20 Cash for purchasing goods and receiving payment for labor services

53,093,264.46 59,127,634.90 gold

Net increase in loans and advances to customers

Net increase in deposits with central banks and inter-banks

Cash used to pay compensation from the original insurance contract

Net increase in lending funds

Cash payments for interest, fees and commissions

Cash payment for policy dividends

Payments made to and for employees

102,647,507.33 126,494,492.39 cash

Various taxes and fees paid 17,629,453.24 91,054,824.31 Paid other taxes related to business activities

314,047,034.06 276,508,493.62 cash

Subtotal of cash outflows from operating activities 487,417,259.09 553,185,445.22 Cash flow generated from operating activities

9,319,263.11 84,504,476.98 Net amount

2. Cash flow generated from investing activities: cash received from recovery of investment

Cash received from investment income 941,290.00 Net cash received from disposal of fixed assets, intangible assets and other long-term assets

Net cash received from disposal of subsidiaries and other business units

Other cash received related to investing activities

Subtotal of cash inflow from investing activities 941,290.00 Purchase and construction of fixed assets, intangible assets and other

140,457,558.92 213,289,414.84 Cash paid for his long-term assets

Cash paid for investment 50,000,000.00 Net increase in pledged loans

Net cash received from subsidiaries and other business units

Payments related to other investment activities

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Cash

Subtotal of cash outflows from investing activities 190,457,558.92 213,289,414.84 Cash flows generated from investing activities

-190,457,558.92 -212,348,124.84 Net amount

3. Cash flow generated from financing activities:

Cash received from investment 19,003,222.60, of which: subsidiaries absorbed investment from minority shareholders

cash received

Cash received from borrowings 192,429,017.08 186,679,815.34 Other cash received related to financing activities

Cash

Subtotal of cash inflows from financing activities 192,429,017.08 205,683,037.94 Cash paid to repay debts 31,875,962.56 100,705,093.41 Distribution of dividends, profits or interest payments

71,826,570.99 63,030,268.18 Cash paid

Of which: Subsidiary payments to minority shareholders

dividends, profits

Make other payments related to financing activities

Cash

Subtotal of cash outflows from financing activities 103,702,533.55 163,735,361.59 Cash flow generated from financing activities

88,726,483.53 41,947,676.35 Net amount

4. Exchange rate changes on cash and cash equivalents

-62,914.32 581,822.90 Impact of things

5. Net increase in cash and cash equivalents -92,474,726.60 -85,314,148.61 plus: balance of cash and cash equivalents at the beginning of the period

339,234,020.34 436,544,812.43 amount

6. Balance of cash and cash equivalents at the end of the period 246,759,293.74 351,230,663.82 Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

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:

Cash received from selling goods and rendering services

456,358,102.15 593,849,083.48 gold

Tax refunds received - 0.00 Other taxes received related to business activities

40,315,785.94 43,789,118.78 cash

Subtotal of cash inflows from operating activities 496,673,888.09 637,638,202.26 Cash for purchasing goods and receiving payment for labor services

53,079,044.46 59,101,132.90 gold

Payments made to and for employees

101,194,394.68 124,367,321.01 cash

Various taxes and fees paid 17,516,628.28 90,487,135.39

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Pay other expenses related to business activities

315,649,998.66 279,330,508.89 cash

Subtotal of cash outflows from operating activities 487,440,066.08 553,286,098.19 Net cash flow from operating activities

9,233,822.01 84,352,104.07 amount

2. Cash flow generated from investing activities:

Recover cash received on investments

Cash received from investment income 941,290.00 Disposal of fixed assets, intangible assets and other

Net cash received from his long-term assets

Disposal of subsidiaries and other business units

Net cash received

Receive other information related to investment activities

Cash

Subtotal of cash inflow from investing activities 941,290.00 Purchase and construction of fixed assets, intangible assets and other

140,457,558.92 213,220,764.84 Cash paid for his long-term assets

Cash paid for investment 50,000,000.00

Acquire subsidiaries and other business units

Net cash paid

Payments related to other investment activities

Cash

Subtotal of cash outflows from investing activities 190,457,558.92 213,220,764.84 Cash flows generated from investing activities

-190,457,558.92 -212,279,474.84 Net amount

3. Cash flow generated from financing activities:

Cash received from investments 19,003,222.60 Cash received from borrowings 192,429,017.08 186,679,815.34 Other cash received related to financing activities

Cash

Subtotal of cash inflows from financing activities 192,429,017.08 205,683,037.94 Cash paid to repay debts 31,875,962.56 100,705,093.41 Distribution of dividends, profits or interest payments

71,826,570.99 63,030,268.18 Cash paid

Make other payments related to financing activities

Cash

Subtotal of cash outflows from financing activities 103,702,533.55 163,735,361.59 Cash flow generated from financing activities

88,726,483.53 41,947,676.35 Net amount

4. Exchange rate changes on cash and cash equivalents

-62,914.32 581,822.90 Impact of things

5. Net increase in cash and cash equivalents -92,560,167.70 -85,397,871.52 plus: balance of cash and cash equivalents at the beginning of the period

339,219,147.22 436,477,455.58

6. Balance of cash and cash equivalents at the end of the period 246,658,979.52 351,079,584.06 Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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

Items of other equity work less: One number of shares Total paid-in capital of owners’ equity (or

capital reserve

Library

Items of other comprehensive income Surplus reserves Risks Undistributed profits Other subtotal shareholders' equity) Youyong's storage insurance Other rights to renew shares first

He is preparing for equity shares and debt

Prepare

1. Up

Year 413,657,598. 1,840,287,470. -25,268,180. 533,502,800. 1,455,568,580. 4,217,748,269. 4,217,748,269. Final balance 00 97 14 24 92 99 99 amount

Add: yes

Planning and administration

policy change

Update

Early stage

Error

Correction

Others

2. This

Year 413,657,598. 1,840,287,470. -25,268,180. 533,502,800. 1,455,568,580. 4,217,748,269. 4,217,748,269. Chuyu 00 97 14 24 92 99 99 amount

3. This

period increase

-6,495,803.6 -143,592,036.8 -146,435,783.0 -146,435,783.0 Change reduction 3,679,675.71 -27,618.24

5 3 1 1 moving gold

Amount (minus

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Please fill in the column with "-" sign less)

(1) Comprehensive -6,633,894.8 -80,207,322.88 -80,207,322.88

-73,573,428.04 income 4 total

(2) Owner investment

3,679,675.71 3,679,675.71 3,679,675.71 Investment 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 the

3,285,606.46 3,285,606.46 3,285,606.46Amount of owners’ equity

4. That

394,069.25 394,069.25 394,069.25He

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(3) Profit -69,908,135.84 -69,908,135.84 -69,908,135.84 Distribution 1. Withdrawal from surplus reserve

2. Withdraw general risk reserve

3. to the owner (or

-69,908,135.84 -69,908,135.84 -69,908,135.84 distribution to shareholders)

4. Others

(4) Ownership rights

138,091.19 -27,618.24 -110,472.95 Profit internally carried forward

1. Convert capital reserve to capital (or share capital) 2. Transfer of surplus reserve

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Increase 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 balance 138,091.19 -27,618.24 -110,472.95 transferred to retained earnings

5. its

him

(5) Special reserves 1. Extract this period

2. Used in this issue

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(6)

Others

Four, this

Period 413,657,598. 1,843,967,146. -31,763,983. 533,475,182. 1,311,976,544. 4,071,312,486. 4,071,312,486. Final balance 00 68 79 00 09 98 98 amount

2024 half year

Owner's equity attributable to parent company

Few other equity jobs

With a number of items minus:

Total shareholders’ equity of special shares, paid-in capital (or stock treasury)

Capital Reserve Other Comprehensive Income Item Surplus Reserve Undistributed Profit Other Subtotal (East Ben) Excellent Perpetual

His savings insurance, he has the right to renew his shares first

He is preparing for equity shares and debt

Prepare

1. Up

Year 412,840,698. 1,820,357,794. -31,863,111. 486,349,744. 1,332,676,450. 4,020,361,575. 4,020,361,575. Final balance 00 27 41 20 93 99 99 amount

Add: yes

Planning and administration

policy change

Update

Early stage

Error

Correction

Others

2. This

Year 412,840,698. 1,820,357,794. -31,863,111. 486,349,744. 1,332,676,450. 4,020,361,575. 4,020,361,575. Chuyu 00 27 41 20 93 99 99 amount

3. Ben -13,105,656.

816,900.00 34,589,576.38 75,555,856.96 97,856,677.32 97,856,677.32 period increase 02

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Less the amount of changes (decreases are indicated with a “-” sign)

(1) Comprehensive -13,105,656. 137,604,496.6 124,498,840.6 124,498,840.6 Income 02 6 4 4Total

(2) Owner investment

816,900.00 34,589,576.38 35,406,476.38 35,406,476.38 Capital investment and reduction 1. The owner invested 816,900.00 46,007,373.90 46,824,273.90 46,824,273.90 ordinary shares 2. Capital invested by other equity instrument holders 3. Share-based payment is included in shareholders' equity -11,417,797.52 -11,417,797.52 -11,417,797.52

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Um

4. Others

(3) Profit -62,048,639.70 -62,048,639.70 -62,048,639.70 Distribution 1. Withdrawal from surplus reserve

2. Withdraw general risk reserve

3. to the owner (or

-62,048,639.70 -62,048,639.70 -62,048,639.70 shareholders) distribution

4. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves to capital (or share capital)

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2. Convert surplus reserves to capital (or share capital) 3. Surplus reserve to cover losses

3. Changes in defined benefit plans are carried forward and retained

Income 5. Other comprehensive income carried forward to retained earnings

6. its

him

(5) Special reserves 1. Extract this period

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2. Ben

envoy

use

(6)

Others

Four, this

Period 413,657,598. 1,854,947,370. -44,968,767. 486,349,744. 1,408,232,307. 4,118,218,253. 4,118,218,253. Final balance 00 65 43 20 89 31 31 amount

Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

Statement of changes in owner's equity of the parent company

January-June 2025

Unit: Yuan Currency: RMB 2025 Half Year

Items Paid-in capital Other equity instruments Other comprehensive Undistributed profits Ownership capital reserve Less: treasury shares Special reserves Surplus reserve

(or equity) Preferred shares Perpetual bonds Other income Total profit

413,657,5 1,859,32 -25,268,1 533,502, 1,737,78 4,518,99

1. Ending balance of the previous year

98.00 0,514.12 80.14 800.24 3,263.76 5,995.98 Plus: Changes in accounting policies

Early error correction

Others

413,657,5 1,859,32 -25,268,1 533,502, 1,737,78 4,518,99

2. Opening balance of this year

98.00 0,514.12 80.14 800.24 3,263.76 5,995.98

3. Amount of increases and decreases in the current period (minus 3,679,67 -6,495,80 -27,618.2 -141,805 -144,649, filled in with "-") 5.71 3.65 4,382.79 128.97 -78,420,6

-6,633,89 -71,786,

(1) Total comprehensive income 68.84

4.84 774.00

(2) Owner’s investment and capital reduction 3,679,67 3,679,67

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Ben 5.71 5.71 1. Common stock invested by owners

2. Investments from other equity instrument holders

capital

3. Share-based payment is included in owners’ equity 3,285,60 Amount of 3,285,60 6.46 6.46

394,069. 394,069. 4. Others

25 25

-69,908, -69,908,1

(3) Profit distribution

135.84 35.84 1. Withdrawal from surplus reserve

2. Shares to owners (or shareholders) -69,908, -69,908,1 allocation 135.84 35.84 3. Others

138,091. -27,618.2 -110,472

(4) Internal carryover of owners’ equity

19 4 .95

1. Conversion of capital reserves into capital (or shares)

this)

2. Conversion of surplus reserves into capital (or shares)

this)

3. Surplus reserve to cover losses

4. Carrying forward changes in defined benefit plans

retained earnings

5. Other comprehensive income carried forward and retained 138,091. -27,618.2 -110,472

Benefit 19 4 .95

6. Others

(5) Special reserves

1. Extract this period

2. Used in this issue

(6) Others

413,657,5 1,863,00 -31,763,9 533,475, 1,595,97 4,374,34

4. Ending balance of the current period

98.00 0,189.83 83.79 182.00 7,880.97 6,867.01

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2024 half year

Items Paid-in capital Other equity instruments Other comprehensive Undistributed profits Ownership capital reserve Less: treasury shares Special reserves Surplus reserve

(or equity) Preferred shares Perpetual bonds Other income Total profit

412,840,6 1,839,39 -31,863,1 486,349, 1,611,21 4,317,93

1. Ending balance of the previous year

98.00 0,837.42 11.41 744.20 9,679.28 7,847.49 Plus: Changes in accounting policies

Early error correction

Others

412,840,6 1,839,39 -31,863,1 486,349, 1,611,21 4,317,93

2. Opening balance of this year

98.00 0,837.42 11.41 744.20 9,679.28 7,847.49

3. Amount of increase or decrease in the current period (minus 816,900.0 34,589,5 -13,105,6 77,740,3 100,041, filled in with "-") 0 76.38 56.02 14.08 134.44

-13,105,6 139,788, 126,683,

(1) Total comprehensive income

56.02 953.78 297.76

(2) Owner’s investment and capital reduction 816,900.0 34,589,5 35,406,4 0 76.38 76.38

816,900.0 46,007,3 46,824,2 1. Common stock invested by owners

0 73.90 73.90 2. Investments from other equity instrument holders

capital

3. Amount of share-based payment included in owners’ equity -11,417,7 -11,417,7 97.52 97.52 4. Others

-62,048, -62,048,6

(3) Profit distribution

639.70 39.70 1. Withdrawal from surplus reserve

2. Shares to owners (or shareholders) -62,048, -62,048,6 allocation 639.70 39.70 3. Others

(4) Internal carryover of owners’ equity

1. Conversion of capital reserves into capital (or shares)

this)

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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 period

2. Used in this issue

(6) Others

413,657,5 1,873,98 -44,968,7 486,349, 1,688,95 4,417,97

4. Ending balance of the current period

98.00 0,413.80 67.43 744.20 9,993.36 8,981.93

Person in charge of the company: Li Xiufeng Person in charge of accounting work: Meng Zhaofeng Person in charge of the accounting department: Cao Yuling

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3. Basic situation of the company

1. Company profile

√Applicable □Not applicable

(1) Company registration place and organizational form

Changchun Baike Biotechnology Co., Ltd. (hereinafter referred to as the "Company") was established in 2004. The company's unified social credit code is 912201017561541220, and its legal representative is Li Xiufeng. Registration address: No. 1260, Huoju Road, High-tech Development Zone. Main office address: No. 138, Zhuoyue Street. Approved by the China Securities Regulatory Commission’s Securities Regulatory Commission [2021] No. 1594 document, the company issued 41,284,070 RMB ordinary shares (A shares) through public issuance and was listed for trading on the Shanghai Stock Exchange on June 25, 2021. The total share capital after the issuance was 412,840,698.00 shares. On April 24, 2024, the company completed the share registration for the first vesting period of the initial grant of the 2022 restricted stock incentive plan. The total number of vested shares this time was 816,900 shares, and they will be listed and circulated on April 30, 2024. After the vesting is completed, the company's total share capital increased from 412,840,698 shares to 413,657,598 shares. (2) Business scope and business period

The company is in the biopharmaceutical industry and its main business activity is vaccine production and sales.

The company's business scope: research, development and technical consulting and technical services of drugs and health foods, functional foods; research and development, production and sales of preventive and therapeutic biological products, road transportation of general goods, special transportation of goods (refrigeration and preservation), import and export trade of goods and technology (projects that require approval according to law can only be carried out with the approval of relevant departments). The company's operating period: March 4, 2004 to long-term.

(3) Financial report approval date

This financial report was approved by the company's board of directors on August 28, 2025.

(4) Scope of consolidated financial statements for the year

Subsidiary Registered capital Shareholding ratio Voting right ratio Obtained subsidiary's full name Registration place Nature of business

Type (10,000 yuan) (%) Example (%) Method Jilin Huikang Biological Medicine Co., Ltd.

Changchun Pharmaceutical Industry 5,000.00 100.00 100.00 Acquisition

Industry Co., Ltd.

4. Basis for preparation of financial statements

1. Basics of preparation

The company's financial statements are prepared on a going concern basis.

2. Continuous operation

√Applicable □Not applicable

The company evaluated its ability to continue operating for 12 months from the end of the reporting period. The company's operating conditions are good and there are no major doubts.

5. Important accounting policies and accounting estimates

Specific accounting policies and accounting estimation tips:

√Applicable □Not applicable

The specific accounting policies and accounting estimates formulated by the Company based on actual production and operation characteristics include the recognition and measurement of bad debt provisions for accounts receivable, classification and depreciation methods of fixed assets, amortization of intangible assets, capitalization conditions for research and development expenses, revenue recognition and measurement, etc.

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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.

2. Accounting period

The company's fiscal year begins on January 1 and ends on June 30 of the Gregorian calendar.

3. Business cycle

√Applicable □Not applicable

The company uses 12 months a year as its normal operating cycle, and uses the operating cycle as the liquidity classification standard for assets and liabilities.

4. Accounting standard currency

The company's accounting standard currency is RMB.

5. Determination method and selection basis of materiality criteria

√Applicable □Not applicable

Project Materiality Criteria

Accounts receivable that account for more than 3% of the corresponding amount of accounts receivable, and the amount exceeds the important individual provision for bad debts

5 million yuan, or the provision for bad debts in the current period affects the profit and loss conversion. Accounts receivable that account for more than 3% of the corresponding amount of receivables, and the amount exceeds important receivables are written off

And the amount exceeds 5 million yuan.

Significant changes occurred in the book value of advances from receipts and contract assets, with the change exceeding 30%.

The investment budget accounts for more than 10% of the existing fixed assets, and the current amount of important construction projects under construction accounts for more than 10% of the total amount of projects under construction for the current period (or the ending balance accounts for more than 10%).

The capitalized amount for the period accounts for more than 10% of the current R&D investment (or an important capitalized R&D project for the period)

The final balance accounts for more than 10%).

Important accounts payable and other accounts payable that are aged more than 1 year account for more than 5% of the balance of accounts payable or other payables, and the deposit amount exceeds 5 million yuan.

1. The investment income (or the absolute value of the loss) from joint ventures or associates accounts for more than 10% of the net profit attributable to the parent company in the investor's consolidated financial statements, or accounts for more than 10% of the net profit in the investor's financial statements (situations that do not require the preparation of consolidated financial statements).

2. Joint ventures or associates that are important to the book value of long-term equity investments in joint ventures or associates account for more than 5% of the total assets in the investor's consolidated financial statements, or account for more than 5% of the total assets in the investor's financial statements (situations that do not require the preparation of consolidated financial statements).

3. Although the joint venture or associated enterprise is not financially significant to the investor, it has important strategic, synergistic or dependent effects. For example, the joint venture or associated enterprise is an important supplier or sales customer of the investor, or has technical dependence, etc.

4. Accounting treatment methods for business combinations under the same control and those not under the same control

√Applicable □Not applicable

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(1) Business merger under common control

If the merging party of a long-term equity investment formed by a business merger under the same control pays cash, transfers non-cash assets or assumes debts as the merger consideration, the company shall regard the share of the book value of the owner's equity of the merged party in the consolidated financial statements of the ultimate controlling party as the initial investment cost of the long-term equity investment on the merger date. If the merging party issues equity instruments as the consideration for the merger, the total face value of the shares issued shall be deemed as share capital. The difference between the initial investment cost of a long-term equity investment and the book value of the merger consideration (or the total face value of the shares issued) shall be adjusted to the capital reserve; if the capital reserve is insufficient for offset, the retained earnings shall be adjusted.

(2) Business combination not under common control

For business combinations not under common control, the combination cost is the sum of the fair value of the assets paid by the purchaser, liabilities incurred or assumed, and equity securities issued by the purchaser to obtain control of the purchased party on the purchase date. The identifiable assets, liabilities and contingent liabilities of the acquiree that meet the recognition conditions and are acquired in a business combination not under common control are measured at fair value on the acquisition date. The difference between the purchaser's cost of merger and the fair value of the acquiree's identifiable net assets acquired in the merger is reflected in the value of goodwill. If the purchaser's merger cost is less than the fair value share of the acquiree's identifiable net assets obtained in the merger, and after review, the difference between the merger cost and the fair value share of the acquiree's identifiable net assets obtained in the merger shall be included in the non-operating income of the current period.

7. Judgment standards for control and preparation methods of consolidated financial statements

√Applicable □Not applicable

(1) Judgment criteria for control

The scope of consolidation of consolidated financial statements is determined based on control. An invested unit that possesses the following three elements is deemed to control it: having power over the invested unit, enjoying variable returns due to participation in relevant activities of the invested unit, and having the ability to use power over the invested unit to affect the amount of returns.

(2) Preparation method of consolidated financial statements

1. Scope of consolidated financial statements

The company includes all subsidiaries (including separate entities controlled by the company) into the scope of consolidated financial statements, including enterprises controlled by the company, divisible parts of investee units and structured entities.

2. Unify the accounting policies of the parent and subsidiary companies, unify the balance sheet dates and accounting periods of the parent and subsidiary companies

If the accounting policies or accounting periods adopted by a subsidiary and the Company are inconsistent, when preparing consolidated financial statements, necessary adjustments will be made to the financial statements of the subsidiary in accordance with the Company's accounting policies or accounting periods.

3. Offset matters in consolidated financial statements

The consolidated financial statements are based on the financial statements of the Company and its subsidiaries, and have eliminated internal transactions between the Company and its subsidiaries and between subsidiaries. The share of the subsidiary's owner's equity that does not belong to the company, as minority shareholders' equity, is listed as "minority shareholders' equity" under the shareholder's equity item in the consolidated balance sheet. The subsidiary's long-term equity investment held by the company is regarded as the company's treasury stock. As a deduction from shareholders' equity, it is listed as "less: treasury stock" under the shareholders' equity item in the consolidated balance sheet.

4. Accounting treatment of subsidiaries acquired through merger

For subsidiaries acquired through business combinations under common control, the business combination will be deemed to have occurred when the ultimate controlling party began to exercise control, and its assets, liabilities, operating results and cash flows will be included in the consolidated financial statements from the beginning of the current period of merger; for subsidiaries acquired through business combinations not under common control, when preparing consolidated financial statements, their individual financial statements will be adjusted based on the fair value of the identifiable net assets on the acquisition date.

5. Accounting treatment for disposal of subsidiaries

If a long-term equity investment in a subsidiary is partially disposed of 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. If the capital reserve is insufficient for offset, the retained earnings will be adjusted. If control over the investee is lost due to disposal of part of the equity investment or other reasons, when preparing consolidated financial statements, the remaining equity shall be remeasured according to its fair value on the date of loss of control. The sum of the consideration obtained from the disposal of equity and the fair value of the remaining equity, minus the atoms to be enjoyed based on the original shareholding ratio.

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The difference between the shares of the company's net assets continuously calculated since the date of purchase or merger shall be included in the investment income in the period when control is lost, and goodwill shall be offset at the same time. Other comprehensive income related to the equity investment in the original subsidiary will be converted into current investment income when control is lost.

8. Classification of joint arrangements and accounting treatment of joint operations

√Applicable □Not applicable

(1) Classification of joint arrangements

Joint arrangements are divided into joint operations and joint ventures. Joint arrangements that are not reached through separate entities are classified as joint operations. An independent entity refers to an entity with a separately identifiable financial structure, including independent legal entities and entities that do not have legal entity qualifications but are recognized by law. Joint arrangements entered into between separate entities are generally classified as joint ventures. If changes in relevant facts and circumstances lead to changes in the rights and obligations of a joint venture party in the joint venture arrangement, the joint venture party shall reassess the classification of the joint venture arrangement.

(2) Accounting treatment of joint operations

The company recognizes the following items related to the interest share in the joint operation for the joint operation participants, and performs accounting treatments in accordance with the relevant accounting standards for enterprises: recognizes assets or liabilities held individually, and recognizes jointly held assets or liabilities based on shares; recognizes income generated from the sale of the share of joint operation output; recognizes income generated by joint operations from the sale of output based on shares; recognizes expenses incurred individually, and recognizes expenses incurred in joint operations based on shares.

The Company is a participant in a joint operation that does not enjoy joint control. If it enjoys the assets related to the joint operation and assumes the liabilities related to the joint operation, the accounting treatment shall be carried out in accordance with the provisions of the joint operation participants; otherwise, the accounting treatment shall be carried out in accordance with the provisions of the relevant accounting standards for enterprises.

(3) Accounting treatment of joint ventures

The Company, as a joint venture party, conducts accounting treatment for investments in joint ventures in accordance with the provisions of "Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investment". The Company, as a non-joint venture party, conducts accounting treatment according to the degree of influence on the joint venture.

9. Determination standards for cash and cash equivalents

The cash determined by the company when preparing the cash flow statement refers to the company's cash on hand and deposits that can be used for payment at any time.

money. The cash equivalents determined when preparing the cash flow statement refer to short-term held assets with high liquidity and easy conversion into known cash equivalents.

An investment that contains a small amount of cash and carries a small risk of changes in value.

10. Foreign currency business and foreign currency statement conversion

√Applicable □Not applicable

(1) Foreign currency business conversion

The Company's foreign currency transactions are recorded in the functional currency using the spot exchange rate on the date of the transaction. Foreign currency monetary items on the balance sheet date are converted at the spot exchange rate on the balance sheet date. The exchange differences arising from the difference between the spot exchange rate on that day and the spot exchange rate on initial recognition or on the previous balance sheet date are included in the current profit and loss, except for the exchange differences on special foreign currency borrowings that meet the capitalization conditions, which are capitalized and included in the cost of related assets during the capitalization period. Foreign currency non-monetary items measured at historical cost are still converted using the spot exchange rate on the date of transaction, and their recording currency amount does not change. 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. The difference between the converted accounting functional currency amount and the original accounting functional currency amount is treated as a change in fair value (including exchange rate changes), and is included in the current profit and loss or recognized as other comprehensive income.

(2) Conversion of foreign currency financial statements

If the company's controlled subsidiaries, joint ventures, associates, etc. use a different accounting currency than the company, their foreign currency financial statements must be converted before accounting and preparation of consolidated financial statements. The asset and liability items in the balance sheet are translated using the spot exchange rate on the balance sheet date. Owner's equity items, except for the "undistributed profits" items, are translated using the spot exchange rate at the time of occurrence. Income and expense items in the income statement are translated using the spot exchange rate on the date of transaction. Conversion occurs

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The translation difference of foreign currency financial statements shall be listed under other comprehensive income under the owner's equity item in the balance sheet. If foreign currency cash flows are determined in accordance with systematic and reasonable methods, they will be converted using the spot exchange rate on the date of transaction. The impact of exchange rate changes on cash is presented separately in the cash flow statement. When an overseas operation is disposed of, the translation difference of foreign currency statements related to the overseas operation shall be transferred to the current profit and loss of the disposal in full or in proportion to the disposal of the overseas operation.

11. Financial instruments

√Applicable □Not applicable

(1) Classification and reclassification of financial instruments

(2) Measurement of financial instruments

The Company's financial instruments are initially recognized at fair value. For financial assets and financial liabilities 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; for other types of financial assets or financial liabilities, the relevant transaction costs are included in the initial recognition amount. For accounts receivable or notes receivable arising from the sale of products or provision of services that do not include or take into account significant financing components, the amount of consideration that the company is expected to be entitled to receive shall be regarded as the initial recognition amount. The subsequent measurement of a financial instrument depends on its classification.

1. Financial assets

①Financial assets measured at amortized cost. After initial recognition, such financial assets are measured at amortized cost using the effective interest rate method. Gains or losses arising from financial assets that are measured at amortized cost and do not belong to any hedging relationship are included in the current profit and loss when they are derecognized, reclassified, amortized according to the effective interest method, or impairment is recognized.

② Financial assets measured at fair value with changes included in current profits and losses. After initial recognition, such financial assets (except for some financial assets belonging to hedging relationships) are subsequently measured at fair value, and the resulting gains or losses (including interest and dividend income) are included in the current profits and losses.

③ Debt instrument investments measured at fair value with changes included in other comprehensive income. After initial recognition, such financial assets are subsequently measured at fair value. Interest, impairment losses or gains and exchange gains and losses calculated using the effective interest rate method are included in the current profit and loss, and other gains or losses are included in other comprehensive income. When derecognition is terminated, the accumulated gains or losses previously included in other comprehensive income will be transferred out of other comprehensive income and included in the current profit and loss.

④ Non-trading equity instrument investments designated as fair value measurement and whose changes are included in other comprehensive income. The Company designates some non-trading equity instrument investments as financial assets measured at fair value and whose changes are included in other comprehensive income, and lists them as other equity instrument investments. After initial recognition, such financial assets are subsequently measured at fair value. Except for the dividends received (except for the recovery part of investment costs) which are included in the current profit and loss, other related gains and losses are included in other comprehensive income and will not be subsequently transferred to the current profit and loss.

2. Financial liabilities

① Financial liabilities measured at fair value with changes included in current profits and losses. 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, gains or losses (including interest expenses) caused by changes in the fair value of trading financial liabilities are included in the current profits and losses. For financial liabilities designated as measured at fair value and whose changes are included in the current profit and loss, the change in the fair value of the financial liability caused by changes in the enterprise's own credit risk is included in other comprehensive income, and other changes in fair value are included in the current profit and loss. If the impact of changes in the financial liability's own credit risk being included in other comprehensive income will cause or expand the accounting mismatch in profit or loss, the company will include all gains or losses from the financial liability in the current profit or loss.

②Financial liabilities measured at amortized cost. After initial recognition, such financial liabilities are measured at amortized cost using the effective interest method.

(3) The company’s method of recognizing the fair value of financial instruments

If there is a financial instrument in an active market, its fair value will be determined based on the quoted price in the active market; if there is no financial instrument in an active market, its fair value will be determined using valuation techniques. Valuation techniques mainly include market method, income method and cost method. in limited circumstances

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Under such circumstances, if there is insufficient recent information to determine fair value, or the possible estimated amounts of fair value are distributed over a wide range, and the cost or net assets represent the best estimate of fair value within that range, the cost or net assets may represent an appropriate estimate of fair value within that range. The Company uses all information about the investee's performance and operations that becomes available after the date of initial recognition to determine whether costs or net assets represent fair value.

(4) Recognition basis and measurement method for transfer of financial assets and financial liabilities

1. Financial assets

If the company's financial assets meet one of the following conditions, they will be derecognized: ① The contractual right to receive the cash flow of the financial asset terminates; ② The financial asset has been transferred, and the company has transferred almost all the risks and rewards of ownership of the financial asset; ③ The financial asset has been transferred, and although the company neither transfers nor retains almost all the rewards of ownership of the financial asset, it does not retain control of the financial asset.

If the company neither transfers nor retains substantially all remuneration for the ownership of a financial asset, and retains control over the financial asset, the relevant financial assets will be recognized to the extent of its continued involvement in the transferred financial assets, and relevant liabilities will be recognized accordingly.

If the transfer of financial assets as a whole meets the conditions for derecognition, the difference between the following two amounts will be included in the current profit and loss: ① The book value of the transferred financial asset on the date of derecognition; ② The sum of the consideration received for the transfer of the financial asset and the amount corresponding to the derecognition part of the cumulative amount of changes in fair value that was originally directly included in other comprehensive income (the financial assets involved in the transfer are financial assets classified as measured at fair value and their changes are included in other comprehensive income).

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 according to their respective relative fair values on the date of transfer, and then the difference between the following two amounts shall be included in the current profit and loss: ① The derecognized part The book value on the date of derecognition; ② The sum of the consideration received for the derecognized part and the amount corresponding to the derecognized 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 measured at fair value and their changes are included in other comprehensive income).

For non-trading equity instrument investments that the company designates as fair value measurement and whose changes are included in other comprehensive income, when the recognition is terminated, the accumulated gains or losses previously included in other comprehensive income will be transferred out from other comprehensive income and included in retained earnings. 2) Financial liabilities

If the current obligation of a financial liability (or part thereof) has been discharged, the Company shall terminate the recognition of the financial liability (or part thereof).

If a financial liability (or part thereof) is derecognised, the company will include the difference between its book value and the consideration paid (including non-cash assets transferred out or liabilities assumed) into the current profit and loss.

(5) Determination method and accounting treatment method of expected credit losses

1. Scope of expected credit losses

Based on expected credit losses, the Company performs impairment accounting and recognizes loss provisions for financial assets measured at amortized cost (including receivables), debt investments classified as measured at fair value with changes included in other comprehensive income (including receivables financing), and lease receivables.

2. How to determine expected credit losses

The Company evaluates on each balance sheet date whether the credit risk of relevant financial instruments has increased significantly since initial recognition, and divides the process of credit impairment of financial instruments into three stages. Different accounting treatment methods are used for impairment of financial instruments at different stages: In the first stage, if the credit risk of a financial instrument has not increased significantly since initial recognition, the Company shall calculate the future credit risk of the financial instrument according to the Loss provisions are measured as 12-month expected credit losses, and interest income is calculated based on its book balance (that is, before impairment provisions are deducted) and the actual interest rate; in the second stage, if the credit risk of a financial instrument has increased significantly since initial recognition but no credit impairment has occurred, the company shall calculate the expected credit losses based on the entire duration of the financial instrument. In the third stage, if credit impairment occurs after initial recognition, the company measures the loss provision based on the expected credit losses for the entire duration of the financial instrument, and calculates interest income based on its amortized cost (book balance minus impairment provisions) and the actual interest rate. ① Method of measuring loss provisions for financial instruments with lower credit risk

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For financial instruments with low credit risk on the balance sheet date, the company can directly make the assumption that the credit risk of the instrument has not increased significantly since the initial recognition without comparing the credit risk with the initial recognition.

If the default risk of a financial instrument is low, the debtor 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.

② Method of measuring loss provision for accounts receivable, contract assets, and lease receivables

For notes receivable and accounts receivable, regardless of whether there is a significant financing component, the company adopts a simplified method, that is, it always measures loss provisions based on expected credit losses throughout the duration.

For receivables divided into portfolios, when determining the expected credit loss rate, the Company refers to historical credit loss experience and other data, and combines current conditions and forward-looking information to predict future economic conditions. When considering forward-looking information, the company considers the macro environment, industry analysis, internal corporate conditions, expected changes in technology, market, economic or legal environment, debtors' repayment ability, etc. Considering the forward-looking information of this year, combined with the current situation and prediction of future economic conditions, the expected credit loss rate is determined individually for notes receivable and accounts receivable with significantly different credit risks. In addition to notes receivable and accounts receivable that individually determine the expected credit loss rate, the company uses an expected credit loss model based on aging characteristics to prepare a comparison table between the aging of accounts receivable and the expected credit loss rate for the entire duration to calculate expected credit losses.

③ Methods of measuring loss provisions for other financial assets

For financial assets other than the above, such as: debt investments, other debt investments, other receivables, long-term receivables other than lease receivables, etc., the company measures loss provisions in accordance with the general method, that is, the "three-stage" model.

For other receivables, the Company is unable to obtain sufficient evidence of a significant increase in credit risk at the individual instrument level at a reasonable cost. However, it is feasible to assess whether the credit risk has significantly increased on a portfolio basis. Group other receivables and consider assessing whether the credit risk has significantly increased on a portfolio basis. The company refers to historical credit loss experience and considers this year's forward-looking information, combined with current conditions and predictions of future economic conditions, to calculate expected credit losses through default risk exposure and expected credit loss rate within the next 12 months or the entire duration.

Depending on the nature of the financial instrument, the Company evaluates whether the credit risk has increased significantly on the basis of a single financial asset or a combination of financial assets. The company divides receivables into several combinations based on credit risk characteristics, and calculates expected credit losses on the basis of the combinations. The basis for determining the combinations is as follows:

Portfolio 1 Government accounts Receivables of government departments with low credit risk are not subject to provision for bad debts

Portfolio 2 Margin Portfolio Margin and other receivables with low credit risk are provided with bad debt provisions based on credit risk characteristics Portfolio 3 Related Party Accounts Other receivables from related parties are provided with bad debt provisions based on credit risk characteristics

Portfolio 4 Advances and Provisions Bad debt provisions are made for accounts receivable other than the above portfolios based on credit risk characteristics.

Money and other

④ Judgment criteria for accruing bad debt provisions individually

The company makes individual determinations and makes provision for bad debts for accounts receivable when customers have gone bankrupt or have experienced major financial difficulties.

3. Accounting treatment method for expected credit losses

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. The resulting increase or reversal of loss provisions shall be included in current profits and losses as impairment losses or gains, and based on the type of financial instrument, the book value of the financial asset listed in the balance sheet shall be reduced or included in estimated liabilities or included in other comprehensive income (debt investments measured at fair value and changes thereof included in other comprehensive income).

12. Notes receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

□Applicable √Not applicable

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Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

For details, please refer to the descriptions of "Financial Instruments" in Note 5.11.

Judgment criteria for individual provision of bad debt provisions based on individual provision √ Applicable □ Not applicable

For details, please refer to the descriptions of "Financial Instruments" in Note 5.11.

13. Accounts receivable

√Applicable □Not applicable

Combination categories and determination basis for bad debt provisions based on credit risk characteristics □Applicable √Not applicable

Aging calculation method based on aging confirmation credit risk characteristic combination √ Applicable □ Not applicable

For details, please refer to the descriptions of "Financial Instruments" in Note 5.11.

Judgment criteria for single provision based on the determination of individual provision for bad debts √ Applicable □ Not applicable

For details, please refer to the descriptions of "Financial Instruments" in Note 5.11.

14. Accounts receivable 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, please refer to the descriptions of "Financial Instruments" in Note 5.11.

Account aging calculation method based on aging confirmation credit risk characteristic combination □ Applicable √ Not applicable

Judgment criteria for individual provision of bad debt provisions based on individual provision √ Applicable □ Not applicable

For details, please refer to the descriptions of "Financial Instruments" in Note 5.11.

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

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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 the provision of labor services, etc. It mainly includes raw materials, products in progress, inventory goods, and low-value consumables.

(2) Valuation method for issued inventory

Inventory accounting follows the historical cost principle. Inventories are valued at actual cost when purchased. The actual cost of purchased inventory consists of the purchase price, relevant taxes, transportation fees, and insurance premiums. The weighted average method is used when inventory is shipped. Low-value consumables are accounted for using the "one-time amortization method."

(3) Inventory inventory system

The company's inventory inventory system is a perpetual inventory system.

Recognition standards and accrual methods for inventory depreciation provisions

√Applicable □Not applicable

(1) At the end of the period, inventories are valued using the lower of historical cost and net realizable value.

1. For commodity inventories that are directly for sale, such as finished products, commodities and materials for sale, the net realizable value is determined based on the estimated selling price of the inventory minus the estimated sales expenses and related taxes.

2. For materials inventories that need to be processed, in the normal production and operation process, the net realizable value is determined based on the estimated selling price of the finished products minus the estimated costs to be incurred upon completion, estimated sales expenses and related taxes. 3) For inventories held for the execution of sales contracts or labor contracts, the net realizable value is calculated based on the contract price. If the quantity of inventory held is greater than the quantity ordered in the sales contract, the net realizable value of the excess inventory is calculated based on the general sales price.

(2) After accruing inventory depreciation provisions, if the factors that previously caused the inventory value to be written down 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 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 the right to receive consideration for goods or services that have been transferred to the customer (and that right is dependent on factors other than the passage of time) as a contract asset.

Combination categories and determination basis for bad debt provisions based on combinations of credit risk characteristics

□Applicable √Not applicable

Account aging calculation method based on aging confirmation credit risk characteristic combination

√Applicable □Not applicable

For details, please refer to the descriptions of "Financial Instruments" in Note 5.11.

Judgment criteria for single provision based on the determination of individual provision for bad debts

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√Applicable □Not applicable

For details, please refer to the descriptions of "Financial Instruments" in Note 5.11.

18. Non-current assets or disposal groups held for sale

√Applicable □Not applicable

The company classifies non-current assets or disposal groups that meet the following conditions into the category held for sale: first, according to the practice of selling such assets or disposal groups in similar transactions, they can be sold immediately under the current conditions; second, the sale is very likely to occur, that is, the enterprise has made a resolution on a sales plan and obtained a firm purchase commitment, and the sale is expected to be completed within one year. If relevant regulations require the approval of the relevant authority or regulatory department of the enterprise before it can be sold, the approval must have been obtained.

Recognition standards and accounting treatment methods for non-current assets or disposal groups classified as held for sale

√Applicable □Not applicable

When initially measuring or re-measuring a non-current asset or disposal group held for sale on the balance sheet date, if its book value is higher than the net amount of fair value minus selling expenses, the book value should be written down to the net amount of fair value minus selling expenses. The amount of the write-down is recognized as an asset impairment loss and included in the current profit and loss, and an impairment provision for assets held for sale is made at the same time. If the net amount of the fair value of non-current assets held for sale less selling expenses increases on subsequent balance sheet dates, the amount previously written down shall be restored and reversed within the amount of asset impairment losses recognized after being classified as held for sale, and the reversed amount shall be included in the current profit and loss. Impairment losses on assets recognized before they are classified as held for sale cannot be reversed.

Non-current assets held for sale or assets in a disposal group held for sale in the balance sheet are listed as assets held for sale, and liabilities in a disposal group held for sale are listed as liabilities held for sale.

Determination standards and presentation methods for discontinued operations

√Applicable □Not applicable

Discontinued operations are an individually distinguishable component that meets one of the following conditions, and the component has been disposed of by the Company or classified as held for sale by the Company:

(1) This component represents an independent main business or an independent main operating area;

(2) The component is part of an associated plan to dispose of an independent main business or an independent main operating area;

(3) The component is a subsidiary acquired exclusively for resale.

19. Long-term equity investment

√Applicable □Not applicable

(1) Determination of initial investment cost

For a long-term equity investment obtained through a business merger, if it is a business merger under the same control, the share of the book value of the owner's equity of the merged party in the consolidated financial statements of the ultimate controlling party shall be used as the initial investment cost of the long-term equity investment on the merger date; for a business merger not under the same control, the business combination cost determined on the purchase date shall be used as the initial investment cost of the long-term equity investment. The initial investment cost of an equity investment; for a long-term equity investment obtained by paying cash, the initial investment cost is the actual purchase price paid; for a long-term equity investment obtained by issuing equity securities, the initial investment cost is the fair value of the equity securities issued; for a long-term equity investment obtained through debt restructuring, the initial investment cost shall be in accordance with the "Accounting Standards for Business Enterprises" No. 12 - Debt Restructuring"; for long-term equity investments obtained through exchange of non-monetary assets, the initial investment cost shall be determined in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 7 - Exchange of Non-monetary Assets".

(2) Subsequent measurement and profit and loss recognition methods

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The Company adopts the cost method to account for long-term equity investments that it is able to control over the invested entities, and adopts the equity method to account for long-term equity investments in associates and joint ventures. Part of the Company's equity investment in associates is indirectly held through venture capital institutions, mutual funds, trust companies or similar entities including investment-linked insurance funds. Regardless of whether the above entities have a significant impact on this part of the investment, the Company will handle it in accordance with the relevant provisions of the "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments", and use the equity method to account for the rest.

(3) Basis for determining joint control and significant influence on the invested unit

Having joint control over the investee means that activities that have a significant impact on the returns of an arrangement must be decided only with the unanimous consent of the participants sharing control rights, including the sale and purchase of goods or services, management of financial assets, purchase and disposal of assets, research and development activities, and financing activities; having a significant impact on the investee means having a significant impact when holding more than 20% to 50% of the voting capital of the investee. Or, although it is less than 20%, it has significant influence when one of the following conditions is met: having representatives on the investee's board of directors or similar authority; participating in the policy-making process of the investee; dispatching management personnel to the investee; the investee relying on the technology or technical information of the investing company; and important transactions occurring with the investee.

20. Investment real estate

Not applicable

21. Fixed assets

(1). Confirm conditions

√Applicable □Not applicable

1. The standards for fixed assets are: houses, buildings, machinery and equipment, transportation equipment and other equipment, appliances, tools, etc. related to production and operation, with a service life of more than one year, and a unit value of more than 3,000 yuan; items that are not the main equipment for production and operation, with a unit value of more than 5,000 yuan, and a service life of more than two years are also accounted for and managed as fixed assets.

2. Fixed assets valuation: based on actual cost. ① The cost of outsourced fixed assets includes the purchase price, relevant taxes, transportation fees, loading and unloading fees, installation fees and professional service fees attributable to the asset incurred before the fixed asset reaches its intended usable condition. ②The cost of self-constructed fixed assets consists of the necessary expenditures incurred before the asset reaches its intended usable condition. ③The cost of fixed assets invested by investors shall be determined according to the value stipulated in the investment contract or agreement. ④ The cost of fixed assets exchanged in the form of non-monetary asset exchange shall be determined according to the fair value of the assets exchanged if it has commercial substance; if it does not have commercial substance, it shall be determined according to the book value of the assets exchanged. If a premium is involved, it shall be handled in accordance with the following provisions: If a premium is paid, the cost shall be determined in exchange for a premium. The book value of the assets exchanged, plus the premium paid and relevant taxes payable, shall be regarded as the cost of the fixed assets exchanged; if the premium received, the book value of the assets exchanged, minus the premium received and the relevant taxes payable, shall be regarded as the cost of the fixed assets exchanged. ⑤The cost of fixed assets acquired through debt restructuring shall be determined based on the fair value of the fixed assets.

(2). Depreciation method

√Applicable □Not applicable

Category Depreciation method Depreciation life (years) Residual value rate Annual depreciation rate Houses and buildings Average life method 20-40 0-5% 2.38%-5.00% Machinery and equipment Average life method 10-12 0-5% 7.92%-10.00%

Transportation equipment average age method 5-10 0-5% 9.50%-20.00% Other (management) equipment average age method 3-10 0-5% 9.50%-33.33%

22. Projects under construction

√Applicable □Not applicable

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(1) Category of projects under construction

Construction in progress is classified and accounted for by project approval.

(2) The point in time when construction in progress is transferred to 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. If the fixed assets under construction have reached the intended usable state, but the final accounts for completion have not yet been processed, the cost will be determined based on the estimated value based on the project budget, cost or actual cost of the project from the date it reaches the intended usable state, and depreciation will be accrued. After the final accounts for completion are processed, the original tentative estimated value will be adjusted based on the actual cost, but the originally accrued depreciation amount will not be adjusted. A new production line will be built as a whole, and qualified products will be produced through trial operation. After obtaining the production acceptance notice, it will be transferred to fixed assets. If a single piece of equipment is part of an overall production line, it must be included in fixed assets after the entire production line reaches use status.

(3) Impairment testing method and impairment provision accrual method for projects under construction

The company conducts a comprehensive inspection of the construction in progress on the balance sheet date. If there is evidence that the construction in progress has been impaired and the estimated recoverable amount is lower than its book value, the book value will be written down to the recoverable amount, and the reduced amount will be recognized as asset impairment loss and included in the current profit and loss, and corresponding asset impairment provisions will be made. Once the asset impairment loss is recognized, it will not be reversed in subsequent accounting periods. If one or more of the following conditions exist, the project under construction will be tested for impairment:

1. Projects under construction that have been suspended for a long time and are not expected to be restarted in the next 3 years;

2. The constructed project has fallen behind both in terms of performance and technology, and the economic benefits it will bring to the company are highly uncertain;

3. Other circumstances that are sufficient to prove that the construction in progress has been impaired.

23. Borrowing costs

√Applicable □Not applicable

(1) Recognition principles for 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;

2. Borrowing costs have been incurred;

3. The 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.

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 capitalized amount. During the capitalization period, the capitalized amount of each accounting period, if a special loan is borrowed for the purchase, construction or production of assets that meet the capitalization conditions, shall be determined by the interest expense actually incurred on the special loan 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 and the amount and auxiliary expenses. The exchange difference between the principal and interest of special foreign currency borrowings shall be capitalized and included in the cost of assets that meet the capitalization conditions. If general borrowings are occupied for the purpose of purchasing, constructing or producing assets that meet the capitalization conditions, the interest amount that should be capitalized on the general borrowings shall be calculated and determined based on the weighted average of the asset disbursements exceeding the part of the special borrowings multiplied by the capitalization rate of the general borrowings occupied (the capitalization rate is calculated and determined based on the weighted average interest rate of general borrowings). However, the amount of capitalized interest shall not exceed the actual amount of interest incurred on the relevant borrowings in the current period. Ancillary expenses incurred for general borrowings are recognized as expenses based on the amount incurred when incurred and included in the current profit and loss. If there is a discount or premium on the loan, the amount of discount or premium that should be amortized in each accounting period shall be determined according to the actual interest rate method, and the interest amount of each period shall be adjusted.

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24. Biological assets

□Applicable √Not applicable

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. Conditions for recognition of intangible assets

Intangible assets refer to identifiable non-monetary assets without physical form owned or controlled by the company. Intangible assets can only be recognized when they meet the following conditions at the same time: the economic benefits related to the intangible assets are likely to flow into the company; the cost of the intangible assets can be measured reliably.

2. Valuation method of intangible assets

①The actual cost of purchased intangible assets shall be based on the actual price paid;

② The actual cost of the intangible assets invested by investors shall be based on the value agreed in the investment contract or agreement between the parties to the investment;

③ The cost of intangible assets exchanged in the form of non-monetary asset exchange shall be determined according to the fair value of the assets exchanged if it has commercial substance; if it does not have commercial substance, it shall be determined according to the book value of the assets exchanged. If a premium is involved, it shall be handled in accordance with the following provisions: If a premium is paid, the cost shall be determined in exchange for a premium. The book value of the assets exchanged, plus the premium paid and relevant taxes payable, shall be regarded as the cost of intangible assets exchanged; if the premium received, the book value of the assets exchanged, minus the premium received and relevant taxes payable, shall be regarded as the cost of exchanged intangible assets.

④The cost of intangible assets acquired through debt restructuring shall be determined based on the fair value of the intangible assets.

⑤ The intangible assets developed by the company itself are divided into research stage and development stage. Expenses incurred in the research phase are included in the current profit and loss, and expenses in the development phase are included in the cost of intangible assets if they meet the following conditions: ① It is technically feasible to complete the intangible asset so that it can be used or sold; ② There is an intention to complete the intangible asset and use or sell it; ③ It can prove the use of the intangible asset There is a market for the products produced by the intangible assets or there is a market for the intangible assets themselves; ④ There is sufficient technical, financial and other resource support to complete the development of the intangible assets, and the ability to use or sell the intangible assets; ⑤ Expenditures attributable to the development stage of the intangible assets can be measured reliably.

3. Useful life and amortization of intangible assets

The company analyzes and determines the useful life of intangible assets when acquiring them. The service life of an intangible asset is limited, and the number of years of the service life or the number of similar measurement units such as the output that constitutes the service life is estimated; if the period during which the intangible asset can bring economic benefits to the company cannot be foreseen, it is regarded as an intangible asset with an indefinite service life.

For intangible assets with limited service life, the amortization amount shall be systematically and reasonably amortized within the service life. Intangible assets with indefinite useful lives are not amortized.

The company determines intangible assets such as intangible assets that cannot foresee the period during which the asset will bring economic benefits to the company, or whose useful life is uncertain, as intangible assets with an indefinite useful life. The basis for judging the uncertain service life is: it comes from contractual rights or other legal rights, but there is no clear service life in the contract or legal provisions; based on the situation in the same industry or the argumentation of relevant experts, it is still impossible to judge the period during which the intangible assets can bring economic benefits to the company.

The Company's proprietary technology is generally amortized on an average basis over 5-10 years. Experts have demonstrated that proprietary technology with an uncertain service life does not need to be amortized. Land use rights are amortized evenly over the transfer period.

On the balance sheet date, the service life and amortization method of intangible assets with limited service life are reviewed. If the service life and amortization method are different from the previous estimates, the amortization period and amortization method are changed. The useful life of an intangible asset with an indefinite useful life shall be reviewed. If there is evidence that the useful life of the intangible asset is limited, amortization shall be carried out as an intangible asset with a limited useful life.

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4. Impairment testing method and impairment provision accrual method for intangible assets

The company conducts impairment testing on intangible assets every year on the balance sheet date. When the recoverable amount of an intangible asset is lower than its book value, the book value of the asset is reduced to the recoverable amount, and the amount of the write-down is recognized as asset impairment loss and included in the current profit and loss, and at the same time, provision for impairment of intangible assets is made. Once the impairment loss of intangible assets is recognized, it will not be reversed in subsequent accounting periods. If one or more of the following circumstances exist, an impairment test will be conducted on intangible assets:

① The intangible asset has been replaced by other new technologies, etc., which has significantly adversely affected its ability to create economic benefits for the company;

②The market price of the intangible asset has dropped significantly during the current period and may not rebound within the remaining life;

③Other circumstances that are sufficient to indicate that the book value of the intangible asset has exceeded the recoverable amount.

(2). Scope of aggregation of R&D expenditures and related accounting treatment methods

√Applicable □Not applicable

The scope of the company's R&D expenditures is mainly determined based on the company's research and development projects, and mainly includes: R&D personnel labor, direct investment, experimental fees, service fees, royalties, depreciation and amortization expenses, other expenses, etc.

Specific criteria for dividing the research stage and development stage of internal research and development projects:

For products developed through internal research and development, the research and development before entering Phase III clinical trials is recognized as the research stage, and the R&D after entering Phase III clinical trials is recognized as the development stage.

All expenditures incurred in the research phase shall be included in the current profit and loss; expenditures incurred in the development phase shall be included in the current profit and loss or development expenditure according to the degree of risk. Based on the research and development progress, an expert assessment meeting should be held to determine the degree of risk before financial accounting is processed. Project expenditures with a risk greater than 30% are included in the current profit and loss, and project expenditures with a risk less than 30% are included in development expenditures. For projects that have been included in development expenditures, after each development stage, experts are asked to reassess and confirm the degree of risk. Project expenditures with a risk greater than 30% should be adjusted and included in the current profit and loss, and project expenditures with a risk less than 30% continue to be included in development expenditures.

27. Impairment of long-term assets

√Applicable □Not applicable

If there are signs of impairment on the balance sheet date for long-term equity investments, investment real estate, fixed assets, projects under construction measured using the cost model, productive biological assets measured using the cost model, intangible assets and other long-term assets on the balance sheet date, an impairment test will be conducted. If the impairment test results show that the recoverable amount of the asset is lower than its book value, impairment provisions will be made based on the difference and included in the impairment loss.

The recoverable amount is the higher of the asset's fair value less disposal costs and the present value of the asset's expected future cash flows. Asset impairment provisions are calculated and recognized on the basis of individual assets. 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. An asset group is the smallest combination of assets that can independently generate cash inflows.

Goodwill that is presented separately in the financial statements shall be tested for impairment at least annually, regardless of whether there is any indication of impairment. During impairment testing, the book value of goodwill is allocated to asset groups or combinations of asset groups that are expected to benefit from the synergies of a business combination. If the test results show that the recoverable amount of an asset group or combination of asset groups containing amortized goodwill is lower than its book value, the corresponding impairment loss will be recognized. The amount of impairment loss first deducts the book value of the goodwill allocated to the asset group or asset group combination, and then deducts the book value of other assets in proportion to the proportion of the book value of other assets in the asset group or asset group combination except goodwill. Once the above-mentioned asset impairment losses are recognized, the portion whose value has been restored will not be reversed in subsequent periods.

28. Long-term deferred expenses

√Applicable □Not applicable

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The company's long-term deferred expenses refer to various expenses that have been incurred but have a benefit period of more than one year (excluding one year). Long-term deferred expenses are amortized in installments according to the benefit period of the expense item. If a long-term deferred expense item cannot benefit future accounting periods, all the amortized value of the item that has not been amortized will be transferred to the current profit and loss.

29. Contract liabilities

√Applicable □Not applicable

The Company lists the obligation to transfer goods or provide services to customers for consideration received or receivable from customers as contract liabilities. The Company presents contract assets and contract liabilities under the same contract as a net amount.

30. Employee compensation

(1). Accounting treatment of short-term compensation

√Applicable □Not applicable

During the accounting period when employees provide services to the company, the actual short-term compensation is recognized as a liability and included in the current profit and loss, except where the accounting standards for enterprises require or allow it to be included in the cost of assets. 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. The medical insurance premiums, work-related injury insurance premiums, maternity insurance premiums and other social insurance premiums and housing provident funds paid by the enterprise for employees, as well as the labor union funds and employee education funds withdrawn in accordance with regulations, during the accounting period when employees provide services, the corresponding employee salary amounts are 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.

(2). Accounting treatment of post-employment benefits

√Applicable □Not applicable

During the accounting period when employees provide services, the company recognizes the deposit amount payable based on the defined contribution plan as a liability and includes it in the current profit and loss or related asset costs. According to the formula determined by the expected cumulative welfare unit method, the welfare obligations generated by the defined benefit plan are attributed to the period during which the employees provide services, and are included in the current profit and loss or related asset costs.

(3). Accounting treatment method for dismissal benefits

√Applicable □Not applicable

When the company provides dismissal benefits to employees, the employee compensation liabilities arising from the dismissal benefits are recognized at the earliest of the following two times and included in the current profit and loss: when the company cannot unilaterally withdraw the dismissal benefits provided due to the termination of labor relations plan or layoff proposal; when the company recognizes the costs or expenses related to the restructuring involving the payment of dismissal benefits.

(4). Accounting treatment methods for other long-term employee benefits

√Applicable □Not applicable

Other long-term employee benefits provided by the company to employees that meet the conditions of the defined contribution plan shall be handled in accordance with the relevant provisions of the defined contribution plan; in addition, other long-term employee benefits net liabilities or net assets shall be recognized and measured in accordance with the relevant provisions of the defined benefit plan.

31. Estimated liabilities

√Applicable □Not applicable

(1) Recognition standards for estimated liabilities

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When obligations related to external guarantees, pending litigation or arbitration, product quality assurance, expected returns, layoff plans, loss-making contracts, restructuring obligations, fixed asset disposal obligations and other contingencies meet the following conditions at the same time, they will be recognized as liabilities:

1. The obligation is a current obligation borne by the company;

2. The performance of this obligation is likely to result in the outflow of economic benefits from the company;

3. The amount of the obligation can be measured reliably.

If the company's loss-making contracts and restructuring obligations meet the above conditions, they are recognized as estimated liabilities.

(2) Measurement of estimated liabilities

Estimated liabilities are initially measured based on the best estimate of the outflow of economic benefits that may result from the performance of relevant current obligations, and factors such as risks, uncertainties, and time value of money related to contingencies are comprehensively considered. If the time value of money has a significant impact, the best estimate is determined by discounting the relevant future cash outflows. The book value of estimated liabilities is reviewed on the balance sheet date, and the book value is adjusted to reflect the current best estimate. The increase in the book value of estimated liabilities due to the passage of time is recognized as interest expense.

(3) How to determine the best estimate

If there is an amount range for the required expenditure, the best estimate is determined by the average of the upper and lower limits of the range; if the required expenditure does not exist in an amount range, it is determined as follows:

1. When a contingency involves a single project, the best estimate is determined based on the most likely amount;

2. When a contingency involves multiple projects, the best estimate is calculated and determined based on various possible occurrence amounts and their occurrence probabilities. If all or part of the expenditures required to settle the recognized liabilities are expected to be compensated by a third party or other parties, the compensation amount will be recognized separately as an asset when it is basically certain that it will be received. The amount of compensation recognized shall not exceed the book value of the liability recognized.

32. Share-based payment

√Applicable □Not applicable

(1) Equity-settled share-based payment in exchange for services provided by employees shall be measured at the fair value of the equity instruments granted to employees. If there is an active market, it will be determined based on the quoted price in the active market; if there is no active market, it will be determined using valuation techniques, including referring to prices used in recent market transactions by parties who are familiar with the situation and voluntarily transacting, referring to the current fair value of other financial instruments that are substantially the same, discounted cash flow methods and option pricing models, etc.

On each balance sheet date, the number of stock options expected to be exercisable is revised based on the latest changes in the number of exercisable persons, the completion of performance indicators and other subsequent information, and the expenses to be allocated in each period are confirmed based on this basis. For option expenses that span multiple accounting periods, the expense can generally be amortized based on the proportion of the length of the waiting period of the option in a certain accounting period to the length of the entire waiting period.

(2) Cash-settled share-based payment shall be measured according to the fair value of the liability determined based on shares or other equity instruments assumed by the company. If the rights are exercisable immediately after grant, the relevant costs or expenses will be included on the date of grant, and the liabilities will be increased accordingly; if the rights must be completed after the services during the waiting period or the specified performance conditions are met before the rights can be exercised, on each balance sheet date of the waiting period, based on the best estimate of the vesting situation and the fair value of the liabilities borne by the company, the services obtained in the current period will be included in the costs or expenses, and the liabilities will be increased accordingly.

On each balance sheet date and settlement date before the settlement of relevant liabilities, the fair value of the liability is remeasured, and its changes are included in the current profit and loss.

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

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When the company fulfills its performance obligations in the contract, that is, when the customer obtains control of the relevant goods or services, revenue is recognized based on the transaction price allocated to the performance obligation. Obtaining control over relevant goods means being able to direct the use of the goods and obtain almost all economic benefits from them. Performance obligations refer to the Company’s commitment in the contract to transfer clearly distinguishable goods to the customer. The transaction price refers to the amount of consideration that the Company expects to be entitled to receive for transferring goods to customers, excluding amounts collected on behalf of third parties and amounts that the Company expects to return to customers.

Whether the performance obligation is performed within a certain period of time or at a certain point in time depends on the terms of the contract and relevant legal provisions. If the performance obligation is performed within a certain period of time, the company recognizes revenue based on the performance progress. Otherwise, the Company recognizes revenue at a point when the customer obtains control of the relevant assets.

1. Sales contract

Contracts for the sale of goods between the Company and its customers generally contain only the performance obligation to transfer the goods. The company usually recognizes revenue at the point when the goods are accepted after comprehensive consideration of the following factors: obtaining the current right to receive payment for the goods, transfer of the major risks and rewards of ownership of the goods, transfer of the legal ownership of the goods, transfer of physical assets of the goods, and receipt of the goods by the customer. 2) Sales return terms

For sales with a sales return clause, when the customer obtains control of the relevant goods, the company recognizes revenue based on the amount of consideration that it is expected to be entitled to receive for transferring the goods to the customer, and recognizes it as a liability based on the amount expected to be refunded due to sales returns; at the same time, the book value of the goods that are expected to be returned at the time of transfer, after deducting the expected costs of recovering the goods (including the value impairment of the returned goods), is recognized as an asset, that is, the cost of returns receivable, and the book value of the transferred goods at the time of transfer, minus the net carry-over cost of the above-mentioned asset costs. On each balance sheet date, the company re-estimates future sales returns and re-measures the above assets and liabilities.

The company’s domestic revenue recognition must meet the following conditions:

① The company signs a goods sales contract with the customer; ② The company sends the goods to the customer; ③ The customer signs for the goods.

The company’s overseas income is recognized mainly in the following two ways:

① The company is responsible for cold chain transportation of vaccine products to the port of arrival designated by the dealer, and the company confirms the sales revenue;

② If the dealer is responsible for cold chain transportation of the product to the agent country, the company will confirm the sales revenue after the dealer comes to the company to pick up the goods and go through customs export declaration and other procedures.

(2) Similar businesses using different business models involve different revenue recognition methods and measurement methods

□Applicable √Not applicable

35. Contract costs

√Applicable □Not applicable

The Company's contract costs include the incremental costs incurred to obtain the contract and contract performance costs. The incremental costs incurred to obtain a contract ("contract acquisition costs") are costs that would not have been incurred had the contract not been obtained. If the cost is expected to be recovered, the company will recognize it as the contract acquisition cost and as an asset.

The costs incurred by the company to perform the contract, which do not fall within the scope of inventory and other accounting standards for enterprises, and meet the following conditions at the same time, are recognized as an asset as contract performance costs:

(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 user, 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;

(3) The cost is expected to be recovered.

The company will recognize the contract performance costs as assets. If the amortization period does not exceed one year or one normal operating cycle at the time of initial recognition, it will be included in the "inventory" item in the balance sheet; if the amortization period is more than one year or one normal operating cycle at the time of initial recognition, it will be included in the "other non-current assets" item in the balance sheet.

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The company will recognize the contract acquisition costs as assets. If the amortization period does not exceed one year or one normal operating cycle at the time of initial recognition, it will be included in the "other current assets" item in the balance sheet; if the amortization period is more than one year or one normal operating cycle at the time of initial recognition, it will be included in the "other non-current assets" item in the balance sheet.

The company's assets for which contract acquisition costs and contract performance costs are recognized (hereinafter referred to as "assets related to contract costs") are amortized on the same basis as the commodity revenue recognition related to the assets, and included in the current profit and loss. If the amortization period of the assets formed by the incremental cost of acquiring the contract does not exceed one year, it shall be included in the current profit and loss when incurred.

When 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:

(1) The remaining consideration expected to be obtained from the transfer of the goods related to the asset;

(2) Estimate the costs that will be incurred to transfer the relevant goods.

If the factors of impairment in the previous period subsequently change, causing the difference between the two aforementioned items to be higher than the book value of the asset, the asset impairment provision that has been originally accrued should be reversed and included in the current profit and loss, but the book value of the asset after reversal shall not exceed the book value of the asset on the date of reversal if no impairment provision was made.

36. Government subsidies

√Applicable □Not applicable

(1) Accounting treatment of government subsidies related to assets

Government subsidies obtained by the company for the purchase, construction or other formation of long-term assets are recognized as asset-related government subsidies, and asset-related government subsidies are recognized as deferred income. From the time when the relevant assets are available for use, the deferred income will be evenly allocated and transferred to the current profit and loss based on the estimated use period of the relevant assets.

(2) Accounting treatment of government subsidies related to income

Government subsidies other than those related to assets are recognized as government subsidies related to income. The following situations are handled separately: if it is used to compensate the enterprise for relevant expenses or losses in the future period, it is recognized as deferred income, and is included in the current profit and loss during the period when the relevant expenses are recognized; if it is used to compensate the enterprise for relevant expenses or losses that have already occurred, it is directly included in the current profit and loss. Among them, those related to the company's daily activities are included in other income, and those not related to the company's daily activities are included in non-operating income.

Specific criteria for distinguishing asset-related government subsidies from income-related government subsidies:

If the government document does not clearly stipulate the subsidy object, the basis for judging whether the government subsidy is classified as asset-related or income-related: 1) If the government document clarifies the specific project for which the subsidy is targeted, it will be divided according to the relative proportion of the expenditure amount forming assets and the expenditure amount included in the expenses in the budget of the specific project. The division ratio needs to be reviewed on each balance sheet date and changed if necessary;

2. If the purpose in the government document is only a general statement and no specific project is specified, it will be regarded as a government subsidy related to income. (3) Confirmation time of government subsidies

Government subsidies measured according to the amount receivable shall be recognized at the end of the period when there is conclusive evidence that the relevant conditions stipulated in the financial support policy can be met and the financial support funds are expected to be received. Government subsidies other than those measured according to the amount receivable shall be recognized when the subsidy is actually received.

(4) Accounting treatment of policy preferential loan interest discounts

1. The finance department allocates interest discount funds to the lending bank, and the lending bank provides loans to the company at policy preferential interest rates. The company uses the actual loan amount received as the entry value of the loan, and calculates related borrowing costs based on the loan principal and the policy preferential interest rate.

2. If the finance department directly allocates interest discount funds to the company, the company will use the corresponding interest discount to offset related borrowing costs.

37. Deferred income tax assets/deferred income tax liabilities

√Applicable □Not applicable

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The company's accounting treatment for income tax expenses adopts the balance sheet liability method. If there is a difference between the book value of assets and liabilities and their tax basis, the deferred income tax assets or deferred income tax liabilities generated shall be recognized in accordance with the following principles.

(1) Recognition of deferred income tax assets

1. The company recognizes deferred income tax assets arising from deductible temporary differences to the extent that it is likely to obtain taxable income that can be used to offset the deductible temporary differences. However, deferred income tax assets arising from the initial recognition of assets or liabilities in transactions with the following characteristics will not be recognized:

①The transaction is not a business combination;

② When the transaction occurs, it neither affects accounting profits nor taxable income (or deductible losses).

2. The company recognizes corresponding deferred income tax assets for deductible temporary differences related to investments in subsidiaries, associated companies and joint ventures, and meets the following conditions:

① The temporary difference is likely to reverse in the foreseeable future;

② It is very likely that taxable income will be obtained in the future to offset the temporary differences.

3. For deductible losses and tax credits that can be carried forward to future years, the company recognizes corresponding deferred income tax assets to the extent that it is likely to obtain future taxable income that can be used to offset the deductible losses and tax credits.

(2) Recognition of deferred income tax liabilities

In addition to the deferred income tax liabilities arising from the following circumstances, the Company recognizes all deferred income tax liabilities arising from taxable temporary differences:

1. Initial recognition of goodwill;

2. Initial recognition of assets or liabilities arising from transactions that simultaneously meet the following characteristics:

①The transaction is not a business combination;

② When the transaction occurs, it neither affects accounting profits nor taxable income (or deductible losses).

3. Taxable temporary differences arising from investments in subsidiaries, associate companies and joint ventures that meet the following conditions at the same time: ① The investing enterprise can control the time of reversal of temporary differences;

②The temporary difference is likely not to be reversed in the foreseeable future.

(3) Measurement of deferred income tax assets, liabilities and income tax expenses

On the balance sheet date, current income tax liabilities (or assets) formed in the current period and previous periods are measured based on the amount of income tax expected to be paid (or refunded) calculated in accordance with the provisions of tax laws; deferred income tax assets and deferred income tax liabilities are measured in accordance with the applicable tax rate during the period when the assets are recovered or the liabilities are paid off according to the provisions of tax laws.

Current income tax and deferred income tax are included in current profit and loss as income tax expenses or income, but do not include income tax arising from the following situations:

1. Business merger;

2. Transactions or events directly recognized in owners’ equity.

On the balance sheet date, the book value of deferred income tax assets is reviewed. If it is probable that sufficient taxable income will not be available in future periods to offset the benefits of the deferred tax assets, the carrying amount of the deferred tax assets will be written down. The amount of the write-down is reversed when it is probable that sufficient taxable income will be obtained.

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

For short-term leases and low-value assets with a lease period of no more than 12 months, the company chooses not to recognize right-of-use assets and lease liabilities, and the relevant rental expenses will be included in the current profit and loss or related asset costs on a straight-line basis during each period of the lease term.

Lease classification standards and accounting treatment methods as a lessor

√Applicable □Not applicable

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(1) Operating lease

When the Company acts as a lessor, leases that substantially transfer all risks and rewards related to asset ownership are recognized as finance leases, and leases other than finance leases are recognized as operating leases. For rents in operating leases, the company recognizes current profits and losses according to the straight-line method in each period during the lease term. The initial direct expenses incurred in connection with the operating lease shall be capitalized, amortized during the lease period on the same basis as the rental income recognition, and included in the current profit and loss in installments. Variable lease payments related to operating leases that are not included in the lease receipts are included in the current profit and loss when they actually occur.

(2) Financial leasing

As a lessor, the Company recognizes finance lease receivables for finance leases on the start date of the lease period and terminates the recognition of finance lease assets. The company uses the net lease investment as the entry value of finance lease receivables.

The net investment in a lease is the sum of the unguaranteed residual value and the present value of the lease payments that have not yet been received at the start of the lease term, discounted at the interest rate implicit in the lease.

The interest rate implicit in the lease refers to the interest rate that makes the net investment in the lease equal to the sum of the fair value of the leased asset and the company's initial direct costs. Lease receipts include: 1) Fixed payments to be made by the lessee and refers to fixed payments. If there is a lease incentive, the relevant amount of the lease incentive should be deducted; 2) the variable lease payment amount that depends on the index or ratio; 3) the exercise price of the purchase option; 4) the amount paid by the lessee to exercise the option to terminate the lease; 5) the residual value of the guarantee provided to the lessor by the lessee, a party related to the lessee and an independent third party with the financial ability to perform the guarantee obligations.

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 in 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

Important non-wholly owned subsidiaries are those that meet the following conditions at the same time:

(1) Important subsidiaries of the group. If one of the total assets, operating income or total profits (or absolute value of losses) of a subsidiary accounts for more than 20% (inclusive) of the corresponding items in the consolidated financial statements, it is an important subsidiary of the group. Or, although they are not financially significant, they have important influence on the group in terms of risks, rewards and strategies, such as financial enterprises, overseas assets, special purpose entities, etc., they should also be recognized as important subsidiaries of the group.

(2) The minority shareholders of important subsidiaries account for more than 30% (inclusive) of equity shares. If a subsidiary has a particularly significant impact on the consolidated financial statements, such as if one of the total assets, operating income or total profits (or the absolute value of the loss) or both account for more than 50% of the corresponding items in the consolidated financial statements, the proportion of equity shares held by the minority shareholders of the subsidiary can be reduced to more than 10%.

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6. Taxes

1. Main tax types and tax rates

Main tax types and tax rates

√Applicable □Not applicable

Type of tax Tax calculation basis Tax rate

Pay according to simple collection calculation/pay according to output tax

Value-added tax 3%, 6%, 13%

The amount of input tax deducted is calculated and paid

Urban maintenance and construction tax: 5% or 7% is paid according to a certain proportion of the turnover tax payable

Corporate income tax: 15%, 25% is paid based on a certain proportion of the turnover tax payable

Education fee surcharge: 3% is paid based on a certain proportion of the turnover tax payable

Local education surcharge 2% is paid based on a certain proportion of the turnover tax payable

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 (%)

Changchun Baike Biotechnology Co., Ltd. 15 Jilin Huikang Biopharmaceutical Co., Ltd. 25

2. Tax incentives

√Applicable □Not applicable

The company was recognized as a high-tech enterprise by jointly issuing the "High-tech Enterprise Certificate" by the Jilin Provincial Department of Science and Technology, the Jilin Provincial Department of Finance, and the Jilin Provincial Taxation Bureau of the State Administration of Taxation. The certification date is October 16, 2023, and is valid for three years. The corporate income tax is levied at a reduced rate of 15%.

value added tax

The Company and its subsidiary Jilin Huikang Biopharmaceutical Co., Ltd. comply with the provisions of the Ministry of Finance and the State Administration of Taxation (2009) No. 9 "Notice on the Application of Low Value-Added Tax Rates and Simplified Methods to Collection of Value-Added Tax Policies for Some Goods" and Caishui (2014) No. 57 "Notice on Simplified Value-Added Tax Collection Rate Policies". For biological products produced and sold, the value-added tax is calculated and paid according to the simplified method of 3%.

3. Others

□Applicable √Not applicable

7. Notes on Consolidated Financial Statement Items

1. Monetary funds

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Cash on hand 14,337.82 7,435.68 Bank deposits 246,744,955.92 339,226,584.66 Other monetary funds 5,635,115.90 Deposits in finance companies

Total 246,759,293.74 344,869,136.24 of which: stored abroad

Total amount

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Other instructions

Other monetary funds are bank guarantees.

2. Trading financial assets

□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

Letter of credit 1,000,000.00

Total 1,000,000.00

(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

Provision for bad debts is made 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 that have experienced changes in loss provisions in the current period: □ Applicable √ Not applicable

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(5). Bad debt provisions

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

□Applicable √Not applicable

Other notes:

None

(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 (including 1 year) 921,154,874.73 1,076,259,288.26 1 to 2 years 253,076,548.71 347,891,680.48 2 to 3 years 47,994,822.81 34,636,965.48 More than 3 years

3 to 4 years 8,108,367.75 10,148,640.69 4 to 5 years 4,967,730.85 2,751,166.00 More than 5 years 798,538.04 152,062.00

Total 1,236,100,882.89 1,471,839,802.91

(2). Classified disclosure according to 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 Provision Book ratio Proportion

Amount Amount Proportion Value Amount Amount Proportion Value (%) (%)

(%) (%)

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On a per-item basis

Accurate provision of bad debts

Prepare

Among them:

Total by group

1,236,100, 59,408, 1,176,692,

Provision for bad debts 100.00 4.81

882.89 274.53 608.36

Prepare

1,471,839, 66,173, 1,405,666 100.00 4.50

802.91 203.58,599.33 among which:

1,236,100, 59,408, 1,176,692,

Aging combination 100.00 4.81 1,471,839, 66,173, 1,405,666 882.89 274.53 608.36 100.00 4.50

802.91 203.58 ,599.33 1,236,100, 59,408, 1,176,692, 1,471,839, 66,173, 1,405,666Total 100.00 4.81 100.00 4.50

882.89 274.53 608.36 802.91 203.58 ,599.33

Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: aging portfolio

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Ratio of provision (%) Within 1 year 921,154,874.73 16,372,170.54 1.78 1 to 2 years 253,076,548.71 18,454,963.87 7.29 2 to 3 years 47,994,822.81 12,708,985.56 26.48 3 to 4 years 8,108,367.75 6,105,885.67 75.30 4 to 5 years 4,967,730.85 4,967,730.85 100.00 More than 5 years 798,538.04 798,538.04 100.00

Total 1,236,100,882.89 59,408,274.53 4.81 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

(3). Bad debt provision situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Amount of changes in the current period

Category Opening balance Recovery or transfer Write-off or verification Ending balance accrual Other changes

Return sales

Provision based on combination

66,173,203.58 -6,764,929.05 59,408,274.53 bad debt provision

Total 66,173,203.58 -6,764,929.05 59,408,274.53 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

(5). Accounts receivable and contract assets of the top five closing balances collected by debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB accounts for accounts receivable and accounts receivable combined

Accounts receivable period End of contract asset period End of contract asset period Bad debt provision end unit name Ending balance of the same asset

Closing Balance Balance Balance amount of total balances

Proportion (%) Top five ending balances

59,634,532.40 59,634,532.40 4.82 2,183,411.15 people in total

Total 59,634,532.40 59,634,532.40 4.82 2,183,411.15

Other instructions

None

Other notes:

□Applicable √Not applicable

6. Contract assets

(1).Contract assets

□Applicable √Not applicable

(2). The amount and reasons for significant changes in book value during the reporting period

□Applicable √Not applicable

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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 receivables pledged by the company 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

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Important financing write-offs of receivables

□Applicable √Not applicable

Write-off instructions:

□Applicable √Not applicable

(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 43,755,706.41 99.23 24,984,214.11 99.73 1 to 2 years 275,072.00 0.62 4,542.41 0.02 2 to 3 years 4,750.00 0.02 More than 3 years 64,240.00 0.15 59,490.00 0.23

Total 44,095,018.41 100.00 25,052,996.52 100.00 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 accounts for the total closing balance of prepayments Name of the unit Closing balance

Proportion(%)

Total of the top five ending balances 27,072,711.45 61.40

Total 27,072,711.45 61.40

Other notes:

None

Other instructions

□Applicable √Not applicable

9. Other receivables

Item list

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Item Closing balance Opening balance Interest receivable

Dividends receivable

Other receivables 1,910,253.33 2,085,214.99

Total 1,910,253.33 2,085,214.99Other instructions:

□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

125/200

Changchun Baike Biotechnology Co., Ltd. 2025 Semi-annual Report (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

(1). Dividends receivable

□Applicable √Not applicable

(2). Important dividends receivable aged more than 1 year □ 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

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(5). 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

(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 (including 1 year) 482,959.60 1,027,889.79 1 to 2 years 458,176.47 295,819.04 2 to 3 years 255,282.16

More than 3 years

3 to 4 years

4 to 5 years

More than 5 years 800,700.00 800,700.00

Total 1,997,118.23 2,124,408.83

(2). Classification by nature of payment

√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 46,990.00 329.509.00 Reserve funds, temporary payments, etc. 1,149,428.23 994,199.83 Wage deposit for migrant workers 800,700.00 800,700.00 Bad debt provision -86,864.90 -39,193.84

Total 1,910,253.33 2,085,214.99

(3). Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Provision for bad debts Total

Expectations for the next 12 months Expectations for the entire lifetime Expectations for the entire lifetime

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Credit loss Credit loss (has not occurred Credit loss (has occurred)

Credit impairment) Credit impairment) January 1, 2025 39,193.84 39,193.84 Balance

January 1, 2025 39,193.84 The balance of 39,193.84 in this 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 47,671.06 47,671.06 Transferred in this period

Sales in this period

Write-off in this period

Other changes

June 30, 2025

86,864.90 86,864.90 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 where loss provisions have changed in 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

(4). 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 individual items

Account preparation

Provision based on combination

39,193.84 47,671.06 10,000.00 -10,000.00 86,864.90 Bad debt provision

Total 39,193.84 47,671.06 10,000.00 -10,000.00 86,864.90 Among them, the amount of bad debt provision reversed or recovered in the current period is important:

128/200

Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

□Applicable √Not applicable

Other instructions

None

(5). 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

(6). 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(%)

Changchun High-tech

migrant workers

Technology industry development 800,700.00 40.09 More than 5 years

capital deposit

District Finance Bureau

Nanjing Yuzhisheng

Within 1 year, Material Technology Co., Ltd. 668,529.53 33.47 Temporary payment 24,567.13

1-2 years company

Liu Zhenyu 250,000.00 12.52 Temporary payment 2-3 years 42,275.00 Beijing Liangxuanyou

Dao e-commerce 75,000.00 3.76 Provisional payment 1-2 years 5,880.00 Co., Ltd.

Wang Jinpeng 70,000.00 3.51 Temporary payment 1-2 years 5,488.00

Total 1,864,229.53 93.35 / / 78,210.13

(7). 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

Unit: Yuan Currency: RMB

129/200

Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Closing balance Opening balance Inventory depreciation allowance Inventory depreciation allowance Item provision/contract performance provision/contract performance book balance Book value Book balance Book value cost impairment allowance Cost impairment allowance

Be prepared

Raw materials 66,681,674.16 2,398,906.82 64,282,767.34 54,707,164.78 2,417,955.02 52,289,209.76 Products in progress 91,044,670.18 91,044,670.18 32,188,482.09 32,188,482.09 Stockist

145,797,235.68 22,717,910.62 123,079,325.06 116,450,784.10 30,832,221.65 85,618,562.45 products

Turnover materials

material

expendable

biological resources

produce

Contract performance

313,993.84 313,993.84 1,635,289.79 958,845.99 676,443.80 Approximate cost

Low value and easy

32,357.58 32,357.58 3,330.00 3,330.00 Consumables

Total 303,869,931.44 25,116,817.44 278,753,114.00 204,985,050.76 34,209,022.66 170,776,028.10

(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 Beginning balance Closing balance

Provision Other Transfer back or resale Other raw materials 2,417,955.02 19,048.20 2,398,906.82 Work in progress

Inventory goods 30,832,221.65 5,214,730.67 13,329,041.70 22,717,910.62 Turnover materials

consumable biological materials

produce

Contract performance costs 958,845.99 958,845.99

Total 34,209,022.66 5,214,730.67 14,306,935.89 25,116,817.44

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

Standards for accruing inventory depreciation provisions on a group basis

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

□Applicable √Not applicable

(4). The capitalized amount of borrowing costs included in the closing balance of inventory and its calculation standards and basis

□Applicable √Not applicable

(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

Other instructions for non-current assets due within one year

None

13. Other current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Contract acquisition cost

Cost of returns receivable 17,347,712.57 Prepaid taxes 18,454,115.39 11,895,554.12 Prepaid employee insurance, etc. 985,488.48 1,109,742.89 Prepaid expenses 636,053.51 1,586,086.80 Clinical sample production 12,787,896.46 594,368.92 Impairment provision for return costs receivable -17,347,712.57

Total 32,863,553.84 15,185,752.73Other instructions:

None

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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

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

132/200

Changchun Baike Biotechnology Co., Ltd. 2025 Semi-annual Report (2). Important other 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

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

(3). Bad debt provision situation

□Applicable √Not applicable

Among them, the amount of recovery or reversal of bad debt provisions for the current period is important:

133/200

Changchun Baike Biotechnology Co., Ltd. 2025 Semi-annual Report □ 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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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

17. Long-term equity investment

(1). Long-term equity investment situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

minus

its

value

he declared

Quasi-impairment

Comprehensive payment at the beginning of the period

Invested unit Provision Provision Ending Provision balance (book price less than Consolidation recognized under the equity method Other equity converted into cash

Position Period Additional investment Impairment Other balance (book value) Period-end value) Investment profit and loss Receipt Dividends

Initial preparation balance capital or interest

surplus

Tone and moisturize

Um

whole

1. Joint ventures

Subtotal

2. Joint ventures

Ningbo Chunpai 33,482,864.39 46,293.16 33,529,157.55 Agriculture Technology

Ltd.

Communication Biology 349,861,908.81 -15,276,367.81 394,069.25 334,979,610.25 Medicine (Su

State) Co., Ltd.

Division

Subtotal 33,482,864.39 349,861,908.81 -15,230,074.65 394,069.25 368,508,767.80Total 33,482,864.39 349,861,908.81 -15,230,074.65 394,069.25 368,508,767.80

Note: In January 2025, the company carried out a second-phase capital increase in Chuanxin Biotechnology as agreed, increasing its investment in Chuanxin Biotechnology by 200 million yuan. After the capital increase, the company's shareholding ratio was 33.3241%, which had a significant impact. The investment in other equity instruments was adjusted to long-term equity investment and was accounted for according to the equity method.

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(2). Impairment testing of long-term equity investments

□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 Changes in the current period Designated as fair cumulative value included in the current period Other recognized in the current period Accumulatively included in its amount at the beginning of the period Included in the current period included in the end of the period

Item Additional investment Decrease Other comprehensive income Other comprehensive income Balance of changes in other comprehensive income Other comprehensive income Other comprehensive income

Investment income, interest income, loss of income, other losses

get get the source of comprehensive income

Yinxin Biotechnology 152,356,496.50 2,494,587.69 149,861,908.81 138,091.19 Strategic Medicine (Suzhou Investment Prefecture) Co., Ltd.

company

Shanghai Ruizhou 25,500,380.44 4,869,773.11 20,630,607.33 37,369,392.67 Strategic Biotechnology Investment Co., Ltd.

Total 177,856,876.94 7,364,360.80 149,861,908.81 20,630,607.33 37,507,483.86 /

Note: In January 2025, the company carried out a second-phase capital increase in Chuanxin Biotechnology as agreed, increasing its investment in Chuanxin Biotechnology by 200 million yuan. After the capital increase, the company's shareholding ratio was 33.3241%, which had a significant impact. The investment in other equity instruments was adjusted to long-term equity investment and was accounted for according to the equity method.

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(2). Explanation of termination of recognition in this period □Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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 1,051,917,994.10 1,091,386,926.74 Liquidation of fixed assets

Total 1,051,917,994.10 1,091,386,926.74Other instructions:

None

fixed assets

(1). Fixed assets situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB Others (Management)

Items Houses and buildings Machinery and equipment Transportation Total

Equipment

1. Original book value:

1. Opening balance 556,518,411.57 917,067,159.51 11,112,707.26 19,060,590.59 1,503,758,868.93 2. Increase in the current period 9,138,843.45 4,864,107.00 285,941.99 14,288,892.44 (1) Purchase 3,218,707.00 285,941.99 3,504,648.99 (2) Construction in progress

9,138,843.45 1,645,400.00 10,784,243.45 transferred in

(3) Business merger

increase

3. Reduction amount in this period 292,500.00 27,660.00 320,160.00 (1) Disposal or reporting

292,500.00 27,660.00 320,160.00 Waste

4. Ending balance 565,657,255.02 921,638,766.51 11,112,707.26 19,318,872.58 1,517,727,601.37

2. Accumulated depreciation

1. Opening balance 89,377,828.47 294,141,131.50 7,397,448.84 11,469,034.44 402,385,443.25 2. Increase in the current period 8,933,567.23 42,848,282.99 447,053.82 1,501,462.12 53,730,366.16

(1) Provision 8,933,567.23 42,848,282.99 447,053.82 1,501,462.12 53,730,366.16 3. Decrease amount in the current period 265,329.72 27,371.36 292,701.08 (1) Disposal or reporting

265,329.72 27,371.36 292,701.08 Waste

4. Closing balance 98,311,395.70 336,724,084.77 7,844,502.66 12,943,125.20 455,823,108.33

3. Impairment provision

1. Opening balance 8,569,375.60 1,217,098.71 200,024.63 9,986,498.94

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

2. Increase amount in this period

(1) Provision

3. Reduction amount in this period

(1) Dispose or report

waste

4. Closing balance 8,569,375.60 1,217,098.71 200,024.63 9,986,498.94

4. Book value

1. Book value at the end of the period 458,776,483.72 583,697,583.03 3,268,204.60 6,175,722.75 1,051,917,994.10 2. Book value at the beginning of the period 458,571,207.50 621,708,929.30 3,715,258.42 7,391,531.52 1,091,386,926.74

(2). Temporarily idle fixed assets

□Applicable √Not applicable

(3). Fixed assets leased through operating leases

□Applicable √Not applicable

(4). Fixed assets whose property rights certificates have not been obtained

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Book value Reason for not completing the property certificate No. 21 Power Maintenance Center 8,655,976.82 The property certificate is in process

Total 8,655,976.82 /

(5). Impairment testing of fixed assets

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Fixed asset liquidation

□Applicable √Not applicable

22. Projects under construction

Item list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Construction in progress 1,495,505,460.53 1,382,599,136.65 Engineering materials 3,782,877.00

Total 1,495,505,460.53 1,386,382,013.65Other instructions:

None

Construction in progress

(1).Construction in progress situation

√Applicable □Not applicable

Unit: Yuan Currency: RMB

139/200

Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Ending balance Beginning balance

Item Book balance Impairment Book balance Impairment

Book value Book value provision Provision

Engineering projects 330,030,611.52 330,030,611.52 336,470,700.38 336,470,700.38 Purification projects 276,297,287.43 276,297,287.43 259,911,134.05 259,911,134.05 Equipment to be transferred 889,177,561.58 889,177,561.58 786,217,302.22 786,217,302.22 Total 1,495,505,460.53 1,495,505,460.53 1,382,599,136.65 1,382,599,136.65

(2). Changes in important projects under construction during the current period

√Applicable □Not applicable

Unit: Yuan Currency: RMB Engineering Its

Cumulative: This issue

Current period transfer Current period capital investment interest capital period interest

At the beginning of the period, fixed additions were made during the period. Others. At the end of the period, project funds were budgeted and accounted for. Accumulated interest capital.

Balance Added Amount Assets Decreased Balance Progress Calculated Ratio Capitalization Rate

Amount Amount Source Name Example Fund (%)

(%) Amount

Own funds, recruitment

Collection 339,073, 336,470, 2,698,7 9,138,8 330,030, 97.33 97.20 1,517,8 33,83

2.50 Capital items 858.97 700.38 54.59 43.45 611.52 41.25 1.27

Kaneme

, long-term borrowing

Own funds, raised funds

100.0 100.0 Centralization 276,297,2 259,911,1 16,386, 276,297, 311,31 217,7

0 0 2.54 Capital items 87.43 34.05 153.38 287.43 8.58 44.24

Kaneme

, long-term borrowing

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Own funds, fundraising

Collective transfer 786,217,3 109,696 1,645,4 5,091,2 889,177, 849,43 335,1

2.53 Capital 02.22,887.68 00.00 28.32 561.58 5.13 56.67

gold preparation

, long-term borrowing

Total 615,371,1 1,382,599, 128,781 10,784, 5,091,2 1,495,50 2,678,5 586,7

/ / / /Total 46.40 136.65 ,795.65 243.45 28.32 5,460.53 94.96 32.18

(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

Engineering supplies

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Opening balance

Item Impairment Impairment

Book balance Book value Book balance Book value provision Provision

Equipment 3,782,877.00 3,782,877.00Total 3,782,877.00 3,782,877.00Other instructions:

None

23. Productive biological assets

(1). Productive biological assets using cost measurement model

□Applicable√Not applicable

(2). Impairment testing of productive biological assets using the cost measurement model

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(3). Productive biological assets that adopt the fair value measurement model □Applicable √Not applicable

Other instructions

□Applicable √Not applicable

24. Oil and gas assets

(1). Oil and gas assets situation

□Applicable √Not applicable

(2) Impairment testing of oil and gas assets □ Applicable √ Not applicable

Other notes:

None

25. Right-of-use assets

(1). Right-of-use assets

□Applicable √Not applicable

(2). Impairment testing of right-of-use assets □ Applicable √ Not applicable

Other notes:

None

26. Intangible assets

(1). Intangible assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Concession Project Land Use Rights Patent Rights Non-patented Technology Others Total

fees

1. Original books

value

1. Balance at the beginning of the period 72,306,335. 72,800,000. 372,611,173. 2,477,794. 18,013,137. 538,208,440. Amount 09 00 20 80 86 95 2. Increase in this period

200,000.00 200,000.00 Amount

(1)

200,000.00 200,000.00 Purchase

(2)

Internal R&D

(3)

business combination

increase

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

3. Less for this period

small amount

(1)

Dispose

4. Ending balance 72,306,335. 72,800,000. 372,611,173. 2,477,794. 18,213,137. 538,408,440. Amount 09 00 20 80 86 95

2. Accumulated amortization

pin

17,031,257. 42,801,190. 143,095,462. 2,477,794. 2,198,275.6 207,603,980. 1. Opening balance

64 02 03 80 5 14 2. Increase in this period 4,278,179.6 24,160,916.5 1,274,025.3 30,445,937.5

732,816.08

Amount 4 2 1 5 (1 4,278,179.6 24,160,916.5 1,274,025.3 30,445,937.5

732,816.08

) Provision 4 2 1 5 3. Decrease in this period

Amount

(1)

Dispose

17,764,073. 47,079,369. 167,256,378. 2,477,794. 3,472,300.9 238,049,917. 4. Closing balance

72 66 55 80 6 69

3. Impairment standard

Prepare

1. Opening balance

2.Increase in this issue

Amount

(1

) accrual

3. Reduction in this period

Amount

(1)

Dispose

4. Ending balance

4. Book price

value

1. Closing account 54,542,261. 25,720,630. 205,354,794. 14,740,836. 300,358,523. Face value 37 34 65 90 26 2. Opening account 55,275,077. 29,998,809. 229,515,711. 15,814,862. 330,604,460. Face value 45 98 17 21 81 Intangible assets formed through the company’s internal research and development at the end of the period accounted for 61.03% 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

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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

Unit: Yuan Currency: RMB

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Item Beginning balance Increase in the current period Amortization in the current period Other decreases Ending balance Factory greening 670,041.85 208,564.08 461,477.77 Can be used multiple times

9,038,755.86 2,192,000.00 1,441,180.20 9,789,575.66 materials

Chickenpox packaging

Workshop verification expenses 9,997,692.03 2,726,643.30 7,271,048.73

Factory street lights 146,388.91 51,666.66 94,722.25 Chickenpox vaccine original

Liquid workshop verification 54,822,852.25 5,671,329.53 49,151,522.72 Expenditure

Total 74,675,730.90 2,192,000.00 10,099,383.77 66,768,347.13Other instructions:

None

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 differences Deferred income tax Deductible temporary differences Deferred income taxes

Different assets Different assets

Asset impairment provision 23,441,968.75 3,516,295.31 49,862,838.34 7,479,425.72 Internal transactions not realized

current profit

Deductible losses 144,438,411.27 21,665,761.70

Credit impairment losses 59,495,139.43 8,924,270.91 66,212,397.42 9,931,859.62 Other equity instruments

Fair value of investment 37,369,392.67 5,605,408.89 32,499,619.56 4,874,942.93 Change

Deferred income 8,436,692.08 1,265,503.81 9,000,358.34 1,350,053.75 Employee benefits payable 2,943,368.79 441,505.32 2,943,368.79 441,505.32 Accrued sales expenses 469,143,416.84 70,371,512.55 379,953,260.00 56,992,989.01 Estimated return loss 53,406,897.74 8,011,034.66 Vaccine storage to be returned

18,957,854.00 2,843,678.10 21,136,207.00 3,170,431.05 Freight

Share-based payment 31,326,936.90 4,699,040.53 26,863,449.87 4,029,517.48 Asset scrapping 617,770.47 92,665.57

Total 796,170,951.20 119,425,642.69 641,878,397.06 96,281,759.54

(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 Liability Difference Liability

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Merger of enterprises not under common control

Added value to property evaluation

Fair value of other debt investments

change

Investment in other equity instruments is fair

value change

Depreciation of fixed assets 5,542,162.00 831,324.30 5,874,878.61 881,231.79

Total 5,542,162.00 831,324.30 5,874,878.61 881,231.79

(3). Deferred income tax assets or liabilities presented on a net basis after offsetting

□Applicable √Not applicable

(4). Details of deferred income tax assets not recognized

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Deductible temporary differences 11,661,347.63 11,680,395.83 Deductible losses 121,760,228.49 152,679,750.74

Total 133,421,576.12 164,360,146.57

(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 Note 2025 32,828,542.66

2026 43,201,951.47 43,201,951.47

2027 40,998,015.04 40,998,015.04

2028 31,635,053.43 31,635,053.43

2029 4,016,188.14 4,016,188.14

2030 1,909,020.41

Total 121,760,228.49 152,679,750.74 /

Other notes:

□Applicable √Not applicable

30. Other non-current assets

√Applicable □Not applicable

Unit: Yuan Currency: RMB Closing balance Beginning balance items

Book balance Impairment provision Book value Book balance Impairment provision Book value Contract achievement

Ben

Contract performance completed

Ben

Returns receivable

Ben

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contract assets

Liquid flu appears

26,437,533.52 26,437,533.52 22,544,604.56 22,544,604.56 field verification expenses

Chickenpox and band

live attenuated herpes virus

Vaccine culture volume 27,016,162.52 27,016,162.52 24,952,059.61 24,952,059.61 organelles and cell culture

changes

Customized software 2,010,812.50 2,010,812.50 2,065,812.50 2,065,812.50

Total 55,464,508.54 55,464,508.54 49,562,476.67 49,562,476.67Other instructions:

None

31. Assets with restricted ownership or use rights

√Applicable □Not applicable

Unit: Yuan Currency: RMB End of Period Beginning of Period

Subject subject subject subject subject restricted subject book balance book value book balance book value

type of situation type of situation type of situation pay

payment currency its guarantee

5,635,115.90 5,635,115.90

Funds he guarantees

letter receivable

bill

Inventory

its

Medium:

data

Resources

silver silver

Line Line Fixed Offset Borrow Offset Borrow

197,451,980.73 166,191,245.67 197,451,980.73 168,905,535.76

Asset mortgage Mortgage mortgage Mortgage bank

line, line, intangible, offset, borrow, offset, borrow

22,624,010.14 16,254,678.80 22,624,010.14 16,480,918.92

Asset mortgage Mortgage mortgage

pledge

Medium:

data

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Resources

Total 220,075,990.87 182,445,924.47 / / 225,711,106.77 191,021,570.58 / /

Other notes:

None

32. Short-term borrowing

(1). Classification of short-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Pledge loan

mortgage loan

guaranteed loan

Credit borrowings 155,537,203.60 42,898,918.01

Total 155,537,203.60 42,898,918.01 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

Unit: Yuan Currency: RMB

Category Closing balance Opening balance Commercial acceptance bill 87,735.00 Bank acceptance bill

Total / 87,735.00 The total amount of notes payable that was due and unpaid at the end of this period was 0 yuan. The reason for not paying when due is none

36. Accounts payable

(1). Presentation of accounts payable

√Applicable □Not applicable

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Unit: Yuan Currency: RMB

Item Closing balance Opening balance Within 1 year (including 1 year) 27,447,457.10 13,375,999.41 More than 1 year 349,693.27 346,527.07

Total 27,797,150.37 13,722,526.48

(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

(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

(1).Contract liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Closing balance Opening balance Advance payment for goods sales contract 1,027,119.76 2,201,325.54

Total 1,027,119.76 2,201,325.54

(2).Important contract liabilities with an aging of 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

39. Employee compensation payable

(1). Presentation of employee benefits payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Short-term salary 28,003,626.96 105,743,319.45 105,596,544.25 28,150,402.16

2. Post-employment benefits-set withdrawals

69,147.43 13,015,403.57 13,020,943.62 63,607.38 plan

3. Dismissal benefits 1,927,459.00 1,927,459.00

4. Other benefits that expire within one year

profit

Total 28,072,774.39 120,686,182.02 120,544,946.87 28,214,009.54

(2). Presentation of short-term remuneration

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance

1. Salaries, bonuses, allowances and

25,410,696.35 84,807,410.05 85,962,479.21 24,255,627.19 Subsidy

2. Employee welfare fees 4,006,542.62 4,006,542.62

3. Social insurance premiums 41,907.50 5,972,386.57 5,976,086.05 38,208.02 Including: medical insurance premiums 41,069.33 5,719,351.00 5,722,983.31 37,437.02 Work-related injury insurance premiums 838.17 253,035.57 253,102.74 771.00

maternity insurance premium

4. Housing Provident Fund 8,165,619.70 8,165,619.70

5. Trade union funds and employee education

2,551,023.11 2,791,360.51 1,485,816.67 3,856,566.95 Funding

6. Short-term paid absences

7. Short-term profit sharing plan

Total 28,003,626.96 105,743,319.45 105,596,544.25 28,150,402.16

(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 67,052.00 12,475,953.88 12,481,326.04 61,679.84

2. Unemployment insurance premium 2,095.43 539,449.69 539,617.58 1,927.54

3. Enterprise annuity payment

Total 69,147.43 13,015,403.57 13,020,943.62 63,607.38

Other notes:

□Applicable √Not applicable

40. Taxes payable

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Value-added tax 8,809.12 4,906,169.20 Consumption tax

business tax

corporate income tax

Personal income tax 834,331.66 921,151.78

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Urban maintenance and construction tax 440.46 343,431.85 Education fee surcharge 440.45 245,308.45 Stamp duty 129,439.35 204,647.83

Total 973,461.04 6,620,709.11Other instructions:

None

41. Other payables

(1).Project list

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

interest payable

Dividends payable

Other payables 852,984,435.89 752,690,595.85 Total 852,984,435.89 752,690,595.85

(2).Interest payable

□Applicable √Not applicable

(3). Dividends payable

□Applicable √Not applicable

(4).Other payables

Present other payables according to nature of payment

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance

Engineering equipment 143,938,470.11 150,387,123.08 Deposit 76,250,207.66 74,083,853.46 Technical service fee 9,459,747.45 9,128,228.71 Logistics and warehousing fee 3,347,037.32 3,439,927.68 Disease control and transportation fees to be returned 19,093,001.00 21,136,207.00 Promotion fees 447,213,308.35 486,849,728.64 Others 3,682,664.00 7,665,527.28 Investment funds to be paid 150,000,000.00

Total 852,984,435.89 752,690,595.85

Important other payables aged more than 1 year or overdue

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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42. Liabilities held for sale

□Applicable √Not applicable

43. Non-current liabilities due within 1 year

□Applicable √Not applicable

44. Other current liabilities

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Short-term bonds payable

Return payment payable 70,754,610.29 Output tax to be transferred 29,024.85 17,289.78 Provisional estimated influenza product cost 9,440,000.00

Total 9,469,024.85 70,771,900.07

Changes in short-term bonds payable:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

45. Long-term borrowing

(1). Classification of long-term loans

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Ending balance Beginning balance Pledge loan

Mortgage loan 40,000,000.00 30,000,000.00 Guaranteed loan

Credit borrowings 67,844,630.08 29,929,861.15

Total 107,844,630.08 59,929,861.15 Description of long-term loan classification:

None

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

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(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 other financial instruments such as preference shares and perpetual bonds outstanding at the end of the period □ Applicable √ Not applicable

Table of changes in outstanding preferred stocks, perpetual bonds and other financial instruments at the end of the period □ 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

48. Long-term payables

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

Unit: Yuan Currency: RMB

Item Closing balance Beginning balance Reason for formation External guarantee provided

pending litigation

Product quality assurance

restructuring obligations

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Onerous contracts pending execution

Return payment payable

Others

In accordance with relevant requirements and the agreement in the informed consent form, revaccination of the placebo group vaccine in the clinical trial of the product 259,734.26 242,631.83

Expected catch-up of post-market placebo group subjects. Total 259,734.26 242,631.83 /

Other explanations, including important assumptions and estimation instructions related to important estimated liabilities:

None

51. Deferred income

Deferred income

√Applicable □Not applicable

Unit: Yuan Currency RMB item Beginning balance Increase in the current period Decrease in the current period Closing balance Reasons for formation Government subsidies 9,000,358.34 563,666.26 8,436,692.08 Total subsidies given in accordance with relevant policies 9,000,358.34 563,666.26 8,436,692.08 /

Other notes:

□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 number of shares 413,657,598.00 413,657,598.00Other instructions:

None

54. Other equity instruments

(1).Basic information on preferred shares, 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

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Other instructions:

□Applicable √Not applicable

55. Capital reserve

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Opening balance Increase in the current period Decrease in the current period Ending balance Capital premium (equity premium) 1,816,786,773.30 1,816,786,773.30 Other capital reserves 23,500,697.67 3,679,675.71 27,180,373.38

Total 1,840,287,470.97 3,679,675.71 1,843,967,146.68 Other explanations, including changes in increases and decreases in the current period and explanations of reasons for changes:

The increase in capital reserve in this period is the cost and expense that should be recognized by the equity incentive plan and the amount that should be recognized by other changes in capital reserve of Transin Biotech.

56. Treasury stocks

□Applicable √Not applicable

57. Other comprehensive income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Amount incurred in the current period

minus: before

minus: before

Tax is included in the period and tax is included in the later period.

Beginning of the period Other comprehensive deductions for the current period: Attribution after tax of the period Ending items Other comprehensive

The balance is the total income before tax. The tax is attributable to the parent. The balance is less than the total income.

Amount of occurrence Transfer in the current period Company Several shares transferred in the current period

into retention, into profit and loss

income

1. Other comprehensive income that cannot be reclassified into losses -25,268, -7,364, -138,0 -730,4 -6,633, -31,763, gains and losses 180.14 360.80 91.19 65.96 894.84 983.79 Among them: re-measurement setting

Change amount of benefit plan

Loss cannot be transferred under equity method

other comprehensive income

Other equity instrument investments -25,268, -7,364, -138,0 -730,4 -6,633, -31,763, changes in fair value 180.14 360.80 91.19 65.96 894.84 983.79Enterprise’s own credit risk

Change in fair value

2. Reclassify into profit and loss

of other comprehensive income

Among them: transferable under equity method

Other comprehensive income of profit and loss

benefit

Other debt investments are fair

value change

Financial asset reclassification plan

included in other comprehensive income

Amount

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Other debt investment credit

Impairment provision

Cash flow hedging reserve

Translation of foreign currency financial statements

difference

-25,268, -7,364, -138,0 -730,4 -6,633, -31,763, total other comprehensive income

180.14 360.80 91.19 65.96 894.84 983.79

Other explanations include adjustments to the initial recognition amount of the effective portion of cash flow hedging gains and losses converted into hedged items:

None

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 266,751,400.12 13,809.12 266,737,591.00 Discretionary surplus reserve 266,751,400.12 13,809.12 266,737,591.00 Reserve fund

Enterprise Development Fund

Others

Total 533,502,800.24 27,618.24 533,475,182.00 Description of surplus reserve, including changes in increases and decreases in the current period and explanation of reasons for changes:

During the reporting period, the company carried out a second phase of capital increase in Chuanxin Biotechnology according to the contract, increasing its investment in Chuanxin Biotechnology by RMB 200 million. After the capital increase, the company's shareholding ratio was 33.3241%, which reached a significant impact. The investment in other equity instruments was adjusted to long-term equity investment and was accounted for using the equity method.

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 1,455,568,580.92 1,332,676,450.93 Total undistributed profits at the beginning of the period before adjustment (adjustment +, adjustment

minus -)

Undistributed profit at the beginning of the adjusted period 1,455,568,580.92 1,332,676,450.93 Plus: Net profit attributable to owners of the parent company for the period -73,573,428.04 232,093,825.73 Less: Appropriation to statutory surplus reserve 23,576,528.02 Appropriation to discretionary surplus reserve 23,576,528.02 Withdrawal of general risk reserve

Common stock dividends payable 69,908,135.84 62,048,639.70 Common stock dividends converted into share capital

Others 110,472.95

Undistributed profits at the end of the period 1,311,976,544.09 1,455,568,580.92 Adjustment details 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.

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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 284,896,170.67 61,615,318.48 618,401,246.78 74,759,645.70 Other businesses

Total 284,896,170.67 61,615,318.48 618,401,246.78 74,759,645.70

(2). Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Product Sales and Services Total

Contract classification

Operating income Operating cost Operating income Operating cost Product type

Goods sold 284,896,170.67 61,615,318.48 284,896,170.67 61,615,318.48 Total 284,896,170.67 61,615,318.48 284,896,170.67 61,615,318.48 Classified by business area

North China -9,380,043.38 3,813,895.90 -9,380,043.38 3,813,895.90 Northeast China 21,396,682.91 3,836,915.17 21,396,682.91 3,836,915.17 East China 129,586,952.37 20,556,507.49 129,586,952.37 20,556,507.49 South China 55,343,267.38 7,962,213.53 55,343,267.38 7,962,213.53 Northwest China 20,323,269.12 3,380,388.26 20,323,269.12 3,380,388.26 Central China 14,789,876.22 9,208,816.92 14,789,876.22 9,208,816.92 Southwest China 43,130,253.20 7,850,421.12 43,130,253.20 7,850,421.12 Overseas 9,705,912.85 5,006,160.09 9,705,912.85 5,006,160.09Total 284,896,170.67 61,615,318.48 284,896,170.67 61,615,318.48Market or customer type

Contract type

According to the time of commodity transfer

Classification

at a certain point in time

284,896,170.67 61,615,318.48 284,896,170.67 61,615,318.48 Recognized income

within a certain period of time

Recognize revenue

Total 284,896,170.67 61,615,318.48 284,896,170.67 61,615,318.48 Classified by contract period

Classified by sales channel

Total 284,896,170.67 61,615,318.48 284,896,170.67 61,615,318.48

Other instructions

√Applicable □Not applicable

The revenue of North China during the reporting period was -9,380,043.38 yuan, which was mainly due to the implementation of benefit policies during the reporting period for products that had been sold to customers and revenue was recognized in previous years, but were not actually used, and the discount was partially offset by the current sales revenue.

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(3).Description of performance obligations

□Applicable √Not applicable

(4). Description of apportionment to remaining performance obligations

□Applicable √Not applicable

(5).Major contract changes or major transaction price adjustments

□Applicable √Not applicable

Other notes:

The company implements policies to benefit the people in some regions and time periods, and provides preferential prices for the herpes zoster vaccine.

62. Taxes and surcharges

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

consumption tax

business tax

Urban maintenance and construction tax 450,468.04 1,129,020.93 Education surcharge 322,385.01 807,075.59 Resource tax 442.32

Property tax 2,054,495.31 1,890,308.22Land use tax 623,197.50 623,197.50 Vehicle and vessel use tax 3,720.00 7,701.12Stamp tax 236,145.23 376,468.70

Total 3,690,853.41 4,833,772.06Other instructions:

None

63. Sales expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 15,666,136.38 14,294,187.55 Share-based payment -126,060.03 1,366,900.03 Promotion fee 125,966,169.38 191,677,011.44 Conference fee 8,256,143.33 10,525,556.75 Travel expenses 3,649,783.83 3,121,763.52 Office expenses 261,752.09 360,245.56 Advertising and publicity expenses 8,293,924.01 9,004,227.64 Business entertainment expenses 1,328,013.87 576,289.91 Depreciation and amortization 301,382.32 493,543.62 Technology commission fee 113,387.95 Promoter training fee 754,001.70

Exhibition service fee 173,100.00

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Others 1,040,269.38 1,664,615.54

Total 165,564,616.26 233,197,729.51

Other notes:

None

64. Management expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Employee compensation 27,051,272.94 29,648,482.34 Share-based payment 801,172.32 4,537,876.59 Office expenses 1,146,560.94 2,677,195.17 Consulting service fees 3,576,902.70 4,341,854.78 Travel expenses 775,516.57 1,241,714.65 Asset losses 861,988.40 449,762.14 Flood control, disability insurance funds, etc. 275,046.53 395,954.59 Materials and low-value consumables 1,352,413.79 431,322.59 Repair expenses 817,225.62 1,341,212.65 Business entertainment expenses 423,091.98 210,364.39 Rent, water, electricity and heating expenses 3,396,595.16 3,385,882.56 Depreciation and amortization 13,572,401.25 7,407,727.90 Material screening 160,057.93

Testing fee 301,086.63 623,359.13 Clinical phase IV fee 1,022,981.73 3,711,337.43 Advertising fee 217,000.00

Others 1,789,018.41 2,003,580.17

Total 57,540,332.90 62,407,627.08

Other notes:

None

65. Research and development expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Personnel labor 20,945,582.14 21,471,327.45 Share-based payment 1,440,092.99 3,555,423.79 Direct investment 11,865,207.78 16,145,475.97 Laboratory fees and service fees 44,718,979.68 29,797,653.60 Depreciation and amortization expenses 11,396,920.09 11,762,107.61 Other expenses 2,800,199.45 2,797,949.48

Total 93,166,982.13 85,529,937.90Other instructions:

None

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66. Financial expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Handling fee 55,171.89 95,602.44 Exchange loss 62,023.62

Less: Exchange income 681,653.66 Interest expense 1,331,702.97 882,076.64 Less: Interest income 977,831.18 3,124,184.71

Total 471,067.30 -2,828,159.29Other 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 related to assets 563,666.26 536,076.88 Government subsidies related to income 1,264,800.00 1,770,000.00 Personal tax fee refund 273,275.66 138,313.57

Total 2,101,741.92 2,444,390.45Other instructions:

None

68. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount for the current period Amount for the previous period

Income from long-term equity investments accounted for using the equity method -15,297,321.86 226,204.61 Investment income from disposal of long-term equity investments

Investment income from trading financial assets during the holding period

benefit

Other equity instrument investments acquired during the holding period

dividend income

Interest income earned from debt investments during the holding period

Interest earned from other debt investments during the holding period

income

Investment income from disposal of trading financial assets

Investment income from disposal of other equity instrument investments

benefit

Investment income from disposal of debt investments

Investment income from disposal of other debt investments

Debt restructuring proceeds

Total -15,297,321.86 226,204.61Other instructions:

None

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69. Net exposure hedging income

□Applicable √Not applicable

70. Income from changes in fair value

□Applicable √Not applicable

71. Income from asset disposal

□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

Bad debt losses on accounts receivable 6,764,929.05 -14,713,399.66 Bad debt losses on other receivables -37,671.06 -1,369.07 Impairment losses on debt investments

Impairment losses on other debt investments

Bad debt losses on long-term receivables

Impairment losses related to financial guarantees

Total 6,727,257.99 -14,714,768.73Other 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

-5,173,491.53 9,642,988.83 Impairment loss

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

11. Goodwill impairment loss

12. Others

13. Impairment loss on return costs receivable 830,241.32 459,792.78

Total -4,343,250.21 10,102,781.61Other notes:

None

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74. Non-operating income

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring profit and loss items for the current period Amount incurred in the current period Amount incurred in the previous period

amount of

Gains on disposal of non-current assets

total

Including: fixed asset disposal

gain

Disposal of intangible assets

gain

Debt restructuring gains

Non-monetary asset exchange interest

Got

Donations accepted

Government subsidies 8,600,000.00 8,600,000.00 Others 68,213.56 12,631.97 68,213.56 Insurance claims income 400,831.57

Total 8,668,213.56 413,463.54 8,668,213.56

Other notes:

□Applicable √Not applicable

75. Non-operating expenses

√Applicable □Not applicable

Unit: Yuan Currency: RMB Included in non-recurring profit and loss items for the current period Amount incurred in the current period Amount incurred in the previous period

amount of

Loss on disposal of non-current assets

27,458.92 11,900.21 27,458.92 total loss

Including: fixed asset disposal

27,458.92 11,900.21 27,458.92 loss

Intangible Assets Division

loss

Debt restructuring losses

Non-monetary asset exchange

loss

External donations 9,711.06 26,290.23 9,711.06 Compensation 88,154.74 116,020.01 88,154.74 Tax late payment fees 153,457.34 153,457.34 Others 30,859.00 30,859.00

Total 309,641.06 154,210.45 309,641.06

Other notes:

None

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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 -3,569,246.75 35,897,231.64 Deferred income tax expense -22,463,324.68 -14,683,173.45

Total -26,032,571.43 21,214,058.19

(2).Accounting profit and income tax expense adjustment process

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in this period

Total profit -99,605,999.47 Income tax expenses calculated according to statutory/applicable tax rates -14,940,899.92 The impact of different tax rates applicable to subsidiaries -192,803.62 The impact of adjusting income tax in previous periods -116,687.17 The impact of non-taxable income 2,294,598.28 The impact of deemed sales income 591,328.23 Impact of non-deductible costs, expenses and losses 117,769.92 Use of deductible losses from previously unrecognized deferred income tax assets

influence

No deductible temporary differences have been recognized for deferred income tax assets in the current period

477,255.11 The impact of exclusive or deductible losses

Super deduction for R&D expenses -14,263,132.26 Income tax expense -26,032,571.43

Other notes:

□Applicable √Not applicable

77. Other comprehensive income

√Applicable □Not applicable

See notes for details

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

Interest income 977,831.18 3,124,184.71 Other government subsidy income except tax refund 10,153,356.07 1,915,908.79 Disease control and transportation fees to be returned 8,028,131.64 8,689,140.88 Security deposit, etc. 21,219,101.16 30,111,604.34 Total 40,378,420.05 43,840,838.72

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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

Handling fees 55,171.89 95,602.44 Business entertainment expenses 1,589,251.38 1,059,585.51 Travel expenses 5,317,658.33 5,269,546.31 Office expenses 4,084,240.39 5,742,903.43 Advertising and publicity expenses 6,219,687.85 7,598,802.30 Conference fee 9,739,687.98 13,065,568.70 Repair fee 2,979,127.98 2,878,237.84 Consulting service fee 3,776,850.93 6,375,903.91 Rent, water, electricity and heating fees 7,741,574.33 11,987,282.99 Freight and storage fees 7,202,811.60 9,551,057.31 Promotion fees 169,099,599.08 151,650,642.12 Return of disease control transportation fees 12,474,054.00 13,122,788.00 Current account 1,376,289.69 1,390,363.82 Deposit 16,734,726.05 15,809,479.02 Promoter training fee 459,166.18

Laboratory expenses, etc. 65,197,136.40 30,910,729.92

Total 314,047,034.06 276,508,493.62

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

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

Project payment 43,665,291.75 46,128,659.48 Equipment payment 37,615,827.29 119,446,773.18 Long-term equity investment 50,000,000.00

Intangible assets 6,199,400.62 20,000,000.00

Total 137,480,519.66 185,575,432.66

Cash payments related to significant investment activities

None

Other cash received related to investing activities

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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

Other cash payments related to financing activities

□Applicable √Not applicable

Changes in various liabilities arising from financing activities

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase in this period Decrease in this period

Cash changes Non-cash changes Cash changes Non-cash items Opening balance Closing balance Cash changes short-term

42,898,918.01 144,237,162.28 31,598,876.69 155,537,203.60 Loans

long term

59,929,861.15 48,191,854.80 277,085.87 107,844,630.08 Loans

cope with

1,918,435.15 1,918,435.15

interest

cope with

69,908,135.84 69,908,135.84

dividend

Total 102,828,779.16 192,429,017.08 71,826,570.99 103,702,533.55 263,381,833.68

(4).Explanation on presenting cash flow in net amount

□Applicable √Not applicable

(5). Major activities and financial impacts 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.

□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 of the current period Amount of the previous period 1. Adjust net profit to cash flow from operating activities

Quantity:

Net profit -73,573,428.04 137,604,496.66

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Add: Asset impairment provision 4,343,250.21 -10,102,781.61 Credit impairment loss -6,727,257.99 14,714,768.73 Fixed asset depreciation, oil and gas asset depreciation, production

48,380,593.67 38,969,412.83 Depreciation of biological assets

Amortization of right-of-use assets

Amortization of intangible assets 30,445,077.57 29,552,931.99 Amortization of long-term deferred expenses 9,376,177.60 3,370,884.43 Disposal of fixed assets, intangible assets and other long-term

Loss of assets (income is listed with "-")

Loss from scrapping of fixed assets (income is marked with “-”

27,458.92 11,900.21 (please fill in the column)

Loss from change in fair value (income is marked with “-”

Fill in the column)

Financial expenses (income is listed with "-") 1,394,617.29 882,076.64 Investment losses (income is listed with "-") 15,297,321.86 -226,204.61 Decrease in deferred income tax assets (increase is marked with "-"

-22,413,417.19 -14,633,492.02 (Fill in the numbers)

Increase in deferred income tax liabilities (decrease indicated by “-”

-49,907.49 -49,681.43 (fill in the numbers)

Decrease in inventory (increase indicated by "-") -98,903,928.88 -86,204,971.73 Decrease in operating receivables (increase indicated by "-")

146,059,225.01 7,080,840.26 (Fill in “-”)

Increase in operating payables (decrease by

-44,336,519.43 -36,465,703.37 (Fill in “-”)

Others

Net cash flow generated from operating activities 9,319,263.11 84,504,476.98 2. Major investments and financing that do not involve cash receipts and payments

Funding 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 246,759,293.74 351,230,663.82 Less: Opening balance of cash 339,234,020.34 436,544,812.43 Add: Closing balance of cash equivalents

Less: Opening balance of cash equivalents

Net increase in cash and cash equivalents -92,474,726.60 -85,314,148.61

(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 Closing balance Opening balance

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

1. Cash 246,759,293.74 339,234,020.34 Of which: Cash on hand 14,337.82 7,435.68 Bank deposits that can be used for payment at any time 246,744,955.92 339,226,584.66

Other currencies available for payment at any time

gold

Central bank deposits available for payment

item

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 246,759,293.74 339,234,020.34 Among them: used by the parent company or subsidiaries within the group

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 Monetary funds 5,635,115.90 Bank guarantee

Total 5,635,115.90 /

Other notes:

□Applicable √Not applicable

80. Notes on items in the statement of changes in owners’ equity

Explain the names of "other" items that were adjusted to the closing balance of the previous year and the amount of adjustment, etc.:

□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 1,625,391.28 7.1586 11,635,526.01 Including: US dollars 1,625,391.28 7.1586 11,635,526.01 Euros

Hong Kong dollar

Accounts receivable - -

Of which: US dollars

Euro

Hong Kong dollar

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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 currency should be disclosed.

and selection basis. If the accounting standard currency changes, the reasons should also be disclosed □Applicable √Not applicable

82. Leasing

(1). As a lessee

√Applicable □Not applicable

Items Amounts incurred in the current period Amounts incurred in the previous period are included in the cost of relevant assets or current profits and losses

Simplified treatment of short-term rental expenses of 407,783.00 391,508.12

Total cash outflow related to leasing 407,783.00 391,508.12

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

□Applicable √Not applicable

Total cash outflow related to leasing 0 (Unit: Yuan Currency: RMB)

(2). As a lessor

Operating lease as lessor

□Applicable √Not applicable

Finance lease as lessor

□Applicable √Not applicable

Reconciliation table of undiscounted lease receipts and net lease investment □ Applicable √ Not applicable

Undiscounted lease receipts over the next five years

□Applicable √Not applicable

(3). As a manufacturer or distributor, recognize financial lease sales profits and losses □Applicable √Not applicable

Other instructions

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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

Personnel labor 21,810,219.26 21,471,327.45 Share-based payment 1,521,775.58 3,555,423.79 Direct investment 11,944,505.69 16,145,475.97 Laboratory fees and service fees 48,211,344.88 29,797,653.60 Depreciation and amortization expenses 11,471,163.15 11,762,107.61 Other expenses 3,241,553.26 2,797,949.48

Total 98,200,561.82 85,529,937.90 Including: expensed R&D expenditure 93,166,982.13 85,529,937.90

Capitalized R&D expenditure 5,033,579.69

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

Confirm

Beginning of period Transfer in End of period

Project internal development support is none

Balance Others Current balance

Outcome

Profit and loss

produce

No adsorption

cells

White Break (Three

4,995,830.21 4,995,830.21 components)

combined vaccine

Project

nasal spray

Attenuated virus 37,749.48 37,749.48 Live vaccine

Total 5,033,579.69 5,033,579.69

Significant Capitalized R&D Projects

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Impairment provision for development expenditures

□Applicable √Not applicable

Other instructions

None

3. Important outsourced research projects □Applicable √Not applicable

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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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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).Construction of enterprise groups

√Applicable □Not applicable

Unit: RMB 10,000 Currency: RMB Shareholding ratio (%) Name of acquired subsidiary Main place of business Registered capital Place of registration Nature of business

Direct Indirect way Jilin Huikang Biology

Pharmaceutical Industry Changchun 5,000.00 Changchun Pharmaceutical Industry 100.00 Acquisition Co., Ltd.

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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: None

Basis for determining whether a company is agent or principal:

None

Other notes:

None

(2).Important non-wholly owned subsidiaries

□Applicable √Not applicable

(3).Main financial information of important non-wholly owned subsidiaries

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(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 Joint ventures For joint ventures or associates

Shareholding ratio (%)

Or joint venture Main place of business Registration place Nature of business Opportunity for joint venture investment

Industry Name Direct Indirect Design Processing Method Communication Biotechnology

Pharmaceutical (Su Long-term Equity Investment Rights

Suzhou Suzhou Pharmaceutical Industry 33.3241

State) limited public interest law accounting

Division

Explanation on the difference between the proportion of shareholdings in joint ventures or associates and the proportion of voting rights:

In January 2025, Baike Biotech's equity investment in Chuanxin Biotech met the conditions for the second phase of capital increase. After this capital increase, based on the subscribed registered capital, Baike Biotech's total shareholding ratio reached 33.3241%. It is stipulated in the Articles of Association of Chuanxin Biotech that shareholders of the company are entitled to income distribution rights in accordance with the paid-in registration ratio, and other rights and obligations of shareholders are enjoyed and borne in accordance with the subscription ratio. As of the end of this reporting period, Baike Biotech had actually invested 200 million yuan, and its calculated shareholding ratio was 22.2151%, and the company sent one director.

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: None

(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 Chuanxin Biomedicine Chuanxin Biomedicine Chuanxin Biomedicine Chuanxin Biomedicine (Suzhou) Co., Ltd. (Suzhou) Co., Ltd. Yao (Suzhou) Yes Yao (Suzhou) Yes

Company Limited Current assets of the Company 83,183,118.69

Non-current assets 764,768,398.23

Total assets 847,951,516.92

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Current liabilities 14,053,215.56

Non-current liabilities 1,702,201.63

Total liabilities 15,755,417.19

minority interests

Equity attributable to shareholders of the parent company 832,196,099.73

Net assets calculated based on shareholding ratio 184,872,864.85

Um

Adjustments

--Goodwill 106,745.40

--Unrealized profits from internal transactions

--Others 150,000,000.00

Accounting for investments in equity interests in associates

334,979,610.25

value

Existence of publicly quoted joint venture rights

fair value of investment

Operating income 131,133.15 Net profit -83,261,446.24 Net profit from discontinued operations

other comprehensive income

Total comprehensive income -83,261,446.24 Dividends received from associates - during the year

Other instructions

None

(4). Summary financial information of unimportant joint ventures and associates √Applicable □Not applicable

Unit: Yuan Currency: RMB

Ending balance/Amount incurred in the current period Opening balance/Amount incurred in the previous period Joint ventures:

Total book value of investments

The total of the following items calculated based on shareholding ratio

--Net profit

--Other comprehensive income

--Total comprehensive income

Associates:

Total book value of investments 33,461,910.34 33,482,864.39 Total of the following items calculated based on shareholding ratio

--Net profit -20,954.05 226,204.61 --Other comprehensive income

--Total comprehensive income -20,954.05 226,204.61Other instructions

None

(5). Explanation of significant restrictions on the ability of joint ventures or associates to transfer funds to the company □Applicable √Not applicable

174/200 Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(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

5. Equity 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 this period

Financial statements New in this period Transferred in this period Other assets/beginning balance in this period Non-operating income Closing balance items Subsidy amount Other income Other changes Amount related to income

relative to assets

Asset-related government subsidies 8,800,143.11 552,352.26 8,247,790.85

relative to income

Government subsidies related to income 200,215.23 11,314.00 188,901.23 Customs subsidies

Total 9,000,358.34 563,666.26 8,436,692.08

3. Government subsidies included in current profits and losses

√Applicable □Not applicable

Unit: Yuan Currency: RMB

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Type Amount for the current period Amount for the previous period

Related to assets 552,352.26 536,076.88 Related to income 9,876,114.00 1,770,000.00 Others 273,275.66 138,313.57

Total 10,701,741.92 2,444,390.45

Other notes:

None

12. Risks related to financial instruments

1. Risks of financial instruments

√Applicable □Not applicable

The company's operating activities will face various financial risks: market risk (mainly foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Company's overall risk management program addresses the unpredictability of financial markets and seeks to reduce potential adverse effects on the Company's financial results.

1. Market risk

(1) Foreign exchange risk

The company's main operations are located in China, and its main business is settled in RMB. The company is also exploring international markets, such as South Asia, Africa, Russia and other markets, using US dollars and RMB for settlement respectively. The Company's confirmed foreign currency assets and liabilities and future foreign currency transactions (the denominated currency of foreign currency assets and liabilities and foreign currency transactions are mainly US dollars) are subject to foreign exchange risks. The company's financial department cooperates with banks and uses the bank's professional knowledge and keen sense of foreign exchange to monitor exchange rate fluctuations to minimize foreign exchange risks. To this end, the company may sign forward foreign exchange contracts or currency swap contracts to avoid foreign exchange risks. (2) Interest rate risk

The Company's interest rate risk mainly arises from short-term borrowings and long-term borrowings. Financial liabilities with floating interest rates expose the Company to cash flow interest rate risks, while financial liabilities with fixed interest rates expose the Company to fair value interest rate risks. With changes in national financial policies, the LPR is also constantly changing. For this reason, the company has signed an agreement with the bank to adjust the interest rate as the LPR changes for medium and long-term borrowings.

(3) Price risk

The Company holds investments in equity instruments designated as measured at fair value through other comprehensive income, and management believes that the market price risks faced by these investment activities are acceptable.

The company has three varieties on the market: live attenuated chickenpox vaccine, live attenuated freeze-dried nasal spray influenza vaccine, and live attenuated herpes zoster vaccine. In 2024, there will be a price reduction trend for chickenpox vaccine and influenza vaccine in the domestic market. For this reason, the company will increase the market promotion of its products from aspects such as improving product safety, accessibility, effectiveness, and differentiation, enhance the public's awareness of the company's products, and reduce the impact of price fluctuations on revenue.

2. Credit risk

The Company manages credit risks by portfolio classification. Credit risk mainly arises from bank deposits, bills receivable, accounts receivable and other receivables.

The company's bank deposits are mainly deposited in state-owned banks and other large and medium-sized listed banks. The company believes that there is no significant credit risk and will not cause any major losses due to default by the counterparty.

In addition, the Company sets relevant policies for notes receivable, accounts receivable and other receivables to control credit risk exposure. The company evaluates the customer's credit qualifications and sets corresponding credit periods based on the customer's financial status, the possibility of obtaining guarantees from third parties, credit records and other factors such as current market conditions. The company will regularly monitor customer credit records. For customers with poor credit records, the company will use written reminders, shorten the credit period or cancel the credit period to ensure that the company's overall credit risk is within a controllable range.

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3. Liquidity risk

The company's financial department prepares annual capital plans based on the company's annual receivables collection plan, production and operation plan, and long-term asset investment plan, and continuously monitors short-term and long-term capital needs to ensure that sufficient cash reserves are maintained; the company actively cooperates with banks and obtains sufficient credit lines from banks to meet short-term and long-term capital needs.

2. Hedging

(1). The company carries out hedging business for risk management

□Applicable √Not applicable

Other instructions

□Applicable √Not applicable

(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

13. Disclosure of fair value

1. Closing fair value of assets and liabilities measured at fair value √Applicable □Not applicable

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. Continuous fair value measurement

(1) Trading financial assets

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1. Financial assets measured at fair value and changes included in current profits and losses (1) Debt instrument investments

(2) Equity instrument investment

(3) Derivative financial assets

2. Designate financial assets measured at fair value with changes included in current profits and losses.

(1) Debt instrument investment

(2) Equity instrument investment

(2) Other debt investments

(3) Investment in other equity instruments 20,630,607.33 20,630,607.33

(4) Investment real estate

1. Land use rights for lease

2. Buildings for rent

3. Hold and prepare to transfer land use rights after appreciation

(5) Biological assets

1. Consumable biological assets

2. Productive biological assets

Assets measured at fair value on an ongoing basis

20,630,607.33 20,630,607.33 Total output

(6) Trading financial liabilities 1. Financial liabilities measured at fair value through profit or loss of the current period: Among them: Derivative financial liabilities of trading bonds issued

Others

2. Financial liabilities designated as measured at fair value and changes included in current profit and loss

Total liabilities measured at fair value on an ongoing basis

2. Non-continuous fair value measurement

(1) Assets held for sale

Total assets measured at fair value on an ongoing basis

Total liabilities measured at fair value on an ongoing basis

2. Basis for determining the market price of continuous and non-continuous first-level fair value measurement items □Applicable √Not applicable

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

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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

For investments in other equity instruments held, since they are not traded in an active market, and the operating environment, operating conditions, and financial status of the invested enterprise have not changed significantly, the company makes reasonable estimates of fair value based on investment costs combined with the company's operating conditions, evaluations, etc.

5. For ongoing third-level fair value measurement items, the reconciliation information and unobservable parameters between the opening and closing book values are sensitive

sexual analysis

□Applicable √Not applicable

6. For ongoing fair value measurement items, if there is a conversion between levels during the current period, the reasons for the conversion and the policy for determining 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

9. Others

□Applicable √Not applicable

14. Related parties and related transactions

1. Information about the parent company of this enterprise

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB The voting rights ratio of the parent company to the parent company’s shareholding ratio (name, place of registration, nature of business, registered capital) of the parent company (%)

(%)Changchun High-tech

pharmaceutical industry, real estate

Industry (Group) Changchun City 40,793.75 41.46 41.46

produce

Co., Ltd.

Description of the parent company of this enterprise

None

The ultimate controlling party of this enterprise is the Changchun New District State-owned Assets Supervision and Administration Bureau.

Other notes:

None

2. Information about the company’s subsidiaries

Please refer to the notes for details of the company’s subsidiaries.

√Applicable □Not applicable

See Note "10. Interests in Other Entities" for details.

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.

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√Applicable □Not applicable

Please refer to Note 10.3 for details of important joint ventures or associates of the Company.

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

Name of joint venture or associated enterprise Relationship with this enterprise

Ningbo Chunpai Agricultural Technology Co., Ltd. Joint stock company

Other instructions

□Applicable √Not applicable

4. Other related parties

√Applicable □Not applicable

Names of other related parties Relationship between other related parties and the enterprise Jilin Huakang Pharmaceutical Co., Ltd. Changchun Jinsai Pharmaceutical Co., Ltd., a holding subsidiary of the parent company Changchun High-tech Real Estate Development Co., Ltd., a holding subsidiary of the parent company Changchun High-tech Property Development Co., Ltd., a wholly-owned subsidiary of the parent company Changchun High-tech Technology and Trade Building Co., Ltd., a wholly-owned subsidiary of the parent company Jilin Shengya Pharmaceutical Technology Co., Ltd., a wholly-owned subsidiary of the parent company Others

Jilin Huakang Shiyuan Biotechnology Co., Ltd. Others

Xi'an Advance Medical Technology Co., Ltd. Jilin Jinpaige Pharmaceutical Co., Ltd., a holding subsidiary of the parent company Others

Jilin Jinkang'an Pharmaceutical Co., Ltd. Others

Shanghai Saizeng Medical Technology Co., Ltd. Others

Jilin Kangrantang Pharmaceutical Co., Ltd. Others

BrillianPharmalnc parent company's holding subsidiary SciecurePharmalnc Others

RefinePharmaLLC Others

SciecureLaboratoriesInc Others

Belinian (Beijing) Pharmaceutical Technology Co., Ltd. Others

Beijing Jinsaizeng Medical Technology Co., Ltd. Others

Changchun Kemes Pharmaceutical Co., Ltd. Beijing Xinyuan Changqing Biotechnology Co., Ltd., a wholly-owned subsidiary of the parent company Others

Hangzhou Wowei Medical Technology Co., Ltd. Others

Suzhou Yicang Biotechnology Co., Ltd. Others

Hubei Jinbei Selenium Biotechnology Co., Ltd. Others

Changchun Jinyandike Biomedical Technology Co., Ltd. Others

Chongqing Jinsaixing Medical Technology Co., Ltd. Others

Changchun High-tech Talent Labor Development Co., Ltd. Others

Changchun Yujia Real Estate Development Co., Ltd. Others

Guangzhou Chaoda Shengyuan Health Technology Co., Ltd. Others

Guangzhou Sianxin Biotechnology Co., Ltd. Others

ImmunowakeHoldingLimited Others

Blue Lake Biotechnology Company BlueLake Others

BiotechnologyInc

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Changchun Changwan Hairong Property Services Co., Ltd. Others

Shanghai Chun'an Biomedical Technology Co., Ltd. Others

Suzhou Baidi Boyuan Biotechnology Co., Ltd. Others

Shanghai Ruizhou Biotechnology Co., Ltd. Others

Chuanxin Biopharmaceutical (Suzhou) Co., Ltd. Others

Kongwei Others

Li Xiufeng Others

Jiang Yuntao Others

Jiang Chunlai Others

Zhang Yan Others

Zhu Xinggong Others

Yang Yang Others

Li Hongyu Others

Feng Daqiang Others

Yu Bing Others

Wei Wei Others

Liu Dawei Others

Meng Zhaofeng Others

Zhang Zhe Others

Wu Anping Others

Ling Hong Others

Shiwei Others

Li Xuetian Others

Sun Wanfeng Others

Changchun Hairong Real Estate Development Co., Ltd. The parent company's wholly-owned subsidiary GensciSingaporePTE.LTD. The parent company's holding subsidiary GenSciHongKongHoldingLimited The parent company's holding subsidiary Changchun Jinbaiheng Pharmaceutical Co., Ltd. The parent company's holding subsidiary Changchun Hairong Hotel Management Co., Ltd. The parent company's wholly-owned subsidiary Changchun Yunxi Biopharmaceutical Co., Ltd. The parent company's wholly-owned subsidiary Changchun Jinshute Medical Equipment Co., Ltd. The parent company's holding subsidiary Changchun Jinbeigao Food Co., Ltd. The parent company's holding subsidiary Changchun Jinshangming Enterprise Management Co., Ltd. The parent company's holding subsidiary Beijing Xinyuan Changqing Medical Laboratory Co., Ltd. The parent company's holding subsidiary Hangzhou Xingyuan Huaqing Biotechnology Co., Ltd. The parent company's holding subsidiary Changchun Haironghui Real Estate Development Co., Ltd. The parent company's wholly-owned subsidiary NuoWang Others

Tibet Wanqing Investment Management Co., Ltd. Others

Beijing Zhongyang Yiyi Education Consulting Center Others

Beijing Shiqiao Biopharmaceutical Co., Ltd. Others

Changchun Wantuo Real Estate Development Co., Ltd. Others

Shanghai Saiyu Jianfei Biotechnology Co., Ltd. Others

Changchun Galaxy Runxin Venture Investor Center (Limited Partnership) Others

Other instructions

None

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5. Related transactions

(1). Related transactions related to purchase and sale of goods, provision and receipt of services. Purchase of goods/receipt of services status table

√Applicable □Not applicable

Unit: Yuan Currency: RMB related-party transactions Approved transaction amount exceeds the amount of related parties in the current period The amount of the previous period

Tolerance (if applicable) Quota (if applicable) Ningbo Chunpai Agriculture

Purchase of goods 974,490.00 Not applicable No 1,093,400.00 Technology Co., Ltd.

List of goods sold/services provided

□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 associated hosting/contracting situations

□Applicable √Not applicable

The company’s entrusted management/outsourcing status table: □ Applicable √ Not applicable

Description of association management/outsourcing situation

□Applicable √Not applicable

(3). Related leasing situation

As a lessor, our company:

□Applicable √Not applicable

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

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Description of related guarantees

□Applicable √Not applicable

(5). Related party lending

□Applicable √Not applicable

(6). Asset transfer and debt restructuring of related parties

□Applicable √Not applicable

(7). Remuneration of key management personnel

√Applicable □Not applicable

Unit: 10,000 yuan Currency: RMB

Item Amount for the current period Amount for the previous period Remuneration of key management personnel 478.02 635.12

(8). Other related transactions

√Applicable □Not applicable

During the reporting period, the company signed a second-phase capital increase agreement with Chuanxin Biotech to increase the capital of Chuanxin Biotech by RMB 200 million. As of the end of the reporting period, the capital increase of RMB 50 million had been actually completed in accordance with the agreement.

6. Unsettled items such as receivables and payables to related parties

(1). Items receivable

□Applicable √Not applicable

(2). Items payable

□Applicable √Not applicable

(3). Other items

□Applicable √Not applicable

7. Related party commitments

□Applicable √Not applicable

8. Others

□Applicable √Not applicable

15. Share-based payment

1. Various equity instruments

(1).Details

√Applicable □Not applicable

Quantity unit: shares Amount unit: Yuan Currency: RMB Grant object Granted in this period Exercise in this period Unlocked in this period Expired in this period

Category Quantity Amount Quantity Amount Quantity Amount Quantity Amount Manager

Sales staff 22,000.00 632,700.00 R&D staff 5,000.00 143,250.00

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Production personnel 8,000.00 230,400.00 Engineering personnel

Total 35,000.00 1,006,350.00

(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

Unit: Yuan Currency: RMB Equity-settled share-based payment objects Employees

The fair value of equity instruments on the date of grant is determined based on the closing price on the date of grant. The important parameters of the fair value of equity instruments on the date of grant are based on the Black-Scholes option pricing model. The basis for determining the number of exercisable equity instruments. On each balance sheet date during the waiting period, the best estimate is made based on the latest information such as changes in the number of exercisable employees.

Revise the number of equity instruments expected to be vested.

Reasons for significant differences between the current period’s estimate and the previous period’s estimate None

The cumulative amount of equity-settled share-based payments included in capital reserves 50,186,393.03 Other notes

None

3. Share-based payment settled in cash

□Applicable √Not applicable

4. Share-based payment expenses for this period

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Category of grant objects Equity-settled share-based payment expenses Cash-settled share-based payment expenses to managers 801,172.32

Sales staff -126,060.03

R&D personnel 1,521,775.58

Production personnel 535,588.22

Engineering staff 553,130.37

Total 3,285,606.46

Other instructions

None

5. Modification and termination of share-based payment

□Applicable √Not applicable

6. Others

□Applicable √Not applicable

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16. Commitments and contingencies

1. Important commitments

√Applicable □Not applicable

Important external commitments, nature and amount existing on the balance sheet date

As of the disclosure date of this report, the company held the second meeting of the sixth board of directors on January 23, 2025, and approved the "Proposal on Signing a Second-Phase Capital Increase Supplementary Agreement with Chuanxin Biopharmaceuticals". According to the "Investment Agreement Regarding Chuanxin Biopharmaceutical (Suzhou) Co., Ltd." and " Supplementary Agreement", the conditions for the second phase of capital increase have been met. The company has carried out the second phase of investment in Chuanxin Biopharmaceutical (Suzhou) Co., Ltd. (hereinafter referred to as Chuanxin Bio) through capital increase, and subscribed for RMB 933,126 of new registered capital of Chuanxin Biotech for RMB 200 million. After the completion of this capital increase, the company holds 33.3241% of the equity of Chuanxin Biotech. During the period from January 1, 2025 to December 31, 2026, the company will pay the second phase of capital increase to Chuanxin Biotech in installments.

As of the disclosure date of this report, the company has paid a capital increase of RMB 50 million in accordance with the second-phase capital increase supplementary agreement.

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

3. Others

□Applicable √Not applicable

17. Events after the balance sheet date

1. Important non-adjustment matters

□Applicable √Not applicable

2. Profit distribution

□Applicable √Not applicable

3. Sales returns

□Applicable √Not applicable

4. Description of other post-balance sheet events

□Applicable √Not applicable

18. Other important matters

1. Correction of previous accounting errors

(1). Retrospective restatement method

□Applicable √Not applicable

(2). Prospective application of law

□Applicable √Not applicable

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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

(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

20. 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 (including 1 year) 921,154,874.73 1,076,259,288.26 1 to 2 years 253,076,548.71 347,891,680.48 2 to 3 years 47,994,822.81 34,636,965.48

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More than 3 years

3 to 4 years 8,108,367.75 10,148,640.69 4 to 5 years 4,967,730.85 2,751,166.00 More than 5 years 798,538.04 152,062.00

Total 1,236,100,882.89 1,471,839,802.91

(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 Provision Book ratio Proportion

Amount Amount Proportion Value Amount Amount Proportion Value (%) (%)

(%) (%)

Bad provision based on individual items

Account preparation

Among them:

Provision for bad assets by combination 1,236,10 59,408, 1,176,69 1,471,83 66,173, 1,405,666,

100.00 4.81 100.00 4.50

Account provision 0,882.89 274.53 2,608.36 9,802.91 203.58 599.33 of which:

Aging combination 1,236,10 59,408, 1,176,69 1,471,83 66,173, 1,405,666, 100.00 4.81 100.00 4.50

0,882.89 274.53 2,608.36 9,802.91 203.58 599.33 1,236,10 59,408, 1,176,69 1,471,83 66,173, 1,405,666, total 100.00 4.81 100.00 4.50

0,882.89 274.53 2,608.36 9,802.91 203.58 599.33

Provision for bad debts is made individually:

□Applicable √Not applicable

Provision for bad debts by group:

√Applicable □Not applicable

Portfolio accrual items: aging portfolio

Unit: Yuan Currency: RMB Closing balance

Name

Book balance Bad debt provision Ratio of provision (%) Within 1 year 921,154,874.73 16,372,170.54 1.78 1-2 years 253,076,548.71 18,454,963.87 7.29 2-3 years 47,994,822.81 12,708,985.56 26.48 3-4 years 8,108,367.75 6,105,885.67 75.30 4-5 years 4,967,730.85 4,967,730.85 100.00 More than 5 years 798,538.04 798,538.04 100.00

Total 1,236,100,882.89 59,408,274.53 4.81

Instructions on accruing 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

Amount of changes in the current period

Category Opening balance Recovery or transfer Write-off or verification Ending balance accrual Other changes

Return sales

Provision based on combination

66,173,203.58 -6,764,929.05 59,408,274.53 Bad debt provision

Total 66,173,203.58 -6,764,929.05 59,408,274.53

Among them, the amount of recovery or reversal of bad debt provisions for 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 for accounts receivable and accounts receivable combined

Accounts receivable period End of contract asset period End of contract asset period Bad debt provision end unit name Ending balance of the same asset

Closing Balance Balance Balance amount of total balances

Ratio (%) before closing balance

59,634,532.40 59,634,532.40 4.82 2,183,411.15 Five people in total

Total 59,634,532.40 59,634,532.40 4.82 2,183,411.15Other instructions

None

Other notes:

□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 290,491,747.29 289,622,054.47

Total 290,491,747.29 289,622,054.47

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

189/200

Important write-offs of interest receivable in the 2025 semi-annual report of Changchun Baike Biotechnology Co., Ltd. □ Applicable √ Not applicable

Write-off instructions:

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Dividends receivable

(1). Dividends receivable

□Applicable √Not applicable

(2). Important dividends receivable aged more than 1 year □ 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). 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:

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

Other receivables

(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 (including 1 year) 6,673,966.08 6,351,503.85 1 to 2 years 82,427,198.70 183,424,478.30 2 to 3 years 169,640,589.55 78,810,245.58 More than 3 years

3 to 4 years 43,715,929.15 43,807,288.98 4 to 5 years 66,626,147.28 48,514,195.28 More than 5 years 28,259,181.43 35,517,936.32

Total 397,343,012.19 396,425,648.31

(2). Classification by nature of payment

√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

Wage deposit for migrant workers 800,700.00 800,700.00Deposit 46,990.00 329,509.00 Related party loans within the scope of consolidation 395,345,893.96 394,301,239.48 Reserve funds and temporary payments 1,149,428.23 994,199.83

Subtotal 397,343,012.19 396,425,648.31

(3). Bad debt provision accrual

√Applicable □Not applicable

Unit: Yuan Currency: RMB Phase 1 Phase 2 Phase 3

Lifetime Expectations Lifetime Expectations Letter Total

Provision for bad debts for the next 12 months

Credit loss (unused credit loss (credit incurred)

period credit loss

credit impairment)

Balance on January 1, 2025 39,193.84 106,764,400.00 106,803,593.84 Balance on January 1, 2025

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 47,671.06 47,671.06 Transferred in this period

Sales in this period

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Write-off in this period

Other changes

Balance on June 30, 2025 86,864.90 106,764,400.00 106,851,264.90

Basis for division of each stage and provision ratio for bad debts

None

Explanation of significant changes in the book balance of other receivables where loss provisions have changed in 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

(4). Bad debt provisions

√Applicable □Not applicable

Unit: Yuan Currency: RMB Change amount in the current period

Category Opening balance Others Ending balance accrual Recovery or reversal Write-off or write-off

Changes by item

Provision for bad accounts 106,764,400.00 106,764,400.00

by combination

Provision for bad accounts 39,193.84 47,671.06 10,000.00 -10,000.00 86,864.90 Account provision

Total 106,803,593.84 47,671.06 10,000.00 -10,000.00 106,851,264.90

Among them, the amount of bad debt provision reversed or recovered in the current period is important:

□Applicable √Not applicable

Other instructions

None

(5). 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

(6). Other receivables with top five closing balances based on debtors

√Applicable □Not applicable

Unit: Yuan Currency: RMB in other receivable periods

Nature of payment Name of bad debt provision unit Closing balance Aging quality of total closing balance Proportion of closing balance (%)

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Jilin Huikangsheng

Within 5 years, Pharmaceutical Co., Ltd. 395,345,893.96 99.50 Loans 106,764,400.00

Company more than 5 years old

Changchun High-tech

migrant workers

Technology industry development 800,700.00 0.20 More than 5 years

capital deposit

District Finance Bureau

Nanjing Yuzhisheng

Within 1 year, Material Technology Co., Ltd. 668,529.53 0.17 Provisional payment 24,567.13

1-2 years company

Liu Zhenyu 250,000.00 0.06 Temporary payment 2-3 years 42,275.00 Beijing Liangxuanyou

Dao E-Commerce 75,000.00 0.02 Provisional payment 1-2 years 5,880.00 Co., Ltd.

Total 397,140,123.49 99.95 / / 106,837,122.13

(7). Presented in other receivables due to centralized management of funds

□Applicable √Not applicable

Other notes:

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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 58,044,027.18 58,044,027.18 57,850,289.09 57,850,289.09

Investment in associates and joint ventures 368,441,520.59 368,441,520.59 33,482,864.39 33,482,864.39 Total 426,485,547.77 58,044,027.18 368,441,520.59 91,333,153.48 57,850,289.09 33,482,864.39

(1) Investment in subsidiaries

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

The opening balance (account impairment provision at the beginning of the period) The ending balance (account impairment provision at the end of the period) of the invested unit

Face value) Balance Additional investment Decrease investment Provision for impairment Other value) Balance

Jilin Huikang Biopharmaceuticals

57,850,289.09 57,850,289.09 193,738.09 193,738.09 58,044,027.18 58,044,027.18 Industry Co., Ltd.

Total 57,850,289.09 57,850,289.09 193,738.09 193,738.09 58,044,027.18 58,044,027.18

(2) Investment in associates and joint ventures

√Applicable □Not applicable

Unit: Yuan Currency: RMB Increase or decrease in the current period

Beginning of the period Impairment quasi-investment Others Declared impairment quasi-investment Closing balance (account

Balance (book value at the beginning of the provision period, reduction, recognized under the equity method, comprehensive other equity, cash release, provision reduction, unit at the end of the provision period, additional investment, other face value)

Value) Balance Investment gains and losses on investments Changes in income Dividends or value reserves Balance adjustments Profit

1. Joint ventures

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Subtotal

2. Joint ventures

Ningbo Pure

send agriculture

33,482,864.39 -20,954.05 33,461,910.34 Technology has

Ltd.

messenger student

medicine

(Suzhou) 349,861,908.81 -15,276,367.81 394,069.25 334,979,610.25 Co., Ltd.

Division

Subtotal 33,482,864.39 349,861,908.81 -15,297,321.86 394,069.25 368,441,520.59

Total 33,482,864.39 349,861,908.81 -15,297,321.86 394,069.25 368,441,520.59

(3). Impairment testing of long-term equity investments

□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 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

195/200 Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report Other Notes:

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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 284,896,170.67 61,616,045.73 618,401,246.78 74,759,647.75 Other businesses

Total 284,896,170.67 61,616,045.73 618,401,246.78 74,759,647.75

(2). Decomposition information of operating income and operating costs

√Applicable □Not applicable

Unit: Yuan Currency: RMB Product sales and services Total

Contract classification

Operating income Operating cost Operating income Operating cost Product type

Goods sold 284,896,170.67 61,616,045.73 284,896,170.67 61,616,045.73 Subtotal 284,896,170.67 61,616,045.73 284,896,170.67 61,616,045.73 Classified by business area

North China -9,380,043.38 3,813,895.90 -9,380,043.38 3,813,895.90 Northeast China 21,396,682.91 3,837,642.42 21,396,682.91 3,837,642.42 East China 129,586,952.37 20,556,507.49 129,586,952.37 20,556,507.49 South China 55,343,267.38 7,962,213.53 55,343,267.38 7,962,213.53 Northwest China 20,323,269.12 3,380,388.26 20,323,269.12 3,380,388.26 Central China 14,789,876.22 9,208,816.92 14,789,876.22 9,208,816.92 Southwest China 43,130,253.20 7,850,421.12 43,130,253.20 7,850,421.12 Overseas 9,705,912.85 5,006,160.09 9,705,912.85 5,006,160.09 Subtotal 284,896,170.67 61,616,045.73 284,896,170.67 61,616,045.73 Market or customer type

Contract type

According to the time of commodity transfer

class

at a certain point in time

284,896,170.67 61,616,045.73 284,896,170.67 61,616,045.73 Recognized income

in a certain period of time

Recognize revenue

Subtotal 284,896,170.67 61,616,045.73 284,896,170.67 61,616,045.73 Classified by contract period

Classified by sales channel

Total 284,896,170.67 61,616,045.73 284,896,170.67 61,616,045.73

Other instructions

√Applicable □Not applicable

The income of North China during the reporting period was -9,380,043.38 yuan, which was mainly due to sales to customers and confirmation in previous years during the reporting period.

Products with income but not actually used are subject to the policy of benefiting the people, and the discount is partially offset by the current sales revenue.

(3). Description of performance obligations

□Applicable √Not applicable

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

(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

5. Investment income

√Applicable □Not applicable

Unit: Yuan Currency: RMB

Item Amount incurred in the current period Long-term equity investment income calculated using the cost method Amount incurred in the previous period

Income from long-term equity investments accounted for using the equity method -15,297,321.86 226,204.61 Investment income from disposal of long-term equity investments

Investment income from trading financial assets during the holding period

benefit

Other equity instrument investments acquired during the holding period

dividend income

Interest income earned from debt investments during the holding period

Interest earned from other debt investments during the holding period

income

Investment income from disposal of trading financial assets

Investment income from disposal of other equity instrument investments

benefit

Investment income from disposal of debt investments

Investment income from disposal of other debt investments

Debt restructuring proceeds

Total -15,297,321.86 226,204.61Other instructions:

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 the write-off portion of asset impairment provisions that have been made

Government subsidies that are included in the current profit and loss, but are closely related to the company's normal business operations, comply with national policies and regulations, are enjoyed in accordance with the standard of 10,428,466.26, and have a continuing impact on the company's profit and loss

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Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

Except for subsidies

In addition to the effective hedging business related to the company's normal operating business, non-financial enterprises' gains and losses from changes in fair value arising from holding financial assets and financial liabilities 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

Profit and loss 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, gains and losses arising from changes in the fair value of employee compensation payable after the vesting date

Gains and losses arising from changes in the fair value of investment properties that are subsequently measured using the fair value model

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 -241,427.50 Other profit and loss items that meet the definition of non-recurring gains and losses

Less: Impact on income tax 1,528,055.81 Impact on minority shareholders’ equity (after tax)

Total 8,658,982.95

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

199/200Changchun Baike Biotechnology Co., Ltd. 2025 Semi-Annual Report

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

-1.77 -0.18 -0.18Profit

After deducting non-recurring gains and losses, attributable to

-1.98 -0.20 -0.20 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

Chairman: Li Xiufeng

Board approval submission date: August 28, 2025

Revision information

□Applicable √Not applicable

200/200