Core Viewpoint - The company has announced its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and has made significant governance changes including the cancellation of the supervisory board and adjustments to the board of directors [8][11][13]. Financial Data - The third-quarter financial report is not audited, and the company has confirmed that the financial data is accurate and complete [3][5]. - The report includes major financial indicators and accounting data, although specific figures are not disclosed in the provided documents [3][4]. Governance Changes - The company has proposed to cancel the supervisory board and adjust the number of directors, which requires shareholder approval [13][16]. - The board has also approved amendments to the company's articles of association and governance rules in light of these changes [16][22]. Shareholder Meeting - A temporary shareholder meeting is scheduled for November 17, 2025, to discuss the proposed governance changes and other matters [63][64]. - The meeting will utilize both in-person and online voting methods to facilitate participation [65][66]. International Expansion - The company plans to sign a distribution and marketing agreement with Helios and Early Morning International for its product Efparepoetin alfa in Vietnam, aiming to enhance its international market presence [47][48]. - This agreement is part of the company's strategy to internationalize its products and improve brand influence [60]. Product Development - The product Efparepoetin alfa is a recombinant fusion protein aimed at treating anemia in chronic kidney disease patients and is currently under development with significant R&D investment [50][51]. - The company has invested approximately 51.24 million yuan in the development of this product as of September 30, 2025 [51].

Core Viewpoint - The company held its 28th meeting of the 5th Board of Directors on August 7, 2025, where several key resolutions were passed, including signing an exclusive supply agreement with GOODFELLOW for the drug Efparepoetin alfa, transferring equity in a subsidiary, and changing the registered address and name of another subsidiary [1][2][12]. Group 1: Exclusive Supply Agreement - The company’s subsidiary, Sichuan Luzhou Buchang Biological Pharmaceutical Co., Ltd., plans to sign an exclusive supply agreement with GOODFELLOW PHARMA CORPORATION, granting GOODFELLOW exclusive agency rights in the Philippines for the registration, clinical trials, promotion, distribution, and sales of Efparepoetin alfa [2][19]. - The agreement aims to enhance the company's international strategy and brand influence, facilitating the transition of research outcomes into economic benefits [32]. - The total R&D investment in Efparepoetin alfa as of June 30, 2025, is approximately 498.92 million yuan [21]. Group 2: Equity Transfer - The company plans to transfer 2% of its equity in its subsidiary, Jinan Buchang Caigan Trading Co., Ltd., to various individuals for a nominal price of 0 yuan, resulting in a reduction of the company's ownership from 93% to 90% [5][35]. - This transaction does not constitute a related party transaction or a major asset restructuring, and it does not require shareholder approval [35][36]. Group 3: Change of Registered Address and Name - The registered address and name of Jinan Buchang Caigan Trading Co., Ltd. will be changed due to operational needs, with the new address located in Zhuhai, Guangdong Province, and the new name being either "Buchang Qingsong Health (Hengqin) Co., Ltd." or "Buchang Forest Health (Hengqin) Co., Ltd." [12][8]. - The management has been authorized to handle all necessary procedures for this change [13].