Group 1 - The core viewpoint of the article is that Huazhong Securities has given a "buy" rating to Guibao Pet (301498.SZ) based on its rapid growth in domestic self-owned brands, despite overseas business negatively impacting profit margins [1] - Sales expenses for Guibao Pet increased by 48.9% year-on-year from January to September, with the sales expense ratio rising to 21.8% [1] Group 2 - The article highlights that the Chinese innovative drug sector has generated $80 billion in overseas licensing sales this year, indicating a hot secondary market for biomedicine [1] - A conversation with Lu Gang, a partner at Chuangdong Investment, reveals that while the secondary market is thriving, the primary market is facing challenges in fundraising [1]