健康元：2025年第一季度报告(英文版)

Stock Code: 600380 Stock Short Name: 健康元

Joincare Pharmaceutical Group Industry Co., Ltd.

2025 First Quarterly Report

The Board of Directors and all Directors of the Company hereby warrant that there are no falserepresentations, misleading statements or material omissions contained in this announcement andaccept 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 managementof the Company hereby warrant the truthfulness, accuracy and completeness of the contents of thisquarterly report, and that there are no false representations, misleading statements or materialomissions 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 thetruthfulness, 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

Item	The Reporting Period (From January to March)	The same period of the previous year	YoY change (%)
Revenues	4,089,279,479.56	4,339,814,452.16	-5.77
Net profit attributable to shareholders of the listed company	435,788,328.07	439,798,106.55	-0.91
Net profit attributable to shareholders of the listed company after deduction of extraordinary gains and losses	423,759,792.88	427,753,549.19	-0.93

Net cash flow from operating activities	809,939,509.20	972,276,972.65	-16.70
Basic earnings per share (RMB/share)	0.23	0.24	-4.17
Diluted earnings per share (RMB/share)	0.23	0.24	-4.17
Weighted average return on net assets (%)	2.99	3.15	Decreased by 0.16 percentage points
	As at the end of the Reporting Period	As at the end of the previous year	Change as at the end of the Reporting Period as compared to the end of the previous year(%)
Total assets	35,768,906,356.14	35,718,129,456.13	0.14
Owner's equity attributable to shareholders of the listed company	14,644,945,685.41	14,534,719,589.34	0.76

(II) Items and Amounts of Extraordinary Gains and Losses

√Applicable □N/A

Unit: Yuan Currency: RMB

Item	For the Reporting Period	Explanations
Gains and losses on disposal of non-current assets (including the reversal of previously recognized asset impairment provisions)	-817,479.96	Gain or Loss on disposal of non-current assets
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 polices and standards of the country).	42,815,558.90	Government grants recognized in profit or loss for the current period
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.	-1,239,511.45	Gains or losses from changes in the fair value of trading financial assets/liabilities, and investment income from holding or disposing of trading financial assets/liabilities
Other non-operating income and expenses excluding the above items	-892,082.80	Other non-operating income and expenses not included in the above items
Less: Effect of income tax	7,047,682.55	Income tax effects of the above items
Effect of minority equity (after tax)	20,790,266.95	Portion of the above items attributable to minority interests
Total	12,028,535.19

For the items not listed in the “Explanatory Announcement No.1 for Public Company InformationDisclosures-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 inthe “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 classificationshould 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 ReasonsThereof

Unit: Yuan Currency: RMB

Balance Sheet	31 March 2025	31 December 2024	Change in proportion （%）	Main Reason
Other current assets	242,692,994.64	159,087,536.76	52.55	Primarily due to the launch of new cash management businesses.
Financial liabilities held for trading	1,293,847.52	9,046,554.29	-85.70	Primarily due to changes in forward foreign exchange contracts.
Contract liabilities	83,757,675.11	142,395,539.21	-41.18	Primarily due to the recognition of revenues from previously received contract payments that met the revenue recognition criteria during the period.
Employee benefits payable	194,056,888.75	473,571,305.45	-59.02	Primarily due to the payment of prior year-end performance bonuses.
Other current liabilities	5,009,110.74	11,841,940.51	-57.70	Primarily due to the recognition of output VAT corresponding to previously received contract payments that met revenue recognition criteria during the period.
Capital reserve	1,055,622,816.83	1,654,383,491.41	-36.19	Primarily due to the reduction in capital surplus resulting from the cancellation of repurchased shares.
Treasury shares	-	328,221,279.42	-100.00	Primarily due to the full cancellation of repurchased company shares.
Statement of Income	January to March 2025	January to March 2024	Change in proportion （%）	Main Reason
Other income	52,547,543.01	35,611,817.69	47.56	Primarily due to an increase in government grants received during the period.
Gains from changes in fair values	1,709,488.73	1,161,062.53	47.23	Primarily due to exchange rate fluctuations during the period, which led to an increase in the fair value changes of forward foreign exchange contracts.

Assets impairment loss	-6,355,971.69	-4,077,243.26	N/A	Primarily due to a higher provision for inventory write-downs compared to the previous period.
Gains from disposal of assets	-86,129.77	306,572.18	-128.09	Primarily due to losses incurred on the disposal of fixed assets during the period.
Non-operating income	1,173,822.28	1,879,698.62	-37.55	Primarily due to the inclusion of payables no longer required in the previous period as non-operating income.
Non-operating expenses	2,065,905.08	5,878,094.77	-64.85	Primarily due to a decrease in donations during the period.
Cash Flow Statement	January to March 2025	January to March 2024	Change in proportion （%）	Main Reason
Net cash flows from investing activities	-260,760,843.96	-660,694,051.81	N/A	Primarily due to a decrease in investment payments compared to the previous period.
Net cash flow from financing activities	-514,552,145.74	-894,822,792.10	N/A	Primarily due to an increase in new borrowings and a decrease in loan repayments during the period.
Effect of exchange rate fluctuations on cash and cash equivalents	-18,521,599.72	4,074,463.63	-554.58	Primarily due to exchange rate fluctuations, which led to an increase in foreign exchange losses on foreign currency holdings.

II. SHAREHOLDERS(I) Total Number of Holders of Ordinary Shares and Number of Holders of Preferred Shares with RestoredVoting Rights and Shareholdings of Top 10 Shareholders

Unit: shares

Total number of holders of ordinary shares as of the end of the Reporting Period	79,702		Total number of holders of preferred shares with restored voting rights as of the end of the Reporting Period (if any)			0
Shareholdings of the top 10 shareholders （excluding shares lent through refinancing business）
Name of shareholder	Nature of shareholder	Number of shares held		Percentage (%)	Number of shares held with selling restrictions	Pledge, mark or lock-up
						Share status	Number
Shenzhen Baiyeyuan Investment Co., Ltd. (深圳市百业源投资有限公司)	Domestic non-state-owned legal person	895,653,653		48.96	0	Pledge	19,500,000
Hong Kong Securities Clearing Company Limited	Unknown	53,381,654		2.92	0	Unknown
Might Seasons Limited	Foreign legal person	35,929,699		1.96	0	Unknown

Agriculture Bank of China Limited-CSI 500 Exchange Traded Index Securities Invest Fund	Unknown	14,327,684	0.78		0	Unknown
Bank of Shanghai Co., Ltd.－Yinhua CSI Innovative Drug Industry Trading Open-end Index Securities Investment Fund	Unknown	14,096,520	0.77		0	Unknown
Rui Life Insurance Co., Ltd. -Own fund	Unknown	12,729,218	0.70		0	Unknown
Zhang Yongliang	Domestic natural person	11,858,400	0.65		0	Unknown
Joincare Pharmaceutical Group Industry Co., Ltd. — the Third Phase Ownership Scheme under Medium to Long-term Business Partner Share Ownership Scheme	Others	9,370,400	0.51		0	No
Abu Dhabi Investment Authority	Foreign legal person	8,541,981	0.47		0	Unknown
CPIC Fund -China Pacific Life Insurance Co., Ltd. -with-profit insurance-CPIC Fund China Pacific Life Equity Relative Income (Guaranteed Dividend) single asset management plan	Unknown	8,209,300	0.45		0	Unknown
Shareholdings of the top 10 shareholders without selling restrictions （excluding shares lent through refinancing business）
Name of shareholder		Number of tradable shares held without selling restrictions		Class and number of shares
				Class of shares			Number
Shenzhen Baiyeyuan Investment Co., Ltd. (深圳市百业源投资有限公司)		895,653,653		Ordinary shares denominated in Renminbi			895,653,653
Hong Kong Securities Clearing Company Limited		53,381,654		Ordinary shares denominated in Renminbi			53,381,654
Might Seasons Limited		35,929,699		Ordinary shares denominated in Renminbi			35,929,699
Agriculture Bank of China Limited-CSI 500 Exchange Traded Index Securities Invest Fund		14,327,684		Ordinary shares denominated in Renminbi			14,327,684
Bank of Shanghai Co., Ltd.－Yinhua CSI Innovative Drug Industry Trading Open-end Index Securities Investment Fund		14,096,520		Ordinary shares denominated in Renminbi			14,096,520
Rui Life Insurance Co., Ltd. -Own fund		12,729,218		Ordinary shares denominated in Renminbi			12,729,218
Zhang Yongliang		11,858,400		Ordinary shares denominated in Renminbi			11,858,400
Joincare Pharmaceutical Group Industry Co., Ltd. — the Third Phase Ownership Scheme under Medium to Long-term Business Partner Share Ownership Scheme		9,370,400		Ordinary shares denominated in Renminbi			9,370,400
Abu Dhabi Investment Authority		8,541,981		Ordinary shares denominated in Renminbi			8,541,981
CPIC Fund -China Pacific Life Insurance Co., Ltd. -with-profit insurance-CPIC Fund China Pacific Life Equity Relative Income (Guaranteed Dividend) single asset management plan		8,209,300		Ordinary shares denominated in Renminbi			8,209,300
Description of connection or acting-in-concert relationship of the above shareholders		There was no connection or acting-in-concert relationship between Shenzhen Baiyeyuan Investment Co., Ltd., a controlling shareholder of the Company, 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 and the top 10 shareholders without selling restrictions in margin financing and securities lending and refinancing business (if any)		N/A

Participation of shareholders holding over 5%, the top 10 shareholders, and the top 10 shareholderswithout 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 tosecurities lending/returning transactions of refinancing business compared to the previous period

□Applicable √N/A

III. OTHER REMINDERSOther important information regarding the Company’s operations during the Reporting Period to whichinvestors should be reminded to pay attention.

□Applicable √N/A

IV. QUARTERLY FINANCIAL STATEMENTS(I) Audit Opinion

□Applicable √N/A

(II) Financial Statements

Consolidated Balance Sheet

31 March 2025Prepared by: Joincare Pharmaceutical Group Industry Co., Ltd.

Unit: Yuan Currency: RMB Audit status: Unaudited

Item	31 March 2025	31 December 2024
Current assets:
Monetary funds	14,868,082,041.74	14,851,977,121.94
Financial assets held for trading	68,319,837.03	89,363,055.07
Notes receivable	1,915,125,825.15	1,951,213,189.48
Accounts receivable	2,590,448,694.38	2,429,891,052.01
Receivables financing
Prepayments	231,983,454.03	241,379,213.79
Other receivables	57,913,328.45	51,166,649.86
In which: Interests receivable
Dividends receivable
Inventories	2,484,790,118.05	2,621,343,117.50
Contract assets
Assets held-for-sale	54,029,237.68	54,029,237.68
Non-current assets due within one year	524,380,719.91	556,410,803.22
Other current assets	242,692,994.64	159,087,536.76
Total current assets	23,037,766,251.06	23,005,860,977.31
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investment	1,456,836,093.88	1,446,298,598.46
Other equity instrument investments	1,045,060,325.74	1,026,548,743.15
Other non-current financial assets
Investment properties	15,907,108.71	16,117,329.57
Fixed assets	5,605,483,714.91	5,689,216,337.13
Construction in progress	569,297,560.98	531,063,771.79
Productive biological assets
Oil and gas assets
Right-of-use assets	47,503,219.73	38,626,733.57
Intangible assets	659,957,396.18	687,430,720.95
Development expenditures	399,889,932.87	362,703,730.11
Goodwill	636,339,503.82	636,339,503.82
Long-term deferred expenses	308,141,226.96	319,396,628.88
Deferred income tax assets	690,479,239.50	685,468,536.85
Other non-current assets	1,296,244,781.80	1,273,057,844.54
Total non-current assets	12,731,140,105.08	12,712,268,478.82
Total assets	35,768,906,356.14	35,718,129,456.13
Current liabilities:
Short-term loans	2,325,000,000.00	2,455,000,000.00
Financial liabilities held for trading	1,293,847.52	9,046,554.29
Notes payable	1,339,557,677.40	1,384,943,947.17
Accounts payable	751,370,873.39	765,512,193.23
Receipts in advance
Contract liabilities	83,757,675.11	142,395,539.21
Employee benefits payable	194,056,888.75	473,571,305.45
Taxes payable	247,596,930.66	263,380,339.80
Other payables	3,386,760,781.68	3,369,115,240.67
In which: Interests payable
Dividends payable	9,845,887.63	9,890,041.38

Liabilities held-for-sale
Non-current liabilities due within one year	435,326,452.44	395,975,991.36
Other current liabilities	5,009,110.74	11,841,940.51
Total current liabilities	8,769,730,237.69	9,270,783,051.69
Non-current liabilities:
Long-term loans	2,537,591,669.17	2,424,635,112.37
Bonds payable
Lease liabilities	24,381,306.38	19,975,819.77
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income	314,240,559.25	334,970,008.52
Deferred income tax liabilities	269,005,571.41	267,622,684.50
Other non-current liabilities
Total non-current liabilities	3,145,219,106.21	3,047,203,625.16
Total liabilities	11,914,949,343.90	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	1,055,622,816.83	1,654,383,491.41
Less: Treasury shares		328,221,279.42
Other comprehensive income	-51,453,350.26	-41,177,547.42
Special reserve
Surplus reserve	883,841,583.49	883,841,583.49
Undistributed profits	10,927,481,249.35	10,491,692,921.28
Total owner's equity (or shareholder's equity) attributable to the parent	14,644,945,685.41	14,534,719,589.34
Minority shareholder's equity	9,209,011,326.83	8,865,423,189.94
Total owner's equity (or shareholder's equity)	23,853,957,012.24	23,400,142,779.28
Total liabilities and owner's equity (or shareholder's equity)	35,768,906,356.14	35,718,129,456.13

Person-in-charge of theCompany: Zhu Baoguo

Person-in-charge of theCompany's accounting work:

Qiu Qingfeng

Person-in-charge of theaccounting department:

Guo Chenlu

Consolidated Income Statement

From January to March, 2025Prepared by: Joincare Pharmaceutical Group Industry Co., Ltd.

Unit: Yuan Currency: RMB Audit status: Unaudited

Item	First quarter (January to March) for 2025	First quarter (January to March) for 2024
I. Total revenues	4,089,279,479.56	4,339,814,452.16
In which: Operating revenues	4,089,279,479.56	4,339,814,452.16
II. Total operating costs	2,993,038,861.04	3,296,136,273.86
In which: Operating costs	1,558,416,030.26	1,588,615,523.54
Operating tax and surcharges	48,498,322.81	46,715,949.27
Selling expenses	950,570,599.38	1,097,660,861.66
Administrative expenses	220,886,435.03	259,688,090.97
R&D expenses	300,357,357.53	377,100,491.98
Financial expenses	-85,689,883.97	-73,644,643.56
In which: Interest expenses	22,898,186.53	33,732,578.57
Interest income	110,971,266.84	102,748,969.84
Add: Other income	52,547,543.01	35,611,817.69
Income from investments (loss is indicated by“-”)	16,135,173.10	20,421,061.35
In which: Income from investments in associates and joint ventures	19,815,523.47	18,196,546.16
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“-”)	1,709,488.73	1,161,062.53
Losses of credit impairment (loss is indicated by“-”)	-8,180,086.41	-6,583,395.98
Assets impairment loss (loss is indicated by“-”)	-6,355,971.69	-4,077,243.26
Gains from disposal of assets (loss is indicated by“-”)	-86,129.77	306,572.18
III. Operating profit (loss is indicated by“-”)	1,152,010,635.49	1,090,518,052.81
Add: Non-operating income	1,173,822.28	1,879,698.62
Less: Non-operating expenses	2,065,905.08	5,878,094.77
IV. Total profit (loss is indicated by“-”)	1,151,118,552.69	1,086,519,656.66
Less: Income tax expenses	189,994,779.68	161,422,518.85
V. Net profit (loss is indicated by“-”)	961,123,773.01	925,097,137.81
(I) Classified by business continuity
1. Net profit from ongoing operation (loss is indicated by“-”)	961,123,773.01	925,097,137.81
2. Net profit from discontinuing operation (loss is indicated by“-”)
(II) Classified by ownership
1.Net profit attributable to shareholders of the parent (loss is indicated by“-”)	435,788,328.07	439,798,106.55
2.Profit and loss of minority shareholders (loss is indicated by“-”)	525,335,444.94	485,299,031.26

VI. Other comprehensive income, net of tax	-17,888,787.66	-22,546,561.73
(I) Other comprehensive income attributable to owners of the parent, net of tax	-10,275,802.84	-10,032,811.30
1. Other comprehensive income that cannot be reclassified into profit or loss	-397,008.63	-10,449,421.02
(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 investments in other equity instruments	-397,008.63	-10,449,421.02
(4) Changes in fair value of the enterprise's own credit risks
2. Other comprehensive income that will be reclassified into profit or loss	-9,878,794.21	416,609.72
(1) Other comprehensive income that can be reclassified into profit or loss under 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 foreign currencies	-9,878,794.21	416,609.72
(7) Others
(II) Other comprehensive income attributable to minority shareholders, net of tax	-7,612,984.82	-12,513,750.43
VII. Total comprehensive income	943,234,985.35	902,550,576.08
(I) Total comprehensive income attributable to owners of the parent company	425,512,525.23	429,765,295.25
(II) Total comprehensive income attributable to minority shareholders	517,722,460.12	472,785,280.83
Ⅷ. Earnings per share
(I) Basic earnings per share (RMB/share)	0.23	0.24
(II) Diluted earnings per share (RMB/share)	0.23	0.24

Person-in-charge of theCompany: Zhu Baoguo

Person-in-charge of theCompany's accounting work:

Qiu Qingfeng

Person-in-charge of theaccounting department:

Guo Chenlu

Consolidated Cash Flow Statement

From January to March, 2025Prepared by: Joincare Pharmaceutical Group Industry Co., Ltd.

Unit: Yuan Currency: RMB Audit status: Unaudited

Item	First quarter (January to March) for 2025	First quarter (January to March) for 2024
I. Cash flow from operating activities:
Cash received from sales of goods and rendering of services	4,229,884,975.57	4,476,359,723.04
Tax refunds received	53,920,695.28	22,324,907.54
Other cash received related to operating activities	144,492,768.78	138,196,959.28
Subtotal of cash inflow from operating activities	4,428,298,439.63	4,636,881,589.86
Cash paid for goods and services	1,134,678,823.97	1,141,145,195.81
Cash paid to and on behalf of employees	939,376,195.58	893,901,217.41
Payments of all types of taxes	479,343,979.71	613,555,586.00
Other cash paid related to operating activities	1,064,959,931.17	1,016,002,617.99
Subtotal of cash outflow in operating activities	3,618,358,930.43	3,664,604,617.21
Net cash flow from operating activities	809,939,509.20	972,276,972.65
II. Cash flow from investing activities:
Cash received from disposal of investment	99,205,834.44
Cash received from investment income	10,049,044.41	5,834,420.64
Net cash received from disposal of fixed assets, intangible assets and other long-term assets	400,588.00	285,580.00
Net cash received from disposal of subsidiaries and other business units
Other cash received related to investing activities	6,453,630.00	199,305,000.00
Subtotal of cash inflow from investing activities	116,109,096.85	205,425,000.64
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets	187,092,618.94	248,170,722.58
Cash paid for investment	185,644,515.80	307,546,469.39
Net cash paid for acquisition of subsidiaries and other business units
Other cash paid related to investing activities	4,132,806.07	310,401,860.48
Subtotal of cash outflow in investing activities	376,869,940.81	866,119,052.45
Net cash flow from investing activities	-260,760,843.96	-660,694,051.81
III. Cash flow from financing activities:
Cash received from capital contribution	3,350,000.00	95,333,159.21
In which: Cash received from investment by minority interests of subsidiaries	3,350,000.00	82,448,734.79
Cash received from borrowings	782,140,000.00	642,754,935.91
Other cash received related to financing activities		86,192.20
Subtotal of cash inflow from financing activities	785,490,000.00	738,174,287.32
Cash repayments of amounts borrowed	766,740,000.00	1,459,815,571.50
Cash payments for interest expenses and distribution of dividends or profits	15,598,295.99	39,274,885.57
In which: Dividends and profit paid minority interests of subsidiaries	44,153.75	5,819,512.50
Other cash payments related to financing activities	517,703,849.75	133,906,622.35
Subtotal of cash outflow in financing activities	1,300,042,145.74	1,632,997,079.42

Net cash flow from financing activities	-514,552,145.74	-894,822,792.10
IV. Effect of exchange rate fluctuations on cash and cash equivalents	-18,521,599.72	4,074,463.63
V. Net increase in cash and cash equivalents	16,104,919.78	-579,165,407.63
Add: Opening balance of cash and cash equivalents	14,842,645,678.32	15,340,869,372.73
VI. Closing balance of cash and cash equivalents	14,858,750,598.10	14,761,703,965.10

Person-in-charge of theCompany: Zhu Baoguo

Person-in-charge of theCompany's accounting work:

Qiu Qingfeng

Person-in-charge of theaccounting department:

Guo Chenlu

(Ⅲ) Implementation of new accounting standards or interpretations of standards, for the first time from2025 involves adjustments to the financial statements at the beginning of the year

□Applicable √N/A

Hereby the announcement is made.

Joincare Pharmaceutical Group Industry Co., Ltd.

24 April 2025