Group 1: Research Basic Information - The research object is Intco Group, belonging to the pharmaceutical commerce industry, with a reception time of November 5, 2025. The listed company's reception staff includes the board secretary Tan Jiang and the securities affairs representative Qiu Li [17] Group 2: Detailed Research Institutions - The reception object types include institutional relevant personnel, and the specific reception object is Shibang Fund [20] Group 3: Company's Main Business and Operating Model - The company's main business is the wholesale and retail of drugs, traditional Chinese medicine, biological products, and medical devices. The operating model is to purchase products from upstream pharmaceutical production or supply enterprises and then wholesale them to downstream medical institutions, pharmacies, distributors, etc., and also sell directly to consumers through retail terminals [24] Group 4: Company's Acquisition of Huatong Pharmaceutical - Huatong Pharmaceutical has completed the industrial and commercial change registration procedures for relevant matters such as equity transfer and has become a wholly - owned subsidiary of Intco Pharmaceutical. Its wholesale business has obvious advantages in the primary public medical market, and its retail segment Huatong Chain is among the top 100 pharmaceutical retail enterprises, forming high synergy with the company's existing business. The acquisition helps improve the company's market share in Zhejiang, enhance bargaining power with upstream suppliers and influence on terminal consumers [25] Group 5: Company's Accounts Receivable Collection - The company's accounts receivable collection cycle is generally stable, with differences in different regions in Zhejiang and among different types of customers. The company attaches importance to the management of accounts receivable turnover and has established a credit risk management system covering the entire business process [26][27] Group 6: Shitang Pharmaceutical Industrial Park - The wholly - owned subsidiary Zhejiang Intco Smart Network Technology Co., Ltd. won the right to use 79,357 square meters (119.035 mu) of state - owned construction land in the Shitang block of the Hanggang unit in Gongshu District at the end of July 2024 for the investment and construction of the Shitang Pharmaceutical Industrial Park project [28]

Group 1: Company Overview - The main business of the company includes wholesale and retail of pharmaceuticals, traditional Chinese medicine, biological products, and medical devices [2] - The operational model involves purchasing products from upstream pharmaceutical manufacturers and supplying them to downstream medical institutions, pharmacies, and distributors, as well as direct sales to consumers [2] Group 2: Acquisition of Huadong Pharmaceutical - The acquisition of Huadong Pharmaceutical has been completed, making it a wholly-owned subsidiary of the company [2] - Huadong Pharmaceutical has a strong presence in the grassroots public medical market and its retail segment ranks among the top in the pharmaceutical retail industry, which aligns well with the company's existing operations [2] - This acquisition is expected to enhance the company's market share in Zhejiang, improve negotiation power with suppliers, and increase influence over end consumers, contributing to high-quality development [2] Group 3: Accounts Receivable Management - The company reports a stable accounts receivable collection cycle, with variations across different regions in Zhejiang and among different customer types [2] - A comprehensive credit risk management system has been established to oversee accounts receivable turnover [2] Group 4: Shitang Pharmaceutical Industrial Park - The company’s wholly-owned subsidiary, Zhejiang Yinte Smart Network Technology Co., Ltd., acquired land for the Shitang Pharmaceutical Industrial Park project, covering an area of 79,357 square meters [3] - The project is aimed at enhancing the company's operational capabilities in the pharmaceutical sector [3]