华东医药: 2025年第三季度报告（英文版）

来源：证券之星

2025-12-03 17:05:09

The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Security code: 000963 Stock abbreviation: Huadong Medicine Announcement No.: 2025-098
Huadong Medicine Co., Ltd.
Third 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 and complete and free of any false
records, misleading statements or material omissions.
Important Declaration:
as the "Company") hereby guarantee that the information presented in the Report is authentic, accurate and
complete and free of false records, misleading statements or material omissions, and shall undertake individual
and joint legal liabilities.
department (accounting supervisor) 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.
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
I. Key Financial Data
(I) Key accounting data and financial indicators
Does the Company need to retroactively adjust or restate the accounting data of previous years?
□Yes No
Increase or decrease
Change from the
during the current
Beginning of the year to beginning of the year to
Current reporting reporting period
the end of the reporting the end of the reporting
period compared with the
period period over the end of
same period of last
last year
year
Operating revenue
(RMB)
Net profit attributable
to shareholders of the 933,089,158.25 7.71% 2,747,916,019.11 7.24%
listed company (RMB)
Net profit attributable
to shareholders of the
listed company after
deduction of non-
recurring gains and
losses (RMB)
Net cash flow from
operating activities — — 2,610,851,944.18 4.17%
(RMB)
Basic earnings per
share (RMB/share)
Diluted earnings per
share (RMB/share)
Weighted average
return on equity
End of the current Increase or decrease at the end of the current reporting
End of the last year
reporting period period compared with the end of the last year
Total assets (RMB) 39,928,783,200.48 37,879,046,367.15 5.41%
Owners' equity
attributable to
shareholders of listed
companies (RMB)
(II) Non-recurring profit and loss items and amounts
Applicable □Not applicable
Unit: RMB
Amount from the beginning
Amount during the current
Item of the year to the end of the Description
reporting period
reporting period
Gains and losses on disposal
of non-current assets
(including the write-off of 9,885,974.34 1,817,243.94
provision for impairment of
assets)
Government grants included
in the current profits and
losses (except those that are
closely related to the normal 32,621,540.72 163,478,438.74
business operation of the
Company, comply with
national policies and
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
regulations, are enjoyed in
accordance with the defined
criteria, and have a lasting
impact on the Company's
profits and losses)
Reversal of impairment
provision of receivables
individually tested for
impairment
Other non-operating revenue
and expenses other than those -39,542,738.93 -87,678,084.92
mentioned above
Other gain and loss items
conforming to the definition
of non-recurring gains and
losses
Less: Amount affected by
-2,254,916.50 8,356,574.12
income tax
Amount affected by minority
interests (after tax)
Total 1,308,266.38 54,400,871.26 --
Details of other gain and loss items conforming to the definition of non-recurring gains and losses:
□Applicable Not applicable
The Company has no other specific circumstances of profit and loss items that meet the definition of non-recurring gains and
losses.
An explanation of the fact that the non-recurring gain and 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 are defined as recurring profit and
loss items
□Applicable Not applicable
The Company did not define the non-recurring gain and 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 profit and loss items.
(III) Details and reasons for changes in key accounting data and financial indicators
Applicable □Not applicable
Unit: RMB 10,000
Items in the balance Closing Opening Percentag
Reasons for changes
sheet balance balance e change
Mainly attributable to the decrease in commercial
Notes receivable 563.08 1,069.63 -47.36%
acceptance bills receivable during the current period
Mainly attributable to discounting of bank acceptance
Receivables financing 64,291.85 167,763.64 -61.68%
bills during the current period
Mainly attributable to the increase in accounts
Accounts receivable 1,113,066.93 842,535.89 32.11%
receivable in the current period
Mainly attributable to the increase in provisional
Other receivables 78,215.86 40,287.04 94.15%
payment receivable in the current period
Mainly due to the increase in the issuance of notes in
Notes payable 367,598.71 257,668.59 42.66%
the current period
Mainly attributable to the decrease in advance
Contract liabilities 11,592.98 17,360.91 -33.22%
payments received in the current period
Employee compensation Mainly attributable to remuneration paid during the
payable current period
Taxes and dues payable 40,074.77 64,595.09 -37.96% Mainly attributable to the payment of taxes and fees
Non-current liabilities 10,750.70 33,052.89 -67.47% Mainly attributable to the repayment of long-term
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
due within one year borrowings due within one year in the current period
Mainly attributable to the increase in long-term
Long-term borrowings 29,886.77 1,426.28 1995.43%
borrowings in the current period
Mainly attributable to additional leases contract in the
Lease liabilities 10,089.07 7,185.79 40.40%
current period
Other comprehensive Mainly attributable to the increase in foreign currency
income translation differences in the current period
Amount in Amount in
Items in the profit Percentag
the current the previous Reasons for changes
statement e change
period period
Mainly attributable to the increase in R&D investment
R&D expenses 150,759.08 94,866.29 58.92%
in the current period
Mainly attributable to the increase in exchange
Financial expenses 1,132.76 3,801.78 -70.20%
earning in the current period
Mainly attributable to the decrease in investment
Investment income -11,936.81 -8,671.03 -37.66% income recognized from associates in the current
period
Mainly attributable to the increase in the bad debt
Credit impairment losses -8,395.94 -5,793.99 -44.91%
provision for receivables
Amount in Amount in
Items in the cash flow Percentag
the current the previous Reasons for changes
statement e change
period period
Net cash flows from Mainly attributable to the decrease in investment in
-107,839.19 -160,445.56 32.79%
investing activities the current period
Mainly attributable to a year-on-year decrease in
Net cash flow from
-236,263.79 -116,141.66 -103.43% interest-bearing liabilities and payments made for the
financing activities
acquisition of minority interests in the current period
II. Shareholder Information
(I) Total number of common shareholders, number of preferred shareholders with restored voting rights
and shareholdings of top 10 shareholders
Unit: Shares
Total number of common shareholders Total number of preferred shareholders with restored
at the end of the reporting period voting rights at the end of the reporting period (if any)
Shareholdings of top 10 shareholders (excluding shares lent through refinancing)
Number of Pledged, marked or frozen status
Name of Nature of Shareholdi Number of shares held
shareholder shareholder ng ratio shares held with restricted Status of shares Quantity
sale conditions
China Grand
Domestic non-state-
Enterprises, 41.67% 730,938,157 0 Pledged 143,880,000
owned legal person
INC.
Hangzhou
Huadong State-owned legal
Medicine person
Group Co., Ltd.
Hong Kong
Securities
Overseas legal
Clearing 2.96% 52,003,638 0 Not applicable 0
person
Company
Limited
China
Securities Domestic non-state-
Finance owned legal person
Corporation
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Limited
Industrial and
Commercial
Bank of China
Limited -
Zhong Ou
AMC Medical Others 1.15% 20,115,229 0 Not applicable 0
and Health
Hybrid
Securities
Investment
Fund
New China Life
Insurance Co.,
Ltd. - Dividend
- Individual Others 1.13% 19,791,994 0 Not applicable 0
Dividend -
Shenzhen
National Social
Security Fund - Others 0.97% 16,989,744 0 Not applicable 0
Portfolio 112
New China Life
Insurance Co.,
Ltd. -
Traditional -
General Others 0.89% 15,597,134 0 Not applicable 0
Insurance
Products -
Shenzhen
Industrial and
Commercial
Bank of China
Limited -
Others 0.85% 14,882,245 0 Not applicable 0
Huatai-PB CSI
ended Index
Fund
China
Construction
Bank
Corporation - E
Fund CSI 300
Medical and Others 0.63% 10,986,410 0 Not applicable 0
Health Trading
Open Index
Securities
Investment
Fund
Shareholdings of top 10 shareholders without restricted sale conditions (excluding shares lent through refinancing and restricted
shares held by senior managers)
Number of shares held without restricted sale Types and number of shares
Name of shareholder
conditions Type of shares Quantity
RMB common
China Grand Enterprises, INC. 730,938,157 730,938,157
shares
Hangzhou Huadong Medicine Group RMB common
Co., Ltd. shares
Hong Kong Securities Clearing RMB common
Company Limited shares
China Securities Finance Corporation RMB common
Limited shares
Industrial and Commercial Bank of
China Limited - Zhong Ou AMC RMB common
Medical and Health Hybrid Securities shares
Investment Fund
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
New China Life Insurance Co., Ltd. -
RMB common
Dividend - Individual Dividend - 018L- 19,791,994 19,791,994
shares
FH002 Shenzhen
National Social Security Fund - RMB common
Portfolio 112 shares
New China Life Insurance Co., Ltd. -
RMB common
Traditional - General Insurance 15,597,134 15,597,134
shares
Products - 018L-CT001 Shenzhen
Industrial and Commercial Bank of
RMB common
China Limited - Huatai-PB CSI 300 14,882,245 14,882,245
shares
Open-ended Index Fund
China Construction Bank Corporation -
E Fund CSI 300 Medical and Health RMB common
Trading Open Index Securities shares
Investment Fund
Description of affiliation or concerted action of the The Company did not know whether there was any relationship among
above shareholders the above shareholders, or whether they were parties acting in concert.
As of the end of the current reporting period, none of the top 10 common
Description of the participation in securities margin
shareholders of the Company held shares of the Company through
trading business of top 10 shareholders (if any)
securities margin trading accounts.
Participation in the lending of shares through refinancing business of shareholders holding more than 5% of shares, top 10
shareholders and top 10 shareholders holding tradable shares without restricted sale conditions
□Applicable Not applicable
Change in top 10 shareholders and top 10 shareholders holding tradable shares without restricted sale conditions due to
lending/returning of shares through refinancing as compared to the previous period
□Applicable Not applicable
(II) Total number of preferred shareholders and shareholding list of top 10 preferred shareholders of the
Company
□Applicable Not applicable
Ⅲ. Other Important Matters
Applicable □Not applicable
(I) Overview of the Company's overall operations during the reporting period
Guided by the principles of "promoting entrepreneurial spirit, deepening reforms,
strengthening organizational systems, and capturing development opportunities", the Company,
during the reporting period, maintained a strong focus on overall strategic planning and annual
operational objectives. It steadily advanced research and development as well as clinical trials,
optimized production process efficiency and dynamic cost management, enhanced internal
coordination and collaboration, and improved organizational effectiveness, thereby ensuring the
effective execution of various business management tasks.
From January to September 2025, the Company achieved total operating revenue of
RMB32.664 billion, a year-on-year increase of 3.77%; net profit attributable to shareholders of the
listed company was RMB2.748 billion, a year-on-year increase of 7.24%; and net profit attributable
to shareholders of the listed company after deducting non-recurring gains and losses was
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
RMB2.694 billion, a year-on-year increase of 8.53%.
Specifically, in Q3 2025, the Company achieved total operating revenue of RMB10.989
billion, a year-on-year increase of 4.53%; net profit attributable to shareholders of the listed
company was RMB933 million, a year-on-year increase of 7.71%; and net profit attributable to
shareholders of the listed company after deducting non-recurring gains and losses was RMB932
million, a year-on-year increase of 8.77%.
The Company maintained stable and favorable overall operations. In Q4 2025, it will
continue to rigorously execute the annual operational plan, efficiently advancing research,
production, and business activities, with a view to achieving the full-year performance targets.
From January to September 2025, the Company's core pharmaceutical subsidiary, Zhongmei
Huadong, sustained a stable growth trend in overall operations, achieving operating revenue
(including CSO business) of RMB11.045 billion, representing a year-on-year increase of 11.10%;
and achieved consolidated net profit attributable to the parent company in the amount of
RMB2.475 billion, with a year-on-year increase of 15.62%. In the third quarter, it recorded
operating revenue of RMB3.728 billion (including CSO business), representing a year-on-year
increase of 14.95%, and a net profit attributable to the parent company of RMB894 million, up
During the reporting period, the Company concentrated on the strategic priority of
commercializing innovative products and actively pursued the expansion of its market presence.
These initiatives have begun to yield tangible results, with innovative products making an
increasingly significant contribution to revenue. Specifically, from January to September 2025,
the Company's revenue from innovative products sales and agency services totaled RMB1.675
billion, representing a significant year-on-year increase of 62%. Among these, Mirvetuximab
Soravtansine Injection (trade name: ELAHERE) utilized the "Hong Kong-Macao Medical
Devices and Pharmaceuticals Access Scheme" to pioneer its market entry, generating sales
revenue of over RMB45 million from January to September 2025, andits domestic market launch
is progressing smoothly and is scheduled for an official rollout in November 2025.
Zevorcabtagene Autoleucel Injection (trade name: Saikaize), the CAR-T product
exclusively commercialized by Zhongmei Huadong, continues to be included in an increasing
number of local government-subsidized insurance programs and commercial insurance plans,
thereby improving patient accessibility. Meanwhile, the number of certified and registered
medical institutions for this product has steadily increased, further accelerating market penetration.
In the reporting period, a demand of this product commercialization has increased significantly.
Specifically, from January to September 2025, the Company placed 170 valid orders with its
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
partner, CARsgen Therapeutics, exceeding the total number of orders for the entire previous year.
Furthermore, the first domestically produced Ustekinumab Injection (trade name: SAILEXIN) in
the autoimmune field, along with the Class 1 new drug in the diabetes field, Ganagliflozin Proline
Tablets (trade name: Huiyoujing), have sustained rapid quarterly sales growth, driven by their
clinical value and market promotion efforts.
In addition, the Company's exclusive promotion of the new 1.5-generation PARP inhibitor
Senaparib Capsules (trade name: Paishuning) has delivered strong market performance, with
sales doubling month-on-month in the third quarter. Concurrently, the Company is actively
preparing for national medical insurance and commercial insurance negotiations for its three
innovative products—Paishuning, ELAHERE and Saikaize in the fourth quarter of 2025,
aiming to enhance patient accessibility, expand sales channels, and accelerate market penetration.
Huadong Medicine (Guizhou) Pharmaceutical Co., Ltd. (hereinafter referred to as "Guizhou
Corporation") focuses on achieving breakthroughs in its core products. By establishing a
professional, self-operated promotion team, it is fully committed to facilitating the market access
of Shang Ke Ling in large and medium-sized hospitals as well as its coverage in retail
pharmacies. Therefore, Guizhou Corporation's overall operations continue to grow rapidly.
Specifically, from January to September 2025, Guizhou Corporation achieved operating revenue
of RMB172 million, representing a year-on-year increase of 194%, and a net profit of RMB53
million, up 489% year-on-year, with its profitability continuing to strengthen.
In the reporting period, the Company actively expanded its medical device sales and
promotion team. In October 2025, the domestic marketing authorization application for the
world's first-in-class innovative drug, Relmapirazin Injection (R&D code: MB-102), was
officially approved. Its companion Transdermal GFR Measurement System (TGFR) had
previously received approval in February 2025, marking the overall authorization of the world's
first bedside renal function assessment product, MediBeacon TGFR, suitable for patients with
both normal and impaired renal function in the Chinese market. Because MediBeacon TGFR
possesses significant potential for clinical application,in order to deliver its early benefits to
patients in China, the Company will fully leverage its commercial capabilities to facilitate rapid
and efficient market penetration following launch. Simultaneously, it will collaborate closely with
its partner, MediBeacon, to jointly explore application solutions across various clinical settings
and further realize the product's clinical value.
From January to September 2025, the Company's pharmaceutical business segment achieved
an overall operating revenue of RMB21.253 billion, representing a year-on-year increase of
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Impacted by the dual effects of the global economy's cyclical adjustments and intensified
industry competition, growth in the Company's medical aesthetics segment remained under pressure.
From January to September 2025, the segment achieved total operating revenue of RMB1.568
billion (excluding internal offsets), representing a year-on-year decline of 17.90%. In detail, from
January to September 2025, the Company's wholly-owned subsidiary, Sinclair UK, achieved
consolidated operating revenue of approximately RMB719 million, representing a year-on-year
decrease of 7.34%. With the goal of "building a globally leading medical aesthetics enterprise", the
Company actively aligns with the global trend of flat structure of management adopted by
multinational corporations and is implementing strategic adjustments to its organizational structure
and human resources. It is committed to establishing a refined, efficient, and innovative operating
system, promoting innovation in management models, optimizing and upgrading resource
allocation, focusing on core businesses, and continuously achieving breakthroughs, thereby laying a
solid foundation for the sustained improvement of operational quality and long-term growth.
On the other hand, the domestic medical aesthetics market is also undergoing a period of
structural adjustment. From January to September 2025, the Company's wholly-owned subsidiary,
Sinclair, recorded operating revenue of RMB745 million, representing a year-on-year decrease of
core medical aesthetics markets both domestically and internationally. In October 2025, the
Chinese market registration application for MaiLi Precise—a Class 3 medical device "Lidocaine-
containing Cross-linked Sodium Hyaluronate Gel for Injection"—was officially accepted. In
September 2025, Sinclair's newly patented Carboxymethyl Chitosan Solution, KIO021,
completed the first subject injection in its clinical study in China. Meanwhile, the U.S. clinical
trial of Ellansé S has completed enrollment of all subjects. With the continued advancement of
registration for core product pipelines and the progressive launch of new products in the domestic
market, the brand influence and core competitiveness of the Company's medical aesthetics
business are expected to be further strengthened.
In terms of the segment of industrial microbiology, from January to September 2025, the
overall revenue sustained rapid growth, representing a year-on-year increase of 28.48%.
Subsequently, with the proactive expansion into overseas markets, this segment is expected to
sustain its positive growth momentum.
(II) Research and development status
During the reporting period, adhering to the "Scientific Research-based and Patient-
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
centered" corporate philosophy, the Company has deepened its expertise in the fields of
endocrinology, autoimmunity and oncology. Through sustained increase in the R&D investment
and expansion of innovative drug R&D pipelines, it has strengthened the innovative R&D
ecosystem and technological platforms, while accelerating clinical trials, with multiple significant
milestone achievements made. As of the date of the Report, the Company's innovative drug R&D
center is advancing over 90 innovative drug pipeline projects. From January to September 2025,
the Company's R&D investment in pharmaceutical industry (excluding equity investment)
reached RMB2.186 billion, a year-on-year increase of 35.99%, of which direct R&D expenditure
was RMB1.767 billion, a year-on-year increase of 53.76%, accounting for 16.21% of
pharmaceutical industrial revenue.
Oncology
In March 2025, the supplemental application to convert the conditional approval of
Mirvetuximab Soravtansine Injection (Elahere, R&D code: IMGN853, HDM2002) to regular
approval was accepted and passed the clinical inspection in August 2025.
The NDA for Company's Class 1 new drug, Mifanertinib Maleate Tablets (former name:
Mefatinib Tablets), was approved in October 2025 for first-line treatment of adult patients with
locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring epidermal growth
factor receptor (EGFR) exon 21 (L858R) substitution mutations.
The Company's self-developed differentiated innovative ADC drug pipeline targeting novel
targets has established a gradient layout. Current key advancing projects include HDM2005,
HDM2020, HDM2012, HDM2017, and HDM2024. Among these, the ROR1-targeted ADC project,
HDM2005, is at the forefront of global clinical development for ROR1 ADCs and is currently
conducting three clinical trials in China: a Phase I trial of HDM2005 monotherapy for advanced
hematologic malignancies (MCL, DLBCL, classical Hodgkin lymphoma (cHL)), which has
completed five dose-escalation cohorts, with two dose levels now in the expansion phase; a Phase I
trial of HDM2005 monotherapy for advanced solid tumors, with the first subject dosed in May 2025,
seven subjects enrolled to date, and dose escalation ongoing at 2.5 mg/kg; and a Phase Ib/II trial of
HDM2005 combination therapy for DLBCL patients, which enrolled its first subject in September
received IND approvals in China and the U.S. In August 2025, the Phase I trial of HDM2012 for
advanced solid tumors dosed its first subject, making it the world's first MUC17 ADC to enter
clinical development. Patient enrollment in the first dose cohort has been completed. Furthermore,
in August 2025, the Phase I trial of HDM2020 for advanced solid tumors dosed its first subject.
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Currently, patient enrollment for dose escalation at the first dose level is underway. The CDH17-
targeting HDM2017 has received IND approvals in both the U.S. and China in September 2025. In
addition, HDM2024 is progressing through preclinical development and is aiming to submit its IND
application in the Q4 2025.
In October 2025, the Company's associate, Heidelberg Pharma AG in Germany, announced
that its Amanitin-based ADC candidate, HDP-101 (HDM2027), was granted Fast Track designation
by the U.S. Food and Drug Administration (FDA). Additionally, the IND application for HDP-101
(HDM2027) in China has been approved. The Company is currently conducting clinical preparation
activities and anticipates initiating the clinical trial by late 2025 or early 2026.
The small-molecule anti-tumor drug HPK-1 PROTAC (hematopoietic progenitor kinase 1
proteolysis-targeting chimera), HDM2006 tablets, is currently undergoing a Phase I clinical trial in
China for the treatment of advanced solid tumors, with enrollment for the third dose cohort
underway.
For DR30206 Injection, a proprietary PD-L1/VEGF/TGF-β tri-specific antibody fusion protein
developed by the Company's subsidiary Doer Biologics, is currently leading global R&D progress
for the same target. In April 2025, the Phase Ib clinical trial of DR30206 for first-line treatment of
NSCLC successfully dosed its first subject. The clinical trial application for combination therapy
with standard chemotherapy in patients with advanced or metastatic gastrointestinal tumors was
approved in April 2025, and the Phase Ib/IIa clinical study of this combination regimen is currently
underway.
Endocrinology
The oral small-molecule GLP-1 receptor agonist HDM1002 (conveglipron) has now
completed enrollment of all subjects for its Phase III clinical trial in China for the weight
management indication. The study is currently in the treatment follow-up and data collection phase.
Furthermore, both Phase III clinical studies of this product for the treatment of type 2 diabetes have
commenced, with the first subject enrolled in August 2025.
The HDM1005 (poterepatide) injection, a GLP-1R/GIPR long-acting polypeptide dual-target
agonist, enrolled its first subject in the Phase III clinical trial for the weight management indication
in October 2025. The Phase II clinical trial for the diabetes indication completed full subject
enrollment in July 2025, and the application for Pre-Phase III consultation for this indication is
currently being prepared.
DR10624, a first-in-class triple-target agonist (FGF21R/GCGR/GLP-1R) developed by the
controlling subsidiary of Doer Biologics, has successfully completed a Phase II clinical trial for
severe hypertriglyceridemia. The study results were selected as the latest breakthrough research for
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
the 2025 American Heart Association Scientific Sessions (AHA Scientific Sessions 2025) and will
be featured as the opening presentation on the main stage of the AHA 2025 main venue, scheduled
for November this year. Preparations are currently underway for the Phase III clinical trial targeting
the indication of severe hypertriglyceridemia. Furthermore, the IND application for severe
hypertriglyceridemia in the U.S. received approval in October 2025. The Phase II clinical trial
targeting patients with metabolic-associated steatotic liver disease with high risk of fibrosis and
those with metabolic-alcohol-related steatotic liver disease is currently being conducted
concurrently.
The IND application for HDM1010 tablets (a fixed-dose oral combination formulation of
HDM1002) for the treatment of type 2 diabetes was approved by the U.S. FDA in June 2025, and
clinical trial preparations are currently underway.
The marketing authorization application for Semaglutide Injection for the diabetes indication
was submitted and accepted in March 2025, and successfully passed clinical review. For the weight
management indication, all subjects in the Phase III clinical trial were enrolled in February 2025,
and the study is currently in the treatment follow-up and data collection phase.
The marketing authorization application for Insulin Degludec Injection was submitted and
accepted in February 2025; the on-site inspection has been completed, and the application is
currently under technical review.
The Phase III clinical trial of Insulin Degludec and Insulin Aspart Injection achieved top-line
results in September 2025.
Autoimmunity
The supplemental application of HDM3001 (QX001S), a biosimilar of Ustekinumab
developed in collaboration between the Company and Qyuns Therapeutics, for the new pediatric
plaque psoriasis indication, was approved in March 2025. Additionally, the marketing authorization
application and supplemental application for Crohn's disease were accepted for review in February
The innovative drug HDM3016 (QX005N), jointly developed with Qyuns Therapeutics, is
currently in Phase III clinical trials in China for two indications: prurigo nodularis and atopic
dermatitis. Enrollment for the Phase III study in atopic dermatitis has been completed, and a Pre-
BLA communication for the prurigo nodularis indication is anticipated to be submitted in the Q4
HDM3014 (Roflumilast Cream), developed in collaboration between the Company and Arcutis,
has achieved positive top-line results in Phase III clinical trials in China for both plaque psoriasis
and atopic dermatitis. The NDA submissions for both indications are planned in Q4 2025.
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
The Company's independently developed modified new drug, Ruxolitinib Gel (HDM3010), for
the treatment of prurigo nodularis, has achieved top-line results from its Phase I/II clinical study. A
Pre-Phase III communication application was submitted in September 2025. In addition, a Phase III
clinical trial in vitiligo is currently ongoing.
The MC2-01 Cream, developed in collaboration between the Company and MC2 Therapeutics,
received approval in July 2025 to initiate a Phase III clinical trial in China for plaque psoriasis. The
Phase III clinical trial preparations are currently underway.
The Company's independently developed first-in-class bispecific antibody candidates,
HDM3018 Injection and HDM4002 Injection, are currently under IND-enabling development, with
IND applications in China and the U.S. targeted for 2026.
Other segments
The Transdermal GFR Measurement System, a Class 3 innovative medical device, was
approved by the NMPA in February 2025. The marketing authorization application for
Relmapirazin Injection used cooperatively with the device was approved in October 2025.
The marketing authorization application for Ranibizumab Injection was submitted and
accepted in May 2025.
drugs, medical devices and biosimilars)
From 2025 to the date of the Report, the Company's products have received five marketing
approvals, six marketing authorization applications have been accepted, and eighteen IND
approvals have been granted in China or the U.S., as detailed in the table below:
China Registration
No. Item Category Milestone Event
Class
Paishuning(Senaparib Innovative Class 1 chemical
Capsules) drug drug
Innovative
Transdermal GFR Class 3 medical
Measurement System device
device
SAILEXIN Supplemental application for the new pediatric
Class 3.3 therapeutic
biological product
Injection) in March 2025
Innovative Class 1 chemical
drug drug
Mairuidong
Innovative Class 1 chemical
drug drug
Tablets)
SAILEXIN
(Ustekinumab The marketing authorization application and
Class 3.3 therapeutic
biological product
Ustekinumab Injection accepted for review in February 2025
(intravenous infusion)
Insulin degludec Class 3.3 therapeutic The marketing authorization application was
injection biological product accepted in February 2025
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Elahere
The supplemental application, converted from
(Mirvetuximab Innovative Class 3.1 therapeutic
Soravtansine drug biological product
March 2025
Injection)
Class 3.3 therapeutic The marketing authorization application was
biological product accepted in March 2025
Class 3.3 therapeutic The marketing authorization application was
biological product accepted in May 2025
Modified Class 2.2 chemical The marketing authorization application was
new drug drug accepted in July 2025
Innovative Class 1 chemical The IND for advanced malignancies was
drug drug approved in the U.S. in January 2025
The IND for OSA in patients with obesity or
Innovative Class 1 chemical
drug drug
Innovative Class 1 chemical The IND for HFpEF in patients with obesity or
drug drug overweight was approved in China in March 2025
Innovative Class 1 therapeutic The IND for rheumatoid arthritis was approved in
drug biological product China in March 2025
The IND for combination standard chemotherapy
Innovative Class 1 therapeutic in patients with advanced or metastatic
drug biological product gastrointestinal tumors was approved in China in
April 2025
Innovative Class 1 chemical The IND for hypertension was approved in China
drug drug in April 2025
The IND for R-CHP combination therapy in
Innovative Class 1 therapeutic
drug biological product
May 2025
Innovative Class 1 chemical The IND for diabetes was approved in the U.S. in
drug drug June 2025
topical foam drug drug in China in June 2025
Innovative Class 1 therapeutic The IND for advanced solid tumors was approved
drug biological product in China in June 2025
Innovative Class 1 therapeutic The IND for advanced solid tumors was approved
drug biological product in the U.S. in June 2025
Innovative Class 1 therapeutic The IND for advanced solid tumors was approved
drug biological product in the U.S. in July 2025
Innovative Class 1 therapeutic The IND for advanced solid tumors was approved
drug biological product in China in July 2025
Innovative Class 1 chemical The IND for weight management was approved
drug drug in the U.S. in July 2025
Innovative Class 5.1 chemical The IND for plaque psoriasis was approved in
drug drug China in July 2025
Innovative Class 1 therapeutic The IND for advanced malignant solid tumors
drug biological product was approved in the U.S. in September 2025
Innovative Class 1 therapeutic The IND for advanced malignant solid tumors
drug biological product was approved in China in September 2025
Innovative Class 1 therapeutic The IND for severe hypertriglyceridemia was
drug biological product approved in the U.S. in October 2025
Note: Paishuning (Senaparib Capsules) is a product exclusively marketed by the Company in mainland China,
while HDM7008 (SNK-2726) is a product jointly developed by the Company in collaboration with Synerk.
academic conferences since 2025
N Conference/jo Presenta
Date of release Item Title
o. urnal name tion
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
format
Preclinical development of HDM2020, a
Poster
AACR Annual novel ADC targeting FGFR2b, in gastric
Meeting cancer (GC) and squamous non-small cell
ion
lung cancer (sq-NSCLC) xenograft models
Translational studies of HDM2012, a novel
Poster
AACR Annual topoisomerase inhibitor ADC targeting
Meeting MUC17, in patient derived GC, CRC,
ion
PDAC tumor models
Poster
AACR Annual Discovery of HDM2017, a CDH17-
Meeting targeting ADC for colorectal cancers
ion
Discovery of potent, selective, and orally
Poster
AACR Annual bioavailable GSPT1 molecular glue
Meeting degraders (MGDs) for the treatment of
ion
MYC-driven tumors
HDM2006, A Novel and Potent HPK1
Poster
AACR Annual PROTAC, Enhances Immune Cell
Meeting Activation and Induces Robust Tumor
ion
Growth Inhibition
DR10624, a First-In-Class, FGF21
Receptor (FGF21R)/Glucagon Receptor
Poster
(GCGR)/GLP-1 Receptor (GLP-1R) Triple
presentat
EASL Annual Agonist Rapidly and Significantly Reduced
Meeting Liver Fat in Obese Subjects With Modest
Late-
Hypertriglyceridemia: A 12-Week
Breaker
Randomized, Placebo-Controlled, Double-
Blind, Multi-Center Trial
DR10624, a novel FGF21R, GCGR, and
GLP-1R tri-agonist, demonstrated
Poster
EASL Annual extraordinary efficacy in B6-Alms1-del
Meeting mice, a spontaneous MASH model of mice
ion
with obesity, hyperglycemia, and
dyslipidemia phenotype
Poster
Discovery of Potent Degraders of pan-
KRAS Based on a Novel KRAS Binder
ion
HDM2020、 Oral Triad of precision: FGFR2b, MUC17 and
World ADC
Asia
HDM2017 ion treatment of solid tumors
Safety, Tolerability, Pharmacokinetics (PK),
and Pharmacodynamics (PD) of a Dual
Oral
ADA Scientific GLP-1/GIP Receptor Agonist
Sessions (HDM1005)—A Phase I, Randomized,
ion
Double-Blind, Placebo-Controlled, Single
and Multiple Dose-Escalation Study
Poster HDM1002-102: A Randomized, Placebo-
ADA Scientific
Sessions
ion Chinese Adults with Overweight or Obesity
Efficacy and Safety of HDG1901 vs
Poster
Semaglutide ADA Scientific Ozempic in Patients with Type 2 Diabetes
Injection Sessions (T2D): A Randomized, Open-label,
ion
Bioequivalence Phase 3 Trial
Significant Body Weight Reduction with
Oral
EASD Annual Improved Body Composition by
Meeting HDM1005, a Novel Long-Acting GLP-
ion
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Significant Weight Reduction with
Oral
EASD Annual Improved Body Composition and Serum
Meeting TG/TC by HDM1002, a Novel Oral Small
ion
Molecule GLP-1R Agonist
Poster WEIGHT MANAGEMENT IN OBESE
HDM7006-
CAT
ion DUAL-TARGET AGONIST
Poster WEIGHT MANAGEMENT IN OBESE
HDM7006-
CANINES
ion DUAL-TARGET AGONIST
DR510: A Dual-Masking T-Cell Engager
Abstract
Prodrug with Single-Site Cleavage for
Balancing Efficacy and Safety in Solid
Poster
Tumor Therapy
Opening DR10624, a First-In-Class, FGF21
remarks Receptor/Glucagon Receptor/GLP-1
at the Receptor Triple Agonist, Rapidly and
November AHA Scientific main Significantly Reduced Triglycerides,
and Late- Patients With Severe Hypertriglyceridemia:
Breaking Primary Results From a Randomized Phase
Science 2 Trial
Poster
November SITC Annual Discovery of HDM2021 as a Highly Potent
ion
Potent Bispecific Antibody Inhibiting
Poster
November Activation of Complement Alternative
ion
Therapy
A phase I study of HDM2005, a ROR1
Poster targeted antibody-drug conjugate (ADC), in
December ASH Annual
ion non-Hodgkin lymphoma (B-NHL) or
classical Hodgkin lymphoma(cHL)
*Note: Upcoming international academic conferences
Product
No. Type Intended use Latest progress
designation
Registration acceptance notice
MaiLiPrecise Improvement of infraorbital
Hyaluronic acid hollows
LanlumaV Completed enrollment of all subjects
acid assessments in progress
KIO021 Improvement of facial skin Completed enrollment of the first
Chitosan condition subject in September 2025.
Completed enrollment of all subjects
Ellansé-S
for new indication clinical trial in
November 2024; safety follow-up in
e
progress.
Received NMPA registration
Ellansé-M acceptance in January 2025; obtained
Improvement of temporal
hollows
e preparation of technical
documentation in progress.
Botulinum YY001 Submitted BLA in December 2024;
toxin Recombinant completed on-site factory inspection
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
botulinum toxin in June 2025; technical review in
type A progress.
Improvement of body and facial Received NMPA registration
wrinkles, benign skin lesions, acceptance notice in March 2025;
Energy-
based device
pigmented lesions, inflammatory notice in June 2025; preparation of
acne, depilation, etc. technical documentation in progress.
(III) External investments and collaborations from the third quarter to the disclosure
date of the Report
between Huadong Medicine (Hangzhou) Co., Ltd. (hereinafter referred to as "Huadong Medicine
Hangzhou"), a wholly owned subsidiary of the Company, and Jiangsu Vcare PharmaTech Co., Ltd.
(hereinafter referred to as "Jiangsu Vcare"), officially took effect. Huadong Medicine Hangzhou has
obtained the exclusive commercialization rights for the oral formulation of VC005 from Jiangsu
Vcare in mainland China. For further details, please refer to the Company's announcement titled
Announcement on the Signing of an Exclusive Commercialization Cooperation Agreement for
Products by a Wholly-Owned Subsidiary (Announcement No.: 2025-078), published on CNINFO
(http://www.cninfo.com.cn).
chain layout, leverage the expertise and resource advantages of professional institutions, integrate
resources from all parties, and enhance its core competitiveness, the Company, as a limited partner,
jointly signed the Partnership Agreement of Hangzhou Fuguang Hongze Equity Investment
Partnership (Limited Partnership) on August 18, 2025, together with the general partner, executive
partner, and fund manager Shanghai Fuguang Private Equity Management Co., Ltd., and limited
partners Hangzhou Industrial Investment Co., Ltd. and Hangzhou Gongshu Industrial Fund Co.,
Ltd., to jointly establish the Hangzhou Fuguang Hongze Equity Investment Partnership (Limited
Partnership) (hereinafter referred to as the Special Pharmaceutical Industry Investment Fund). The
total committed capital of the Special Pharmaceutical Industry Investment Fund is RMB2 billion, of
which the Company, as a limited partner, has committed RMB980 million of own funds,
representing a 49.00% share of the total committed capital. For detailed information, please refer to
the Company's announcement titled Announcement on Joint Investment with Professional
Investment Institutions to Establish a Special Pharmaceutical Industry Investment Fund and Related
Party Transaction (Announcement No.: 2025-083), published on CNINFO
(http://www.cninfo.com.cn).
As of September 22, 2025, the Special Pharmaceutical Industry Investment Fund has
completed its business registration and filing with the Asset Management Association of China, and
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
the first tranche of capital, totaling RMB10 million, has been successfully raised. For detailed
information, please refer to the Company's announcement titled Progress Announcement on Joint
Investment with Professional Investment Institutions to Establish a Special Pharmaceutical Industry
Investment Fund and Related Party Transaction (Announcement No.: 2025-087), published on
CNINFO (http://www.cninfo.com.cn).
Company, announced that it had entered into an exclusive commercialization cooperation
agreement with Hangzhou Chance Pharmaceuticals Co., Ltd. (hereinafter referred to as "Chance
Pharmaceutical") in mainland China for Chance Pharmaceutical's product CXG87 (improved
Budesonide/Formoterol Powder for Inhalation). CXG87 is a Class 2.2 new drug independently
developed by Chance Pharmaceutical, intended for the treatment of asthma and other respiratory
diseases. Currently, the Phase III clinical trial of this drug for asthma has completed enrollment of
all subjects, and a NDA is anticipated to be submitted in the first half of 2026. Under the terms of
the agreement, Chance Pharmaceutical, as the Marketing Authorization Holder (MAH), will be
responsible for the research, development, registration, manufacturing, and supply of the CXG87
product. Upon signing the agreement, Chance Pharmaceutical will receive the first payment and
applicable registration and sales milestone payments. Huadong Medicine will be responsible for the
commercial promotion of CXG87 in mainland China.
(IV) Registration form of receptions, including research, communication, interview and
other activities
Main topics
Recepti
discussed
Reception Reception Reception on Reception Basic information
and
date location mode object object index of the survey
information
type
provided
For details, see the
Record Sheet of
Soochow
Securities,
Institutio Performance Activities on August
Meeting Phone Sinolink
August 20, ns and Exchange 20, 2025, which was
room of the communic Securities,
Company ation GF
als Huadong Company at
Securities,
Medicine https://irm.cninfo.com.
etc.
cn/ and at
www.cninfo.com.cn.
Citibank, For details, see the
Carlyle, Record Sheet of
Meeting Sumitomo Investor Relations
September Institutio On-site
room of the Field visits Mitsui DS Activities on
Company Asset September 25, 2025,
Management which was published
, etc. by the Company at
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
https://irm.cninfo.com.
cn/ and at
www.cninfo.com.cn.
IV. Quarterly Financial Statements
(I) Financial statements
Prepared by: Huadong Medicine Co., Ltd.
September 30, 2025
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 4,375,309,533.55 5,276,440,245.36
Deposit reservation for balance
Lendings to banks and other financial
institutions
Trading financial assets
Derivative financial assets
Notes receivable 5,630,773.62 10,696,341.24
Accounts receivable 11,130,669,300.04 8,425,358,862.23
Receivables financing 642,918,508.71 1,677,636,420.09
Prepayments 514,419,536.14 400,291,510.71
Premium receivable
Reinsurance accounts receivable
Reinsurance contract reserve
receivable
Other receivables 782,158,641.12 402,870,356.31
Incl.: Interest receivable
Dividends receivable 223,608.84 223,608.84
Financial assets purchased for resale
Inventory 5,200,308,101.69 4,776,397,278.01
Incl.: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 69,370,755.85 82,099,747.34
Total current assets 22,720,785,150.72 21,051,790,761.29
Non-current assets:
Loans and advances issued
Debt investments
Other debt investments
Long-term receivables
Long-term equity investment 1,460,238,936.92 1,543,646,404.76
Investment in other equity instruments 667,868,747.53 603,232,766.22
Other non-current financial assets
Investment property 11,161,106.73 11,842,042.67
Fixed assets 4,223,188,950.66 4,422,300,775.01
Construction in progress 1,085,870,826.31 836,739,481.60
Productive biological assets
Oil and gas assets
Right-of-use assets 170,517,205.70 149,504,562.99
Intangible assets 3,734,873,742.82 3,644,956,428.71
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Incl.: Data resources
Development expenditure 1,325,274,459.03 1,033,392,377.69
Incl.: Data resources
Goodwill 2,934,647,553.97 2,913,334,523.63
Long-term deferred expenses 18,673,755.93 22,601,572.13
Deferred income tax assets 256,991,465.54 221,848,889.06
Other non-current assets 1,318,691,298.62 1,423,855,781.39
Total non-current assets 17,207,998,049.76 16,827,255,605.86
Total assets 39,928,783,200.48 37,879,046,367.15
Current liabilities:
Short-term borrowings 1,771,270,685.28 2,312,339,143.21
Borrowings from the central bank
Borrowings from other banks and
other financial institutions
Trading financial liabilities
Derivative financial liabilities
Notes payable 3,675,987,092.13 2,576,685,923.31
Accounts payable 5,094,338,056.84 4,467,770,810.96
Advance receipts 1,273,682.87 1,115,173.00
Contract liabilities 115,929,823.64 173,609,109.58
Expense for financial assets sold for
repurchase
Deposits taken and interbank deposits
Receivings from vicariously traded
securities
Receivings from vicariously sold
securities
Employee compensation payable 238,395,677.39 417,133,101.11
Taxes and dues payable 400,747,695.17 645,950,867.22
Other payables 3,147,883,822.08 2,849,833,595.48
Incl.: Interests payable
Dividends payable 125,024,219.60 125,024,219.60
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 23,064,901.24 19,268,728.25
Total current liabilities 14,576,398,430.04 13,794,235,373.01
Non-current liabilities:
Provision for insurance contracts
Long-term borrowings 298,867,686.24 14,262,841.05
Bonds payable
Incl.: Preferred share
Perpetual bonds
Lease liabilities 100,890,675.57 71,857,938.46
Long-term payables 27,051,665.90 24,715,073.51
Long-term employee compensation
payable
Estimated liabilities 31,923,494.11 28,985,982.19
Deferred revenue 200,612,513.55 183,855,718.48
Deferred income tax liabilities 196,704,637.73 197,378,528.33
Other non-current liabilities
Total non-current liabilities 856,050,673.10 521,056,082.02
Total liabilities 15,432,449,103.14 14,315,291,455.03
Owners' equity:
Share capital 1,754,021,048.00 1,754,262,548.00
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
Other equity instruments
Incl.: Preferred share
Perpetual bonds
Capital reserve 2,417,816,815.74 2,550,780,602.69
Less: Treasury share 40,768,791.67 46,804,116.67
Other comprehensive income 32,763,430.24 -50,598,204.17
Special reserves
Surplus reserves 1,395,568,477.98 1,395,568,477.98
General risk reserves
Retained earnings 18,573,486,054.02 17,456,842,089.53
Total owners' equity attributable to the
parent company
Minority interests 363,447,063.03 503,703,514.76
Total owners' equity 24,496,334,097.34 23,563,754,912.12
Total liabilities and owners' equity 39,928,783,200.48 37,879,046,367.15
Legal representative: Lv Liang Person in charge of accounting: Lv Liang Person in charge of the accounting department:
Qiu Renbo
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
I. Total operating revenue 32,664,143,135.68 31,477,654,750.50
Incl.: Operating revenue 32,664,143,135.68 31,477,654,750.50
Interest income
Premiums earned
Handling charges and
commissions revenue
II. Total operating costs 29,289,598,185.10 28,288,811,654.13
Incl.: Operating costs 21,715,689,459.85 21,231,803,408.72
Interest expenditure
Handling charges and
commissions expenditure
Surrender value
Net payments for insurance
claims
Net provision for insurance
liabilities
Expense for insurance policy
dividends
Reinsurance expenses
Taxes and surcharges 172,981,938.92 163,791,954.73
Selling expenses 4,791,980,345.55 4,727,512,478.83
Management expenses 1,090,027,991.29 1,179,023,165.24
R&D expenses 1,507,590,822.48 948,662,894.53
Financial expenses 11,327,627.01 38,017,752.08
Incl.: Interest expense 86,551,703.07 86,594,008.13
Interest income 72,327,993.36 80,012,995.89
Plus: Other incomes 177,555,419.45 168,982,096.89
Investment income (loss expressed
-119,368,076.22 -86,710,253.53
with "-")
Incl.: Investment income in
-75,251,378.58 -54,563,003.59
associates and joint ventures
Income from
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
derecognition of financial assets measured
on the basis of amortized costs
Exchange earnings (loss expressed
with "-")
Net income of exposure hedge (loss
expressed with "-")
Income from changes in fair value
(loss expressed with "-")
Credit impairment loss (loss
-83,959,366.71 -57,939,915.17
expressed with "-")
Asset impairment loss (loss
expressed with "-")
Proceeds from disposal of assets
(loss expressed with "-")
III. Operating profit (loss expressed with "-
")
Plus: Non-operating revenue 5,639,215.91 7,442,671.20
Less: Non-operating expenses 93,607,836.34 88,911,294.16
IV. Total profit (total loss expressed with "-
")
Less: Income tax expense 520,763,289.42 571,279,294.45
V. Net profit (net loss expressed with "-") 2,741,858,261.19 2,562,604,257.61
(I) Classification by continuity of
operation
operations (net loss expressed with "-")
operations (net loss expressed with "-")
(II) Classification by ownership
shareholders of the parent company (net 2,747,916,019.11 2,562,326,688.45
loss expressed with "-")
-6,057,757.92 277,569.16
shareholders (net loss expressed with "-")
VI. Net of tax of other comprehensive
income
Net of tax of other comprehensive
income attributable to the owner of the 83,361,634.41 17,675,896.30
parent company
(I) Other comprehensive income that
cannot be reclassified into the profits and -171,215.68 -6,582,969.35
losses
defined benefit plan
cannot be included in the profits and losses
under the equity method
-171,215.68 -6,582,969.35
investment in other equity instruments
enterprise's credit risks
(II) Other comprehensive income that
will be reclassified into the profits and 83,532,850.09 24,258,865.65
losses
can be transferred to the profit and loss
under the equity method
investments in other debt investments
other comprehensive income
other debt investments
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
currency financial statements
Net of tax of other comprehensive
income attributable to minority shareholders
VII. Total comprehensive income 2,825,219,895.60 2,580,280,153.91
(I) Total comprehensive income
attributable to the owner of the parent 2,831,277,653.52 2,580,002,584.75
company
(II) Total comprehensive income
-6,057,757.92 277,569.16
attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share 1.5682 1.4644
(II) Diluted earnings per share 1.5666 1.4639
If there is a business combination under common control in this period, the net profit of the combined party before the
combination is RMB , and the net profit of the combined party in the previous period is RMB .
Legal representative: Lv Liang Person in charge of accounting: Lv Liang Person in charge of the accounting department:
Qiu Renbo
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
I. Cash flows from operating activities:
Cash received from selling goods and
providing services
Net increase in deposits from customers as
well as banks and other financial institutions
Net increase in borrowings from the central
bank
Net increase in borrowings from other
financial institutions
Cash received from the original insurance
contract premium
Net cash received from reinsurance
business
Net increase in deposits and investments
from policyholders
Cash received from interests, handling
charges and commissions
Net increase in borrowings from banks and
other financial institutions
Net increase in funds from repurchase
business
Net cash received from securities trading
agency
Refund of taxes and fees received 15,291,551.75 15,628,115.69
Receipt of other cash relating to operating
activities
Subtotal of cash inflows from operating
activities
Cash paid for purchase of goods and receipt
of labor services
Net increase in customer loans and advance
payments
Net increase in deposits with the central
bank and interbank
Cash for payment of the original insurance
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
contract
Net increase in lendings to banks and other
financial institutions
Cash paid for interests, handling charges
and commissions
Cash for payment of dividends on policies
Cash paid to and for employees 4,049,472,030.97 3,446,050,305.28
Various taxes and fees paid 2,277,592,721.51 1,962,213,221.83
Payment of other cash relating to operating
activities
Subtotal of cash outflows from operating
activities
Net cash flow from operating activities 2,610,851,944.18 2,506,402,808.91
II. Cash flows from investing activities:
Cash received from investment recovery 14,700,000.00 1,000,000.00
Cash received from obtaining investment
income
Net cash recovered from disposal of fixed
assets, intangible assets and other long-term 10,619,487.83 2,528,623.35
assets
Net cash received from disposal of
subsidiaries and other business units
Receipt of other cash relating to investing
activities
Subtotal of cash inflows from investing
activities
Cash paid for the purchase and construction
of fixed assets, intangible assets and other 1,085,447,151.48 930,485,860.82
long-term assets
Cash paid for investment 66,060,775.00 152,360,852.87
Net increase in pledged loans
Net cash paid for acquisition of subsidiaries
and other business entities
Payments of other cash relating to investing
activities
Subtotal of cash outflows from investing
activities
Net cash flows from investing activities -1,078,391,895.93 -1,604,455,646.48
III. Cash flows from financing activities:
Cash received by absorbing investment
Incl.: Cash received by subsidiaries from
minority shareholders' investment
Cash received from obtaining borrowings 2,519,372,648.00 3,543,115,046.17
Receipt of other cash relating to financing
activities
Subtotal of cash inflows from financing
activities
Cash paid for debt repayment 2,642,267,908.35 2,930,078,520.91
Cash paid to distribute dividends, profits or
pay interest
Incl.: Dividends and profits paid by
subsidiaries to minority shareholders
Payment of other cash relating to financing
activities
Subtotal of cash outflows from financing
activities
Net cash flow from financing activities -2,362,637,939.62 -1,161,416,603.66
IV. Effect of exchange rate changes on cash
-6,921,970.54 21,363,561.91
and cash equivalents
V. Net increase in cash and cash equivalents -837,099,861.91 -238,105,879.32
Plus: Opening balance of cash and cash
equivalents
The 2025 Third Quarterly Report of Huadong Medicine Co., Ltd.
VI. Closing balance of cash and cash
equivalents
(II) Situation of relevant items of financial statements at the beginning of the current
year after the initial implementation of adjustment of the New Accounting Standards in
□Applicable Not applicable
(III) Audit report
Has the Third Quarterly Financial Accounting Report been audited?
□Yes No
The Company's Third Quarterly Financial Accounting Report has not been audited.
Board of Directors of Huadong Medicine Co., Ltd.
October 28, 2025

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