梅花生物2025年半年度报告（英文版）

Meihua Holdings Group Co., Ltd. 2025 Semi-Annual Report1 / 239Stock Code: 600873Stock Abbreviation: Meihua BioMeihua Holdings Group Co., Ltd.2025 Semi-Annual ReportThis is an English translation from the 2025 Semi-Annual Report, in case of anyinconsistency, the Chinese Version shall prevail.Meihua Holdings Group Co., Ltd. 2025 Semi-Annual Report2 / 239Important InformationI. The Company’s board of directors, board of supervisors, directors, supervisors, and officersguarantee that the contents of this semi-annual report are true, accurate, and complete withoutany false records, misleading statements, or material omissions and bear joint and several legalliability.II. All of the Company’s directors have attended the board meeting.III. This semi-annual report has not been audited.IV. Wang Aijun, the principal of the Company, Wang Lihong, the accounting principal, and WangAiling, the principal of the accounting body (the accounting officer), hereby declare that theyguarantee the truthfulness, accuracy, and completeness of the financial report in this semi - annualreport.V. Profit distribution plan or capital reserve conversion plan for the Reporting Period asapproved by the BoardNot ApplicableVI. Risk Disclosure on Forward-Looking Statements√ Applicable Not applicableThis semi-annual report involves forward-looking descriptions such as future plans, and suchstatements do not constitute material commitments for investors. Investors are reminded to pay attentionto the risk of investment.VII. Any occupation of funds by the controlling shareholder or other affiliates for non-operatingpurposesNoVIII. Any external guarantee that violates the decision-making proceduresNoIX. Is it the case that more than half of the directors cannot guarantee the truthfulness, accuracy,and completeness of the semi-annual report disclosed by the Company?NoMeihua Holdings Group Co., Ltd. 2025 Semi-Annual Report3 / 239X. Warning of Key RisksFor the details of the risks faced by the Company, refer to the “Potential Risks” part in “Section 3Discussion and Analysis by the Management” and the “Risks Related to Financial Instruments” part in“Section 8 Financial Report”.XI. Miscellaneous Applicable √Not applicableMeihua Holdings Group Co., Ltd. 2025 Semi-Annual Report4 / 239ContentsSection 1 Definitions................................................................................................................................... 5Section 2 Company Overview and Key Financial Indicators.............................................................. 10Section 3 Discussion and Analysis by the Management...................................................................... 14Section 4 Corporate Governance, Environment, and Society............................................................. 43Section 5 Significant Matters...................................................................................................................49Section 6 Share Changes and Shareholders.........