华东医药: 2025年第一季度报告（英文版）
来源：证券之星
2025-07-08 17:05:21
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Stock code: 000963 Stock abbreviation: Huadong Medicine Announcement No.: 2025-036
Huadong Medicine Co., Ltd.
First Quarterly Report 2025
The Company and all members of the Board of Directors hereby guarantee that the information presented in
this report is authentic, accurate, complete, and free of any false records, misleading statements or material
omissions.
Important Declaration:
(hereinafter referred to as the “Company”) hereby guarantee that the information presented in this report is authentic, accurate, complete,
and free of any false records, misleading statements or material omissions, and shall undertake individual and joint legal liabilities.
hereby declare that the financial information in this quarterly report is authentic, accurate, and complete.
□Yes No
According to “Stock Listing Rules of the Shenzhen Stock Exchange”, if listed companies have both Chinese and
other language version of public notice, they should ensure the content of both versions are the same. In the case
of discrepancy, the original version in Chinese shall prevail.
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
I. Key Financial Data
(I) Key accounting data and financial indicators
Whether the Company needs to perform a retroactive adjustment or restatement of previous accounting data
□Yes No
Change of the current
Current reporting period Same period last year reporting period over the
same period last year (%)
Operating revenue (yuan) 10,735,787,899.82 10,410,809,128.72 3.12%
Net profit attributable to
shareholders of listed 914,708,484.70 862,411,560.96 6.06%
companies (yuan)
Net profit attributable to
shareholders of listed
companies after deducting 897,337,982.42 838,303,551.41 7.04%
non-recurring gains/losses
(yuan)
Net cash flows from operating
-832,728,693.88 -484,522,666.13 -71.87%
activities (yuan)
Basic earnings per share
(yuan/share)
Diluted earnings per share
(yuan/share)
Weighted average return on
equity (ROE)
Change of the end of the
End of the current reporting
End of last year current reporting period over
period
the end of last year (%)
Total assets (yuan) 39,447,159,682.31 37,879,046,367.15 4.14%
Owners’ equity attributable to
shareholders of listed 24,059,686,522.62 23,060,051,397.36 4.33%
companies (yuan)
The Company’s total share capital as of the trading day prior to disclosure:
The Company’s total share capital as of the trading day prior to
disclosure (share)
Fully diluted earnings per share based on the latest share capital:
Paid preference dividends (yuan) 0.00
Paid perpetual bond interests (yuan) 0.00
Fully diluted earnings per share based on the latest share capital
(yuan/share)
(II) Items and amounts of non-recurring gains/losses
Applicable □ N/A
Unit: yuan
Item Amount during the reporting period Note
Gains/losses on disposal of non-current
assets (including the written-off part of -14,540,990.32
the accrued assets impairment reserve)
Government grants included in current 63,368,096.78
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
gains/losses (excluding those closely
related to daily business operation,
distributed constantly in accordance with
defined standards in line with national
policies and regulations, and constantly
affecting the Company’s gains/losses)
Other non-operating income and
-27,234,544.52
expenditures except the aforesaid items
Minus: Amount affected by income tax 2,320,389.02
Impact on minority interests (post-
tax)
Total 17,370,502.28 --
Details of other items of gains/losses meeting the definition of non-recurring gains/losses
□ Applicable N/A
There are no other items of gains/losses meeting the definition of non-recurring gains/losses.
Explanation for recognizing an item listed as a non-recurring gain/loss in the Interpretative Announcement No. 1 on Information
Disclosure Criteria for Public Companies - Non-Recurring Gains/Losses as a recurring gain/loss
□ Applicable N/A
No item listed as a non-recurring gain/loss in the Interpretative Announcement No. 1 on Information Disclosure Criteria for Public
Companies - Non-Recurring Gains/Losses is recognized as a recurring gain/loss.
(III) Details and reasons for changes in key accounting data and financial indicators
Applicable □ N/A
Unit: ten thousand yuan
Amount
Amount at at the
Percentage
Balance sheet accounts the end of the beginning Reasons for changes
change
period of the
period
Mainly due to the decrease in receivable trade
Notes receivable - 1,069.63 -100.00%
acceptance in the current period
Mainly due to the discount of bank
Receivables financing 98,819.62 167,763.64 -41.10%
acceptance bills in the current period
Mainly due to the increase in accounts
Accounts receivable 1,155,823.38 842,535.89 37.18%
receivable in the current period
Mainly due to the increase in receivable
Other receivables 57,186.65 40,287.04 41.95%
temporary payments in the current period
Mainly due to the increase in prepaid rent in
Advances from customers 239.44 111.52 114.71%
the current period
Mainly due to the payment of employee
Employee benefit payable 21,991.29 41,713.31 -47.28%
benefit in the current period
Non-current liabilities due Mainly due to the payment of long-term
within one year borrowings due within one year
Mainly due to the increase in foreign
Other comprehensive
income
period
Amount
Amount in
Income statement in the Percentage
the current Reasons for changes
accounts previous change
period
period
Mainly due to the increase in R&D input in
R&D expenses 51,537.69 28,163.98 82.99%
the current period
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Mainly due to the increase in exchange losses
Financial expenses 1,461.80 755.50 93.49%
in the current period
Mainly due to the increase in income-related
Other income 7,364.16 3,831.17 92.22%
governmental subsidy in the current period
Mainly due to the decrease in income from
Income from disposal of
-1,454.10 152.13 -1055.84% the disposal of fixed assets in the current
assets
period
Mainly due to the decrease in compensation
Non-operating revenue 76.91 129.56 -40.64%
revenue in the current period
Mainly due to the increase in donations in the
Non-operating expenses 2,807.54 520.26 439.64%
current period
Amount
Amount in
Cash flow statement in the Percentage
the current Reasons for changes
accounts previous change
period
period
Net cash flows from Mainly due to the increase in cash paid to
-83,272.87 -48,452.27 -71.87%
operating activities employees in the current period
Net cash flows from Mainly due to the decrease in investment in
-64,583.94 -70,737.61 8.70%
investing activities the current period
Net cash flows from Mainly due to the year-on-year decrease in
-8,683.86 7,149.63 -221.46%
financing activities borrowings obtained in the current period
II. Shareholder Information
(I) Total number of common shareholders, number of preferred shareholders with restored voting rights, and
shareholdings of the top 10 shareholders
Unit: share
Total number of common
Total number of preferred shareholders with restored
shareholders at the end of the 75,847 0
voting rights at the end of the reporting period (if any)
reporting period
Particulars about the top 10 shareholders (excluding shares lent through conversions)
Number of Pledged, marked or locked-up
Name of Nature of Shareholding Number of shares with status
shareholder shareholder ratio (%) shares held trading
Status of shares Quantity
restrictions held
Domestic non-
China Grand
state-owned 41.67% 730,938,157.00 0.00 Pledge 143,880,000.00
Enterprises
corporation
Hangzhou
Huadong State-owned
Medicine corporation
Group Co., Ltd.
Hong Kong
Securities Overseas
Clearing corporation
Company Ltd.
China
Domestic non-
Securities
state-owned 1.26% 22,186,818.00 0.00 N/A 0.00
Finance Co.,
corporation
Ltd.
Industrial and
Others 1.19% 20,819,368.00 0.00 N/A 0.00
Commercial
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Bank of China
Limited -
China-Europe
Healthcare
Hybrid
Securities
Investment
Fund
China
Construction
Bank
Corporation - E
Fund CSI 300
Medicine and
Others 0.88% 15,518,810.00 0.00 N/A 0.00
Health
Exchange Open
Index
Securities
Investment
Fund
Industrial and
Commercial
Bank of China
Limited -
Huatai-
PineBridge CSI Others 0.80% 14,092,845.00 0.00 N/A 0.00
Open Index
Securities
Investment
Fund
National Social
Security Fund - Others 0.69% 12,081,124.00 0.00 N/A 0.00
Profile 112
China
Construction
Bank Co., Ltd.-
ICBC Credit
Suisse Frontier Others 0.68% 11,977,700.00 0.00 N/A 0.00
Medical Equity
Securities
Investment
Fund
Bank of
Shanghai Co.,
Ltd.-Yinhua
CSI Innovative Others 0.63% 10,987,978.00 0.00 N/A 0.00
Medicine
Exchange
Traded Fund
Particulars about the top 10 shareholders without trading restrictions (excluding shares lent through conversions and locked-up
shares for senior managers)
Type of shares
Name of shareholder Number of shares without trading restrictions held
Type of shares Quantity
Common
China Grand Enterprises 730,938,157.00 730,938,157.00
shares in yuan
Hangzhou Huadong Medicine 288,000,000.00 Common 288,000,000.00
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Group Co., Ltd. shares in yuan
Hong Kong Securities Clearing Common
Company Ltd. shares in yuan
Common
China Securities Finance Co., Ltd. 22,186,818.00 22,186,818.00
shares in yuan
Industrial and Commercial Bank
of China Limited - China-Europe Common
Healthcare Hybrid Securities shares in yuan
Investment Fund
China Construction Bank
Corporation - E Fund CSI 300
Common
Medicine and Health Exchange 15,518,810.00 15,518,810.00
shares in yuan
Open Index Securities Investment
Fund
Industrial and Commercial Bank
of China Limited - Huatai-
Common
PineBridge CSI 300 Exchange 14,092,845.00 14,092,845.00
shares in yuan
Open Index Securities Investment
Fund
National Social Security Fund - Common
Profile 112 shares in yuan
China Construction Bank Co.,
Ltd.-ICBC Credit Suisse Frontier Common
Medical Equity Securities shares in yuan
Investment Fund
Bank of Shanghai Co., Ltd.-
Common
Yinhua CSI Innovative Medicine 10,987,978.00 10,987,978.00
shares in yuan
Exchange Traded Fund
The Company does not know whether the above-mentioned shareholders
Explanation on associated relationships or concerted
are related parties or whether they are acting-in-concert parties with one
actions among the above-mentioned shareholders
another.
At the end of the reporting period, the Company had no shareholders
Description of the participation in margin trading
holding its shares through margin trading and securities lending accounts
business of the top 10 shareholders (if any)
among the top 10 common shareholders.
Participation of shareholders with a shareholding ratio of over 5%, the top 10 shareholders, and the top 10 shareholders holding tradable
shares without trading restriction conditions in lending through conversions
□ Applicable N/A
Change in the top 10 shareholders or the top 10 common shareholders without trading restrictions compared with the end of the previous
period due to shares lent/returned through conversions
□ Applicable N/A
(II) Total number of preferred shareholders of the Company and shareholdings of the top 10 shareholders
□ Applicable N/A
III. Other Important Matters
Applicable □ N/A
(I) Overview of the Company’s overall operations in the reporting period
During the reporting period, the Company remained closely aligned with its overarching
strategic blueprint and annual operational objectives. Guided by the principles of “reinvigorating
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
entrepreneurial spirit, deepening reforms, strengthening organizational systems, and seizing
developmental opportunities,” the Company maintained a zero-based mindset and a relentless pursuit
of excellence, vigorously advancing the effective implementation of various management initiatives.
During the reporting period, the Company achieved an operating revenue of 10.736 billion yuan,
up 3.12% year on year and up 2.95% compared with that in Q4 2024. The net profit attributable to
shareholders of listed companies reached 915 million yuan, marking a 6.06% year-on-year increase.
The net profit attributable to shareholders of listed companies after deducting non-recurring
gains/losses stood at 897 million yuan, reaching a historic high with a 7.04% year-on-year increase
and a 3.16% quarter-on-quarter increase from that in Q4 2024. After deducting the profits and losses
of participating and holding R&D institutions, the net profit attributable to shareholders of listed
companies after deducting non-recurring gains/losses during the reporting period amounted to 982
million yuan, reflecting a 17.15% growth compared with the Company’s net profit attributable to
shareholders of listed companies after deducting non-recurring gains/losses in Q1 2024.
During the reporting period, the Company’s core subsidiary Zhongmei Huadong witnessed
steady growth as a whole and achieved an operating revenue (including CSO business) of 3.621
billion yuan, up 6.52% year on year, and the consolidated net profit attributable to the parent company
of 843 million yuan, up 12.20% year on year. During the reporting period, the Company’s innovative
medicines saw robust momentum in sales, driving sustained growth in the pharmaceutical industry.
Leveraging its differentiated clinical value, the CAR-T Zevorcabtagene Autoleucel Injection
(Saikaize®) has rapidly penetrated core treatment centers throughout China. With positive clinical
feedback, the product maintained strong sales momentum in Q1 2025, marked by steadily increasing
valid orders. The Company actively enhanced treatment accessibility, with Saikaize® now covered by
over 70 commercial insurance plans and regional Huiminbao programs (an urban customized
commercial medical insurance) as of the reporting date, effectively alleviating patients’ financial
burdens. Continued market expansion and broader insurance coverage are expected to sustain its
high-speed growth trajectory. Sailexin®, China’s first biosimilar of Ustekinumab Injection, has
delivered exceptional market performance since its launch. By March 31, 2025, prescriptions for the
product had been issued in over 800 hospitals, significantly benefiting psoriasis patients throughout
China. The product is projected to maintain robust growth throughout the year, emerging as a
cornerstone of the Company’s autoimmune disease portfolio. Furthermore, the novel Class 1
medicine Ganagliflozin Proline Tablets (Huiyoujing®) has been included in the updated catalogue of
medicines covered by medical insurance, accelerating its hospital adoption. Strategic synergy with
Metformin Hydrochloride and Empagliflozin Tablets (Enshuangping®) has accelerated resource
sharing, further reinforcing the Company’s competitive edge in the SGLT-2 inhibitor segment for
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
diabetes management. The newly approved Senaparib Capsules (Paishuning®), a new 1.5-generation
PARP inhibitor, was launched for sales in January 2025. The Company is actively working on the
listing of the product on the procurement platform and facilitating its hospital access. To date, the
Company has introduced Paishuning® to over 100 DTPs and 300 hospitals, while actively pursuing
inclusion in Huiminbao programs and commercial insurances, such as West Lake Yilian Insurance (a
universe medical insurance in Hangzhou), Huhuibao (a universe medical insurance in Shanghai),
Chonghuibao (a universe medical insurance in Nanchong), Jiaxing Huiminbao, and CPIC-
Huxiangbao (a commercial insurance of CPIC in Shanghai). In August 2024, the Company completed
the acquisition of Guizhou Hengba Pharmaceutical Limited Liability Company (renamed Huadong
Medicine (Guizhou) Pharmaceutical Co., Ltd., hereinafter referred to as “Guizhou Pharma”). A
dedicated in-house promotion team was established after the acquisition to accelerate the market
penetration of its flagship product Shangkeling® in major hospitals and retail pharmacies. This
initiative has driven significant operational growth. During the reporting period, Guizhou Pharma
achieved a strong start with an operating revenue of 24.26 million yuan, up over 100% year on year,
and a net profit of 6.67 million yuan, surpassing its net profit in H1 2024. From its consolidation into
the Company’s financial statements in August 2024 to the end of the reporting period, Guizhou
Pharma generated a cumulative operating revenue of 62.28 million yuan and a cumulative net profit
of 14.87 million yuan. It is projected to sustain its growth momentum in 2025.
During the reporting period, the Company’s pharmaceutical business segment witnessed stable
growth as a whole. The segment achieved an operating revenue of 6.934 billion yuan, up 3.23% year
on year, and a net profit of 115 million yuan, up 7.33% year on year.
During the reporting period, the Company’s aesthetic medicine segment faced certain pressures
in growth imposed by dual challenges from global economic downturn and intensified industry
competition. Continuously expanding its aesthetic medicine market globally, Sinclair, the Company’s
wholly-owned subsidiary, achieved the consolidated operating revenue of approximately 238 million
yuan, down 12.29% year on year, but up 24.37% quarter on quarter compared with that in Q4 2024,
which align with its quarterly operational targets as a whole. Sinclair (Shanghai), the Company’s
wholly-owned subsidiary, actively expanded its market in China and achieved an operating revenue
of 254 million yuan, down 1.36% year on year, but up 10.64% quarter on quarter compared with that
in Q4 2024. The Company has constantly deepened its layout of high-end aesthetic medicine
portfolios in China. MaiLi® Extreme (trade name: MaiLi® Shuoying®), a high-end hyaluronic acid
filler in the MaiLi series utilizing patented OxiFree™ technology, is scheduled for commercial launch
in May 2025. With the highest hyaluronic acid concentration and the best volumization effect among
the MaiLi series, this injectable filler provides immediate contouring effects for mandibular
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
retrognathia correction, presenting more wonderful facial volumization solutions for Chinese patients.
The Préime DermaFacial multi-functional facial skin management platform, an intelligent hi-tech
cosmetic device that integrates IoT-enabled technologies such as spiral vacuum, microdermabrasion,
micro current, and ultrasonic technique, will debut in 2025 to deliver one-stop personalized cleaning
and anti-aging solutions to Chinese patients. The applications for the launch of key aesthetic medicine
portfolios such as recombinant botulinum toxin type A YY001, energy source equipment V30, and
Ellansé® M in China have all been accepted and are expected to receive approvals in 2026. By
continuously enriching its differentiated product matrix in China’s aesthetic medicine sector and
capitalizing on consumption upgrade-driven market expansion, the Company is positioned to
accelerate the release of growth potential in its aesthetic medicine business in China.
During the reporting period, the Company’s industrial microbiology segment sustained rapid
growth in revenue, up 29.98% year on year. With the ongoing proactive expansion in overseas
markets, this segment is positioned to maintain its growth momentum moving forward.
(II) Important R&D progress of the Company during the reporting period
medicines
The Company further intensified its R&D efforts with increased investment. During the
reporting period, the Company reported a pharmaceutical R&D input (excluding equity investments)
of 880 million yuan, up 49.60% year on year. Among them, direct R&D expenditure reached 600
million yuan, up 71.77% year on year, which accounts for 16.67% of the operating revenue of the
pharmaceutical industry segment. Multiple milestone achievements were attained in R&D of
innovative and biosimilar medicines, with key progresses stated as follows:
Oncology
The supplemental application to convert the conditional approval of Mirvetuximab Soravtansine
Injection (ELAHERE®, R&D code: IMGN853, HDM2002) into full regular approval was accepted
in March 2025.
With regard to the ROR1-targeted ADC (HDM2005) for the treatment of advanced malignant
tumors, the Company completed the first three dose-escalation cohorts in its phase I clinical trial in
China, with no dose-limiting toxicities (DLT) observed. The Company is currently advancing to the
fourth dose-escalation cohort while initiating expansion cohorts for the third dose level. In February
CHP in previously untreated diffuse large B-cell lymphoma (DLBCL), which was accepted. The
Company also received the Orphan Drug Designation (ODD) from the U.S. FDA for mantle cell
lymphoma (MCL) of its HDM2005 in February 2025.
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
The IND application of HPK-1 PROTAC (hematopoietic progenitor kinase1 proteolysis
targeting chimera), a small-molecule anti-tumor medicine under HDM2006, in the U.S. was approved
by FDA in January 2025. The product is used for the treatment of advanced malignant tumors.
Moreover, the Company is currently conducting the phase I clinical trial in China for the treatment of
advanced solid tumors.
DR30206, a PD-L1/VEGF/TGF-β trispecific antibody fusion protein for injection, completed its
first subject administration in phase Ib clinical trial for the treatment of non-small cell lung cancer in
April 2025. The Company received approval for the clinical trial application for DR30206 in
combination with standard chemotherapy for the treatment of patients with advanced or metastatic
gastrointestinal tumors in April 2025. The enrollment of subjects for phase Ib clinical research is
expected to begin in H1 2025.
Endocrinology
HDM1002 (conveglipron), an oral small-molecule GLP-1 receptor agonist, completed
enrollment of the first subject for phase III clinical research for the indication of weight management
in April 2025. It is scheduled to complete the enrollment of all subjects by the end of June 2025. The
phase II clinical research for diabetes indication is progressing smoothly, with top-line results
anticipated in Q3 2025. Phase III clinical research for diabetes indication is expected to be initiated
in H2 2025.
HDM1005 (poterepatide) injection, a GLP-1R/GIPR long-acting polypeptide dual-target
agonist, is undergoing phase II clinical research for the indication of weight management and
completed the enrollment of all subjects for phase II in April 2025. Phase III clinical research is
expected to be initiated in Q4 2025. The Company also completed the enrollment of the first subject
for phase II clinical trial for the indication of diabetes in April 2025. During the reporting period, the
IND applications for new indications of HDM1005 Injection were approved by the NMPA
successively, targeting the treatment of obstructive sleep apnea (OSA) in adults with obesity or
overweight and heart failure with preserved ejection fraction (HFpEF) in adults with obesity or
overweight, respectively.
DR10624 Injection, a FGF21R/GCGR/GLP-1R trispecific agonist, is currently undergoing
phase II clinical trials for metabolic dysfunction-associated steatotic liver disease (MASLD) with the
first patient enrolled in April 2025. Concurrently, a previously initiated phase II clinical research of
DR10624 for the treatment of severe hypertriglyceridemia completed the enrollment of all subjects,
with unblinded top-line results anticipated in Q3 2025.
The marketing authorization application of Semaglutide Injection for the indication of diabetes
was submitted in March 2025, which has been accepted. For the weight management indication, full
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
patient enrollment in phase III clinical research of Semaglutide Injection was completed in February
The marketing authorization application of Insulin Degludec Injection was submitted in
February 2025, which has been accepted.
Autoimmunity
The supplemental application for the new pediatric plaque psoriasis indication of HDM3001
(QX001S), a biosimilar of Ustekinumab developed in collaboration between the company and Qyuns
Therapeutics, was approved in March 2025. Additionally, the marketing authorization application and
supplemental application for the Crohn’s disease were accepted in February 2025.
The innovative medicine HDM3016 (QX005N) developed in collaboration between the
company and Qyuns Therapeutics is currently conducting phase III clinical trials in China for two
indications of prurigo nodularis and atopic dermatitis. The enrollment of all subjects for phase III
clinical research for prurigo nodularis was completed in March 2025.
The IND application of HDM3019 (IMB-101) developed by the Company in partnership with
IMBiologics (Republic of Korea) for the treatment of rheumatoid arthritis in China was approved in
March 2025.
Other segments
The Transdermal Glomerular Filtration Rate System, a Class III innovative medical device, was
approved by the NMPA in February 2025. The marketing authorization application for Relmapirazin
Injection (MB-102) used cooperatively with the system was accepted by the NMPA in January 2024.
Additionally, MediBeacon®TGFR (including the Transdermal Glomerular Filtration Rate System and
Relmapirazin Injection) was approved by the U.S. FDA in January 2025.
Academic publications
From 2025 to date, the Company’s innovation teams have successively published 11 posters or
oral presentations at academic conferences in oncology, endocrinology/metabolism, and
autoimmunity segments. Specifically: results of phase I clinical research of GLP-1/GIP dual-target
long-acting agonist HDM1005 selected for oral presentation at 2025 ADA; results of phase III clinical
research of Semaglutide Injection and phase Ib clinical research of HDM1002 selected for POSTER
sharing at 2025 ADA; results of pre-clinical researches of HDM2006, HDM2022, HDM2012,
HDM2017 and HDM2020 all selected as the POSTER of 2025 AACR; results of pre-clinical research
of the pan-KRAS antitumor degrader HDM2025 selected as the POSTER of 2025 ASCO; results of
clinical research of DR10624, a first-in-class Fc-fusion protein medicine with triple agonist activity
targeting GLP-1, GCG, and FGFRIc/KlothoB (FGF21R) receptors developed by the Company’s
wholly-owned subsidiary Doer Biologics, selected as the Late-Breaker at 2025 EASL, and its non-
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
clinical research results selected as the POSTER of 2025 EASL.
During the reporting period, the Company continued to advance the registration and launching
of its aesthetic medicine products. V30, a high-end integrated multi-functional platform combining
radio frequency, intense pulsed light, and Nd:YAG laser technologies, received a registration
acceptance notice from the National Medical Products Administration (NMPA) in March 2025.
MaiLi® Precise, a novel premium hyaluronic acid dermal filler with lidocaine (indication: correction
of infraorbital pouch), completed main end-point follow-ups for all subjects in its Chinese clinical
trial in September 2024 and is currently undergoing safety follow-ups. MaiLi® Extreme, another filler
in the same series (indication: enhancement of jawline contour), was approved by the NMPA in
January 2025. For the Ellansé® S, the enrollment of all subjects for the new indication (enhancement
of forehead contour) in its Chinese clinical trial was completed in November 2024, and follow-ups
are now in progress. Ellansé®M, a long-acting collagen-stimulating variant (indication: correction of
temporal depression), received the registration acceptance notice from the NMPA in January 2025.
For the Poly-L-lactic acid (PLLA) collagen stimulant Lanluma® (indication: enhancement of
mandibular contour), the enrollment of all subjects in its Chinese clinical trial was completed in
November 2024, and follow-ups are now in progress. The chitosan-based dermal filler KIO021 that
utilizes innovative biomaterials secured ethical approval for principal investigator of clinical trial in
December 2024 and is poised to initiate formal clinical trials. Additionally, the marketing
authorization application for the exclusively distributed product YY001 (recombinant botulinum
toxin type A for injection) was accepted by the NMPA in December 2024, and is currently under
review.
IV. Quarterly Financial Statements
(I) Financial statements
Prepared by: Huadong Medicine Co., Ltd.
March 31, 2025
Unit: yuan
Item Ending balance Opening balance
Current assets:
Monetary funds 3,711,981,117.29 5,276,440,245.36
Settlement reserve
Lending funds
Trading financial assets
Derivative financial assets
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Notes receivable 10,696,341.24
Accounts receivable 11,558,233,812.68 8,425,358,862.23
Receivables financing 988,196,245.72 1,677,636,420.09
Prepayments 509,401,242.97 400,291,510.71
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
receivable
Other receivables 571,866,490.76 402,870,356.31
Including: Interests receivable
Dividends receivable 223,608.84 223,608.84
Financial assets purchased for resale
Inventories 4,993,004,391.03 4,776,397,278.01
Including: Data resource
Contract assets
Assets held for sale
Other non-current assets due within
one year
Other non-current assets 74,540,402.52 82,099,747.34
Total current assets 22,407,223,702.97 21,051,790,761.29
Non-current assets:
Loans and prepayments issuance
Debt investment
Other debt investments
Long-term receivables
Long-term equity investment 1,513,925,302.98 1,543,646,404.76
Other equity instrument investments 711,111,696.58 603,232,766.22
Other non-current financial assets
Investment real estate 11,589,767.25 11,842,042.67
Fixed assets 4,333,070,220.62 4,422,300,775.01
Construction in progress 952,469,422.55 836,739,481.60
Productive biological assets
Oil and gas assets
Right-of-use Assets 141,646,790.18 149,504,562.99
Intangible Assets 3,786,366,926.50 3,644,956,428.71
Including: Data resource
Development expenditure 1,120,038,511.44 1,033,392,377.69
Including: Data resource
Goodwill 2,918,760,393.01 2,913,334,523.63
Long-term Deferred Expenses 20,884,747.76 22,601,572.13
Deferred income tax assets 223,505,398.13 221,848,889.06
Other non-current assets 1,306,566,802.34 1,423,855,781.39
Total non-current assets 17,039,935,979.34 16,827,255,605.86
Total assets 39,447,159,682.31 37,879,046,367.15
Current liabilities:
Short-term borrowings 2,453,068,051.27 2,312,339,143.21
Borrowing from the central bank
Borrowing from other banks and other
financial institutions
Trading financial liabilities
Derivative financial liabilities
Notes payable 2,963,905,693.12 2,576,685,923.31
Accounts payable 4,778,197,764.09 4,467,770,810.96
Advances from customers 2,394,374.93 1,115,173.00
Contract liabilities 175,030,504.60 173,609,109.58
Financial assets sold for repurchase
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Deposits from customers and due from
banks
Receipts for buying and selling
securities as proxy
Receipts for underwriting securities as
proxy
Employee benefit payable 219,912,857.71 417,133,101.11
Taxes payable 669,769,811.98 645,950,867.22
Other payables 2,957,810,000.79 2,849,833,595.48
Including: Interests payable
Dividends payable 125,024,219.60 125,024,219.60
Handling fees and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 20,456,908.65 19,268,728.25
Total current liabilities 14,351,327,970.24 13,794,235,373.01
Non-current liabilities:
Insurance policy reserve
Long-term borrowings 14,642,806.35 14,262,841.05
Bonds payable
Including: Preferred shares
Perpetual bond
Lease liabilities 89,138,466.89 71,857,938.46
Long-term payables 23,479,876.74 24,715,073.51
Long-term employee benefits payable
Estimated liabilities 28,690,397.55 28,985,982.19
Deferred income 180,766,396.92 183,855,718.48
Deferred income tax liabilities 196,417,169.62 197,378,528.33
Other non-current liabilities
Total non-current liabilities 533,135,114.07 521,056,082.02
Total liabilities 14,884,463,084.31 14,315,291,455.03
Owners’ equity:
Share capital 1,754,077,048.00 1,754,262,548.00
Other equity instruments
Including: Preferred shares
Perpetual bond
Capital reserves 2,549,212,445.78 2,550,780,602.69
Minus: treasury stock 42,168,791.67 46,804,116.67
Other comprehensive income 31,446,768.30 -50,598,204.17
Special reserves
Surplus reserves 1,395,568,477.98 1,395,568,477.98
General risk reserve
Undistributed profit 18,371,550,574.23 17,456,842,089.53
Total owners’ equity attributable to
owners of the parent company
Minority interests 503,010,075.38 503,703,514.76
Total owner’s equity 24,562,696,598.00 23,563,754,912.12
Total liabilities & owners’ equity 39,447,159,682.31 37,879,046,367.15
Legal representative: Lv Liang Officer in charge of accounting: Lv Liang Head of the Accounting Department: Qiu Renbo
Unit: yuan
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Item Amount in the current period Amount in previous period
I. Total operating revenue 10,735,787,899.82 10,410,809,128.72
Including: Operating revenue 10,735,787,899.82 10,410,809,128.72
Interests income
Premiums earned
Handling fees and
commissions received
II. Total operating cost 9,620,007,130.43 9,331,357,509.92
Including: Operating cost 7,206,598,136.26 7,076,397,110.06
Interest expenses
Handling fees and
commissions paid
Surrender value
Net payment of insurance
claims
Net appropriation of policy
reserve
Policy dividends paid
Reinsurance expenses
Taxes and surcharges 57,265,200.91 56,334,556.14
Sales expenses 1,470,753,504.47 1,574,261,928.29
Administrative expenses 355,395,350.66 335,169,160.39
R&D expenses 515,376,918.47 281,639,751.64
Financial expenses 14,618,019.66 7,555,003.40
Including: Interest expenses 25,924,507.30 23,050,131.41
Interests income 27,812,843.06 24,409,865.24
Add: Other income 73,641,636.88 38,311,729.18
Investment income (Losses are
-42,624,149.61 -47,163,448.93
indicated by “-”)
Including: Investment gains
(losses) in associated enterprise and -28,249,462.69 -37,504,466.74
joint-venture enterprise
Gains on the
derecognition of financial assets
measured at amortized cost
Gains on exchange (Losses are
indicated by “-”)
Gains on net exposure hedging
(Losses are indicated by “-”)
Gains from changes in fair values
-25,364.49
(Losses are indicated by “-”)
Credit impairment losses (Losses
are indicated by “-”)
Assets impairment losses (Losses
are indicated by “-”)
Asset disposal income (Losses
-14,540,990.32 1,521,275.31
are indicated by “-”)
III. Operating profit (Losses are
indicated by “-”)
Add: Non-operating revenue 769,095.39 1,295,600.39
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Minus: Non-operating expenses 28,075,417.91 5,202,610.91
IV. Total profit (Total losses are indicated
by “-”)
Minus: Income tax expense 190,966,760.40 207,943,278.46
V. Net profit (Net losses are indicated by
“-”)
(I) Classification by business
continuity
operations (Net losses are indicated by 913,984,183.42 860,245,520.89
“-”)
operation (Net losses are indicated by
“-”)
(II) Classification by attribution of
ownership
of the parent company
-724,301.28 -2,166,040.07
minority shareholders
VI. Other comprehensive income (net of
income tax)
Other comprehensive income
attributable to owners of the parent 82,044,972.47 40,589,535.10
company (net of tax)
(I) Other comprehensive income
that cannot be reclassified into
gains/losses
the defined benefit plan
that cannot be reclassified into
gains/losses under equity method
equity instrument investments
risk of the enterprise
(II) Other comprehensive income to
be reclassified into gains/losses
that can be reclassified into gains/losses
under equity method
debt investments
reclassified into other comprehensive
income
other debt investments
translation of foreign currency financial 82,044,972.47 40,589,535.10
statements
Net amount after tax of other
comprehensive income attributable to
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
minority shareholders
VII. Total comprehensive income 996,029,155.89 900,835,055.99
Total comprehensive income
attributable to owners of the parent 996,753,457.17 903,001,096.06
company
Total comprehensive income
-724,301.28 -2,166,040.07
attributable to minority shareholders
VIII. Earnings per share (EPS):
(I) Basic EPS 0.5224 0.4929
(II) Diluted EPS 0.5213 0.4928
As for business merger under the same control in the current period, the net profit generated by the merged party before the merger
was 0.00 yuan, and that generated during the previous period was 0.00 yuan.
Legal representative: Lv Liang Officer in charge of accounting: Lv Liang Head of the Accounting Department: Qiu Renbo
Unit: yuan
Item Amount in the current period Amount in previous period
I. Cash flows from operating activities:
Cash received from the sale of goods
and the rendering of services
Net increase in customer deposits and
due from banks
Net increase in borrowing from the
central bank
Net increase in borrowing from other
financial institutions
Cash from the premium of the original
insurance policy
Net cash from reinsurance
Net increase in deposits and
investment of the insured
Cash from interests, handling fees and
commissions
Net increase in borrowing from other
banks and other financial institutions
Net increase in funds for repurchase
Net cash received for buying and
selling securities as proxy
Receipts of tax refund 2,055,460.55 3,909,537.24
Other cash receipts in relation to
operating activities
Subtotal of cash inflows from operating
activities
Cash payments for goods purchased
and services received
Net increase in customer loans and
prepayments
Net increase in deposits of central
bank and due from banks
Cash payments for original insurance
claims
Net increase in lending funds to other
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
banks and other financial institutions
Cash payments for interests, handling
fees and commissions
Cash payments for policy dividends
Cash payments to and on behalf of
employees
Payments of various types of taxes 671,816,951.08 606,028,807.91
Other cash payments in relation to
operating activities
Subtotal of cash outflows for operating
activities
Net cash flows from operating activities -832,728,693.88 -484,522,666.13
II. Cash flows from investing activities
Cash receipts from recovery of
investments
Cash receipts from investment income 43,350,000.00 2,000,000.00
Net cash receipts from disposal of
fixed assets, intangible assets and other 9,751,907.00 2,328,201.94
long-term assets
Net cash from disposal of subsidiaries
and other business units
Other cash receipts in relation to
investing activities
Subtotal of cash inflows from investing
activities
Cash payments for purchase and
construction of fixed assets, intangible 637,322,382.41 472,272,778.22
assets and other long-term assets
Cash payments for investment 61,618,925.00 65,861,678.42
Net increase in pledge loans
Net cash paid for acquisition of
subsidiaries and other business units
Other cash payments in relation to
investing activities
Subtotal of cash outflows for investing
activities
Net cash flows from investing activities -645,839,400.41 -707,376,124.89
III. Cash flows from financing activities:
Cash receipts from absorbing
investments
Including: Cash receipts from
capital contributions from minority
owners of subsidiaries
Cash receipts from borrowing 1,289,998,848.00 1,510,044,486.23
Other cash receipts in relation to
financing activities
Subtotal of cash inflows from financing
activities
Cash repayments of borrowings 1,279,708,605.45 1,202,198,901.63
Cash payments for distribution of
dividends or profits or settlement of 17,579,298.66 36,432,249.03
interest expenses
Including: Dividends and profits
paid by subsidiaries to minority
shareholders
Other cash payments in relation to 225,549,581.73 262,376,106.69
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
financing activities
Subtotal of cash outflows for financing
activities
Net cash flows from financing activities -86,838,637.84 71,496,267.49
IV. Effect of foreign exchange rate
-3,115,685.50 17,392,454.16
changes on cash and cash equivalents
V. Net increase in cash and cash
-1,568,522,417.63 -1,103,010,069.37
equivalents
Add: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and cash
equivalents
(II) Adjustments to financial statement items at the beginning of the year of the first
implementation of the new accounting standards implemented since 2025
□ Applicable N/A
(III) Audit report
Has the First Quarterly Report been audited?
□Yes No
The Company’s First Quarterly Report has not been audited.
Board of Directors of Huadong Medicine Co., Ltd.
April 25, 2025
Stock code: 000963 Stock abbreviation: Huadong Medicine Announcement No.: 2025-036
Huadong Medicine Co., Ltd.
First Quarterly Report 2025
The Company and all members of the Board of Directors hereby guarantee that the information presented in
this report is authentic, accurate, complete, and free of any false records, misleading statements or material
omissions.
Important Declaration:
(hereinafter referred to as the “Company”) hereby guarantee that the information presented in this report is authentic, accurate, complete,
and free of any false records, misleading statements or material omissions, and shall undertake individual and joint legal liabilities.
hereby declare that the financial information in this quarterly report is authentic, accurate, and complete.
□Yes No
According to “Stock Listing Rules of the Shenzhen Stock Exchange”, if listed companies have both Chinese and
other language version of public notice, they should ensure the content of both versions are the same. In the case
of discrepancy, the original version in Chinese shall prevail.
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
I. Key Financial Data
(I) Key accounting data and financial indicators
Whether the Company needs to perform a retroactive adjustment or restatement of previous accounting data
□Yes No
Change of the current
Current reporting period Same period last year reporting period over the
same period last year (%)
Operating revenue (yuan) 10,735,787,899.82 10,410,809,128.72 3.12%
Net profit attributable to
shareholders of listed 914,708,484.70 862,411,560.96 6.06%
companies (yuan)
Net profit attributable to
shareholders of listed
companies after deducting 897,337,982.42 838,303,551.41 7.04%
non-recurring gains/losses
(yuan)
Net cash flows from operating
-832,728,693.88 -484,522,666.13 -71.87%
activities (yuan)
Basic earnings per share
(yuan/share)
Diluted earnings per share
(yuan/share)
Weighted average return on
equity (ROE)
Change of the end of the
End of the current reporting
End of last year current reporting period over
period
the end of last year (%)
Total assets (yuan) 39,447,159,682.31 37,879,046,367.15 4.14%
Owners’ equity attributable to
shareholders of listed 24,059,686,522.62 23,060,051,397.36 4.33%
companies (yuan)
The Company’s total share capital as of the trading day prior to disclosure:
The Company’s total share capital as of the trading day prior to
disclosure (share)
Fully diluted earnings per share based on the latest share capital:
Paid preference dividends (yuan) 0.00
Paid perpetual bond interests (yuan) 0.00
Fully diluted earnings per share based on the latest share capital
(yuan/share)
(II) Items and amounts of non-recurring gains/losses
Applicable □ N/A
Unit: yuan
Item Amount during the reporting period Note
Gains/losses on disposal of non-current
assets (including the written-off part of -14,540,990.32
the accrued assets impairment reserve)
Government grants included in current 63,368,096.78
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
gains/losses (excluding those closely
related to daily business operation,
distributed constantly in accordance with
defined standards in line with national
policies and regulations, and constantly
affecting the Company’s gains/losses)
Other non-operating income and
-27,234,544.52
expenditures except the aforesaid items
Minus: Amount affected by income tax 2,320,389.02
Impact on minority interests (post-
tax)
Total 17,370,502.28 --
Details of other items of gains/losses meeting the definition of non-recurring gains/losses
□ Applicable N/A
There are no other items of gains/losses meeting the definition of non-recurring gains/losses.
Explanation for recognizing an item listed as a non-recurring gain/loss in the Interpretative Announcement No. 1 on Information
Disclosure Criteria for Public Companies - Non-Recurring Gains/Losses as a recurring gain/loss
□ Applicable N/A
No item listed as a non-recurring gain/loss in the Interpretative Announcement No. 1 on Information Disclosure Criteria for Public
Companies - Non-Recurring Gains/Losses is recognized as a recurring gain/loss.
(III) Details and reasons for changes in key accounting data and financial indicators
Applicable □ N/A
Unit: ten thousand yuan
Amount
Amount at at the
Percentage
Balance sheet accounts the end of the beginning Reasons for changes
change
period of the
period
Mainly due to the decrease in receivable trade
Notes receivable - 1,069.63 -100.00%
acceptance in the current period
Mainly due to the discount of bank
Receivables financing 98,819.62 167,763.64 -41.10%
acceptance bills in the current period
Mainly due to the increase in accounts
Accounts receivable 1,155,823.38 842,535.89 37.18%
receivable in the current period
Mainly due to the increase in receivable
Other receivables 57,186.65 40,287.04 41.95%
temporary payments in the current period
Mainly due to the increase in prepaid rent in
Advances from customers 239.44 111.52 114.71%
the current period
Mainly due to the payment of employee
Employee benefit payable 21,991.29 41,713.31 -47.28%
benefit in the current period
Non-current liabilities due Mainly due to the payment of long-term
within one year borrowings due within one year
Mainly due to the increase in foreign
Other comprehensive
income
period
Amount
Amount in
Income statement in the Percentage
the current Reasons for changes
accounts previous change
period
period
Mainly due to the increase in R&D input in
R&D expenses 51,537.69 28,163.98 82.99%
the current period
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Mainly due to the increase in exchange losses
Financial expenses 1,461.80 755.50 93.49%
in the current period
Mainly due to the increase in income-related
Other income 7,364.16 3,831.17 92.22%
governmental subsidy in the current period
Mainly due to the decrease in income from
Income from disposal of
-1,454.10 152.13 -1055.84% the disposal of fixed assets in the current
assets
period
Mainly due to the decrease in compensation
Non-operating revenue 76.91 129.56 -40.64%
revenue in the current period
Mainly due to the increase in donations in the
Non-operating expenses 2,807.54 520.26 439.64%
current period
Amount
Amount in
Cash flow statement in the Percentage
the current Reasons for changes
accounts previous change
period
period
Net cash flows from Mainly due to the increase in cash paid to
-83,272.87 -48,452.27 -71.87%
operating activities employees in the current period
Net cash flows from Mainly due to the decrease in investment in
-64,583.94 -70,737.61 8.70%
investing activities the current period
Net cash flows from Mainly due to the year-on-year decrease in
-8,683.86 7,149.63 -221.46%
financing activities borrowings obtained in the current period
II. Shareholder Information
(I) Total number of common shareholders, number of preferred shareholders with restored voting rights, and
shareholdings of the top 10 shareholders
Unit: share
Total number of common
Total number of preferred shareholders with restored
shareholders at the end of the 75,847 0
voting rights at the end of the reporting period (if any)
reporting period
Particulars about the top 10 shareholders (excluding shares lent through conversions)
Number of Pledged, marked or locked-up
Name of Nature of Shareholding Number of shares with status
shareholder shareholder ratio (%) shares held trading
Status of shares Quantity
restrictions held
Domestic non-
China Grand
state-owned 41.67% 730,938,157.00 0.00 Pledge 143,880,000.00
Enterprises
corporation
Hangzhou
Huadong State-owned
Medicine corporation
Group Co., Ltd.
Hong Kong
Securities Overseas
Clearing corporation
Company Ltd.
China
Domestic non-
Securities
state-owned 1.26% 22,186,818.00 0.00 N/A 0.00
Finance Co.,
corporation
Ltd.
Industrial and
Others 1.19% 20,819,368.00 0.00 N/A 0.00
Commercial
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Bank of China
Limited -
China-Europe
Healthcare
Hybrid
Securities
Investment
Fund
China
Construction
Bank
Corporation - E
Fund CSI 300
Medicine and
Others 0.88% 15,518,810.00 0.00 N/A 0.00
Health
Exchange Open
Index
Securities
Investment
Fund
Industrial and
Commercial
Bank of China
Limited -
Huatai-
PineBridge CSI Others 0.80% 14,092,845.00 0.00 N/A 0.00
Open Index
Securities
Investment
Fund
National Social
Security Fund - Others 0.69% 12,081,124.00 0.00 N/A 0.00
Profile 112
China
Construction
Bank Co., Ltd.-
ICBC Credit
Suisse Frontier Others 0.68% 11,977,700.00 0.00 N/A 0.00
Medical Equity
Securities
Investment
Fund
Bank of
Shanghai Co.,
Ltd.-Yinhua
CSI Innovative Others 0.63% 10,987,978.00 0.00 N/A 0.00
Medicine
Exchange
Traded Fund
Particulars about the top 10 shareholders without trading restrictions (excluding shares lent through conversions and locked-up
shares for senior managers)
Type of shares
Name of shareholder Number of shares without trading restrictions held
Type of shares Quantity
Common
China Grand Enterprises 730,938,157.00 730,938,157.00
shares in yuan
Hangzhou Huadong Medicine 288,000,000.00 Common 288,000,000.00
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Group Co., Ltd. shares in yuan
Hong Kong Securities Clearing Common
Company Ltd. shares in yuan
Common
China Securities Finance Co., Ltd. 22,186,818.00 22,186,818.00
shares in yuan
Industrial and Commercial Bank
of China Limited - China-Europe Common
Healthcare Hybrid Securities shares in yuan
Investment Fund
China Construction Bank
Corporation - E Fund CSI 300
Common
Medicine and Health Exchange 15,518,810.00 15,518,810.00
shares in yuan
Open Index Securities Investment
Fund
Industrial and Commercial Bank
of China Limited - Huatai-
Common
PineBridge CSI 300 Exchange 14,092,845.00 14,092,845.00
shares in yuan
Open Index Securities Investment
Fund
National Social Security Fund - Common
Profile 112 shares in yuan
China Construction Bank Co.,
Ltd.-ICBC Credit Suisse Frontier Common
Medical Equity Securities shares in yuan
Investment Fund
Bank of Shanghai Co., Ltd.-
Common
Yinhua CSI Innovative Medicine 10,987,978.00 10,987,978.00
shares in yuan
Exchange Traded Fund
The Company does not know whether the above-mentioned shareholders
Explanation on associated relationships or concerted
are related parties or whether they are acting-in-concert parties with one
actions among the above-mentioned shareholders
another.
At the end of the reporting period, the Company had no shareholders
Description of the participation in margin trading
holding its shares through margin trading and securities lending accounts
business of the top 10 shareholders (if any)
among the top 10 common shareholders.
Participation of shareholders with a shareholding ratio of over 5%, the top 10 shareholders, and the top 10 shareholders holding tradable
shares without trading restriction conditions in lending through conversions
□ Applicable N/A
Change in the top 10 shareholders or the top 10 common shareholders without trading restrictions compared with the end of the previous
period due to shares lent/returned through conversions
□ Applicable N/A
(II) Total number of preferred shareholders of the Company and shareholdings of the top 10 shareholders
□ Applicable N/A
III. Other Important Matters
Applicable □ N/A
(I) Overview of the Company’s overall operations in the reporting period
During the reporting period, the Company remained closely aligned with its overarching
strategic blueprint and annual operational objectives. Guided by the principles of “reinvigorating
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
entrepreneurial spirit, deepening reforms, strengthening organizational systems, and seizing
developmental opportunities,” the Company maintained a zero-based mindset and a relentless pursuit
of excellence, vigorously advancing the effective implementation of various management initiatives.
During the reporting period, the Company achieved an operating revenue of 10.736 billion yuan,
up 3.12% year on year and up 2.95% compared with that in Q4 2024. The net profit attributable to
shareholders of listed companies reached 915 million yuan, marking a 6.06% year-on-year increase.
The net profit attributable to shareholders of listed companies after deducting non-recurring
gains/losses stood at 897 million yuan, reaching a historic high with a 7.04% year-on-year increase
and a 3.16% quarter-on-quarter increase from that in Q4 2024. After deducting the profits and losses
of participating and holding R&D institutions, the net profit attributable to shareholders of listed
companies after deducting non-recurring gains/losses during the reporting period amounted to 982
million yuan, reflecting a 17.15% growth compared with the Company’s net profit attributable to
shareholders of listed companies after deducting non-recurring gains/losses in Q1 2024.
During the reporting period, the Company’s core subsidiary Zhongmei Huadong witnessed
steady growth as a whole and achieved an operating revenue (including CSO business) of 3.621
billion yuan, up 6.52% year on year, and the consolidated net profit attributable to the parent company
of 843 million yuan, up 12.20% year on year. During the reporting period, the Company’s innovative
medicines saw robust momentum in sales, driving sustained growth in the pharmaceutical industry.
Leveraging its differentiated clinical value, the CAR-T Zevorcabtagene Autoleucel Injection
(Saikaize®) has rapidly penetrated core treatment centers throughout China. With positive clinical
feedback, the product maintained strong sales momentum in Q1 2025, marked by steadily increasing
valid orders. The Company actively enhanced treatment accessibility, with Saikaize® now covered by
over 70 commercial insurance plans and regional Huiminbao programs (an urban customized
commercial medical insurance) as of the reporting date, effectively alleviating patients’ financial
burdens. Continued market expansion and broader insurance coverage are expected to sustain its
high-speed growth trajectory. Sailexin®, China’s first biosimilar of Ustekinumab Injection, has
delivered exceptional market performance since its launch. By March 31, 2025, prescriptions for the
product had been issued in over 800 hospitals, significantly benefiting psoriasis patients throughout
China. The product is projected to maintain robust growth throughout the year, emerging as a
cornerstone of the Company’s autoimmune disease portfolio. Furthermore, the novel Class 1
medicine Ganagliflozin Proline Tablets (Huiyoujing®) has been included in the updated catalogue of
medicines covered by medical insurance, accelerating its hospital adoption. Strategic synergy with
Metformin Hydrochloride and Empagliflozin Tablets (Enshuangping®) has accelerated resource
sharing, further reinforcing the Company’s competitive edge in the SGLT-2 inhibitor segment for
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
diabetes management. The newly approved Senaparib Capsules (Paishuning®), a new 1.5-generation
PARP inhibitor, was launched for sales in January 2025. The Company is actively working on the
listing of the product on the procurement platform and facilitating its hospital access. To date, the
Company has introduced Paishuning® to over 100 DTPs and 300 hospitals, while actively pursuing
inclusion in Huiminbao programs and commercial insurances, such as West Lake Yilian Insurance (a
universe medical insurance in Hangzhou), Huhuibao (a universe medical insurance in Shanghai),
Chonghuibao (a universe medical insurance in Nanchong), Jiaxing Huiminbao, and CPIC-
Huxiangbao (a commercial insurance of CPIC in Shanghai). In August 2024, the Company completed
the acquisition of Guizhou Hengba Pharmaceutical Limited Liability Company (renamed Huadong
Medicine (Guizhou) Pharmaceutical Co., Ltd., hereinafter referred to as “Guizhou Pharma”). A
dedicated in-house promotion team was established after the acquisition to accelerate the market
penetration of its flagship product Shangkeling® in major hospitals and retail pharmacies. This
initiative has driven significant operational growth. During the reporting period, Guizhou Pharma
achieved a strong start with an operating revenue of 24.26 million yuan, up over 100% year on year,
and a net profit of 6.67 million yuan, surpassing its net profit in H1 2024. From its consolidation into
the Company’s financial statements in August 2024 to the end of the reporting period, Guizhou
Pharma generated a cumulative operating revenue of 62.28 million yuan and a cumulative net profit
of 14.87 million yuan. It is projected to sustain its growth momentum in 2025.
During the reporting period, the Company’s pharmaceutical business segment witnessed stable
growth as a whole. The segment achieved an operating revenue of 6.934 billion yuan, up 3.23% year
on year, and a net profit of 115 million yuan, up 7.33% year on year.
During the reporting period, the Company’s aesthetic medicine segment faced certain pressures
in growth imposed by dual challenges from global economic downturn and intensified industry
competition. Continuously expanding its aesthetic medicine market globally, Sinclair, the Company’s
wholly-owned subsidiary, achieved the consolidated operating revenue of approximately 238 million
yuan, down 12.29% year on year, but up 24.37% quarter on quarter compared with that in Q4 2024,
which align with its quarterly operational targets as a whole. Sinclair (Shanghai), the Company’s
wholly-owned subsidiary, actively expanded its market in China and achieved an operating revenue
of 254 million yuan, down 1.36% year on year, but up 10.64% quarter on quarter compared with that
in Q4 2024. The Company has constantly deepened its layout of high-end aesthetic medicine
portfolios in China. MaiLi® Extreme (trade name: MaiLi® Shuoying®), a high-end hyaluronic acid
filler in the MaiLi series utilizing patented OxiFree™ technology, is scheduled for commercial launch
in May 2025. With the highest hyaluronic acid concentration and the best volumization effect among
the MaiLi series, this injectable filler provides immediate contouring effects for mandibular
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
retrognathia correction, presenting more wonderful facial volumization solutions for Chinese patients.
The Préime DermaFacial multi-functional facial skin management platform, an intelligent hi-tech
cosmetic device that integrates IoT-enabled technologies such as spiral vacuum, microdermabrasion,
micro current, and ultrasonic technique, will debut in 2025 to deliver one-stop personalized cleaning
and anti-aging solutions to Chinese patients. The applications for the launch of key aesthetic medicine
portfolios such as recombinant botulinum toxin type A YY001, energy source equipment V30, and
Ellansé® M in China have all been accepted and are expected to receive approvals in 2026. By
continuously enriching its differentiated product matrix in China’s aesthetic medicine sector and
capitalizing on consumption upgrade-driven market expansion, the Company is positioned to
accelerate the release of growth potential in its aesthetic medicine business in China.
During the reporting period, the Company’s industrial microbiology segment sustained rapid
growth in revenue, up 29.98% year on year. With the ongoing proactive expansion in overseas
markets, this segment is positioned to maintain its growth momentum moving forward.
(II) Important R&D progress of the Company during the reporting period
medicines
The Company further intensified its R&D efforts with increased investment. During the
reporting period, the Company reported a pharmaceutical R&D input (excluding equity investments)
of 880 million yuan, up 49.60% year on year. Among them, direct R&D expenditure reached 600
million yuan, up 71.77% year on year, which accounts for 16.67% of the operating revenue of the
pharmaceutical industry segment. Multiple milestone achievements were attained in R&D of
innovative and biosimilar medicines, with key progresses stated as follows:
Oncology
The supplemental application to convert the conditional approval of Mirvetuximab Soravtansine
Injection (ELAHERE®, R&D code: IMGN853, HDM2002) into full regular approval was accepted
in March 2025.
With regard to the ROR1-targeted ADC (HDM2005) for the treatment of advanced malignant
tumors, the Company completed the first three dose-escalation cohorts in its phase I clinical trial in
China, with no dose-limiting toxicities (DLT) observed. The Company is currently advancing to the
fourth dose-escalation cohort while initiating expansion cohorts for the third dose level. In February
CHP in previously untreated diffuse large B-cell lymphoma (DLBCL), which was accepted. The
Company also received the Orphan Drug Designation (ODD) from the U.S. FDA for mantle cell
lymphoma (MCL) of its HDM2005 in February 2025.
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
The IND application of HPK-1 PROTAC (hematopoietic progenitor kinase1 proteolysis
targeting chimera), a small-molecule anti-tumor medicine under HDM2006, in the U.S. was approved
by FDA in January 2025. The product is used for the treatment of advanced malignant tumors.
Moreover, the Company is currently conducting the phase I clinical trial in China for the treatment of
advanced solid tumors.
DR30206, a PD-L1/VEGF/TGF-β trispecific antibody fusion protein for injection, completed its
first subject administration in phase Ib clinical trial for the treatment of non-small cell lung cancer in
April 2025. The Company received approval for the clinical trial application for DR30206 in
combination with standard chemotherapy for the treatment of patients with advanced or metastatic
gastrointestinal tumors in April 2025. The enrollment of subjects for phase Ib clinical research is
expected to begin in H1 2025.
Endocrinology
HDM1002 (conveglipron), an oral small-molecule GLP-1 receptor agonist, completed
enrollment of the first subject for phase III clinical research for the indication of weight management
in April 2025. It is scheduled to complete the enrollment of all subjects by the end of June 2025. The
phase II clinical research for diabetes indication is progressing smoothly, with top-line results
anticipated in Q3 2025. Phase III clinical research for diabetes indication is expected to be initiated
in H2 2025.
HDM1005 (poterepatide) injection, a GLP-1R/GIPR long-acting polypeptide dual-target
agonist, is undergoing phase II clinical research for the indication of weight management and
completed the enrollment of all subjects for phase II in April 2025. Phase III clinical research is
expected to be initiated in Q4 2025. The Company also completed the enrollment of the first subject
for phase II clinical trial for the indication of diabetes in April 2025. During the reporting period, the
IND applications for new indications of HDM1005 Injection were approved by the NMPA
successively, targeting the treatment of obstructive sleep apnea (OSA) in adults with obesity or
overweight and heart failure with preserved ejection fraction (HFpEF) in adults with obesity or
overweight, respectively.
DR10624 Injection, a FGF21R/GCGR/GLP-1R trispecific agonist, is currently undergoing
phase II clinical trials for metabolic dysfunction-associated steatotic liver disease (MASLD) with the
first patient enrolled in April 2025. Concurrently, a previously initiated phase II clinical research of
DR10624 for the treatment of severe hypertriglyceridemia completed the enrollment of all subjects,
with unblinded top-line results anticipated in Q3 2025.
The marketing authorization application of Semaglutide Injection for the indication of diabetes
was submitted in March 2025, which has been accepted. For the weight management indication, full
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
patient enrollment in phase III clinical research of Semaglutide Injection was completed in February
The marketing authorization application of Insulin Degludec Injection was submitted in
February 2025, which has been accepted.
Autoimmunity
The supplemental application for the new pediatric plaque psoriasis indication of HDM3001
(QX001S), a biosimilar of Ustekinumab developed in collaboration between the company and Qyuns
Therapeutics, was approved in March 2025. Additionally, the marketing authorization application and
supplemental application for the Crohn’s disease were accepted in February 2025.
The innovative medicine HDM3016 (QX005N) developed in collaboration between the
company and Qyuns Therapeutics is currently conducting phase III clinical trials in China for two
indications of prurigo nodularis and atopic dermatitis. The enrollment of all subjects for phase III
clinical research for prurigo nodularis was completed in March 2025.
The IND application of HDM3019 (IMB-101) developed by the Company in partnership with
IMBiologics (Republic of Korea) for the treatment of rheumatoid arthritis in China was approved in
March 2025.
Other segments
The Transdermal Glomerular Filtration Rate System, a Class III innovative medical device, was
approved by the NMPA in February 2025. The marketing authorization application for Relmapirazin
Injection (MB-102) used cooperatively with the system was accepted by the NMPA in January 2024.
Additionally, MediBeacon®TGFR (including the Transdermal Glomerular Filtration Rate System and
Relmapirazin Injection) was approved by the U.S. FDA in January 2025.
Academic publications
From 2025 to date, the Company’s innovation teams have successively published 11 posters or
oral presentations at academic conferences in oncology, endocrinology/metabolism, and
autoimmunity segments. Specifically: results of phase I clinical research of GLP-1/GIP dual-target
long-acting agonist HDM1005 selected for oral presentation at 2025 ADA; results of phase III clinical
research of Semaglutide Injection and phase Ib clinical research of HDM1002 selected for POSTER
sharing at 2025 ADA; results of pre-clinical researches of HDM2006, HDM2022, HDM2012,
HDM2017 and HDM2020 all selected as the POSTER of 2025 AACR; results of pre-clinical research
of the pan-KRAS antitumor degrader HDM2025 selected as the POSTER of 2025 ASCO; results of
clinical research of DR10624, a first-in-class Fc-fusion protein medicine with triple agonist activity
targeting GLP-1, GCG, and FGFRIc/KlothoB (FGF21R) receptors developed by the Company’s
wholly-owned subsidiary Doer Biologics, selected as the Late-Breaker at 2025 EASL, and its non-
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
clinical research results selected as the POSTER of 2025 EASL.
During the reporting period, the Company continued to advance the registration and launching
of its aesthetic medicine products. V30, a high-end integrated multi-functional platform combining
radio frequency, intense pulsed light, and Nd:YAG laser technologies, received a registration
acceptance notice from the National Medical Products Administration (NMPA) in March 2025.
MaiLi® Precise, a novel premium hyaluronic acid dermal filler with lidocaine (indication: correction
of infraorbital pouch), completed main end-point follow-ups for all subjects in its Chinese clinical
trial in September 2024 and is currently undergoing safety follow-ups. MaiLi® Extreme, another filler
in the same series (indication: enhancement of jawline contour), was approved by the NMPA in
January 2025. For the Ellansé® S, the enrollment of all subjects for the new indication (enhancement
of forehead contour) in its Chinese clinical trial was completed in November 2024, and follow-ups
are now in progress. Ellansé®M, a long-acting collagen-stimulating variant (indication: correction of
temporal depression), received the registration acceptance notice from the NMPA in January 2025.
For the Poly-L-lactic acid (PLLA) collagen stimulant Lanluma® (indication: enhancement of
mandibular contour), the enrollment of all subjects in its Chinese clinical trial was completed in
November 2024, and follow-ups are now in progress. The chitosan-based dermal filler KIO021 that
utilizes innovative biomaterials secured ethical approval for principal investigator of clinical trial in
December 2024 and is poised to initiate formal clinical trials. Additionally, the marketing
authorization application for the exclusively distributed product YY001 (recombinant botulinum
toxin type A for injection) was accepted by the NMPA in December 2024, and is currently under
review.
IV. Quarterly Financial Statements
(I) Financial statements
Prepared by: Huadong Medicine Co., Ltd.
March 31, 2025
Unit: yuan
Item Ending balance Opening balance
Current assets:
Monetary funds 3,711,981,117.29 5,276,440,245.36
Settlement reserve
Lending funds
Trading financial assets
Derivative financial assets
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Notes receivable 10,696,341.24
Accounts receivable 11,558,233,812.68 8,425,358,862.23
Receivables financing 988,196,245.72 1,677,636,420.09
Prepayments 509,401,242.97 400,291,510.71
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
receivable
Other receivables 571,866,490.76 402,870,356.31
Including: Interests receivable
Dividends receivable 223,608.84 223,608.84
Financial assets purchased for resale
Inventories 4,993,004,391.03 4,776,397,278.01
Including: Data resource
Contract assets
Assets held for sale
Other non-current assets due within
one year
Other non-current assets 74,540,402.52 82,099,747.34
Total current assets 22,407,223,702.97 21,051,790,761.29
Non-current assets:
Loans and prepayments issuance
Debt investment
Other debt investments
Long-term receivables
Long-term equity investment 1,513,925,302.98 1,543,646,404.76
Other equity instrument investments 711,111,696.58 603,232,766.22
Other non-current financial assets
Investment real estate 11,589,767.25 11,842,042.67
Fixed assets 4,333,070,220.62 4,422,300,775.01
Construction in progress 952,469,422.55 836,739,481.60
Productive biological assets
Oil and gas assets
Right-of-use Assets 141,646,790.18 149,504,562.99
Intangible Assets 3,786,366,926.50 3,644,956,428.71
Including: Data resource
Development expenditure 1,120,038,511.44 1,033,392,377.69
Including: Data resource
Goodwill 2,918,760,393.01 2,913,334,523.63
Long-term Deferred Expenses 20,884,747.76 22,601,572.13
Deferred income tax assets 223,505,398.13 221,848,889.06
Other non-current assets 1,306,566,802.34 1,423,855,781.39
Total non-current assets 17,039,935,979.34 16,827,255,605.86
Total assets 39,447,159,682.31 37,879,046,367.15
Current liabilities:
Short-term borrowings 2,453,068,051.27 2,312,339,143.21
Borrowing from the central bank
Borrowing from other banks and other
financial institutions
Trading financial liabilities
Derivative financial liabilities
Notes payable 2,963,905,693.12 2,576,685,923.31
Accounts payable 4,778,197,764.09 4,467,770,810.96
Advances from customers 2,394,374.93 1,115,173.00
Contract liabilities 175,030,504.60 173,609,109.58
Financial assets sold for repurchase
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Deposits from customers and due from
banks
Receipts for buying and selling
securities as proxy
Receipts for underwriting securities as
proxy
Employee benefit payable 219,912,857.71 417,133,101.11
Taxes payable 669,769,811.98 645,950,867.22
Other payables 2,957,810,000.79 2,849,833,595.48
Including: Interests payable
Dividends payable 125,024,219.60 125,024,219.60
Handling fees and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 20,456,908.65 19,268,728.25
Total current liabilities 14,351,327,970.24 13,794,235,373.01
Non-current liabilities:
Insurance policy reserve
Long-term borrowings 14,642,806.35 14,262,841.05
Bonds payable
Including: Preferred shares
Perpetual bond
Lease liabilities 89,138,466.89 71,857,938.46
Long-term payables 23,479,876.74 24,715,073.51
Long-term employee benefits payable
Estimated liabilities 28,690,397.55 28,985,982.19
Deferred income 180,766,396.92 183,855,718.48
Deferred income tax liabilities 196,417,169.62 197,378,528.33
Other non-current liabilities
Total non-current liabilities 533,135,114.07 521,056,082.02
Total liabilities 14,884,463,084.31 14,315,291,455.03
Owners’ equity:
Share capital 1,754,077,048.00 1,754,262,548.00
Other equity instruments
Including: Preferred shares
Perpetual bond
Capital reserves 2,549,212,445.78 2,550,780,602.69
Minus: treasury stock 42,168,791.67 46,804,116.67
Other comprehensive income 31,446,768.30 -50,598,204.17
Special reserves
Surplus reserves 1,395,568,477.98 1,395,568,477.98
General risk reserve
Undistributed profit 18,371,550,574.23 17,456,842,089.53
Total owners’ equity attributable to
owners of the parent company
Minority interests 503,010,075.38 503,703,514.76
Total owner’s equity 24,562,696,598.00 23,563,754,912.12
Total liabilities & owners’ equity 39,447,159,682.31 37,879,046,367.15
Legal representative: Lv Liang Officer in charge of accounting: Lv Liang Head of the Accounting Department: Qiu Renbo
Unit: yuan
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Item Amount in the current period Amount in previous period
I. Total operating revenue 10,735,787,899.82 10,410,809,128.72
Including: Operating revenue 10,735,787,899.82 10,410,809,128.72
Interests income
Premiums earned
Handling fees and
commissions received
II. Total operating cost 9,620,007,130.43 9,331,357,509.92
Including: Operating cost 7,206,598,136.26 7,076,397,110.06
Interest expenses
Handling fees and
commissions paid
Surrender value
Net payment of insurance
claims
Net appropriation of policy
reserve
Policy dividends paid
Reinsurance expenses
Taxes and surcharges 57,265,200.91 56,334,556.14
Sales expenses 1,470,753,504.47 1,574,261,928.29
Administrative expenses 355,395,350.66 335,169,160.39
R&D expenses 515,376,918.47 281,639,751.64
Financial expenses 14,618,019.66 7,555,003.40
Including: Interest expenses 25,924,507.30 23,050,131.41
Interests income 27,812,843.06 24,409,865.24
Add: Other income 73,641,636.88 38,311,729.18
Investment income (Losses are
-42,624,149.61 -47,163,448.93
indicated by “-”)
Including: Investment gains
(losses) in associated enterprise and -28,249,462.69 -37,504,466.74
joint-venture enterprise
Gains on the
derecognition of financial assets
measured at amortized cost
Gains on exchange (Losses are
indicated by “-”)
Gains on net exposure hedging
(Losses are indicated by “-”)
Gains from changes in fair values
-25,364.49
(Losses are indicated by “-”)
Credit impairment losses (Losses
are indicated by “-”)
Assets impairment losses (Losses
are indicated by “-”)
Asset disposal income (Losses
-14,540,990.32 1,521,275.31
are indicated by “-”)
III. Operating profit (Losses are
indicated by “-”)
Add: Non-operating revenue 769,095.39 1,295,600.39
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
Minus: Non-operating expenses 28,075,417.91 5,202,610.91
IV. Total profit (Total losses are indicated
by “-”)
Minus: Income tax expense 190,966,760.40 207,943,278.46
V. Net profit (Net losses are indicated by
“-”)
(I) Classification by business
continuity
operations (Net losses are indicated by 913,984,183.42 860,245,520.89
“-”)
operation (Net losses are indicated by
“-”)
(II) Classification by attribution of
ownership
of the parent company
-724,301.28 -2,166,040.07
minority shareholders
VI. Other comprehensive income (net of
income tax)
Other comprehensive income
attributable to owners of the parent 82,044,972.47 40,589,535.10
company (net of tax)
(I) Other comprehensive income
that cannot be reclassified into
gains/losses
the defined benefit plan
that cannot be reclassified into
gains/losses under equity method
equity instrument investments
risk of the enterprise
(II) Other comprehensive income to
be reclassified into gains/losses
that can be reclassified into gains/losses
under equity method
debt investments
reclassified into other comprehensive
income
other debt investments
translation of foreign currency financial 82,044,972.47 40,589,535.10
statements
Net amount after tax of other
comprehensive income attributable to
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
minority shareholders
VII. Total comprehensive income 996,029,155.89 900,835,055.99
Total comprehensive income
attributable to owners of the parent 996,753,457.17 903,001,096.06
company
Total comprehensive income
-724,301.28 -2,166,040.07
attributable to minority shareholders
VIII. Earnings per share (EPS):
(I) Basic EPS 0.5224 0.4929
(II) Diluted EPS 0.5213 0.4928
As for business merger under the same control in the current period, the net profit generated by the merged party before the merger
was 0.00 yuan, and that generated during the previous period was 0.00 yuan.
Legal representative: Lv Liang Officer in charge of accounting: Lv Liang Head of the Accounting Department: Qiu Renbo
Unit: yuan
Item Amount in the current period Amount in previous period
I. Cash flows from operating activities:
Cash received from the sale of goods
and the rendering of services
Net increase in customer deposits and
due from banks
Net increase in borrowing from the
central bank
Net increase in borrowing from other
financial institutions
Cash from the premium of the original
insurance policy
Net cash from reinsurance
Net increase in deposits and
investment of the insured
Cash from interests, handling fees and
commissions
Net increase in borrowing from other
banks and other financial institutions
Net increase in funds for repurchase
Net cash received for buying and
selling securities as proxy
Receipts of tax refund 2,055,460.55 3,909,537.24
Other cash receipts in relation to
operating activities
Subtotal of cash inflows from operating
activities
Cash payments for goods purchased
and services received
Net increase in customer loans and
prepayments
Net increase in deposits of central
bank and due from banks
Cash payments for original insurance
claims
Net increase in lending funds to other
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
banks and other financial institutions
Cash payments for interests, handling
fees and commissions
Cash payments for policy dividends
Cash payments to and on behalf of
employees
Payments of various types of taxes 671,816,951.08 606,028,807.91
Other cash payments in relation to
operating activities
Subtotal of cash outflows for operating
activities
Net cash flows from operating activities -832,728,693.88 -484,522,666.13
II. Cash flows from investing activities
Cash receipts from recovery of
investments
Cash receipts from investment income 43,350,000.00 2,000,000.00
Net cash receipts from disposal of
fixed assets, intangible assets and other 9,751,907.00 2,328,201.94
long-term assets
Net cash from disposal of subsidiaries
and other business units
Other cash receipts in relation to
investing activities
Subtotal of cash inflows from investing
activities
Cash payments for purchase and
construction of fixed assets, intangible 637,322,382.41 472,272,778.22
assets and other long-term assets
Cash payments for investment 61,618,925.00 65,861,678.42
Net increase in pledge loans
Net cash paid for acquisition of
subsidiaries and other business units
Other cash payments in relation to
investing activities
Subtotal of cash outflows for investing
activities
Net cash flows from investing activities -645,839,400.41 -707,376,124.89
III. Cash flows from financing activities:
Cash receipts from absorbing
investments
Including: Cash receipts from
capital contributions from minority
owners of subsidiaries
Cash receipts from borrowing 1,289,998,848.00 1,510,044,486.23
Other cash receipts in relation to
financing activities
Subtotal of cash inflows from financing
activities
Cash repayments of borrowings 1,279,708,605.45 1,202,198,901.63
Cash payments for distribution of
dividends or profits or settlement of 17,579,298.66 36,432,249.03
interest expenses
Including: Dividends and profits
paid by subsidiaries to minority
shareholders
Other cash payments in relation to 225,549,581.73 262,376,106.69
First Quarterly Report 2025 of Huadong Medicine Co., Ltd.
financing activities
Subtotal of cash outflows for financing
activities
Net cash flows from financing activities -86,838,637.84 71,496,267.49
IV. Effect of foreign exchange rate
-3,115,685.50 17,392,454.16
changes on cash and cash equivalents
V. Net increase in cash and cash
-1,568,522,417.63 -1,103,010,069.37
equivalents
Add: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and cash
equivalents
(II) Adjustments to financial statement items at the beginning of the year of the first
implementation of the new accounting standards implemented since 2025
□ Applicable N/A
(III) Audit report
Has the First Quarterly Report been audited?
□Yes No
The Company’s First Quarterly Report has not been audited.
Board of Directors of Huadong Medicine Co., Ltd.
April 25, 2025
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