Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company's operating performance in the first half of 2025 remained stable with a slight increase, and the growth trend of the maintenance business revenue and new orders was good. The company will continue to promote business development around multiple business segments and strive to achieve high - quality development [25][27]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Zhejiang Jiaoke, belonging to the engineering construction industry. The reception time was on August 29, 2025. The listed company's reception personnel included the board secretary, the financial director Zhao Junwei, Lin Nanfang from the board office (Strategic Development Department), and Du Guohai from the market operation department (International Department) [16]. 3.2. Detailed Research Institutions - The research institutions included securities companies such as Tianfeng Securities, GF Securities, and Changjiang Securities; asset management companies like Shanghai Jiuxiang Asset and Hangzhou Zhongbai Asset; investment companies such as Shanghai Xishirun Investment and Guangdong Zhengyuan Investment; other institutions including Fidelity International and Jmen Finance; fund management companies like Tongtai Fund and Huaxia Fund; and insurance asset management companies such as Great Wall Wealth Insurance [17][18]. 3.3. Research Institution Proportion - Securities companies accounted for 26%, asset management companies 17%, investment companies 17%, other institutions 13%, fund management companies 22%, and insurance asset management companies 4% [20]. 3.4. Main Content Data - **Zhejiang's 2025 Comprehensive Transportation Investment Plan**: In 2025, Zhejiang plans to complete 350 billion yuan of comprehensive transportation investment, aiming for 360 billion yuan. It will build 160 kilometers of expressways, 280 kilometers of ordinary national and provincial roads, add 5 coastal berths of over 10,000 tons and 50 kilometers of inland waterways for 1,000 - ton vessels. It will promote the preliminary work of key projects and ensure the start of 30 major projects, aiming for 40. It will also accelerate the construction of key projects and promote the "Four - Good Rural Roads" 2.0 version [24]. - **Controlling Shareholder's Transportation Infrastructure Investment Plan**: In 2024, Zhejiang Transportation Group completed 74.7 billion yuan of transportation investment, accounting for about 18% of the province. In 2025, it plans to complete over 73.9 billion yuan of transportation investment, promoting the start of multiple projects and accelerating the construction of ongoing projects [25]. - **Company's 2025 First - Half Operating Conditions**: The company achieved an operating income of 18.647 billion yuan, a year - on - year increase of 1.12%. The net profit attributable to the parent company was 545 million yuan, a year - on - year increase of 6.43% [25]. - **Company's Gross Margin Situation**: In the first half of 2025, the gross margin of the construction business was 9.15%, a year - on - year increase of 1.04%. The gross margin of the maintenance business decreased, but it is expected to improve later [26]. - **Company's Order Situation**: From January to June 2025, the company received 567 new orders worth 32.157 billion yuan, a decrease compared to the same period in 2024. As of the end of the first half of 2025, the total contract value of ongoing projects was 224.087 billion yuan, with 90.873 billion yuan of cumulative recognized revenue and 133.214 billion yuan of remaining unfinished work [27]. - **Company's Maintenance Business Development**: The company's maintenance business has formed professional and scale advantages. It will extend the investment - construction - maintenance integrated business, expand the market, and promote green maintenance [27]. - **Company's Investment - Type Projects**: The company's ongoing investment - type projects include various models such as equity cooperation, PPP, and area development. There are multiple ongoing PPP projects [28]. - **Yitong Special Foundation Situation**: Zhejiang Yitong Special Foundation Engineering Co., Ltd. and its subsidiary Zhejiang Zhongrui Heavy Industry Technology Co., Ltd. have strong technical strength and business scope, and Zhejiang Jiaotong has completed the equity acquisition and capital increase [28][29]. - **Company's Low - Altitude and Water Conservancy Business Layout**: The company's subsidiaries won bids for relevant projects, which are beneficial attempts for business diversification [29]. - **Company's New Equipment and New Material Business Development**: The company's new equipment and new material business is mainly carried out by subsidiaries. The new equipment business will be upgraded, and the new material business will be industrialized [29][30]. - **Company's Cash Dividend Plan**: The company's profit distribution considers multiple factors. In 2024, it distributed 334 million yuan in cash dividends, and it will optimize the dividend plan in the future [31]. - **Company's Future Development Plan**: The company is planning the "14th Five - Year" development plan, aiming to become a leading enterprise in new infrastructure and promote high - quality development around five major business segments [31].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the first half of 2025, the company's revenue increased, but net profit and non - recurring profit after deduction decreased significantly. The company faced challenges such as low capacity utilization and increased financial expenses, but also showed positive signs in overseas production and 3D printing cooperation [24]. 3. Summary by Directory 01. Research Basic Situation - Research object: Jialian Technology [16] - Industry: Plastics [16] - Reception time: August 29, 2025 [16] - Company reception staff: General Manager Ma Henghui, Board Secretary Wang Bo, and Financial Controller Qian Miaoxian [16] 02. Detailed Research Institutions - Investment companies: Beijing Zhikai Investment, Kaifeng Investment, Qingli Investment, Shanghai Jisheng Investment [17][18] - Fund management companies: Caitong Fund, Chunhou Fund, Donghai Fund, etc. [17][18] - Securities companies: Debang Securities, Northeast Securities, Guohai Securities, etc. [17][18] - Other types: Hongluo Private Securities Fund, Shanghai Genxi Private Fund, Shanghai Zhurun Investment [17][18] - Insurance asset management company: Taikang Asset [18] 03. Research Institution Proportion No information provided. 04. Main Content Data - **2025 semi - annual operation**: The company achieved a cumulative revenue of 1.123 billion yuan, a year - on - year increase of 5.26%. Net profit attributable to shareholders was - 64.6698 million yuan, a year - on - year decrease of 204.81%. Non - recurring profit after deduction was - 67.1622 million yuan, a year - on - year decrease of 431.31%. Domestic sales revenue was 627 million yuan, a year - on - year increase of 35.07%, and overseas sales revenue was 496 million yuan, a year - on - year decrease of 17.68% [24]. - **Reasons for net profit loss**: Affected by Sino - US trade, subsidiaries were in the initial production stage, with low capacity utilization, increased manufacturing and management expenses, and increased financial expenses due to interest on convertible bonds [24]. - **Thailand factory situation**: The first - phase capacity of the Thailand production base has been released, orders have been transferred for production and shipped, and overseas production personnel have arrived. Future capacity can meet market demand [24]. - **3D printing cooperation**: The company has cooperated with some leading 3D printing companies, and its 3D printing consumables have a wide range of application prospects [26]. - **Own brand plan**: The company will consider launching its own brand based on product characteristics, market demand, and strategic planning [26]. - **Thailand factory personnel layout**: Currently, the Thailand production base has sufficient personnel reserves, and in the future, personnel will be optimized with the improvement of automation technology [26].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report focuses on the in - depth research of Guangbo Co., Ltd. in the household light industry. It analyzes the company's operating conditions, product sales, new product incubation, IP operation, channel strategy, and overseas production base layout, highlighting the company's development potential and market competitiveness [23][26][28]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Guangbo Co., Ltd., belonging to the household light industry. The reception time is August 29, 2025. The listed company's reception personnel include the board secretary, deputy general manager Jiang Shuying, and the securities affairs representative Wang Xiuna [16]. 3.2 Detailed Research Institutions - The research institutions include Linrui Fund, Orient Fortune Securities, Benfen Investment, Guoyuan Securities, Xinglan Management, Shangqi Capital, Yingling Investment, Dailesi Investment, Yuekai Securities, and CICC Securities [17]. 3.3 Research Institution Proportion - Other institutions account for 50%, securities companies account for 40%, and investment companies account for 10% [18]. 3.4 Main Content Information - **Business Performance in the First Half of 2025**: The company achieved a total operating income of 1.171 billion yuan, a year - on - year increase of 2.38%. The net profit attributable to shareholders of the listed company was 76.1341 million yuan, a year - on - year increase of 4.22%. After deducting the impact of share - based payment, the net profit was 78.2615 million yuan, a year - on - year increase of 7.13% [23]. - **Product Sales Changes**: In the first half of 2025, the sales revenue of office supplies was 306 million yuan, a year - on - year decrease of 2.83%; the revenue of office direct sales business was 620 million yuan, a year - on - year increase of 6.15%; the sales revenue of leisure and lifestyle products reached 148 million yuan, a year - on - year increase of 40.38%. The creative product category achieved sales revenue of 63.746 million yuan, mainly due to the decline in the sales of IP student products [23]. - **New Product Incubation**: The company focused on the incubation of card and plush projects. The "Zhu Xian" card was successfully launched, and the co - branded plush pendant with "Detective Conan" was also successfully put on the market through all channels [25][26]. - **IP Operation and Core Competitiveness**: The company deepened market insight and IP matrix construction, combined head IPs and niche IPs, and built a full - link marketing system. The core competitiveness lies in the coordinated operation of IP resources [26][27]. - **Future Channel Strategy**: The company will focus on in - depth development of traditional e - commerce and expansion of social e - commerce online, and consolidate traditional channels and strengthen flash activities offline to promote full - channel cooperation [27]. - **Overseas Production Bases**: The company has established production bases in Vietnam, Cambodia, and Malaysia. It will continue to expand the Vietnam production base and plan to set up a production base in Indonesia [28].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The company is actively promoting a global strategy by investing up to $209 million in the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project" in 2025, aiming to establish an aluminum industrial cluster and expand into European, North American, and Middle Eastern markets [27]. - The company is focusing on high - end product development, with significant increases in the sales volume and proportion of high - end products such as 3C consumer electronics profiles, automotive lightweight profiles, and aluminum rod cables in the first half of 2025 [27]. - The company has a leading position in the recycling and utilization of recycled aluminum, with plans to further expand its recycling capacity to over 2 million tons in the future [29]. - The company continues to invest in R & D, resulting in new authorized patents and participation in the development of materials for Xiaomi cars [29]. - The company holds a leading position in the aluminum rod cable industry, participating in national standard - setting and supplying products for major national projects [29][30]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Innovation New Materials, belonging to the commercial department store industry. The reception time was August 29, 2025, and the company's reception staff included Director, Deputy General Manager, and Financial Controller Xu Feng, and Deputy General Manager and Board Secretary Wang Kefang [16]. 3.2. Detailed Research Institutions - Participating institutions include securities companies such as Guotai Haitong Securities Co., Ltd., Guotou Securities Co., Ltd., and Guoxin Securities Co., Ltd.; fund management companies such as Hongde and Huian; and other types of institutions like Shanghai Guanhuo Investment Research and Junyi Zhenhua (Beijing) [17][18]. 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Saudi Project Progress**: As of July 2025, the ODI filing approval for the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project" has been completed, and the project is being steadily promoted. The project is expected to have an annual output of 500,000 tons of electrolytic aluminum and 500,000 tons of high - precision aluminum rods, aluminum sheets, and foils [27]. - **High - end Product Performance in H1 2025**: The sales volume of profile products was 77,200 tons, a 43.93% increase compared to the same period last year, and the proportion increased by 1.16 percentage points. The sales volume of aluminum rod cable products was 501,300 tons, a 13.83% increase compared to the same period last year, and the proportion increased by 3.45 percentage points [27]. - **Recycled Aluminum Usage and Plan**: In the first half of 2025, the company comprehensively recycled and utilized 637,500 tons of recycled aluminum, a 12.37% year - on - year increase. The company plans to break through a recycling capacity of 2 million tons in the future [29]. - **R & D Innovation Achievements**: The company added 38 authorized patents in the reporting period, including 4 invention patents and 34 utility model patents. It also participated in the development of materials for Xiaomi cars and entered the mass - production stage [29]. - **Position in the Aluminum Rod Cable Field**: The company is the largest domestic enterprise in the R & D and production of aluminum alloy cable materials, has participated in national standard - setting, and supplied products for major national projects [29][30].

1. Report Summary - Reported company: Raytron Technology Co., Ltd. - Industry: Semiconductor - Research date: August 29, 2025 2. Core Viewpoints - The company has formed a new pattern with infrared business as the mainstay and gradual breakthroughs in multi - dimensional sensing fields such as microwave and laser, supporting its continuous and rapid development [20]. - The market demand is booming, and the company will maintain a rapid growth trend in the future with its advantages in talent incentive, technology R & D, product mass - production, and platforms [22]. 3. Summary by Section 3.1 Research Basic Information - Research object: Raytron Technology Co., Ltd. - Industry: Semiconductor - Reception time: August 29, 2025 - Company receptionist: Huang Yan, Secretary of the Board [16] 3.2 Detailed Research Institutions - Securities companies: CITIC Securities, GF Securities, Industrial Securities, Minsheng Securities - Fund management companies: Fullgoal Fund, Bosera Fund, Southern Fund [17] 3.3 Main Content 3.3.1 Company's 2025 Semi - annual Operation and Dividend - Revenue: In the first half of 2025, the company achieved an operating income of 2,543,793,600 yuan, a year - on - year increase of 25.82% [20]. - Profit: Operating profit was 380,821,200 yuan, a year - on - year increase of 85.02%; net profit attributable to the parent company was 351,011,500 yuan, a year - on - year increase of 56.46% [20]. - Business segments: Infrared business maintained rapid growth; microwave RF business declined slightly during the product transition period but had little impact on the overall report [20]. - Dividend: The company plans to distribute a cash dividend of 0.80 yuan per 10 shares (tax - included) [21]. 3.3.2 R & D Progress - Infrared field: Completed mass production of 8μm series products, with three models entering the mass - production stage [21]. - Automotive infrared field: Obtained new front - loading fixed points and production deliveries for multiple vehicle models; the first - generation automotive 4D millimeter - wave imaging radar achieved small - batch orders and deliveries [21]. - Microwave RF field: Completed the project acceptance of the satellite Internet broadband terminal IF chip, and achieved satellite connectivity in the latest round of terminal integration testing [21][23]. - Satellite communication: Conducted research on Ku and Ka - band low - orbit satellite communication phased - array terminal products, and achieved key progress [21]. 3.3.3 Q&A - R & D investment increase: The R & D investment in the first half of 2025 was 507,845,600 yuan, a year - on - year increase of 36.95%, accounting for 19.96% of operating income. The increase was due to continuous investment in infrared technology and the development of microwave RF business [22]. - Microwave field progress: Made progress in silicon - based millimeter - wave integrated circuits, compound semiconductors, and automotive 4D millimeter - wave imaging radars, which will form the second growth curve in the future [23]. - High income tax: The high income tax was due to the adjustment of subsidiary business last year and the increase in current income tax with the growth of revenue and profit [24]. - Capacity improvement: The intelligent optoelectronic sensor R & D and pilot platform project was completed and put into production. The annual production capacity of infrared detectors reached 6 million, the wafer - level thermal imaging manufacturing platform reached 5 million, and the thermal imager reached 1 million [24]. - AI layout: The company actively applied AI in R & D, production, and management. It made progress in AI algorithms in multiple links and established a subsidiary in August to strengthen AI R & D [25]. - Low - altitude economy layout: The company provides various products for the low - altitude economy and will continue to develop this business [26].

Report Overview - Report Industry: Semiconductor [2] - Research Object: CR Microelectronics [16] - Reception Time: August 29, 2025 [16] - Key Representatives: He Xiaolong, Chairman of CR Microelectronics; Wu Guoyi, Director, CFO, and Secretary of the Board of Directors of CR Microelectronics [16] Core Viewpoints - In the first half of 2025, the company's revenue and profit showed year - on - year and quarter - on - quarter growth, indicating continuous improvement in profitability and growth quality [28][29][30] - The global semiconductor industry has structural growth and market differentiation, with AI - driven high - performance computing and data centers as core growth drivers. The company is actively deploying in the AI field and expanding into emerging sectors [31][32][34] - The company is seizing recovery opportunities in multiple fields, optimizing its product and business structure, and aims to transform from a "device supplier" to a "system - level solution provider" [35][36][38] Summary by Section 01. Basic Research Information - The research object is CR Microelectronics, belonging to the semiconductor industry. It took place on August 29, 2025, and was received by the chairman and relevant executives [16] 02. Detailed Research Institutions - There are many participating institutions, including securities companies, fund management companies, investment companies, insurance companies, and other types [17][18][19] 03. Proportion of Research Institutions - No specific proportion information is provided in the text 04. Main Content Data Chairman's Speech - In the first half of 2025, the company achieved an operating income of 5.218 billion yuan, a year - on - year increase of 9.62%. The net profit attributable to the parent company was 339 million yuan, a year - on - year increase of 20.85% [28][29] - The company is actively deploying in the AI field, focusing on end - side AI in consumer and automotive electronics and expanding to emerging scenarios. In cloud - side AI, it provides power device solutions for server power supplies [32][33] - The company is seizing recovery opportunities in multiple fields such as automotive, photovoltaic energy storage, and consumer electronics. The proportion of the pan - new energy field in the product and solution segment has increased to 44% [35][36] - The company plans to build multi - dimensional growth curves, including in silicon - based products, compound semiconductor products, and sensors/MCUs [38] Investors' Questions and Answers - **Key Project Progress**: The Chongqing 12 - inch production line has reached a capacity of 30,000 wafers per month and is fully loaded. The Shenzhen 12 - inch production line has multiple 90nm products in mass production, and 55/40nm products are being verified. The advanced power packaging and testing base has a capacity utilization rate of over 80%, and the high - end mask project's sales have increased by 40% year - on - year [42][43][44] - **Gallium Nitride Product Layout**: The company is deploying two process routes for gallium nitride products. It has achieved full - voltage coverage and is a leading supplier in some fields. It has achieved mass production in server power supplies and is in the sampling verification stage for robots [45] - **Product Pricing**: The company's 6 - inch, 8 - inch, and Chongqing 12 - inch production lines are close to full production. It is in the process of discussing price increases with customers [46][47] - **Business Collaboration with Changjiang Electronics Technology**: The two companies have complementary businesses. Some 12 - inch advanced products of CR Microelectronics cooperate with Changjiang Electronics Technology during the R & D stage, and they will explore more in - depth collaboration in the future [47] - **Power Device Market in Servers**: The server market is growing rapidly, and the company has achieved mass supply of multiple products and has many new products under development [48] - **Advantages in AI Computing Power**: The company has large - scale manufacturing capabilities, rich product lines, experience in serving high - end customers, and advanced packaging technology capabilities [51] - **Sensor Field Layout**: The company will increase investment in high - end sensors, focus on multiple product types, and establish a dedicated sensor business group [51] - **Overseas Manufacturer Capacity Transfer**: The company is actively taking on orders from overseas companies in packaging and testing and wafer manufacturing [52]

Group 1: Report Overview - The report is about a research on Shuyu Pingmin in the pharmaceutical commerce industry on August 29, 2025 [1][2] Group 2: Research Participants - Participating research institutions include Northeast Securities, CITIC Securities, China Merchants Securities, Guojin Securities, CITIC Construction, etc [2] Group 3: Company Performance in H1 2025 - The company's cumulative operating income from January to June 2025 was 4.881 billion yuan, a year - on - year increase of 1.30%; the net profit attributable to the parent company's shareholders was 36.2509 million yuan, a year - on - year increase of 49.83% [24] - Affected by industry policies and regulatory environment changes, the company's overall operating income growth slowed down, and the gross profit margin decreased by 1.56% year - on - year. However, the gross profit margin increased by 3.45% quarter - on - quarter compared to H2 2024 [24][25] - The company optimized the store network layout, adjusted the operating area, and optimized lease contract terms. The expense - to - sales ratio was optimized by 1.16% year - on - year [24] - As of the end of June 2025, the company had 9,042 stores in Shandong, Liaoning, Heilongjiang, Fujian, Henan, Gansu and other regions, including 5,072 direct - operated stores and 3,970 franchised stores [25] Group 4: Investor Q&A Impact of Prescription Out - dispensing Policy and Response - In Shandong, the tightening of the national policy has a relatively limited impact on the company. The company's coordinated business in Shandong has achieved a slight increase [25] Measures to Increase Market Share in Shandong - The company uses three core measures: mergers and acquisitions (3 M&A projects with 754 stores in Shandong in H1 2025), franchise upgrade (transforming some franchise stores to quasi - direct - operated franchise mode), and store optimization (closing loss - making stores, adjusting to meet diversified service needs, and piloting 4 "store + outpatient department" model drug - diagnosis stores) [26] Diversified Business Layout - Traditional non - drug categories include health foods, medical devices, and Chinese herbal health teas. Non - traditional categories include the growing health and beauty sector and lifestyle convenience products. The company also has industrial synergy through medical services and cross - border business, and focuses on private domain operations [26] Shandong - Outside M&A Expansion Plan - The company will moderately slow down the pace of M&A outside Shandong, while continuing the M&A plan in Shandong steadily. The current core task is to deepen the local business in Shandong [27] Sales of Self - owned Products - In H1 2025, the sales of self - owned products accounted for about 14%, a year - on - year increase of about 4%. The company expects the proportion to further increase [27] Long - and Medium - Term Online Business Strategy - The company's online business includes B2C, O2O, and private domain operations. B2C maintains stable profitability, O2O is profitable in Shandong and will develop steadily, and private domain operations are the key focus for future development [28] Outlook on Industry Clearance - The number of pharmacies will be gradually streamlined and optimized. With the deepening of the separation of pharmacy and medicine policy, industry concentration will increase, and inefficient pharmacies will be eliminated [29]

Group 1: Report Overview - Reported company: Nuotai Biotech [17] - Industry: Medical Services [2] - Research date: August 29, 2025 [17] - Company representatives: Chairman and President Tong Ziquan, Independent Director Liu Jian, Financial Controller Ding Wei, and Board Secretary Zhou Hua [17] Group 2: Research Institutions - Institutions participating in the research: Online investors [2] - Details of research institutions: The reception objects include online investors, and the types involve institution - related personnel and others [20] Group 3: Core Views - AI pharmaceutical cooperation: The company reached a comprehensive strategic cooperation with Shenshi Technology in the first half of the year, aiming to build a "Smart R & D - Precise Manufacturing - Ecological Empowerment" trinity value system, focusing on AI - empowered transformation of the biomedical industry [24] - Business cooperation plans: The BD team is actively expanding overseas big pharma business cooperation, and will disclose relevant progress according to regulations [25] - Contract liability changes: The decrease in contract liability compared to the beginning of the year is mainly due to the company's successive shipments during the period [26] - Revenue structure: The polypeptide API business accounts for a higher proportion of the company's current revenue [26] - Business partnerships: The company has cooperated with multiple leading generic drug companies on projects related to semaglutide and tirzepatide APIs and formulations, with overseas orders contributing more to revenue [26] - Product features: The company has established a solid - liquid fusion - based polypeptide large - scale production technology platform, with advantages in product yield, synthesis efficiency, quality, and cost [29] - Capacity expansion: The company will rely on its international BD team to expand into emerging markets to fill the newly - built capacity [29] Group 4: Other Key Points - Product inventory: The company's inventory includes raw materials, work - in - progress, and finished goods, and details can be found in the 2025 semi - annual report [28] - Market value management: The company's management will focus on the main business with superior resources to return good performance to investors and will apply for delisting the ST label after meeting the relevant conditions [27][29] - Regulatory response: The company will disclose the progress of the response to the CSRC's administrative penalty notice according to regulations [29]

Report Information - Reported Company: Jianzhijia [17] - Industry: Pharmaceutical Commerce [2] - Research Date: August 29, 2025 [17] Core Views - The company is facing difficulties in obtaining medical insurance qualifications for newly opened stores, but is actively communicating with regulatory authorities. It is reducing its reliance on medical insurance and expanding non - medical insurance business, with the medical insurance settlement ratio dropping to 40% in H1 2025, a 4% year - on - year decrease [24]. - Through category adjustment, the company has achieved certain results. The proportion of prescription drug revenue structure decreased by 2.31%, while non - prescription drugs increased by 1.77%, and non - drug revenue structure increased by 0.55%. Inventory value decreased by 599 million yuan [24]. - The company's online business has been profitable for a long time. In H1 2025, the online platform's total operating income was 1,318,588,700 yuan, a 13.13% year - on - year increase, and the operating ratio increased from 25.99% to 29.59% [26]. Summary by Directory 01. Research Basic Situation - Research Object: Jianzhijia [17] - Industry: Pharmaceutical Commerce [17] - Reception Time: 2025 - 08 - 29 [17] - Reception Personnel: Chairman and General Manager Lan Bo, Financial Controller and Board Secretary Li Heng, Independent Director Guan Yunhong [17] 02. Detailed Research Institutions - Institutions: Investors and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - **Category Structure Change**: Newly opened stores in some areas have difficulties in obtaining medical insurance qualifications. The company is actively communicating with regulatory authorities. In H1 2025, the medical insurance settlement ratio was 40%, a 4% year - on - year decrease. The proportion of prescription drug revenue structure decreased by 2.31%, non - prescription drugs increased by 1.77%, and non - drug revenue structure increased by 0.55%. Inventory value decreased by 599 million yuan [24]. - **Online Business**: The company's online business has been profitable for a long time. In H1 2025, the online platform's total operating income was 1,318,588,700 yuan, a 13.13% year - on - year increase, and the operating ratio increased from 25.99% to 29.59% [26].

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