Core Viewpoint - Urban renewal is not merely about spatial transformation but also involves industrial iteration and upgrading, focusing on revitalizing idle assets and enhancing production operations to create space for emerging industries [1][4]. Group 1: Urban Renewal Objectives - Urban renewal is a long-term theme in modern urban development, requiring comprehensive city assessments and the enhancement of citizens' quality of life [1]. - The recent guidelines from the Central Committee and State Council emphasize key tasks, implementation mechanisms, and support conditions for urban renewal [1]. Group 2: New and Old Kinetic Energy Conversion - The conversion of new and old kinetic energy is crucial as it significantly impacts urban change and development, moving beyond reliance on population influx and capital investment [2]. - A diversified and multi-level funding mechanism is essential for urban renewal projects, encouraging participation from various stakeholders, including private enterprises and community members [2]. Group 3: Government and Financial Role - The government must take on primary responsibility for urban development and renewal, ensuring coordination between land planning and urban strategy while encouraging horizontal cooperation among city governments [3]. - Financial policies serve as a balancing mechanism for risk and return in urban renewal, with financial institutions playing a vital role in broadening financing channels [3]. Group 4: Industrial Upgrading and Community Involvement - Urban renewal should include industrial upgrading, transforming traditional spaces to accommodate emerging industries, such as modernizing old commercial areas into high-end business districts [4]. - Community involvement is critical in urban renewal, with residents acting as key participants in decision-making processes, enhancing the success of various urban "micro-renovation" projects [4].

Financial Performance - In Q1 2025, the company achieved a revenue of 10.841 billion CNY, a year-on-year increase of 0.62% [2] - The net profit attributable to shareholders was 1.935 billion CNY, up 13.67% year-on-year [2] - The basic earnings per share reached 1.08 CNY, reflecting a growth of 13.66% [2] - The net cash flow from operating activities was 714 million CNY, an increase of 35.39% [2] - The weighted average return on equity was 4.86%, up by 0.68 percentage points year-on-year [2] - The company had a cash balance of 11.062 billion CNY and total assets of 54.253 billion CNY [2] Pharmaceutical Business Development - The pharmaceutical segment focused on establishing itself as the leading brand in pain management, launching a new pain management model [3] - Key areas of focus included cardiovascular, respiratory, and pediatric medicine, enhancing the product pipeline [4] - Clinical research in diabetes foot, skeletal pain, and other areas showed steady progress, expanding product application scenarios [4] - Marketing efforts included the successful promotion of the proprietary sports IP "Let's Go Play Ball," enhancing brand youthfulness [4] - The company optimized its operational platform, achieving significant quality and efficiency improvements throughout the year [4] Health Products Channel Development - The company has a well-established national sales team for health products, maintaining a leading market share in toothpaste [5] - Continuous optimization of the entire channel has strengthened traditional offline advantages while exploring new retail formats [6] - The channel advantages have significantly enhanced market competitiveness and laid a foundation for new product commercialization [6] Future Development Strategy - The company aims for growth through both "internal" and "external" collaborative development, optimizing its industrial portfolio [7] - "Internal" development focuses on enhancing efficiency and stability across the pharmaceutical, health, and distribution sectors [7] - "External" development involves strategic mergers and collaborations to overcome growth bottlenecks and build a sustainable industrial system [7] Dividend Distribution - For the 2024 fiscal year, the company plans to distribute a cash dividend of 11.85 CNY per 10 shares, with no stock dividends [8] - A special dividend of 12.13 CNY per 10 shares was completed in November 2024, totaling 2.164 billion CNY [8] - The total cash dividend for 2024 amounts to 23.98 CNY per 10 shares, totaling 4.279 billion CNY, which is 90.09% of the net profit attributable to shareholders [9]

近年来，国内银行业淡化规模情结与速度情结和不发展才是最大的风险理念交织，两者看似存在矛盾之 处，但实际并不完全对立。 可以说，两种理念是银行业在风险可控前提下追求有效增长的一体两面，二者的矛盾仅在无质量发展或 绝对停滞的极端情况下成立。 从财务逻辑来看，规模是银行盈利能力的重要支撑，只有达到一定规模才能消化刚性的人力和固定资产 支出，才能分散资产配置，提升抵御风险的能力。 此前，在利率管制时期，银行盈利增长与规模扩张之间具有很强的正相关性。在跑马圈地的年代，拥有 高资产规模往往意味着市场话语权的提升和盈利增速的水涨船高。彼时的发展模式催生了全行业根深蒂 固的规模导向，商业银行在快速扩张中形成了速度优先的路径依赖，对发展质量重视程度还不够。 当前，在以万亿规模为目标的竞赛中，本质是银行业对生存发展权的重新定义。当经济周期波动与监管 环境变化形成叠加效应，单纯的规模扩张犹如双刃剑：放弃规模增长可能导致资源调配能力萎缩，无视 质量的盲目扩张则会积累系统性风险。 解局之道或许藏在对"发展"二字的重新诠释中。真正的发展，应当是规模与质量的共生共荣，是速度与 效益的动态平衡。对银行而言，首先需要摒弃"一刀切"的增长思维， ...