Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Stock Code: 600380 Stock Short Name: 健康元
Joincare Pharmaceutical Group Industry Co., Ltd.
The Board of Directors and all Directors of the Company hereby warrant that there are no false
representations, misleading statements or material omissions contained in this announcement and
accept legal responsibility for the truthfulness, accuracy and completeness of the contents hereof.
IMPORTANT NOTICE:
The Board of Directors, the Board of Supervisors and Directors, Supervisors and senior management
of the Company hereby warrant the truthfulness, accuracy and completeness of the contents of this
quarterly report, and that there are no false representations, misleading statements or material
omissions contained herein, and severally and jointly accept legal responsibility.
The person-in-charge of the Company, the person-in-charge of accounting work and the person-in-
charge of the accounting department (the head of the accounting department) hereby warrant the
truthfulness, accuracy and completeness of the financial information contained in this quarterly report.
Whether the first quarterly financial statements have been audited.
□Yes √No
I. MAJOR FINANCIAL DATA
(I) Major Accounting Data and Financial Indicators
Unit: Yuan Currency: RMB
From the
For the beginning of the
YoY change
Item Reporting year to the end of YoY change (%)
(%)
Period the Reporting
Period
Revenues 3,579,478,699.21 -2.31 11,477,806,949.62 -3.54
Total Profits 779,993,613.25 -6.84 2,852,735,638.71 1.19
Net profit attributable to
shareholders of the listed 306,274,217.94 -8.61 1,091,214,131.28 -1.83
company
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Net profit attributable to
shareholders of the listed
company after deduction 288,317,700.24 -7.43 1,058,130,817.54 -1.42
of extraordinary gains
and losses
Net cash flow from
N/A N/A 3,001,401,972.07 14.84
operating activities
Basic earnings per share
(RMB/share)
Diluted earnings per
share (RMB/share)
Weighted average return Decreased by 0.24 Decreased by 0.36
on net assets (%) percentage points percentage points
Ending amount of
As at the end of the Reporting
the Reporting As at the end of the previous year Period to that of
Period the previous year
(%)
Total assets 36,013,652,752.26 35,718,129,456.13 0.83
Owner's equity
attributable to
shareholders of the listed
company
Notes: The “Reporting Period” represents the 3-month period from the beginning to the end of this
quarter, the same as below.
(II) Items and Amounts of Extraordinary Gains and Losses
√Applicable □N/A
Unit: Yuan Currency: RMB
From the beginning of the
For the
Item year to the end of the
Reporting Period
Reporting Period
Gains and losses on disposal of non-current assets
(including the reversal of previously recognized asset -121,786.15 -2,701,246.92
impairment provisions)
Government grants recognized in profit or loss for the
current period (excluding government grants that are
closely related to the business of the Company and are
provided in fixed amount or quantity continuously
according to the applicable policies and standards of the
country).
Excluding effective hedging activities related to the
company's ordinary operating business, this refers to
gains and losses arising from changes in the fair value of
financial assets and financial liabilities held by non-
financial enterprises, as well as gains and losses from the
disposal of financial assets and financial liabilities.
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Other non-operating income and expenses excluding the
-9,419,169.50 -16,481,861.76
above items
Less: Effect of income tax 3,889,501.81 15,778,858.39
Effect of minority equity (after tax) 16,119,005.96 40,148,400.59
Total 17,956,517.70 33,083,313.74
For the items not listed in the “Explanatory Announcement No.1 for Public Company Information
Disclosures-Extraordinary Gains or Losses” that the company identifies as non-recurring gains and losses,
especially those with significant amounts, as well as the extraordinary gain or loss items as illustrated in
the “Explanatory Announcement No.1 for Public Company Information Disclosures-Extraordinary Gains
or Losses” which has been defined as its recurring gain or loss items, the reasons for such classification
should be explained.
□Applicable √N/A
(III) Changes in Major Accounting Data and Financial Indicators and Reasons Thereof
□Applicable √N/A
(IV) Material Changes in Other Items in Financial Statements and Financial Indicators and Reasons
Thereof
Unit: Yuan Currency: RMB
Change in
Balance Sheet proportion Main Reason
(%)
Primarily due to the increase
Financial assets held for
trading
the period.
Primarily due to the increase
in export tax refund
Other receivables 70,426,958.95 51,166,649.86 37.64
receivables and other items
during the period.
Primarily due to the transfer
Non-current assets due of long-term cash
within one year management products
maturing within one year.
Primarily due to the addition
Other current assets 232,152,185.08 159,087,536.76 45.93 of short-term cash
management products.
Primarily due to increased
Development R&D investment in Phase III
expenditures clinical trials for relevant
projects during the period.
Primarily due to the transfer
out of long-term cash
Other non-current assets 663,773,428.95 1,273,057,844.54 -47.86
management products
maturing within one year.
Primarily due to the
recognition of revenue from
certain contract advances
Contract liabilities 87,619,945.54 142,395,539.21 -38.47
that met the revenue
recognition criteria during
the period.
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Primarily due to the
recognition of revenue from
certain contract advances
that met the revenue
Other current liabilities 5,048,262.96 11,841,940.51 -57.37
recognition criteria during
the period, and the
corresponding output VAT
was recognized.
Primarily due to the
cancellation of repurchased
Capital reserve 1,025,263,624.61 1,654,383,491.41 -38.03 shares during the period,
which was charged against
capital reserves.
Primarily due to the full
Treasury shares - 328,221,279.42 -100.00 cancellation of repurchased
company shares.
Primarily due to changes in
Other comprehensive foreign currency translation
-86,037,198.18 -41,177,547.42 N/A
income differences arising from
exchange rate fluctuations.
Change in
January to January to
Statement of Income proportion Main Reason
September 2025 September 2024
(%)
Primarily due to the increase
Financial expenses -262,734,133.56 -105,969,421.63 N/A in deposit interest income
during the period.
Primarily due to fluctuations
Gains from changes in in the market value of the
fair values Company’s securities
investments.
Primarily due to the increase
Credit impairment loss -10,074,239.15 -797,210.83 N/A in expected credit losses on
receivables.
Primarily due to the decrease
in provision for inventory
Assets impairment loss -20,885,370.43 -113,694,072.70 N/A write-downs and impairment
losses on development
expenditures.
II. SHAREHOLDERS
(I) Total Number of Holders of Ordinary Shares and Number of Holders of Preferred Shares with Restored
Voting Rights and Shareholdings of Top 10 Shareholders
Unit: shares
Total number of holders of ordinary Total number of holders of preferred
shares as of the end of the Reporting 81,433 shares with restored voting rights as of the N/A
Period end of the Reporting Period (if any)
Shareholdings of the top 10 shareholders
（excluding shares lent through refinancing business）
Number of Pledge, mark or lock-up
Nature of Number of Percentage shares held
Name of shareholder
shareholder shares held (%) with selling Share
restrictions Number
status
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Shenzhen Baiyeyuan Investment Co., Ltd. Domestic non-
state-owned 895,653,653 48.96 0 None
(深圳市百业源投资有限公司)
legal person
Foreign legal
Might Seasons Limited 35,929,699 1.96 0 Unknown
person
Hong Kong Securities Clearing Company
Unknown 34,206,023 1.87 0 Unknown
Limited
Domestic
Zhang Yongliang 16,242,296 0.89 0 Unknown
natural person
Agriculture Bank of China Limited-CSI
Investment Fund
Domestic
Tang Wusheng 13,233,300 0.72 0 Unknown
natural person
Rui Life Insurance Co., Ltd. -Own fund Unknown 12,739,218 0.70 0 Unknown
Bank of Shanghai Co., Ltd.－Yinhua CSI
Innovative Drug Industry Trading Open- Unknown 10,682,920 0.58 0 Unknown
end Index Securities Investment Fund
Joincare Pharmaceutical Group Industry
Co., Ltd. — the Third Phase Ownership
Scheme under Medium to Long-term Others 9,370,400 0.51 0 None
Business Partner Share Ownership
Scheme
CPIC Fund -China Pacific Life Insurance
Co., Ltd. -with-profit insurance-CPIC
Fund China Pacific Life Equity Relative Unknown 7,957,200 0.43 0 Unknown
Income (Guaranteed Dividend) single
asset management plan
Shareholdings of the top 10 shareholders without selling restrictions
（excluding shares lent through refinancing business）
Number of tradable shares Class and number of shares
Name of shareholder held without selling
Class of shares Number
restrictions
Shenzhen Baiyeyuan Investment Co., Ltd. (深圳市百业源 Ordinary shares
投资有限公司) denominated in Renminbi
Ordinary shares
Might Seasons Limited 35,929,699 35,929,699
denominated in Renminbi
Ordinary shares
Hong Kong Securities Clearing Company Limited 34,206,023 34,206,023
denominated in Renminbi
Ordinary shares
Zhang Yongliang 16,242,296 16,242,296
denominated in Renminbi
Agriculture Bank of China Limited-CSI 500 Exchange Ordinary shares
Traded Index Securities Investment Fund denominated in Renminbi
Ordinary shares
Tang Wusheng 13,233,300 13,233,300
denominated in Renminbi
Ordinary shares
Rui Life Insurance Co., Ltd. -Own fund 12,739,218 12,739,218
denominated in Renminbi
Bank of Shanghai Co., Ltd.－Yinhua CSI Innovative Drug
Ordinary shares
Industry Trading Open-end Index Securities Investment 10,682,920 10,682,920
denominated in Renminbi
Fund
Joincare Pharmaceutical Group Industry Co., Ltd. — the
Ordinary shares
Third Phase Ownership Scheme under Medium to Long- 9,370,400 9,370,400
denominated in Renminbi
term Business Partner Share Ownership Scheme
CPIC Fund -China Pacific Life Insurance Co., Ltd. -with-
profit insurance-CPIC Fund China Pacific Life Equity Ordinary shares
Relative Income (Guaranteed Dividend) single asset denominated in Renminbi
management plan
There was no connection or acting-in-concert relationship between Shenzhen
Description of connection or acting-in-concert relationship Baiyeyuan Investment Co., Ltd., a controlling shareholder of the Company,
of the above shareholders and other shareholders; whether there is connection or acting-in-concert
relationship among other shareholders is unknown.
Description of the participation of the top 10 shareholders Shareholder Zhang Yongliang holds 15,200,296 shares of the Company
and the top 10 shareholders without selling restrictions in through a credit and guarantee account, and shareholder Tang Wusheng
margin financing and securities lending and refinancing holds 3,456,600 shares of the Company through a credit and guarantee
business (if any) account.
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Participation of shareholders holding over 5%, the top 10 shareholders, and the top 10 shareholders
without selling restriction in securities lending transactions of refinancing business
□Applicable √N/A
Changes in the top 10 shareholders and the top 10 shareholders without selling restriction due to
securities lending/returning transactions of refinancing business compared to the previous period
□Applicable √N/A
III. OTHER REMINDERS
Other important information regarding the Company’s operations during the Reporting Period to which
investors should be reminded to pay attention.
√Applicable □N/A
Use of Proceeds
Pursuant to the Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange
No. 1 – Standardized Operation, upon the completion of all projects funded by the proceeds, any
remaining proceeds (including interest income) shall be subject to review and approval by the board of
directors of the listed company, and the sponsor or independent financial adviser shall issue a clear opinion
thereon. The company shall make a timely announcement after the board’s deliberation. If the remaining
proceeds (including interest income) account for more than 10% of the net proceeds raised, such matter
shall also be submitted to the general meeting of shareholders for approval. If the remaining proceeds
(including interest income) are less than RMB 5 million or less than 5% of the net proceeds raised, the
above procedures may be exempted, and the use of such remaining proceeds shall be disclosed in the most
recent periodic report.
As of 30 September 2025, the proceeds raised from the Company’s rights issue have been fully
utilized, and all projects funded by the rights issue have been completed. The Company will cancel the
designated proceeds account, and the Tripartite Supervision Agreement on the Management of Proceeds
entered into among the Company, the sponsor institution, and the commercial bank will accordingly be
terminated.
IV. QUARTERLY FINANCIAL STATEMENTS
(I) Audit Opinion
□Applicable √N/A
(II) Financial Statements
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Consolidated Balance Sheet
Prepared by: Joincare Pharmaceutical Group Industry Co., Ltd.
Unit: Yuan Currency: RMB Audit status: Unaudited
Item 30 September 2025 31 December 2024
Current assets:
Monetary funds 14,516,558,903.45 14,851,977,121.94
Financial assets held for trading 1,205,846,281.06 89,363,055.07
Notes receivable 1,493,544,063.87 1,951,213,189.48
Accounts receivable 2,840,521,242.56 2,429,891,052.01
Receivables financing
Prepayments 256,679,088.79 241,379,213.79
Other receivables 70,426,958.95 51,166,649.86
In which: Interests receivable
Dividends receivable
Inventories 2,304,853,727.18 2,621,343,117.50
Contract assets
Assets held-for-sale 54,291,127.30 54,029,237.68
Non-current assets due within one year 821,335,346.22 556,410,803.22
Other current assets 232,152,185.08 159,087,536.76
Total current assets 23,796,208,924.46 23,005,860,977.31
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investment 1,488,646,760.50 1,446,298,598.46
Other equity instrument investments 1,035,146,311.74 1,026,548,743.15
Other non-current financial assets
Investment properties 15,486,666.99 16,117,329.57
Fixed assets 5,428,917,319.74 5,689,216,337.13
Construction in progress 587,360,711.06 531,063,771.79
Productive biological assets
Oil and gas assets
Right-of-use assets 38,188,436.24 38,626,733.57
Intangible assets 712,479,094.30 687,430,720.95
Development expenditures 516,552,277.31 362,703,730.11
Goodwill 636,339,503.82 636,339,503.82
Long-term deferred expenses 291,541,320.42 319,396,628.88
Deferred income tax assets 803,011,996.73 685,468,536.85
Other non-current assets 663,773,428.95 1,273,057,844.54
Total non-current assets 12,217,443,827.80 12,712,268,478.82
Total assets 36,013,652,752.26 35,718,129,456.13
Current liabilities:
Short-term loans 2,540,000,000.00 2,455,000,000.00
Financial liabilities held for trading 7,203,215.23 9,046,554.29
Notes payable 1,225,622,493.37 1,384,943,947.17
Accounts payable 727,051,805.59 765,512,193.23
Receipts in advance
Contract liabilities 87,619,945.54 142,395,539.21
Employee benefits payable 391,834,152.77 473,571,305.45
Taxes payable 312,316,919.40 263,380,339.80
Other payables 3,386,626,188.81 3,369,115,240.67
In which: Interests payable
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Dividends payable 9,073,481.38 9,890,041.38
Liabilities held-for-sale
Non-current liabilities due within one year 357,065,332.74 395,975,991.36
Other current liabilities 5,048,262.96 11,841,940.51
Total current liabilities 9,040,388,316.41 9,270,783,051.69
Non-current liabilities:
Long-term loans 2,275,001,774.57 2,424,635,112.37
Bonds payable
Lease liabilities 21,760,722.99 19,975,819.77
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 322,585,129.11 334,970,008.52
Deferred income tax liabilities 271,314,904.50 267,622,684.50
Other non-current liabilities
Total non-current liabilities 2,890,662,531.17 3,047,203,625.16
Total liabilities 11,931,050,847.58 12,317,986,676.85
Owner's equity (or shareholder's equity):
Paid-in capital 1,829,453,386.00 1,874,200,420.00
Other equity instruments
In which: Preferred shares
Perpetual debts
Capital reserve 1,025,263,624.61 1,654,383,491.41
Less: Treasury shares 328,221,279.42
Other comprehensive income -86,037,198.18 -41,177,547.42
Special reserve
Surplus reserve 883,875,480.72 883,841,583.49
General Risk Provision
Undistributed profits 11,213,966,011.30 10,491,692,921.28
Total owner's equity (or shareholder's equity)
attributable to the parent
Minority shareholder's equity 9,216,080,600.23 8,865,423,189.94
Total owner's equity (or shareholder's equity) 24,082,601,904.68 23,400,142,779.28
Total liabilities and owner's equity (or
shareholder's equity)
Person-in-charge of the Person-in-charge of the Person-in-charge of the
Company: Zhu Baoguo Company's accounting work: accounting department:
Qiu Qingfeng Guo Chenlu
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Consolidated Income Statement
From January to September, 2025
Prepared by: Joincare Pharmaceutical Group Industry Co., Ltd.
Unit: Yuan Currency: RMB Audit status: Unaudited
First three quarters First three quarters
Item (January to September) (January to September)
for 2025 for 2024
I. Total revenues 11,477,806,949.62 11,898,828,905.02
In which: Operating revenues 11,477,806,949.62 11,898,828,905.02
II. Total operating costs 8,763,958,191.70 9,121,682,123.61
In which: Operating costs 4,254,948,410.68 4,393,919,087.41
Operating tax and surcharges 142,756,194.02 137,567,242.03
Selling expenses 3,033,074,349.23 2,951,059,287.90
Administrative expenses 664,897,598.24 708,729,617.84
R&D expenses 931,015,773.09 1,036,376,310.06
Financial expenses -262,734,133.56 -105,969,421.63
In which: Interest expenses 66,818,990.15 94,972,898.62
Interest income 364,347,873.71 245,985,558.70
Add: Other income 120,140,425.68 124,184,202.58
Income from investments (loss is
indicated by“-”)
In which: Income from investments
in associates and joint ventures
Gains from derecognition of financial
assets at amortized cost
Gains from net exposure hedges (loss
is indicated by“-”)
Gains from changes in fair values
(loss is indicated by“-”)
Losses of credit impairment (loss is
-10,074,239.15 -797,210.83
indicated by“-”)
Assets impairment loss (loss is
-20,885,370.43 -113,694,072.70
indicated by“-”)
Gains from disposal of assets (loss is
-315,529.31 -370,399.04
indicated by“-”)
III. Operating profit (loss is indicated
by“-”)
Add: Non-operating income 6,359,949.10 6,920,279.40
Less: Non-operating expenses 24,496,178.28 19,988,508.91
IV. Total profit (loss is indicated by“-”) 2,852,735,638.71 2,819,314,868.18
Less: Income tax expenses 408,174,143.65 385,618,343.11
V. Net profit (loss is indicated by“-”) 2,444,561,495.06 2,433,696,525.07
(I) Classified by business continuity
(loss is indicated by“-”)
operation (loss is indicated by“-”)
(II) Classified by ownership
of the parent (loss is indicated by“-”)
shareholders (loss is indicated by“-”)
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
VI. Other comprehensive income, net of
-78,933,476.63 -86,688,069.37
tax
(I) Other comprehensive income
attributable to owners of the parent, net -48,215,089.89 -59,369,859.17
of tax
-7,460,439.05 -58,031,748.84
cannot be reclassified into profit or loss
(1) Changes from remeasurement of
defined benefit plans
(2) Other comprehensive income that
cannot be reclassified into profit or loss
under the equity method
(3) Changes in fair value of
-7,460,439.05 -58,031,748.84
investments in other equity instruments
(4) Changes in fair value of the
enterprise's own credit risks
-40,754,650.84 -1,338,110.33
will be reclassified into profit or loss
(1) Other comprehensive income that
can be reclassified into profit or loss under 2,298.84 -174,001.08
the equity method
(2) Changes in fair value of other
debt investments
(3) Amount of financial assets
reclassified into other comprehensive
income
(4) Provision for credit impairment of
other debt investments
(5) Reserve for cash flow hedges
(6) Exchange translation differences
on financial statements denominated in -40,756,949.68 -1,164,109.25
foreign currencies
(7) Others
(II) Other comprehensive income
attributable to minority shareholders, net -30,718,386.74 -27,318,210.20
of tax
VII. Total comprehensive income 2,365,628,018.43 2,347,008,455.70
(I) Total comprehensive income
attributable to owners of the parent 1,042,999,041.39 1,052,190,204.75
company
(II) Total comprehensive income
attributable to minority shareholders
Ⅷ. Earnings per share
(I) Basic earnings per share (RMB/share) 0.60 0.59
(II) Diluted earnings per share
(RMB/share)
Person-in-charge of the Person-in-charge of the Person-in-charge of the
Company: Zhu Baoguo Company's accounting work: accounting department:
Qiu Qingfeng Guo Chenlu
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Consolidated Cash Flow Statement
From January to September 2025
Prepared by: Joincare Pharmaceutical Group Industry Co., Ltd.
Unit: Yuan Currency: RMB Audit status: Unaudited
First three quarters First three quarters
Item (January to September) (January to September)
for 2025 for 2024
I. Cash flow from operating activities:
Cash received from sales of goods and
rendering of services
Tax refunds received 122,369,837.96 101,353,328.18
Other cash received related to operating
activities
Subtotal of cash inflow from operating
activities
Cash paid for goods and services 3,345,995,774.10 3,827,753,296.70
Cash paid to and on behalf of employees 1,974,044,172.40 1,933,905,112.85
Payments of all types of taxes 1,310,417,850.36 1,480,113,236.04
Other cash paid related to operating activities 3,364,786,910.56 3,611,465,441.56
Subtotal of cash outflow in operating
activities
Net cash flow from operating activities 3,001,401,972.07 2,613,605,501.06
II. Cash flow from investing activities:
Cash received from disposal of investment 6,535,244,466.28 684,870,511.47
Cash received from investment income 29,959,571.02 21,390,153.27
Net cash received from disposal of fixed
assets, intangible assets and other long-term 30,682,189.50 474,130.00
assets
Net cash received from disposal of subsidiaries
and other business units
Other cash received related to investing
activities
Subtotal of cash inflow from investing
activities
Cash paid for purchase and construction of
fixed assets, intangible assets and other long- 644,122,147.11 737,034,937.83
term assets
Cash paid for investment 7,300,656,109.43 1,160,648,306.49
Net cash paid for acquisition of subsidiaries
and other business units
Other cash paid related to investing activities 4,652,230.29 1,404,603.34
Subtotal of cash outflow in investing
activities
Net cash flow from investing activities -1,353,419,011.00 -1,183,961,052.92
III. Cash flow from financing activities:
Cash received from capital contribution 32,149,064.38 261,660,059.73
In which: Cash received from investment by
minority interests of subsidiaries
Cash received from borrowings 3,121,774,844.45 3,730,993,152.42
Other cash received related to financing
activities
Subtotal of cash inflow from financing
activities
Cash repayments of amounts borrowed 3,227,463,209.00 4,293,197,628.28
Joincare Pharmaceutical Group Industry Co., Ltd. 2025 Third Quarterly Report
Cash payments for interest expenses and
distribution of dividends or profits
In which: Dividends and profit paid minority
interests of subsidiaries
Other cash payments related to financing
activities
Subtotal of cash outflow in financing
activities
Net cash flow from financing activities -1,885,905,046.43 -2,147,617,457.61
IV. Effect of exchange rate fluctuations on
-97,585,733.14 -37,426,542.59
cash and cash equivalents
V. Net increase in cash and cash equivalents -335,507,818.50 -755,399,552.06
Add: Opening balance of cash and cash
equivalents
VI. Closing balance of cash and cash
equivalents
Person-in-charge of the Person-in-charge of the Person-in-charge of the
Company: Zhu Baoguo Company's accounting work: accounting department:
Qiu Qingfeng Guo Chenlu
(Ⅲ) Implementation of new accounting standards or interpretations of standards, for the first time from
□Applicable √N/A
Hereby the announcement is made.
Joincare Pharmaceutical Group Industry Co., Ltd.
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