\n| \n YS BIOPHARMA CO., LTD AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n March 31,<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n September 30,<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n September 30,<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n 2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (US$)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (Unaudited)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (Unaudited)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n ASSETS<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Current assets<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cash<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 370,108,059<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 259,905,532<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n 36,199,550<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Restricted cash<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 261,766<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accounts receivable, net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 463,051,792<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 429,368,934<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 59,802,353<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Advance to suppliers, net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 6,763,326<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 21,168,706<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,948,370<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Inventories, net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 185,380,952<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 212,820,371<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 29,641,546<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Prepaid expenses and other current assets<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 10,412,769<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 11,341,675<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,579,664<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total current assets<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 1,035,978,664<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 934,605,218<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 130,171,483<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Non-current assets<\/b>
<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Property, plant and equipment, net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 571,756,443<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 561,678,490<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 78,230,381<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Operating lease right-of-use assets, net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 11,132,428<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 9,607,109<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,338,075<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Deferred tax assets, net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 1,905,581<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,725,934<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 379,667<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Intangible assets, net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 78,056,792<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 74,638,356<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 10,395,604<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Other assets, non-current<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 20,923,703<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 28,027,997<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3,903,729<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total non-current assets<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 683,774,947<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 676,677,886<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 94,247,456<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total assets<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 1,719,753,611<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,611,283,104<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/b><\/span><\/p>\n<\/td>\n | \n 224,418,939<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b>
<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Current liabilities<\/b>
<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Bank loans and other borrowings – current<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 193,736,563<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 182,741,935<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n 25,452,232<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accounts payable<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 80,439,489<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 84,978,140<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 11,835,725<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accrued expenses and other liabilities<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 377,536,644<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 388,071,992<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 54,050,530<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Operating lease liabilities – current<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 4,753,547<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 5,027,649<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 700,249<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Deferred government grants – current<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2,295,701<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,295,701<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 319,744<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total current liabilities<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 658,761,944<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 663,115,417<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 92,358,480<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Non-current liabilities<\/b>
<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Bank loans and other borrowings \u2013 non-current<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 293,790,596<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 361,965,073<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 50,414,367<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Operating lease liabilities – non-current<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 6,348,890<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 4,462,505<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 621,536<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Deferred government grants – non-current<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 23,606,507<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 22,458,657<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3,128,034<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Warrants liability<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 8,792,389<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,185,122<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 304,343<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total non-current liabilities<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 332,538,382<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 391,071,357<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 54,468,280<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total liabilities<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 991,300,326<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,054,186,774<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 146,826,760<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Shareholders’ equity<\/b>
<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Ordinary shares, par value US$0.00002 per share;
9,950,000,000 shares authorized; 93,058,197 shares
issued and outstanding;<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 12,297<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 12,297<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,713<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Additional paid-in capital<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2,656,891,036<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,656,891,036<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 370,050,842<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accumulated deficit<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (1,874,037,965)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (2,048,560,763)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (285,322,817)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accumulated other comprehensive loss<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (54,412,083)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (51,246,240)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (7,137,559)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total shareholders’ equity<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 728,453,285<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 557,096,330<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 77,592,179<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total liabilities and shareholders’ equity<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 1,719,753,611<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,611,283,104<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/b><\/span><\/p>\n<\/td>\n | \n 224,418,939<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n * Gives retroactive effect to reflect the reorganization in February 2021<\/span> and business combination in March 2023<\/span>.<\/p>\n\n \n\n\n| \n YS BIOPHARMA CO., LTD AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n Six Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n 2022<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (US$)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Revenues<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 399,534,723<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 273,092,454<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/b><\/span><\/p>\n<\/td>\n | \n 38,036,220<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cost of revenues<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 93,700,779<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 52,187,142<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 7,268,607<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Gross profit<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 305,833,944<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 220,905,312<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 30,767,613<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Operating expenses:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Selling and marketing<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 150,228,079<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 157,700,204<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 21,964,429<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n General and administrative<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 49,587,013<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 67,610,523<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 9,416,770<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Research and development<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 123,861,107<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 178,853,200<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 24,910,610<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total operating expenses<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 323,676,199<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 404,163,927<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 56,291,809<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Loss from operations<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (17,842,255)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (183,258,615)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (25,524,196)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Other income (expenses):<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Late fees for social security insurance<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (299,417)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (446,176)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (62,143)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Government grants<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 22,456,691<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 14,627,559<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,037,321<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Interest income<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 266,433<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,957,620<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 272,657<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Interest expense<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (15,215,867)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (14,926,098)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (2,078,902)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Fair value changes of warrant liability<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 6,851,308<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 954,248<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Other income (expense), net<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 74,675<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (148,749)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (20,718)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total other expense, net<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 7,282,515<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 7,915,464<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,102,463<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Loss before income taxes<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (10,559,740)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (175,343,151)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (24,421,733)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Income tax (expense) benefit<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (565,625)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 820,353<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 114,258<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net loss<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (11,125,365)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (174,522,798)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (24,307,475)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accretion to redemption value of convertible redeemable
preferred shares<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (72,083,238)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net loss attributable to YS Group<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (83,208,603)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (174,522,798)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/b><\/span><\/p>\n<\/td>\n | \n (24,307,475)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net loss<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (11,125,365)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (174,522,798)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n (24,307,475)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Other comprehensive (loss) income: foreign currency
translation adjustment<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (168,653,952)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3,165,843<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 440,937<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total comprehensive loss<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (179,779,317)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (171,356,955)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/b><\/span><\/p>\n<\/td>\n | \n (23,866,538)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Loss per share*:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n \u2013 Basic and Diluted<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (0.18)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (1.88)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n (0.26)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Weighted average number of ordinary shares
outstanding*:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n \u2013 Basic and Diluted<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 61,785,466<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 93,058,197<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 93,058,197<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n *Gives retroactive effect to reflect the reorganization in February 2021<\/span> and business combination in March 2023<\/span>.<\/p>\n\n \n\n\n| \n YS BIOPHARMA CO., LTD AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIT)\/EQUITY<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n Six Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n Ordinary shares<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Additional
paid-in<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Accumulated<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Accumulated
other
comprehensive<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Total
stockholders’<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n Shares<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Amount<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n capital<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Deficit<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n loss<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n equity<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Balance as of March 31,
2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 93,058,197<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 12,297<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,656,891,036<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (1,874,037,965)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (54,412,083)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 728,453,285<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net loss<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (174,522,798)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (174,522,798)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Foreign currency
translation adjustment<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3,165,843<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3,165,843<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Balance as of<\/b><\/span><\/p>\nSeptember 30, 2023
(in RMB) (unaudited)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 93,058,197<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 12,297<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,656,891,036<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (2,048,560,763)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (51,246,240)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 557,096,330<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Balance as of September
30, 2023 (In <\/b>US<\/b>$)
(unaudited)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 93,058,197<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,713<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 370,050,842<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (285,322,817)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (7,137,559)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 77,592,179<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n <\/p>\n \n \n\n\n| <\/td>\n | <\/td>\n | \n Six Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n Ordinary shares*<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Additional
paid-in<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Accumulated<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Accumulated
other
comprehensive<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Total
stockholders’<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n Shares<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Amount<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n capital<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n Deficit<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n income\/(loss)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n deficit<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Balance as of March 31,
2022<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 61,827,884<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 7,978<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 808,502,018<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (1,590,567,163)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 83,087,979<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (698,969,188)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accretion to redemption
value of convertible
<\/span>redeemable preferred
shares<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (72,083,238)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (72,083,238)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net loss<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (11,125,365)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (11,125,365)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Share-based
compensation<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (143,750)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (85,316)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (85,316)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Foreign currency
translation adjustment<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 231,807<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (168,653,952)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (168,422,145)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Balance as of
September 30, 2022
(in RMB) (unaudited)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 61,684,134<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 7,978<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 808,648,509<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (1,673,775,766)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (85,565,973)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (950,685,252)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Balance as of September
30, 2022 (In <\/b>US<\/b>$)
(unaudited)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 61,684,134<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,124<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 113,897,365<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (235,749,706)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (12,051,884)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (133,903,101)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n *Gives retroactive effect to reflect the reorganization in February 2021<\/span> and business combination in March 2023<\/span>.<\/p>\n\n \n\n\n| \n YS BIOPHARMA CO., LTD AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n Six Months Ended September 30,<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n 2022<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2023<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (RMB)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (US$)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cash flows from operating activities:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net loss<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (11,125,365)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (174,522,798)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n (24,307,475)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Adjustments to reconcile net loss to net cash used in operating
activities:<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Deferred income taxes<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 565,625<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (820,353)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (114,258)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Depreciation of property, plant and equipment<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 13,818,386<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 16,514,915<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,300,192<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Amortization of intangible assets<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 3,409,643<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3,418,436<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 476,119<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Loss on disposal of property, plant and equipment<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 64,179<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Share-based compensation<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (85,316)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Bad debt provision of accounts receivable<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 6,447,109<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 5,341,696<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 743,990<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Write-down of inventories to net realizable value<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 10,678,694<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,487,325<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Non-cash lease expense<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2,409,286<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 2,452,349<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 341,562<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Fair value changes of warrant liability<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (6,851,308)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (954,248)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Changes in operating assets and liabilities:<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Inventories<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 4,838,379<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (38,118,113)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (5,309,077)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accounts receivable<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (166,251,393)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 28,341,162<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3,947,347<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Prepaid expenses and other current assets<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 4,102,924<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (22,438,580)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (3,125,237)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accounts payable<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 6,583,078<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 4,538,651<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 632,142<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accrued expenses and other liabilities<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 37,289,942<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 29,330,997<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 4,085,211<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Deferred government grants<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (8,026,551)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (1,147,850)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (159,872)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Operating lease liabilities<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (1,435,079)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (2,549,633)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (355,112)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net cash used in operating activities<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (107,395,153)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (145,831,735)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (20,311,391)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cash flows from investing activities:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Proceeds from disposal of property, plant and equipment<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 155,191<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 21,615<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Purchases of property, plant and equipment<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (15,017,753)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (23,576,885)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (3,283,780)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Purchases of intangible assets<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (4,006,598)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net cash used in investing activities<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (19,024,351)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (23,421,694)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (3,262,165)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cash flows from financing activities:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Proceeds from bank loans and other borrowings<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 102,513,927<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 201,211,920<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 28,024,725<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Repayment of bank loans and other borrowings<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (50,606,602)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (156,356,071)<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (21,777,218)<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net cash provided by financing activities<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 51,907,325<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 44,855,849<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 6,247,507<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Effect of foreign exchange rate on cash<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 30,471,942<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 13,933,287<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 1,940,621<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net decrease in cash<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (44,040,237)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (110,464,293)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n (15,385,428)<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cash at the beginning of the period<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 271,067,503<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 370,369,825<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 51,584,978<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cash at the end of the period<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 227,027,266<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 259,905,532<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n 36,199,550<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Reconciliation of cash and restricted cash<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Cash<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 226,765,500<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 259,905,532<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 36,199,550<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Restricted cash<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 261,766<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total cash and restricted cash shown in the statements of
cash flows<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 227,027,266<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 259,905,532<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 36,199,550<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Supplemental disclosures of cash flow information:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Interest paid<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 12,723,051<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 10,132,047<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n 1,411,188<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Non-cash transactions:<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n Accretion to redemption value of convertible redeemable
preferred shares<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 72,083,238<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Operating right-of-use assets recognized for related operating
lease liabilities<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n –<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 811,094<\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/p>\n<\/td>\n | \n 112,969<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" GAITHERSBURG, Md., Jan. 23, 2024 \/PRNewswire\/ — YS Biopharma Co., Ltd. (NASDAQ: YS) ("YS Biopharma") along with its subsidiaries ("YS Group" or the "Company"), a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer, today announced its unaudited consolidated financial results for […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-24676","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\n YS Biopharma Announces Unaudited Financial Results for the First Half of Fiscal Year 2024 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=24676\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"YS Biopharma Announces Unaudited Financial Results for the First Half of Fiscal Year 2024 - My Blog\" \/>\n<meta property=\"og:description\" content=\"GAITHERSBURG, Md., Jan. 23, 2024 \/PRNewswire\/ — YS Biopharma Co., Ltd. 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