[中报]虹美菱B(200521):2022年半年度报告（英文版）
原标题:虹美菱B:2022年半年度报告（英文版） Semi-Annual Report 2022 August 2022 Section I. Important Notice, Contents and Interpretation Board of Directors, Supervisory Committee, all directors, supervisors and senior executives of Changhong Meiling Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are no any fictitious statements, misleading statements, or important omissions carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completion of the whole contents. Mr. Wu Dinggang, Chairman of the Company, Mr. Pang Haitao, person in charge of accounting work and Mr. Yang Jun, person in charge of accounting organ (accountant in charge) hereby confirm that the Financial Report of 2022 Semi- Annual Report is authentic, accurate and complete. The Company did not have directors, supervisors and senior executives of the Company could not guarantee the reality, accuracy and completion of the whole contents or have objections. All the directors attended the board meeting to deliberating the Report by a combination of on-site and communication. Modified audit opinions notes □ Applicable √ Not applicable Risk warning of concerning the forward-looking statements with future planning involved in semi-annual report √ Applicable □Not applicable Concerning the forward-looking statements with future planning involved in the Report, they do not constitute a substantial commitment for investors, investors and the person concerned should maintain adequate risk awareness, furthermore, differences between the plans, forecast and commitments should be comprehended. Investors are advised to exercise caution of investment risks. Investors are advised to read the full text of semi-annual report, and pay particular attention to the following risk factors: More details about the possible risks and countermeasures in the operation of the Company are described in the report “X. Risks and countermeasures” of “Section III Management Discussion and Analysis”, investors are advised to read the relevant content. Securities Times, China Securities Journal, Hong Kong Commercial Daily and Juchao Website (www.cninfo.com.cn) are the media for information disclosure for year of 2022 that appointed by the Company. All public information under the name of the Company disclosed on the above said media and website shall prevail, and investors are advised to exercise caution. Does the Company need to comply with disclosure requirements of the special industry: No annual period □Applicable √Not applicable The Company has no plans of cash distribution, bonus shares and capitalizing of common reserves either. Directors, supervisor and senior executives of the Company respectively signed Written Confirmation Opinions for 2022 Semi-Annual Report. Supervisory Committee of the Company formed Written Examination Opinions for 2022 Semi-Annual Report. Contents Section I. Important Notice, Contents and Interpretation ................................................................................... 1 Section II Company Profile and Main Financial Indexes .................................................................................... 6 Section III Management Discussion and Analysis .............................................................................................. 10 Section IV Corporate Governance ....................................................................................................................... 34 Section V Environmental and Social Responsibility ........................................................................................... 36 Section VI Important Events ................................................................................................................................ 40 Section VII Changes in Shares and Particular about Shareholders.................................................................. 87 Section VIII Preferred Stock ................................................................................................................................ 95 Section IX Corporate Bonds ................................................................................................................................. 96 Section X Financial Report ................................................................................................................................... 97 Documents available for Reference I. Text of the Semi-Annual Report carrying the signature of the Chairman; II. Financial statement carrying the signatures and seals of the Chairman, principal of the accounting works and person in charge of accounting organ; III. Original documents of the Company and manuscripts of public notices that disclosed in the website designated by CSRC in the report period; The aforesaid documents are all available at headquarter of the Company. The Company would provide them timely when CSRC and Shenzhen Stock Exchange require or the shareholders need consultation according to the regulations and Articles of Association. Interpretation
Section II Company Profile and Main Financial Indexes I. Company profile
(I) Way of contact Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not □ Applicable √ Not applicable Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period, found more details in Annual Report 2021. (II) Information disclosure and preparation place Whether information disclosure and preparation place changed in reporting period or not □ Applicable √ Not applicable The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC Report 2021. (III) Other relevant information Whether other relevant information has changed in reporting period or not □Applicable √Not applicable IV. Main accounting data and financial indexes Whether it has retroactive adjustment or re-statement on previous accounting data or not □Yes √No
(I) Difference of the net profit and net assets disclosed in financial report, under both IAS (International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) □ Applicable √ Not applicable The Company has no difference of the net profit and net assets disclosed in financial report, under both IAS (International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) in reporting period. (II) Difference of the net profit and net assets disclosed in financial report, under both foreign accounting rules and Chinese GAAP (Generally Accepted Accounting Principles) √ Applicable □ Not applicable In RMB
accounting rules or Chinese GAAP (Generally Accepted Accounting Principles) in the period. (III) Reasons for the differences of accounting data under accounting rules in and out of China √ Applicable □ Not applicable The “Notice of Relevant Issues of Audit for Company with Domestically Foreign Shares Offering” was issued from CSRC dated 12 September 2007, since the day issuing, cancel the previous “dual audit” requirement for companies who offering domestically listed foreign shares (B-share enterprise) while engaging securities practice qualification CPA for auditing. The Company did not compile financial report under foreign accounting rules since 2007, the financial report of the Company is complying on the “Accounting Standard for Business Enterprise” in China, and therefore, there are no differences of accounting data under accounting rules in and out of China at period-end. VI. Items and amounts of non-recurring profit (gains)/losses √ Applicable □ Not applicable In RMB
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company. Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss □ Applicable √ Not applicable There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss Section III Management Discussion and Analysis I. Main businesses of the company engaged in during the Period The Company is one of China's major electric appliance manufacturers, possesses four major domestic manufacturing bases in Hefei, Mianyang, Jingdezhen and Zhongshan, and two overseas manufacturing bases in Indonesia and Pakistan. Currently, we have completed the industry layout of white electricity basically, covering the full product line including refrigerator, washing machine, air conditioner, kitchen and bath, small household appliances and others, at the same time, the Company enters the new industrial fields as bio-medical and with certain achievements made. For more than 40 years, the Company has always been adhering to the "independent innovation, created in China", and always focus on the home appliance industry with great persistence, elaborately building the core competitiveness of enterprises by technological innovation and product innovation. Relying on the cutting-edge R&D team and advanced technology, Meiling continue to achieve breakthrough results in the variable frequency, intelligence, refreshment, thin-wall, odourless, energy-saving, forced air cooling, deep cooling and other fields. The Company has set up the first RoHS public testing center in Anhui Province, the national enterprise technology center, the national industrial design center, and the 5G industrial internet innovation application laboratory. In recent years, the Company has successively awarded several national honorary titles as the “Smart Refrigerator Intelligent Manufacturing Pilot Demonstration Project”, the “National Green Factory”, the “National Industrial Design Center” and “National Leading Enterprises of Qualify in Home Appliance Industry” etc. At the same time, many products of Meiling have repeatedly won a number of domestic awards, continuously demonstrating the capabilities and strength of Meiling's intelligent manufacturing and Meiling brand intelligent innovation technology. In the “2022 China Refrigerator Industry Summit”, Meiling won the 2022 China Refrigerator Industry Clean and Sterilization Pioneer Brand Award, its product Meiling Very Clean Series BCD-550WP9BT won the "2022 China Refrigerator Industry Full Space Sterilization Best-Selling Product" Award, and Meiling Spectral Freshness Refrigerator BCD- 413WP9BY won the "2022 Outstanding Channel Performance Product" Award; Changhong 3P Guest Restaurant Shared Air Conditioner KFR-72LW/Q6C+R1 won the title of "The World's 3P Guest Restaurant Mechanical Air Conditioner with the Longest Air Supply Distance"; Meiling kitchen appliances, small household appliances, and drinking water products won the "National Quality Leading Brand in the Household Appliance Industry"; Zhongke Meiling Cryogenic Technology Co., Ltd, a subsidiary of biomedical business, was recognized by the Ministry of Industry and Information Technology as the third batch of "little giant" enterprises with specialization, refinement, specialty and novelty. In recent years, driven by the industry transformation and upgrades and consumption upgrades, the Company always adheres to the strategy of smart and variable frequency products, promoted the Company’s products to transform and upgrade to become intelligent and high-end and comprehensively enhanced the competitiveness of products in the industry by grasping the opportunities of refreshment, thin-wall, odourless, air cooling and energy efficiency upgrades and effectively resolving the pain points of customers. Under the guidance of the “intelligent” strategy, in and washing machine, “M-Fresh” refrigerators, “M-Fresh” comprehensive thin series products and “very clean” series of refrigerators, Meiling always leads the trend of the industry by solving the pain points of users effectively. In April 2022, Meiling launched the M Fresh "Mega Capacity" refrigerator, which not only meets the consumer demand for embedding and small footprint, but also meets the user's demand for storage. In May 2022, the industry's first smart refrigerator tea bar machine using the refrigerator foaming process to make the body and door for the tea bar machine was launched, which solved the problem that the tea bar machine could not be refrigerated. In the same month, Meiling Biomedical launched a new generation of "Yunzhian·Automated Sample Library", an original -80 ℃ separate storage unit, which has the advantages of high compatibility, multi-partition, phased, and multi-system guarantee, and integrates IoT technology to provide safer and smarter automated sample storage solutions. In June 2022, the MG100-14598DHCZ product of the Super Oxygen Clean· Brightening series was released. This product not only continued the core function of ultra-thin and large drum diameter, but also pioneered the "drying tunnel washing" function, which has the effects of cleaning, health and deodorization. The ultra-high standard technology once again demonstrates the hard core strength in the core technology field of washing machines. In July 2022, Meiling Very Clean 632WUPBT refrigerator, which adopts "MNC + long-term deodorization and sterilization" technology, mainly focuses on the core functions of disinfection, sterilization and deodorization. The inactivation ratio for various bacteria and viruses reaches 99.99%, achieving a full range of health care, and creating a real healthy life for users. Facing the future, the Company will implement the management policy of “one goal and three main lines” and further improve the layout of whole scene of smart home, accelerate the intelligentization of home appliances, form a dual-growth engine of “hardware + services”, drive the transformation and upgrading of the Company’s profitability model, investigate the new value-added service models for home appliance enterprises, meet new competition pattern in the industry, and achieve its own sustainable and stable development under the guidance of the core values of “professionalism and shared development”. Meanwhile, based on the “Smart Home Eco-system Project” and the existing products, the company will enhance the R&D, manufacturing, sales and cooperative capabilities of integrated white goods so as to provide a complete set of smart scene system solutions for users. During the reporting period, main income of the Company coming from refrigerator (freezer), air conditioner, washing machine, kitchen & toilet products, small home appliances and biomedical etc., total amounting to 10.138 billion yuan, a 99.16% of the operating income. II. Core Competitiveness Analysis (1) Brand capacity The Company is one of the famous home appliances manufacturers in China, owns several product lines such as refrigerator, freezing box, air conditioner, washing machine, small household appliances and biomedical etc. “Meiling” brand is listed as one of the most valuable brands in China, we own the young brand "Athena" and gradually build the "M Fresh" product brand. In recent years, the company has been continuously improving the core competitiveness of the brand through measures such as reshaping the brand image, continuously innovating core technologies and developing high-end intelligent products. In terms of continuous innovation of core technologies, on the one hand, in order to comply with the development needs of the industry and the market, the company continuously promotes innovations in fresh-keeping, intelligence and frequency conversion technologies to maintain its leading position in the industry. On the other hand, under the boost of consumption upgrade, in order to meet the individualized, differentiated and diversified demands of consumers, the company continues to accelerate product innovation and enhance the comprehensive competitiveness of the brand around products. In the development of high-end intelligent products, product innovation has been continuously promoted through continuous technological innovation, and through the introduction of high-end intelligent products, it can timely meet the market demand, and enrich and enhance the brand image. In terms of refrigerator products, the company has independently developed core technologies such as "zero shock" and "slight freeze" fresh-keeping technology, water molecule activation preservation technology, full thin GLS integration technology, MCN + deodorization and fresh-keeping technology, etc., leading the refrigerator industry to return to the main field of fresh-keeping and fully enter the era of "thin" and "long-lasting deodorization". At the same time, the company has successively released the "M Fresh" series of refrigerators, the "M Fresh" full thin series of products, the "M Fresh" second-generation series of refrigerators, and the "Very Clean" series of refrigerators, which created "Meiling Fresh", "Meiling Clean", "Meiling Embedding" brand name cards, and established brand images. In terms of washing machine products, through the development of three black technologies, i.e. inner barrel conical bulging technology, inclined barrel stabilization technology and cloud tray condensed technology, we have created a "thin", "large" and "smart" industry business card for washing machines, providing users with new embedded experience. In terms of air-conditioning products, the company adheres to the product concept of "good sleep + good air + comfort", focuses on quality, experience and health for product upgrades, strictly controls quality based on comfort and reliability indicators, and creates the "extremely quiet, extremely power saving, extremely intelligent" brand experience of air conditioners, and carries out product series layout around three core functions of "fresh air ventilation, self-cleaning, and complete dust-free". In terms of kitchen, bathroom and small household appliances, the company focuses on building an influential brand of water ecological appliances and operation services, strengthens the lineup of drinking water products, and develops the integration of drinking water series products with refrigeration and household fields to provide users with better products and services. In terms of biomedical treatment, the company adheres to the development strategy "based on the relevant diversification in the biomedical field", focuses on the three major business strategic layouts of life science, smart cold chain and family health, and continues to promote product innovation, research and development and quality improvement. Promoting the remodeling of brand ability through the continuous upgrading of products, Meiling will achieve a rejuvenated, intelligent, international and professional brand image. Through gradual construction of the ideas of Wonderful Start Point, Wonderful Life Circle and Wonderful Ecology Circle, Meiling has become a people-oriented artist specializing in white appliances, a smarter scientific expert and a more reliable house keeper. (2) Product capacity For more than 40 years, the Company has been focusing on the refrigeration industry, and has developed a number refrigerators carrying water molecule activation preservation technology, the "M fresh"second generation series of fresh-keeping refrigerators with "zero shock" and "slight freeze" fresh-keeping technology, "Star" series mother and infant refrigerators, "Very Clean" series fresh-keeping and cleaning refrigerators, the ultra-thin side-by-side refrigerator BCD-529X, large capacity and equipped with ADF + negative ion antibacterial magic stone series (O2O) BCD-616B/532B and other 5 glass door refrigerators, M Fresh "Mega Capacity" BCD-681WQ3S refrigerator, -32 degrees cryogenic lock fresh BCD-500L, French BCD-546WP9B, BCD-550WUP9BT series refrigerators, very clean and sterilized BCD-632WUPBT series refrigerators, export vertical air-cooled freezers, SC-270WE single- door refrigeration vertical display freezer, CX-1000 chromatography freezer, CT-G185R high-speed freezing laboratory centrifuge, etc. On the "Very Thin" front loading washing machine platform, Meiling has successively released series of products such as super-oxygen clean and 5G II. The aforementioned washing machines not only continue the core functions of ultra-thin and large inner barrel, but also are smarter and healthier. Its automatic delivery and voice technology are more intelligent and convenient, the pioneered "drying channel washing" function has the functions of cleaning, health, and deodorization. The ultra-high standard technology once again demonstrates the hard core strength of washing machine products in the core technology field. Deeply dug into the industry subdivision track, adopted the "far-to-near soft and comfortable wind" technology and released the shared series floor-standing air conditioners for living room and dining room, and opened up the industry's living-dining room air-conditioning market segment; it was the first to release the "completely dust-free" series of wall-mounted air-conditioners, adopting fully enclosed and dust-proof design for the air inlet and outlet, which opened up a new track for the health industry. Launched the industry's smallest 5P floor-standing air conditioners, of which the fashionable style, high performance, and high cost performance have opened up a new choice for 5P floor-standing air conditioners. Kitchen, bathroom and small household appliances have carefully cultivated the industry field according to user needs, strengthened the integration of product functions, and launched the industry's first smart refrigerator tea bar machine, breaking through the bottleneck of product refrigeration technology and leading the high-end and high-quality development of the industry. Biomedical launched a new generation of "Yunzhian·Automated Sample Library", an original -80 ℃ separate storage unit, which has the advantages of high compatibility, multi-partition, phased, and multi-system guarantee, and integrates IoT technology to provide safer and smarter automated sample storage solutions. The Company owned advanced development and quality assurance systems, passed management system certification of ISO9001, ISO14001 and ISO45001. Product quality has been quality assurance and product performance is reliable. At the same time, the company has authoritative certifications including “national-level technology center”,”national-level industrial design center”, “national-level intellectual property demonstration enterprise”, “national-level industrial product green design demonstration enterprises”, “ Anhui Green Energy- saving Refrigerator Engineering technology research center”, “Anhui energy-saving and fresh green refrigerator engineering research center ”as strong guarantees. In terms of technical research, it is committed to applying basic technology research and industrialization transfer, and has established a technical strategic plan with “intelligence, frequency conversion, simulation, fresh-keeping” as core technologies, and “refrigeration, new material and foam” as key technologies. Adhere to the product strategy of “thin, fresh, clear, embedded and intelligent”, aim at the users’ pain point, making the refrigerators return to essence of use. Promoting the transformation and upgrading of products to high-end by seizing the opportunities of “large volume ratio”, “fresh-keeping”, “odor clear”, “embed in home”, “intelligent upgrade” and “green appliances”. In terms of product development, based on the technological research results and consumption upgrade requirements, updated the annual product planning and development outline, increasingly upgraded the product structure, continued to increase the development of mid-to-high-end products with characteristic of thin-wall, air-cooling, large-volume, frequency conversion, intelligence, simulation, smart cleaning, odour clean, sterilization, dust removal, silent and developed competitive core products. At the strategic level of the company, continued to adhere to the core idea of “intelligent strategy, productism”, and promoted the company's product transformation, technological innovation, and industry leadership by advancing the subsequent research and development, promotion and technical update of intelligent and frequency conversion products. Additionally, the Company will improve their home appliances product lines continuously, layout several product business as AC, washing machines, kitchen and bathroom, small appliances and biomedical products, to build a comprehensive home appliance enterprise. (3) Operation capacity The Company continues to carrying out bench-marking activities to improve the operation and management standards and competitiveness of the Company. At the same time, the internal management capability has been continuously improved by continuing to carry out the improvement work in "human efficiency, money efficiency and material efficiency". The company established a hierarchical sharing system with clear goals, quantitative indicators, performance-oriented performance appraisal and incentives to activate internal productivity. Taking value chain management as the main line, continued to carry out value creation work, and enhanced the company's competitiveness. Meanwhile, continuously improved the internal control system and improved the ability to prevent risks. (4) Marketing ability The Company has established a relatively complete sales network and service system, which can provide users with high-quality services covering all categories of white goods. The domestic market is actively accelerated to realize the marketing transformation from product line-oriented sales management to channel- and user-oriented business services, from single-category marketing to full-category marketing, quickly building an operation management system with reasonable commercial inventory management as the core and a value management system core with terminal retail price; through determined bench marking match, achieved products leading and efficiency improvement and builds the capability for marketing system and development potential for long period of time. In overseas markets, the company increased the investments in overseas marketing agencies, research and development bases, production bases, etc., developed the market actively and cooperated with internationally renowned household appliance brands and distributors, continued to optimize the customer structure and enhance the product structure, accelerated the overseas branding, improve overseas brand awareness, in counter with the overseas market segments, tailored marketing strategy to promoting the expanding driven by marketing. III. Main Business Analysis (1) Overview Whether the disclosure is the same as the main businesses of the company engaged in during the Period □Yes √No 1. Introduction In the first half of 2022, the external environment of the market continued to deteriorate. The sporadic pandemic seriously affected the release of demand. The interruption of national logistics and transportation by the pandemic also made the market worse.With the pandemic under control, the logistics industry has also recovered, the supply side of the household appliance manufacturing industry has recovered, and the demand side has begun to show a positive trend. In the first half of this year, the retail sales of China's household appliance market reached 338.9 billion yuan, a decline of 9.3 percent on a year-over-year basis, according to total data released by All View Cloud (AVC). In the first half of the year, revenue scale of the Company has achieved a y-o-y growth with profitability improved and result in a virtuous development. Operating income as a growth of 6.47%, net profit rose 30.52%. 2. Progress of the company's development strategy and business plan during the reporting period During the reporting period, according to the development strategy, the Company comprehensively implemented the guidelines of “one goal and three main lines”, actively push forward the operation plans and carried out following works including: 1.One goal (1) Refrigerator (cabinet) In the domestic market, the company insists on creating the "fresh", "clean" and "embedded" featured product business cards. With reasonable commercial inventory as the core, it promotes the digital transformation of its own channels, and strategically expands the pre-installation market and ODM business. The online C-end operation capability has been steadily improved, profit and loss has been improved, the B-end expansion capabilities has been improved, and the online scale in the first half of the year increased by more than 20% on a year-on-year basis. In the overseas markets, faced with soaring shipping costs and severe shipping situation, the company gathers near shipping routes, uses shipping resources to grab orders, and implements "production based on sales orders" to improve efficiency, and assists business development by focusing on best-selling products, advantageous markets, and key customers. During the reporting period, the company's refrigerator (freezer) business achieved revenue of about 3.344 billion yuan, a year-on-year decrease of 12.53 %. (2) Air-conditioning In the domestic market, we have made popular floor-standing air conditioner and wall-mounted air conditioner online, and expanded our unique value products offline. In terms of channel improvement, we implemented special action plans and achieved initial results. In addition, in the first half of the year, two waves of high temperature weather in March and June in Sichuan and Chongqing significantly boosted retail sales, and the O2O channel boosted beyond expectations, with a significant year-on-year increase. The company strengthened cooperation with core strategic customers, and realized a large increase in ODM business. In the overseas markets, we continues to carry out special actions to actively snatch orders, and gets repeat orders by improving customer service, improving customer satisfaction and promoting fast delivery. Relying on the improvement of product strength, we vigorously promotes variable frequency products, launches new products (D platform), promotes high-end products (EVA series, voice air conditioners, etc.), and promotes differentiated products (such as generator air conditioners, current controllable energy-saving variable frequency air conditioners), constantly adjusts product structure, and competes for new customers. During the reporting period, the company's air-conditioning business achieved revenue of about 5.351 billion yuan, a year-on-year increase of 35.16 %. (3) Washing machine The company's washing machine industry insists on differentiated and dislocated competition, and optimizes and adjusts the product structure. In the domestic market, the company gives full play to its "very thin" differentiated competitive advantage, and closely focuses on the needs of users, and has launched the super-oxygen cleaning series of front-loading washing machines to further enhance the competitiveness of Meiling’s mid-to-high-end washing machine products. In the overseas markets, the company expands washing machine business with industrial thinking, creates washing machine products in line with overseas markets, and promotes washing machine products with the help of refrigerator and freezer customers, and has achieved certain results in various markets. During the reporting period, the company's washing machine business achieved revenue of about 393 million yuan, a year-on-year increase of 21.89%. (4) Kitchen & bathroom, small appliances The company adheres to drinking water, gas hot water products as the core products. Based on traditional marketing, it actively embraces new retail, vigorously explores new channels, comprehensively sorts out the organizational structure of offline channels from the inside, and promotes the flat transformation of offline channels. It establishes online shop groups on JD, Tmall, Pinduoduo and other platforms and quickly builds self-operated shop matrix to improve the sales conversion rate and associated purchase rate. During the reporting period, the company's kitchen and bathroom, small household appliances business achieved revenue of about 727 million yuan, a year-on-year growth 27.20%. (5)Biomedical Focusing on the three major business strategic layouts of life science, smart cold chain and family health, strengthen innovative research and development of new technologies and new products, optimize research and development processes, stimulate innovation and research and development vitality, and form sustainable technological constantly improve the level of market services; promote the standardization of production processes, enhance the level of value chain management, and improve production capacity efficiency and product quality; absorb outstanding talents, improve the construction of talent training system, and stimulate the vitality and creativity of the company. The Company's biomedical industry is mainly developed on the platform of its subsidiary Zhongke Meiling. According to strategic planning and business development needs, Zhongke Meiling is promoting the public offering of shares to unspecified qualified investors and the listing on the Beijing Stock Exchange. Up to now, the Beijing Stock Exchange has officially accepted the application of Zhongke Meiling Cryogenic Technology Co., Ltd to issue shares to unspecified qualified investors and be listed on the Beijing Stock Exchange. During the reporting period, the biomedical business achieved revenue of approximately 213 million yuan, a year-on-year decrease of 18.21%. 2．Three main lines (1)Efficiency priority With reasonable commercial inventory as the core, the whole chain of "retail end - production end - logistics end" （未完）  |