Core Insights - The 91st National Pharmaceutical Trade Fair (PHARMCHINA) and related expos are being held from November 19 to 21 at the Nanjing International Expo Center, showcasing the scale and influence of China's pharmaceutical and health industry [1] - The exhibition covers nearly 100,000 square meters with over 4,000 booths, featuring more than 2,000 domestic and international health enterprises, highlighting a wide range of products and services [1] - A new "High-Growth Channel Zone" has been established to target the grassroots medical and new retail sectors, providing systematic solutions for companies to expand their channels [1] Industry Events - Over 30 thematic conferences and forums are being held concurrently, covering topics such as commercial circulation, market marketing, policy regulations, traditional Chinese medicine, internationalization, and retail [2] - Special activities focusing on market opportunities, including high-growth channel series and new product launches, are designed to inject innovation into the industry [2] - The "New Product Launch Show" serves as a key platform for introducing innovative products, reflecting the vibrant energy of China's pharmaceutical and health industry [2]

Core Viewpoint - The management of Zhongguancun has demonstrated strong confidence in the company's future development and long-term investment value through consistent stock purchases since 2015, with no sell-offs over the past decade [1][2]. Group 1: Management Shareholding - The management team, including the chairman and president, has increased their shareholding multiple times since 2015, with the latest increase planned for February 2024, reflecting their commitment to the company [1]. - As of the mid-2025 report, key management members hold significant shares: 190,000 shares by the chairman, 100,000 by the CFO, and smaller amounts by other executives, all without any reductions in their holdings over ten years [1]. Group 2: Business Strategy and Performance - Since 2015, the company has focused on the "pharmaceutical and health industry" as its core strategy, leading to a steady increase in revenue from its pharmaceutical business [2]. - In 2021, the company further concentrated on its pharmaceutical main business, aiming to build an "innovative pharmaceutical industry group," and in July 2024, it refined its strategy to become a leading service provider in the health industry [2]. Group 3: Product Development and Market Position - The company is actively enhancing its product matrix in the controlled substance sector, with recent approval of a generic drug, which is the first of its kind in the domestic market, expected to improve its competitive edge [3]. - The introduction of new products, such as the hydromorphone injection and the development of methylphenidate, alongside the expansion of its light-asset model in the elderly care sector, positions the company for sustainable growth and value creation for investors [3].