华东医药:2025年半年度报告(英文版)

Huadong Medicine Co., Ltd.
2025 Semi-annual Report
August 20, 2025

Section I Important Notes, Table of Contents and Definitions
The Board of Directors, directors, and senior management of Huadong
Medicine Co., Ltd. (hereinafter referred to as the "Company") hereby
guarantee that the information presented in this report is authentic, accurate
and complete, and free of false records, misleading statements or material
omissions, and shall undertake individual and joint legal liabilities.
Lv Liang, the Company’s legal representative and the officer in charge of
accounting, and Qiu Renbo, head of the accounting department (accounting
manager) hereby declare that the financial statements in this semi-annual
report are authentic, accurate, and complete.
All directors have attended the Board of Directors meeting to review this
semi-annual report.
The future plans, development strategies and other forward-looking
statements in this semi-annual report shall not be considered as a substantial
commitment of the Company to investors. Investors and related parties should
be fully aware of the risks, and understand the differences between plans,
forecasts and commitments.
The risks the Company faces in operation include industry policy and
product price reduction risk, new drug R&D risk, investment and M&A risk
and exchange rate fluctuation risk. For details, please refer to "X. Risks faced
by the Company and countermeasures" in "Section III. Management's
Discussion and Analysis". Therefore, investors are kindly reminded to pay
attention to possible investment risks.

The dividend distribution scheme approved at the meeting of the Board of
Directors is as follows: On the basis of 1,754,021,048.00 shares—derived by
excluding 56,000.00 restricted stock (pending repurchase and cancellation)
from the existing total share capital of 1,754,077,048.00 shares, RMB 3.50
(before tax) of cash dividends per ten shares will be distributed to all
shareholders; a total of 0 bonus shares (before tax) will be issued; and no
capital reserve will be converted to increase the capital stock. This 2025
interim profit distribution scheme falls within the scope authorized by the 2024
Annual Shareholders' Meeting resolution to the Board of Directors and does
not require further approval by the Shareholders' Meeting.
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.

Table of Contents

Section I Important Notes, Table of Contents and Definitions......2
Section II Company Profile and Key Financial Indicators......11
Section III Management's Discussion and Analysis......15
Section IV Corporate Governance, Environment, and Society......62
Section V Important Matters......72
Section VI Changes in Shares and Shareholders......113
Section VII Bonds-related Information......125
Section VIII Financial Reports......126
Section IX Other Submitted Data......345
Contents of Reference File
(I) Financial accounting statements signed and sealed by the legal representative, the person in charge of accounting, and the head
of the accounting department (accounting manager).
(II) The originals of all Company’s documents publicly disclosed in the press designated by CSRC during the reporting period and
the originals of announcements.

Definitions
Item refers to Definition
CSRC refers to China Securities Regulatory Commission
SZSE refers to Shenzhen Stock Exchange
Huadong Medicine/the Company/our Company refers to Huadong Medicine Co., Ltd.
China Grand Enterprises refers to China Grand Enterprises, INC.
Huadong Medicine Group refers to Hangzhou Huadong Medicine Group Co., Ltd.
Zhongmei Huadong refers to Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd.
Jiangdong Company refers to Hangzhou Zhongmei Huadong Pharmaceutical
Jiangdong Co., Ltd.
Joyang Laboratories refers to Joyang Laboratories
Jiuyuan Gene refers to Hangzhou Jiuyuan Genetic Biopharmaceutical Co., Ltd.
Doer Biologics refers to Zhejiang Doer Biologics Co., Ltd.
Chongqing Peg-Bio refers to Chongqing Peg-Bio Biopharm Co., Ltd.
Qyuns Therapeutics refers to Qyuns Therapeutics Co., Ltd.
Nuoling Bio refers to Nuoling Biomedi