Chongqing Zhifei biological products reports Q3 loss, plans board restructure

Chongqing Zhifei Biological Products announced a net loss of -601,112,699.06 yuan for Q3 2025 and a year-to-date net loss of -1,206,414,751.26 yuan, a substantial decrease compared to the previous year. This financial performance is accompanied by significant corporate governance changes.

The company's board will undergo a restructure, including the resignation of director Yang Shilong, who will transition to a worker representative director. This change is part of broader revisions to the company's articles of association and internal management systems, aiming to cancel the supervisory board and transfer its functions to the board's audit committee. Shareholders will vote on these revisions on November 18, 2025.

Additionally, the company’s 2022 employee stock ownership plan will be extended for 24 months, until March 10, 2028. The board also approved new or revised policies on investment, financing, related party transactions, fundraising, independent directors, executive compensation, information disclosure, and ESG management, among others, to enhance corporate governance and risk management.