Financial Performance - In Q1 2025, Beilu Pharmaceutical achieved operating revenue of 28,268.07 million yuan, a year-on-year increase of 36.23% [2] - The net profit attributable to shareholders increased by 26.13%, amounting to 1,308.80 million yuan, while the net profit excluding non-recurring gains and losses rose by 14.34% [2] Business Growth Drivers - The growth in Q1 2025 was primarily driven by three core segments: chemical generic drugs, traditional Chinese medicine, and overseas markets [3] - The acquisition of Tianyuan Pharmaceutical has led to significant integration efforts, enhancing marketing strategies and operational efficiency [3] Market Expansion - The company plans to leverage EU and Brazil GMP certifications to accelerate market development in these regions, aiming to enhance international brand influence and market share [4][5] - In Q1 2025, the subsidiary Haichang Pharmaceutical's iodinated contrast agent received approval for sale in South Korea, and the iodinated injection was approved in the EU [4] Financial Structure - The debt ratio reached 42.49% in Q1 2025, an increase attributed to a new long-term loan of 160 million yuan for acquiring 80% of Tianyuan Pharmaceutical [4] - Future plans include optimizing the capital structure and reducing the debt ratio through diversified financing channels [4] Subsidiary Developments - The company has established several wholly-owned subsidiaries, including: - Beijing Aipai Kesi Pharmaceutical R&D Co., focusing on product development and technological upgrades [5] - Anhui Luying Pharmaceutical Co., assisting in operations at the Bozhou production base [5] - Hong Kong Yuan Zhi Pharmaceutical Co., serving as an overseas window for market expansion [5] Product and Market Strategy - The company is actively promoting the Jiuwei Zhenxin Granules to enhance market share, despite stable procurement prices for key ingredients [5] - The company has not yet entered the veterinary medicine sector, focusing instead on prescription drugs [7]